Progress Software Corp (PRGS) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Progress Software Corporation first quarter 2025 earnings conference call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions) Please note that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Progress Software Corporation 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。（操作員指示）請注意，今天的會議正在錄音。

I will now hand the conference over to your speaker host, Michael Micciche, SVP of Investor Relations. Please go ahead.

現在，我將會議移交給演講主持人、投資者關係高級副總裁 Michael Micciche。請繼續。

Okay. Thank you, Olivia. Thanks for your help today. Good afternoon, everyone, and thanks for joining us for Progress Software's first fiscal quarter 2025 financial results conference call. On the line with me this afternoon are Yogesh Gupta, President and Chief Executive Officer; and Anthony Folger, our CFO.

好的。謝謝你，奧莉維亞。謝謝你今天的幫忙。大家下午好，感謝您參加 Progress Software 2025 財年第一季財務業績電話會議。今天下午與我通話的是總裁兼執行長 Yogesh Gupta；以及我們的財務長 Anthony Folger。

As always, we'll begin the call with our Safe Harbor statements. During this call, we will discuss our outlook for future financial and operating performance, corporate strategies, product plans, cost initiatives, the integration of ShareFile, which closed on October 31, 2024, and other information that might be considered forward-looking.

像往常一樣，我們將以安全港聲明開始通話。在本次電話會議中，我們將討論對未來財務和營運績效的展望、公司策略、產品計劃、成本計劃、ShareFile 的整合（於 2024 年 10 月 31 日完成）以及其他可能被視為前瞻性的資訊。

Such forward-looking information represents Progress Software's outlook and guidance only as of today and is subject to risks and uncertainties. For description of the risk factors that may affect our results, please refer to the Risk Factors sections in our filings with the SEC. Progress Software assumes no obligation to update the forward-looking statements included in this call.

此類前瞻性資訊僅代表 Progress Software 截至今日的展望和指導，且受風險和不確定性的影響。有關可能影響我們結果的風險因素的描述，請參閱我們向美國證券交易委員會提交的文件中的風險因素部分。Progress Software 不承擔更新本次電話會議中的前瞻性聲明的義務。

Additionally, please note that all the financial figures referenced in this call are non-GAAP unless otherwise indicated. You can find a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP figures in our financial results press release, which was issued after the market closed today. This document contains additional information related to our financial results for the first fiscal quarter of 2025, and I recommend that you reference it for specific details.

此外，請注意，除非另有說明，本次電話會議中引用的所有財務數據均為非 GAAP。您可以在我們今天市場收盤後發布的財務業績新聞稿中找到我們的非 GAAP 財務指標與最直接可比較的 GAAP 數據的對帳表。本文檔包含與我們 2025 財年第一季度的財務業績相關的附加信息，我建議您參考它以了解具體細節。

We've also provided a PowerPoint presentation that contains supplemental data for the first quarter, and that slide deck provides highlights and additional financial metrics. Both the earnings release and the supplemental presentation are available on the Investor Relations section of our website at investors.progress.com under the Investor Events and Presentations tab. Today's call is being recorded in its entirety and will be available for replay on the Investor Relations section of our website shortly after we finish.

我們還提供了包含第一季補充資料的 PowerPoint 演示文稿，並且該幻燈片提供了重點內容和額外的財務指標。收益報告和補充報告均可在我們網站 investors.progress.com 的「投資者關係」部分的「投資者活動和簡報」標籤下找到。今天的電話會議將被完整錄音，結束後不久即可在我們網站的投資者關係部分重播。

And with all that out of the way, Yogesh, I'll turn it over to you.

現在，Yogesh，這些都已經解決了，我將把任務交給你。

Thank you, Mike. Good afternoon and thank you for joining us today as we announce the results from our first quarter of fiscal 2025.

謝謝你，麥克。下午好，感謝您今天加入我們，我們將宣布 2025 財年第一季的業績。

We're extremely pleased with our solid start to the year as you can see from the numbers and the updated guidance in our earnings release. Our annualized recurring revenue or ARR increased 48% over last year in constant currency, predominantly driven by ShareFile with additional contribution from the rest of our business. And our net retention rate again surpassed 100%.

從我們的收益報告中的數據和最新指引中您可以看到，我們對今年的良好開局感到非常高興。我們的年度經常性收入或 ARR 以固定匯率計算比去年增長了 48%，這主要得益於 ShareFile，同時還有其他業務的貢獻。我們的淨留存率再次超過了100%。

For the quarter, revenues came in at the high end of our guidance at $238 million, up 30% in constant currency, showing steady continuous demand for our solutions. Earnings per share of $1.31 significantly exceeded the upper end of the range we provided at the end of Q4, which illustrate that our whole team is executing well while also keeping expenses in check.

本季度，營收達到了我們預期的高位，為 2.38 億美元，以固定匯率計算成長 30%，顯示對我們的解決方案的持續穩定需求。每股收益 1.31 美元，大大超過了我們在第四季度末提供的範圍上限，這表明我們整個團隊執行良好，同時也控制了開支。

Our operating margins of 39% this quarter are indicative of our company-wide focus on expense management and execution as well as faster ShareFile integration. So at a high level, our results show several positives, and Anthony will take you through the details of the quarter later. Perhaps most important, the integration of ShareFile is going very well as you can see from its significant contribution to ARR, revenues as well as expense savings.

本季我們的營業利潤率為 39%，顯示我們全公司都注重費用管理和執行以及更快的 ShareFile 整合。因此，從總體來看，我們的結果顯示出幾個積極的方面，安東尼稍後將帶您了解本季度的詳細資訊。或許最重要的是，ShareFile 的整合進展順利，您可以從它對 ARR、收入以及費用節省的重大貢獻中看到這一點。

Each of the milestones and key areas of integration we anticipated are either on track or ahead of plan. During the quarter, we paid down $30 million on our revolver ahead of our original plan to start paying down debt in second quarter and in line with our intent to delever rapidly so that we can be ready for the next deal.

我們預期的每個里程碑和關鍵整合領域都正在按計劃進行或提前完成。在本季度，我們提前償還了 3000 萬美元的循環信貸，超過了我們原定於第二季度開始償還債務的計劃，這也符合我們迅速去槓桿的意圖，以便為下一筆交易做好準備。

We remain very focused on prudent capital allocation and on using all facets of our capital allocation strategy to provide solid returns on invested capital. To that end, we also repurchased $30 million of our stock, consistent with our goal of returning capital directly to shareholders in the form of opportunistic buybacks.

我們仍然高度重視審慎的資本配置，並利用我們的資本配置策略的各個方面來為投資資本提供可觀的回報。為此，我們也回購了 3,000 萬美元的股票，這符合我們以機會性回購的形式直接向股東返還資本的目標。

From a macro perspective, we have seen no disruption stemming from the uncertainty in the environment thus far, particularly as it pertains to our relatively modest federal government business. And we continue to monitor the developments closely. So all in, our first quarter of 2025 was very solid across-the-board, and our teams are once again showing their excellence in running the business efficiently while meeting and exceeding our operational targets.

從宏觀角度來看，到目前為止，我們尚未看到因環境不確定性而導致的中斷，特別是對於我們相對溫和的聯邦政府業務。我們將繼續密切關注事態發展。整體而言，我們 2025 年第一季的業績全面穩健，我們的團隊再次展現出卓越的業績，高效營運業務，同時實現並超越了我們的營運目標。

Let me now provide a little more detail on ShareFile and revisit a couple of highlights of the deal. We ended Q1 about four months into the integration, and with everything proceeding as expected and probably a bit better in many ways. Our Transition Services Agreement with CSG is working out well. While we still have more steps to complete, our progress has been faster than anticipated, and we continue to believe that we can complete the integration and reach our 40% operating margin target for the acquired business by the end of this fiscal year.

現在，讓我提供有關 ShareFile 的更多細節，並回顧該交易的幾個亮點。我們在整合大約四個月後結束了第一季度，一切都按預期進行，而且在許多方面可能都有所改善。我們與 CSG 簽訂的過渡服務協議進展順利。雖然我們還有更多步驟需要完成，但我們的進展比預期的要快，我們仍然相信我們可以在本財年結束前完成整合，並實現收購業務 40% 的營業利潤率目標。

The people integration efforts with our ShareFile colleagues have gone extremely well as the collective teams have embraced on common culture and are moving forward as we want. The hiring and integration of teams in locations such as India, Costa Rica and Bulgaria has been rapid, and we're excited about the progress on the people front.

我們與 ShareFile 同事的人員整合工作進展非常順利，因為集體團隊已經接受了共同的文化並且正在按照我們的意願向前發展。印度、哥斯達黎加和保加利亞等地的團隊招募和整合工作進展迅速，我們對人才的進展感到非常興奮。

As a reminder, ShareFile is a native SaaS platform with 100% recurring revenue and solid net retention rates. In addition to the robust durable revenues and cash flow that ShareFile will generate, we now have extensive expertise running a significant SaaS business at scale with excellent gross margins. Before we acquired ShareFile, our SaaS platforms only accounted for around 3% of our total revenues and now SaaS is nearly 30% of our revenue.

提醒一下，ShareFile 是一個原生 SaaS 平台，具有 100% 的經常性收入和穩定的淨留存率。除了 ShareFile 將產生的強勁持久的收入和現金流之外，我們現在還擁有大規模運營重要 SaaS 業務的豐富專業知識，並且具有優異的毛利率。在我們收購 ShareFile 之前，我們的 SaaS 平台僅占我們總收入的 3% 左右，而現在 SaaS 占我們營收的近 30%。

The addition of ShareFile is helping us in a number of ways. For example, the strong cloud operations platform and significant cash flows from an optimized SaaS business opens up the largest segment of potential M&A candidates.

ShareFile 的加入在許多方面幫助了我們。例如，強大的雲端營運平台和優化的SaaS業務帶來的大量現金流開闢了最大的潛在併購候選市場。

Previously, we looked at many SaaS businesses and were hesitant because their gross margins and operational capabilities were unappealing to us. By the time we are ready to take on another deal, we will have cloud operational capability at scale as well as the additional strong cash flow and balance sheet to seriously consider the deals we may have been hesitant about before.

之前我們考察過很多SaaS企業，但是都比較猶豫，因為它們的毛利率和營運能力對我們沒有吸引力。等到我們準備進行另一筆交易時，我們將擁有大規模的雲端營運能力以及額外的強勁現金流和資產負債表，從而認真考慮先前可能猶豫不決的交易。

I'm incredibly excited about the possibilities, but I also want to make sure that we remain disciplined, focused and operational incompetent in every regard when it comes to M&A and the execution of that part of our strategy. In fact, to further enable the execution of our strategy, we are also finding a universal shelf registration statement, which will allow us to access the capital markets with greater agility. While we currently do not have any plans to offer securities under the shelf, it does provide us with additional flexibility to carry out our total growth strategy, and we do see significant opportunities in the M&A market.

我對這些可能性感到無比興奮，但我還想確保，在併購和執行我們策略的這一部分時，我們在各個方面都保持紀律性、專注度和營運能力。事實上，為了進一步實施我們的策略，我們也正在尋找一份通用的擱置註冊聲明，這將使我們能夠更靈活地進入資本市場。雖然我們目前還沒有任何在架子上提供證券的計劃，但它確實為我們實施整體成長策略提供了額外的靈活性，而且我們確實在併購市場看到了重大機會。

There are multitude of good companies and products that we believe will be coming to market and continued higher interest rates have made us meaningfully more competitive for deals when competing against strategic and financial buyers. As I mentioned earlier, ShareFile gives us a ready-made SaaS experience and expertise, and our reputation as the buyer of choice in infrastructure software positions us extremely well in the minds of company founders, management and investors. All of this creates a competitive differentiation for Progress. Having a shelf ready to go adds to our advantages and will increase our ability to make acquisitions.

我們相信，眾多優秀的公司和產品將會進入市場，持續走高的利率使我們在與策略和金融買家的競爭中更具競爭力。正如我之前提到的，ShareFile 為我們提供了現成的 SaaS 經驗和專業知識，而我們作為基礎設施軟體首選買家的聲譽使我們在公司創始人、管理層和投資者心目中佔據了極高的位置。所有這些都為 Progress 創造了競爭優勢。擁有一個隨時可用的貨架會增加我們的優勢，並能提高我們的收購能力。

Let me now highlight a few of our customer wins from the first quarter. Several leading commercial lenders and banks expanded their use of ShareFile in the first quarter. The wins highlight our financial service organizations are benefiting from purpose-built AI capabilities in the ShareFile product to securely share large documents to their clients, detect when the client document contains sensitive information, verify recipients' identity upon access and integrate e-signature into their workflows. The customer feedback we continue to hear is that ShareFile is directly contributing to their revenue streams, workforce efficiency and risk mitigation.

現在讓我重點介紹一下第一季我們贏得的一些客戶。第一季度，幾家領先的商業貸款機構和銀行擴大了對 ShareFile 的使用。這些勝利凸顯了我們的金融服務組織正在受益於 ShareFile 產品中專門構建的 AI 功能，可以安全地與客戶共享大型文件、檢測客戶文件何時包含敏感資訊、在訪問時驗證收件人的身份並將電子簽名整合到他們的工作流程中。我們不斷聽到的客戶回饋是 ShareFile 直接為他們的收入來源、勞動力效率和風險緩解做出了貢獻。

Also, in Q1 to AI-powered its content recommendations for their customers, one of the world’s leading streaming entertainment providers turned to our data platform products for semantic analysis capabilities. Demonstrating our continued impact on shaping our customers’ digital experiences, a global leader in industrial machinery manufacturing expanded its use of our DevTools products to provide touchscreen user experiences for the industrial machines to drive easier, accessible and more efficient workflows for operators.

此外，在第一季度，一家全球領先的串流媒體娛樂供應商利用我們的數據平台產品為客戶提供人工智慧內容推薦，從而實現語義分析功能。為了展示我們對塑造客戶數位體驗的持續影響力，工業機械製造領域的全球領導者擴大了我們 DevTools 產品的使用範圍，為工業機器提供觸控螢幕使用者體驗，從而為操作員提供更輕鬆、更易於存取和更有效率的工作流程。

Two states in the US reaffirm their commitment to use Progress’s Intelligent Decisioning product to automate policy driven decisions that are part of their digital government infrastructure. And we also saw several global financial, automotive and retail customers significantly expand the use of our DevOps products to optimize, secure and assure compliance of their application infrastructures.

美國兩個州重申了其承諾，將使用 Progress 的智慧決策產品來自動化作為其數位政府基礎設施一部分的政策驅動決策。我們也看到一些全球金融、汽車和零售客戶大幅擴大了我們的 DevOps 產品的使用範圍，以優化、保護和確保其應用程式基礎設施的合規性。

In addition, our infrastructure network management offerings grew strong new wins across Europe and Asia including one of India’s newest airports. The common thread behind all these wins, expansions and renewals is our focus on enabling our customers to develop, deploy and manage verifiable and trustworthy AI-powered applications and digital experiences. More and more of our customers are leveraging progress to deliver reliable outcomes from often massive unstructured datasets in ways that can dramatically improve work productivity, customer service and ultimately revenue, while increasing compliance and reducing risk.

此外，我們的基礎設施網路管理產品在歐洲和亞洲取得了強勁發展，其中包括印度最新的機場之一。所有這些勝利、擴張和更新背後的共同點是我們專注於幫助我們的客戶開發、部署和管理可驗證、值得信賴的人工智慧應用程式和數位體驗。我們越來越多的客戶正在利用技術進步從通常龐大的非結構化資料集中獲取可靠的結果，從而大幅提高工作效率、客戶服務並最終提高收入，同時提高合規性並降低風險。

Let me provide a quick update on our AI efforts as it’s a major force driving change in almost every industry. AI has been part of our strategy and product roadmap for many years and is core to the ongoing value we’re providing our customers. Those of you who have tracked our company over the years would have seen our early assessment and focus on how data would be critical to delivering AI driven applications. Concept of AI has certainly come a long way since then.

讓我簡要介紹一下我們在人工智慧方面的努力，因為它是推動幾乎所有產業變革的主要力量。多年來，人工智慧一直是我們策略和產品路線圖的一部分，也是我們為客戶提供持續價值的核心。多年來一直關注我們公司的人應該已經看到了我們早期的評估，並關注數據對於提供人工智慧驅動的應用程式至關重要。自那時起，人工智慧的概念確實已經取得了長足的進步。

Today, as our customers continue to rely on progress to power and solve mission critical parts of their business, we have stayed ahead of this transformative technology evolution by ensuring our customers have the tools, processes and expertise to fully leverage AI’s potential.

今天，當我們的客戶繼續依靠進步來推動和解決其業務中的關鍵任務部分時，我們透過確保我們的客戶擁有充分利用人工智慧潛力的工具、流程和專業知識，始終保持在這項變革性技術發展的前沿。

Our AI efforts continue to be focused on three areas. Number one, help our customers build great agentic AI powered applications and experiences that automate workflows and generate accurate, valid and verifiable answers that are in context relevant to the audience and leverage data in a secure and trustworthy manner.

我們的人工智慧努力繼續集中在三個領域。首先，幫助我們的客戶建立出色的代理人工智慧應用程式和體驗，以實現工作流程自動化，並產生與受眾相關的準確、有效和可驗證的答案，並以安全可靠的方式利用數據。

Number two, offer agentic and AI capabilities within our own products to make them much easier to use and to deliver greater value to the users. And three, use AI internally to be operationally more efficient, managing costs while investing in areas where we need to invest.

第二，在我們自己的產品中提供代理和人工智慧功能，使它們更易於使用並為用戶提供更大的價值。第三，在內部使用人工智慧來提高營運效率，在需要投資的領域進行投資的同時管理成本。

To accelerate these efforts, one of our engineering leaders recently stepped up to spearhead our AI efforts across the company as Progress’ Chief AI Officer. Ed Keisling has been part of Progress' engineering leadership for many years during which he has to help transform that organization and we knew the importance of appointing someone who can drive such transformation again. In this new role, which reports directly to me, Ed is helping us innovate and invest in AI while also maximizing cost efficiency benefits through AI. In many ways, these efforts are balancing each other out as we continue to focus on retaining, supporting and innovating for our customers.

為了加速這些努力，我們的一位工程領導者最近擔任 Progress 的首席人工智慧官，領導整個公司的人工智慧工作。艾德凱斯林多年來一直擔任 Progress 公司的工程領導職務，在此期間，他必須幫助改造該組織，我們知道任命一個能夠再次推動這種改造的人的重要性。在這個直接向我報告的新職位上，艾德幫助我們在人工智慧領域進行創新和投資，同時透過人工智慧最大限度地提高成本效益。在許多方面，這些努力是相互平衡的，因為我們將繼續專注於為客戶保留、支援和創新。

In summary, the first quarter of 2025 was a great quarter financially and operationally. I want to thank all our employees for all of their hard work. We are delighted that we have such a strong employee base, and the addition of ShareFile further strengthens our organization and culture. We expect to have ShareFile fully integrated by end of the fiscal year and we will continue to pay down our debt aggressively. At the same time, we’re keeping our seat at the table in the M&A market and always looking for great acquisitions. We’re also keeping our eyes on a larger global macro environment and remain confident that our customers trust Progress to continue to deliver in an ever-changing world.

總而言之，2025 年第一季無論從財務或營運角度來說都是一個偉大的季度。我要感謝我們全體員工的辛勤工作。我們很高興擁有如此強大的員工基礎，ShareFile 的加入進一步加強了我們的組織和文化。我們預計在本財年結束前完成 ShareFile 的全面整合，並且我們將繼續積極償還債務。同時，我們在併購市場中佔有一席之地，並且始終在尋找優秀的收購機會。我們也關注更大的全球宏觀環境，並堅信我們的客戶相信 Progress 能夠在不斷變化的世界中繼續發揮作用。

Thank you again for joining us this evening. And now, let me pass it over to Anthony for more details around our results and the guidance.

再次感謝您今晚加入我們。現在，讓我將話題轉交給安東尼，讓他了解有關我們的結果和指導的更多詳細資訊。

All right. Thanks, Yogesh. Good afternoon, everyone, and thanks for joining our call. As Yogesh mentioned, we're very pleased with our Q1 results and especially with the pace of the ShareFile integration. I'll talk more about ShareFile later on.

好的。謝謝，Yogesh。大家下午好，感謝您參加我們的電話會議。正如 Yogesh 所提到的，我們對第一季的業績非常滿意，尤其是 ShareFile 整合的速度。稍後我將進一步討論 ShareFile。

So let's begin with our results for the quarter. Starting on the top line, we closed Q1 with ARR of $836 million, representing 48% year-over-year growth and 3.4% pro forma growth on a year-over-year basis. For clarity, the pro forma results include ShareFile ARR in both periods.

讓我們從本季的業績開始。從營業收入開始，我們第一季的 ARR 為 8.36 億美元，年增 48%，預計年增 3.4%。為了清楚起見，預測結果包括兩個時期的 ShareFile ARR。

Our growth in ARR was driven by multiple products, including ShareFile, but also OpenEdge, our DevTools products, Sitefinity, Kemp LoadMaster and WhatsUp Gold. We view this broad-based growth across our product portfolio as a clear indicator of our effective execution and a steady demand environment.

我們的 ARR 成長受到多種產品推動，包括 ShareFile、OpenEdge、我們的 DevTools 產品、Sitefinity、Kemp LoadMaster 和 WhatsUp Gold。我們認為我們產品組合的廣泛成長清楚地表明我們的執行力有效且需求環境穩定。

As a reminder, our calculation of ARR is presented in constant currency with all periods presented at our current year budgeted exchange rates.

提醒一下，我們對 ARR 的計算是以固定貨幣表示的，所有期間均以我們當年預算的匯率表示。

Consistent with past practice, we've updated ARR using our 2025 budgeted exchange rates. And as a result, ARR that was reported in prior periods has changed slightly. The change isn't material and doesn't alter the trends in ARR growth for the net retention rates that we've been reporting over the past several quarters. We've included the details of this calculation in the supplemental financial presentation filed with our press release.

與過去的做法一致，我們使用 2025 年預算匯率更新了 ARR。因此，前期報告的 ARR 略有變化。這種變化並不重大，不會改變我們過去幾季報告的淨留存率的 ARR 成長趨勢。我們在新聞稿中提交的補充財務報告中包含了此計算的詳細資訊。

Also worth highlighting is our strong net retention rate, which again came in at over 100%, reflecting resiliency in our top line. As we've mentioned several times before, we believe that investments in our product portfolio and good customer relationship management both contribute to our consistently strong net retention rates.

同樣值得強調的是我們的強勁淨留存率，再次達到 100% 以上，反映了我們營業收入的彈性。正如我們之前多次提到的，我們相信對我們的產品組合的投資和良好的客戶關係管理都有助於我們保持強勁的淨留存率。

In addition to solid ARR growth and a net retention rate more than 100%, revenue for the quarter of $238 million came in at the high end of our guidance range. On a year-over-year basis, revenue grew by 29%, with growth driven by the acquisition of ShareFile, partially offset by the renewal timing of multi-year subscription contracts.

除了穩健的 ARR 成長和超過 100% 的淨留存率之外，本季 2.38 億美元的收入也達到了我們預期範圍的高點。與去年同期相比，營收成長了 29%，成長主要得益於收購 ShareFile，但多年期訂閱合約的續約時間部分抵消了這一成長。

As we mentioned on previous earnings calls, the renewal timing of subscription contracts, especially multi-year subscriptions can have a significant impact on our revenue in any given quarter, skewing results higher or lower for that period and creating lumpiness in comparative periods. For this reason, we continue to focus on ARR as the best barometer of top line performance.

正如我們在先前的財報電話會議上提到的那樣，訂閱合約（尤其是多年期訂閱合約）的續約時間可能會對我們在任何一個季度的收入產生重大影響，導致該期間的業績出現高估或低估，並在比較期間造成不平衡。因此，我們繼續將 ARR 作為衡量營收表現的最佳晴雨表。

Turning to expenses, total costs and operating expenses for the quarter were $144 million, up 34% from the prior year but lower than expected. The primary reason our costs were better than expected is the quicker more cost-effective integration of ShareFile.

談到費用，本季的總成本和營運費用為 1.44 億美元，較上年增長 34%，但低於預期。我們的成本超出預期的主要原因是更快、更具成本效益的 ShareFile 整合。

Some of this efficiency that we've gained from the integration will benefit our cost base post integration. As a result, some of these costs have been factored into our outlook. It's also important to note that the year-over-year expense differential was solely due to the ShareFile acquisition. Without ShareFile, our costs and operating expenses would have slightly decreased on a year-over-year basis.

我們從整合中獲得的部分效率將有利於我們整合後的成本基礎。因此，部分成本已計入我們的展望。另外值得注意的是，年比支出差異完全是因為收購 ShareFile 造成的。如果沒有 ShareFile，我們的成本和營運費用將會比去年同期略有下降。

Operating income was $94 million, up $17 million compared to the prior year quarter. Our operating margin of 39% exceeded our expectations due to strong top-line performance and good cost management. Likewise on the bottom line, earnings per share of $1.31 for the quarter was $0.23 above the high end of our guidance range.

營業收入為 9,400 萬美元，比去年同期增加 1,700 萬美元。由於強勁的營收表現和良好的成本管理，我們的營業利潤率達到 39%，超出了我們的預期。同樣，從底線來看，本季每股收益為 1.31 美元，比我們的預期範圍高端高出 0.23 美元。

Moving on to a few balance sheet and cash flow metrics. We ended the quarter with cash and cash equivalents of $124 million and total debt of $1.51 billion for a net debt position of $1.39 billion. On a post-synergy basis, we expect net leverage ratio to be approximately 3.4 times. Our DSO for the quarter was 48 days, an improvement of 19 days compared to last quarter. Unlevered free cash flow was $88 million for the quarter, an increase of $10 million over the prior year quarter, and was driven by stronger-than-expected collections and better operating performance during the quarter.

接下來討論一些資產負債表和現金流量指標。截至本季末，我們的現金和現金等價物為 1.24 億美元，總債務為 15.1 億美元，淨債務為 13.9 億美元。在綜效後，我們預期淨槓桿率約為3.4倍。本季的 DSO 為 48 天，比上一季改善了 19 天。本季無槓桿自由現金流為 8,800 萬美元，比去年同期增加 1,000 萬美元，這得益於本季強於預期的收款情況和更好的營運績效。

Finally, because our operating performance and collections were meaningfully better than we expected, we were able to allocate more capital to debt repayment and share repurchases during the quarter. Specifically, during Q1, we paid down $30 million against our revolving line of credit ahead of our expectation to begin delevering in Q2.

最後，由於我們的經營業績和收款情況明顯優於預期，我們能夠在本季分配更多資金用於債務償還和股票回購。具體來說，在第一季度，我們提前償還了 3000 萬美元的循環信用額度，超出了我們在第二季度開始去槓桿的預期。

Also, we repurchased $30 million of Progress stock at a lower price than anticipated. And as a result, we've lowered our annual share repurchase forecast from $80 million to $70 million, and we've shifted that $10 million savings to our debt repayment plans and now expect to pay down a total of $160 million against our revolving line of credit during 2025. At the end of Q1, our revolving line of credit has a balance of $700 million, and we have a $77 million remaining under our current share repurchase authorization.

此外，我們也以低於預期的價格回購了價值 3,000 萬美元的 Progress 股票。因此，我們將年度股票回購預測從 8,000 萬美元下調至 7,000 萬美元，並將 1,000 萬美元的節省轉移到我們的債務償還計劃，現在預計在 2025 年期間用我們的循環信用額度償還總計 1.6 億美元。截至第一季末，我們的循環信用額度餘額為 7 億美元，目前股票回購授權餘額為 7,700 萬美元。

Okay. Now, I'd like to turn to our outlook for Q2 and the full year 2025. When considering our outlook for Q2, it's important to reiterate the point that I made earlier about the revenue impact of multi-year contract renewals and how their timing can impact revenue in any given quarter.

好的。現在，我想談談我們對第二季和 2025 年全年的展望。在考慮我們對第二季度的展望時，重要的是重申我先前提出的觀點，即多年期合約續約對收入的影響，以及其時間如何影響特定季度的收入。

Despite this potential for lumpiness in quarterly revenue, we expect ARR to be a good reflection of our fundamental top line performance. And as mentioned on our last call, we expect low single-digit ARR growth in 2025.

儘管季度收入可能存在波動，但我們預計 ARR 能夠很好地反映我們的基本營收表現。正如我們上次電話會議中提到的那樣，我們預計 2025 年的 ARR 成長率將達到個位數。

With that, for the second quarter of 2025, we expect revenue between $235 million and $241 million, and earnings per share of between $1.28 and $1.34. For the full year, we expect revenue between $958 million and $970 million, consistent with our prior guidance. We expect an operating margin of approximately 38%, a slight increase from prior guidance. We're projecting adjusted free cash flow between $226 million and $238 million, and we're projecting unlevered free cash flow between $283 million and $294 million, both reflecting a slight increase from prior guidance. Finally, we're projecting earnings per share of between $5.25 and $5.37, an increase of $0.25 per share compared to our prior guidance.

因此，我們預計 2025 年第二季的營收將在 2.35 億至 2.41 億美元之間，每股收益在 1.28 美元至 1.34 美元之間。我們預計全年營收在 9.58 億美元至 9.7 億美元之間，與我們先前的預期一致。我們預計營業利潤率約為 38%，較先前的預期略有上升。我們預計調整後的自由現金流在 2.26 億美元至 2.38 億美元之間，而我們預計無槓桿自由現金流在 2.83 億美元至 2.94 億美元之間，均較先前的預期略有增加。最後，我們預計每股收益在 5.25 美元至 5.37 美元之間，比我們之前的預期增加 0.25 美元。

Our guidance for full year EPS assumes a tax rate of 20%, the repurchase of $70 million in Progress shares, total debt repayment of $160 million and approximately 45 million shares outstanding, including approximately 350,000 shares associated with potential dilution on our 2026 convertible notes. I'm sure you'll recall that we purchased a call spread on our 2026 convertible notes to hedge the economic impact of dilution up to approximately $89 per share. However, accounting regulations do not allow for recognition of any benefit from that call spread when calculating shares outstanding.

我們對全年每股收益的預期是假設稅率為 20%、回購價值 7,000 萬美元的 Progress 股票、償還總債務 1.6 億美元以及流通股數約為 4,500 萬股，其中包括與我們 2026 年可轉換債券的潛在稀釋有關的約 35 萬股股票。我相信您會記得，我們​​購買了 2026 年可轉換票據的看漲價差，以對沖稀釋的經濟影響，最高金額約為每股 89 美元。然而，會計法規不允許在計算流通股數時確認該看漲價差所帶來的任何收益。

Because of this added nuance, we'll continue to provide the number of shares that we've assumed for dilution each time we provide an outlook on earnings per share. For more details, I'd recommend that you refer to the supplemental financial presentation filed with our press release, which now includes more information on our outstanding debt.

由於這種額外的細微差別，我們每次提供每股盈餘展望時都會繼續提供我們假設稀釋的股份數量。欲了解更多詳情，我建議您參閱我們新聞稿中提交的補充財務報告，其中現在包含有關我們未償債務的更多資訊。

In closing, we are thrilled to deliver a great Q1 really across the Board. We believe our integration of share file along with accelerating our debt repayment, positions us really well to continue to execute our total growth strategy for the remainder of this year and well beyond.

最後，我們很高興能夠在各方面都取得出色的第一季業績。我們相信，我們對股票文件的整合以及加速我們的債務償還，使我們能夠在今年剩餘時間及以後繼續執行我們的整體成長策略。

With that, I'd like to open the call for Q&A.

現在，我想開始問答環節。

Thank you, ladies and gentlemen. (Operator Instructions)

謝謝各位，女士們、先生們。（操作員指令）

Good afternoon. Thank you for taking my questions. Yogesh, I wanted to direct this one to you first. You gave us a good picture of the macro health and some of the commentary there, but if I were to ask you to double click on just the share file business, we understand that of the 86,000-ish customers in that base, the vast majority of you characterized as being SMB, so I'm wondering if there are any observations.

午安.感謝您回答我的問題。Yogesh，我想先將這個問題提交給你。您為我們提供了宏觀健康狀況的良好圖景和一些評論，但如果我請您雙擊共享文件業務，我們了解到，在該基礎的 86,000 名客戶中，絕大多數人都被描述為 SMB，所以我想知道您是否有任何觀察結果。

That are worthwhile sharing from an SMB or mid-size company health behavior perspective just kind of given the more domestic policy whiplashing that's going on just any high level or broad commentary in terms of how some of these customers might be behaving in the cross section of the customer size and then I have a follow up for Anthony please.

從中小企業或中型企業健康行為的角度來看，這些都是值得分享的，因為考慮到正在發生的更多國內政策衝擊，這些高層或廣泛的評論涉及一些客戶在客戶規模橫截面上的表現，然後我請安東尼繼續討論。

Yes, thank you, Fatima. So, it's interesting, I'll give you, of course, our perspective. But I want to also stresses that by pointing out the share file is really so the mission critical workflow management solution for the customers that use it, right? So I want to make sure people understand that what applies to it may or may not apply to other things that those businesses spend money on.

是的，謝謝你，法蒂瑪。所以，這很有趣，我當然會給你我們的觀點。但我還想強調的是，共享文件對於使用它的客戶來說確實是關鍵任務工作流程管理解決方案，對嗎？因此，我想確保人們明白，適用於它的規定可能適用於或不適用於這些企業花錢購買的其他東西。

So when you think about, for example, a legal business, a law firm, an accounting firm. A firm that is basically interacting with its doctor's office, small physician's office, you name it, when they are interacting with their patients or pharmacies or clients, and trying to share, securely their documents, making sure that there's document tracking, change management, versioning.

例如，當你考慮一家合法企業、一家律師事務所、一家會計師事務所。一家公司基本上與其醫生辦公室、小型醫生辦公室等進行互動，當他們與患者或藥房或客戶互動時，他們試圖安全地共享他們的文件，確保有文件追蹤、變更管理和版本控制。

Compliance regulatory compliance, these things are required and so we haven't really seen anything in the market, to date. We are keeping a very close eye on what's going on, but so far, business has been very healthy, so Fatima, I wouldn't want to speak more broadly for other things, but at least for progress, for share files specifically. Business continues to be very healthy.

合規監管合規性，這些都是必需的，因此到目前為止，我們還沒有在市場上看到任何東西。我們正密切關注事態發展，但到目前為止，業務一直非常健康，因此法蒂瑪，我不想更廣泛地談論其他事情，但至少談論進展，特別是共享文件的進展。業務持續保持健康發展。

I appreciate that. Anthony, for you, Yogesh reiterated, I guess, the increased equity to look at more SaaS native assets. as you think about the M&A strategy as part of the total growth strategy. And so when we think about gross margins and gross margin trajectory, how should that tactically play out for gross margins in the near term and the medium term as you onboard and scale more SaaS-oriented assets?

我很感激。安東尼，我猜，Yogesh 重申了你的觀點，增加股權是為了關注更多的 SaaS 原生資產。因為您將併購策略視為整體成長策略的一部分。因此，當我們考慮毛利率和毛利率走勢時，當您加入並擴展更多面向 SaaS 的資產時，在短期和中期，這在戰術上應該如何發揮作用？

Yes. Thanks, Fatima. That's a good question. The ShareFile business when we acquired it, had gross margin north of 80% which we thought was outstanding, especially for sort of a document-centric and SMB-focused business. I would say they were in the low 80s, 82%, 83%.

是的。謝謝，法蒂瑪。這是個好問題。當我們收購 ShareFile 業務時，其毛利率超過 80%，我們認為這個成績非常出色，尤其是對於以文件為中心、以中小企業為中心的業務而言。我想說的是80出頭，82%，83%。

Opportunities that we had looked at previously, certainly, especially subscale assets had gross margins at much lower levels than that. And we just hadn't we really didn't have the capability or the capacity to take those margins up in any meaningful way.

當然，我們之前研究過的機會，特別是小規模資產的毛利率要低得多。而我們確實沒有能力或潛力以任何有意義的方式來提高這些利潤。

To Yogesh's point, we now do have that come internally. I would expect that anything we would buy, we'd look to get gross margins at least up to the share fund level. And so I don't think that has an enormous dilutive impact on our gross margin overall. Pure software is always going to be the higher margin, but we are very happy with low 80s on SaaS-based products. And I think this opens up the opportunity set pretty broadly for us.

正如 Yogesh 所說，我們現在確實已經從內部實現了這一點。我希望，無論我們買什麼，我們都能夠獲得至少達到股票基金水準的毛利率。因此，我認為這不會對我們的整體毛利率產生巨大的稀釋影響。純軟體的利潤率永遠會更高，但是我們對基於 SaaS 的產品的利潤率出眾至 80% 感到非常滿意。我認為這為我們帶來了非常廣闊的機會。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Staying on that same thread since you called out SaaS. Should we expect basically progress to lean in on SaaS acquisitions? Obviously, it will provide you more visibility on kind of the revenue given the ratable -- rev rec and all that. Are you kind of being a concerted effort towards adding more SaaS going forward? And we expect that SaaS mix to be more than 50% of the business over time?

自從您提到 SaaS 以來，一直停留在同一個主題上。我們是否應該預期進步基本上依賴 SaaS 收購？顯然，它將為您提供更多關於按比例計算的收入類型的可見性——rev rec 和所有這些。你們是否會齊心協力在未來增加更多的 SaaS？我們預計，隨著時間的推移，SaaS 業務佔比將超過 50%？

Pinjalim, thank you. It's actually interesting, right? As you know, usually we buy companies. I'd like to say we don't buy -- buy total brands, right? And total breads means that the company has been around 10 or 15 years and really has built a great customer base and has built up a reputation in the market.

Pinjalim，謝謝你。這其實很有趣，對吧？如你所知，我們通常收購公司。我想說我們不買——買全品牌，對嗎？而「total breads」意味著該公司已經成立 10 到 15 年了，並且已經建立了龐大的客戶群並在市場上建立了聲譽。

And when you start thinking now about companies that were started, let's say, between 2005 and 2010, the vast majority of them are SaaS. So I think the market opportunities that will come up by definition will be more SaaS -- binding. So it isn't just that we would necessarily focus primarily on SaaS.

如果你現在開始思考 2005 年至 2010 年之間創立的公司，你會發現絕大多數都是 SaaS 公司。所以我認為從定義上來說，出現的市場機會將更具 SaaS 綁定化。因此，我們不一定主要關注 SaaS。

Yes, given two assets that are the same on every other front, we would prefer SaaS because I think like you said, the revenue is much more ratable and predictable and also the business has longer legs for the future. And all of our acquisitions have had a strong eye towards improving the relevance of our product portfolio overall going forward, right?

是的，考慮到兩個在其他所有方面都相同的資產，我們更傾向於 SaaS，因為我認為就像你說的，它的收入更具可評估性和可預測性，而且業務的未來前景也更長遠。我們所有的收購都是為了提高我們未來產品組合的整體相關性，對嗎？

So we continue to invest in our own product portfolio to keep it current and relevant, but we want to buy companies that have greater relevance going forward. And I think that -- so I think those kind of things will drive us to look at more SaaS. I don't think there's going to be a concerted thing that says let's not look at on-prem. Yes, we have the ability to run SaaS businesses at excellent gross margins. which is the envy of almost any other SaaS software company out there.

因此，我們將繼續投資於我們自己的產品組合，以保持其最新性和相關性，但我們希望收購未來具有更大相關性的公司。我認為——所以我認為這些事情會促使我們關注更多的 SaaS。我不認為會有一個一致的意見告訴我們不要考慮內部部署。是的，我們有能力以優異的毛利率經營 SaaS 業務。這讓幾乎所有其他 SaaS 軟體公司都羨慕不已。

But at the same time, right, license businesses are -- have even slightly better gross margins. So we're not necessarily going to just say, let's go look only at SaaS, but yes, I think you can reliably expect that over time, there will be more SaaS acquisitions.

但同時，許可業務的毛利率甚至略高一些。因此，我們不一定會說，讓我們只專注於 SaaS，但是的，我認為你可以可靠地預期，隨著時間的推移，將會有更多的 SaaS 收購。

Got it. And Anthony, one question for you on the guidance. You are performed on your Q1 guide. It seems like the FX headwind year-over-year annually has lowered versus what you baked in coming into the year. But it still seems like you kind of maintain the full year guide.

知道了。安東尼，我想問您一個關於指導的問題。您已按照 Q1 指南進行了操作。與年初預計的相比，今年的外匯逆風似乎降低。但看起來你仍然維持著全年指南。

I just want to be sure, I mean, it makes sense. There's a lot of uncertainties. Companies being prudent completely makes sense. But I want to just be sure is that just that, just you being prudent? Or are you actually seeing something in the pipeline that makes you being more positive?

我只是想確定一下，我的意思是，這是否有意義。存在很多不確定性。企業謹慎行事完全是有道理的。但我想確定一下，這只是因為你很謹慎嗎？或者您實際上看到了一些可以讓您變得更加積極的進展？

No. I think, Pinjalim, we came in -- I would say this, we came in right at the end of our range for the quarter. And to us, that means we hit an upside case. I think there's a little bit of FX benefit as we look at the full year results relative to where we were last quarter. But I think as we all know in this environment, those FX movements can come and go.

不。我想，Pinjalim，我們進入了——我想說的是，我們進入了本季度範圍的末端。對我們來說，這意味著我們遇到了有利的情況。我認為，當我們將全年業績與上一季的業績進行比較時，外匯因素會為我們帶來一些好處。但我認為，正如我們所知，在這種環境下，外匯走勢可能會來來去去。

It's not really something we look a lot of consideration of when we set the guide for us, it was more operational to say, okay, it's Q1, we hit an upside case for Q1, which is great, but it's still Q1. I think we're rarely going to raise our revenue outlook after Q1, but it certainly gives us a lot more confidence as we go into the remaining three quarters of the year.

當我們為自己設定指南時，我們並沒有真正考慮太多，更多的是操作性的，比如說，好的，這是第一季度，我們達到了第一季度的上行情況，這很好，但它仍然是第一季度。我認為我們很少會在第一季之後提高我們的收入預期，但這無疑給了我們在今年剩下的三個季度中更多的信心。

Lucky Schreiner, D.A. Davidson.

幸運施萊納（Lucky Schreiner），地方檢察官戴維森。

Congrats on the quarter. This is a bit of a nitpicky question, I know, but just can you help me understand the slight decline in ARR quarter-over-quarter. Is there anything to call out? I mean especially since it looks like -- grew decently well in the quarter.

恭喜本季取得佳績。我知道，這是一個有點吹毛求疵的問題，但你能幫助我理解 ARR 季度較上季略有下降的原因嗎？有什麼需要提醒的嗎？我的意思是，特別是因為它看起來——本季成長相當不錯。

Yes, Lucky, good observation. And yes, we've seen that before in fourth quarter to first quarter sort of transitions. Part of that is because we've got a lot of ARR in maintenance contracts. As you might imagine, sort of the Q4 to Q1 to Q2 time frame is one where there's a heavy concentration of those contracts and sometimes, they slip out of a quarter in terms of their renewal.

是的，幸運，觀察得很好。是的，我們之前在第四季到第一季就看到過這種轉變。部分原因是我們在維護合約中獲得了大量 ARR。您可能可以想像，在第四季、第一季、第二季這段時間裡，這些合約的集中度很高，有時，它們的續約時間會拖延一個季度。

If we don't have a contract in-house and signed, we do not count the ARR. And so sometimes Q4 to Q1 we will slight -- I'll call it, a seasonal dip in ARR and then we generally see a back in the second quarter.

如果我們沒有內部簽署合同，我們就不會計算 ARR。因此，有時第四季度與第一季相比，我們會略有下降——我稱之為 ARR 的季節性下降，然後我們通常會在第二季度看到回升。

If you were to look back at some of our Q1 earnings calls, maybe '23 or '22, you probably -- similar trials. So nothing out of the ordinary on perspective.

如果您回顧我們的一些第一季財報電話會議，也許是 23 年或 22 年，您可能會發現類似的試驗。因此從角度來看並沒有什麼不尋常的。

Got you. That's helpful. And then there was a lot of commentary around your positioning in AI. Can you maybe just help me understand how much of that is meaningful to the business today in terms of like revenue generation and customers building those ad powered applications and a bit of a nuance one, any impact on M&A and the companies available out there?

明白了。這很有幫助。然後有很多關於你在人工智慧領域的定位的評論。您能否幫助我理解，這對今天的業務有多大意義，例如創造收入和客戶建立那些廣告驅動的應用程序，以及對併購和現有的公司有什麼影響？

I know that they're typically more expensive than you'd be willing to buy, but that's the two parts there.

我知道它們通常比你願意購買的要貴，但這就是兩個部分。

So from my perspective -- the customers that we are winning on AI offerings are still anecdotal, right? And so I don't want us to think that there is a meaningful revenue that we are seeing, which is why we're saying that we expect our NRR growth to be low single digits. By the way, just year-over-year this year, I think our NRR growth was 3.4%. But if you exclude ShareFile, it was 2.5%, right, Anthony? So 2.5%, if you exclude ShareFile from both those years.

所以從我的角度來看，我們透過人工智慧產品贏得的客戶仍然只是傳聞，對嗎？因此，我不希望我們認為我們看到的收入具有有意義的意義，這就是為什麼我們說我們預計我們的 NRR 成長率將為低個位數。順便說一句，與去年同期相比，我認為今年我們的 NRR 成長率為 3.4%。但是，如果不包括 ShareFile，那麼比例是 2.5%，對嗎，安東尼？因此，如果將這兩年都排除 ShareFile，則比例為 2.5%。

So it's a -- we have a strong, steady business. So we're not seeing enough traction to basically say, oh, you know what, we think we have upside that we can start talking about. But if we do, we absolutely will share that. From an acquisition perspective, again, there are some companies that are completely priced at valuations that are not just out of our reach, but out of reach of almost, respectfully everyone else as well. There are very few people who can buy them.

所以這是—我們的業務強勁、穩定。因此，我們沒有看到足夠的吸引力，基本上可以說，哦，你知道嗎，我們認為我們有優勢，可以開始談論。但如果我們確實這麼做了，我們絕對會分享。從收購的角度來看，有些公司的估值不僅超出了我們的承受範圍，也幾乎超出了其他所有人的承受範圍。能買到的人很少。

But from our perspective, lots and lots of companies that offer capabilities that are essential in people's AI journey, right? And I go back to Logi acquisition, right? Being able to do SMAC analysis and live content and data, bring it together and be able to make sense out of it, leverage a vector database and effectively create a VAG solution out of it, which we did at progress after the acquisition.

但從我們的角度來看，許多公司都提供對人們的人工智慧之旅至關重要的功能，對嗎？我又回到 Logi 收購問題，對嗎？能夠進行 SMAC 分析和即時內容及數據，將它們整合在一起並能夠從中得出意義，利用向量資料庫並有效地從中創建 VAG 解決方案，這是我們在收購後所做的。

It enabled us to now get into the market and talk about the stories we're talking about. So I think that we can find companies and assets that have those capabilities, ShareFile, right? It has more AI capabilities in its product than pretty much anyone else in the competitive landscape that it is in. right?

它使我們現在能夠進入市場並談論我們正在談論的故事。所以我認為我們可以找到具有這些功能的公司和資產，ShareFile，對嗎？它的產品所具有的人工智慧功能比其所處的競爭環境中的任何其他產品都要多，對嗎？

And so I think that, to us, we are looking for those businesses that have significant go-forward relevance, including AI capabilities, including being possibly SaaS, including ability for us to help our customers with their AI journey. And I think that really is key. We even look at, for example, our chef offering, right, as businesses deploy massive scale applications and massive infrastructures to go with it. right? They have to make sure that deployment changes and configurations and compliance and all that stuff is done the way they want it to, which is what something like Chef does.

因此我認為，對我們來說，我們正在尋找那些具有重大未來意義的業務，包括人工智慧能力，包括可能的 SaaS，包括我們幫助客戶實現人工智慧之旅的能力。我認為這確實是關鍵。例如，我們甚至會考慮我們的廚師服務，因為企業會部署大規模應用程式和大規模基礎設施。正確的？他們必須確保部署變更、配置和合規性以及所有這些都按照他們希望的方式完成，而這就是 Chef 所做的。

So I think that there are -- what I would call products that enable our customers to really help them build reliable, responsible AI business applications and experiences and deploy them and run them well. And that's what we continue to look for.

所以我認為，我所說的產品能夠真正幫助我們的客戶建立可靠、負責任的人工智慧業務應用程式和體驗，並且很好地部署和運行它們。這正是我們持續尋找的。

(Operator Instructions) John DiFucci, Guggenheim Securities.

（操作員指示）古根漢證券的 John DiFucci。

This is [Lauren Sanco] on for John DiFucci. So internationally, they're clearly may geopolitical forces at play. And we were wondering if you have seen any resulting changes in any other major geographies that you operate in outside of the US. Has there been any uncharacteristic weakness or strength that's worth calling out? And are you expecting any in fiscal 2025?

我是 [Lauren Sanco]，為 John DiFucci 主持節目。因此從國際上看，顯然有地緣政治力量在發揮作用。我們想知道，您是否看到您在美國以外運營的其他主要地區發生了任何由此產生的變化。有沒有什麼不尋常的弱點或優勢值得指出？您預計 2025 財年會有什麼變化嗎？

Laurence, thanks for the question. Again, so far, nothing, right? It's a short answer. We keep watch. We are very careful. We are a global company. As you said, we have businesses -- customers around the world. with employees around the world who serve them. We are monitoring whether there'll be sentiment changes and so on. And if so, we will share.

勞倫斯，謝謝你的提問。再說了，到目前為止，什麼都沒有，對嗎？這是一個簡短的回答。我們保持警惕。我們非常小心。我們是一家全球性公司。正如您所說，我們的業務—客戶遍布世界各地。並有遍佈世界各地的員工為其服務。我們正在監測情緒是否會改變等等。如果有的話，我們會分享。

But at this point, customers have trusted us for decades. We are embedded in their mission-critical systems. We are being used by them to run things that are core to their business. And so really, I think yes, maybe there's some sentiment out there that others are seeing, but we are, at this point, not seeing anything. Neither positive nor negative, right, I want to make sure that it's clear that isn't just negative sentiment I'm talking about it.

但就這一點而言，客戶已經信任我們幾十年了。我們嵌入他們的關鍵任務系統。他們利用我們來經營其核心業務。所以實際上，我認為是的，也許其他人看到了一些情緒，但目前我們還沒有看到任何東西。既不是積極的也不是消極的，對吧，我想確保大家清楚，我談論的不僅僅是消極情緒。

So there's really -- for us, it's been steady as she goes, execution continue really going well. Our teams continue to execute. We are focused on serving our customers. And our customers understand that. And they understand that we are a business that is dedicated to making them successful and investing towards their success.

所以對我們來說，事情真的一直很穩定，執行也一直很順利。我們的團隊繼續執行。我們專注於為客戶服務。我們的客戶也理解這一點。他們知道我們是一家致力於幫助他們成功並為他們的成功進行投資的企業。

And I think that's why a lot of the trust will be partner. So far, so good.

我認為這就是為什麼很多信任都會成為合作夥伴。到目前為止，一切都很好。

Thank you. I'm not showing any further questions in the queue at this time. I will now turn the call back over to Mr. Yogesh Gupta for any closing remarks.

謝謝。我目前不會在隊列中顯示任何其他問題。現在我將把電話轉回給 Yogesh Gupta 先生，請他做最後一次發言。

Thank you, everyone, for joining. We're delighted with our performance in Q1, and we look forward to speaking with you again at our Q2 results. Thanks again.

感謝大家的加入。我們對第一季的表現感到非常滿意，並期待在第二季的業績發布後再次與您溝通。再次感謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。