Pegasystems Inc (PEGA) 2025 Q3 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 you to the Pegasystems third quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Peter Welburn, Vice President, Investor Relations and Corporate Development. Peter, please go ahead.

女士們、先生們，感謝你們的耐心等待。我叫克麗絲塔，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Pegasystems 公司歡迎各位參加 2025 年第三季財報電話會議。（操作員指示）現在我將把會議交給投資者關係和企業發展副總裁彼得·韋爾伯恩。彼得，請繼續。

Thanks, Krista. Good morning, everyone, and welcome to Pegasystems Q3 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, forecast 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.

謝謝你，克麗斯塔。各位早安，歡迎參加 Pegasystems 2025 年第三季財報電話會議。在開始之前，我想先宣讀我們的「安全港」聲明。本簡報中的某些陳述可能被視為 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」、「計畫」、「相信」、「將」、「可能」、「應該」、「估計」、「或許」、「預測」和「指導」等詞語或類似詞語的變體以及其他類似表達方式，均構成前瞻性陳述，這些陳述僅代表截至陳述作出之日的觀點，並且基於當前的預期和假設。

Because such 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. 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 Q3 2025 results and the company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2024, and in other recent filings with the Securities and Exchange Commission.

由於此類聲明涉及未來事件，因此存在各種風險和不確定性。2025 財年及以後的實際業績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聲明中表達的業績存在重大差異的因素，已包含在公司公佈 2025 年第三季度業績的新聞稿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 日止年度的 10-K 表格年度報告，以及公司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 segments -- 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.

投資者應注意，不要過度依賴此類前瞻性陳述，並且不能保證此類陳述中所包含的事項將會實現。儘管後續事件可能會導致我們的觀點發生改變，但除法律要求外，我們不承擔任何義務，並明確聲明不承擔任何義務，無論是否由於新資訊、未來事件或其他原因，公開更新或修改這些前瞻性聲明。

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 September 30, 2024, foreign exchange rates to all periods shown. Reconciliations of GAAP to non-GAAP measures can be found in the company's press release announcing its Q3 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，僅應與依照GAAP編製的合併財務報表一起考慮。它們不能取代根據美國通用會計準則編制的財務指標。固定匯率指標是透過將 2024 年 9 月 30 日的外匯匯率應用於所示所有期間來計算的。有關 GAAP 與非 GAAP 指標的調節表，請參閱本公司發布的 2025 年第三季業績新聞稿。接下來，我將電話轉交給 Pegasystems 的創辦人兼執行長 Alan Trefler。

Thank you, Peter, and to all who are joining today's call. I'm really excited to see the continued strong results in Q3. And as we've seen for the last number of quarters, our team is really focused, executing well, and our differentiated AI strategy continues to resonate with clients, prospects, and partners. We've been saying for some time that we believe we have a competitive advantage in today's AI world, one that's built on a unique architecture and a special approach to AI and agents.

謝謝彼得，也謝謝今天所有參加電話會議的人。我非常高興看到第三季業績持續保持強勁勢頭。正如我們在過去幾季所看到的，我們的團隊非常專注，執行力強，我們差異化的AI策略持續引起客戶、潛在客戶和合作夥伴的共鳴。我們一直認為，我們在當今的人工智慧領域擁有競爭優勢，而這種優勢建立在獨特的架構和特殊的人工智慧及智慧體方法之上。

I believe that the results we've seen over the past few quarters reflect those advantages and will continue to serve us, our clients, and partners, well for the foreseeable future. Ken will walk you through the financial highlights in a few minutes, but I want to talk a bit about what I'm seeing in the market. AI continues to dominate the tech conversation, and candidly, not always for the right reasons. The buzz is dizzying. There are new tools, new terms, lots of hype. And we've all seen headlines with 95% of enterprise pilots failing predictions that GenAI will actually, in some ways, eliminate the software industry.

我相信，過去幾季我們所取得的成果反映了這些優勢，並且在可預見的未來將繼續為我們、我們的客戶和合作夥伴帶來良好的服務。Ken 將在幾分鐘內為大家介紹財務要點，但我想先談談我對市場的觀察。人工智慧持續主導著科技領域的討論，坦白說，這並不總是出於正確的原因。這種熱潮令人眼花撩亂。有新的工具，新的術語，還有很多炒作。我們都看到了這樣的新聞標題：95% 的企業試點專案失敗，這預示著 GenAI 實際上會在某些方面淘汰軟體產業。

I think all of that misses the point. First, most of the failures aren't about bad tech. They were about misapplication. And this is an industry problem stemming from our competitors approach to use LLMs to orchestrate and control workflows while an application is running live in production. In other words, at run time, using an LLM to orchestrate and control workflows at run time runs the risk of mixing the appropriate context of guardrails and results in what we consider to be an inadequate level of accuracy and reliability.

我認為這些都偏離了重點。首先，大多數失敗並非技術問題。它們都與誤用有關。這是一個行業問題，源自於我們的競爭對手使用 LLM 來協調和控制工作流程，而應用程式正在生產環境中即時運行。換句話說，在運行時，使用 LLM 來協調和控制運行時工作流程存在混淆適當的防護措施上下文的風險，從而導致我們認為準確性和可靠性不足。

The unpredictability of this approach is a non-starter for regulated industries like banking, healthcare, and insurance, were even minor inconsistencies can trigger major consequences. And that's exactly why our competitors' approaches are falling short. Pega's revolutionary idea is to really harness the power of the LLM to design the application. And then use the power of Pega's patented world-class workflow engine to create appropriate context and guardrails prior to putting the application into production.

這種方法的不可預測性對於銀行業、醫療保健業和保險業等受監管行業來說是行不通的，因為即使是微小的不一致也可能引發重大後果。而這正是我們的競爭對手的方法之所以失敗的原因。Pega 的革命性理念是真正利用 LLM 的強大功能來設計應用程式。然後利用 Pega 的專利世界級工作流引擎的強大功能，在將應用程式投入生產之前創建適當的上下文和防護措施。

And we think this unique combination is our advantage, and it's a structural advantage about the structure of how we operate. And I don't think our competitors can readily replicate this because they don't have this world-class workflow engine, that's the core of driving consistency. And they don't have anything like Pega Blueprint to ideate and design clients' workflows. As a result, they've taken this prompt-driven approach. But as I said, there are fundamental challenges with depending on prompts alone of the critical work and decisions. Small changes in wording or in the data can produce wildly different results.

我們認為這種獨特的組合是我們的優勢，也是我們營運結構上的優勢。我認為我們的競爭對手無法輕易複製這一點，因為他們沒有這種世界一流的工作流程引擎，而這正是保持一致性的核心。他們沒有類似 Pega Blueprint 的工具來構思和設計客戶的工作流程。因此，他們採取了這種以結果為導向的方法。但正如我所說，僅僅依靠提示來進行關鍵工作和決策存在根本性的挑戰。措詞或數據的微小變化都可能產生截然不同的結果。

And LLMs evolve constantly. So the same prompt can yield different answers over time. The suggestion of using prompt-driven AI to make decisions in real time is akin to hiring somebody and saying, hey, go process claims how you think is best. What organization would do that? A much better approach is to give them defined processes to follow so that every claim is handled the same way.

法學碩士（LLM）也在不斷發展。因此，同樣的提示隨著時間的推移可能會得到不同的答案。使用提示驅動型人工智慧即時做出決策的建議，就好比僱用某人，然後說：“嘿，去吧，按照你認為最好的方式處理索賠。”哪個組織會這麼做？更好的辦法是給他們明確的流程，以便每項索賠都能以相同的方式處理。

Similarly, we would let a customer service rep freestyle responses to sensitive questions. You train them, guide them, ensure they escalate when needed. We think the same logic applies to AI and is why you need to design this thoroughly and get the right sort of approvals before you begin. Prompts can be great for brainstorming and creativity, but not for making critical decisions in the moment based on variables that could be unpredictable, especially in those critical regulated industries.

同樣，我們也會允許客服代表自由發揮，對敏感問題做出回答。你要培訓他們，指導他們，確保他們在需要時向上級報告。我們認為同樣的邏輯也適用於人工智慧，所以你需要在開始之前進行周密的設計並獲得相應的批准。提示對於腦力激盪和創造力大有裨益，但對於根據可能不可預測的變數在當下做出關鍵決策卻無濟於事，尤其是在那些受到嚴格監管的關鍵行業中。

Enterprises should use GenAI to innovate and to get the workflows right, but once they're agreed upon, the agents must follow them, so it operates the right way every time. So once again, our approach with Blueprint is to leverage the power of LLMs at design time with the power of a robust workflow engine at run time, delivering the best of AI, plus the best of reliability. It's an optimal approach for building a sustainable, scalable agentic framework even in complex enterprise environments.

企業應該利用 GenAI 進行創新並優化工作流程，但一旦達成一致，代理商就必須遵循這些流程，以確保每次都能正確運作。因此，我們再次採用 Blueprint 的方法是，在設計時利用 LLM 的強大功能，在運行時利用強大的工作流引擎，從而提供最佳的 AI 和最佳的可靠性。即使在複雜的企業環境中，這也是建立可持續、可擴展的代理框架的最佳方法。

Now last quarter, I continued to spend significant time with senior leaders around the world. And these conversations reinforce how some of them are really seeing the strength of the approach I described. Our architecture and AI strategy are built for real-world impact, helping customers move faster with greater confidence and control. Our goal is to be the workflow automation and AI orchestration platform of choice for the enterprise. And I believe we have the right architecture, solutions, and approach to make that happen.

上個季度，我繼續與世界各地的高級領導人進行了大量的交流。這些對話也印證了他們中的一些人確實看到了我所描述的方法的優勢。我們的架構和人工智慧策略旨在產生實際影響，幫助客戶更快行動，並增強信心和控制力。我們的目標是成為企業首選的工作流程自動化和人工智慧編排平台。我相信我們擁有實現這一目標的正確架構、解決方案和方法。

And we're seeing strong momentum as clients shift from experimentation to execution, embracing Pega Blueprint to drive meaningful transformation across their enterprises and critical systems. Blueprint is more than a tacked-on feature. It's an entirely new way to drive enterprise transformation built on the concepts and architecture we have developed over decades of automating enterprise processes. It breaks down silos between businesses and ITs. It helps organizations reimagine how to get work done, and it helps clients and partners move from ideas to execution faster than ever.

我們看到，隨著客戶從實驗階段轉向執行階段，採用 Pega Blueprint 推動企業和關鍵系統實現有意義的轉型，這種勢頭十分強勁。Blueprint 不僅僅是一個附加功能。這是一種全新的企業轉型驅動方式，它建立在我們數十年來在企業流程自動化方面所發展的概念和架構之上。它打破了企業和IT部門之間的障礙。它幫助組織重新構想完成工作的方式，並幫助客戶和合作夥伴以前所未有的速度將想法轉化為行動。

Blueprint has changed how we engage with our clients, replacing weeks of discovery in the demo building with near real-time examples of what's possible with Pega. It's been a game changer, and it enables us to target a broader group of organizations because it makes things easier and faster to understand and more reliably applicable to implement Pega.

Blueprint 改變了我們與客戶的互動方式，以近乎即時的範例展示了 Pega 的功能，取代了在演示構建中花費數週時間的探索。它改變了遊戲規則，使我們能夠瞄準更廣泛的組織群體，因為它使事情更容易、更快速地理解，並且更可靠地應用於實施 Pega。

So we're seeing Blueprint shorten sales cycles, especially the early-stage parts of this conversation. And we're also starting to see the time from design and production to really accelerate as we build additional functionalities to Blueprint and key parts of the development cycle are jumpstarted. This allows companies to get to production faster. And we see more projects going live faster than it's been the historical norm.

因此，我們看到 Blueprint 縮短了銷售週期，尤其是在洽談的早期階段。隨著我們為 Blueprint 建立更多功能，開發週期的關鍵部分也得以加速，從設計到生產的週期也開始真正加快。這使得公司能夠更快地投入生產。我們看到越來越多的專案上線速度比以往任何時候都要快。

So though it's early days, where we're really excited to see this happening. For example, a global food and beverage company launched a marketing spend management application, a large US bag deployed a consolidated tax-return solution, a consumer goods company with live -- with a pricing on approval automation solution. A telecommunications provider launched a network-issued resolution workflow application. And one of our large automotive clients, which presented Pega about few weeks ago, described how they leverage Blueprint to transform an old Lotus Notes space collection of finance applications into a modern cloud-based Pegasystems.

雖然現在還處於早期階段，但我們真的很高興看到這件事發生。例如，一家全球食品飲料公司推出了行銷支出管理應用程序，一家大型美國公司部署了綜合報稅解決方案，一家消費品公司推出了即時定價審批自動化解決方案。一家電信業者推出了一個基於網路的故障解決工作流程應用程式。我們的一位大型汽車客戶在幾週前展示了 Pega，並介紹了他們如何利用 Blueprint 將舊的 Lotus Notes 空間中的財務應用程式集合轉換為現代化的基於雲端的 Pegasystems。

And all of these went live in under 100 days. But it's much more than speed because business -- because Blueprint enhances the way the business and IT collaborate and it uses AI to reimagine outdated ways of working. It means our clients get better apps that deliver more value. And when clients can get that much value that quickly, we think they're much more likely than we invest in Pega. As a reminder, you can try out Blueprint for yourself at pega.com/blueprint.

所有這些項目都在不到100天內上線。但這不僅僅是速度問題，因為 Blueprint 增強了企業和 IT 部門的協作方式，並利用人工智慧重新構想了過時的工作方式。這意味著我們的客戶將獲得更好、更有價值的應用程式。當客戶能夠如此迅速地獲得如此大的價值時，我們認為他們比我們更有可能投資 Pega。提醒一下，您可以造訪 pega.com/blueprint 親自體驗 Blueprint。

What I like when I'm talking to senior execs is it's not just clients that are excited about our approach, partners are also leading it. In June, we introduced Powered by Blueprint, which allows select partners to make Blueprint their own by embedding their best practices into the tool and branding it with their name and logo when they use it.

與高階主管交談時，我最喜歡的一點是，不僅客戶對我們的方法感到興奮，合作夥伴也在引領這項方法。6 月，我們推出了 Powered by Blueprint，允許部分合作夥伴將他們的最佳實踐嵌入到 Blueprint 工具中，並在使用時用他們的名稱和徽標進行品牌化，從而使 Blueprint 成為他們自己的工具。

It's sparking new momentum and becoming a rallying cry for our ecosystem. And it's going to help partners differentiate, deliver faster, and scale smarter. It's a signal that the clients are getting a modern AI-native approach to transformation, now not just from Pega, but from the whole ecosystems. And it's a big deal because real enterprises aren't one-size-fits-all. They are complex, messy, and diverse. Pega and Blueprint are built for that.

它正在激發新的動力，並成為我們生態系統的戰鬥口號。這將有助於合作夥伴實現差異化、更快地交付產品並更聰明地擴展規模。這表明客戶正在獲得現代化的、原生於人工智慧的轉型方法，現在不僅來自 Pega，而且來自整個生態系統。這意義重大，因為真正的企業並非千篇一律。它們複雜、混亂且多元。Pega 和 Blueprint 就是為此而設計的。

Last month, I sat down with Ravi Kumar, the CEO of Cognizant, for a fireside chat about the role of AI and enterprises and the power of Blueprint. Ravi said he was, quote, blown away, unquote, by Blueprint and excited to take it to his clients. You can find the interview on YouTube. Just search Trefler Kumar. And I hope you watch it because you'll get to see the kinds of conversations and reactions we're seeing from our global partners.

上個月，我與 Cognizant 的執行長 Ravi Kumar 進行了一次爐邊談話，討論了人工智慧和企業的角色以及 Blueprint 的力量。Ravi 說他被 Blueprint 深深震撼了，並興奮地想把它介紹給他的客戶。你可以在YouTube上找到這段採訪。搜尋“Trefler Kumar”即可。我希望你們觀看，因為你們將看到我們從全球合作夥伴那裡得到的對話和反應。

Now we continue to innovate across the Pega Infinity Suite, most recently with the availability of Pega Infinity '25, which we believe is the industry's first agentic enterprise transformation platform. Enhancements across the said suite, including Blueprint, providing improved capabilities for enterprise transformation. And they deliver trustworthy, predictable AI agents that operate as an orchestration fabric across the enterprise, including the ability to deliver Pega as well as non-Pega agents. This makes it easier for organizations to capture and reimagine legacy systems, automate work, and boost productivity.

現在，我們繼續在 Pega Infinity 套件中進行創新，最近推出了 Pega Infinity '25，我們相信它是業界第一個具有代理能力的轉型企業平台。該套件（包括 Blueprint）進行了全面增強，為企業轉型提供了更強大的功能。它們提供值得信賴、可預測的 AI 代理，這些代理作為企業內部的協調架構運行，包括提供 Pega 代理以及非 Pega 代理的能力。這使得組織更容易取得和重新構想遺留系統、實現工作自動化並提高生產力。

As I noticed a few minutes ago, our goal is to be the workflow automation and AI orchestration platform of choice. Now work in this world is done by a combination of people, automation technologies, and AI. In addition to our belief that we have what's easy to claim a top spot here, we're also receiving outside validation from top industry analyst firms like Forrester and Gartner as leading in the key categories in which we play.

正如我幾分鐘前所注意到的，我們的目標是成為首選的工作流程自動化和人工智慧編排平台。如今，世界上的工作是由人類、自動化技術和人工智慧共同完成的。除了我們相信自己擁有輕鬆佔據領先地位的優勢之外，我們還從 Forrester 和 Gartner 等頂級行業分析公司獲得了外部認可，證明我們在所涉足的關鍵領域處於領先地位。

These include decisioning management -- AI decisioning platforms, real-time interaction management, CRM software, process-mining platforms, and enterprise low-code application platforms. Recently in August, we were named a leader in the digital process automation platforms like Forrester, receiving the highest scores among 14 evaluated vendors in both common offering and strategy categories. The report stated that Pegasystems, quote, best suits enterprises with a sophisticated transformation goals, particularly if they want to focus on customer-facing AI agents, unquote.

其中包括決策管理—人工智慧決策平台、即時互動管理、CRM軟體、流程挖掘平台和企業低程式碼應用平台。今年 8 月，我們被 Forrester 等機構評為數位流程自動化平台的領導者，在 14 家受評供應商中，我們在通用產品和策略類別中均獲得了最高分。報告指出，Pegasystems「最適合那些有複雜轉型目標的企業，特別是那些希望專注於面向客戶的人工智慧代理商的企業」。

And just last week, out of 20 vendors, we placed as a strong leader in Gartner's inaugural Magic Quadrant for Business Orchestration and Automation Technologies, or what they call BOAT. I think this is going to be a big area in the future. I think business orchestration and automation is a place where we are beautifully suited, and it's nice to get that sort of recognition.

就在上週，在 Gartner 首屆業務編排和自動化技術魔力像限（簡稱 BOAT）中，我們在 20 家供應商中脫穎而出，成為強而有力的領導者。我認為這在未來會是一個重要的領域。我認為業務編排和自動化是我們非常適合的領域，很高興能獲得這樣的認可。

And we also earned number one scores in the adjacent critical capabilities evaluation for case management and enterprise task and process automation. Now these industry recognitions are, we think, important, and they give us an insight. But what we really love is how we're starting to have different, and I think the right conversations about Blueprint, about AI agents, about the agentic process fabric concept. And those coupled with a strong partner strategy and our vertical understanding, I think puts Pega in a really good position.

此外，我們在案例管理和企業任務及流程自動化等相鄰的關鍵能力評估中也獲得了第一名。我們認為，這些產業認可非常重要，它們能讓我們深入了解產業動態。但我們真正喜歡的是，我們開始進行不同的、我認為是正確的關於 Blueprint、關於 AI 代理、關於代理過程結構概念的對話。再加上強大的合作夥伴策略和我們對垂直產業的深刻理解，我認為Pega處於非常有利的地位。

So we're thrilled by the new clients, we're thrilled by the whole way to the analysts, I think, are responding to what we're doing. And we're really pleased that the ability to work with partners is being massively increased by some of the new technology and some of the new positioning and approach we're taking. So I'm pretty optimistic about our future.

所以，我們對新客戶感到非常興奮，對整個分析師團隊的回饋也感到非常興奮，我認為他們對我們正在做的事情做出了積極的回應。我們非常高興地看到，透過一些新技術以及我們正在採取的一些新定位和方法，與合作夥伴的合作能力得到了極大的提升。所以我對我們的未來相當樂觀。

I think Pega is built for this moment. The distinctive architecture, the unrivaled Blueprint solution, it makes us uniquely capable to handle volatility and complexity of modern enterprise and monitors. And I'm confident that our approach to AI will continue to resonate with prospects, clients, and partners. And I think if you take a few minutes to think about it, this idea of really doing the creativity of design time and doing reliability at run time just makes a lot of sense.

我認為Pega正是為這時代而生的。獨特的架構和無與倫比的 Blueprint 解決方案，使我們能夠以獨特的方式應對現代企業和監控系統的波動性和複雜性。我相信，我們針對人工智慧採取的方法將繼續引起潛在客戶、現有客戶和合作夥伴的共鳴。我認為，如果你花幾分鐘時間思考一下，你會發現這種在設計階段發揮創造力，在運行時保證可靠性的想法是非常有意義的。

Now to provide more color on our financial results, Ken your turn.

現在輪到肯，讓我們更詳細地介紹一下我們的財務表現。

Thank, Alan. We delivered record results in Q3 2025 with Pega Cloud ACV, revenue and free cash flow, all reaching new highs and showing continued acceleration. These results reflect the demand for Pega and our ability to both execute on and monetize our differentiated AI strategy. At the same time, we've demonstrated our strong commitment to return capital to shareholders by completing our largest share repurchase quarter ever.

謝謝你，艾倫。2025 年第三季度，Pega Cloud 的年度合約價值 (ACV)、收入和自由現金流均創歷史新高，並持續加速成長，取得了創紀錄的業績。這些結果反映了市場對 Pega 的需求，以及我們執行和實現差異化 AI 策略獲利的能力。同時，我們完成了有史以來規模最大的股票回購季度，展現了我們對股東回報資本的堅定承諾。

Annual contract value grew 14% year over year. Through the first nine months of 2025, we added over $147 million in net new ACV in constant currency. And that exceeded the total net new ACV we added in the entire year of 2024. Once again, the standout performer was Pega Cloud, which grew 27% year-over-year and represented the fastest-growing component of Pega's total ACV. This accelerating growth trajectory highlights not only the scalability of our platform, but also the increasing client focus on cloud data architectures and solutions for the adoption of AI.

年度合約價值年增14%。2025 年前九個月，我們以固定匯率計算新增淨年度合約價值超過 1.47 億美元。這超過了我們在 2024 年全年新增淨 ACV 的總和。Pega Cloud 再次成為表現最突出的產品，年成長 27%，是 Pega 總 ACV 中成長最快的部分。這種加速成長的趨勢不僅凸顯了我們平台的可擴展性，也凸顯了客戶對雲端資料架構和人工智慧解決方案的日益關注。

Several factors drove our ACV growth. First, our global sales organization continued to execute well across all major geos. Several years ago, we made a strategic decision to reorganize and refocus our go-to-market model, aligning teams more closely to our clients. That transformation is clearly paying off through deeper client engagement and a far more efficient sales motion.

我們的年度合約價值成長受到多種因素推動。首先，我們的全球銷售組織在所有主要地區都持續保持良好的執行力。幾年前，我們做出了一項策略決策，重組並重新調整我們的市場推廣模式，使團隊與客戶更加緊密地聯繫在一起。這種轉變顯然正在帶來回報，體現在更深入的客戶互動和更有效率的銷售模式上。

Second, Pega Cloud remains a major growth driver, as more clients migrate to Pega Cloud, we're experiencing accelerated growth and momentum. And the economics of our cloud migration strategy are compelling as well. Pega Cloud margins continue to expand approaching 80% in Q3. With the vast majority of our net new ACV coming from Pega Cloud, we continue to realize the benefits of a more scalable business model that drives significant customer value.

其次，隨著越來越多的客戶遷移到 Pega Cloud，Pega Cloud 仍然是主要的成長驅動力，我們正在經歷加速成長和發展勢頭。而且，我們的雲端遷移策略在經濟效益方面也極具吸引力。Pega Cloud 的利潤率持續擴大，第三季接近 80%。由於我們新增的 ACV 絕大部分來自 Pega Cloud，我們不斷認識到更具可擴展性的商業模式帶來的好處，從而為客戶創造顯著價值。

Third, our unique approach of utilizing AI in the design phase, as Alan mentioned, while leveraging predictable workflows at run time is fundamentally unique and continues to differentiate us in the market. Clients are using Pega GenAI Blueprint to design sophisticated workflows to streamline operations and improve customer service. This new innovation is generating enormous enthusiasm, and we're seeing examples of deals closing faster as clients recognize and take advantage of the numerous tangible benefits of our AI-powered architecture.

第三，正如艾倫所提到的，我們在設計階段利用人工智慧，同時在運行時利用可預測的工作流程，這種獨特的方法從根本上來說是獨一無二的，並繼續使我們在市場上脫穎而出。客戶正在使用 Pega GenAI Blueprint 設計複雜的工作流程，以簡化營運並改善客戶服務。這項新創新引起了極大的熱情，我們看到，隨著客戶意識到並利用我們人工智慧架構的眾多實際好處，交易達成速度也越來越快。

For example, we sourced and closed a new logo via non-Pega partner within Q3, a powerful example of speed, precision, and alignment across teams. Keep in mind, this is someone who never knew Pega but found Blueprint and saw its power. This rapid win highlights how Pega's cutting-edge technology and delivering methodologies are transforming the way clients envision and implement intelligent automation.

例如，我們在第三季透過非 Pega 合作夥伴找到了新的標誌並最終敲定，這充分體現了團隊間的速度、精準度和協調性。請記住，這個人之前從未接觸過 Pega，但他發現了 Blueprint 並看到了它的強大功能。此次迅速取勝凸顯了 Pega 的尖端技術和交付方法如何改變客戶構想和實施智慧自動化的方式。

By leveraging Pega GenAI Blueprint, the client was able to instantly visualize their use case, dramatically accelerating stakeholder alignment, and simplifying the decision-making process, which can typically take months, was reduced to days. About a month after the first blueprint was created with the Pega sales team, the deal was signed, demonstrating the power of AI-driven co-creation and agile execution. Implementation will be powered by Blueprint Deliver, Pega's new AI-powered delivery methodology. This approach ensures rapid time to value, reduce delivery risk, and a smoother path to deployment, helping clients realize benefits sooner and with greater confidence.

透過利用 Pega GenAI Blueprint，客戶能夠立即視覺化他們的用例，從而大大加快利害關係人的協調，並簡化決策過程（通常需要數月時間），將其縮短至幾天。在與 Pega 銷售團隊創建第一個藍圖大約一個月後，交易簽署完成，這展現了 AI 驅動的共同創造和敏捷執行的力量。實作將採用 Pega 的全新人工智慧驅動交付方法 Blueprint Deliver。這種方法可以確保快速實現價值，降低交付風險，並簡化部署流程，幫助客戶更快、更有信心地獲得效益。

In addition, the deal also features Pega's usage-based model. This creates a scalable foundation for future growth. If the client leverages the platform to get more work done, Pega subscription revenue scales alongside it. It's a true partnership. When the solution goes live, Pega will be compensated based on the real work processed, reinforcing the partnership and outcomes as well. This win showcases the impact Blueprint can have with new Pega partners and clients.

此外，該協議還包括 Pega 的按使用量計費模式。這將為未來的成長奠定可擴展的基礎。如果客戶利用該平台完成更多工作，Pega 的訂閱收入也會隨之成長。這是真正的夥伴關係。當解決方案上線後，Pega 將根據實際完成的工作量獲得報酬，這將加強合作夥伴關係並提升成果。這次成功案例展現了 Blueprint 對 Pega 新合作夥伴和客戶的影響力。

Moving on to cash flow. We generated $347 million of operating cash flow and $338 million of free cash flow through the first nine months of 2025, representing an increase of 38% growth year over year for both metrics. This robust cash flow reflects our strong ACV growth, disciplined management, and the continued benefits of our recurring financial model. Our healthy cash generation and our solid balance sheet also enabled us to invest in innovation and also return capital to shareholders. As a result, we have purchased $393 million of Pega stock or approximately 8.7 million shares, demonstrating our confidence in the long-term value of our business and our commitment of returning value to our shareholders.

接下來分析現金流。2025 年前九個月，我們產生了 3.47 億美元的營運現金流和 3.38 億美元的自由現金流，兩項指標均較去年同期成長 38%。強勁的現金流反映了我們強勁的年度合約價值成長、嚴謹的管理以及我​​們經常性財務模式的持續效益。我們健康的現金流和穩健的資產負債表使我們能夠投資於創新，並向股東返還資本。因此，我們購買了價值 3.93 億美元的 Pega 股票，約 870 萬股，這表明我們對公司業務的長期價值充滿信心，並致力於為股東創造價值。

As of September 30, we had $350 million in cash and marketable securities on our balance sheet. And as a reminder, since repaying our convertible senior notes in March 2025, we remain debt-free. I've received some feedback over the years that it's helpful when I share comments on modeling our business, so I'm going to continue to offer some perspectives on the fourth quarter of 2025.

截至9月30日，我們的資產負債表上有3.5億美元的現金和有價證券。再次提醒大家，自 2025 年 3 月償還可轉換優先票據以來，我們一直維持零負債。多年來，我收到了一些回饋，認為當我分享對我們業務建模的評論時很有幫助，因此我將繼續就 2025 年第四季提供一些觀點。

As more and more client workloads migrate to Pega Cloud, this trend reinforces the long-term strength of our subscription model, even while putting some near-term pressure on maintenance and term license ACV. Over 85% of our ACV growth this year has been generated by Pega Cloud, a clear indicator of how rapidly clients are embracing and adopting our modern scalable cloud platform.

隨著越來越多的客戶工作負載遷移到 Pega Cloud，這一趨勢鞏固了我們訂閱模式的長期優勢，儘管也給維護和期限授權 ACV 帶來了一些短期壓力。今年我們超過 85% 的 ACV 成長都來自 Pega Cloud，這清楚地表明客戶正在以多快的速度接受和採用我們現代化的可擴展雲端平台。

This momentum highlights the growing reliance of Pega Cloud as the foundation of our clients' most mission-critical workloads even as it will naturally reduce term license and maintenance activity over time. As you model Pega Cloud revenue, it's important to keep in mind that based on contract-effective dates and typical clients go live schedules, there's often a delay of a few quarters before reporting Pega Cloud ACV -- before reported Pega Cloud ACV becomes Pega Cloud revenue.

這一勢頭凸顯了 Pega Cloud 作為我們客戶最關鍵任務工作負載基礎的日益增長的依賴性，同時隨著時間的推移，它自然會減少期限許可和維護活動。在對 Pega Cloud 收入進行建模時，請務必記住，根據合約生效日期和典型的客戶上線計劃，在報告 Pega Cloud ACV 之前，通常會有幾個季度的延遲——在報告的 Pega Cloud ACV 成為 Pega Cloud 收入之前。

As a reminder, we provide annual guidance at the start of each fiscal year and do not typically update it. In conclusion, we're confident in our business, our strategy, and the opportunity ahead. We're focused obviously on closing the year out strong and continuing the momentum that we've seen through 2025. We look forward to seeing many of you in person at numerous upcoming investment banking conferences across the United States.

再次提醒，我們會在每個財政年度開始時提供年度業績指引，並且通常不會更新。總之，我們對我們的業務、策略以及未來的機會充滿信心。我們顯然專注於以強勁的勢頭結束今年，並將我們所看到的這種勢頭延續到2025年。我們期待在美國各地即將舉行的眾多投資銀行會議上與各位見面。

At this point, operator, please open the line for questions.

接線員，請此時開通提問通道。

(Operator Instructions) Steve Enders, Citi.

（操作員說明）史蒂夫‧恩德斯，花旗銀行。

Hi, this is [Palak] for Steve Enders from Citi. Thank you so much for taking our questions. So my first question is, you touched on this a bit, is what drove the much better ACV and acceleration versus your expectation of it slowing down on a much tougher comp? And how should we think about ACV for Q4 and FY25 as a whole?

您好，我是[Palak]，代表花旗銀行的Steve Enders。非常感謝您抽空回答我們的問題。所以我的第一個問題是，您剛才也稍微提到過，是什麼原因導致它在更嚴苛的競爭環境下，ACV 和加速性能都比您預期的要好得多，反而降低了速度？那麼我們該如何看待第四季和整個 2025 財年的年度合約價值 (ACV) 呢？

So thank you for your question. So I think when we guided at the beginning of the year, we were pretty clear that we said we were not going to factor a direct impact from Pega Blueprint into our results. And I think what you're seeing is through the first three quarters, Pega Blueprint has begun to impact our business in a positive way. It's the exclusive way that we go to market with our clients, and our partners are now adopting at an accelerated pace. So I think the performance [sum] is certainly connected to the impact of Blueprint on our business, and we would -- we see that continuing.

謝謝你的提問。所以我覺得，我們在年初發布業績指引時，已經非常明確地表示，我們不會將 Pega Blueprint 的直接影響納入我們的業績考量。我認為大家看到的是，在前三個季度裡，Pega Blueprint 已經開始對我們的業務產生正面的影響。這是我們與客戶合作進入市場的獨特方式，我們的合作夥伴現在也正在加速採用這種方式。所以我認為業績[總額]肯定與 Blueprint 對我們業務的影響有關，而且我們認為這種情況會持續下去。

Perfect. Thank you. And I have a follow-up on -- what you were seeing on the federal side of the business and what the deal environment looks like?

完美的。謝謝。我還有一個後續問題——您在聯邦層級看到了哪些業務動態，以及當前的交易環境如何？

I mean the federal space, I think, obviously has been through a lot of change in 2025. And with the current situation of the government not being open right now, certainly, there's impact to our clients. That said, our projects with our clients are long-term and very strategic and tend to go across not just weeks and months but tend to go across years in terms of the change we're helping them drive. And so we've been through shutdowns before and our clients have certainly continued to move forward with their initiatives. So we don't expect that to be different now.

我的意思是，聯邦領域顯然在 2025 年經歷了許多變化。鑑於目前政府部門尚未開放，這無疑會對我們的客戶造成影響。也就是說，我們與客戶的專案都是長期的、極具策略性的，而且往往不會持續數週或數月，而是會持續數年，以幫助他們推動變革。因此，我們以前也經歷過停工，而我們的客戶也確實繼續推進了他們的各項計劃。所以我們預計現在情況也不會有什麼不同。

Perfect. Thank you so much.

完美的。太感謝了。

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

Yeah, thanks for taking the questions, and great to hear that Blueprint continues to resonate with customers. Just on some of the newer predictable AI agency recently launched. Can you talk about the early feedback you're getting for those solutions? And just what's different about those agents versus what some of your competitors are doing?

是的，感謝您回答這些問題，很高興聽到 Blueprint 繼續受到客戶的歡迎。就最近推出的一些較新的、可預測的人工智慧機構而言。您能談談您目前收到的針對這些解決方案的初步回饋嗎？那麼，這些經紀人與你的一些競爭對手的做法究竟有何不同呢？

Yeah. I think the -- it's actually great saying that the understanding of the difference is starting to resonate with customers because there's so much noise and hype in this space. It's just -- you can't [leave]. It's pretty crazy. The way all of our competitors build agents is they give you a prompt studio. You go into a studio and you can give writing prompts. And now they're trying to put additional controls in because they realize those prompts haven't necessarily always resulted in the right outcomes. So they introduced Salesforce's agent strict to be able to jury where it controls it.

是的。我認為——這其實很棒，因為消費者開始理解其中的區別，而這個領域充斥著太多的噪音和炒作。就是——你不能[離開]。真是太瘋狂了。我們所有競爭對手打造經紀人的方式都是給你一個快速搭建的工作室。你走進一間工作室，就可以給寫作提示。現在他們正試圖增加額外的控制措施，因為他們意識到這些提示並不一定總是能帶來正確的結果。因此，他們引入了 Salesforce 的代理嚴格機制，以便能夠判斷其控制範圍。

The problem with that approach is relying on the LLM at run time is inherently unpredictable to a degree. And when you're in a business where you really, really want predictability. You want to see two customers the same way based on law, based on policy. It's really important to codify that in advance. So by using the LLM to foster the creativity, to foster the discipline and design time, and being able to take this library of workflows and be able to execute it at run time is really quite remarkably predictable and structural.

這種方法的缺點在於，運行時依賴 LLM 本身在某種程度上是不可預測的。當你身處一個非常非常需要可預測性的產業。你想根據法律和政策，以同樣的方式看待兩位顧客。事先將其編纂成冊非常重要。因此，透過使用 LLM 來培養創造力、培養紀律和設計時間，並且能夠利用這個工作流程庫並在運行時執行它，這確實非常具有可預測性和結構性。

The other thing that I'll tell you is interesting as well. A lot of people talk about how LLMs are driving waste in the electric grid. And candidly, when we run a design time, the other ones we're using are exactly the same. But our workflow is thousands of times less consumptive of natural resources than an LLM. They run on an ordinary CPU. They don't need the fancy GPU to be able to run. Being able to do this has an interesting additional environmental impact. So as far as I'm concerned, the predictability is the most absolutely compelling part.

我還想告訴你另一件也很有趣的事。很多人都在談論低負載行動電源（LLM）如何造成電網浪費。坦白說，當我們進行設計時，我們使用的其他模型也完全相同。但是，我們的工作流程對自然資源的消耗比法學碩士課程少數千倍。它們運行在普通的CPU上。它們不需要高階GPU就能運作。這樣做還會帶來有趣的額外環境影響。所以在我看來，可預測性才是最吸引人的地方。

Very helpful. And then it's pretty clear the acceleration that Blueprint is driving within the existing base. But now that you've started to invest more in new logos over the past two quarters, can you talk about the doors that Blueprint is opening on that front? And just how that overall push has gone thus far?

很有幫助。然後，很明顯，Blueprint 在現有基礎上推動了加速發展。但是，既然你們在過去的兩個季度開始加大對新標誌的投入，能否談談 Blueprint 在這方面開啟的機遇之門？那麼，到目前為止，這項整體推進工作進展如何呢？

Well, I think, Jake, I'll start just real quick and let Alan chime in. I think there's two things that -- there's two aspects of new local acquisition. The first is how you initially engage with them and what the experience is. And I think the Blueprint is a completely different kind of nontechnical, very user-friendly experience where you don't need to know Pega or actually have someone that is an expert in Pega to start that engagement.

傑克，我想，我就先簡單說幾句，然後讓艾倫插話。我認為有兩個面向——本地新收購有兩個面向。首先是你最初如何與他們互動以及他們的體驗如何。我認為 Blueprint 提供了一種完全不同的非技術性、非常用戶友好的體驗，您無需了解 Pega，也無需 Pega 專家即可開始使用。

The second thing is it speeds up the business development solutioning time in the campaign. So I view those as two really great accelerators and we're seeing the ability to actually be more targeted with more new logos to be able to accelerate that, which previously was hard to do because of the time that it took to actually get through getting something into the pipe, so to speak. Any thoughts, Alan?

第二點是，它加快了活動中業務拓展解決方案的製定速度。所以我認為這是兩個非常棒的加速器，我們看到我們能夠更有針對性地吸引更多新客戶，從而加速這一進程，這在以前很難做到，因為要把一些東西真正推向市場需要時間。艾倫，你有什麼想法嗎？

Yeah. I think that ability to show a customer what we do has gone from something that took months and lots of meetings to something that when people see Blueprint and it's been now if you haven't done it already, Peter, I'm sure we'd be glad to walk you through a Blueprint down or any of you be happy to do that. When you see it, you go, oh, I get it. And the thing I'm really excited about is it's not just speed. We've been able to take a lot of our design principles and a lot of the ways that we've learned about and have thought about workflows and process automation for all these decades. And we've been able to build those into Blueprint as a critical part of the intellectual property.

是的。我認為，向客戶展示我們所做的工作，已經從過去需要數月和多次會議，變成了現在人們看到藍圖後就會說：“如果你還沒有這樣做，Peter，我相信我們很樂意帶你了解一下藍圖，或者你們中的任何人都很樂意這樣做。”當你看到它時，你會說，哦，我明白了。讓我真正感到興奮的是，這不僅僅是速度。幾十年來，我們累積了許多關於工作流程和流程自動化的設計原則和思考方法，並將它們運用到實務上。我們已經能夠將這些內容融入 Blueprint 中，作為智慧財產權的關鍵組成部分。

And what that does is it's not just faster, I think even more important than speed is it's way better. And I think it's also much more reliable from an implementation point of view because it guides you to get it right. So it's a fundamental change, particularly with new logos and others who don't know Pega because -- and they just get it.

這樣做的好處不僅僅是速度更快，我認為比速度更重要的是，它的性能要好得多。而且我認為從實施的角度來看，它也更加可靠，因為它能引導你做對。所以這是一個根本性的變化，尤其是對於新標誌和其他不了解 Pega 的人來說——但他們能理解。

I'll tell you the truth. It's actually made our own internal training, of all of our staff, easier and better too because people really, really understand tech at a different level after having just even done one.

我會告訴你實話。實際上，這也讓我們的內部培訓，包括對所有員工的培訓，變得更加容易和有效，因為即使只進行一次培訓，人們也能真正地、更深入地理解技術。

Very helpful. Congrats again on the great results.

很有幫助。再次恭喜你們取得如此優異的成績。

Thanks, Jake.

謝謝你，傑克。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Perfect. Congrats from me as well. Ken, one for you. Like, I was trying to understand your comments a little bit better when you talked about, like, the impact of more clouds that it does have on term and license. And you said you wanted to help us a little bit with Q4. So should we think about that speed acceleration or, like, you know, the -- that we saw on that third-client Clouds line of the business should continue, probably maybe a little bit more in Q4 as you gain momentum there. I'm just kind of trying to translate your words into your numbers. Thank you.

完美的。我也要向你表示祝賀。肯，給你一杯。例如，當你談到更多雲端服務對期限和授權的影響時，我試著更能理解你的評論。你說過你想在第四季幫我們做點什麼。所以我們應該考慮這種速度加速嗎？或者，你知道，我們在第三客戶雲端業務線上看到的那種速度應該會繼續下去，隨著第四季度業務勢頭的增強，可能會再加快一些。我只是想把你的話轉換成數字。謝謝。

Yeah. I think -- so that's a great question. I was really trying to make sure to highlight that in some historical quarters, the term revenue is -- has been higher because the mix of the deals were more into the term bucket than Pega Cloud. And when you have 85% of growth happening in ACV from Pega Cloud, you get less of an impact from that. So you're going to see that term license revenue decline over time.

是的。我覺得——這是一個很好的問題。我當時確實想強調，在某些歷史季度，期限收入更高，因為交易組合中期限收入的比例高於 Pega Cloud。當 ACV 成長的 85% 來自 Pega Cloud 時，它帶來的影響就較小了。所以你會看到長期許可收入隨著時間的推移而下降。

I know that I've said that in the past that it has a declined at the pace that maybe I think -- maybe I even thought just because of the -- some of the anomalies around, like duration. But that's really what I was touching on, is when you have 85% Pega Cloud, you would obviously expect less impact from term license revenue. It's not going to -- I'm not talking about, like $100 million difference or anything of that scale, but you should expect that to decline. That's what I was trying to highlight.

我知道我過去曾說過，它的下降速度可能我認為——甚至我曾經認為，這只是因為——一些異常情況，例如持續時間。但這正是我要說的重點，當 Pega Cloud 佔比達到 85% 時，你顯然會預期長期授權收入的影響較小。不會——我不是說會有1億美元的差距之類的，但你應該預料到這種情況會惡化。這正是我要強調的。

Yeah. Let's face it. A lot of this confusion that can come in is because of what I would consider an accounting anomaly where, if you have a piece of business that's a $20,000-a-month piece of business in its term, if it goes on for extra years, you end up having a present value. And we would much rather not do that, but it's just the way the accounting rules work.

是的。讓我們面對現實吧。造成這種混亂的很大一部分原因是我認為的會計異常情況，即如果一項業務的月收入為 2 萬美元，如果它持續經營多年，最終會產生一個現值。我們其實很不願意這麼做，但會計準則就是這樣規定的。

I think you're seeing the powerful move of our business towards Pega Cloud, which is a real validation of the quality of cloud. I see with my customers, they're switching. They tell us that they get better reliability running on Pega Cloud than they do when they were running it themselves. We're able, I think, to do a better job from a performance point of view with them because we've got so much automation. And we've really, really looked in just a whole support system for them that we can do when it's running on the cloud.

我認為你們正在看到我們業務向 Pega Cloud 的強勁轉型，這真正驗證了雲端的品質。我發現我的客戶們正在轉變觀念。他們告訴我們，在 Pega Cloud 上運行的可靠性比他們自己運行時要好。我認為，從績效角度來看，我們能夠做得更好，因為我們擁有大量的自動化技術。我們已經認真研究了在雲端運行時可以為他們提供的完整支援系統。

And so you're seeing our business inexorably shift to be, I don't know, an 85% cloud business over time. There's always going to be some customers who, for one reason or other, right now they really want to run on-prem. And we like being able to offer that choice to our customers. But it's becoming really a cloud business. And at that point, once you realize that, yeah, we really are the bona fide cloud business. You then -- I think really want to look at ACV.

因此，你會看到我們的業務不可避免地逐漸轉變為，我不知道，隨著時間的推移，85%的業務都將依賴雲端服務。總是會有一些客戶，由於這樣或那樣的原因，現在真的想在本地運行。我們很高興能夠為顧客提供這種選擇。但它正在真正變成一家雲端運算企業。到了那個時候，一旦你意識到這一點，是的，我們確實是一家名副其實的雲端業務公司。那麼——我想你真的應該看看蘋果醋。

ACV is what tells you about the momentum of the business and it tells you about the durability of the business, and it doesn't flop around the way that particularly the term license line. And I think what Ken was saying, the term license line is going it flops around a bit just because of things that don't actually relate to the strength or weakness of the business. So I just also direct from a quality point of view, you the think about Pega clearly has made the transition to cloud compared to where we were years ago. When we started this, we were a very small percentage and look at it now. And we have strong ACV growth that's clearly exciting.

ACV 可以反映企業的經營勢頭和持久性，而且它不像長期租賃協議那樣波動劇烈。我認為肯所說的，術語「許可」這個詞有點搖擺不定，只是因為一些與企業實力或劣勢無關的事情。所以，從品質的角度來看，Pega 顯然已經完成了向雲端的過渡，這和我們幾年前的情況截然不同。我們剛開始的時候，只佔很小一部分人，看看現在。我們實現了強勁的年度合約價值成長，無疑令人振奮。

Yeah. No, it makes total sense. Yeah, it's really really good to see. And then hopefully that translates into guidance and -- into guidance as well -- and the guidance approach as well. The other question I had, Alan, is the other big area around AI that should be really interesting to you is application modernization because there's so much that can be done there. Can you speak a little bit about where we are on that journey?

是的。不，這完全說得通。是啊，看到這個真是太好了。然後，希望這能轉化為指導，以及指導方法。艾倫，我的另一個問題是，人工智慧領域另一個你應該非常感興趣的大方向是應用程式現代化，因為這方面有很多事情要做。您能否簡要談談我們目前在這段旅程中處於什麼階段？

Yeah, so we are seeing a lot of energy around that and then particularly around the new features that we've introduced in the last 60, 90 days, which you can see, if you go to Blueprint and you go to the place where you can upload assets, we've made it so that if you have an old mainframe system without any documentation, you can actually hook up and take a video of somebody using it. And they can go through and they can explain what they're doing, and what the system will generate off of 20-minute video in terms of creating not just a cloud-native replacement for some old legacy thing, but actually modernizing it and innovating.

是的，我們看到大家對這方面投入了許多精力，尤其是在過去 60 到 90 天我們推出的新功能。如果你造訪 Blueprint 並進入可以上傳資源的地方，你會發現，我們已經實現了即使你有一個沒有任何文件的舊主機系統，你也可以連接起來，拍攝別人使用它的影片。他們可以進行講解，解釋他們正在做什麼，以及該系統將如何根據 20 分鐘的影片生成內容，而不僅僅是創建一個雲端原生替代方案來取代一些舊的遺留系統，而是真正地對其進行現代化改造和創新。

And if you have two or three systems you want to group together when they're modernized, you just grab the assets from all of them and upload it. And Blueprint will work to help you reconcile them. So we think this is just enormously, enormously exciting, and you're going to see us continue to put a lot of work into making this better and better because it's a pretty terrific area. A number of those 100-day implementations that we talked about fall into that legacy modernization category.

如果您有兩三個系統想要在現代化改造時合併在一起，您只需從所有這些系統中獲取資產並上傳即可。Blueprint 將幫助您協調它們。所以我們認為這非常、非常令人興奮，你們將會看到我們繼續投入大量精力來使它變得越來越好，因為這是一個非常棒的領域。我們討論的那些百日實施方案中，有許多都屬於傳統系統現代化改造的範疇。

Okay, perfect. Thank you. Congrats.

好的，完美。謝謝。恭喜。

Patrick Walravens, Citizens.

派崔克‧沃爾拉文斯，市民。

Great. Thak you so much, and congratulations, you guys. Can we talk about how pricing is evolving maybe in this industry? In the script, there was -- I know you touched on it, but if we can go deeper, that would be great. In script, there was one comment about price on real work processed. And then you've got Bret Taylor, CEO of Sierra, talking a lot about outcome-based pricing and how that really shifts to playing field. So any thoughts you have on how pricing you might be involving would be super interesting.

偉大的。非常感謝，也恭喜你們！我們能聊聊這個產業的定價策略是如何演變的嗎？劇本裡面有——我知道你提到過，但如果我們能更深入地探討一下，那就太好了。腳本中有一條關於實際處理工作價格的評論。然後，Sierra 的執行長 Bret Taylor 大談特談基於結果的定價，以及這如何真正改變競爭格局。所以，如果您對定價方式有任何想法，我將非常感興趣。

Yeah, my thought is we're about a decade ahead of all these other guys. So --

是的，我的想法是，我們比其他所有人都領先大約十年。所以--

[multiple speakers] in the right place, yeah.

[多人] 在正確的位置，沒錯。

Yeah, we realized eight or nine years ago that we would go into a customer, sell them a bunch of seats, make them 30% more efficient, and then you come to renewal time, and then the customer says, well, I don't need all these seats. And it really didn't seem right when, you know, particularly on our cloud, we're burning through all these, you know, the number of transactions has gone up, not down.

是的，八、九年前我們就意識到，我們會去拜訪客戶，向他們出售大量座位，使他們的效率提高 30%，然後到了續約的時候，客戶卻說，嗯，我不需要這麼多座位。而且，尤其是在我們的雲端，交易量不降反升，真的讓人感覺很不正常。

So we said, look, we're just thinking about this the wrong way if we're thinking about bumps on the seats. And so we really began a move to move our client broadly to work-based pricing, be priced based on the amount of work the system does. And, you know, we tend to be a process automation workflow tax management system. So the system makes it pretty easy to count and charge for the number of workflows. The amount of work, the amount of output that the system is involved in.

所以我們說，如果我們只想著座椅上的凸起，那就表示我們思考問題的方式不對。因此，我們開始大力推動客戶採用基於工作量的定價模式，也就是根據系統完成的工作量來定價。而且，你知道，我們傾向於採用流程自動化工作流程稅務管理系統。因此，該系統可以輕鬆統計工作流程的數量並進行收費。系統參與的工作量，即產出。

I think all of these people who have, some form or another, of seat or human counting-based pricing have a structural problem. They have a structural problem both because that's, I think, a lousy way to do business with the customer. It doesn't align the incentives of the vendor and the customer. We as a vendor and the customer should both want to make that business as efficient as possible.

我認為所有採用某種形式的座位數或人數計費方式的人都存在結構性問題。我認為，他們存在結構性問題，因為這是一種糟糕的與客戶做生意的方式。它無法使供應商和客戶的利益保持一致。作為供應商和客戶，我們都應該希望盡可能提高業務效率。

Seed-based pricing businesses don't work that way. They get penalized by making it more efficient, whereas we really have every incentive to do that. So I think that the pricing in this industry is going to have to change pretty radically, and we feel like we're way ahead.

基於種子價格的商業模式並非如此運作。他們因為提高效率而受到懲罰，而我們有充分的理由這樣做。所以我認為這個行業的定價機制將會發生相當大的變化，而我們感覺我們已經遙遙領先。

That's right. As a follow-up, Alan, are you seeing any new players in the space? Are you seeing Sierra or Decagon or anyone else like that?

這是正確的。艾倫，作為後續問題，你有沒有看到這個領域有新的參與者？你有沒有看過Sierra、Decagon或其他類似的藝人？

We see them on the periphery. I mean, they talk to a lot of the same customers that we talk to. We get asked about them. You know, the challenge with these chatbot agent-type systems is -- one of the big things you've heard me talk about, Pat, is this concept of center out, this idea that you need an agentic system that's going to be able to work in every channel. That the rules and the processes that run need to be able to operate if somebody's having a dialogue with the system, or if somebody sends an email to the system, or if somebody's in a back office and wants to go to the system. In all of those situations, you really want to be in a true omni-channel way, what we call center out, which we've been talking about also for about eight years.

我們在邊緣地帶能看到它們。我的意思是，他們接觸的許多客戶和我們接觸的客戶是相同的。我們常被問到這些問題。你知道，這些聊天機器人代理類型的系統面臨的挑戰是——帕特，你聽我說過很多次了，其中一個重要方面就是「中心向外」的概念，也就是你需要一個能夠在所有渠道工作的代理系統。規則和運作流程需要能夠在以下情況下正常運作：有人與系統對話，有人向系統發送電子郵件，或有人在後台想要存取系統。在所有這些情況下，你真的希望以真正的全通路方式，也就是我們所說的中心向外，我們談論這個話題已經有大約八年了。

And I think a lot of these companies that are out there are building things that get locked into a particular channel. And when you're locked into a channel, it's hard to envision how you're going to do something that really can serve clients and serve the staff in all the places they're going to want to use it. But I also think structurally, this center-out concept is perfect for agents because it lets you work agentically, but it also lets you work when you have to have a person involved.

我認為很多公司都在開發一些只能在特定通路銷售的產品。當你被限制在一個管道中時，很難想像如何真正為客戶和員工在所有他們想要使用它的地方提供服務。但我認為，從結構上看，這種以中心為導向的概念非常適合代理人，因為它既能讓你以代理人的身份工作，也能讓你在需要人參與的情況下工作。

And so these folks who come in, and people come in for a long time with one, you know, years ago it was IVRs, then it was robots. I think that running your enterprise at the periphery, having the business logic at the periphery, just doesn't make as much sense, is to have a fabric that is the center of that fabric.

所以，這些進來的人，以及那些長時間進來的人，你知道，幾年前是互動式語音應答系統（IVR），然後是機器人。我認為，將企業營運置於邊緣，將業務邏輯置於邊緣，這種做法意義不大，而應該將核心架構置於中心位置。

Okay, thank you very much.

好的，非常感謝。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Hi, thank you for taking my question. Nice job on the call, guys. A couple of questions around the legacy-transformation opportunity. Alan, starting with you, the newest Blueprint release introduces AI agents essentially analyze like legacy apps and automatically design workflows. Regarding that transformation opportunity, are you seeing customers actually integrate this capability into productions today or are they just still in the planning stages for that matter?

您好，感謝您回答我的問題。通話處理得不錯，夥伴們。關於傳統系統轉型機遇，我有幾個問題。艾倫，首先從你開始，最新發布的 Blueprint 引入了 AI 代理，它們本質上可以像傳統應用程式一樣進行分析並自動設計工作流程。關於這項轉型機遇，您是否看到客戶目前已將此功能實際整合到生產中，還是他們仍處於規劃階段？

Well, our Blueprint is responsible for every new implementation that we've done in the last six months, and many, many, many of those are in production. Remember, what runs in production is our workflow engine. The nice thing about this is we're able to enhance Blueprint literally every week or two because it runs as a SaaS app on pega.com connected to a Pega system.

嗯，我們的藍圖負責我們過去六個月中完成的每一個新實施，其中許多許多都已投入生產。請記住，在生產環境中運作的是我們的工作流引擎。這樣做的好處是，我們可以幾乎每隔一兩週就對 Blueprint 進行改進，因為它作為 SaaS 應用在 pega.com 上運行，並連接到 Pega 系統。

We've recently added localization facilities so that the Blueprints actually will get stored. If a customer is a Pega Cloud customer, the information that is uploaded about Blueprint actually gets stored in their Pega Cloud region. So it's stored on a distributed basis, which includes if they're in another country and they worry about data residency and things of that type.

我們最近添加了本地化功能，以便藍圖能夠真正儲存起來。如果客戶是 Pega Cloud 客戶，則上傳的有關 Blueprint 的資訊實際上會儲存在他們的 Pega Cloud 區域中。因此，它是以分散式方式儲存的，即使它們位於其他國家/地區，也會擔心資料駐留等問題。

That's now all been incorporated so that it will save the information in a place consistent with the sovereign rules. And then at runtime, what's running is the Pega system, as we built it, existed for such a long time, obviously with enhancements. But it's not like Blueprint itself. This is where I think people got a little confused when we talked about Blueprint.

現在所有這些都已納入考慮，以便將資訊保存在符合主權規則的地方。然後在運行時，運行的是我們建造的 Pega 系統，它已經存在了很長時間，當然也經過了改進。但這和 Blueprint 本身並不一樣。我覺得這就是我們在討論藍圖時，大家有點困惑的地方。

Blueprint is a different way of doing Pega that permeates the entire design environment. It's not this sort of separate, separate SKU that they would then run. So every customer that I can think of has started with a Blueprint for months here. And it was funny, we had somebody appeared at one of our sessions, one of our customers got up and had a sign that said, this is our motto, no to sprint without a Blueprint. Which said basically that every time they went to look to build something, they always start that way. And there's a lot of enthusiasm, of course.

Blueprint 是 Pega 的一種不同實作方式，它滲透到整個設計環境中。他們不會單獨銷售這種獨立的 SKU。所以，我能想到的所有客戶都是從制定藍圖開始，而這個過程持續了好幾個月。有趣的是，我們的一位客戶參加了我們的一次會議，他站起來舉著一個牌子，上面寫著：這是我們的座右銘，沒有藍圖就不要盲目衝刺。也就是說，基本上每次他們想建造什麼東西時，他們總是從這種方式開始。當然，大家的熱情也很高。

Okay. And then as a follow-up. Ken, if I recall correctly, the legacy-transformation opportunity was supposed to add about 1 point of growth to ACV this year. Is it still tracking to that, or do you see the legacy opportunity outperforming that expectation?

好的。然後作為後續。Ken，如果我沒記錯的話，傳統業務轉型機會本應在今年為 ACV 增加約 1 個百分點的成長。目前情況是否仍符合預期，還是您認為傳統業務的機會會超出預期？

I would say that any acceleration over what we guided, I would say I would completely tie to -- or I would largely tie to Blueprint and legacy-transformation opportunities. I think that if we accelerate growth, it's going to be on the back of Blueprint. And most of what we do is tied to some type of digital legacy transformation, application modernization, whatever buzzword the industry is using.

我認為，任何超出我們指導範圍的加速發展，都將完全——或者說很大程度上——與藍圖和傳統轉型機會相關。我認為，如果我們想要加速成長，那將得益於 Blueprint 專案。我們所做的大部分工作都與某種形式的數位遺產轉型、應用程式現代化有關，或者說，與業內使用的任何流行語都有關。

Great. That's helpful. Thank you. That's all for me.

偉大的。那很有幫助。謝謝。我就說這些了。

Thanks, Mark.

謝謝你，馬克。

Blair Abernethy, Rosenblatt Securities.

Blair Abernethy，Rosenblatt Securities。

Thanks very much, and nice quarter, guys. I just wanted to delve into verticals just a little bit. You touched on federal. Maybe just to dig into that a bit more, what are you seeing there from a claims volume perspective? I'm not sure what percentage of the government base is on cloud versus on-prem, so if it makes that much of a difference. And are you changing your go-to-market activity there right now? And just maybe a little more color around what you guys see happening in federal.

非常感謝，夥計們，這季度過得很好。我只是想稍微深入研究一下垂直產業。你提到了聯邦層級。或許我們可以更深入探討一下，從理賠的角度來看，您看到了什麼？我不確定政府機構中雲端部署和本地部署的比例分別是多少，所以我不知道這是否會造成很大的差異。你現在是否正在改變那裡的市場推廣策略？或許還可以更詳細地介紹一下你們在聯邦層級看到的情況。

Yeah, so a couple of things. One, we feel a little fortunate that some of the agencies that really were targeted what happen not to be the ones that we do a lot of work with. But having said that, when the offices are closed, progress on projects is slowed down. You have the services projects, they don't necessarily come to a halt, but they massively, massively reduce. And so if this goes on, this will obviously affect how those projects will last. But as Ken said, these tend to be very long-term agreements, and they're not going anywhere, so we'll pick them up when things come back.

是的，有兩件事。首先，我們感到有些幸運，因為一些真正成為攻擊目標的機構恰好不是我們經常合作的機構。但話雖如此，當辦公室關閉時，專案進度就會減慢。服務項目雖然不一定會完全停止，但肯定會大幅減少。因此，如果這種情況持續下去，顯然會影響這些項目的持續時間。但正如肯所說，這些往往是長期協議，不會消失，所以等情況好轉後我們會重新簽訂。

We have accelerated the move to the cloud in the federal government, so we've actually had quite a few successes with our Pega Cloud for government offering, which is designed specifically for the FedRAMP federal environment. We actually have other customers in other governments, like some state governments, et cetera, that are interested in Pega Cloud for government. So that's, I think, is good offering. So cloud, I think, is strong. Projects are, as you would expect, in some turmoil with work stoppages when the workers don't commit. And we're hopeful that sooner than later, this will get unblocked.

我們加快了聯邦政府向雲端遷移的步伐，因此，我們的 Pega Cloud for government 產品實際上取得了相當大的成功，該產品是專門為 FedRAMP 聯邦環境設計的。實際上，我們還有其他政府部門的客戶，例如一些州政府等等，他們對面向政府的 Pega Cloud 很感興趣。所以，我認為這是一個很好的方案。所以我覺得，雲層強度很強。不出所料，由於工人不盡職盡責，計畫陷入了混亂，出現了停工現象。我們希望這個問題能盡快解決。

One comment I'll make on the government vertical, so to speak, is I've spent, and Alan has as well over the last few months, a series of meetings with different agencies, different committee members, and their staffs to really understand how congress is prioritizing spending initiatives going forward. And IT modernization is what they're actually calling it in the government, is a bipartisan focus area.

關於政府事務，我想說的是，在過去的幾個月裡，我和艾倫都與不同的機構、不同的委員會成員及其工作人員舉行了一系列會議，以真正了解國會如何優先考慮未來的支出計劃。而政府方面實際上稱之為資訊科技現代化，這是兩黨共同關注的領域。

So I think what you're seeing is you're seeing a lot of momentum around fixing the legacy debts that these agencies have around IT, and actually even trying to repurpose dollars wherever possible to make sure that they're supporting that. So I think that that is the one interesting kind of observation I've had. Is that it is, no matter who you talk to, IT modernization is a priority in government.

所以我認為你看到的是，各方都在大力推動解決這些機構在 IT 方面遺留的債務問題，甚至盡可能地重新分配資金，以確保這些資金能夠用於支持 IT 工作。所以我覺得這是我觀察到的一個有趣的現象。事實的確如此，無論你問誰，IT現代化都是政府的優先事項。

And there are lots of workflow in government and they really need to be done predictably. So I think it just plays perfectly in what we're doing.

政府部門有許多工作流程，這些流程都需要按部就班地進行。所以我覺得它和我們正在做的事情非常契合。

Okay, great. Thanks for the color, guys.

好的，太好了。謝謝你們提供的色彩。

Devin Au, KeyBanc Capital Markets.

Devin Au，KeyBanc Capital Markets。

Good morning. Thanks for taking my questions here. Could you maybe talk a little bit more, I guess, a little bit more since you've already talked about it on the prepared remarks, but more so on the partner-branded blueprints? You said it previously, but have you seen that kind of unlock a whole host of use cases that Pega and maybe a broader partner system has not seen before and maybe give us some flavors on what the new use cases that you've seen stemming from them, and how has that influenced sales pipeline and velocity thus far from the launch of that?

早安.感謝您回答我的問題。鑑於您已經在準備好的發言稿中談到了這一點，能否再多談談合作夥伴品牌的藍圖呢？您之前也提到過，但您是否看到這種解鎖方式催生了 Pega 以及更廣泛的合作夥伴系統以前從未見過的眾多用例？能否為我們介紹一下您看到的由此產生的新用例，以及自推出以來，這些用例對銷售管道和速度產生了怎樣的影響？

So it's going to, I think, be quite important. It's very new. So remember, we announced it in June. We have partners -- we have five partners who have set up their what we call knowledge buddies, which are private-knowledge stores that are private to them that we run on Pega Cloud. And what happens is when Blueprint runs for one of these partners, if a staff member, like I mentioned Cognizant, somebody signs on to the system, what they will see is Blueprint with that company's, the partner's name right at the top. And if and only they, if they're signed in from that ID, will be able to access this IP. It will get pulled in automatically into the analysis that Blueprint does and what happens.

所以我認為這會非常重要。它是全新的。請記住，我們是在六月宣布的。我們有合作夥伴——我們有五位合作夥伴，他們建立了我們稱為「知識夥伴」的私有知識庫，這些知識庫僅供他們私有，我們在 Pega Cloud 上運行這些知識庫。當 Blueprint 為這些合作夥伴之一運行時，如果員工（例如我提到的 Cognizant 的員工）登入系統，他們會看到 Blueprint 的頂部顯示該公司的名稱，也就是合作夥伴的名稱。只有當他們使用該 ID 登入時，才能存取此 IP 位址。它會自動被納入 Blueprint 的分析以及後續操作的分析中。

So I think it does -- of that a couple of pretty important things for us. One, it allows us to enable the partners to leverage their experience along with ours, as product, and it's a great use of AI, to tell you the truth, to do that. But what I'm excited about is, historically, with most of these partners and all of these partners, they've had Pega practices. And the Pega practices are the parts of the partner that would work on implementing the Pega system. But for the very large partners, these Pega practices were just a couple percent of the total partner population.

所以我覺得它確實做到了——這對我們來說有幾件非常重要的事情。首先，它使我們能夠讓合作夥伴將他們的經驗與我們的經驗結合起來，作為產品，說實話，這是人工智慧的一個很好的應用。但我感到興奮的是，從歷史上看，這些合作夥伴中的大多數以及所有這些合作夥伴都有 Pega 實踐經驗。Pega 實務團隊是指負責實施 Pega 系統的合作夥伴部門。但對於規模非常大的合作夥伴來說，這些 Pega 實踐僅佔合作夥伴總數的百分之幾。

What we're trying to do with powered Blueprints is position this as a way where outside of the Pega practice, the partner staff or the partner sellers will be able to use this as a way to talk to their prospects, their customers, not to sell Pega, but to sell their IP and what they have to offer as the partners themselves are in very competitive environments now. And as we unlock this going into next year, I think it could be very, very exciting.

我們希望透過 Powered Blueprints 實現的目標，是讓 Pega 業務以外的合作夥伴員工或合作夥伴銷售人員能夠利用這種方式與潛在客戶和現有客戶溝通，而不是推銷 Pega，而是推銷他們的智慧財產權和產品，因為合作夥伴本身現在也面臨著非常激烈的競爭環境。隨著我們明年逐步解鎖這項技術，我認為那將會非常非常令人興奮。

Great. That's helpful context. And then for my follow-up for Ken, again, a really strong cloud ACV growth in the quarter, and also noticed that license ACV declined sequentially quarter over quarter. I'm assuming that's a function of the strength you've seen from the strong migration activity. Could you maybe in any way to help us some numbers around how much has migration from licenses contributed to part ACV growth this quarter or maybe thus far this year? Thank you.

偉大的。提供的背景資訊很有幫助。然後，我向 Ken 提出了後續問題，本季雲端業務 ACV 成長非常強勁，同時我也注意到許可證業務 ACV 環比下降。我猜想這與你所看到的強勁的遷徙活動強度有關。您能否提供一些數據，說明許可證遷移在本季度或今年迄今對部分 ACV 成長的貢獻有多大？謝謝。

Sure, Devin. So migrations are an important element of our strategy to get clients on to Pega Cloud, but migrations in and of themselves have not been -- if you look at total ACV and the acceleration of total ACV, that is not driven materially by migration. That is driven by clients continuing to expand their use of Pega. However, migrations are going to drive the term ACV and associated term revenue down over time. And you haven't seen that.

當然可以，德文。因此，遷移是我們讓客戶使用 Pega Cloud 的重要策略要素，但遷移本身並不是——如果你看一下總 ACV 和總 ACV 的加速成長，就會發現這並非由遷移實質地驅動的。這是由於客戶不斷擴大對 Pega 的使用所驅動的。然而，隨著時間的推移，用戶遷移將導致 ACV 和相關收入下降。你還沒見過這種情況。

This year, you're going to see term license revenue be up year over year because of the large revenue that we had -- sorry, term revenue -- sorry, if I said ACV. Term revenue will be up year over year because of the large amount of revenue we had in Q1. But if you actually look at Q3 and in Q4, we see that term revenue kind of coming down when you compare year over year. So you are going to see that. And that is a reflection of the movement to Pega Cloud. But overall, our growth is being driven by more spend with our clients.

今年，由於我們獲得了巨額收入——抱歉，是長期許可收入——抱歉，如果我說的是年度合約價值（ACV），那麼長期許可收入將會同比增長。由於第一季收入較大，因此長期收入將同比增長。但如果你仔細查看第三季度和第四季度，你會發現與去年同期相比，長期收入有所下降。所以你很快就會看到這一點。這反映了向 Pega Cloud 的轉變。但總體而言，我們的成長是由客戶支出增加所驅動的。

Got it. Thank you.

知道了。謝謝。

Thanks, Devin.

謝謝你，德文。

(Operator Instructions) Rishi Jaluria, RBC Capital Markets.

（操作員說明）Rishi Jaluria，RBC Capital Markets。

Wonderful. Thanks so much for taking my question. Nice to continue to strengthen the business. I wanted to start by maybe thinking a little bit conceptually about Pega's role in this new AI ecosystem, broadly speaking. Alan, I know we've talked about this concept before, but as every kind of vendor and stack is building agents.

精彩的。非常感謝您回答我的問題。很高興看到公司業務持續成長。我想先從概念上思考 Pega 在這個新的 AI 生態系統中扮演的角色，廣義來說。艾倫，我知道我們以前討論過這個概念，但是現在各種供應商和技術堆疊都在建立代理。

One thing that we really haven't seen anyone truly crack the code on is the ability for someone to be kind of a neutral middleman and handle the agent orchestration layer and allow a lot of these agents to work with one another, especially at a time where MCP is still in its nascency and A2A probably even more so. Can you talk about maybe what potential role Pega can play in that, in assisting all these agents across so many different stacks? And then I've got a quick follow-up.

我們還沒有看到任何人真正破解的一件事是，如何讓某人能夠扮演中立的中間人角色，處理代理編排層，並允許許多代理彼此協作，尤其是在 MCP 仍處於起步階段，而 A2A 可能更是如此的情況下。您能否談談 Pega 在這方面可以發揮怎樣的潛在作用，例如協助眾多不同技術堆疊中的各種代理？然後我還有一個後續問題。

Sure. So you talked about orchestration or you think about and I'll take a moment and explain how we think about it. There are a couple of aspects to it. One aspect is that the technical connectivity or orchestration, like how does one agent call another. And things like MCP and A2A actually are pretty good already at being able to make it so that if somebody else has an agent, I can call it, and I can have it makes sense. And we're doing that all the time now as part of how we execute.

當然。所以你談到了編曲，或者說你思考了編曲，我將花點時間解釋一下我們是如何思考編曲的。這其中包含幾個面向。一方面是技術連接或協調，例如一個代理如何呼叫另一個代理。像 MCP 和 A2A 這樣的平台實際上已經做得相當不錯了，這樣一來，如果其他人有代理人，我可以打電話給他們，這樣事情就變得合理了。我們現在一直都在這樣做，這也是我們執行工作的一部分。

But the other part of orchestration is not just the connectivity, it's the larger. I mean, orchestration is about getting things done as I think about it; it's not just about connecting things. And the important part of getting things done and getting them done in the right order in the right way, connected to the right things. And that's where to us, workflows from it.

但編排的另一部分不僅僅是連接，而是更大的層面。我的意思是，編曲就是按照我的想法把事情做好；它不僅僅是把事物連結起來。而把事情做好，並且以正確的順序、正確的方式完成，與正確的事情聯繫起來，這一點至關重要。這就是我們工作流程的起點。

So if we look at our (inaudible) -- when we look at others (inaudible) Microsoft, you look at Salesforce and ServiceNow. They're allowing an agent to orchestrate or they're allowing their fabrics as everybody uses that term to now, to orchestrate using an LMM [from] control. And as I said, the problem with that is, particularly if you have agents calling agents or a fabric-calling agents, the [daily good back] is sometimes sharply different. And the LLM can go down a different paths.

所以如果我們看看我們自己的（聽不清楚）——當我們看看其他的（聽不清楚）微軟，看看 Salesforce 和 ServiceNow。他們允許代理商進行編排，或者他們允許他們的「織物」（現在大家都用這個術語）使用 LMM（來自）控制進行編排。正如我所說，問題在於，特別是當經紀人打電話給經紀人或布料公司打電話給經紀人時，[每日良好反饋]有時會截然不同。法學碩士還可以走不同的發展道路。

What we say is, hey, figure out what you want the orchestration to be for the different types of work that you do everywhere you can and hesitate to call the LLM for reasoning at run time, make it so there's a reliable workflow that does the orchestration. And look, there are different use cases where this will matter more and matter less. But for the use cases where predictability is important, I think this is a huge, huge distinction and something that we have as a structural difference as opposed to just something that we could say, well, we're a little ahead or behind.

我們的建議是，嘿，弄清楚你希望在任何地方執行的不同類型工作的編排方式是什麼，不要在運行時調用 LLM 進行推理，要確保有一個可靠的工作流程來進行編排。你看，在不同的用例中，這一點的重要性會有所不同。但對於可預測性很重要的應用場景來說，我認為這是一個巨大的區別，也是我們之間存在的結構性差異，而不僅僅是我們稍微領先或落後而已。

It's not -- we've taken a path that I think if you think about it is going to make a lot more sense for orchestration and for reliable [predictable] execution. So we've got to get that message out there. And we're seeing the customers who hear it. Not a lot. Let's face it, everything in this whole [era] is new.

並非如此——我們選擇了一條我認為如果你仔細想想就會覺得對編排和可靠（可預測的）執行更有意義的道路。所以我們必須把這個訊息傳達出去。我們看到了那些聽到這番話的顧客。不多。說實話，這個時代的一切都是新的。

Yeah. Got it. That's helpful. And then if we just think conceptually about growth drivers for ACV from here, clearly, a lot of it's been -- you have Blueprint as a potential driver of upside. But a lot of it has been within your existing customer base. If we think now about Blueprint and the lower barriers to entry, it feels like there really is an opportunity for net new logos to be a driver of -- key driver of growth over the next several years. Just conceptually, just how should we be thinking about what that mix over time could start to look like? And could we see new logos be a more meaningful driver of future ACV growth? Thanks.

是的。知道了。那很有幫助。然後，如果我們從概念上考慮 ACV 的成長驅動因素，很明顯，許多因素都與 Blueprint 有關，Blueprint 是潛在的成長驅動因素。但其中很大一部分都來自你現有的客戶群。如果我們現在考慮 Blueprint 和較低的進入門檻，感覺未來幾年，新增客戶確實有機會成為成長的關鍵驅動力。從概念上講，我們該如何思考隨著時間的推移，這種混合模式最終會呈現出什麼樣的面貌？我們能否看到新的標誌成為未來年度合約價值成長的更有意義的驅動因素？謝謝。

Yeah, I think you're going to see new logos being a more meaningful driver if our partner strategy is successful because by recruiting partners to be able to have their own powered Blueprints that let them bring their IP to their customers their way.

是的，我認為如果我們的合作夥伴策略取得成功，你會看到新的標誌成為更有意義的驅動因素，因為透過招募合作夥伴，他們可以擁有自己的強大藍圖，讓他們以自己的方式將他們的智慧財產權帶給他們的客戶。

It opens the aperture on who we would be talking to a lot. And it does it without us having to do all the heavy lifting of doing it ourselves. So I think that we're in the cusp of a new set of changes here. But I think these changes, as you think about next year and you think about where this is going, we're really pretty jazzed that we've got a lot of this stuff in the right group.

它拓寬了我們與哪些人進行大量交流的範圍。而且它還能幫我們省去很多麻煩。所以我認為我們正處於一系列新變革的開端。但我認為，當你展望明年，展望未來時，你會對這些變化感到興奮，因為我們把很多事情都安排在了合適的團隊中。

And I think, Rishi, one way to think about it is if we tried to scale new logos through a direct account executive covered model. We are limited with the logistics of scaling that organization, right? You have to hire people, you have to sign orgs, you have to do. And so it will -- and that will still, that could -- that will and could -- that could and will accelerate our ability to get new logos. But what Alan's talking about is an order of magnitude growth change is to leverage the 100,000-plus sellers that are already talking to those same organizations in our partner ecosystem to that kind of where -- those are two boats; they're not one or the other. It's just that one has the ability to push growth much faster. The other one is limited by the logistics of us scaling it.

里希，我認為，思考這個問題的一種方式是，如果我們嘗試透過直接客戶經理覆蓋的模式來擴大新徽標的規模。我們在組織規模化方面存在後勤方面的限制，對吧？你必須僱用員工，你必須簽署組織協議，你必須採取行動。因此，它將——而且仍然會，可能——將會並且可能——可能並將加速我們獲得新標誌的能力。但艾倫所說的成長幅度，是指利用我們合作夥伴生態系統中已經與這些組織進行溝通的 10 多萬名銷售人員，來實現某種程度的成長——這是兩艘船；它們不是其中之一。只不過，後者有能力更快地推動成長。另一個則受限於我們擴大規模的物流能力。

And that's why we have to do a great job for our partners to let them after their IP and let them bring their story to a prospect here. And if we can be successful on that, it's -- I think, extremely exciting. Hopefully, that makes sense.

所以，我們必須為我們的合作夥伴做好充分準備，讓他們能夠維護自己的智慧財產權，並把他們的故事帶給這裡的潛在客戶。如果我們能成功做到這一點，我認為，那將非常令人興奮。希望這樣解釋清楚了。

Really helpful. Yeah, very helpful. Thank you so much, guys.

真的很有幫助。是的，很有幫助。非常感謝各位。

Thanks, Rishi.

謝謝你，里希。

And I think we don't have time. So with this, I'm going to thank everybody for attending. I want folks to know we're working real hard for you, and I look forward to talking to you after we wrap the year. Thanks.

我認為我們沒有時間了。在此，我要感謝大家的出席。我想讓大家知道，我們正在為你們努力工作，我期待在年底與你們交談。謝謝。

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了。