Progress Software Corp (PRGS) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. Welcome to Progress Software third quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Progress Software 2025 年第三季財報電話會議。（操作員指示）

I would now like to hand the conference over to Michael Micciche. You may begin.

現在我想將會議交給 Michael Micciche。你可以開始了。

Okay, thank you, Towanda. Good afternoon, everyone, and thanks for joining us for Progress Software's third fiscal quarter 2025 financial results conference call. With me this afternoon are, our President and CEO, Yogesh Gupta; and our Chief Financial Officer, Anthony Folger.

好的，謝謝你，Towanda。大家下午好，感謝您參加 Progress Software 2025 財年第三季財務業績電話會議。今天下午與我一起的有我們的總裁兼執行長 Yogesh Gupta 和我們的財務長 Anthony Folger。

Before we get started, let me go over our safe harbor statement. During this call, we will discuss our outlook for future financial and operating performance, corporate strategies, product plans, cost initiatives, our integration of share file, and other information that might be considered forward-looking. Such forward-looking information represents Progress Software's outlook and guidance only as of today. It is subject to risks and uncertainties, and our actual results may differ materially.

在我們開始之前，請允許我先回顧一下我們的安全港聲明。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、股票文件整合以及其他可能被視為前瞻性的資訊。此類前瞻性資訊僅代表 Progress Software 截至今天的展望和指導。它受風險和不確定性的影響，我們的實際結果可能會有重大差異。

For a description of the factors that may affect our future results and operations, please refer to the risk factors in our SEC filings, particularly the risk factor section of our most recent Form 10-K and 10-Q. Progress assumes no obligation to update forward-looking statements included in this call, additionally, please note that all financial figures referenced in the call are non-GAAP measures unless otherwise indicated.

有關可能影響我們未來業績和營運的因素的描述，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，特別是我們最新的 10-K 和 10-Q 表中的風險因素部分。Progress 不承擔更新本次電話會議中前瞻性聲明的義務，此外，請注意，除非另有說明，電話會議中引用的所有財務數據均為非 GAAP 指標。

You can find a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP figures in our earnings press release, which was issued after the market closed today. This document contains additional information related to our financial results for the third quarter of fiscal year 2025. And I recommend that you reference it for specific details.

您可以在我們今天收盤後發布的收益新聞稿中找到這些非 GAAP 財務指標與最直接可比較的 GAAP 數據的對帳。本文檔包含與我們 2025 財年第三季財務表現相關的其他資訊。我建議您參考它以了解具體細節。

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

我們還提供了幻燈片演示，其中包含我們第三季的補充數據，並提供了重點和額外的財務指標。兩份財報——包括財報和補充簡報——均可在我們網站 investors.progress.com 的投資者關係版塊查看。今天的電話會議已完整錄音，今晚結束後不久即可在我們網站的投資者關係版塊重播。

So let me turn it over to you, Yogesh. Go ahead, please.

那麼，讓我把它交給你，Yogesh。請繼續。

Thank you, Mike. Good afternoon, everyone. We're glad you can join us for our third quarter earnings conference call today. As you saw from our press release earlier, we reported another outstanding quarter during which we outperformed on every metric as a business benefited from our customers' investments in their AI initiatives.

謝謝你，麥克。大家下午好。我們很高興您能參加我們今天的第三季財報電話會議。正如您從我們之前的新聞稿中看到的那樣，我們報告了另一個出色的季度，在這個季度中，我們在每項指標上都表現出色，因為企業受益於客戶對其人工智慧計劃的投資。

The revenues, earnings, cash flow and margins were all ahead of our guidance. Net retention was solid at 100%, and ARR grew 47% year-over-year. Solid market demand was backed by outstanding execution from our team. Our sales efforts in the field are organizational discipline and controlling expenses, and our extensive and detail-oriented integration of ShareFile were all key to delivering these great results.

收入、收益、現金流和利潤率均超出我們的預期。淨留存率穩定在 100%，ARR 年增 47%。強勁的市場需求得益於我們團隊出色的執行力。我們在該領域的銷售努力是組織紀律和控制費用，而我們對 ShareFile 的廣泛和注重細節的整合都是取得這些出色成果的關鍵。

The revenues of $250 million so well above our previous guidance, and we're again strong across products and geographies. Earnings, which came in at $1.50 per share we're well above the high end of our guidance and operating margin was 40% above our expectations and reflective of ongoing excellence in execution and cost control.

2.5 億美元的營收遠高於我們先前的預期，而且我們在產品和地理方面再次表現強勁。每股收益為 1.50 美元，遠高於我們預期的高端，營業利潤率比我們的預期高出 40%，反映了我們在執行和成本控制方面的持續卓越表現。

We also continued adding to the strength of our balance sheet by paying down $40 million of debt and increasing our revolver capacity from $900 million to $1.5 billion, providing increased flexibility. We also repurchased $15 million of our shares in Q3 for a total of $65 million so far this year. And just last week, a Board of Directors further increased our repurchase authorization by $200 million to $242 million. As always, we will continue to be disciplined in deploying our capital towards delivering the best returns for our shareholders.

我們也持續增強資產負債表的實力，償還了 4,000 萬美元的債務，並將循環信貸額度從 9 億美元提高到 15 億美元，從而提高了靈活性。我們也在第三季回購了價值 1,500 萬美元的股票，今年迄今的總回購金額已達 6,500 萬美元。就在上週，董事會進一步將我們的回購授權增加了 2 億美元，達到 2.42 億美元。像往常一樣，我們將繼續嚴格配置資本，為股東帶來最佳回報。

As Anthony will describe in detail, annualized recurring revenue, or ARR continues to grow consistently. Our Q3 results show the ability of our install bases, the continued relevance and value of our products and the strength of our customer relationships. We remain confident that the strength and demand for our products, as well as our ability to execute well. We continue through the west of fiscal 2025 and well beyond, because our costs AI initiatives are driving demand for our products.

正如安東尼詳細描述的那樣，年度經常性收入或 ARR 持續穩定成長。我們的第三季業績顯示了我們安裝基礎的能力、我們產品的持續相關性和價值以及我們客戶關係的實力。我們對我們的產品實力和需求以及我們良好的執行能力仍然充滿信心。我們將繼續在 2025 財年及以後繼續前進，因為我們的成本 AI 計劃正在推動對我們產品的需求。

They look to us as a trusted partner to deliver the benefits of AI with clear ROI for their business and we expect this demand to continue as businesses are still in the very early stages of AI adoption. Let me provide some color and detail around the quarter starting with our share file business, which is turning out to be the best acquisition we've done so far and most certainly the most intricate to integrate.

他們將我們視為值得信賴的合作夥伴，為他們的業務帶來人工智慧的優勢和明確的投資回報率，我們預計這種需求將會持續下去，因為企業仍處於人工智慧採用的早期階段。讓我從我們的共享文件業務開始，提供一些有關本季度的詳細信息，這是我們迄今為止進行的最好的收購，而且肯定是最複雜的整合。

We met every integration challenged, passed all major milestones on or before schedule and overcame every obstacle we encountered. The net retention rate, or NRR of the share file business continues to improve as customers increase their adoption of AI capabilities we've delivered in ShareFile. Currently, for example, over 3,000 customers have started using the new AI document assistentence with over a third of those users already up and running and using it regularly.

我們應對了每一個整合挑戰，按時或提前通過了所有主要里程碑，並克服了遇到的每一個障礙。隨著客戶越來越多地採用我們在 ShareFile 中提供的 AI 功能，共享文件業務的淨留存率或 NRR 持續提高。例如，目前，已有超過 3,000 名客戶開始使用新的 AI 文件輔助功能，其中超過三分之一的使用者已經啟動並定期使用它。

And the AI powered secure share recommender has identified and protected nearly 15,000 files that contain PII or personally identifiable information. The use of these AI capabilities along with our focused customer success and account management efforts is helping to improve share files net retention rates and has led to better than expected ARR and top-line growth in the business.

人工智慧驅動的安全共享推薦器已經識別並保護了近 15,000 個包含 PII 或個人識別資訊的檔案。這些人工智慧功能的使用以及我們專注於客戶成功和帳戶管理的努力有助於提高共享文件淨保留率，並導致業務的 ARR 和營收成長好於預期。

On the operational up front, the team we acquired is completely on board and has become an integral part of Progress. All vital systems are now integrated within Progress, and in the process of being fully optimized with no major issues so far. The ShareFile engineering team continues to deliver new capabilities, ShareFile web infrastructure is fully migrated and the transition to Progress branding is complete.

在前期營運方面，我們收購的團隊已完全加入並成為 Progress 不可或缺的一部分。所有重要係統現已整合到 Progress 中，並且正在全面優化中，迄今為止沒有出現重大問題。ShareFile 工程團隊繼續提供新功能，ShareFile 網路基礎設施已完全遷移，並且已向 Progress 品牌的過渡完成。

As we have previously discussed, we measure the operational performance of our products by tracking ARR. This is key because the revenue recognition of on-prem subscriptions is lumpy and does not accurately reflect the underlying strength of the business. In addition to a meaningful portion of our strong ARR performance, both year-over-year and quarter-over-quarter, being due to ShareFile.

正如我們之前討論過的，我們透過追蹤 ARR 來衡量我們產品的營運績效。這是關鍵，因為內部部署訂閱的收入確認是不穩定的，不能準確反映業務的潛在實力。此外，我們強勁的 ARR 表現（無論是同比還是環比）很大一部分都歸功於 ShareFile。

I want to highlight the strength of our other products, such as OpenEdge, MarkLogic, Sitefinity, WhatsApp Gold, DevTools and MOVEit, all of which -- continued to exceed our expectations. Innovation is a foundational pillar of our total growth strategy, and it ensures that our products continue to deliver increasingly greater value to our customers, especially during times of rapid technology changes.

我想強調我們其他產品的優勢，例如 OpenEdge、MarkLogic、Sitefinity、WhatsApp Gold、DevTools 和 MOVEit，它們都繼續超越我們的預期。創新是我們整體成長策略的基礎支柱，它確保我們的產品繼續為客戶提供越來越大的價值，尤其是在技術快速變化的時代。

Having successfully navigated multiple technology disruptions in the past, Progress's ability to rapidly evolve our products to meet the changing needs of the market is an integral part of our DNA. Over the past 12 months, we have delivered dozens of new AI capabilities across our products, that are benefiting our customers and helping drive our success in the market.

在過去成功應對多次技術變革之後，Progress 能夠快速改進產品以滿足不斷變化的市場需求，這已成為我們 DNA 中不可或缺的一部分。在過去的 12 個月中，我們在我們的產品中提供了數十種新的 AI 功能，這些功能使我們的客戶受益並幫助我們在市場上取得成功。

To that end, you may have seen a string of recent press releases showcasing the AI capabilities we have delivered within our products, some of which include the latest version of retrieval augmented generation or RAG-enabled MarkLogic called Progress MarkLogic 12. The availability of new product, Progress Agentic RAG, built on the technology we acquired last quarter with Nuclear.

為此，您可能已經看到一系列最近的新聞稿，展示了我們在產品中提供的 AI 功能，其中包括最新版本的檢索增強生成或支援 RAG 的 MarkLogic，稱為 Progress MarkLogic 12。新產品 Progress Agentic RAG 的推出是基於我們上個季度從 Nuclear 收購的技術。

AI coding assistance in our developer tools that enable developers to use our products as part of their workflow, driven from their AI code generator of choice. AI-powered insights and questions and answers from Documents and ShareFile that deliver new efficiencies to users in their document workflows and the launch of GenAI capabilities within the OpenEdge platform to accelerate the development and modernization of OpenEdge applications.

我們的開發人員工具中提供 AI 編碼協助，使開發人員能夠將我們的產品用作其工作流程的一部分，並由他們選擇的 AI 代碼產生器驅動。Documents 和 ShareFile 提供的人工智慧洞察和問答為使用者的文件工作流程帶來了新的效率，並在 OpenEdge 平台內推出了 GenAI 功能，以加速 OpenEdge 應用程式的開發和現代化。

Our customers are extremely excited about the possibility of gaining valuable business insights from their existing data across Progress products using our GenAI-enabled technologies. A couple of weeks ago, at our Progress Data Platform Summit in Washington, DC, we brought together over 200 customers to share how advancements in Agentic RAG, Symantec AI and data integration can help organizations break down data silos and drive tangible business impact.

我們的客戶非常高興能夠利用我們支援 GenAI 的技術從 Progress 產品中的現有數據中獲得寶貴的業務洞察。幾週前，在華盛頓特區舉行的 Progress Data Platform Summit 上，我們召集了 200 多位客戶，分享 Agentic RAG、賽門鐵克 AI 和資料整合方面的進步如何幫助組織打破資料孤島並帶來切實的業務影響。

At that event, the state of Mississippi division of Medicaid, a new Progress customer shared that when they needed a solution to meet federal compliance and internal business requirements for secure, responsible and accelerated AI adoption they chose Progress. They showcased their Progress operational data store initiatives built on the Progress data platform to help the state agency address these needs by integrating data from various different sources and harmonizing it to drive valid verifiable responses to GenAI queries.

在那次活動中，密西西比州醫療補助部門的一位新客戶 Progress 表示，當他們需要一個解決方案來滿足聯邦合規性和內部業務要求，以實現安全、負責任和加速的人​​力智慧應用時，他們選擇了 Progress。他們展示了基於 Progress 資料平台建立的 Progress 營運資料儲存計劃，透過整合來自不同來源的資料並進行協調，為 GenAI 查詢提供有效且可驗證的回應，從而幫助國家機構滿足這些需求。

We launched new AI coding assistance in our DevTools products for laser and react in early third quarter which we continue to extend and now being used by thousands of developers across the world. Develop -- delivering developer efficiency gains of over 30%, while seamlessly integrating with coding tools such as WindSurf, CloudCode and GitHub Copilot, our products are leading the UI developer tools market with AI capabilities.

我們在第三季初為雷射和反應在我們的 DevTools 產品中推出了新的 AI 編碼輔助功能，我們繼續擴展該功能，現在全球成千上萬的開發人員正在使用它。開發－幫助開發人員提高 30% 以上的效率，同時與 WindSurf、CloudCode 和 GitHub Copilot 等編碼工具無縫集成，我們的產品憑藉 AI 功能引領 UI 開發人員工具市場。

Similarly, we announced today the OpenEdge MCP connector for ABL, which brings the power of GenAI coding tools, such as WindSurf, Cursor and VS Code for the development, maintenance and modernization of OpenEdge applications. The OpenEdge MCP connector for ABL is purpose-built for our customers' workflows, enabling faster development, reduced risk and smarter modernization strategies and has been extremely well received by the OpenEdge ISV partners and customers who are early testers of this product.

同樣，我們今天宣布了用於 ABL 的 OpenEdge MCP 連接器，它為 OpenEdge 應用程式的開發、維護和現代化帶來了 GenAI 編碼工具（如 WindSurf、Cursor 和 VS Code）的強大功能。ABL 的 OpenEdge MCP 連接器專為我們客戶的工作流程而設計，可實現更快的開發、更低的風險和更智慧的現代化策略，並受到了作為該產品早期測試者的 OpenEdge ISV 合作夥伴和客戶的一致好評。

And on from this Progress Agentic RAG offering, which was previously known as Nuclear is delivering value to dozens of customers like SRS, which is a wholly owned subsidiary of Home Depot by enabling them to unify their structured and unstructured data, power intelligence search and insights and automation.

Progress Agentic RAG 產品（以前稱為 Nuclear）正在為數十家客戶（例如 SRS，家得寶的全資子公司）創造價值，使他們能夠統一結構化和非結構化資料、強大的智慧搜尋和洞察以及自動化。

By turning information into actionable intelligence, Progress Agentic RAG makes GenAI practical, verifiable and reliable for customers of all sizes. We're also seeing the downstream benefits of the AI adoption wave as it drives demand for our infrastructure management products. For example, this quarter, a leading chip equipment manufacturer significantly expanded their relationship with us to meet the needs of managing the growing complexity of their own IT infrastructure.

透過將資訊轉化為可操作的情報，Progress Agentic RAG 使 GenAI 對各種規模的客戶來說都變得實用、可驗證且可靠。我們也看到了人工智慧採用浪潮帶來的下游效益，因為它推動了對我們基礎設施管理產品的需求。例如，本季度，一家領先的晶片設備製造商顯著擴大了與我們的關係，以滿足管理其自身日益複雜的 IT 基礎設施的需求。

As IT environments continue to grow and scale, as well as increasing complexity due to the adoption of AI, we expect this trend to continue. I also want to touch upon the fact that our engineers across our products are using AI tools in their day-to-day tasks. This is accelerating the delivery of product capabilities without increasing our R&D expenses, which we continue to maintain at the 18% of revenue levels.

隨著 IT 環境的不斷發展和擴大，以及由於採用人工智慧而導致的複雜性不斷增加，我們預計這種趨勢將會持續下去。我還想提一下，我們各個產品的工程師在日常工作中都在使用人工智慧工具。這在不增加研發費用的情況下加速了產品功能的交付，我們繼續將研發費用維持在收入的 18% 水準。

As you know, M&A is another key pillar of our total growth strategy. And when it's done well, as we've consistently demonstrated, including most recently with ShareFile, it meaningfully drives our success. Our approach to M&A is highly selective and disciplined. So with that in mind, let me give a quick update on M&A before closing the discussion.

如您所知，併購是我們整體成長策略的另一個重要支柱。當它做得好時，正如我們一貫證明的那樣，包括最近的 ShareFile，它會極大地推動我們的成功。我們對併購的態度是高度選擇性和嚴謹的。因此，考慮到這一點，在結束討論之前，讓我先簡單介紹一下併購的最新情況。

Our corporate development efforts remain ongoing, and we continue to evaluate a strong pipeline of deals. As I mentioned earlier, in the third quarter, we both aggressively paid down our outstanding debt to reduce capital constraints and we refinanced and significantly expanded our revolver to give ourselves additional flexibility. We think the market for M&A is still a very favorable one for us with many potential infrastructure software targets that would fit well in any of our three key areas, application and development platforms; digital experience; and infrastructure management.

我們的企業發展努力仍在持續進行，我們將繼續評估一系列強有力的交易。正如我之前提到的，在第三季度，我們都積極償還未償債務以減少資本限制，並且進行了再融資並大幅擴大了循環信貸額度，以賦予我們額外的靈活性。我們認為，併購市場對我們來說仍然非常有利，有許多潛在的基礎設施軟體目標可以很好地適應我們的三個關鍵領域：應用和開發平台；數位體驗；以及基礎設施管理。

And we are encouraged by the potential to combine any potentially new acquisition with our expanded AI capabilities, in particular with the Agentic RAG technology we obtained with Nuclear. While valuations remain mixed across product, technology and business types, and there's still some disparity between public and private markets. We intend to keep our focus in finding great companies with great technology and the potential for high-margin synergies at a reasonable valuation.

我們很高興能夠將任何潛在的新收購與我們擴展的人工智慧能力相結合，特別是與我們透過 Nuclear 獲得的 Agentic RAG 技術相結合。儘管不同產品、技術和業務類型的估值仍然參差不齊，但公開市場和私人市場之間仍存在一些差異。我們打算繼續專注於尋找擁有先進技術、具有高利潤綜效潛力且估值合理的優秀公司。

Finally, and as always, I want to thank all of our Progress teams around the world for their dedication and hard work that led to our great results in Q3. I am inspired every day by their commitment to excellence and especially this quarter with the outcomes we have delivered across the board.

最後，像往常一樣，我要感謝我們世界各地的所有 Progress 團隊，感謝他們的奉獻和辛勤工作，使我們在第三季度取得了出色的成績。他們對卓越的追求每天都激勵著我，尤其是本季我們全面取得的成果。

With that, I'll turn it over to Anthony.

說完這些，我就把麥克風交給安東尼。

All right. Thanks, Yogesh. Good afternoon, everyone, and thanks for joining our call. As Yogesh mentioned, we're thrilled with our third quarter results and the underlying momentum in our business that allows us to raise our full year outlook yet again. With that, let's jump right into the numbers.

好的。謝謝，Yogesh。大家下午好，感謝大家參加我們的電話會議。正如 Yogesh 所提到的，我們對第三季的業績和業務的潛在發展勢頭感到非常興奮，這使我們能夠再次提高全年預期。有了這些，我們就可以開始討論數字了。

I'll start with ARR, which is our key metric for assessing top line performance. We closed Q3 with ARR of $849 million, representing approximately 47% growth on a year-over-year basis and 3% pro forma growth on a year-over-year basis. To be clear, the 3% pro forma growth includes ShareFile in all periods, and the growth was driven by multiple products across our portfolio, including ShareFile, OpenEdge, DevTools, MarkLogic, WhatsUp Gold, Sitefinity and Corticon, quite a list.

我將從 ARR 開始，這是我們評估營收表現的關鍵指標。我們第三季的 ARR 為 8.49 億美元，年增約 47%，預計年增 3%。需要明確的是，3% 的預測成長包括所有時期的 ShareFile，而成長是由我們產品組合中的多種產品所推動的，包括 ShareFile、OpenEdge、DevTools、MarkLogic、WhatsUp Gold、Sitefinity 和 Corticon，相當多的產品。

We also had another strong quarter of customer retention with Q3 net retention rates coming in at 100%. In addition to solid ARR growth, Q3 revenue of $250 million meaningfully exceeded the high end of the guidance range we provided in June and represents approximately 40% year-over-year growth. Our strong revenue performance in the quarter was driven by stronger-than-expected demand from multiple products in our portfolio, most notably ShareFile and OpenEdge.

我們也迎來了另一個強勁的客戶保留季度，第三季度淨保留率達到 100%。除了穩健的 ARR 成長之外，第三季 2.5 億美元的收入也大大超過了我們 6 月提供的指導範圍的高端，同比增長約 40%。我們本季強勁的營收表現得益於產品組合中多種產品的需求強於預期，其中最顯著的是 ShareFile 和 OpenEdge。

Turning now to expenses. Our total costs and operating expenses were $150 million for the quarter, an increase of $46 million compared to Q3 of last year. This year-over-year increase was largely driven by the addition of ShareFile to our business. Operating income for the quarter was $99 million, an increase of $25 million compared to the same quarter last year, and our operating margin was 40% in Q3 and compared to 41% in the year ago quarter.

現在談談費用。本季我們的總成本和營運費用為 1.5 億美元，與去年第三季相比增加了 4,600 萬美元。這一同比增長主要是由於 ShareFile 加入我們的業務。本季營業收入為 9,900 萬美元，比去年同期增加 2,500 萬美元，第三季營業利潤率為 40%，而去年同期為 41%。

Earnings per share for Q3 were $1.50, which has also meaningfully exceeded at the high end of the guidance range that we provided in June. Compared to the prior year quarter, earnings per share were up $0.24 or 19%, with the increase being driven by the addition of ShareFile to our business.

第三季每股收益為 1.50 美元，這也大大超過了我們 6 月提供的指導範圍的高端。與去年同期相比，每股盈餘成長 0.24 美元，即 19%，成長主要得益於 ShareFile 加入我們的業務。

Okay. Now I'll transition to a few balance sheet and cash flow metrics. We ended the quarter with cash, cash equivalents and short-term investments totaling $99 million and total debt of $1.4 billion, resulting in a net debt position of $1.3 billion. This represents net leverage of approximately 3.5 times using our trailing 12-month adjusted EBITDA.

好的。現在我將轉到一些資產負債表和現金流量指標。截至本季末，我們的現金、現金等價物和短期投資總額為 9,900 萬美元，總債務為 14 億美元，淨債務總額為 13 億美元。這意味著，根據我們過去 12 個月的調整後 EBITDA，淨槓桿比率約為 3.5 倍。

DSO for the quarter was 55 days, up 2 days compared to Q2. Deferred revenue was $381 million at the end of the third quarter, down slightly from the second quarter, reflecting normal seasonality in our business. Adjusted free cash flow was $74 million for the quarter, an increase of $17 million or 29% from the year ago quarter, and unlevered free cash flow was $89 million for the quarter, an increase of $26 million or 40% from the year ago quarter.

本季的 DSO 為 55 天，比第二季增加了 2 天。第三季末的遞延收入為 3.81 億美元，較第二季略有下降，反映了我們業務的正常季節性。本季調整後的自由現金流為 7,400 萬美元，較去年同期增加 1,700 萬美元，增幅 29%；本季無槓桿自由現金流為 8,900 萬美元，較去年同期增加 2,600 萬美元，增幅 40%。

In July, we announced an amendment to our revolving credit facility, that increased our borrowing capacity from $900 million to $1.5 billion. It also lowered our borrowing costs and provides more flexibility to grow as we execute our total growth strategy.

7 月份，我們宣布修改循環信貸安排，將借貸能力從 9 億美元提高到 15 億美元。它還降低了我們的借貸成本，並在我們執行整體成長策略時提供了更大的成長靈活性。

During the third quarter, we repaid $40 million against this revolving credit facility, bringing our total year-to-date debt repayment to $110 million. At the end of Q3, our revolving line of credit has a balance of $620 million, and we have available capacity of approximately $880 million.

在第三季度，我們根據該循環信貸額度償還了 4,000 萬美元，使我們今年迄今的債務償還總額達到 1.1 億美元。截至第三季末，我們的循環信貸額度餘額為 6.2 億美元，可用額度約為 8.8 億美元。

In addition, during the third quarter, we repurchased $15 million of Progress stock, bringing our year-to-date total to $65 million. At the end of Q3, we had $42 million remaining under our share repurchase authorization. However, on September 23, our Board of Directors authorized an increase of $200 million to our share repurchase authorization, bringing the total amount available for repurchase to $242 million.

此外，在第三季度，我們回購了價值 1,500 萬美元的 Progress 股票，使我們年初至今的回購總額達到 6,500 萬美元。截至第三季末，我們的股票回購授權餘額為 4,200 萬美元。然而，9 月 23 日，我們的董事會批准將股票回購授權增加 2 億美元，使可供回購的總金額達到 2.42 億美元。

When it comes to our capital allocation outlook, I'd like to reiterate the point Yogesh made in his remarks that we will be disciplined and deploy capital to deliver the best returns for our shareholders. To be clear, our Q4 guidance contemplates $50 million in debt repayment and no share repurchases. This mix may change during the quarter, depending on several factors, including our share price, and we are prepared to reduce debt repayment and increase share repurchases if we believe doing so will generate the best returns for our shareholders.

談到我們的資本配置前景，我想重申 Yogesh 在演講中提出的觀點，即我們將嚴格遵守紀律並部署資本，為股東帶來最佳回報。需要明確的是，我們的第四季指引考慮償還 5,000 萬美元的債務，並且不回購股票。這個組合可能會在本季發生變化，這取決於包括我們的股價在內的幾個因素，如果我們認為這樣做將為我們的股東帶來最佳回報，我們準備減少債務償還並增加股票回購。

Okay. Now let's get into our outlook for the fourth quarter and full year 2025. For the fourth quarter of 2025, we expect revenue between $250 million and $256 million, and earnings per share of between $1.29 and $1.35. For the full year 2025, we expect revenue between $975 million and $981 million, an increase from our prior guidance.

好的。現在讓我們來展望一下 2025 年第四季和全年。我們預計2025年第四季營收在2.5億美元至2.56億美元之間，每股收益介於1.29美元至1.35美元之間。我們預計2025年全年營收在9.75億美元至9.81億美元之間，高於我們先前的預期。

We expect an operating margin for the year of 38% to 39%. We expect adjusted free cash flow between $232 million and $242 million and unlevered free cash flow of between $289 million and $299 million, an increase from our prior guidance for both. Finally, we expect earnings per share between $5.50 and $5.56, again, an increase from our prior guidance.

我們預計今年的營業利潤率為 38% 至 39%。我們預期調整後的自由現金流在 2.32 億美元至 2.42 億美元之間，無槓桿自由現金流在 2.89 億美元至 2.99 億美元之間，均高於我們先前的預期。最後，我們預計每股收益在 5.50 美元至 5.56 美元之間，這再次高於我們先前的預期。

Our guidance for full year EPS assumes a tax rate of approximately 20%, the repurchase of $65 million in Progress shares, total debt repayment of $160 million and approximately 44 million shares outstanding. I will reiterate, though, our mix of debt repayment and share repurchases may change during Q4, depending on several factors, including our share price. In closing, we're excited to deliver another quarter of exceptional results, and we're very encouraged with the momentum across our business.

我們對全年每股盈餘的預測假設稅率約為 20%，回購價值 6,500 萬美元的 Progress 股票，總負債償還額為 1.6 億美元，流通股數約為 4,400 萬股。不過，我要重申的是，我們的債務償還和股票回購組合可能會在第四季度發生變化，這取決於包括我們的股價在內的幾個因素。最後，我們很高興能夠再創季度輝煌，並且對整個業務的發展勢頭感到非常鼓舞。

With that, let's open the call for questions.

現在，讓我們開始提問。

(Operator Instructions)

（操作員指示）

Fatima Boolani, Citi.

花旗銀行的 Fatima Boolani。

Good afternoon, everyone. Thanks so much for taking my question. Yogesh, I wanted to ask you at a very, very high level, the AI strategy. So the mandate is very clear and that there is an aspiration to infuse AI as well as Agentic RAG across the portfolio. And I think in your prepared remarks, you did talk to multiple streams of value creation and helping your customers drive ROI.

大家下午好。非常感謝您回答我的問題。Yogesh，我想從非常非常高的層面問你關於人工智慧策略的問題。因此，任務非常明確，並且希望在整個投資組合中註入 AI 和 Agentic RAG。我認為在您準備好的發言中，您確實談到了多種價值創造方式以及幫助您的客戶提高投資報酬率。

But I was hoping you can talk to us and give us a flavor of how some of these initiatives from an AI investment perspective are going to manifest or show up in the external benchmarks that you share? And specifically around if there is going to be more torque on the net retention rate side? Or is there is an opportunity to drive more pricing power. I'd love for you to flush out some of the implications of an AI infusion strategy. Thank you, and I have a follow-up for Anthony, please.

但我希望您能與我們交談，並讓我們從人工智慧投資的角度了解這些舉措將如何體現或顯示在您分享的外部基準中？具體來說，淨保留率方面是否會有更大的扭力？或是否有機會提高定價權。我希望您能闡明人工智慧注入策略的一些意義。謝謝，請跟進一下安東尼的情況。

Yeah. Thanks, Fatima. And so I think that's a really good question, right? Fundamentally, I think the first place it shows up in MRR, right, net retention rate because as we've talked about before, if we don't innovate and if we don't bring our products along and if we don't make our customers successful in their journey towards whatever is new in this case, it happens to be AI, they would decide to move to somebody else.

是的。謝謝，法蒂瑪。所以我認為這是一個非常好的問題，對吧？從根本上說，我認為它首先出現在 MRR 中，對，淨留存率，因為正如我們之前談到的，如果我們不創新，如果我們不推出我們的產品，如果我們不能讓我們的客戶在邁向新事物的旅程中取得成功，在這種情況下，它恰好是人工智能，他們就會決定轉向其他人。

And so we have actually seen that. I mentioned earlier that the combination of the AI capabilities as well as, of course, the team's effort to make sure that we improve our customer relationships are helping us with our ShareFile net retention rate, right, which has picked up.

我們確實已經看到了這一點。我之前提到過，人工智慧功能的結合，當然還有團隊為確保改善客戶關係所做的努力，正在幫助我們提高 ShareFile 淨保留率，對吧，這一比例已經上升了。

So I think, to me, MRR is the first place we are going to see it. I think that as you are also fully aware, we don't really put a lot of wood behind the new customer acquisition effort at Progress. That is part of our overall strategy. And so therefore, yes, we will probably see more new customers who do AI work with us. But I think it's too early to say whether that will be something that we will see in the near term.

所以我認為，對我來說，MRR 是我們首先會看到它的地方。我想您也完全清楚，我們並沒有在 Progress 的新客戶獲取工作上投入太多精力。這是我們整體策略的一部分。因此，是的，我們可能會看到更多與我們一起從事人工智慧工作的新客戶。但我認為現在判斷這是否會在短期內實現還為時過早。

I think if we start seeing some momentum there, Fatima will come back to you and share that with you. But again, to us, it is a combination of retaining customers and then, of course, finding additional customers. Expansion is the middle part, which is also key. And you mentioned pricing as a lever.

我認為，如果我們開始看到一些勢頭，法蒂瑪就會回來和你分享。但對我們來說，這需要先留住客戶，然後當然也要尋找更多客戶。擴張是中間的部分，也是關鍵。您提到定價是一種槓桿。

One of the interesting things that we do in a variety of our products, especially the ones that sell to the smaller market segment is that we have multiple additions of those products. And we often add these new capabilities to the higher-end additions of those products, which leads those customers to upgrade from the lower end to the higher end versions.

我們在各種產品中，特別是針對較小市場銷售的產品中所做的一件有趣的事情是，我們對這些產品進行了多次添加。我們經常將這些新功能添加到這些產品的高端附加功能中，從而引導客戶從低階版本升級到高階版本。

And as they do, obviously, they pay more to us. So it's an indirect pricing opportunity. It isn't in a, hey, what -- we're going to increase your price because it's here. It is -- if you want to use this, here it is in the higher addition version of the product, and of course, you pay more for it. So it's a combination of things. I think NRR is where it will show up first, which is a combination of gross retention and expansions. And then over time, we're looking forward to sharing what happens on the new side.

顯然，他們這樣做就會給我們更多錢。所以這是一個間接定價機會。它不在，嘿，什麼——因為它在這裡，所以我們要提高你的價格。是的——如果您想使用它，這裡有更高附加版本的產品，當然，您需要支付更多費用。所以這是多種因素的綜合作用。我認為 NRR 是它首先出現的地方，它是總保留率和擴展的結合。隨著時間的推移，我們期待分享新方面發生的事情。

Thank you, Yogesh. I appreciate that detail. Anthony, I wanted to ask you about guidance for the year. So a nice outperformance this quarter, but you're only taking the midpoint the full year range up by about 10 bps by my calculation. So I wanted to really unpack the source of the conservatism there, especially by your telling and us watching you blow past all of the shared file integration milestones above and beyond kind of what you had committed to at the start of the year. So I just kind of wanted to appreciate that. And also that in the context of what Yogesh was mentioning was holding the line for R&D at 18% levels. Thank you.

謝謝你，Yogesh。我很欣賞這個細節。安東尼，我想問你今年的指導意見。因此，本季的表現不錯，但根據我的計算，全年中點僅上漲了約 10 個基點。因此，我真正想找出這種保守主義的根源，尤其是透過您的敘述和我們看到的您超越了所有共享文件整合里程碑，遠遠超出了您在年初所承諾的目標。所以我只是想欣賞這一點。而且在 Yogesh 提到的背景下，研發費用保持在 18% 的水平。謝謝。

Yeah, sure, Fatima. I think looking at the beats we had in Q3 at every point in the range, low, mid and high, I think we at least rolled everything through. And so I don't -- certainly don't view it as being conservative. I think the Q3 results on their own, I guess, I would say, showed probably slightly better growth than we expected coming into the quarter and maybe some incremental momentum there.

是的，當然，法蒂瑪。我認為，看看我們在第三季各個階段（低、中、高）的表現，我認為我們至少已經完成了所有事情。所以我當然不認為這是保守的。我認為第三季的業績本身可能顯示出比我們預期的季度成長略好一些，並且可能有一些增量勢頭。

I think they showed a slightly better margin than what we expected coming into the quarter and certainly much better earnings per share as a result. And our expectation, certainly is that we're going to be able to hold Q4 to where we were originally. Q4, I think, generally speaking, is always kind of an exciting quarter for us. But our view was -- it was a strong quarter and we felt very good about rolling through the entire beat that we had this quarter for our full year results. So I'm not sure if that completely answers the question, but that was the thought process behind the guide.

我認為他們的利潤率比我們預期的季度利潤率略高，因此每股盈餘肯定要好得多。我們的期望當然是能夠將第四季的業績維持在原來的水準。我認為，總體而言，第四季對我們來說總是一個令人興奮的季度。但我們的觀點是——這是一個強勁的季度，我們對本季全年業績的順利進行感到非常滿意。所以我不確定這是否完全回答了這個問題，但這是指南背後的思考過程。

I guess it's a notional versus a percentage impact. Okay, very clear. Thank you so much.

我猜這是名義上的影響，而不是百分比的影響。好的，非常清楚。太感謝了。

John DiFucci, Guggenheim Securities.

古根漢證券公司的約翰‧迪富奇 (John DiFucci)。

Hey guys, this is Lawrence Vensko on for John DiFucci. So it's great to share the headwind that you're making with the ShareFile integrations since it was your largest acquisition with an especially different financial profile. You touched on in your prepared remarks, but is there anything in that business that has surprised you either positive or negative that wasn't really expected prior to the acquisition? Any additional color would be really helpful on that. Thank you.

大家好，我是 Lawrence Vensko，為 John DiFucci 主持節目。因此，很高興與您分享您在 ShareFile 整合過程中遇到的困難，因為這是您最大的收購，而且財務狀況也截然不同。您在準備好的發言中提到了這一點，但是這項業務中是否有任何讓您感到意外的事情，無論是積極的還是消極的，並且在收購之前是沒有真正預料到的？任何額外的顏色都會對此很有幫助。謝謝。

Hey, you're welcome, Lawrence, and thank you for your kind words. It is a -- with any acquisition, you always find something that you did not expect, right? Being a carve-out out of another large entity, I think, created some challenges, right? It created challenges in terms of figuring out how to move the systems over. That is like cutting over engines while you are flying, while keeping the plane flying, right?

嘿，勞倫斯，不客氣，謝謝你的好意。在任何收購中，你總是會發現一些意想不到的東西，對嗎？我認為，作為另一個大型實體的分拆，會帶來一些挑戰，對嗎？它在如何遷移系統方面帶來了挑戰。這就像在飛行時切換發動機，但保持飛機飛行，對嗎？

And then I think -- so I think those kind of challenges, we sort of expected them, but at the same time, the nuance of those is always a little more challenging when it actually does happen, and we actually are trying to do it. But to me, the wonderful part was how well we were able to navigate that and how effectively we've been able to do the integration and so on.

然後我想——所以我認為這些挑戰，我們已經預料到了，但與此同時，當它真正發生時，這些挑戰的細微差別總是更具挑戰性，而我們實際上正在努力做到這一點。但對我來說，最棒的部分是我們能夠如此出色地駕馭這一點，以及我們能夠如此有效地進行整合等等。

So that was on the challenge side. On the positive side, I would say there are a couple of them. One, I think the people culture has been really, really wonderful, right? The acquired teams are very engaged. They have done a great job the folks that joined from ShareFile, they have just done such an amazing job of continuing to work on product and continuing to work on customers and helping the field be successful. And all the things that we need to do to run our business.

所以這是挑戰方面。從正面的一面來看，我想說有幾個。首先，我認為人文氛圍真的非常棒，對吧？被收購的團隊非常投入。從 ShareFile 加入的人做得非常出色，他們做瞭如此出色的工作，繼續致力於產品開發、繼續服務客戶並幫助該領域取得成功。以及我們經營業務所需要做的所有事情。

So that has been a really, really great positive. And then the second, I think, is also we are discovering that the customers. We knew this to some degree, but we didn't realize how much the customers love the product and how much really their businesses are just so reliant on those, right? They just -- most businesses that use this product their workflows get completely intertwined into the document-centric workflows that they need to do because these are -- most of these customers are document-centric businesses, right? So that's the important part.

所以這確實是一個非常非常積極的方面。其次，我認為，我們也發現了客戶。我們在某種程度上知道這一點，但我們沒有意識到客戶有多喜歡該產品，以及他們的業務有多依賴這些產品，對嗎？他們只是——大多數使用此產品的企業的工作流程完全交織在他們需要做的以文件為中心的工作流程中，因為這些——大多數這些客戶都是以文件為中心的企業，對嗎？這是重要的部分。

So because they're document-centric businesses and their workflows around those documents become such an integral part of their day-to-day work that ShareFile becomes sort of second nature to their internal systems. And so I think those two things have been really positive for us. So I'm really delighted with the way things have turned out and we hope to continue the momentum.

因此，由於他們是以文件為中心的企業，而圍繞這些文件的工作流程已成為他們日常工作中不可或缺的一部分，因此 ShareFile 已成為他們內部系統的第二天性。所以我認為這兩件事對我們來說非常有利。所以我對事情的進展感到非常高興，我們希望繼續保持這種勢頭。

Got it. Thank you. That's actually really helpful. Thanks, guys.

知道了。謝謝。這確實很有幫助。謝謝大家。

Thanks, Lawrence

謝謝，勞倫斯

Ittai Kidron, Oppenheimer & Company.

Ittai Kidron，奧本海默公司。

Hi, This is Nolan Jenevein on for Ittai. Thanks for taking my question. I actually want to follow up a little bit on Fatima's first question about you guys are clearly using GenAI across the portfolio. You've infused existing products with new capabilities. You also explicitly mentioned the new Agentic RAG product built on top of Nuclear. Can you put maybe a finer point on how you're monetizing that specific product. Does this represent sort of an incremental cross-sell opportunity? I understand it's probably very, very small today. Just trying to get my sort of hands around finer points on how you're monetizing this. Thank you.

大家好，我是 Ittai 的 Nolan Jenevein。感謝您回答我的問題。我實際上想稍微跟進一下法蒂瑪的第一個問題，關於你們在整個投資組合中顯然使用了 GenAI。您已為現有產品注入了新功能。您也明確提到了基於 Nuclear 建置的全新 Agentic RAG 產品。您能否更詳細地說明如何將該特定產品貨幣化？這是否代表了一種增量交叉銷售機會？我知道今天它可能非常非常小。只是想更詳細地了解如何將其貨幣化。謝謝。

Absolutely, yeah. So I think you're right. I think to us, the initial opportunity is primarily around integrating it with our existing other products and therefore, creating cross-sell opportunities for ourselves. We are going out and also trying to sell new to brand new customers who are not our customers for any of our products. But I think the bigger opportunity for Progress is to bring this to market and bring this to bear as a cross-sell opportunity to our existing customers. And I think to that end, right, we are aggressively integrating the product across our portfolio as we speak.

絕對是的。所以我認為你是對的。我認為對我們來說，最初的機會主要在於將其與我們現有的其他產品結合，從而為我們自己創造交叉銷售機會。我們正在走出去，並嘗試向那些還不是我們任何產品的客戶的新客戶銷售新產品。但我認為，對於 Progress 來說，更大的機會是將其推向市場，並將其作為向現有客戶進行交叉銷售的機會。我認為，為了達到這個目的，我們正在積極地將產品整合到我們的產品組合中。

Understood. Thank you. And then a quick follow-up. You had a nice pop in gross margins this quarter sequentially. Despite SaaS growing as a portion of revenue mix, can you maybe talk about just the puts and takes on gross margin in the quarter? Thank you.

明白了。謝謝。然後進行快速跟進。本季您的毛利率季減。儘管 SaaS 作為收入組合的一部分不斷增長，您能否談談本季毛利率的變化？謝謝。

Yeah. So gross margin -- I mean, we are -- again, if you look at it, right, so our gross margin is a blend between the SaaS business gross margin, the ShareFile gross margin, which is, as you know, was just ahead above 80% in the low 80%s. And our business, which was in the high 80%s, right?

是的。所以毛利率——我的意思是，我們——再說一遍，如果你看一下，我們的毛利率是SaaS業務毛利率和ShareFile毛利率的混合，你知道，ShareFile的毛利率在80%出頭左右，略高於80%。而我們自己的業務，在80%出頭左右，對吧？

So as the those things blend weighted average. Thank you for the kind comment. But we are continuing to see, I think, ways of even running our own existing SaaS products a bit better. So I think those are a little click here and there. I appreciate the positive commentary, on the gross margin. Thank you.

因此，這些東西混合在一起就是加權平均值。感謝您的善意評論。但我認為，我們正在繼續尋找更好地運行我們自己現有的 SaaS 產品的方法。所以我認為這些都是些小小的點擊。我很欣賞對毛利率的正面評價。謝謝。

Thank you so much.

太感謝了。

(Operator Instructions)

（操作員指示）

Lucky Schreiner, DA Davidson.

幸運施萊納，DA戴維森。

Great. Thanks for taking my question. It was good to hear about the updated M&A environment. I guess I just wanted to ask a follow-up on that. And here, if you felt like there were any of the -- your three categories that really stand out as looking more attractive today, especially as AI starts to impact these markets.

偉大的。感謝您回答我的問題。很高興聽到更新後的併購環境的消息。我想我只是想問一下後續問題。在這裡，如果您覺得其中任何一個類別在今天看起來確實更具吸引力，特別是當人工智慧開始影響這些市場時。

And a second question would be after acquiring ShareFile, anything to call out between your SaaS opportunities for M&A and your propensity to acquire a SaaS company in the future? Thanks.

第二個問題是，在收購 ShareFile 之後，你們的 SaaS 併購機會和未來收購 SaaS 公司的傾向之間有什麼值得注意的地方嗎？謝謝。

Absolutely, Lucky. On the first one, I think really what is happening with AI is that all three of our businesses are becoming -- the right companies and the right products in all three areas are becoming really interesting, even more interesting than they were before. And think about it, right? The one area which is around data platforms, obviously, for businesses and organizations that are trying to make sure that their GenAI efforts are based on two business data so that they can get verifiable, relevant to reliable answers from GenAI queries, right? It requires them to bring that data into that game.

絕對的，幸運。關於第一個問題，我認為人工智慧領域真正發生的事情是，我們三個業務領域中的合適公司和合適產品都變得非常有趣，甚至比以前更有趣。想想看，對吧？顯然，圍繞數據平台的一個領域是針對企業和組織，他們試圖確保他們的 GenAI 工作基於兩個業務數據，以便他們能夠從 GenAI 查詢中獲得可驗證的、相關的可靠答案，對嗎？這需要他們將這些數據帶入遊戲中。

And to us, therefore, data platform businesses are continuing to be a very interesting place. Similarly, when it comes to digital experiences, there you think of the end user experience is completely dramatically changing, right? We have a very interesting vision of the no to visits to, for example, a website will be the same ever again, right? And the web experience will be completely dynamically created by GenAI. But that requires, again, a set of technologies and back-end platforms around that can manage content, that can manage the marketing platform, that can manage the web delivery and so on.

因此，對我們來說，數據平台業務仍然是一個非常有趣的領域。同樣，當涉及數位體驗時，您是否認為最終用戶體驗正在發生巨大的變化，對嗎？我們有一個非常有趣的願景，那就是不再造訪某個網站，例如，該網站將永遠保持不變，對嗎？並且網路體驗將完全由 GenAI 動態創建。但這又需要一套技術和後端平台來管理內容、管理行銷平台、管理網路交付等等。

Similarly, in the digital experience space, the workflow. I mean, ShareFile is such a wonderful product in that portfolio and workflow automation and leveraging AI for content within ShareFile as well as leveraging content for any -- sorry, leveraging AI for any content-centric application is going to be very interesting.

同樣，在數位體驗空間中，工作流程也是如此。我的意思是，ShareFile 是一個非常出色的產品，它具有產品組合和工作流程自動化功能，可以利用 AI 來處理 ShareFile 中的內容，也可以利用 AI 來處理任何以內容為中心的應用程序，這將會非常有趣。

So I believe that the digital experience aspect whose foundation lies on content right, I think, is going to be a very interesting space with the right type of companies. And then last but not least, I mentioned in my prepared remarks, right? This -- GenAI, I think one of the big things or AI in general, not just GenAI, is driving significant investments in IT across the board. And so with Increasing IT comes increasing, IT infrastructure comes increasing, complexity of environments comes the challenge of managing, securing, running it reliably.

因此，我相信，以內容為基礎的數位體驗領域，對於合適的公司來說，將會是一個非常有趣的領域。最後但同樣重要的一點是，我在準備好的發言中提到過，對嗎？我認為 GenAI 是整個 AI 領域的一件大事，而不僅僅是 GenAI，它正在全面推動 IT 領域的重大投資。因此，隨著 IT 的不斷發展，IT 基礎架構也不斷增加，環境的複雜性也帶來了管理、保護和可靠運作的挑戰。

So if you can have the right type of products who can do that without requiring greater resources and they themselves leverage AI to automate that work, that is a very, very powerful set of offerings. So I think really lucky, across all three categories, we are active, we are interested and we continue to look.

因此，如果你能擁有合適的產品，它們可以在不需要更多資源的情況下做到這一點，並且它們自己利用人工智慧來自動化這項工作，那麼這將是一套非常強大的產品。所以我認為真的很幸運，在這三個類別中，我們都很活躍，我們感興趣並且我們會繼續尋找。

The second part of your question was SaaS. And as we even said when we acquired ShareFile, right, we found a SaaS asset, which has 80% gross margins and now slightly higher. That is a remarkable thing for a SaaS business that is a modest size to have. And it allows us, therefore, to have the kind of operating margins that we deliver. And so we have learned quite a bit about SaaS. We have a very strong cloud operations team that came over from ShareFile that now runs all of the SaaS product operations for Progress.

你的問題的第二部分是 SaaS。正如我們在收購 ShareFile 時所說的那樣，我們發現了一項 SaaS 資產，其毛利率為 80%，現在略高一些。對於一家規模適中的 SaaS 公司來說，這是一件了不起的事。因此，它使我們能夠獲得我們所實現的那種營業利潤率。因此，我們對 SaaS 有了相當多的了解。我們擁有一支非常強大的雲端營運團隊，該團隊來自 ShareFile，目前負責 Progress 的所有 SaaS 產品營運。

And I think we are very much looking at SaaS as well as non-SaaS companies when it comes to acquiring them. So I don't -- it used to be we were hesitant about SaaS, but I think that hesitancy has significantly reduced. Obviously, we need to make sure that there isn't something so flawed in their business that their gross margins can get to where we need to get. But beyond that, I think we now find ourselves hunting for not just traditional long-term software companies but SaaS companies as well.

我認為，在收購時，我們會非常關注 SaaS 和非 SaaS 公司。所以我不會——我們以前對 SaaS 猶豫不決，但我認為這種猶豫已經大大減少了。顯然，我們需要確保他們的業務不存在任何缺陷，以確保他們的毛利率達到我們需要的水平。但除此之外，我認為我們現在不僅在尋找傳統的長期軟體公司，也在尋找 SaaS 公司。

Very helpful. Thanks for taking my question.

非常有幫助。感謝您回答我的問題。

You're welcome, Lucky. And then that really expands our market opportunities quite significantly. Makes sense

別客氣，幸運。這確實大大擴展了我們的市場機會。有道理

Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Yogesh for closing remarks.

女士們、先生們，隊列中沒有其他問題了。現在我想將電話轉回給 Yogesh 做結束語。

Well, thank you, everyone, again, for joining our call today. I'm really excited about our performance in the third quarter and pleased to share our confidence in the outlook for the rest of fiscal 2025 and we look forward to talking to you again soon, and thank you very much, and have a wonderful evening. Bye-bye.

好吧，再次感謝大家今天參加我們的電話會議。我對我們第三季的表現感到非常興奮，並很高興分享我們對 2025 財年剩餘時間前景的信心，我們期待很快再次與您交談，非常感謝您，祝您度過一個美好的夜晚。再見。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。