Alkami Technology Inc (ALKT) 2023 Q2 法說會逐字稿

Hello, and welcome to Alkami Second Quarter 2023 Financial Results Conference Call. My name is Sarah, and I will be your operator for today's call. (Operator Instructions)

您好，歡迎參加 Alkami 2023 年第二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）

Please note this event is being recorded. I would now like to turn the conference over to Steve Calk. Steve, you may begin.

請注意此事件正在被記錄。我現在想把會議交給史蒂夫·卡爾克。史蒂夫，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 entitled Risk Factors and Forward-Looking Statements. 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 noted, 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.

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。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，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'd now like to turn the call over to Alex.

我現在想把電話轉給亞歷克斯。

Thanks, Steve, and welcome, everyone. I am pleased to report another quarter of strong operating and financial performance. In the second quarter of 2023, Alkami grew revenue 30%, once again ahead of our expectations. We exited the quarter with 15.8 million live registered users on the Alkami platform, up 2.5 million compared to the prior year, and we achieved a $2.5 million adjusted EBITDA loss better than the high end of our expectations for the quarter. During the second quarter, Alkami continued to execute with the consistency that has characterized our business for over a decade and, recently, as a public company.

謝謝史蒂夫，歡迎大家。我很高興地報告又一個季度強勁的運營和財務業績。 2023 年第二季度，Alkami 收入增長 30%，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 1580 萬，比上一年增加了 250 萬，調整後 EBITDA 損失為 250 萬美元，好於我們對本季度預期的上限。在第二季度，Alkami 繼續保持我們十多年來以及最近作為一家上市公司的業務特徵的一致性。

Since our IPO in the second quarter of 2021, the number of registered users on our digital banking platform is up almost 50%. Our quarterly revenue is up 79% and our ARR is up 78%. Our consistent growth and operating improvement has occurred quarter-after-quarter through both low and rising interest rates in various economic and political cycles during the spring banking crisis in which 3 midsized U.S. banks failed and during an actual global pandemic. This consistency gives us confidence in our revenue growth targets and our ability to achieve a 20% or better adjusted EBITDA margin by 2026.

自 2021 年第二季度首次公開募股以來，我們數字銀行平台的註冊用戶數量增長了近 50%。我們的季度收入增長了 79%，ARR 增長了 78%。在美國 3 家中型銀行倒閉的春季銀行業危機期間以及實際的全球大流行期間，我們通過各個經濟和政治週期中的低利率和上升利率實現了逐季持續增長和運營改善。這種一致性讓我們對我們的收入增長目標以及到 2026 年實現 20% 或更好的調整後 EBITDA 利潤率的能力充滿信心。

Alkami is able to achieve a level of consistency and performance that is superior to most enterprise SaaS companies because of the unique attributes of our business. These include the mandatory nature of our products, size and health of our TAM, client insight that drives our innovation, the levers that we have in our growth model and the culture of our company. The first reason for our consistency is that our target market considers digital banking to be a mandatory innovation. In every piece of research we conduct, the #1 decision criteria for selecting a new financial institution is the quality of the digital experience.

由於我們業務的獨特屬性，Alkami 能夠實現優於大多數企業 SaaS 公司的一致性和性能水平。其中包括我們產品的強制性、TAM 的規模和健康狀況、推動我們創新的客戶洞察、我們增長模式中的槓桿以及我們公司的文化。我們保持一致性的第一個原因是我們的目標市場認為數字銀行是一項強制性創新。在我們進行的每一項研究中，選擇新金融機構的首要決策標準是數字體驗的質量。

The top 2,000 financial institutions in the United States understand this and are aggressively pursuing a modern digital sales and service channel. But because of this, mobile banking adoption has been faster than computers, mobile phones or the Internet. When I talk with clients and prospects, they tell me 3 things are driving the increased pace in which they are investing in digital banking. First, the pandemic pushed virtually 100% of their customers to become familiar with digital banking. Second, there are new entrants in the market, funded by billions of dollars of venture capital that showcase modern, easy-to-use technology. And third, our market is aggressively pursuing millennial and Gen Z consumers, who have grown up with a digital-first mindset.

美國排名前 2000 家的金融機構深知這一點，並正在積極尋求現代化的數字銷售和服務渠道。但正因為如此，移動銀行的採用速度比電腦、手機或互聯網還要快。當我與客戶和潛在客戶交談時，他們告訴我有三件事正在推動他們加快投資數字銀行的步伐。首先，疫情促使幾乎 100% 的客戶熟悉數字銀行。其次，市場上有新進入者，它們獲得了數十億美元的風險投資，展示了現代、易於使用的技術。第三，我們的市場正在積極追求千禧一代和 Z 世代消費者，他們是在數字優先的心態下長大的。

The closest analogy for what is occurring is what we saw in the mid- to late 2000s when companies finished major back-office investments in ERP systems like SAP and began investing in customer relationship systems like Salesforce and marketing platforms, such as Adobe. The average financial institution in our TAM is 80 years old and their technology investments have historically been allocated to their legacy back-office systems. They are now rotating that investment into a modern operating platform that integrates to their core back-office system and allows them to interact digitally with their customers to sell, serve and improve their customers' experience.

與正在發生的情況最接近的類比是我們在2000 年代中後期看到的情況，當時公司完成了對SAP 等ERP 系統的主要後台投資，並開始投資Salesforce 等客戶關係系統和Adob​​e 等營銷平台。我們 TAM 中的金融機構平均已有 80 年曆史，他們的技術投資歷來都分配給他們的遺留後台系統。他們現在將這筆投資轉移到一個現代化的運營平台上，該平台集成到他們的核心後台系統中，並使他們能夠與客戶進行數字化交互，以銷售、服務和改善客戶體驗。

A modern digital sales and service platform is seen as a basic requirement for a retail or community financial institution that intends to be a healthy ongoing business. Based upon our research over the past year, the digital banking platform is the most important item to a consumer selecting a banker credit union and ranks above customer service, convenient ATMs and convenient branches. It's the most highly correlated attribute to overall bank or credit union customer satisfaction. It's the top reason of small or medium business who are likely to consider their bank or credit union as its primary financial institution, and it is directly correlated with higher consumer product penetration. For these reasons, 71% of regional and community financial institutions find a digital sales and service platform like the one offered by Alkami to be appealing.

現代數字銷售和服務平台被視為零售或社區金融機構健康持續發展業務的基本要求。根據我們過去一年的研究，數字銀行平台是消費者選擇銀行信用社最重要的因素，排名高於客戶服務、便捷的 ATM 和便捷的網點。它是與銀行或信用合作社整體客戶滿意度最相關的屬性。這是中小型企業可能將銀行或信用合作社視為主要金融機構的首要原因，並且與較高的消費品滲透率直接相關。出於這些原因，71% 的區域和社區金融機構認為像 Alkami 提供的數字銷售和服務平台很有吸引力。

The second reason for our consistency is that our market is healthy and growing. When we became a public company, we stated that our market consisted of 185 million digital users, of which, even with our growth, we are today serving less than 10%. That market has continued to grow in the mid- to high single digits as each of us have multiple financial institution relationships. Consider just one aspect of our market. Until about 10 years ago, if you moved to a new city and that city didn't have a branch of your existing FI, you probably opened a new account and closed your old one. Today, when you move, you might open a new account and you'd probably keep your old account.

我們保持一致性的第二個原因是我們的市場健康且不斷增長。當我們成為一家上市公司時，我們表示我們的市場由 1.85 億數字用戶組成，儘管我們不斷增長，但目前我們所服務的用戶數量還不到 10%。由於我們每個人都與多個金融機構建立了關係，因此該市場繼續以中高個位數增長。僅考慮我們市場的一個方面。直到大約 10 年前，如果您搬到一個新城市，並且該城市沒有您現有的金融機構的分支機構，您可能會開設一個新賬戶並關閉您的舊賬戶。今天，當您搬家時，您可能會開設一個新帳戶，並且可能會保留舊帳戶。

Our research resort shows that the average consumer has 1.7 banking relationships for a debit card or checking account. Among Gen Z, that number increases to 1.9. This creates growth strategies for our target market that never existed before. It's also evolving the primary financial institution as defined by consumers.

我們的研究表明，普通消費者擁有 1.7 個借記卡或支票賬戶的銀行關係。在 Z 世代中，這個數字增加到 1.9。這為我們的目標市場創造了前所未有的增長戰略。它還正在發展消費者定義的主要金融機構。

A few years ago, that was determined based upon where the consumer had a checking account. Our research shows that it's shifting to where the consumer does most of their digital banking. As a result of this dynamic, many of our clients are creating digital first growth initiatives, when in the past they would have led with a branch investment. In addition to the growth of the market, spending on digital banking technology remains resilient. Even in the wake of the banking crisis in the spring, 89% of our target market expects technology budgets to remain the same or increase over the next 12 months.

幾年前，這是根據消費者擁有支票賬戶的位置來確定的。我們的研究表明，它正在轉向消費者進行大部分數字銀行業務的地方。由於這種動態，我們的許多客戶正在創建數字優先增長計劃，而在過去，他們會通過分支機構投資來領導。除了市場的增長之外，數字銀行技術的支出也保持彈性。即使在春季銀行危機之後，89% 的目標市場預計技術預算在未來 12 個月內將保持不變或增加。

The third reason for our consistency is that we exist to help our clients compete with the digital capabilities of megabanks. And given the criticality of this element of their business strategy, we have the ability to meet with any level and any function in our client base. And this level of intimacy gives us first-mover advantage in developing new market opportunities, which is why our ARPU has grown 20% since our IPO. An example of this is our entry into the commercial banking market. Over 5 years ago, several of our larger credit union clients were expanding into business banking, and they asked us to develop capabilities for them. Today, we can deliver business solution to 99% of potential bank clients. And so far in 2023, we added another 6 banks to our client roster, including the largest bank win in our history.

我們保持一致性的第三個原因是我們的存在是為了幫助我們的客戶與大型銀行的數字能力競爭。鑑於他們業務戰略中這一要素的重要性，我們有能力滿足客戶群中任何級別和任何職能的需求。這種密切程度使我們在開發新市場機會方面具有先發優勢，這就是為什麼我們的 ARPU 自 IPO 以來增長了 20%。我們進入商業銀行市場就是一個例子。五年前，我們的幾個較大的信用合作社客戶正在向商業銀行業務擴張，他們要求我們為他們開發能力。如今，我們可以為 99% 的潛在銀行客戶提供業務解決方案。 2023 年到目前為止，我們的客戶名單中又增加了 6 家銀行，其中包括我們歷史上最大的銀行勝利。

In addition to converting to the Alkami digital banking platform, this bank is deploying a full suite of Alkami products, including segment, digital account opening and ACH Alert. We now have 25 banks under contract. Another example is the segment acquisition. From our inception, Alkami's captured anonymized transactional data because we believe in the power of that data to help our clients interact more personally with their customers and members. But for many years, only a handful of early adopters took advantage of this capability.

除了轉換為 Alkami 數字銀行平台外，該銀行還部署了一整套 Alkami 產品，包括分部、數字開戶和 ACH Alert。我們現在與 25 家銀行簽訂了合同。另一個例子是分段收購。從我們成立之初起，Alkami 就捕獲了匿名交易數據，因為我們相信這些數據的力量可以幫助我們的客戶與其客戶和會員進行更個性化的互動。但多年來，只有少數早期採用者利用了這種功能。

Recently, the combination of digital transformation and financial institutions that are pursuing a digital-only growth strategy has moved the use of data from early adopters to the broader market. For example, last Tuesday, I met with the executive team of a prospect that historically was focused on 5 counties in 1 state in the northeast, and now has a growth strategy to expand nationwide through a digital-first approach.

最近，數字化轉型與追求純數字增長戰略的金融機構相結合，將數據的使用從早期採用者轉移到了更廣泛的市場。例如，上週二，我會見了一位潛在客戶的執行團隊，該公司過去專注於東北部 1 個州的 5 個縣，現在製定了通過數字優先方法在全國范圍內擴張的增長戰略。

The main topic of conversation was their desired use of data to attract and grow customers digitally. In fact, our research shows that 84% of regional and communities FIs want to leverage the data and their digital banking platform for more sales growth. Why? Because 73% of consumers say that personalized product recommendations would make them more likely to trust, try new products from and/or recommend a financial institution. But as the broader market began focusing on their data strategy, they gave us feedback that our legacy data platform was challenging to adopt. And they let us know the smaller technology company that had mastered the ability to simplify the use of data analytics and marketing for regional and community FIs.

談話的主要話題是他們希望如何利用數據以數字方式吸引和發展客戶。事實上，我們的研究表明，84% 的區域和社區金融機構希望利用數據及其數字銀行平台來實現更多銷售增長。為什麼？因為 73% 的消費者表示，個性化的產品推薦將使他們更有可能信任、嘗試金融機構的新產品和/或推薦金融機構。但隨著更廣泛的市場開始關注他們的數據戰略，他們向我們反饋說，我們的遺留數據平台很難採用。他們讓我們了解到，這家規模較小的科技公司已經掌握了簡化區域和社區金融機構數據分析和營銷使用的能力。

That company was Segmint, and we are very pleased with the acquisition and the pace in which we are adding new stand-alone clients and the bundling of our data capabilities with new logo wins. Here's how added innovation plays out in terms of add-on sales.

那家公司就是 Segmint，我們對此次收購以及我們添加新獨立客戶的速度以及將我們的數據功能與新徽標捆綁在一起的速度感到非常滿意。以下是附加創新如何在附加銷售方面發揮作用。

If our average client is halfway into a 6-year contract, that means the initial solution was proposed in 2019. When you consider the innovation that's occurred in the last 3 to 4 years and they need to compete, we don't have to force an add-on product conversation. In fact, within our target market, lack of awareness and new products is the top barrier to a financial institution adopting add-on products. Good account management, executive relationships and product education goes a long way towards driving our continued growth. That is why our cumulative ARR expansion is 2x among the 2018 and 2019 cohorts.

如果我們的普通客戶已經簽訂了 6 年合同，這意味著最初的解決方案是在 2019 年提出的。當你考慮過去 3 到 4 年發生的創新並且他們需要競爭時，我們不必強迫附加產品對話。事實上，在我們的目標市場中，缺乏意識和新產品是金融機構採用附加產品的最大障礙。良好的客戶管理、高管關係和產品教育對於推動我們的持續增長大有幫助。這就是為什麼我們的累積 ARR 擴張是 2018 年和 2019 年同期的 2 倍。

The growth equation for Alkami is simple. Registered users times revenue per user. And the fourth reason for our consistency is that we have multiple levers to work on this equation. First, we can grow by adding clients. We've been doing this for years in the credit union market and are now making progress in the bank market. We win as our clients win. Meaning, our revenue grows as our clients expand their customer account base and add registered users to their digital banking platform. Reselling community FIs continue to add customers and our clients tend to grow faster than the industry average.

Alkami 的增長方程很簡單。註冊用戶乘以每個用戶的收入。我們保持一致性的第四個原因是我們有多種手段來解決這個問題。首先，我們可以通過增加客戶來實現增長。我們在信用合作社市場上已經這樣做了很多年，現在在銀行市場上也取得了進展。我們贏得客戶的勝利。這意味著，隨著我們的客戶擴大客戶賬戶基礎並將註冊用戶添加到他們的數字銀行平台，我們的收入就會增長。轉售社區金融機構不斷增加客戶，我們的客戶增長速度往往快於行業平均水平。

In addition, when selected as the digital banking provider, we are starting a long-term relationship with our clients, on average, 70 months. This long-term relationship reduces our attrition rate and equally as important, provides us an opportunity to expand the relationship to our clients adopting additional products. This occurs during the contractual term and at the point of renewal, both driving a higher ARPU. And finally, since our clients tend to be on the acquiring side of M&A transactions, would benefit from M&A in the marketplace. The result of our growth algorithm is a model with multiple levers that can work at different tempos, affording a high degree of visibility and supports continued growth performance.

此外，當被選為數字銀行提供商時，我們將與客戶建立平均 70 個月的長期合作關係。這種長期關係降低了我們的流失率，同樣重要的是，為我們提供了一個機會，通過採用其他產品來擴大與客戶的關係。這種情況發生在合同期限內和續約時，兩者都推動了更高的 ARPU。最後，由於我們的客戶往往是併購交易的收購方，因此將從市場的併購中受益。我們的增長算法的結果是一個具有多個槓桿的模型，可以在不同的節奏下工作，提供高度的可見性並支持持續的增長績效。

The final driver of our consistency is the Alkami culture. You don't sell a 6-year, highly complex, user-disrupting solution to an 8-year-old financial institution unless you have values deeply embedded in your organization, values of client first, a long-term orientation around innovation and conservative business practices that are aligned with your clients. Our commitment to culture is how we establish a leadership position among credit unions over the course of a decade. We built our business the same way they built theirs, serving and innovating on behalf of their customers and members rather than our own agenda. And that's why we're now winning among banks.

我們一致性的最終驅動力是 Alkami 文化。你不會向一家擁有 8 年曆史的金融機構出售一個 6 年的、高度複雜的、干擾用戶的解決方案，除非你的組織有根深蒂固的價值觀、客戶至上的價值觀、圍繞創新和保守的長期導向。與您的客戶保持一致的業務實踐。我們對文化的承諾是我們在十年間在信用合作社中建立領導地位的方式。我們以他們建立業務的方式建立我們的業務，代表他們的客戶和會員而不是我們自己的議程提供服務和創新。這就是我們現在在銀行中獲勝的原因。

In closing, I'm proud of our continued consistency in the second quarter. It's a result of good people, good products and good execution in a business where the market considers our products to be a mandatory innovation. It also helps that we have a large TAM that continues to grow, client relationships that give us a front-row seat to see new market opportunities, a business model with multiple growth levers and a culture that understands the client is the North Star.

最後，我為我們在第二季度的持續穩定感到自豪。這是優秀人才、優質產品和良好執行力的結果，市場認為我們的產品是強制性創新。它還有助於我們擁有持續增長的大型 TAM、讓我們能夠站在前排看到新市場機會的客戶關係、具有多種增長槓桿的商業模式以及了解客戶是北極星的文化。

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。

Thank you, Alex, and good afternoon, everyone. During the second quarter of 2023, we delivered another quarter of strong financial results. We continue to see strong demand for digital transformation, including a higher adoption rate of the products offered through our platform to serve our clients and users. For the second quarter of 2023, we achieved revenue of $65.8 million, which outperforms the high end of our financial guidance and represents a growth of 30%. This was driven by balanced performance across our primary revenue drivers. We implemented 12 new clients in the quarter, bringing our digital banking platform client count to 218. We now have 40 clients in our implementation backlog, representing 1.5 million digital users. We exited the quarter with 15.8 million registered users live on our digital banking platform, up 2.5 million or 19% compared to last year and up sequentially 730,000 digital users.

謝謝你，亞歷克斯，大家下午好。 2023 年第二季度，我們又實現了強勁的財務業績。我們繼續看到對數字化轉型的強勁需求，包括通過我們的平台提供的產品的採用率更高，以服務我們的客戶和用戶。 2023 年第二季度，我們實現了 6580 萬美元的收入，超出了我們財務指導的上限，增長了 30%。這是由我們主要收入驅動因素的平衡表現推動的。我們在本季度實施了 12 個新客戶，使我們的數字銀行平台客戶數量達到 218 個。目前，我們的實施積壓中有 40 個客戶，代表著 150 萬數字用戶。本季度結束時，我們的數字銀行平台上有 1,580 萬註冊用戶，比去年增加 250 萬，即 19%，數字用戶比上一季度增加 73 萬。

Over the last 12 months, digital user growth continues to be driven by 2 areas. First, we implemented 38 financial institutions supporting 1.5 million digital users. Second, our existing clients increased their digital user adoption by 1.3 million users, offsetting digital user growth, which turned at 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. We continue to maintain a very high gross retention rate of approximately 98%, measured in terms of ARR and digital users retained over the last 12 months. We ended the quarter with an RPU of $16.20, which is 6% higher than last year, driven by add-on sales success and the addition of new clients, who tend to onboard with a higher average RPU.

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 38 家金融機構，支持 150 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，抵消了數字用戶的增長，數字用戶數量剛剛超過 30 萬，其中大多數是在第三季度從我們平台轉移的單個客戶。 2022 年。以過去12 個月的ARR 和數字用戶保留率衡量，我們繼續保持約98% 的極高毛保留率。本季度末，我們的 RPU 為 16.20 美元，比去年高出 6%，這得益於附加銷售的成功和新客戶的增加，而新客戶往往會以更高的平均 RPU 加入。

Subscription revenue grew 28% compared to the prior year quarter and represents approximately 93% of total revenue. We increased ARR by 26% and exited the second quarter at $257 million. In addition, we currently have approximately $48 million of ARR in backlog for implementation over the next 12 months. We continue to see healthy demand across our product portfolio. Our new sales performance for the first half of 2023 outpaced 2022 by over 75%. In the first half of the year, we signed 16 new digital banking platform clients, of which, 10 were signed during the second quarter. Our new logo client mix reflects strong representation from banks with 6 signed so far in 2023. Our add-on sales focus continues to yield results as well.

訂閱收入比去年同期增長 28%，約佔總收入的 93%。我們將 ARR 提高了 26%，第二季度達到 2.57 億美元。此外，我們目前還有大約 4800 萬美元的 ARR 積壓待在未來 12 個月內實施。我們繼續看到我們的產品組合的健康需求。我們 2023 年上半年的新銷售業績比 2022 年增長了 75% 以上。上半年，我們新簽約數字銀行平台客戶16家，其中二季度新簽約10家。我們的新徽標客戶組合反映了銀行的強大代表性，截至 2023 年已簽署 6 家銀行。我們的附加銷售重點也繼續取得成果。

Compared to last year, our add-on sales effort resulted in 27% higher total contract value as our client base adopts additional products across our 10 product family categories. In addition to add-on sales, our client sales team is responsible for client contract renewals. During the first half of 2023, we renewed 5 client relationships where we raised the ARR run rate just over 11% through a combination of new product sales and a higher minimum contractual commitment. We expect to renew over 20 clients during 2023.

與去年相比，我們的附加銷售努力使總合同價值增加了​​ 27%，因為我們的客戶群採用了我們 10 個產品系列類別中的附加產品。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 年上半年，我們續簽了 5 個客戶關係，通過新產品銷售和更高的最低合同承諾，我們將 ARR 運行率提高了 11% 以上。我們預計 2023 年將續約 20 多個客戶。

And finally, our remaining purchase obligation or contracted backlog represented $967 million as we exit the second quarter, which is 39% higher than the year ago quarter. Now turning to gross margin and profitability. For the first quarter of 2023, non-GAAP gross margin was 58.7%, representing 70 basis points of expansion when compared to the prior year quarter. Improvement in our gross margin results from operating leverage across our post-sales functions, such as our implementation, client success and site reliability engineering teams, offset by a higher mix of revenue from our third-party IP partners.

最後，第二季度結束時，我們的剩餘採購義務或合同積壓訂單為 9.67 億美元，比去年同期高出 39%。現在轉向毛利率和盈利能力。 2023 年第一季度，非 GAAP 毛利率為 58.7%，較上年同期增長 70 個基點。我們毛利率的提高得益於我們售後職能部門（例如我們的實施、客戶成功和站點可靠性工程團隊）的運營槓桿，但被我們第三方 IP 合作夥伴更高的收入組合所抵消。

Our near-term operating model is non-GAAP gross margin of 65% as we scale our revenue. Also, we expect to achieve a gross margin of approximately 60% during Q4 2023 as we exit the year. Moving to operating expenses. For the first quarter of 2023, non-GAAP R&D expense was $16.9 million or 26% of revenue, 200 basis points lower than the year ago quarter. Margin expansion was primarily driven by revenue scale as we've increased R&D expenses at a slower pace than our revenue growth. 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. Non-GAAP sales and marketing expenses were $12.1 million or 18% of revenue. In the prior year quarter, sales and marketing expenses represented 18% of revenue as well.

隨著我們擴大收入規模，我們的近期運營模式是 65% 的非 GAAP 毛利率。此外，我們預計 2023 年第四季度的毛利率將達到約 60%。轉向運營費用。 2023 年第一季度，非 GAAP 研發費用為 1,690 萬美元，佔收入的 26%，比去年同期下降 200 個基點。利潤率擴張主要是由收入規模推動的，因為我們增加研發費用的速度低於收入增長的速度。提醒一下，我們的目標運營模式是利用研發佔收入的 20%，同時繼續投資和擴展我們的平台。非 GAAP 銷售和營銷費用為 1,210 萬美元，佔收入的 18%。去年同期，銷售和營銷費用也佔收入的 18%。

Our annual client conference, Co:lab, occurred during the second quarter of both years, driving a higher expense to revenue ratio than other quarters of the calendar year. For the full year 2023, we expect our sales and marketing expense to revenue ratio to fall below 16%, a slight improvement from full year 2022. Non-GAAP general and administrative expenses was $12.7 million or 19% of revenue. In the prior year quarter, G&A was approximately 24% of revenue. The margin expansion is primarily attributable to revenue scale.

我們的年度客戶會議 Co:lab 均在兩年第二季度舉行，導致費用收入比高於歷年其他季度。對於 2023 年全年，我們預計銷售和營銷費用與收入之比將降至 16% 以下，比 2022 年全年略有改善。非 GAAP 一般和管理費用為 1,270 萬美元，佔收入的 19%。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。

As we closely manage G&A expenses, we expect to further leverage expense as a percentage of revenue as we move towards our profitability objectives. Our adjusted EBITDA loss for the second quarter was $2.5 million, which is better than the high end of our expectations and less than half of the loss we incurred in the prior year quarter. We expect to be adjusted-EBITDA positive starting in Q4 2023. As a reminder, we've established a 2026 adjusted EBITDA margin objective of 20%, which coincides with the achievement of our 65% gross margin goal.

由於我們密切管理一般及行政費用，我們預計在實現盈利目標的同時，進一步利用費用佔收入的百分比。第二季度調整後 EBITDA 虧損為 250 萬美元，好於我們預期的上限，不到去年同期虧損的一半。我們預計從 2023 年第四季度開始，調整後 EBITDA 將為正值。提醒一下，我們已製定 2026 年調整後 EBITDA 利潤率目標為 20%，這與我們 65% 毛利率目標的實現一致。

Now moving on to the balance sheet. We ended the quarter with just over $176 million of cash and marketable securities and just under $84 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。本季度末，我們的現金和有價證券略高於 1.76 億美元，債務略低於 8400 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 capital structure, during the second quarter, we amended our existing credit facility. The amendment, among other things, increases the amount of the revolving loan commitment by $20 million with Citibank joining as a new lender and extends the maturity date from 1 year to April 29, 2026. We filed an 8-K on June 28 that provides additional information regarding the amendment.

與我們的資本結構相關，第二季度我們修改了現有的信貸安排。除其他外，該修正案將循環貸款承諾金額增加了2000 萬美元，花旗銀行作為新貸款人加入，並將到期日從1 年延長至2026 年4 月29 日。我們於6 月28 日提交了8-K，其中規定有關修正案的更多信息。

Now turning to guidance. For the third quarter of 2023, we are providing guidance for revenue in the range of $66.5 million to $67.5 million and an adjusted EBITDA loss of $1.25 million or $250,000. For full year 2023, we are raising our revenue guidance to a range of $261.5 million to $264.5 million, representing revenue growth of 28% to 30% and an adjusted EBITDA loss of $4.25 million to $2.25 million. This compares to an adjusted EBITDA loss of $17.6 million for the full year of 2022.

現在轉向指導。對於 2023 年第三季度，我們提供的收入指引為 6650 萬美元至 6750 萬美元，調整後的 EBITDA 虧損為 125 萬美元或 25 萬美元。對於 2023 年全年，我們將收入指引提高至 2.615 億美元至 2.645 億美元，即收入增長 28% 至 30%，調整後 EBITDA 損失為 425 萬美元至 225 萬美元。相比之下，2022 年全年調整後 EBITDA 虧損為 1760 萬美元。

In closing, we are thrilled with our continued progress and the solid financial performance we are delivering. We are well positioned to capitalize on our unique business model, attractive market and exceptional product offering, and we believe these will continue to fuel our success going forward.

最後，我們對我們的持續進步和我們所提供的穩健的財務業績感到興奮。我們處於有利地位，可以利用我們獨特的商業模式、有吸引力的市場和卓越的產品供應，我們相信這些將繼續推動我們未來的成功。

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

現在，我將把電話轉給接線員詢問問題。

(Operator Instructions) Our first question comes from Patrick Walravens with Citizens JMP Securities.

（操作員說明）我們的第一個問題來自 Citizens JMP Securities 的 Patrick Walravens。

Congratulations on the continued execution. I have 2 questions that are sort of related to the demand environment and your customers. So Alex, the survey sounded really interesting. Could you just repeat that and maybe break out for us how many were up versus flat? And then secondly, I'm wondering what the customer base is thinking in terms of demand for gen AI-driven kinds of solutions?

祝賀繼續執行。我有兩個問題與需求環境和您的客戶有關。亞歷克斯，這項調查聽起來真的很有趣。您能否重複一遍，或者為我們透露一下有多少是上漲的，有多少是持平的？其次，我想知道客戶群對新一代人工智能驅動的解決方案的需求有何想法？

Yes. The one thing I said in the script, Pat, was that kind of even in the wake of the banking crisis, 89% of the target market expects technology budgets to remain the same or increase over the next 12 months. There are a lot of data points in there. But basically, we haven't seen any fall-off in the focus on, let's just call it, digitizing the front of the house for the financial institutions. So that continues to be a priority. The areas that people are interested in AI within a financial institution would be really 3 areas.

是的。帕特，我在劇本中說過的一件事是，即使在銀行業危機之後，89% 的目標市場預計技術預算在未來 12 個月內保持不變或增加。裡面有很多數據點。但基本上，我們並沒有看到對金融機構數字化的關注有任何下降。因此，這仍然是一個優先事項。人們對金融機構內的人工智能感興趣的領域實際上是三個領域。

One is around security. We continue to work with customers on brand-new threat vectors in terms of either trying to penetrate an account or have any kind of account takeover. So anything that can help our customer through any kind of pattern recognition determined that they've got a new threat vector, they're getting hit with a threat is something that's interesting to customers; anything that can help them read the transactional data that they have and provide them opportunities to increase revenue or increase retention of their consumers or customers.

一是圍繞安全。我們繼續與客戶就全新的威脅向量進行合作，無論是嘗試滲透帳戶還是進行任何類型的帳戶接管。因此，任何可以幫助我們的客戶通過任何類型的模式識別來確定他們已經有了新的威脅向量，他們受到威脅的事情都是客戶感興趣的；任何可以幫助他們讀取所擁有的交易數據並為他們提供增加收入或提高消費者或客戶保留率的機會的東西。

We've actually just released, I'd call it like -- it's a capability that the customer can use themselves to compare the economic benefit of what they have in transactional data in terms of being able to get people that are paying mortgages to another financial institution and maybe provide them an offer. We've provided a tool that allows them to see how they're performing in the use of their data versus their peer sets in the industry. So any kind of use of artificial intelligence or any kind of learning against their transactional data that improves business performance is interesting to them.

我們實際上剛剛發布了，我稱之為——這是一種功能，客戶可以使用自己來比較他們在交易數據中所擁有的經濟利益，以便能夠讓正在向另一個人支付抵押貸款的人金融機構，也許可以向他們提供報價。我們提供了一個工具，使他們能夠了解自己在使用數據方面與業內同行相比的表現如何。因此，任何形式的人工智能使用或任何形式的針對交易數據的學習來提高業務績效對他們來說都很有趣。

And then anything that's in the call center, right? The call center continues to be a source of expense and investment for a financial institution and anything that they can do there. So those are the 3 areas past security, the use of data and in the interactions with their customers and members.

然後還有呼叫中心的任何內容，對嗎？呼叫中心仍然是金融機構及其可以在那裡做的任何事情的支出和投資來源。這些就是安全、數據使用以及與客戶和會員互動的三個領域。

Our next question comes from Mayank Tandon with Needham.

我們的下一個問題來自 Mayank Tandon 和 Needham。

It's actually Sam on for Mayank. Nice results here. Could you guys dig in a little bit more into the add-on sales success you guys had this quarter, and maybe talk a little bit about how that stacks up relative to last quarter, if that changed at all?

實際上是 Sam 為 Mayank 上台。這裡的結果很好。你們能否進一步深入了解本季度的附加銷售成功情況，也許談談相對於上季度的情況（如果情況有任何變化的話）？

Sure. So the add-on sales team, as you're probably aware, that was a team that was created in 2019. And our ultimate goal from our add-on sales team, which we refer to as client sales, is to deliver a 50% of our total contract value year in, year out from that team. Presently, we've been running in the, call it, mid-30% of total contract value, maybe as high as 40% as a total contract value originated. And then -- so that's occurred year-to-date in 2023. From quarter-to-quarter, the production from that team has been pretty even and consistent.

當然。因此，正如您可能知道的那樣，附加銷售團隊是在 2019 年創建的。我們附加銷售團隊（我們稱之為客戶銷售）的最終目標是交付 50年復一年，我們與該團隊簽訂的總合同價值的百分比。目前，我們一直在合同總價值的 30% 左右運行，甚至可能高達合同總價值的 40%。然後，從 2023 年至今，這種情況就發生了。從季度到季度，該團隊的產出相當均勻且一致。

What can cause some variability from that team is the number of renewals they may have in any one quarter year-to-date. So far through 2023, we've had 5 renewals, as we mentioned in our prepared comments. But we expect to have 15, maybe as many as 20 renewals in the back half of the year. So we expect a lot of productivity coming from this team in the back half of the year. Areas where we're seeing some good cross-sell adoption from our client base continues to be, and this is true for 2023 as well as 2022, at our money movement products, our security products and our marketing and analytical products.

可能導致該團隊出現一些變化的是他們在今年迄今為止的任何一個季度內可能進行的續約數量。正如我們在準備好的評論中提到的，截至 2023 年，我們已經進行了 5 次續訂。但我們預計今年下半年會有 15 個、甚至 20 個續約。因此，我們預計該團隊在今年下半年將提高生產力。我們看到客戶群繼續採用一些良好的交叉銷售，無論是在 2023 年還是 2022 年，我們的資金流動產品、安全產品以及營銷和分析產品都是如此。

Great. That's super helpful. And then just a quick follow-up on M&A. I know it's been a little while since you guys did the segment acquisition, and that's worked out pretty well for you guys by the sound of things. So I guess, just curious what the appetite is for M&A today, and maybe any potential areas you guys would look to target.

偉大的。這非常有幫助。然後是併購的快速跟進。我知道自從你們進行細分市場收購以來已經有一段時間了，從事情的聲音來看，這對你們來說效果很好。所以我想，只是好奇今天對併購的興趣是什麼，也許你們會瞄準任何潛在的領域。

Yes. So we view M&A as a part of our strategic product road map, along with some of our third-party IP partners. And so we're evaluating what's available, but it has to fit within our product road map. It has to meet our financial model requirements and then also it's a capital allocation decision. It has to be a good return of capital. What we're finding today in today's market is while it's starting to occur, the valuation expectation for M&A is still yet to catch up to where the public equity markets are at, meaning, we think deals out there that are attractive are still fairly expensive.

是的。因此，我們將併購以及我們的一些第三方知識產權合作夥伴視為我們戰略產品路線圖的一部分。因此，我們正在評估可用的內容，但它必須符合我們的產品路線圖。它必須滿足我們的財務模型要求，而且也是一個資本配置決策。它必須是良好的資本回報。我們今天在當今市場上發現的是，雖然它已經開始發生，但併購的估值預期仍未趕上公共股票市場的水平，這意味著，我們認為有吸引力的交易仍然相當昂貴。

So we're just demonstrating a lot of discipline as it relates to M&A, where we evaluate our third-party partner pipeline, which could be a source of M&A for us. A couple of our acquisitions actually came from that group of partners that we've completed so far. But that's the way we think about it and where the market is today and would it yield the right capital return. Areas where we would focus on really fit into some of the same areas where we're seeing some add-on sales success. So the fraud security area would be of interest for us. Some continued extension of products within financial wellness would be interesting for us as well as marketing and analytics.

因此，我們只是展示了與併購相關的大量紀律，我們評估了我們的第三方合作夥伴渠道，這可能是我們併購的來源。我們的一些收購實際上來自我們迄今為止已完成的合作夥伴群體。但這就是我們思考的方式，以及今天的市場狀況以及它是否會產生適當的資本回報。我們關注的領域確實符合我們看到一些附加銷售成功的相同領域。因此，我們對欺詐安全領域感興趣。金融健康領域產品的一些持續擴展對於我們以及營銷和分析來說都是有趣的。

Our next question comes from Cris Kennedy with William Blair.

我們的下一個問題來自克里斯·肯尼迪和威廉·布萊爾。

Alex, you've talked about the data platform that you have, but can you just go into a little bit more what the opportunities are as you think about your road map, your product road map over the next couple of years?

亞歷克斯，您已經談到了您擁有的數據平台，但是當您考慮未來幾年的路線圖和產品路線圖時，您能否再詳細介紹一下機會是什麼？

If you think about a bank trying to interact with their customers digitally, it's the same as any other generalized industry who wanted to interact with their customers digitally. And so to do that, you need several different elements of the platform, right? You need a great CDP or customer data platform. You need the ability to develop content and distribute content. You need the ability to plug into any kind of automated delivery of messaging. You need to be able to report on the results of your campaigns.

如果您考慮一家銀行試圖與客戶進行數字化互動，那麼它與任何其他想要與客戶進行數字化互動的廣義行業是一樣的。為此，您需要平台的幾個不同元素，對吧？您需要一個出色的 CDP 或客戶數據平台。您需要開發內容和分發內容的能力。您需要能夠插入任何類型的自動消息傳遞。您需要能夠報告活動的結果。

So anything that you and I might think about in the generalized marketing technology stack, a CDP, marketing automation, content management, integration into Ad Networks, campaign ROI reporting. All of those capabilities are going to be necessary in a microcosm for a regional or community financial institution to engage in a digital channel in the same way that they engage in a branch. And the market understands that.

因此，您和我在通用營銷技術堆棧、CDP、營銷自動化、內容管理、與廣告網絡的集成、活動投資回報率報告等方面可能會考慮的任何事情。在一個縮影中，所有這些能力對於區域或社區金融機構來說都是必要的，以便以與分支機構相同的方式參與數字渠道。市場也明白這一點。

What the market has been looking for is a set of technology that can be consumed by the skill sets and the skill level that exist inside a regional and community financial institution. So hopefully, that gives you a sense of -- there's a lot of different vectors that we can go in, in terms of providing technology for a financial institution.

市場一直在尋找一套能夠被區域和社區金融機構內部現有的技能組合和技能水平所使用的技術。希望這能讓您感覺到——在為金融機構提供技術方面，我們可以採用很多不同的方式。

The summary I would just tell you is these financial institutions have succeeded because they have a personal relationship with their customers or members. And they understand that the digital channel is now becoming very important. And what they want to do is replicate the quality of the personalized relationship that they've had in the branch, they want to replicate that digitally. And it's not something that we have to -- we don't have to sell them on the idea. They understand it. They want to do it. And so that's the wide range of opportunity that we have in front of us is all of those kind of capabilities.

我想告訴你們的總結是，這些金融機構之所以成功，是因為他們與客戶或會員建立了個人關係。他們明白數字渠道現在變得非常重要。他們想要做的是複制他們在分支機構中擁有的個性化關係的質量，他們希望以數字方式複制這種關係。這不是我們必須要做的事情——我們不必向他們兜售這個想法。他們明白。他們想要這麼做。因此，我們面前的廣泛機會就是所有這些能力。

Great. Fantastic. And then just one last one. You talked about the renewal outlook for this year. How does the renewal outlook for 2024 look compared to 2023?

偉大的。極好的。然後只有最後一張。您談到了今年的續約展望。與 2023 年相比，2024 年的續約前景如何？

If you look out over the next several years, our renewal pipeline is about 10% of ARR each year. It's pretty consistent for the next 2 to 3 years, that could -- depending on the size of the clients that are renewing in those years, it could be more or less than the 20 clients or so that will renew this year, but it is around the 10% of ARR.

如果您展望未來幾年，我們的續訂管道每年約為 ARR 的 10%。未來 2 到 3 年的情況相當穩定，根據這些年續訂的客戶規模，可能會比今年續訂的 20 個左右的客戶多或少，但它是大約是ARR的10%。

The next question comes from Jacob Stephan with Lake Street.

下一個問題來自 Lake Street 的 Jacob Stephan。

Congrats on the quarter. I just kind of want to touch on the 2x ARR expansion among the 2018, 2019 cohorts. With the 2020 and 2021 cohorts, are you starting -- are you seeing the similar kind of trajectory that you've seen with solution uptick within the 2018, 2019?

恭喜本季度。我只是想談談 2018 年和 2019 年群體中 ARR 的 2 倍擴張。對於 2020 年和 2021 年的隊列，您是否開始看到與 2018 年和 2019 年解決方案增長類似的軌跡？

We are. And so in fact, the increase in each of the individual cohorts, it's really being driven by 2 things. And this is the beauty of our financial model because we're not overly dependent on any one lever. But what's driving it historically has been our clients growing their users. And then as I mentioned earlier in the Q&A session in 2019, we created our client sales team, and they're gaining a lot of momentum cross-selling into our client base, which is now adding another component that's driving ARR expansion within each individual cohort. But if you look at 2020 and 2021, they're between 150% and 200% expansion from their original contractual memos.

我們是。事實上，每個群體的增長實際上是由兩件事驅動的。這就是我們財務模式的美妙之處，因為我們不會過度依賴任何一種槓桿。但從歷史上看，推動這一趨勢的是我們的客戶不斷增長的用戶。正如我之前在 2019 年問答環節中提到的，我們創建了客戶銷售團隊，他們在我們的客戶群中獲得了很大的交叉銷售動力，現在正在添加另一個組件，推動每個人的 ARR 擴展隊列。但如果你看看 2020 年和 2021 年，就​​會發現它們比最初的合同備忘錄擴張了 150% 到 200%。

Okay, awesome. Maybe just kind of touch on the pipeline. Did you kind of break out the bank versus credit unions and the implementation backlog?

好吧，太棒了。也許只是對管道的某種接觸。您是否對銀行與信用合作社以及實施積壓進行了分類？

Yes. Our -- we're not in the implementation backlog. We haven't -- well, I can speak to that. So we have 25 bank clients under contract, of which 10 are live and 15 are in the implementation backlog. Our total new logo implementation backlog is $34 million of the $48 million represented by close to 40 financial institutions. As it relates to our sales pipeline, banks now represent just under 40% of our total pipeline. Our pipeline is higher than it was at this point in time last year. It continues to grow year-over-year at a nice healthy pace.

是的。我們的——我們沒有處於實施積壓之中。我們還沒有——好吧，我可以這麼說。因此，我們有 25 個已簽訂合同的銀行客戶，其中 10 個已上線，15 個處於實施積壓中。我們的新徽標實施積壓總額為 3400 萬美元，而近 40 家金融機構的積壓金額為 4800 萬美元。由於與我們的銷售渠道相關，銀行目前僅占我們總渠道的 40% 以下。我們的管道比去年這個時候要高。它繼續以良好健康的速度逐年增長。

And then -- which provides us great visibility into our future sales that we close that leads to our implementation pipeline and ultimately, revenue. So revenue visibility on into 2024 is now developing at a pretty nice pace. And as I mentioned in the prepared comments, year-to-date, our new sales are 75%-plus over 2022, which is pretty fantastic in this market.

然後，這使我們能夠很好地了解我們未來的銷售情況，從而導致我們的實施渠道並最終帶來收入。因此，2024 年的收入可見度現在正在以相當不錯的速度發展。正如我在準備好的評論中提到的，今年迄今為止，我們的新銷量將比 2022 年增長 75% 以上，這在這個市場上相當出色。

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。

Alex, maybe for you. Maybe building on that last question. Great to see the bank wins so far this year and just that commentary on the pipeline. Maybe the question is, can you just remind us how the profile of a bank win compares to the profile of a credit win, for example? Is it maybe higher users with the bank contract? Or is it higher ARPU? Anything on sort of how the profile of a bank contract win versus a credit union contract win. That would be really helpful to understand.

亞歷克斯，也許適合你。也許以最後一個問題為基礎。很高興看到該銀行今年迄今為止取得了勝利，並且對管道的評論也如此。也許問題是，您能否提醒我們，例如，銀行獲勝的情況與信貸獲勝的情況相比如何？是不是有銀行合約的高級用戶？還是ARPU更高？關於銀行合同獲勝與信用合作社合同獲勝的概況的任何內容。這對理解真的很有幫助。

Yes. I would just generalize it to say that the contract value between a bank and a credit union is likely not that different. In the credit union , we're going to have a lower ARPU and more users because of the retail focus. And then in a bank win, because we add in some of our higher-priced products, we'll end up with a lower number of users but a higher ARPU. And Bryan, I don't know if you've got any specific examples, but just generally think about it as across the TAM, the ACV or the ARR per customer is going to be pretty consistent. Credit union, lower ARPU, higher number of seats. Bank, higher ARPU, lower number of seats.

是的。我只是概括地說，銀行和信用合作社之間的合同價值可能沒有那麼不同。在信用合作社，由於以零售為重點，我們將擁有較低的 ARPU 和更多的用戶。然後在銀行獲勝時，因為我們添加了一些價格較高的產品，我們最終會得到更少的用戶數量，但更高的 ARPU。 Bryan，我不知道您是否有任何具體示例，但一般來說，在整個 TAM 中，每個客戶的 ACV 或 ARR 將非常一致。信用合作社，ARPU 較低，席位數量較多。銀行，ARPU較高，席位數較低。

Yes. And if you look at our implementation backlog, which today, as I mentioned in the last question, is 40 financial institutions, 15 of which are banks. The RPU for all 40 financial institutions in the new logo backlog is around $24. Credit unions are at $22 and banks are at $30. So that gives you a sense of the RPU difference. In some respects, it's because 100% of the banks have commercial banking generally as a product. And on average, it's about 60% of the credit unions may have commercial banking. And as Alex mentioned, generally, banks will have fewer users.

是的。如果你看看我們的實施積壓，正如我在上一個問題中提到的，今天有 40 家金融機構，其中 15 家是銀行。新徽標積壓中所有 40 家金融機構的 RPU 約為 24 美元。信用合作社為 22 美元，銀行為 30 美元。這樣您就可以感受到 RPU 的差異。從某些方面來說，這是因為100%的銀行普遍都將商業銀行作為產品。平均而言，大約 60% 的信用合作社可能擁有商業銀行業務。正如亞歷克斯提到的，一般來說，銀行的用戶會更少。

But Alex did call out, in his prepared comments, that we signed our largest contract value bank client this quarter. And it just so happens that client has over 150,000 digital users. So that's a little bit of an exception in terms of the number of users that a bank will have. This was an 8-year deal. They took 21 products. It was a competitive deal with a few names that you would be very familiar with out there that we compete against. And we won that deal, and we're super excited about it.

但亞歷克斯在他準備好的評論中確實指出，我們本季度簽署了合同價值最大的銀行客戶。而恰巧該客戶擁有超過 15 萬數字用戶。因此，就銀行擁有的用戶數量而言，這有點例外。這是一份為期8年的合同。他們拿走了 21 種產品。這是一項競爭性的交易，涉及到一些你們非常熟悉的名字，我們將與他們競爭。我們贏得了這筆交易，我們對此感到非常興奮。

That's great. That's great. And congrats on that win. Bryan, maybe for the follow-up for you, how do you think about sort of the user adds here in the back half? And maybe just the different components in terms of how many are coming from backlog, how many are kind of coming from sort of growth? And whether there is any sort of seasonality that we should think about in that net add trajectory.

那太棒了。那太棒了。並祝賀這場胜利。布萊恩，也許對於您來說，您如何看待用戶在後半部分添加的內容？也許只是不同的組成部分，有多少來自積壓，有多少來自某種增長？以及我們應該在淨添加軌跡中考慮是否存在任何季節性。

Yes. So every year, I mean, it's very different. There's not really seasonality to our business. It's more about the timing of when the new logo wins occur, about 9 to 12 months before the implementation. But year-to-date, we've implemented from new clients, just under 700,000 digital users. I would expect. Unless we have an implementation that could slip out because it happens from time to time, we should be somewhere around, call it, 800,000 to 850,000 digital users that we'll implement in the back half of the year with a lot of concentration in Q3.

是的。所以我的意思是，每年都有很大不同。我們的業務並沒有真正的季節性。更多的是關於新標誌獲勝的時間，大約是實施前 9 到 12 個月。但今年迄今為止，我們已經從新客戶那裡實施了這一方案，數字用戶數量略低於 700,000 名。我會期待。除非我們有一個可能會因為這種情況時常發生而失敗的實施，否則我們應該在大約 800,000 到 850,000 個數字用戶之間進行實施，我們將在今年下半年實施，重點是在第三季度。

As it relates to our clients growing their digital user base, just Saket, continue that 100,000 digital users a month is the way that we think about it. We're a little over that year-to-date through June 30. I would expect we'll add somewhere in the neighborhood of 600,000, 650,000 in the back half of the year.

因為這關係到我們的客戶擴大數字用戶群，Saket，繼續認為每月 100,000 個數字用戶是我們的想法。到 6 月 30 日為止，我們今年已經超出了一點。我預計我們會在今年下半年增加 600,000 到 650,000 左右的數字。

The next question comes from Charles Nabhan with Stephens.

下一個問題來自查爾斯·納布漢和斯蒂芬斯。

My question is on M&A and the impact it could have on your business over time. Obviously, consolidation activity is pretty slow right now. But as we near an end to the rate hike and presumably a soft landing, hopefully, I was curious if that's become a topic of conversation with your clients. And if so, could it potentially be a catalyst for investment in technology as some of your clients prepare for another M&A cycle?

我的問題是關於併購及其隨著時間的推移可能對您的業務產生的影響。顯然，目前整合活動相當緩慢。但當我們接近結束加息並可能實現軟著陸時，我很好奇這是否已成為與您的客戶談論的話題。如果是這樣，當您的一些客戶準備進入另一個併購週期時，它是否可能成為技術投資的催化劑？

Fortunately, for us, our customer base tends to be the customers that are more digitally advanced thinking about -- if you think about an Alkami customer, it's somebody who has, by definition, decided that they are going to have best-of-breed technology. And they're choosing best-of-breed technology because technology is part of their growth strategy. And so these are the customers that tend to be the acquirers in an M&A environment. And so one of the things that was in my prepared remarks is what we've seen so far is that the M&A transactions that have occurred have been a benefit to us because our clients have been the ones making the acquisitions.

幸運的是，對我們來說，我們的客戶群往往是數字化思維更先進的客戶——如果你考慮一下 Alkami 客戶，根據定義，他們決定他們將擁有最好的產品。技術。他們選擇最好的技術，因為技術是他們增長戰略的一部分。因此，這些客戶往往是併購環境中的收購方。因此，我準備好的發言中的一件事是，到目前為止我們所看到的是，已經發生的併購交易對我們來說是有利的，因為我們的客戶一直是進行收購的人。

So once again, there's almost 10,000 financial institutions in the United States. We target the top 2,000 financial institutions in the United States, and they tend to be the acquirers of the smaller institutions that are not being competitive. So in general, we think of M&A in our market as being good for us. And the other thing to think about is -- and I know I'm telling you stuff you already know, but we price per seat, right? So the overall number of seats, even if M&A is occurring in the United States, is not going down, it continues to grow.

再說一次，美國有近萬家金融機構。我們的目標是美國前2000家金融機構，它們往往是不具備競爭力的小型機構的收購者。因此，總的來說，我們認為市場上的併購對我們有利。另一件需要考慮的事情是——我知道我正在告訴你一些你已經知道的事情，但我們按每個座位定價，對吧？因此，即使併購發生在美國，席位總數也不會下降，而是繼續增長。

And if financial institution is buying another financial institution, they're not buying them because they have the same customers. They're buying them because they want to grow. So our pricing model also helps us in the M&A environment because we price by number of seats, not necessarily a huge platform fee that's charged to an individual financial institution. So in summary, M&A is good for us.

如果金融機構購買另一家金融機構，他們也不會購買它們，因為它們擁有相同的客戶。他們購買它們是因為他們想要成長。因此，我們的定價模式也對我們在併購環境中有所幫助，因為我們按席位數量定價，而不一定是向個別金融機構收取的巨額平台費用。綜上所述，併購對我們有利。

Got it. And I apologize for missing your comments earlier, I hopped on late. Apologies in advance if you've addressed this one as well. But I wanted to get your comments on the competitive landscape with private fintechs more focused on profitability and funding drying up. Curious if you're seeing anything different in the competitive landscape. And conversely, if you're seeing any different behavior from the larger guys you compete against as well.

知道了。我很抱歉錯過了你之前的評論，我跳得很晚。如果您也解決了這個問題，請提前致歉。但我想听聽您對私營金融科技公司競爭格局的評論，這些公司更關注盈利能力和資金枯竭。很好奇您是否在競爭格局中看到了任何不同的東西。相反，如果你發現與你競爭的大個子有任何不同的行為。

Not really. I mean if you think about it, if somebody is going into -- first of all, as you know, 100% replacement market, so we don't ever go to our customer and go, we have this cool idea around digital banking, and they go, "Oh my gosh, I've never thought about that." So the primary wins continue to be against legacy technology that is not providing the type of digital and sales and service platform that the institution wants. So by the time that somebody is starting an evaluation process, which can take a period of time, they've already decided that the legacy technology that they have is insufficient for their business needs. That's why they've kicked off a process in any case. So there's good competition in the marketplace. We all compete honorably with each other.

並不真地。我的意思是，如果你想一想，如果有人進入——首先，正如你所知，100% 的替代市場，所以我們永遠不會去找我們的客戶，我們有一個關於數字銀行的很酷的想法，他們會說，“天哪，我從來沒有想過這個。”因此，主要的勝利仍然是針對無法提供該機構所需的數字、銷售和服務平台類型的傳統技術。因此，當有人開始評估過程（這可能需要一段時間）時，他們已經確定他們擁有的遺留技術不足以滿足他們的業務需求。這就是為什麼他們無論如何都啟動了一個流程。所以市場上有很好的競爭。我們都互相榮耀地競爭。

But really what we're primarily doing is replacing legacy technology. And once again, to reiterate, when we launched our IPO, we said the market was 185 million users, our target market. That continues to grow. And even with our growth, we're still serving less than 10% of that market. So I think the good thing about this market is there's a couple of folks that can compete really well in this market and grow nicely because there's a lot of legacy technology to replace.

但實際上我們主要做的是替換傳統技術。再次重申，當我們啟動 IPO 時，我們說市場是 1.85 億用戶，這是我們的目標市場。這種情況還在繼續增長。即使我們不斷增長，我們所服務的市場份額仍然不足 10%。因此，我認為這個市場的好處是，有一些人可以在這個市場上很好地競爭並實現良好的增長，因為有很多遺留技術需要替換。

Yes. And I'll just add a couple of comments to Alex's commentary. If you look over the last 2.5 years on a win rate, from a win rate perspective, an ARR that's up for grabs, we're consistently winning in that 34%, 35% of the ARR that we're competing for. That was consistent in 2022 and it's been consistent in year-to-date 2023 as well. What's interesting in that is as it relates to credit unions, very consistent. And actually, we're probably a little bit on the higher end of that number in 2023. We're approaching 40% of the ARR that we've been competing for. What I find even more intriguing is our win rate for banks is increasing.

是的。我將在 Alex 的評論中添加一些評論。如果你看看過去 2.5 年的勝率，從勝率的角度來看，我們在競爭的 ARR 中始終保持著 34%、35% 的獲勝率。這在 2022 年是一致的，在 2023 年迄今也是如此。有趣的是，它與信用合作社相關，非常一致。事實上，到 2023 年，我們可能會達到這個數字的高端。我們正在接近我們一直在競爭的 ARR 的 40%。我發現更有趣的是我們對銀行的勝率正在增加。

But more importantly, the number of bank deals that we're competing in, that's increasing as well. So there's a lot of marketing effort, a lot of marketing energy focused on increasing our share of voice and the marketing subsegment of the market that we're going after. So that's just a little bit of flavor on how we're performing in terms of win rate as it relates to the ARR that we're competing for in each of these deals.

但更重要的是，我們參與競爭的銀行交易數量也在增加。因此，我們投入了大量的營銷工作，大量的營銷精力集中在增加我們的話語權份額以及我們所追求的市場細分市場上。因此，這只是我們在勝率方面的表現的一點點，因為它與我們在每筆交易中競爭的 ARR 相關。

Our next question comes from Dan Hibshman with Craig-Hallum.

我們的下一個問題來自 Dan Hibshman 和 Craig-Hallum。

This is Daniel on for Jeff. Just first off, just kind of on the sales motion for banks, where do you guys think in terms of the go-to-market in terms of is that refined in terms of the pitch? Is that -- do you guys have it down yet? Or does that need more work yet on refining the pitch? And then kind of just looking forward to where we're at. So it looks like -- if I have to speak 6 signings of banks in the first half 23 versus about 6 signings first half '22.

這是丹尼爾替傑夫發言。首先，關於銀行的銷售動議，你們認為在進入市場方面，在推銷方面是否得到了完善？那是——你們記下來了嗎？還是還需要做更多的工作來完善音調？然後有點期待我們現在的處境。所以看起來——如果我必須說 23 年上半年銀行簽約了 6 名，而 22 年上半年則有 6 名簽約。

Just what are you guys thinking in terms of the bank adoption curve. Is this steady, slow acceleration? Is there a point at which there's a critical mass or inflection point? How should we think about that kind of adoption rate?

你們對銀行採用曲線有何看法？這是穩定、緩慢的加速嗎？是否存在臨界點或拐點？我們應該如何看待這種採用率？

Yes, this is Alex. I'll take the first half of the question. I'll let Bryan take the second half of the question. In terms of the sales motion, in Q1, we identified 12 specific skill sets that -- you can't learn to swim in the front yard, right? So we started making progress in the bank market. We started engaging with bank prospects. We started winning some banks. And then through that, we started saying, oh, okay, actually -- and I would kind of expand it to not just the sales motion, but to say from the sales through the implementation motion, what have we learned.

是的，這是亞歷克斯。我來回答問題的前半部分。我讓布萊恩回答問題的後半部分。就銷售動議而言，在第一季度，我們確定了 12 項具體技能——你無法在前院學習游泳，對嗎？因此我們開始在銀行市場取得進展。我們開始與銀行潛在客戶進行接觸。我們開始贏得一些銀行。然後，我們開始說，哦，好吧，實際上——我會把它擴展到不僅僅是銷售動議，而是從銷售到實施動議，我們學到了什麼。

And as I was saying earlier, we learned that there were 12 specific skills that we needed within the organization. And then we set a goal for ourselves to bring those skills on board in the second quarter. And we were able to bring those skills on in the second quarter. And then, Bryan, the question -- the second part of the question was related to how do we see the adoption of banks moving forward. Is it going to be in the same ratio that we have right now? Is that ratio going to change?

正如我之前所說，我們了解到組織內需要 12 項特定技能。然後我們為自己設定了一個目標，在第二季度將這些技能運用到船上。我們能夠在第二季度發揮這些技能。然後，布萊恩，問題的第二部分與我們如何看待銀行的採用有關。它會與我們現在的比例相同嗎？這個比例會改變嗎？

Yes. I mean longer term, we think that we'll remain at our current level of competitiveness for credit unions. So we'll continue to win between 30 to 35, maybe as many as 40 credit unions per year. But once you get to 2026 and beyond, we would expect to win the same number of banks. So last year, we won 11 banks. This year, year-to-date, we're at 6. We are building a strong sales pipeline. So I suspect that we're going to do better, quite a bit better than 11 that we signed last year and then next year will continue to increase. And then as we reach out to 2026 and beyond, we'll be at that 30 in terms of number of banks that we're winning each year, which would be a commensurate amount as to what we're winning on the credit union side of the market.

是的。我的意思是，從長遠來看，我們認為信用合作社將保持目前的競爭力水平。因此，我們每年將繼續贏得 30 到 35 個，也許多達 40 個信用合作社。但一旦到了 2026 年及以後，我們預計將贏得同樣數量的銀行。去年，我們贏得了 11 家銀行。今年，年初至今，我們的排名為 6。我們正在建立強大的銷售渠道。所以我懷疑我們會做得更好，比我們去年簽下的 11 名球員好很多，然後明年會繼續增加。然後，到 2026 年及以後，我們每年贏得的銀行數量將達到 30 家，這與我們在信用合作社方面贏得的銀行數量相當市場的。

That's great color. And then just kind of maybe sticking to the go-to-market theme. In terms of sales capacity, how many reps you've got now and whether that's a good amount or expecting to scale that up where that might be by the end of the year?

那顏色真棒。然後可能只是堅持進入市場的主題。就銷售能力而言，您現在有多少銷售代表，這個數量是否合適，或者預計在年底前擴大這一數量？

Yes. We don't really disclose the number of sales reps that we have. In terms of total sales team, we're in that kind of the 60 to 65 FTEs, and so they include sales support, sales engineers as well as direct sales reps for new logo and client sales. But when we do go to market, we do have a hunter and farmer mentality, meaning we have a new logo team. We have our client sales team that's responsible for renewals and cross-sell.

是的。我們並沒有真正透露我們擁有的銷售代表的數量。就整個銷售團隊而言，我們擁有 60 至 65 名 FTE，因此他們包括銷售支持、銷售工程師以及新徽標和客戶銷售的直接銷售代表。但當我們進入市場時，我們確實有獵人和農民的心態，這意味著我們有一個新的標誌團隊。我們的客戶銷售團隊負責續訂和交叉銷售。

And then as it relates to some of our acquisitions, we'll have a few sales reps that are more of a specialty sales rep variety as it relates to those individual products because they may have some uniqueness to them. And then it also helps support and drive sales through those other teams by having the sales specialists involved.

然後，由於它與我們的一些收購相關，我們將有一些銷售代表，他們更像是專業銷售代表，因為它與那些單獨的產品相關，因為他們可能有一些獨特性。然後，它還可以通過讓銷售專家參與來幫助支持和推動其他團隊的銷售。

I will say just one add-on comment with Bryan. One of the things that we really like about this business model is if you look at a company like an Alkami versus a generalized SaaS company, in a generalized SaaS company, you have to spend maybe 30%, 35% of revenue on sales because you have to stimulate the market with the -- with your sales organization. And so as you're growing revenue, you're actually having to add sales expense ahead of time to make sure that you're pushing the market for lack of a better term, but obviously, in a highly verticalized SaaS type of industry.

我只想對 Bryan 說一則補充評論。我們真正喜歡這種商業模式的一件事是，如果你看看像Alkami 這樣的公司和廣義的SaaS 公司，在廣義的SaaS 公司中，你必須將收入的30%、35% 用於銷售，因為你必須通過您的銷售組織來刺激市場。因此，當你增加收入時，你實際上必須提前增加銷售費用，以確保你在缺乏更好的術語的情況下推動市場，但顯然，在高度垂直化的 SaaS 類型的行業中。

And then if you go deeper than that, the thing that's great about our industry is it's really an industry where you can really do account-based marketing because think of all of the data that's published about every single one of these institutions, what they have to publish to the government. And so what you would normally have to do to leverage your marketing organization to drive demand, in a lot of cases, it's really hard because of the lack of data about the industry. But here, the data is there, and so it allows us to utilize the marketing organization in a much more targeted manner than other kind of go-to-market situations, which allows us to keep sales headcount, frankly, lower than a lot of other SaaS models.

然後，如果你更深入地了解，我們行業的偉大之處在於，它確實是一個你可以真正進行基於帳戶的營銷的行業，因為想想這些機構中每個機構發布的所有數據，他們擁有什麼向政府發布。因此，在很多情況下，您通常需要利用營銷組織來推動需求，但由於缺乏有關該行業的數據，這確實很困難。但在這裡，數據就在那裡，因此它使我們能夠以比其他類型的市場進入情況更有針對性的方式利用營銷組織，坦率地說，這使我們能夠保持銷售人員數量低於許多公司其他SaaS模式。

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。