Pegasystems Inc (PEGA) 2025 Q2 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 second quarter 2025 earnings conference call. (Operator Instructions)

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 年第二季財報電話會議。（操作員指示）

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

謝謝。現在，我想將會議交給 Pegasystems 公司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 Q2 2025 earnings call. Before we begin, I would like to read our Safe Harbor statement.

謝謝你，克里斯塔。大家早安，歡迎參加 Pegasystems 2025 年第二季財報電話會議。在我們開始之前，我想先讀我們的安全港聲明。

Certain statements turned in this -- contained in this presentation may be construed as forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about the long-term opportunity for PEGA and trends we expect to see in our Q3 financial results and other statements that use words like expects, intends, believes, and other similar words. These forward-looking statements speak only as of the date the statement was made and are based on current expectations and assumptions.

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，包括有關 PEGA 的長期機會和我們預計在第三季度財務結果中看到的趨勢的陳述，以及使用預期、打算、相信和其他類似詞語的其他陳述。這些前瞻性陳述僅代表陳述發布之日的觀點，並且基於當前的預期和假設。

Because these statements deal with future events, they are subject to various risks and uncertainties. Actual results for fiscal year 2025 and beyond could differ materially from the company's current expectations.

由於這些聲明涉及未來事件，因此它們會受到各種風險和不確定性的影響。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。

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 Q2 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 30, 2024, and in other recent filings with the Securities and Exchange Commission.

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 年第二季度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 30 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 in such statements will be achieved. Although subsequent events may cause our views to change, except as required by law, we do not undertake and specifically disclaim any obligation to publicly update or revise these forward-looking statements, whether as the result of new information, future events, or otherwise.

敬告投資者不要過度依賴此類前瞻性陳述，並且不保證此類陳述中包含的事項一定會實現。儘管後續事件可能會導致我們的觀點發生改變，但除非法律要求，我們不承擔並明確否認任何公開更新或修改這些前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

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.

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。

Constant currency measures are calculated by applying the June 30, 2024 foreign exchange rates to all periods shown. Reconciliations of GAAP and non-GAAP measures can be found in the company's press release announcing its Q2 2025 results.

恆定貨幣指標是透過將 2024 年 6 月 30 日的外匯匯率應用於所示的所有時期來計算的。在該公司宣布其 2025 年第二季業績的新聞稿中可以找到 GAAP 和非 GAAP 指標的對帳表。

And with that, I turned the call over to Alan Trefler, Founder and CEO of Pegasystems.

說完，我將電話轉給了 Pegasystems 的創辦人兼執行長 Alan Trefler。

Thank you, Peter, and to all who are joining today's call.

謝謝彼得以及所有參加今天電話會議的人。

It's great to see such a terrific first half of 2025. I believe it's driven by our team's excellent focus, execution and our smart and differentiated AI strategy that I see resonating with clients, prospects and partners. Ken will walk you through the first half financials in a few minutes, but I'm going to spend a little time explaining a little more about our and why we think our AI transformation approach is much faster, easier and safer than alternatives.

很高興看到 2025 年上半年如此出色。我相信這是由我們團隊的卓越專注力、執行力以及我們智慧且差異化的人工智慧策略所推動的，我看到這些策略引起了客戶、潛在客戶和合作夥伴的共鳴。肯將在幾分鐘內向您介紹上半年的財務狀況，但我將花一點時間進一步解釋我們的情況，以及為什麼我們認為我們的人工智慧轉型方法比其他方法更快、更容易、更安全。

Now since we last spoke, I've continued to spend a lot of time with senior executives around the world, including at PegaWorld last month. And our value proposition and competitive differentiation have resonated clearly with them and are really getting their attention.

自從我們上次談話以來，我繼續花了很多時間與世界各地的高層會面，包括上個月在 PegaWorld 的會面。我們的價值主張和競爭差異化已經引起了他們的共鳴，並真正引起了他們的注意。

We're addressing one of the most challenging voice questions clients have, how to effectively develop and deploy AI and agents with the proper controls to create mission-critical applications with speed and accuracy at scale. We believe this requires a dramatically different approach than other companies are advocate.

我們正在解決客戶面臨的最具挑戰性的語音問題之一，即如何有效地開發和部署具有適當控制的人工智慧和代理，以便大規模、快速、準確地創建關鍵任務應用程式。我們認為這需要採取與其他公司所倡導的截然不同的方法。

Our competitive advantage is based on our long-standing structural difference, which we've been building and improving for more than four decades. The architecture is unique to us. And our platform is inherently model-based, which means that applications are defined through models rather than alternative hand-coded approaches.

我們的競爭優勢是基於我們長期以來的結構差異，四十多年來我們一直在建立和改進這種差異。這種建築風格對我們來說是獨一無二的。我們的平臺本質上是基於模型的，這意味著應用程式是透過模型而不是其他手動編碼方法定義的。

We put business logic and process logic at the heart of each application. So applications are designed and built wants to work in any channel and across any data source or back end.

我們將業務邏輯和流程邏輯置於每個應用程式的核心。因此，應用程式的設計和建置需要能夠在任何管道、任何資料來源或後端運行。

The Pega Infinity platform our low-code, cloud-native decisioning and process automation platform translates those application designs or models into production-ready, enterprise-grade applications without any coding. This architecture allows for a more intuitive and streamlined development process where business logic workflows, user interfaces, data structures are all configured through reusable design controls.

Pega Infinity 平台是我們的低程式碼、雲端原生決策和流程自動化平台，無需任何編碼即可將這些應用程式設計或模型轉化為可投入生產的企業級應用程式。這種架構允許更直觀和簡化的開發過程，其中業務邏輯工作流程、使用者介面、資料結構都透過可重複使用的設計控制項進行配置。

We believe that this is the right architecture for a world where change is constant and one that expects ubiquitous self-service and a genetic automation. It also maximizes the potential for automation as the AI-driven optimization allows us and our clients to more easily and quickly leverage AI. Now let's talk a little more about Blueprint.

我們相信，對於一個不斷變化的世界來說，這是一個需要無所不在的自助服務和基因自動化的世界，這是一個正確的架構。它還最大限度地發揮了自動化的潛力，因為人工智慧驅動的優化使我們和我們的客戶能夠更輕鬆、更快速地利用人工智慧。現在讓我們進一步討論藍圖。

It is a unique solution. It's our unique architecture actually that provides the foundation for everything we do. With Pega Blueprint, our users simply describe their business in fine language. And within minutes, Blueprint uses generative AI agents to transform and put that design into Pega's best practices and industry standards.

這是一個獨特的解決方案。事實上，我們獨特的架構為我們所做的一切提供了基礎。透過 Pega Blueprint，我們的用戶只需用優美的語言描述他們的業務。幾分鐘之內，Blueprint 就會使用生成式 AI 代理將該設計轉換並納入 Pega 的最佳實踐和行業標準。

We do this by giving Blueprint access to Pega Knowledge gained over our 40-year history as well as the ability to access the vast resources of the internet to supplement anything we don't have. From there, users can easily refine key elements of the application design and then deploy it to run directly on the Pega platform.

我們透過讓 Blueprint 訪問我們 40 年來積累的 Pega Knowledge 以及訪問互聯網的海量資源來補充我們所沒有的任何內容來做到這一點。從那裡，用戶可以輕鬆完善應用程式設計的關鍵元素，然後將其部署到 Pega 平台上直接運行。

But I want to be clear that speaking alone is not close to the most important benefit of Blueprint. Blueprint brings the power of AI easily and quickly into the design process to enable collaboration to help generate new insights and innovation and to help businesses improve their businesses. It massively reduces the upfront work of trying to design a system.

但我想明確指出的是，光說說還遠遠不夠了解 Blueprint 最重要的好處。Blueprint 將 AI 的力量輕鬆快速地引入設計流程，實現協作，幫助產生新的見解和創新，並幫助企業改善業務。它大大減少了嘗試設計系統的前期工作。

This combination of power plus speed helps reduce time to value and accelerate meaningful enterprise transformation. This is just part of why we think our approach to Gen AI is a game changer.

這種力量與速度的結合有助於縮短價值實現時間並加速有意義的企業轉型。這只是我們認為我們的 Gen AI 方法能夠改變遊戲規則的部分原因。

Now what I was talking about at PegaWorld as you joined us there is how we combine the power of AI and the predictability of workflows, to give enterprises what we call predictable AI and that we've trademarked that term. We don't believe that any other company can really offer this because it's only possible because of our architectural differences.

當您加入 PegaWorld 時，我正在談論的是，我們如何將人工智慧的力量與工作流程的可預測性結合起來，為企業提供我們所謂的可預測人工智慧，並且我們已經為該術語註冊了商標。我們不相信其他公司能夠真正提供這種服務，因為這僅僅是因為我們的架構差異才有可能實現的。

The same characteristics that makes generative AI exciting for creative applications. For example, that it will generate different responses to identical inputs becomes a fundamental problem for enterprise operations that require predictable, consistent outcomes.

同樣的特性使得生成式人工智慧對於創意應用來說令人興奮。例如，對於需要可預測、一致結果的企業營運來說，它會對相同的輸入產生不同的回應，成為根本問題。

However, this variability is perfect for design thinking and innovation. It's precisely what makes the prompt-based AI agents our competitors are offering unsuitable for processing mission-critical transactions where consistency isn't just preferred, it's mandatory.

然而，這種多變性對於設計思維和創新來說是完美的。這正是我們的競爭對手提供的基於提示的人工智慧代理不適合處理關鍵任務交易的原因，因為在關鍵任務交易中一致性不僅是首選，而且是強制性的。

In contrast, Pega's approach acknowledges this duality by strategically deploying AI's creativity during the design phase. When you're thinking out what you want the application to do, how do we want our business to work with different perspectives and innovative solutions add tremendous value. For that, we ensure production operations run through the structured workflows that will eliminate our predictability.

相較之下，Pega 的方法透過在設計階段策略性地部署 AI 的創造力來承認這種二元性。當您思考希望應用程式做什麼時，我們希望我們的業務如何以不同的視角運作，創新的解決方案如何創造巨大的價值。為此，我們確保生產作業遵循結構化的工作流程，以消除我們的可預測性。

And so rather than fighting AI inherent variability or trying to engineer it away through complex prompt management or prompt studios, we embrace it, where it helps at design time and then we control that consistency matters at run-time.

因此，我們不是對抗人工智慧固有的可變性，也不是試圖透過複雜的提示管理或提示工作室來消除它，而是接受它，它在設計時提供幫助，然後我們控制運行時的一致性問題。

Application designs generated by Blueprint are not just conceptual. They are fully executable in Pega Infinity. This tight alignment between design and execution leads to faster development cycles and is spread or agility in responding to change and creates a more collaborative relationship between business and IT stakeholders. The result is AI that accelerates innovation during development while delivering the reliable, auditable results enterprises need in production.

Blueprint 產生的應用程式設計不僅僅是概念性的。它們在 Pega Infinity 中完全可執行。設計與執行之間的緊密結合可以縮短開發週期，提高回應變化的靈活性，並在業務和 IT 利害關係人之間建立更具協作性的關係。結果是人工智慧加速了開發過程中的創新，同時提供了企業在生產中所需的可靠、可審計的結果。

Now other companies are flooding the market with thousands of agents and proposing control towers to manage them. Our competitors, they're creating front studios and suggesting that clients are trying to manage these agents with free text pumps that will be interpreted differently every time they run. We think that's a little math.

現在其他公司正在向市場注入數千名代理商並提出使用控制塔來管理他們。我們的競爭對手正在創建前台工作室，並建議客戶嘗試使用自由文本泵來管理這些代理，這些代理每次運行時都會被不同地解釋。我們認為這只是一點數學知識。

We believe that our clients and partners are recognizing the advantages of our predictable AI approach, where you get the creativity when you want it, and you get reliability when it really matters to run your business, hour an hour and day-to-day. And when we demonstrate how we bring structure and governance to AI deployment and how we uniquely combine the power of AI just to do the design with the predictability of workflows, we get real moments of understanding. They are really exciting and that to validate our vision.

我們相信，我們的客戶和合作夥伴已經認識到我們可預測的人工智慧方法的優勢，您可以在需要時獲得創造力，並在真正需要您每天每時每刻經營業務時獲得可靠性。當我們展示如何為人工智慧部署帶來結構和治理，以及如何獨特地結合人工智慧的力量進行設計並實現工作流程的可預測性時，我們獲得了真正的理解。它們確實令人興奮，並且驗證了我們的願景。

Now the impact of Blueprint is significant. It makes it incredibly fast and easy for a user to leverage all the power of Pega to participate in transformational initiatives in speeding time to value and helping organizations get rid of a lot of the legacy that is slowing them down.

現在藍圖的影響是巨大的。它使用戶能夠非常快速且輕鬆地利用 Pega 的所有功能來參與轉型計劃，從而加快價值實現時間並幫助組織擺脫許多阻礙其發展的遺留問題。

In fact, we have lots of stories about people with little or no technical Pega Knowledge reading amazing blueprints from frontline employees to business line leaders. During a keynote last night, last month of PegaWorld, Vodafone spoke about how they're using Blueprint to start every new development project and we're able to take their budget process from ideation to a delivered production app in under 40 hours, in hours. But it's not just the speed, it's the power and creativity and thoughtfulness of the app, driven by AI, powered by well, extremely capable workflow execution Pega.

事實上，我們有很多關於幾乎沒有或根本沒有 Pega 技術知識的人閱讀從一線員工到業務線領導的驚人藍圖的故事。在昨晚（上個月的 PegaWorld）的主題演講中，沃達豐談到了他們如何使用 Blueprint 啟動每個新的開發項目，並且我們能夠在不到 40 小時的時間內將他們的預算流程從構思轉變為交付生產應用程式。但這不僅僅是速度，而是應用程式的強大功能、創造力和周到性，由人工智慧驅動，由功能強大、極其強大的工作流程執行器 Pega 提供支援。

And last month, we launched partner-branded Blueprint. And Blueprint has captured the imagination of a number of our key partners. They want to infuse their own intellectual property and knowledge repositories directly into a branded version of Blueprint that has their name on the cover. So they can feel good about it and they can get the credit for their thinking and how we've been able to add that into our part of knowledge from our history here.

上個月，我們推出了合作夥伴品牌 Blueprint。藍圖已經激發了我們許多主要合作夥伴的想像。他們希望將自己的智慧財產權和知識庫直接注入封面印有他們名字的品牌版《藍圖》。因此，他們可以對此感到高興，並且可以因他們的想法以及我們如何將其添加到我們的歷史知識中而獲得讚譽。

This allows them to showcase their unique IP and to make knowledge. And I think it extends our reach further into our partners' customer base and sellers.

這使他們能夠展示其獨特的智慧財產權並創造知識。我認為這進一步擴大了我們合作夥伴的客戶群和賣家的影響力。

In the 40 days or so since we announced this concept, we've had many of the world's largest systems integrators sign up to develop their own branded Blueprints to use directly with their clients, including Accenture, Capgemini, Cognizant, UI, Infosys, TCS and Virtusa with more of the works. We believe this speaks volumes about their interest and commitment into leveraging Blueprint in their own practices. And Blueprint gives them a powerful tool that they can use to collaborate and with their clients around their IP while providing a much bigger potential customer base with visibility into the power of Pega.

自從我們宣布這個概念以來的 40 天左右，我們已經與世界上許多最大的系統整合商簽約開發自己的品牌藍圖，以便直接與客戶使用，其中包括埃森哲、凱捷、Cognizant、UI、Infosys、TCS 和 Virtusa 等。我們相信這充分說明了他們對在自己的實踐中利用藍圖的興趣和承諾。Blueprint 為他們提供了一個強大的工具，他們可以使用該工具與客戶就其 IP 進行協作，同時讓更大的潛在客戶群了解 Pega 的強大功能。

Now you may have seen that we recently hired [Dan Kaysen] from AWS as our Head of Global Partner ecosystem to lead the strategic evolution of the biggest partner ecosystem. This includes strengthening alliances with global systems integrators and hyperscalers, accelerating the adoption of Pega GenAI and Pega Blueprint. And we think this will really expand partner influenced revenue.

現在您可能已經看到，我們最近聘請了 AWS 的 [Dan Kaysen] 擔任我們的全球合作夥伴生態系統負責人，領導最大的合作夥伴生態系統的策略演變。這包括加強與全球系統整合商和超大規模企業的聯盟，加速採用 Pega GenAI 和 Pega Blueprint。我們認為這將真正擴大合作夥伴的收入。

Just last week, we announced a five-year strategic collaboration agreement with AWS, and the agreement combines the power of Pega Blueprint with AWS' transform product which is designed to accelerate legacy transformation projects without disrupting critical business works. We think having Pega software available on the AWS marketplace also makes it easier and faster for clients to access our software and benefit from the associated capabilities.

就在上週，我們宣布與 AWS 達成了一項為期五年的策略合作協議，該協議將 Pega Blueprint 的強大功能與 AWS 的轉型產品相結合，旨在加速傳統轉型項目，而不會中斷關鍵業務工作。我們認為，在 AWS 市場上提供 Pega 軟體也使客戶能夠更輕鬆、更快地存取我們的軟體並從相關功能中受益。

Now a moment on how Blueprint is evolving. The interest and use of Blueprint continues to rise. And today, more than 1,000 organizations around the world are building Blueprints. And this is driving increased awareness, engagement, we think it's a long-term opportunity for Pega to get us familiarity increase for the values of our offerings to be better understood.

現在我們來看看 Blueprint 是如何演變的。人們對藍圖的興趣和使用持續上升。如今，全球有 1,000 多個組織正在製定藍圖。這正在推動人們的意識和參與度的提高，我們認為這對 Pega 來說是一個長期的機會，可以提高人們的熟悉度，從而更好地理解我們產品的價值。

Now we continue to enhance its functionality to support enterprise transformation, whether you're building a new app or reimagining a legacy application. For example, in June, we announced new features to help clients address their most pressing legacy transformation initiatives with ease and speed.

現在，我們繼續增強其功能以支援企業轉型，無論您是建立新應用程式還是重新構想遺留應用程式。例如，今年 6 月，我們宣布了新功能，幫助客戶輕鬆快速地解決最迫切的遺留轉型計畫。

Because business transformation is often held back by legacy technology that needs resources, budget and time, it hampers innovation. Now I'm sure you've seen the same reports I have about the costs associated with technical debt. [Forrester] estimates that legacy systems will account for two-thirds of global tax spending in 2025, and this is an easy problem to solve. But we believe Pega Blueprint a new approach to legacy transformation and one that is important, powerful and enormous opportunity.

由於業務轉型常常受到需要資源、預算和時間的遺留技術的阻礙，因此阻礙了創新。我相信你們也看到了我之前提到的關於技術債相關成本的報告。 Forrester 估計，到 2025 年，遺留系統將佔全球稅收支出的三分之二，而這個問題很容易解決。但我們相信 Pega Blueprint 是實現遺留轉型的新方法，也是一個重要、強大且具有巨大機會的方法。

We've added powerful agentic AI that ingests analyzes and converts a wide array of legacy system assets into new modern application models. And you can feed in everything from requirements documents, to user manuals, to screen shops to video, pretty much anything that describes an application.

我們添加了強大的代理 AI，可以吸收、分析並將各種遺留系統資產轉換為新的現代應用程式模型。您可以輸入從需求文件到使用者手冊、螢幕商店到影片的所有內容，幾乎任何描述應用程式的內容。

If you were at PegaWorld, you would have seen an incredibly panful demo from [Promethanol]. And I highly recommend you go and watch the replay at pega.com/PegaWorld if you want there. In real time, [Karim] showed how Blueprint was able to adjust a video of a user walking through an old Oakley cobalt application and AWS transform analysis of that application, teaching -- it's a review of its thousands of lines of code.

如果你在 PegaWorld 你會看到一個令人難以置信的演示[丙甲醇]。如果你願意的話，我強烈建議你前往 pega.com/PegaWorld 觀看重播。[Karim] 即時展示了 Blueprint 如何調整用戶瀏覽舊 Oakley Cobalt 應用程式的影片以及 AWS 對該應用程式的轉換分析，教學——這是對其數千行程式碼的審查。

And in minutes, Blueprint provided a recommended application design, shown how it could be modernized. Pega show with the press of a button, a preview of what the application would look like and how it would work on multiple channels, complete with a conversational agent that users could talk to pretty much any language.

幾分鐘內，Blueprint 就提供了建議的應用程式設計，並展示如何實現其現代化。只需按一下按鈕，Pega 即可預覽應用程式的外觀及其在多個管道上的運作方式，並配備對話代理，使用者可以使用幾乎任何語言進行交談。

Keep in mind, this was demonstrated live on stage in just minutes after the video and document were imported. As with heavy Blueprint usually can iterate and improve the initial design to ensure will support command future needs and what final and they imported into Infinity with the actual AMP, they gained real productivity gains and they're able to put on more advanced AI capabilities that are throughout Infinity to work as well.

請記住，這是在視訊和文件導入後幾分鐘內在舞台上現場演示的。與重型藍圖一樣，通常可以迭代和改進初始設計以確保能夠支援未來的需求以及最終的設計，並且他們使用實際的 AMP 導入 Infinity，他們獲得了真正的生產力提升，並且能夠在整個 Infinity 中使用更先進的 AI 功能。

We see not a company doing this. And we think there's a massive opportunity for us. And we think it's going to be an area of focus for our progress. So we believe we are building the future of enterprise transformation, how it will be designed, how it will be sold, how it will be delivered. And where ideas are able to move seamlessly from minds, models to market.

我們沒有看到任何一家公司這樣做。我們認為這對我們而言是一個巨大的機會。我們認為這將成為我們取得進展的重點領域。因此，我們相信我們正在建立企業轉型的未來，包括如何設計、如何銷售、如何交付。在這裡，創意能夠無縫地從頭腦、模型轉移到市場。

You can tell I'm excited about this and what Blueprint is doing for our clients, our partners and our business. And it's interesting because Blueprint was put a new release of its capabilities at about every two weeks. So if you haven't seen it in a month, you are behind, and that also, I think, gives us an avenue to really increase the pace of innovation with our customers and with our partners.

您可以看到我對此感到興奮，也知道 Blueprint 為我們的客戶、合作夥伴和業務所做的事情。有趣的是，Blueprint 大約每兩週就會發布一次其功能的新版本。所以如果你一個月都沒有看到它，那你就落後了，而且我認為這也為我們提供了一條途徑，可以真正加快與客戶和合作夥伴的創新步伐。

So I would recommend that each of you try it out for yourself by 15 minutes and go to pega.com/Blueprint, sign in and imagine any type of business you'd like to build. I particularly like showing demos at the Llama rental business, which is something that actually is a lot more sophisticated than you might imagine.

因此，我建議你們每個人都花 15 分鐘親自嘗試一下，然後訪問 pega.com/Blueprint，登入並想像您想要建立的任何類型的業務。我特別喜歡在 Llama 租賃業務上展示演示，這實際上比你想像的要複雜得多。

But any business, and of course, you can always do the serious stuff like customer onboarding and collectors. I think you'll have some fun, but I guarantee you'll see why it's so powerful and why it plays to Pega's unique strength.

但對於任何企業來說，當然，你總是可以做一些嚴肅的事情，例如客戶入職和收藏家。我想你會玩得很開心，但我保證你會明白它為什麼如此強大，以及為什麼它能發揮 Pega 的獨特優勢。

We're working hard on it, and we think it's going to lead to good results. And to provide some more color on the financial results for the first half, let me turn it over to Ken. Ken?

我們正在為此努力，我們相信這將會帶來良好的結果。為了更了解上半年的財務業績，請容許我將發言權交給肯恩。肯？

Thank you, Alan.

謝謝你，艾倫。

I am so excited for the businesses at the midpoint of 2025. We're seeing the outcomes we had hoped to see as our team delivered spectacular results in the first half of 2025, demonstrating the power of our aligned strategy, innovation and execution.

我對 2025 年中期的企業感到非常興奮。我們看到了我們所希望看到的結果，因為我們的團隊在 2025 年上半年取得了令人矚目的成績，展現了我們協調的策略、創新和執行的力量。

Annual contract value, our key business performance vector grew 16% year-over-year as reported 14% in constant currency. To bring our business momentum into focus, our net new ACV add increased by 60% year-over-year in constant currency in the first half of 2025 and versus the first half of 2024, a significant acceleration that reflects multiple strategic wins.

年度合約價值，我們的關鍵業務績效向量年增 16%，以固定匯率計算成長 14%。為了集中我們的業務發展勢頭，2025 年上半年，我們的淨新 ACV 增量按固定匯率計算同比增長 60%，與 2024 年上半年相比，這一顯著加速反映了多項戰略勝利。

This growth reflects the Pega GenAI Blueprint is transforming our go-to-market motion, our value proposition is resonating with our clients, and we're expanding our footprint in key verticals. It's also a clear indicator that we're not only winning more deals but also higher quality long-term client commitments, which ultimately fuels durable growth.

這一成長反映了 Pega GenAI Blueprint 正在改變我們的市場進入方式，我們的價值主張正在引起客戶的共鳴，並且我們正在擴大我們在關鍵垂直領域的影響力。這也清楚地表明，我們不僅贏得了更多交易，而且還贏得了更高品質的長期客戶承諾，這最終推動了持久成長。

It's also to see total ACV exceed $1.5 billion as reported for the first time in Pega's history, powered by Pega Cloud ACV growth of 28% as reported and 25% in constant currency. I'm especially excited to see our team deliver such robust ACV growth in a market that continues to be uncertain. Our Rule of 40 mindset is not only delivering strong ACV growth, but also strong free cash flow growth.

這也是 Pega 史上首次 ACV 總額超過 15 億美元，這得益於 Pega Cloud ACV 成長 28%（以固定匯率計算為 25%）。我特別高興地看到我們的團隊在持續不確定的市場中實現如此強勁的 ACV 成長。我們的 40 法則思維不僅實現了強勁的 ACV 成長，也實現了強勁的自由現金流成長。

Free cash flow growth reached $286 million in the first half of 2025. Our free cash flow performance is no accident. It's the outcome of two powerful Rule of 40 forces coming together.

2025年上半年自由現金流成長達2.86億美元。我們的自由現金流表現並非偶然。這是 40 法則的兩股強大力量聯合起來的結果。

First, our accelerated growth in ACV, and it's important to remember that our financial model ACV is a proxy for subscription billings. As a result, each incremental dollar of ACV roughly translates to an incremental dollar of subscription billings, which in turn drives cash flow.

首先，我們的 ACV 加速成長，重要的是要記住，我們的財務模式 ACV 是訂閱帳單的代理人。因此，ACV 每增加一美元，大致就意味著訂閱費用增加一美元，從而推動現金流。

The second powerful force is margin expansion. We continue to grow cash expenses at a slower rate than ACV, expanding margins, driving free cash flow growth and supporting increased profitability.

第二股強大的力量是利潤率的擴大。我們的現金支出繼續以低於 ACV 的速度成長，從而擴大利潤率，推動自由現金流成長並支持獲利能力的提高。

Total remaining performance obligation or backlog increased by 31% as reported and 27% in constant currency year-over-year. As a reminder, backlog represents client commitments not yet recognized as revenue but provides good visibility into our future performance.

報告顯示，剩餘履約義務或積壓訂單總額年增 31%，以固定匯率計算則較去年同期成長 27%。提醒一下，積壓訂單代表尚未確認為收入的客戶承諾，但可以很好地洞察我們未來的表現。

Pega Cloud current backlog, which is backlog that's expected to come into revenue within 12 months, increased by 28% as reported and 25% in constant currency in the same period. The majority of Pega Cloud bookings go into backlog, creating a more predictable future revenue stream, the benefit of our subscription transition.

Pega Cloud 目前積壓訂單（預計在 12 個月內產生收入的積壓訂單）報告增加了 28%，以固定匯率計算則增加了 25%。Pega Cloud 的大部分預訂都進入積壓狀態，從而創造了更可預測的未來收入流，這是我們訂閱轉型的好處。

Last month, I outlined our capital allocation strategy and emphasize that our strong free cash flow generation provides us with significant financial flexibility. That financial strength opens up a number of options for us as we evaluate how to best deploy capital to create long-term shareholder value.

上個月，我概述了我們的資本配置策略，並強調強勁的自由現金流產生為我們提供了顯著的財務靈活性。當我們評估如何最佳地配置資本以創造長期股東價值時，這種財務實力為我們提供了多種選擇。

One of the options we discussed at our annual investor session at PegaWorld last month was the potential to allocate from time to time, a greater portion of our free cash flow towards share repurchases. To be clear, it's great to have this flexibility available for us to do so under the right circumstances. Now that Pega as significant cash flow generator with no debt, returning cash to shareholders via buyback could make sense for several reasons.

我們上個月在 PegaWorld 舉行的年度投資者會議上討論的選項之一是，有可能不時地將更大一部分自由現金流分配給股票回購。需要明確的是，在適當的情況下擁有這種靈活性對我們來說是很好的。既然 Pega 是重要的現金流產生者且沒有債務，透過回購向股東返還現金可能是合理的，原因有幾個。

First, periodic share repurchases when done responsibly can help mitigate the diluted impact of the stock-based compensation. Second, buying back shares at attractive valuations can lead to improved per share valuation over time. And third, we view share buybacks as a strategic lever that reinforces our confidence in Pega's long-term vision and our belief in the firm's durable cash flow generation capability and is also significantly accretive to shareholders as we execute on our strategy.

首先，如果以負責任的方式定期回購股票，可以幫助減輕股票薪資的稀釋影響。其次，以有吸引力的估值回購股票可以隨著時間的推移提高每股估值。第三，我們將股票回購視為一種策略槓桿，它增強了我們對 Pega 長期願景的信心和對公司持久現金流產生能力的信念，並且在我們執行策略時也能為股東帶來顯著的增值。

So in the first half of 2025, we repurchased about 6 million of our shares for $251 million, representing over 85% of our total free cash flow generated during the period. While we've not made firm commitments regarding the scale or timing of future repurchases, we plan to continue to take a disciplined and balanced approach to buybacks going forward.

因此，在 2025 年上半年，我們以 2.51 億美元回購了約 600 萬股股票，佔該期間產生的總自由現金流的 85% 以上。雖然我們尚未對未來回購的規模或時間做出明確承諾，但我們計劃在未來繼續採取嚴謹、平衡的方式進行回購。

Our first priority, of course, is to invest in the core business to drive sustainable growth and innovation. Beyond that, we will continue to evaluate our capital allocation options through the lens of long-term value creation.

當然，我們的首要任務是投資核心業務，以推動永續成長和創新。除此之外，我們將繼續從長期價值創造的角度評估我們的資本配置方案。

Given our significant cash flow generation, repurchases of our shares is a great investment opportunity. I've heard from several of you that is valuable when I provide a few thoughts to help frame how we model our business. And I want to take a moment to share two important points as we head into Q3.

鑑於我們大量的現金流，回購我們的股票是一個很好的投資機會。當我提供一些想法來幫助建立我們的業務模式時，我從你們中聽到了一些有價值的想法。在進入第三季之際，我想花點時間分享兩個重要觀點。

First, it's important to recognize that the third quarter has historically been our softest in terms of net new ACV, add and free cash flow. This is a fairly consistent seasonal pattern that reflects the timing around contract renewal dates.

首先，必須認識到，從淨新 ACV、新增和自由現金流來看，第三季歷來是我們最疲軟的季度。這是一個相當一致的季節性模式，反映了合約續約日期的時間。

Contract renewals are more than just administrative milestones, they are key drivers of business activity. Fewer renewals in a quarter typically drop means fewer opportunities to engage and drive expansion and generate near-term billings.

合約續約不僅是行政上的里程碑，更是商業活動的關鍵驅動力。一個季度內續約數量的減少通常意味著參與、推動擴張和產生短期帳單的機會減少。

It's also worth remembering that we typically bill our clients when you're in advance tied to the contract renewal date. That's why in quarters with fewer scheduled renewals, we typically see a corresponding slowdown in free cash flow.

還值得記住的是，我們通常會在合約續約日期之前提前向客戶收取費用。這就是為什麼在預定續約較少的季度，我們通常會看到自由現金流相應放緩。

Second, as you refine your Q3 revenue expectations, please keep in mind that our term license revenue tends to be at the lowest point also in Q3. This is another predictable seasonal trend driven by the timing of term license rules. Understanding these dynamics are important when modeling third quarter term license revenue and also free cash flow, especially to avoid overprojecting in what's typically a lighter quarter.

其次，當您調整第三季營收預期時，請記住我們的定期授權收入在第三季也往往處於最低點。這是由期限許可規則的時間所驅動的另一個可預測的季節性趨勢。在對第三季的定期授權收入和自由現金流進行建模時，了解這些動態非常重要，特別是為了避免在通常較清淡的季度出現過度預測。

In conclusion, it's great to see our continued business momentum. We're doing what we said we were going to do, we're capitalizing on major market trends such as artificial intelligence, legacy transformation and a move to cloud and by leveraging Pega GenAI Blueprint. It's fantastic to see such solid ACV growth, continued momentum around trailing 12 months free cash flow. We're on an amazing trajectory and consistent execution over the long term sets us up well to significantly accelerate growth in free cash flow per share over time.

總而言之，很高興看到我們的業務持續保持強勁勢頭。我們正在做我們說過要做的事情，我們正在利用人工智慧、遺留轉型和向雲端遷移等主要市場趨勢，並利用 Pega GenAI Blueprint。看到如此穩健的 ACV 成長以及過去 12 個月自由現金流持續保持強勁勢頭，真是令人欣喜。我們正處於令人驚嘆的發展軌跡中，長期的持續執行為我們奠定了良好的基礎，可以顯著加快每股自由現金流的成長。

I'm looking forward to seeing many of you on the road as we meet investors in the coming weeks and a number of the investment banking conferences around the United States. And with that, operator, please open the line for questions.

我期待在未來幾週與投資者見面以及在美國各地舉行的一系列投資銀行會議上見到你們。接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Congratulations from me on an amazing quarter.

我謹代表公司對本季取得的優異成績表示祝賀。

Just a quick question on Pega Cloud. If I'm looking at my math, you just basically had like a record add on ACV. Is that already blueprint, or is that just kind of the normal momentum in terms of more customers coming from the client cloud over to you, like overall general market. Can you speak to that number because it's very strong, obviously, and it's a good indicator.

這只是關於 Pega Cloud 的一個簡單問題。如果我看一下數學，你基本上就像在 ACV 上添加了一個記錄。這已經是藍圖了嗎，或者這只是一種正常的勢頭，即更多的客戶從客戶端雲端轉向您，就像整個一般市場一樣。您能談談這個數字嗎？因為它顯然非常強勁，而且是一個很好的指標。

So I think you will see some incremental Pega Cloud ACV when clients decide to move to Pega Cloud. But I would comment that Blueprint is engaged in every one of our sales campaigns now.

因此我認為當客戶決定遷移到 Pega Cloud 時，您會看到一些增量的 Pega Cloud ACV。但我想說的是，Blueprint 現在參與了我們的每一個銷售活動。

It has been a significant driver for business activity in Q2. If you just look at the total ACV growth that we have, it's really quite an amazing quarter, the strongest Q2 we've ever had. And I think Pega Cloud is that SKU that tends to be where that business goes when it comes off of Pega Blueprint. So although there always will be some migrations here and there, the majority of our business is coming from expansion with clients and Blueprint is central to that.

它是第二季商業活動的重要推動力。如果你只看我們的整體 ACV 成長，這確實是一個相當驚人的季度，也是我們有史以來最強勁的第二季度。我認為 Pega Cloud 是 Pega Blueprint 推出後業務發展方向的 SKU。因此，儘管總是會有一些遷移，但我們的大部分業務來自客戶的擴展，而 Blueprint 是其中的核心。

Okay, perfect. That's really helpful.

好的，完美。這真的很有幫助。

And then on term, obviously, you had good renewals in Q1. It looks like Q2 looks good as well. Can you -- is that like -- kind of was that like if you think about the shape of the year, was that like this year, the core renewals were kind of more first half focused? Or how do I think about the rest of the year there? Thank you. Congrats from me.

然後就期限而言，顯然，您在第一季取得了良好的續約成績。看起來 Q2 也不錯。你能 — — 這有點像 — — 如果你考慮一下今年的情況，那是不是就像今年一樣，核心續約更側重於上半年？或者我如何看待今年剩下的時間？謝謝。我向你表示祝賀。

No, I don't -- I think that Q1 definitely had a higher renewal cycle in the first quarter. I think that Q2 was not anything unusual, and I don't think that you're going to see a lot of anomalies through Q3 and Q4. Q1 just happened to be a bigger quarter.

不，我不這麼認為——我認為第一季的更新周期肯定更高。我認為第二季度沒有什麼異常，而且我認為在第三季和第四季也不會看到很多異常。第一季恰好是一個較大的季度。

Okay, perfect. Thank you.

好的，完美。謝謝。

Steve Enders, Citigroup.

花旗集團的史蒂夫恩德斯。

Okay, great. Thanks for checking the questions this morning.

好的，太好了。感謝您今天早上檢查這些問題。

I guess I just want to start asking just on, I guess, what you are seeing in the deal environment. I mean, I guess, the numbers kind of speak for themselves. But I guess, what do you -- what are customers focused on? I think we keep hearing questions on like DOGE impact and tariffs. And I guess, it doesn't look like you're seeing nothing there, but just what impact have you seen, or how does that kind of discussion play out with the customers that you're heading now from the those factors?

我想我只是想開始問一下，你在交易環境中看到了什麼。我的意思是，我想，數字本身就說明了一切。但我想，您——客戶關注的是什麼？我想我們一直聽到有關 DOGE 影響和關稅等問題。我想，看起來你似乎沒有看到任何變化，但是你看到了什麼影響，或者從這些因素來看，這種討論對你現在面對的客戶有何影響？

So look, there is a level of anxiety in some customers because, let's face it, the world has a little bit of predictability into it. And we have all that same visibility. We don't have anything specific around tariffs lift this port have affected us or have reasonably affected our clients.

所以，看看吧，有些顧客有一定程度的焦慮，因為，讓我們面對現實吧，這個世界有一點可預測性。我們都擁有同樣的可見性。我們不知道該港口的關稅上調是否對我們或我們的客戶產生了任何影響。

And happily, we're not in the parts of the government where DOGE has really targeted in terms of closing down. So we feel that we need to be alert to what's going to change. Things are changing all the time, but we're not seeing anything that I would describe as a real head work.

令人高興的是，我們並不屬於 DOGE 真正要關閉的政府部門。因此，我們覺得我們需要對即將發生的變化保持警惕。事情一直在變化，但我們沒有看到任何我稱之為真正的腦力勞動的事情。

We are seeing, I think one trend we are seeing, Steve, is that with GenAI being central to every company's strategy to figure out how you can adopt it and where the value is, it is driving the legacy transformation discussion at a very accelerated pace. More than we've seen in years in terms of clients really looking at not just leveraging AI and how do I modernize my applications? How do I get to the cloud, so I could leverage all of this new technology. That definitely is a trend that has accelerated.

我們看到，我認為我們看到的一個趨勢是，史蒂夫，GenAI 成為每家公司戰略的核心，以弄清楚如何採用它以及價值在哪裡，它正在以非常快的速度推動遺留轉型討論。我們看到，客戶真正關注的不僅僅是利用人工智慧以及如何實現應用程式的現代化？我如何進入雲端，以便能夠利用所有這些新技術。這無疑是一種正在加速的趨勢。

Okay, got it. That's helpful.

好的，明白了。這很有幫助。

And then just on, I guess, the ACV strand here, I guess, does that change maybe how you would think about the pace of ACV through the year or maybe how you think about the numbers exiting the year? And I guess, what was the impact of FX quarter-over-quarter on the ACV number in 2Q?

然後，我想，就這裡的 ACV 鏈而言，這是否會改變您對全年 ACV 速度的看法，或者您對年末數字的看法？我想問一下，季度環比外匯對第二季的 ACV 數字有何影響？

So the -- your question, the first part of your question was how do we view the ACV trend through the year given the very, very strong start in the first half of the year. I think, look, when you have a start like we have, you want to keep that momentum going. And we're not viewing the fact that we did really well in the first half as being a substitute for how we perform in the second half.

所以——您的問題，問題的第一部分是，鑑於今年上半年非常強勁的開局，我們如何看待全年的 ACV 趨勢。我認為，當你像我們一樣開始的時候，你會想保持這種勢頭。我們並不認為上半場的出色表現可以取代下半場的糟糕表現。

We want to take this momentum and continue to drive accelerated growth and achieve what we can achieve for the year. Kind of we're not certainly not like viewing it as like, oh, great, we're further along, so we can take our foot off the pedal in the back half of the year.

我們希望藉此勢頭，繼續推動加速成長，實現今年所能實現的目標。我們當然不會這麼認為，哦，太好了，我們又取得了進一步的進展，所以我們可以在下半年放鬆一下。

In terms of currency, there is -- the dollar is have weakened that we have a currency headwind, so to speak, on growth. And it's been about 2 percentage points in each of the quarters. So it's just kind of been about a consistent currency tailwind for the first two quarters.

就貨幣而言，美元已經走弱，可以說，這對經濟成長構成了貨幣逆風。每季的增幅都在 2 個百分點點左右。因此，前兩季的貨幣走勢一直較為順風。

Okay, alright. Thanks for that. That's helpful. Thanks for taking the questions.

好的，好的。謝謝。這很有幫助。感謝您回答這些問題。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Yeah, thanks for taking the questions. Really impressive growth in net new ACV.

是的，感謝您回答這些問題。淨新 ACV 的成長確實令人印象深刻。

If you had to parse out the growth acceleration between Blueprint opening up new deals, I know you talked about rising interest in digital transformation. So obviously, that bumps up Pega Cloud migrations or maybe just broader AI [tailwinds], what would you point us to as maybe the one or two largest factors driving that acceleration?

如果您必須分析藍圖開闢新交易之間的成長加速，我知道您談到了對數位轉型日益增長的興趣。因此，顯然，這會加速 Pega Cloud 遷移或可能只是更廣泛的 AI [順風]，您認為推動這種加速的最大一兩個因素是什麼？

Well, first of all, the idea legacy transformation is really mostly not starting with Pega, the system you're transforming. I mean, you're typically transforming. Somebody's got -- it's not a common for somebody to have like three or four or five like onboarding systems or systems that do something in the function.

嗯，首先，遺留轉型的想法實際上大多不是從 Pega（您正在轉型的系統）開始的。我的意思是，你通常正在轉變。有人擁有－一個人擁有三、四或五個入職系統或執行某項功能的系統並不常見。

And first, they really don't like any of them' and two, they'd like to pull them all together. And with Blueprint, which is really cool, you can put the consummation of all of them in. And the AI will propose how to do it right and how to do it better and then give you a canvas on which to collaborate. The collaboration part of us is super important. If you try it out, I think it will become clear.

首先，他們真的不喜歡其中任何一個；其次，他們想把他們都整合在一起。並且使用 Blueprint，這真的很酷，你可以將它們全部完成。人工智慧將建議如何正確地做這件事以及如何更好地做這件事，然後為您提供一個可供協作的畫布。我們的合作部分非常重要。如果你嘗試一下，我想它就會變得清晰。

So I think legacy transformation is really -- 98% of it is things that didn't start on Pega making transformed, but things that were their existing [Cobalt] or God forbid, [Lotus Notes] or [ADA BASE] or there's a lot of old stuff out there. They just can't move to the cloud and organizations, know about anchors, and they have to clean that up.

所以我認為遺留系統的轉型實際上是——其中 98% 不是在 Pega 上開始轉型的東西，而是他們現有的 [Cobalt] 或上帝保佑，[Lotus Notes] 或 [ADA BASE] 或那裡有很多舊東西。他們只是無法遷移到雲端和組織，了解錨點，並且他們必須清理它。

There's a lot of interest in that, and Blueprint tethers into that perfectly because Blueprint isn't limited to legacy transformation. But the fact that it feeds on it and that it can incorporate things like AWS transform which does code analysis, but it doesn't just depend on code analysis. I think code analysis is inherently limited in terms of what it does for transformation because all you're doing is replicating the sins of the past, what else you do is take that analysis and use it for data structures and other types of things.

人們對此很感興趣，而 Blueprint 完美地融入了這一點，因為 Blueprint 並不局限於遺留系統的轉換。但事實上，它以此為食，並且可以結合諸如進行程式碼分析的 AWS 轉換之類的東西，但它不僅僅依賴程式碼分析。我認為程式碼分析在轉換方面的作用本質上是有限的，因為你所做的只是複製過去的錯誤，你所做的其他事情就是進行分析並將其用於資料結構和其他類型的東西。

They are really augmented with (inaudible), how do we want to do this business function? If I put in the best practices, how do I actually get the system to recommend and to do it in a way that will be conversational in agentic as well as through traditional ways. So I think transformation [writ-large] is going to be a really important avenue for our growth in the next two or three years, and Blueprint is right at the heart of it.

它們確實增強了（聽不清楚），我們希望如何實現這項業務功能？如果我採用最佳實踐，我如何真正讓系統推薦並以一種代理對話方式以及透過傳統方式進行推薦。因此，我認為轉型（廣義）將是我們未來兩三年成長的一個非常重要的途徑，而藍圖正是其中的核心。

Jake, one additional piece of information that kind of goes kind of maybe under the covers on one of your questions. We are seeing momentum around engaging with both existing and new clients on new workflows.

傑克，關於你的一個問題，我還有一個可能沒有提到的地方。我們看到了在新的工作流程上與現有客戶和新客戶合作的勢頭。

When I say new workflows, remember what Alan said, new to Pega. They could be something that the client has done for decades on another provider, but they're new to Pega. And that is where Blueprint really helps us break in. And you can see the momentum in the new activity, and that's very exciting because that's such an increasing the volume of an existing solution that Pega has or migrating the Pega cloud, we're seeing opportunities to put new solutions for both our existing clients and new divisions of existing clients and new logos. So there's a noticeable change in that happening through the first half of the year.

當我說新的工作流程時，請記住艾倫所說的，對 Pega 來說這是新的。這些可能是客戶在其他供應商那裡已經做了幾十年的事情，但對 Pega 來說是新鮮事。這就是 Blueprint 真正幫助我們突破的地方。您可以看到新活動的勢頭，這非常令人興奮，因為這大大增加了 Pega 現有解決方案的數量或遷移了 Pega 雲，我們看到了為現有客戶以及現有客戶的新部門和新標誌提供新解決方案的機會。因此，今年上半年的情況發生了明顯的變化。

Okay, that's helpful.

好的，這很有幫助。

And then just on that new logo topic, I know you've been investing more in that motion over the past few quarters just given the success with Blueprint. Can you talk about how that push has gone thus far? And if there have been any learnings for that motion as you've started to invest more in it?

然後就新標誌主題而言，我知道，鑑於 Blueprint 的成功，您在過去幾個季度中一直在該動議上投入更多資金。能談談目前為止這項努力的進展如何嗎？當您開始對該動議投入更多資金時，您是否學到了什麼？

Yes, let me clarify one thing, and then I'll kick to Alan on the learnings.

是的，讓我澄清一件事，然後我會向艾倫報告學習情況。

I think we have to think about new logos, but we have to think about new work, new workflows because our clients have massive divisions and locations around the world of their business. They're not clients of ours right now. So to us, that is a new logo as well.

我認為我們必須考慮新的標誌，但我們必須考慮新的工作、新的工作流程，因為我們的客戶在世界各地擁有大量的業務部門和地點。他們現在不是我們的客戶。所以對我們來說，這也是一個新標誌。

We don't characterize them as two logos in our in how we talk to investors, but it is a brand-new opportunity, a new engagement. So I just want to be clear, that is a really important opportunity for us as well as brand-new companies. So Alan, the kind of observations or learnings around as we try to go deeper into our existing and new logos with them.

在與投資者交談時，我們不會將它們描述為兩個標誌，但這是一個全新的機會，一種新的參與。所以我只想明確一點，這對我們以及新公司來說都是一個非常重要的機會。因此，艾倫，當我們嘗試與他們一起更深入地了解我們現有的和新的標誌時，我們會進行一些觀察或學習。

Yes. I think the interesting development there, which is a little hard to predict exactly how it's going to go, but I think it's going to go quite well, is what this movement to create these partner-branded Blueprint is going to do in terms of opening up Pega to be way more visible to our partners' customers.

是的。我認為那裡有趣的發展有點難以預測它到底會如何發展，但我認為它會進展得相當順利，創建這些合作夥伴品牌藍圖的運動將在開放 Pega 方面發揮什麼作用，讓我們的合作夥伴的客戶更加容易看到它。

Because what we're really seeking to do between now and the end of the year as we continue to enhance this and work with our partners on it, is that Pega become a tool not just for a partner to sell Pega, but for a partner to basically sell what they themselves are doing. There are a lot of consulting firms who are going pressure these guys and need to be able to make better pictures to customers.

因為從現在到年底，我們真正想要做的就是繼續加強這一點，並與我們的合作夥伴一起努力，讓 Pega 成為合作夥伴不僅銷售 Pega 的工具，而且成為合作夥伴銷售他們自己正在做的事情的工具。許多顧問公司都會向這些人施加壓力，並需要能夠為客戶提供更好的圖片。

And if you see the pitch made on the back of Blueprint, it's pretty amazing. I mean, the customer can see a touch and feel something that otherwise they can't. If we do be successful at getting our partners to really understand how this can help their business outside of Pega and how we can continue to enhance it to make that possible, I think that just opens up the amazingly large stream of prospects that our customers or our partners, but are not customers of ours. So that call is going to be the trick from our point of view for the upcoming 6 to 12 months.

如果你看到《藍圖》背面的宣傳，你會發現它相當令人驚嘆。我的意思是，顧客可以看到並觸摸到他們無法觸摸到的東西。如果我們確實成功地讓合作夥伴真正理解這如何幫助他們在 Pega 之外的業務，以及我們如何繼續增強它以實現這一目標，我認為這將開闢出大量潛在客戶，這些潛在客戶是我們的客戶或我們的合作夥伴，但不是我們的客戶。因此，從我們的角度來看，這通電話將成為未來 6 到 12 個月的關鍵。

Very helpful. Congrats again on the great results.

非常有幫助。再次恭喜您取得如此優異的成績。

Devin O'Rourke, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Devin O'Rourke。

Hey, good morning. Thanks for taking my questions.

嘿，早安。感謝您回答我的問題。

I know you've kind of responded to this question, Steve's question on macro, it seems like there's nothing too material to point out, but I want to drill down on public sector just given how topical of the subject that is and especially after, I think, SAP kind of calling out deal elongation in the US open sector. Have you seen any similar elongation within the public sector business? Just curious how the compensation has been with new customers in that specific market.

我知道你已經回答了這個問題，史蒂夫關於宏觀的問題，似乎沒有什麼實質性的內容需要指出，但我想深入研究公共部門，因為這個話題非常熱門，特別是在 SAP 呼籲延長美國開放部門的交易期限之後。您是否看過公共部門業務中出現類似的延長？只是好奇在那個特定市場中新客戶的報酬如何。

Interestingly, I'm going down to D.C. tomorrow and Friday, so we are engaged. I think that some projects gone, we shuffled and put on hold. So I think there's some services implications and services is obviously not the most critical part of our business here as well. As I said, I think it's going to vary a lot by company here.

有趣的是，我明天和星期五要去華盛頓，所以我們有約了。我認為有些項目已經結束，我們對其進行了調整併擱置了。所以我認為這與服務有關，而且服務顯然不是我們業務中最關鍵的部分。正如我所說，我認為這會因公司而異。

But as businesses are looking to become more efficient and the government wants to become more efficient, that's got to be good for us. I mean, my view is that being able to engage with the government around streamlining workflows, being able to make things more efficient, those are all things that play to our strength in our history. So it's questionable there's going to be disruptions in that space, but this is something that I think directionally should be a tailwind going to have.

但由於企業希望提高效率，政府也希望提高效率，這對我們來說一定是好事。我的意思是，我的觀點是，能夠與政府合作簡化工作流程，提高效率，這些都是發揮我們歷史優勢的事情。因此，該領域是否會出現混亂值得懷疑，但我認為從方向上看，這應該是一個順風。

I mea, the public sector, certainly in the US has been very vocal around get to the cloud, digitally transformed and ingest AI into their infrastructure and leverage it. And we just -- you may have seen our announcement of having FedRAMP High, we're perfectly positioned. I mean, that is our value proposition.

我的意思是，公共部門，當然是美國的公共部門，一直非常熱衷於雲端運算、數位轉型以及將人工智慧融入其基礎設施並加以利用。而且我們——您可能已經看到我們宣布擁有 FedRAMP High，我們已做好準備。我的意思是，這就是我們的價值主張。

Yes. I think you should take these comments being primarily about the US, just to clarify on what Ken pointed out. I mean, our work with governments globally has been strong and continues to be strong. And year-to-date, has been incredibly strong. We announced the major win in the UK, where we were selected to do the recruitment system for the military, the UK Army.

是的。我認為你應該把這些評論主要看作是針對美國的，只是為了澄清肯所指出的觀點。我的意思是，我們與全球各國政府的合作一直很強勁，並且將繼續保持強勁。今年迄今為止，表現一直非常強勁。我們宣布了在英國的重大勝利，我們被選中負責英國陸軍的招募系統。

And we already do the Air Force and the Navy. So this is a revolutionary system for them, which is going to do all of their recruitment in a set of integrated, very sophisticated workflows. And so we're seeing those types of interests in other governments as well. And as some of these companies -- some of these governments spend more on defense, I expect we'll see more things like that could be opportunities.

我們已經擁有空軍和海軍。所以這對他們來說是一個革命性的系統，它將透過一套整合的、非常複雜的工作流程完成所有的招募工作。我們也看到其他政府也有這種興趣。隨著一些公司、一些政府在國防上投入更多資金，我預期我們會看到更多這樣的機會。

Got it. Super helpful contexts.

知道了。超級有用的上下文。

Just a quick follow-up, and I just want to ask about the ACV strength in the quarter. Curious if any deals might have shifted one way or the other? And the multiple strategic wins that you have won in the quarter, Have you seen cell-cycle shorten and your ability to push the deals to close to finish meaningfully fairly as a result of Blueprint versus your initial plan?

只是一個快速的跟進，我只想詢問本季的 ACV 強度。好奇是否有任何交易會改變？在本季度您贏得了多項戰略勝利，您是否看到了細胞週期的縮短以及您是否有能力根據藍圖而不是您的初始計劃推動交易的完成並公平地完成？

I think Blueprint does a couple of things for us. One, when customers say it, they -- when customers see it, we get often unspoken feedback with a clear feedback I now understand how I can apply AI in my business in a safe and predictable way. And that's something I haven't really seen before this way.

我認為 Blueprint 為我們做了一些事情。首先，當客戶說出來時，他們——當客戶看到它時，我們經常會得到不言而喻的回饋，並給予明確的回饋，我現在明白如何以安全和可預測的方式將人工智慧應用於我的業務中。這是我以前從未見過的。

We've got a lot of people saying, this is new and interesting. I think that helps us as a brand, that just helps out the company in terms of being more of a sort of player that they know they can rely on in this AI world.

很多人說，這很新穎、很有趣。我認為這對我們作為一個品牌有幫助，這可以幫助公司成為他們知道在這個人工智慧世界中可以信賴的參與者。

I think that the part of the sales cycle that Blueprint will help the most with is the front-end part of the sales cycle even more than the back end, and we are seeing evidence of that. We are seeing it to be way easier to get in front of a customer and show them something.

我認為 Blueprint 對銷售週期最有幫助的部分是銷售週期的前端部分，甚至比後端部分更有幫助，我們已經看到了這方面的證據。我們發現，站在客戶面前並向他們展示產品變得更加容易。

And what happens now is that routinely happens in a first meeting with the customer, where you can show them something customer-specific, we never ever or very rarely would you do that. Sometimes you have to wait to a fourth meeting or a fifth meeting to be able to put together a custom demo for a customer to get them to really kind of understand what Pega does. Now I think it's really helping the customers understand Pega way sooner.

現在發生的情況是，在與客戶的第一次會面中通常會發生這種情況，您可以向他們展示一些特定於客戶的東西，我們從來沒有或很少會這樣做。有時您必須等到第四次會議或第五次會議才能為客戶提供客製化的演示，讓他們真正了解 Pega 的功能。現在我認為它確實可以幫助客戶更快地了解 Pega。

And there were no pull-ins from future quarters of -- I mean, that always happens in any business, but there was nothing unusual in the first half of the year that would say, oh, that's the reason why the quarter was strong as we pulled some deal in from the future.

而且沒有來自未來季度的拉動——我的意思是，這在任何企業中都會發生，但今年上半年並沒有什麼不尋常的事情，人們會說，哦，這就是本季度表現強勁的原因，因為我們從未來獲得了一些交易。

Great, thanks for taking my questions.

太好了，謝謝你回答我的問題。

Patrick Walravens, Citizens Bank.

派崔克·瓦爾拉文斯，公民銀行。

Great. Thank you and congratulations, you guys, on the on the quarter. So Alan, I want to go big picture with you, if that's okay.

偉大的。謝謝你們，恭喜你們本季取得的成績。所以艾倫，如果可以的話，我想和你一起討論一下大局。

So I hosted a fireside chat last week with the former Head of AI for Salesforce. And he made this comment, which I think probably also applies to Pega, but I'd love to hear your thoughts on it. Here's what he said. He said I do think, in general, a lot of the big SaaS players do have a massive advantage, they have the data. What are your thoughts on that?

因此，上週我與 Salesforce 前人工智慧主管進行了一次爐邊談話。他發表了這樣的評論，我認為這可能也適用於 Pega，但我很想聽聽您的看法。以下是他所說的話。他說我確實認為，總體而言，許多大型 SaaS 公司確實擁有巨大的優勢，他們擁有數據。您對此有何看法？

Well, look, Salesforce wants to become the owner of all the customers' data. I think that there's going to be a lot of resistance to that in many organizations. I think customers think they should own their own data. And I think the emergence of cloud-native databases, you look at things like the data bricks and the snowflakes and others, they want to own the data. There's a lot of hunger for data.

好吧，看，Salesforce 想要成為所有客戶資料的擁有者。我認為許多組織都會對此有很大的抵制。我認為客戶認為他們應該擁有自己的數據。我認為，隨著雲端原生資料庫的出現，你會看到資料磚、雪花等，他們想要擁有資料。人們對數據有著很大的渴求。

In reality, I think what really makes a difference is process. I mean, the data is helpful, but we -- when we do our blueprints, this you may have seen. I believe you've done one, Patrick. We actually grind through our best practices, now our partners best practices. We go out to the internet, and we pull in all the data on the Internet on how to do those types of processes. We reconcile them. We don't dust any of them, we grind it together and we show it to say, hey, is this really what we want to do.

事實上，我認為真正起作用的是過程。我的意思是，數據是有幫助的，但是我們——當我們制定藍圖時，你可能已經看到了這一點。我相信你已經做過一次了，派崔克。我們實際上正在努力實踐我們的最佳實踐，現在我們合作夥伴也在實踐我們的最佳實踐。我們進入互聯網，並收集互聯網上有關如何執行此類流程的所有數據。我們使他們和解。我們不撣掉任何粉末，而是將它們研磨在一起，然後展示給別人看，說，嘿，這真的是我們想要做的嗎？

That is a process. That is a process that will operate on the transactional data that you want to do when you're actually trying to do something. And that is enormously central to the whole way that businesses run and the whole IP of legacy transformation.

這是一個過程。這是一個在您實際嘗試做某事時對您想要執行的事務資料進行操作的過程。這對於整個企業營運方式以及整個遺留 IP 轉型至關重要。

I think there are a lot of companies, Salesforce is one of them that have really moved a lot into our prescribing analytical space. And to be honest, that's a space where we expect to partner with organizations and we expect our customers.

我認為有很多公司，Salesforce 就是其中之一，它們已經在我們的處方分析領域取得了巨大進展。老實說，這是一個我們希望與組織和客戶合作的領域。

We don't provide the analytical framework that you might get from some of the other companies out there, and we don't want. We want to be the process engine and the workflow engine that revolutionizes the way these businesses operate. And it goes out in real time, which is what Blueprint does and gets the data gets additional information which is what the system does.

我們不提供您可能從其他一些公司獲得的分析框架，我們也不想要。我們希望成為流程引擎和工作流引擎，徹底改變這些企業的運作方式。它會即時發出數據，這就是 Blueprint 所做的，它會獲取數據並獲取附加信息，這就是系統所做的。

So I think there are a lot of people who talk a lot about data. I'm happy to say we've got a different bet. And it's the bet we've done for 40 years, so I'm pretty sure it's going to work.

所以我認為有很多人談論數據。我很高興地說我們有一個不同的賭注。這是我們 40 年來一直堅持的賭注，所以我非常確定它會成功。

A quick follow-up. So I was at PegaWorld in the audience when you did process agentic process fabrics, Pega Agentic process fabric. And you guys said, I think that was going to be generally available in Q3 '25.

快速跟進。因此，當您進行過程代理工藝面料、Pega Agentic 工藝面料時，我就在 PegaWorld 的觀眾席中。你們說，我認為這將在 2025 年第三季全面上市。

Yeah, that's where -- we're hoping to have that out around Labor Day.

是的，我們希望在勞動節前後推出這個功能。

Okay, perfect. Thank you.

好的，完美。謝謝。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Hello, everyone. I appreciate you letting me ask a question. This is my first earnings call with Pega. Great to speak to Alan and Ken and Peter.

大家好。感謝您允許我提問。這是我第一次與 Pega 進行財報電話會議。很高興與艾倫、肯和彼得交談。

Alan, could I follow up on the previous question? Can you talk about the booking momentum and demand trends after Pega Cloud conference?

艾倫，我可以繼續回答上一個問題嗎？您能談談 Pega Cloud 會議後的預訂動能和需求趨勢嗎？

Yeah. So welcome, Alexei.

是的。歡迎您，阿列克謝。

The Pega Cloud conference was really exciting. The customers were tremendously engaged and enthused. There was a huge amount of interest and there that has been great follow-up across the board.

Pega Cloud 會議確實令人興奮。顧客們非常投入並且充滿熱情。人們對此表現出極大的興趣，並且各界都對此進行了積極的跟進。

And what that means is that our pipeline is nicely increasing. You would expect coming off of a conference like that, it would be good. We had a lot of stuff to show you. You can check out on video, and you can see and some of which is in market like the Blueprint changes we've been putting in, some of which is imminent, but you can see what's coming like agentic process fabric that I just mentioned.

這意味著我們的管道正在穩步增加。你會期望參加這樣的會議，感覺會很好。我們有很多東西要展示給你。您可以透過影片查看，可以看到其中一些已經在市場上，例如我們一直在實施的藍圖變化，其中一些即將到來，但您可以看到即將發生的事情，例如我剛才提到的代理流程結構。

So we have a lot of interest from clients coming off of that. And that doesn't turn really into business so much necessarily this year as in future years, but it's great to be able to see that's a swap, I would say.

因此，我們得到了很多客戶的興趣。雖然這不一定在今年或未來幾年就會轉化為業務，但我想說，能夠看到這是一種交換，真是太好了。

Thank you, Alan.

謝謝你，艾倫。

And Ken, if I could ask about your guidance. It feels that the margin expansion outlook is somewhat conservative. Are there any factors we should keep in mind that could limit margin expansion this year?

肯，我可以問問你的指導嗎？感覺利潤率擴張前景有些保守。有哪些因素我們應該牢記，以致於今年的利潤率擴張受到限制？

That's a great question. And certainly, I don't want to lean in too much to our guidance. We don't reguide -- and welcome, Alexei, by the way. We don't reguide, we don't -- we did adjust something in the in PegaWorld, but it's very rare. We just -- we try to execute and naturally we aim to beat any of the numbers that we talk about every year.

這是一個很好的問題。當然，我不想過度依賴我們的指導。我們不會重新引導——順便說一句，歡迎阿列克謝。我們不會重新引導，我們確實在 PegaWorld 中調整了一些東西，但這種情況非常罕見。我們只是——我們努力執行，自然我們的目標是超越我們每年談論的任何數字。

What the margin expansion on the cost management side I think there is zero risk. We execute -- we're executing incredibly well with a level of discipline that we've honestly never had in the history of the firm, but we are very dependent on growth, naturally. So we want to keep the growth trajectory.

我認為成本管理方面的利潤率擴大是零風險。我們執行得非常好，並且達到了公司歷史上從未有過的紀律性水平，但我們自然非常依賴成長。所以我們希望保持成長軌跡。

If we grow faster, that will yield increased cash flow. So there is naturally an obvious connection there between us generating ACV growth to be able to achieve free cash flow growth. So that's -- I mean, maybe an obvious statement, but there's nothing in the execution of the kind of business other than our booking and billing that I'm worried about.

如果我們發展得更快，就會產生更多的現金流。因此，我們創造 ACV 成長和實現自由現金流成長之間自然存在著明顯的關聯。所以這是——我的意思是，這可能是一個顯而易見的說法，但除了我們的預訂和計費之外，我並不擔心這類業務的執行。

Thank you, Ken. I appreciate it. It's great to speak to you both. All the best.

謝謝你，肯。我很感激。很高興與你們兩位交談。一切順利。

Mark Chappelle, Loop Capital Markets.

Loop Capital Markets 的 Mark Chappelle。

Hey, guys. Thanks for taking my question here, and nice job on the quarter.

嘿，大家好。感謝您在這裡回答我的問題，本季做得很好。

Alan, a question for you. I appreciate your commentary around Blueprint in your prepared remarks. I was wondering if you could just talk about who Blueprint is often competing with? Is it, for instance, internal development initiatives at customer sites, or are you running up against other software vendors? And if it's other software companies, which ones would they be?

艾倫，問你一個問題。我很欣賞您在準備好的發言中對藍圖的評論。我想知道您是否可以談談 Blueprint 經常與誰競爭？例如，這是客戶網站的內部開發計劃，還是您正在與其他軟體供應商競爭？如果是其他軟體公司，會是哪些公司？

Yeah, so Blueprint really doesn't have a direct competitor in the market as we see it. So the competition -- there's always competition. The competition is other ways of doing things. And so the types of competition you'd see would be companies like Salesforce or ServiceNow that come in more would say, hey, we've got this great app, we've got this great platform. But Blueprint basically says, hey, look, we're going to take this platform we have, but it's going to be yours. And that, to my mind, is a really different message.

是的，所以就我們看來，Blueprint 在市場上確實沒有直接競爭對手。所以競爭——總是有競爭的。競爭是做事的其他方式。因此，您會看到競爭類型是 Salesforce 或 ServiceNow 這樣的公司，它們會說，嘿，我們有這個很棒的應用程序，我們有這個很棒的平台。但 Blueprint 基本上是說，嘿，看，我們將採用我們擁有的這個平台，但它將是你的。在我看來，這是一個真正不同的訊息。

So of course, there's competition out there, and it's the usual, I would say, Salesforce and ServiceNow would be competitors. We work with both of them customers too. So it's not all or nothing world out there. But I would say those would be meaningfully significant.

所以當然有競爭，而且通常情況下，我會說 Salesforce 和 ServiceNow 是競爭對手。我們也與他們兩家的客戶合作。所以，這個世界並不是全有或全無的。但我想說這些都具有重大的意義。

People going into Microsoft and writing code and power apps and other types of things. But once again, the systems that we really, I think, can uniquely do aren't something you could easily write in a power app. Certainly not in this agentic world, I think this will move towards agents.

人們進入微軟並編寫程式碼和電源應用程式以及其他類型的東西。但再次強調，我認為我們真正能夠獨特實現的系統並不是可以在 Power App 中輕鬆編寫的。當然不是在這個代理世界中，我認為這將朝著代理的方向發展。

And if you really understand what we're doing with the agent architecture and how that fits with our set of out architecture, the fact that if you want an agent, you don't create some big, fat prongs for two pages of text. You just take the workflow, and we figure out, Blueprint figure that out, we figure out how to turn that workflow into an agent that executes what that workflow does. I think that's a pretty exciting thing for some customers.

如果你真的理解我們在代理架構上所做的事情以及它如何與我們的外部架構相適應，那麼事實上如果你想要一個代理，你不需要為兩頁文字創建一些又大又粗的叉子。您只需採用工作流程，然後我們就會弄清楚，Blueprint 會弄清楚，我們會弄清楚如何將該工作流程轉變為執行該工作流程所做事情的代理。我認為這對一些顧客來說是一件非常令人興奮的事情。

Great, thank you.

太好了，謝謝。

And then as a follow up, regarding the recent strategic agreement with AWS, is it fair to assume that we could see some partnerships in the future with some of the other hyper scales?

然後作為後續問題，關於最近與 AWS 達成的策略協議，是否可以合理地假設我們將來可以看到與其他一些超大規模企業的合作？

Yes.

是的。

Yes, I don't -- I think it's more than fair to assume. I would say, look forward to sharing those with you.

是的，我不這麼認為——我認為這是相當公平的假設。我想說，期待與你們分享這些。

Maximillian Persico, RBC.

馬克西米利安·佩爾西科（Maximillian Persico），RBC。

Great. Good morning, everybody, and thanks for taking the question.

偉大的。大家早安，感謝您回答這個問題。

On the partner-branded Blueprint, that seems like it could be a really meaningful opportunity. So the question is, do you disclose roughly the mix of the business that currently goes through the channel versus direct? And then, two parts. How did that fit recently and how do you expect that mix to trend over time with some of the newer channel investments that you've made?

在合作夥伴品牌藍圖上，這似乎是一個非常有意義的機會。所以問題是，您是否大致揭露了目前透過管道和直接進行的業務組合？然後，分為兩部分。最近情況如何？隨著您進行的一些較新的管道投資，您認為這種組合將如何發展？

Yes. At this point, a partner doing a partner brand in Blueprint is not reselling Pega. We'll be on the AWS marketplace and GCP marketplace, the customer will be able to buy. We're really just facilitating that partner.

是的。此時，在 Blueprint 中做合作夥伴品牌的合作夥伴不會轉售 Pega。我們將在 AWS 市場和 GCP 市場上，客戶將能夠購買。我們實際上只是為該合作夥伴提供便利。

That partner gets to charge for their own IP and for their own work, and that's how they have a business interest in doing it in terms of the way we do. So we don't really have a meaningful channel business in the way that I think you're asking. That's pretty consistent.

合作夥伴可以對自己的智慧財產權和工作收費，就我們的做法而言，這就是他們有商業利益的方式。所以我認為我們實際上並沒有像您所問的那樣有意義的通路業務。這非常一致。

We've been really so historically focused on the high end. It's really been consistent with the way those customers want to buy. Those customers unquestionably want a direct relationship with us, so they could really engage. Who knows what might happen in future years, but this is still all emerging, though it's really, really exciting.

我們一直以來都非常注重高端市場。這確實與那些顧客想要購買的方式一致。這些客戶無疑地希望與我們建立直接關係，以便他們能夠真正參與其中。誰知道未來幾年會發生什麼，但這一切仍處於萌芽階段，儘管它真的非常令人興奮。

We sometimes paper transactions through partners. They might be the prime, we might be the sub, we might partner. That happens. But to Alan's point, we don't have a channel. Like we don't actually have a channel in the traditional sense that you're asking, which is we hand someone product and they go sell it on their own.

我們有時會透過合作夥伴進行紙面交易。他們可能是主力，我們可能是副力，我們可能是合作夥伴。確實會發生這種情況。但正如艾倫所說，我們沒有渠道。就像您問的，我們實際上並沒有傳統意義上的管道，即我們將產品交給某人，然後他們自己去銷售。

This is really the first entry point for us using Blueprint into that arena. So any opportunity we have here is all new. It's all incremental.

這實際上是我們使用藍圖進入該領域的第一個切入點。因此，我們在這裡遇到的任何機會都是新的。一切都是漸進的。

Okay, very helpful.

好的，非常有幫助。

And then just one follow up, just to double click on the macro, has anything changed versus 90 days ago? I know like generally, seems pretty stable. It doesn't seem like anything's being reflected in the numbers like the second quarter is pretty solid. Have you seen any change in sentiment versus like, say, in April or May?

然後只需雙擊宏，與 90 天前相比有什麼變化嗎？我知道整體來說，看起來相當穩定。數字上似乎沒有反映出任何情況，就像第二季表現相當穩健一樣。與四月或五月相比，您是否發現情緒有任何變化？

I think there's slightly lower level of anxiety. I think people are feeling calmer, a little more sanguine about the world. Inflation is not racing about -- the world is continuing in a way that is I think reassuring to some customers. So nothing negative from a sentiment point of view. There's still uncertainty about things like tariffs, but I think part of it is we're growing our custom delivering with a level of certainty.

我認為焦慮程度略低一些。我認為人們感覺更加平靜，對世界更加樂觀。通貨膨脹並沒有急劇上升——世界仍在以一種我認為可以讓一些消費者放心的方式繼續發展。因此從情緒角度來看並沒有什麼負面影響。關稅等問題仍然存在不確定性，但我認為部分原因是我們正在以一定的確定性增加我們的客製化交付。

Yes. I would -- I pay close attention to this and talk to my peers. And I would say, generally speaking, the environment, I would say, is slightly better now than it was a quarter ago. Just because of what Alan said, with the -- as like people realize like we're not -- the consumer is reasonably strong. Inflation is not been -- has not reared its ugly head. Tariffs have taken probably a path of more rationality than I think people worry back in on Liberation Day. So I think in general, things are much more settled than they were 90 days ago.

是的。我會密切關注此事並與我的同行交流。我想說，總體而言，現在的環境比一個季度前略有好轉。正如艾倫所說，正如人們所意識到的，消費者的力量相當強大。通貨膨脹尚未出現。我認為，關稅可能已經走上了一條比人們在解放日所擔心的更合理的道路。所以我認為總體而言，情況比 90 天前穩定得多。

Great. Thanks, guys.

偉大的。謝謝大家。

Blair Abernethy, Rosenblatt Securities.

羅森布拉特證券公司的布萊爾‧阿伯內西 (Blair Abernethy)。

Thanks for squeezing me in, guys. And congrats on a very strong first half.

謝謝你們讓我加入，夥伴們。恭喜您上半年表現非常出色。

Alan, just a quick question around some of your GenAI technology that you fielded outside of Blueprint. So can you just talk a little bit about GenAI Coach and Knowledge buddy and customer engagement Blueprint? What's sort of a take up? What are you seeing out there? And kind of where can these GenAI capabilities go to?

艾倫，我只想問一個簡單的問題，關於你在 Blueprint 之外使用的一些 GenAI 技術。那麼，您能否簡單談談 GenAI Coach、知識夥伴和客戶參與藍圖？這是一種什麼樣的接受？你在那裡看到了什麼？那麼這些 GenAI 功能可以發揮到什麼程度呢？

Yes. We're seeing customers really liking the way that we've been applying AI, things like Coach. Coach is something that will kind of step in and help you finish a piece of work or tell you about why to do things. Knowledge buddy is a way to be able to create a repository that you can get processes and procedures. But as, by the way, Knowledge Buddy is a tremendous asset because we're using Knowledge Buddies to hold both our and our partners' IP, so it's a vehicle to get IP and bigger operational.

是的。我們發現客戶真的很喜歡我們應用人工智慧的方式，例如 Coach。教練可以介入並幫助你完成一項工作或告訴你為什麼要做某件事。知識夥伴是一種能夠建立可取得流程和程序的儲存庫的方法。但順便說一句，知識夥伴是一項巨大的資產，因為我們使用知識夥伴來保存我們和我們合作夥伴的智慧財產權，所以它是獲取智慧財產權和更大營運的工具。

So we've got dozens of these AI features, those types of things, summarization features. The way I described at the PegaWorld is generative AI will be used through sets of features our customers will buy some of those from us, some of them, they'll build themselves, some of them they'll buy from other companies. But Blueprint and the whole idea of design is the thing for I think our generative AI approach is extremely meaningful, and when I see what else is actually able to come close.

所以我們有幾十種這樣的人工智慧功能，諸如此類的東西，總結功能。我在 PegaWorld 上描述的方式是，生成性人工智慧將透過一系列功能來使用，我們的客戶將從我們這裡購買一些功能，他們自己建立一些功能，他們也會從其他公司購買一些功能。但藍圖和整個設計理念是我認為我們的生成式人工智慧方法非常有意義的，而且我看到還有什麼實際上能夠接近。

Okay, great. Thanks very much.

好的，太好了。非常感謝。

And that concludes our question-and-answer session, and I will now turn the call back over to Alan Trefler, CEO, for closing comments.

我們的問答環節到此結束，現在我將把電話轉回給執行長艾倫·特雷弗勒 (Alan Trefler) 進行總結發言。

Thank you, Krista. I really appreciate everyone paying attention and we're really excited about where we are and how we're doing and the potential I think for this is, well, it really plays well to our long history. It really builds on what we've been doing for a long time. So we look at the advent of AI as really almost a wondrous thing. So with that, thank you and look forward to talking to you all on next quarter or before.

謝謝你，克里斯塔。我非常感謝大家的關注，我們對目前的狀況和所做的工作感到非常興奮，我認為這方面的潛力確實對我們悠久的歷史有很大幫助。它確實建立在我們長期以來所做的事情的基礎上。因此，我們認為人工智慧的出現確實是一件奇妙的事。因此，謝謝大家，並期待下個季度或之前與大家交談。

And this concludes today's conference call. Thank you for your participation, and you may now disconnect.

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。