Progress Software Corp (PRGS) 2026 Q2 法說會逐字稿

Hello, and welcome to Progress Software second quarter 2026 earnings conference call. (Operator Instructions) I will now like to hand the conference over to Michael Micciche. Sir, you may begin.

大家好，歡迎參加 Progress Software 2026 年第二季財報電話會議。(接線員指示) 現在我想把會議交給 Michael Micciche。先生，您可以開始了。

Thank you, Tawanda. Good afternoon, everybody. Thanks for joining us for Progress Software's second fiscal quarter 2026 financial results conference call. With me tonight are Yogesh Gupta, our president and CEO; and Anthony Folger, our Chief Financial Officer.

謝謝你，Tawanda。各位下午好。感謝各位參加 Progress Software 2026 會計年度第二季財務業績電話會議。今晚與我一同出席的有我們的總裁暨執行長 Yogesh Gupta，以及我們的財務長 Anthony Folger。

Before we get started, let's go through the Safe Harbor statement. During this call, we will discuss our outlook for future financial and operating performance, corporate strategies, product plans, cost initiatives, 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.

在開始之前，我們先宣讀「安全港」聲明。在本次電話會議中，我們將討論對未來財務與營運表現的展望、公司策略、產品計畫、成本措施，以及其他可能被視為前瞻性陳述的資訊。此類前瞻性資訊僅代表 Progress Software 截至今日的展望與指引，並受風險與不確定性影響；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 the latest 10-Q, which was filed in conjunction with this announcement this evening. Progress assumes no obligation to update forward-looking statements included in this call. Additionally, please note that all the financial figures referenced in this call tonight are non-GAAP measures unless otherwise indicated.

關於可能影響我們未來業績與營運的因素說明，請參閱我們向 SEC 提交文件中的風險因素，特別是最近一期 Form 10-K 的風險因素章節，以及最新的 10-Q；該 10-Q 已於今晚與本次公告一併提交。Progress 不承擔更新本次電話會議中所含前瞻性陳述的義務。此外，請注意，除非另有說明，今晚電話會議中提及的所有財務數字皆為非 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 second quarter of fiscal 2026, and I recommend that you reference it for specific details.

您可在我們於今日收盤後發布的財報新聞稿中，找到這些非 GAAP 財務指標與最直接可比 GAAP 數字之間的調節表。該文件亦包含與 2026 會計年度第二季財務結果相關的其他資訊，我建議您參考以取得具體細節。

We've also provided a slide presentation that contains supplemental data for our second quarter 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. And of course, today's call is being recorded in its entirety and it should be available for replay shortly after we finish tonight on the Investor Relations section of our website.

我們也提供了一份簡報，包含第二季的補充資料，並提供更多重點與財務指標。財報新聞稿與補充簡報皆可於我們網站的投資人關係專區 investors.progress.com 取得。當然，今天的電話會議將全程錄音，並應可在今晚結束後不久於我們網站的投資人關係專區提供重播。

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

那麼在此之後，Yogesh，我把時間交給你。

Thank you, Mike, and good afternoon, everyone. Q2 was another strong quarter for Progress as our results exceeded our expectations and we were able to raise our guidance again for the full year. Our Q2 '26 results reflect the resilience of our product portfolio, strong execution by all our teams, and the continued loyalty of our customers.

謝謝你，Mike，各位下午好。第二季對 Progress 而言又是一個強勁的季度，我們的結果超出預期，並且再次上調全年指引。我們 2026 年第二季的結果反映了產品組合的韌性、各團隊強而有力的執行力，以及客戶持續的忠誠度。

Revenue of $253 million was up 7% year over year, with ARR of $868 million, up 2% year over year in constant currency. Operating margin was 40% and earnings per share were $1.62, well ahead of the high end of our guidance. We also generated approximately $79 million of adjusted free cash flow and delivered a net retention rate of 100%. These results exceeded our expectations and guidance across every metric and were driven by broad-based strength throughout the portfolio.

營收 2.53 億美元，年增 7%；ARR 為 8.68 億美元，以固定匯率計年增 2%。營業利益率為 40%，每股盈餘為 1.62 美元，明顯高於我們指引區間的上緣。我們也產生約 7,900 萬美元的調整後自由現金流，並達成 100% 的淨留存率。這些結果在每一項指標上都超出我們的預期與指引，並由整體產品組合的廣泛強勁表現所帶動。

We saw particularly strong performance in our data platform products, as our customers increasingly leverage their business data to provide context for AI. We also saw strength across the rest of our portfolio, including infrastructure management and content driven workflow automation, demonstrating the benefits of our diversified product strategy and the mission-critical role our software continues to play for customers of all sizes around the world.

我們在資料平台產品方面看到特別強勁的表現，因為客戶愈來愈多地運用其業務資料為 AI 提供情境脈絡。我們也在產品組合的其他部分看到強勢表現，包括基礎架構管理與內容驅動的工作流程自動化，展現我們多元化產品策略的效益，以及我們軟體持續在全球各種規模客戶中扮演關鍵任務角色。

When viewed against the backdrop of the last several quarters, I believe Q2 reinforces the strength and consistency of our business model. Over the past year, we have continued to demonstrate our ability to generate durable recurring revenue, strong margins, and significant cash flows, while integrating acquisitions, reducing debt, investing in innovation, and navigating a rapidly evolving technology environment.

若放在過去幾季的背景下來看，我認為第二季再次印證了我們商業模式的強度與一致性。過去一年，我們持續展現創造穩健經常性收入、強勁利潤率與可觀現金流的能力，同時整合併購、降低負債、投資創新，並在快速演進的科技環境中前行。

Over the past year, investors have tried to sort out whether AI ultimately will benefit or disrupt software. Our view remains largely unchanged that AI represents an opportunity for progress. The reason being, while certain aspects of the software business are dramatically changing, enterprises have begun to realize that context and control are key to AI efficacy, outcomes, and value. These realizations lead to the strengths of Progress.

過去一年，投資人一直在釐清 AI 最終究竟會讓軟體受益，或是造成顛覆。我們的看法大致不變：AI 對 Progress 而言代表一個機會。原因在於，儘管軟體業務的某些面向正在劇烈改變，企業已開始意識到「情境脈絡」與「控制」是 AI 效能、成果與價值的關鍵。這些認知正好凸顯了 Progress 的優勢。

Our data platform and workflow automation products provide the context needed for AI to deliver reliable, verifiable, and trustworthy outcomes. And these products, along with our infrastructure management offerings, deliver the control that AI needs for security, risk mitigation, and cost control.

我們的資料平台與工作流程自動化產品，提供 AI 交付可靠、可驗證且值得信賴成果所需的情境脈絡。而這些產品，連同我們的基礎架構管理產品，提供 AI 在安全性、風險緩解與成本控管方面所需的控制能力。

Every modern enterprise runs on three foundational software layers, business logic and workflows, data and content and security and infrastructure management. And Progress has spent decades earning our place in that core. We are uniquely positioned in those three foundational layers, which continue to be critical in a world where AI is changing how businesses run.

每一家現代企業都運行在三個基礎軟體層之上：業務邏輯與工作流程、資料與內容，以及安全與基礎架構管理。Progress 花了數十年在這個核心領域建立我們的地位。我們在這三個基礎層具備獨特定位，而在 AI 正改變企業運作方式的世界裡，這三層仍然至關重要。

Over the past few years, we've been embedding AI capabilities across our portfolio and have increasingly focused on helping customers build responsible AI-powered applications and digital experiences. We continue to see growing customer interest in leveraging our technologies to improve productivity, automate workflows, and accelerate innovation.

過去幾年，我們已在整個產品組合中嵌入 AI 能力，並日益聚焦於協助客戶打造負責任的 AI 驅動應用程式與數位體驗。我們持續看到客戶對運用我們的技術來提升生產力、自動化工作流程並加速創新的興趣日益增加。

Just today, we launched Chef Enterprise Management for Nvidia's DGX Spark, the world's smallest AI supercomputer as Nvidia calls it. Nvidia is bringing powerful AI computing out of the data center and into the hands of developers across the enterprise. As the adoption of systems grows across offices, research facilities, edge locations and secure facilities, organizations will need to manage them with the same rigor as the rest of their critical infrastructure.

就在今天，我們為 Nvidia 的 DGX Spark 推出 Chef Enterprise Management；Nvidia 稱其為全球最小的 AI 超級電腦。Nvidia 正把強大的 AI 運算能力從資料中心帶到企業各處開發人員的手中。隨著這類系統在辦公室、研究設施、邊緣據點與安全設施中的採用增加，組織將需要以與其他關鍵基礎架構同等的嚴謹度來管理它們。

Recognizing that, Nvidia identified Progress and our Chef platform as a critical enterprise manageability partner to support DGX Spark deployments. This Chef capability extends the reach of Progress' infrastructure management control to a fast-growing class of persistent AI infrastructure at the edge and underscores our broader strategy to help organizations develop, deploy and manage AI securely and responsibly across their data, digital experiences and the underlying infrastructure.

基於這點，Nvidia 將 Progress 及我們的 Chef 平台視為關鍵的企業可管理性合作夥伴，以支援 DGX Spark 的部署。這項 Chef 能力將 Progress 的基礎架構管理控制延伸至一個快速成長的邊緣端持久型 AI 基礎架構類別，並強調我們更廣泛的策略：協助組織在其資料、數位體驗與底層基礎架構上，以安全且負責任的方式開發、部署與管理 AI。

Speaking of data, we're particularly encouraged about the Progress Data Platform. Last quarter, we highlighted a seven-figure deal amongst our wins, and we saw continued momentum through the second quarter. As organizations move beyond AI experimentation and into production deployments, they are increasingly recognizing that successful AI outcomes depend on leveraging data for context.

談到資料，我們對 Progress Data Platform 特別感到振奮。上季我們在勝出案中提到一筆七位數的交易，而我們在第二季也看到動能持續。隨著組織從 AI 實驗走向正式的生產部署，他們愈來愈認知到，成功的 AI 成果取決於運用資料來提供情境脈絡。

AI agents are only as effective as the enterprise knowledge that underlies them, the context. Much of that knowledge lives in systems of record and unstructured content, documents, e-mails, support records and conversations, often disconnected from the systems where AI operates. Simply trying to provide all that context to AI is hard and extremely expensive.

AI 代理的效能取決於其背後的企業知識，也就是情境脈絡。其中許多知識存在於記錄系統與非結構化內容中，例如文件、電子郵件、支援紀錄與對話，且往往與 AI 運作所在的系統相互脫節。僅僅試圖把所有這些情境脈絡提供給 AI 就很困難，而且成本極高。

Token expenses rise dramatically and the accuracy of outcomes continually worsens as the context window grows for AI. Progress Agentic RAG and the data platforms transform fragmented business information into governed AI-ready intelligence, significantly improving tokenomics as well as the speed, accuracy and reliability of the AI output.

隨著 AI 的情境視窗擴大，Token 成本會大幅上升，而輸出結果的準確性也會持續惡化。Progress Agentic RAG 與資料平台可將零散的業務資訊轉化為具治理、可供 AI 使用的智慧資訊，顯著改善 token 經濟性，同時提升 AI 輸出的速度、準確性與可靠性。

Those organizations that lead and succeed with AI will be the ones that securely contextualize and operationalize enterprise knowledge at scale. And our data platform helps customers address these challenges while improving accuracy, reducing complexity and lowering the cost of AI deployments.

在 AI 領域領先並取得成功的組織，將是那些能以安全方式在規模化情境下建立並營運企業知識的組織。而我們的資料平台可協助客戶應對這些挑戰，同時提升準確性、降低複雜度並降低 AI 部署成本。

So we remain optimistic about the broad technology landscape. AI continues to reshape the software world, and we will continue to anticipate and respond while monitoring those trends closely. We remain confident that our products will continue to be highly relevant and integral to our customers' success and in many cases, are becoming even more valuable as customers seek trusted platforms on which to build their AI strategies.

因此，我們對整體科技版圖仍保持樂觀。AI 持續重塑軟體世界，我們將在密切監測這些趨勢的同時，持續預判並做出回應。我們仍有信心，我們的產品將持續高度相關，並成為客戶成功不可或缺的一環；在許多情況下，當客戶尋求可被信賴的平台來建立其 AI 策略時，我們的產品正變得更具價值。

You can see this across our business in many ways, and it is especially apparent on our balance sheet. In Q2, collections improved again and days sales outstanding declined significantly compared to where we exited fiscal 2025. Our balance sheet continues to strengthen, and our leverage profile continues to improve as we paid down another $50 million of debt. Combined with our first quarter actions, we have now reduced debt by approximately $110 million during the first half of the fiscal year, and we will continue to reduce leverage significantly through the rest of the year.

你可以從我們業務的許多面向看到這一點，而在資產負債表上尤其明顯。第二季，收款再次改善，應收帳款週轉天數（DSO）相較於我們在 2025 會計年度結束時的水準顯著下降。我們的資產負債表持續強化，且隨著我們再償還 5,000 萬美元債務，我們的槓桿結構也持續改善。結合第一季的行動，我們在本會計年度上半年已將債務合計減少約 1.1 億美元，並將在今年剩餘期間持續大幅降低槓桿。

Our capital allocation strategy remains unchanged. First, we will reduce leverage and strengthen our balance sheet. And second, we will repurchase shares when we believe that valuation presents an attractive opportunity.

我們的資本配置策略維持不變。首先，我們將降低槓桿並強化資產負債表。其次，當我們認為估值提供具吸引力的機會時，我們將回購股份。

Let me take a moment to reiterate our focus on our total growth strategy, which, as we have said before, has three components. First, we innovate and invest in our products and our people, delivering new products and new capabilities faster than ever before while continuing to grow our people skills. Second, we look to grow our product portfolio and customer base through disciplined M&A with a specific focus on future AI relevance.

我想花點時間重申我們對「總體成長策略」的聚焦；如同我們先前所說，該策略包含三個組成部分。第一，我們在產品與人才上持續創新與投資，以前所未有的速度推出新產品與新能力，同時持續提升員工技能。第二，我們透過紀律嚴謹的併購（M&A）來擴大產品組合與客戶基礎，並特別聚焦於未來與 AI 的相關性。

Third, continue an unrelenting focus on our customers to drive the net retention rate to 100%. Speaking of M&A, our perspective is gradually becoming more optimistic as we see signs of sellers beginning to adjust their expectations. Our strong balance sheet enables us to rapidly execute on the right opportunity, and we remain very active in evaluating potential targets while staying disciplined.

第三，持續以不懈的客戶導向，將淨留存率推升至 100%。談到併購，隨著我們看到賣方開始調整其預期的跡象，我們的觀點正逐步轉為更樂觀。我們強健的資產負債表使我們能在合適的機會上迅速執行；同時，我們在保持紀律的前提下，仍非常積極評估潛在標的。

Go-forward AI relevance continues to be one of the key criteria when evaluating acquisition targets. We have built significant shareholder value over many years through a thoughtful and deliberate acquisition strategy, and we will remain steadfast on our discipline and on our return thresholds.

在評估收購標的時，「未來 AI 相關性」仍是關鍵評估標準之一。多年來，我們透過周全且審慎的收購策略建立了可觀的股東價值；我們將堅守紀律與報酬門檻。

Turning to the outlook. Our strong first half performance gives us confidence to raise our full year expectations, as Anthony will go through next. While customer activity and deal size can vary from quarter-to-quarter, we're pleased with the momentum exiting Q2 and our updated guidance reflects both the strength of the first half execution and an optimistic and prudent view of the remainder of the year.

接著談展望。我們上半年強勁的表現，讓我們有信心上調全年預期，Anthony 接下來會進一步說明。雖然客戶活動與交易規模可能在各季之間波動，但我們對第二季結束時的動能感到滿意；我們更新後的指引同時反映了上半年執行力的強勁，以及對今年剩餘期間樂觀且審慎的看法。

In closing, we're very pleased with our Q2 results. We exceeded expectations on revenue, earnings and cash flow. ARR improved, collections strengthened, and we are continuing to pay down debt aggressively. Most importantly, we believe Progress remains committed to helping our customers navigate a period of unprecedented technological change. We continue to see healthy customer engagement across the portfolio, growing interest in our AI-enabled data and infrastructure offerings and strong demand for the mission-critical software our customers rely on every day.

最後，我們對第二季的結果非常滿意。我們在營收、獲利與現金流方面皆超越預期。ARR 改善、收款增強，且我們持續積極償還債務。最重要的是，我們相信 Progress 仍致力於協助客戶在前所未有的科技變革期間順利應對。我們持續看到整體產品組合的客戶互動維持健康，市場對我們具 AI 能力的資料與基礎架構產品興趣日增，且客戶每日仰賴的關鍵任務軟體需求強勁。

These factors, combined with our disciplined approach to capital allocation and M&A, position us well to continue creating shareholder value over the long term. As ever, I want to acknowledge and thank Progress employees around the globe for their continued excellence and dedication to making and keeping our customers successful.

這些因素，加上我們在資本配置與併購上的紀律作法，使我們具備良好條件在長期持續創造股東價值。一如既往，我要向全球 Progress 員工致意並表達感謝，感謝大家持續展現卓越表現與投入，協助我們的客戶取得並維持成功。

And with that, I'll turn the call over to Anthony.

接下來，我把電話會議交給 Anthony。

All right. Thanks, Yogesh, and good afternoon, everyone. We're very pleased to report outstanding second quarter results, a quarter highlighted by terrific performance across all key metrics. With that, let's get right into the numbers. I'll start with ARR, which remains our key metric for assessing top line performance.

好的。謝謝你，Yogesh，各位下午好。我們很高興報告第二季的亮眼成果，本季在所有關鍵指標上都有出色表現。接下來我們直接進入數字。我先從 ARR 開始，ARR 仍是我們評估營收端表現的關鍵指標。

We closed Q2 with ARR of approximately $868 million, representing 2% pro forma year-over-year growth. For clarity, our pro forma results include ARR from acquired businesses in all periods presented. This growth was broad-based across our portfolio, including OpenEdge, LoadMaster, WhatsUp Gold, MOVEit, our DevTools products, and ShareFile.

第二季結束時，我們的 ARR 約為 8.68 億美元，按備考（pro forma）基礎計算，年增 2%。為了釐清，我們的備考結果在所有呈列期間均包含已收購業務的 ARR。此成長在我們的產品組合中呈現廣泛分布，包括 OpenEdge、LoadMaster、WhatsUp Gold、MOVEit、我們的 DevTools 產品，以及 ShareFile。

Consistent with prior quarters, our net retention rate was strong, coming in at 100%, up from 99% last quarter. In addition to solid ARR growth, Q2 revenue of $253 million exceeded the high end of our guidance range and grew approximately 7% on a year over year basis, again, driven by broad-based strength across the portfolio, most notably DataDirect, Chef, MarkLogic, and LoadMaster.

與前幾季一致，我們的淨留存率表現強勁，達到 100%，高於上一季的 99%。除了穩健的 ARR 成長外，第二季營收為 2.53 億美元，超過我們指引區間的上緣，且按年增約 7%；同樣是由產品組合的廣泛強勁所帶動，尤其是 DataDirect、Chef、MarkLogic 與 LoadMaster。

As we've mentioned on previous calls, the renewal timing of subscription contracts can have a meaningful onetime impact on revenue in any given quarter. That dynamic contributed positively in Q2 and combined with strong demand, resulted in very strong year-over-year growth. Beyond the product line contributions I've detailed, it's also worth echoing Yogesh's comments on our Q2 top line performance, especially increased demand for our Progress data platform and the AI use cases that PDP solves for enterprises.

如同我們在先前電話會議中提到的，訂閱合約的續約時點可能在任何單一季度對營收造成顯著的一次性影響。這項動態在第二季帶來正面貢獻，並與強勁需求相結合，促成非常強的年增成長。除了我已詳述的各產品線貢獻外，也值得呼應 Yogesh 對第二季營收端表現的評論，特別是市場對我們 Progress 資料平台（PDP）的需求增加，以及 PDP 為企業解決的 AI 使用情境。

Turning to expenses. Total cost and operating expenses were approximately $151 million for the quarter, up 6% compared to the year ago quarter. The year-over-year increase included higher variable costs associated with our strong top line performance and was otherwise very much in line with our expectations. Importantly, relative to the revenue outperformance, our incremental margins were strong, demonstrating continued cost discipline across the business.

接著談費用。本季總成本與營運費用約為 1.51 億美元，較去年同期增加 6%。年增主要包含與我們強勁營收表現相關的較高變動成本，其餘則大致符合我們的預期。重要的是，相對於營收超預期的幅度，我們的增量利潤率表現強勁，顯示公司持續維持良好的成本紀律。

Operating income of $103 million was well above our expectations, resulting in an operating margin of 40% for the quarter. Earnings per share of $1.62 also came in well ahead of our expectations, driven largely by our strong revenue performance. On a year over year basis, EPS grew by approximately 16%.

營業利益為 1.03 億美元，明顯高於我們的預期，使本季營業利益率達 40%。每股盈餘（EPS）為 1.62 美元，也大幅優於我們的預期，主要由強勁的營收表現所帶動。按年比較，EPS 約成長 16%。

Turning now to a few balance sheet and cash flow metrics. We ended the quarter with cash and cash equivalents of $103 million and total debt of $1.3 billion for a net debt position of approximately $1.2 billion. Our net leverage ratio at the end of Q2 was approximately 2.9 times on a trailing 12-month basis, marking a significant improvement from 3.4 times at the beginning of the fiscal year.

接著看幾項資產負債表與現金流指標。本季結束時，我們的現金及約當現金為 1.03 億美元，總債務為 13 億美元，淨負債部位約為 12 億美元。第二季末的淨槓桿比率（以過去 12 個月為基礎）約為 2.9 倍，較本會計年度初的 3.4 倍顯著改善。

As planned, our 2026 convertible notes matured in April and the $360 million in principal was paid using our revolving credit facility. With that maturity behind us, our total debt is now comprised of $850 million drawn on our revolving credit facility and $450 million as convertible notes due in 2030.

如計畫所示，我們 2026 年到期的可轉換公司債於 4 月到期，並以循環信用額度（revolving credit facility）支付 3.6 億美元本金。在該到期事項處理完畢後，我們目前的總債務由兩部分構成：循環信用額度動用 8.5 億美元，以及 2030 年到期的可轉換公司債 4.5 億美元。

At the end of Q2, we had $650 million in unused revolver capacity, providing ample liquidity and flexibility to continue executing our total growth strategy. DSO for the quarter was 49 days, an improvement of 4 days compared to 53 days in the year ago quarter. Deferred revenue was approximately $423 million at the end of Q2, an increase of approximately $35 million compared to the year ago quarter.

第二季末，我們尚有 6.5 億美元未動用的循環額度，提供充足的流動性與彈性，以持續執行我們的總體成長策略。本季 DSO 為 49 天，較去年同期的 53 天改善 4 天。第二季末遞延收入約為 4.23 億美元，較去年同期增加約 3,500 萬美元。

Adjusted free cash flow was $79 million for the quarter, a significant increase compared to $37 million in the prior year quarter and was driven by strong collections and excellent operating performance. On a first half basis, adjusted free cash flow was $178 million, again, a reflection of strong operating performance and improved collections spanning both Q1 and Q2.

本季調整後自由現金流為 7,900 萬美元，較去年同期的 3,700 萬美元大幅增加，主要由強勁收款與優異的營運表現所帶動。以上半年合計來看，調整後自由現金流為 1.78 億美元，同樣反映了強勁的營運表現，以及橫跨第一季與第二季的收款改善。

As for capital allocation, during the first half, we repaid net $110 million of debt and repurchased approximately $55 million of Progress stock, leaving approximately $148 million remaining under our current share repurchase authorization. This capital allocation mix represents a slight shift from our initial plan, allowing for more share repurchases while maintaining meaningful leverage reduction. As previously noted, our net leverage ratio now stands at 2.9 times.

就資本配置而言，上半年我們淨償還了1.10億美元的債務，並回購了約5,500萬美元的 Progress 股票，使我們在目前的股票回購授權下仍剩約1.48億美元可用。這樣的資本配置組合相較於我們最初的計畫略有調整，在維持具實質意義的槓桿下降之同時，允許進行更多股票回購。如先前所述，我們的淨槓桿比率目前為2.9倍。

Turning now to our outlook for Q3 and the full year. Before getting into the numbers, I'd like to provide some context on how we're thinking about the second half of the year. First, revenue in the first half was exceptionally strong, year-over-year growth of more than 5%, including 7% in Q2. We're thrilled with this performance and the underlying demand it reflects. That said, our first half growth was partially influenced by deal timing. And as we've noted many times on past calls, the clearest read on our underlying top line momentum is ARR, which grew 2% year over year. We'll keep that in mind as I turn to the outlook.

接下來談談我們對第三季與全年展望。在進入數字之前，我想先提供一些我們如何看待下半年情勢的背景。首先，上半年營收表現異常強勁，年增超過5%，其中第二季年增為7%。我們對這樣的表現以及其所反映的潛在需求感到非常振奮。不過，我們上半年的成長部分受到交易時點的影響。而且如同我們在過去多次電話會議中提到的，最能清楚反映我們基本營收動能的指標是 ARR（年度經常性收入），其年增為2%。在我轉向展望時，我們會將此納入考量。

Next, on capital allocation. We've updated our full year plan to reflect approximately $220 million of net debt repayment and approximately $75 million of share repurchases. At current valuation levels, we believe our shares are an attractive value and have therefore allocated a little more towards repurchases while still maintaining aggressive deleveraging.

接著談資本配置。我們已更新全年計畫，預計全年淨償還債務約2.20億美元，並回購股票約7,500萬美元。以目前的估值水準來看，我們認為公司股票具吸引力的價值，因此在仍維持積極去槓桿的同時，將更多資金配置於回購。

As a result, we now expect to end the year with approximately $740 million drawn on our revolving credit facility and a net leverage ratio of approximately 2.8 times. With that context, for the third quarter of 2026, we expect revenue between $244 million and $250 million and earnings per share of between $1.53 and $1.59.

因此，我們目前預期年底時循環信用額度（revolving credit facility）動用金額約為7.40億美元，淨槓桿比率約為2.8倍。在此背景下，對於2026年第三季，我們預期營收介於2.44億至2.50億美元之間，每股盈餘介於1.53至1.59美元之間。

For the full year 2026, we are raising our outlook and now expect revenue between $990 million and just over $1 billion, an increase of $2 million from our prior guidance, reflecting approximately 1% to 2.5% growth over fiscal year 2025. We expect an operating margin for the year of approximately 39%, adjusted free cash flow of between $271 million and $283 million and unlevered free cash flow of between $323 million and $334 million, both meaningful increases from our prior guidance.

對於2026年全年，我們上調展望，現在預期營收介於9.90億美元至略高於10億美元之間，較先前指引上調200萬美元，反映相較2025會計年度約1%至2.5%的成長。我們預期全年營業利益率約為39%，調整後自由現金流介於2.71億至2.83億美元之間，無槓桿自由現金流介於3.23億至3.34億美元之間，兩者皆較先前指引有顯著提升。

And finally, earnings per share of between $6.09 and $6.21, an increase of $0.18 from our prior guidance. Our guidance for full year EPS assumes a tax rate of 20%, the repurchase of approximately $75 million in Progress shares, total debt repayment of approximately $220 million and approximately 42 million weighted shares outstanding. In closing, Q2 was an exceptional quarter that demonstrates the strength and resilience of our diversified product portfolio.

最後，每股盈餘介於6.09至6.21美元之間，較先前指引上調0.18美元。我們對全年 EPS 的指引假設稅率為20%、回購約7,500萬美元的 Progress 股票、總償債約2.20億美元，以及加權流通股數約4,200萬股。總結而言，第二季是一個表現極為出色的季度，展現了我們多元化產品組合的強勁與韌性。

We delivered revenue and earnings above expectations, generated strong free cash flow and continue to make excellent progress on deleveraging our balance sheet. We're entering the second half with confidence in our ability to execute, and we believe we remain well positioned to deliver on our raised outlook for fiscal 2026 and beyond.

我們的營收與獲利均高於預期，創造了強勁的自由現金流，並持續在降低資產負債表槓桿方面取得優異進展。我們帶著對執行力的信心進入下半年，並相信我們仍具備良好定位，可達成我們上調後的2026會計年度及其後的展望。

With that, I'd like to open the call for questions. Thank you.

接下來，我想開放提問。謝謝。

(Operator Instructions)

（接線員指示）

John DiFucci, Guggenheim.

John DiFucci，Guggenheim。

Thank you. Thanks for taking my question. I have a question for you, Yogesh, and then another for Anthony. So Yogesh, you said you're starting to see potential sellers beginning to adjust their expectations. We're more than 1.5 years now after the successful ShareFile acquisition, which was a different animal for you beyond just the size.

謝謝。謝謝讓我提問。我有一個問題想問你，Yogesh，然後還有一個想問 Anthony。Yogesh，你提到你開始看到潛在賣方正在調整他們的預期。距離成功收購 ShareFile 已經超過1.5年了，對你們而言那筆交易除了規模之外也屬於不同類型。

It was very different and it was successful, but I guess, given this experience, what's your appetite for similar acquisitions of size or pure SaaS like that was there is. And on the other side of the coin, can you also just talk a little bit more -- give a little more color on your prepared comments where you said that sellers are beginning to adjust their expectations? Thanks.

那次交易非常不同且很成功，但我想問的是，基於這段經驗，你們對於進行類似規模的收購、或像那樣純 SaaS 的收購，意願有多大？另外，也請你再多談一點——針對你在事先準備的發言中提到「賣方開始調整預期」這件事，能否提供更多細節與說明？謝謝。

Absolutely. John, definitely. So I think the first part of the question, yes, I think we are comfortable with doing a transaction that is at the same scale in terms of the size of the business that we acquire. As you know, John, that our criteria historically has been that we want to pick up companies that are about 10% to 25% of our scale and size on revenue. Given that we are now about $1 billion in revenue, ShareFile is just about a 25% contributor to that.

當然可以。John，沒問題。我想就問題的第一部分，是的，我們對於進行在收購標的業務規模上相當的交易感到自在。如你所知，John，我們歷來的標準是希望收購營收規模約為我們的10%到25%的公司。鑑於我們目前營收約10億美元，ShareFile 對此的貢獻大約就是25%。

So you're looking at another ShareFile size acquisition as being very well within that. When we acquired it, actually, it was significantly more because our denominator was smaller. So we're very comfortable doing that. We're also comfortable buying businesses that are cloud-based. However, just like we did with ShareFile, just like we did with other acquisitions, including MarkLogic, we're very cognizant of the fact that AI relevance and what the future lies for the business has to also be something that we get very comfortable with.

因此，若再尋找一筆 ShareFile 規模的收購，我們認為完全在可接受範圍內。當初我們收購它時，實際上占比更高，因為當時我們的基數較小。所以我們對此非常有信心。我們也願意收購雲端型的業務。不過，就像我們收購 ShareFile、以及其他收購（包括 MarkLogic）時一樣，我們非常清楚 AI 的相關性，以及該業務未來走向，必須是我們也能非常放心的一點。

That is such a critical thing. And we want to make sure that just like our platform portfolio is strong, anything we pick up continues to have a great future ahead in the world of AI. In terms of my comment about we are beginning to see sellers adjusting their expectations. John, I think over the last few quarters, I have mentioned that when we talk to sellers, their expectations are still sort of not yet reset. I wouldn't say that they have been completely reset, but I think we're beginning to see some change in tone.

這是非常關鍵的事情。我們希望確保，就像我們的平台產品組合很強一樣，我們所收購的任何資產在 AI 的世界裡也能持續擁有很好的未來。至於我提到我們開始看到賣方在調整預期這件事。John，我想在過去幾個季度，我曾提到當我們與賣方交流時，他們的預期仍然有點尚未重置。我不會說他們已經完全重置，但我認為我們開始看到語氣上的一些轉變。

We're beginning to see folks going, yeah, we understand that the software industry is being reset in terms of valuations. And so that's where that commentary comes from. And then that comes from several conversations, not just one or two that we're having with potential targets. As you know, we speak to 50 to 60 targets every quarter. That continues unabated right now and has been.

我們開始看到有人表示，是的，我們理解軟體產業在估值方面正在重新定價。所以我的評論就是基於這樣的情況。而且這是來自多次對話的觀察，不是只跟一兩個潛在標的的交流。如你所知，我們每一季會與50到60個標的進行接觸。目前這仍在持續進行，並未減緩。

And it really was something that I thought was worthwhile sharing because I have said consistently over the prior few quarters, that people's expectations are still unfortunately out of line with reality. I wouldn't say that they are completely in line with reality, but I do believe that there is movement and there's meaningful movement towards in line with reality.

我認為這值得分享，因為在前幾個季度我一直一致地說，大家的預期仍不幸地與現實不符。我不會說他們已經完全符合現實，但我確實相信正在移動，而且是朝向更符合現實的方向出現了有意義的變化。

Got it. That all makes sense, Yogesh, and we expect you to keep doing what you're doing, what you've done so far. And Anthony, if I could follow up here. So fiscal 3Q, I mean, the results look really good and the guidance looks good but fiscal 3Q revenue guidance was a touch below the street. I mean you saw this quarter a sequential acceleration in your SaaS business.

了解。這些都很合理，Yogesh，我們也希望你們持續做你們正在做、且迄今為止做得很好的事。Anthony，如果我可以在這裡追問一下。就2026會計年度第三季而言，我是說，本季結果看起來非常好、指引也不錯，但第三季營收指引略低於市場共識。而且你們本季看到 SaaS 業務出現了環比加速。

But was that more seasonal? Because we saw something similar to that last year and then the SaaS growth sequentially wasn't the same into 3Q. Is that how we should be thinking about the guidance? Or should them I off somehow?

但那是否比較偏季節性？因為我們去年也看到過類似情況，然後SaaS的成長在進入第三季時，按季並沒有同樣的表現。我們應該用這種方式來理解你們的指引嗎？還是我應該用某種方式把它調整掉？

No. John, I think we certainly saw some strength in SaaS revenue this quarter. Sequentially, there was a nice step-up. But in prior quarters, we've had just some cleanup that we've had to do on ShareFile, and we talked about that a little bit last quarter. The further away we get from close date, the smaller that cleanup becomes.

不是。John，我認為我們這一季的SaaS營收確實看到了一些強勁表現。按季來看，有一個不錯的躍升。但在前幾個季度，我們在ShareFile上做了一些需要清理的工作，我們上季也稍微談到過。距離交割日越久，那些清理的規模就越小。

And so I think we're just -- we're not completely normalized yet in terms of that business, but certainly getting to much smaller numbers and their impact on the business. So yeah, I think we're just starting to see maybe a more normalized share file number in that SaaS line.

所以我認為——就那項業務而言，我們還沒有完全回到常態化，但確實正走向更小的數字，以及它們對業務的影響也更小。所以是的，我想我們開始在那條SaaS線上看到更常態化的ShareFile數字。

I wouldn't expect it to bounce around materially, right? I mean, sequentially, quarter-to-quarter, things should be moving like you would expect with a typical SaaS business. I think it's more of a cleanup in the past that we've been dealing with in prior quarters. But this one felt a bit cleaner and a bit stronger.

我不預期它會有實質性的上下波動，對吧？我的意思是，按季、季度對季度，走勢應該會像典型SaaS業務那樣變動。我認為更多是我們過去在前幾季一直在處理的清理工作。但這一季感覺更乾淨一些，也更強一些。

So that sequential revenue guidance actually is just a little bit below the street at the midpoint. I'm just -- I don't know, is there anything to think about that then?

所以那個按季營收指引在中位數其實略低於市場預期。我只是——我不知道，那有什麼需要特別考量的嗎？

Yeah, it was just the timing. So I mentioned we had, let's say, a little over 5% growth in the first half of the year and 7% growth in Q2. And I mentioned some of that was timing. So we did have some deals in -- that we had expected in Q3, came in, in Q2. Probably a little more than half the beat maybe for Q2 was timing.

是的，主要就是時點問題。所以我提到我們上半年大概有略高於5%的成長，而第二季成長是7%。我也提到其中一部分是時點因素。確實有一些我們原本預期在第三季完成的交易，改在第二季進來了。第二季超預期的部分，可能有一半以上是時點因素。

And so that pulls from Q3 into Q2. So it doesn't -- I don't think it diminishes the strength we saw in Q2, but certainly causes us to just slide some numbers around from quarter-to-quarter. And like I mentioned, I think what we're seeing is for the full year, maybe 1% to 2.5% revenue growth, which starts to map a little more closely with the ARR growth we've been seeing for the past few quarters.

因此就把原本第三季的部分拉到第二季。所以這不——我不認為這削弱了我們在第二季看到的強勁，但確實會讓我們把一些數字在季度之間做移動。而且如我提到的，我認為我們看到的是全年營收成長可能在1%到2.5%之間，這開始更貼近我們過去幾季看到的ARR成長。

Got it. Okay, thanks. It's all really helpful. Thanks, guys.

了解。好，謝謝。這些都非常有幫助。謝謝各位。

Ittai Kidron, Oppenheimer & Company.

Ittai Kidron，Oppenheimer & Company。

Thanks. Hey, guys. Solid numbers. Yogesh, I wanted to start with you. You talked about in your prepared remarks about the data platform, workflow and infrastructure management as kind of important vehicles for AI. Can you quantify roughly perhaps what percent of your revenue is positioned within those portfolios? And with AI now in place, I mean, is there a case to be made that over the next two, three years, you could actually drive, I don't know, 2, 3, 4 points of organic growth of this portfolio that's associated with AI?

謝謝。嗨，各位。數字很扎實。Yogesh，我想先從你開始。你在準備好的發言中提到資料平台、工作流程與基礎設施管理，是AI的重要載體。你能否大致量化一下，你們有多少百分比的營收是落在這些產品組合之中？另外，既然AI現在已經到位，我是說，是否可以認為在未來兩到三年，你們其實可以推動與AI相關的這個產品組合帶來，我不知道，2、3、4個百分點的內生成長？

So Ittai, as you know, we don't do guidance for two, three years out, but joking aside, right, the business, when you think about our data plus content business, it's actually more than two-thirds of our total business. And I think so people forget how much we are in the data and content and the workflows around that and the business, the whole thing around sort of keeping information under control, connecting to information, integrating information sources together, leveraging that for AI. It is truly, truly the bigger part of our business.

Ittai，如你所知，我們不會對未來兩、三年的情況提供指引；不過玩笑歸玩笑，當你看我們的資料加內容（data plus content）業務時，它其實占我們總業務的三分之二以上。而且我認為大家常常忘了，我們在資料與內容、以及圍繞其上的工作流程方面占比有多大；整個業務的核心就是讓資訊可控、連接資訊、整合不同資訊來源，並將其用於AI。這確實、確實是我們業務中更大的部分。

And so -- and I think that you're right. I think over time, we expect that to be a healthy part of our business. To me, the fact that we are growing ARR 2% organic, that has been sort of our -- we've sort of shared that over and over again over the last couple of years that that's where we see us landing. I think we feel good about that going forward.

所以——我也認為你說得對。我想隨著時間推進，我們預期那會是我們業務中健康的一部分。對我而言，我們的ARR內生成長是2%，這一直是我們——過去幾年我們一再分享的，我們認為最終會落在那個水準。我認為我們對未來維持那樣的表現感到樂觀。

And I think part of the reason is that the data business, the data and content business is going to be more and more important. I think the question in terms of further out, it will be interesting to see how adoption grows. We would love nothing more than to have great organic growth. But at this stage, where we feel confident is the 2% range that we've talked about.

而我認為其中一部分原因是，資料業務、資料與內容業務會變得越來越重要。至於更長期的問題，將會很有意思去觀察採用率如何成長。我們最希望看到的就是很好的內生成長。但在這個階段，我們有信心的是我們談到的約2%的區間。

Is the 2% volume driven? Or you think with AI, you can drive better price increases?

這2%是由量的成長帶動嗎？還是你認為藉由AI，你們可以推動更好的漲價幅度？

I think it's a combination, right? So when you think about it, a lot of the data platform business is somehow or the other related to consumption of data. I mean I think people don't think of it that way. But when you think about it, right, if you're a data platform, the more data you store it, the more data you access from it, the more you need a greater capacity. And so it is an indirect connection to consumption.

我認為是兩者的組合，對吧？所以當你去想，很多資料平台業務在某種程度上都與資料的使用量（consumption）相關。我想大家不一定會用這種方式來看。但你想想看，如果你是資料平台，你存的資料越多、從中存取的資料越多，你就越需要更大的容量。所以它與使用量之間有一個間接的連結。

It is not a direct connection to consumption. And so it is that. And so in that sense, if I may say so, for now, it is purely a capacity/consumption-driven growth among the existing customer base. We have won new customers, as I've talked about with our data platform business. So that's an interesting early, early set of indicators, and let's see how that goes.

它不是與使用量的直接連結。所以就是這樣。因此從這個角度來說，如果我可以這麼說，目前它純粹是由既有客戶基礎中的容量/使用量所驅動的成長。如我談到的，我們在資料平台業務上也贏得了一些新客戶。所以那是一組很早期、很早期的有趣指標，我們再看看後續發展。

But I think that to us, pricing is a secondary lever, Ittai, that we have not pulled on yet. We think that, that's -- if we get to a stage where we start seeing that there is an opportunity for us to do something there, we absolutely will. But right now, what we're talking about is not really pricing based, but more consumption volume of information and really that's primarily the amount of work that they get out of the platform.

但我認為對我們而言，定價是第二個槓桿，Ittai，我們還沒有去拉動它。我們認為——如果到了某個階段，我們開始看到那裡有機會做些事情，我們絕對會去做。但目前我們談的其實不是以定價為基礎，而是資訊使用量的規模，更主要是他們從平台上取得的工作量。

Got it. Anthony, a couple for you. Very good free cash flow in the first half of the year. $178 million, I think you mentioned was the number. You talked about $110 million for the second half. And I understand that part of that $178 million was just better collections, which probably there's a limit to how much you can squeeze there. But I guess I'm wondering how comfortable are you with that $110 million? What are the opportunities for upside here? How do I think about that?

了解。Anthony，我有幾個問題想問你。上半年自由現金流非常好。我想你提到的數字是1.78億美元。你談到下半年是1.10億美元。我也理解其中那1.78億美元的一部分只是收款更好，而那可能有其上限，能擠出的空間有限。但我想問的是，你對那1.10億美元有多大把握？這裡有哪些上行空間？我該怎麼看待這件事？

Yeah. The first half was definitely, I would say, an exceptional half for free cash flow. And really, it ties -- if you go back to last year, after we acquired ShareFile, there was a lot of talk about -- a lot of cleanup we had to do. We had to move billing systems. And if you go back to Q2 of last year, we had a really low cash flow quarter because we were going through that transition.

是的。上半年我會說確實是自由現金流非常突出的半年。而且這真的——如果你回到去年，在我們收購ShareFile之後，外界談了很多——我們需要做大量清理工作。我們必須遷移計費系統。如果你回到去年第二季，因為我們正處於那個轉換過程，所以那一季的現金流非常低。

So I would maybe characterize it by saying our DSOs got extended last year and some of those receivables built up. And I think the team did a good job of just operationally breaking through a lot of those issues Q3, Q4 last year and then really driving accelerated collections this year in the first half to clean that up. So I think we're very confident in the second half outlook around free cash flow. Certainly, we like to put numbers out that we think we can beat.

所以我可能會這樣描述：我們的 DSO（應收帳款週轉天數）在去年被拉長，部分應收款項因此累積起來。我認為團隊在去年第三季、第四季在營運面做得很好，突破了許多問題，並在今年上半年真正推動加速收款，把這些狀況清理掉。因此，我們對下半年自由現金流的展望非常有信心。當然，我們喜歡給出我們認為自己能夠超越的數字。

So I think we're very comfortable with it. The first half is definitely a bit of an outlier because there was -- last year, there was a lot of cleanup that needed to be done, and we sort of saw the benefits of it in the first half of this year.

所以我認為我們對此非常放心。上半年確實有點像是離群值，因為——去年有很多需要清理的事項，而我們在今年上半年某種程度上看到了這些清理帶來的效益。

Very good. And maybe last one, and maybe it's for both of you. As I think about M&A going forward, Yogesh, it's good to hear that you're a little bit more optimistic here. But when I look at your capacity to do M&A, you've got $650 million, I think, on the revolver, you've got $100 million on the balance sheet, so $750 million put together. I'm just trying to think like do you envision an acquisition that will require to even increase your revolver even more? Or you're thinking about it more in the context of the capacity that's available to you within the revolver. I would love to kind of get a perspective on this.

非常好。那也許最後一個問題，可能想請你們兩位都回答。當我思考未來的併購（M&A）時，Yogesh，很高興聽到你在這方面稍微更樂觀一些。但當我看你們進行併購的能力時，我想你們的循環信貸額度（revolver）大概有 6.5 億美元，資產負債表上有 1 億美元，所以合計 7.5 億美元。我只是想了解：你是否會設想有一筆收購需要你們把循環信貸額度再提高？還是你是以目前循環信貸可用的額度來思考？我很希望能聽聽你們的看法。

Yeah. So we believe that we want to stay within the revolver. And I mean, again, one never says never. But in general, we feel good about what we can do with that. Again, as I said, I think valuations are coming our way a little bit.

是的。我們相信我們希望維持在循環信貸額度之內。當然，我的意思是，再次強調，凡事沒有絕對。但整體而言，我們對在這個額度下能做的事情感到很有把握。另外，如我所說，我認為估值正稍微朝對我們更有利的方向發展。

So we should be able to do whatever we are looking to do within that revolver. That is our intent at this point, at least, Ittai. Again, if some unique phenomenally wonderful opportunity comes up and it makes sense, we will obviously do what's right for the business. But I right now don't expect us to do anything where going beyond the revolver is required. So I think existing capacity is very good, and it continues to get better every quarter, every month, right, as we pay down debt.

因此，我們應該能在該循環信貸額度內完成我們想做的任何事情。至少在目前，Ittai，這就是我們的意圖。再次強調，如果出現某個獨特、極其出色的機會，而且合理，我們當然會做對公司最有利的事。但就目前而言，我不預期我們會做任何需要超出循環信貸額度的事情。所以我認為現有的可用額度非常充足，而且隨著我們償還債務，每一季、每個月都在改善，對吧。

Got it. Thank you, guys. Good luck.

了解。謝謝你們。祝你們好運。

Thank you.

謝謝。

(Operator Instructions)

(接線員指示)

Lucky Schreiner, DA Davidson.

Lucky Schreiner，DA Davidson。

Great. Thanks for taking my questions. And obviously, the license outperformance, some of that deal timing. I'm curious if you've noticed any change in duration of contracts, especially as customers evaluate their SaaS portfolios in the age of AI. Are you seeing any change better or worse in terms of the contract durations that you're signing with customers?

很好。謝謝讓我提問。而且很明顯，授權（license）表現超預期，其中一部分是交易時點的因素。我想了解的是，你們是否注意到合約期間有任何變化，特別是在 AI 時代，客戶在評估其 SaaS 產品組合時？你們看到與客戶簽訂的合約期限有變長或變短嗎？

Yeah. Thanks, Lucky. I would say we're not seeing a change. I think for the most part, deals that were coming in at three years or five years on the last cycle are getting renewed for similar duration. So I wouldn't say there's necessarily a change that's driving things. It's just the timing of when those renewals come through.

是的。謝謝你，Lucky。我會說我們沒有看到變化。我認為大多數在上一個週期以三年或五年簽進來的交易，續約時仍是類似的期間。所以我不會說有什麼變化在驅動；主要只是這些續約進來的時間點。

But to be honest, your comment, I think, is spot on. There are a lot of -- I think the narrative out there is that there's a lot of companies that are reevaluating everything based on the AI dynamics and opportunities out there. And you would think maybe we'd see a shortening in term or duration, and we're not. I mean we continue to see good strength across the portfolio in that regard. And so it's been a -- I think, again, it just feels like it's been a really strong quarter and a really strong first half.

但老實說，我覺得你的評論非常到位。外界的敘事是——我認為有很多公司正基於 AI 的動態與機會重新評估一切。你會以為我們可能會看到合約期限或期間縮短，但我們並沒有。我的意思是，在這方面我們持續看到整個產品組合都有不錯的強勁表現。所以這一直是——我想，再次強調，這感覺是一個非常強勁的季度，以及非常強勁的上半年。

Yeah, agreed. And retention rates obviously improving shows that out as well. But maybe a follow-up in terms of the strong demand across your customer base, anything to call out from a vertical perspective? Previously, you've called out a nice one with a semiconductor company. But in general, any tailwinds within certain customer bases that you'd want to call out?

是的，同意。而且留存率明顯改善也顯示出這一點。但也許追問一下：就你們客戶群的強勁需求而言，從產業別（vertical）的角度，有沒有什麼值得特別提出的？先前你們提到與一家半導體公司的不錯案例。但整體來說，在某些客戶族群中是否有任何順風因素是你們想特別點出的？

Lucky, I don't think there's any specific one. There is a fair bit of, I think, business in those industries that have some regulatory pressures and regulatory needs. We see good traction there. We see good traction with government sector in some aspects of it, obviously, not all. So I think it just depends on sort of how the sort of things land within each quarter.

Lucky，我不認為有任何特定的一個。我想在那些面臨一些監管壓力與監管需求的產業中，確實有相當一部分業務。我們在那裡看到不錯的進展。在政府部門的某些面向我們也看到不錯的進展，當然不是全部。所以我認為這取決於每一季各種事情如何落地。

Ours is a very broad business. As you know, it's way more horizontal than most businesses are, Lucky. So it is -- we don't see a strong trend in any vertical that I would say, you know what, that's a great vertical for us and will be, let's say, for the next quarter or two. If it were, we would share that, but there isn't.

我們的業務覆蓋面非常廣。如你所知，Lucky，相較於多數企業，我們更偏向橫向（horizontal）。因此——我們沒有在任何單一垂直產業看到很強的趨勢，讓我會說，你知道嗎，那會是我們很棒的垂直領域，並且比如說在接下來一兩季也是如此。如果有的話，我們會分享，但目前沒有。

Awesome. Appreciate you taking my questions. Thank you.

太棒了。感謝你們回答我的問題。謝謝。

Thank you.

謝謝。

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

各位女士、先生，我這邊顯示隊列中沒有其他問題。現在我想把電話交回給 Yogesh Gupta 作結語。

Thank you for joining us this evening, and we look forward to speaking with you in the near future. Have a good night.

感謝各位今晚加入我們，我們期待在不久的將來再與各位交流。祝各位晚安。

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

謝謝。各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。