Progress Software Corp (PRGS) 2025 Q4 法說會逐字稿

Good day, and welcome to the Progress Software Q4 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 Progress Software 2025 年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在我謹將會議交給各位發言人，投資人關係資深副總裁麥克‧米奇奇先生。請繼續。

Okay. Thank you, Sheri. Nice to have you back. Good afternoon, everyone, and thanks for joining us for Progress Software's fourth fiscal quarter and fiscal year 2025 financial results conference call. With me this afternoon are Yogesh Gupta, President and CEO; and Anthony Folger, our Chief Financial Officer.

好的。謝謝你，謝裡。歡迎回來。各位下午好，感謝各位參加 Progress Software 第四財季及 2025 財年財務業績電話會議。今天下午陪我的是總裁兼執行長 Yogesh Gupta 和財務長 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 ShareFile and Nuclia 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, and our actual results may differ materially.

在我們開始之前，讓我先回顧一下我們的安全港聲明。在本次電話會議中，我們將討論我們對未來財務和營運績效的展望、公司策略、產品計劃、成本控制措施、ShareFile 和 Nuclia 的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 截至今日的展望和指導，並受風險和不確定性的影響，我們的實際結果可能與此有重大差異。

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 Factors section of our most recent Form 10-K and 10-Q. Progress assumes no obligation to update forward-looking statements included in this call.

有關可能影響我們未來業績和營運的因素的說明，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 表格和 10-Q 表格中的「風險因素」部分。Progress公司不承擔更新本次電話會議所包含的前瞻性聲明的義務。

Additionally, please note that all the financial figures referenced in this call are non-GAAP measures, unless otherwise indicated. 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 fourth quarter of fiscal year 2025 and the full year of fiscal 2025, and I recommend that you reference it for specific details.

此外，請注意，除非另有說明，本次電話會議中提及的所有財務數據均為非GAAP指標。您可以在我們的獲利新聞稿中找到這些非GAAP財務指標與最直接可比較的GAAP數據的調節表，該新聞稿於今天市場收盤後發布。本文件包含有關我們 2025 財年第四季度和 2025 財年全年財務業績的補充信息，建議您參考具體細節。

We've also provided a slide presentation that contains supplemental data for our fourth quarter and fiscal year and provides additional highlights and financial metrics. Both the earnings release and the supplemental presentation are available on the Investor Relations section of our website at investors.progress.com.

我們還提供了一份幻燈片演示文稿，其中包含我們第四季度和本財年的補充數據，並提供了其他亮點和財務指標。收益報告和補充簡報均可在本公司網站 investors.progress.com 的投資者關係版塊中找到。

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.

今天的電話會議將全程錄音，結束後不久即可在公司網站的投資者關係版塊收聽回放。

And with that, I'll turn it over to Yogesh for his prepared comments.

接下來，我將把發言權交給約格甚，請他發表事先準備好的評論。

Thank you, Mike. Good afternoon, everyone, and thank you for joining us to discuss our Q4 and fiscal year FY25 results. Fiscal year '25 was Progress's strongest year-to-date, driven by a combination of share file and the strong performance of our overall product portfolio, especially during the second half of the year, which was increasingly propelled by our customers' AI projects.

謝謝你，麥克。各位下午好，感謝各位參加本次會議，共同探討我們2025財年第四季及全年業績。2025 財年是 Progress 公司迄今為止業績最好的一年，這得益於共享文件業務和我們整體產品組合的強勁表現，尤其是在下半年，這越來越受到我們客戶的 AI 項目推動。

This resulted in annual revenue of $978 million up 30% year over year, and earnings per share of $5.72 up 16% on fiscal year '24. Our business got stronger throughout the year, as evidenced by the fact that we exceeded the midpoint of our original revenue guidance from last January by approximately $14 million and beat our operating income guidance by 6%.

這使得公司年收入達到 9.78 億美元，年增 30%；每股收益達 5.72 美元，比 2024 財年增長 16%。我們的業務在一年中不斷走強，這體現在我們實際收入比去年 1 月的原始收入預期中位數高出約 1,400 萬美元，營業收入也比預期高出 6%。

We continue to meet our customers' needs in an AI-driven business world by investing and innovating across the products they rely on. This is demonstrated by our 100% net retention rate and 2% year over year ARR growth to $852 million which now represents over 87% of our total revenue. For the fourth quarter, revenue finished at $253 million up 18% year over year, right in line with our most recent guidelines.

在人工智慧驅動的商業世界中，我們不斷投資和創新客戶所依賴的產品，以滿足客戶的需求。這體現在我們 100% 的淨客戶留存率和 2% 的年經常性收入成長，達到 8.52 億美元，占我們總收入的 87% 以上。第四季營收為 2.53 億美元，年增 18%，與我們最近的預期完全一致。

Earnings of $1.51 were well above the high end of guidance thanks yet again to excellent expense discipline and consistent execution. As Anthony will discuss in detail, cash flow remains strong, and we continue to both pay down our debt and make opportunistic share repurchases. Our balance sheet is in excellent shape and we remain flexible and and well capitalized to execute M&A as we carry out our total growth strategy.

由於出色的費用控制和持續的執行，每股收益 1.51 美元遠超預期上限。正如安東尼將詳細討論的那樣，現金流依然強勁，我們將繼續償還債務並伺機回購股票。我們的資產負債表狀況良好，我們保持靈活且資金充足，能夠執行併購活動，以推動我們的整體成長策略。

Looking ahead, the high end of our initial guidance for FY26 is $1 billion a very exciting milestone for Progress with unlevered free cash flow of nearly $320 million at the midpoint. Our confidence in the FY26 guidance is a result of the momentum in our business during the second half of FY25, which I mentioned earlier. And our expectation of continued investment in AI projects by our customers.

展望未來，我們對 2026 財年的初步預期上限為 10 億美元，這對 Progress 來說是一個非常令人興奮的里程碑，其中值對應的未槓桿自由現金流接近 3.2 億美元。我們對 2026 財年業績指引的信心源自於我們在 2025 財年下半年的業務發展勢頭，這一點我之前已經提到過。我們期望客戶繼續投資人工智慧專案。

Our AI product innovations are leading our customers to recommit to us as they see us as a trusted partner in their journey. Before I talk more about this, let me provide an update on our ShareFile and Nuclear acquisitions. During fiscal year '25, we completed the integration of ShareFile, our largest deal so far, which is proving to be one of our best acquisitions, as you can see from our results.

我們的人工智慧產品創新正促使客戶重新與我們建立合作關係，因為他們將我們視為他們發展歷程中值得信賴的合作夥伴。在進一步討論這個問題之前，讓我先介紹一下我們對 ShareFile 和 Nuclear 的收購情況。在 2025 財年，我們完成了 ShareFile 的整合，這是我們迄今為止最大的交易，事實證明，這是我們最好的收購之一，正如您從我們的業績中看到的那樣。

He passed every milestone and met every goal on or ahead of schedule. We also acquired and fully integrated nuclear Agentic RAG technology, which has been extremely well received by customers and is adding significant functionality and value to our products. In addition to outstanding products and technology, ShareFile and Nuclear have brought us many new, very talented team members with significant and cutting edge expertise.

他按時或提前完成了所有里程碑和目標。我們還收購並全面整合了核能代理 RAG 技術，該技術受到了客戶的熱烈歡迎，並為我們的產品增加了重要的功能和價值。除了卓越的產品和技術，ShareFile 和 Nuclear 還為我們帶來了許多才華橫溢的新團隊成員，他們擁有豐富的尖端專業知識。

Let me also quickly recap some other highlights from the fourth quarter. Our investment in innovation and R&D continued across our product lines as we enhanced our offerings, delivering dozens of new AI capabilities in addition to the usual upgrades and features. To list just a few, we launched Progress Agentic RAG, an industry leading product to help organizations leverage generative AI with confidence.

讓我再快速回顧一下第四節的其他一些亮點。我們持續增加對創新和研發的投入，不斷完善產品線，除了常規的升級和功能外，還推出了數十項新的人工智慧功能。僅舉幾例，我們推出了 Progress Agentic RAG，這是一款業界領先的產品，旨在幫助組織自信地利用生成式 AI。

We introduced the industry's first generative content management system with built-in RAG capabilities infinity. This innovation introduces native multilingual Agentic RAG based AI technology to deliver dynamically generated user experiences driven by a site visitor's prompts and online activity. We launched an enterprise grade agentic UI generator that leverages our market leading telere and Kendo libraries to automatically generate multi-component brand style page layouts from simple language prompts.

我們推出了業界首個內建 RAG 功能的生成式內容管理系統 Infinity。這項創新引入了基於原生多語言 Agentic RAG 的 AI 技術，以提供由網站訪客的提示和線上活動驅動的動態生成的用戶體驗。我們推出了一款企業級智慧型使用者介面產生器，它利用我們市場領先的 telere 和 Kendo 庫，根據簡單的語言提示自動產生多組件品牌風格的頁面佈局。

This UI agent delivers robust business functionality and works right inside the developer's IDE of choice. We launched Automate MFT, a new cloud native file transfer solution that is helping customers reduce total cost of ownership by up to 50% compared to traditional products. To highlight the impact of our solutions are having on our customers' AI initiatives, let me provide a recent example.

此 UI 代理程式提供強大的業務功能，並且可以直接在開發人員選擇的 IDE 中運行。我們推出了 Automate MFT，這是一款全新的雲端原生文件傳輸解決方案，與傳統產品相比，它可以幫助客戶降低高達 50% 的整體擁有成本。為了突顯我們的解決方案對客戶人工智慧計畫的影響，讓我舉一個最近的例子。

A Fortune 50 agriculture and food company was struggling to leverage the extremely large volumes of structured and unstructured data stored across its enterprise. This data is stored in hundreds of different sources in nearly 1,000 different formats and contains invaluable business information gathered over several decades. They leveraged our rogress data platform to unlock value by creating a single unified view of all the information and gained relevant, accurate, and actionable insights worth tens of millions of dollars.

一家財富 50 強農業食品公司正努力利用其企業內儲存的大量結構化和非結構化資料。這些數據以近 1000 種不同的格式儲存在數百個不同的來源中，其中包含數十年來收集的寶貴商業資訊。他們利用我們的進度資料平台，透過創建所有資訊的單一統一視圖來釋放價值，並獲得了價值數千萬美元的相關、準確和可操作的見解。

This demonstrates the impact and relevance of our products in a world where Gen AI is making it critical for organizations to get their arms around their data and ensure that AI delivers fact-based answers that they can rely upon. In other important news from Q4, the US Department of Defense Chief Digital and AI Office added Progress Federal Solutions Group to the Trade Winds Solutions Marketplace.

這證明了我們的產品在當今世界具有影響力和相關性，在這個世界裡，人工智慧時代使得組織必須掌握自己的數據，並確保人工智慧提供他們可以信賴的、基於事實的答案。在第四季度其他重要新聞方面，美國國防部首席數位和人工智慧辦公室將 Progress Federal Solutions Group 加入 Trade Winds Solutions Marketplace。

Which is the DoD's list of pre-approved providers of AI products. This designation allows DoD customers to rapidly procure and deploy a progress data platform bypassing the usual government procurement processes. It underscores our commitment to delivering scalable, secure, and innovative AI solutions that help government agencies achieve their AI objectives.

這是美國國防部預先批准的人工智慧產品供應商名單。這項指定使美國國防部客戶能夠快速採購和部署進度資料平台，從而繞過通常的政府採購流程。這凸顯了我們致力於提供可擴展、安全且創新的AI解決方案，以幫助政府機構實現其AI目標的承諾。

During the fourth quarter, we also announced our expanded presence in Costa Rica. Building on ShareFile's existing footprint, we opened a new facility that serves as a center of excellence for tech support, customer success, sales, and corporate functions. This new center strengthens our ability to support regional growth in US time zone and creates new opportunities to deliver value to our customers.

第四季度，我們也宣布擴大在哥斯大黎加的業務。在 ShareFile 現有業務的基礎上，我們開設了一個新設施，作為技術支援、客戶成功、銷售和公司職能的卓越中心。這個新中心增強了我們支持美國時區區域成長的能力，並創造了為客戶創造價值的新機會。

Internally, our excellent expense control and operating performance continues to benefit from our own adoption of AI to increase productivity and drive efficiency. Across engineer, our teams are using AI in every phase of development, whether it is to write PRDs, generate code, create QA tests, establish test environments or create education and tech support content.

在公司內部，我們卓越的費用控制和營運績效持續受益於我們自身對人工智慧的採用，從而提高生產力和效率。在整個工程領域，我們的團隊在開發的每個階段都使用人工智慧，無論是編寫產品需求文件、生成程式碼、創建品質保證測試、建立測試環境或創建教育和技術支援內容。

This has enabled us to accelerate product innovation as well as improve the quality of customer tech support while containing costs. Our finance, HR, sales, communications and marketing teams are increasingly using AI in a variety of ways to improve the quality and increase the quantity of their work. Speaking of our teams, I'm very proud to say that for the fourth year in a row we experienced very low voluntary attrition rate just 6% for fiscal '25.

這使我們能夠在控製成本的同時，加快產品創新並提高客戶技術支援的品質。我們的財務、人力資源、銷售、溝通和行銷團隊正在越來越多地以各種方式使用人工智慧來提高工作品質和增加工作量。說到我們的團隊，我非常自豪地說，我們連續第四年實現了非常低的自願離職率，2025 財年僅為 6%。

Once again, this industry leading metric reflects the positive inclusive culture of our team and our ability to retain critical talent, maintain continuity, and keep turnover related expenses down. And the Boston Globe in its recent list of top places to work ranked Progress number one among large software companies in the region just last month.

再次，這項業界領先的指標反映了我們團隊積極包容的文化，以及我們留住關鍵人才、維持業務連續性並降低人員流動相關費用的能力。就在上個月，《波士頓環球報》在其最新評選的最佳工作場所名單中，將 Progress 列為該地區大型軟體公司中的第一名。

Now let me touch on our commitment to our total growth strategy and the M&A outlook. As ever, there are many opportunities for progress to look at among the literally thousands of software companies. However, the right targets for us are infrastructure software vendors with solid technology and a strong, stable install base of costs, and over the past few quarters, few such assets have come to market.

現在讓我談談我們對整體成長策略的承諾以及併購前景。與以往一樣，數以千計的軟體公司中蘊藏著許多發展機會。然而，我們真正想要的目標是擁有可靠技術和強大、穩定的成本基礎的基礎設施軟體供應商，而在過去幾個季度裡，市場上很少有這樣的資產出現。

Selectivity, patience, and discipline continue to be the hallmarks of our M&A strategy. And we will evaluate all opportunities whether they are an outright purchase from founders, VCs, or P/E sponsors, or a divestiture as long as it fits our strict criteria. Our corporate development team remains active, and as I mentioned earlier, we feel very good about our ability to finance the next deal and execute well.

選擇性、耐心和自律仍然是我們併購策略的標誌。我們會評估所有機會，無論是從創辦人、創投家或私募股權投資者直接收購，或是剝離，只要符合我們嚴格的標準。我們的企業發展團隊仍然活躍，正如我之前提到的，我們對下一筆交易融資並順利執行的能力充滿信心。

We got off to a quick start to FY26 and held our annual sales kickoff in Atlanta during the very first week of December. Over 650 of our sales, field engineering, and customer success professionals gathered in person to learn about our latest product offerings, both to market initiatives, and to review key objectives for FY26 and beyond.

2026 財年伊始，我們就迅速進入狀態，並在 12 月的第一周在亞特蘭大舉行了年度銷售啟動大會。超過 650 名銷售、現場工程和客戶成功專業人員齊聚一堂，了解我們最新的產品，包括市場推廣計劃，以及回顧 2026 財年及以後的關鍵目標。

Our business momentum and particularly our AI innovation work created an extremely high level of excitement in our sales teams about the opportunity in front of us, and it's hard to overstate the energy and excitement among our teams who returned ready to hit the ground running.

我們的業務發展勢頭，尤其是我們在人工智慧創新方面的工作，讓我們的銷售團隊對擺在我們面前的機會感到無比興奮，我們團隊成員的熱情和興奮之情難以言表，他們回來後就準備大干一場。

To conclude, from an operating, financial, and strategic perspective, we're thrilled to be carrying steady momentum into and are excited about the year ahead. I want to congratulate the entire Progress team for an incredible year in fiscal '25, and as always thank them for a job well done.

總之，從營運、財務和策略角度來看，我們很高興能夠保持穩定成長勢頭，並對未來一年充滿期待。我要祝賀整個 Progress 團隊在 2025 財年取得了令人難以置信的成績，並一如既往地感謝他們出色的工作。

Let me now turn it over to Anthony for his prepared remarks, and then we'll be happy to take questions.

現在我把發言權交給安東尼，請他發表準備好的講話，之後我們很樂意回答問題。

Great, thanks, Yogesh, and good afternoon, everyone. We're very pleased to share our outstanding Q4 and full year 2025 results, closing out a very successful year for Progress.

太好了，謝謝Yogesh，大家下午好。我們非常高興地與大家分享我們出色的 2025 年第四季和全年業績，為 Progress 非常成功的一年畫上了圓滿的句號。

Let's get right into the numbers, starting with ARR, which we believe provides the best view into our top-line performance. We closed Q4 with ARR of $852 million approximately 2% pro forma year over year growth. For clarity, our pro forma results include ARR from acquired businesses in all periods presented. This growth in ARR was driven by multiple products including ShareFile, OpenEdge, WhatsApp Gold, and our devtools products.

讓我們直接來看具體數字，首先是 ARR（年度經常性收入），我們認為它能最好地反映我們整體的業績表現。第四季末，我們的年度經常性收入 (ARR) 為 8.52 億美元，年增約 2%。為清楚起見，我們的備考業績包括所有列示期間收購業務的年度經常性收入。ARR 的這種成長是由多個產品推動的，包括 ShareFile、OpenEdge、WhatsApp Gold 和我們的開發工具產品。

And consistent with prior quarters, our net retention rate remains strong at 100%. In addition to growth in ARR and solid net retention, Q4 revenue was $253 million up approximately 18% year over year. Our revenue strength in the quarter was broad-based without outperformance, coming from Open edge and ShareFile, both of which performed better than our internal expectations.

與前幾季一致，我們的淨客戶留存率仍保持在 100% 的強勁水平。除了 ARR 成長和淨留存率穩健成長外，第四季營收為 2.53 億美元，年增約 18%。本季我們的營收成長主要來自 Open edge 和 ShareFile，沒有超預期表現，但這兩家公司的營收成長都超出了我們的內部預期。

For the full year our revenue was $978 million up $224 million or 30% over the prior year. That growth is entirely driven by a full year contribution from ShareFile. Reflecting on 2025, we believe we made the right investments in our products keeping them mission critical in an AI-driven world. And this is validated by our strong customer retention and consistent ARR growth across multiple products throughout the year. A demonstration of the resilience in our portfolio.

全年營收為 9.78 億美元，較上年成長 2.24 億美元，成長 30%。這一增長完全是由 ShareFile 全年的貢獻所驅動的。展望 2025 年，我們相信我們對產品進行了正確的投資，使它們在人工智慧驅動的世界中保持關鍵地位。這一點已透過我們強大的客戶留存率和全年多個產品持續的年度經常性收入成長得到驗證。展現了我們投資組合的韌性。

Turning now to expenses, total costs and operating expenses were $156 million for the quarter, up 16% over the year ago quarter, and $593 million for the full year, up 30% compared to fiscal 2024. The year over year increase for the quarter and for the year was entirely driven by the inclusion of a full year of ShareFile activity.

現在來看支出，本季總成本和營運支出為 1.56 億美元，比去年同期成長 16%；全年總成本和營運支出為 5.93 億美元，比 2024 財年成長 30%。本季和本年度的年成長完全是由於納入了一整年的 ShareFile 活動所致。

Operating income for the quarter was $96 million for an operating margin of 38%, exceeding our internal expectations. Earnings per share was $1.51 which was $0.16 above the high end of our guidance range. This better than expected performance in operating margin and DPS was the result of strong top-line execution coupled with excellent cost management across the business.

本季營業收入為 9,600 萬美元，營業利潤率為 38%，超出我們內部預期。每股收益為 1.51 美元，比我們預期範圍的上限高出 0.16 美元。營業利潤率和每股盈餘 (DPS) 都超出預期，這是強勁的營收成長和整個業務範圍內出色的成本控制共同作用的結果。

Turning now to a few balance sheet and cash flow metrics, we ended the year with cash and cash equivalents of $95 million and debt of $1.4 billion for a net debt position of $1.3 billion. Our net leverage ratio at year-end was approximately 3.4 times, which was slightly better than where we expected to be with the ShareFile integration now complete.

現在來看一些資產負債表和現金流量指標，截至年底，我們擁有現金及現金等價物 9,500 萬美元，債務 14 億美元，淨債務為 13 億美元。年末淨槓桿率約為 3.4 倍，這比我們預期的要好一些，因為 ShareFile 的整合已經完成。

DSO for the quarter was 73 days, up 6 days compared to the year ago quarter. Deferred revenue was $425 million at the end of the fourth quarter, up approximately $21 million year over year and $44 million sequentially, reflecting strong fourth quarter top line performance.

本季應收帳款週轉天數為 73 天，比去年同期增加 6 天。第四季末遞延營收為 4.25 億美元，年成長約 2,100 萬美元，季增約 4,400 萬美元，反映出第四季強勁的營收表現。

Adjusted free cash flow was $62 million for the quarter, and $247 million for the year, an increase of 16% over the prior year. And we also continued to return capital to shareholders, repurchasing $40 million in stock in Q4 and $105 million for the full fiscal year 2025. We ended our fiscal year with $202 million remaining under our current share repurchase authorization.

本季調整後自由現金流為 6,200 萬美元，全年為 2.47 億美元，比上年增長 16%。此外，我們也持續向股東返還資本，在第四季回購了 4,000 萬美元的股票，並在 2025 財年全年回購了 1.05 億美元。在本財年結束時，我們目前的股票回購授權額度還剩下 2.02 億美元。

Okay. Now we'll turn to the outlook. And before getting into the numbers, I'd like to highlight the following items. First, we will continue to focus on ARR as a key metric and we expect ARR growth generally consistent with the 2% growth we saw in fiscal year 2025. Also, our 2026 outlook assumes minimal revenue impact from the timing of multiyear contract renewals.

好的。現在我們來看看前景。在詳細介紹具體數字之前，我想先重點介紹以下幾點。首先，我們將繼續將 ARR 作為一項關鍵指標，我們預計 ARR 的成長將與 2025 財年我們看到的 2% 的成長基本上保持一致。此外，我們對 2026 年的展望假設多年期合約續約的時間表對收入的影響最小。

And as a result, we expect annual revenue growth similar to our ARR growth. Second, we expect to aggressively repay the revolving line of credit that we used to partially finance the ShareFile acquisition. We've modeled $250 million of repayments for fiscal 2026, which would improve our net leverage ratio to approximately 2.7 times by year-end. As a reminder, in July of 2025, we upsized the capacity of our revolving credit facility from $900 million to $1.5 billion.

因此，我們預計年度收入成長將與 ARR 成長類似。其次，我們預期將積極償還部分資助 ShareFile 收購的循環信貸額度。我們已模擬 2026 財年 2.5 億美元的還款額，這將使我們的淨槓桿率在年底前改善至約 2.7 倍。再次提醒大家，2025 年 7 月，我們將循環信貸額度從 9 億美元提高到 15 億美元。

Finally, we expect to roll our 2026 convertible notes into our revolving credit facility when those converts mature in April of 2026. With $900 million of unused revolver capacity today, together with our aggressive debt repayment plan, we'll have more than enough capacity to absorb $360 million in principle and continue executing our total growth strategy.

最後，我們預計將在 2026 年 4 月可轉換債券到期時，將其轉入我們的循環信貸額度。目前我們擁有 9 億美元的未使用循環信貸額度，加上我們積極的債務償還計劃，我們將有足夠的能力吸收 3.6 億美元的本金，並繼續執行我們的整體成長策略。

With all that said, for the first quarter of 2026, we expect revenue between $244 million and $250 million and earnings per share of between $1.56 and $1.62. For the full year 2026, we expect revenue between $986 million and $1 billion, representing between 1% and 2% growth over 2025, an operating margin of 39%, adjusted free cash flow between $260 million and $274 million and unlevered free cash flow between $313 million and $326 million.

綜上所述，我們預計2026年第一季營收將在2.44億美元至2.5億美元之間，每股盈餘將在1.56美元至1.62美元之間。 2026年全年，我們預計營收將在9.86億美元至10億美元之間，較2025年增長1%至2%，營業利潤率為39%，調整後自由現金流將在2.6億美元至2.74億美元之間，未計槓桿自由現金流將在3.13億美元至3.26億美元之間。

Finally, earnings per share are expected to be between $5.82 and $5.96 per share. Our guidance for full year EPS assumes a tax rate of 20%, the repurchase of $20 million in progress shares and approximately 44 million shares outstanding.

最後，預計每股收益將在 5.82 美元至 5.96 美元之間。我們對全年每股收益的預期是基於 20% 的稅率、2000 萬美元的在研股份回購以及約 4,400 萬股流通股計算得出的。

In closing, we're excited to deliver a great fourth quarter results, capping off a strong 2025. With the product investments we've made and the ShareFile integration complete, we believe we're well positioned to execute our strategy and deliver solid results throughout 2026 and well beyond.

最後，我們很高興地宣布第四季業績出色，為強勁的 2025 年畫下圓滿句點。憑藉我們已進行的產品投資以及 ShareFile 的集成，我們相信我們已做好充分準備，執行我們的策略，並在 2026 年及以後取得切實成果。

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

接下來，我想開放問答環節。

(Operator Instructions)

（操作說明）

John DiFucci, Guggenheim Securities.

John DiFucci，古根漢證券。

And nice job here guys on this quarter. And as usual, the execution is really -- is impressive and especially seeing ShareFile here. I guess I have a bunch in my mind. I'm going to go high level right now because you guys see the market. You see what's happening to all of software, especially applications. And Yogesh, you've been in this for a long time. And I knew you've got a business, and that's meant to be a compliment, I've been around a while, too. And you've been a business leader for a long time. But I first knew you as a technology leader.

各位，這季表現不錯。像往常一樣，執行效果確實令人印象深刻，尤其是在這裡看到 ShareFile 就更是如此。我腦子裡好像有很多想法。我現在要從宏觀層面來談談，因為你們都了解市場。你看到了所有軟體，尤其是應用程式正在發生什麼。尤格甚，你從事這項工作已經很久了。我知道你有自己的事業，這話是想表達讚美之情，我也在這個行業摸爬滾打了很久。而且您擔任企業領導者已經很久了。但我最初認識你，是因為你是科技領導者。

And I'm just curious your perspective because right now, there's this fear out there on AI. You talked a lot about it in your prepared remarks and especially for application. So I want -- like broadly speaking, for software, how do you think this evolves? And I know there's no real like no one really knows right now. But how do you think what do you think it evolves for software and in that context for progress?

我很好奇你的看法，因為目前人們對人工智慧有一種恐懼情緒。你在準備好的發言稿中，尤其是在應用程式部分，都談到了很多關於這方面的內容。所以我想問的是——總的來說，就軟體而言，您認為它會如何發展？我知道現在沒有人真正知道答案。但您認為軟體會如何發展？在這種背景下，軟體又將如何進步？

Yeah. Absolutely, John. Thank you. And it is fascinating to see sort of the level of hype, if I may call it that, that has led to the level of fear around the disruption of software in the business world. You said specifically, let me start with applications, even though that's not our business. I have yet to speak to a CIO of any meaningful size business who realistically is planning to write their own ERP, like their own financial systems, like their own HR system, right, their own whatever right?

是的。當然，約翰。謝謝。令人驚訝的是，人們對軟體顛覆商業世界所帶來的恐懼程度，竟然達到瞭如此高的炒作程度（如果我可以用這個詞的話）。你特意提到，讓我先從申請開始，儘管那不是我們的業務。我還沒有遇到任何規模較大的企業的首席資訊長真正計劃編寫自己的ERP系統，就像編寫自己的財務系統、自己的人力資源系統一樣，對吧，或者編寫自己的任何系統？

So I think in the end, businesses are in the business of whatever business they are in and the tools they use is an applications they use to run their business basically are a means to an end. And so unless they are technology companies themselves, I really don't see a lot of that today. Now obviously, over time, things will get different. I think what can happen is that you can get new competitors come to market with offerings that are, let's say, similar to the applications that are available in the market today. But then the question is how hard it is to do three things: one, get your data out of, let's say, a Salesforce or a ServiceNow or whatever and move to the new offering, whoever that is, by the way, and they're not going to be free either.

所以我覺得歸根結底，企業從事的是他們所從事的業務，而他們使用的工具，也就是他們用來運營業務的應用程序，基本上都是達到目的的手段。所以，除非它們本身就是科技公司，否則我今天真的很少看到這種情況。當然，隨著時間的推移，情況肯定會改變。我認為可能會出現的情況是，新的競爭對手帶著與目前市場上現有應用程式類似的產品進入市場。但問題是，要做三件事有多難：第一，將你的資料從 Salesforce 或 ServiceNow 或其他任何平台匯出，然後遷移到新的平台（順便說一句，不管是什麼平台），而且這些平台也不會是免費的。

So the question is how much effort will that be? So, even more importantly, what risk will that create for the business we have seen historically when people have tried to move from one ERP to another. I mean, I remember, John, a long time ago when SAP was pointed to by Fortune 50 companies, the reason why they were going to miss results for quarter and the year because their implementation of SAP was going like a disaster. Right?

所以問題是，這需要付出多少努力？因此，更重要的是，這會為企業帶來什麼風險？我們從歷史上就看到，當人們試圖從一個 ERP 系統遷移到另一個 ERP 系統時，就會發生這種情況。我的意思是，約翰，我記得很久以前，財富 50 強公司都曾指出 SAP 是導致他們季度和年度業績不佳的原因，因為他們實施 SAP 的過程簡直是一場災難。正確的？

And they were trying to move from some ERP to SAP and being a manufacturing company, that was the heart and soul of the business. So I think that there is a risk involved and the question is, can the risk be minimized. And then last but not least, what does it take to get the employees in the company and the organization retrain them a new system. So I think these are real hurdles. So I actually think that the yeah, at least in the near term, in the near term, in my mind, is next one to three years, are, to be honest, way overblown.

他們當時正試圖從某個 ERP 系統遷移到 SAP 系統，而身為製造業企業，SAP 系統是企業的核心與靈魂。所以我認為這裡有風險，問題是，能否將風險降到最低。最後，也是非常重要的一點，如何讓公司和組織的員工接受新系統的訓練？所以我認為這些都是真正的障礙。所以我覺得，至少在短期內，在我看來，短期內指的是未來一到三年，說實話，這種說法被大大誇大了。

And from a progress perspective, it's even more fascinating because we sit inside our environment in our software is helping people run their environments well, govern their environments as well, get access to the data, leverage that data for business-critical work, do their workflows internally, manage their content, deliver digital experiences. And all of those that are becoming AI-enabled, but it doesn't mean that people won't want to do that, right? People will still want to have digital experiences. They just want to be able to have AI natural language interface and easy to build those and easy to connect them to existing data. Which we do today, right?

從發展的角度來看，這更加令人著迷，因為我們身處自己的環境中，我們的軟體正在幫助人們更好地運行他們的環境，管理他們的環境，訪問數據，利用這些數據進行業務關鍵型工作，在內部完成他們的工作流程，管理他們的內容，提供數位體驗。所有這些正在朝著人工智慧方向發展，但這並不意味著人們就不想這樣做，對吧？人們仍然會想要體驗數位化產品。他們只是希望能夠擁有易於建構的 AI 自然語言介面，並能輕鬆地將其連接到現有數據。我們今天就是這麼做的，對吧？

So I think as long as we continue to invest in our products, we will see continued success in the market. And it's interesting that we have a footprint out in the world that ranges from fundamental design of ASIC companies to people who manufacture machines to build chips to chip manufacturers themselves to everywhere up and down the tech stack also. And we're seeing interesting things happening there where they are using our products more because their needs are growing.

所以我認為，只要我們繼續投資於我們的產品，我們就會在市場上持續取得成功。有趣的是，我們的業務遍及全球，從ASIC公司的基礎設計，到製造晶片製造機器的人員，再到晶片製造商本身，以及整個技術堆疊的各個環節。我們看到那裡正在發生一些有趣的事情，隨著他們的需求成長，他們越來越多地使用我們的產品。

So whenever a business grows and sometimes the financial industry goes, sometimes manufacturing goes, sometimes chip industry goes. It doesn't matter which one it is. Right? For us, it is -- as industries grow, as certain sectors grow because we are so broad based. And we are, by the way, in large companies and extremely small and midsized companies as well.

所以，每當一個產業發展壯大時，有時金融業會衰落，有時製造業會衰落，有時晶片產業會衰退。是哪一個都無所謂。正確的？對我們來說，隨著產業發展，隨著某些領域的發展，因為我們的基礎非常廣泛。順便說一句，我們既在大公司工作，也在非常小的和中型的公司工作。

We are actually quite well, in my mind, broad-based and hedged that way that I expect us to continue to do well, which is why I am excited about progress, which is why we basically think that our growth this year will reflect what it was last year that our ARR organic will continue to grow at a 2% rate. It all is a reflection of how we feel and how I feel about our business.

在我看來，我們目前的業務基礎相當廣泛，對沖能力也很強，所以我預計我們會繼續保持良好的發展勢頭，這也是為什麼我對公司的進展感到興奮的原因。我們基本上認為，今年的成長將與去年持平，我們的年度經常性收入（ARR）將繼續以 2% 的速度成長。這一切都反映了我們以及我對我們事業的感受。

Thank you very much for that perspective, Yogesh, it sounds, if I could -- just as I was listening to you talk, it sounds like there's a lot of complications here that you can't just gloss over. But one thing sounds clear is that software companies, including progress are going to have to embrace AI and help customers leverage it. But thanks a lot.

非常感謝你的見解，Yogesh，聽起來——就像我剛才聽你說話一樣——這裡似乎有很多複雜問題，不能一帶而過。但有一點很明確，那就是包括 Progress 在內的軟體公司都必須擁抱人工智慧，並幫助客戶利用人工智慧。非常感謝。

Absolutely, John. You're absolutely correct. And that is why we as well as others are, I think, doing it aggressively.

當然，約翰。你說得完全正確。正因如此，我認為我們和其他人都在積極地進行這項工作。

Fatima Boolani, Citi.

Fatima Boolani，花旗銀行。

Yogesh, I wanted to drill down into the same line of questioning writing on John [Coals] a little bit the last time you had a conversation around, hey, how does Progress insert itself in the monetization path of AI because clearly, there has been a lot considered and deliberate investments in your entire portfolio as it relates to AI and AI enablement. I think one of the things you said very clearly was this should show up maybe more imminently or more materially visibly in net retention rates.

Yogesh，我想就上次你談到John [Coals]時提出的問題進行更深入的探討，那就是，嘿，Progress是如何將自己置於人工智能的貨幣化路徑中的，因為很明顯，你們的整個投資組合中與人工智能和人工智能賦能相關的投資都經過了深思熟慮和精心策劃。我認為你之前非常明確地指出，這一點應該會在淨留存率上更直接、更明顯地體現出來。

And so when I kind of look at the trajectory of the 100% net retention rate level, as you've kind of pretty consistently put up for the last four for five quarters. I wanted to ask you why we haven't seen maybe more of a meaningful uptick in that -- in terms of the monetization manifesting in that figure, especially because you gave some very clear examples of how you are at the nexus of transformation for a lot of your customers. So any incremental detail around that would be very helpful. And I have a follow-up for Anthony, please.

所以，當我觀察 100% 淨留存率的走勢時，你會發現你們在過去四、五個季度裡一直保持著相當穩定的水平。我想問您，為什麼我們沒有看到這方面有更顯著的成長——就貨幣化而言，尤其是在您給了一些非常清晰的例子，說明您是如何成為許多客戶轉型的關鍵所在的情況下。所以，任何相關的細節補充都會非常有幫助。我還有一個問題想問安東尼。

Sure. Happy to. So I think -- and I'll share my view and Anthony in fact if you want to chime in as well. I think that in terms of net retention rate growth and increasing it over 100% means there's meaningful expansion across the broad customer base. And I think that even today, vast majority of investment in AI is limited, to be honest, a relatively small number of tech companies.

當然。樂意之至。所以我想——我會分享我的看法，安東尼，如果你也想發表意見的話。我認為，淨留存率成長超過 100% 意味著客戶群的顯著擴張。坦白說，我認為即使在今天，人工智慧領域的絕大部分投資仍然集中在少數幾家科技公司手中。

A lot of other companies actually are doing things that are more around trying to leverage infrastructure that is already being built by others and so on. So they're spending money on data centers, we are spending money on things that are truly bottom level. And in the business space, in the business community, I don't see yet a spend that is taking place to the same level that I expect as time goes on. So I think it is early. This is sort of like, it reminds me of the Internet pipeline where everybody was saying, let's lay down dot fiber as fast as we can. And then we'll figure out how to leverage it.

很多其他公司實際上都在做一些事情，例如試圖利用其他人已經建造的基礎設施等等。所以他們在資料中心上花錢，而我們卻把錢花在了真正底層的東西上。在商業領域，在商業界，我還沒有看到支出達到我預期的水平。所以我覺得現在還太早。這有點像，讓我想起了網路管道建設，當時每個人都說，讓我們盡快鋪設光纖吧。然後我們會想辦法利用它。

And if you noticed, right, it took Amazon a decade, to then really start getting into its stride after that. And people forget that what Amazon's trajectory was earlier. And then, of course, Amazon has been unbelievable over the last 20 years. So I think that it is just -- it takes time, and I think people always underestimate the short-term time it will take, but then they also underestimate how quickly it accelerates when it actually does accelerate.

如果你注意到的話，沒錯，亞馬遜花了十年時間才真正開始步入正軌。人們往往忘記了亞馬遜早期的發展軌跡。當然，亞馬遜在過去20年的表現也令人難以置信。所以我覺得這只是——這需要時間，而且我認為人們總是低估了短期內所需的時間，但他們也低估了它實際加速時的速度。

I appreciate that nuance perspective Yogesh. Anthony, maybe a more tactical one for you. You very specifically mentioned that from a revenue growth perspective in fiscal '26, you are not going to see as much of a material impact from multiyear contract renewals. I'm wondering if you can translate that into how we should think about free cash flow and free cash flow linearity and seasonality over fiscal '26. And maybe if you can also sneak in some commentary on some of the 4Q free cash flow performance that maybe it was a little bit like from the seasonality side relative to where some broader expectations were.

我很欣賞Yogesh這種細緻的視角。安東尼，或許這更適合你，需要一些戰術上的考慮。您特別提到，從 2026 財年的營收成長角度來看，多年合約續約不會產生太大的實質影響。我想知道您是否可以將其轉化為我們應該如何看待 2026 財年的自由現金流、自由現金流的線性度和季節性。或許你也可以順便評論一下第四季的自由現金流表現，說它或許在季節性方面與一些更廣泛的預期有所出入。

Sure. So I guess maybe the second part of that question first. Q4 was a great quarter in terms of cash flow. Q4 was all a quarter where we had a significant beat on bookings. And a lot of what we do in the quarter is back-end loaded.

當然。所以我想或許應該先回答問題的第二部分。第四季現金流狀況良好。第四季我們的預訂量大幅超出預期。我們本季所做的許多工作都是在後半段完成的。

So as we sort of worked our way through year-end, we saw a pretty significant uplift in cash flow for the quarter and also for '26, right? I think a lot of the beat when a significant beat in bookings happened back-end loaded, a little bit of benefit in '25, but really where we thought it was in '26. And I think you can see the growth in free cash flow in '26, certainly outpacing growth in revenue or margins.

所以，隨著我們逐步完成年終結算，我們看到本季以及 2026 年的現金流都有了相當大的成長，對吧？我認為預訂量大幅增長時，許多波動都發生在後期，2025 年略有增長，但真正達到我們預期的水平是在 2026 年。而且我認為你可以看到 2026 年自由現金流的成長，肯定超過了收入或利潤率的成長。

And so I think we feel pretty good about sort of an acceleration that we're starting to see in terms of free cash flow. In terms of the linearity, I don't know that it's going to be any different. I think ShareFile is I would say, less subject to seasonal fluctuations than the rest of our business would have been just because of the nature of that business. And so I wouldn't expect material differences in the seasonality or the linearity of our free cash flow from where we've been historically.

因此，我認為我們對自由現金流開始出現的加速成長趨勢感到非常滿意。就線性度而言，我不知道會不會有什麼不同。我認為，由於業務性質的原因，ShareFile 受季節性波動的影響比我們其他業務小。因此，我預計我們的自由現金流的季節性或線性變化不會與我們歷史上的情況有實質的不同。

(Operator Instructions)

（操作說明）

Lucky Schreiner, D.A. Davidson.

Lucky Schreiner，D.A. Davidson。

Great. Congrats on the quarter and some impressive results here. It looked like your SaaS revenues had a pretty strong sequential increase. And I guess I was wondering what drove that. Was there anything to call out? And maybe translating that to guidance I assume you're not baking in similar strength on the SaaS side. Would you say it's roughly a similar mix in 2026 as in 2025 in terms of the different revenue lines.

偉大的。恭喜本季取得令人矚目的成績。看起來您的SaaS營收季增相當強勁。我當時就在想，是什麼原因導致了這種情況。有什麼需要特別指出的嗎？也許將此轉化為指導方針，我假設你們在 SaaS 方面沒有體現類似的實力。您認為2026年不同收入來源的組成與2025年大致相似嗎？

Yeah. Lucky, it was a very good quarter. Q4 was a really strong quarter on the SaaS line. I think sequentially, you can see the move up and I think there was a lot of strength in ShareFile and there was a lot of strength in some of the other products, some of our other SaaS offerings. So both of those combined were really what led to the uptick. I guess I would say this, as we look forward to 2026, ShareFile is growing well, but it's a single-digit grower. It's not a significant outlier with the rest of our business.

是的。幸運的是，這個季度業績非常好。第四季SaaS業務表現非常強勁。我認為從順序上看，你可以看到成長勢頭，我認為 ShareFile 表現非常強勁，我們的一些其他產品，一些其他的 SaaS 產品也表現非常強勁。因此，正是這兩方面因素共同導致了成長。我想說的是，展望 2026 年，ShareFile 的發展勢頭良好，但成長率只有個位數。這與我們公司的其他業務相比，並沒有什麼特別突出的地方。

So I don't -- I wouldn't want to leave anybody with the impression that ShareFile or SaaS generally is sort of driving outsized growth. It's a little bit better than the rest of our business, but it's not so dramatically different. So Q4 was a pleasant upside surprise for us on the SaaS side. I think we're probably looking for in '26, something that's a little more consistent with the annual results, right? So sort of a steady up and to the right growth trajectory as we go.

所以我不想——我不想讓任何人覺得 ShareFile 或 SaaS 總體上是造成超乎尋常增長的原因。它比我們業務的其他部分略好一些，但差異並不大。因此，第四季在SaaS方面為我們帶來了一個令人驚訝的上產業績。我認為我們可能在 2026 年希望看到一些與年度業績更加一致的結果，對吧？所以，我們正穩步朝著正確的成長軌跡前進。

Got you. That makes a lot of sense. And then maybe for Yogesh, a little bit of another philosophical question. You guys look at a lot of private companies, right, with your growth strategy, and I feel like you might have a unique vantage point here. Have you noticed any notice any change in retention rates of the targets of the software companies that you're looking at acquiring as there are these overhanging fears of AI start-ups disrupting fundamental software businesses. I'm just curious if you've noticed any change in retention rates at some of the companies you look to acquire?

抓到你了。這很有道理。然後，對約格甚來說，或許還有一點哲學問題。你們在製定成長策略時，會關注很多私人公司，對吧？我覺得你們在這方面可能有獨特的視角。您是否注意到，您正在考慮收購的軟體公司的目標客戶留存率發生了任何變化？因為人們普遍擔心人工智慧新創公司會顛覆基礎軟體業務。我只是好奇，您是否注意到您考慮收購的一些公司的員工留存率有任何變化？

To be honest, Lucky, yeah. And I mentioned that it's tough to find really good quality companies. I think one of the challenges, I think smaller companies are facing is that the customers are questioning whether they will make it and they're trying to decide whether they should switch to somebody larger or something like that. So there is a bit more of a turn some of the businesses we have seen that have had exposure to the federal government that has been significantly larger as a proportion of their business.

說實話，是的，幸運。我還提到過，要找到真正優質的公司並不容易。我認為小公司面臨的挑戰之一是，客戶會質疑他們能否生存下去，並試圖決定是否應該轉而選擇規模更大的公司或其他類似的公司。因此，我們看到一些與聯邦政府有業務往來的企業出現了更大的轉變，這些企業的業務佔比明顯更大。

I think they have seen challenges as well. So yes, we are seeing softening in their both gross and net retention rates. And again, look, from our perspective, we want to buy a business that is a solid business that we believe we can sustain the 100% net retention rate going forward. And so we continue to be very selective in what we look for, and we continue to make sure that whatever we buy is a good quality business. There's a lot of stuff that's available cheap, but it doesn't mean it's a good business to have.

我認為他們也遇到了挑戰。是的，我們看到他們的毛留存率和淨留存率都在下降。再說一遍，從我們的角度來看，我們想收購一家穩健的企業，我們相信我們可以維持100%的淨客戶留存率。因此，我們繼續非常謹慎地選擇收購對象，並繼續確保我們收購的都是優質企業。市面上有很多東西價格低廉，但這並不代表經營這類生意就是個好主意。

I think that's why you guys have been so successful so far. So I appreciate that context.

我想這就是你們至今如此成功的原因。所以我很感謝你提供的背景資訊。

Ittai Kidron, Oppenheimer.

伊泰·基德隆，奧本海默。

This is Nolan Jenevein on for Ittai. I just kind of want to double-click a little bit on operating margins. It was a really strong quarter for operating margin. But you're kind of guiding for roughly flat next year, it feels like you still have a lot of initiatives going on that seem to be favorable to operating margins. So I just kind of want to double-click, what are the sort of implicit assumptions for operating margins next year in terms of the fundamental puts and takes?

這裡是諾蘭傑內文，為您帶來Ittai的報道。我只是想稍微深入探討一下營業利益率。本季營業利潤率表現非常強勁。但你們似乎預計明年業績將基本持平，感覺你們仍然有很多舉措正在進行，這些舉措似乎有利於提高營業利潤率。所以我想問一下，就基本面而言，明年的營業利益率有哪些隱含假設？

Yeah, sure. So I guess maybe the one thing I would point to is when you look at 2025 and sort of look back at the year, coming into the year, I think our initial guide was something like 37%, maybe 37.5% as an operating margin. And I mean we just blew that away, right? I think we were able to integrate ShareFile more quickly and at a much lower cost than we expected. And we ended up getting to our target margin a lot faster. And so we end the year with roughly 39% margins, which is pretty much where we were at prior to ShareFile.

當然可以。所以我想指出的一點是，當我們展望 2025 年並回顧這一年時，在年初，我認為我們最初的指導目標是 37% 或 37.5% 的營業利潤率。我的意思是，我們徹底碾壓了它，對吧？我認為我們能夠以比預期更低的成本更快地整合 ShareFile。最終，我們更快達到了目標利潤率。因此，我們以大約 39% 的利潤率結束了這一年，這與我們收購 ShareFile 之前的利潤率基本持平。

And so I think the -- to me, sort of the upside or the positive in this is that the ShareFile integration and the execution around it was fantastic. I think the team did an absolutely outstanding job got us to our target margin a lot faster. And ultimately, as we look out into we're already at our target margin. That gives us an ability to make investments in other areas in the business. We acquired Nuclia.

所以我覺得——對我來說，這件事的積極方面在於 ShareFile 的整合及其執行非常出色。我認為團隊做得非常出色，讓我們更快達到了目標利潤率。最終，當我們展望未來時，我們已經達到了目標利潤率。這使我們能夠對業務的其他領域進行投資。我們收購了Nuclia公司。

We continue to make investments in AI, smart investments, we think they are going to continue to propel us forward. And I think those are the dynamics. Those are really the puts and takes. But I think really the positive there is getting to that target margin in '25, a lot more quickly. was just a really -- a lot of upside and a big positive for us.

我們將繼續在人工智慧領域進行投資，進行明智的投資，我們認為這些投資將繼續推動我們前進。我認為這就是其中的動態。這才是真正的買賣交易。但我認為真正的正面因素在於，我們能夠更快地在2025年達到目標利潤率。這確實是一個很大的利多因素，對我們來說意義重大。

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.

目前隊列中沒有其他問題了。現在我願將電話轉回尤格甚·古普塔先生，請他作總結發言。

Thank you, Shari, and thank you, everyone, for joining us today. We look forward to speaking with you in the near future. Have a good night.

謝謝莎莉，也謝謝各位今天蒞臨現場。我們期待在不久的將來與您聯繫。祝你晚安。

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

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線了。