Pegasystems Inc (PEGA) 2025 Q4 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 fourth-quarter and full-year 2025 earnings conference call and webcast. (Operator Instructions)

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 年第四季及全年業績電話會議和網路直播。（操作說明）

I would now like to turn the conference over to Peter Welburn, Vice President, Corporate Development and Investor Relations of Pegasystems. Peter, please go ahead.

現在我謹將會議交給 Pegasystems 公司企業發展與投資者關係副總裁 Peter Welburn。彼得，請繼續。

Thanks so much, Krista. Good morning, everyone, and welcome to Pegasystems Q4 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.

非常感謝你，克麗斯塔。各位早安，歡迎參加 Pegasystems 2025 年第四季財報電話會議。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。

The words expects, anticipates, intends, plans, believes, will, could, should, estimates, may, forecasts and guidance or variations of such words and other similar expressions identify forward-looking statements, which speak only as of the date the statement was made and are based on current expectations and assumptions.

「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 2026 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 Q4 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 ended December 31, 2025, 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。2026 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 年第四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 2025 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 statements will be achieved. Although subsequent events may cause our view 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，我們不承擔任何公開更新或修訂這些前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因，我們特此聲明不承擔任何此類義務。

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 U.S. GAAP. Constant currency measures are calculated by applying the December 31, 2025, 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 Q4 2025 results.

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法編制的財務措施。GAAP。固定匯率指標是透過將 2025 年 12 月 31 日的外匯匯率應用於所示所有期間來計算的。有關 GAAP 和非 GAAP 指標的調節表，請參閱本公司發布的 2025 年第四季業績新聞稿。

And with that, I turn the call over to Ken Stillwell, Chief Operating Officer and CFO of Pegasystems.

接下來，我將電話轉交給 Pegasystems 的營運長兼財務長 Ken Stillwell。

Thank you, Peter. I'm thrilled to share the financial highlights of what's been an outstanding year for Pega. Execution by our global sales team powered by our Blueprint experiential sales approach drove top line outperformance in 2025. And our company-wide commitment to Rule of 40, supported by robust internal adoption of AI built natively in our platform delivered bottom line outperformance as well.

謝謝你，彼得。我很高興與大家分享Pega公司今年的卓越財務表現。憑藉我們「藍圖體驗式銷售方法」的驅動，我們的全球銷售團隊的執行力推動了 2025 年營收的超額完成。我們公司上下對「40法則」的承諾，以及我們平台內建的人工智慧的大力內部應用，也帶來了優異的績效。

Let's start with the top line. Total ACV grew 17% year-over-year as reported and 14% in constant currency, beating our guidance. Pega Cloud ACV once again, drove that growth, increasing 33% year-over-year as reported and 28% in constant currency. That was a pretty significant acceleration from last year's 18% growth rate as reported and 21% in constant currency. And Pega Cloud ACV growth accelerated sequentially in all four quarters in 2025 in constant currency, demonstrating the power of both our cloud-first strategy and Blueprint, our AI design agent.

我們先從第一行開始。以報告匯率計算，總 ACV 年增 17%，以固定匯率計算年增 14%，均超出我們的預期。Pega Cloud ACV再次推動了這一成長，按報告數據計算年增33%，以固定匯率計算年增28%。與去年公佈的 18% 的成長率（以固定匯率計算為 21%）相比，這是一個相當大的加速。2025 年，Pega Cloud ACV 在所有四個季度以固定匯率計算均實現了環比加速成長，證明了我們雲端優先策略和我們的 AI 設計代理商 Blueprint 的強大實力。

Three factors drove our ACV growth acceleration in 2025. First, the Blueprint revolution has been key to our growth. Blueprint moved from a promising experiment in 2024 to a fundamental change in how we sold in 2025, enabling a completely new experiential sales process. Our Blueprint agent is now core to how we operate, shaping everything from how we sell to how we deliver and drive client success. Second, we have the strongest global sales execution that we've ever had.

2025 年，有三個因素推動了我們 ACV 成長的加速。首先，Blueprint 的改變是我們發展的關鍵。Blueprint 從 2024 年一項充滿希望的實驗發展成為 2025 年銷售方式的根本性變革，實現全新的體驗式銷售流程。我們的 Blueprint 代理商現在是我們營運的核心，它塑造了從銷售方式到交付方式以及推動客戶成功的方方面面。其次，我們擁有有史以來最強大的全球銷售執行力。

We drove a highly effective, disciplined and scalable sales cadence worldwide with an unwavering focus on customer outcomes. Our account executives executed exceptionally well against our target account model, reinforcing the importance of focus and discipline.

我們在全球推行了高效、嚴謹且可擴展的銷售節奏，始終以客戶成果為中心。我們的客戶經理在目標客戶模型方面表現出色，這凸顯了專注和自律的重要性。

And third, we've been increasing demand from our clients and partners for Pega's differentiated predictable AI agents, integrated into proven enterprise workflows. As a result of these factors, our net new ACV increased by 37% year-over-year in constant currency. Looking ahead, we're confident in the durability of our ACV growth because of the strength of our moat. Pega is deeply embedded in our clients' core operations through vertical specific workflows and it's integrated at enterprise scale, supporting hundreds of millions of users globally. [Haggens] become a trusted compliance backbone for our clients and for regulators worldwide.

第三，我們的客戶和合作夥伴對 Pega 差異化的可預測 AI 代理的需求不斷增長，這些代理商已整合到成熟的企業工作流程中。受這些因素影響，我們的淨新增ACV以固定匯率計算年增了37%。展望未來，我們對ACV成長的永續性充滿信心，因為我們擁有強大的競爭優勢。Pega 透過垂直行業特定的工作流程深度嵌入到我們客戶的核心運營中，並實現了企業級集成，為全球數億用戶提供支援。 [Haggens] 已成為我們客戶和全球監管機構值得信賴的合規支柱。

And you may have noticed that we just achieved ISO 42,000 a certification across Pega Cloud Services, our GenAI solutions and our predictive and adaptive analytics capabilities.

您可能已經注意到，我們的 Pega 雲端服務、GenAI 解決方案以及預測和自適應分析能力剛剛獲得了 ISO 42,000 認證。

Pega's financial performance achieved several key milestones in 2025. Among them, free cash flow increased 45% year-over-year to $491 million exceeding our guidance by $51 million. This outstanding improvement in free cash flow was driven by our ACV growth and reflects the full strength of Pega's subscription model and the benefits of our subscription transition. Our strong free cash flow generation provides us with the flexibility to invest for growth while also returning significant capital to shareholders.

Pega 的財務表現在 2025 年實現了幾個關鍵里程碑。其中，自由現金流年增 45% 至 4.91 億美元，比我們預期高出 5,100 萬美元。自由現金流的顯著改善得益於我們年度合約價值的成長，充分體現了 Pega 訂閱模式的強大實力以及我們訂閱轉型帶來的益處。我們強勁的自由現金流使我們能夠靈活地進行成長投資，同時也能為股東帶來可觀的回報。

In 2025, our capital allocation strategy stayed firmly focused on driving long-term shareholder value. Our top priority continues to be investing in organic growth, including product innovation and go-to-market capacity, where we generated consistent strong returns on invested capital. We also maintained a strong balance sheet. We ended 2025 with $426 million in cash and investments. During 2025, we repaid $468 million of debt, repurchased $498 million of shares and distributed $15 million in dividends.

2025年，我們的資本配置策略將持續堅定地專注於提升股東的長期價值。我們的首要任務仍然是投資內生成長，包括產品創新和市場推廣能力，我們在這些方面獲得了持續強勁的投資回報。我們也維持了穩健的資產負債表。截至 2025 年底，我們擁有 4.26 億美元的現金和投資。2025年，我們償還了4.68億美元的債務，回購了4.98億美元的股票，並發放了1500萬美元的股息。

This reflects the strength and durability of our business model. Looking ahead, we are confident in our ability to sustain this balanced and disciplined approach to capital allocation. Our contractually committed backlog grew 28% as reported year-over-year and 23% in constant currency. And now exceeds $2 billion as reported for the first time in Pega's history. The biggest driver of our backlog increase was the increase in Pega Cloud backlog which grew 36% as reported year-over-year. Pega Cloud backlog now represents 74% of total backlog which is amazing.

這體現了我們商業模式的優勢和持久性。展望未來，我們有信心繼續保持這種平衡且嚴謹的資本配置方式。按報告顯示，我們已簽訂合約的積壓訂單年增 28%，以固定匯率計算成長 23%。據 Pega 官方報道，該公司營收首次突破 20 億美元。導致我們積壓訂單增加的最大因素是 Pega Cloud 積壓訂單的增加，據報告，其同比增長了 36%。Pega Cloud 的積壓訂單目前佔總積壓訂單的 74%，非常驚人。

We're also really pleased that the Supreme Court of Virginia unanimously affirmed with the Virginia appellate court also unanimously recognized that the trade secret trial and resulting verdict were fundamentally flawed. What this means is that the $2 billion verdict is gone. For more details, please see the e-mail I sent to our employees on January 8, which we filed as an 8-K.

我們也非常高興維吉尼亞州最高法院一致確認，維吉尼亞州上訴法院也一致認為，商業機密審判和由此產生的判決存在根本缺陷。這意味著20億美元的賠償判決已經作廢。更多詳情請參閱我於 1 月 8 日發給員工的電子郵件，該郵件已作為 8-K 表格提交。

Moving to 2026 guidance. As a reminder, we provide only annual guidance, not quarterly guidance, and we typically do not update guidance during the year unless we have a material acquisition. Here are our key guidance metrics for 2026. Total ACV growth of 15%. Total revenue of $2 billion, an increase of approximately 15% and a very significant milestone for the firm and free cash flow of $575 million, a 17% increase over 2025.

過渡到 2026 年指導方針。再次提醒，我們只提供年度業績指引，不提供季度業績指引，而且除非有重大收購，否則我們通常不會在年內更新業績指引。以下是我們2026年的關鍵指導指標。總ACV成長15%。總收入達 20 億美元，成長約 15%，是該公司的一個重要里程碑；自由現金流達 5.75 億美元，比 2025 年成長 17%。

With our rapidly increasing free cash flows, our Board also authorized an additional $1 billion in buyback capacity. This authorization reflects our confidence in the durability of our cash flows and our commitment to disciplined capital allocation. Since we don't provide quarterly guidance, I've received feedback that is helpful when I provide a few thoughts on modeling our business for 2026.

由於自由現金流迅速增長，董事會還批准了額外的 10 億美元股票回購額度。這項授權體現了我們對現金流可持續性的信心以及我們對嚴格資本配置的承諾。由於我們不提供季度業績指引，因此當我提出一些關於我們 2026 年業務模式的想法時，我收到了一些很有幫助的回饋。

First, with our subscription transition complete, you'll notice in our 2025 results and in our 2026 guidance that revenue growth and ACV growth are more closely aligned. Going forward, we expect this trend to continue. A dynamic, some of your models may not have fully reflected yet. Now that Pega Cloud ACV is greater than 50% of total ACV, our annual revenue becomes more predictable.

首先，隨著訂閱模式的轉型完成，您將在我們的 2025 年業績和 2026 年業績展望中註意到，營收成長和 ACV 成長更加緊密地結合起來。展望未來，我們預計這一趨勢將持續。動態變化，您的一些模型可能尚未完全反映出來。現在 Pega Cloud 的年度合約價值 (ACV) 已超過總年度合約價值 (ACV) 的 50%，我們的年度收入變得更加可預測。

Second, in 2026, we expect the progression of our net new ACV to follow a more historically seasonal pattern with a significant amount of our net new ACV occurring in the second half of 2026. This timing reflects the nature of contract renewals, which are more concentrated into Q3 and Q4 of 2026. As a result, we expect subscription license revenue to be back-end loaded as well.

其次，我們預期 2026 年淨新增 ACV 的成長將遵循更符合歷史法則的季節性模式，其中相當一部分淨新增 ACV 將在 2026 年下半年出現。這項時間安排反映了合約續約的性質，續約工作更集中在 2026 年第三季和第四季。因此，我們預計訂閱授權收入也將主要集中在後期。

Third, as AI reshapes how Pega as partners deliver solutions with Blueprint, we intentionally reduced our professional services billable head count and increased our reliance on partners for delivery. So we expect full year professional services revenue to represent roughly 10% of our $2 billion revenue guide in 2026.

第三，隨著人工智慧重塑 Pega 作為合作夥伴透過 Blueprint 提供解決方案的方式，我們有意減少了專業服務計費人員的數量，並增加了對合作夥伴交付的依賴。因此，我們預計到 2026 年，全年專業服務收入將約占我們 20 億美元收入目標的 10%。

Finally, but also the most impactful factor is our rate of Pega Cloud ACV growth. Pega Cloud ACV has accelerated for four consecutive quarters, fueled by the strength of Blueprint and strong execution. We expect this growth acceleration will continue to be driven by AI-powered automation initiatives by CIOs and executives prioritizing productivity and efficiency gains. Given these dynamics, we expect Pega Cloud revenue to continue to accelerate above 30% in 2026, and you can see that acceleration signal in our current Pega Cloud backlog growth.

最後，也是影響最大的因素是我們的 Pega Cloud ACV 成長率。由於 Blueprint 的強大實力和強有力的執行，Pega Cloud 的年度合約價值 (ACV) 已連續四個季度加速成長。我們預計，資訊長和高階主管將提高生產力和效率作為優先事項，而人工智慧驅動的自動化計畫將繼續推動這種成長加速。鑑於這些動態，我們預計 Pega Cloud 的營收將在 2026 年繼續加速成長 30% 以上，您可以從我們目前的 Pega Cloud 積壓訂單成長中看到這種加速訊號。

In conclusion, we've made tremendous progress in transforming our business model over the last several years. Looking back, 2025 was a year where we positioned Peg exceptionally well for continued growth acceleration. We love to have you join us here in person

總之，在過去的幾年裡，我們在商業模式轉型方面取得了巨大的進展。回顧過去，2025 年我們為 Peg 的持續加速成長做好了非常充分的準備。我們非常歡迎您親自前來參加。

And with that, I'd like to hand it over to Alan Trefler, our Founder and CEO.

接下來，我將把發言權交給我們的創辦人兼執行長艾倫·特雷弗勒。

Thank you, Ken. And it's a pleasure hearing you tick off those numbers. it's really was a terrific 2025, and it actually feels like a long time ago. We should take a brief moment to enjoy it.

謝謝你，肯。很高興聽到你一一列舉這些數字。 2025年真是精彩紛呈，感覺好像已經是很久以前的事了。我們應該花點時間好好享受一下。

Now that moment has passed. Let me tell you about what's going to be happening in 2026. I'm really proud of our team coming into this year because what we have is the basis of some things that can be really, really excited. In '25, we launched the Infinity platform as the first real agentic enterprise transformation platform. And we really extended our leadership position in the industry reports that matter the most to our customers and prospects.

現在，那一刻已經過去了。讓我來告訴你2026年會發生什麼事。我為我們團隊今年的表現感到非常自豪，因為我們擁有的基礎將會帶來一些非常令人興奮的事情。2025 年，我們推出了 Infinity 平台，這是第一個真正的智慧企業轉型平台。我們確實鞏固了在對我們的客戶和潛在客戶至關重要的行業報告中的領先地位。

I'd love if you go to our website, you just have people see how Gartner and Forrester reflect on what we do and what we are doing.

如果您能造訪我們的網站，我會非常高興，讓人們可以看看 Gartner 和 Forrester 對我們所做的工作和我們正在做的事情的評價。

And being in this position where as a Rule of 40 plus company, where we have the resources, we have the balance, I think we have the maturity to go after this opportunity as we look to break the $2 billion a year threshold. Once again, it's really an exciting time. But it all comes down to what clients need. And I recently returned from Davos, where I had thousands of conversations with senior leaders and global organizations. And we really mirror a lot of the discussions that we have all the time.

而我們作為一家符合「40歲以上規則」的公司，擁有資源、平衡和成熟度，我認為我們有能力抓住這個機會，力求突破年收入20億美元的門檻。這又是一個令人興奮的時刻。但歸根結底，一切都取決於客戶的需求。我最近剛從達沃斯回來，在那裡我與數千名高級領導人和全球組織進行了對話。我們經常進行的許多討論都與我們自己的討論非常相似。

Now there's lots of presentations and lots of noise and even the occasional Super Bowl ad about AGI, artificial general intelligence and how that's going to change the world in speculative perhaps dramatic ways. But in more normal settings, leaders are focused on the urgent practical questions. How do we leverage AI to reimagine our business, simplify it and modernize operations and improve the customer experience. And the issue here isn't the AI models. We made some great decisions about being able to be pretty fungible in how we chose what model versus another for different settings.

現在有許多關於通用人工智慧 (AGI) 的演講、很多噪音，甚至偶爾還有超級盃廣告，都在談論 AGI 將如何以推測性的、或許是戲劇性的方式改變世界。但在更正常的情況下，領導者關注的是緊迫的實際問題。我們如何利用人工智慧來重塑我們的業務，簡化業務流程，實現營運現代化，並改善客戶體驗？而問題的關鍵不在於人工智慧模型。我們在選擇不同場景下的模型時，做出了非常明智的決定，使其具有強大的靈活性。

And boy, that has turned out to be the absolutely right way to go about it. But the real question is not just the model, it's how and when do you use it. And I spoke about this in our last call, but it's so important. I think it's worth taking a few minutes and really go through it again. Our competition broadly is taking generative AI mods and using them at run time, let me explain what that means. It means that when a customer or a staff member engages with whatever system is involved here. That model is reasoning there in the moment, from scratch, trying to figure out what to do.

事實證明，這絕對是正確的做法。但真正的問題不僅僅是模型本身，而是如何以及何時使用它。我在上次通話中也談到了這一點，但這真的非常重要。我認為值得花幾分鐘時間再仔細閱讀。我們的競爭對手普遍採用生成式人工智慧模組並在運行時使用它們，讓我解釋一下這意味著什麼。這意味著當顧客或員工與這裡涉及的任何系統互動時。該模型會立即從零開始進行推理，試圖弄清楚該怎麼做。

And there are times that's just fine to tell you the truth. I mean, when we use our Blueprint technology, to rethink and reengineer and we envision a set of complex business processes, we do exactly that. We're using our real-time capabilities to engage with the designers. If you're looking to do the work, we think it's a mistake, a serious mistake to a run time, routinely go and call the model as if it's discovering what you're trying to do for the first time, structurally, our competition, whether it's Microsoft or Salesforce or ServiceNow, our competition rethinks the problem the scratch over and over again.

說實話，有時候這樣做也完全沒問題。我的意思是，當我們使用我們的藍圖技術來重新思考和重新設計，並設想一系列複雜的業務流程時，我們正是這樣做的。我們正在利用即時功能與設計師互動。如果你想做這項工作，我們認為這是一個錯誤，一個嚴重的錯誤，在運行時，經常調用模型，就好像它是第一次發現你想要做的事情一樣，從結構上看，我們的競爭對手，無論是微軟、Salesforce 還是 ServiceNow，都會一遍又一遍地重新思考問題。

And the slightly frightening thing is the models don't always come up with the same answers, even in situations and regulated industries. We're coming up with the same answer, it's not just important. It is imparity. And people who have fallen or are falling into these traps. Some of them, I think, are starting to realize there's a problem here.

而令人略感擔憂的是，即使在受監管的行業和情況下，這些模型也並非總能得出相同的答案。我們得出的答案是一樣的，這不僅僅是重要的事情。這是不公平。以及那些已經或正在落入這些陷阱的人。我認為，他們中的一些人已經開始意識到這裡有問題。

A problem that Pega does not have, but a problem, that is structural endemic to the alternatives. And so you can hear the noise and you hear the wild claims. You hear that labs can do it all. But the reality is the LMM will work fast when used the right way. No, we've seen of late, I think, is referred to as the SSPPs pools, where software companies have been really brutalized. And obviously, that's struck us as well as other firms. I think there's a lot of guilt by association here in this space.

這是 Pega 所沒有的問題，但卻是其他替代方案固有的結構性問題。所以你就能聽到各種噪音，聽到各種離譜的說法。你聽說實驗室無所不能。但實際上，如果使用得當，LMM 可以快速完成工作。不，我們最近看到的，我認為，被稱為 SSPP 池，軟體公司在那裡遭受了真正的殘酷打擊。顯然，這一點也引起了我們和其他公司的注意。我認為在這個領域有許多因人而異的牽連。

Let me share my views on that. First of all, there are definitely some software companies that are going to die. The reality is every time there's a big technical shift, you'll see that sort of thing happen. I think software companies that are basically clarified spreadsheets with limited functionality.

我想談談我的看法。首先，一定會有一些軟體公司倒閉。事實上，每當出現重大的技術變革時，你都會看到這類事情發生。我認為有些軟體公司本質上就是功能有限的簡化版電子表格。

Yes, you can do all sorts of magical things in the cloud or even copilot that enable you to go after those types of a applications. But the applications we do for our clients, the very, very large ones that we've historically worked with and the more mid-market ones, we've never gone down market, but the more mid-market ones that we've talked about wanting to open up as we look to scale up this business, those companies really have processes that run them, and they want those processes to be respected. They want architectures that we'll be able to do, reliable, and our favorite word, predictable mix.

是的，你可以在雲端甚至 Copilot 上做各種神奇的事情，從而實現這些類型的應用程式。但是，我們為客戶開發的應用程序，無論是我們過去合作過的規模非常非常大的客戶，還是規模較大的中型客戶，我們從未涉足低端市場。但是，隨著我們尋求擴大業務規模，我們討論過想要拓展的中型客戶，這些公司確實有自己的營運流程，他們希望這些流程得到尊重。他們想要的架構是我們能夠實現的、可靠的，以及我們最喜歡的單字——可預測的組合。

And authoring prompts is not a way to achieve that, whereas building workforce that are intrinsically adjective. So what we've done is made it so that every workflow is able to run as an agent is able to call other agents from other companies and is able to be part of a fabric that orchestrates processes across the enterprise and much people interact conversational, less people interact in ways that leverage their whole collection of workflows in ways that are at once innovative and predictable. And when we can explain this difference to organizations, we see lights go on and it's very, very, very exciting. The thing about these set of differentiators is this is a structural advantage.

而編寫提示並不是實現這一目標的方法，而建構本質上具有形容詞特性的員工隊伍才是關鍵。因此，我們所做的就是讓每個工作流程都能運行，代理可以呼叫其他公司的其他代理，並能夠成為協調整個企業流程的架構的一部分，而更多的人以對話的方式進行互動，較少的人以既創新又可預測的方式利用其所有工作流程進行互動。當我們能夠向組織解釋這種差異時，我們看到他們恍然大悟，這真的非常非常令人興奮。這些差異化因素的關鍵在於，它們構成了一種結構性優勢。

This is not one of those things where one LLM is six weeks ahead of another. This is a difference in philosophy that goes to the very core and powerfully allows us to leverage our long, long history as a workflow model system to be able to do what you need to do for customers. To be able to build a workflow that can run at scale that can be used through the power of AI and can incorporate and orchestrate AI in a way that is turning it over to a model is, frankly, a little bit treaty and unpredictable in my view here as well.

這並非那種法學碩士課程進度相差六週的情況。這是理念上的根本差異，它使我們能夠充分利用我們作為工作流程模型系統的悠久歷史，從而更好地滿足客戶的需求。坦白說，在我看來，要建立一個能夠大規模運作、能夠借助人工智慧的力量、能夠以某種方式整合和協調人工智慧並將其交給模型的工作流程，這本身就有點棘手且難以預測。

Now having been able to do this for such a long time, I think the conjunction of this brand-new stripy technology, putting a real powerful machine on Pega's traditional business is the sort of thing that I think a lot of customers are realizing an gives them what they need and give them a way that they can predict and that they could understand.

現在，我們已經能夠這樣做這麼長時間了，我認為這種全新的條紋技術與 Pega 的傳統業務相結合，為 Pega 帶來了一台真正強大的機器，我認為很多客戶都意識到了這一點，這可以滿足他們的需求，並為他們提供一種可以預測和理解的方式。

Now I do have people ask, well, in this world in which you can generate vast amounts of code, I [lose] and go to a cloud code or codecs you can, like [red] programs and who knows, maybe that will be used to take out applications. Why is this still relevant? I'm going to tell you exactly why it's relevant, more relevant than ever.

現在確實有人問我，在這個可以產生大量程式碼的世界裡，我[失敗了]，轉而使用雲端程式碼或編解碼器，就像[紅色]程式一樣，誰知道呢，也許它會被用來開發應用程式。為什麼這個問題現在仍然具有現實意義？我將詳細解釋為什麼它如此重要，而且比以往任何時候都更重要。

It goes back to something that we've been saying literally for 30 years. The problem is not generating the first limit of code. It's easy to do the machine do it well. And for some problems, maybe that's all you need. But for the problems we solve for our clients, it's not just about day one.

這可以追溯到我們30年來一直在說的一句話。問題不在於產生第一段程式碼。讓機器做好很容易。對於某些問題，也許這就夠了。但對於我們為客戶解決的問題而言，這不僅僅是第一天。

It's also about being able to go back on day 30. Now, we can have be able to navigate it and figure out how I'm going to change it, how I'm going to evolve it to use our trademark term, how are we going to build for change.

這也關係到能否在第 30 天回來。現在，我們可以駕馭它，弄清楚我將如何改變它，我將如何發展它以使用我們的商標術語，我們將如何為變革做好準備。

We have the build-for-change system, very -- we had some of the trademark moving out the system, which I think is actually more important. And what people generate in [Codan] are instant legacies. Yes, you can create some really interesting things. And by the way, we use it too, when we're writing our systems. You want to use the cogeneration because the world has changed in that way.

我們有適應變化的體系，非常——我們有一些商標從體系中轉移出去，我認為這實際上更重要。人們在[Codan]創造的，是立竿見影的遺產。是的，你可以創造出一些非常有趣的東西。順便說一句，我們在寫系統時也會用到它。你想使用熱電聯產，是因為世界已經發生了這樣的變化。

But you want a structure, and so why I say a structural advantage. And that structure or liveries of workflows that enable the business to scale, enable the business to operate ejectically with reliability and predictability, able to make the software able to orchestrate between different agents, systems and environment. And these are, we believe, the fundamentals of what makes Pega special and quite different.

但你需要的是一種結構，所以我才說結構優勢。而這種能夠使企業規模化、使企業能夠可靠且可預測地自主運營、使軟體能夠在不同的代理、系統和環境之間進行協調的結構或工作流程，則能夠使企業規模化、使企業能夠自主運營、使軟體能夠協調不同的代理、系統和環境。我們認為，這些正是 Pega 與眾不同的根本原因。

No. I couldn't be fair without going back to something I've talked about a lot, which is, I think, the strong portfolio of this, which is Blueprint. Blueprint is the AI design engine for the enterprise. It takes -- and it continues to get better, by the way, every two weeks or something there. So if you haven't been on blueprint.com and tried it, it's worth doing.

不。如果我不回到我經常談論的一點，那就是我認為它強大的產品組合，也就是 Blueprint，那就太不公平了。Blueprint 是企業導向的 AI 設計引擎。情況需要一段時間才能好轉——而且順便說一句，情況還在不斷好轉，大概每兩週左右就會好轉一次。所以，如果你還沒有訪問過 blueprint.com 並嘗試過，那就值得一試。

I gets more and more exciting and amazing every two weeks. Blueprint, the design agent unwise innovation. It really lets you describe what you want your business to be. If you can go out to your website and see what you say about your market, you can go out to all of the interfaces that you can upload into it so we can actually see how to book this in to the actual systems that you have in your back office.

每兩週就變得越來越精彩、越來越令人驚嘆。藍圖，設計代理人，不智的創新。它能讓你真正描述你希望你的企業發展成什麼樣子。如果您能造訪您的網站，看看您對市場做了哪些描述，您就能存取所有可以上傳到網站的介面，這樣我們就能實際了解如何將這些資訊輸入到您後台的實際系統中。

And it allows you to have these instant and productive conversations with team members to be able to collaborate and to build out what you want the system to work, right? And as I mentioned before, this has completely changed our go-to market. We're having similar productive conversations with clients about how they want to see an application and know with certainty that they're going to be able to get something that doesn't rely on power port. It allows on the experience that they can literally touch, they can literally converse with, they can engage in it and you can do it in the first 10 minutes that we sit down with them. We're so excited about what this does, but I will tell you that my excitement has increased because this year, we've added features to enable not just our intellectual property to be put into something called a Vector database and incorporated in Blueprint.

它能讓你與團隊成員進行即時有效的對話，從而進行協作，並建構出你希望系統如何運作的功能，對嗎？正如我之前提到的，這徹底改變了我們的市場策略。我們與客戶進行了類似的富有成效的對話，了解他們希望看到怎樣的應用程序，並確信他們能夠獲得無需電源端口即可運行的應用程序。它讓他們能夠親身觸摸、親身交談、親身參與其中，而這一切，你可以在和他們坐下來的前 10 分鐘內做到。我們對這項功能感到非常興奮，但我要告訴你們，我的興奮之情更加高漲，因為今年我們增加了一些功能，不僅可以將我們的知識產權放入一個名為「向量資料庫」的東西中，並將其整合到 Blueprint 中。

But to enable 10 of our best partners to be able to put air intellectual property. Their proprietary intellectual property available only to them into Blueprint. So when those partners are with one of their clients. They can use Blueprint as a vehicle to sell their projects with their IP, and this is very new. But I think this is going to be a tremendous opportunity for us to change the way we go to market by really leveraging the partners. And I'll tell you that still early stages, but these partners are enormously excited.

但為了讓我們的 10 位最佳合作夥伴能夠運用智慧財產權。他們獨有的智慧財產權，僅供他們使用，並已整合到 Blueprint 中。所以當這些合夥人與他們的客戶在一起時。他們可以利用 Blueprint 作為銷售其擁有智慧財產權的項目的工具，這非常新穎。但我認為這將是一個絕佳的機會，讓我們能夠真正利用合作夥伴的力量來改變我們進入市場的方式。我可以告訴你，目前還處於早期階段，但這些合作夥伴都非常興奮。

You can see interview with me and Ravi Kumar, the CEO of Cognizant in which he directs his teams, not just the Pega teams of the company in general to go and understand it to use this technology. And I think Blueprint offers a chance that I have not seen before in my [history] pack. And we've seen it turn into real results. For example, Proximus, which is the leading telecom provider in Belgium. Recently is Blueprint to redesign a critical application in on deck and actually get it into full production on Pega Cloud to four months.

您可以觀看我和 Cognizant 執行長 Ravi Kumar 的訪談，他在訪談中指導他的團隊，而不僅僅是公司的 Pega 團隊，去了解並使用這項技術。我認為 Blueprint 提供了一個我以前在我的[歷史]卡包中從未見過的機會。而且我們已經看到它轉化為實際成果。例如，比利時領先的電信業者 Proximus。最近，Blueprint 正在著手重新設計一個關鍵應用程序，並計劃在四個月內將其全面投入 Pega Cloud 的生產環境。

And this is so much more than they would have ever been able to do before, so exciting here as well. So look, we love the term, coding. I don't know if it's going to stick or not. But we're adding five features to Blueprint to make it work. But all of this is much more than just five coding, sort of a personal app to do something for you.

這比他們以前所能做到的要多得多，這真是太令人興奮了。所以你看，我們很喜歡「編碼」這個詞。我不知道它能不能成功。但我們正在為 Blueprint 添加五項功能，使其能夠正常運作。但這不僅僅是編寫五個程式碼那麼簡單，更像是一個可以為你做某些事情的個人應用程式。

This is about building enterprise systems to enterprise standards with enterprise interfaces and reliability and the capabilities that you need to be able to run your business on it and of course, run your business reliably and predictably.

這是指依照企業標準建構企業系統，具備企業級介面和可靠性，以及運作業務所需的各種功能，當然，也要確保業務能夠可靠、可預測地運作。

Now in addition to the apps that customers want to have, we think that this is also a great chance to get rid of apps for customers which they didn't have. And this is where we made a recent acquisition, and this is where we built technology, and we have key partnerships with companies like Accenture and Wipro to be able to analyze existing legacy systems rethink with AI, put them into Blueprint, allow collaboration and then put them on this fast legacy modernization.

除了客戶想要擁有的應用程式之外，我們認為這也是一個擺脫客戶沒有的應用程式的好機會。我們最近在這裡進行了一項收購，並在這裡建立了技術，我們與埃森哲和威普羅等公司建立了重要的合作夥伴關係，以便能夠分析現有的遺留系統，利用人工智慧重新思考，將它們納入藍圖，實現協作，然後對它們進行快速的遺留系統現代化改造。

The thing I will tell you is it's not just faster, it's better. So I think being able to do this in conjunction with our partners is going to allow us to accelerate our transformation. And going to allow us to achieve a whole new level of scale. And I'm really excited with the senior executives who I've had [Davis], who love this stuff, actually. And they love it because if you go on to the Blueprint and you are signed on as one of these partners, we actually put their logo, we give them full credit for their IP contributing to this picture, and it's something that the bank can use in their selling motion as well.

我要告訴你的是，它不僅速度更快，而且性能更好。所以我認為，與我們的合作夥伴共同完成這項工作，將使我們能夠加速轉型。這將使我們能夠達到一個全新的規模水準。我對我的高階主管團隊（戴維斯）感到非常興奮，他們真的很喜歡這些東西。他們喜歡這樣，因為如果你加入「藍圖」並成為這些合作夥伴之一，我們實際上會放置他們的標誌，充分肯定他們為這幅圖貢獻的智慧財產權，銀行也可以在他們的銷售宣傳中使用這幅圖。

So I think that the opportunity here out of Blueprint and where Blueprint is and will be going just continues to open new to us for us. So 2025 prove that disciplined innovation can win. And the market forces that are there, there's a lot of confusion. But the truth is the truth. Enterprises really want to transform.

所以我認為，Blueprint 計畫帶來的機會，以及 Blueprint 目前的狀況和未來的發展方向，都將持續為我們開啟新的機會。所以，2025年將證明，有紀律的創新能夠成功。而現有的市場力量，造成了許多混亂。但事實就是事實。企業真的想要轉型。

They really want to save money. They want to do a better job for their customers and work for us are at the heart of how enterprises work. Our (inaudible) platform was built for this moment and predictable AI advantages of the AI, but also really gives them the predictability of the liability so that we don't have to worry about a lot of things that I see other people agonizing about.

他們真的很想省錢。他們希望為客戶提供更好的服務，而為我們工作是企業運作的核心。我們的（聽不清楚）平台正是為了應對這一時刻而建構的，它不僅能發揮人工智慧可預測的優勢，還能真正地讓他們預見責任的可預測性，這樣我們就不必擔心我看到其他人為此苦惱的許多事情了。

In '26, our focus remains clear, helping customers move of experimentation to execution and move to outcomes and talk. And I am super excited by what I see. Pega is built for this era. We are built for change, and we are excited for what's next.

2026 年，我們的重點依然明確，幫助客戶從實驗階段過渡到執行階段，再到取得成果並進行交流。我被眼前所見的一切深深震撼了。Pega 是為這個時代而生的。我們天生適應變化，我們對未來充滿期待。

Krista, you can open up the line for questions.

克麗斯塔，你可以開通提問專線了。

(Operator Instructions)

（操作說明）

Steve Enders, Citigroup.

史蒂夫恩德斯，花旗集團。

I guess I just want to start on just the deal environment and what you're seeing out there in terms of the macro. I understand that there's a -- it seems like things are resonating on Blueprint and AI messaging, but just, I guess, what are you seeing in terms of deals getting across the finish line? Just how would you kind of characterize the current environment and how you're thinking about that into '26?

我想先談談目前的交易環境以及你從宏觀角度看到的情況。我知道目前——似乎 Blueprint 和 AI 訊息傳遞方面引起了共鳴，但我想問的是，就最終達成的交易而言，您看到了什麼？您如何描述目前的環境，以及您對 2026 年的展望？

So I think the interesting thing about the Blueprint approach and the whole way we've gone about using and pitching it, it so reduces friction around engaging the client because it's a very low-cost, low-risk transaction for the customer to take a meeting and see what one of your systems could have get just need a little information about what the systems are and what they do.

所以我覺得，Blueprint 方法以及我們使用和推廣它的整個方式最有趣的地方在於，它大大減少了與客戶互動時的摩擦，因為對於客戶來說，這是一筆成本很低、風險很低的交易，他們只需要了解一下這些系統是什麼以及它們能做什麼，就可以參加一次會議，看看你們的系統能提供什麼。

And then (inaudible) and feeling in the first hour. I think that's not the same as getting the check, but it does put the whole mindset at ease. So I would describe the early stages of the pipeline as really excitingly advantaged. We've also used (inaudible) to create the workflows in our sales automation technology that enable us to evaluate a customer, see what we know about it, see what's available on the web. See what other systems, these people who still have lots (inaudible) and other sorts of things, see what other systems they have, and actually be in a position to propose how they could do legacy transformation.

然後（聽不清楚）以及第一小時的感覺。我認為這和拿到支票不一樣，但確實能讓人安心。所以我會把這條管道的早期階段描述為極具優勢，令人振奮。我們還利用（聽不清楚）在銷售自動化技術中建立工作流程，使我們能夠評估客戶，了解我們對客戶的了解，以及了解網路上可用的資源。看看其他系統，看看那些仍然有很多（聽不清楚）和其他東西的人，看看他們還有哪些系統，並實際上能夠提出如何進行遺留系統轉型。

And this is all very fresh. It's a great use of AI. And it matches our what we call customer product matrix with an actual customer and the information we have about that actual customer. And I think that also lets us open up a whole new set of conversations, which from my point of view, is pretty exciting.

這一切都非常新鮮。這是人工智慧的一個很好的應用案例。它將我們所謂的客戶產品矩陣與實際客戶以及我們掌握的有關該實際客戶的資訊進行配對。我認為這也能讓我們開啟一系列全新的對話，從我的角度來看，這非常令人興奮。

I think, Steve, I'll add just maybe a more tactical point on this. I don't know that in my 10 years at Pega, that I've seen more discussion with our clients around getting off of old legacy environments, like the pace at which that conversation is happening and how much people are engaging with Blueprint and how many people -- how many clients are coming to visit us that we're doing, like we're actually doing workshops on trying to identify which systems is like the pace of that is I've not seen that speed. So that's really exciting for us just in terms of really the pace of digital transformation.

史蒂夫，我想再補充一點戰術方面的內容。在我於 Pega 工作的 10 年裡，我從未見過與客戶就擺脫舊的遺留環境進行如此多的討論，無論是討論的節奏，還是人們對 Blueprint 的參與度，以及前來拜訪我們的客戶的人數，例如我們正在舉辦研討會，試圖確定哪些系統需要遷移，這種速度我以前從未見過。所以，就數位轉型的速度而言，這真的讓我們感到非常興奮。

Okay. That's great to hear. And then I guess to follow up, just in terms of, I guess, the confidence on the ACV guide. I guess what is it that you're seeing out there that gives you -- that feel that you're going to be able to hit that 15%? And I guess the question we're getting from investors is I think the 4Q ACV number, I think people were maybe hoping for a little bit of a better number there and see a bit of a continued acceleration.

好的。聽到這個消息真是太好了。然後我想繼續跟進，就 ACV 指南的信心而言。我想，你看到的是什麼，讓你感覺自己能夠達到那 15% 的成功率？我想我們從投資者那裡得到的問題是，我認為第四季度的年度合約價值（ACV）數據，人們可能希望這個數字能更好一些，並看到成長勢頭持續加速。

And so I think, did it like maybe slip into '26? Or just, yes, what is it that you're seeing that maybe provides that perspective that you're going to 15% for '26?

所以我覺得，它是不是滑落到 2026 年了？或者，是的，你看到了什麼，讓你覺得2026年會達到15%？

Well, I think our growth rate pretty much -- our constant currency growth rate stayed pretty consistent across the year. It was kind of right around that 14% number all through the year. So I don't -- it was well above our guide. So I think it was a fantastic year and a strong finish.

我認為，我們的成長率——以固定匯率計算的成長率——全年都保持相當穩定。全年這個數字基本上都穩定在 14% 左右。所以我不這麼認為——它遠遠高於我們的指南。所以我認為這是精彩的一年，也是一個完美的結束。

In terms of the future, I think it really comes down to our net retention rate is expanding at the same time that we're actually targeting new logos. And Blueprint is much more prominent, which really builds the bridge for us to grab new logos at a pace that we haven't been able to. So that's really what is a combination of NRR increasing and us having the opportunity to go after new logos and really starting to see some early success of that.

展望未來，我認為關鍵在於我們的淨留存率在不斷提高的同時，我們也積極拓展新客戶。而 Blueprint 則更加突出，這確實為我們以前所未有的速度獲取新徽標搭建了橋樑。所以，這實際上是 NRR 成長和我們有機會爭取新客戶，並且開始看到一些早期成功因素共同作用的結果。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

Wonderful. Maybe I want to start by thinking about the role that you can play now as enterprises actually start to live deploy agents. Obviously, technology has a lot of promise. We've seen a lot of great demonstration. But just given how nascent protocols like [MCU] and [AA] have been, maybe these multi-agentic systems have maybe been a little bit more limited.

精彩的。或許我想先思考一下，隨著企業真正開始部署代理，現在可以扮演什麼角色。顯然，科技前景廣闊。我們看到了很多精彩的演示。但考慮到像 [MCU] 和 [AA] 這樣的協定仍處於起步階段，這些多智能體系統可能仍有一些限制。

So the question I want to ask is as enterprises start to get a little bit more serious about deploying hundreds or thousands of agents. Can you maybe help us understand how can that serve as a tailwind for Pega both in terms of being able to bring together, Alan, as you talked about in the prepared remarks, agents from disparate systems and get them to work together, but also thinking about helping agents trigger workflows across systems from different technological spans because I can imagine they're not embedded to build to work with mainframe systems or on-premise data stores. Maybe just help us understand how introduction this complexity can be a tailwind for Pega and what role you can play there? And then I've got a quick follow-up.

所以我想問的問題是，當企業開始認真考慮部署數百個代理商時，會發生什麼事？您能否幫助我們理解，這如何能為 Pega 帶來助力？一方面，正如您在準備好的發言稿中提到的，Alan，它能夠將來自不同系統的代理聚集在一起，使它們協同工作；另一方面，它還能幫助代理觸發來自不同技術跨度的系統的工作流，因為我想它們並非嵌入式構建，無法與大型機系統或本地數據存儲配合使用。或許您可以幫我們理解一下，引入這種複雜性如何成為 Pega 的發展動力，以及您能在其中發揮什麼作用？然後我還有一個後續問題。

Yes. I think this is where we have some of our I think structural advantages. With Pega, I don't expect the customers will having to install tens of thousands of agents. I think the people who want to install tens of thousands of agents are delusional. And we went through a parallel environment years ago around interfaces.

是的。我認為這是我們的一些結構性優勢。使用 Pega，我預計客戶無需安裝數萬個代理程式。我認為那些想要安裝數萬個代理程式的人是妄想。幾年前，我們也經歷過一個圍繞介面的平行環境。

People talked about micro services. And the question was how many of these micro services connect your enterprise. The reality is the people who put too many of them found that they went out of control. I think having an agent control tower to control your agents tells you something about the architecture, which is not a good thing. In Pega, if you have an application that has, say, 40 or 60 workflows in it, and we have applications that have even much more than that.

人們談論微服務。問題是，你的企業連結了多少個這樣的微服務。現實情況是，那些投放過多此類設備的人發現，它們最終失控了。我認為，用代理控制塔來控制代理，這反映了架構的一些問題，而這並不是一件好事。在 Pega 中，如果你的應用程式中有 40 或 60 個工作流程，而我們甚至有應用程式包含的工作流程數量遠不止這些。

The Pega super agent is able to run off 40. And if any of those agents and any of those steps need to learn something from another agent, it's not a Pega agent. We need to go to a third party, it can fire off an MCP A2A request that's already built into the system to be able to incorporate or orchestrate what that agent does with the work of another agent here. But the idea that the competitors have where you go or you use a pronged studio to create literally thousands of agents that are defined in English and that are going to do the right thing reliably. That is so much weaker than saying, Hey, I've got workflows that I know can run my business, I can do it at scale.

Pega 超級代理能夠運行 40。如果這些代理程式中的任何一個或任何步驟需要從另一個代理程式學習一些東西，那麼它就不是 Pega 代理。我們需要藉助第三方，它可以發起一個 MCP A2A 請求，該請求已經內建在系統中，以便將該代理的操作與此處另一個代理程式的工作進行整合或協調。但競爭對手的想法是，你可以去一個多管齊下的工作室，創建成千上萬個用英語定義的代理，這些代理會可靠地做正確的事情。這遠不如說：“嘿，我有一些工作流程，我知道這些流程可以運行我的業務，我可以大規模地做到這一點。”

We can do it in high volume and do it predictively and the Pega agent is able to run any of them. Does that make sense to you?

我們可以大規模地進行預測性操作，Pega 代理程式能夠運行任何此類操作。你覺得這樣說得通嗎？

Yes. No, absolutely, that's very helpful color. And then maybe I wanted to follow up and think about Blueprint, obviously, great to see this turn from kind of idea and the reality show up in numbers, which is great to see, especially the accelerating ACV.

是的。不，當然，那是一個非常有用的顏色。然後，我可能想跟進一下，思考一下 Blueprint，顯然，很高興看到這種想法和現實以數字的形式呈現出來，這真是太好了，尤其是 ACV 的加速增長。

What I want to maybe understand is one of the theories when you first launched Blueprint is that this could help meaningfully shorten sales cycles and get customers from ideation to live deployment and value sooner. And I directionally talked about that. But in kind of the time since you've launched Blueprint, is there any way to quantify how that has impacted, whether it's on sale cycles, whether it's on just a last time from first conversation to wide deployment.

我想了解的是，當初你們推出 Blueprint 時提出的一個理論是，它可以幫助顯著縮短銷售週期，讓客戶更快地從構思階段過渡到實際部署階段並獲得價值。我當時也談到了這一點。但是，自從你們推出 Blueprint 以來，有沒有辦法量化它產生了怎樣的影響，無論是對銷售週期的影響，還是從第一次對話到廣泛部署的最後一次過程的影響。

Ken, you did talk about NRR improving, maybe any message you can share to kind of quantify the impact that Blueprint has had on that would be helpful.

Ken，你確實提到了 NRR 的改善，如果你能分享一些資訊來量化 Blueprint 對此產生的影響，那就太好了。

So yes, we'll be basically about one year into the Blueprint data when we get closer to our Investor Day, Rishi. But I will give you some of the early signs that we're seeing. We are seeing faster pipe build, faster progression and faster close times across the board with Blueprint. And so the key to that is to get into those new workflows.

所以，Rishi，是的，到我們投資者日臨近的時候，我們基本上就掌握了藍圖數據一年左右的時間了。但我會向你們介紹一些我們目前看到的早期跡象。我們看到，使用 Blueprint 後，管線建設速度、進度推進速度和關閉時間都全面提升。因此，關鍵在於適應這些新的工作流程。

Even with existing client (inaudible) with new logos, so we are seeing those early signs. We'll be a little bit more precise with how some of that data because we'll kind of have about a year of that data when we get closer to Investor Day, but we are seeing the signs of impacting all the important factors, pipe build, pipe progression, win rates. So we are seeing the early signs of that. That's what gives us a key part of giving us confidence of accelerating our growth.

即使是現有客戶（聽不清楚）也啟用了新的標誌，所以我們已經看到了這些早期跡象。我們會更精確地說明一些數據，因為接近投資者日時，我們將擁有大約一年的數據，但我們已經看到跡象表明，所有重要因素，包括管道建設、管道進展和中標率，都受到了影響。所以我們已經看到了這種現象的早期跡象。這正是我們增強信心、加速發展的關鍵。

I think that we've seen a massive acceleration or improvement in the training time for new staff. I would say we used to hire somebody we take five or six months before we look loose on the client. Everybody is in the field and above less. And a lot of that is the blueprint is mix. It's so easy for them to get it and for them to explain to the (inaudible).

我認為我們已經看到新員工的培訓時間有了巨大的加速或改善。我想說，我們以前僱用一個人，需要五到六個月的時間才能讓客戶放心。每個人都在場，而且地位都低於其他人。而很多時候，這種混合模式才是真正的藍圖。他們很容易就能理解，也很容易向別人解釋。（聽不清楚）

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Perfect. On Blueprint, guys, where are we on that app modernization journey -- that was always the dream. In theory, you would think Blueprint and AI can really help there. But how close are we for that dream to come through? Because that would obviously unlock a lot of opportunities with so much legacy (inaudible) out there.

完美的。各位，Blueprint 應用現代化之旅進度如何？這始終是我們的夢想。理論上講，你會認為藍圖和人工智慧真的能在這方面提供幫助。但我們距離夢想實現還有多遠？因為那樣顯然會釋放出很多機會，畢竟還有很多歷史遺留問題（聽不清楚）。

So the capabilities are very rich we have out-of-the-box interfaces with Accenture and other partners that AWS that will enable their tooling, which like reach [Cobalt] code and those other sorts of things, to feed into Blueprint to complement what I actually prefer using things like user annuals and outcome-oriented documents. And it's I see an enormous amount of interest from clients in terms of doing that I think this will be a good year for that.

因此，AWS 的功能非常豐富，它與埃森哲和其他合作夥伴提供了開箱即用的接口，這些接口可以讓他們使用諸如 Reach [Cobalt] 代碼之類的工具，並將其導入 Blueprint，以補充我實際更喜歡使用的用戶年度報告和以結果為導向的文檔等內容。我看到客戶對這方面表現出了極大的興趣，我認為今年將是這方面的好年。

We've also made it so the Blueprint can modernize -- we have a couple of pretty old Pegasystems that are out there with some of our clients. And we've added facilities so that Blueprint can also modernize an old Pegasystem. And I think that's also positive. So the feedback we get in by us is quite a bit of interest and I expect that we will have several success story as a customer standing office success stories at Pega World with (inaudible)

我們也讓 Blueprint 能夠現代化——我們的一些客戶還在使用一些相當老舊的 Pegasystems 系統。我們也增加了相關功能，讓 Blueprint 也能將舊的 Pegasystem 現代化。我認為這也是好事。因此，我們收到的回饋非常令人感興趣，我預計在Pega World上，我們將看到許多客戶成功案例。（聽不清楚）

Yes. Okay. Perfect. And then one for you, Ken. The -- if you look the Pega Cloud, really strong, can you talk a little bit about where we are on that client cloud getting client help people to migrate over versus new opportunities? And how that -- how do you think that's going to play out in 2026?

是的。好的。完美的。還有一首是給你的，肯。如果你看看 Pega Cloud，你會發現它非常強大。可以談談我們在客戶端雲端方面所處的階段嗎？是幫助客戶遷移到雲端，還是會帶來新的機會？那麼──你認為到 2026 年會如何發展呢？

Thank you. Yes, I'll touch on a couple of things, I'll maybe be a little bit more explicit. Professional services ballpark around 10% of our revenue. Pega Cloud ACV is going to continue to accelerate. Pega Cloud ACV is going to be 30% plus in 2000 and that's translating into the revenue.

謝謝。是的，我會談到一些事情，也許會說得更清楚一些。專業服務費用大約占我們收入的 10%。Pega Cloud 的平均合約價值 (ACV) 將繼續加速成長。2000 年 Pega Cloud 的 ACV 將成長 30% 以上，這將轉化為營收成長。

Our term license will still have slight growth because clients when they migrate you tend to keep some level of concurrent rights as they go through that migration. Those migrations don't typically happen in like a weekend. They typically happen application by application as they're migrating. So even though clients are moving to Pega Cloud, you do still have like a little bit of a slower growth deceleration on the term license.

我們的長期授權協議仍將略有成長，因為客戶在遷移過程中往往會保留一定程度的並發權限。這些遷徙通常不會在週末發生。它們通常會在遷移過程中逐一應用程式發生。因此，即使客戶正在遷移到 Pega Cloud，期限授權的成長速度仍然會略微放緩。

So you'll see Pega Cloud growing 30% plus, you'll see kind of maintenance flat to slightly declining. You'll see client cloud kind of being a slower grower just because of those concurrent rights as people migrate. The majority of our Pega Cloud growth is coming from new activity, new volume, whether that be expansion of existing apps or new apps. But the pace of migration has been pretty consistent in '25 and '24. And we think '26 will be kind of same level of migration. It's kind of happening consistently across our client base.

所以你會看到 Pega Cloud 成長 30% 以上，而維護成本則基本上持平或略有下降。你會發現，由於用戶遷移過程中並發權限的問題，客戶端雲端的成長速度可能會比較慢。我們 Pega Cloud 的大部分成長都來自新的活動和新的業務量，無論是現有應用程式的擴展還是新應用程式的開發。但 2024 年和 2025 年的移民速度一直相當穩定。我們認為2026年的移民規模也會大致相同。這種情況在我們的客戶群中持續發生。

Devin Au, KeyBanc Capital Markets.

Devin Au，KeyBanc Capital Markets。

I got a couple of quick follow-ups to start. The 15% ACV growth guy, is that a constant care basis or a reported basis? And then just quickly follow-up on the NRR expansion comment. Historically, you guys have kind of talked about a 110% level. Is that correct? And how much of an expansion have the (inaudible) seen --

我先收到了一些後續跟進資訊。這位 ACV 成長率達到 15% 的人，這個成長率是基於持續照護還是基於報告數據？然後，就 NRR 擴張的評論快速跟進。從歷史上看，你們似乎一直在談論110%的水平。是這樣嗎？（聽不清楚）已經擴張了多少？--

It is constant currency because our ACV is a balance sheet measure. We're only a month away from 12/31. So we're not assuming much movement on the currency. That is a constant currency number. On the NRR, we're somewhere in the ballpark of 150 basis points higher on our NRR for 2025 over 2024.

它是固定匯率制，因為我們的ACV是資產負債表指標。距離12月31日還有一個月的時間。因此，我們預期貨幣匯率不會有太大波動。這是一個恆定的貨幣數值。就淨收益率而言，我們預計 2025 年的淨收益率將比 2024 年高出約 150 個基點。

And that number will probably -- that level of NRR will probably stay consistent into and 26%. We'll see a little bit more growth from new logos and expansion through our autonomous partner selling motion. But -- so we were up about 150 basis points or so on NRR.

而且這個數字可能會——這個 NRR 水平可能會保持穩定在 26%。我們將透過新增的品牌標識和自主合作夥伴銷售模式的擴張，看到更多的成長。但是——所以我們的淨收益率上升了大約 150 個基點左右。

Got it. Super helpful context. And then maybe just switching gears a little bit. I know you guys had a pretty meaningful presence at AWS Reinvent in December. Just would love to hear some of the feedback from customers went from your product releases and pipeline build coming out of event and would love to get an update on kind of partnership with AWS and how that partnership is evolving in the near term.

知道了。非常有用的背景資訊。然後或許可以稍微換個話題。我知道你們在 12 月的 AWS Reinvent 大會上表現非常出色。非常希望聽到客戶對貴公司產品發布和產品線建置的回饋，也希望了解貴公司與 AWS 的合作關係以及這種合作關係在近期的發展。

Maybe I'll start and then let Alan jump in. So I think the most critical alignment between AWS and Pega is that both of us are aligned with looking at legacy workflows using our tools, i.e., Blueprint to transform using the AWS transform tool, actually adjust in the Blueprint to essentially redesign and reimplement those that work that's actually living in those legacy systems. And that gets on to Pega Cloud, which is aligned with AWS because that gets out of the AWS cloud.

也許我可以先開始，然後讓艾倫加入。所以我認為 AWS 和 Pega 之間最關鍵的契合點在於，我們都致力於使用我們的工具（即 Blueprint）來審視遺留工作流程，並使用 AWS 轉換工具進行轉換，實際上在 Blueprint 中進行調整，從而重新設計和重新實現那些在遺留系統中實際運行的流程。然後，它會遷移到 Pega Cloud，而 Pega Cloud 與 AWS 相容，因為它是從 AWS 雲端遷移出來的。

So that's just a tremendous alignment there with basically inspecting and digesting the actual activity that's happening leveraging Blueprint to build out those workflows and then those running on AWS. So very good alignment between our selling teams, the AWS selling team and the Pega selling team to execute on that. So that's kind of what's happening around that relationship.

所以，這與檢查和消化實際發生的活動非常契合，利用 Blueprint 建立這些工作流程，然後在 AWS 上執行這些工作流程。因此，我們的銷售團隊、AWS 銷售團隊和 Pega 銷售團隊之間配合得非常好，並且能夠很好地執行這項任務。所以，這就是圍繞著這段關係發生的事情。

And I'll just add, I think it's really going in a good direction. And I think you'll see a lot of AWS and Pega World.

我還要補充一點，我認為它正朝著好的方向發展。我想你會看到很多關於 AWS 和 Pega World 的內容。

Patrick Walravens, Citizens.

派崔克‧沃爾拉文斯，市民。

Alan, can you help us figure something out here. So 20 years ago, you were there when on-premise died and SaaS took over. And now it feels like we're in a similar transition. What are the characteristics that we should look for in software companies to figure out who is going to make it through that transition? And then you can overlay how Pega fits into that. But if you could start with just a general framework for us, I think that would be incredibly helpful to everyone.

艾倫，你能幫我們解決一下這個問題嗎？所以，20年前，你見證了本地部署模式的消亡和SaaS模式的興起。現在感覺我們正處於類似的轉型期。我們應該在軟體公司中尋找哪些特徵，才能確定哪些公司能夠成功完成轉型？然後你可以疊加展示 Pega 如何融入其中。但是，如果您能先給我們一個大致的框架，我認為這對每個人都會非常有幫助。

Well, sure. I obviously have some views on the same space. I would say that I think the death of SaaS may be somewhat exaggerated but there are aspects that put certain companies under more pressure or less pressure.

當然可以。我顯然對這個領域有一些看法。我認為SaaS消亡的說法可能有些誇大其詞，但某些因素確實會給某些公司帶來更大的壓力或更小的壓力。

I think the things that we find give us a lot of encouragement in this (inaudible) is, first and foremost, businesses have lots of stuff to orchestrate the whole Gartner Quadrant, which came out last year called Boat business orchestration and automation technologies, where, by the way, if you look at the picture, Pega's, the clear number one. in both, I think, is a very, very strong area sector, and that's going to be strong in an agented world, especially because being able to do the orchestration and being able to do the automation is going to be absolutely key. And that is what we do.

我認為我們發現的很多事情都讓我們倍受鼓舞，首先，企業有很多東西可以用來協調整個Gartner象限，該象限去年發布，名為「業務編排和自動化技術」。順便說一句，如果你看一下圖表，Pega在這兩個方面都明顯排名第一。我認為這是一個非常非常強大的領域，而且在代理時代，這個領域將會更加強大，尤其是在能夠進行編排和自動化將成為絕對關鍵的情況下。這就是我們所做的。

Now I think the SaaS companies that for the non-SaaS companies that are going to struggle are ones that are kind of a little small things, you could just get some code to take care of it. You could run it in a spreadsheet or a copilot. There's lots of places where the barriers to entry or somebody writes in programming have just massively been reduced.

現在我認為，那些非SaaS公司將會遇到的困難，是那些規模較小的問題，這些問題通常只需要寫一些程式碼就能解決。你可以用電子表格或 Copilot 來運行它。很多領域的進入門檻，或者說從事程式設計工作的門檻，都大幅降低了。

But building a major system that does orchestration across the business and then has to worry about things, and I'll just drop in a couple of the words of heart that we use worry about things like to [face] commit how do you make sure that when you commit reference to the database that they're there when they're reliable, because are doing something that is important. Having things that have a lot of industry Also, I think, can create a bit of a moat for companies. So some of that can be under attack because AI can actually that IP to incorporate it.

但是，建立一個能夠協調整個業務的大型系統，然後還要擔心各種事情，我只想說幾句我們常說的「擔心」的話，例如如何提交，如何確保當你提交對資料庫的引用時，它們確實存在且可靠，因為你正在做一些重要的事情。擁有許多具有高度產業價值的產品，我認為，也能為公司建構一定的競爭優勢。所以其中一些可能會受到攻擊，因為人工智慧實際上可以竊取智慧財產權並將其整合進去。

But the thing that I would say is most important is, is the system built for change. because the problem with these code-based systems that are attacking the SaaS world is they don't have a particularly visible architecture. They're just kind of -- and going after somebody else's 3,000 modules of code is incredibly data and very, very difficult to do correctly.

但我認為最重要的是，系統必須能夠適應變化。因為這些衝擊SaaS領域的基於程式碼的系統的問題在於，它們的架構並不十分清晰可見。它們就像——而且，要對付別人的 3000 個模組的程式碼，資料量非常龐大，而且要正確地完成這項工作非常非常困難。

In our world, because you can see a Blueprint. We have so much scaffolding and infrastructure. We have the idea of a case. We have the idea of the stages. We have the idea of steps.

在我們的世界裡，因為你可以看到藍圖。我們這裡有很多腳手架和基礎設施。我們有一個案件構思。我們已經有了階段性的概念。我們有了分步驟進行的想法。

We have the idea of service levels, personas, our systems are built around the business entities of an organization. And because they are built that way, it's possible to navigate and as a result, possible to change it. businesses that require change, I think, are going to be the ones that are going to be most interested in a technology like ours. And the businesses where just write something is going to sit on the shelf for two, three years or months. Those are the ones that I think are going to be most all grow.

我們有服務等級、使用者畫像的概念，我們的系統是圍繞著組織的業務實體建構的。正因為它們是這樣設計的，所以才能進行導航，也因此才能進行更改。我認為，那些需要改變的企業將會對我們這樣的科技最感興趣。而有些企業，只要寫點什麼，就會把東西束之高閣兩三年甚至幾個月。我認為這些品種最有可能全部成長。

Blair Abernethy, Rosenblatt Securities.

Blair Abernethy，Rosenblatt Securities。

Nice quarter. Just two quick ones for me. First, on contract duration. I wonder if you could just sort of talk us through how was trending in Q4, particularly Pega Cloud versus on-premise renewals? And then secondly, just looking forward to 2026 and the mid-market, what sort of changes or what sort of learnings have you pulled in the last year or so? I guess, how much emphasis are you really putting into in the mid-market next year?

不錯的街區。我只需要回答兩個問題。首先，關於合約期限。我想請您簡單介紹一下第四季的發展趨勢，特別是 Pega Cloud 與本地部署續訂情況的比較？其次，展望 2026 年的中端市場，在過去一年左右的時間裡，你們有哪些變化或有哪些經驗教訓？我想問的是，明年你們究竟會在中階市場投入多少精力？

So duration, Blair, has been pretty consistent. No big changes there. I mean, there's always like quarter-to-quarter a little anomalies just because of the way things go into backlog, but there's no fundamental change in the duration that clients are looking for. We're not seeing any big shift there.

所以，布萊爾，你的演出時長一直相當穩定。沒什麼大變化。我的意思是，由於積壓工作的處理方式，每季總是會有一些小的異常情況，但客戶期望的工期並沒有根本性的變化。我們目前沒有看到這方面有任何重大變化。

I think Alan's point on the -- going after, I'll just generalize it, say, new logos as opposed to any particular segment. I think Alan's point about Blueprint and how important Blueprint is to the ability for account executive to ramp quickly, the ability for us to target and the ability for us to get into a really engaged pipeline building activity in a very short period of time is what gives us a lot of confidence around scaling the engagement aspect, whether that be through the autonomous partner selling through partners or through our direct target or model, we've never really had that confidence in the past because there was a long lead time to monetization of those account executives.

我認為 Alan 的觀點——追求，我姑且概括一下，比如說，新的標誌，而不是任何特定的細分市場。我認為 Alan 關於 Blueprint 的觀點，以及 Blueprint 對客戶經理快速上手、精準定位和快速建立銷售管道的重要性，讓我們在很短的時間內就能真正投入到銷售渠道建設活動中，這讓我們對擴大客戶參與度方面充滿信心，無論是透過合作夥伴自主銷售，還是透過我們的直接目標客戶或模式。過去我們從未真正有過這種信心，因為客戶經理的獲利週期很長。

So we're much safer in terms of trying to push for acceleration of growth. Blueprint changes that completely. So that's the big focus area for us in '26 is like really, really running that play out to make that really help us to scale our growth.

因此，在推動加速成長方面，我們更加安全。藍圖徹底改變了這一點。所以，2026 年我們的重點領域就是真正地、真正地執行這項策略，以真正幫助我們擴大成長規模。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Ken, I was wondering if you could just talk about the firms?

肯，我想問你能不能談談這些公司的狀況？

Is that what you meant, Mark?

馬克，你是這個意思嗎？

Yes. That's right.

是的。這是正確的。

So we're going to get optimization across a lot of our P&L lines. Our gross margin is pretty respectable now, but it will -- it's not likely to go backwards we'll get leverage out of our R&D group as we use more kind of buy coding and AI in our actual processes, including our operational processes. So we will see some gross margin to kind of optimization around aspects of our business.

因此，我們將對損益表中的許多項目進行最佳化。我們現在的毛利率相當可觀，但不太可能下降——隨著我們在實際流程（包括營運流程）中使用更多類型的採購編碼和人工智慧，我們將從研發團隊獲得更大的優勢。因此，我們將透過優化業務的各個方面來提高毛利率。

Our sales and marketing teams, I think a lot of that is really around kind of the digital engagement and what we're doing, like in our ability to engage with our clients in a really leveraging kind of agentic processes and how we engage in the target org model, there will still be an investment in relationship selling because there are still people on the other side of those enterprise relationships there.

我認為，我們的銷售和行銷團隊很大程度上都圍繞著數位互動以及我們正在做的事情，例如我們與客戶互動的能力，真正利用代理商流程，以及我們如何參與目標組織模式，我們仍然會投資於關係銷售，因為在這些企業關係的另一端仍然有人。

We're not talking the box, right, when we're doing the enterprise selling. So I think there's probably an area around some of our selling capacity, some of our investment in our partnership. Our innovation, I think, will, quite frankly, get some operating leverage as well as our operations.

我們在進行企業銷售時，不會只談論包裝盒，對吧。所以我認為，這可能與我們的一些銷售能力以及我們在合作關係中的一些投資有關。坦白說，我認為我們的創新將為我們的營運帶來一定的槓桿效應。

And we're going to see our free cash flow continue to expand as we grow because we really are starting to get to that -- we're hitting the efficiency stages that you're seeing that come through in our acceleration of margin. I think one of the things that I think is really probably one of the biggest disconnects that we're seeing is there is such a disconnect between the narrative that people are talking about around what's happening in enterprise and what we are seeing with our clients.

隨著我們的成長，我們將看到自由現金流繼續擴大，因為我們真的開始達到那個階段了——我們正在進入效率提升階段，你們可以看到，這體現在我們的利潤率加速成長。我認為我們目前看到的最大的脫節之一，是人們談論的企業現狀與我們從客戶那裡看到的實際情況之間存在著巨大的脫節。

Our clients have massive amounts of transformation that they need to do. They need the agents to be guided, to be structured to follow the role to execute at scale. And in the concept of a digital twin type agent disrupting and changing that momentum, I think, is really the disconnect that we're quite puzzled by in terms of what we're seeing with our clients and what some of the narrative is. So we're going to continue to invest in engaging with our clients and helping them on that journey.

我們的客戶需要進行大量的轉型。他們需要對代理商進行指導和組織，使其能夠按照角色執行任務，從而大規模地開展工作。而數位孿生代理的概念正在顛覆和改變這種勢頭，我認為，這正是我們在客戶那裡看到的情況與一些說法之間存在的脫節之處，我們對此感到非常困惑。因此，我們將繼續加大投入，與客戶互動，幫助他們完成這個過程。

And there's not one client that's not focused on trying to optimize their legacy systems. And this is like the perfect moment for us.

沒有一個客戶不致力於優化其遺留系統。這對我們來說簡直是天賜良機。

Then as a follow-up here, regarding the recent head count reduction in restructuring, there's a couple of articles out there mentioning that the company is transitioning to an AI-first delivery model. I was wondering if you could just kind of elaborate on what that means in practical terms?

然後，關於最近重組導致的人員減少，有幾篇文章提到該公司正在向人工智慧優先的交付模式轉型。我想請您詳細解釋一下這在實際操作中意味著什麼？

Well, I think that Blueprint an example of an AI for delivery model. I mean Blueprint has completely changed. The Blueprint as you go from ideation and things that used to happen on whiteboards and sets over weeks to something where you're right on the system collaborating it and it can load into an honest [ogard-runable] Infinity system. So the ability to operate at not just better speed, but I think better quality is very much built into what we are working on with Blueprint, and we've already achieved a chunk of that, more to come this year.

我認為 Blueprint 就是一個人工智慧應用於配送模式的例子。我的意思是，Blueprint已經完全改變了。從構思和過去在白板和場景中花費數週時間完成的事情，到你直接參與系統協作並加載到誠實的 [ogard-runable] Infinity 系統中，藍圖就是這樣一步步實現的。因此，我們不僅致力於提高運行速度，而且我認為提高運行質量，這很大程度上是我們正在使用 Blueprint 進行開發的一部分，我們已經取得了一部分成果，今年還將取得更多成果。

That concludes our question-and-answer session. I will now turn it back over to Alan Trefler, Founder and CEO, Pegasystems. Please go ahead.

我們的問答環節到此結束。現在我將把發言權交還給 Pegasystems 的創辦人兼執行長 Alan Trefler。請繼續。

Thank you to all who join. We appreciate it. I just want to mention Pega World. Again, June 8th is Investor Day, so investors are free to attend through 7th to 9th. I think you would find it to be insightful because in this world of its same noise and the noise out there is crazy.

感謝所有參與者。我們非常感謝。我只想提一下Pega World。再次提醒，6月8日是投資者日，因此投資者可以在6月7日至9日自由參加。我認為你會覺得它很有啟發性，因為在這個充滿噪音的世界裡，外面的噪音簡直太瘋狂了。

There are real substantive differences. And you can see and touch and understand them in conjunction with our customers and partners. So please come join us there, that will be terrific. And I will just tell you that I feel that we, as a company, were built for times like this. So I mean we leave in interesting times collectively. Thank you very much, everyone.

兩者之間存在實質差異。您可以與我們的客戶和合作夥伴一起親眼所見、親手觸摸並了解它們。所以請來加入我們吧，那一定很棒。我只想說，我覺得我們公司正是為了回應這樣的時代而存在的。所以我的意思是，我們共同生活在一個有趣的時代。非常感謝大家。

This concludes today's conference call. Thank you for your participation.

今天的電話會議到此結束。感謝您的參與。