0001384905-26-000058
SEC filing订阅收入增6.0%超指引上限，非GAAP营业利润率24.7%创新高，全年指引上调。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total Revenue | $676 million | $639 million | +5.9% |
| Subscriptions Revenue | $653 million | $616 million | +6.0% |
| GAAP Operating Income | $54 million | $31 million | — |
| GAAP Operating Margin | 8.0% | 4.8% | — |
| Non-GAAP Operating Income | $167 million | $146 million | — |
| Non-GAAP Operating Margin | 24.7% | 22.8% | +约190个基点 |
| GAAP Diluted EPS | $6.50 | $0.19 | — |
| GAAP Diluted EPS（剔除估值备抵释放影响） | $0.28 | — | +47.4% |
| Non-GAAP Diluted EPS | $1.33 | $1.13 | — |
| Adjusted EBITDA | $190 million | $168 million | — |
| Net Cash from Operating Activities | $180 million | $151 million | +18.8% |
| Free Cash Flow | $157 million | $130 million | +21.0% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q4 2026 | Subscriptions Revenue | $653 to $659 million | N/A |
| Q4 2026 | Total Revenue | $673 to $680 million | N/A |
| Q4 2026 | GAAP Operating Margin | 13.3% to 14.7% | GAAP |
| Q4 2026 | Non-GAAP Operating Margin | 25.0% to 25.5% | Non-GAAP |
| Q4 2026 | Non-GAAP EPS | $1.32 to $1.37 | Non-GAAP |
| FY 2026 | Subscriptions Revenue | $2.563 billion to $2.569 billion | N/A |
| FY 2026 | Total Revenue | $2.650 billion to $2.657 billion | N/A |
| FY 2026 | GAAP Operating Margin | 9.2% to 9.6% | GAAP |
| FY 2026 | Non-GAAP Operating Margin | 24.0% to 24.2% | Non-GAAP |
| FY 2026 | Non-GAAP EPS | $5.07 to $5.12 | Non-GAAP |
| FY 2026 | Free Cash Flow | $620 to $630 million | Non-GAAP |
Q3 2026订阅收入$653 million、同比+6.0%，高于指引上限，占总营收97%；总营收$676 million、同比+5.9%。利润率扩张是本期主线：GAAP营业利润率由4.8%升至8.0%，非GAAP营业利润率24.7%（同比+约190个基点），Adjusted EBITDA利润率28.1%（去年26.3%）。费用端看，非GAAP销售与营销费用率降至36.2%（去年37.6%），非GAAP研发费用率升至10.6%（去年9.7%），显示资源向AI产品倾斜。GAAP摊薄EPS $6.50主要受$544,861 thousand估值备抵释放带来的离散税项收益推动，剔除后为$0.28、同比+47.4%；非GAAP EPS $1.33（去年$1.13），两期非GAAP税率均约22.5%。
现金流与资产负债表同步改善：经营现金流$180 million（占营收26.6%）、自由现金流$157 million（占营收23.2%），期末现金及等价物$110 million。公司提前达成约$1 billion总债务目标，Q3回购约0.4百万股、金额$18 million，剩余授权约$309 million，并宣布季度股息$0.125/股（11月6日登记、11月20日支付）。管理层强调语音是下一波AI创新的核心，使用原生付费AI产品的客户ARR占比接近15%、同比翻倍。指引方面，Q4总营收$673–$680 million、非GAAP营业利润率25.0%–25.5%、非GAAP EPS $1.32–$1.37；全年上调营收至$2.650–$2.657 billion、非GAAP EPS至$5.07–$5.12、自由现金流至$620–$630 million，显示对盈利增长与现金生成的信心。