Alkami Technology Inc (ALKT) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Alkami Technology second quarter 2024 financial results conference call. (Operator Instructions). I'd like to turn the conference over to Steve Calk, Vice President of Investor Relations. Steve, go ahead.

女士們先生們下午好，歡迎參加阿爾卡米科技 2024 年第二季財務業績電話會議。（操作員說明）。我想將會議交給投資者關係副總裁史蒂夫·卡爾克 (Steve Calk)。史蒂夫，繼續吧。

Thank you, operator. And with me today 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.

謝謝你，接線生。與我一起參加今天電話會議的還有執行長 Alex Shootman；和財務長 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。這些陳述是基於管理層目前的觀點和預期，並受到各種風險和不確定性的影響，我們的實際結果可能存在重大差異。

For summary of risk factors associated with our forward-looking statements. Please refer to today's press release in the sections in our latest 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 these statements.

與我們的前瞻性陳述相關的風險因素總結。請參閱今天的新聞稿中我們最新的 10-K 標題為「風險因素和前瞻性陳述」的部分。電話會議期間所做的聲明截至今天為止，我們不承擔更新或修改這些聲明的義務。

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. Reconciliation of the 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表現。可在我們的收益新聞稿和向 SEC 提交的文件中找到可比較 GAAP 財務指標的調整表。

Now turn the call over to Alex.

現在將電話轉給亞歷克斯。

Thanks, Steve, and welcome, everyone. I'm pleased to report another quarter of strong performance for Alkami. In the second quarter of 2024 Alkami grew revenue 25% once again ahead of expectations. In addition, we delivered $4.6 million in adjusted EBITDA, exceeding the high end of expectations.

謝謝史蒂夫，歡迎大家。我很高興地報告 Alkami 又一個季度表現強勁。2024 年第二季度，Alkami 營收成長 25%，再次超出預期。此外，我們還實現了 460 萬美元的調整後 EBITDA，超出了預期的上限。

Since our last earnings call, we celebrated a significant product achievements. Alkami is the first digital banking solution company to be certified by J.D. Power for providing clients with an outstanding mobile banking platform experience.

自從上次財報電話會議以來，我們慶祝了重大的產品成就。Alkami是第一家獲得J.D. Power認證的數位銀行解決方案公司，為客戶提供卓越的行動銀行平台體驗。

As the first provider in our space to earn this certification, Alkami had passed J.D. Power's rigorous methodology for meeting high consumer expectations. Specifically, we exceeded J.D. Power's industry benchmark across a set of 146 best practices covering all aspects of mobile application development design and operational functionality.

作為我們領域中第一家獲得此認證的供應商，Alkami 已透過 J.D. Power 滿足消費者高期望的嚴格方法。具體來說，我們在涵蓋行動應用程式開發設計和操作功能各個方面的 146 項最佳實踐中超越了 J.D. Power 的行業基準。

Additionally, we exceeded J.D. Power's voice of the customer benchmark which ensures our client's customers view our mobile banking experience is outstanding. This is meaningful to our business as research continues to show that the number one criteria for an FI selecting a new digital banking platform is the user experience for their customers and members.

此外，我們也超越了 J.D. Power 的客戶評價基準，這確保了我們客戶的客戶認為我們的行動銀行體驗非常出色。這對我們的業務意義重大，因為研究不斷表明，金融機構選擇新數位銀行平台的首要標準是其客戶和會員的使用者體驗。

Our investment in user experience continues to drive success in the marketplace. In the second quarter, we signed eight new digital banking clients four credit unions and four banks, one of our credit union wins (inaudible) union that will become one of our top clients in terms of ARR. One of our bank wins is a large Midwestern bank that has a commercial growth strategy. This bank is an existing ACH clients fully successfully cross-sold digital banking.

我們對使用者體驗的投資持續推動市場的成功。第二季度，我們與四家信用社和四家銀行簽署了八個新的數位銀行客戶，其中一個信用社贏得了（聽不清楚）聯盟，該聯盟將成為我們的 ARR 頂級客戶之一。我們的銀行勝利之一是一家擁有商業成長策略的大型中西部銀行。這家銀行是現有ACH客戶完全成功交叉銷售的數位銀行業務。

And as a reminder, we currently have over 500 ACH alter clients under contract and 80% of those are banks. We now have 34 banks under contract for a digital banking platform, representing approximately 1 million digital users based on our current implementation schedule. By the end of Q1 2025, we will have approximately 30 banks live on the Alkami platform.

提醒一下，我們目前有超過 500 個 ACH 簽約客戶，其中 80% 是銀行。我們現在有 34 家銀行簽訂了數位銀行平台合同，根據我們目前的實施計劃，代表著大約 100 萬數位用戶。到 2025 年第一季末，Alkami 平台上將有大約 30 家銀行。

In addition, our sales pipeline remains strong with almost half in the bank market. Our current performance and product excellence reinforce my confidence in our 2026 targets. We continue to experience tailwinds in our market with annual digital user growth amongst US financial institutions averaging 5% to 8%. On a base of more than 480 million users, that means every year. More digital users are created that are live on the Alkami digital banking platform. This continues to drive our TAM and growth among our clients.

此外，我們的銷售管道仍然強勁，其中近一半來自銀行市場。我們目前的業績和卓越的產品增強了我對 2026 年目標的信心。我們的市場持續順風順水，美國金融機構的數位用戶每年平均成長 5% 至 8%。基於超過 4.8 億用戶的基礎，這意味著每年都會發生。Alkami 數位銀行平台上的數位用戶越來越多。這將繼續推動我們的 TAM 和客戶的​​成長。

An immutable factor driving tailwinds in our market is the evolution of our client's customer base. In May, we published a study on generational trends in digital banking being driven by the greatest intergenerational wealth transfer in history.

推動我們市場順風的一個不可改變的因素是我們客戶的客戶群的演變。五月，我們發表了一項關於數位銀行世代趨勢的研究，該趨勢是由歷史上最大規模的世代財富轉移所推動的。

Some key findings include first, 30% of millennials plan to grow the number of financial providers with whom they have a relationship over the next 12-months. This is 2.5 times more than the weighted average of Gen Xers and baby boomers who have been driving existing digital banking growth. Next, millennials have 14% more products with their FIs and Gen Xers and 28% more than boomers. This can provide demand for additional products to be sold into our client base.

一些重要調查結果包括，首先，30% 的千禧世代計劃在未來 12 個月內增加與他們建立關係的金融服務提供者的數量。這是推動現有數位銀行成長的 X 世代和嬰兒潮世代的加權平均值的 2.5 倍。其次，千禧世代的金融機構和 X 世代擁有的產品比嬰兒潮世代多 14%，多 28%。這可以提供向我們的客戶群銷售更多產品的需求。

Finally, millennials are 56% more likely than Gen X and boomers to grow their relationship with their primary FI. This generation's views their FI as a broader solution provider, which creates an opportunity for Alkami to deliver future innovations to our clients.

最後，千禧世代與 X 世代和嬰兒潮世代發展與其主要金融機構關係的可能性高出 56%。這一代人將他們的金融機構視為更廣泛的解決方案提供商，這為 Alkami 為我們的客戶提供未來創新創造了機會。

Seat growth and demographic forces are driving demand in our market. And while Alkami has to capitalize on this demand, we don't have to create the demand and these demand tailwinds reinforce my confidence in our 2026 targets.

座位成長和人口力量正在推動我們市場的需求。雖然 Alkami 必須利用這種需求，但我們不必創造需求，這些需求順風增強了我對 2026 年目標的信心。

We continue to make operational improvements that create leverage in our business. One example is the results we're achieving from investments in our platform. At the end of Q2, almost half of our micro services have been converted to Linux and deployed to Kubernetes, which enables our platform to auto scale.

我們繼續進行營運改進，為我們的業務創造槓桿。一個例子是我們透過平台投資所取得的成果。在第二季末，我們幾乎一半的微服務已轉換為 Linux 並部署到 Kubernetes，這使得我們的平台能夠自動擴展。

We launched our centralized certificate management store, which allows thousands of certificates to be refreshed automatically rather than the previous manual process. This quarter, we conducted a successful pilot, some of our observability framework, which will allow detect and troubleshoot issues more efficiently, reducing cost and improve client experience. Early in the quarter, we launched our new SDK Wizard, which is a user friendly installation tool that allows clients and partners to set up their environment and less than 30 minutes.

我們推出了集中式證書管理存儲，它允許自動刷新數千個證書，而不是以前的手動流程。本季度，我們進行了一次成功的試點，我們的一些可觀察性框架將允許更有效地檢測和解決問題，降低成本並改善客戶體驗。本季初，我們推出了新的 SDK 嚮導，這是一個用戶友好的安裝工具，可讓客戶和合作夥伴在 30 分鐘內設定他們的環境。

We also launched the Alkami developer portal tailored for developers wanting greater control and visibility into their development process on the Alkami platform. Our new wizard and portal reduce the workload on the Alkami Engineering Organization, which allows us to work on capabilities such as our API infrastructure, which will enable us to be an API first platform.

我們還推出了 Alkami 開發者入口網站，專為希望在 Alkami 平台上更好地控制和了解其開發流程的開發者量身定制。我們的新嚮導和入口網站減少了 Alkami 工程組織的工作量，這使我們能夠開發 API 基礎設施等功能，這將使我們成為 API 優先平台。

These are some of the investments we made in our platform that have reduced our cost per user increase the availability, quality and performance of the platform and deliver new capabilities to our clients. Our ability to continue to drive operational improvements reinforces my confidence and our 2026 targets.

這些是我們在平台上進行的一些投資，這些投資降低了每個用戶的成本，提高了平台的可用性、品質和效能，並為我們的客戶提供了新的功能。我們持續推動營運改善的能力增強了我的信心和我們的 2026 年目標。

Alkami continues to attract the best and brightest talent who will help us execute our vision. Over the last two years, we've added senior resources, including deep pharma, who is Deep Varma, who is Alkami’s Chief Technology Officer; and Chief Customer Officer, Wayne McCullough, both of whom are respected technology leaders.

Alkami 不斷吸引最優秀、最聰明的人才，他們將幫助我們實現我們的願景。在過去的兩年裡，我們增加了進階資源，包括 Deep Pharma，他是 Alkami 的技術長 Deep Varma；首席客戶長韋恩·麥卡洛 (Wayne McCullough)，兩人都是受人尊敬的技術領導者。

In Q2, we were excited to welcome Gagan Kanjlia as Alkami's, Chief Product Officer. Gagan brings more than 25 years of experience developing products for some of the most prominent financial institutions and fintechs in the country, including Capital One, OnDeck and most recently, Silicon Valley Bank where for the last 5.5 years, he was Chief Product Officer.

在第二季度，我們很高興歡迎 Gagan Kanjlia 擔任 Alkami 的首席產品長。Gagan 擁有超過25 年的經驗，為美國一些最著名的金融機構和金融科技公司開發產品，包括第一資本(Capital One)、OnDeck 以及最近的矽谷銀行(Silicon Valley Bank)，在過去的5.5 年裡，他擔任首席產品官。

Gagan is the right executive to help Alkami continue our momentum in the commercial banking market and refine our long-term strategic product road map, which will create an exciting future for Alkami and our clients. With the addition of Gagan, we now have in place the executive team necessary for the next phase of Alkami’s growth. Our ability to attract people like Gagan to Alkami reinforces my confidence in our 2026 targets.

Gagan 是幫助 Alkami 繼續我們在商業銀行市場的勢頭並完善我們的長期策略產品路線圖的合適高管，這將為 Alkami 和我們的客戶創造一個令人興奮的未來。隨著 Gagan 的加入，我們現在已經擁有了 Alkami 下一階段發展所需的執行團隊。我們能夠吸引像 Gagan 這樣的人才加入 Alkami，增強了我對 2026 年目標的信心。

I’m proud of the Alkami team, grateful for the Alkami clients that have trusted us with their digital future and appreciative of the investors who have chosen to be part of the Alkami story. In closing, our current performance, product [expert] the tailwinds driving demand, our operational improvements and our ability to attract great talent, reinforce my confidence in our 2026 targets.

我為 Alkami 團隊感到自豪，感謝 Alkami 客戶將他們的數位化未來託付給我們，並感謝選擇參與 Alkami 故事的投資者。最後，我們目前的業績、產品[專家]推動需求的順風車、我們營運的改進以及我們吸引優秀人才的能力，增強了我對 2026 年目標的信心。

And with that, I’ll hand the call over to Bryan.

接下來，我會將電話轉交給布萊恩。

Thanks, Alex, and good afternoon, everyone. Our second quarter was another strong quarter for Alkami, beating expectations and continuing our progress towards our long-term financial objectives. For the second quarter of 2024, we achieved total revenue of $82.2 million, which represents year-over-year growth of 25%. Subscription revenue grew 28% and represented approximately 95% of total revenue. We increased ARR by 25% and exited the quarter at $321.3 million. We currently have approximately $52 million of ARR in backlog for implementation, the majority of which will occur over the next 12-months.

謝謝，亞歷克斯，大家下午好。對於 Alkami 來說，第二季度是另一個強勁的季度，超出了預期，並繼續朝著長期財務目標邁進。2024 年第二季度，我們實現總營收 8,220 萬美元，年增 25%。訂閱收入成長了 28%，約佔總收入的 95%。我們將 ARR 提高了 25%，本季結束時的營收為 3.213 億美元。目前，我們有大約 5,200 萬美元的 ARR 待實施，其中大部分將在未來 12 個月內完成。

We implemented 10 new clients in the quarter, bringing our digital platform client count to 254. We now have 39 new clients in our implementation backlog, representing 1.6 million digital users. We exited the quarter with 18.6 million registered users live on our digital banking platform, up 500,000 sequentially and up 2.7 million or 17% compared to last year. Over the last 12 months, we implemented 36 financial institutions supporting 1.3 million digital users.

我們在本季新增了 10 位客戶，使我們的數位平台客戶數量達到 254 位。現在，我們的實施積壓中有 39 個新客戶，代表 160 萬數位用戶。本季結束時，我們的數位銀行平台上有 1,860 萬註冊用戶，比上一季增加 50 萬，比去年增加 270 萬，即 17%。在過去 12 個月裡，我們與 36 家金融機構合作，為 130 萬數位用戶提供支援。

In addition, our existing clients increased their digital user adoption by 1.4 million users. As a reminder, because of the long-term future of our contracts, we had three to four visibility in the upcoming client attrition. In fiscal year 2024, we expect churn of less than 1%. And over the last 12-months, we have not experienced any digital banking client churn over the long-term. We model digital banking ARR churn at 2% to 3% per year.

此外，我們現有客戶的數位用戶採用率增加了 140 萬人。提醒一下，由於我們合約的長期前景，我們對即將到來的客戶流失有三到四個可見性。到 2024 財年，我們預期客戶流失率將低於 1%。在過去 12 個月中，我們沒有經歷任何數位銀行客戶的長期流失。我們對數位銀行 ARR 流失率進行了建模，預測率為每年 2% 至 3%。

We ended the quarter with an RPU of $17.29, up 7% compared to a year ago, driven by add-on sale success and the addition of new clients who tend to onboard with a higher average RPU. We are seeing broad-based demand across our product portfolio. Our 2024 new sales performance continues to outpace 2023. For the year, we signed 14 new digital banking clients, including five banks and our add-on sales effort represented over 46% of 2024 new sales.

本季末，我們的 RPU 為 17.29 美元，比去年同期成長 7%，這得益於附加銷售的成功以及傾向於平均 RPU 更高的新客戶的增加。我們看到我們的產品組合具有廣泛的需求。我們 2024 年的新銷售業績持續超過 2023 年。今年，我們簽署了 14 個新的數位銀行客戶，其中包括 5 家銀行，我們的附加銷售工作佔 2024 年新銷售額的 46% 以上。

Key growth areas continue to be concentrated in data insights and marketing, fraud protection, customer service and financial wellness product family categories. In addition to add-on sales, our client sales team is responsible for client contract renewals, we expect to renew over 30 client relationships in 2024. During the first half of 2024, we renew 12 client relationships. Renewal terms have been consistent with historical norms in terms of pricing and add-on product adoption.

主要成長領域繼續集中在數據洞察和行銷、詐欺防護、客戶服務和金融健康產品系列類別。除了附加銷售外，我們的客戶銷售團隊還負責客戶合約續約，我們預計到 2024 年將續簽 30 多個客戶關係。2024 年上半年，我們續簽了 12 個客戶關係。續訂條款在定價和附加產品採用方面與歷史規範保持一致。

And finally, our remaining purchase obligation crossed over [1.2 billion], representing just under 4 times our ARR and a 12.6% compared to a year ago. Now turning to gross margin, for the second quarter of 2024, we delivered non-GAAP gross margin of 63.2%, representing 450 basis points of expansion compared to the prior year quarter. We achieved gross margin expansion through continued improvement in our hosting cost per registered user as well as operating leverage across our post-sale operations. As a reminder, our ['24] gross margin objective is 65%, and we are rapidly approaching this goal and are now beginning to look beyond 2026 as our operational and financial models continue to strengthen.

最後，我們的剩餘購買義務超過了 [12 億]，相當於我們的 ARR 的不到 4 倍，與一年前相比增加了 12.6%。現在轉向毛利率，2024 年第二季度，我們的非 GAAP 毛利率為 63.2%，比去年同期增加 450 個基點。我們透過持續改善每個註冊用戶的託管成本以及售後業務的營運槓桿來實現毛利率的成長。提醒一下，我們的 ['24] 毛利率目標是 65%，我們正在迅速接近這一目標，並且隨著我們的營運和財務模型不斷加強，我們現在開始展望 2026 年以後的情況。

Moving to operating expenses for the second quarter of 2024 operating expenses of $47.8 million or 58% of revenue represented operating leverage of 520 basis points. We derive operating leverage primarily in R&D and G&A where we continue to realize operational scale.

轉向 2024 年第二季的營運費用，營運費用為 4,780 萬美元，佔營收的 58%，意味著營運槓桿為 520 個基點。我們主要在研發和一般管理費用方面獲得營運槓桿，並繼續實現營運規模。

Related to R&D we continue to invest in our platform of scaling this expense line. Investment focus areas include initiatives to drive quality and cost efficiency of the platform, expand our product offering, improve extensibility and enhance the product market fit of our commercial banking offer.

與研發相關，我們持續投資擴大這條支出線的平台。投資重點領域包括提高平台品質和成本效率的舉措、擴大我們的產品供應、提高可擴展性以及增強我們商業銀行業務的產品市場契合度。

For non-GAAP sales and marketing expenses, we continued to achieve a high level of sales, team productivity and go-to-market efficiency. For the last 12-months, we increased ARR $64.5 million, while investing $46.5 million in sales and marketing, representing an efficiency ratio of 1.4 to 1. We believe this ranks among the best in SaaS in terms of sales and marketing efficiency, our adjusted EBITDA in the second quarter was $4.6 million, better than the high end of our expectations and represents our fourth consecutive quarter of positive adjusted EBITDA.

對於非公認會計準則銷售和行銷費用，我們繼續實現高水準的銷售、團隊生產力和上市效率。在過去 12 個月中，我們的 ARR 增加了 6,450 萬美元，同時在銷售和行銷方面投資了 4,650 萬美元，效率比為 1.4 比 1。我們相信，就銷售和行銷效率而言，這在 SaaS 領域名列前茅，第二季調整後 EBITDA 為 460 萬美元，好於我們預期的上限，代表我們連續第四個季度實現正調整 EBITDA。

We are very pleased with the progression, which is in line with our path to achieve an adjusted EBITDA margin of 20% in calendar year 2026. Related to our balance sheet. We ended the quarter with approximately $87 million of cash and marketable securities. On July first, we issued an 8-K disclosing that we amended our credit facility.

我們對此進展感到非常滿意，這符合我們在 2026 年實現 20% 調整後 EBITDA 利潤率的目標。與我們的資產負債表有關。本季結束時，我們擁有約 8,700 萬美元的現金和有價證券。7 月 1 日，我們發布了 8-K 揭露，我們修改了我們的信貸安排。

The amendment expands the revolver from $60 million to $125 million, modify certain covenants to be more consistent with our financial profile and extends the term by one year to April 29, 2027. Additional detail is provided in the 8-K as of today because the facility is undrawn.

該修正案將左輪手槍從 6000 萬美元擴大到 1.25 億美元，修改了某些契約以使其更符合我們的財務狀況，並將期限延長一年至 2027 年 4 月 29 日。截至今天，8-K 中提供了更多詳細信息，因為該設施尚未繪製。

Now turning to guidance. For the third quarter of 2024, we are providing guidance for revenue in the range of $83.8 million to $85.3 million, which represents 24% to 26% total revenue growth for adjusted EBITDA, we are providing guidance in the range of $5.8 million to $6.8 million. And for full year 2024, we are providing guidance for revenue in the range of $330.5 million to $333.5 million, representing total revenue growth of 25% to 26% and subscription revenue growth of 26% to 27%. We are also providing adjusted EBITDA guidance of $22 million to $24 million.

現在轉向指導。對於 2024 年第三季度，我們提供的營收指引範圍為 8,380 萬美元至 8,530 萬美元，佔調整後 EBITDA 總營收成長的 24% 至 26%，我們提供的指導範圍為 580 萬美元至 680 萬美元。對於 2024 年全年，我們提供的收入指引範圍為 3.305 億美元至 3.335 億美元，總收入成長 25% 至 26%，訂閱收入成長 26% 至 27%。我們也提供 2,200 萬至 2,400 萬美元的調整後 EBITDA 指引。

In closing, I'm excited about our financial performance this quarter. We're continuing to deliver strong growth while achieving best-in-class go-to-market market efficiency, expanding our profitability and increasing shareholder value.

最後，我對我們本季的財務表現感到興奮。我們將持續實現強勁成長，同時實現一流的上市市場效率、擴大獲利能力並提高股東價值。

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

這樣，我會將電話轉給接線生詢問問題。

(Operator Instructions).

（操作員說明）。

Cris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Good afternoon. Thanks for taking the questions. Alex, you alluded to it, but when you think about the next phase of growth for Alkami, can you talk about some of the key drivers that you’re focused on?

午安.感謝您提出問題。Alex，您提到過這一點，但是當您考慮 Alkami 下一階段的成長時，您能談談您關注的一些關鍵驅動因素嗎？

Yeah. Most of -- if I go back to my script, what I was reflecting on is the factors that continue to reinforce my confidence in the 2026 targets that Bryan and I sent out. So most of my commentary -- I’m not trying to be argumented. It wasn’t really about a next phase of growth.

是的。如果我回到我的劇本，我所反思的大部分因素是繼續增強我對布萊恩和我所設定的 2026 年目標的信心的因素。所以我的大部分評論——我並不是想引起爭論。這實際上並不是關於下一階段的成長。

What I continue to see though in the market and I talked about the demand drivers is that, we’ve got underlying seat growth in the population in general. We’ve got demographic changes that are driving the need for digitization in almost any aspect of how a consumer deals with their banks. And so Chris, I’m happy to go a little bit deeper, but we’ve got a lot of demand tailwinds that Alkami can tap into long-term.

我在市場上繼續看到的以及我談到的需求驅動因素是，我們的整體人口座位數有所增長。我們的人口結構變化推動了消費者與銀行打交道的幾乎所有方面對數位化的需求。克里斯，我很高興能更深入地探討，但我們有很多需求順風車，Alkami 可以長期利用這些順風車。

Yeah, Chris, I'll just add a couple more points. In the beginning of 2022, we laid out a plan to scaled 2026. And in that, what we talked about was we're pretty competitive in the credit union side of the market and our goal is by 2026 to achieve about 50% of the new client wins from banks to complement what we've been doing in credit unions.

是的，克里斯，我再補充幾點。2022年初，我們制定了2026年擴展的計畫。在這方面，我們談到的是我們在信用合作社市場方面具有相當的競爭力，我們的目標是到 2026 年從銀行獲得約 50% 的新客戶，以補充我們在信貸方面所做的工作工會。

And in addition, to that. What we've also said is we would like 50% of the total contract value that we sell in 2026 to come from add-on sales, which in this what we just reported year-to-date for 2024 were at 46% and most likely we'll be in that 40% to 45% for the full year. So I think we're making a lot of progress toward our 2026 goal, which is what we've outlined for the investment community back in 2022.

除此之外。我們也說過，我們希望 2026 年銷售的合約總價值中有 50% 來自附加銷售，在我們剛剛報告的 2024 年年初至今中，這一比例為 46%，最多全年我們可能會處於40% 到45% 的水平。因此，我認為我們在實現 2026 年目標方面取得了很大進展，這也是我們在 2022 年為投資界設定的目標。

Understood. Thank you and you guys are clearly on track there. And then just a quick follow-up, you talked about better leveraging the APIs. Can you just talk about the progress on that journey? Thank you.

明白了。謝謝你們，你們顯然已經步入正軌了。然後快速跟進，您談到如何更好地利用 API。能簡單談談這過程的進展嗎？謝謝。

Yeah. Thanks. There’s two ways that our customers and our partners access the Alkami application today. They can access it through an API where they can access it through an SDK. The feedback that we’ve gotten from our customers is that they want to be able to access more parts of the platform so that they can either get different pieces of information out of the platform or put other pieces of information back into the platform.

是的。謝謝。目前，我們的客戶和合作夥伴可以透過兩種方式存取 Alkami 應用程式。他們可以透過 API 存取它，也可以透過 SDK 存取它。我們從客戶那裡得到的回饋是，他們希望能夠訪問平台的更多部分，以便他們可以從平台獲取不同的訊息，或將其他資訊放回平台。

And so that’s what we’re going through from an API redesign standpoint is how do we allow other pieces of information to come out of the platform so that our customers can do unique things for their customers and members and then how do we allow them to put information into the platform.

因此，從 API 重新設計的角度來看，我們正在經歷的是如何允許其他資訊從平台中流出，以便我們的客戶可以為他們的客戶和會員做獨特的事情，然後我們允許他們將資訊放入平台。

And then ultimately turning it into an API first platform, so that they no longer have to use an SDK, if they want to integrate a third-party capability into the platform. What this will all result from is lower effort inside of Alkami to connect partner software or the third-party software into the platform. And it will enable more stickiness of the platform because there will before information in and out of the platform in service to the customer.

然後最終將其轉變為 API 優先平台，這樣如果他們想要將第三方功能整合到平台中，就不再需要使用 SDK。這一切的結果是 Alkami 內部將合作夥伴軟體或第三方軟體連接到平台的工作量減少了。而且它將提高平台的黏性，因為在為客戶提供服務之前，會有資訊進出平台。

Great. Thank you. Appreciate it.

偉大的。謝謝。欣賞它。

Mayank Tandon, Needham.

馬雅克坦登，尼達姆。

Thank you. Good evening, Alex, Brian, and Steve. I wanted to start, Brian or Alex with the comment around the add-on sales momentum. Great to hear the positive momentum there. Could you maybe unpack that a little bit in terms of which areas are you seeing the most traction, which might be lagging a little bit? Just any sort of color on where the momentum lies within the add-on products?

謝謝。晚上好，亞歷克斯、布萊恩和史蒂夫。布萊恩或亞歷克斯，我想先對附加產品的銷售勢頭髮表評論。很高興聽到那裡的積極勢頭。您能否稍微分析一下您認為哪些領域最具吸引力，哪些領域可能有點滯後？附加產品中動力所在的任何顏色？

Yeah. There's four areas where we're seeing some significant progress. One is what we refer to as data insights and marketing, which in large part, that’s our segment acquisition. So not just from an add-on sales perspective, but also from a new logo or new client win perspective. We’re seeing a lot of adoption within segment. In fact, today approximately 28% to 30% of our total installed base. So the 254 live digital banking clients have adopted segment, which we think is pretty fantastic.

是的。我們在四個領域看到了一些重大進展。一是我們所說的數據洞察和行銷，這在很大程度上是我們的細分市場收購。因此，不僅從附加銷售的角度來看，而且從新標誌或贏得新客戶的角度來看。我們看到細分市場內的大量採用。事實上，目前大約占我們總安裝量的 28% 到 30%。因此，254 個即時數位銀行客戶已經採用了細分市場，我們認為這非常棒。

And then you move into fraud protection, which, again, is principally driven by another one of our acquisitions, which is ACH Alert. And ACH Alert has been sold on four to the five bank bills that we sold this year and ACH Alert also represents about 30% adoption in our overall live digital banking clients.

然後你進入詐欺保護，這又主要是由我們的另一項收購推動的，即 ACH Alert。ACH Alert 已在我們今年銷售的四到五張銀行票據上售出，ACH Alert 也代表了我們整體即時數位銀行客戶中約 30% 的採用率。

And then you move into customer service and financial wellness areas and those two areas are then followed by money movement. So it’s just the fact that today, our clients average 13 products, and we offer 33. So depending on what the (technical difficulty) interested in from a business operation and strategy point of view, it really drives what products are adopted. But definitely within the marketing, data insights and fraud area, we’re seeing quite a bit of traction.

然後你進入客戶服務和財務健康領域，這兩個領域隨後是資金流動。因此，事實是，今天我們的客戶平均有 13 種產品，而我們提供 33 種產品。因此，從業務營運和策略的角度來看，這取決於（技術難度）感興趣的內容，這確實推動了產品的採用。但毫無疑問，在行銷、數據洞察和詐欺領域，我們看到了相當大的吸引力。

Maybe I’ll just take that up a level besides specific product performance. I’ll give you an anecdote of our Customer Advisory Board meeting. We had our Customer Advisory board together a couple of weeks ago that represents 10 financial institutions, both banks and credit unions, a total of a little under $50 billion in assets with close to about 1.5 million digital users across those customers. And there were three topics that they wanted to talk about.

也許除了具體的產品效能之外，我還會將其提升到一個層次。我將向您講述我們客戶諮詢委員會會議的軼事。幾週前，我們成立了客戶諮詢委員會，該委員會代表 10 家金融機構，包括銀行和信用合作社，總資產略低於 500 億美元，這些客戶中有近 150 萬數位用戶。他們想討論三個話題。

One, which was, look, we’re coming to the point where we’re going to be able to drive loan volume again and we really need to digitize the front end of our lending platform. We’ve got a lot of legacy platforms that are connected to our back office. We’ll probably leave those in place, but we really need a modern digital-first experience for attracting either a new customer or providing a new product. So they want to talk a lot about what is the digitization of the front end of the loan process look like.

一是，看，我們已經到了能夠再次增加貸款量的地步，我們確實需要將貸款平台的前端數位化。我們有很多舊平台連接到我們的後台。我們可能會保留這些內容，但我們確實需要一種現代的數位優先體驗來吸引新客戶或提供新產品。因此，他們想詳細討論貸款流程前端的數位化是什麼樣子的。

Bryan already talked about it, very sophisticated thoughts around data. How do I use data for fine grain analytics to understand specific people that I could make a specific offer. How do I use it to deliver a personalized offer in channel, In the mobile channel itself?

布萊恩已經談過，關於數據的非常複雜的想法。我如何使用數據進行細粒度分析來了解我可以提出特定報價的特定人員。如何使用它在行動管道本身的管道中提供個人化優惠？

And then (technical difficulty) around AI. It’s just clear that there’s two big use cases for our customers for AI, one would be think about generative AI in the contact center to be able to help them respond to their customers more quickly. And then would be more predictive AI in terms of battling fraud. So you got Bryan’s perspective on the specific products and then just an overview from a section of our customer base in terms of what they’re interested in.

然後是圍繞人工智慧的（技術難度）。很明顯，我們的客戶有兩大人工智慧用例，一是考慮在聯絡中心使用生成式人工智慧，以幫助他們更快地回應客戶。然後是在打擊詐欺方面更具預測性的人工智慧。因此，您可以了解 Bryan 對特定產品的看法，然後了解我們客戶群的一部分對他們感興趣的產品的概述。

That's a very helpful. Just for a quick follow up, maybe, Bryan, on the model, just wanted to get a better sense of the expectations for the back half? And then what's really sustainable for your fiscal '26 targets in terms of user growth and ARPU, should we use the recent trajectories as maybe a guide to what you should expect for the next several quarters? Is that a good sort of framework to think about the model?

這是非常有幫助的。只是為了快速跟進，也許布萊恩在模型上只是想更好地了解後半部分的期望？那麼，就用戶成長和 ARPU 而言，您的 26 財年目標真正可持續的是什麼？這是一個思考模型的好框架嗎？

No, it is. I wouldn’t break away from what we’ve been saying for the last several years on how we achieved 25% revenue growth. [5% to 7% -- percentage points] will come from ARPU expansion. ARPU expansion is driven by both the fact that new sales cohorts are coming on at a much higher RPU. Part that’s driven by more banks included in that mix, but also credit unions are coming in with more average products and a much higher RPU. So we think that’s a good driver. And we have good visibility and what that can do for us in the future.

不，是的。我不會放棄過去幾年我們如何實現 25% 收入成長的說法。 [5% 到 7%—百分點]將來自 ARPU 的擴張。ARPU 的成長是由於新的銷售群體以更高的 RPU 出現而推動的。部分原因是更多銀行參與其中，信用社也推出了更多普通產品和更高的 RPU。所以我們認為這是一個很好的驅動程式。我們擁有良好的可見性以及這在未來可以為我們做些什麼。

And then secondly, ARPU expansion comes from the cross-sell that we’re seeing. And quite honestly, I’m very excited about what we’re seeing come through our client sales organization. Whether it’s at the time of renewal or if it’s midstream and an MSA, we’re seeing nice adoption of our product portfolio. As I mentioned, that’s 46% total contract value for our year-to-date 2024 new sales. So 5% to 7% from ARPU expansion and the balance 18% to 20% will come from user growth. Now within any quarter, it could be [1 percentage point or 2] different or variability in user growth versus ARPU expansion, but we don’t see any reason to break away from the revenue calculus that we’ve been providing.

其次，ARPU 的擴張來自我們所看到的交叉銷售。老實說，我對我們透過客戶銷售組織所看到的成果感到非常興奮。無論是在更新時還是在中游和 MSA，我們都看到我們的產品組合得到了很好的採用。正如我所提到的，這占我們 2024 年迄今新銷售合約總價值的 46%。因此，5% 至 7% 來自 ARPU 擴張，其餘 18% 至 20% 將來自用戶成長。現在，在任何季度內，用戶成長與 ARPU 擴張之間的差異或變化都可能是 [1 個百分點或 2] 個百分點，但我們認為沒有任何理由可以脫離我們一直提供的收入計算。

Thank you. Congrats on the quarter. Appreciate it.

謝謝。恭喜本季。欣賞它。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great. Thank you very much and congratulations you guys. So I guess I have two questions. The first is, Alex, I’m reading this press release about the millennials versus the Gen X and baby boomers. I mean it’s super interesting. Just I’d love you to expand a little bit on why does the millennials are, sell up for grabs and why they’re expanding their number of financial providers? Is it just as they get more wealth, they need more providers? Or is there something more to it? And then my second question is, I would love to hear your thoughts on how you guys feel about doing M&A and sort of what your the parameters would be for that

偉大的。非常感謝你們並祝賀你們。所以我想我有兩個問題。首先，亞歷克斯，我正在閱讀這篇關於千禧世代與 X 世代和嬰兒潮世代的新聞稿。我的意思是這非常有趣。只是我希望您能詳細說明為什麼千禧世代會為了搶奪而出售商品，以及為什麼他們要增加金融服務提供者的數量？難道就像他們獲得更多財富一樣，他們需要更多的提供者嗎？或者還有更多的事情嗎？然後我的第二個問題是，我很想聽聽你們對併購的看法以及你們的參數是什麼

Yeah. Pat, thanks for the question. First, on the first question, we set out to do that study in partnership with the Center for Generational Kinetics because of the fact that you and I both know, which is this huge wealth shift from the baby boomer generation to the millennial generation. And we set out to do this study as kind of an advisory to our customers.

是的。帕特，謝謝你的提問。首先，關於第一個問題，我們開始與代際動力學中心合作進行這項研究，因為你我都知道，這是從嬰兒潮世代到千禧世代的巨大財富轉移。我們著手進行這項研究，作為對客戶的建議。

And many of what you -- much of what you read in it is what we discovered, first of all, is half of the millennials use a very large bank. That means half of the millennials are up for grabs to change -- for regional and community financial institution to be their primary institution. In that, we learned things that are very interesting, which is for millennial, it’s not about, the most important thing for them is not that that’s where their pay check is deposited.

您在其中讀到的許多內容都是我們發現的，首先，千禧世代中有一半使用非常大的銀行。這意味著一半的千禧世代願意改變——讓地區和社區金融機構成為他們的主要機構。從中，我們學到了一些非常有趣的事情，這對千禧世代來說，不是關於，對他們來說最重要的不是他們的薪水支票存放的地方。

But that it’s a really good digital experience. And then some of the other aspects, I don’t think I can define I’m not a millennial whisperer, so I can’t define the reason why it might be. But what it told us is there’s an opportunity for our customers to tap into that generation that’s going to inherit a lot of wealth.

但這是一種非常好的數位體驗。然後在其他一些方面，我認為我無法定義我不是千禧世代的竊竊私語者，所以我無法定義它可能是的原因。但它告訴我們的是，我們的客戶有機會接觸到將繼承大量財富的一代。

But that is an upon the timing of when we sign new clients, the mix of those clients versus credit unions and banks because as you are aware, the profile of a bank generally has fewer retail users than a credit union of a similar asset size. So there's no reason to make a change on that but there will be some variability from quarter to quarter and what drives the mix in any one quarter.

但這取決於我們簽署新客戶的時間，這些客戶與信用合作社和銀行的組合，因為如您所知，銀行的個人資料通常比資產規模相似的信用合作社擁有更少的零售用戶。因此，沒有理由對此做出改變，但每季都會有一些變化，以及推動任何一個季度的組合的因素。

Yeah. I’ll add a couple of points, Pat. And we’ve talked about this in the past. I mean, our view is M&A is an opportunity to expand our product mix. Where we are today in terms of scale, we don’t view M&A as a way to move away from digital banking. So what we’re good at is the digital experience and to the extent we can add to the digital experience, either through money movement, financial wellness, or maybe fraud and protection on the back end of that or even complementing data and marketing. I mean, those are attractive areas for us.

是的。帕特，我要補充幾點。我們過去已經討論過這個問題。我的意思是，我們的觀點是併購是擴大我們產品組合的機會。就我們目前的規模而言，我們並不認為併購是擺脫數位銀行的一種方式。因此，我們擅長的是數位體驗，並且在某種程度上我們可以透過資金流動、財務健康、或後端的詐欺和保護，甚至補充數據和行銷來增強數位體驗。我的意思是，這些對我們來說都是有吸引力的領域。

From our financial model, we put a lot of hard work into our financial model. I mean this is our fourth straight quarter of positive adjusted EBITDA. We’re very proud of that. What comes with that is we are not willing to take a step back. And if we acquired something that was initially at an EBITDA loss, we’d have to bring it very quickly to EBITDA positive. We’re not looking to acquire something that would be dilutive to our growth rate.

從我們的財務模型來看，我們在我們的財務模型上投入了很多心血。我的意思是，這是我們連續第四個季度實現正調整 EBITDA。我們對此感到非常自豪。隨之而來的是我們不願意退後一步。如果我們收購的東西最初是 EBITDA 虧損的，我們就必須很快地使其 EBITDA 為正值。我們並不打算收購會稀釋我們成長率的東西。

So as I kind of go through this criteria, the scope of what’s really available starts to become much smaller, but we’re looking for very high-quality assets. And then, finally, what I’ll mention is the move on our credit facility. That was very intentional with the thought that it’s been two years since our last M&A transaction. The company is organizationally prepared to complete another transaction.

因此，當我仔細研究這個標準時，真正可用的範圍開始變得更小，但我們正在尋找非常高品質的資產。最後，我要提到的是我們信貸安排的舉措。這是非常有意的，因為我們距離上次併購交易已經過了兩年。該公司已做好組織準備完成另一筆交易。

So let’s start making room. Not that we have any acquisition target that’s imminent, but let’s start thinking ahead and make move and create the right capital alternatives and options for us as an opportunity does arise, so we can move very quickly. But generally, you know I like to buy companies. And in my past, I’ve bought many. We’re looking at IRR's north of 25% from a financial point of view, but a product that we feel will help sustain our organic growth for a very long period.

那麼就讓我們開始騰出空間吧。並不是說我們有任何迫在眉睫的收購目標，而是讓我們開始提前思考並採取行動，並在機會確實出現時為我們創造正確的資本替代方案和選擇，以便我們可以快速採取行動。但總的來說，你知道我喜歡買公司。在我過去，我買過很多。從財務角度來看，我們的 IRR 超過 25%，但我們認為該產品將有助於在很長一段時間內維持我們的有機成長。

Alright. Super helpful. Thank you, boths.

好吧。超有幫助。謝謝兩位。

Jacob Stephan, Lake Street.

雅各史蒂芬，湖街。

Yeah. Appreciate it. Thanks for taking the questions. Congrats on the quarter. Just wanted to start off, Bryan, you talked a little bit about users added through implementation versus from existing clients, and that mix was about 50-50 over the last 12-months. Maybe could you just kind of talk about how you expect that to trend moving forward if we can see kind of a similar pattern or if you expect it to change?

是的。欣賞它。感謝您提出問題。恭喜本季。首先，Bryan，您談到了透過實施添加的用戶與現有客戶的用戶數，過去 12 個月的混合比例約為 50-50。也許你能談談如果我們能看到類似的模式或你預期它會發生變化，你預計這種趨勢將如何發展？

Jacob, it’s a similar pattern. We’re not seeing anything that would lead us to believe that there’s going to be a significant movement one direction or the other. I mean it’s all dependent upon the timing of when we sign new clients, the mix of those clients versus credit unions and banks because as you are aware, the profile of a bank generally has fewer retail users than a credit union of a similar asset size. So there’s no reason to make a change on that. But there will be some variability from quarter-to-quarter what drives the mix in any one quarter.

雅各布，這是類似的模式。我們沒有看到任何東西讓我們相信將會出現一個方向或另一個方向的重大運動。我的意思是，這一切都取決於我們簽約新客戶的時間、這些客戶與信用合作社和銀行的組合，因為如您所知，銀行的個人資料通常比信用社的零售用戶少。 。因此沒有理由對此做出改變。但每季都會存在一些變化，這會推動任何一個季度的組合。

Okay. And then just on the ACH, it sounds like you guys won a nice a bank contract there. That was an ACH client. I’m just curious how common in that situation is where you’ve got an ACH client. It sounds like there’s 30% of your total customer base is ACH clients. But how common is that situation where you essentially take somebody from ACH and onboard them to the digital banking side?

好的。然後就在 ACH 上，聽起來你們在那裡贏得了一份不錯的銀行合約。那是 ACH 客戶端。我只是很好奇，在您擁有 ACH 客戶的情況下，這種情況有多常見。聽起來您的總客戶群中有 30% 是 ACH 客戶。但是，您從 ACH 中挑選一些人並將其加入數位銀行的情況有多常見？

I mean, ACH is -- I mean it’s a fantastic product. And the client base of ACH goes from small financial institutions to very large financial institutions, financial institutions, such as the Silicon Valley Bank or Regions Bank, Trustmark Bank, some of those type of financial institutions.

我的意思是，ACH 是一款非常棒的產品。ACH的客戶群從小型金融機構到非常大的金融機構，金融機構，例如矽谷銀行或地區銀行，Trustmark銀行，其中一些類型的金融機構。

So today, it’s not meant to be the tip of the spear for us to then follow and draft off of ACH success through a cross-sell of the digital banking platform. In part, that is where we are in our bank market penetration and the product market fix. But over time, it could be a very good source for additional banks to join the Alkami digital banking platform. But today, it’s just -- it’s not a main strategic point for us.

因此，今天，這並不意味著我們可以透過數位銀行平台的交叉銷售來跟隨和借鑒 ACH 的成功。在某種程度上，這就是我們在銀行市場滲透和產品市場修復的現狀。但隨著時間的推移，它可能成為更多銀行加入 Alkami 數位銀行平台的一個非常好的來源。但今天，它只是——它不是我們的主要戰略點。

Here’s why it’s important. Today, we’ve moved forward -- when you think about going into a new market any company going into new market, you look for several things in terms of entering and being successful in that market. One is our potential customers aware of you. So today, if you look at aided awareness, Alkami is either number one or number two in the credit union space. If you look at aided awareness, Alkami is number seven in the bank market.

這就是為什麼它很重要。今天，我們已經向前邁進了——當你考慮進入一個新市場時，任何一家公司進入新市場時，你都會在進入該市場並取得成功方面尋找一些東西。一是我們的潛在客戶了解您。因此，今天，如果你看看輔助意識，Alkami 在信用合作社領域要么排名第一，要么排名第二。如果你看看輔助意識，Alkami 在銀行市場排名第七。

And so the reason why ACH Alert is important to us, both as a stand-alone product and then entering the bank market, is in situations like this, the customer that we ended up selling to was not aware that Alkami was a participant in the bank market because we’re number seven in aided awareness.

因此，ACH Alert 對我們來說很重要，無論是作為獨立產品還是進入銀行市場，都是在這樣的情況下，我們最終銷售給的客戶並不知道 Alkami 是銀行市場，因為我們在輔助意識方面排名第七。

And through the ACH relationship, they became aware that Alkami was in the digital banking market, and then we ultimately prove to them that would could serve their needs. So that’s what’s really exciting to us is seeing that potential and now we’ve got to go figure out if we could replicate that more times.

透過 ACH 關係，他們意識到 Alkami 進入了數位銀行市場，然後我們最終向他們證明可以滿足他們的需求。因此，對我們來說真正令人興奮的是看到這種潛力，現在我們必須弄清楚是否可以重複更多次。

I mean, -- the general direction today is when we sell a bank, we draft ACH Alert into that transaction. And if you look at 2023 and then the five banks that we sold in 2024, there’s a very high adoption rate of ACH alert in those transactions.

我的意思是，今天的總體方向是，當我們出售銀行時，我們會在該交易中起草 ACH 警報。如果你看看 2023 年以及我們在 2024 年出售的五家銀行，你會發現這些交易中 ACH 警報的採用率非常高。

Okay. Got it. That's that's really helpful. I appreciate all the color.

好的。知道了。這真的很有幫助。我欣賞所有的顏色。

Alexei Gogolev, JP Morgan.

阿列克謝‧戈戈列夫，摩根大通。

Good evening. This is [Ella Smith] on for Alexei Gogolev. Thank you for taking our question. So first, I know that you’re very confident about the secular tailwinds driving your business. We are wondering if there are any missing pieces that you are planning to add to your product portfolio in order to be more competitive in RFPs for banking customers? Thank you.

晚安.這是阿列克謝·戈戈列夫的[艾拉·史密斯]。感謝您提出我們的問題。首先，我知道您對推動您業務的長期推動力非常有信心。我們想知道您是否計劃在您的產品組合中添加任何缺少的部分，以便在銀行客戶的 RFP 中更具競爭力？謝謝。

Yeah. Thanks for the question. When we look at our bank product market fit and our ability to be increasingly competitive in that space, the bank market fit is not necessarily about there’s a large piece of capability that we don’t have that we need to add into our product line.

是的。謝謝你的提問。當我們審視我們的銀行產品市場契合度以及我們在該領域日益增強競爭力的能力時，銀行市場契合度並不一定意味著我們沒有大量能力，需要將其添加到我們的產品中。

It tends to be more around a bank’s customer might have -- so let’s say, the ability to process wire transactions at the end of the day. We have the ability to process wire transactions at the end of the day, and we have the ability to serve a very large portion of the market with our capability to process more transactions at the end of the day.

它往往更多地圍繞著銀行客戶可能擁有的——比方說，在一天結束時處理電匯交易的能力。我們有能力在一天結束時處理電匯交易，我們有能力為很大一部分市場提供服務，並有能力在一天結束時處理更多交易。

But there may be a bank that has an individual customer that has a very complex need around broader payments, for example. And we want to enable that bank to be able to serve that customer. So, when we think about product market fit for the commercial segment for Alkami, we already have pretty good product market fit.

但例如，可能有一家銀行的個人客戶對更廣泛的支付有非常複雜的需求。我們希望使該銀行能夠為該客戶提供服務。因此，當我們考慮 Alkami 商業領域的產品市場契合度時，我們已經擁有相當好的產品市場契合度。

Our next steps are not necessarily adding some large additional piece of functionality that we don’t have. Our next step, (technical difficulty) bank have one or two customers that have a complex need, our ability to serve that complex need.

我們接下來的步驟不一定是增加一些我們沒有的大型附加功能。我們的下一步，（技術難度）銀行有一兩個有複雜需求的客戶，我們有能力滿足這種複雜需求。

That’s very clear. Thank you so much. And for a quick follow-up, you have previously discussed how about 20 of your top 10 largest clients are accounting for 22% of your digital user base. Are you seeing continued in-market consolidation given the tougher external environment, or do you expect the concentration of your base to reduce as you add more banks rather than credit unions?

這非常清楚。太感謝了。為了快速跟進，您之前已經討論過您的 10 大客戶中的大約 20 個佔您數位用戶群的 22%。鑑於更嚴峻的外部環境，您是否會看到市場內持續的整合，或者您是否預計隨著您增加更多銀行而不是信用合作社，您的基礎集中度會降低？

Yeah. I am not clear on the stats that you just added. But just to kind of back up and just more generally, how is market consolidation impacting us. Generally, we benefit from market consolidation. In fact, we had two consolidation events that occurred this quarter where we picked up some digital users, which was a positive.

是的。我不清楚您剛剛添加的統計數據。但只是為了支持一下，更一般地說，市場整合對我們有何影響。一般來說，我們受益於市場整合。事實上，本季我們發生了兩次整合事件，我們獲得了一些數位用戶，這是正面的。

Also later in the year as we have been discussing for the last couple of quarters, we do have a financial institution that’s leading us in the fall as the result of M&A activity. So, M&A activity does not -- I mean it’s averaged around 3% over the last couple of decades. There has been some periods of time where it might be a little more, a little less, but the 3% is pretty consistent. We don’t see that changing significantly in the future.

同樣在今年晚些時候，正如我們過去幾個季度一直在討論的那樣，我們確實有一家金融機構，由於併購活動而在秋季領先於我們。所以，併購活動——我的意思是——在過去幾十年平均約為 3%。在某些時期，這個比例可能會多一點，少一點，但 3% 是相當穩定的。我們認為這種情況未來不會有重大變化。

Now the good news for Alkami and others that have a pricing protocol that’s driven by digital users, a consolidation doesn’t really mean now you are going to have fewer users. I mean the consolidation activity is normally about gaining market share and gaining additional accounts, and we would typically benefit from that.

現在，對於 Alkami 和其他擁有數位用戶驅動的定價協議的公司來說，好消息是，合併並不真正意味著現在用戶數量將會減少。我的意思是，整合活動通常是為了獲得市場份額和獲得更多帳戶，我們通常會從中受益。

All clear. Thank you all so much.

一切都清楚了。非常感謝大家。

[Jeff Van Rhee], Craig-Hallum Capital Group.

[Jeff Van Rhee]，Craig-Hallum 資本集團。

Thanks for taking my question. This is Daniel on for Jeff. Just on the implementation backlog, it looks like 1.6 million users. I think you said highest has been a little while, little strong, even though the client count in implementation backlog is down a bit.

感謝您提出我的問題。這是丹尼爾替傑夫發言。光從實施積壓來看，就有 160 萬用戶。我想你說最高已經有一段時間了，有點強，儘管實施積壓中的客戶數量有所下降。

So, it looks like the clients coming in are getting larger. Just anything we should read there in terms of, is there a major opportunity to be moving up-market here we are beginning to see, or is this just an incremental shift?

所以，看起來進來的客戶越來越多。我們應該在那裡讀到的任何內容，我們是否開始看到這裡有進入高端市場的重大機會，或者這只是一個漸進的轉變？

It’s just an incremental shift based on the story of the quarter. For example, the one Tier-1 credit union that Alex mentioned we won during the quarter was almost 300,000 digital users. That’s obviously still in our backlog, given we just signed that client. So, you are going to see nuances like that from quarter-to-quarter, and it’s just driven by the mix of business that we have sold in the preceding two quarters to three quarters.

這只是基於本季情況的漸進式轉變。例如，亞歷克斯提到我們在本季贏得的一個一級信用合作社擁有近 30 萬名數位用戶。鑑於我們剛剛與該客戶簽約，這顯然仍在我們的積壓工作中。因此，您會在每個季度看到類似的細微差別，而這只是由我們在前兩個季度到三個季度出售的業務組合所驅動的。

Okay. And then just one follow-up for me, on banks and the bank backlog there with 30. Now I think you said expected to be implemented by Q1 ‘25, really nice pace of signing expected implementations there. Just any thoughts has that just been broken open wide by getting more implementations under your belt, or is there some other factor we should be looking at for what’s driving the acceleration there?

好的。然後我就進行了一項後續行動，涉及銀行以及銀行積壓的 30 筆訂單。現在我認為您說預計將在 2025 年第一季實施，在那裡簽署預期實施的速度非常好。透過獲得更多的實施，是否有任何想法被廣泛地打破，或者我們是否應該考慮其他一些因素來推動那裡的加速？

First of all, we are pleased with the progress that we are making in the bank market. As Bryan said earlier, the ultimate scorecard of our progress in the bank market is our expectation that, over time, half of our new logos will come from banks and half will come from credit unions.

首先，我們對銀行市場的進展感到高興。正如布萊恩早些時候所說，我們在銀行市場取得進展的最終記分卡是我們的預期，隨著時間的推移，我們的新標誌一半將來自銀行，一半將來自信用合作社。

What we look at internally, probably a more fulsome answer than you asked, but what we look at internally is to be successful in a market. Number one, are we driving demand. Number two, do we have product market fit. Number three, do we have the skills internally to be able to be successful. And then number four, particularly in the kind of market that we are in because there is a concentration of back-end cores in the bank market, are we being successful bringing customers on to those cores so that we have got experience bringing them on to those core, so that when a new customer looks at us and says, hey, yes, I really like your product kind of a risk to do a conversion, and we are able to walk them through where we have done it 6 times or 7 times, you are not going to be the first. So, on all of these areas, we are making progress. I will let Bryan give you a couple of statistics in terms of the demand side and then the number of cores.

我們內部關注的可能是比你問的更充實的答案，但我們內部關注的是在市場上取得成功。第一，我們是否在推動需求。第二，我們的產品是否適合市場。第三，我們內部是否具備取得成功的技能。第四，特別是在我們所處的市場中，因為銀行市場後端核心集中，我們是否成功地將客戶引入這些核心，以便我們擁有將他們引入這些核心的經驗這些核心，這樣當新客戶看著我們說，嘿，是的，我真的很喜歡你的產品時，就有進行轉換的風險，我們能夠引導他們完成我們已經完成了6 次或7 次的工作很多時候，你不會是第一個。因此，在所有這些領域，我們都在取得進展。我會讓 Bryan 為您提供一些關於需求方和核心數量的統計數據。

Yeah. Great. So, in terms of the demand, there is a couple of factors that we are looking at, a couple of metrics that we are looking at. One is the number of deals that we are participating in. Over the last 12 months, we participated in 90 bank processes. And we have won about 16% of the TCV that was available to be acquired during those bank processes, which is good.

是的。偉大的。因此，就需求而言，我們正在考慮幾個因素，我們正在考慮幾個指標。一是我們參與的交易數量。在過去 12 個月中，我們參與了 90 個銀行流程。我們贏得了大約 16% 的 TCV，這些 TCV 可以在這些銀行流程中獲得，這很好。

If you look at 2020 -- it was 70 that we participated in. And then the other area is, well, what’s going to happen in the future, so we are looking into our sales pipeline and that is continually moving up the bank representation and now it’s close to 50%, as we mentioned in the prepared comments of this call. So, that’s good movement.

如果你看看 2020 年——我們參加了 70 場比賽。然後另一個領域是，未來會發生什麼，所以我們正在研究我們的銷售管道，這正在不斷提高銀行代表性，現在接近 50%，因為我們在本次電話會議準備的評論中提到。所以，這是一個很好的運動。

Other areas like core integrations. By the end of Q1 of 2025, we are going to have over 30 or right at 30 implementations, and that’s going to represent seven cores with multiple integrations into each of those cores. And what’s great about that is the point Alex just made where any other financial institution that happens to have one of those seven cores, it will no longer be the first implementation with that core, but those seven cores represent close to 80% of the bank market that we would view in our target market. So, lots of progress in many different areas, which were -- again, we feel and we understand the ultimate scorecard is in 2026, are we achieving our 50% new client wins from the bank market.

其他領域如核心整合。到 2025 年第一季末，我們將擁有超過 30 個或接近 30 個實施方案，這將代表七個核心，每個核心都有多個整合。精彩之處在於 Alex 剛剛提出的觀點，任何其他金融機構碰巧擁有這七個核心之一，它將不再是第一個採用該核心的實施方案，但這七個核心代表了接近 80%我們在目標市場中看到的銀行市場。因此，許多不同領域都取得了許多進展，我們再次認為並且我們理解最終的記分卡是在 2026 年，我們是否能從銀行市場贏得 50% 的新客戶。

I'll leave it there. Congrats on the quarter.

我會把它留在那裡。恭喜本季。

Andrew Schmidt, Citi.

安德魯‧施密特，花旗銀行。

Hi Alex. Hi Bryan. Good results here. Good to speak with you this evening. I wanted to maybe tab on to a previous question, just talking about the average ARR of the. Apologies if I missed this, the average ARR of the clients you signed this quarter between the banks, which should maybe take more modules and then just general, more penetration. How is that just the average contract ARR trending, call it, versus a year or two years ago? Thanks a lot.

嗨亞歷克斯。嗨布萊恩。這裡有好的結果。很高興今晚能和你談話。我想也許可以回答上一個問題，只是談論平均 ARR。如果我錯過了這一點，我很抱歉，您本季度在銀行之間簽署的客戶的平均 ARR，這可能需要更多的模組，然後只是一般性的、更多的滲透。與一年或兩年前相比，這只是平均合約 ARR 趨勢如何？多謝。

Yes. The average ARR regardless of a bank or credit union is coming in over the last couple of years and even this year, between $700,000 and $800,000. That is this year, it’s trending up slightly above that. That’s slightly below our overall average for all of our live clients. But what you have to take into consideration is our top 10 to 15 clients have a significant amount of ARR, much more multiples of that in terms of average ARR because we do have some very, very large clients.

是的。無論是銀行還是信用合作社，過去幾年甚至今年的平均 ARR 都在 70 萬至 80 萬美元之間。今年的趨勢是略高於這個數字。這略低於我們所有即時客戶的整體平均值。但你必須考慮的是，我們的前 10 到 15 個客戶擁有大量的 ARR，就平均 ARR 而言，是其數倍，因為我們確實有一些非常非常大的客戶。

But we are not seeing a dramatic change there. What we are seeing is a higher RPU. So, some of the number of users that are associated with the more recent cohorts are lower and resulting in a higher RPU with the ARR still trending upwards.

但我們並沒有看到那裡發生巨大的變化。我們看到的是更高的 RPU。因此，與最近的群組相關的一些用戶數量較低，導致 RPU 較高，而 ARR 仍呈上升趨勢。

Got it. That's helpful

知道了。這很有幫助

if I step away from that ARR for just a second, Andrew, one of the things we are seeing is customers being thoughtful, so the customers see the entire buffet of digital products that they would like to consume. But they are doing a conversion, and they are being very thoughtful about if I am doing like-for-like in a conversion, what’s that portion of the buffet and then what additional capability can I bring on that my team can handle from a change perspective, knowing that there still maybe two more tranches of digital capability that I want.

安德魯，如果我離開 ARR 一秒鐘，我們看到的一件事是客戶很周到，因此客戶可以看到他們想要消費的整個數位產品自助餐。但他們正在進行轉換，他們非常考慮我是否在轉換中進行類似的操作，自助餐的那部分是什麼，然後我可以帶來哪些我的團隊可以處理的額外功能從變革的角度來看，我知道我可能還想要兩部分數字能力。

But I am going to push that out for a little bit after the conversion, just to be able to have my team handle the digital transformation, if you will. I just talked to a CEO the other day, and they went through a renewal cycle. They are very happy right now. She said to me, I really like they call it home banking, which she said I really like the progress that we have made in the home banking.

但如果您願意的話，我將在轉換後將其推遲一點，以便能夠讓我的團隊處理數位轉型。前幾天我剛和一位執行長交談過，他們經歷了一個更新週期。他們現在很幸福。她對我說，我真的很喜歡他們稱之為家庭銀行業務，她說我真的很喜歡我們在家庭銀行業務方面的進展。

But in the renewal cycle, they added six projects, six discrete projects that were new digital initiatives for them that get staged out over a period of a year. So, we are seeing people be thoughtful about there is a lot that I want to consume but I need to stage it out over a period of time so that my team can handle the change

但在更新周期中，他們增加了六個項目，六個獨立的項目，對他們來說是新的數位化舉措，在一年的時間內逐步實施。因此，我們看到人們考慮到我想要消耗很多東西，但我需要在一段時間內將其分階段進行，以便我的團隊能夠應對變化

Got it. That makes sense. Thank you, Alex. Thank you Brian. Maybe just to you may have addressed this already, but just the gross margin was nicely higher than what we forecast in our model. Is that due to mix with other in terms of higher subscription revs and the other factors? And then what’s the right way to think gross margin for the remainder of this year? Thank you very much.

知道了。這是有道理的。謝謝你，亞歷克斯。謝謝布萊恩。也許您已經解決了這個問題，但毛利率遠高於我們模型中的預測。這是由於較高的訂閱轉速和其他因素混合所致嗎？那麼，思考今年剩餘時間毛利率的正確方法是什麼？非常感謝。

We are seeing some success in the investments that we are making in our platform, which ultimately, how that drives gross margin as a lower cost per user for our hosting costs. So, that’s one area I would expect that trend to continue through the remainder of this year. And then the other area is Wayne McCulloch is doing a great job within our client's experience organization, client experience group.

我們在平台上進行的投資取得了一些成功，最終，這將如何透過降低每個用戶的託管成本來提高毛利率。因此，我預計這一趨勢將在今年剩餘時間內持續下去。另一個領域是韋恩·麥卡洛克（Wayne McCulloch）在我們客戶的體驗組織（客戶體驗小組）中做得非常出色。

They are responsible for our post-sale operations, so that’s everything from implementation to client success through client support in other areas. And we are seeing nice improvements in utilization on the implementation front and productivity that’s also resulting in some nice gross margin expansion.

他們負責我們的售後運營，從實施到客戶成功再到其他領域的客戶支援。我們看到實施方面的利用率和生產力有了很大的提高，這也導致了毛利率的大幅成長。

Quite honestly, 63.2% this quarter and 450 basis points of year-over-year expansion is really good. It exceeded our expectation. I think we will likely settle in that range for the remainder of the year and exit the year for the full year, just under 63% with another year to go before we achieve our goal of 65% in 2026. So, as I mentioned on the call, it’s not now if we can hit 65%, it’s when will we hit 65%, where can we take it from there, which we will have that conversation once we achieve 65%.

老實說，本季63.2%的成長和年成長450個基點確實不錯。它超出了我們的預期。我認為我們可能會在今年剩餘時間穩定在這個範圍內，並在全年結束時，略低於 63%，距離我們在 2026 年實現 65% 的目標還需要一年的時間。因此，正如我在電話中提到的，現在不是我們能否達到 65% 的問題，而是我們何時能達到 65%，我們可以從那裡開始，一旦實現我們將進行對話65%。

And we have been pretty consistent to say here is how the gross margin is going to progress. This amount per quarter, sometimes it’s a little higher, sometimes it’s a little low. So, maybe just kind of for everybody (technical difficulty).

我們一直非常一致地表示，毛利率將如何發展。每季的這個金額，有時會高一點，有時會低一點。所以，也許適合每個人（技術難度）。

I mean what we have provided in our long-term outlook is right around 200 basis points, 250 basis points per year of gross margin expansion. And when we first set our -- just to be clear, when we first set the objective for 2026. We were not factoring early success with our investment in our platform, which that’s what’s really driving the acceleration towards the ultimate goal in 2026 and also gives us confidence that we can achieve higher than 65% beyond 2026.

我的意思是，我們在長期前景中提供的毛利率每年大約增加 200 個基點、250 個基點。當我們第一次設定 2026 年目標。我們對平台的投資並沒有考慮到早期的成功，這才是真正推動加速實現 2026 年最終目標的因素，也讓我們有信心在 2026 年後能夠實現超過 65% 的目標。

Got it. Yeah, I know (technical difficulty) doing a lot of work there, so kudos. Good job, guys. Thanks for the time.

知道了。是的，我知道（技術難度）在那裡做了很多工作，所以值得稱讚。幹得好，夥計們。謝謝你的時間。

And speakers, we don’t have any questions over the phone. Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation. You may now disconnect.

發言者，我們在電話中沒有任何問題。女士們先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。