Progress Software Corp (PRGS) 2023 Q1 法說會逐字稿

Good day, and welcome to Progress Software's Q1 2023 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，歡迎來到 Progress Software 的 2023 年第一季度財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker, Mr. Michael Micciche, Vice President of Investor Relations. Please go ahead.

我現在想把會議交給您的發言人，投資者關係副總裁 Michael Micciche 先生。請繼續。

Okay, Cherie. Thank you very much. Good afternoon, everyone. And thanks for joining us for Progress Software's First Fiscal Quarter 2023 Financial Results Conference Call. With us today is Yogesh Gupta, President and Chief Executive Officer; and Anthony Folger, Chief Financial Officer.

好的，切麗。非常感謝。大家下午好。感謝您參加 Progress Software 的 2023 財年第一季度財務業績電話會議。今天和我們在一起的是總裁兼首席執行官 Yogesh Gupta；和首席財務官 Anthony Folger。

Before we get started, let's go over our safe harbor statement.

在我們開始之前，讓我們回顧一下我們的安全港聲明。

During this call, we will discuss our outlook for future financial and operating performance, corporate strategies, product plans, cost initiatives, our integration of MarkLogic and other information that might be considered forward-looking. Such forward-looking information represents Progress Software's outlook and guidance only as of today and is subject to risks and uncertainties. For a description of the risk factors that may affect our results, please refer to the risk factors in our most recent Form 10-K. Progress Software assumes no obligation to update the forward-looking statements included in this call.

在這次電話會議中，我們將討論我們對未來財務和經營業績的展望、公司戰略、產品計劃、成本計劃、我們對 MarkLogic 的整合以及其他可能被視為前瞻性的信息。此類前瞻性信息僅代表 Progress Software 截至今日的展望和指導，並受風險和不確定因素的影響。有關可能影響我們結果的風險因素的說明，請參閱我們最新的 10-K 表格中的風險因素。 Progress Software 不承擔更新本次電話會議中包含的前瞻性陳述的義務。

Additionally, on this call, all the financial figures we discuss are non-GAAP measures, unless otherwise indicated. And you can find a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP numbers in our financial results press release, which was issued after the market closed today.

此外，在本次電話會議上，除非另有說明，否則我們討論的所有財務數據都是非 GAAP 指標。您可以在我們今天收市後發布的財務業績新聞稿中找到這些非 GAAP 財務指標與最直接可比的 GAAP 數字的對賬。

This document contains the full details of our financial results for the fiscal first quarter of 2023, and I recommend that you reference it for specific details. We have also prepared a presentation that contains supplemental data for our first quarter 2023 results, providing highlights and additional financial metrics. Both the earnings release and the supplemental presentation are available in the Investor Relations section of our website at investors.progress.com.

本文件包含我們 2023 財年第一季度財務業績的全部細節，我建議您參考它以了解具體細節。我們還準備了一份演示文稿，其中包含我們 2023 年第一季度業績的補充數據，提供亮點和其他財務指標。收益發布和補充介紹均可在我們網站 investors.progress.com 的投資者關係部分獲得。

And today's conference call will be recorded in its entirety and will be available via replay on the Investor Relations section of our website.

今天的電話會議將被完整記錄下來，並將通過我們網站的投資者關係部分重播。

So with that out the way, let me turn it over to Yogesh.

因此，讓我把它交給 Yogesh。

Thank you, Mike, and good afternoon, everyone. We're delighted that you've joined us today for our discussion of the results of our first quarter fiscal 2023.

謝謝邁克，大家下午好。我們很高興您今天加入我們討論我們 2023 財年第一季度的結果。

As you likely saw in our press release, our performance in the first quarter exceeded expectations and guidance with a continuation of healthy demand across the board and strong execution in the field. The integration of MarkLogic is gaining traction and will continue to accelerate going forward. We remain well capitalized with strong cash flow, a sturdy balance sheet, manageable leverage, and we continue to drive positive trends in ARR and net retention rate. And despite the changing business climate, we remain optimistic about our business, as you see from our increased forward guidance.

正如您可能在我們的新聞稿中看到的那樣，我們在第一季度的表現超出了預期和指導，持續保持全面的健康需求和該領域的強勁執行力。 MarkLogic 的整合正在獲得牽引力，並將繼續加速前進。我們的資本充足，現金流強勁，資產負債表穩健，槓桿率可控，我們繼續推動 ARR 和淨保留率的積極趨勢。儘管商業環境不斷變化，但正如您從我們增加的前瞻性指引中看到的那樣，我們對我們的業務仍然持樂觀態度。

I will start by sharing some thoughts on the current business climate and how we see our business performing in this environment. I will then provide an overview of the quarter and an update on the MarkLogic acquisition, which closed in early February, after which I will discuss what we are seeing in the M&A market given that all has happened since the last time we spoke.

我將首先分享對當前商業環境的一些想法，以及我們如何看待我們的業務在這種環境下的表現。然後我將提供本季度的概述和 MarkLogic 收購的最新情況，該收購於 2 月初完成，之後我將討論我們在併購市場上看到的情況，因為自我們上次談話以來一切都發生了。

Recall that at this time last year, as global events unfolded and the economy began to show signs of distress, we discussed the attributes and characteristics of our business that help us weather difficult economic conditions. Our business does not depend on vast new projects that require large budgets to achieve our targets. End users of Progress products keep buying and paying for them, often for decades, because they trust our technology to run their businesses. And in times of turmoil, our customers and partners depend particularly heavily on the reliability, scalability and cost effectiveness of all the products in our portfolio.

回想一下去年的這個時候，隨著全球事件的展開和經濟開始出現困境的跡象，我們討論了我們業務的屬性和特徵，這些屬性和特徵可以幫助我們度過困難的經濟條件。我們的業務不依賴於需要大量預算才能實現目標的大型新項目。 Progress 產品的最終用戶會持續購買和支付產品，通常持續數十年，因為他們相信我們的技術可以幫助他們開展業務。在動盪時期，我們的客戶和合作夥伴尤其嚴重依賴我們產品組合中所有產品的可靠性、可擴展性和成本效益。

Because we invest and innovate across our product lines, our offerings continue to be current and relevant to our customers' and partners' most important business applications. This, combined with our outstanding customer support and relationship efforts, especially when they need us the most, continues to drive our remarkably high customer retention rates.

由於我們對產品線進行投資和創新，因此我們的產品始終是最新的，並且與我們客戶和合作夥伴最重要的業務應用程序相關。這與我們出色的客戶支持和關係努力相結合，尤其是在他們最需要我們的時候，繼續推動我們非常高的客戶保留率。

This stability of demand is what we have seen over the last several quarters even with the increasing global challenges, historic inflationary pressures and upward interest rates. We remain confident about our business, even though much has changed in the economy and in the world with systemic uncertainty as a new factor since even just a couple of months ago when we reported our Q4 results.

這種需求的穩定性是我們在過去幾個季度所看到的，即使全球挑戰越來越多、歷史性通脹壓力和利率上升也是如此。我們仍然對我們的業務充滿信心，儘管自從幾個月前我們報告第四季度業績以來，經濟和世界發生了很大變化，系統性不確定性成為一個新因素。

Let me address that last point for a moment. On March 14, we issued an 8-K indicating that we have no material exposure to Silicon Valley Bank or Signature Bank. While we do not like to witness this kind of instability, our primary concern is for the financial well-being of Progress, our customers, our investors and our partners. I am glad to say that our credit facility is very stable and well funded, and our ability to obtain financing, generate free cash flow, pay down debt and, if the opportunities present themselves, continue to make accretive deals, remain strong. Anthony will provide more detail on this in a few minutes.

讓我暫時解決最後一點。 3 月 14 日，我們發布了一份 8-K 報告，表明我們對矽谷銀行或 Signature Bank 沒有重大敞口。雖然我們不喜歡看到這種不穩定，但我們最關心的是 Progress、我們的客戶、我們的投資者和我們的合作夥伴的財務狀況。我很高興地說，我們的信貸額度非常穩定且資金充足，我們獲得融資、產生自由現金流、償還債務以及在機會出現時繼續進行增值交易的能力依然強勁。安東尼將在幾分鐘內提供更多詳細信息。

Sharing some details on our Q1 results. The outperformance was once again evident across nearly all product lines in virtually all geographies. Our chief benchmarks, ARR and net retention rates, both increased significantly, aided in part by the contribution from MarkLogic.

分享我們第一季度業績的一些細節。幾乎所有地區的幾乎所有產品線都再次表現出眾。我們的主要基準、ARR 和淨保留率均顯著增加，部分得益於 MarkLogic 的貢獻。

ARR in the first quarter of 2023 was up 3.9% on a pro forma constant currency basis to $569 million from $547 million a year ago. And our net retention rates improved to 102% from 101% a year ago. Revenues came in at $166 million, ahead of the high end of guidance, which was $161 million. And earnings ended the quarter at $1.19 or $0.11 above the high end of guidance. And operating margins were 44%, also well above the range.

2023 年第一季度的 ARR 按備考固定匯率計算增長 3.9%，從一年前的 5.47 億美元增至 5.69 億美元。我們的淨保留率從一年前的 101% 提高到 102%。收入為 1.66 億美元，高於指導的上限 1.61 億美元。本季度末收益為 1.19 美元，比指導上限高出 0.11 美元。營業利潤率為 44%，也遠高於該範圍。

We saw notable strength in our DataDirect, OpenEdge as well as Loadmaster, MOVEit, Sitefinity and Flowmon products. We continue to be particularly pleased with the momentum of our Sitefinity and MOVEit cloud products. These easier-to-consume cloud offerings give us a meaningful competitive advantage in the market. We're also very happy with customer wins with Loadmaster and Flowmon, the 2 products we acquired through our Kemp acquisition. We're seeing improving traction for these 2 products in broader geographies. And with Loadmaster, our Dell partner channel continues to grow as we engage with them in more regions around the world. We also saw strong demand from our existing customers who continue to expand their use of our core products, OpenEdge, DataDirect and Chef.

我們在 DataDirect、OpenEdge 以及 Loadmaster、MOVEit、Sitefinity 和 Flowmon 產品中看到了顯著的優勢。我們繼續對 Sitefinity 和 MOVEit 雲產品的發展勢頭感到特別滿意。這些更易於使用的雲產品為我們在市場上提供了有意義的競爭優勢。我們也很高興 Loadmaster 和 Flowmon 贏得了客戶，這是我們通過收購 Kemp 獲得的兩種產品。我們看到這兩種產品在更廣泛地區的吸引力有所提高。借助 Loadmaster，我們的戴爾合作夥伴渠道隨著我們在全球更多地區與他們的合作而不斷發展。我們還看到現有客戶的強烈需求，他們繼續擴大對我們核心產品 OpenEdge、DataDirect 和 Chef 的使用。

I want to thank all our employees around the globe who work tirelessly to drive our success. And speaking of our employees, we just completed our periodic company-wide survey of all our employees with a record participation rate of over 90%. Our employee engagement score of 79% matches the average of the top quartile of new tech companies. And our Employee Net Promoter Score, or ENPS, is 40, which is better than many well-known tech companies such as Microsoft, Google and Apple.

我要感謝我們在全球各地為推動我們的成功而不懈努力的所有員工。說到我們的員工，我們剛剛完成了對所有員工的定期全公司範圍調查，參與率超過 90%。我們 79% 的員工敬業度得分與排名前四分之一的新技術公司的平均水平相符。我們的員工淨推薦值 (ENPS) 為 40，優於微軟、谷歌和蘋果等許多知名科技公司。

Now let me turn to MarkLogic for a moment. As we explained when the deal closed, we did not expect MarkLogic to contribute more than a few weeks to the first quarter 2023, and that was the case. As the integration picks up momentum in the coming months, we will see ongoing improvements in the expense line, which we expect to remain manageable and have already guided for, and revenues will increasingly kick in throughout the year.

現在讓我暫時談談 MarkLogic。正如我們在交易結束時解釋的那樣，我們預計 MarkLogic 不會在 2023 年第一季度貢獻超過幾週的時間，事實就是如此。隨著未來幾個月整合的勢頭加快，我們將看到支出線不斷改善，我們預計支出線將保持在可控範圍內，並且已經指導過，全年收入將越來越多。

Do remember that MarkLogic's 2 biggest revenue months are December and January, and our fiscal year ends in November. So we still expect to see the biggest revenue impact in Q1 of next year and the first full year of positive impact to the top line in our full year FY '24 results.

請記住，MarkLogic 的兩個最大收入月份是 12 月和 1 月，我們的財政年度在 11 月結束。因此，我們仍然預計明年第一季度的收入影響最大，並且是我們 24 財年全年業績對收入產生積極影響的第一個全年。

In the meantime, we're integrating MarkLogic employees into the Progress family as quickly as possible. We have met in-person with many of them at well-attended meet-and-greet sessions in California, Virginia and New York, the U.K. and Poland. The sales and engineering and marketing, as well as operational teams, from both sides are already working together and moving forward. We are very excited to have our new teammates onboard and wish them a very warm welcome.

與此同時，我們正在盡快將 MarkLogic 員工整合到 Progress 大家庭中。我們在加利福尼亞州、弗吉尼亞州和紐約、英國和波蘭舉行的人數眾多的見面會上與他們中的許多人進行了面對面會面。雙方的銷售、工程和營銷以及運營團隊已經在共同努力並向前邁進。我們很高興有我們的新隊友加入，並祝他們受到熱烈歡迎。

Let's now talk about the changing M&A market. When we embarked on our total growth strategy over 4 years ago, we said that the infrastructure software landscape is populated by thousands of potential targets with technology and products that would complement our existing portfolio, strong sticky customer bases, high degrees of recurring revenue and have the potential to ramp margins significantly with the synergies that we can achieve. Those vast numbers haven't changed. And as we have commented regularly for the last year, macroeconomic factors affecting the M&A market continue to move in our favor.

現在讓我們談談不斷變化的併購市場。當我們在 4 多年前開始實施我們的整體增長戰略時，我們說過基礎設施軟件領域有成千上萬的潛在目標，這些目標的技術和產品將補充我們現有的產品組合、強大的粘性客戶群、高水平的經常性收入，並且有通過我們可以實現的協同效應顯著提高利潤率的潛力。那些龐大的數字沒有改變。正如我們去年定期評論的那樣，影響併購市場的宏觀經濟因素繼續對我們有利。

More recently, the dramatic events surrounding collapse of SVB are causing further repercussions throughout the privately-funded companies and the VC and private equity communities in software. The economic reality of SVB's failure is that it is likely to accelerate the need and the sense of urgency for liquidity events and exit strategies for many more companies, which plays in our favor. As always, we remain disciplined, patient and discriminating as we sift through potential acquisitions. We will continue to be selective when it comes to evaluating opportunities as we position ourselves as the acquirer of choice for the management, customers, investors and employees of the companies we target.

最近，圍繞 SVB 倒閉的戲劇性事件正在整個私人投資公司以及軟件領域的 VC 和私募股權社區引起進一步的反響。 SVB 失敗的經濟現實是，它可能會加速更多公司對流動性事件和退出策略的需求和緊迫感，這對我們有利。一如既往，我們在篩選潛在收購對象時保持紀律、耐心和辨別力。在評估機會時，我們將繼續保持選擇性，因為我們將自己定位為我們目標公司的管理層、客戶、投資者和員工的首選收購方。

Lastly, I want to draw your attention to our fourth annual corporate social responsibility report, which we published just last week and which is available on our website. We are very proud of the work we do here at Progress to help our people, our global community and our planet and are happy to share all the ways in which Progressors have helped and continue to make a difference in the world.

最後，我想提請您注意我們上週發布的第四份年度企業社會責任報告，該報告可在我們的網站上獲取。我們為我們在 Progress 所做的幫助我們的人民、我們的全球社區和我們的星球的工作感到非常自豪，並樂於分享 Progressors 幫助並繼續改變世界的所有方式。

So to wrap up, Progress has marked another very good quarter. Demand remains steady and execution across all aspects of our business continues to be superb. Our outlook is positive for the rest of fiscal 2023, and we look forward to the ongoing integration of MarkLogic.

總而言之，Progress 標誌著又一個非常好的季度。需求保持穩定，我們業務各個方面的執行力都非常出色。我們對 2023 財年剩餘時間的展望是積極的，我們期待著 MarkLogic 的持續整合。

As always, I continue to be grateful to the entire Progress team for their efforts, and I applaud their teamwork and professionalism.

一如既往，我繼續感謝整個 Progress 團隊所做的努力，並對他們的團隊合作精神和專業精神表示讚賞。

With that, let me turn it over to Anthony for his prepared remarks. Anthony?

有了這個，讓我把它轉交給安東尼準備好的評論。安東尼？

Thanks, Yogesh. Good afternoon, everyone, and thanks for joining our call. As Yogesh mentioned, we're very pleased with our Q1 results, which again exceeded the high end of our guidance range on revenue and earnings per share. We're also very pleased to have closed the acquisition of MarkLogic in the quarter, which performed largely in line with our expectations despite the closing date being a few days later than anticipated.

謝謝，約格甚。大家下午好，感謝您加入我們的電話會議。正如 Yogesh 所提到的，我們對第一季度的業績感到非常滿意，這再次超出了我們對收入和每股收益的指導範圍的上限。我們也很高興在本季度完成了對 MarkLogic 的收購，儘管完成日期比預期晚了幾天，但該收購的表現基本符合我們的預期。

Turning to the numbers, we'll start on the top line with ARR, which we believe provides the best view into our underlying performance. As a reminder, our calculation of ARR is presented on a pro forma basis to include the results of acquired businesses in all periods and in constant currency, with all periods presented at our current year budgeted exchange rates.

談到數字，我們將從 ARR 的頂線開始，我們認為它提供了對我們基本業績的最佳看法。提醒一下，我們對 ARR 的計算是在備考基礎上進行的，以包括所有期間和以固定貨幣計算的收購業務的結果，所有期間均以我們當年的預算匯率列示。

I should mention that consistent with past practice, we've updated ARR using our 2023 budgeted rates. And as a result, the ARR that was reported in prior periods has changed slightly. The change isn't material and doesn't alter the trend in ARR growth or the net retention rates that we've been reporting over the past several quarters. And to illustrate this point, we've included a slide in the supplemental presentation filed with our press release.

我應該提一下，與過去的做法一致，我們已經使用 2023 年的預算利率更新了 ARR。因此，前期報告的 ARR 略有變化。這一變化並不重要，也不會改變我們在過去幾個季度報告的 ARR 增長趨勢或淨保留率。為了說明這一點，我們在隨新聞稿提交的補充演示文稿中包含了一張幻燈片。

With that, we closed the first quarter with ARR of $569 million, which represents 20% growth on a year-over-year basis and 3.9% pro forma growth on a year-over-year basis. To be clear, the pro forma growth includes MarkLogic in both periods. As Yogesh mentioned, the growth in ARR was again driven broadly across our product portfolio by multiple products, including OpenEdge, MarkLogic, DataDirect, Sitefinity, MOVEit and our DevTools products, a trend that continues to fuel our ARR growth is strong net retention, with Q1 rates at 102%.

因此，我們在第一季度結束時的 ARR 為 5.69 億美元，同比增長 20%，預計同比增長 3.9%。需要明確的是，備考增長包括兩個時期的 MarkLogic。正如 Yogesh 所提到的，ARR 的增長再次受到我們產品組合的廣泛推動，包括 OpenEdge、MarkLogic、DataDirect、Sitefinity、MOVEit 和我們的 DevTools 產品，繼續推動我們 ARR 增長的趨勢是強勁的淨保留率，第一季度利率為 102%。

In addition to our strong ARR growth, revenue for the quarter of $165.6 million was well above the high end of the guidance range we provided back in January and represents 12% growth on a year-over-year basis. The better-than-expected performance in the quarter was driven by 2 primary factors: first, and representing the majority of our overperformance, was stronger-than-expected demand from multiple products, including OpenEdge, DataDirect, MOVEit and Loadmaster. Beyond the product level overperformance, timing was also a factor in that some revenue that we expected to recognize in the second quarter came in early and was recognized in Q1. This Q2 to Q1 shift was not deliberate and does not impact our full year results, but I highlight it because it contributed a few million dollars of additional revenue to an already strong quarter.

除了我們強勁的 ARR 增長外，本季度 1.656 億美元的收入遠高於我們在 1 月份提供的指導範圍的高端，同比增長 12%。本季度好於預期的業績是由兩個主要因素推動的：首先，代表我們超額業績的大部分是來自多種產品的需求強於預期，包括 OpenEdge、DataDirect、MOVEit 和 Loadmaster。除了產品層面的超額表現之外，時機也是一個因素，我們預計在第二季度確認的一些收入提早出現，並在第一季度確認。第二季度到第一季度的轉變不是故意的，也不會影響我們的全年業績，但我強調這一點是因為它為本已強勁的季度貢獻了數百萬美元的額外收入。

Turning now to expenses. Our total costs and operating expenses for the quarter were $93.2 million, up 5% compared to the prior year and generally in line with our expectations. The year-over-year increase was driven by the acquisition of MarkLogic and, to a lesser extent, an expected increase in compensation costs across the rest of our business, which we've discussed in previous quarters. Operating income was $72 million, up $14 million compared to the prior year quarter, and our operating margin was 44% compared to 40% in the first quarter of 2022.

現在轉向費用。我們本季度的總成本和運營費用為 9320 萬美元，比上年增長 5%，總體上符合我們的預期。同比增長是由收購 MarkLogic 推動的，在較小程度上，我們其他業務的薪酬成本預計會增加，我們在前幾個季度已經討論過。營業收入為 7200 萬美元，比去年同期增加 1400 萬美元，我們的營業利潤率為 44%，而 2022 年第一季度為 40%。

On the bottom line, earnings per share of $1.19 for the quarter represents growth of $0.22 year-over-year and is $0.11 above the high end of our guidance range. This overperformance relative to our expectation was driven by solid cost management across the business, coupled with the previously mentioned overperformance on the top line.

最重要的是，本季度每股收益 1.19 美元，同比增長 0.22 美元，比我們指導範圍的上限高出 0.11 美元。相對於我們的預期，這種超額表現是由整個企業穩健的成本管理以及前面提到的超額業績推動的。

Our outlook for the MarkLogic integration is unchanged, and we expect to recognize all synergies by the end of this fiscal year.

我們對 MarkLogic 整合的前景沒有改變，我們預計在本財年結束時能夠實現所有協同效應。

Moving on now to a few balance sheet and cash flow metrics. We ended the quarter with cash, cash equivalents and short-term investments of $123 million and debt of $821 million for a net debt position of $698 million. This represents net leverage of roughly 2.6x using our forecasted fiscal 2023 adjusted EBITDA. And if we pro forma that EBITDA to consider MarkLogic's synergies, our net leverage drops even further. I should also mention that during the first quarter, we drew down $195 million from our revolving line of credit to partially fund the acquisition of MarkLogic.

現在轉到一些資產負債表和現金流量指標。本季度末，我們的現金、現金等價物和短期投資為 1.23 億美元，債務為 8.21 億美元，淨債務頭寸為 6.98 億美元。使用我們預測的 2023 財年調整後的 EBITDA，這意味著淨槓桿率約為 2.6 倍。如果我們預估 EBITDA 以考慮 MarkLogic 的協同效應，我們的淨槓桿率會進一步下降。我還應該提到，在第一季度，我們從循環信貸額度中提取了 1.95 億美元，用於為收購 MarkLogic 提供部分資金。

Our DSO for the quarter was 42 days, an improvement of 20 days when compared to last quarter and an improvement of 10 days when compared to the first quarter of 2022. Adjusted free cash flow was $47 million for the quarter, an increase of $2 million compared to the prior year. This increase in free cash flow was largely attributable to our stronger operating performance compared to the prior year quarter. During the first quarter, we repurchased $15 million of Progress stock. And at the end of the quarter, we had $213 million remaining under our current share repurchase authorization.

我們本季度的 DSO 為 42 天，與上一季度相比縮短了 20 天，與 2022 年第一季度相比縮短了 10 天。本季度調整後的自由現金流為 4700 萬美元，增加了 200 萬美元與前一年相比。自由現金流量的增加主要是由於我們的經營業績比去年同期強。第一季度，我們回購了 1500 萬美元的 Progress 股票。在本季度末，我們目前的股票回購授權還剩 2.13 億美元。

Okay, now I'd like to turn to our outlook for Q2 and the full year 2023. When considering our outlook for Q2, it's important to reiterate the point I made earlier about our Q1 performance and the fact that some revenue we expected to recognize in the second quarter was instead recognized in the first. While those timing issues can impact quarterly results, again, they don't affect the full year.

好的，現在我想談談我們對第二季度和 2023 年全年的展望。在考慮我們對第二季度的展望時，重要的是要重申我之前就第一季度業績提出的觀點，以及我們預計會確認一些收入的事實在第二季度，而不是在第一季度得到認可。雖然這些時間問題會影響季度業績，但它們不會影響全年。

With that, for the second quarter of 2023, we expect revenue between $168 million and $172 million and earnings per share of between $0.88 and $0.92. For the full year, we continue to see strength in the demand environment for our solutions, and we're also aware that the macro environment may become more challenging. As such, for the full year, we expect revenue between $680 million and $688 million, an increase of $4 million from the midpoint of our prior guidance. We expect an operating margin of between 38% and 39%, generally consistent with our prior guidance.

因此，我們預計 2023 年第二季度的收入將在 1.68 億美元至 1.72 億美元之間，每股收益將在 0.88 美元至 0.92 美元之間。全年，我們繼續看到我們解決方案的需求環境強勁，我們也意識到宏觀環境可能變得更具挑戰性。因此，我們預計全年收入在 6.8 億美元至 6.88 億美元之間，比我們先前指引的中點增加 400 萬美元。我們預計營業利潤率在 38% 至 39% 之間，與我們之前的指導基本一致。

Adjusted free cash flow between $175 million and $185 million, again, consistent with our prior guidance; and earnings per share between $4.09 and $4.17, consistent with our prior guidance. Our annual EPS estimate contemplates a tax rate of 20% to 21%, approximately 44.6 million shares outstanding and the impact of $30 million of share repurchases we are targeting to complete by the end of 2023.

調整後的自由現金流在 1.75 億美元至 1.85 億美元之間，再次與我們之前的指導一致；每股收益在 4.09 美元至 4.17 美元之間，與我們之前的指引一致。我們的年度每股收益預估考慮了 20% 至 21% 的稅率，約 4460 萬股已發行股票以及我們計劃在 2023 年底前完成的 3000 萬美元股票回購的影響。

In closing, we're excited to deliver another strong quarter of financial results across the board, a continuation of the trend that we saw for much of 2022. We're thrilled that we've closed the acquisition of MarkLogic, and we believe we're very well positioned to deliver strong results for the remainder of 2023 and beyond. With that, I'd like to open the call for Q&A.

最後，我們很高興能夠全面實現另一個強勁的季度財務業績，這是我們在 2022 年大部分時間看到的趨勢的延續。我們很高興我們已經完成了對 MarkLogic 的收購，我們相信我們''非常有能力在 2023 年剩餘時間及以後取得強勁業績。有了這個，我想打開問答環節。

(Operator Instructions) And our first question will come from the line of Fatima Boolani with Citi.

（操作員說明）我們的第一個問題將來自 Fatima Boolani 與花旗的合作。

Yogesh, I'll start with you. I wanted to go back to some of your comments around the level of consistency you saw with respect to execution in multiproduct adoption. I'm specifically curious on some of the more, call it, technical products that cater to the developer community. Now we've all seen there's been sweeping reductions in head count that are encroaching into the technical head count category for a lot of large companies. So I'm curious to kind of get your perspective on how that is or maybe it's not impacting your new and renewal monetization prospects for some of those very developer-oriented solutions where the head count trends have actually been very objectively weak. And then just a follow-up for Anthony, please.

Yogesh，我將從你開始。我想回到您關於您在多產品採用執行方面所看到的一致性水平的一些評論。我特別好奇一些迎合開發人員社區的技術產品。現在我們都看到，許多大公司的技術人員人數正在大幅減少。因此，我很想了解您對這方面的看法，或者它是否會影響您對一些非常面向開發人員的解決方案的新的和更新的貨幣化前景，這些解決方案的人數趨勢實際上非常客觀。請再跟進安東尼的情況。

Sounds good, Fatima. Thank you for the question. So there are a couple of sort of interesting nuances there that make our business, to be honest, a little more resilient than the overall "developer ecosystem." Let me share what I mean by that. So first of all, the vast majority of our what are sort of more end developer products are really used by relatively small teams. It isn't as though we have large organizations that have, let's say, thousands of people using that product. And therefore, when they cut back, that we see meaningful changes there. So we really are seeing good strength in our developer tools business, actually saw good strength this past quarter.

聽起來不錯，法蒂瑪。感謝你的提問。因此，有一些有趣的細微差別使我們的業務，老實說，比整個“開發者生態系統”更具彈性。讓我分享一下我的意思。因此，首先，我們絕大多數的終端開發人員產品實際上都是由相對較小的團隊使用的。好像我們沒有大型組織，比方說，有成千上萬的人使用該產品。因此，當他們削減開支時，我們會看到有意義的變化。因此，我們確實看到了我們的開發人員工具業務的良好實力，實際上在上個季度看到了良好的實力。

The products like OpenEdge, the development teams are small. And the products are not priced on number of developers, they are priced more on transactions and database capacity and so on. So many of our "developer-centric products" are more platforms on which the applications run and, therefore, we charge for those. First of all, the number of products that directly are exposed to pure developer seats is very, very small, and their contribution to Progress is relatively modest. And secondly, those are small teams and organizations. And so therefore, really that we're not seeing, to be honest, an impact there to date.

像 OpenEdge 這樣的產品，開發團隊很小。而且產品不按開發者數量定價，更多按交易量、數據庫容量等定價。我們的許多“以開發人員為中心的產品”都是應用程序運行的更多平台，因此我們對這些平台收費。首先，直接接觸純開發者席位的產品非常非常少，對Progress的貢獻也比較微薄。其次，這些都是小型團隊和組織。因此，老實說，我們確實沒有看到迄今為止的影響。

Now we continue to watch that very carefully. That part of our portfolio is something that is where we have fairly short sales cycles and short renewal cycles. And so we get visibility quite quickly into that. But so far, it all looks good.

現在我們繼續非常仔細地觀察它。我們產品組合的這一部分是我們的銷售週期和更新周期相當短的地方。因此，我們很快就能了解這一點。但到目前為止，一切看起來都很好。

Got it. And Anthony, just for you on the free cash flow side. I suspect a lot of this has to do with the reiteration on the full year EPS targets as well. But just curious around how we should think about the free cash flow cadence over the course of this year. You had a very, very strong license quarter. This quarter, you talked about some of the pulled-forward deal dynamics here, but it's not terribly apparent as to why free cash flow wouldn't see better follow-through. So any help you can kind of give us there with respect to maybe OpEx seasonality from here and how that could potentially be dovetailing into free cash flow. And that's it for me.

知道了。安東尼，只為你在自由現金流方面。我懷疑這在很大程度上也與重申全年每股收益目標有關。但只是好奇我們應該如何考慮今年的自由現金流節奏。你有一個非常非常強大的許可季度。本季度，您在這裡談到了一些提前的交易動態，但對於為什麼自由現金流不會看到更好的後續行動並不是很明顯。因此，您可以就 OpEx 的季節性以及它如何可能與自由現金流相吻合提供任何幫助。對我來說就是這樣。

Yes. Generally speaking, Q1 is a reasonably strong quarter for us. And I think on a year-over-year basis, the cash flow was, I would say, a little bit better and probably reflected that better operating performance. When we look at the full year, there certainly is uncertainty, and I would say it's around increased tax payments with Section 174 that we talked about last quarter and also rising interest rates, right? I think those are 2 areas where, if we're being somewhat conservative, it's probably due to some of the uncertainty around some of those macro factors.

是的。一般來說，第一季度對我們來說是一個相當強勁的季度。而且我認為，與去年同期相比，現金流量要好一些，並且可能反映出更好的經營業績。當我們回顧全年時，肯定存在不確定性，我想說的是我們上個季度談到的第 174 條規定的稅收增加以及利率上升，對吧？我認為這兩個領域，如果我們有點保守，那可能是由於圍繞其中一些宏觀因素的一些不確定性。

But I think as it relates to our operating performance and performance around DSOs, and we saw its strength in the balance sheet, we felt good about where Q1 was and feel pretty upbeat about the full year. I would say the uncertainty around interest rates and the taxes around Section 174 would be 2 factors that we're keeping an eye on.

但我認為，因為它與我們的經營業績和圍繞 DSO 的業績有關，而且我們在資產負債表中看到了它的實力，我們對第一季度的表現感到滿意，並對全年感到非常樂觀。我想說利率的不確定性和第 174 條的稅收將是我們關注的兩個因素。

One moment for our next question, and that will come from the line of Ray McDonough with Guggenheim.

請稍等一下，我們的下一個問題將來自 Ray McDonough 與 Guggenheim 的對話。

Yogesh, maybe for you to start. Obviously, there's been a lot of changes in the private markets, as you mentioned in your script. Maybe you can talk about your capacity to perhaps do another acquisition not only from a leverage standpoint and a financial standpoint but from an operational standpoint. Do you feel like you're in a position to be opportunistic even as you integrate MarkLogic over the next couple of quarters?

Yogesh，也許適合你開始。顯然，正如您在腳本中提到的那樣，私人市場發生了很多變化。也許你可以談談你進行另一次收購的能力，不僅從槓桿的角度和財務的角度，而且從運營的角度。即使在接下來的幾個季度中整合 MarkLogic，您是否覺得自己處於機會主義的位置？

So Ray, I think that's a really good question. The way we are organized, the way we target our product portfolio, to 3 specific submarkets within the infrastructure software space, one is around sort of the front-end development environment and the digital experience that we deliver and tools and products that support that and platforms under that; another is around the data and application platform side of things, OpenEdge, MarkLogic, DataDirect fit in there; and the third is around the whole deploy and manage the environment, DevOps, DevSecOps, et cetera, where Chef and Flowmon and Loadmaster and our other network management product WhatsUp Gold fit.

所以雷，我認為這是一個非常好的問題。我們的組織方式，我們將產品組合定位到基礎設施軟件領域內的 3 個特定子市場的方式，一個是圍繞前端開發環境和我們提供的數字體驗以及支持它的工具和產品，以及下的平台；另一個是圍繞數據和應用程序平台方面的事物，OpenEdge、MarkLogic、DataDirect 適合那裡；第三是圍繞整個部署和管理環境，DevOps、DevSecOps 等，Chef 和 Flowmon 以及 Loadmaster 和我們的其他網絡管理產品 WhatsUp Gold 適合。

So we have these 3 sort of groups of products, and we have teams that actually go to market and do all the work around running that business as individual full teams. And so currently, the MarkLogic product, of course, is in the application and data platform side business, the data platform and application platform business and so, therefore, the other 2 areas, I think we can easily do an acquisition and have the operational capacity to integrate.

所以我們有這 3 類產品組，我們有實際進入市場的團隊，並作為單獨的完整團隊圍繞該業務開展所有工作。所以目前，MarkLogic 產品當然是在應用程序和數據平台方面的業務，數據平台和應用程序平台業務等等，因此，其他 2 個領域，我認為我們可以輕鬆地進行收購併進行運營整合能力。

Obviously, just doing a deal, Ray, it doesn't happen overnight. So if we were to do a deal, we would be ready by the time the deal actually closed. So we actually feel really good about it. We're continuing to look. One of the things that we have done, which I'm truly proud of over the last 3 or 4 years, is increased our ability to be able to walk and chew gum at the same time in the sense of integrate one business while the opportunity may arise to acquire another.

顯然，只是做一筆交易，雷，這不會在一夜之間發生。因此，如果我們要達成交易，我們將在交易實際完成時做好準備。所以我們真的感覺很好。我們正在繼續尋找。在過去的 3 或 4 年裡，我們所做的其中一件事讓我感到非常自豪，即在整合一項業務的意義上，提高了我們能夠同時走路和嚼口香糖的能力，同時抓住機會可能會出現收購另一個。

If you noticed, Anthony pointed out that the complete synergies and the integration of MarkLogic, the synergies will be complete by end of this fiscal year, which is less than 10 months if you actually look at it. It used to be 12 to 18 months. And so we continually reduce that. So I think operationally, yes, the short answer is absolutely, yes.

如果你注意到的話，Anthony 指出，完整的協同效應和 MarkLogic 的整合，協同效應將在本財年結束時完成，如果你實際看的話，不到 10 個月。過去是12到18個月。所以我們不斷地減少它。所以我認為在操作上，是的，簡短的回答絕對是，是的。

The answer on the debt and leverage side, and I think Anthony already mentioned that we are in actually quite good shape on the capital side. And the size acquisitions we do, especially with the fact that they are accretive and they generate cash flow themselves, I think not only can we do it but actually, they do generate significant cash flow on their own, which increases our capacity to do more. So we feel good about it on both fronts, Ray.

債務和槓桿方面的答案，我認為安東尼已經提到我們在資本方面的狀況實際上非常好。我們進行的規模收購，特別是考慮到它們是增值的，它們自己產生現金流，我認為我們不僅可以做到，而且實際上，它們確實會自己產生大量現金流，這增加了我們做更多事情的能力.所以我們在兩個方面都感覺很好，雷。

Great. That's helpful. And maybe if I could for Anthony, a follow-up to Fatima's question. I want to get an understanding for what might be conservatism in your guidance versus some of the mechanics in the model, especially on the margin side. Obviously, revenue outperformance helped in the quarter. But you also called out cost controls. So wondering how should we think about the reiteration of prior guidance on the operating margin side and where the levers for upside could potentially come from as it seems like cost controls were part of the upside, at least in this quarter.

偉大的。這很有幫助。如果可以的話，也許我可以為 Anthony 回答 Fatima 的問題。我想了解您的指導與模型中的某些機制相比可能是保守主義，尤其是在保證金方面。顯然，該季度的收入表現出色有所幫助。但你也呼籲成本控制。所以想知道我們應該如何考慮重申先前對營業利潤率的指導，以及上行槓桿可能來自哪裡，因為成本控制似乎是上行的一部分，至少在本季度是這樣。

Yes, sure, Ray. I guess I would break it up into 2 bits, right? There's at the operating margin line and then at the EPS line. And so from an operating margin perspective, I think we felt good about our ability to control costs. We're certainly aware of the uncertainty in the macro as we look forward, as it relates to inflation and what our costs may run to. And so we felt like there was a little bit of upside in Q1, good, like real performance upside. And so perhaps we're a little conservative at the operating margin line based on where the macro is.

是的，當然，雷。我想我會把它分成 2 位，對吧？有營業利潤線，然後是 EPS 線。因此，從營業利潤率的角度來看，我認為我們對控製成本的能力感到滿意。展望未來，我們當然意識到宏觀的不確定性，因為它與通貨膨脹以及我們的成本可能達到的水平有關。所以我們覺得第一季度有一點上升空間，很好，就像真正的性能上升空間一樣。因此，根據宏觀的位置，我們可能對營業利潤線有點保守。

When you get down to the EPS line, I think interest expense certainly is something that's outside of our control and there's more uncertainty there. And so I think that drives the sort of holding after Q1, even a strong Q1, with our earnings guide. So we sort of chunked it up and looked at both lines. And I think those were 2 factors where we would say we feel really good about strength in the top line. There's a lot of uncertainty out there, and so we're comfortable taking the top line up a little bit. We want to be a little bit conservative on the margin side, both operating and EPS.

當你談到每股收益時，我認為利息支出肯定是我們無法控制的，那裡有更多的不確定性。因此，我認為這推動了第一季度之後的持有，甚至是強勁的第一季度，我們的收益指南。因此，我們將其分塊並查看了兩條線。我認為這是我們認為我們對頂線的實力感到非常滿意的兩個因素。那裡有很多不確定性，所以我們很樂意讓最重要的人排隊。我們希望在利潤方面保持一點保守，包括運營和每股收益。

One moment for our next question, and that will come from the line of Pinjalim Bora with JPMorgan.

請稍等一下我們的下一個問題，這將來自摩根大通的 Pinjalim Bora 系列。

Congrats on the quarter. I was looking through the numbers, it seems like the subscription gross margins did really well. Was wondering, to what extent did price increases play a role in the performance in the quarter? And second part, Yogesh, you had done a go-to-market realignment in Q3. Talk about that organization as dust kind of settled and how are you kind of layering in MarkLogic?

祝賀這個季度。我正在查看這些數字，訂閱毛利率似乎非常好。想知道價格上漲在多大程度上影響了本季度的業績？第二部分，Yogesh，你在第三季度完成了上市調整。談論那個組織就像塵埃落定一樣，你是如何在 MarkLogic 中分層的？

Yes. So Pinjalim, I just want to make sure I heard the questions clearly. We had a little bit of a challenge hearing you. So the first part, I think you were asking about whether price increases and what kind of an impact they might have had on the top line, I believe? And the second part of the question was related to the operational realignment that we did around 3 product portfolios and how is that going, right?

是的。 Pinjalim，我只是想確保我清楚地聽到了問題。聽到您的聲音，我們遇到了一些挑戰。所以第一部分，我想你問的是價格是否上漲以及它們可能對收入產生什麼樣的影響，我相信？問題的第二部分與我們圍繞 3 個產品組合進行的運營調整有關，進展如何，對吧？

Correct, and how MarkLogic kind of fits into that realignment.

正確，以及 MarkLogic 如何適應這種重新調整。

Okay. Perfect. So let me answer the first one first, it's pretty straightforward. Pinjalim, as you know, by and large, for the vast majority of our products, we have certain relationships where price increases are either not possible or are rather limited or muted. These are multiyear contracts. And especially our OEM contracts or ISV contracts, they are based often on percentage of their revenue and so on. So those things aren't really conducive to price increases.

好的。完美的。所以讓我先回答第一個問題，這很簡單。 Pinjalim，如您所知，總的來說，對於我們的絕大多數產品，我們有某些關係，在這些關係中，價格上漲要么不可能，要么相當有限或微弱。這些是多年合同。尤其是我們的 OEM 合同或 ISV 合同，它們通常基於收入的百分比等。所以這些東西並不真正有利於價格上漲。

That said, we have increased some prices on some of our products. We are not seeing a lot of resistance from the customer base in those areas. But it's not a huge amount and not enough to really have a meaningful impact on our overall revenue. I think the number of contracts that come up every year for renewal or every quarter that come up for renewal or expansion is not as much as the whole portfolio, right? So it's a more than 1-year cycle, it's actually close to 2- to 3-year cycle, that we would have to go through. So the spread is over a fairly large period. But we are beginning to see a little bit of advantage from it.

也就是說，我們提高了一些產品的價格。我們沒有看到這些地區的客戶群有太多阻力。但這不是一個巨大的數額，也不足以真正對我們的整體收入產生有意義的影響。我認為每年或每個季度更新或擴展的合同數量不及整個投資組合的數量，對嗎？所以這是一個超過 1 年的周期，實際上接近 2 到 3 年的周期，我們必須經歷。所以這個價差是在一個相當大的時期內。但我們開始看到它的一點優勢。

But again, I'll let Anthony further clarify. Anything else, Anthony, on that one?

但是，我會讓安東尼進一步澄清。還有什麼，安東尼，關於那個？

No, Yogesh, I think that's right. I don't think we're seeing it really pull through in the numbers at this point, but more to come.

不，Yogesh，我認為這是對的。我不認為我們現在看到它真的在數字上取得了成功，但還會有更多。

Yes. On the realignment, the realignment went really well. As I mentioned, we have realigned ourselves into these 3 product groups. And the MarkLogic product has been moved into the application and data platform business. So it is in the same business as DataDirect as well as OpenEdge, which makes sense, right?

是的。在重組方面，重組進行得非常順利。正如我提到的，我們已經將自己重新調整為這 3 個產品組。 MarkLogic 產品已轉移到應用程序和數據平台業務中。所以它與 DataDirect 和 OpenEdge 屬於同一行業，這是有道理的，對吧？

If you think about OpenEdge, it's a database product, business application development language that is specifically on a platform, specifically for that database and business applications that are built around that. MarkLogic is complex data processing and a database in its own right and actually has access to that data from using languages like SQL, so you can actually have an OpenEdge database and an OpenEdge application, even access MarkLogic's data. So we see potentially that, that is something that potentially the market may be interested in.

如果您考慮 OpenEdge，它是一種數據庫產品，一種專門用於平台的業務應用程序開發語言，專門用於該數據庫和圍繞該平台構建的業務應用程序。 MarkLogic 本身就是一個複雜的數據處理和數據庫，實際上可以使用 SQL 等語言訪問該數據，因此您實際上可以擁有一個 OpenEdge 數據庫和一個 OpenEdge 應用程序，甚至可以訪問 MarkLogic 的數據。所以我們可能會看到，這可能是市場可能感興趣的東西。

As you know, Pinjalim, when we do acquisitions, we don't really count on cross-sell, right? That's not our intent. But at the same time, we still want to make sure it is in the right place. We also see significant sort of opportunities to leverage both DataDirect technology to support and expand the data hub capabilities of MarkLogic. So all of that being together, those 3 products, made a lot of sense. And so that's where it is. It is rather early. It's been 6 weeks since we closed the acquisition so we're early in the integration phase. And so far, things are going well.

如你所知，Pinjalim，當我們進行收購時，我們並不真正指望交叉銷售，對嗎？那不是我們的意圖。但與此同時，我們仍想確保它位於正確的位置。我們還看到了利用 DataDirect 技術支持和擴展 MarkLogic 數據中心功能的重要機會。因此，所有這些結合在一起，即這 3 種產品，非常有意義。這就是它所在的位置。現在還早。我們完成收購已經 6 週了，所以我們處於整合階段的早期階段。到目前為止，一切進展順利。

And our next question comes from the line of Brent Thill with Jefferies.

我們的下一個問題來自 Brent Thill 與 Jefferies 的對話。

This is Bo Yin on for Brent Thill. I guess maybe for you, Yogesh, on the operational side, can you provide us with any color on maybe your plans for head count growth this year and where you've been focusing investments in primarily, and maybe how that breaks down within your product development and sales and marketing organizations?

這是布倫特希爾的 Bo Yin。我想也許對你來說，Yogesh，在運營方面，你能為我們提供一些顏色嗎？也許你今年的員工人數增長計劃以及你主要關注的投資領域，以及你的產品如何分解開發和營銷組織？

So what's interesting is that in terms of our head count, we, unlike most of the software companies, saw almost a year ago that the world was changing. It was relatively obvious, I think. And so we changed our hiring dramatically, right? And we made sure that we did not get ahead of our skis unlike many others who did. So we've actually continued to have really, really well-managed teams. And then when we brought these products together under 3 business units internally, we basically made sure that we had the right level of folks in R&D to continue to make sure that the products could be innovated, that the customers could be supported and that we could stay relevant to them.

所以有趣的是，就我們的員工人數而言，與大多數軟件公司不同，我們在大約一年前就看到世界正在發生變化。我認為這是相對明顯的。所以我們戲劇性地改變了招聘方式，對吧？我們確保我們不會像其他許多人那樣領先於我們的滑雪板。所以我們實際上繼續擁有非常非常管理良好的團隊。然後，當我們將這些產品集中到內部的 3 個業務部門時，我們基本上確保了我們在研發中擁有合適級別的人員，以繼續確保產品可以創新，可以支持客戶，並且我們可以與他們保持相關性。

And at the same time, we had enough people in the go-to-market side, both to retain and expand as well as do some of the new deals that we do need to do, right? It isn't that, that part of the business is zero. So we feel really good about the balance we have across the business. We're looking forward to integrating the MarkLogic people into various functions as well and moving forward. I don't see us making significant changes to head count in any part of our business at this point.

同時，我們在進入市場方面有足夠的人員，既可以保留和擴展，也可以進行一些我們確實需要做的新交易，對吧？不是這樣，那部分業務是零。因此，我們對整個業務的平衡感到非常滿意。我們期待著將 MarkLogic 人員整合到各種功能中並繼續前進。我不認為我們在這一點上對我們業務的任何部分的人數做出重大改變。

Okay. Great. And maybe a follow-up on sort of the different regional performance. I mean, just looking at the different international regions, how did you guys sort of perform over there? I don't know if you look at it in terms of verticals or it's more across the different products in your portfolio, but any color there would be great.

好的。偉大的。也許會跟進不同地區的表現。我的意思是，看看不同的國際賽區，你們在那裡的表現如何？我不知道你是從垂直的角度來看它，還是從你的投資組合中的不同產品來看，但任何顏色都會很棒。

Yes. Sure. I think that from a regional perspective, we probably saw the most strength in the Americas and Europe. I think Asia was in line with our expectations. But with all of the activity going on sort of across the continent, in Europe, certainly with the conflict still ongoing, it's something we're keeping an eye on. But I think performance across Europe for us, across the EMEA region, was strong. So I think in terms of distribution geographically, I don't think that there was any particular geo that really drove outsized gains or outsized performance. It was pretty strong across the board.

是的。當然。我認為從區域的角度來看，我們可能在美洲和歐洲看到了最強大的力量。我認為亞洲符合我們的預期。但由於所有活動都在整個歐洲大陸進行，在歐洲，當然衝突仍在繼續，這是我們一直關注的事情。但我認為我們在歐洲、整個歐洲、中東和非洲地區的表現都很強勁。所以我認為就地理分佈而言，我認為沒有任何特定的地理區域真正推動了超額收益或超額業績。整體表現相當強勁。

And I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. Yogesh Gupta for any closing remarks.

我現在不會在隊列中顯示更多問題。我現在想把電話轉回給 Yogesh Gupta 先生，聽取任何結束語。

Well, thank you, operator, and thank you, everyone, for joining on our Q1 earnings call. I really appreciate your support and look forward to speaking with you again in 3 months, if not sooner. Thank you, and have a wonderful evening. Bye-bye.

好吧，謝謝運營商，也感謝大家參加我們的第一季度財報電話會議。非常感謝您的支持，並期待在 3 個月後再次與您交談，如果不是更早的話。謝謝你，祝你度過一個美好的夜晚。再見。

Thank you for participating. This concludes today's program. You may now disconnect.

感謝您的參與。今天的節目到此結束。您現在可以斷開連接。