Alkami Technology Inc (ALKT) 2022 Q4 法說會逐字稿

Hello. And welcome to Alkami's Fourth Quarter 2022 Financial Results Conference Call. My name is Marlisse, and I will be your operator for today's call. (Operator Instructions) Please note, this event is being recorded.

你好。歡迎參加 Alkami 2022 年第四季度財務業績電話會議。我叫 Marlisse，我將擔任今天電話會議的接線員。 （操作員說明）請注意，正在記錄此事件。

I will now turn the call over to Andrew Vinas. Andrew, please, you may begin.

我現在將把電話轉給安德魯維納斯。安德魯，拜託，你可以開始了。

Thank you, operator. With me on today's call are Alex Shootman, Chief Executive Officer; and Bryan Hill, Chief Financial Officer. During today's call, we may make forward-looking statements about guidance and other matters regarding our future performance. These statements are based on management's current views and expectations and are subject to various risks and uncertainties. Our actual results may be materially different. For a summary of risk factors associated with our forward-looking statements, please refer to today's press release and the sections in our latest Form 10-K and 10-Q entitled Risk Factors and Forward-Looking Statements.

謝謝你，運營商。與我一起參加今天電話會議的有首席執行官 Alex Shootman；首席財務官 Bryan Hill。在今天的電話會議上，我們可能會就我們未來業績的指導和其他事項做出前瞻性陳述。這些陳述基於管理層當前的觀點和預期，並受到各種風險和不確定性的影響。我們的實際結果可能大不相同。有關與我們的前瞻性陳述相關的風險因素的摘要，請參閱今天的新聞稿以及我們最新的 10-K 和 10-Q 表格中題為“風險因素和前瞻性陳述”的部分。

The statements made during the call are being made as of today, and we undertake no obligation to update or revise any forward-looking statements. Also, unless otherwise stated, financial measures discussed on this call will be on a non-GAAP basis. We believe these measures are useful to investors in the understanding of our financial results. A reconciliation of comparable GAAP financial measures can be found in our earnings press release and in our quarterly filings with the SEC.

電話會議期間發表的聲明截至今天為止，我們不承擔更新或修改任何前瞻性聲明的義務。此外，除非另有說明，否則本次電話會議討論的財務措施將基於非公認會計原則。我們相信這些措施有助於投資者了解我們的財務業績。在我們的收益新聞稿和我們向美國證券交易委員會提交的季度文件中可以找到可比較的 GAAP 財務指標的對賬。

I will now turn the call over to Alex.

我現在將把電話轉給亞歷克斯。

Thank you, Andrew, and thank you all for joining us today. This afternoon, I'm going to provide highlights of our fourth quarter operating results, observations on the demand environment and recap our 5 key initiatives with some comments related to engineering our technology platform for scale before turning the call over to our CFO, Bryan Hill.

謝謝你，安德魯，感謝大家今天加入我們。今天下午，在將電話轉交給我們的首席財務官 Bryan Hill 之前，我將重點介紹我們第四季度的運營業績、對需求環境的觀察，並回顧我們的 5 項關鍵舉措，並附上一些與設計我們的技術平台以實現規模化相關的評論.

I am pleased to report another quarter of strong performance as we continue to make progress on our key initiatives. In Q4 2022, Alkami grew revenue 31%, once again ahead of our expectations. We exited the quarter with 14.5 million live registered users on the Alkami platform, up 2.2 million compared to the prior year. And we achieved a $4 million adjusted EBITDA loss in line with the high end of our guidance for the quarter and an important milestone on our path to adjusted EBITDA profitability, which we continue to expect to occur in 2023.

我很高興地報告另一個季度的強勁表現，因為我們繼續在我們的關鍵舉措上取得進展。 2022 年第四季度，Alkami 的收入增長了 31%，再次超出我們的預期。本季度結束時，我們在 Alkami 平台上擁有 1450 萬實時註冊用戶，比上一年增加了 220 萬。我們實現了 400 萬美元的調整後 EBITDA 虧損，這符合我們本季度指導的上限，也是我們調整後 EBITDA 盈利能力道路上的一個重要里程碑，我們繼續預計這將在 2023 年發生。

These results reflect continued execution on all 5 of the 5 key initiatives I outlined at the beginning of 2022. Two of these initiatives were fundamental drivers to our performance for the year. First, to become the digital banking provider of choice for banks similar to our competitive position with credit unions, and second, to drive growth by increasing add-on sales. For the full year of 2022, we've outperformed our expectations in both of these areas. We signed 37 new digital banking platforms -- platform clients for the full year of 2022, of which approximately 30% were banks and our bank wins increased 100% compared to 2021. As we expected, new logo sales were higher in Q4 2021 than in Q4 2022.

這些結果反映了我在 2022 年初概述的 5 項關鍵舉措中的所有 5 項的持續執行。其中兩項舉措是我們今年業績的根本驅動力。首先，成為銀行首選的數字銀行提供商，類似於我們在信用合作社中的競爭地位，其次，通過增加附加銷售來推動增長。對於 2022 年全年，我們在這兩個領域的表現都超出了我們的預期。我們簽署了 37 個新的數字銀行平台——2022 年全年的平台客戶，其中約 30% 是銀行，我們的銀行贏額與 2021 年相比增長了 100%。正如我們預期的那樣，2021 年第四季度的新徽標銷售額高於2022 年第四季度。

However, '22 -- 2022 was a more balanced year in terms of new contract signings throughout all quarters of the year with Q4 being the high point of our new logo signings. We continued to gain add-on sales momentum in 2022 with add-on sales representing 37% of total sales for the full year of 2022, up from 24% in 2021. In addition, we renewed 11 client contracts during Q4 and 22 client contracts during the full year. Our results continue to demonstrate Alkami's passion and motivation to become the preferred digital banking provider in the industry, and I am personally energized by the opportunities ahead.

然而，'22 - 2022 年是一年中所有季度新合同簽署更加平衡的一年，第四季度是我們新標誌簽署的高點。我們在 2022 年繼續獲得附加銷售勢頭，附加銷售額佔 2022 年全年總銷售額的 37%，高於 2021 年的 24%。此外，我們在第四季度續簽了 11 份客戶合同，續簽了 22 份客戶合同在全年。我們的業績繼續證明了 Alkami 成為業內首選數字銀行提供商的熱情和動力，我個人對未來的機遇充滿活力。

Next, I'd like to share some thoughts on our end market based upon observations and client interactions since our last earnings call. Despite the volatility in the macro environment, including challenges experienced by other fintech providers, we still see healthy demand for Alkami's digital banking platform and add-on offerings. Our new logo sales team continues to see normal RFP and vendor evaluation activity as well as normal conversion time lines from evaluations to signed contracts. Our client sales teams, which generally see shorter sales cycles are also experiencing steady activity, renewal conversions and cross-selling opportunities. Overall, the factors I discussed in last quarter's call continued to drive demand.

接下來，我想根據我們上次財報電話會議以來的觀察和客戶互動，分享一些關於我們終端市場的想法。儘管宏觀環境動盪不安，包括其他金融科技提供商所面臨的挑戰，但我們仍然看到對 Alkami 數字銀行平台和附加產品的健康需求。我們的新徽標銷售團隊繼續看到正常的 RFP 和供應商評估活動，以及從評估到簽署合同的正常轉換時間線。我們的客戶銷售團隊通常會看到較短的銷售週期，但他們也正在經歷穩定的活動、更新轉換和交叉銷售機會。總體而言，我在上個季度的電話會議中討論的因素繼續推動需求。

First, our clients require modern banking solutions and they consider investments in Alkami to be mandatory innovation in what is effectively their most important channel. Second, digital user counts continue to rise, and we are experiencing double-digit user growth amongst our clients. Third, FIs are realizing that the data they have in their own core and digital banking systems is the best data available for them to target and deliver personalized and relevant communications and offers. And fourth, our target clients need to attract deposits, and they are investing in digital onboarding technologies and a great digital banking experience, including business banking to attract new customers.

首先，我們的客戶需要現代銀行解決方案，他們認為對 Alkami 的投資是對他們最重要渠道的強制性創新。其次，數字用戶數量繼續增加，我們的客戶正在經歷兩位數的用戶增長。第三，金融機構意識到，他們在自己的核心和數字銀行系統中擁有的數據是他們可以用來定位和提供個性化和相關通信和報價的最佳數據。第四，我們的目標客戶需要吸引存款，他們正在投資數字入職技術和出色的數字銀行體驗，包括商業銀行業務以吸引新客戶。

These themes are why we expect to continue to see healthy demand and growth. Our qualified sales pipeline continues to grow at a strong pace. And there are a few digital banking companies who can provide a modern cloud-based solution along with the capacity and track record to manage nearly 2 million digital user implementations at a time. Alkami is proud to be a leader and one of the fastest-growing companies in the market. One year ago, I shared with you our 5 company priorities. First, to become the digital banking provider of choice for banks while maintaining our market leadership of credit unions. Second is to grow our add-on sales. Third is to engineer our technology platform for scale. Fourth is to become the employer of choice in our market. And fifth is to use M&A opportunistically to enhance our market position.

這些主題是我們期望繼續看到健康的需求和增長的原因。我們合格的銷售管道繼續以強勁的速度增長。並且有一些數字銀行公司可以提供基於雲的現代解決方案以及一次管理近 200 萬數字用戶實施的能力和記錄。 Alkami 很自豪能成為市場上的領導者和發展最快的公司之一。一年前，我與您分享了我們公司的 5 個優先事項。首先，成為銀行首選的數字銀行服務提供商，同時保持我們在信用合作社的市場領導地位。其次是增加我們的附加銷售。第三是設計我們的技術平台以實現規模化。第四是成為我們市場上的首選雇主。第五是機會主義地利用併購來提高我們的市場地位。

On recent calls, I've discussed our first 2 priorities. And on this call, I'd like to provide some comments on our third priority, engineering our technology platform for scale. In 2022, Alkami implemented 30 new clients representing 1.1 million registered users at launch. And if you go back to the beginning of 2020 until the end of 2022, Alkami grew our live registered users by 103%. We believe our ability to execute complex implementation projects at this scale and engineer our technology platform that can sustain this growth is a significant and sustainable competitive advantage.

在最近的電話會議上，我討論了我們的前兩個優先事項。在這次電話會議上，我想就我們的第三個優先事項提供一些評論，即為規模設計我們的技術平台。 2022 年，Alkami 實現了 30 個新客戶端，代表 110 萬註冊用戶。如果你回到 2020 年初到 2022 年底，Alkami 使我們的實時註冊用戶增長了 103%。我們相信，我們有能力以這種規模執行複雜的實施項目，並設計我們的技術平台來維持這種增長，這是一項重要且可持續的競爭優勢。

When we think about engineering our technology platform for scale, it is not only about expanding the platform, but also injecting innovation that allows Alkami to continue to be a technology company that provides financial solutions. Our focus is on expanding the platform while we reduce the incremental unit cost of serving a user and evolving the platform so that it serves the future needs of the market with speed and quality. Our clients tell us that they've grown tired of trying to make their legacy systems [dance]. They want to focus their core banking application on back office accounting and invest in a new operating platform that can scale and become their primary digital sales and service system. We believe Alkami can be that platform and to make this happen, we are driving innovation in 3 areas. First, the Alkami platform from inception is a cloud-based, single instance multi-tenant SaaS system with security as a foundation.

當我們考慮設計我們的技術平台以擴大規模時，這不僅是為了擴展平台，還要注入創新，讓 Alkami 繼續成為一家提供金融解決方案的科技公司。我們的重點是擴展平台，同時降低為用戶提供服務和改進平台的增量單位成本，以便它能夠以速度和質量滿足未來市場的需求。我們的客戶告訴我們，他們已經厭倦了嘗試讓他們的遺留系統[跳舞]。他們希望將核心銀行應用程序集中在後台會計上，並投資一個可以擴展並成為他們主要數字銷售和服務系統的新操作平台。我們相信 Alkami 可以成為那個平台，為了實現這一目標，我們正在 3 個領域推動創新。首先，Alkami平台從一開始就是一個基於雲的、以安全為基礎的單實例多租戶SaaS系統。

Because of this, we have the opportunity to rapidly adopt new advances in storage, database and compute architectures and technologies such as Kubernetes messaging layers and federated schemas to slow the growth of our compute cost while increasing the reliability, quality and performance of our platform. Second, we will innovate in the technology necessary to connect Alkami to the myriad of legacy systems that exist in the market. This is the most time-consuming portion of our implementations and the planned innovation will result in faster projects for our clients and less cost for Alkami to onboard new clients.

正因為如此，我們有機會快速採用存儲、數據庫和計算架構和技術方面的新進展，例如 Kubernetes 消息傳遞層和聯合模式，以減緩計算成本的增長，同時提高平台的可靠性、質量和性能。其次，我們將創新必要的技術，將 Alkami 連接到市場上存在的無數遺留系統。這是我們實施中最耗時的部分，計劃中的創新將為我們的客戶帶來更快的項目，並降低 Alkami 吸引新客戶的成本。

Third, as our clients mature, the use of their digital -- mature the use of their digital sales and service channel, they will want increased data capabilities for their customers. This is why we made the Segmint acquisition, and we are integrating the data capabilities of Alkami and Segmint into a modern financial data platform that provides for the data collection, persistence, transformation and actionable insights necessary for Alkami clients to make data-driven decisions to grow their business.

第三，隨著我們客戶的成熟，他們數字的使用——他們數字銷售和服務渠道的成熟使用，他們會希望為他們的客戶增加數據能力。這就是我們收購 Segmint 的原因，我們正在將 Alkami 和 Segmint 的數據功能整合到一個現代金融數據平台中，該平台為 Alkami 客戶提供必要的數據收集、持久性、轉換和可操作的見解，以做出數據驅動的決策發展他們的業務。

With this as a backdrop, I am pleased to announce that we just welcomed Deep Varma as Chief Technology Officer of Alkami. Prior to Alkami, Deep was Chief Technology Officer of Varo Bank, where he built the technology infrastructure for one of the nation's fastest-growing neobanks. Prior to Varo, Deep was part of the Zillow Group Technology leadership team, where he led all engineering functions across the Trulia business, successfully migrating to the cloud and creating the data platform that presents a unified view of customer home information, including search and personalization.

以此為背景，我很高興地宣布，我們剛剛歡迎 Deep Varma 擔任 Alkami 的首席技術官。在加入 Alkami 之前，Deep 是 Varo Bank 的首席技術官，在那裡他為美國發展最快的新銀行之一建立了技術基礎設施。在加入 Varo 之前，Deep 是 Zillow Group Technology 領導團隊的一員，在那裡他領導了 Trulia 業務的所有工程職能，成功遷移到雲端並創建了呈現客戶家庭信息統一視圖的數據平台，包括搜索和個性化.

He's also launched 2 successful start-ups and held leadership roles at Yahoo!, ABB and IBM. Besides his experience, Deep is a genuinely good human being who cares about culture and community, and this is why we're excited to have him join Alkami. The platform efforts I've just discussed are expected to benefit our long-term gross margin profile and will positively impact growth, client retention and R&D productivity. But to be clear, these efforts are not necessary to achieve our 2023 gross margin objective and should be thought of as upside to our goal of reaching non-GAAP gross margins of 65%.

他還創辦了 2 家成功的初創企業，並在雅虎、ABB 和 IBM 擔任過領導職務。除了他的經驗，Deep 還是一個真正的好人，他關心文化和社區，這就是我們很高興他加入 Alkami 的原因。我剛剛討論的平台工作預計將有利於我們的長期毛利率狀況，並將對增長、客戶保留和研發生產力產生積極影響。但需要明確的是，這些努力並不是實現我們 2023 年毛利率目標所必需的，應該被視為對我們實現 65% 的非 GAAP 毛利率目標的有利因素。

In closing, thank you all for joining the call to hear about Alkami's Q4 results. We are proud of the quarter, and we were energized by the opportunity in front of us.

最後，感謝大家加入電話會議，了解 Alkami 的第四季度業績。我們為這個季度感到自豪，我們為擺在我們面前的機會而充滿活力。

And with that, let me turn the call over to Bryan to provide more detail on our financial results and walk through our 2023 financial outlook.

說到這裡，讓我把電話轉給布萊恩，提供更多關於我們財務業績的細節，並介紹我們 2023 年的財務展望。

Thanks, Alex, and good afternoon, everyone. Fourth quarter results continue the momentum we experienced during the rest of 2022 across all our key metrics. For the fourth quarter of 2022, we achieved revenue of $55.5 million, which outperformed the high end of our financial guidance and represented growth of 31%. This was driven by strong performance across our primary revenue drivers. We implemented 9 new clients in the quarter, bringing our digital platform client count to 199 compared to 177 in the prior year. We now have 44 new clients in our implementation backlog representing 1.6 million digital users. We exited the quarter with 14.5 million registered users live in our digital banking platform, up 2.2 million or 18% compared to last year and up sequentially 810,000 digital users.

謝謝，亞歷克斯，大家下午好。第四季度業績延續了我們在 2022 年剩餘時間裡所有關鍵指標的勢頭。 2022 年第四季度，我們實現了 5550 萬美元的收入，超出了我們財務指導的上限，增長了 31%。這是由我們主要收入驅動因素的強勁表現推動的。我們在本季度新增了 9 個客戶，使我們的數字平台客戶數量從去年的 177 個增加到 199 個。現在，我們的實施積壓中有 44 個新客戶代表 160 萬數字用戶。本季度結束時，我們的數字銀行平台上有 1450 萬註冊用戶，比去年增加 220 萬或 18%，數字用戶連續增加 81 萬。

Over the last 12 months, digital user growth continues to be driven by 2 areas. First, we implemented 30 financial institutions supporting 1.1 million digital users. Second, our existing clients increased their digital user adoption by 1.4 million users. Offsetting digital user growth was churn of just over 300,000 digital users, of which the majority is represented by a single client that transitioned off our platform during Q3 of 2022. We continue to maintain a very high gross retention rate of just over 97% measured in terms of annual recurring revenue or ARR, and digital users retained over the last 12 months. We ended the quarter with an RPU of $15.55, which is 14% higher than last year. This compares to our blended market opportunity of approximately $58 per digital user.

在過去的 12 個月中，數字用戶的增長繼續受到 2 個領域的推動。首先，我們實施了支持 110 萬數字用戶的 30 家金融機構。其次，我們現有客戶的數字用戶數量增加了 140 萬。超過 300,000 名數字用戶的流失抵消了數字用戶的增長，其中大部分是在 2022 年第三季度從我們的平台轉出的單一客戶。我們繼續保持非常高的總保留率，略高於 97%年度經常性收入或 ARR 條款，以及過去 12 個月留存的數字用戶。本季度結束時，我們的 RPU 為 15.55 美元，比去年高出 14%。相比之下，我們的混合市場機會約為每位數字用戶 58 美元。

The Segmint acquisition contributed $0.91 or 7% of ARPU expansion, along with ARPU expansion of $0.96 or 7%, driven by add-on sales success and the addition of new clients who tend to onboard with a higher average RPU. Subscription revenue grew 33% compared to the prior year quarter and represents approximately 96% of total revenue. We increased ARR by 34% and exited the fourth quarter at $226.1 million. In addition, we currently have approximately $49 million of ARR in backlog for implementation over the next 12 months. Our 2022 exit ARR and implementation backlog combined to provide visibility into a successful year in 2023, which I will outline later in our financial guidance.

對 Segmint 的收購貢獻了 0.91 美元或 7% 的 ARPU 擴張，以及 0.96 美元或 7% 的 ARPU 擴張，這得益於附加銷售的成功以及傾向於以更高平均 RPU 入職的新客戶的增加。與去年同期相比，訂閱收入增長了 33%，約佔總收入的 96%。我們將 ARR 提高了 34%，並以 2.261 億美元的價格結束了第四季度。此外，我們目前有大約 4,900 萬美元的 ARR 待辦事項積壓，需要在未來 12 個月內實施。我們的 2022 年退出 ARR 和實施積壓工作相結合，為 2023 年成功的一年提供了可見性，我將在稍後的財務指南中對此進行概述。

We continue to see healthy demand across our product portfolio. Our 2022 new sales performance outpaced 2021 by 30%. Keep in mind, 2021 new sales were overweight to the fourth quarter. As I said on last quarter's call, new sales for 2022 have occurred more evenly throughout the year. We signed 37 new digital banking platform clients for the full year, of which 15 signed during the fourth quarter. Our add-on sales focus continues to yield returns representing 37% of new sales for 2022 compared to 24% for 2021 and 17% for 2020. In addition to add-on sales, our client sales team is responsible for client contract renewals. In 2022, we renewed 22 client relationships representing 11% of our live ARR and adding over $143 million to our clients' remaining purchase obligation or client contract backlog. Our client contract backlog is now $893 million, 38% higher than a year ago.

我們繼續看到我們產品組合的健康需求。我們 2022 年的新銷售業績比 2021 年增長了 30%。請記住，2021 年第四季度的新銷售額增持。正如我在上個季度的電話會議上所說，2022 年的新銷售在全年發生得更加均勻。全年新簽數字銀行平台客戶37家，其中四季度簽約15家。我們的附加銷售重點繼續產生回報，佔 2022 年新銷售額的 37%，而 2021 年和 2020 年分別為 24% 和 17%。除了附加銷售外，我們的客戶銷售團隊還負責客戶合同續簽。 2022 年，我們續簽了 22 個客戶關係，占我們實際 ARR 的 11%，並為我們客戶的剩餘購買義務或客戶合同積壓增加了超過 1.43 億美元。我們的客戶合同積壓現在為 8.93 億美元，比一年前增長 38%。

Now turning to gross margin and profitability. For the fourth quarter of 2022, non-GAAP gross margin was 56.4% compared to 57.1% in the prior year quarter. Margin dilution was primarily driven by higher costs from our client implementation team and our third-party IP partners. Previously, we highlighted investments in our client implementation team would constrain margin expansion for a few quarters. We have now bent the project concurrency curve that resulted in 2022 gross margin dilution. Also during Q4, we renewed early a significant IP partner agreement, resulting in certain in-quarter costs that will provide future gross margin benefit.

現在轉向毛利率和盈利能力。 2022 年第四季度，非美國通用會計準則毛利率為 56.4%，而去年同期為 57.1%。利潤稀釋的主要原因是我們的客戶實施團隊和第三方 IP 合作夥伴的成本增加。此前，我們強調對客戶實施團隊的投資將在幾個季度內限制利潤率的增長。我們現在已經彎曲了導致 2022 年毛利率攤薄的項目並發曲線。同樣在第四季度，我們提前續簽了一項重要的知識產權合作夥伴協議，導致某些季度成本將提供未來的毛利率收益。

For 2023, a more evenly distributed project concurrency, combined with our recently amended third-party IP partner agreement, we expect will put us back on path to our gross margin expansion objective of 200 basis points per year. Our target operating model is a non-GAAP gross margin of 65% as we scale our revenue. We expect to achieve our target gross margin at a pace of roughly 200 basis points of expansion on average per year, reaching the 65% level by 2026. In addition, reaching 65% gross margin is not the final destination. It is simply the next milestone in our journey. We expect to continue to drive gross margin above 65%.

到 2023 年，更均勻分佈的項目並發，加上我們最近修訂的第三方 IP 合作夥伴協議，我們預計將使我們回到每年 200 個基點的毛利率擴張目標。隨著我們擴大收入，我們的目標運營模式是 65% 的非 GAAP 毛利率。我們預計將以平均每年約 200 個基點的擴張速度實現我們的目標毛利率，到 2026 年達到 65% 的水平。此外，達到 65% 的毛利率不是最終目的地。這只是我們旅程中的下一個里程碑。我們預計將繼續推動毛利率超過 65%。

For purposes of discussing gross margin expansion, the most important factors for us in addition to revenue scale are: first, we are investing in our platform to enable scale well beyond our current level of 14.5 million digital users. These investments are expected to reduce our cloud hosting infrastructure at a unit economic level, improve implementation efficiency and lower the ongoing cost to support our platform. Second, we expect to further improve the cost structure associated with third-party IP integrated into our digital banking platform. These arrangements are typically structured as revenue share agreements, which are generally dilutive to our gross margin, but typically very accretive to adjusted EBITDA. As we scale our business, our opportunity to improve gross margin for these arrangements increases.

就毛利率擴張而言，除了收入規模之外，對我們來說最重要的因素是：首先，我們正在投資我們的平台，使規模遠遠超過我們目前 1450 萬數字用戶的水平。這些投資預計將在單位經濟水平上減少我們的雲託管基礎設施，提高實施效率並降低支持我們平台的持續成本。其次，我們希望進一步改善與集成到我們數字銀行平台中的第三方 IP 相關的成本結構。這些安排通常以收入分成協議的形式構成，通常會稀釋我們的毛利率，但通常會非常增加調整後的 EBITDA。隨著我們擴大業務，我們提高這些安排的毛利率的機會增加了。

And third, continued success renewing client agreements will improve our gross margin. The accounting for implementation revenue and cost requires we amortize both for each new implementation over its first contract term. As clients renew their contracts, our gross margin no longer possesses this headwind at a unit economic level. We renewed 22 clients in 2022 and expect to renew a similar amount in 2023.

第三，續簽客戶協議的持續成功將提高我們的毛利率。實施收入和成本的核算要求我們在其第一個合同期限內對每個新實施進行攤銷。隨著客戶續簽合同，我們的毛利率在單位經濟水平上不再具有這種不利因素。我們在 2022 年續簽了 22 名客戶，並預計在 2023 年續簽類似數量的客戶。

Moving to operating expenses. For the fourth quarter of 2022, non-GAAP R&D expense was $16.4 million or 29.6% of revenue. A year ago, R&D represented 27.8% of revenue. Margin dilution was primarily driven by higher headcount, consulting and cloud infrastructure costs as we have invested in our technology platform for scale. However, for full year 2022, we did experience operating leverage and margin expansion of 180 basis points. As a reminder, our target operating model is to leverage R&D to 20% of revenue while we continue to invest and expand our platform. We currently expect to achieve our objective during 2026.

轉到運營費用。 2022 年第四季度，非 GAAP 研發費用為 1640 萬美元，佔收入的 29.6%。一年前，研發佔收入的 27.8%。利潤率稀釋的主要原因是員工人數、諮詢和雲基礎設施成本增加，因為我們已經投資於我們的技術平台以擴大規模。然而，對於 2022 年全年，我們確實經歷了 180 個基點的經營槓桿和利潤率擴張。提醒一下，我們的目標運營模式是在繼續投資和擴展我們的平台的同時，將研發佔收入的 20%。我們目前預計在 2026 年實現我們的目標。

Non-GAAP sales and marketing expenses were $7.9 million or 14% of revenue. In the prior year quarter, sales and marketing represented 14% of revenue as well. Our go-to-market efficiency outperforms our fintech peers and the majority of high-growth SaaS company comparables. We expect to maintain or slightly improve our go-to-market efficiency as we scale the business and gain market share. In terms of the progression of sales and marketing expenses throughout 2023, bear in mind the second quarter is when we will hold our annual client conference, which results in our highest quarterly sales and marketing expense with approximately $1.5 million to $2 million of higher spend than other quarters of the year.

非 GAAP 銷售和營銷費用為 790 萬美元，佔收入的 14%。在去年同期，銷售和營銷也佔收入的 14%。我們的上市效率優於我們的金融科技同行和大多數高增長 SaaS 公司的可比公司。隨著我們擴大業務並獲得市場份額，我們希望保持或略微提高我們的上市效率。就整個 2023 年的銷售和營銷費用進展而言，請記住第二季度是我們將舉行年度客戶會議的時間，這導致我們的季度銷售和營銷費用最高，比去年高出約 150 萬至 200 萬美元一年中的其他季度。

Non-GAAP general and administrative expense was $11.6 million or 21% of revenue. In the prior year quarter, G&A was approximately 27% of revenue. The margin expansion is primarily attributable to revenue scale. We have reached a sustainable level of G&A spend as the majority of our public company investments are behind us. We expect to leverage G&A expense as a percentage of revenue as we move towards our profitability objectives with an expectation of 10% to 12% of revenue during 2026. Our adjusted EBITDA loss for the fourth quarter was $4 million, which is in line with the high end of our expectations and 10% better than the prior year quarter.

非 GAAP 一般和行政費用為 1160 萬美元，佔收入的 21%。去年同期，G&A 約佔收入的 27%。利潤率的擴張主要歸因於收入規模。我們已經達到了 G&A 支出的可持續水平，因為我們的大部分上市公司投資都落後於我們。我們預計，隨著我們朝著盈利目標邁進，預計在 2026 年佔收入的 10% 至 12%，一般和行政費用佔收入的百分比將被利用。我們調整後的第四季度 EBITDA 虧損為 400 萬美元，與超出我們預期的上限，比去年同期高出 10%。

As a reminder, our target operating model is to exceed an adjusted EBITDA margin of 20%. We now expect to achieve this target for the full year 2026, which also coincides with the achievement of our 65% gross margin goal. Similar to our gross margin goal, a 20% adjusted EBITDA margin is not the final objective, but the next milestone after we moved to positive adjusted EBITDA in Q4 2023 and continue to scale our business along the journey to 2026. We believe these high-level targets achieved on the time line provided afford a balanced approach to profit and cash flow generation while also allowing Alkami to responsibly invest to take full advantage of our attractive market position and large TAM opportunity in digital banking.

提醒一下，我們的目標運營模式是超過 20% 的調整後 EBITDA 利潤率。我們現在預計在 2026 年全年實現這一目標，這也與我們實現 65% 的毛利率目標相吻合。與我們的毛利率目標類似，20% 的調整後 EBITDA 利潤率不是最終目標，而是我們在 2023 年第四季度實現調整後 EBITDA 為正數並在到 2026 年的過程中繼續擴大業務規模後的下一個里程碑。我們相信這些高-在時間表上實現的水平目標提供了一種平衡的利潤和現金流產生方法，同時也允許 Alkami 負責任地投資以充分利用我們有吸引力的市場地位和數字銀行領域的巨大 TAM 機會。

Before moving on from the income statement, I want to provide some commentary on stock-based compensation, which we understand (technical difficulty) of increasing importance amongst software investors. In 2022, we had a significant anomaly in our stock-based comp expense, which was a result of our former CEO's retirement. This accelerated the vesting of his shares and therefore, impacted our accounting for stock-based compensation. As we look forward to 2023, we expect stock-based compensation to be approximately 9% of revenue. Beyond 2023, and as we scale revenue, we expect stock-based compensation to decline to 10% to 12% of revenue during 2026 and to normalize to a long-term high single digits percentage of revenue as we continue to scale.

在繼續損益表之前，我想對基於股票的薪酬提供一些評論，我們理解（技術難度）在軟件投資者中越來越重要。 2022 年，我們的股票補償費用出現了顯著異常，這是我們前任首席執行官退休的結果。這加速了他的股份歸屬，因此影響了我們對基於股票的薪酬的會計處理。展望 2023 年，我們預計基於股票的薪酬將佔收入的 9% 左右。到 2023 年之後，隨著我們擴大收入，我們預計基於股票的薪酬將在 2026 年下降至收入的 10% 至 12%，並隨著我們繼續擴大規模而正常化為收入的長期高個位數百分比。

Now moving on to the balance sheet. We ended the quarter with just over $196 million of cash and marketable securities and just over $84.5 million of debt. We are comfortable with our net cash position as it represents several multiples of capital necessary to reach free cash flow positive occurring shortly after becoming adjusted EBITDA positive for the fourth quarter of 2023.

現在轉到資產負債表。本季度結束時，我們擁有超過 1.96 億美元的現金和有價證券以及超過 8,450 萬美元的債務。我們對我們的淨現金頭寸感到滿意，因為它代表了在 2023 年第四季度調整後 EBITDA 為正後不久實現自由現金流正數所需資本的數倍。

Now turning to guidance. For the first quarter of 2023, we are providing guidance for revenue in the range of $58 million to $59 million and an adjusted EBITDA loss of $4.5 million to $3.5 million. For full year 2023, we are providing guidance for revenue in the range of $255 million to $260 million and an adjusted EBITDA loss of $7 million to $4 million. Additionally, because the impact of expense timing such as our client conference, as I mentioned earlier, we expect the second quarter to be the trough point of our adjusted EBITDA losses in 2023, modestly lower than the first quarter of the year, and we expect to exit 2023 with Q4 adjusted EBITDA modestly positive.

現在轉向指導。對於 2023 年第一季度，我們提供的收入指導範圍為 5800 萬美元至 5900 萬美元，調整後的 EBITDA 虧損為 450 萬美元至 350 萬美元。對於 2023 年全年，我們為 2.55 億美元至 2.6 億美元的收入和 700 萬至 400 萬美元的調整後 EBITDA 虧損提供指導。此外，正如我之前提到的，由於我們的客戶會議等費用時間的影響，我們預計第二季度將是我們 2023 年調整後 EBITDA 虧損的谷點，略低於今年第一季度，我們預計到 2023 年，第四季度調整後的 EBITDA 適度為正。

To summarize, we are executing across all areas of the business. We are improving our already attractive position in the marketplace with increasing momentum among banks and a growing contribution from add-on sales. In concert with our top line strength, we are focused as an organization on crossing into adjusted EBITDA profitability in 2023, and we are on track to achieve meaningful gross margin expansion in 2023 and beyond. As a final comment, we expect to cross over 65% gross margin and 20% adjusted EBITDA margin objectives in 2026.

總而言之，我們正在執行業務的所有領域。隨著銀行之間不斷增強的勢頭和附加銷售的貢獻不斷增加，我們正在提高我們在市場上已經具有吸引力的地位。與我們的頂線實力相一致，作為一個組織，我們專注於在 2023 年實現調整後的 EBITDA 盈利能力，並且我們有望在 2023 年及以後實現有意義的毛利率增長。作為最後的評論，我們預計 2026 年將超過 65% 的毛利率和 20% 的調整後 EBITDA 利潤率目標。

With that, I'll hand the call to the operator for questions.

有了這個，我會把電話轉給接線員詢問問題。

(Operator Instructions) Our first question comes from Bob Napoli from William Blair.

（操作員說明）我們的第一個問題來自 William Blair 的 Bob Napoli。

I mean, really nice to hear the very specific guidance for 2026, on the trends to 2026. And maybe just what do you see as kind of the biggest challenges? What gives you the confidence to put out that specific guidance for 2026? And what do you view as the biggest challenges to getting there?

我的意思是，很高興聽到關於 2026 年的非常具體的指導，以及到 2026 年的趨勢。也許你認為最大的挑戰是什麼？是什麼讓您有信心為 2026 年制定具體指南？您認為實現目標的最大挑戰是什麼？

Bob -- go ahead.

鮑勃 - 繼續。

Yes. Go ahead.

是的。前進。

Yes. Let me start. This is -- Bob, this is Alex. Let me start, and we'll kind of talk about 2 things. One, confidence and then two, where do we have to continue to do work. As I stated in my comments, we continue to talk to customers who believe that a digital banking platform investment is a mandatory innovation for them. And they continue to understand that this digital channel can become for them not just a service channel, which it has been primarily, but with the appropriate use of data and other capabilities, it can also be a sales channel for them that allows them to grow their top line as well.

是的。讓我開始吧。這是——鮑勃，這是亞歷克斯。讓我開始，我們將討論兩件事。一是信心，二是我們必須在哪些方面繼續開展工作。正如我在評論中所說，我們繼續與認為數字銀行平台投資對他們來說是強制性創新的客戶交談。他們繼續明白，這個數字渠道不僅可以成為他們的主要服務渠道，而且通過適當使用數據和其他功能，它也可以成為他們的銷售渠道，使他們能夠成長他們的頂線也是如此。

And so the confidence side comes from -- really from market signals about how important this investment is to financial institutions futures. Bryan kind of mentioned the thing for us to manage, which best product wins in this space, there's no real victory in cutting costs to your future. And so we need to be -- we need to be wise about how we balance the investment in the product, along with the investments to continue to get to gross margin targets that we want to get to. So in short, confidence comes from the market signals. The hard work that we have to do is continue to build a great product and invest in the platform, as I talked about, to be able to scale out that platform for the future growth. Do you have any comments, Bryan?

因此，信心方面來自——實際上來自市場信號，表明這項投資對金融機構期貨有多重要。布萊恩提到了我們要管理的事情，即在這個領域最好的產品獲勝，在削減未來成本方面並沒有真正的勝利。因此，我們需要 - 我們需要明智地了解我們如何平衡對產品的投資，以及繼續實現我們想要達到的毛利率目標的投資。所以簡而言之，信心來自於市場信號。正如我所說，我們必須做的艱苦工作是繼續構建出色的產品並投資平台，以便能夠擴展該平台以實現未來的增長。布萊恩，你有什麼意見嗎？

Yes. A couple of things, Bob. And look, we felt it was important to provide more constructive comments in this area, given the economic environment that we're in, given some of the investor conversations that we're having. And Alex and I, we have a lot of confidence in where we're headed over the next 3 years. Let me give you a couple.

是的。有幾件事，鮑勃。看，考慮到我們所處的經濟環境，考慮到我們正在進行的一些投資者對話，我們認為在這一領域提供更具建設性的意見很重要。亞歷克斯和我，我們對未來 3 年的發展方向充滿信心。讓我給你幾個。

First off, we still have healthy demand. We feel that we can continue to compound the business each year at 25% minimum. The guidance speaks to that for 2023, and the live ARR that I have coming into the year as well as the implementation backlog [provide us] a tremendous amount of visibility into that. Second, we're starting to see momentum among bank wins. We're seeing momentum among the number of bank deals that we're participating in, and we're seeing a rising win rate as it relates to banks. So that provides us some confidence.

首先，我們仍然有健康的需求。我們認為我們可以繼續以每年至少 25% 的速度複合業務。該指南談到了 2023 年的情況，而我進入這一年的實時 ARR 以及實施積壓 [為我們提供了] 對此的大量可見性。其次，我們開始看到銀行獲勝的勢頭。我們看到我們參與的銀行交易數量呈增長勢頭，而且我們看到與銀行相關的贏率不斷上升。所以這給了我們一些信心。

Second, on the revenue front is also our add-on sales momentum. Now add-on sales contributes 37% of our total TCV of new sales in 2022, and we expect that to continue and even out to potentially a 50% level in future years. So that provides us even further confidence in achieving the 25% minimum revenue growth. As it relates to achieving a 20% adjusted EBITDA margin, it starts with hitting a 65% gross margin. We did have a slowdown in our gross margin expansion in 2022 for the reasons that I described in this call and I described on previous calls as it relates to implementation project concurrency.

其次，在收入方面也是我們的附加銷售勢頭。現在，附加銷售額占我們 2022 年新銷售額總 TCV 的 37%，我們預計這一比例在未來幾年將繼續甚至達到 50% 的水平。因此，這讓我們更有信心實現 25% 的最低收入增長。由於它涉及實現 20% 的調整後 EBITDA 利潤率，因此首先要達到 65% 的毛利率。由於我在本次電話會議和之前的電話會議中所描述的與實施項目並發性相關的原因，我們在 2022 年的毛利率增長確實有所放緩。

We're through that now. A more evenly distributed new sales year 2022 has resulted in the ability for us to better manage those investments as it relates to implementation and then really exit 2023 with the gross margin in 60%, maybe slightly ahead of 60%. So that gives us great visibility in achieving a 65% gross margin by 2026. And then as you work your way down through operating expenses, we already in sales and marketing have a very efficient go-to-market efficiency as it relates to sales and marketing as a percent of revenue.

我們現在已經結束了。 2022 年新銷售年分佈更均勻，這使我們能夠更好地管理這些與實施相關的投資，然後真正退出 2023 年，毛利率為 60%，可能略高於 60%。因此，這使我們在 2026 年實現 65% 的毛利率方面具有很大的知名度。然後，當您逐步降低運營費用時，我們在銷售和營銷方面已經擁有非常高效的上市效率，因為它與銷售和營銷佔收入的百分比。

G&A, we've already made our public company investments and revenue scale will continue to provide operating leverage in that line item of OpEx. We saw 500 basis points for the full year of 2022 and over 600 basis points in Q4 year-over-year. So lots of momentum there. And then it really comes down to what I view as controllable investment in R&D, but still investing in the platform for efficiency gains and investing in the platform for bringing more product to market. We expect to bring somewhere between 3 to 4 new products to market in 2023. So all these items come together for Alex and I to have a tremendous amount of confidence in providing more of a multiyear guide on when we will reach really a more acceptable level of profitability.

G&A，我們已經對上市公司進行了投資，收入規模將繼續在 OpEx 的該項目中提供運營槓桿。我們看到 2022 年全年有 500 個基點，第四季度同比超過 600 個基點。那裡有很多動力。然後它真的歸結為我認為可控的研發投資，但仍然投資於平台以提高效率並投資於平台以將更多產品推向市場。我們預計將在 2023 年將 3 到 4 種新產品推向市場。因此，所有這些項目匯集在一起，讓亞歷克斯和我有極大的信心提供更多關於我們何時真正達到更可接受水平的多年指南的盈利能力。

Great. That's super helpful. And then just a follow-up on the cross-sells. And what is working in particular on cross-sells? How is Segmint? Is Segmint -- how is that working? It seems like a big opportunity. So just some color on cross-sells. And as it relates to revenue per user, do you expect to see a steady [real] kind of growth in revenue per user with cross-sells?

偉大的。這非常有幫助。然後只是對交叉銷售的跟進。什麼在交叉銷售方面特別有效？ Segmint 怎麼樣？ Segmint - 它是如何工作的？這似乎是一個很大的機會。所以只是交叉銷售的一些顏色。由於它與每位用戶的收入相關，您是否希望通過交叉銷售看到每位用戶的收入穩定 [真正] 增長？

Bob, this is Alex. The first thing I'd tell you is I'm really proud and encouraged about the sales team that's in place that covers our existing customers. It's a highly professional sales team. They understand the industry, they understand their customers. They do the right thing by their customers. And that is obviously a key contributor to the success. Segmint was really exciting for us. We had 13, what I would call, synergy deals that, that would be either add-on deals or deals that were new customers. And then we had 40 new deals besides that. And I think that we're just -- I think we're just barely scratching the surface with Segmint.

鮑勃，這是亞歷克斯。我要告訴你的第一件事是，我對覆蓋我們現有客戶的現有銷售團隊感到非常自豪和鼓舞。這是一支高度專業的銷售團隊。他們了解這個行業，他們了解他們的客戶。他們為客戶做正確的事。這顯然是成功的關鍵因素。 Segmint 對我們來說真的很令人興奮。我們有 13 筆，我稱之為協同交易，它們要么是附加交易，要么是新客戶的交易。除此之外，我們還有 40 筆新交易。而且我認為我們只是 - 我認為我們只是剛剛觸及 Segmint 的表面。

If you think about what Segmint is, it really is a self-contained marketing tech stack, if you will, for a bank that comes alongside existing investments and allows that bank to have a walled garden, where they have the best data possible, the data that comes out of their core system, their digital banking system, and then use that data to understand amongst tens of thousands of key lifestyle indicators, what [micro-segments] they have within their customer base and then be able to target offers to those micro-segments and deliver that content in channel.

如果你想想 Segmint 是什麼，它真的是一個獨立的營銷技術堆棧，如果你願意的話，對於一家與現有投資並存的銀行來說，它允許該銀行擁有一個圍牆花園，在那裡他們擁有盡可能最好的數據，從他們的核心系統、他們的數字銀行系統中產生的數據，然後使用這些數據來了解數以萬計的關鍵生活方式指標，了解他們在客戶群中有哪些[微細分]，然後能夠將報價定位到這些微細分並在渠道中交付該內容。

I mean, all of this is the holy grail of marketing. And the financial institutions are just beginning to understand that this is what they need in their digital channel. So I'm really excited about what's happened with Segmint so far. I'm excited about the synergy. And I think that as the market continues to understand what they need to be able to interact with their customers in the digital channel, this is going to create a pretty big uplift for us.

我的意思是，所有這些都是營銷的聖杯。金融機構才剛剛開始明白，這正是他們在數字渠道中所需要的。所以我對 Segmint 到目前為止發生的事情感到非常興奮。我對協同作用感到興奮。而且我認為，隨著市場繼續了解他們需要什麼才能在數字渠道中與客戶互動，這將為我們帶來相當大的提升。

Yes. And Bob, just in terms of the product categories that contributed to the majority of our add-on sales effort, the theme in Q4 did not really change from the themes for the first 3 quarters of the year. The money movement product family category that was a significant contributor. Our client services account category, which includes chat and chatbot and conversational AI products, fraud and security, which includes ACH Alert, which was an acquisition from 2020. That was a pretty significant contributor.

是的。鮑勃，就對我們的大部分附加銷售工作做出貢獻的產品類別而言，第四季度的主題與今年前三個季度的主題並沒有真正改變。資金流動產品系列類別是一個重要的貢獻者。我們的客戶服務賬戶類別，包括聊天和聊天機器人以及對話式 AI 產品、欺詐和安全，其中包括 ACH Alert，這是 2020 年收購的。這是一個非常重要的貢獻者。

And then finally, the marketing and analytics product family category, which includes Segmint. So those 4 product family categories really are the, I would call, 75% of our add-on sales success came through those areas. And if you step back and give some consideration to those products, those are really some of the newer products in the market. So our installed base, which averaged 9 to 10 products from several years ago when we were bringing in new logos, these products really either were not available or certainly not available through Alkami. And now they are, which is what presents that back cross-sell opportunity.

最後是營銷和分析產品系列類別，其中包括 Segmint。所以這 4 個產品系列類別真的是，我認為，我們 75% 的附加銷售成功來自這些領域。如果你退後一步，仔細考慮一下這些產品，它們確實是市場上的一些新產品。因此，幾年前我們引入新徽標時，我們的安裝基礎平均有 9 到 10 種產品，這些產品實際上要么不可用，要么肯定不能通過 Alkami 獲得。而現在他們是，這就是提供交叉銷售機會的原因。

And now we'll proceed with a question from Andrew Schmidt from Citi. Andrew? I'm sorry. Andrew, are you okay now? Yes, there we go. Go ahead, Andrew.

現在我們將繼續回答來自花旗銀行的 Andrew Schmidt 的問題。安德魯？對不起。安德魯，你現在還好嗎？是的，我們開始了。去吧，安德魯。

Great. Alex, Bryan, good results here. I want to dig into the -- just the demand environment a little bit. It's good to hear the resilience and obviously, a great step-up in terms of the wins in the fourth quarter. Maybe talk a little bit about based on top of funnel pipeline, how are you thinking about just the environment for net wins or net logo wins and additions to the user backlog for 2023, because clearly, we're back at an elevated rate, and it's great to see, but I'm curious how you're thinking about the setup for the coming year?

偉大的。亞歷克斯，布萊恩，這裡取得了不錯的成績。我想稍微深入一下需求環境。很高興聽到這種韌性，顯然，就第四節的勝利而言，這是一個很大的進步。也許談談基於漏斗管道的頂部，您如何考慮淨贏或淨徽標贏的環境以及 2023 年用戶積壓的增加，因為很明顯，我們以更高的速度回歸，並且很高興看到，但我很好奇您如何考慮來年的設置？

Yes, Andrew, this is Alex. As I mentioned in my comments, we continue to see a strong pipeline. That pipeline is kind of evenly balanced between banks and credit unions. And as I've said on other calls, we can't predict the future. So maybe sometime in the future, that demand drops off. But over the last couple of quarters, we just have not seen that drop off. We've seen consistent growth in the pipeline, consistent movement in the pipeline and consistent balance between credit unions and banks.

是的，安德魯，這是亞歷克斯。正如我在評論中提到的，我們繼續看到強大的管道。這條管道在銀行和信用合作社之間是平衡的。正如我在其他電話會議上所說，我們無法預測未來。所以也許在未來的某個時候，這種需求會下降。但在過去的幾個季度裡，我們還沒有看到這種下降。我們已經看到管道中的持續增長、管道中的持續運動以及信用合作社和銀行之間的持續平衡。

Yes. And Andrew, the way that the pipeline works through the year because even though sales were more evenly distributed in 2022, there still is an overweight to Q4. It just wasn't as pronounced in 2022. So when you go into the year, your sales pipeline is most likely at one of the lowest levels and then you're building it up as you continue through the year. But our Q4 exit sales pipeline in 2022 was larger than Q4 from 2021, from 2020, 2019 as far back as you want to go. So we feel very confident in our sales numbers that we need to put up this year in order to continue to achieve our revenue aspirations.

是的。還有安德魯，管道全年運作的方式是因為即使 2022 年的銷售分佈更加均勻，但第四季度仍然超配。只是在 2022 年沒有那麼明顯。所以當你進入這一年時，你的銷售渠道很可能處於最低水平之一，然後你會在繼續這一年的過程中建立它。但是我們在 2022 年第四季度的出口銷售渠道比 2021 年第四季度、2020 年、2019 年的要多得多。因此，我們對今年需要提供的銷售數字非常有信心，以便繼續實現我們的收入目標。

Now Alex did make a comment that our pipeline is evenly distributed between credit unions and banks. That is a change from where we have been, I would say, from the previous quarters when banks contributed about 1/3. So we're seeing more activity from banks. We're seeing that we're participating in more deals as it relates to banks, and we're winning -- our win rate is increasing among banks. And our win rate among credit unions are staying very constant as it has in previous years. So I think all of this speaks to the resilience of the need for innovation in this space, particularly through the digital banking channel.

現在亞歷克斯確實發表了評論，我們的管道在信用合作社和銀行之間平均分配。我想說，與前幾個季度銀行貢獻約 1/3 的情況相比，這是一個變化。所以我們看到銀行有更多的活動。我們看到我們正在參與更多與銀行相關的交易，而且我們正在獲勝——我們在銀行中的獲勝率正在增加。我們在信用合作社中的獲勝率與往年一樣保持穩定。所以我認為所有這些都說明了這個領域創新需求的彈性，特別是通過數字銀行渠道。

Got it. Makes a lot of sense. And then the comment in terms of just banks being a larger part of the mix, does that suggest that when we think about the growth algo for 2023 and beyond, that we'll see more of a lean towards ARPU as you may be onboarding banks that perhaps consume more products and perhaps have lower users relative to credit unions? Just curious about how the buildup might change as we think about the model going forward?

知道了。很有道理。然後關於銀行在組合中佔較大部分的評論是否表明，當我們考慮 2023 年及以後的增長算法時，我們會看到更多傾向於 ARPU，因為您可能正在加入銀行與信用合作社相比，它可能消費更多的產品並且可能擁有更少的用戶？只是想知道隨著我們考慮未來的模型，積累會如何變化？

Yes. I mean our thoughts on the mix is we will remain in the market-leading position in adding credit unions. And our focus on credit unions has not changed. What has changed is we understand the importance of our addressable market consisting about 50% of bank financial institutions. Now as when we look out several years, our view is we will sell into and originate an equal number of banks as credit unions. That's our longer-term objective, and we think we can achieve that over the next 3 years to 4 years. How that will change the characteristics of our client base is exactly what you were suggesting, generally for the same ARR opportunity between a bank and a credit union, the bank will have fewer users that will also have more products as a result of the business banking platform resulting in a higher revenue per user.

是的。我的意思是我們對組合的想法是我們將在增加信用合作社方面保持市場領先地位。我們對信用合作社的關注沒有改變。發生變化的是，我們了解我們的潛在市場的重要性，該市場由大約 50% 的銀行金融機構組成。現在，當我們展望未來幾年時，我們的觀點是，我們將出售和發起與信用合作社相同數量的銀行。這是我們的長期目標，我們認為我們可以在未來 3 年到 4 年內實現這一目標。這將如何改變我們客戶群的特徵正是您所建議的，通常對於銀行和信用合作社之間相同的 ARR 機會，由於商業銀行業務，銀行將擁有更少的用戶，但也會擁有更多的產品平台帶來更高的每用戶收入。

And then the one thing I would add to that, Andy, that's interesting is the -- there is an increasing understanding amongst banks that they have to provide a great modern digital experience. I just got off a video call with the President of a bank right before we had this earnings call. And he told me, Alex, the first time we looked at Alkami, we couldn't afford you. The second time we looked at Alkami, we couldn't afford you. This time, we decided that we can't afford not to afford you because we need to be able to give our customers a modern user experience. So I think the other thing that we're seeing in banks is a realization that it is really, really important to have a great user experience for a bank. And I think that will provide us tailwinds because that's been our DNA. Our DNA has been to build a great user experience.

然後我要補充的一件事，安迪，有趣的是 - 銀行之間越來越多地認識到他們必須提供出色的現代數字體驗。在我們召開財報電話會議之前，我剛剛與一家銀行的行長進行了視頻通話。他告訴我，Alex，我們第一次看 Alkami 時，我們買不起你。我們第二次看 Alkami 時，我們買不起你。這一次，我們決定我們不能負擔不起你，因為我們需要能夠為我們的客戶提供現代用戶體驗。因此，我認為我們在銀行看到的另一件事是，人們意識到為銀行提供良好的用戶體驗真的非常重要。我認為這將為我們提供順風，因為那是我們的 DNA。我們的 DNA 一直是打造出色的用戶體驗。

Yes. That makes a lot of sense. And since you said that, I just want to tab on one question. Obviously, the big opportunity is potentially when some of the inertia breaks down, you have more kind of RFPs up for grabs each year. Are you starting to see that at all? It sounds like based on your commentary, we're maybe at the beginning innings of seeing banks be a little bit more focused on having best-in-breed versus more costs and full platform solutions and such. But just curious if you're seeing any indications that way? I'll leave it there guys.

是的。這很有意義。既然你這麼說了，我只想談談一個問題。顯然，當一些慣性被打破時，潛在的大機會就會出現，你每年都會有更多類型的 RFP 可供爭奪。你開始看到了嗎？根據你的評論，這聽起來像是在開始階段，我們可能會看到銀行更加專注於擁有同類最佳產品，而不是更多的成本和完整的平台解決方案等。但只是好奇你是否看到任何跡象？我會把它留在那裡伙計們。

I think the only thing I'd -- yes, the only thing I'd just point you back to is the comment that Bryan made, which was through most of last year, the pipeline was [1/3] banks, 2/3 credit unions, and right now, it's probably closer to half and half. So I think that -- that's the objective evidence that we have right now.

我認為我唯一要——是的，我唯一要指出的是 Bryan 發表的評論，該評論貫穿了去年的大部分時間，管道是 [1/3] 銀行，2/ 3 個信用合作社，現在，它可能接近一半。所以我認為 - 這是我們現在擁有的客觀證據。

Right. And we competed in roughly 2x the number of bank opportunities in 2022 that we competed in, in 2021. So we're seeing rising pipeline, rising actual real opportunities that we're competing in. It's not just for business banking. These are full platform deals, retail and business banking, and we suspect that, that will continue now that our pipeline continues to pivot more towards banks.

正確的。我們在 2022 年競爭的銀行機會數量大約是 2021 年競爭的兩倍。因此，我們看到管道不斷增加，我們正在競爭的實際機會也在增加。這不僅僅是商業銀行業務。這些是完整的平台交易、零售和商業銀行業務，我們懷疑，隨著我們的渠道繼續更多地轉向銀行，這種情況將繼續下去。

We will now have a question from Mayank Tandon from Needham.

我們現在將有來自 Needham 的 Mayank Tandon 的問題。

This is Sam on for Mayank today. So nice results here. I wanted to ask a question on the growth algorithm for '23. How should we think about revenue growth in the year and the balance between ARPU gains and user growth? Because ARPU this quarter was obviously still strong at 14%, but it did decelerate and dip to touch sequentially. So just trying to get some color on how we should think about that for this year?

這是今天 Mayank 的 Sam。這裡的結果很好。我想問一個關於 23 年增長算法的問題。我們應該如何看待當年的收入增長以及ARPU收益和用戶增長之間的平衡？因為本季度 ARPU 顯然仍然強勁，達到 14%，但它確實減速並環比下降。所以只是想了解一下今年我們應該如何考慮這個問題？

Yes. The way that we think about the growth algorithm is 7% -- 5% to 7% revenue per user growth. This quarter was 14%, half was really from having the Segmint acquisition, so that would be an inorganic component. But the other 7% came through just cross-sell activity as well as onboarding clients with a much higher RPU than the average of the company for existing clients. So we don't suspect that, that will change, which means 18% to 20% digital user growth, and that will roughly come half from our backlog of new logos that we'll be implementing this year and the other half will come from just our clients growing. We generally think about our clients growing at a clip of 100,000 users a month.

是的。我們考慮增長算法的方式是每用戶增長 7% - 5% 到 7% 的收入。本季度為 14%，其中一半實際上來自對 Segmint 的收購，因此這將是一個無機成分。但另外 7% 來自交叉銷售活動以及新客戶，其 RPU 遠高於現有客戶的公司平均水平。所以我們不懷疑，這會改變，這意味著 18% 到 20% 的數字用戶增長，這大約一半來自我們今年將實施的新徽標積壓，另一半來自只是我們的客戶在增長。我們通常認為我們的客戶以每月 100,000 名用戶的速度增長。

Got it. Okay. Yes, that's helpful. And then just one quick housekeeping item. Last quarter, you guys gave the Segmint contribution for the quarter. Did you guys give that for 1Q? This year that I might have missed because I think you acquired them in March of last year. So...

知道了。好的。是的，這很有幫助。然後只是一件快速的家務用品。上個季度，你們為本季度做出了 Segmint 的貢獻。你們給了 1Q 嗎？今年我可能錯過了，因為我認為您是在去年三月購買的。所以...

Yes. We acquired Segmint in April, and we adjusted our guidance $9 million at the point in which we added them. So $9 million for the remainder of 2022 and Segmint came in right at that $9 million of revenue contribution.

是的。我們在 4 月份收購了 Segmint，並在添加它們時調整了 900 萬美元的指導。因此，2022 年剩餘時間的 900 萬美元和 Segmint 恰好貢獻了這 900 萬美元的收入。

Our next question comes from Charles Nabhan from Stephens.

我們的下一個問題來自 Stephens 的 Charles Nabhan。

Just a couple of quick ones from me. First, does the deceleration in the M&A environment have any impact on user growth or your expectations for the next year for revenue?

我只是幾個快速的。首先，併購環境的放緩是否對用戶增長或您對明年收入的預期有任何影響？

So the user growth for us generally is coming from our clients growing organically. We have benefited from some consolidation. In fact, we had a renewal in January -- February of 2023, which was a result of the merger, and it's going to bring in a significant number of users at an FI level in 2024. So we do benefit from that. But generally, it's more from organic growth within the financial institution.

因此，我們的用戶增長通常來自我們客戶的有機增長。我們從一些合併中受益。事實上，我們在 2023 年 1 月 - 2 月進行了續約，這是合併的結果，它將在 2024 年帶來大量 FI 級別的用戶。所以我們確實從中受益。但總的來說，它更多來自金融機構內部的有機增長。

Got it. So it's good to see you're winning in the market and some very constructive positive commentary. But just curious, in terms of the feedback you hear from your new banks and credit union clients, where are you -- I'm just curious where you're specifically differentiating on these RFPs? Is it technology? Is it service? Is it all of the above? What I'm getting at here is just curious where you're winning specifically?

知道了。所以很高興看到你在市場上獲勝，並得到一些非常有建設性的積極評論。但只是好奇，就您從新銀行和信用合作社客戶那裡聽到的反饋而言，您在哪裡 - 我只是好奇您在哪些地方特別區分這些 RFP？是技術嗎？是服務嗎？是以上所有嗎？我在這裡得到的只是好奇你具體在哪裡獲勝？

Yes. The reasons why a customer chooses Alkami are, number one, they have a commitment to provide a great user experience for their consumer. We continue to rate at the very top of the App scores -- of the App Store scores on user experience that's known in the market that's understood by buyers. And so it starts with, are you a available performant secure system that I can count on? Do you provide my consumers a great user experience? Are you on -- are you on a modern technology platform that allows you to innovate and allows me -- the other thing that our customers have come to understand is $200 billion spent on fintech by venture capitalists in the last 18 months or so has created products that their consumers want.

是的。客戶選擇 Alkami 的原因是，第一，他們承諾為他們的消費者提供出色的用戶體驗。我們繼續在 App 評分中排名最高——在 App Store 的用戶體驗評分中，這是市場上眾所周知的，並且是買家所理解的。所以它首先是，你是一個我可以信賴的可用的高性能安全系統嗎？您是否為我的消費者提供了出色的用戶體驗？你在——你在一個現代技術平台上嗎，這個平台讓你和我一起創新——我們的客戶已經了解到的另一件事是，在過去 18 個月左右的時間裡，風險資本家在金融科技上花費了 2000 億美元，創造了他們的消費者想要的產品。

And so they want to understand, can I take a product that my consumer wants to use and integrate it into my digital banking, what I would begin to call, not just an application, but our digital banking platform. And then there's one that's kind of an intangible that is really, really important to customers, which is, are you down to earth approachable company that's humble, that's customer-focused that we're going to be able to work with because they understand that they're getting into a 7-year, 8-year, 9-year relationship. A lot of the customers that are looking to make a decision, actually, will spend multiple days at our headquarters, visiting with 40, 50 different Alkamists across the organization. Because like I said, they understand they're not just buying a product for one year's worth of use. They're getting into a long-term relationship with the company. So those are the things when people make a decision to buy Alkami, they make a decision to buy Alkami for those reasons.

因此他們想了解，我能否將我的消費者想要使用的產品集成到我的數字銀行中，我將開始稱之為，不僅僅是一個應用程序，而是我們的數字銀行平台。然後有一種無形的東西對客戶來說真的非常重要，也就是說，你們是一家腳踏實地、平易近人的公司嗎？它以客戶為中心，我們將能夠與之合作，因為他們明白這一點他們正在進入一段 7 年、8 年、9 年的關係。實際上，許多希望做出決定的客戶將在我們的總部度過多日，拜訪整個組織的 40、50 名不同的 Alkamists。因為就像我說的，他們明白他們購買的產品不只是為了一年的使用價值。他們正在與公司建立長期合作關係。所以當人們決定購買 Alkami 時，他們就是出於這些原因做出購買 Alkami 的決定。

Got it. I appreciate that color. And if I could sneak in one last quick one and apologize in advance if you touched on this. But how should we think about the growth rate for Segmint, the Segmint component of the revenue base over the next year?

知道了。我很欣賞那種顏色。如果你提到這個，我可以偷偷地講最後一個並提前道歉。但是我們應該如何考慮明年收入基礎的 Segmint 組件 Segmint 的增長率？

So we haven't provided specific outlook as it relates to Segmint. But we do have a lot of excitement and confidence on where it is in the market. Segmint -- since we acquired Segmint in April, Segmint created 50 new client relationships. 37 or so of those, 40 of those came from their standard go-to-market motion that they had prior to us acquiring them. Over the last couple of quarters of 2022, we started gaining quite a bit of momentum and including Segmint in new logo opportunities as well as cross-selling back into our base. So we're in the very, very early innings of gaining traction there, and we expect Segmint to continue to be a fairly significant contributor to our RPU expansion.

因此，我們沒有提供與 Segmint 相關的具體展望。但我們確實對它在市場上的位置充滿了興奮和信心。 Segmint——自從我們在 4 月份收購了 Segmint 以來，Segmint 建立了 50 個新的客戶關係。其中 37 個左右，其中 40 個來自他們在我們收購它們之前的標准上市動議。在 2022 年的最後幾個季度，我們開始獲得相當大的勢頭，將 Segmint 納入新標識機會以及交叉銷售回我們的基地。因此，我們正處於獲得牽引力的非常、非常早期的階段，我們希望 Segmint 繼續為我們的 RPU 擴展做出相當重要的貢獻。

Our next question comes from Josh Beck from KBCM.

我們的下一個問題來自 KBCM 的 Josh Beck。

This is Maddie on for Josh. Just wanted to say thank you for all the granularity you're giving on guidance and in the quarter, it seems super helpful. Just in terms of healthy backlog and implementation time line that you guys mentioned, how are you thinking about the penetration that you're at for the total market opportunity is my first question? And my second question is, how should we be thinking about margin expansion going forward? Obviously, you mentioned the 200 basis point expansion. Should that all just naturally come from the scaling of revenue or are there any additional cost-cutting initiatives that you guys need to take?

這是喬什的麥迪。只是想說謝謝你在指導方面提供的所有粒度，在本季度，它似乎非常有幫助。就你們提到的健康積壓和實施時間表而言，我的第一個問題是，你們如何看待你們對整個市場機會的滲透？我的第二個問題是，我們應該如何考慮未來的利潤率擴張？顯然，你提到了 200 個基點的擴張。這一切是否應該自然地來自收入的擴大，或者你們是否需要採取任何額外的成本削減措施？

Yes. I'll take the first one and let Bryan touch the second. But I would say we don't have cost-cutting initiatives. So I'll start with that. We -- I'll let -- so I'll let Bryan kind of talk to the gross margin expansion. We think we're in really, really early innings of a pretty large market. I think we said that we're at 14.5 million live registered users. The overall market is 280 million plus users, of which 1/3 of those might be owned by a small number of mega banks and mega credit unions.

是的。我拿第一個，讓布賴恩碰第二個。但我會說我們沒有削減成本的舉措。所以我將從那個開始。我們——我會讓——所以我會讓布萊恩談談毛利率的擴張。我們認為我們真的處於一個相當大的市場的早期階段。我想我們說過我們有 1450 萬實時註冊用戶。整個市場有 2.8 億多用戶，其中 1/3 可能由少數大型銀行和大型信用合作社擁有。

And so if you just kind of think of 2/3 of that being a market where everybody already has a digital banking platform, and that market is very fragmented with a significant number of those digital banking users being on legacy platforms that are not a great experience. We feel like we're in pretty early days of a pretty large TAM that we can go after. And I'll let Bryan talk about gross margin expansion.

因此，如果您認為其中 2/3 是每個人都已經擁有數字銀行平台的市場，並且該市場非常分散，其中大量數字銀行用戶都在傳統平台上，這些平台並不是很好經驗。我們覺得我們還處於我們可以追求的相當大的 TAM 的早期階段。我會讓布萊恩談談毛利率擴張。

Yes. Yes. And just before I move on to gross margin expansion back to the market penetration. So today, we're less than 8%, 7% penetrated in the overall market. As Alex mentioned, at the most penetrated level of the market, it's certainly higher than where Alkami is at, but Alkami is adding more digital users than any other provider in the space to the digital banking -- to our digital banking platform. So we see a market opportunity where over the next 3 years to 4 years, there's no reason why we would not have doubled our users based on the pace at which we're adding users today.

是的。是的。就在我繼續擴大毛利率回到市場滲透率之前。所以今天，我們在整個市場的滲透率不到 8%，7%。正如亞歷克斯所提到的，在市場滲透率最高的水平上，它肯定高於 Alkami 所處的位置，但 Alkami 為數字銀行業務——我們的數字銀行平台——增加了比該領域任何其他提供商更多的數字用戶。因此，我們看到了一個市場機會，在未來 3 到 4 年內，根據我們今天增加用戶的速度，我們沒有理由不將我們的用戶增加一倍。

So we don't feel there's a market saturation issue, and we think the market is hungry for innovation and innovation that can be added quickly and provides flexibility through an extensible platform, which is where Alkami sits today. From a gross margin perspective, I provided quite a bit of constructive narrative in my prepared comments today on gross margin. But to Alex's point, we're not going to achieve our margins through cutting costs. We're going to continue to invest in our platform. We're investing in our platform to provide more products to our clients as well as to have the ability to scale our platform more efficiently, which will add to our gross margin profile, all the while we'll also leverage our R&D spend while we're doing this.

所以我們不覺得存在市場飽和問題，我們認為市場渴望創新和可以快速添加的創新，並通過可擴展平台提供靈活性，這就是 Alkami 今天所處的位置。從毛利率的角度來看，我在今天準備好的毛利率評論中提供了相當多的建設性敘述。但在亞歷克斯看來，我們不會通過削減成本來實現利潤。我們將繼續投資於我們的平台。我們正在投資我們的平台，以便為我們的客戶提供更多產品，並能夠更有效地擴展我們的平台，這將增加我們的毛利率，同時我們還將利用我們的研發支出，同時我們正在做這個。

In other words, we'll gain operating leverage through that. I also mentioned how renewals can impact our gross margin. So at a unit economic level, when we renew a client, which we have a very high success rate at renewing clients, we achieved a 300 basis point to 500 basis point gross margin expansion at the contract level. And then finally, our third-party IP partners, that's an area where we had some success in restructuring and arrangement in Q4 of 2022. And we suspect as we continue to add more digital users to our platform, we'll be able to continue to leverage the economies related to those arrangements to Alkami. But that's kind of near-term areas in addition to revenue scale that will provide us gross margin expansion.

換句話說，我們將通過它獲得經營槓桿。我還提到了續訂如何影響我們的毛利率。因此，在單位經濟水平上，當我們續簽客戶時，我們在續簽客戶方面的成功率非常高，我們在合同層面實現了 300 個基點至 500 個基點的毛利率擴張。最後，我們的第三方 IP 合作夥伴，這是我們在 2022 年第四季度重組和安排方面取得一些成功的領域。我們懷疑隨著我們繼續向我們的平台添加更多數字用戶，我們將能夠繼續將與這些安排相關的經濟槓桿作用給 Alkami。但這是除了收入規模之外的短期領域，這將為我們提供毛利率擴張。

Awesome. And I appreciate that additional color. If I could sneak one last one in. Just wondering if you guys are seeing any differences on the willingness of IT spend between banks versus maybe credit unions kind of looking towards 2023 IT budgets in general?

驚人的。我很欣賞這種額外的顏色。如果我能偷偷最後一個。只是想知道你們是否看到銀行之間的 IT 支出意願與信用合作社對 2023 年 IT 預算的總體看法有什麼不同？

Yes, [Maddie], the conversations that I have with bank presidents and credit union CEOs is that obviously, because of the environment, they're scrutinizing the full stack of their IT budget and the full stack of their IT spend, but they prioritize their digital banking channel, right? And so that's where you've heard me talk about an understanding that this is a mandatory innovation for them. So I don't want to speak for any other industry other than digital banking. But I could imagine that on the fringes of a full stack of a bank's IT budget that there would be things that they would be shaving. But so far, we have not seen that on the digital banking investment and the digital banking channel.

是的，[Maddie]，我與銀行行長和信用合作社首席執行官的談話顯然是，由於環境的原因，他們正在審查他們的全部 IT 預算和全部 IT 支出，但他們優先考慮他們的數字銀行渠道，對嗎？所以這就是你聽到我談論理解這對他們來說是一項強制性創新的地方。所以我不想代表數字銀行以外的任何其他行業發言。但我可以想像，在銀行 IT 預算的完整堆棧的邊緣，他們會削減一些東西。但到目前為止，我們還沒有在數字銀行投資和數字銀行渠道上看到這一點。

We have a question from Patrick Walravens from JMP.

JMP 的 Patrick Walravens 提出了一個問題。

This is Owen on for Patrick. And congrats on the good results this quarter. So I was wondering a little more on kind of combined 2 of the previous questions on the add-on versus net new logo additions versus the -- and its effect on gross margins, and kind of philosophically, how do you guys think about going and pursuing those 2 different lines of business, considering its effects on the gross margin?

這是帕特里克的歐文。並祝賀本季度取得的好成績。所以我想知道更多關於附加組件與淨新徽標添加與 - 以及它對毛利率的影響以及哲學上的哲學問題，你們如何考慮去和考慮這兩個不同的業務線對毛利率的影響？

I'll let you answer the effect. I mean, I would start with saying when Bryan talked about, look, when we think out into the future, we think that a healthy enterprise SaaS software company that's got a product that people like and it's a company that people want to do business with, off to shape their business where they're getting about half of their new TCV growth from new logos and about half of their TCV growth from add-on sales.

我讓你回答效果。我的意思是，我首先要說的是，當布萊恩談到時，看，當我們展望未來時，我們認為一家健康的企業 SaaS 軟件公司擁有人們喜歡的產品並且人們希望與之開展業務, 開始塑造他們的業務，他們從新徽標中獲得大約一半的新 TCV 增長，大約一半的 TCV 增長來自附加銷售。

I mean, by the time you've acquired a customer and have a good relationship with a customer and you've got a professional account team that is engaged with that customer and understanding their business and really has a front row seat to how they're thinking about their digital banking platform, what that gives us is real insight into what their priority areas are, where they would invest.

我的意思是，當你獲得了一個客戶並與客戶建立了良好的關係，並且你已經擁有了一個專業的客戶團隊，該團隊與該客戶互動並了解他們的業務並且真正處於前排座位上重新考慮他們的數字銀行平台，這讓我們真正了解他們的優先領域是什麼，他們會在哪裡投資。

And so that allows us -- that's kind of a virtuous cycle that then feeds back into our product management organization and gives us view of the products that we should build or the partnerships that we should have or the acquisitions that we should make. So we think of, first of all, begin with the end in mind, a really healthy enterprise SaaS software company. It's got about half of their new TCV that's coming from add-on sales.

因此，這讓我們——這是一種良性循環，然後反饋到我們的產品管理組織，讓我們了解我們應該構建的產品或我們應該擁有的合作夥伴關係或我們應該進行的收購。所以我們想到，首先，以終為始，一個真正健康的企業SaaS軟件公司。它有大約一半的新 TCV 來自附加銷售。

And then if you've got a really good account team between your sales team and your customer success team, you get really good insight with these customers about where their investment priorities are, and that gives you great feedback into the product management organization. So that's how we think about the business in general. I'll let Bryan talk about how we think about it impacting the gross margin.

然後，如果您在銷售團隊和客戶成功團隊之間擁有一支非常優秀的客戶團隊，您就可以很好地了解這些客戶，了解他們的投資重點在哪裡，這會讓您對產品管理組織產生很好的反饋。這就是我們對整個業務的看法。我會讓布萊恩談談我們如何看待它對毛利率的影響。

Yes. A couple of benefits from add-on sales. [The first one], maybe even the most important is an add-on sale is significantly less effort in the implementation process. And what I mean by that is a new logo today for Alkami has on average 20 system integrations that occur in order to launch the platform and the new logo. The add-on sale effort from an implementation perspective, there is still some complication there.

是的。附加銷售有幾個好處。 [第一個]，也許最重要的是附加銷售在實施過程中的努力要少得多。我的意思是，今天 Alkami 的新徽標平均有 20 個系統集成，以啟動平台和新徽標。從實施的角度來看，附加銷售工作仍然有些複雜。

However, it's able to leverage those integrations that occur once the platform has been integrated. That results in a lower implementation effort in terms of cost, which helps the gross margin profile. Secondly, an add-on sale, the speed to revenues going from order to revenue is much quicker. So to the extent that we're having success in add-on sales, it can be an acceleration to our organic growth profile.

但是，它能夠利用平台集成後發生的那些集成。這導致成本方面的實施工作量減少，這有助於提高毛利率。其次，附加銷售，從訂單到收入的收入速度要快得多。因此，就我們在附加銷售方面取得的成功而言，它可以加速我們的有機增長。

Thank you. And this concludes our question-and-answer session, and it also concludes the conference. Thank you for attending today's presentation. You may now disconnect.

謝謝。我們的問答環節到此結束，會議也到此結束。感謝您參加今天的演講。您現在可以斷開連接。