Alkami Technology Inc (ALKT) 2025 Q1 法說會逐字稿

Hello and welcome to Alkami first quarter 2025 financial results conference call.

您好，歡迎參加 Alkami 2025 年第一季財務業績電話會議。

(Operator Instructions)

（操作員指示）

I'd like to turn the conference over to Steve Calk, Vice President of investor relations. Steve, please go ahead.

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，請繼續。

Thank you, John. With me today on the call are Alex Shootman, Chief Executive Officer, and Bryan Hill, Chief Financial Officer. During today's call, we may make forward-looking statements about guidance and other matters regarding our future performance. These statements are based on management's current views and. Expectations and are subject to various risks and uncertainties. Our actual results may be materially different. For a summary of risk factors associated with our forward-looking statements, please refer to today's press release and the sections in our latest 10K entitled Risk factors and forward-looking statements. Statements made during the call are made as of today, and we undertake no obligation to update or revise these statements. Also, unless otherwise stated financial measures discussed in this call will be on a non-gap basis. We believe these measures are useful to investors in the understanding of our financial results. A reconciliation of the comparable GAAP financial measures can be found in our earnings press release and in our filings with the SEC. I'll now turn the call over to Alex.

謝謝你，約翰。今天與我一起參加電話會議的還有執行長亞歷克斯舒特曼 (Alex Shootman) 和財務長布萊恩希爾 (Bryan Hill)。在今天的電話會議中，我們可能會就未來業績的指導和其他事項做出前瞻性陳述。這些聲明是基於管理層的當前觀點和。預期並受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。有關我們前瞻性陳述的風險因素摘要，請參閱今天的新聞稿和我們最新的 10K 中題為「風險因素和前瞻性陳述」的部分。電話會議中所作的聲明截至今日為止均有效，我們不承擔更新或修改這些聲明的義務。此外，除非另有說明，本次電話會議中討論的財務指標均以非差距為基礎。我們相信這些措施有助於投資者了解我們的財務表現。可比 GAAP 財務指標的對帳表可在我們的收益新聞稿和向美國證券交易委員會 (SEC) 提交的文件中找到。我現在將電話轉給亞歷克斯。

Thank you, Steve.

謝謝你，史蒂夫。

Good afternoon and thank you all for joining us.

下午好，感謝大家的參與。

I'm pleased to report a great quarter for alchemy.

我很高興地向大家報告煉金術本季的出色表現。

During the first quarter of 2025, Alchemy grew revenue over 28% and generated over $12 million in adjusted IBEDA.

2025 年第一季度，Alchemy 的營收成長超過 28%，調整後的 IBEDA 營收超過 1,200 萬美元。

We exited the quarter with 20.5 million registered users on the Ori platform, up 2.3 million compared to the prior year quarter, and we successfully closed the mantle acquisition.

截至本季末，Ori 平台註冊用戶數達 2,050 萬，較去年同期增加 230 萬，並且我們成功完成了 mantle 收購。

In Q1, we continued the momentum we've built since becoming a public company and our position to achieve the 2026 financial objectives we outlined during our Q4 2022 earnings call.

在第一季度，我們延續了自上市以來的良好勢頭，並致力於實現我們在 2022 年第四季財報電話會議上概述的 2026 年財務目標。

When we discussed those objectives, our annual revenue was less than half our guidance for 2025 and adjusted but it was a loss of $18 million.

當我們討論這些目標時，我們的年收入還不到 2025 年預期的一半，經過調整後，虧損了 1,800 萬美元。

Today our adjusted EBITDA of position has improved fourfold and given our implementation backlog, sales pipeline, product portfolio, and successful completion of the mantle acquisition, we remain confident in the objectives we discussed over 2 years ago.

如今，我們的調整後 EBITDA 已經提高了四倍，並且考慮到我們的實施積壓、銷售管道、產品組合以及成功完成的地函收購，我們仍然對兩年前討論的目標充滿信心。

The number one question I'm asked by investors these days is how is the demand environment?

最近投資人問我的最多的問題是需求環境如何？

Consistent with the last few years, we have not seen any decline in the demand for digital banking.

與過去幾年一致，我們沒有看到對數位銀行的需求有任何下降。

I believe the reason for this is that the need for digital banking in regional and community financial institutions is not elastic. It is mandatory innovation if you are going to compete with Chase and Chime in today's market.

我認為，造成這種情況的原因是區域和社區金融機構對數位銀行的需求缺乏彈性。如果您要在當今市場上與 Chase 和 Chime 競爭，創新是強制性的要求。

Our pipeline remains strong, and the demand numbers we see in our instrumentation are consistent with my conversation with clients. Since March, not counting clients I've met at a recent user conference, I've had 29 face to face client meetings.

我們的管道依然強勁，我們在儀器中看到的需求數字與我與客戶的對話一致。自從三月以來，不算我在最近的用戶會議上遇到的客戶，我已經進行了 29 次面對面的客戶會議。

To all of the noise we hear in the macro environment, no one talked about reductions in digital banking.

儘管我們在宏觀環境中聽到了很多聲音，但沒有人談論數位銀行的減少。

I left those meetings with two observations.

離開這些會議後，我得到了兩點觀察。

First, none of our clients are detached from the uncertainty in the overall macro environment.

首先，我們的客戶都無法擺脫整體宏觀環境的不確定性。

In times of uncertainty, good bankers prepare for multiple scenarios. But in each of their scenarios, their digital agenda remains a priority.

在不確定的時期，優秀的銀行家會為多種情況做好準備。但在每種情況下，他們的數位議程仍然是優先事項。

For most, their digital banking has moved from the budget agenda to the capital allocation agenda.

對大多數人來說，他們的數位銀行業務已經從預算議程轉移到資本配置議程。

They are thinking about how they grow their business digitally with the same or more intensity as their branch strategy.

他們正在思考如何以與分公司策略相同或更高的力度實現數位化業務成長。

Second, with an eye towards growth, they are focused on account opening and onboarding.

其次，為了實現成長，他們專注於開戶和入職。

Two weeks ago, I was at a client in the Midwest and the CEO said, if I only had $1 to spend on any new projects, I'd put $0.90 on account opening and pocket the rest. We have to add customers to thrive and because of the younger generations we are pursuing, it has to be an efficient and elegant experience.

兩週前，我去拜訪一位來自中西部的客戶，執行長說，如果我只能花 1 美元用於任何新項目，我會花 0.90 美元開戶，其餘的都存起來。我們必須增加客戶才能發展，而且由於我們追求的是年輕一代，所以這必須是一種高效且優雅的體驗。

So far, despite macro uncertainty, we continue to enjoy a healthy pipeline, which is at least as strong as this time last year.

到目前為止，儘管存在宏觀不確定性，但我們仍然擁有健康的管道，至少與去年同期一樣強勁。

We believe this is a testament to the necessity for digital banking, the quality of Alchemy's people and products, in the early stages we are still in with respect to the digital transformation of the regional and community financial institution market.

我們相信，這證明了數位銀行的必要性、Alchemy 人員和產品的素質，以及我們仍處於區域和社區金融機構市場數位轉型的早期階段。

Demand was on display a month ago at Collab, our annual user conference in Nashville with over 900 attendees representing more than 300 institutions.

一個月前，我們在納許維爾舉辦的年度用戶大會 Collab 上展示了需求，有來自 300 多家機構的 900 多名與會者出席。

This size audience continued a trend to record attendance for us, and with a majority of attendees in leadership roles, it demonstrated that digital banking is a strategic focus in our market.

如此規模的觀眾延續了我們出席人數創紀錄的趨勢，而且大多數與會者擔任領導職務，這表明數位銀行是我們市場的策略重點。

The shift we continue to see from prior collapse is a recognition that digital banking is not just a service strategy. Our prospects and clients see digital banking becoming a sales and service platform.

與之前的崩潰相比，我們繼續看到的轉變是認識到數位銀行不僅僅是一種服務策略。我們的潛在客戶和客戶將數位銀行視為銷售和服務平台。

They have to acquire an inventory of trusted assets called deposits. They have to sell that inventory as loans, and they have to make money serving their account holders with fee-based services that are valuable, such as wires, FX, credit cards, and interchange.

他們必須獲得一份稱為存款的信託資產清單。他們必須將這些庫存作為貸款出售，並且必須透過向帳戶持有人提供有價值的收費服務（例如電匯、外匯、信用卡和交換）來賺錢。

To do this well, they have to be trusted, knowledgeable, and safe, and they are pursuing these attributes by making personalized digital connections with their account holders.

為了做好這一點，他們必須值得信賴、知識淵博、安全，並且他們透過與帳戶持有人建立個人化的數位連結來追求這些屬性。

From the main stage, I shared an interview with the CEO of one of our largest clients who handed me the phrase that best describes personalization in our industry and what we are building with our data platform. He called it anticipatory banking.

在主舞台上，我與我們最大的客戶之一的執行長進行了一次採訪，他給了我最能描述我們行業的個人化以及我們正在用數據平台建立的內容的短語。他稱之為預期銀行業務。

To deliver the digital and sales service platform designed by our market that enables anticipatory banking, I shared with the audience that we are spending our R&D dollars on the following product and platform priorities.

為了提供由我們的市場設計的支援預期銀行業務的數位和銷售服務平台，我與聽眾分享了我們將在以下產品和平台優先事項上投入研發資金。

Our product investments will go into 4 areas onboarding and account opening, retail and commercial functionality, user experience, and personalization.

我們的產品投資將涉及四個領域：入職和開戶、零售和商業功能、使用者體驗和個人化。

Our platform investments are focused on continuing to drive scalability.

我們的平台投資專注於繼續推動可擴展性。

Extensibility, maintaining industry-leading reliability, and building out our data capability.

可擴展性、保持業界領先的可靠性以及建立我們的數據能力。

Account opening and onboarding generated the most interest at our event, which is understandable since the mantle transaction closed days before our conference.

在我們的活動中，開戶和入職培訓引起了最多的興趣，這是可以理解的，因為地函交易在我們會議前幾天就結束了。

But mostly the interest was generated by the strategic nature of a great onboarding and account opening experience. Or as one client told me, we are all about customer acquisition. Everything else is just noise.

但人們的興趣主要源自於出色的入職和開戶體驗的策略性質。或者正如一位客戶告訴我的那樣，我們所做的一切都是為了獲取客戶。其他一切都只是噪音。

The mantle sessions were full. The mantle keynote was the highest rated session.

地幔會議座無虛席。地幔主題演講是評價最高的會議。

And during the first quarter of 2025, 5 Alchemy clients purchased Mantle and two of our forecasted first quarter new logos asked to revise their deals to include Mantle. One of these deals closed in April, and we expect the other deal to close shortly. This is exciting for us as the cross selling of Mantle into the Alchemy client base has just begun.

在 2025 年第一季度，5 位 Alchemy 客戶購買了 Mantle，我們預測的第一季度新標誌中的兩個要求修改他們的交易以包括 Mantle。其中一筆交易已於四月完成，我們預計另一筆交易也將很快完成。這對我們來說是令人興奮的，因為 Mantle 向 Alchemy 客戶群的交叉銷售才剛開始。

We have no shortage of product opportunities and as we previously discussed, we are building a strategic development centre in the national capital region of India.

我們並不缺乏產品機會，正如我們之前討論過的，我們正在印度國家首都地區建立一個戰略發展中心。

The purpose of this investment is to increase our product and engineering capacity while maintaining the profitability commitments we've made to our investors.

此次投資的目的是提高我們的產品和工程能力，同時保持我們對投資者所做的獲利承諾。

Our efforts with Alchemy India are well underway. We are now running a functional office with over 40 alchemists, with more to come throughout the year. We are also focused on hiring leadership roles and building out our long-term capacity with the goal of supporting hundreds of alchemists in India in the coming years.

我們與 Alchemy India 的合作正在順利進行中。我們現在經營一個擁有 40 多名煉金術士的功能性辦公室，並且全年還會有更多的煉金術士加入。我們也專注於聘用領導職位並建立我們的長期能力，目標是在未來幾年為印度的數百名煉金術士提供支援。

We expect Alchemy India to drive innovation and bring products to market that are new sources of revenue, all while delivering operating leverage in our business.

我們期望 Alchemy India 能夠推動創新，將產品推向市場，成為新的收入來源，同時為我們的業務帶來營運槓桿。

In closing, we are proud to deliver a great quarter for our investors. We are grateful to our clients for trusting us with their business, and I appreciate the effort each alchemist puts into their work and the values they demonstrate.

最後，我們很自豪能夠為我們的投資者帶來一個出色的季度。我們感謝客戶對我們的信任，並讚賞每位煉金術士在工作中所付出的努力和所展現的價值觀。

Thank you for getting it done and doing it right.

感謝您完成這件事並且做得正確。

Before I hand the call over to Brian, I'd like to comment on the news in our press release regarding Brian's retirement.

在我將電話交給布萊恩之前，我想對我們新聞稿中有關布萊恩退休的消息發表評論。

When Brian shared with me that he was considering moving to the next phase of his life, we both agreed that this was excellent timing given the performance and health of the company.

當布萊恩告訴我他正在考慮進入人生的下一個階段時，我們都同意，考慮到公司的表現和健康狀況，這是一個絕佳的時機。

Brian has done a great job as CFO. He's been at the company while revenue has grown sixfold and has guided alchemy to a positive adjusted a position.

布萊恩作為財務長表現出色。在他任職期間，公司收入成長了六倍，並帶領煉金術取得了積極的調整。

He was instrumental in Alchemy's IPO and played a key role in 4 acquisitions. He's made my life easy as we exceeded our numbers every quarter since going public.

他在 Alchemy 的 IPO 中發揮了重要作用，並在 4 次收購中發揮了關鍵作用。他讓我的生活變得輕鬆，因為自上市以來我們每季都超額完成了目標。

In true Brian Hill fashion, he's finishing strong by providing the company and our shareholders with an extended transition to his retirement.

布萊恩希爾 (Brian Hill) 一貫的風格是，他為公司和股東提供了延長的退休過渡期，從而取得了圓滿成功。

Brian will remain the CFO of Alchemy until either a new CFO comes on board or February 27, 2026, whichever comes first.

Brian 將繼續擔任 Alchemy 的財務官，直到新任財務長上任或 2026 年 2 月 27 日（先到者為準）。

I'll now hand the call to Bryan to take us through our financial results.

我現在將電話交給布萊恩，讓他向我們介紹我們的財務表現。

Thanks, Alex, and good afternoon, everyone.

謝謝，亞歷克斯，大家下午好。

Before we dive into the financial results, I want to take a moment to say a little more about the news that Alex just shared. After 36 years of experiences and relationships, I will forever cherish and having the opportunity to be a part of successful organizations, I've decided to retire, resulting in my resignation as the Chief Financial Officer of Alkami Technology.

在我們深入了解財務結果之前，我想花點時間再多說一下 Alex 剛剛分享的消息。經過 36 年的經驗和關係，我將永遠珍惜並有機會成為成功組織的一員，我決定退休，並辭去 Alkami Technology 財務長的職務。

I will continue as Alkami's CFO while the company identifies and on boards a replacement or February 27, 2026, whichever date occurs first. I also plan to continue in a consultative capacity through December of 2026, or an earlier date if my services are no longer necessary to ensure a smooth transition of responsibilities. This was not an easy decision for me, but I believe it is the right time for my family as we move into the next chapter of life.

在公司確定繼任者並組成董事會之前，或在 2026 年 2 月 27 日（以先到者為準）之前，我將繼續擔任 Alkami 的財務長。我還計劃繼續擔任顧問職務至 2026 年 12 月，如果不再需要我的服務，則可以更早，以確保職責的順利過渡。這對我來說不是一個容易的決定，但我相信對我的家人來說，這是一個正確的時機，因為我們將進入人生的下一個篇章。

I want to express my heartfelt gratitude to all alchemists, especially the CFO team, as well as our board of directors and our shareholders for the support and trust you've placed in me over the years. It has been an incredible journey, and I am proud of what we've accomplished together, particularly in driving the companies. Growth and scaling its profitability. We have a strong leadership team in place, and I'm confident that Alchemy will continue to thrive and achieve its objective of becoming the number one digital banking platform.

我要向所有煉金術士，特別是財務長團隊，以及我們的董事會和股東表示衷心的感謝，感謝你們多年來對我的支持和信任。這是一段令人難以置信的旅程，我為我們共同取得的成就感到自豪，特別是在推動公司發展方面。成長並擴大其獲利能力。我們擁有一支強大的領導團隊，我相信 Alchemy 將繼續蓬勃發展，實現成為第一個數位銀行平台的目標。

Thank you again for your support. Now I'll turn to discuss our financial performance.

再次感謝您的支持。現在我將討論我們的財務表現。

In the first quarter of 2025, we continued to drive exceptional revenue growth and exceeded our profitability goals. We also completed the acquisition of Mantle, the largest in our history, completed a convertible note offering, and expanded our credit facility. Today we are reporting results inclusive of the mantle acquisition which we closed on March 17, 2025. Consistent with our prior acquisitions, we do not include acquired clients or users in our digital banking platform counts. Our reported clients and users reflect only those on our digital banking platform. All other financial metrics include the impact from acquisitions such as ARR backlog, and average revenue per user.

2025年第一季度，我們繼續實現卓越的營收成長，並超額完成了獲利目標。我們也完成了對 Mantle 的收購，這是我們歷史上最大的一筆收購，完成了可轉換票據發行，並擴大了我們的信貸額度。今天，我們報告的業績包括我們於 2025 年 3 月 17 日完成的地函收購。與我們先前的收購一致，我們的數位銀行平台數量不包括收購的客戶或用戶。我們報告的客戶和用戶僅反映我們數位銀行平台上的客戶和用戶。所有其他財務指標都包括收購的影響，例如 ARR 積壓和每位用戶平均收入。

In the first quarter we achieved total revenue of $97.8 million representing year to year growth of 28.5% and improved adjusted EBITDA to $12.1 million compared to $3.8 million in the year ago quarter.

第一季度，我們的總營收達到 9,780 萬美元，年增 28.5%，調整後 EBITDA 達到 1,210 萬美元，而去年同期為 380 萬美元。

Revenue for the first quarter included a few unexpected items such as $1.4 million from closing the mantle acquisition earlier than expected and $600,000 of revenue originally expected to occur in the second quarter of 2025 related to our annual client conference cola.

第一季的收入包括一些意外項目，例如因提前完成 mantle 收購而獲得的 140 萬美元收入，以及原先預計在 2025 年第二季度發生的與我們的年度客戶會議可樂相關的 60 萬美元收入。

Subscription revenue grew 27% in the first quarter and represented 95% of total revenue. We increased ARR by 33% and exited the quarter at $404 million. We currently have approximately $68 million of ARR and backlog for implementation, the majority of which will occur over the next 12 months.

第一季訂閱營收成長27%，佔總營收的95%。我們將 ARR 提高了 33%，本季結束時的 ARR 為 4.04 億美元。我們目前有大約 6800 萬美元的 ARR 和積壓實施資金，其中大部分將在未來 12 個月內完成。

Included in our backlog are 36 new.

我們的積壓訂單中包括 36 個新訂單。

Digital banking clients representing 1.1 million digital users.

數位銀行客戶代表 110 萬數位用戶。

We exited the quarter with 278 live clients and 20.5 million registered users on our digital banking platform, representing registered user growth of approximately 2.3 million or 13% compared to last year.

截至本季末，我們的數位銀行平台擁有 278 名活躍客戶和 2,050 萬名註冊用戶，與去年相比註冊用戶成長了約 230 萬，增幅為 13%。

Over the last 12 months, we implemented 37 financial institutions, and 3 clients left our platform.

在過去的 12 個月中，我們實施了 37 家金融機構，有 3 個客戶離開了我們的平台。

As a reminder, because of the long-term nature of our contracts, we have 3 to 4 quarters of visibility into the upcoming client attrition. Currently, we expect to turn 4 clients in 2025, representing less than 1% of ARR.

提醒一下，由於我們的合約具有長期性，我們可以預見未來 3 到 4 個季度的客戶流失情況。目前，我們預計到 2025 年將有 4 個客戶，佔 ARR 的不到 1%。

Over the long term, we model digital banking arar churn at 2 to 3% per year. The primary driver of churn continues to be MNA and consolidation within our client base.

從長遠來看，我們預測數位銀行的帳戶流失率將為每年 2% 至 3%。客戶流失的主要驅動因素仍是 MNA 和客戶群的整合。

We ended the quarter with an RPU of $19.74 of 18% compared to a year ago, driven by the acquisition of Mantle and on sale success and the addition of new clients who tend to onboard with a higher average RPU.

本季末，我們的 RPU 為 19.74 美元，較去年同期成長 18%，這得益於對 Mantle 的收購、銷售成功以及傾向於以更高的平均 RPU 加入的新客戶的增加。

We continue to see broad-based demand across our product portfolio evidenced by our sales pipeline, new logo and client renewal success, our ability to cross sell new products into our install base, and now the rate in which we are seeing the market adopt the manual onboarding and account opening solution.

我們繼續看到我們產品組合的廣泛需求，這體現在我們的銷售管道、新標誌和客戶續約成功、我們向安裝基礎交叉銷售新產品的能力，以及現在我們看到的市場採用手動入職和開戶解決方案的速度。

For the first quarter, we signed 4 new digital banking platform clients and renewed 4 existing clients representing 8 contract signings. Mantle added 16 new clients, 5 of which are Alchemy digital banking clients. Excluding Mantle's performance, our add-on sales effort represented approximately 57% of new sales for the quarter.

一季度，我們新簽約4個數位銀行平台客戶，續約4個老客戶，簽約8份合約。Mantle 增加了 16 個新客戶，其中 5 個是 Alchemy 數位銀行客戶。不計 Mantle 的業績，我們的附加銷售努力約佔本季新銷售額的 57%。

Regarding renewals, we expect a total of 25 renewals in 2025, slightly below our recent average as we pull forward several renewals in 2024. Our remaining performance obligation was approximately $1.6 billion representing 3.9 times our ARR and at 31% compared to a year ago.

關於續約，我們預計 2025 年將總共進行 25 次續約，略低於我們近期的平均水平，因為我們將 2024 年的幾次續約提前了。我們剩餘的履約義務約為 16 億美元，相當於我們的 ARR 的 3.9 倍，與一年前相比增加了 31%。

Now turning to gross margin for the first quarter of 2025, we delivered non-GAAP gross margin of 64.3%, representing over 250 basis points of expansion compared to the prior year. We achieved gross margin expansion through continued improvement in our hosting cost and platform investments as well as operating leverage across our post-sales operation.

現在來看看 2025 年第一季的毛利率，我們的非 GAAP 毛利率為 64.3%，比前一年增長了 250 個基點以上。我們透過持續改善託管成本和平台投資以及售後業務的營運槓桿實現了毛利率的擴大。

Moving to operating expenses. For the first quarter of 2025, operating expenses of $51.2 million or 52% of revenue represented year over year operating leverage of approximately 500 basis points. We primarily drove operating leverage across R&D and GNA, where we continue to realize operational scale. Related sales and marketing expense, we typically conduct collab in the 2nd quarter.

轉向營運費用。2025 年第一季度，營運費用為 5,120 萬美元，佔營收的 52%，年比營運槓桿約為 500 個基點。我們主要在研發和 GNA 領域推動營運槓桿，並繼續實現營運規模。相關銷售和行銷費用，我們通常在第二季進行合作。

Resulting in approximately $3 million of seasonally higher expense during this quarter. However, in 2025, Cole occurred during the 1st and 2nd quarters, resulting in seasonally higher operating expenses in both quarters.

導致本季季節性支出增加約 300 萬美元。然而，2025年，科爾颶風發生在第一季和第二季度，導致兩個季度的營運費用都出現了季節性上漲。

Regarding go to market efficiency, we continue to rank among the best in sass. During the last 12 months, we increased ARR $1.20 for each dollar of sales and marketing spin, excluding the impact from the mantle acquisition and the timing of cola.

就進入市場效率而言，我們在 SASS 中繼續名列前茅。在過去的 12 個月中，我們每增加一美元的銷售和行銷投入，ARR 就會增加 1.20 美元，這還不包括收購 mantle 和可樂時機的影響。

Our adjusted EBITDA in the first quarter was $12.1 million, better than the high end of our expectations and representing an adjusted EBITDA margin at 12.3%. We're investing in our captive offshore capability and as we discussed in the last several quarters, we expect an investment of approximately $5 million during 2025.

我們第一季的調整後 EBITDA 為 1,210 萬美元，優於我們的預期高端，調整後 EBITDA 利潤率為 12.3%。我們正在投資我們的專屬離岸能力，正如我們在過去幾季所討論的那樣，我們預計 2025 年的投資額約為 500 萬美元。

We're still planning to complete the transition from our current vendor during 2026, and we do not anticipate any impact on our 2026 financial targets, although we do expect to see a positive impact on margins beyond 2026.

我們仍計劃在 2026 年完成從目前供應商的過渡，我們預計這不會對我們的 2026 年財務目標產生任何影響，儘管我們確實預計 2026 年以後的利潤率將受到積極影響。

Related to our balance sheet, we ended the quarter with $95 million of cash and marketable securities. We also announced an amendment to our credit facility which expanded our revolver from $125 million to $225 million and extended the maturity date to February of 2030.

與我們的資產負債表相關，本季末我們擁有 9,500 萬美元的現金和有價證券。我們也宣布了對信貸安排的修訂，將循環信貸額度從 1.25 億美元擴大到 2.25 億美元，並將到期日延長至 2030 年 2 月。

Before turning to guidance, let me provide a post-closing recap of the mantle acquisition.

在提供指導之前，請允許我先對此次收購進行回顧。

We closed the Mantle acquisition on March 17th, a few weeks earlier than expected, as we announced in February's press release, we agreed to acquire Mantle for an enterprise value of $400 million on a debt-free and cash-free basis and also subject to customary purchase price adjustments.

我們於 3 月 17 日完成了對 Mantle 的收購，比預期提前了幾週，正如我們在 2 月份的新聞稿中宣布的那樣，我們同意以無債務、無現金的方式以 4 億美元的企業價值收購 Mantle，同時也要進行慣常的購買價格調整。

After these adjustments, the final enterprise value is $393 million which includes the following.

經過這些調整後，最終企業價值為 3.93 億美元，其中包括以下內容。

$375 million of purchase consideration.

3.75億美元的購買對價。

$11 million in equity compensation for mantle employees replacing their uninvested equity compensation at the time of acquisition, and $7 million categorized as current period compensation and pre-paid compensation, which is presented as a cash outflow from operating activities on the cash flow statement.

其中，1,100萬美元為公司員工股權薪酬，用於替代公司收購時未投資的股權薪酬；700萬美元為當期薪酬及預付薪酬，在現金流量表中列示為經營活動現金流出。

The $375 million of purchase consideration was financed as follows $13 million from our balance sheet cash, $60 million from our credit facility, and $302 million from net proceeds of convertible notes issued on March 10th after the accounting for the cost of the cap call.

3.75 億美元的收購對價由以下方式籌措：1,300 萬美元來自我們的資產負債表現金，6,000 萬美元來自我們的信貸額度，3.02 億美元來自 3 月 10 日發行的可轉換票據的淨收益（扣除上限成本後）。

The convertible notes had a 1.5% coupon and a 37.5% conversion premium. As mentioned earlier, we also entered into a cap call transaction linked to the convertible notes, effectively raising the conversion premium to 100%.

此可轉換票據的票面利率為 1.5%，轉換溢價為 37.5%。如前所述，我們也簽署了與可轉換票據掛鉤的上限呼叫交易，有效地將轉換溢價提高到 100%。

Now turning to guidance. For the second quarter of 2025, we are providing guidance for revenue in the range of $109 million to $110.5 million, which represents total revenue growth of 33% to 35%.

現在轉向指導。對於 2025 年第二季度，我們預計營收將在 1.09 億美元至 1.105 億美元之間，這意味著總收入成長率為 33% 至 35%。

For adjusted IBEDA, we are providing 2nd quarter guidance in the range of $9 million to $10 million, which includes a full quarter of adjusted EBITDA laws for mantle.

對於調整後的 IBEDA，我們提供了第二季 900 萬美元至 1000 萬美元範圍內的指導，其中包括整個季度的調整後 EBITDA 法律。

For the full year of 2025, we are providing guidance for revenue in the range of $443 million to $447 million representing total revenue growth of 33 to 34% and organic revenue growth at 25% to 26%. We are also providing adjusted EBITDA guidance of $49.5 million to $52.5 million.

對於 2025 年全年，我們預計收入將在 4.43 億美元至 4.47 億美元之間，這意味著總收入增長 33% 至 34%，有機收入增長 25% 至 26%。我們也提供 4,950 萬美元至 5,250 萬美元的調整後 EBITDA 指引。

For full year guidance, it includes a revenue contribution of approximately $31.4 million and an adjusted EBA loss of $5 million from the mantle acquisition.

就全年指引而言，它包括約 3,140 萬美元的收入貢獻和因收購 mantle 而產生的 500 萬美元調整後 EBA 損失。

We believe the mantle business will be accreted to adjusted Ibadan in 2026. We expect Mantle's ARR under contract on December 31, 2025, to be approximately $60 million representing a growth rate of about 30% when compared to the same metric at the end of 2024.

我們相信，地函業務將於 2026 年併入調整後的伊巴丹。我們預計，截至 2025 年 12 月 31 日，Mantle 的合約 ARR 約為 6,000 萬美元，與 2024 年底的相同指標相比成長率約為 30%。

In closing, we continue to drive great financial results while executing against our long-term objectives.

最後，我們在實現長期目標的同時，持續取得優異的財務表現。

We continue to leverage our unique financial model and strengthen our competitive position, making us one of the premier SaaS investments in the market. With that, I’ll hand the call to the operator to take your questions.

我們將繼續利用我們獨特的財務模式，加強我們的競爭地位，使我們成為市場上首屈一指的 SaaS 投資之一。說完，我會將電話轉給接線員來回答您的問題。

(Operator Instructions)

（操作員指示）

Alexei Gogolev from JP Morgan.

來自摩根大通的阿列克謝·戈戈列夫。

Hi, this is Elise Kenner on for Alexei Gogolev. So, you did confirm the $5 million in spend for the offshore initiative. Was it still a lighter expense in Q1 and is kind of the cadence of the expense and benefits still proceeding as expected?

大家好，我是 Elise Kenner，代表 Alexei Gogolev 報道。所以，您確實確認了為離岸計劃支出 500 萬美元。第一季的支出是否仍然較少，支出和收益的節奏是否仍如預期進行？

Thank you.

謝謝。

That’s right. It is a lighter expense in Q1, and actually the majority of that expense will be concentrated in the third and fourth quarter of twenty five. But we’re making a lot of progress. I mean, we now have 40 Alchemists in our India global capability centre, so we’re super excited about that. We also feel that by the end of this year, we’ll start approaching 170, one hundred and 80 offshore employees.

沒錯。這是第一季的一項較少的支出，實際上大部分支出將集中在 2025 年第三季和第四季。但我們正在取得很大進展。我的意思是，我們現在在印度全球能力中心有 40 名煉金術士，所以我們對此感到非常興奮。我們也認為，到今年年底，我們的離岸員工數量將接近 170 到 180 名。

And keep in mind, many of those are transferring from the current provider that we have today that’s a third-party provider. We exited 2024 with around 125 consultants from that third party.

請記住，其中許多都是從我們目前的供應商（即第三方供應商）轉移過來的。截至 2024 年，我們已擁有來自該第三方的約 125 名顧問。

Got it, thank you. And then when you cited the growth in revenue per user, what's the order of factors that you mentioned, how much they're contributing? So, with Mantle maybe the largest contributor to that growth followed by success and add on sales and then new clients adopting more products.

知道了，謝謝。然後，當您提到每位使用者收入的成長時，您提到的因素的順序是怎樣的，它們的貢獻有多大？因此，Mantle 可能是這一成長的最大貢獻者，其次是成功和附加銷售，然後是新客戶採用更多產品。

That’s right. So, the way that and I outlined this on the call, but the way that we treat all of our acquisitions, if the AR we include all the ARR in the RPU calculation. However, we only include digital banking platform registered users. And so, as a result of that, Mantle contributed about 1.8 to RPU this quarter. And then going forward, we’ll expect a more normalized growth rate of around 78%.

沒錯。因此，我在電話會議上概述了這一點，但我們處理所有收購的方式是，如果 AR 包括所有 ARR，我們會將其納入 RPU 計算中。但是，我們只包括數位銀行平台註冊用戶。因此，Mantle 本季為 RPU 貢獻了約 1.8。展望未來，我們預期成長率將更加正常化，達到 78% 左右。

Got it. Thank you so much.

知道了。太感謝了。

(Operator Instructions)

（操作員指示）

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

您的下一個問題來自威廉布萊爾的克里斯肯尼迪。

Yeah, good afternoon. Thanks for taking the question and congratulations Brian, on the announcement.

是的，下午好。感謝您提出這個問題，並祝賀 Brian 宣布這一消息。

Alex, you talked about the strong cross selling initially at Mantle. Can you just frame the opportunity there and maybe compare it with the experience that you've had at ACH alert or segment?

亞歷克斯，您最初談到了 Mantle 的強勁交叉銷售。您能否簡單地描述一下那裡的機會，並將其與您在 ACH 警報或細分市場中獲得的經驗進行比較？

Yeah, thanks. We were pleased that in the quarter, Mantle had five transactions that they sold into the Alchemy base. And what’s exciting for us is that’s really before we start to put in the effort to do all of the account planning work, the account profiling work, getting the sales teams working together on pursuits. And so that initial success along with the progress that we’re seeing internally provides us a lot of confidence in the cross-selling opportunity within the base. I would expect if you looked at our ACH acquisition, that was more of a standalone product, and it was applicable to some parts of our base.

是的，謝謝。我們很高興看到，Mantle 在本季度完成了五筆 Alchemy 基地銷售交易。令我們興奮的是，這實際上是在我們開始努力完成所有客戶規劃工作、客戶分析工作、讓銷售團隊共同努力之前。因此，最初的成功以及我們內部看到的進展使我們對基地內的交叉銷售機會充滿信心。我希望如果你看一下我們的 ACH 收購，它更像是一個獨立的產品，並且適用於我們基地的某些部分。

The segment acquisition was more of a product that would be integrated into our sales motion. And it has been more applicable to our entire base. My expectation would be that the mantle acquisition behaves more like the Segment acquisition than the ACH Alert acquisition.

該分部收購更像是一種將融入我們銷售計畫的產品。並且它更適用於我們的整個基地。我的預期是，mantle 收購的行為更像 Segment 收購，而不是 ACH Alert 收購。

Yeah. And Chris, I’ll add a couple of comments to Alex’s. What we found with Segment, as you’re aware, given it’s a sales and marketing product, it’s a newer solution in the space, it took us a while to identify how to get to the right buyer in our end market. And so, it took some time to gain the traction for segment to become a part of, like now 70% of our new logo transactions. And then even the cross-sell effort was a little bit more challenging because it was generally a different buyer in the financial institution.

是的。克里斯，我想對亞歷克斯的評論補充幾點。如您所知，我們發現 Segment 是一款銷售和行銷產品，是該領域的較新的解決方案，我們花了一段時間才確定如何在終端市場找到合適的買家。因此，我們花了一些時間來吸引細分市場的關注，例如現在我們新標誌交易的 70%。然後，即使是交叉銷售工作也更具挑戰性，因為通常是金融機構中的不同買家。

That’s not the case with Mantle. Mantle oftentimes is the same or certainly common interest buyer in the financial institution. Mantle has a more established go to market effort in place. And so, I would expect the success that we ultimately have realized on segment, we’re going to achieve that much sooner as it relates to Mantle.

但 Mantle 的情況並非如此。Mantle 經常是金融機構的共同或共同利益買家。Mantle 已採取了更成熟的行銷策略。因此，我期望我們最終在該領域取得的成功，在與 Mantle 相關方面，我們將更快地實現這一目標。

Got it, very helpful. And then just to follow up on Mantle.

明白了，非常有幫助。然後繼續跟進 Mantle。

The account opening is clear. Can you just talk a little bit about the LOS opportunity with Mantle and kind of what the competitive landscape is in that market?

開戶清晰。您能否簡單談談 Mantle 的 LOS 機會以及市場的競爭格局？

When we made the last call when we made the announcement about mantle, what we said at that time, which is still the same today, is that Mantle has a group of development customers for whom they are building an LOS capability. And we are eagerly tracking that effort. And when that effort is successful, then as a company, we’ll decide whether or not we’re bringing an LOS application to market. So, I want to be clear though this is still a development effort. It’s a development effort with a set of clients.

當我們最後一次宣布有關 Mantle 的消息時，我們當時說的是，現在仍然如此，那就是 Mantle 有一群開發客戶，他們正在為他們建立 LOS 能力。我們正熱切地關注這項努力。當這項努力取得成功時，作為一家公司，我們將決定是否將 LOS 應用程式推向市場。因此，我想明確指出，這仍然是一項開發工作。這是與一組客戶共同進行的開發工作。

We expect the effort to be successful. But we’ll decide about bringing a product to market more broadly after we see the results of that development effort. Understood.

我們期望這項努力能夠取得成功。但我們看到開發工作的成果後，才會決定是否將產品更廣泛地推向市場。明白了。

Thanks for taking the questions.

感謝您回答這些問題。

(Operator Instructions)

（操作員指示）

next question comes from the line of Jacob Steffen from Lake Street Capital Markets.

下一個問題來自 Lake Street Capital Markets 的 Jacob Steffen。

Hey guys, I appreciate you taking the questions and congrats Brian on all the success you've had with alchemy here. Just wanted to touch a little bit on the mantle acquisition. Maybe you could kind of, tell us where you're seeing the most traction. Is it on the credit union side? Is it banks? Is it broad?

嘿夥計們，感謝你們回答這些問題，並祝賀 Brian 在煉金術方面取得的所有成功。只是想稍微談談地函收購。也許您可以告訴我們您認為最有吸引力的地方在哪裡。是在信用社那邊嗎？是銀行嗎？廣泛嗎？

Right now we’re seeing balanced demand on both banks and credit unions. As we discussed in the acquisition call, one of the things that we really liked beyond the culture and the people of Mantle is the product itself serves both banks and credit unions and serves both retail and commercial. So right now, we’re seeing pretty balanced demand in both cases. What’s driving the demand, and I mentioned this on the call every one of our customers if you think about the credit union side, the average age of a customer in a credit union tends to be skew a little bit older than the average age of a customer in a bank. And every one of our CEOs knows that. And every one of our CEOs is developing strategies to attract the next generation of members. And the most important element of the strategy to attract that next generation of members is an account opening experience that matches the kind of account opening experience that folks are used to in all other aspects of their lives. So, for us, what’s exciting is its balanced demand in both bank and credit union. But the demographics and the business strategy in the credit union, we think are going to be a really nice tailwind for driving Mantle into the credit union space.

目前，我們看到銀行和信用合作社的需求平衡。正如我們在收購電話會議中所討論的那樣，除了 Mantle 的文化和員工之外，我們真正喜歡的一點是其產品本身既可以服務於銀行，又可以服務於信用合作社，既可以服務於零售，也可以服務於商業。因此，目前我們看到兩種情況下的需求相當平衡。是什麼推動了需求，我在電話中提到了這一點，我們的每一位客戶，如果你考慮信用合作社方面，信用合作社客戶的平均年齡往往比銀行客戶的平均年齡略大。我們的每一位執行長都知道這一點。我們的每一位執行長都在製定策略來吸引下一代會員。吸引下一代會員的策略中最重要的因素是開戶體驗，該體驗應與人們在生活的其他方面所習慣的開戶體驗相匹配。因此，對我們來說，令人興奮的是銀行和信用社的平衡需求。但我們認為，信用合作社的人口統計和商業策略將成為推動 Mantle 進入信用合作社領域的真正順風。

Okay, got it. That's helpful. And then maybe just touching on the backlog, 68 million of ARR, sounds like a lot of that kind of uptick is from the Mantle acquisition, but maybe what’s the breakdown of banks to credit units in those 36 new customers?

好的，明白了。這很有幫助。然後也許只是觸及積壓訂單，6800 萬美元的 ARR，聽起來很多這樣的增長都來自於 Mantle 的收購，但是也許這 36 個新客戶中銀行與信貸單位的細分情況是怎樣的呢？

Yes, so we got 36 clients in backlog and 16 of those are banks. As you would expect, the banks are carrying a much higher RPU of around $30 The credit unions are carrying an RPU of just under $20 The sequential step up in backlog from Q4 is largely driven by Mantle. Mantle has a significant ARR backlog as well as a significant number of financial institutions backlog. It’s around 50 financial institutions in backlog for now.

是的，我們有 36 個積壓客戶，其中 16 個是銀行。正如您所預料的，銀行的 RPU 要高得多，約為 30 美元。信用合作社的 RPU 略低於 20 美元。第四季積壓訂單的連續增加主要是由 Mantle 推動的。Mantle 有大量 ARR 積壓訂單以及大量金融機構積壓訂單。目前約有 50 家金融機構陷入困境。

That's a great color. I appreciate you taking the questions. Congrats.

顏色真棒。感謝您回答這些問題。恭喜。

(Operator Instructions)

（操作員指示）

Your next question comes from the line of Charles Neben from Stephens. Your line is now open.

您的下一個問題來自史蒂芬斯的查爾斯·內本 (Charles Neben)。您的線路現已開通。

Good afternoon and thank you for taking my question. I want to ask Chris’ question in a from a slightly different angle. Sounds like there’s some early signs of progress in terms of cross selling Mantle into your existing base. So I understand you didn’t change the assumptions for the full year 2025 guide, but is there anything that’s occurred over the past few weeks since the close that made you rethink or change the way you’re going to approach sales and marketing or cross sell, maybe accelerating some of your initiatives over the next year to drive synergies over the medium to long term?

下午好，感謝您回答我的問題。我想從稍微不同的角度來問克里斯的問題。聽起來，在將 Mantle 交叉銷售到現有客戶群方面已經出現了一些進展的早期跡象。所以我知道您沒有改變 2025 年全年指南的假設，但自收盤以來的過去幾周里是否發生了一些事情，讓您重新思考或改變您處理銷售和營銷或交叉銷售的方式，也許在明年加速一些舉措，以推動中長期的協同效應？

The thesis that we had in the acquisition remains how we plan to execute the business. There’s a fantastic sales and marketing machine inside of Mantle. And that machine is going to continue to run and sell Mantle new logos in the broader market side of outside of the Alchemy customer base. Then we have our client sales executive team that’s assigned to our customer base. They will be selling mantle into our customer base.

我們在收購中所持的觀點仍然是我們計劃如何開展業務。Mantle 內部有一個出色的銷售和行銷機器。該機器將繼續運行，並在 Alchemy 客戶群之外的更廣泛的市場上銷售 Mantle 新標誌。然後，我們有專門負責客戶群的客戶銷售執行團隊。他們將向我們的客戶群銷售地函。

And then we have an Alchemy new logo sales team that’s selling new logo online banking. And they are selling Mantle into new logo online banking opportunities. So that was the thesis that we had when we made the acquisition. And that’s the plan that at least for this this point in time, that’s the plan that we’re going to continue to execute against.

然後我們有一個 Alchemy 新標誌銷售團隊，負責銷售新標誌網路銀行。他們正在向 Mantle 出售新的網路銀行業務機會。這就是我們進行收購時的論點。這就是計劃，至少就目前而言，這是我們將繼續執行的計劃。

Got it. And as a follow-up, really nice result on the RPO growth this quarter. And I understand some of it is from some of it is probably from Mantle. But I was wondering if you could parse out how much is on how much of the growth was on an organic basis? And if there were any anything unusual in terms of like larger deals or pull forwards and renewals that occurred during the quarter?

知道了。作為後續行動，本季的 RPO 成長取得了非常好的成績。我知道其中一些是來自 Mantle 的，其中一些可能來自 Mantle。但我想知道您是否可以分析其中有多少成長是基於有機成長的？本季是否有任何異常情況發生，例如大型交易、提前交易和續約？

Experienced in 2024, we had a lot of good renewal success. So, a lot of the pull forwards we experienced were in 2024. We had eight total contract signings in the first quarter of twenty five, half of those were renewals. So, the combination of those eight, though, were the driver of organic RPO growth, which is around 20%. And then, of course, we drop in mantle that drives the other 11 percentage points of growth year over year.

經歷了2024年，我們取得了許多很好的續約成功。因此，我們經歷的許多提前現像都發生在 2024 年。我們在 2025 年第一季總共簽署了 8 份合同，其中一半是續約的。因此，這八項舉措的組合是有機 RPO 成長的驅動力，成長率約為 20%。然後，當然，我們又增加了推動其他 11 個百分點年成長的因素。

Got it. Thanks for all the color and Brian, congratulations on your announcement.

知道了。感謝你的報道，布萊恩，恭喜你的宣布。

Thanks, Charles

謝謝，查爾斯

(Operator Instructions)

（操作員指示）

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

您的下一個問題來自 Craig Hallum 的 Jeff Van Rhee。您的線路現已開通。

Great. Thanks for taking the questions. And Brian, I’ll add my congrats. You’ll be missed. Sorry to see you going but certainly wish you all the best.

偉大的。感謝您回答這些問題。布萊恩，我也要向你表示祝賀。我們會想念你的。很遺憾看到您離開，但我衷心祝福您一切順利。

A number of questions, a few housekeeping mostly. In terms of the analytics side, I want to circle back to that maybe a little bit. Where is that in terms of I think I might have heard Alex reference an attach rate on new bookings, but just if you could state that again and maybe in the context of total revenue, wondering where you are at this point in terms of analytics.

有許多問題，大部分是一些日常事務。就分析方面而言，我想稍微回顧一下這一點。就我認為我可能聽過 Alex 提到新預訂的附加率而言，但如果您可以再次說明這一點，也許是在總收入的背景下，想知道您目前在分析方面的進展如何。

Yeah, we don’t split out the revenue, Jeff, as you can imagine, because the way we go to market is a combined offering. When start unpacking discounts and those kinds of things, you really kind of start losing the trail on revenue at an individual basis. But what we’ve been experiencing, and this has been for, I would say, the last four to six quarters. We’re having an attachment rate of about 70% of MANL on all new logo wins. I’m sorry, yes, segment, all new logo wins.

是的，傑夫，正如你所想像的，我們不會分割收入，因為我們進入市場的方式是共同銷售。當開始考慮折扣和諸如此類的事情時，你實際上就開始失去對個人收入的追蹤。但我們一直在經歷這種情況，我想說，這種情況已經持續了四到六個季度了。在所有新標誌中，我們的 MANL 附件率約為 70%。抱歉，是的，部分，所有新標誌均獲勝。

And then even for ACH Alert, when it’s a bank FI that we’re winning, we have an attachment rate 75% up to 80%. So, Mantle carries a much higher average ARR than both of those solutions, and we feel that we can achieve somewhere close to the segment attachment rate. So, when you think in terms of deal value, a couple of things should happen. We should see a higher deal value. And then with this Mantle differentiation, we should also start experiencing a bit higher win rate on new logo wins.

即使是 ACH Alert，當我們贏得銀行金融機構時，我們的附加率也會達到 75% 到 80%。因此，Mantle 的平均 ARR 比這兩種解決方案都高得多，我們認為我們可以實現接近細分市場附加率的目標。因此，當您考慮交易價值時，應該會發生幾件事。我們應該看到更高的交易價值。然後，透過這種 Mantle 差異化，我們也應該開始體驗到新標誌獲勝的更高勝率。

Very helpful, and you continue to see the add-on, add-ons ramp as well. Any thoughts on goals for add-ons some of the bookings for the year for 2025?

非常有幫助，您還可以繼續看到附加元件和附加元件的提升。對於 2025 年部分預訂的附加目標您有何想法？

It’s a long-term shape of the business that we’ve articulated for a few years is that in terms of new ARR, we’d like half of that to come from add on sales, half of that to come from new logos. And in terms of new logos themselves over time, we’d like half of that to come from credit unions and half of that to come from banks.

這是我們幾年來一直闡明的長期業務形態，就新 ARR 而言，我們希望其中一半來自附加銷售，另一半來自新標誌。至於未來新標誌本身，我們希望其中一半來自信用合作社，另一半來自銀行。

That's right. And I'll only qualify what Alex just mentioned is we'll include mantle as an add-on sale just like we do segment and ACH alert when we sell those sell that into a. A new logo for those products. So, in other words, not a part of a new logo deal, and so you will see the 50% from add-on sales trend up over time as Mantle continues to have success, just adding new logos to their book of business, yeah.

這是正確的。我只想說明一下 Alex 剛才提到的內容，我們將把 mantle 作為附加銷售，就像我們在銷售這些產品時進行細分和 ACH 警報一樣。這些產品的新標誌。換句話說，這不是新標誌交易的一部分，因此，隨著 Mantle 繼續取得成功，您會看到附加銷售額的 50% 隨著時間的推移而上升，只是在他們的業務簿中添加了新標誌，是的。

A very helpful. And then maybe just last, I think Alex it might have been in the script of the release, but you talked about continue to lead the industry and share gains. Just expand on that a little bit. Any thoughts on, any quantification around that or in particular where that's coming from or most interestingly maybe, changes in where that share gain is coming from?

非常有幫助。然後也許只是最後，我想亞歷克斯，這可能已經在發布的腳本中了，但你談到了繼續引領行業並分享收益。稍微擴充一下。對此您有何想法或量化分析，或特別是其來源，或者最有趣的是，份額成長的變化源自於哪裡？

Those comments would be related to third party data that measures users, digital users in the marketplace. And the third-party data that we use is Fi Navigator. And so that’s the source of the data.

這些評論與衡量用戶、市場上的數位用戶的第三方數據有關。我們使用的第三方資料是 Fi Navigator。這就是數據的來源。

Yeah, when you look at the top five market share owners in terms of users, Alchemy is outperforming all five at a pretty fast rate. No one’s really adding 2.5 to 3 million digital users a year. But in terms of just pure percentage gain and market share, Alchemy is leading the path.

是的，當你查看用戶數量排名前五的市場份額所有者時，你會發現 Alchemy 的表現以相當快的速度超越了所有五家公司。沒有人真正每年增加 250 萬到 300 萬數位用戶。但僅從純粹的百分比收益和市場份額來看，Alchemy 處於領先地位。

Got it. Great. Thanks for taking the questions, guys. Appreciate it.

知道了。偉大的。謝謝你們回答這些問題。非常感謝。

(Operator Instructions)

（操作員指示）

Your next question comes from the line of Patrick Walravens from Citizens Bank. Your line is now open.

您的下一個問題來自公民銀行的 Patrick Walravens。您的線路現已開通。

Okay, great.

好的，太好了。

Thank you. So, Brian, everyone else is congratulating you, but I'm sad to see you go. So, when did you decide?

謝謝。所以，布萊恩，其他人都在祝賀你，但我很難過看到你離開。那麼，您是什麼時候決定的？

When did I you know, Pat, I knew out of everyone who asked me this question, it was gonna be Pat Walraven. Yeah. And I’m gonna miss you, Pat, because I really enjoy working with you. But no, seriously, to answer the question, you know, this is obviously a big decision for me. It’s one where you take a lot of things into consideration.

派特，我什麼時候知道的，我知道在所有問我這個問題的人中，那個人一定是派特‧沃爾拉文。是的。我會想念你的，帕特，因為我真的很喜歡和你一起工作。但是，認真地回答這個問題，你知道，這對我來說顯然是一個重大的決定。這是一個需要考慮很多事情的問題。

And I reflected on really the success we’ve had at Alchemy. And then you factor in your age and changing family circumstances and those kinds of considerations, and then you make the decision. And so, the decision for me was really 2026 is the year that I plan to walk away from this. And so, then you really come down to a couple other key considerations is, well, what’s the best time to announce it once you make the casual decision and not really the formal decision of communicating with the company? And what I thought about, Pat, as it relates to that is really how are you leaving the company where you were the CFO?

我認真地反思了我們在 Alchemy 所取得的成功。然後，你要考慮你的年齡和不斷變化的家庭環境以及諸如此類的因素，然後做出決定。所以，對我來說，2026 年才是我真正打算擺脫這種困境的一年。那麼，你真正需要考慮的幾個關鍵問題是，當你做出非正式決定而不是與公司溝通的正式決定時，什麼時候是宣布這個決定的最佳時機？帕特，就此而言，我真正想的是，你如何離開你擔任財務長的公司？

Because it’s very important to me that I’m walking away from a company knowing that it’s performing well and it’s going to continue to perform well. Brian Hill’s CFO exit is not going to be a situation where a company drops off after the CFO leaves. And that’s very, very important to me because we’ve accomplished way too much at Alchemy for that to be the case. And then the last consideration, or I guess a couple more considerations, is around, well, what about the team? What about the CFO team?

因為對我來說，當我離開一家公司時，知道它表現良好並且將繼續表現良好是非常重要的。布萊恩希爾 (Brian Hill) 的財務長離職並不意味著公司會因為財務長的離職而走向衰落。這對我來說非常非常重要，因為我們在 Alchemy 已經取得了太多成就，因此不應該再這樣做了。然後最後一個考慮，或者我想還有幾個考慮，那就是，那麼，團隊怎麼樣？財務長團隊怎麼樣？

And the CFO team is more than ready to deal with the challenges that can occur by bringing in a new CFO. It is the absolute best CFO team I’ve ever worked with, and I’m very proud to have built this team over the last six years. And then finally, it’s how much time do you want to give and provide the company? And in order for Alchemy to bring in the right CFO, which it should attract top talent given our performance, given the management team and what we’re trying to accomplish here, I wanted to make sure that Alex and the board had plenty of time to find the right candidate. So not a situation where there’s a quick exit of a CFO and there’s a shot clock running that the company feels like they need to make a rush decision.

財務長團隊已做好充分準備，應對新任財務長上任後可能出現的挑戰。這是我合作過的最好的財務長團隊，我很自豪在過去六年裡建立了這個團隊。最後，你想為公司付出多少時間？為了讓 Alchemy 找到合適的財務官，考慮到我們的業績、管理團隊以及我們想要實現的目標，它應該能夠吸引頂尖人才，我希望確保 Alex 和董事會有足夠的時間找到合適的候選人。因此，財務長迅速離職、時間緊迫、公司感覺需要倉促做出決定的情況並不存在。

I mean, Alchemy and Alex needs to do this very thoughtfully, and they need to do it, quite honestly, with the transparency of, you know, it being known what’s going on and not a confidential search and those kinds of things. So really all that played into it, Pat, and that’s how we landed where we are today.

我的意思是，Alchemy 和 Alex 需要非常慎重地做這件事，他們需要非常誠實地、透明地做這件事，你知道，要讓大家知道發生了什麼，而不是進行秘密搜索之類的事情。所以，帕特，所有這些都起了作用，這就是我們走到今天這一步的原因。

Yeah, that's actually super helpful. Okay, so Alex, for you, what are you looking for in the next candidate?

是的，這確實非常有幫助。好的，那麼亞歷克斯，對於你來說，你在尋找下一個候選人時會考慮什麼？

We’ve scraped some of Brian’s skin cells and we’ve sent them off to a DNA place and we’re cloning him right now. So just echo what Brian said. I think the company plus Brian had been thoughtful about providing investors with a long transition plan and then making the situation public so that we can execute a public search. With an asset like Alchemy, it’s going to be a whole lot more effective executing a public search than trying to run a confidential search.

我們已經刮取了布萊恩的一些皮膚細胞並將它們送到 DNA 機構，現在我們正在克隆他。所以，我只是重複了 Brian 所說的話。我認為公司和布萊恩已經深思熟慮地為投資者提供了一個長期過渡計劃，然後公開情況，以便我們能夠進行公開搜索。有了 Alchemy 這樣的資產，執行公開搜尋將比嘗試執行機密搜尋有效得多。

Alright, great. And if I could do one more, just big picture out what's the most important thing for you to get right over the next year?

好的，太好了。如果我可以再問一個問題，請概括地描述一下，明年對你來說最重要的事情是什麼？

We have an opportunity to really create some space between us and the market from a differentiation perspective in the use cases and problems that we solve by bringing together digital banking, onboarding and account opening, and our data platform. And when we do that as a digital banking provider, there’s just going to be a lot of space between us and everybody else, is going to in my opinion, which is going to really help our win rate. So that’s probably the most important thing that we can do, Pat, in the near term is take what we understand as the use cases that we can deliver with this technology and bring it to life in some customers. And then have those customers show the outcomes that they’ve achieved from Alchemy. And that’s to help with our competitive win rates.

透過將數位銀行、入職和開戶以及我們的數據平台整合在一起，我們有機會從差異化的角度在我們解決的用例和問題上真正在我們和市場之間創造一些空間。當我們作為數位銀行提供者做到這一點時，我們與其他人之間就會有很大的差距，在我看來，這將真正有助於提高我們的成功率。因此，帕特，這可能是我們近期能做的最重要的事情，就是將我們所理解的、可以利用這項技術實現的用例應用到一些客戶身上。然後讓這些客戶展示他們透過 Alchemy 所取得的成果。這有助於提高我們的競爭性勝率。

(Operator Instructions)

（操作員指示）

Your next question comes from the line of Adam Hotchkiss from Goldman Sachs. Your line is now open.

您的下一個問題來自高盛的亞當‧霍奇基斯 (Adam Hotchkiss)。您的線路現已開通。

Great. Thanks so much for taking the questions. Pat is difficult to follow-up on, but echoing my best wishes to you going forward, I wanted to touch back on just broader capital allocation priorities at banks. You mentioned the $0.90 out of $1 going to digital account opening. I thought that was a pretty striking concentration.

偉大的。非常感謝您回答這些問題。帕特的後續情況很難跟進，但為了表達我對你未來發展的良好祝愿，我想再次談談銀行更廣泛的資本配置優先事項。您提到每 1 美元中有 0.90 美元用於開設數位帳戶。我認為這是一個相當驚人的集中力。

Curious how sustainable you think that is and maybe just remind us what it is about the environment we’re in today, whether that’s just the operating environment or where FIs are in their broader digital banking transformations that’s driving that?

我很好奇您認為這種做法的可持續性如何，也許您可以提醒我們，我們今天所處的環境是怎樣的，這是否僅僅是營運環境，還是金融機構在更廣泛的數位銀行轉型中推動了這種做法？

Yeah, I want you to picture in your mind for a bit, you’re in a regional bank or a credit union. And the technology platform that you have is an amalgamation of several different legacy capabilities that you’re trying to operate on. And now your competition is Chase and your competition is Chime. And when somebody is opening an account in either of those environments, it’s very elegant one- or two-minute experience that looks like any other new digital experience that they have. Now you’re this regional bank and you’re trying to recreate that experience and do that across all of these legacy technologies.

是的，我想讓你在腦海中想像一下，你在一家地區銀行或信用合作社。您擁有的技術平台是您嘗試操作的幾種不同傳統功能的融合。現在你的競爭對手是 Chase 和 Chime。當有人在任一環境中開設帳戶時，這將是非常優雅的一兩分鐘體驗，就像他們擁有的任何其他新的數位體驗一樣。現在，您是一家地區性銀行，您正在嘗試重建這種體驗，並利用所有這些傳統技術來實現這一點。

And what those bank or credit union CEOs will tell me is they are personally embarrassed about the experience that they are providing to somebody where it’s twenty minutes. It’s walking to the branch and sign some paperwork. It’s just nothing that is anything close to what people experience. Well, combination of alchemy and mantle allows a regional institution to punch way above its weight and deliver an experience that’s every bit as good as a Chase experience or a Chime experience. And when you’re faced with an existential need to add customers and to add members and to add deposits for the long-term health of your institution, it’s a really nice environment to sell into when you’ve got the right products.

而那些銀行或信用合作社的執行長會告訴我，他們對於自己為某人提供的二十分鐘服務體驗感到很尷尬。它正在走向分支機構並簽署一些文件。這與人們的體驗完全不同。嗯，煉金術和魔力的結合使得一個地區機構能夠超越其自身實力，提供與 Chase 體驗或 Chime 體驗一樣好的體驗。當您為了機構的長期健康發展而面臨增加客戶、增加會員和增加存款的現實需求時，如果您擁有合適的產品，那麼這將是一個非常適合銷售的環境。

Okay, understood. That’s really helpful color. And then Brian, would you just remind us of the integration lift that’s left for Mantle? I know you mentioned a couple of cross sells already, which is great to hear. But what about the product makes it either easier or harder to fully integrate than some of your other acquisitions?

好的，明白了。這顏色確實很有幫助。那麼 Brian，您能否提醒我們一下 Mantle 還有哪些整合提升？我知道您已經提到了幾次交叉銷售，我很高興聽到這個消息。但是，與你們收購的其他產品相比，該產品的哪些方面使得其更容易或更難完全整合呢？

In our view, there’s not any major blockers there from an integration perspective. I mean, there’s several different integrations you really have to think about. The first is how broadly have they integrated into the core offering of the larger core providers, and Mantle has made a ton of progress there. In fact, that’s probably one of their more significant differentiators. And then there’s the integration into our platform from a technology perspective.

我們認為，從整合的角度來看，並不存在任何重大障礙。我的意思是，您確實需要考慮幾種不同的整合。首先是他們與大型核心供應商的核心產品整合程度有多高，而 Mantle 在這方面已經取得了巨大的進步。事實上，這可能是他們最重要的區別因素之一。然後從技術角度來看，將其整合到我們的平台中。

So we’re delivering more when you sell Mantle and Alchemy together versus Mantle combined with one of our competitors. That’ll take a little bit of time to accomplish, but we’re already making moves in that direction. Then finally, there’s the integration as it relates to operations and go to market. And as Alex pointed out in his prepared comments, we’re already making a lot of progress in that area. So the Mantle team, the more I’m around them, the more impressed I am and impressed with this acquisition, how it is the correct strategy for Alchemy.

因此，當您同時銷售 Mantle 和 Alchemy 時，與將 Mantle 與我們的某個競爭對手的產品組合銷售相比，我們可以提供更多服務。這需要一點時間才能實現，但我們已經朝著這個方向邁出了步伐。最後，還有與營運和市場進入相關的整合。正如亞歷克斯在其準備好的評論中指出的那樣，我們在該領域已經取得了很大進展。因此，我對 Mantle 團隊了解得越多，就越覺得這次收購對 Alchemy 來說是正確的策略。

I mean, involved in a lot of acquisitions over the last thirty six years, and I think Mantle is going to prove to be one of the best.

我的意思是，在過去的三十六年裡參與了許多收購，我認為 Mantle 將被證明是最好的收購之一。

Great, thank you very much.

太好了，非常感謝。

(Operator Instructions)

（操作員指示）

Your next question comes from the line of Mayank Tandon from Needham. Your line is now open.

您的下一個問題來自尼德姆的 Mayank Tandon。您的線路現已開通。

Thank you. Good evening, Brian. Let me extend my congratulations as well. It’s been a pleasure working with you. It’ll be missed.

謝謝。晚上好，布萊恩。我也向你表示祝賀。與您合作非常愉快。我們將會懷念它。

Thank you. No worries.

謝謝。不用擔心。

To Alex, Alex, as we came into this year, there was a lot of talk about deregulation in the banking industry. I know it’s still early days with the new administration. What’s sort of the feedback from your customers, both prospective customers and current customers, on any potential deregulation? And if you could be a little bit more specific in terms of if it does happen, what are the implications for a company like Alchemy?

對亞歷克斯來說，亞歷克斯，今年以來，有很多關於銀行業放鬆管制的討論。我知道新政府上任才剛開始。您的客戶（包括潛在客戶和現有客戶）對於任何潛在的放鬆管制有何回饋？如果您能更具體地說明一下，如果這種情況真的發生，對 Alchemy 這樣的公司會有什麼影響？

I’ll tell you, the big thing that came out in a discussion is open banking really going to occur. And the reality is if open banking occurs, we think it’s an opportunity for our customers to take share if they’ve got the right technology. Because all of a sudden, if you’ve got portability of accounts and you’re in a local community and you feel disconnected from a mega bank and you’ve got the right technology to move people over to your institution, it gives you an opportunity to take share. So, to the extent that open banking ever materializes in the conversations that we have with our customers, they think it’s an opportunity for them to go on offense. But they would need the technology to be able to go on offense.

我告訴你，討論中出現的大事是開放銀行業務真的將會發生。事實是，如果開放銀行業務出現，我們認為這對我們的客戶來說是一個獲取市場份額的機會，前提是他們擁有正確的技術。因為突然之間，如果你擁有帳戶可移植性，並且你身處當地社區，你感覺與大型銀行脫節，並且你擁有合適的技術將人們轉移到你的機構，那麼你就有機會獲得市場份額。因此，只要開放銀行業務在我們與客戶的對話中得以實現，他們就會認為這是他們採取進攻行動的機會。但他們需要技術才能發動攻擊。

But that’s been the majority of the conversation that I’ve had with folks other than within some credit union executives. And this is I wouldn’t call this as an opening up. But in some credit union executives, there’s discussions about are the regulations going to change in terms of taxing credit unions or not taxing credit unions. But every single credit union executive that I talked to says, if it changes, we’ll figure out, we’ll make an adjustment, we’ll figure out how to manage our business. So those have been the two conversations that I’ve been part of.

但這是我與信用合作社高層以外的其他人進行的大部分談話內容。我不會將此稱為一種開場白。但一些信用合作社高層正在討論是否要改變對信用合作社徵稅的規定。但與我交談過的每一位信用合作社高層都表示，如果情況發生變化，我們會想辦法，我們會做出調整，我們會想辦法管理我們的業務。這就是我參與過的兩次對話。

Got it. And then let me ask you this. I buy into the view, as you said, this is mission critical, and the banks are still spending despite all the uncertain environment that we’re in right now. What would it take for banks to then maybe slow spending? Have they talked about that? Like, what would it actually take for them to push out some of these implementations by six, twelve, eighteen months? We haven’t seen that yet, and it’s great to hear the visibility in your model. But I’m just sort of playing devil’s advocate. What would it cost you like derail some of the growth in the near term, if it were to happen?

知道了。然後讓我問你這個問題。我同意你的觀點，正如你所說，這是至關重要的任務，儘管我們目前處於不確定的環境，但銀行仍在支出。那麼銀行需要採取什麼措施才能減緩支出呢？他們討論過這個嗎？例如，他們實際上需要做些什麼才能將其中一些實施工作提前六個月、十二個月或十八個月？我們還沒有看到這一點，很高興聽到您的模型中的可見性。但我只是在扮演魔鬼代言人。如果發生這種情況，短期內會造成哪些損失？

Yeah, the conversations that I have with customer executives, they are managing their expenses, right? So, they are managing their expenses more closely than they were managing their expenses a couple of years ago. But what they’re doing is they are cutting off some other projects, but they’re not cutting off their digital banking project. Remember, these contracts are five-to-seven-year contracts. You have, let’s call it a nine month to a year process to go through the conversion.

是的，我與客戶主管的對話是他們正在管理他們的開支，對嗎？因此，與幾年前相比，他們現在更嚴格地管理支出。但他們正在做的是，他們正在削減一些其他項目，但他們並沒有削減他們的數位銀行項目。請記住，這些合約是五到七年的合約。我們稱之為一個需要九個月到一年的時間才能完成的轉變過程。

So when you back up from the date that they need the conversion to go live, back up a year, and then say maybe a nine-month sales cycle before that and recognize that we’re selling into a budgeted line item. They’re going to go through with their decision unless there was, I can’t game it. There’d have to be some extraordinary dislocation for them to stop going through some of these decisions. All I can say is it could happen. To date, we haven’t seen it happen.

因此，當您從他們需要轉換上線的日期回溯到一年前，然後說可能是在那之前的九個月的銷售週期，並意識到我們正在銷售預算項目。他們會堅持執行他們的決定，除非有其他決定，我不能參與其中。必須出現一些異常混亂的情況，他們才會停止做出這些決定。我只能說，這可能會發生。到目前為止，我們還沒有看到這種情況發生。

To date, we’ve seen people following through with their decision process, their decision timelines, wanting to get the biggest constraint we normally have is we cap to some degree our conversion calendar because we want to make sure that we’re doing a good job for our customer. So, most of the conversations we have with a customer are, hey, let’s make sure that we get you into our calendar in time for when your contracts up and making sure that we’re doing a good job. And I would just say, to date, we haven’t had any conversations about customers slowing down their decision process based upon economics on the digital banking side.

到目前為止，我們看到人們堅持他們的決策流程和決策時間表，希望獲得我們通常遇到的最大限制，即在一定程度上限制我們的轉換日曆，因為我們希望確保我們能為客戶提供優質的服務。因此，我們與客戶的大部分對話都是，嘿，讓我們確保在您的合約到期時及時將您納入我們的日程安排，並確保我們能出色地完成工作。我想說的是，到目前為止，我們還沒有聽到任何關於客戶因為數位銀行方面的經濟因素而放慢決策過程的討論。

And Maya, this isn’t really a question of are you going to cut costs as it relates to your digital banking platform? As financial institutions are looking for areas for opportunity, most of them are working in a distributed network. And distributed networks are expensive. But if you have a channel that can touch a % of your base or you have the same cost in a single location that touches 10% of your base, you’re gonna reevaluate the distribution of your offer versus cut the channel that has high touch as it relates to your customer base. So that’s really the decision process that they go through, and they think about.

瑪雅，這實際上不是一個關於您是否要削減與數位銀行平台相關的成本的問題嗎？由於金融機構正在尋找機會領域，其中大多數都在分散式網路中工作。而且分散式網路成本昂貴。但是，如果你有一個管道可以觸及你客戶群的一定比例，或者你在某個地方以同樣的成本觸及了你客戶群的 10%，那麼你將重新評估你的報價分佈，而不是削減與你的客戶群有高接觸的渠道。所以這其實是他們所經歷和思考的決策過程。

As it relates to implementation timelines and those kinds of things, I mean, they want to move to the new platform as soon as they can. So, the real question for Alchemy is to make sure that you’re investing in your platform, which we do. You’re continuing to create a gap, and you can widen that gap from what the incumbent offers today, which we do both organically, and then we’ve also done with Mantle and the segment and ACH Alert acquisitions. And it’s always staying ahead of the competition because the focus on digital banking is only going to increase. It’s not going to decrease.

至於實施時間表和諸如此類的事情，我的意思是，他們希望盡快轉移到新平台。因此，對於 Alchemy 來說，真正的問題是確保您對您的平台進行投資，而我們正是這麼做的。您正在繼續創造差距，並且您可以擴大與現任者今天提供的差距，我們有機地做到了這一點，然後我們也透過 Mantle 和細分市場以及 ACH Alert 收購做到了這一點。由於對數位銀行的關注度只會增加，因此它始終保持領先於競爭對手。它不會減少。

So I would characterize our posture as rational optimists. So, we’re aware that something could change. We have not seen anything change yet in the demand environment.

因此，我認為我們的姿態是理性樂觀的。因此，我們意識到有些事情可能會改變。我們尚未看到需求環境有任何變化。

That's a great perspective. Thank you so much for the details. Congrats.

這是一個很好的觀點。非常感謝您提供的詳細資訊。恭喜。

(Operator Instructions)

（操作員指示）

Your next question comes from the line of Anthony DeLise from KeyBanc Capital Markets. Your line is now open.

您的下一個問題來自 KeyBanc Capital Markets 的 Anthony DeLise。您的線路現已開通。

Hi. This is Anthony DeLise on for Alex Markgraf. Alex, your comments regarding clients not reducing digital banking is clear. However, I’m curious if you’ve observed any changes to the structures of the deals from your pipeline conversations due to the macro environment. And then my second question is, as Alchemy has made this push to serve more banks, is there anything you can share on how recent banking implementations have impacted your pipeline conversations with other banks?

你好。這是 Anthony DeLise 為 Alex Markgraf 主持的節目。亞歷克斯，你關於客戶不減少數位銀行的評論很明確。不過，我很好奇，您是否從您的頻道對話中觀察到了由於宏觀環境而導致的交易結構發生的任何變化。我的第二個問題是，由於 Alchemy 已努力為更多銀行提供服務，您能否分享一下最近的銀行實施對您與其他銀行的通路對話有何影響？

Thank you.

謝謝。

I’ll kind of turn to Brian. I haven’t seen any deal construction differences in the new logos that are coming into our deals. In terms of the price points or the number of products that they’re buying. What’s going to begin to occur when we’re talking to new banks that will emerge as we convert the bank customers that are in implementation into live customers is the new customers are going to increase their confidence in signing on to Alkami because we’ll now have three examples, four examples, five examples or more on a particular core. And in the bank market, there’s a concentration of cores that’s a little bit higher concentration in the bank market than there is in the credit union market.

我要向布萊恩提問。我沒有發現我們交易中的新標誌在交易結構上有任何差異。就價格點或他們購買的產品數量而言。當我們與新銀行交談時，隨著我們將正在實施的銀行客戶轉變為實際客戶，新客戶將會增加他們簽約 Alkami 的信心，因為我們現在在特定核心上有三個範例、四個範例、五個或更多範例。在銀行市場中，核心的集中度比信用合作社市場的集中度略高。

So in summary, my expectation would be as we convert the customers that are in the implementation of pipeline into live customers, That will increase our win rate over our number one competitor, which I want to remind us all that our number one competitor is staying with the incumbent. And so, as these banks start seeing other customers come live on our platform, that will increase their confidence to not stay with the incumbent and move over to Alchemy.

總而言之，我的期望是，當我們將正在實施通路的客戶轉化為實際客戶時，這將提高我們戰勝頭號競爭對手的勝率，我想提醒大家，我們的頭號競爭對手仍與現任者保持聯繫。因此，當這些銀行開始看到其他客戶使用我們的平台時，這將增強他們的信心，使他們不再留在現有平台上，而是轉向 Alchemy。

Your next question comes from the line of Alexei Gogolev from JP Morgan. Your line is now open.

您的下一個問題來自摩根大通的 Alexei Gogolev。您的線路現已開通。

Hi, thank you. One more quick one from me. How much of ARR was inorganic this quarter?

你好，謝謝。我再快速說一句。本季的 ARR 中有多少是無機的？

Our organic ARR growth was right at 22% for the quarter.

本季我們的有機 ARR 成長率正好達到 22%。

Got it. Okay. Thank you so much and congrats again, Brian.

知道了。好的。非常感謝，再次恭喜你，布萊恩。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

There are no further questions at this time. I’ll now hand the call over to Alex Shipman for closing remarks.

目前沒有其他問題。現在我將把電話交給亞歷克斯希普曼 (Alex Shipman) 來做結束語。

Okay. Thank you everyone for joining us today, to our investors for your questions and for following the company, to our clients for your continued partnership, and to our alchemists for outstanding work in the quarter. Have a great evening and thank you very much.

好的。感謝大家今天的到來，感謝我們的投資者提出的問題和對公司的關注，感謝我們的客戶持續的合作，感謝我們的煉金術士在本季度所做的出色工作。祝您有個愉快的夜晚，非常感謝。

(Operator Instructions)

（操作員指示）

Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation. You may now disconnect.

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。