Alkami Technology Inc (ALKT) 2024 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen and welcome to the Alkami Technology third quarter, 2024 financial results conference call

女士們先生們下午好，歡迎參加阿爾卡米科技 2024 年第三季財務業績電話會議

.At this time all lines are in listen-only mode.

此時所有線路都處於只聽模式。

Following the presentation, we will conduct a question and answer session.

演講結束後，我們將進行問答環節。

If at any time during this call, you require immediate assistance.

如果在通話期間的任何時間您需要立即協助。

(Operator Instructions)

（操作員說明）

This call is being recorded today Wednesday 30th of October 2024.

本次電話錄音於今天（2024 年 10 月 30 日星期三）進行。

I'd like to turn the conference over to Steve Calk, Vice President of Investor Relations.

我想將會議交給投資者關係副總裁史蒂夫·卡爾克 (Steve Calk)。

Steve.

史蒂夫.

Please go ahead.

請繼續。

Thank you operator with me on today's call, Alex Suman, Chief Executive Officer and Brian Hill, Chief Financial Officer.

感謝今天與我一起參加電話會議的接線員，執行長 Alex Suman 和財務長 Brian Hill。

During today's call, we may make forward-looking statements about guidance and other matters regarding our future performance.

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。

These statements are based on management's current views and expectations intercept various risks and uncertainties.

這些陳述是基於管理階層目前的觀點和預期，攔截了各種風險和不確定性。

Our actual results may be materially different for a summary of risk factors associated with our forward-looking statements.

對於與我們的前瞻性陳述相關的風險因素的總結，我們的實際結果可能存在重大差異。

Please refer to today's press release and 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 also, unless otherwise stated financial measures discussed on this call will be on a non-GAAP basis.

請參閱今天的新聞稿以及我們最新的10-K 標題為風險因素和前瞻性聲明的部分，電話會議期間所做的聲明截至今天為止，我們也不承擔更新或修改這些聲明的義務，除非另有說明本次電話會議討論的規定財務措施將基於非公認會計準則（Non-GAAP）。

We believe these measures are useful to investors in the understanding of our financial results.

我們相信這些措施有助於投資者了解我們的財務表現。

The reconciliation of the comparable GAAP financial measures can be found in our earnings press release and in our filings with the SEC, I would now like to turn the call over to Alex.

可以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，我現在想將電話轉給 Alex。

Thank you Steve.

謝謝史蒂夫。

I am pleased to report another quarter of outstanding performance.

我很高興地報告又一個季度的出色表現。

In the third quarter of 2024 Alkami grew revenue 27% and expanded to just a bit to over $8.3 million both ahead of expectations.

2024 年第三季度，Alkami 的營收成長了 27%，略增至超過 830 萬美元，均超出預期。

We added nine new digital banking clients including three banks and launched 12 clients on the Alkami platform which ties a previous record number of client launches in a quarter.

我們新增了 9 個數位銀行客戶，其中包括 3 家銀行，並在 Alkami 平台上推出了 12 個客戶，追平了先前單季客戶推出數量的紀錄。

In addition, during the quarter, we were recognized by several third parties as we continue to establish ourselves as the leading digital banking platform.

此外，在本季度，我們得到了多個第三方的認可，因為我們繼續將自己打造為領先的數位銀行平台。

FI Navigator listed Alkami as the top digital banking provider in credit union market share based on the number of enrolled mobile users.

根據註冊行動用戶數量，FI Navigator 將 Alkami 列為信用合作社市場份額中排名第一的數位銀行提供者。

We were named as a 2024 fintech top solutions provider by IDC and included on CNBC S 2024 world's top fintech companies list.

被IDC評為2024年金融科技頂級解決方案提供商，並入選CNBC S 2024年全球頂級金融科技公司榜單。

Sure.

當然。

She named Alchemy Best banking app and Alchemy became the first digital banking solution company to be certified by JD Power for providing clients with an outstanding mobile banking platform experience.

她將 Alchemy 評為最佳銀行應用程序，Alchemy 成為第一家獲得 JD Power 認證的數位銀行解決方案公司，為客戶提供出色的行動銀行平台體驗。

User experience, extensibility, availability and broad functionality are reasons why clients have selected Alkami

使用者體驗、可擴展性、可用性和廣泛的功能是客戶選擇 Alkami 的原因

More recently.

最近。

Our ability to create value with our data technology is becoming a differentiator for aAlkamiwith our data and marketing products included in approximately 60% of our new client wins in 2023.

我們利用數據技術創造價值的能力正在成為 aAlkami 的差異化因素，我們的數據和行銷產品包含在 2023 年約 60% 的新客戶贏得中。

Moving to over 70% so far in 2024 these products have also generated over 20% of our add on sales to date in 2024.

到 2024 年，這些產品的佔比將達到 70% 以上，並且占我們 2024 年迄今附加銷售額的 20% 以上。

During this call, I'd like to spend a few minutes describing my data is becoming a differentiator and a growth driver for Alkami

在這次電話會議中，我想花幾分鐘來描述我的數據正在成為 Alkami 的差異化因素和成長動力

Digital banking has been a service platform for consumers who do not want to go into a branch to manage their money.

數位銀行一直是為那些不想去分行管理資金的消費者提供的服務平台。

It also served to reduce cost for a financial institution by shifting interactions from human to digital.

它還透過將互動從人類轉變為數字來降低金融機構的成本。

Today, we are seeing our market accelerate the adoption of digital revenue generating strategies.

今天，我們看到我們的市場加速採用數位創收策略。

In addition to using digital banking as a service channel, as these financial institutions implement digital revenue efforts.

除了利用數位銀行作為服務管道外，這些金融機構還為實施數位化收入做出了努力。

You're realizing that data is the oil that makes the revenue engine run.

您正在意識到數據是使收入引擎運轉的石油。

For example, our research shows that solutions deploy modern data capabilities along with predictive AI grow two times faster than fis that don't apply these technologies.

例如，我們的研究表明，部署現代數據功能和預測人工智慧的解決方案的成長速度比不應用這些技術的金融機構快兩倍。

Our market knows they have relevant data to drive revenue strategies but their data is to access and analyze

我們的市場知道他們擁有相關數據來推動收入策略，但他們的數據是為了存取和分析

.For instance in a 2024 Deloitte Banking and capital market survey 92% of F I data users and leaders say that data is unavailable or takes too long to retrieve.

例如，在 2024 年德勤銀行和資本市場調查中，92% 的金融機構資料使用者和領導者表示資料不可用或檢索時間過長。

And over half responded that when the data is there, they don't have the technical capabilities to make use of it.

超過一半的人回答說，當數據存在時，他們不具備利用這些數據的技術能力。

Data must be cleansed, maintained, normalized and curated Alkami data and marketing solutions have these four characteristics at scale.

資料必須經過清理、維護、標準化和管理 Alkami 資料和行銷解決方案在規模上具有這四個特徵。

Our data platform contains 29 million deposit accounts with 20 billion historical transactions and about 20 million new transactions are added each day.

我們的數據平台包含2,900萬個存款帳戶，歷史交易量為200億筆，每天新增約2,000萬筆交易。

FI early in their data journey can use these data capabilities to close the GAAP against mega banks who are already investing in data technology and data science teams.

金融機構在數據之旅的早期可以利用這些數據功能來關閉針對已經投資於數據技術和數據科學團隊的大型銀行的 GAAP。

FI starting on a path to predictive AI can use one of our 12 AI models to generate revenue, improve engagement or retain customers with models built for the compliance requirements of our industry and FI S that need marketing technology.

開始走向預測性人工智慧的金融機構可以使用我們的12 個人工智慧模型之一來產生收入、提高參與度或透過為滿足我們行業和需要行銷技術的金融機構的合規性要求而建立的模型來留住客戶。

In addition to data and models can use alchemy's full funnel Martech stack that covers digital channels including the digital banking channel, web and email and measures ro I for each campaign, alchemy offers three plans within our data marketing solutions, data insights, predictive A I and full funnel marketing.

除了數據和模型可以使用Alchemy 的完整漏斗Martech 堆疊（涵蓋數位管道（包括數位銀行管道、網路和電子郵件）以及每個活動的ro I 衡量之外，Alchemy 在我們的數據行銷解決方案中提供了三個計劃：數據洞察、預測人工智慧和全漏斗行銷。

These plans are designed to meet the needs of the regional and community FI market and help these institutions achieve their growth strategies such as driving new deposits loans and non interest income.

這些計劃旨在滿足區域和社區金融市場的需求，並幫助這些機構實現其成長策略，例如推動新的存款貸款和非利息收入。

In 2023 alone, Alkami's data and marketing clients generated $4.5 billion in C DS, $525 million in money market accounts and $391 million in savings accounts.

光是 2023 年，Alkami 的數據和行銷客戶就創造了 45 億美元的 CDS、5.25 億美元的貨幣市場帳戶和 3.91 億美元的儲蓄帳戶。

In addition, our clients use these capabilities to generate $1.8 billion in home equity loans. $1.7 billion in mortgages, $1.4 billion in consumer auto loans and $983 million in commercial loans.

此外，我們的客戶利用這些功能產生了 18 億美元的房屋淨值貸款。 17 億美元的抵押貸款、14 億美元的消費汽車貸款和 9.83 億美元的商業貸款。

It's been exciting for me personally as I've sat through executive meetings in which we show clients revenue opportunities with their live data including for deposits.

這對我個人來說是令人興奮的，因為我參加了高階主管會議，在會議上我們向客戶展示了包括存款在內的即時數據的收入機會。

We can identify transfers where investment dollars are going.

我們可以確定投資資金的去向。

Trial deposits show when new accounts are opened elsewhere or track tax refunds.

試用存款顯示何時在其他地方開設新帳戶或追蹤退稅。

So the F I can keep those in their institution.

所以 F 我可以將這些人保留在他們自己的機構中。

So lending, we can identify where account holders pay their mortgage, auto loan and credit cards, merchant processing, commercial lending and payroll can all be identified and placed in the hands of commercial relationship managers to drive new business opportunities.

因此，在貸款方面，我們可以識別帳戶持有人在哪裡支付抵押貸款、汽車貸款和信用卡，商家處理、商業貸款和薪資都可以被識別並交到商業關係經理手中，以推動新的商機。

Beyond our current capabilities we see a future in which we can combine, combine our data technology with digital banking to provide real time revenue opportunities.

除了我們目前的能力之外，我們看到了未來，我們可以將我們的數據技術與數位銀行結合起來，以提供即時收入機會。

For instance, if an FI customer attempted to digitally move money from the F I to a brokerage account, the F I could insert a targeted offer for a high interest rate account complete with a pre approval and instant account activation or if their customer tried to establish a new bill payment for a recurring subscription.

例如，如果 FI 客戶試圖以數位方式將資金從 F I 轉移到經紀帳戶，則 F I 可以為高利率帳戶插入有針對性的報價，並完成預先批准和即時帳戶激活，或者如果他們的客戶試圖建立定期訂閱的新帳單付款。

If FI could prompt the customer to use a rewards based debit card, instead generating new interchange revenue and transfering bill payment from a cost item to a revenue source.

如果 FI 可以提示客戶使用基於獎勵的借記卡，而不是產生新的交換收入並將帳單支付從成本項目轉移到收入來源。

The more if FI reduce friction and revenue generation, the more they worry about fraud.

如果金融機構減少摩擦和創造收入越多，他們就越擔心詐欺。

And we've also run successful experiments in which we use our data scale, provide real time insights into proactive fraud detection.

我們還進行了成功的實驗，我們使用我們的數據規模，為主動詐欺檢測提供即時洞察。

The success of our data and marketing solutions to date combined with an increased awareness within our market of the power of data to drive revenue activity, gives me confidence that our data capabilities can be a long term differentiator and growth driver for Alkami.

到目前為止，我們的數據和行銷解決方案取得了成功，再加上市場對數據推動收入活動的力量的認識不斷增強，這讓我相信我們的數據能力可以成為 Alkami 的長期差異化優勢和成長動力。

In closing Q3 2024 was another quarter in which Alkami demonstrated continued execution towards our targeted target operating model.

2024 年第三季結束時，Alkami 展現了對我們的目標營運模式的持續執行力。

And the long term goal, we have to be the number one digital banking platform.

長期目標是，我們必須成為第一名的數位銀行平台。

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

現在我將把電話轉給布萊恩，讓他帶我們了解這些數字。

Thanks Alex and good afternoon, everyone.

謝謝亞歷克斯，大家下午好。

In the third quarter, we continue to outperform on the top line and profitability.

第三季度，我們的營收和獲利能力持續跑贏大盤。

We achieved total revenue of 85.9 million representing year over year growth of 27%.

我們實現總收入 8,590 萬美元，年增 27%。

Subscription revenue also grew 27% and represented over 95% of total revenue.

訂閱收入也成長了 27%，佔總收入的 95% 以上。

We increased ARR by 24% and actually the quarter at $342 million we currently have approximately $46 million of ARR and backlog for implementation, the majority of which will occur over the next 12 months, we implemented 12 new clients in the quarter, bringing our digital banking platform client count to 266 clients.

我們的ARR 增加了24%，實際上該季度的ARR 為3.42 億美元，目前我們有大約4600 萬美元的ARR 和待實施的積壓工作，其中大部分將在未來12 個月內發生，我們在本季度實施了12 個新客戶，使我們的數位化銀行平台客戶數量達到266個。

Also, we have 36 clients and our implementation back representing 1.3 million digital users.

此外，我們有 36 位客戶，我們的實施支援代表 130 萬數位使用者。

We exited the quarter with 19.5 million registered users on our digital banking platform of approximately 900,000 sequentially and up 2.6 million or 15% compared to last year.

本季結束時，我們的數位銀行平台註冊用戶數為 1,950 萬，較上一季成長約 90 萬，比去年增加 260 萬，即 15%。

Over the last 4 months, we implemented 37 financial solutions supporting 1.2 million digital users.

在過去 4 個月裡，我們實施了 37 個金融解決方案，為 120 萬數位用戶提供支援。

In addition, our existing clients, their digital user adoption by 1.4 million users as a reminder because of the long term nature of our contract, we have 3 to 4 quarters ability into upcoming client attrition.

此外，我們的現有客戶有 140 萬用戶採用數位用戶，提醒您，由於我們合約的長期性質，我們有 3 到 4 個季度的能力來應對即將到來的客戶流失。

We expect churn of less than 1% for the full year. 2024 of which occurring in the fourth quarter.

我們預計全年客戶流失率將低於 1%。 2024 年，其中發生在第四季。

Over the long term, we model digital banking ARR churn at 2 to 3% per year.

從長遠來看，我們模擬數位銀行 ARR 流失率為每年 2% 至 3%。

We entered the quarter with an RPU of $17.54 of 8% compared to a year ago, driven by add on sales success.

在附加銷售成功的推動下，我們進入本季的 RPU 為 17.54 美元，與去年同期相比成長了 8%。

And the addition of new clients who tend to on board with a high average RPU.

新客戶的增加往往具有較高的平均 RPU。

We are seeing broad based demand across our product portfolio.

我們看到我們的產品組合具有廣泛的需求。

Our 2024 new sales performance continues to outpace 2023 Year-to-date we signed 23 digital banking platform, clients including eight banks.

我們 2024 年的新銷售業績持續超過 2023 年。

And our add on sales effort represented approximately 46% of 2024 new sales

我們的附加銷售量約佔 2024 年新銷售額的 46%

.In addition to add on.

.此外補充一下。

So our client sales team is responsible for client contract renewals.

因此，我們的客戶銷售團隊負責客戶合約的續約。

We expect to renew over 30 client relationships in 2024 during the first nine months, 24 and 26 client relationships and in total increase the AR R run rate 16% at the time of renewal out performing prior to your cohorts.

我們預計在 2024 年的前 9 個月內續訂 30 多個客戶關係，其中包括 24 和 26 個客戶關係，並且在續訂時將 AR R 運行率總計提高 16%，超過您的同類客戶。

And finally, our remaining performance obligation was just under $1.3 billion representing 3.7 times our ARR and up 27% compared to a year ago.

最後，我們的剩餘履約義務略低於 13 億美元，是我們 ARR 的 3.7 倍，比一年前增加了 27%。

Now turning to gross margin for the third quarter of 2024 we delivered non-GAAP gross to 0.8% representing 400 basis points of expansion.

現在轉向 2024 年第三季的毛利率，我們的非 GAAP 毛利率達到 0.8%，相當於擴張 400 個基點。

Compared to the prior year.

與上一年相比。

We achieved gross margin expansion through continued improvement in our hosting costs and platform investments as well as operating leverage across versions.

我們透過不斷改善託管成本和平台投資以及跨版本的營運槓桿來實現毛利率的擴張。

As a reminder, our 2026 gross margin objective is 65%.

提醒一下，我們 2026 年的毛利率目標是 65%。

Moving to operating expenses for the third quarter of 2024 operating expenses of 46 million or 53.6 revenue represented year over year operating leverage of 490 basis points.

轉向 2024 年第三季的營運費用，營運費用為 4,600 萬美元或 53.6 美元的收入，代表營運槓桿同比為 490 個基點。

We drive operating leverage across each operating expense primarily in R&D where we continue to realize operational scale.

我們主要在研發方面提高每項營運費用的營運槓桿，並持續實現營運規模。

While investing in our platform, investment focus areas include initiatives to drive quality and cost efficiency of the platform.

在投資我們的平台時，投資重點領域包括提高平台品質和成本效率的措施。

Expand our product offering, improve extensibility and enhance the product market fit of our commercial banking offering.

擴大我們的產品範圍，提高可擴展性並增強我們商業銀行產品的市場適應性。

As for non-GAAP sales and marketing expenses, we continue to achieve a high level of sales team productivity and go to market efficiency for the last 12 months, we increased ARR 67.1 million while investing 48.5 million in sales and marketing representing an efficiency ratio of 1.4 to 1 we believe this ranks among the very best and fast in terms of sales and marketing efficiency.

至於非GAAP 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過去12 個月的市場效率，我們增加了6,710 萬美元的ARR，同時在銷售和行銷方面投資了4,850 萬美元，這意味著效率比率為1.4 比 1，我們相信這在銷售和行銷效率方面名列前茅且最快。

Our adjusted EBITA on the third quarter was 8.3 million better than the high end of our expectations.

我們第三季調整後的 EBITA 比我們預期的上限高出 830 萬美元。

Our adjusted EBITDA margin for the quarter was 9.7%.

本季調整後的 EBITDA 利潤率為 9.7%。

And when combined with our revenue growth rate results in achieving rule of 36

與我們的收入成長率結合，可實現 36 規則

.Our operating strategy of balancing revenue growth and profitability will continue and we expect to achieve rule of 40 on a run rate basis as we exit the fourth quarter of 2025.

我們將繼續平衡收入成長和獲利能力的營運策略，預計在 2025 年第四季結束時，將在運行率基礎上實現 40 規則。

As we are now approaching 2025 I want to provide some additional color on the path to our 2026 adjusted EBITA margin target of 20%.

隨著 2025 年的臨近，我想為實現 2026 年調整後的 20% 的 EBITA 利潤率目標提供一些額外的資訊。

As we previously mentioned during 2023 we began to build a base of offshore talent through a third party outsourcing model.

正如我們之前提到的，2023 年我們開始透過第三方外包模式建立離岸人才基地。

This has been a positive experience for us allowing us to expand engineering capacity during a period of rapid growth.

這對我們來說是一次積極的經歷，使我們能夠在快速增長時期擴大工程能力。

While focusing on profitability, we are now preparing to transition these activities to a captive offshore subsidiary model.

在關注獲利能力的同時，我們現在正準備將這些活動轉變為自保離岸子公司模式。

We expect to invest in this capability starting in the fourth quarter of 2024 continuing throughout 2025 with the goal of completing the transition during 2026.

我們預計從 2024 年第四季開始投資這項能力，持續到 2025 年，目標是在 2026 年完成過渡。

We do not anticipate any impact on our 2026 financial targets.

我們預計這不會對我們 2026 年的財務目標產生任何影響。

Although we do expect to see a positive impact on margins beyond 2026.

儘管我們確實預計 2026 年之後利潤率會受到正面影響。

During 2025 the incremental investment to affect the transition will represent approximately a point of margin for the year.

2025 年，影響轉型的增量投資將大約相當於當年的一個利潤點。

We are very excited that we are maturing as an organization and we look forward to the positive operational and financial impact this can have as we scale the business beyond 2026 related to our balance sheet.

我們非常高興我們作為一個組織正在成熟，我們期待隨著我們將與資產負債表相關的業務擴展到 2026 年之後，這可能產生積極的營運和財務影響。

We ended the quarter with approximately $101 million of cash and marketable securities.

本季結束時，我們擁有約 1.01 億美元的現金和有價證券。

Our revolving credit facility remains undrawn and provides 125 million of borrowing capacity.

我們的循環信貸額度仍未動用，可提供 1.25 億歐元的借貸能力。

In the third quarter.

在第三季。

We produced operating cash flow of $11 million and free cash flow of $8.7 million.

我們的營運現金流為 1,100 萬美元，自由現金流為 870 萬美元。

Now turning to guidance for the fourth quarter of 2024 we're providing guidance for revenue in the range of 89 million to 90 million, which represents total revenue growth of 25% to 26%.

現在轉向 2024 年第四季的指導，我們提供的收入指導範圍為 8,900 萬至 9,000 萬美元，這意味著總收入增長 25% 至 26%。

We just as EBITA, we are providing fourth quarter guidance in the range of 8.5 million to 9 million for full year 2024.

正如 EBITA 一樣，我們為 2024 年全年提供的第四季指引為 850 萬至 900 萬美元。

We're providing guidance for revenue in the range of 333.2 million to 334.2 million representing total revenue growth of 26%.

我們提供的收入指引範圍為 3.332 億美元至 3.342 億美元，相當於總營收成長 26%。

We are also providing adjusted EBITA guidance of 25.2 million to 25.7 million in closing.

我們也提供 2,520 萬至 2,570 萬美元的調整後 EBITA 收盤指引。

I am very pleased with our continued progress.

我對我們的持續進步感到非常高興。

Our team delivered a strong quarter with profitable growth, continued operating leverage and a level of go to market efficiency that places us among the very best performers and SAS and with strong industry tail wods combined with our multiple growth drivers we have a clear path for a longer term operating and financial targets with that.

我們的團隊實現了強勁的季度業績，實現了盈利增長、持續的營運槓桿和一定程度的市場准入效率，這使我們躋身表現最佳的企業之列，SAS 憑藉強大的行業尾聲與我們的多重成長動力結合，我們有一條清晰的道路：長期營運和財務目標。

I'll hand the call to the operator to take your questions.

我會將電話轉給接線員回答您的問題。

Ladies and gentlemen, we will now begin the question and answer session.

女士們、先生們，我們現在開始問答環節。

Should you have a question?

你應該有一個問題嗎？

(Operator Instructions).

（操作員說明）。

Your first question comes from the line of Alexey Gogolev from JP Morgan.

你的第一個問題來自摩根大通的 Alexey Gogolev。

Please go ahead.

請繼續。

Hi, this is Elise Kenner on for Alexey Gogolev.

大家好，我是阿列克謝‧戈戈列夫 (Alexey Gogolev) 的艾莉絲‧肯納 (Elise Kenner)。

My question is about, where do you currently see the A I adoption curve?

我的問題是，您目前在哪裡看到人工智慧採用曲線？

And what will it take for customers to become more comfortable incorporating AI BASED solutions?

客戶怎樣才能更輕鬆地採用基於人工智慧的解決方案？

And how dependent is this on industry regulation?

這對產業監理的依賴程度如何？

Thanks for the question.

謝謝你的提問。

The adoption curve is, well, first of all AI has been used in the financial services industry for a long time.

採用曲線是，首先，人工智慧已經在金融服務業使用了很長時間。

So if you thought about, you know, would activate your card to a voice response unit, some of those things in terms of natural language processing have been used for for quite a while, but in terms of using it for predictive models around revenue generation, we're in the early stages and what it's going to really take, as I mentioned in the prepared comments is for the customers to be able to cleanse and normalize and manage their data.

因此，如果您考慮過，您知道，將您的卡激活到語音響應單元，其中一些在自然語言處理方面已經使用了相當長一段時間，但在將其用於圍繞創收的預測模型方面，我們正處於早期階段，正如我在準備好的評論中提到的那樣，我們真正需要做的是讓客戶能夠清理、標準化和管理他們的資料。

These customers, you know, some of the best data you have to run A I models is transactional data and these customers have that information in their mobile banking application and the and and in their core, but getting all of that to a state where they can run the models against it is the first big step for them.

這些客戶，你知道，運行人工智慧模型所需的一些最佳數據是交易數據，這些客戶在他們的行動銀行應用程式及其核心中擁有這些信息，但將所有這些都達到他們可以做到的狀態對他們來說，運行模型是第一步。

Got it.

知道了。

Thank you.

謝謝。

And then my second question would be, what do you think drove the really strong?

然後我的第二個問題是，你認為是什麼驅動了真正的強者？

AR uplift at renewal.

續訂時 AR 提升。

What we're seeing now is there's just a greater appetite for more innovation and technology through the platform.

我們現在看到的是，人們對透過該平台獲得更多創新和技術的興趣更大。

And so on average, if you look at our client base, they average between 13 and 14 products.

平均來說，如果你看看我們的客戶群，他們平均有 13 到 14 種產品。

And then when you analyze the new sales cohorts that are coming in, they're averaging around 19 products.

然後，當您分析即將到來的新銷售群體時，您會發現他們平均約有 19 種產品。

So what we're renewing today are clients that typically have somewhere between 9 to 14 products.

因此，我們今天更新的是通常擁有 9 到 14 種產品的客戶。

But for them to be on par with where new sales cohorts are coming in, they need more innovation.

但要讓他們與新的銷售群體保持同步，他們需要更多的創新。

They need to be more at the 19 20 to 22 product level.

他們需要更多地關注 19、20 至 22 個產品等級。

So it's really the cross sell opportunity that's occurring at the time of renewal.

因此，這實際上是續訂時發生的交叉銷售機會。

And would like to add to that.

並想對此進行補充。

And we've mentioned this, we've mentioned this on a couple of calls is that several years ago, we started building out a client facing account management team that account management team has now been in place you know, for a couple of years and those and because of that, they're able to establish relationships and execute strategic workshops with our clients where they lay out a multi year, a digital transformation journey which leads to strategic adoption of the, products that Bryan was just talking about.

我們已經提到過這一點，我們在幾次電話中提到過這一點，幾年前，我們開始建立一個面向客戶的客戶管理團隊，該團隊現在已經就位，你知道，幾年了正因為如此，他們能夠與我們的客戶建立關係並舉辦策略研討會，在那裡他們規劃了為期多年的數位轉型之旅，從而策略性地採用布萊恩剛才談到的產品。

Got it.

知道了。

Thank you so much.

太感謝了。

Your next question comes from the line of Patrick Evans from citizens JMP.

您的下一個問題來自 Citizen JMP 的 Patrick Evans。

Please go ahead.

請繼續。

Hey, there, this is Austin on for pat appreciate you taking my questions and congrats on the results.

嘿，這裡是奧斯汀，感謝您回答我的問題並祝賀結果。

So I, I recognize some of the kind of longer term demand drivers don't really change day to day, right?

所以我，我認識到一些長期需求驅動因素並沒有真正每天發生變化，對吧？

But with the kind of 50 basis point rate cut and some of the long yields rising, I mean, what impact do those things have on your business?

但隨著降息 50 個基點和一些長期收益率上升，我的意思是，這些事情對您的業務有什麼影響？

And are you, are you feeling any change in and kind of the attitude from clients?

您是否感覺到客戶的態度有任何改變？

You know what I would say is the demand for digital banking has remained consistent from a low interest rate environment to a high interest rate environment to the recent interest rate changes.

你知道我想說的是，從低利率環境到高利率環境再到最近的利率變化，對數位銀行的需求保持一致。

So this is a, long term market sector transformation in which the customers aren't making decisions to accelerate the investment one quarter or decelerate it another quarter.

因此，這是一個長期的市場部門轉型，客戶不會做出加快一個季度投資或減速另一個季度的投資決策。

The main difference that we see is the products that they add on based upon the interest rate environment.

我們看到的主要區別是它們根據利率環境添加的產品。

So are they adding on products like an instant account notification to try to be able to drive deposits or if this, you know, market changed a little bit and their balance sheets, you know, we're able to change and they could make more loans, then are they going to be buying products that help more with you know, with loan generation?

那麼，他們是否會添加即時帳戶通知之類的產品，以嘗試增加存款，或者如果市場發生一點變化，他們的資產負債表，我們能夠改變，他們可以賺更多錢貸款，那麼他們是否會購買對產生貸款有更多幫助的產品？

But the summary is the long term change, an investment is an impact impacted by short term interest rate changes, the mix of add on products sometimes changes and that's good for us because we've got products that are useful for either side of that equation.

但總結是長期變化，投資是受短期利率變化影響的影響，附加產品的組合有時會發生變化，這對我們有好處，因為我們擁有對等式兩邊都有用的產品。

Okay.

好的。

Thank you.

謝謝。

Your next question comes from the line of Cristopher Kennedy from William Blair.

你的下一個問題來自威廉布萊爾的克里斯多福甘迺迪。

Your line is now open.

您的線路現已開通。

Good afternoon.

午安.

Thanks for taking the question, Bryan, can you talk about the long term savings opportunity for the offshoring?

感謝您提出問題，布萊恩，您能談談離岸外包的長期節省機會嗎？

And I understand it's 2026 and beyond.

我知道這是 2026 年及以後。

But can you frame the opportunity there at all?

但你能把這個機會納入其中嗎？

We're excited about the opportunity.

我們對這個機會感到很興奮。

I mean, presently we have maybe 110 to 120 FTEs that are coming through this third party and they're exclusively engineering and, one of our one of the secrets to our success has always been the best platform wins.

我的意思是，目前我們可能有 110 到 120 名 FTE 透過這個第三方工作，他們專門從事工程設計，我們成功的秘訣之一始終是贏得最佳平台。

And so there's this, this desire to continue to innovate through the platform, create new products, provide innovation to the end market.

因此，我們渴望透過平台繼續創新，創造新產品，為終端市場提供創新。

Well, to do that profitably, we have to find areas in which we can do that at the right price point and so engineering is definitely an area where this is going to benefit us.

好吧，為了實現這一目標，我們必須找到能夠以合適的價格實現這一點的領域，因此工程絕對是一個能讓我們受益的領域。

And also this is going to benefit us within gross margin and cost of sales because over the longer term, there'll be opportunities for some of our post sale operations to offshore.

這也將使我們在毛利率和銷售成本方面受益，因為從長遠來看，我們的一些售後業務將有機會轉移到海外。

Some of those, at least the growth in those areas have been the cost curve.

其中一些，至少是這些領域的成長是成本曲線。

So we're extremely excited the adoption within the company has been great.

因此，我們非常高興公司內部的採用效果非常好。

The results that we're seeing productivity has been really very good as well and we think that will only improve as we move more to a captive model versus a third party outsource model.

我們看到的生產力結果也非常好，我們認為，只有當我們更多地轉向自營模式而不是第三方外包模式時，生產力才會提高。

Thank you for that.

謝謝你。

And then just a follow up on the data platform and the opportunity can you talk about how open banking in the US will impact that opportunity?

然後只是對數據平台和機會的跟進，您能談談美國的開放銀行業將如何影響這個機會嗎？

Thanks for taking the questions.

感謝您提出問題。

Yeah.

是的。

This is Alex, I think the rate and pace of open banking is still pretty much unknown.

我是亞歷克斯，我認為開放銀行的速度和步伐仍然是未知數。

So the customers right now, you know, we just see a directive that was handed out a week or so ago from the CFPB, the investments that the customers are making right now and data really have nothing to do with open banking.

所以現在的客戶，你知道，我們只是看到 CFPB 大約一週前發出的指令，客戶現在正在進行的投資和數據實際上與開放銀行無關。

And so if open banking were to, that might provide more tailwinds in terms of the data investment, the investment that the customers are making right now in data is really realizing that the advantage some of the mega banks have in terms of the investments they've made in their data platform and their models.

因此，如果開放銀行業能夠這樣做，這可能會在數據投資方面提供更多的推動力，客戶現在在數據方面進行的投資確實意識到了一些大型銀行在投資方面所具有的優勢。在數據平台和模型中做出了貢獻。

And because that tends to be the competition on the most.

因為這往往是最激烈的競爭。

Their current investment is about current capabilities with the current market conditions and that really doesn't have to do at this point in time in open banking.

他們目前的投資是針對當前市場條件下的當前能力，而這在開放銀行業務中實際上並不需要這樣做。

Like I said, that might be an increasing tailwind for us, but the rate and pace of that you know, when I talk to customers is is largely unknown.

就像我說的那樣，這對我們來說可能是一個越來越大的順風，但當我與客戶交談時，你知道的速度和步伐在很大程度上是未知的。

Great.

偉大的。

Thanks for taking the questions.

感謝您提出問題。

Your next question comes from the line of Jeff Van Rhee from Craig Hallum.

您的下一個問題來自 Craig Hallum 的 Jeff Van Rhee。

Please go ahead.

請繼續。

Thanks for taking my questions.

感謝您回答我的問題。

This is Daniel on for Jeff.

這是丹尼爾替傑夫發言。

Just in terms of you've discussed, you know, the mindset obviously with interest rates of FI changing toward attracting deposits.

正如您所討論的，您知道，金融機構的利率顯然正在轉變為吸引存款。

Just any additional thoughts on how that's been translating into new logos and additional add on products.

只是關於如何將其轉化為新徽標和其他附加產品的任何其他想法。

Yeah, as I said earlier, the the change in interest rate environment doesn't really impact the rate and pace at which we're closing new logos if you go back a little bit to some of the comments that Bryan and I have made in the past.

是的，正如我之前所說，利率環境的變化並不會真正影響我們關閉新徽標的速度和速度，如果你回顧一下布萊恩和我在過去。

These contracts are 5,6,7 years.

這些合約的期限分別是5年、6年、7年。

A customer will have to make the decision to begin a conversion process a year before their contract is up for renewal, which means they'll start the decision cycle maybe even a year before that.

客戶必須在合約續約前一年做出開始轉換流程的決定，這意味著他們甚至可能會提前一年開始決策週期。

And so any change in interest rate that might happen in that decision cycle doesn't really change whether or not they're going to make a decision because they're making a decision for the next 5 to 7 years.

因此，在該決策週期中可能發生的任何利率變化都不會真正改變他們是否會做出決定，因為他們正在為未來 5 到 7 年做出決定。

The biggest impact that it has for us is the mix of add on products that we sell.

它對我們最大的影響是我們銷售的附加產品的組合。

There's a certain set of products that are useful for a low interest rate environment.

有一組特定產品適用於低利率環境。

And another set of products that are useful for a high interest rate environment.

另一組適用於高利率環境的產品。

And so we've seen that mix shift, you know, starting with that was almost 24 months ago when the interest rates started going up and it might shift back if the interest rates start going down.

所以我們已經看到了這種混合轉變，你知道，從大約 24 個月前開始，當時利率開始上升，如果利率開始下降，這種混合轉變可能會逆轉。

Thanks for that.

謝謝你。

And, and then just on the credit union ad pace, you know, in 2024 fairly similar to 2023 should we expect credit union ads to, you know, remain relatively flat around this level of call it 30 credit unions a year just based on that regular cadence of credit unions that come up for renewal and the limited number of, you know, deals that could be pursued in any given year or should we be thinking of any ways that add count should be showing acceleration?

然後，就信用合作社的廣告速度而言，你知道，2024 年與 2023 年非常相似，我們是否應該期望信用社廣告在這一水平（每年 30 個信用合作社）保持相對平穩？以及在任何特定年份中可以進行的交易數量有限，或者我們是否應該考慮任何增加計數的方式來顯示加速？

Yeah, you, you should expect the credit unions that we add from year to year to remain pretty consistent in the 25 to, you know, call it low 30 range.

是的，你，你應該期望我們每年增加的信用合作社保持在 25 到，你知道，稱之為低 30 範圍內。

We're working towards the same rate and pace as relates to banks as well and we're showing some progress there.

我們正在努力實現與銀行相同的速度和步伐，並且我們在這方面取得了一些進展。

But a lot of it is framed by the structure and cadence of the market.

但其中很多是由市場結構和節奏決定的。

As Alex just mentioned 5 to 7 year contracts, we focus on the TOP2,500 financial institutions, those TOP2,500 financial institutions represent over 200 million digital users.

正如Alex剛才提到的5到7年的合同，我們關注的是TOP2,500金融機構，這些TOP2,500金融機構代表了超過2億的數位用戶。

And so there's a rate and pace in which those come to market and we continue mainly win our fair share of credit unions.

因此，這些產品進入市場有一定的速度和節奏，我們繼續主要贏得信用合作社的公平份額。

And we're starting to see you know, more at bats and more opportunities as it relates to banks and we believe, you know, 2,3 years out, we'll be at the same rate and pace with banks as it relates to credit unions.

我們開始看到，你知道，與銀行相關的更多擊球和更多機會，我們相信，你知道，2.3年後，我們將與銀行保持相同的速度和步伐，因為它與銀行相關信用合作社。

That, helps.

那，有幫助。

That's it for me.

對我來說就是這樣。

Thanks guys.

謝謝你們。

Next question is from the line of Adam Hotchkiss from Goldman Sachs.

下一個問題來自高盛的 Adam Hotchkiss。

Please go ahead.

請繼續。

Great.

偉大的。

Thanks so much for taking the questions.

非常感謝您提出問題。

I guess first to start in your experience on some of these data related add on sales, how much education has to happen on your side of the equation to get fis to understand the value and the security that you bring them here versus them sort of proactively coming after the opportunity.

我想先從您對這些與銷售相關的數據的經驗開​​始，您需要進行多少教育才能讓金融機構了解您將他們帶到這裡與他們主動相比的價值和安全性機會來了。

I guess I'm just trying to understand how knowledgeable and educated some of these bank decision makers are around the AI opportunity and the data opportunity.

我想我只是想了解一些銀行決策者在人工智慧機會和數據機會方面的知識和教育程度如何。

Yeah, it's been interesting to watch over the last three years, I would say three years ago.

是的，過去三年的觀看很有趣，我想說是三年前。

We would be in evangelical mode about data.

對於數據，我們將處於福音派模式。

And now almost every executive that I talked to knows that they have to become a data first digital.

現在，幾乎每位與我交談過的主管都知道，他們必須成為數據第一的數位化企業。

So we're, no longer in an evangelical mode in terms of what you should think about the fact that data will drive personalization in the digital banking channel.

因此，就數據將推動數位銀行管道的個人化這一事實而言，我們不再處於福音派模式。

These are all smart executives and they all get it.

這些都是聰明的主管，他們都明白這一點。

So that change has happened in the last three years.

所以這種改變是在過去三年發生的。

We do have two different sides of the market.

我們確實有兩個不同的市場面向。

So we'll have a part of our market that is pretty sophisticated from a data perspective they might have created their own data capability through something like, you know, like a snowflake or something like that.

因此，從數據角度來看，我們的市場的一部分非常複雜，他們可能透過諸如雪花之類的東西創建了自己的數據功能。

They've got their own Martech stack.

他們有自己的 Martech 堆疊。

And what they want to do is figure out how to use Alkami's cleansing curated data to feed into into their data tech stack and then to be used into their marketing tech stack as well.

他們想要做的是弄清楚如何使用 Alkami 的清理整理資料將其輸入到他們的資料技術堆疊中，然後也用於他們的行銷技術堆疊。

And then we'll have another set of the market that it's just been hard for them to get that talent in their organization.

然後我們將面臨另一組市場，他們很難在組織中獲得人才。

And so they want essentially a shrink wrap capability where the data platform, the models that are already built right on top of those models and then has essentially a walled garden Martech stack that sits right on top of the data and the model.

因此，他們本質上需要一種收縮包裝功能，其中資料平台、已經建構在這些模型之上的模型，然後本質上是一個位於資料和模型之上的圍牆花園 Martech 堆疊。

So in summary, last three years has moved from an evangelical position to a position where the executives get it.

總而言之，過去三年從福音派立場轉變為高階主管所得到的立場。

And they're asking us how we help and the market is bifurcated between sophisticated customers that have built their own data tech stack and bottles and they want our data to feed it and customers that struggle getting access to that skill set and want a a pre built capability for data models and work and.

他們問我們如何提供幫助，而市場分為兩部分：一類是成熟的客戶，他們已經構建了自己的數據技術堆疊和瓶子，他們希望我們的數據為其提供支援；另一類是難以獲得該技能集並想要預先建立的客戶。

We're seeing it in our results as well.

我們也在結果中看到了這一點。

So if you look back a couple of years ago where we were seeing success with our data products was really when a digital banking platform so was occurring.

因此，如果你回顧幾年前，我們看到我們的數據產品取得成功，實際上是在數位銀行平台出現的時候。

So we would see maybe a 50% to 55% attachment rate.

所以我們可能會看到 50% 到 55% 的依戀率。

But when C level executives of financial institution were involved in making the decision, we tended to have more success in selling our data product.

但當金融機構的 C 級主管參與決策時，我們在銷售數據產品方面往往會取得更大的成功。

Now, when you look at the attachment rate in 2024 we're closer to 75%.

現在，如果你看看 2024 年的依戀率，我們會接近 75%。

So, that's good news.

所以，這是個好消息。

But what gets me excited is a couple of years ago, it was really hard for my client sales team, go to market motion where their penetration point in the market generally is a bit lower than the C suite to get traction with the data So we flash forward to 2024.

但讓我興奮的是幾年前，對於我的客戶銷售團隊來說，進入市場動向確實很困難，他們在市場中的滲透點通常比 C 套件要低一些，所以我們很難獲得數據的牽引力。快轉到2024 年。

Now, our data products are one of our leading cross sell products back into our base.

現在，我們的數據產品是我們回到基地的領先交叉銷售產品之一。

So not only are we seeing strong attachment at the point of a new client win, we're also now seeing some very nice progress in our client sales team cross selling back into our base.

因此，我們不僅在贏得新客戶時看到了強烈的依戀，而且現在還看到我們的客戶銷售團隊在交叉銷售回我們的基礎方面取得了一些非常好的進展。

Okay, great.

好的，太好了。

That's, that's really helpful and just to follow up on that.

也就是說，這確實很有幫助，只是為了跟進。

In terms of bank win rates.

就銀行勝率而言。

Do you think that data and A I just more broadly, when you talk about that 70% attach is that helping you improve bank win rates?

當您談到 70% 的附加價值時，您是否認為更廣泛地說，數據和 A I 可以幫助您提高銀行勝率？

And you know, I think you've given some color on where you, where you are there in the past.

你知道，我認為你已經為你過去所處的位置賦予了一些色彩。

Have you been making progress there?

你在那裡取得進展了嗎？

Generally, just any update there would be helpful.

一般來說，任何更新都會有幫助。

Just generally our data product is a differentiator for us in the market regardless of the type financial institution.

一般來說，無論金融機構類型為何，我們的數據產品都是我們在市場上的差異化因素。

So I wouldn't attribute bank win rates movement to just in general, that's a differentiator for us.

因此，我不會將銀行勝率變動歸因於一般情況，這對我們來說是一個差異化因素。

But on the topic of banks, we're seeing some I mean, and the point that I'd like to make is as you're approaching into a newer market, you have to create market awareness.

但在銀行這個主題上，我們看到了一些，我想說的是，當你進入一個新市場時，你必須建立市場意識。

We're now competing.

我們現在正在競爭。

If you're looking on a 12 month basis, we're competing in the same number of bank deals as we are credit union deal.

如果您以 12 個月為基礎進行查看，我們正在參與與信用合作社交易相同數量的銀行交易競爭。

So that's super exciting for us.

所以這對我們來說非常令人興奮。

We're adding talent that's helping build out our commercial banking product.

我們正在增加人才，幫助建立我們的商業銀行產品。

As such, one individual is our new Chief Product Officer Duggan Kalia and who, who g commercial banking background.

因此，我們新任首席產品長杜根·卡利亞 (Duggan Kalia) 就是其中之一，他具有商業銀行背景。

So, so a lot of positive things are occurring as it relates to banks and we really view that as a growth driver in 2025 2026 and beyond

因此，與銀行相關的許多積極的事情正在發生，我們確實認為這是 2025 年、2026 年及以後的成長動力

Really helpful.

真的很有幫助。

Thank you.

謝謝。

Question comes from the line of Charles Snin from Stevens.

問題來自史蒂文斯的查爾斯·斯寧（Charles Snin）。

Please go ahead.

請繼續。

Hey guys, thanks for taking my question and congrats on another solid quarter.

嘿夥計們，感謝您提出我的問題，並祝賀又一個穩定的季度。

My question is on the revenue growth algorithm.

我的問題是關於收入成長演算法。

Clearly it's been very strong through the year, but it looks like Arpu has accelerate, our growth is accelerated.

顯然這一年的表現非常強勁，但看起來 ARPU 已經加速，我們的成長也正在加速。

Whereas user growth has decelerated slightly, which I guess makes sense if you consider that you're driving more revenue from banks and cross sell.

儘管用戶成長略有放緩，但如果您認為您正在從銀行和交叉銷售中獲得更多收入，那麼我認為這是有道理的。

But I guess as we think about that going forward, could you maybe comment on how that algorithm could work over the medium term in terms of user growth versus arpu growth as it pertains to overall revenue.

但我想，當我們考慮未來時，您能否評論一下演算法在中期內如何在用戶成長與 ARPU 成長方面發揮作用，因為它與整體收入有關。

Well, the beauty of the Alkami revenue model is we're not overly dependent on either of those factors, right?

那麼，Alkami 收入模式的美妙之處在於我們並沒有過度依賴這些因素中的任何一個，對吧？

I mean, we're, we're, growing, we're taking market share by adding new logos which adds new users and then our clients and they're very successful in the adoption of their customers and businesses that use our digital banking platform.

我的意思是，我們正在成長，我們正在透過添加新徽標來佔據市場份額，這些徽標添加了新用戶，然後是我們的客戶，他們在採用我們的數位銀行的客戶和企業方面非常成功平台。

So they're adding digital users to the platform.

因此他們正在為該平台添加數位用戶。

We're seeing new logos coming on with a much higher RPU than our blended company average.

我們發現新商標的 RPU 遠高於我們混合公司的平均值。

In fact, our implementation backlog averages around $23 compared to the $17.54. So, there's a lot of levers in our revenue model which in any one quarter, one lever may outweigh the other lever

事實上，我們的實施積壓平均約為 23 美元，而之前為 17.54 美元。因此，我們的收入模式中有很多槓桿，在任何一個季度，一個槓桿可能會超過另一個槓桿

.As it relates to user growth that is just really tied specifically to what our backlog is coming into the year and the timing at which we implement those new clients.

因為它與用戶成長有關，這與我們今年的積壓訂單以及我們實現這些新客戶的時間密切相關。

This year, we have seen digital user growth go from kind of high teams down some more and midteens.

今年，我們看到數位用戶的成長從高層團隊下降到十幾歲左右。

But you know, setting for that has been our po expansion because of the success we're having from our client sales team going back into our base.

但你知道，我們的 PO 擴張是為此做好的準備，因為我們的客戶銷售團隊在回到我們的基地方面取得了成功。

So I think what you'll continue to see is user growth in that 15 to high teams range and our expansion can continue to expand beyond the seven and 8% that we're at today.

因此，我認為您將繼續看到 15 到高級團隊範圍內的用戶成長，並且我們的擴張可以繼續擴大到超過今天的 7% 和 8%。

Got it super helpful.

得到它超級有幫助。

And as a follow up, I wanted to ask about the gross margin target in light of your comments around the the offshoring strategy.

作為後續行動，我想根據您對離岸外包策略的評論詢問毛利率目標。

If I understand if I understand things correctly, you're expanding gross margin by 2 to 300 basis points a year.

如果我理解正確的話，你的毛利率每年會增加 2 到 300 個基點。

Those investments will be about 100 bits negative, but that, still gets you to something north of 65% by 26.

這些投資將產生約 100 位負值，但到 26 年前，投資仍將達到 65% 以上。

So I guess my question there is, are there any other puts and takes we should consider with respect to the gross margin or is that just, you know, an element of conservatism built into that target?

所以我想我的問題是，就毛利率而言，我們是否應該考慮其他任何看跌期權和看跌期權，或者這只是該目標中內置的保守主義元素？

And so we provided the 65% gross margin target a couple of years ago.

因此，我們幾年前就提出了 65% 的毛利率目標。

And what we, what Alex and I suggested we would achieve that target somewhat rateably from where we were at that point in time, which would indicate a couple of 100 basis points of gross margin expansion a year.

我們、Alex 和我建議的，我們將在一定程度上實現該目標，這將表明每年的毛利率將增加 100 個基點。

We've actually outperformed that, as you're pointing out, but we're still standing on our 65% gross margin in 2026.

正如您所指出的，我們實際上已經超越了這一水平，但到 2026 年我們的毛利率仍然保持在 65%。

Now, the point of margin that I mentioned in my prepared comments related to establishing our offshore subsidiary that'll actually come through R&D that that's not a cost of sales or gross margin factor.

現在，我在準備好的評論中提到的與建立我們的離岸子公司有關的利潤點實際上是透過研發實現的，這不是銷售成本或毛利率因素。

But you should continue to expect that the gross margin in 2026 a target of 65% we could get there faster.

但你應該繼續期待 2026 年毛利率達到 65% 的目標，我們可以更快實現這一目標。

We're only a couple of 100 basis points away.

我們只差幾個 100 個基點。

So potentially we achieve that as we exit 2025 but once we get closer and have, you know, visibility in the quarter in which we'll actually go over 65% gross margin, then we'll re establish a longer term gross margin target.

因此，當我們退出2025 年時，我們有可能實現這一目標，但一旦我們更接近並在該季度獲得可見性，我們的毛利率實際上將超過65%，那麼我們將重新制定長期毛利率目標。

Got it.

知道了。

Thank you for the clarification and I appreciate the responses.

感謝您的澄清，我很感謝您的回覆。

Thanks again guys.

再次感謝你們。

Next question is from the line of my attendant(Inaudible) from Needham.

下一個問題來自我的來自李約瑟的服務生（聽不清楚）。

Please go ahead.

請繼續。

Hey guys, this is SAM on for my thanks for squeezing me in.

大家好，我是 SAM，謝謝邀請我加入。

Just a couple quick questions.

只是幾個簡單的問題。

Well, I'm touching on those renewals you guys mentioned.

好吧，我正在談論你們提到的那些續訂。

Could you talk about exactly which products you guys are seeing the strongest add on momentum with these renewals that are coming up.

您能具體談談哪些產品在即將到來的更新中最具強勁的成長動能嗎？

And so the success that we're seeing and not just renewals, but just in cross sell more broadly, or within our fraud and security products.

因此，我們所看到的成功不僅僅是續訂，而是更廣泛的交叉銷售，或在我們的詐欺和安全產品中。

The data products, which we've spent a lot of time discussing on this call as well as our client services products, which includes things like, you know, chatting and, anything that can intercept the call from going into a financial institution contact center.

我們在這次電話會議上花了很多時間討論資料產品，以及我們的客戶服務產品，其中包括諸如聊天之類的東西，以及任何可以攔截進入金融機構聯絡中心的呼叫的東西。

So some more self servicing type products.

所以更多的是自助服務類型的產品。

And then finally, financial wellness, if you look at our client base and with a large percentage of our clients being more retail focused, many of them have a charter of trying to build financial wellness and financial soundness within their customer community.

最後，財務健康，如果你看看我們的客戶群，我們的很大一部分客戶更注重零售，他們中的許多人都有一個努力在其客戶社區內建立財務健康和財務健全性的章程。

And so our financial wellness products have been a a nice uplift for us as well.

因此，我們的財務健康產品對我們來說也是一個很好的提升。

Got it.

知道了。

Okay.

好的。

That's helpful.

這很有幫助。

And then kind of in a similar vein, just wanted to switch over and get your comments on the product road map and what that looks like any areas that are of particular interest for you guys.

然後以類似的方式，只是想切換並獲取您對產品路線圖的評論以及您特別感興趣的任何領域。

Obviously with the rise of gen A I solutions and capabilities and then I know you guys also brought on a Chief Product Officer earlier this year in the summer, I think.

顯然，隨著第一代解決方案和功能的興起，我想你們今年夏天早些時候還任命了首席產品長。

So just any comments around that would be helpful as we, you know, kind of shift focus into 25.

因此，任何有關此問題的評論都會有所幫助，因為我們將焦點轉移到 25。

Maybe the best lens to look at that through would be what's the client demand.

也許看待這問題的最佳視角是客戶的需求。

So when you, when you sit down and talk to our clients or our prospects, they're focused on a couple of things, one they're focused on taking a great digital experience that is a digital banking application and figuring out how can, how they can broaden out that digital experience.

因此，當你坐下來與我們的客戶或潛在客戶交談時，他們會專注於幾件事，其中一件事是他們專注於獲得數位銀行應用程式這一出色的數位體驗，並弄清楚如何能夠，他們如何擴大數位體驗。

So if you thought about them selling a new product to an existing customer or member or bringing on a new customer or member, how can they create a great end to end digital experience?

因此，如果您考慮他們向現有客戶或會員銷售新產品或引入新客戶或會員，他們如何創造出色的端到端數位體驗？

the way that they created a great digital banking experience.

他們創造出色的數位銀行體驗的方式。

So that's an area that customers have a lot of interest.

所以這是客戶非常感興趣的領域。

They continue to have a lot of interest in fraud and fraud management.

他們仍然對欺詐和欺詐管理抱有很大興趣。

You have this interesting problem between, if I reduce friction in the digital banking channel, I increase opportunities in the digital banking channel.

你有一個有趣的問題，如果我減少數位銀行管道的摩擦，我就會增加數位銀行管道中的機會。

So they, they'd love to see more real time fraud capabilities that extend across the entire platform so that they can reduce friction in the way that they interact with their with their customers.

因此，他們希望看到更多擴展到整個平台的即時詐騙功能，以便他們可以減少與客戶互動的方式中的摩擦。

One of the reasons we talked about data and marketing is because it's on every single customer's plan.

我們談論數據和行銷的原因之一是因為它存在於每個客戶的計劃中。

What am I going to do with data, a data platform and then from a payments perspective and all of our co you know, the the introduction of FED now and real time payments has And along with some of the P to P payment innovation as calls our customers to take a step back and, and say to themselves, how do I create a better user experience around the payments that my customers or members might want to make?

我將如何處理數據、數據平台，然後從支付的角度來看，我們所有的同事都知道，現在美聯儲和實時支付的引入已經以及一些 P2P 支付創新作為呼籲我們的客戶退後一步，對自己說，我如何圍繞我的客戶或會員可能想要進行的付款創造更好的用戶體驗？

And then how am I going to incorporate things like Fred Napp fed now and real time payments into my into my strategies?

那麼我該如何將像 Fred Napp 現在餵食和即時支付這樣的東西納入我的策略中呢？

So for us, our opportunities are in those is because those are the obviously where the client demand is if I were to summarize its payments, It's a better digital end to end experience with either onboarding somebody or providing them a new loan or a new product.

因此，對我們來說，我們的機會就在這些方面，因為如果我要總結其付款，這些顯然是客戶的需求所在，這是一種更好的數位端到端體驗，可以幫助某人入職或為他們提供新貸款或新產品。

And and it's fraud management with the data platform.

這就是數據平台的詐欺管理。

Yeah.

是的。

Okay.

好的。

That's helpful.

這很有幫助。

Makes a lot of sense.

很有道理。

Thanks Alex.

謝謝亞歷克斯。

Thanks for squeezing me in guys.

謝謝你們把我擠進夥計們。

Your last question is from the line of Jacob Steven from Lake Street.

你的最後一個問題來自湖街的雅各史蒂文。

Your line is now open.

您的線路現已開通。

Hey, thanks for taking the questions.

嘿，感謝您提出問題。

Congrats on the results.

祝賀結果。

You know, maybe just following up on a question asked about the captive offshore model, but maybe you could kind of help us understand what the weighting of the the margin impact will be.

您知道，也許只是跟進有關自保離岸模式的問題，但也許您可以幫助我們了解利潤影響的權重是多少。

Will we see kind of more of an impact or more expense in kind of the first half followed by improvement in the second half?

我們會看到上半年產生更多影響或增加支出，然後下半年有所改善嗎？

Or maybe just help us think about that.

或者也許只是幫助我們思考一下。

The 1% of investment of margin, the 1% margin investment and think about that more rateably throughout the year.

保證金投資的 1%，保證金投資的 1%，並全年考慮更高的利率。

So it's going to start in 20 the fourth quarter of 2024.

所以它將於 2024 年第四季 20 開始。

See that, think about that more rly throughout 2025 and then we'll start feeling more of the benefit in 2026.

看到這一點，在 2025 年更多地考慮這一點，然後我們將在 2026 年開始感受到更多的好處。

Okay.

好的。

Got it.

知道了。

And maybe just does this help kind of, you know, accelerate the implementation timeline for new logos or is this really kind of more software like internal development?

也許這有助於加快新徽標的實施時間表，或者這真的是一種更像內部開發的軟體嗎？

Yeah, the initial focus is, continuing to increase engineering capacity.

是的，最初的重點是，繼續提高工程能力。

This isn't a cost cutting play.

這不是削減成本的策略。

This is about absorbing growth in the organization and continuing to deliver engineering capacity and new product development capacity while we balance that with profitability objectives that we have, once we establish the offshore subsidiary, which will happen throughout 2025 and early into 2026 then we can start exploring other areas within within alchemy where we can absorb continued growth.

這是為了吸收組織的成長並繼續提供工程能力和新產品開發能力，同時我們將其與我們的獲利目標相平衡，一旦我們建立離岸子公司（這將在2025 年全年和2026 年初發生） ，我們就可以開始探索煉金術中我們可以吸收持續成長的其他領域。

So that, that I mean, that's just, but that, that's further into the future.

所以，我的意思是，這只是，但那是更遙遠的未來。

And right now, the focus is primarily on engineering capacity.

目前，重點主要是工程能力。

Here's the, this is Alex, this is the decision point.

這是，這是亞歷克斯，這是決策點。

If I go back to the previous question, we have 360 degrees of product opportunities if you look at customer demand and what we need to do is figure out how to get more product out the door and continue to drive balance revenue and profit growth.

如果我回到上一個問題，如果你看看客戶的需求，我們就有 360 度的產品機會，我們需要做的是弄清楚如何推出更多產品，並繼續推動平衡收入和利潤成長。

And that's the real driver behind the establishment of alchemy India is the opportunity that sits in front of us and our desire to add engineering capacity so that we can build those new products.

這就是印度煉金術成立背後的真正驅動力，這是我們面前的機遇，也是我們增加工程能力的願望，以便我們能夠製造這些新產品。

Okay.

好的。

Got it.

知道了。

That's helpful.

這很有幫助。

Maybe just one last one.

也許只是最後一張。

Just on the the kind of a loan origination product, obviously, you know, mortgage lending has been down.

就貸款發放產品而言，顯然，抵押貸款已經下降。

Also personal loan, there's been some softness in that vertical.

還有個人貸款，該領域也出現了一些疲軟。

Do you, do you feel like do you feel like customers are more willing to essentially explore new solutions at this point with, you know, the interest rate environment where it's at?

您是否覺得客戶此時更願意在目前的利率環境下探索新的解決方案？

Or do you find that's not really a factor?

或者您認為這不是一個真正的因素？

Well, think about loans as front of house and back of house.

好吧，將貸款視為前廳和後廳。

So most of our customers have a workable back of house application for their loan origination.

因此，我們的大多數客戶都有一個可行的後台申請來發放貸款。

But what they want is they want a better end to end digital experience for the consumer or for the business that's coming in.

但他們想要的是為消費者或即將到來的企業提供更好的端到端數位體驗。

So, you know, as alchemy thinks about its future, not necessarily should we replace a back of house mortgage application platform of we, in our customer, we kind of own the front of house experience and what could we build on to that front of house experience that would give their customers a better, a better onboarding into the entity or a better purchase of a new product.

所以，你知道，當煉金術思考它的未來時，我們不一定應該取代我們的後台抵押貸款申請平台，在我們的客戶中，我們擁有前台體驗，以及我們可以在此基礎上構建什麼為客戶提供更好、更好的入職體驗或更好地購買新產品的體驗。

So in summary, I think about the digital experience on the front end of buying a new loan product and think about the back of house administrative activities necessary to to underwrite that loan and book that loan and produce the documentation associated with that loan.

總而言之，我考慮了購買新貸款產品前端的數位體驗，並考慮了承保該貸款、登記該貸款以及生成與該貸款相關的文件所需的後台管理活動。

Anything that Alkami does would be associated with the front of house digital experience.

Alkami 所做的任何事情都與前台數位體驗相關。

Okay, got it.

好的，明白了。

That makes sense.

這是有道理的。

I appreciate it guys.

我很感激你們。

The last question comes from the line of Andrew Smith from city.

最後一個問題來自來自城市的安德魯史密斯。

Please go ahead.

請繼續。

Alex.

亞歷克斯.

Hey Bryan , thanks for having me on here.

嘿布萊恩，謝謝你邀請我來到這裡。

Sorry if I missed this, but I just want to dig into the M&A your thoughts on M&A obviously, you know, equity valuation coming up presents a nice currency to do transactions.

抱歉，如果我錯過了這一點，但我只是想深入了解您對併購的看法，顯然，您知道，即將到來的股權估值提供了一種很好的交易貨幣。

You've been pretty successful with M&A in the past in terms of adding capabilities on sounds like you know, prices out there are starting to become more real.

過去，在增加功能方面，您在併購方面非常成功，就像您知道的那樣，那裡的價格開始變得更加真實。

Just want to, you know, take your temperature on just the M&A environment as you see it now.

只是想，你知道，對你現在所看到的併購環境進行評估。

Thank you.

謝謝。

Yeah, thanks Andrew for asking the question.

是的，謝謝安德魯提出問題。

You know, we're seeing as you would expect an increased number of targets that are becoming available.

您知道，正如您所期望的那樣，我們看到可用的目標數量不斷增加。

We have a few individuals internally at alchemy that their job is if not exclusively close to exclusively focused on M&A activity.

我們煉金術內部有一些人，他們的工作即使不是完全專注於併購活動。

So we're seeing the multiple expectation of the targets seem to be now finally coming more in line from where they were maybe 18 months ago, we're seeing the quality of assets improving but we're a disciplined buyer.

因此，我們看到目標的多重預期現在似乎終於與 18 個月前的水平更加一致，我們看到資產品質在改善，但我們是一個紀律嚴明的買家。

We're, we're not just buying revenue, we're buying functionality that can continue our growth trajectory for many years into the future.

我們不僅僅是購買收入，我們購買的是可以在未來許多年繼續我們的成長軌跡的功能。

But we're also not going to take a step back on our profitability objective.

但我們也不會在獲利目標上退縮。

So as you put more and more requirements in the filter, it starts narrowing the field.

因此，當您在過濾器中提出越來越多的要求時，它就會開始縮小範圍。

But, we're pretty disciplined when it comes to, to those items.

但是，我們對這些項目非常有紀律。

And then as it relates to capital available for us, as I mentioned, you know, we have $125million remaining are available on our credit facility because it's presently undrawn.

然後，由於它與我們可用的資本有關，正如我所提到的，您知道，我們的信貸額度還剩 1.25 億美元，因為目前尚未提取。

I have ability to continue to borrow more beyond that.

我有能力繼續借更多的錢。

You know, equity capital is, you know, attractive as a potential source of capital, we always seek the the lowest cost of capital possible to achieve greater returns as it relates to M&A activity.

您知道，股權資本作為潛在的資本來源很有吸引力，我們始終尋求盡可能最低的資本成本，以實現與併購活動相關的更大回報。

But I, but I think the takeaway is, it's been several years since we've acquired a business.

但我認為，我們收購一家企業已經有好幾年了。

Organizationally, we're in a position where we could absorb another business.

在組織上，我們處於可以吸收另一項業務的位置。

The pipeline for M&A is becoming more attractive.

併購通路正變得越來越有吸引力。

And it's definitely a growth driver, a growth area for alchemy.

這絕對是一個成長動力，一個煉金術的成長領域。

Yeah, I agree, Bryan.

是的，我同意，布萊恩。

And maybe the, the summary is a new organic product build and M&A are two parts of our growth strategy.

也許總結是新的有機產品建構和併購是我們成長策略的兩個部分。

Got it makes a lot of sense.

明白了，這很有道理。

Thank you for that.

謝謝你。

And then, I, I believe you mentioned that the sales momentum continues.

然後，我，我相信你提到銷售勢頭仍在繼續。

But, you know, I do want to ask about, you know, the fourth quarter, we do have an election here.

但是，你知道，我確實想問一下，你知道，第四季我們確實有選舉。

You know, coming up right in the middle of the quarter and in fourth quarter tends to be a big bookings quarter.

您知道，本季中期和第四季往往是預訂量較大的季度。

Just curious how the sales cycles are shaping up, seeing any hesitation in terms of bookings.

只是好奇銷售週期是如何形成的，看到預訂方面有任何猶豫。

You know, any thoughts there would be helpful.

你知道，任何想法都會有幫助。

The end of this, Alex, as I said before, you know, the to date, none of us can predict what businesses are going to be thinking about in, you know, the next couple of months.

亞歷克斯，這一切都結束了，正如我之前所說，到目前為止，我們沒有人能夠預測企業在接下來的幾個月裡會考慮什麼。

But I would say to date, we haven't seen any macroeconomic or geopolitical things occur over the last several years that have, that have impacted the steady rate and pace of digital transformation in the regional and community financial institution market.

但我想說，到目前為止，我們還沒有看到過去幾年發生的任何宏觀經濟或地緣政治事件影響了區域和社區金融機構市場數位轉型的穩定速度和步伐。

So, you know, I think it would be a lot of hubris on my part to predict what's going to happen 48 hours after an election.

所以，你知道，我認為如果我預測選舉後 48 小時後會發生什麼，那就太傲慢了。

But to date, economic situations, political situations and geopolitical situations have not change the trajectory of the digital transformation in the market that we serve.

但迄今為止，經濟情勢、政治情勢和地緣政治情勢並沒有改變我們所服務的市場數位轉型的軌跡。

That makes a lot of sense.

這很有意義。

Thank you very much, Alex.

非常感謝你，亞歷克斯。

There are no further questions at this time.

目前沒有其他問題。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you.

謝謝。

Very much for your participation.

非常感謝您的參與。

You may now disconnect.

您現在可以斷開連線。