Pegasystems Inc (PEGA) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to Pegasystems first quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. (Operator Instructions) Thank you.

女士們、先生們，感謝你們的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Pegasystems 2025 年第一季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。（操作員指示）謝謝。

I would now like to turn the conference over to Peter Welburn, Vice President of Corporate Development and Investor Relations. Peter, you may begin.

現在，我想將會議交給企業發展和投資者關係副總裁 Peter Welburn。彼得，你可以開始了。

Thank you, Krista. Good morning, everyone and welcome to Pegasystems Q1 2025 earnings call. Before we begin, I would like to read our Safe Harbor statement. Certain statements contained in this presentation may be construed as forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The words expects, anticipates, intends, plans, believes, will, could, should, estimates may forecasts, and guidance, or variations of such words, and other similar expressions identify forward-looking statements, which speak only as of the date the statement was made, and are based on current expectations and assumptions. Because such statements deal with future events, they are subject to various risks and uncertainties.

謝謝你，克里斯塔。大家早安，歡迎參加 Pegasystems 2025 年第一季財報電話會議。在我們開始之前，我想先讀我們的安全港聲明。本簡報中包含的某些陳述可能被解釋為《1995 年私人證券訴訟改革法案》中定義的前瞻性陳述。預期、預期、打算、計劃、相信、將要、可能、應該、估計、預測和指導等詞語或此類詞語的變體以及其他類似表達均表示前瞻性陳述，這些陳述僅代表截至陳述發布之日的觀點，並且基於當前的預期和假設。由於此類聲明涉及未來事件，因此受到各種風險和不確定性的影響。

Actual results for fiscal year 2025 and beyond could differ materially from the company's current expectations. Factors that could cause the company's results to differ materially from those expressed in forward-looking statements are contained in the company's press release announcing its Q1 2025 results and in the company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ending December 31, 2024, and in other recent filings with the Securities and Exchange Commission.

2025 財年及以後的實際結果可能與公司目前的預期有重大差異。可能導致公司業績與前瞻性陳述中表達的業績存在重大差異的因素包含在公司宣布其 2025 年第一季業績的新聞稿中以及公司向美國證券交易委員會提交的文件中，包括截至 2024 年 12 月 31 日的 10-K 表年度報告，以及最近向美國證券交易委員會提交的其他文件中。

Investors are cautioned not to place undue reliance on such forward-looking statements. And there are no assurances that the matters contained such statements will be achieved. Although subsequent events may cause our view to change except as required by law, we do not undertake them specifically disclaiming the obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future results, or otherwise.

提醒投資者不要過度依賴此類前瞻性陳述。並且沒有任何保證說這些聲明中所包含的事項將會實現。儘管後續事件可能導致我們的觀點發生變化（法律另有規定除外），但我們不會承擔這些變化，並明確否認有義務公開更新或修改這些前瞻性陳述，無論是由於新資訊、未來結果還是其他原因。

Our non-GAAP financial measures discussed in this call should only be considered in conjunction with our consolidated financial statements prepared in accordance with GAAP. They are not a substitute for financial measures prepared under US GAAP. Constant currency measures are calculated by applying the March 31, 2024, for an exchange rates period shown. Reconciliations of GAAP and non-GAAP measures can be found in the company's press release announcing its Q1 2025 results. And with that, I turn the call over to Alan Trefler, Founder and CEO of Pegasystems.

本次電話會議中討論的非 GAAP 財務指標應與依照 GAAP 編製的合併財務報表一起考慮。它們不能取代根據美國公認會計準則編製的財務指標。恆定貨幣指標是採用所示匯率期間的 2024 年 3 月 31 日計算得出的。在該公司宣布其 2025 年第一季業績的新聞稿中可以找到 GAAP 和非 GAAP 指標的對帳表。接下來，我將電話轉給 Pegasystems 的創辦人兼執行長 Alan Trefler。

Thank you, Peter, and thank you to everyone on today's call. It's great to be off to such a strong start in 2025, and to see how the changes we made continue to drive profitable growth around the world and across industries. Ken will walk you through the financial highlights in a few minutes. But let me talk a little bit about having been on the road in Q1 and having met with clients and partners in Europe, Asia, and the US.

謝謝你，彼得，也謝謝今天電話會議的每個人。很高興在 2025 年取得如此強勁的開局，並看到我們所做的改變如何繼續推動全球和各個行業的獲利成長。肯將在幾分鐘內向您介紹財務亮點。但請容許我簡單談談第一季的出行情況以及與歐洲、亞洲和美國的客戶和合作夥伴的會面。

Now, more than ever, we're seeing that organizations want to accelerate digital and legacy transformation to be more efficient and effective in serving their staff and customers. And [that] they also, I think, are really looking for help, cutting through the hype that exists and keeps getting deeper, frankly, about how to go about implementing the newest AI technologies without additional risk.

現在，我們比以往任何時候都更看到，企業希望加速數位化和傳統轉型，以便更有效率、更有效地為員工和客戶提供服務。而且我認為，他們也確實在尋求幫助，希望能夠撥開現有的炒作，並坦率地深入了解如何在不承擔額外風險的情況下實施最新的人工智慧技術。

We're finding that they're really interested in solutions that give them practical approaches and proven capabilities with predictability and governance. But that can help them achieve the critical objectives that they have. And I believe Pega is perfectly positioned to be the strategic software partner for clients who are serious about driving the transformation they need to compete.

我們發現，他們真正感興趣的是那些能為他們提供實用方法和經過驗證的可預測性和治理能力的解決方案。但這可以幫助他們實現他們的關鍵目標。我相信，對於那些認真推動競爭所需轉型的客戶來說，Pega 完全有能力成為他們的策略軟體合作夥伴。

Our team has never been more confident, more capable, or more prepared to meet the needs and seize this opportunity to help our clients achieve their digital and legacy transformation goals. Now, over the past year, GenAI Blueprint has been front and center in pretty much every client conversation we have, providing a differentiating hands-on experience that quickly and dramatically demonstrates the power of AI.

我們的團隊從未像現在這樣有信心、有能力、有準備地滿足需求並抓住這一機遇，幫助我們的客戶實現他們的數位化和傳統轉型目標。現在，在過去的一年裡，GenAI Blueprint 幾乎在我們與每一次客戶交談中都佔據著中心位置，提供了差異化的實踐體驗，快速而顯著地展示了人工智慧的威力。

Blueprint is in fact an agent that uses the power of AI to take Pega's proven best practices and our clients and partners' knowledge to make it easy for business and IT to collaboratively design enterprise workflow applications in minutes. It supersedes the slow, failure prone traditional app design process, and it's not just faster, it's better. It uses the AI to stimulate design thinking and to trigger a whole better way to go at building and rebuilding systems. It creates a shared understanding of the application design, a faster path to value, and apps that are built for change, not just for launch.

Blueprint 實際上是一個代理，它利用人工智慧的力量，採用 Pega 經過驗證的最佳實踐以及我們的客戶和合作夥伴的知識，使企業和 IT 能夠在幾分鐘內輕鬆地協作設計企業工作流程應用程式。它取代了緩慢且容易失敗的傳統應用程式設計流程，而且它不僅更快，而且更好。它利用人工智慧來激發設計思維，並引發一種更好的建構和重建系統的方法。它創建了對應用程式設計的共同理解、更快的價值路徑以及為改變而構建的應用程序，而不僅僅是為了發布。

Pega Blueprint gives our clients a differentiated approach. It doesn't generate code, it generates clarity. It's not just faster, it's sustainable. And that is a game changer. This powerful tool enables our teams to rapidly demonstrate real use cases and showcase Pega's full capabilities. It makes the case for transformation clearer than ever.

Pega Blueprint 為我們的客戶提供差異化的方法。它不會產生程式碼，但會產生清晰度。它不僅速度更快，而且可持續。這將改變遊戲規則。這個強大的工具使我們的團隊能夠快速演示真實用例並展示 Pega 的全部功能。這使得轉型的理由比以往更加明確。

And we're seeing our partners really become really interested in engaging our own Blueprint. And I think we're going to be seeing them adopting Blueprint as a powerful tool to showcase more and more of their own IP and to leverage with clients. Now, remember you can experience the magic of Blueprint yourself by going to pega.com/blueprint. We continue to add new functionality and deliver increased value to our clients, partners in our field.

我們看到我們的合作夥伴確實對參與我們自己的藍圖非常感興趣。我認為我們將看到他們採用 Blueprint 作為強大的工具來展示越來越多的自己的 IP 並與客戶合作。現在，請記住，您可以訪問 pega.com/blueprint 親自體驗 Blueprint 的神奇之處。我們將繼續添加新功能並為我們的客戶和領域合作夥伴提供更高的價值。

For example, users can now upload documents directly into Blueprint such as specifications, requirements docs, or even application documentation for legacy systems that the customer wants to retire. And this new feature makes it easier than ever for clients to tackle technical debt, rethink their legacy systems, and begin the process of replacing them to transform the future.

例如，使用者現在可以將文檔直接上傳到 Blueprint，例如規格、需求文檔，甚至是客戶想要淘汰的遺留系統的應用程式文件。這項新功能使客戶能夠比以往更輕鬆地解決技術債務、重新思考其遺留系統並開始替換它們以改變未來的過程。

We've also made it. So workloads designed in Blueprint are inherently agentic. Now agentic is a term we're hearing a lot. It's kind of a new term. Let me explain what it means because I think we've got a really, really interesting approach to this.

我們也做到了。因此，Blueprint 中設計的工作負載本質上是代理性的。現在，我們常聽到「代理」這個詞。這是一個新術語。讓我解釋一下這意味著什麼，因為我認為我們對此有一個非常非常有趣的方法。

Users can interact through Blueprint when workflows or even chat with them in phone calls. You can literally make a phone call to your workflows and ask them to do things for you. Like create a new account or fix a bad charge on your statement. Now, workflows built in Blueprint can use agents at any step to automate document processing or perform additional research. All under the governance that workflows provide.

用戶可以在工作流程時透過 Blueprint 進行交互，甚至可以在電話中與他們聊天。您可以直接給您的工作流程打個電話，讓他們為您做事。例如建立一個新帳戶或修復帳單上的錯誤收費。現在，Blueprint 中建立的工作流程可以在任何步驟使用代理來自動化文件處理或執行額外的研究。一切都在工作流程提供的治理之下。

And the response to these innovations has been overwhelmingly positive. And it's exciting to see the momentum build reflected in the increasing number of blueprints that they've created.

這些創新的反應非常正面。令人興奮的是，他們所繪製的藍圖數量不斷增加，反映出這一發展動能。

We're now seeing over 1,000 new blueprints created every week, more than double what we saw just months ago. In response to this interest this past quarter, we introduced two new versions or flavors of Blueprint.

現在，我們每週都會看到超過 1,000 個新藍圖被創建，比幾個月前增加了一倍多。為了回應上個季度的這種興趣，我們推出了兩個新版本或新版本的 Blueprint。

For government clients, we introduced Blueprint for government efficiency toolkit, a GenAI offering that helps public sector agencies accelerate digital transformation and increase efficiency while remaining compliant with standards.

對於政府客戶，我們推出了政府效率工具包藍圖，這是一項 GenAI 產品，可協助公共部門機構加速數位轉型並提高效率，同時保持符合標準。

And as a reminder for over a decade, we've also offered a really important product called Customer Decision Hub or CDH for short. Which is a significant part of our business that Forrester says quote sets the gold standard for enterprise real-time interaction management implementations.

值得一提的是，十多年來，我們也提供了一個非常重要的產品，稱為客戶決策中心（簡稱 CDH）。這是我們業務的重要組成部分，Forrester 稱其為企業即時互動管理實施設定了黃金標準。

CDH is our always on centralized brain that uses statistical AI and predictive analytics to enable personalized interactions. And we still believe statistical AI is very important. And is perfectly, perfectly complementing our use of generative AI. I think having both of those in our bag gives our clients and us some huge advantages.

CDH 是我們始終在線的集中式大腦，它使用統計 AI 和預測分析來實現個人化互動。我們仍然相信統計人工智慧非常重要。並且完美地補充了我們對生成式人工智慧的使用。我認為擁有這兩樣東西會為我們的客戶和我們帶來巨大的優勢。

And now that we're beginning to roll out a Blueprint aimed at CDH, it's going to really help our customers visualize their customer journeys and quickly design engagement programs with speed and clarity.

現在，我們開始推出針對 CDH 的藍圖，它將真正幫助我們的客戶形象化他們的客戶旅程，並快速、清晰地設計參與計畫。

So let's go back to that agentic work and talk a little bit about our perspective on agents. Now the promise of agents is potentially, enormously transformative. The notion that these concepts of agent and agentic where the system is doing things for you is well it sounds and looks magical. And they become ubiquitous bunch of buzzwords. And vendors are flooding the market with thousands of undifferentiated solutions.

那麼讓我們回到代理工作並稍微談談我們對代理的看法。如今，代理商的承諾具有巨大的變革潛力。代理和代理的概念，即係統為你做事，聽起來和看起來都很神奇。它們已經成為了無所不在的流行語。供應商向市場推出了數以千計的無差別解決方案。

Now, our designs are really quite different and I think reflect a unique understanding and leverage of unique capability that we've developed over years. And we've taken the starkly different approach because we think it's going to give us and our clients a competitive advantage.

現在，我們的設計確實非常不同，我認為這反映了我們多年來開發的獨特能力的獨特理解和利用。我們採取了截然不同的方法，因為我們認為這將為我們和我們的客戶帶來競爭優勢。

The fundamental flaw in most agentic sub-solutions lies in their dependence on prompts. Pretext instructions given to AI models that can require extensive [fine tuning] sometimes by armies of specialized [pro] engineers. But the problem with this is not the effort. The problem is that this approach creates inherent unpredictability making it impossible to guarantee consistent results especially at enterprise scale.

大多數代理子解決方案的根本缺陷在於它們對提示的依賴。向人工智慧模型提供的藉口指令有時可能需要大批專業工程師進行大量的微調。但問題並不在於努力。問題在於，這種方法會產生固有的不可預測性，因此無法保證一致的結果，尤其是在企業規模上。

For mission-critical processes like insurance claims or business-critical decisions, the lack of predictability presents an unacceptable risk. And it's a fundamental challenge for the many enterprises trying to manage thousands of mission-critical agents as they map their future out.

對於保險索賠或關鍵業務決策等關鍵任務流程，缺乏可預測性會帶來不可接受的風險。對於許多試圖管理數千名關鍵任務代理並規劃未來的企業來說，這是一個根本性的挑戰。

Now, enterprises want the promise and power of automation that agents could offer. But we don't think they want thousands of agents running unchecked, producing unreliable undesirable results. They need an agent to wherever possible follow a consistent process, with full transparency on how it does work out.

現在，企業希望獲得代理商可以提供的自動化承諾和能力。但我們不認為他們希望數以千計的代理不受控制地運行，產生不可靠的不良結果。他們需要代理商盡可能遵循一致的流程，並完全透明地說明其運作方式。

And this is where our unique approach goes, combining the power of language model-driven agents with the predictability of workflows. With our latest enhancements of Blueprint and Pega Infinity, all of the enterprise workflows are intrinsically agentic, both in their creation and their execution.

這就是我們的獨特方法，將語言模型驅動代理的功能與工作流程的可預測性相結合。憑藉我們對 Blueprint 和 Pega Infinity 的最新增強，所有企業工作流程在創建和執行過程中都具有內在的代理性。

This means the workflows are designed by AI agents who challenge the users to optimize them who use that reasoning power to figure out the best way to do something. And this can suggest new and better ways of getting work done, which is powerful and profound.

這意味著工作流程是由人工智慧代理設計的，它們挑戰使用者來優化工作流程，使用者利用推理能力找出做某事的最佳方法。這可以提出新的、更好的完成工作的方法，這是強大而深刻的。

They work collaboratively with businesspeople and IT to perfect the best way for an organization to work. But incorporating this reasoning at design time provide this advantage without this exposure by spontaneously doing reasoning at runtime when the end users are actually using the application. And this is precisely what we built with Pega GenAI on the workflow is designed and importantly approved by humans.

他們與商務人士和 IT 部門協作，以完善組織的最佳工作方式。但是在設計時加入這種推理可以在最終用戶實際使用應用程式時在運行時自發地進行推理，從而提供這種優勢，而無需這種暴露。這正是我們與 Pega GenAI 合作建構的工作流程，由人類設計並重要的是人類批准。

It is cataloged and prepared for use at the right time. And when an agent is invoked at one time, Pega leverages language models to directly find and send requests to the right workflow. Leveraging the designed and approved workflows, but providing the flexibility and fluidity of a conversational approach, and having the system be able to kick off multiple workflows as well. The workflow has become the knowledge base, helping the system gather the right information and take the right action.

它被編目並準備在適當的時候使用。當一次呼叫代理程式時，Pega 利用語言模型直接尋找並將請求傳送到正確的工作流程。利用設計和批准的工作流程，但提供對話方式的靈活性和流暢性，並使系統能夠啟動多個工作流程。工作流程已成為知識庫，幫助系統收集正確的資訊並採取正確的行動。

You can now experience this right in Blueprint. And as I said, it's literally getting better every two weeks. You can design an application with many specific workflows. And in preview, use a conversational agent to chat with that whole application, have the application find the right workflow for what you're trying to do, and it's beautifully interactive.

現在您可以在 Blueprint 中體驗這一點。正如我所說，情況確實每兩週就會好轉一次。您可以設計具有許多特定工作流程的應用程式。在預覽中，使用對話代理與整個應用程式聊天，讓應用程式找到適合您要執行的操作的正確工作流程，並且互動性非常好。

This means enterprises can harness the power of agents while maintaining the predictability of workloads, the best of both worlds. And it's in stark contrast to what our competitors are offering, which are agents that are black boxes of that and we don't think can be relied on to follow processes that govern large or regulated businesses.

這意味著企業可以利用代理商的力量，同時保持工作負載的可預測性，實現兩全其美。這與我們的競爭對手所提供的服務形成了鮮明的對比，我們的競爭對手提供的代理是黑盒子，我們認為不能依靠他們來遵循管理大型或受監管企業的流程。

Now, this capability is unique to Pega because of our extensive workflow heritage. And we don't think it can be easily replicated. That's why I believe we're perfectly positioned to take advantage of agentic AI. But do it in a way that is going to have a higher level of quality and reliability.

現在，由於我們擁有豐富的工作流程傳統，此功能對於 Pega 來說是獨一無二的。我們認為它無法輕易被複製。這就是為什麼我相信我們完全有能力利用代理人工智慧。但要以更高品質和更可靠的方式去做。

You can see more about these exciting innovations leading up to, and at, PegaWorld. So as we enter this era of agentic workflows, think of Pega as positioned to lead this transformation with our clients and our partners.

您可以在 PegaWorld 上看到更多有關這些令人興奮的創新的信息。因此，當我們進入代理商工作流程時代時，請考慮 Pega 與我們的客戶和合作夥伴一起引領這項轉型。

Let me say a few things about PegaWorld as well. At PegaWorld starting on June 1, you can experience all these innovations firsthand, and explore over 200 live product demos in our 100,000 square foot innovation hub.

我也想說一些關於 PegaWorld 的事情。從 6 月 1 日開始，您可以在 PegaWorld 親身體驗所有這些創新，並在我們 100,000 平方英尺的創新中心探索超過 200 個現場產品演示。

This will really show you what the possibilities are as well as what people are really, really doing. And we have great clients talking just to mention a few. [Rabobank] will be describing how they're empowering employees to serve customers and society while keeping criminals outside of the financial system.

這將真正向您展示存在哪些可能性以及人們真正在做什麼。我們還有優秀的客戶在談論，這只是其中幾個例子。 [荷蘭合作銀行] 將描述他們如何授權員工為客戶和社會服務，同時將犯罪者排除在金融體系之外。

Unilever.

聯合利華。

We'll be discussing how they transform distributor onboarding and unlock vast efficiency gains. And Verizon will explain how they're financing the combined power of generative AI intelligent case management and hyper-personalization. I hope you'll join us for this unmissable event including our Investor Day. Ken will provide information about how to register.

我們將討論他們如何改變分銷商的入職方式並釋放巨大的效率收益。Verizon 將解釋他們如何為生成式人工智慧智慧案例管理和超個人化的綜合力量提供資金。我希望您能參加我們這次不容錯過的活動，包括我們的投資者日。Ken 將提供有關如何註冊的資訊。

So to wrap up, we're off to a great start in 2025. The changes we made to our business are delivering for us financially and organizationally. Our unique architecture and approach to AI gives us what we see as a major competitive advantage. And across the board, the team is excited and more confident than ever to deliver for the company, our clients, our partners, and our investors.

總而言之，我們在 2025 年有一個好的開始。我們對業務所做的改變為我們帶來了財務和組織方面的利益。我們獨特的人工智慧架構和方法為我們帶來了巨大的競爭優勢。整個團隊都比以往任何時候都更加興奮和有信心為公司、我們的客戶、合作夥伴和投資者提供服務。

To provide more color on our financial results, I will now turn it over to Ken.

為了更詳細地介紹我們的財務業績，我現在將發言權交給肯。

Thanks, Alan. We're off to an amazing start in 2025. The first quarter was outstanding on nearly every measure with our most important metric annual contract value adding $74 million.

謝謝，艾倫。2025 年，我們將迎來一個令人驚嘆的開端。第一季幾乎所有指標都表現出色，其中最重要的指標是年度合約價值增加了 7,400 萬美元。

Strong leadership and excellent execution by our sales teams worldwide driven by enthusiasm for Pega GenAI Blueprint sparked an acceleration in AC growth to over 13% year over year. Pega GenAI Blueprint is changing the way Pega with our clients partners, and prospects around the world.

在對 Pega GenAI Blueprint 的熱情推動下，我們全球銷售團隊的強大領導力和出色執行力促使 AC 成長率年增超過 13%。Pega GenAI Blueprint 正在改變 Pega 與客戶合作夥伴以及全球潛在客戶的合作方式。

It's also giving our sales teams a new level of confidence by enabling them to visualize -- visually showcase the power and capabilities of Pega's unique platform within minutes, rather than weeks or months. Because Blueprint makes it so fast and easy to demonstrate Pega. That's a massive difference.

它還使我們的銷售團隊能夠直觀地看到——在幾分鐘內（而不是幾週或幾個月）直觀地展示 Pega 獨特平台的強大功能和能力，從而增強他們的信心。因為 Blueprint 使得 Pega 的展示變得如此快速和簡單。這是一個巨大的差異。

At our investor session in June 2024, we set a strategic growth target of 20% or higher for Pega Cloud ACV. Accomplishing this goal is critical because our transformation strategy calls for Pega Cloud ACV to expand in the coming years. As Pega Cloud becomes a larger and larger portion of total ACV. There's also an opportunity for us to blend up our ACB growth rate, especially given our high client retention rates. As a result, we've been very focused on strategic initiatives to drive workloads onto Pega Cloud. Our Q1 Pega Cloud ACV growth rate of 23% to $700 million of ACV validates this focus and provides evidence that our sales teams are effectively cross-selling and upselling into our existing clients, capturing new logos, and accelerating legacy workloads to Pega Cloud.

在 2024 年 6 月的投資者會議上，我們為 Pega Cloud ACV 設定了 20% 或更高的策略成長目標。實現這一目標至關重要，因為我們的轉型策略要求 Pega Cloud ACV 在未來幾年內擴張。隨著 Pega Cloud 在 ACV 總量中所佔的比例越來越大。我們還有機會提高 ACB 成長率，尤其是考慮到我們較高的客戶保留率。因此，我們一直非常注重將工作負載轉移到 Pega Cloud 上的策略性舉措。我們第一季 Pega Cloud ACV 成長率為 23%，達到 7 億美元，這證實了這一重點，並證明我們的銷售團隊正在有效地向現有客戶進行交叉銷售和追加銷售、獲取新客戶，並加速將遺留工作負載轉移到 Pega Cloud。

It's amazing to think that Pega Cloud ACV was only $50 million when we started this subscription transition journey in late 2017. And now Pega Cloud represents approximately half of our total ACV. So we're on the right trajectory to becoming an even more durable and predictable business.

令人驚訝的是，當我們在 2017 年底開始這趟訂閱轉型之旅時，Pega Cloud ACV 僅為 5,000 萬美元。現在，Pega Cloud 約占我們 ACV 總額的一半。因此，我們正朝著成為更持久和可預測的企業的正確軌道前進。

Moving to free cash flow, we delivered $202 million of free cash flow in the first quarter, an amazing result, given that we generated additionally $201 million of free cash flow for the entire year of 2023. We dramatically improved our free cash flow generation for two primary reasons. First, we're increasing ACV growth, which drives collections, and therefore, drives cash generation.

談到自由現金流，我們在第一季實現了 2.02 億美元的自由現金流，這是一個了不起的結果，因為我們在 2023 年全年額外產生了 2.01 億美元的自由現金流。我們大幅提高了自由現金流的產生，主要有兩個原因。首先，我們正在提高 ACV 成長，這將推動收款，從而推動現金產生。

ACV, a proxy for subscription billings, increased by over $170 million year over year in constant currency from the first quarter of 2024 to the first quarter of 2025. Higher ACV and expanded billings in turn will drive accelerated cash flow performance. Second, we're efficiently managing the business, which is translated to stronger cash flow. Our robust cash flow allows us to optimize capital allocation and deepen the power of our platform.

ACV（訂閱費用的替代指標）從 2024 年第一季到 2025 年第一季以固定匯率計算年增超過 1.7 億美元。更高的 ACV 和擴大的帳單反過來會推動現金流表現的加速。其次，我們正在有效率地管理業務，這意味著更強勁的現金流。我們強勁的現金流使我們能夠優化資本配置並深化我們平台的力量。

Share repurchases are becoming an increasingly key element of our efforts to optimize capital. In the first quarter we repurchased approximately $1.5 million of our shares for $120 million, much more than offsetting Q1 dilution. In fact, we reduced the number of outstanding shares by nearly 550,000 shares in the first quarter.

股票回購正成為我們優化資本努力中越來越重要的要素。第一季度，我們以 1.2 億美元回購了約 150 萬美元的股票，遠遠超過了抵銷第一季稀釋的金額。事實上，我們在第一季就減少了近55萬股流通股。

Given our confidence in Pega's future and the value we see in stock, our Board has authorized an additional $500 million for share repurchases. Our repurchase program gives us flexibility to return free cash flow to shareholders while maintaining a very healthy balance sheet.

鑑於我們對 Pega 未來的信心以及我們對股票價值的看好，董事會已批准額外 5 億美元用於股票回購。我們的回購計畫使我們能夠靈活地向股東返還自由現金流，同時保持非常健康的資產負債表。

Having a strong and flexible balance sheet is another key component of our capital allocation strategy as we look to optimize our capital structure. In Q1, we fully repaid our remaining convertible note balances of $468 million achieving the debt-free status marks an important achievement and represents a significant milestone in our transportation journey.

在我們尋求優化資本結構的過程中，擁有強大且靈活的資產負債表是我們資本配置策略的另一個關鍵組成部分。在第一季度，我們全額償還了剩餘的 4.68 億美元可轉換票據餘額，實現無債務狀態標誌著一項重要成就，代表了我們運輸歷程中的一個重要里程碑。

The capital raised through these convertible notes was instrumental in funding our subscription model transition that helped us on our Rule 40 journey. Achieving the Rule 40 required a deep cultural change and significant effort from all of our team members around the world. We clearly have Rule 40 in our DNA.

透過這些可轉換票據籌集的資金對於資助我們的訂閱模式轉型起到了重要作用，幫助我們完成了規則 40 之旅。實現 40 條規則需要深刻的文化變革和我們全球所有團隊成員的巨大努力。我們的 DNA 中顯然有第 40 條規則。

Thank you to everyone at Pega for embracing a Rule 40 mindset. Our Q1 results demonstrate the various strategies we're employing to increase free cash flow per share. Going forward, we believe that growing free cash flow per share will drive meaningful value for our shareholders. With increased free cash flow generation, we have additional capacity to return capital through buybacks.

感謝 Pega 的每一個人接受 Rule 40 思考模式。我們的第一季業績表明，我們正在採用各種策略來增加每股自由現金流。展望未來，我們相信每股自由現金流的成長將為我們的股東帶來有意義的價值。隨著自由現金流的增加，我們有額外的能力透過回購來返還資本。

We plan to share more information at our investor session, which will be held at PegaWorld at the MGM Grand Hotel in Las Vegas on Monday, June 2, at noon. To register please email pegainvestorrelations@pega.com.

我們計劃在投資者會議上分享更多信息，該會議將於 6 月 2 日星期一中午在拉斯維加斯米高梅大酒店的 PegaWorld 舉行。如需註冊，請發送電子郵件至 pegainvestorrelations@pega.com。

I've received feedback over the years that it's helpful when I share some thoughts on modeling, so I'll do that again. While Q1 was exceptionally strong, we are only one quarter in the year. And as usual, we have lots of work throughout the remainder of 2025.

這些年來我收到的回饋是，當我分享一些關於建模的想法時，這很有幫助，所以我會再做一次。儘管第一季表現異常強勁，但今年才剛過去一個季度。像往常一樣，我們在 2025 年剩餘時間裡還有很多工作要做。

We believe revenue and free cash flow will continue to follow seasonality patterns, which means we expect our term license revenue and free cash flow to be stronger in Q1 and Q4 of 2025. Please keep in mind currency fluctuations may create noise in the next few quarters, especially in the revenue line items of our P&L.

我們相信營收和自由現金流將繼續遵循季節性模式，這意味著我們預計我們的定期授權收入和自由現金流在 2025 年第一季和第四季將會更加強勁。請記住，貨幣波動可能會在未來幾季產生影響，尤其是在我們的損益表的收入項目中。

For example, we mentioned at the end of the year of 2024 that we had some currency impact to Pega Cloud backlog. And you're seeing some of that flow into Pega Cloud revenue in 2025. We started our subscription transition with the vision of transforming Pega into a more durable, recurring subscription business that balanced revenue and profitability as a Rule 40 company.

例如，我們在 2024 年底提到，我們對 Pega Cloud 積壓訂單產生了一些貨幣影響。您將看到其中一部分收入將在 2025 年流入 Pega Cloud 收入。我們開始訂閱轉型，目標是將 Pega 轉變為更持久、更具經常性的訂閱企業，作為一家遵守 Rule 40 的公司，實現收入和盈利能力的平衡。

Now that we've finished our subscription transition and achieved the Rule 40. We're in a great position to continue to improve our profitability while attempting to drive higher growth. In conclusion, we exceeded our expectations. It feels amazing to be in this position and to execute the way that we did. As I've always said, one quarter does not make a trend and we still have work to do in 2025, but it sure does feel great to start the year this way.

現在我們已經完成了訂閱轉換並實現了第 40 條規則。我們處於有利地位，可以在努力推動更高成長的同時繼續提高獲利能力。總而言之，我們超出了我們的預期。能夠處於這個位置並以我們的方式執行任務感覺棒極了。正如我一直所說，一個季度並不能形成一種趨勢，我們在 2025 年還有很多工作要做，但以這種方式開始新的一年確實感覺很棒。

And with that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

Operator^ (Operator Instructions)

操作員^（操作員指示）

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Hey. Congrats from me as well. That's an amazing first quarter especially in this environment. The one quick question, if you look -- there was a big outperformance on term licenses. Can you speak a little bit about the factors there, and the one question I got from investors was like very, very strong ACV bookings on Paga Cloud as well. Pega Cloud revenue came in slightly lower. Can you talk about the difference there? I would expect this currency, but like maybe can you elaborate on that a little bit? Thank you.

嘿。我對此也表示祝賀。尤其是在這樣的環境下，第一季的表現令人驚嘆。一個簡單的問題，如果你看一下——定期許可證的表現非常出色。能否稍微談談其中的因素？投資人問我的一個問題是，Paga Cloud 的 ACV 預訂量也非常非常強勁。Pega Cloud 的營收略低。你能談談那裡的差異嗎？我期待這種貨幣，但也許您能詳細說明一下嗎？謝謝。

Yes, absolutely. So you're absolutely right. I mean term revenue, you know as well. But we try to really explain that revenue does move around because of the term-license revenue. Some quarters you have term license revenue like we have in Q1. Other quarters, you don't have as much term license revenue.

是的，絕對是。所以你完全正確。我指的是長期收入，你也知道。但我們試圖真正解釋，收入確實會因為定期許可收入而變動。有些季度會有定期許可收入，就像我們在第一季一樣。其他季度，您沒有那麼多的定期授權收入。

So it is the unfortunate accounting for ASC 606. So we'd just like to clarify with -- and you -- I think you're leaning -- your question leans into this point, which is you shouldn't expect the term revenue as being something that is kind of linear and consistent loss of seasonality there. So you absolutely good call out on that.

因此，這是對 ASC 606 的不幸解釋。因此，我們只是想澄清一下——我認為你傾向於——你的問題傾向於這一點，那就是你不應該期望收入一詞是一種線性的、持續的季節性損失。所以你絕對可以大聲說出這一點。

The second point that you're on which is ACV and backlog. ACV, and backlog, and revenue will be aligned with -- for something like Pega Cloud. However it doesn't happen in a sequential nature like immediately the next quarter.

您提到的第二點是 ACV 和積壓訂單。對於 Pega Cloud 之類的產品來說，ACV、積壓訂單和收入將保持一致。然而，它不會像下個季度那樣連續發生。

We've kind of highlighted that it typically takes a few quarters for the backlog and ACV to convert into revenue. So some of it is that just -- that normal lag in the way that the revenue flows through our model. But we also did have a currency impact that rolled over from last year as well into Pega Cloud.

我們已經強調過，積壓訂單和 ACV 通常需要幾個季度才能轉化為收入。因此，部分原因只是收入流經我們的模型時的正常滯後。但我們也確實受到了金錢影響，這種影響從去年延續到了 Pega Cloud。

And quite frankly, we're not going to guess what that will be in the future because naturally, currency rates move around. But I think there is -- it is a very important call out to say that ACV does not immediately flow into Pega Cloud revenue the subsequent quarter. It takes a few quarters. And so that's what's happening in our model.

坦白說，我們不會猜測未來會發生什麼，因為貨幣匯率自然會變動。但我認為——這是一個非常重要的呼籲，即 ACV 不會在下一季立即流入 Pega Cloud 收入。這需要幾個季度的時間。這就是我們的模型中發生的情況。

Lovely, very clear. Thank you, congrats.

很可愛，非常清晰。謝謝，恭喜。

Sure.

當然。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Oh, great. Thank you for taking the questions, and congrats on the quarter. [Alan Arken]. I think everybody's trying to figure out kind of the macro environment post March. Maybe talk about what are you hearing from customers in April in Q1 so far? How are they kind of bracing some of the macro uncertainties? Have you seen any changes in customer buying behavior in April, or are you seeing any changes in the sales cycle? Any color would be helpful.

噢，太好了。感謝您回答這些問題，並祝賀本季取得佳績。[艾倫·阿肯]。我認為每個人都在試圖了解三月之後的宏觀環境。也許可以談談到目前為止您在 4 月第一季從客戶那裡聽到了什麼消息？他們如何應對一些宏觀不確定性？您是否看到四月份客戶購買行為有任何變化，或者您是否看到銷售週期有任何變化？任何顏色都會有幫助。

Well, I don't think with April in particular, I mean, the last couple of months there's been a higher level of uncertainty and anxiety that comes along with that. And that's, I think especially true in some of the European countries where some of what's going on. And I think it's been taken almost a bit personally as it were.

嗯，我不認為四月的情況特別如此，我的意思是，過去幾個月，不確定性和焦慮程度有所增加。我認為，在一些發生此類事件的歐洲國家尤其如此。我認為這幾乎有點被個人化了。

But the level of engagement with customers across the board continues to be extremely high. And you know we as a company tend to do pretty well when things come.

但與客戶的全面互動程度仍然非常高。你知道，作為一家公司，當事情發生時，我們往往表現得相當好。

Yeah. I see. Okay. And then Ken, obviously, the ACV results are pretty solid. You probably added one of the highest sequential ACV ever in the company's history for Q1. But that follows Q4 when the ACV added was a little bit of a low bar for Q4. So wondering how much of the ACVL performance is kind of based on timing of deals from Q4 to Q1, or did you see any kind of a pull in from Q2 or rest of the year?

是的。我懂了。好的。然後 Ken，顯然，ACV 的結果相當可靠。您可能在第一季創造了公司歷史上最高的連續 ACV 之一。但這是繼第四季之後，第四季新增的 ACV 標準略低。所以想知道 ACVL 的表現有多少是基於從第四季度到第一季的交易時間，或者您是否看到了從第二季或今年剩餘時間的任何拉動？

Yeah, I mean, that's a -- I think that's a -- first off, I think that's a very fair question to say did deals flow from Q4 into Q1 or conversely did you pull deals in from the future.

是的，我的意思是，這是一個——我認為這是一個——首先，我認為這是一個非常公平的問題，交易是否從第四季度流入第一季度，或者相反，你是否從未來引入了交易。

If you look at the deal structure in Q1, I can credibly say that there was not a rollover effect from Q4 and there was not what we would consider to be a pull-in effect from future quarters. I think we were set up at the end of the year with our pipe to be able to really have a good Q1. But to be honest with you, we did better in Q1 than I had initially thought we would do. So Q1 was just a very good execution quarter.

如果你看一下第一季的交易結構，我可以肯定地說，它沒有受到第四季度的延續效應的影響，也沒有受到我們認為的未來幾季的拉動效應的影響。我認為我們在年底就做好了準備，以便能夠真正取得良好的第一季業績。但說實話，我們在第一季的表現比我原先預想的還要好。因此，第一季是一個執行情況非常好的季度。

Got it thank you so much.

明白了，非常感謝。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯。

Okay, great. Thanks for getting questions this morning here. I guess maybe just to follow up on the ACV dynamics in the quarter. Just was there, I guess, what was the maybe quarter-on-quarter FX impact on ACV or is there a way to think about what the -- costing currency like net new ACV growth was in for 1Q.

好的，太好了。感謝您今天早上在這裡提問。我想也許只是為了跟進本季的 ACV 動態。我猜，季度環比外匯對 ACV 的影響可能是什麼，或者有沒有辦法考慮一下第一季淨新 ACV 成長等成本貨幣的影響。

It was in the low $60 millions, Steve. Like $74 million was the as reported. But if you adjust for currency, I think there was about a $10 million. We do kind of -- we do show that in the earnings release, but I think it was about $13 million of currency. So we would’ve done constant currency the net ad would have been in the kind of low $60 millions.

價值不到 6,000 萬美元，史蒂夫。據報道，金額為 7400 萬美元。但如果根據貨幣進行調整，我認為大約有 1000 萬美元。我們確實在收益報告中表明了這一點，但我認為那大約是 1300 萬美元。因此，如果按照固定匯率計算，淨廣告費將處於 6,000 萬美元左右。

Okay. Perfect, all right. That's -- yeah, that's very, very helpful there. And then just in terms of -- it seems like macro seems like it's okay. But I guess when you're thinking about the future pipeline dynamics and maybe kind of building off of the potential this question as well of just -- with the uncertainty going on, have you seen any kind of change in how customers are talking about their future deal flow with you, or is there been any pauses, and I know there's some federal exposure there. So I guess, what impact is maybe -- that those conversations had on and specifically within the Federal side of the business?

好的。完美，好吧。是的，這非常非常有幫助。然後就 —— 而言，宏觀看起來似乎還不錯。但我想，當您考慮未來的管道動態時，也許還會基於這個問題的潛力——隨著不確定性的出現，您是否看到客戶在談論未來與您進行的交易流程時發生了任何變化，或者是否有任何停頓，我知道這其中存在一些聯邦政府的風險。所以我想，這些對話可能對聯邦業務，特別是聯邦業務內部有什麼影響？

I'll maybe start and then I'll let Alan add some color. We -- there's always -- I would say, when you have times of uncertainty, it's not -- I don't think I'm saying anything that's rocket science that clients, you know, have to have to rethink their priorities and their initiatives. And that happens in the commercial sector as well as public sectors. What we have found is that legacy transformation and digital transformation is at the top of everyone's list. And GenAI fits squarely into that camp.

我可能會開始，然後讓艾倫添加一些顏色。我們——總是有——我想說，當你有不確定的時候，這並不是——我不認為我說的是什麼高深莫測的東西，客戶必須重新考慮他們的優先事項和計劃。這種情況不僅發生在公共部門，也發生在商業部門。我們發現，傳統轉型和數位轉型是每個人最關心的問題。GenAI 恰好屬於這一陣營。

So we have seeing continued momentum around the way that we solve and help our clients solve problems. Naturally, when spending environments change everybody will be impacted to some extent. But we have not seen the level of anxiety around the solutions that we're providing for our clients. We actually think in many ways that as an example, the doge situation.

因此，我們看到我們解決問題和幫助客戶解決問題的方式持續保持強勁勢頭。當然，當消費環境改變時，每個人都會受到一定影響。但我們還沒有看到客戶對我們提供給客戶的解決方案的焦慮程度。我們實際上以多種方式思考，例如 doge 的情況。

One of the primary initiatives around that, around doge, is to streamline and modernize lots of the technology that the Federal government has that is very old. And so that that fits squarely into what we can do. So I do think this is a great opportunity time for us.

圍繞著這一目標，圍繞 DOGE 的主要舉措之一是簡化和現代化聯邦政府擁有的許多非常古老的技術。這完全符合我們能做的事情。所以我確實認為這對我們來說是一個很好的機會。

And you will see the natural anxiety, but I don't think that it's -- I don't think it's I don't think what we're doing with our clients are things that people want to wait on. I think they're already behind.

你會看到自然的焦慮，但我不認為這是——我不認為這是，我不認為我們為客戶所做的事情是人們想要等待的事情。我認為他們已經落後了。

Yeah, I would say relative to some of those initiatives. You know, Pega years ago began moving our customers off of user-based licenses. Which I think has been one of the targets that they have been going after to basically work-based licenses, which just really work well with the idea of automation and getting work done.

是的，我想說的是相對於其中一些舉措。您知道，Pega 幾年前就開始讓我們的客戶擺脫基於使用者的授權。我認為這是他們一直追求的目標之一，即基於工作的許可證，它與自動化和完成工作的想法非常契合。

And we did that because we realized years ago that the number of users was going down. If systems like ours did what they were supposed to do. So we really didn't want to be linked to that. So that's been something we've done very much across the board here ,and I think it really -- it's well.

我們這樣做是因為我們幾年前就意識到用戶數量正在下降。如果像我們這樣的系統能夠完成它們應該做的事情。所以我們真的不想與此有連結。所以這是我們在這裡全面進行的工作，而且我認為這確實很好。

There is a lot of uncertainty. People don't know a lot of changes in terms of the leadership. I'm hoping it will settle down over the next couple of months or quarters because that would definitely make it easier to work with. But as Ken said, I think there's as much opportunity as there is risk here. And so we just need to really, really work it effectively.

存在很多不確定性。人們不知道領導層方面發生了很多變化。我希望它能在接下來的幾個月或幾個季度內穩定下來，因為這肯定會使它更容易操作。但正如肯所說，我認為這裡機會與風險並存。因此，我們只需要真正有效地進行工作。

We have a point to workflows. As that can really show customers improvements in their business. It's a wonderfully reliable thing to be able to show a client. And the fact that we can use the AI the way we can to create and scale and then use the AI to find the best one and operate it is almost like the perfect mixture of what you do with a language model and what you want to do with a work flow that's really, well, nailed down and auditable. And so, yeah, we think we've got a message here that people are really understanding and will continue to -- (technical difficulty) So we think that we feel pretty good about it.

我們對工作流程有一個觀點。因為這確實可以向客戶展示其業務的改善。能夠向客戶展示這是一件非常可靠的事情。事實上，我們可以按照自己的方式來使用人工智慧，創建和擴展人工智慧，然後使用人工智慧來找到最佳方案並進行操作，這幾乎就像是你用語言模型所做的事情和你想用真正確定和可審計的工作流程所做的事情的完美結合。所以，是的，我們認為我們在這裡傳達了一個訊息，即人們確實理解並且將繼續——（技術難題）所以我們認為我們對此感覺很好。

Okay, awesome. That's great to hear and thanks for taking the questions.

好的，太棒了。很高興聽到這個消息，感謝您回答這些問題。

Thanks, Steve

謝謝，史蒂夫

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Oh great. Can you guys hear me?

哦，太好了。你們聽得到我說話嗎？

Yeah, we can hear you, Pat.

是的，我們能聽到你的聲音，帕特。

All right perfect. Congratulations. First of all, it's great to see. Alan, I would love you to go a little deeper on the topic that you mentioned your prepared remarks where you were talking about how noisy it is out there with so many different vendors claiming to have agentic types of solutions. So can you talk a little bit more about what you're seeing there, how hard is it to cut through that noise, and then maybe specifically in terms of solutions you see from Salesforce and Microsoft. What do you think?

好的，完美。恭喜。首先，很高興看到這一點。艾倫，我希望你能更深入地談談你提到的準備好的評論中的話題，你談到了現在有多麼嘈雜，有那麼多不同的供應商聲稱擁有代理類型的解決方案。那麼，您能否再多談談您所看到的情況，消除這些噪音有多難，然後具體談談您從 Salesforce 和 Microsoft 看到的解決方案。你怎麼認為？

Look, I think customers have been subject to lots of AI hype for a couple of years now. And so the level of oh really skepticism, I think is pretty high in the customer base that we deal with. I mean, it's a pretty sophisticated customer base. I believe we can explain to them pretty clearly why a mix of language models and workflows is the ideal combination. And the reality is when we build Blueprint, people talk about Blueprint like it's skew. It's really not a skew it's really a whole new way of doing what we've been doing all along.

聽著，我認為幾年來客戶一直受到大量人工智慧炒作的影響。所以我認為，我們所接觸的客戶群中的懷疑程度確實相當高。我的意思是，這是一個相當成熟的客戶群。我相信我們可以非常清楚地向他們解釋為什麼語言模型和工作流程的混合是理想的組合。而現實情況是，當我們建立藍圖時，人們談論藍圖就像它是扭曲的一樣。這其實並不是一種偏差，而是一種全新的、我們一直在做的事情的方式。

And it really builds on all of the decades, actually, of knowledge and understanding and the very, very powerful systems we had. And that's why I think we've been able to accomplish a lot in a relatively short period of time. And I really love the runway of where this is going to go in this quote, agentic world, unquote. But look the buzz world the hype it's -- and the disappointment, I think, is going to be huge out in the market. It just huge. All these people doing prompt engineering are quote, thousands of prompts, unquote.

事實上，它確實建立在我們數十年的知識和理解以及非常強大的系統之上。這就是為什麼我認為我們能夠在相對較短的時間內取得很多成就。我真的很喜歡這個在代理世界中的發展方向。但看看這個世界的炒作——我認為，市場將會非常失望。它實在是太大了。所有這些從事即時工程的人都引用了數千個即時工程，引述如下。

How the hell are you going to test that when the language model changes? These language models are changing a couple of times a year. You've got a business running off of prompts. The language model changes. You get a get a new version. What are you going to do? I know exactly what we do. We're running an execution time to work close, but I don't know if these other guys are going to come.

當語言模型改變時，你到底要如何測試呢？這些語言模型每年都會改變幾次。您的企業已根據提示開展業務。語言模型發生了變化。您將獲得一個新版本。你會怎樣做？我很清楚我們在做什麼。我們正在執行一段時間以完成工作，但我不知道其他人是否會來。

Right, that's great. And then Peter, can I just ask you a follow up which is investors are so worried about the impact on closing rates, and you guys sound good, and SAT sounded good last night. We’re -- you have any thoughts you can share with us in terms of where the disconnect is?

對，太好了。然後彼得，我可以問你一個後續問題嗎？投資人非常擔心對收盤價的影響，你們聽起來不錯，昨晚 SAT 聽起來也不錯。我們－您能與我們分享一下關於脫節之處的想法嗎？

Are you -- you're just saying why are software companies having variable results.

你是說——你只是在說為什麼軟體公司的結果會有所不同。

Yeah. No, you don't sound bad at all, right? And SAP sounded pretty good. And so yeah, I just -- you can see from all the stocks how worried we all are. So it's just interesting that maybe it's not quite as bad out there. I don't know, any thoughts on that yeah no that's so.

是的。不，你聽起來一點也不糟糕，對吧？SAP 聽起來相當不錯。是的，我只是——你可以從所有股票中看到我們有多擔心。所以有趣的是，也許情況並沒有那麼糟。我不知道，對此有什麼想法嗎？是的，不，就是這樣。

Well, yeah. That -- so that -- so I'll give you -- I can only -- I can tell you two things: one what we're seeing. And I can also tell you an observation that I have. So what we're seeing is that clients are still engaging and very much trying to modernize, digitize, move to the cloud, leverage GenAI, figure out how to -- ways to drive efficiency, and better client experience. That has not changed. Quite frankly, I haven't seen that change at all in the last three months. So from that standpoint, there's a lot of opportunity.

嗯，是的。那 — — 所以 — — 所以我只能告訴你 — — 我只能告訴你兩件事：一是我們所看到的。我還可以告訴你我的一個觀察。因此，我們看到客戶仍在參與並努力實現現代化、數位化、遷移到雲端、利用 GenAI、找出如何提高效率和改善客戶體驗的方法。這一點沒有改變。坦白說，在過去三個月裡我根本沒有看到這種變化。因此從這個角度來看，有很多機會。

What I would say on the point that you're making about varied results that you're hearing from different vendors, my gut is that this some people -- some companies businesses are just not doing as well from time to time. And sometimes people use the macro as the reason why that's happening. And I think there's a little bit of that going on. I think that you may have seen the same results in a neutral macro environment, or a good macro environment, or a bad one.

關於您提到的從不同供應商那裡聽到的不同結果，我想說的是，我的直覺是，有些人——有些公司的業務有時表現得不好。有時人們會用巨集作為發生這種情況的原因。我認為這種情況確實有發生。我認為您可能在中性宏觀環境、良好宏觀環境或糟糕宏觀環境中看到了相同的結果。

But I think sometimes companies point to that as the reason why they don't execute. And so that -- so I think there's a little bit of that going on, Pat. I would definitely say to what Alan said is that of course, the environment is less certain now. I mean you have to watch the news every morning to figure out what's going to happen, when the futures move 500 up or down, day to day. That's not great. Volatile environments aren't great. That said we've seen our clients continuing to lean in on the problems that we solve with them.

但我認為有時公司會將此作為他們不執行的原因。所以——所以我認為有一點這樣的情況發生，帕特。我一定會說，艾倫所說的當然是，現在的環境不太確定。我的意思是，你必須每天早上看新聞，才能知道當期貨每天上漲或下跌 500 點時會發生什麼事。那不太好。動盪的環境並不好。也就是說，我們看到我們的客戶繼續依賴我們為他們解決的問題。

Okay, great. Thank you, both.

好的，太好了。謝謝你們兩位。

(Operator Instructions)

（操作員指示）

Devin O'Rourke, KeyBank.

KeyBank 的 Devin O'Rourke。

Yep.

是的。

All right. Good morning. Thanks for taking my question. First one, I have is I also want to dig a little bit deeper into the strong ACV results in the quarter. But maybe I want to ask it through the lens of Blueprint. I know the last quarter you guys mentioned hundreds of millions of pipeline was driven by Blueprint. So I'm kind of curious if you can share any more color on that. It would be great to hear if you have any updates to share regarding what Blueprint has influenced deals wise in the quarter.

好的。早安.感謝您回答我的問題。首先，我也想更深入地探討本季強勁的 ACV 業績。但也許我想透過藍圖的視角來問這個問題。我知道你們上個季度提到的數億條管道是由 Blueprint 驅動的。所以我很好奇您是否可以分享更多關於此方面的詳細資訊。如果您有任何關於藍圖在本季度對交易產生影響的最新消息可以分享，我們將非常高興。

Yeah, I would tell you that every single piece of business we write is influenced by Blueprint. Every single one. It's become ubiquitous. I think it's wonderful because it really broke down some of the boundaries between business and technical people. It really gets people on the same page. And if you haven't tried it, and anybody who's on the call, I'd recommend you give it a shot. I think it's a really very pragmatic, but innovative use of AI, is what I would say. So yeah, I think Blueprint has profoundly changed our business. And with the new capabilities we're adding to it, we're expecting that that's going to continue and extend.

是的，我會告訴你，我們所寫的每一篇商業文章都受到藍圖的影響。每一個。它已經變得無所不在。我認為這很棒，因為它確實打破了商務人士和技術人員之間的一些界限。它確實讓人們達成了共識。如果您還沒有嘗試過，或者任何正在通話的人，我建議您嘗試一下。我想說，我認為這是人工智慧的一種非常實用但又創新的用途。是的，我認為 Blueprint 深刻地改變了我們的業務。隨著我們不斷添加新功能，我們預計這種情況將會持續並擴展。

Got it. Okay, that's helpful. And then just one quick one on backlog. I think you just posted backlog growth of 21%, quite a meaningful step up from the 14% in 4Q.

知道了。好的，這很有幫助。然後我再快速問一下積壓問題。我認為您剛剛公佈的積壓訂單增長率為 21%，與第四季度的 14% 相比，這是一個相當有意義的進步。

Peter, or can curious if you have any additional commentary on what drove that strong acceleration? Have you seen contract duration change, one way or the other, any color that would be helpful. Thank you.

彼得，或者您是否好奇，對於是什麼推動了這種強勁的加速，您是否還有其他評論？您是否看到合約期限以某種方式發生變化，任何顏色都會有幫助。謝謝。

Yeah. So I would advise to pay more attention. To the current RPO than the total RPO. The current RPO is very much a signal or an alignment with the ACV growth, and I think that's a really -- in terms of thinking about the growth of the business, the total RPO does move a little depending on multi-year Pega Cloud renewal cycles. Which can -- and you can kind of see that kind of in the lattering. We do we have a pretty robust disclosure, and you can kind of see that in some of the lattering.

是的。所以我建議要多加註意。將目前 RPO 設為比總 RPO 大。目前的 RPO 在很大程度上是一個信號或與 ACV 增長保持一致，我認為這確實 - 就業務增長而言，總體 RPO 確實會根據多年的 Pega Cloud 更新周期而略有變化。您可以在後者中看到這一點。我們確實有相當嚴格的披露，你可以在後者的一些內容中看到這一點。

So I would say, if you look at backlog. Backlog as a healthy indicator of the clients making long-term commitments to us. We love that. Current RPO is very aligned with the kind of the ACV growth in the business.

所以我想說，如果你看一下積壓情況。積壓訂單是顧客對我們做出長期承諾的健康指標。我們喜歡這個。目前的 RPO 與業務中的 ACV 成長非常一致。

Got it. Thank you for checking my questions, and congrats on a strong start of the year.

知道了。感謝您檢查我的問題，並祝賀您今年有一個良好的開端。

Thank you.

謝謝。

Mark Chappelle, Loop Capital.

馬克‧查普爾 (Mark Chappelle)，Loop Capital。

Hi, thank you for taking my question, and nice job on the quarter. Ken, with respect to the upside in the quarter, how much of that would you attribute to the sales changes that have been put in place over the past year or two versus say new product introductions like Blueprint?

您好，感謝您回答我的問題，本季您表現良好。肯，關於本季的上行趨勢，您認為其中有多少是歸功於過去一兩年內實施的銷售變化，而不是像 Blueprint 這樣的新產品的推出？

I think that's a -- it's tough to like separate that. But what I would say is, Mark, that our sales model changes that we made have yielded really good behaviors like the behaviors of how our sales teams are managing, how we're managing pipe, how we're engaging. I'm really very pleased with the activity and the progress. Naturally, we can get better, we will get better, and we will push. But I do think there's been a noticeable change in that in our process. And then you shift from that and say how much does Blueprint play into that?

我認為這是一個——很難將其分開。但我想說的是，馬克，我們所做的銷售模式改變已經產生了非常好的行為，例如我們的銷售團隊如何管理的行為，我們如何管理管道的行為，我們如何參與的行為。我對這項活動和進展感到非常高興。當然，我們可以變得更好，我們會變得更好，我們會繼續努力。但我確實認為我們的流程發生了明顯的變化。然後您從這一點出發，並說說藍圖在其中發揮了多大作用？

Separate from that, I think Blueprint is completely changed the ease at which a salesperson or a -- or in the engagement with our clients, we explain how Pega can help and then help clients visualize how Pega can help solve their digital and legacy transformation challenges. I mean, it's just without -- when you try to walk through like let me explain what it is. Let's do an operational walkthrough. Can we actually get a few weeks to do discovery with you? We'll go build a demo, we'll come back and show you that demo. I mean, that's the way our process was and that's very time and labor intensive on us and the client.

除此之外，我認為 Blueprint 徹底改變了銷售人員或與客戶互動的便利性，我們解釋了 Pega 如何提供幫助，然後幫助客戶形象化地了解 Pega 如何幫助他們解決數位和遺留轉型挑戰。我的意思是，它只是沒有——當你試圖走過時，讓我解釋一下它是什麼。讓我們進行一次操作演練。我們真的能花幾個星期和你一起探索嗎？我們將建立一個演示，然後回來向您展示該演示。我的意思是，這就是我們的流程，這對我們和客戶來說都非常耗時且耗力。

And I think that that's where Blueprint has really just changed the game for us. Because we've we have scores of examples where our salespeople say I went in with a Blueprint, I showed the client immediately jump to the second level, the third level the fourth level discussion in a way that just could never have happened without it. And that to me those are separate things, but I think both equally impactful to Q1.

我認為這就是 Blueprint 真正改變我們遊戲的地方。因為我們有大量的例子，我們的銷售人員說我帶著藍圖進來，我向客戶展示瞭如何立即跳到第二級、第三級、第四級的討論，如果沒有它，這些討論就不可能發生。對我來說，這些是不同的事情，但我認為它們對第一季的影響同樣大。

I would say one additional thing, which is I'm a product guy. So I probably have a strong bias towards saying that the product is what matters. But in reality, these are products that have to be sold. And what I will tell you that I'm really pleased about that we saw in Q1 is that you know we didn't have -- the business wasn't driven by whales.

我想補充一點，我是一個產品人。所以我可能更傾向於認為產品才是最重要的。但實際上，這些都是必須銷售的產品。我要告訴你們的是，我很高興看到我們在第一季看到的情況，你們知道我們的業務不是由鯨魚驅動的。

You we used to talk about the whales and the porpoises. It would really be tied to sometimes just a deal or three in terms of making whether it was a good quarter or a mediocre quarter. And they show up the next quarter sometimes, right? So but what's happened, I think, it is the salesforce has gotten tremendously more disciplined about really working the business.

我們過去常常談論鯨魚和鼠海豚。有時，這實際上只與一三筆交易有關，以決定這是一個好季度還是一個平庸季度。有時它們會在下個季度出現，對嗎？但我認為，實際情況是，銷售人員在實際開展業務時變得更加自律。

And I think this quarter that just showed up in a very great, broad, strong performance, which by the way I love it. It makes the last weeks of the quarter a lot more relaxing.

我認為本季的表現非常出色、廣泛、強勁，順便說一句，我很喜歡它。這使得本季度的最後幾週變得更加輕鬆。

Great, that's helpful. One other question Ken with respect to the Rule of 40 targets. What are your thoughts with respect to the mix between ACV growth and free cash flow margins going forward here given the other results in Q1?

太好了，很有幫助。肯的​​另一個問題是關於 40 個目標規則的。考慮到第一季的其他結果，您對未來 ACV 成長和自由現金流利潤率的組合有何看法？

We're not adjusting our guidance for the year. Our model has really been that we believe we can accelerate growth. And still get operating leverage through the system. So I think there's an opportunity for us to both accelerate growth and expand free cash flow margins. Certainly, if our growth does not accelerate, free cash flow margins will expand.

我們不會調整今年的業績指引。我們的模式確實是，我們相信我們可以加速成長。並且仍然透過系統獲得經營槓桿。因此我認為我們有機會加速成長並擴大自由現金流利潤率。當然，如果我們的成長沒有加速，自由現金流利潤率就會擴大。

So I mean, I think we are very optimistic on that. I think that we have the really difficult strategy decision on how much are you willing to dial up to try to accelerate growth. But we're very committed to not allowing that to impact our free cash flow trends.

所以我的意思是，我認為我們對此非常樂觀。我認為，我們面臨一個真正困難的策略決策：你願意付出多少努力來加速成長。但我們堅決不讓其影響我們的自由現金流趨勢。

So that's what we're paid to do. So we got to really manage that. But we're very we believe we can do both, Mark. We believe we can expand growth in the future, expand our growth rates in the future, and expand our free cash flow margins. Rule 40 is kind of just a number, and quite frankly we're not looking back.

這就是我們拿錢來做的事情。所以我們必須真正做到這一點。但我們非常相信我們可以做到這兩點，馬克。我們相信，我們可以在未來擴大成長，擴大未來的成長率，並擴大我們的自由現金流利潤率。第 40 條規則只是一個數字，坦白說，我們不會回頭。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions)

（操作員指示）

Blair Abernethy, Rosenblatt Securities.

羅森布拉特證券公司的布萊爾‧阿伯內西 (Blair Abernethy)。

Thanks very much. Great, great quarter guys. Just a question on the Q1 term license. Was there a change or an impact from contract term length like duration of what you signed in the quarter?

非常感謝。太棒了，太棒了，夥計們。這只是關於 Q1 期限許可證的一個問題。合約期限長度（例如您在本季度簽署的合約期限）是否有變化或影響？

No, Blaire, there wasn't. It's just the timing of our term license renewals. Q1 just happened to be a quarter with more revenue.

不，布萊爾，沒有。這只是我們定期許可證續約的時間。第一季恰好是收入增加的一個季度。

Okay, great. And then in terms of you go-to market at this point for ’25, are you looking at sales and marketing capacity at all, and particularly, around new customer opportunities?

好的，太好了。那麼，就您在 2025 年進入市場的計劃而言，您是否考慮過銷售和行銷能力，特別是圍繞新客戶機會的能力？

We are -- we have -- it built into our plan. We have room for capacity increases in our sales model and we will selectively invest in those areas. I do think the new logo part of that is an interesting one. Because what we found with Blueprint now is because the engagement is so fast, the visualization is so fast, but solutioning and the ideation so -- it's so smooth with Blueprint.

我們已經將其納入我們的計劃。我們的銷售模式還有提升產能的空間，我們會有選擇地在這些領域進行投資。我確實認為新標誌部分很有趣。因為我們現在發現，使用 Blueprint 的參與速度非常快，視覺化速度非常快，但使用 Blueprint 解決問題和構思非常順暢。

It does give us increased interest in how we could cover more logos. and how could we do that and still be very efficient on the go-to market on the go to market cost. So we are -- that is the one thing that is different in our mind is just figuring out like how do we help more clients change the way they build software.

它確實讓我們對如何覆蓋更多標誌產生了更大的興趣。我們如何做到這一點，同時又能有效率地降低市場進入成本？所以我們——這是我們心中唯一不同的事情，我們只是想弄清楚如何幫助更多的客戶改變他們建立軟體的方式。

Great. Thanks, guys.

偉大的。謝謝大家。

Thanks, Blair.

謝謝，布萊爾。

Thanks, and that does include our question and answer session, and I will now turn the conference over to Alan Trefler, Founder and CEO, for closing comments.

謝謝，這包括我們的問答環節，現在我將把會議交給創辦人兼執行長 Alan Trefler 進行總結發言。

Well, thank you, everyone. I want you to know we're working hard. Hoping to see all of you at PegaWorld on June 2, what -- we're going to have our Investor Day. But we're also going to a terrific, terrrific slate of announcements and demos that we're going to be able to show people that I think are going to be really very exciting. And it's [very] terrific start to the year, and we're pretty jazzed, and thank you all, look forward to talking to you again soon.

好的，謝謝大家。我想讓你知道我們正在努力工作。希望 6 月 2 日在 PegaWorld 見到大家，我們將舉辦投資者日。但我們還將發布一系列非常精彩的公告和演示，向人們展示我認為非常令人興奮的內容。這是今年非常棒的開始，我們非常興奮，謝謝大家，期待很快能再次與你們交談。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。