Alkami Technology Inc (ALKT) 2023 Q1 法說會逐字稿

Hello, and welcome to Alkami's First Quarter 2023 Financial Results Conference Call. My name is Sarah, and I will be your operator for today's call. (Operator Instructions) Please note, this event is being recorded.

您好，歡迎參加 Alkami 2023 年第一季度財務業績電話會議。我叫莎拉，我將擔任今天電話的接線員。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the call over to Andrew Vinas. Andrew, you may begin.

我現在想把電話轉給安德魯·維納斯。安德魯，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.

謝謝你，接線員。與我一起參加今天電話會議的是首席執行官 Alex Shootman；和首席財務官 Bryan Hill。

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 entitled Risk Factors and Forward-Looking Statements. 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.

在今天的電話會議中，我們可能會就有關我們未來業績的指導和其他事項發表前瞻性聲明。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會有很大不同。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 表格中題為“風險因素和前瞻性陳述”的部分。電話會議期間發表的聲明截至今天，我們不承擔更新或修改任何前瞻性聲明的義務。

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 filings with the SEC.

此外，除非另有說明，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。可在我們的收益新聞稿和向美國證券交易委員會提交的文件中找到可比較的公認會計準則財務指標的調節表。

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 welcome, everyone. I am pleased to report another quarter of strong top line performance and continued progress towards profitability. In the first quarter of 2023, Alkami grew revenue 34%, once again ahead of our expectations. We exited the quarter with 15.1 million live registered users on the Alkami platform, up 2.3 million compared to the prior year. And we achieved a $2.9 million adjusted EBITDA loss, better than the high end of our guidance for the quarter. This result keeps us on track to adjusted EBITDA profitability, which we continue to expect by the end of this year.

謝謝你，安德魯，歡迎大家。我很高興地報告另一個季度的強勁營收業績以及盈利能力方面的持續進展。 2023 年第一季度，Alkami 收入增長 34%，再次超出我們的預期。本季度結束時，Alkami 平台上的實時註冊用戶數為 1510 萬，比上一年增加了 230 萬。我們實現了 290 萬美元的調整後 EBITDA 損失，好於我們本季度指導的上限。這一結果使我們有望實現調整後的 EBITDA 盈利能力，我們仍然預計到今年年底會實現這一目標。

Let me start with a topic that I know is top of mind for investors since the recent failures of Silicon Valley Bank, Signature and First Republic, the macro environment for regional and community financial institutions. Since the end of March, I've been in the offices of 13 different CEOs of banks and credit unions, and those conversations, along with the data we see in our own systems, tell the same story. Our client base and target market has not been impacted by these bank failures. In my conversations, clients described the bank collapses as driven by specific business models, risk management decisions and the resulting mix of assets and liabilities that are different from those of our clients.

讓我從一個我知道自從最近矽谷銀行、Signature 和 First Republic 失敗以來投資者最關心的話題開始，即區域和社區金融機構的宏觀環境。自 3 月底以來，我去過 13 家銀行和信用合作社不同首席執行官的辦公室，這些對話以及我們在自己的系統中看到的數據都講述了同樣的故事。我們的客戶群和目標市場並未受到這些銀行倒閉的影響。在我的談話中，客戶將銀行的倒閉描述為由特定的商業模式、風險管理決策以及由此產生的與我們客戶不同的資產和負債組合驅動的。

The CEOs told me their businesses are sound, they are well capitalized and they have low percentage of accounts above insured limits. Their focus is more upon the changing rate environment, they're experiencing high loan demand and a shift in cost of deposits. In short, they are managing net interest margin in a dynamic environment. Each of these CEOs have been through many economic cycles. They reacted calmly to the bank collapses and our business strategies to adjust to the current economic situation. Each also told me that digital banking remains critical as they attract deposits and create and deploy new products.

首席執行官們告訴我，他們的業務穩健，資本充足，超過保險限額的賬戶比例很低。他們的重點更多地放在不斷變化的利率環境上，他們正在經歷高貸款需求和存款成本的變化。簡而言之，他們是在動態環境中管理淨息差。這些首席執行官中的每一位都經歷過許多經濟周期。他們對銀行倒閉和我們的業務策略做出了冷靜的反應，以適應當前的經濟形勢。每個人還告訴我，數字銀行在吸引存款以及創建和部署新產品方面仍然至關重要。

Our data tells us the same story as the CEOs. As a reminder, because of the data architecture of our single code base, we can capture, store and monitor anonymized transaction data. Across all of Alkami's clients, only 0.91% of Alkami digital banking users have any uninsured deposits, and an analysis of total deposits at Alkami customers shows that the percentage of uninsured deposits declined from 16.78% on March 16 to 16.51% in April. While at the same time, there was a 0.25% increase in overall deposits.

我們的數據告訴我們與首席執行官們相同的故事。提醒一下，由於我們單一代碼庫的數據架構，我們可以捕獲、存儲和監控匿名交易數據。在Alkami的所有客戶中，只有0.91%的Alkami數字銀行用戶有未保險存款，對Alkami客戶總存款的分析顯示，未保險存款比例從3月16日的16.78%下降到4月份的16.51%。與此同時，存款總額增長了0.25%。

In summary, during a dynamic period for a few large superregional banks, Alkami's target market remains stable. The CEO sentiment I've heard and the data from our system matches with the activity we're seeing in our sales pipeline, which so far has continued to grow. We're seeing normal sales cycles and have yet to encounter increased buyer uncertainty. In fact, as Bryan will detail later in the call, our add-on sales to existing clients outperformed our internal plans for the quarter. We see this as evidence for continued demand for Alkami's digital banking technology.

綜上所述，在一些大型超區域銀行的活躍時期，Alkami 的目標市場保持穩定。我聽到的首席執行官的情緒以及我們系統中的數據與我們在銷售渠道中看到的活動相匹配，到目前為止，銷售渠道一直在持續增長。我們看到的是正常的銷售週期，但尚未遇到買家不確定性增加的情況。事實上，正如布萊恩稍後在電話會議中詳細介紹的那樣，我們對現有客戶的附加銷售超出了我們本季度的內部計劃。我們認為這是對 Alkami 數字銀行技術持續需求的證據。

Another question we've heard from investors is whether consolidation within the roughly 9,500 banks and credit unions in the United States will impact our growth. As a reminder, our target market is the top 2,000 financial institutions outside the mega banks. These are expansion-oriented institutions that see technology as critical to their growth strategy and are the primary acquirers in any industry consolidation.

我們從投資者那裡聽到的另一個問題是，美國大約 9,500 家銀行和信用合作社的整合是否會影響我們的增長。提醒一下，我們的目標市場是大型銀行之外的前 2,000 家金融機構。這些是以擴張為導向的機構，將技術視為其增長戰略的關鍵，並且是任何行業整合中的主要收購者。

As an example, during the first quarter, one of our clients renewed their contract, adding approximately 190,000 users in connection with the merger of a related financial institution. We expect those additional users to be added to our platform during 2024 and will be added similar to a new logo implementation cycle. We cannot predict exactly when mergers or acquisitions like this will occur, but we expect to continue to benefit from industry consolidation as a result of our product and market focus.

例如，在第一季度，我們的一個客戶續簽了合同，因合併一家相關金融機構而增加了約 190,000 名用戶。我們預計這些額外的用戶將在 2024 年期間添加到我們的平台，並且添加方式與新徽標實施週期類似。我們無法準確預測此類合併或收購何時會發生，但由於我們對產品和市場的關注，我們預計將繼續受益於行業整合。

In addition to seeing 13 CEOs in their offices, I was able to see over 400 clients and prospects representing 191 financial institutions at our annual user conference in the Dallas area in April. This was the largest in-person event in our history, reflecting continued interest in Alkami's offerings. You're welcome to review a recap on our website, but here are a couple of items we shared with the attendees.

4 月份在達拉斯地區舉行的年度用戶大會上，除了在辦公室見到了 13 位首席執行官之外，我還見到了代表 191 家金融機構的 400 多名客戶和潛在客戶。這是我們歷史上規模最大的現場活動，反映出人們對 Alkami 產品的持續興趣。歡迎您在我們的網站上查看回顧，但以下是我們與與會者分享的一些內容。

First, we presented some new primary research by Alkami that shows consumers expect personalization and an increasingly digital experience. Some highlights from the research include 55% of consumers expect their preferred financial institution to know if they are under financial stress and proactively offer ways to help. 61% expect their preferred financial institution to use their income and purchasing data to provide custom information, advice and offers. And 44% prefer to open a checking or savings account completely online. And 78% of mega bank customers would be open to switching their deposit accounts over to a local or regional financial institution that offered better interest rates and a 5-minute digital account opening experience. This is significant. Given a report from The Wall Street Journal that since 2014, Americans have forfeited $603 billion in interest by leaving their deposits in the 5 largest bank.

首先，我們介紹了 Alkami 的一些新的初步研究，這些研究表明消費者期望個性化和日益數字化的體驗。該研究的一些亮點包括 55% 的消費者希望他們喜歡的金融機構知道他們是否面臨財務壓力，並主動提供幫助。 61% 的人希望他們喜歡的金融機構利用他們的收入和購買數據來提供定制信息、建議和優惠。 44% 的人更喜歡完全在線開設支票或儲蓄賬戶。 78% 的大型銀行客戶願意將其存款賬戶轉移到提供更好利率和 5 分鐘數字開戶體驗的當地或地區金融機構。這很重要。據《華爾街日報》報導，自2014年以來，美國人因將存款留在第五大銀行而損失了6030億美元的利息。

Second, we outlined elements of our long-term product strategy, which is based upon consistent feedback from the market. Our target market wants to shrink the footprint of their core system to focus on their back office, and then they want a digital sales and service platform that integrates with their core and provides them the ability to personalize the customer or member experience. In response, the Alkami long-term product strategy is focused in 3 areas.

其次，我們概述了我們長期產品戰略的要素，該戰略基於市場的一致反饋。我們的目標市場希望縮小其核心系統的佔用空間，以專注於後台，然後他們需要一個與其核心集成的數字銷售和服務平台，並為他們提供個性化客戶或會員體驗的能力。為此，Alkami 的長期產品戰略主要集中在 3 個領域。

The first is to continue to be a great digital banking application. The primary decision criteria for anyone selecting or remaining with the digital banking technology are user experience and reliability. We continue to invest to make sure that our clients' customers have a great experience by extending our user experience development efforts to even more of their journey. And in last quarter's earnings call, I outlined the activities underway to make sure that the Alkami platform can continue to scale and deliver the reliability and performance expected out of an online banking application.

首先是繼續成為出色的數字銀行應用程序。任何人選擇或繼續使用數字銀行技術的主要決策標準是用戶體驗和可靠性。我們繼續投資，將我們的用戶體驗開發工作擴展到客戶的更多旅程，以確保客戶的客戶獲得良好的體驗。在上季度的財報電話會議中，我概述了正在進行的活動，以確保 Alkami 平台能夠繼續擴展並提供在線銀行應用程序預期的可靠性和性能。

The second part of our product strategy is to extend the notion of user experience to include making it easier for our clients' customers to use innovation by extending Alkami's platform capabilities. Since 2019, $742 billion has been invested in fintech, which has resulted in new capabilities our clients' customers desire. Alkami will continue to build out extensibility elements of our platform, such as our SDK and API, so that our customers can easily integrate new product offerings.

我們產品戰略的第二部分是擴展用戶體驗的概念，包括通過擴展 Alkami 的平台功能，讓我們客戶的客戶更輕鬆地使用創新。自 2019 年以來，金融科技已投​​資 7,420 億美元，這為我們的客戶帶來了他們所渴望的新功能。 Alkami 將繼續構建我們平台的可擴展性元素，例如我們的 SDK 和 API，以便我們的客戶可以輕鬆集成新產品。

The third is to unleash the power of our clients' data. Financial institutions should be the best at creating individual experiences because their core and digital banking systems has the best data available to target and deliver content and measure the return on investment of their efforts. Alkami will deliver specialized data and marketing technology to make it easy for our clients to create personalized digital banking experiences.

三是釋放客戶數據的力量。金融機構應該最擅長創造個人體驗，因為它們的核心和數字銀行系統擁有最佳的可用數據來定位和交付內容並衡量其努力的投資回報。 Alkami 將提供專業的數據和營銷技術，使我們的客戶能夠輕鬆創建個性化的數字銀行體驗。

In closing, I'm enthusiastic about our opportunity. We continue to see healthy demand, and our target market is still in the early stage of digital innovation. Our clients require modern banking solutions, and they consider investments in Alkami to be mandatory innovation in their most important channel. As they seek growth, they are investing in digital onboarding technologies and business banking to attract new customers. And every client or prospect I talk with realizes their data will allow them to create personalized experience for their customers, and they are initiating their data strategies.

最後，我對我們的機會充滿熱情。我們繼續看到健康的需求，我們的目標市場仍處於數字創新的早期階段。我們的客戶需要現代銀行解決方案，他們認為對 Alkami 的投資是他們最重要渠道的強制性創新。在尋求增長的同時，他們正在投資數字化入職技術和商業銀行業務以吸引新客戶。我交談過的每一位客戶或潛在客戶都意識到他們的數據將使他們能夠為客戶創造個性化體驗，並且他們正在啟動他們的數據策略。

Internally, we continue to build momentum on all of our key initiatives, and we continue to benefit from the scale built into our business. Altogether, this makes me confident in both our operational and financial objectives for 2023 and beyond.

在內部，我們繼續為所有關鍵舉措注入動力，並繼續從業務規模中受益。總而言之，這讓我對 2023 年及以後的運營和財務目標充滿信心。

And now I'll hand the call to Bryan to take us through the numbers.

現在我將把電話交給布萊恩，讓他帶我們了解這些數字。

Thanks, Alex, and good afternoon, everyone. During the first quarter of 2023, we continue to deliver strong financial results and experienced healthy demand for innovation from new logo opportunities and our existing client base. For the first quarter of 2023, we achieved revenue of $60 million, which outperforms the high end of our financial guidance and represents growth of 34%. This was driven by strong performance across our primary revenue drivers. We implemented 7 new clients in the quarter, bringing our digital banking platform client count to 206. We now have 42 new clients in our implementation backlog representing 1.4 million digital users.

謝謝，亞歷克斯，大家下午好。 2023 年第一季度，我們繼續實現強勁的財務業績，並從新徽標機會和現有客戶群中體驗到對創新的健康需求。 2023 年第一季度，我們實現了 6000 萬美元的收入，超出了我們財務指導的上限，增長了 34%。這是由我們主要收入驅動因素的強勁表現推動的。我們在本季度實施了 7 個新客戶，使我們的數字銀行平台客戶數量達到 206 個。目前，我們的實施積壓中有 42 個新客戶，代表著 140 萬數字用戶。

We exited the quarter with 15.1 million registered users live in our digital banking platform, up 2.3 million or 18% compared to last year and up sequentially 583,000 digital users. Over the last 12 months, digital user growth continues to be driven by 2 areas. First, we implemented 34 financial institutions supporting 1.4 million digital users. Second, our existing clients increased their digital user adoption by 1.3 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 the third quarter of 2022.

本季度結束時，我們的數字銀行平台註冊用戶數為 1,510 萬，比去年增加 230 萬，即 18%，數字用戶比上一季度增加 583,000 名。在過去 12 個月中，數字用戶的增長繼續由兩個領域推動。首先，我們建立了 34 家金融機構，支持 140 萬數字用戶。其次，我們現有客戶的數字用戶採用率增加了 130 萬。超過 30 萬數字用戶的流失抵消了數字用戶的增長，其中大多數是在 2022 年第三季度從我們平台轉移的單個客戶。

We continue to maintain a very high gross retention rate of just over 97% measured in terms of ARR and digital users retained over the last 12 months. We ended the quarter with an RPU of $15.88, which is 15% higher than last year. This compares to our blended market opportunity of approximately $58 per user. The Segmint acquisition contributed 7% of ARPU expansion, along with ARPU expansion of 8%, driven by add-on sales success and the addition of new clients who tend to onboard with a higher average ARPU.

以 ARR 和過去 12 個月保留的數字用戶衡量，我們繼續保持略高於 97% 的極高毛保留率。本季度結束時，我們的 RPU 為 15.88 美元，比去年增加了 15%。相比之下，我們的混合市場機會約為每位用戶 58 美元。 Segmint 的收購貢獻了 ARPU 增長的 7%，在附加銷售成功以及傾向於平均 ARPU 較高的新客戶的推動下，ARPU 增長了 8%。

Subscription revenue grew 34% compared to the prior year quarter and represents approximately 96% of total revenue. We increased ARR by 36% and exited the first quarter at $240 million. In addition, we currently have approximately $48 million of ARR and backlog for implementation over the next 12 months. We continue to see healthy demand across our product portfolio.

訂閱收入比去年同期增長 34%，約佔總收入的 96%。我們將 ARR 提高了 36%，第一季度的收入為 2.4 億美元。此外，我們目前還有大約 4800 萬美元的 ARR 和積壓訂單可供在未來 12 個月內實施。我們繼續看到我們的產品組合的健康需求。

Our Q1 2023 new sales performance outpaced 2022 by over 40%. We signed 6 new digital banking platform clients for the first quarter, of which 3 are banks. Included as a new logo sale, during the first quarter, an existing client merged with a related financial institution, adding roughly 190,000 digital users. This demonstrates our go-to-market advantage resulting from a focus on the top 2,000 financial institutions and how this segment of the market may benefit from market consolidation.

我們 2023 年第一季度的新銷售業績比 2022 年增長了 40% 以上。一季度新簽約數字銀行平台客戶6家，其中銀行3家。第一季度，一家現有客戶與一家相關金融機構合併，其中包括新徽標銷售，增加了大約 190,000 名數字用戶。這證明了我們因專注於前 2,000 家金融機構而獲得的進入市場優勢，以及該細分市場如何從市場整合中受益。

Our add-on sales focus continues to yield returns, representing over 50% of new sales for Q1 2023 compared to 24% and 37% for the 2021 and 2022 full year periods. In addition to add-on sales, our client sales team is responsible for client contract renewals. During Q1 2023, we renewed 3 client relationships where we raised the ARR run rate 9% through a combination of new product sales and higher minimum commitments. We expect to renew over 20 clients during 2023.

我們的附加銷售重點繼續是產生回報，佔 2023 年第一季度新銷售額的 50% 以上，而 2021 年和 2022 年全年這一比例為 24% 和 37%。除了附加銷售外，我們的客戶銷售團隊還負責客戶合同的續簽。 2023 年第一季度，我們續簽了 3 個客戶關係，通過新產品銷售和更高的最低承諾相結合，我們將 ARR 運行率提高了 9%。我們預計 2023 年將續約 20 多個客戶。

Now turning to gross margin and profitability. For the first quarter of 2023, non-GAAP gross margin was 58.1%, slightly lower than the prior year quarter, representing 20 basis points of contraction but 170 basis points higher than Q4 of 2022. Improvement in our gross margin run rate compared to Q4 2022 results from leveraging prior implementation investment, improvement in our hosting cost unit economics, an improvement in third-party IP partner cost execution due to actions taken late last year. Our near-term target operating model is 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. Also, we expect to achieve a gross margin above 60% during Q4 2023 as we exit the year.

現在轉向毛利率和盈利能力。 2023 年第一季度，非 GAAP 毛利率為 58.1%，略低於去年同期，收縮 20 個基點，但比 2022 年第四季度高 170 個基點。與第四季度相比，我們的毛利率運行率有所改善2022 年的成果得益於利用先前的實施投資、我們的託管成本單位經濟效益的改善以及由於去年年底採取的行動而導致的第三方 IP 合作夥伴成本執行的改善。隨著我們擴大收入規模，我們的近期目標運營模式是 65% 的非 GAAP 毛利率。我們預計毛利率將以每年平均約 200 個基點的擴張速度實現目標，到 2026 年達到 65% 的水平。此外，隨著我們退出 2023 年第四季度，我們預計毛利率將達到 60% 以上。年。

Moving to operating expenses. For the first quarter of 2023, non-GAAP R&D expense was $16.8 million or 28% of revenue, 60 basis points higher than the year ago quarter. Margin dilution was primarily driven by higher headcount as we've invested in our technology platform for scale. We expect R&D as a percentage of revenue to scale as we progress through 2023, especially in the back half of 2023. 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.

轉向運營費用。 2023 年第一季度，非 GAAP 研發費用為 1,680 萬美元，佔收入的 28%，比去年同期高 60 個基點。利潤稀釋主要是由於員工人數增加造成的，因為我們投資了我們的技術平台以實現規模化。我們預計，隨著 2023 年的進展，研發佔收入的百分比將會擴大，特別是在 2023 年下半年。提醒一下，我們的目標運營模式是在我們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 expense were $9.3 million or 15% of revenue. In the prior year quarter, sales and marketing represented 16% of revenue. 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 expense throughout the year, bear in mind, April is when we held our annual client conference, which results in approximately $1.8 million of higher spend in our second quarter when compared to other quarters of the year.

非 GAAP 銷售和營銷費用為 930 萬美元，佔收入的 15%。去年同期，銷售和營銷佔收入的 16%。隨著我們擴大業務並獲得市場份額，我們預計將保持或略微提高我們的上市效率。就全年銷售和營銷費用的進展而言，請記住，四月份是我們舉行年度客戶會議的時間，這導致我們第二季度的支出比一年中其他季度增加了約 180 萬美元。

Non-GAAP general and administrative expense was $12.4 million or 21% of revenue. In the prior year quarter, G&A was approximately 24% of revenue. The margin expansion is primarily attributable to revenue scale. We expect to leverage G&A expense as a percentage of revenue as we move towards our profitability objective, with an expectation of 10% to 12% of revenue during 2026.

非 GAAP 一般及管理費用為 1,240 萬美元，佔收入的 21%。去年同期，G&A 約佔收入的 24%。利潤率的擴大主要歸因於收入規模。隨著我們實現盈利目標，我們預計將利用 G&A 費用佔收入的百分比，預計 2026 年佔收入的 10% 至 12%。

Our adjusted EBITDA loss for the first quarter was $2.9 million, which is better than the high end of our expectations and 18% better than the prior year quarter. We expect to be adjusted EBITDA positive starting in Q4 2023. As a reminder, our target operating model is to exceed an adjusted EBITDA margin of 20%, which we expect to occur for the full year of 2026, which coincides with the achievement of our 65% gross margin goal.

第一季度調整後 EBITDA 虧損為 290 萬美元，好於我們預期的上限，比去年同期好 18%。我們預計從 2023 年第四季度開始調整後 EBITDA 為正值。提醒一下，我們的目標運營模式是調整後 EBITDA 利潤率超過 20%，我們預計在 2026 年全年實現這一目標，這與我們實現65%的毛利率目標。

Now moving on to the balance sheet. We ended the quarter with just over $185 million of cash and marketable securities and just under $85 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, which we will achieve a few quarters after becoming adjusted EBITDA positive.

現在轉向資產負債表。本季度結束時，我們的現金和有價證券略高於 1.85 億美元，債務略低於 8500 萬美元。我們對我們的淨現金頭寸感到滿意，因為它代表了實現自由現金流為正值所需的資本的數倍，我們將在調整後的 EBITDA 為正值後幾個季度實現這一目標。

Related to our liquidity and the recent bank failures, Alkami filed an 8-K on March 13 of this year, disclosing limited revenue and liquidity exposure with Silicon Valley Bank. This exposure was ultimately remedied by the First Citizens acquisition. Related to Signature Bank and more recently, First Republic Bank, Alkami possesses no revenue or liquidity exposure with these financial institutions.

與我們的流動性和最近的銀行倒閉有關，Alkami 於今年 3 月 13 日提交了 8-K，披露了矽谷銀行的有限收入和流動性風險。這一風險最終通過收購 First Citizens 得到糾正。與 Signature Bank 以及最近的 First Republic Bank 相關，Alkami 在這些金融機構中沒有任何收入或流動性風險。

Now turning to guidance. For the second quarter of 2023, we are providing guidance for revenue in the range of $62.5 million to $63.5 million, and an adjusted EBITDA loss of $4.5 million to $3.5 million. For the full year of 2023, we are raising guidance for revenue to a range of $257 million to $261 million, representing revenue growth of 26% to 28%, and an adjusted EBITDA loss of $6 million to $3 million. Additionally, because the impact of expense timing, such as our client conference, as mentioned earlier, we expect the second quarter to be the high point of our adjusted EBITDA losses in 2023, modestly higher than the first quarter of the year.

現在轉向指導。對於 2023 年第二季度，我們提供的收入指引為 6250 萬美元至 6350 萬美元，調整後 EBITDA 虧損為 450 萬美元至 350 萬美元。對於 2023 年全年，我們將收入指引提高至 2.57 億美元至 2.61 億美元，即收入增長 26% 至 28%，調整後 EBITDA 損失為 600 萬美元至 300 萬美元。此外，由於費用時間的影響，例如我們前面提到的客戶會議，我們預計第二季度將成為 2023 年調整後 EBITDA 虧損的最高點，略高於今年第一季度。

In closing, I'm very pleased with our continued execution, both operationally and financially. We are demonstrating growing success in the market, continued discipline in our operating costs and our commitment to drive shareholder value through both revenue growth and margin expansion. We remain on track across over 65% gross margin and a 20% adjusted EBITDA margin objective in 2026, all while establishing Alkami as the premier digital banking provider in the marketplace.

最後，我對我們在運營和財務方面的持續執行感到非常滿意。我們在市場上不斷取得成功，持續嚴格控制運營成本，並致力於通過收入增長和利潤率擴張來推動股東價值。我們仍將在 2026 年實現超過 65% 的毛利率和 20% 的調整後 EBITDA 利潤率目標，同時將 Alkami 打造成市場上首屈一指的數字銀行提供商。

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

這樣，我會將電話轉給接線員詢問問題。

(Operator Instructions) Our first question comes from Mayank Tandon with Needham.

（操作員說明）我們的第一個問題來自 Mayank Tandon 和 Needham。

First, congrats on the quarter and in the midst of all this uncertainty. So Alex, I just wanted to ask you, given that this crisis seems to be spreading with news breaking this evening with PacWest Bank also now exploring options, do you feel any concern that if this does continue to spread, at some point, that could have some implications for incremental opportunities as you look to expand into the bank market? Could you maybe spend a little bit more time giving us your thoughts on potential opportunities if the crisis gets worse?

首先，祝賀本季度以及在所有這些不確定性之中。亞歷克斯，我只是想問你，考慮到這場危機似乎正在蔓延，今晚有消息傳出，太平洋西岸銀行也在探索選擇，你是否擔心如果這種情況在某個時候繼續蔓延，可能會發生什麼？當您希望擴展到銀行市場時，這會對增量機會產生一些影響嗎？如果危機惡化，您能否多花一點時間告訴我們您對潛在機會的看法？

Yes. If you look at the banks that have been affected, these are banks with many tens of billion dollars of assets that are publicly traded banks. And as I said earlier, they have specific business models. I had one customer tell me, "Hey, Alex, that wasn't a run on a bank. That was a run on a business model." So they have specific business models that are causing challenges right now. And our target market doesn't have those business models.

是的。如果你看看受到影響的銀行，這些銀行都是擁有數百億美元資產的上市銀行。正如我之前所說，他們有特定的商業模式。一位客戶告訴我，“嘿，亞歷克斯，這不是銀行擠兌。這是商業模式擠兌。”因此，他們的特定商業模式目前正在帶來挑戰。而我們的目標市場沒有這些商業模式。

And so that's why the customers that I talk to individually said, look, I didn't get a call from a -- one customer got one call from a teenager who had a $5,000 savings account that wanted to know if their money was going to be okay. These customers all told me that they had maybe 92%, 93% of their accounts were under deposit limits, and they had enough capital cushion to cover anything that was over a deposit limit. And so I'm not Nostradamus, I can't predict the future, but the problems that are -- that impacted the 3 banks that failed and then my understanding of PacWest's business model, just different business models in our target market.

這就是為什麼我單獨交談的客戶說，聽著，我沒有接到——一位客戶接到一個青少年的電話，他有一個 5,000 美元的儲蓄賬戶，想知道他們的錢是否會被存入銀行。好好地。這些客戶都告訴我，他們可能有 92%、93% 的賬戶處​​於存款限額之下，而且他們有足夠的資本緩衝來支付任何超過存款限額的資金。所以我不是諾查丹瑪斯，我無法預測未來，但影響倒閉的 3 家銀行以及我對 PacWest 商業模式的理解的問題，只是我們目標市場的不同商業模式。

Got it. That's helpful. And then I just want to ask you a follow-up question. Again, you talked a little bit about the product portfolio and the attach rates. So as you look at your core solutions, I think you have 26, if I remember correctly, maybe that has expanded over time, could you point to where areas you're seeing the most traction in terms of interest from your clients and maybe areas that you might be seeing softer trends? So just give us a little bit more color on the portfolio, how that's shaking out as you talk to customers in terms of interest from their side.

知道了。這很有幫助。然後我想問你一個後續問題。您再次談到了產品組合和附加費率。因此，當您查看您的核心解決方案時，我認為您有 26 個，如果我沒記錯的話，也許會隨著時間的推移而擴大，您能否指出您認為客戶最感興趣的領域以及可能的領域您可能會看到更疲軟的趨勢？因此，請給我們更多關於產品組合的信息，當您與客戶談論他們的興趣時，這是如何變化的。

Yes. Mayank, this is Bryan. I'll take this question. Our clients, and we've talked about this at Co:lab, but they truly view our platform as a sales channel as well as a service platform. So it helps them drive revenue. It helps them drive engagement as well as helps them on the operating cost side of their business. So as we enter into a -- what can be viewed as a challenged economy, our platform really helps in both areas where they're focused.

是的。瑪揚克，這是布萊恩。我來回答這個問題。我們的客戶，我們已經在 Co:lab 討論過這一點，但他們真正將我們的平台視為銷售渠道和服務平台。所以它可以幫助他們增加收入。它可以幫助他們提高參與度，並幫助他們降低業務的運營成本。因此，當我們進入一個可以被視為充滿挑戰的經濟時，我們的平台確實在他們關注的兩個領域提供了幫助。

So where we normally see for new logo opportunities is there's about 11 products that cut across our product portfolio across our 8 product family categories that are almost on every deal. And then depending on the operating strategy and the priorities of the financial institution, there's another 10-or-so products that tend to get taken at different take rates across our product portfolio. And those can be in the areas of security, they can be in the areas of financial wellness, in some cases, in the areas of client services, which includes like chatbots and things of that nature. So it just depends on the client's operating strategy.

因此，我們通常看到的新徽標機會是大約有 11 種產品貫穿我們的 8 個產品系列類別中的產品組合，這些產品幾乎出現在每筆交易中。然後，根據金融機構的運營策略和優先事項，還有另外 10 種左右的產品往往會在我們的產品組合中以不同的利率被採用。這些可以是安全領域，可以是財務健康領域，在某些情況下，可以是客戶服務領域，其中包括聊天機器人和類似性質的東西。所以這僅取決於客戶的運營策略。

Also what we see in our client sales team where they're selling into our existing client base is traction across those same last 3 categories. So where we have seen in 2022 and then also in early 2023 is a lot of take within our money movement products, which includes bill pay and accounts or instant ID verification. Within client services, I touched base on kind of chat or conversational AI-type products. And then within fraud and security, around account takeover and then also our ACH Alert product.

此外，我們在客戶銷售團隊中看到，他們向我們現有的客戶群進行銷售，這也是最後三個類別的吸引力。因此，我們在 2022 年以及 2023 年初看到了我們的資金轉移產品的大量應用，其中包括賬單支付和賬戶或即時身份驗證。在客戶服務中，我接觸到了聊天或對話式人工智能類型的產品。然後是欺詐和安全、賬戶接管以及我們的 ACH 警報產品。

Maybe if I just -- if I layer on top of that, kind of this fits with Bryan's narrative. The 3 main kind of business topics, if you will, that customers will have will be around fraud, right, and how do you help me protect my members and customers against themselves, right? So the whole account takeover piece. Bryan talked about money movement. Everything related to any type of digital issuance with a card or any kind of digital account opening, anything that they can do to remove friction for a customer or member, and then data. They are all understanding that they have to begin to differentiate themselves not just through a great user experience, but through the way that they personalize that experience, and they have to do that with the way that they use data. And that can create service opportunities for them or that can create additional product sales opportunities for them. But think of the 3 big buckets of fraud, money movement and data.

也許如果我——如果我在此之上分層，這有點符合佈萊恩的敘述。如果您願意的話，客戶將面臨的 3 種主要業務主題將圍繞欺詐，對吧，以及您如何幫助我保護我的會員和客戶免受自身侵害，對吧？所以整個帳戶接管部分。布萊恩談到了貨幣流動。與任何類型的卡數字發行或任何類型的數字賬戶開設相關的一切，他們可以採取的任何措施來消除客戶或會員的摩擦，然後是數據。他們都明白，他們必須開始脫穎而出，不僅要通過出色的用戶體驗，還要通過個性化體驗的方式，並且必須通過使用數據的方式來做到這一點。這可以為他們創造服務機會，或者可以為他們創造額外的產品銷售機會。但想想欺詐、資金流動和數據這三大類。

Our next question comes from Bob Napoli with William Blair.

我們的下一個問題來自鮑勃·納波利和威廉·布萊爾。

This is Adib on for Bob. So just on that theme of some of the regional banking turmoil, it sounds like demand and the sales cycle remains pretty healthy still. But could you kind of comment on how your conversations are trending with your credit union customers versus your banking customers, and then just kind of remind us how much of the business is being driven by credit unions?

這是阿迪佈為鮑勃代言的。因此，就一些地區銀行業動蕩的主題而言，聽起來需求和銷售週期仍然相當健康。但是，您能否評論一下您與信用社客戶和銀行客戶的對話趨勢如何，然後提醒我們有多少業務是由信用社推動的？

Yes. This is Alex. I'll take the commentary part and let Bryan speak to the mix between bank and credit union. As I said before, I spent time talking to both bank CEOs and credit union CEOs and in both existing customers and prospects. And we have to remember, you kind of have 3 tiers of institutions in the states. There's a half a dozen mega banks. These are the ones that we read as the too big to fail banks. And then you've got maybe 20 or 30 banks that are in the $50 billion and above assets, right? And then there's 9,000 banks and credit unions that are local institutions that will have between 500 and 2,000 people working for them. And those are the institutions that are buying our products. We didn't sell anything to First Republic Bank or to Silicon Valley Bank.

是的。這是亞歷克斯。我將進行評論部分，讓布萊恩談談銀行和信用合作社之間的混合。正如我之前所說，我花時間與銀行首席執行官和信用合作社首席執行官以及現有客戶和潛在客戶進行交談。我們必須記住，美國有三層機構。有六家大型銀行。這些銀行被我們視為“太大而不能倒”。然後可能有 20 或 30 家銀行的資產達到 500 億美元及以上，對吧？此外還有 9,000 家銀行和信用合作社，這些地方機構將擁有 500 至 2,000 名員工。這些是購買我們產品的機構。我們沒有向第一共和銀行或矽谷銀行出售任何東西。

And those CEOs, as I said earlier, have Boards that are very conservative and are members of the local community and are very focused on the longevity of those institutions. And so they talked about very sound fundamentals in terms of the match of their liabilities, in terms of deposits and their assets, in terms of either investments or loans. And so that's the general sentiment of the customer base. And there was no real difference between a community bank and a credit union in terms of the way that they talked about their business. I'll let Bryan talk about the mix.

正如我之前所說，這些首席執行官的董事會非常保守，都是當地社區的成員，非常注重這些機構的長壽。因此，他們談到了負債匹配、存款和資產、投資或貸款等方面非常良好的基本面。這就是客戶群的普遍看法。社區銀行和信用合作社在談論業務的方式上並沒有真正的區別。我會讓布萊恩談談混音。

Yes. The mix of our live clients, we're still at 95% credit unions, roughly 5% banks. And that's really being driven from how we were founded, what our original strategy was 12 years ago and how we've progressed as a company. But if you look more recently as we've made investments in our business banking platform, as we added ACH Alert to our platform, we're seeing a lot more traction on the bank side of the market. We have 42 clients in backlog, of which roughly 1/3 of those are banks.

是的。從我們的真實客戶結構來看，95% 仍然是信用合作社，大約 5% 是銀行。這實際上是由我們的創立方式、12 年前我們最初的戰略以及我們作為一家公司的發展方式所驅動的。但如果你看看最近我們對我們的商業銀行平台進行的投資，當我們將 ACH Alert 添加到我們的平台時，我們就會看到市場銀行方面的吸引力更大。我們有 42 個積壓客戶，其中大約 1/3 是銀行。

If you look at the new sales that took place during 2022 and then also now in the first quarter of 2023, last year, roughly 1/3 of our new sales were banks. Q1 of this year, out of 6 clients, 3 were banks. And then when you look at our sales pipeline, over 35% of our sales pipeline is now represented by banks. So we feel like we're starting to make a lot of progress. We've made the appropriate level of the commercial banking investments in the platform. And really now, it's more about share of voice in the bank side of the market, our marketing activities and just creating more awareness that Alkami is equally as strong on the bank side of the market with its platform in helping its clients as it is with credit unions.

如果你看看 2022 年發生的新銷售，以及現在 2023 年第一季度的情況，去年我們的新銷售中大約有 1/3 是銀行。今年第一季度，6個客戶中，有3個是銀行。然後，當您查看我們的銷售渠道時，您會發現超過 35% 的銷售渠道現在由銀行代表。所以我們覺得我們開始取得很大進展。我們已經在該平台上進行了適當水平的商業銀行投資。事實上，現在更多的是在銀行方面的市場份額、我們的營銷活動以及讓更多人認識到 Alkami 在銀行方面的平台在幫助客戶方面與在銀行方面同樣強大。信用社。

Perfect. And a quick follow-up, if I could squeeze it in. Could you just kind of speak to your confidence in terms of your revenue guide in '23? And obviously, the high degree of subscription revenue drives greater visibility, but just any kind of incremental comments in terms of your confidence in meeting or exceeding that target.

完美的。如果我可以的話，請快速跟進。您能否談談您對 23 年收入指南的信心？顯然，高訂閱收入會帶來更大的知名度，但任何類型的增量評論都可以表明您對達到或超過該目標的信心。

Well, so we did raise our guidance for the full year. So that should speak in and of itself of our confidence in achieving our revenue number for the year. I mean in any given quarter, one quarter out, I have a very, very high degree of confidence that we're going to achieve that quarter. And even when we go further out, I mean we have a full year of new logo implementations already scheduled. So of our 42 clients and backlog to implement their approximately, call it, 32 to 34 clients because you can always have 1 or 2 that shift out that will implement in the back 3 quarters of the year. So we're going to implement 42 clients this year when we implemented 30 last year. So that's up 40%.

嗯，所以我們確實提高了全年的指導。因此，這本身就說明了我們對實現今年收入數字的信心。我的意思是，在任何給定的季度，一個季度後，我都非常非常有信心我們將實現該季度的目標。即使我們更進一步，我的意思是我們已經安排了一整年的新標誌實施。因此，在我們的 42 個客戶和待實施的積壓訂單中，大約有 32 到 34 個客戶，因為您總是可以有 1 或 2 個客戶移出，將在今年後 3 個季度實施。因此，去年我們實施了 30 個客戶端，今年我們將實施 42 個客戶端。所以上漲了 40%。

The other area of visibility that we have is the fact that our clients are growing. Our clients are growing at a rate of about 10% to 12% their base each year with a market backdrop of 8% to 9% for the full market. So our clients tend to be the more technology leading in -- leaning in sector of the market, relying on their digital banking channel with a growth strategy. So that's another area that provides us confidence.

我們的另一個可見領域是我們的客戶正在增長。我們的客戶每年以大約 10% 到 12% 的速度增長，而整個市場的增長率為 8% 到 9%。因此，我們的客戶往往是技術領先的客戶——傾向於市場領域，依靠其數字銀行渠道和增長戰略。這是另一個給我們信心的領域。

And then our sales pipeline. Our sales pipeline is extremely healthy. As I mentioned, it includes a significant amount of banks in that. We have a very healthy sales pipeline for our cross-sell activity, our cross-sell motion. So we tend to perform very well against the guidance that we provide investors.

然後是我們的銷售渠道。我們的銷售渠道非常健康。正如我所提到的，其中包括大量銀行。我們的交叉銷售活動和交叉銷售行動擁有非常健康的銷售渠道。因此，根據我們為投資者提供的指導，我們往往表現得非常好。

Our next question comes from Charles Nabhan with Stephens.

我們的下一個問題來自查爾斯·納布漢和斯蒂芬斯。

With the business mix shifting more towards add-on sales, I was wondering if you could comment on the incremental margin benefit from that mix shift and the degree to which it might be driving the 200 to 300 basis points of gross margin expansion or any efficiencies on the OpEx lines.

隨著業務組合更多地轉向附加銷售，我想知道您是否可以評論一下這種組合轉變所帶來的增量利潤效益，以及它可能在多大程度上推動毛利率擴張或任何效率提高 200 到 300 個基點在運營支出線路上。

Yes. So the main advantage that we have selling into our base is the implementation time line. So we'll implement individual products much quicker than we complete a full digital banking conversion. So for credit unions, the digital banking platform conversion can be between 8 and 10 months for a bank. It's a little bit longer, but that's also highly dependent on the number of products that are taken on that initial order.

是的。因此，我們向基地銷售的主要優勢是實施時間線。因此，我們實施單個產品的速度將比完成完整數字銀行轉換的速度快得多。因此，對於信用合作社來說，銀行的數字銀行平台轉換可能需要 8 到 10 個月的時間。它有點長，但這也很大程度上取決於初始訂單中的產品數量。

But when you add 1 or 2 products through our cross-sell motion, those products on average are implementing between 3 and 4 months, some much faster than that, but the majority of them are kind of around that time line. So it's kind of speed to market. It's a lower implementation lift, which means there's lower implementation costs involved, but more importantly, it's order to revenue much quicker.

但是，當您通過我們的交叉銷售活動添加 1 或 2 個產品時，這些產品平均實施時間為 3 到 4 個月，有些產品的實施時間要快得多，但大多數產品都是在該時間線左右實施的。所以這是一種上市速度。這是一個較低的實施提升，這意味著涉及的實施成本較低，但更重要的是，它的訂單收入更快。

Got it. And just as a quick follow-up, and I apologize if you mentioned this already, could you maybe comment on the ARPU, the initial ARPU from the 42 banks and credit unions we have in the pipeline and if you're seeing more upfront consumption on your new go lives?

知道了。作為快速跟進，如果您已經提到這一點，我深表歉意，您能否對 ARPU 發表評論，我們正在準備的 42 家銀行和信用合作社的初始 ARPU 以及您是否看到更多的前期消費你的新生活？

Yes. Those are -- yes, let me break that question into its components. So first, on banks. On average, what we're seeing is a $30 revenue per user and above. That's pretty consistent in our pipeline. That's pretty consistent with what we've implemented over the last 12 months. What drives that is a couple of factors. The first factor is the take of commercial -- our commercial banking product, which carries a pretty -- it's a nice ARPU additive product for us. And then also, banks tend to have fewer users. So where you may lose ARR through a lower user base, you then bring in the commercial banking aspect of it, and then that drives up the ARPU to kind of that $30 ARPU level.

是的。這些是——是的，讓我把這個問題分解成幾個組成部分。首先是銀行。平均而言，我們看到每個用戶的收入為 30 美元及以上。這在我們的管道中非常一致。這與我們過去 12 個月的實施非常一致。推動這一趨勢的因素有幾個。第一個因素是商業——我們的商業銀行產品，它對我們來說是一個很好的 ARPU 附加產品。此外，銀行的用戶往往較少。因此，如果您可能因用戶群較低而損失 ARR，那麼您可以引入商業銀行方面的內容，然後將 ARPU 推高至 30 美元的 ARPU 水平。

Our next question comes from Patrick Walravens with JMP Securities.

我們的下一個問題來自 JMP 證券的 Patrick Walravens。

Great. Congratulations. Terrific to see you defy the bearishness. So no one's asked the ChatGPT question, right?

偉大的。恭喜。很高興看到你反抗看跌情緒。所以沒有人問 ChatGPT 問題，對嗎？

Not yet, Pat.

還沒有，帕特。

But go ahead, Pat.

但繼續吧，帕特。

If it's ChatGPT, [we'll pass about that one].

如果是 ChatGPT，[我們將忽略它]。

So what are the implications, if anything, for you, Alex, in your business? What areas are you working on? And then I don't think you have this issue, but it definitely creates an issue for some companies that price, for example, on a per seat basis for customer service reps, where there's going to be less customer service reps. So is there any element like that, that we should be aware of in terms of how you price your solutions?

那麼，亞歷克斯，這對您的業務有何影響（如果有的話）？您從事哪些領域的工作？然後我不認為你有這個問題，但這肯定會給一些公司帶來問題，例如，按每個座位為客戶服務代表定價，而客戶服務代表的數量將會減少。那麼，在為解決方案定價時，我們是否應該注意類似的因素呢？

No, because we price based upon the seats of the digital users. So unless people get replaced by ChatGPT and they stopped putting seats in. But I'm being a little bit flip, Pat. There's no -- there's not really a replace there. Obviously, it's a fascinating technology. The thing that we focus on a lot, because we're a trusted platform, right? And the way that you get things from the model is that you feed the model. And so we're not going to be in a position to feed the model a bunch of information about the actual users of Alkami because those are individual digital banking applications that have PII data in them.

不，因為我們根據數字用戶的席位定價。因此，除非人們被 ChatGPT 取代，並且他們不再提供座位。但我有點輕率，帕特。沒有——那裡沒有真正的替代品。顯然，這是一項令人著迷的技術。我們非常關注的事情，因為我們是一個值得信賴的平台，對吧？從模型中獲取信息的方式就是向模型提供數據。因此，我們無法向模型提供大量有關 Alkami 實際用戶的信息，因為這些是包含 PII 數據的個人數字銀行應用程序。

So I don't -- based upon our pricing protocol, it's not like a situation where, let's say, you had a learning platform where you were subscribing to help for learning, and you could get the same results from ChatGPT, and you might stop paying for that learning platform. We're not in that situation.

所以我不——根據我們的定價協議，這不像這樣一種情況，比如說，你有一個學習平台，你可以訂閱該平台來幫助學習，你可以從 ChatGPT 獲得相同的結果，你可能會停止為該學習平台付費。我們不是那種情況。

Our next question comes from Josh Beck with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

I wanted to also ask a macro question, but a little bit of a different flavor since you obviously had such a meaningful touch point with so many of your customers in April. What was their general thought process around NIMs? Certainly, credit tightening has come up quite a bit, and maybe how some of those factors are feeding overall budgets and then maybe priority of digital banking. Just kind of curious on how you're thinking about that.

我還想問一個宏觀問題，但有點不同，因為您在四月份顯然與如此多的客戶進行瞭如此有意義的接觸。他們圍繞 NIM 的一般思考過程是什麼？當然，信貸緊縮已經出現了相當多的情況，也許其中一些因素如何影響總體預算，然後可能是數字銀行的優先事項。只是有點好奇你是怎麼想的。

Yes. Well, let me first start with just their views on the stability of the business, right? And I want to go back to a data point that I shared. 0.91% of the users, so those are the customers or members, 0.91% of the customers or members on the Alkami platform have any uninsured deposits. So if you think about that out of, as Bryan said, 15 million users on the Alkami platform across our customer base, less than 150,000 of those users have any anything that's above the deposit limit.

是的。好吧，讓我首先談談他們對業務穩定性的看法，對吧？我想回到我分享的一個數據點。 0.91% 的用戶，即客戶或會員，Alkami 平台上 0.91% 的客戶或會員有任何未保險存款。因此，如果你考慮一下，正如 Bryan 所說，在我們的客戶群中，Alkami 平台上有 1500 萬用戶，其中只有不到 150,000 名用戶擁有超過存款限額的任何資金。

And so what that created for -- what that creates for our customers, at least what they told me that, that creates, is a lot of confidence in the stability of their business because their entire customer base and their entire deposits are under a deposit insurance limit. And so they're just not having the conversations in terms of should I pull my deposits. So everything starts from that base that there's a lot of stability.

因此，這為我們的客戶創造了什麼，至少他們告訴我，這創造了對其業務穩定性的信心，因為他們的整個客戶群和全部存款都在存款之下保險限額。所以他們只是沒有討論我是否應該提取存款。所以一切都是從穩定性的基礎開始的。

And then as I mentioned earlier, what they're going through right now that many of them have been through, most of these CEOs have been in this business for 20, 25, 30 years, and so they've seen a dynamic environment before. And so what is changing for them is, okay, if I need to attract deposits instead of a year ago where I had too many deposits, how am I going to attract deposits? Well, I know what I've got to do to attract deposits is I've got to have better digital account opening capabilities. So talk to me about digital account opening. How are we going to implement that in our business? How are we going to do digital issuance of cards or issuing into a wallet?

正如我之前提到的，他們現在正在經歷的事情是他們中的許多人都經歷過的，這些首席執行官中的大多數已經在這個行業工作了 20 年、25 年、30 年，所以他們以前見過一個充滿活力的環境。所以對他們來說發生的變化是，好吧，如果我需要吸引存款，而不是一年前我有太多存款，我將如何吸引存款？嗯，我知道要吸引存款，我必須擁有更好的數字賬戶開戶功能。那麼跟我談談數字開戶的事情吧。我們將如何在我們的業務中實施這一點？我們如何進行卡的數字發行或發行到錢包？

So in terms of attracting deposits, obviously, they've got their own decisions they have to make on how much they want to pay for a deposit. But in terms of actually attracting them, they understand that they have to make investments in digital technology to attract them. And then when you turn around on the other side, the ones I talk to have very strong loan demand, but they also are developing different products that they want to promote to their base. And with those products that they want to promote to their base, they want to once again do that digitally.

因此，在吸引存款方面，顯然，他們必須自己決定支付多少存款。但就實際吸引他們而言，他們明白必須對數字技術進行投資才能吸引他們。然後當你轉向另一邊時，我交談過的那些人有非常強勁的貸款需求，但他們也在開發不同的產品，希望向他們的基礎推廣。對於他們想要向其基礎推廣的產品，他們希望再次以數字方式進行推廣。

So they want to promote the product in the actual application itself, not sending somebody an e-mail. And so they're very interested in how our data platform allows them to understand the key to lifestyle indicators in their member base or their customer base and allow them to create offers and promote those offers in the digital banking platform itself. And then to Bryan's point earlier, turnaround and measure whether or not those campaigns are effective. Were there actual returns on those campaigns?

因此，他們希望在實際應用程序本身中推廣產品，而不是向某人發送電子郵件。因此，他們對我們的數據平台如何幫助他們了解其會員群或客戶群中生活方式指標的關鍵，並允許他們在數字銀行平臺本身中創建優惠並推廣這些優惠非常感興趣。然後按照布萊恩之前的觀點，扭轉局面並衡量這些活動是否有效。這些活動有實際回報嗎？

So that tends to be the conversation that I'm having with those CEOs. And even the -- I told you we had 400 people show up for our conference, and many of those were CEOs, but they're all talking about their business as well. And so really, what they're doing, in summary, is they've got a really dynamic environment. They're trying to manage their net interest margin in that dynamic environment. And they're doing that by attracting deposits. They know they have to do that digitally. And they're also coming up with new products and services that they want to promote digitally. So it's -- altogether, I mean that's what makes us feel good about the business because those are all things we can help them with.

這就是我與那些首席執行官的對話。甚至 - 我告訴過你，我們有 400 人參加我們的會議，其中許多人是首席執行官，但他們也都在談論自己的業務。總而言之，他們正在做的是他們擁有一個真正充滿活力的環境。他們正試圖在這種動態環境中管理淨息差。他們通過吸引存款來做到這一點。他們知道必須以數字方式做到這一點。他們還推出了想要以數字方式推廣的新產品和服務。所以，總的來說，我的意思是，這就是讓我們對業務感覺良好的原因，因為這些都是我們可以幫助他們的事情。

Very helpful. Obviously, it sounds very resilient in terms of the demand for the platform for a lot of reasons. Maybe more of a financial question for Bryan. I think you mentioned, ex-Segmint, it was high single-digit RPU growth, and I believe we're lapping that acquisition. So is that a good baseline to think about? Could it potentially be higher than that when you think of some of the implementation and bank mix factors? Just help us at least maybe think through that a little bit.

很有幫助。顯然，出於多種原因，就平台需求而言，這聽起來非常有彈性。對於布萊恩來說，也許更多的是一個財務問題。我想你提到過，前 Segmint，RPU 增長率很高，我相信我們正在接受這次收購。那麼這是一個值得考慮的好基準嗎？當您考慮一些實施和銀行組合因素時，它可能會比這個更高嗎？至少幫助我們思考一下。

Yes. So the first quarter, it was 8% is the organic ARPU expansion. And in Q4, it was 7%. So it's a slight tick-up from Q4 2022. When we kind of step back and we think about our longer-term revenue model, where we typically landed is on user growth of about 20% and RPU expansion around 5%. But in any one quarter, those dynamics can change somewhat between one and the other.

是的。所以第一季度，8%是有機ARPU擴張。第四季度這一數字為 7%。因此，與 2022 年第四季度相比略有上升。當我們退一步思考我們的長期收入模式時，我們通常會實現用戶增長約 20% 和 RPU 擴張約 5%。但在任何一個季度，這些動態都可能在一個季度和另一個季度之間發生一些變化。

I feel that overperformance for us or where there's an overperformance opportunity, it will likely come through ARPU expansion as our client sales and add-on sales go-to-market motion continues to accelerate. In Q1 of this year was 50% of total sales. For the full year of last year, it was 34%. So as we're gaining more success in cross-selling into our base, it will provide us a revenue growth advantage because of the speed in which those orders convert to revenue as well as ARPU expansion opportunities.

我認為，隨著我們的客戶銷售和附加銷售進入市場行動的持續加速，我們的超額業績或存在超額業績機會的地方，很可能會通過 ARPU 擴張來實現。今年第一季度佔總銷售額的50%。去年全年為34%。因此，隨著我們在交叉銷售方面取得更多成功，這將為我們提供收入增長優勢，因為這些訂單轉化為收入的速度以及 ARPU 擴張機會。

Our next question comes from Andrew Schmidt with Citi.

我們的下一個問題來自花旗銀行的安德魯·施密特。

Alex, Bryan, good quarter. I wanted to drill down on just user growth. Any deviations that you saw shortly after the banking turmoil or into the second quarter that you've seen? Obviously, I don't think these things turn on a dime. And -- but just curious if there's any call-outs from a user growth perspective.

亞歷克斯、布萊恩，幹得好。我想深入研究用戶增長情況。您在銀行業動盪後不久或進入第二季度時看到了任何偏差嗎？顯然，我不認為這些事情會立即發生變化。而且——但只是好奇是否有任何從用戶增長角度來看的呼籲。

Yes. No. As I said earlier, when you kind of look at the statistics we pull out of our system, there was no abnormal movement in user growth between the middle of March and today.

是的。不會。正如我之前所說，當您查看我們從系統中提取的統計數據時，會發現從 3 月中旬到今天，用戶增長沒有出現異常變化。

And in addition to that, Andrew, our existing clients grew again in the low double digits year-on-year. And sequentially, we added just under 300,000 digital users from growth within our base, which, as you're aware, is typically what we -- how we think about the business is 100,000 digital user growth per month throughout the year. So it pretty much landed right in the middle of the fairway of what we've always expected.

除此之外，安德魯，我們的現有客戶同比再次以低兩位數增長。隨後，我們通過基礎增長增加了近 300,000 名數字用戶，正如您所知，這通常是我們對業務的看法，全年每月增加 100,000 名數字用戶。所以它幾乎落在了我們一直期望的球道中間。

Got it. Appreciate that. And I apologize if this was discussed. I joined a little bit late. It sounds like demand sales cycles continue to be consistent, pretty robust. But any observations quarter-to-date? Does momentum continue from a conversion perspective? Just curious on the trend line there in terms of more recent trends, if you could share anything.

知道了。感謝。如果討論這個問題，我深表歉意。我加入的有點晚了。聽起來需求銷售週期繼續保持一致，相當強勁。但本季度至今有什麼觀察結果嗎？從轉換的角度來看，勢頭是否持續？只是對最近趨勢的趨勢線感到好奇，如果您可以分享任何內容。

Yes. As I mentioned in my opening comments, connected to both the CEO sentiment and the data from our systems, so far, we've continued to see our sales pipeline grow pretty consistently that's in both new logo and in add-on sales. And if anything, we've seen the mix of the new logo pipeline move from maybe 1/3 banks, 2/3 credit unions to getting closer to a 50-50 mix between banks and credit union. So we're seeing growth in add-on sales from a pipeline perspective. We've seen fairly consistent growth for new logos. And we've seen a good mix between banks and credit unions.

是的。正如我在開場白中提到的，與首席執行官的情緒和我們系統的數據相關，到目前為止，我們繼續看到我們的銷售渠道在新徽標和附加銷售方面都保持相當一致的增長。如果有的話，我們已經看到新徽標管道的組合從大約 1/3 銀行、2/3 信用合作社轉向銀行和信用合作社之間接近 50-50 的混合。因此，從管道的角度來看，我們看到附加銷售的增長。我們看到新徽標的增長相當穩定。我們已經看到銀行和信用合作社之間的良好結合。

And what I'd also add, Andrew, is we're not hearing from our sales force that the sales cycle is extending or there's unexplainable delays in the sales cycle or a shift in investment perspectives of the end market. And in fact, what we're finding is strong needs for innovation in our existing base. We're also seeing that as the take rate of products is increasing in each year's cohort over the last couple of years, and that's continuing into 2023. I mean it's early. We have one quarter that we put up. And in that one quarter, new sales were up over 40% of Q1 of last year.

安德魯，我還要補充的是，我們沒有從銷售人員那裡聽到銷售週期正在延長，或者銷售週期出現無法解釋的延遲，或者終端市場投資觀點發生轉變。事實上，我們發現現有基礎對創新的強烈需求。我們還看到，過去幾年裡，每年的同類產品的使用率都在增加，而且這種情況會持續到 2023 年。我的意思是現在還為時過早。我們已經投入了四分之一的資金。這一季度的新銷量比去年第一季度增長了 40% 以上。

Right now, the visibility we have into our sales pipeline and how that can translate into actual orders and closed business, it looks like we'll have another good quarter in Q2, but now we're predicting the future versus talking about what actually printed. But we have confidence that we're going to go out and execute. We've executed all of '21, all of '22. We've executed the first quarter 2023. And there's no reason -- we don't see a reason, that is, for that execution to change.

目前，我們對銷售渠道的了解以及如何將其轉化為實際訂單和已結束的業務，看起來我們將在第二季度再創一個良好的季度，但現在我們正在預測未來，而不是談論實際打印的內容。但我們有信心走出去並執行。我們已經執行了 21 年和 22 年的全部工作。我們已經執行了 2023 年第一季度的計劃。而且沒有理由——我們看不到有理由改變執行計劃。

Makes sense. I appreciate that. That's very constructive. Maybe I could sneak just one last question in on product. Just the business banking platform, maybe you can comment on just the demand you've seen for that. It seems like that's a pretty key part of kind of penetrating the bank market. Just curious kind of the demand and uptake you've seen just both in terms of signed clients and then also in the pipeline there.

說得通。我很感激。這是非常有建設性的。也許我可以偷偷地問一個關於產品的最後一個問題。只是商業銀行平台，也許您可以僅評論您所看到的需求。這似乎是滲透銀行市場的一個非常關鍵的部分。只是令人好奇的是，您在簽約客戶和管道中都看到了需求和採用情況。

There's actually an extra benefit that's occurred for us on the business banking products. So for sure, the business banking product allows us to be competitive in the bank market. And when you think about the bank market, what it really is, is the bank market where the bank is targeting commercial accounts as their target market.

實際上，商業銀行產品給我們帶來了額外的好處。因此，可以肯定的是，商業銀行產品使我們在銀行市場上具有競爭力。當你想到銀行市場時，它真正的本質是銀行將商業賬戶作為目標市場的銀行市場。

So as an example, we signed a bank in the first quarter, and I talked to that CEO, and their target market is family-owned businesses. And the -- we've kind of rethought -- there's a hard thing that happens for a small and medium business where they actually have to manage all of the users in their bank account from a governance perspective. And we've rethought that and built something that is more intuitive for small and medium businesses to use than what's on the market. And that CEO told me that one of the reasons why that they were selecting Alkami is what we showed them from -- it's called sub-user management. What we've showed them from a sub-user management perspective, he felt like it was going to be easier for his organization to use, and more importantly, easier for his customers to use.

舉個例子，我們在第一季度簽署了一家銀行，我和那位首席執行官交談過，他們的目標市場是家族企業。我們已經重新思考過，對於中小型企業來說，這是一件困難的事情，他們實際上必須從治理的角度管理其銀行賬戶中的所有用戶。我們重新思考了這一點，並構建了比市場上的產品更適合中小型企業使用的產品。那位首席執行官告訴我，他們選擇 Alkami 的原因之一就是我們向他們展示的——這就是所謂的子用戶管理。我們從子用戶管理的角度向他們展示了這一點，他覺得他的組織將更容易使用，更重要的是，他的客戶也更容易使用。

So clearly, the product was important to us to be able to be competitive in the bank market, but the dividend that it's paying is that now as credit unions are looking to attract deposits, every credit union CEO that I meet with has, as part of their topic, whether or not they're going to do this as a strategy, but it has as part of their topic, hey, we're considering increasing our investment in business banking because that is a good source of stable deposits. And can you talk to me about what you do from a business banking perspective?

很明顯，該產品對於我們能夠在銀行市場上保持競爭力非常重要，但它所帶來的紅利是，現在信用合作社正在尋求吸引存款，我遇到的每一位信用合作社首席執行官都將其作為一部分他們的主題，無論他們是否打算將其作為一種策略，但它是他們主題的一部分，嘿，我們正在考慮增加對商業銀行的投資，因為這是穩定存款的良好來源。您能從商業銀行角度談談您的工作嗎？

So in summary, it's helping us be competitive in the bank market, but it's also helping us because of the desire that credit unions have to attract new deposits, and they see small and medium businesses as a good source of new deposits. And then that's a fairly easy add-on for them since they already have the Alkami platform.

總而言之，它幫助我們在銀行市場上保持競爭力，但它也幫助我們，因為信用合作社必須吸引新存款，而且他們將中小企業視為新存款的良好來源。這對他們來說是一個相當簡單的附加組件，因為他們已經有了 Alkami 平台。

And Andrew, just to provide some -- more of a quantitative explanation. If you look at our new logo cohort in 2022, just over 40% took business banking on their initial order when banks were about 1/3 or so of the portfolio. So that kind of speaks to what Alex was just describing. And then when you look at Q1, 60% of the new logos that we signed to business banking. So it is an area where we've invested in the platform. We've improved the functionality. We feel like it's more than game time ready, and it's more about share of voice and marketing and communication around where Alkami's at on that side of the market.

安德魯，只是提供一些——更多的是定量的解釋。如果你看看我們 2022 年的新徽標隊列，就會發現，當銀行約佔投資組合的 1/3 左右時，只有超過 40% 的人在最初的訂單中選擇了商業銀行業務。所以這符合亞歷克斯剛才描述的內容。然後，當你看第一季度時，我們簽署的新徽標中有 60% 是針對商業銀行業務的。所以這是我們在平台上投資的一個領域。我們改進了功能。我們覺得這不僅僅是為遊戲時間做好準備，更多的是關於阿爾卡米在市場那一側的聲音份額、營銷和溝通。

Our next question comes from Saket Kalia with Barclays.

我們的下一個問題來自巴克萊銀行的 Saket Kalia。

Maybe, Bryan, I'll start with you. A lot of focus just on the -- and frankly, the number is showing, right, the resilience in the business. I had a little bit of a question for you just on backlog. I think you said we have about 42 clients in backlog. I might have missed how many users we have in that backlog. But maybe the question is, are those clients that are going to be implemented, are those time lines sort of set in stone? I guess is there any chance that those implementations could delay just as we sort of think about how the user base here grows in 2023? Does that make sense?

也許，布萊恩，我會從你開始。很多人都把注意力集中在——坦率地說，這個數字顯示了業務的彈性。我有一個關於積壓的問題要問你。我想你說過我們有大約 42 個積壓客戶。我可能漏掉了積壓的用戶數量。但也許問題是，那些將要實施的客戶，這些時間表是一成不變的嗎？我想，當我們思考 2023 年這裡的用戶群如何增長時，這些實現是否有可能會延遲？那有意義嗎？

No, it does. So 1.4 million users. So those 42 financial institutions represent 1.4 million digital users. And the implementation date is scheduled, and there's -- so there's a date that we're trying to land to have the financial institution live on our platform. That's primarily driven by the contractual end date of their current provider. Things can happen during implementation outside of our control. Sometimes it's related to some of the systems that you're integrating with. It could be the core provider. It could be even other systems that can shift out an implementation date a couple of weeks. Sometimes they accelerate a couple of weeks. But in large part, we generally land the implementation date within a couple of weeks of what the original expectation is. There can be some extraordinary circumstances sometimes where that is not the case. But generally, when it's items that are in our control, we're sticking that original schedule date.

不，確實如此。所以有 140 萬用戶。因此，這 42 家金融機構代表了 140 萬數字用戶。實施日期已定，我們正在努力確定一個日期，讓金融機構在我們的平台上上線。這主要是由當前提供商的合同結束日期決定的。實施過程中可能會發生超出我們控制範圍的事情。有時它與您正在集成的某些系統有關。它可能是核心提供商。甚至其他系統也可能將實施日期推遲幾週。有時它們會加速幾週。但在很大程度上，我們通常會在最初預期的幾週內確定實施日期。有時可能會出現一些特殊情況，但情況並非如此。但一般來說，當事情在我們的控制範圍內時，我們會堅持原來的計劃日期。

As Bryan said, the schedule date is not a date of convenience for the customer. The schedule date is always backed up to they're getting off of another system. So both the customer and Alkami have an incentive to drive towards the schedule date.

正如布萊恩所說，安排日期並不是客戶方便的日期。計劃日期始終會備份到他們離開另一個系統時。因此，客戶和 Alkami 都有動力朝著預定日期行駛。

That's a great point. That's a great point. Alex, maybe for you, if I could squeeze a follow-up. And just talking a little bit about the credit union versus bank composition earlier. I was wondering if you could just -- just zooming out, could you just talk about the difference in backdrop or defensiveness, right, from a macro perspective, for credit unions versus banks in terms of their willingness to spend and invest in this backdrop?

這是一個很好的觀點。這是一個很好的觀點。亞歷克斯，也許對你來說，如果我可以跟進的話。剛才稍微討論了一下信用合作社與銀行的構成。我想知道您是否可以 - 只是縮小範圍，您能否從宏觀角度談談信用合作社與銀行在這種背景下支出和投資意願方面的背景或防禦性差異？

I would say, generally, if you think about a business banking product, the bank is charging their customers to use that, right? And so there's a willingness for a bank to invest in a business banking product because that's like -- things like an ACH Alert and our business banking product are revenue-generating products for those institutions. So there is a willingness there.

我想說，一般來說，如果你考慮一下商業銀行產品，銀行會向客戶收取使用該產品的費用，對嗎？因此，銀行願意投資商業銀行產品，因為 ACH 警報和我們的商業銀行產品等都是這些機構的創收產品。所以那裡有意願。

And I would say, generally, credit union has been more focused on the member experience itself and delivering a great service to the members. So that's a very generalized comment. However, in my individual conversations with the institutions and specifically with the credit unions since that was your question, the credit unions will invest in our products for 1 of 3 reasons. There are absolutely -- I was with a credit union just 2 weeks ago, $2.4 billion, growing with a lot of growth strategy, and they are a loan-forward credit union. So their strategy is to produce loans and produce revenue through those loans.

我想說，總的來說，信用合作社更注重會員體驗本身，並為會員提供優質的服務。這是一個非常籠統的評論。然而，在我與各機構，特別是與信用社的個人對話中，因為這是你的問題，信用社將出於以下三個原因之一投資我們的產品。就在兩週前，我還在一家信用社工作過，價值 24 億美元，隨著大量的增長戰略而不斷增長，他們是一家遠期貸款信用社。因此，他們的策略是產生貸款並通過這些貸款產生收入。

And so you'll have some credit unions that are very much revenue-forward credit unions. They don't mind talking about selling products. You have others that see this as a service channel and think about costs that they take out of the service channel. And then you see other credit unions that are just very focused on the member experience itself. I was talking with one CEO, and we were talking about digital marketing capabilities. And she said, I don't -- I wouldn't even call this digital marketing, right? For us, this is an investment in member personalization, and that's what we've always been about. That's always been our DNA. And so we're going to invest in it because we're investing in member personalization. So it probably gave you more than you wanted, but there's a pretty wide range of reasons why people invest.

因此，您將擁有一些非常注重收入的信用合作社。他們不介意談論銷售產品。還有其他人將其視為一種服務渠道，並考慮他們從服務渠道中獲取的成本。然後你會看到其他信用合作社非常注重會員體驗本身。我正在與一位首席執行官交談，我們談論的是數字營銷能力。她說，我不——我什至不會稱之為數字營銷，對吧？對於我們來說，這是對會員個性化的投資，這也是我們一直以來的宗旨。這一直是我們的 DNA。因此，我們將對其進行投資，因為我們正在投資於會員個性化。所以它可能給你帶來的比你想要的更多，但人們投資的原因有很多。

This concludes our question-and-answer session, and our conference has also now concluded. Thank you for attending today's presentation. You may now disconnect.

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