Alkami Technology, Inc. (ALKT) 2026 Q1 法說會逐字稿

Hello and welcome to Alkami's first-quarter 2026 financial results conference call.

您好，歡迎參加 Alkami 2026 會計年度第一季財務業績電話會議。

My name is [John]. I will be your operator for today's call.

我叫[John]。我將擔任今天電話會議的接線員。

(Operator Instructions)

(接線員指示)

I would now like to turn the conference call over to Steve Calk. Steve, you may begin.

現在我想將電話會議交給 Steve Calk。Steve，您可以開始了。

Thank you, John. With me on today's call are Alex Shootman, Chief Executive Officer; and Cassandra Hudson, Chief Financial Officer.

謝謝你，John。今天與我一同出席的有執行長 Alex Shootman，以及財務長 Cassandra Hudson。

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.

在今天的電話會議中，我們可能會就財測指引及其他與未來表現相關事項作出前瞻性陳述。這些陳述係基於管理層目前的觀點與預期，並受多項風險與不確定性影響。我們的實際結果可能會有重大差異。

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 10-K entitled Risk Factors and Forward-Looking statements.

關於與前瞻性陳述相關之風險因素摘要，請參閱今日新聞稿，以及我們最新 10-K 中題為「風險因素」與「前瞻性陳述」的章節。

Statements made during the call are being made as of today. We undertake no obligation to update or revise these statements.

本次電話會議中的陳述均以今日為準。我們不承擔更新或修訂這些陳述的任何義務。

Also, unless otherwise stated, financial measures discussed in this call will be on a non-GAAP basis. We believe these measures are useful to investors in understanding our financial results.

此外，除非另有說明，本次電話會議討論的財務衡量指標將以非 GAAP 基礎呈現。我們相信這些指標有助於投資人理解我們的財務結果。

A reconciliation of the comparable GAAP financial measures can be found in our earnings press release and in our filings with the SEC.

可比 GAAP 財務衡量指標之調節表可於我們的財報新聞稿及向美國證券交易委員會（SEC）提交的文件中查閱。

Now, I'd like to turn the call over to Alex.

現在，我想把電話會議交給 Alex。

Good afternoon and thank you for joining us.

各位下午好，感謝各位加入我們。

We delivered a strong first quarter, achieving 29% revenue growth and over $22 million in adjusted EBITDA, both above expectations.

我們第一季表現強勁，營收成長 29%，調整後 EBITDA 超過 2,200 萬美元，兩者皆高於預期。

We enclosed six new Digital Banking relationships, including two banks; and three Digital Sales and Service Platform clients. In addition, we introduced our first integrated capabilities for the Digital Sales and Service Platform; and a new product called Alkami Engage.

我們新增六個數位銀行（Digital Banking）合作關係，其中包含兩家銀行；並新增三家數位銷售與服務平台（Digital Sales and Service Platform）客戶。此外，我們推出數位銷售與服務平台的首批整合式功能，以及一項名為 Alkami Engage 的新產品。

Our first-quarter performance continues to demonstrate Alkami has the potential for long-term durable growth and increased operating leverage.

我們第一季的表現持續證明 Alkami 具備長期、可持續的成長潛力，以及更高的營運槓桿。

Alkami operates an attractive and predictable business model in a resilient, large, and growing market. Our target market is over 2,000 regional banks and credit unions that rely on legacy infrastructure incapable of providing a modern digital experience.

Alkami 在一個具韌性、規模龐大且持續成長的市場中，採用具吸引力且可預測的商業模式。我們的目標市場涵蓋超過 2,000 家區域性銀行與信用合作社（credit unions），這些機構仰賴無法提供現代化數位體驗的傳統基礎架構。

A portion of growth comes from displacing these systems. Given industry-standard five- to seven-year contracts combined, with stable win rates, we maintain good visibility into the long-term ARR growth that comes from new logo additions.

部分成長來自於取代這些系統。在業界標準的五到七年期合約、加上穩定的得標率之下，我們對於因新增客戶（new logo）所帶來的長期 ARR 成長維持良好的能見度。

Once on the Alkami platform, our investments in service and reliability; the mission-critical nature of our platform; and high switching costs drive gross retention rates 8 points to 10 points above typical SaaS companies. High retention rates, combined with clients adding users and adopting more of the platform, results in reliable long-term client growth.

客戶一旦導入 Alkami 平台，我們在服務與可靠性上的投資、平台的關鍵任務性質，以及高轉換成本，推動我們的總留存率（gross retention rate）較典型 SaaS 公司高出 8 到 10 個百分點。高留存率再加上客戶增加使用者並採用更多平台功能，帶來可靠的長期客戶成長。

Every five years, our clients grow by more than 100% of their original platform investment, with our 2021 through 2023 cohorts spending above 2 times their landing ARR; and clients 2016 and older spending close to 4 times their landing ARR.

每五年，我們的客戶在平台上的投入會較其最初投資增加超過 100%；其中 2021 至 2023 年的客戶群（cohorts）支出超過其初始 ARR（landing ARR）的 2 倍，而 2016 年及更早的客戶支出接近其初始 ARR 的 4 倍。

Additive to the land, retain, and growth algorithm for Alkami is our entry into the bank market. Four years ago, we launched an effort to use commercial banking capabilities built for large, complex credit unions to pursue market leadership serving community banks.

在 Alkami 的「落地、留存與擴張」成長算法之外，我們進入銀行市場也帶來額外動能。四年前，我們啟動一項計畫，將為大型、複雜信用合作社打造的商業銀行能力，用於追求服務社區銀行的市場領導地位。

At that time, banks represented 2% of our live online banking clients. Today, banks are 13%. Over this four-year period, we tripled revenue, expanded gross margin by over 700 basis points, and approved operating leverage by more than 2,000 basis points.

當時，銀行僅占我們已上線網路銀行客戶的 2%。如今，銀行占比為 13%。在這四年間，我們營收成長三倍，毛利率擴張超過 700 個基點，並將營運槓桿提升超過 2,000 個基點。

Through different macroeconomic distractions and volatility in the financial services sector, Alkami has continued to deliver by adding new clients, keeping our clients, expanding our product offerings, and increasing margins.

即使面對不同的總體經濟干擾與金融服務業的波動，Alkami 仍持續交出成果：新增客戶、留住客戶、擴充產品供給並提升利潤率。

Client decision cycles create a unique characteristic for Alkami. Our online banking platform is in a replacement market, with prospects on legacy platforms under long-term contracts. There are usually fewer than 300 potential clients in our target market that renew contracts in any given year.

客戶的決策週期為 Alkami 帶來一項獨特特性。我們的網路銀行平台屬於替換型市場，潛在客戶多在傳統平台上且受長期合約約束。在我們的目標市場中，通常每年續約的潛在客戶不到 300 家。

Within this group, a portion choose not to convert, given the effort and perceived risk. Among those who make a change, we consistently win 30 to 40 new clients per year. For example, the six new logos in Q1 is slightly above our historical Q1 average.

在這些客戶中，有一部分因投入成本與感知風險而選擇不轉換。在決定更換的客戶之中，我們每年穩定贏得 30 到 40 家新客戶。例如，第一季新增的六個新客戶略高於我們歷史上第一季的平均水準。

New logo growth is consistent; and will not spike, unless customers choose to exit contracts early or see enough value to overcome conversion resistance. This consistency is a strength. But it also means the next phase of our growth will be driven by expanding the value we deliver within each financial institution.

新增客戶（new logo）成長具一致性，除非客戶選擇提前退出合約，或看到足夠價值以克服轉換阻力，否則不會出現激增。這種一致性是一項優勢。但也意味著我們下一階段的成長將由提升我們在每一家金融機構內所交付的價值所驅動。

Increasing the value of the platform not only drives expansion, it also improves conversion. This is why the MANTL acquisition was so strategic. The MANTL acquisition adds platform functionality to encourage conversions and expands our install base.

提升平台價值不僅能推動擴張，也能改善轉換率。這正是收購 MANTL 具有高度策略性的原因。收購 MANTL 增加平台功能以促進轉換，並擴大我們的裝機基礎（install base）。

Standalone MANTL new logo creation has been outstanding, with 61 clients added since the beginning of 2025. These are now Alkami clients we can target to cross-sell online banking.

MANTL 單獨的新增客戶表現非常出色，自 2025 年初以來已新增 61 家客戶。這些如今都是 Alkami 的客戶，我們可以鎖定其進行網路銀行的交叉銷售。

In addition to the new logos, at our recent customer conference, we demonstrated differentiated capability; capabilities that materially improve how financial institutions acquire and engage customers.

除了新增客戶之外，在近期的客戶大會上，我們展示了差異化能力；這些能力能實質改善金融機構獲客與客戶互動的方式。

Two weeks ago, we concluded Co:lab, our annual client conference. The conference continues to set records, with over 600 customer attendees; of which, 83 were prospects.

兩週前，我們圓滿結束年度客戶大會 Co:lab。本次大會持續刷新紀錄，超過 600 位客戶與會；其中 83 位為潛在客戶。

Since the MANTL acquisition, we've been building deep technical connections between our online banking and origination platforms to deliver an integrated front-end that enables our market to compete with megabanks and neo-banks like Chase and Chime.

自收購 MANTL 以來，我們一直在網路銀行與開戶／申辦（origination）平台之間建立深度技術連結，以提供整合式前端，讓我們的市場能與 Chase、Chime 等大型銀行與新型數位銀行（neo-banks）競爭。

We built this capability with seven clients as design partners, six of which have the code in production. We demonstrated live product with real results at Co:lab.

我們與七家客戶作為設計合作夥伴共同打造此能力，其中六家已將程式碼投入正式環境（production）。我們在 Co:lab 上以實際成果展示了即時產品。

In a side-by-side comparison against two leading megabanks and a digital-first fintech, we showed a complete customer journey, from account opening through digital engagement.

在與兩家領先的大型銀行及一家數位優先金融科技公司進行並列比較時，我們展示了完整的客戶旅程，從開戶到數位互動。

Using a live environment and real workflows, Alkami's Digital Sales and Service Platform, or DSSP, completed that experience in under two minutes compared to an industry benchmark of five minutes and the three contestants in the three to four-minute range.

在即時環境與真實工作流程下，Alkami 的數位銷售與服務平台（Digital Sales and Service Platform，簡稱 DSSP）在兩分鐘內完成該體驗；相較之下，業界基準為五分鐘，而另外三個對手約在三到四分鐘區間。

DSSP has continued to perform for Alkami. Since the beginning of 2025, we've gone from 11 to 48 clients who have all three products that make up DSSP. Over half of all new logos since Q2 of last year have been DSSP.

DSSP 持續為 Alkami 帶來良好表現。自 2025 年初以來，同時採用構成 DSSP 的三項產品的客戶數，已由 11 家增加至 48 家。自去年第二季以來新增的所有新客戶中，超過一半為 DSSP。

DSSP new logos see a 30% uplift in ARR versus our historic online banking offering. Our intent with DSSP is to increase the number of clients willing to convert, expanding our opportunity within the existing market constraints.

DSSP 的新客戶相較我們歷史上的網路銀行產品，其 ARR 提升約 30%。我們推出 DSSP 的目的，是提高願意轉換的客戶數量，在既有市場限制下擴大我們的機會。

We have not reflected this in our long-term model. Our outlook under current new logo assumptions continues to support attractive long-term growth for Alkami.

我們尚未在長期模型中反映這一點。在目前新增客戶假設下，我們的展望仍支持 Alkami 具吸引力的長期成長。

Last quarter, we introduced a 2030 framework. That model assumes 40% of ARR growth coming from new logo additions at numbers consistent with our historical average and 60% of ARR growth from expanding within our client base.

上一季，我們提出了 2030 架構。該模型假設 ARR 成長的 40% 來自新增客戶，數量與我們歷史平均一致；另有 60% 的 ARR 成長來自於在既有客戶基礎內的擴張。

Alkami is evolving from a vertical application in a replacement market to a vertical platform provider that drives growth for bank and credit unions. This transaction is occurring because the market demands it.

Alkami 正在從替換市場中的垂直應用，演進為能夠驅動銀行與信用合作社成長的垂直平台供應商。之所以發生這項轉變，是因為市場有此需求。

Historically, community banking technology was defined by core providers that controlled the system of record. Everything else, digital banking, onboarding, payments, was built around that core.

歷史上，社區銀行科技是由掌控「記錄系統」（system of record）的核心系統供應商所定義。其他一切——數位銀行、開戶導入、支付——都圍繞著該核心系統建置。

For years, that architecture defined how financial institutions operated. That reality has changed. Digital has become the primary way customers experience their financial institutions.

多年來，這種架構定義了金融機構的運作方式。但這個現實已經改變。數位已成為客戶體驗其金融機構的主要方式。

Our clients need technology, not just to process transactions but to sell and service financial products in a digital-first world. This is the role of the Digital Sales and Service Platform, a platform that provides a long tail of growth opportunities for Alkami and positions us to become the new primary technology partner for community financial institutions.

我們的客戶需要科技，不僅用於處理交易，更要在「數位優先」的世界中銷售並服務金融產品。這正是「數位銷售與服務平台」（Digital Sales and Service Platform）的角色：一個為 Alkami 提供長尾成長機會的平台，並使我們有條件成為社區型金融機構新的主要科技合作夥伴。

In this market, leadership will not be defined by the number of institutions served but by generating the most economic value from each financial institution on the platform.

在這個市場中，領導地位不會以服務的機構數量來定義，而是以從平台上的每一家金融機構創造最多經濟價值來定義。

The investments we've made to integrate our acquisitions creates the functional capabilities of Alkami's DSSP that are winning in the market. However, the platform investments we've made create compounding value for Alkami and our clients.

我們為整合所收購公司而投入的投資，打造了 Alkami DSSP 的功能能力，並在市場上取得勝利。然而，我們所做的平台投資，為 Alkami 與客戶創造了可複利累積的價值。

Alkami is a single-instance, multi-tenant, industry-specialized platform. This gives us the opportunity to provide AI capabilities our clients are requesting.

Alkami 是單一實例（single-instance）、多租戶（multi-tenant）、產業專精的平台。這讓我們有機會提供客戶所要求的 AI 能力。

For details on Alkami's AI perspective, please review my prepared comments from our last earnings call. In the February 25 call, I spent over 50% of my time on AI and Alkami.

如需了解 Alkami 對 AI 的觀點細節，請參閱我在上次財報電話會議中的預先準備講稿。在 2 月 25 日的電話會議中，我有超過 50% 的時間在談 AI 與 Alkami。

Since that earnings call, I've had 39 face-to-face customer meetings. AI was discussed in every one of them. Not one client mentioned building their own digital banking or origination platform.

自那次財報電話會議以來，我已進行了 39 場面對面的客戶會議。每一場都討論到 AI。沒有任何一位客戶提到要自行打造其數位銀行或授信申請（origination）平台。

But every client wanted to talk about AI as an enabler for personalization, underwriting, fraud management, customer service, analytics, offer management, and more. With over 23 million account holders on our platform, we have a unique foundation to apply AI capabilities at scale.

但每一位客戶都想談 AI，作為個人化、授信審核、詐欺管理、客戶服務、分析、優惠管理等的賦能工具。我們平台上有超過 2,300 萬名帳戶持有人，具備獨特的基礎，能以規模化方式應用 AI 能力。

At our customer conference, we demonstrated working AI prototypes built on this platform. These included capabilities that allow clients to tailor Alkami to their needs through prompt-driven development; use natural language to query platform data and better understand their account holders and operations; and deploy Copilots that support both banker workflows and account holder experiences.

在我們的客戶大會上，我們展示了建立在此平台上的可運作 AI 原型。其中包括：讓客戶透過提示詞驅動（prompt-driven）的開發來依其需求客製化 Alkami；使用自然語言查詢平台資料，以更深入理解其帳戶持有人與營運；以及部署可同時支援行員工作流程與帳戶持有人體驗的 Copilot。

These capabilities are powered by our platform, including our data infrastructure and telemetry from Alkami Engage, a new product which captures real-time user interaction data across the customer journey.

這些能力由我們的平台所驅動，包括我們的資料基礎設施，以及來自 Alkami Engage 的遙測資料（telemetry）。Alkami Engage 是一項新產品，可在整個客戶旅程中擷取即時使用者互動資料。

Importantly, these are not conceptual demonstrations. We're actively working with a small group of clients to test these capabilities and determine the appropriate commercial models.

重要的是，這些並非概念性展示。我們正積極與一小群客戶合作測試這些能力，並確定合適的商業模式。

Given our platform foundation, bringing these capabilities to market is less a technical challenge and more question of how to package and price them effectively for our clients.

基於我們的平台基礎，將這些能力推向市場與其說是技術挑戰，不如說是如何為客戶有效地打包並定價的問題。

In closing, we are pleased with the integrated product capabilities we've built into Alkami's Digital Sales and Service Platform. The market reaction has been positive. DSSP provides a foundation we can continue to build upon to differentiate Alkami.

最後，我們對已整合進 Alkami「數位銷售與服務平台」的產品能力感到滿意。市場反應正面。DSSP 提供了我們可持續建構的基礎，以進一步差異化 Alkami。

We were evolving Alkami from a system of record to a system of action, delivering measurable outcomes for our clients and increasing the value we create within each financial institution relationship.

我們正將 Alkami 從「記錄系統」演進為「行動系統」（system of action），為客戶交付可衡量的成果，並提升我們在每一段金融機構合作關係中所創造的價值。

I'm proud of our business results this quarter and grateful to more than 1,200 Alkamists who continue to get it done and do it right.

我為本季的業務成果感到自豪，也感謝超過 1,200 位 Alkamists 持續把事情做成、把事情做對。

I'll now hand the call to Cassandra to discuss our financial results.

接下來我把電話交給 Cassandra，請她說明我們的財務結果。

Thank you, Alex.

謝謝你，Alex。

Our first-quarter results exceeded our expectations, highlighted by strong adjusted EBITDA performance that underscores the durability of our model and the progress we're making in driving operating leverage.

我們第一季的結果優於預期，其中以強勁的調整後 EBITDA 表現最為突出，凸顯我們商業模式的韌性，以及我們在推動營運槓桿方面的進展。

We continue to execute with discipline, delivering consistent growth while expanding profitability and investing strategically to support long-term value creation.

我們持續以紀律執行，在擴大利潤並策略性投資以支持長期價值創造的同時，交付穩健且一致的成長。

Let me start with our updated outlook:

我先從我們更新後的展望開始：

For the second quarter of 2026, we expect revenue of $128 million to $129 million, representing growth of 14.2% to 15.1%.

針對 2026 年第二季，我們預期營收為 1.28 億至 1.29 億美元，年增 14.2% 至 15.1%。

As a reminder, our second-quarter revenue outlook includes the impact of a sizable termination fee recognized in the second quarter of 2025, which represents an approximate 3 percentage points headwind to year-over-year growth in the quarter.

提醒一下，我們第二季營收展望包含 2025 年第二季認列的一筆可觀的終止費（termination fee）之影響，該項因素使本季年對年成長率約有 3 個百分點的逆風。

In the second quarter, we also expect adjusted EBITDA of $17.9 million to $18.7 million or 14.3% margin at the midpoint. This outlook incorporates the impact of our annual user conference, which is reflected in our normal seasonal expense pattern.

在第二季，我們也預期調整後 EBITDA 為 1,790 萬至 1,870 萬美元，以中位數計算的利潤率為 14.3%。此展望納入我們年度使用者大會的影響，該影響反映在我們正常的季節性費用型態中。

For the full year, we expect revenue of $527.1 million to $530.9 million, representing growth of 18.8% to 19.7%; and adjusted EBITDA of $94.9 million to $97.9 million or 18.2% margin at the midpoint, reflecting continued operating leverage, as we scale the business.

就全年而言，我們預期營收為 5.271 億至 5.309 億美元，年增 18.8% 至 19.7%；調整後 EBITDA 為 9,490 萬至 9,790 萬美元，以中位數計算的利潤率為 18.2%，反映隨著業務規模擴大而持續釋放的營運槓桿。

Our revenue outlook reflects several underlying assumptions consistent with what we shared last quarter. We expect continued cross-sell momentum across the platform, along with a steady cadence of ARR launches throughout the year.

我們的營收展望反映了若干與上季分享內容一致的基本假設。我們預期平台上的交叉銷售動能將持續，並且全年將以穩定節奏推出 ARR 上線（launches）。

We also expect high single-digit ARPU growth, reflecting strong expansion within the base, partially offset by a modest moderation in user growth among existing clients.

我們也預期 ARPU 將有高個位數成長，反映既有客戶基礎內的強勁擴張，但部分會被既有客戶用戶成長的溫和放緩所抵銷。

We expect a meaningful decline in termination fee revenue in 2026, which will reduce reported growth by a few percentage points. This headwind is partially offset by the contribution from MANTL.

我們預期 2026 年終止費收入將顯著下降，這將使報告的成長率降低數個百分點。此逆風部分由 MANTL 的貢獻所抵銷。

Finally, we expect growth to moderately accelerate in the third quarter due to a more favorable year-over-year comparison.

最後，由於年對年比較基期更有利，我們預期第三季成長將溫和加速。

Turning to profitability, we expect a full-year non-GAAP gross margin of approximately 65%.

談到獲利能力，我們預期全年非 GAAP 毛利率約為 65%。

In the back half of 2026, we expect adjusted EBITDA margin to be north of 19%, weighted toward the fourth quarter and in line with our typical seasonal pattern.

在 2026 年下半年，我們預期調整後 EBITDA 利潤率將高於 19%，並偏向第四季，符合我們典型的季節性型態。

Overall, we expect approximately 500 basis points of margin expansion for the year, driven by operating leverage in the model, efficiencies from our offshore operations, and continued cost discipline, while also funding targeted investments in AI that we believe will drive product innovation and long-term efficiency.

整體而言，我們預期全年利潤率將擴張約 500 個基點，動能來自商業模式的營運槓桿、離岸營運帶來的效率，以及持續的成本紀律；同時也將投入我們認為能推動產品創新與長期效率的 AI 目標性投資。

Lastly, we expect stock-based compensation to be approximately 14% of revenue for the year.

最後，我們預期全年以股票為基礎的薪酬（stock-based compensation）約占營收的 14%。

As we discussed last quarter, our long-term model framework reflects what we believe are achievable targets, based on the strength of our business today and the visibility provided by our long-term contracts.

如同我們上季所討論的，我們的長期模型框架反映了我們認為可達成的目標，係基於我們當前業務的強勁表現，以及長期合約所提供的能見度。

We continue to expect to achieve Rule of 45 by 2030.

我們仍預期在 2030 年達成「45 法則」（Rule of 45）。

From a growth perspective, we expect a gradual increase in bank's new logo wins, supported by our Digital Sales and Service Platform, alongside continued leadership in credit unions, reflecting the replacement-driven nature of our market.

從成長角度來看，我們預期在「數位銷售與服務平台」的支持下，銀行端的新客戶（new logo）贏單將逐步增加；同時在信用合作社領域持續保持領導地位，反映我們市場以替換驅動的特性。

We also expect consistent execution in our add-on sales efforts and volume growth from existing customers, together driving ARPU expansion and contributing significantly to our long-term growth; as well as total dollar churn of approximately 2% to 3% annually, with about half associated with our Digital Banking clients.

我們也預期在加購銷售（add-on sales）上的執行將維持一致，且既有客戶的交易量將成長，兩者共同推動 ARPU 擴張並對我們的長期成長做出顯著貢獻；此外，年度總金額流失率（total dollar churn）約為 2% 至 3%，其中約一半與我們的數位銀行客戶相關。

Importantly, our long-term outlook does not assume incremental M&A.

重要的是，我們的長期展望不假設額外的併購（M&A）。

From a profitability standpoint, we expect non-GAAP gross margin approaching 70%, over time, as we improve execution on implementations and drive support efficiencies; approximately 300 basis points of annual adjusted EBITDA margin expansion, driven by scale and continued operational improvements, particularly across R&D and G&A; and stock-based compensation declining to approximately 10% of revenue.

從獲利能力角度來看，隨著我們改善導入（implementations）執行並提升支援效率，我們預期非 GAAP 毛利率長期將接近 70%；調整後 EBITDA 利潤率每年約擴張 300 個基點，動能來自規模效益與持續的營運改善，特別是在研發（R&D）與一般及行政（G&A）方面；以及以股票為基礎的薪酬占比下降至約占營收的 10%。

Turning to first-quarter performance, revenue was $126.1 million, up 29%, year over year. Subscription revenue grew 30% and represented 96% of our total revenue.

轉向第一季表現，營收為 1.261 億美元，年增 29%。訂閱營收成長 30%，占我們總營收的 96%。

As a reminder, we closed the MANTL acquisition on March 17, 2025. This timing contributed approximately 14 percentage points of year-over-year growth to Q1 2026. Growth rates will become fully comparable beginning in the second quarter.

提醒一下，我們於 2025 年 3 月 17 日完成 MANTL 收購案。此一時點約為 2026 年第一季的年增率貢獻了約 14 個百分點。自第二季起，成長率將完全具可比性。

We increased ARR by 22% and exited the quarter at $494 million.

我們將 ARR 提升 22%，並在季度末達到 4.94 億美元。

Importantly, we have approximately $71 million of ARR in backlog, pending implementation, representing 40 new clients and roughly 1.4 million digital users. We expect the majority of this backlog to go live over the next 12 months.

重要的是，我們約有 7,100 萬美元的 ARR 積壓訂單（backlog）尚待導入，涵蓋 40 家新客戶與約 140 萬名數位使用者。我們預期其中大部分積壓訂單將在未來 12 個月內上線。

As Alex highlighted, we continue to see strong momentum with our Digital Sales and Service Platform. From a financial perspective, DSSP is important because it is driving higher-quality revenue across several dimensions.

如 Alex 所強調，我們的數位銷售與服務平台（DSSP）持續展現強勁動能。從財務角度來看，DSSP 很重要，因為它正從多個面向推動更高品質的營收。

Clients adopting multiple components of the platform tend to have higher initial contract values, longer contract durations, and stronger retention profiles, over time. This is already contributing to ARPU expansion and ARR we're seeing across the business.

採用平台多個元件的客戶，往往具有較高的初始合約金額、更長的合約期間，以及隨時間推移更強的留存表現。這已在推動我們在整體業務中看到的 ARPU 擴張與 ARR 成長。

Additionally, as we integrate MANTL and expand our platform capabilities, we are increasing our ability to land with a broader set of products and expand within the client, over time. This reinforces our land-and-expand model and supports the long-term durability of our revenue.

此外，隨著我們整合 MANTL 並擴展平台能力，我們提升了以更廣泛的產品組合切入客戶、並隨時間在客戶內部擴張的能力。這強化了我們的「先落地、再擴張」（land-and-expand）模式，並支持我們營收的長期韌性。

We exited the quarter with 307 clients and 23 million registered users, an increase of 2.5 million users or 12%, year over year. Over the past 12 months, we implemented 35 clients, supporting 1.2 million digital users. Existing clients increased their digital adoption by 1.5 million users. Our contracts provide strong visibility into attrition, typically several quarters in advance.

我們在季度末共有 307 家客戶與 2,300 萬名註冊使用者，年增 250 萬名使用者或 12%。過去 12 個月，我們完成 35 家客戶的導入，支援 120 萬名數位使用者。既有客戶的數位採用增加了 150 萬名使用者。我們的合約通常可在數個季度之前，對流失情況提供高度可視性。

Over the past three years, we have churned less than 1% of our Digital Banking ARR, annually. For 2026, we currently expect to churn four Digital Banking clients, which, again, represents less than 1% of ARR. This speaks to the mission-critical nature of our platform and the strength of our long-term client relationships.

過去三年，我們每年數位銀行 ARR 的流失率低於 1%。就 2026 年而言，我們目前預期將流失 4 家數位銀行客戶，而這同樣代表 ARR 的流失低於 1%。這反映了我們平台的關鍵任務（mission-critical）特性，以及我們長期客戶關係的強度。

Revenue per user increased to $21.46, up 9% year over year, driven primarily by MANTL's contribution, strong cross-sell execution, and increased user adoption among existing clients.

每位使用者營收提升至 21.46 美元，年增 9%，主要受 MANTL 貢獻、強勁的交叉銷售執行，以及既有客戶使用者採用提升所帶動。

Remaining performance obligations were approximately $1.7 billion or 3.5 times live ARR, providing strong visibility into long-term revenue.

剩餘履約義務（RPO）約為 17 億美元，約為已上線 ARR 的 3.5 倍，為長期營收提供強勁可視性。

First-quarter non-GAAP gross margin was 64.4%, roughly flat year over year, driven by the higher database technology costs we discussed last quarter. We view these costs as temporary and expect them to decline by the end of 2026.

第一季非 GAAP 毛利率為 64.4%，年比大致持平，主要受我們上季討論過的較高資料庫技術成本所影響。我們認為這些成本屬暫時性，並預期在 2026 年底前下降。

First-quarter operating expenses were $59.4 million or 47.1% of revenue, representing 530 basis points of year-over-year improvement realized across all areas of operating expense.

第一季營業費用為 5,940 萬美元，占營收 47.1%，年比改善 530 個基點，且此改善來自營業費用的各個領域。

Adjusted EBITDA was $22.3 million, above the high end of our expectations, with an adjusted EBITDA margin of 17.7%, an expansion of approximately 540 basis points, year over year.

調整後 EBITDA 為 2,230 萬美元，高於我們預期區間上緣；調整後 EBITDA 利潤率為 17.7%，年比擴張約 540 個基點。

We ended the quarter with $77.6 million in cash and marketable securities.

本季末我們持有現金及有價證券 7,760 萬美元。

In the first quarter, our operating cash flow improved 15%, year over year. Free cash flow was consistent with prior year. We repaid the remaining $15 million of our revolving loan.

第一季，我們的營業現金流年增改善 15%。自由現金流與去年同期一致。我們償還了循環貸款剩餘的 1,500 萬美元。

Finally, today, we announced that the Board of Directors has approved our inaugural stock repurchase program of up to $100 million. This is an important milestone that reflects our confidence in both our long-term growth and our robust cash flow generation capabilities.

最後，我們今天宣布董事會已核准我們首次股票回購計畫，金額上限為 1 億美元。這是一個重要里程碑，反映我們對長期成長以及強勁現金流創造能力的信心。

We continue to believe in a disciplined and balanced approach to capital allocation that enables us to grow through additional acquisitions, de-lever the balance sheet through debt reduction, and opportunistically repurchase shares to deliver increased value to our shareholders.

我們仍相信採取審慎且均衡的資本配置方式，使我們能透過額外收購來成長、透過減債降低資產負債表槓桿，並在適當時機回購股份，以為股東創造更高價值。

In closing, our results this quarter reflect continued execution against our strategic priorities and the strength of our platform. We are scaling with discipline, balancing growth and profitability, while investing in the capabilities that we believe will further differentiate Alkami, over time.

總結而言，本季成果反映我們持續落實策略優先事項，以及平台的強勁實力。我們以紀律擴張，在成長與獲利之間取得平衡，同時投資於我們相信將隨時間進一步差異化 Alkami 的能力。

The visibility in our model and continued momentum across the business position us to drive sustained long-term value.

我們商業模式的可視性，以及全公司持續的動能，使我們具備推動長期且可持續價值的有利位置。

With that, operator, please open the line for questions.

接下來，接線員，請開放提問。

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

謝謝。各位女士、先生，我們現在開始問答環節。

Chris Kennedy, William Blair.

Chris Kennedy，William Blair。

Good afternoon. Thanks for taking the question.

下午好。謝謝讓我提問。

Cassandra, you have the grow over in the second quarter. But you also talked about accelerating growth in third quarter and fourth quarter.

Cassandra，你提到第二季成長會放緩。但你也談到第三季與第四季成長會加速。

Can you just provide a little bit more clarity, as to the confidence in the accelerating growth?

你能否再提供更清楚的說明，關於你們對成長加速的信心來源？

Sure. Just to clarify, Chris, that growth acceleration will be in the third quarter, in particular. It's really driven by a more favorable year-over-year comparison; just some timing dynamics that we experienced in 2025.

當然。Chris，我先澄清一下，成長加速特別會出現在第三季。這主要是由於年比比較基期更有利；也就是我們在 2025 年經歷的一些時點因素所致。

As it relates to the headwind in the second quarter, that's really timing of termination fee revenue. We do have that headwind in every quarter this year. But it is a little bit more pronounced in the second quarter, in particular, which is why I called it out on the call.

至於第二季的逆風，主要是解約費（termination fee）營收的認列時點所致。今年每一季都會有這個逆風。但第二季特別明顯，因此我在電話會議中特別點出。

Okay. Got it. Understood.

好的。了解。明白了。

And then, Alex, you mentioned it but any additional take-aways or observations from Co:lab, when you were talking to your customers and how they're viewing the current environments in AI?

另外，Alex，你提到過，但在你與客戶交流、以及他們如何看待目前 AI 環境方面，從 Co:lab 還有沒有其他重點心得或觀察？

Thanks for taking the questions.

謝謝讓我提問。

First of all, Co:lab was an amazing event. Once again, we set record in terms of number of attendees. It was great to see 83 prospects, a good balance between credit union prospects and bank prospects.

首先，Co:lab 是一場非常精彩的活動。我們再次在與會人數方面創下紀錄。很高興看到有 83 位潛在客戶，且信用合作社與銀行的潛在客戶比例相當均衡。

A couple of comments:

有幾點想分享：

There is no lead up in digital transformation. This is a pretty big market; as I mentioned, over 2,000 credit union and bank customers that all have legacy technology.

數位轉型沒有任何放緩跡象。這是一個相當大的市場；如我提到的，超過 2,000 家信用合作社與銀行客戶都仍使用傳統（legacy）技術。

They're all smart. They all understand what they need to do. They are a little bit captive to these long-term contract dynamics that we talked about -- but just continued demand in terms of demand for digital transformation.

他們都很聰明。他們都了解自己需要做什麼。他們在某種程度上受制於我們談到的長期合約動態——但對數位轉型的需求仍持續存在。

What was really exciting to see -- so for our market -- and for those of you that don't bank with a regional bank or credit union, you may not really be able to appreciate this -- but for our market, what's been critical for them to compete with these large money center banks and fin-techs is what we would call an integrated front end, a digital front door, whatever you might want to call it but it is the integration of digital banking; and a deposit origination platform; and a loan origination platform to be able to attract a customer, convert them into a customer, have them in Digital Banking, have them with additional products, all of that seamless and so that the customer or prospect doesn't even know that they're in multiple different products.

真正令人振奮的是——就我們的市場而言——對於那些不是使用區域型銀行或信用合作社的人，你可能不太能體會——但對我們的市場來說，讓他們能與大型貨幣中心銀行與金融科技公司競爭的關鍵，是我們所稱的「整合式前端」、或「數位前門」等概念；也就是把數位銀行、存款開戶平台、以及貸款起源平台整合在一起，讓他們能吸引客戶、把潛在客戶轉化為客戶，讓客戶進入數位銀行並搭配更多產品；所有流程都要無縫銜接，讓客戶或潛在客戶甚至不會察覺自己其實在使用多個不同的產品。

That has been the benchmark that these institutions have looked for. That's what we showed from stage.

這一直是這些機構所尋求的標竿。這就是我們在台上展示的內容。

I think what I was most pleased with is the audience reaction to real technology that we showed that will make a real difference for this market.

我想我最滿意的是，觀眾對我們展示的、能為這個市場帶來實質改變的真實技術所做出的反應。

Understood. Thanks for taking the questions.

了解。謝謝你回答問題。

Aaron Kimson, Citizens.

Aaron Kimson，Citizens。

Great. Thanks for the questions.

太好了。謝謝提問。

Alex, you spoke again today in your prepared remarks about more banks being open to separating online banking from their core provider.

Alex，你今天在事先準備的發言中再次提到，越來越多銀行願意將網路銀行與其核心系統供應商分離。

Can you talk about what's driving that willingness, whether it's increased acceptance that the standalone digital providers, like Alkami, have the superior solution for online banking; the maturity of your solution with MANTL; or changing the ease of integrating a standalone digital provider solution into the core; or maybe something else I'm missing?

你能談談是什麼驅動了這種意願嗎？是因為市場對獨立數位供應商（例如 Alkami）在網路銀行方面擁有更優解決方案的接受度提高；還是你們與 MANTL 的解決方案更成熟；或是將獨立數位供應商的解決方案整合到核心系統的難易度正在改變；或是我漏掉了其他因素？

Thanks.

謝謝。

Thanks. Once again, let's talk about the difference between the bank market and the credit union market.

謝謝。再一次，我們來談談銀行市場與信用合作社市場之間的差異。

In a previous earnings call, I've got the specific numbers. I'm going to give you the round numbers. I know we've got the specific numbers.

在之前一次財報電話會議上，我手上有具體數字。我先給你概略數字。我知道我們有精確數字。

But, in the credit union market, it's probably in the mid-40%, 45% of the customers that have an online banking application that is supplied to them from their core provider. In the bank market, it's been north of 75%.

但在信用合作社市場，大概是 40% 多、約 45% 的客戶，其網路銀行應用是由其核心系統供應商提供。在銀行市場，這個比例一直在 75% 以上。

That's the part that we're beginning to see unwind. I actually talked to a prospect at Co:lab who is going to pay off four years of their remaining Digital Banking contract to move to a different Digital Banking platform from their core.

這正是我們開始看到正在鬆動、被拆解的部分。我其實在 Co:lab 跟一位潛在客戶聊過，他們打算把剩餘四年的數位銀行合約直接付清，為的是從核心系統供應商的數位銀行平台轉到另一個數位銀行平台。

I asked them, I said, this is one of the first times that I've ever heard this. Why are you doing this? They said, in our market, we have to compete with Wells Fargo and KeyBank. We're at the point where our digital capabilities are insufficient. If we don't make this change, it's going to impact the business of the bank.

我問他們，我說，這是我第一次聽到這種情況。你們為什麼要這麼做？他們說，在我們的市場，我們必須跟 Wells Fargo 和 KeyBank 競爭。我們已經到了數位能力不足的程度。如果不做這個改變，會影響銀行的業務。

You're starting to see that demand push create these conversions. But the flip side of that is the more customers that see somebody come on to a platform like Alkami, successfully go through the conversion, successfully bring their customers on board, then they're willing to make the changes.

你開始看到這種由需求推動的壓力，促成這些轉換。但另一方面，越多客戶看到有人導入像 Alkami 這樣的平台、成功完成轉換、成功把他們的客戶帶上線，他們就越願意做出改變。

It's ultimately a decision of value versus risk. That's why the integration of the Data & Marketing platform, the Onboarding platform, and Digital Banking is so critical because, when bank sees the outcome of speed to bringing on a new customer, reduced cost to bringing on a new customer, increased speed to cross-sell, they start to have the conviction to make the change.

歸根結底，這是一個價值與風險的取捨決策。這也是為什麼資料與行銷平台、開戶導入（Onboarding）平台，以及數位銀行的整合如此關鍵：當銀行看到更快導入新客戶的成果、降低導入新客戶的成本、加快交叉銷售的速度，他們就會更有信心去做出改變。

That's really helpful. Thank you.

這非常有幫助。謝謝。

And then, the second one's a little bit more direct: You've incurred $2.8 million in shareholder matters related expense over the prior two quarters, with $2.2 million in 1Q.

第二個問題更直接一些：你們在前兩個季度因股東相關事項產生了 280 萬美元的費用，其中第一季為 220 萬美元。

Can you provide any color on the nature of these expenses; and if you anticipate them to be ongoing or settled for the near term, after you added two new Board Members on March 31?

你能否說明這些費用的性質？以及在 3 月 31 日新增兩位董事會成員之後，你們是否預期這些費用會持續發生，或在短期內就能解決？

Thanks.

謝謝。

Sure. Thanks for the question.

當然。謝謝你的提問。

Those costs are really defense-related in nature. We do expect to incur additional costs related to this item.

這些成本本質上主要是防禦性相關的。我們確實預期還會因這個項目產生額外成本。

Obviously, it's difficult for us to predict how much they will be, though I don't think that we're going to be scaling at $2.8 million every quarter from here on out, I think.

顯然，我們很難預測金額會是多少；不過我認為，從現在起不太可能每一季都以 280 萬美元的速度增加，我想。

We saw a little bit of a higher cost in Q1. I would expect those to moderate from here on out.

我們在第一季看到成本稍微高一些。我預期從現在開始會趨於緩和。

Awesome. Thanks, Cassandra.

太棒了。謝謝你，Cassandra。

No problem.

不客氣。

Jacob Stephan, Lake Street Capital Markets.

Jacob Stephan，Lake Street Capital Markets。

Hey, guys. Appreciate you taking the questions.

嗨，各位。感謝你們回答問題。

Maybe just, first, a note-keeping one here, maybe give a deeper dive into the bank versus credit unions in the backlog?

也許先問一個偏記錄性的問題：能否更深入說明一下待履行訂單（backlog）中，銀行與信用合作社的組成？

Let's see. Banks versus credit unions, it's pretty, I'd say, evenly split in terms of their size. Right now, we have 13 banks in the backlog. The rest would be credit unions.

我看看。銀行與信用合作社，就規模而言，我會說分布相當平均。目前我們的待履行訂單中有 13 家銀行。其餘則是信用合作社。

Second one for me: I know you've given some in-depth detail on user ads in the past. I'm wondering if you could help us think through the ads in the last quarter and maybe over the last several quarters in terms of existing clients; how many of those were newly implemented customers; just that trend.

第二個問題：我知道你們過去對使用者新增（user adds）提供過一些深入細節。我想請你們協助我們理解上一季、以及過去幾季的新增情況，特別是就既有客戶而言；其中有多少是新上線（newly implemented）的客戶帶來的；以及這個趨勢。

In the past, you can think of the trend as roughly half and half new versus existing.

過去你可以把趨勢想成大約一半新客戶、一半既有客戶。

In Q1, in particular -- just flipping back to my script -- we implemented 1.2 million digital users over the past 12 months and then, 1.5 million related to existing clients, a little bit more weighted to existing clients over the past year here.

就第一季而言——我翻回我的講稿——我們在過去 12 個月導入了 120 萬名數位使用者；另外有 150 萬名是來自既有客戶，過去一年在既有客戶端的比重稍微更高一些。

Okay. Very helpful. Thank you.

好的。非常有幫助。謝謝。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，Craig-Hallum Capital Group。

Hey. This is Daniel, on for Jeff Van Rhee.

嗨。我是 Daniel，代替 Jeff Van Rhee 提問。

Just on MANTL and the pace of logo ads there, the 14 this quarter, maybe if you would want to compare that to previous quarters or expectations of how MANTL is tracking, relative to expectations.

關於 MANTL 以及那邊新增標誌客戶（logo adds）的速度，本季是 14 家；你們是否願意把它跟前幾季做個比較，或談談 MANTL 的進展相對於預期的表現？

I think they continue to track very well, right? With all of our products, there is a bit of a cyclical nature to the sales cycle.

我認為它仍然追蹤得非常好，對吧？就我們所有產品而言，銷售週期都有一些週期性特徵。

For us, Q1 tends to be a bit of a lighter quarter. Q4 tends to be our strongest quarter. I think we continued to see really good performance in Q1 for MANTL, coming off of a really record 2025.

對我們來說，第一季通常會是相對較淡的一季。第四季通常是我們最強的一季。我認為 MANTL 在第一季延續了非常好的表現，承接 2025 年創紀錄的一年。

Yeah. I would just point back to the reason why we're pleased is -- you go back to the beginning of 2025 and our DSSP clients -- that's clients that have acquired MANTL; have gone from 11 to 48 and, in the same period of time, standalone MANTL new logo clients of 61.

是的。我想再指出我們之所以感到滿意的原因是——回到 2025 年初，我們的 DSSP 客戶——也就是已經購買 MANTL 的客戶——從 11 家增加到 48 家；同一期間，獨立的 MANTL 新增標誌客戶為 61 家。

You figure that's a five-quarter period of time. I'm the ever-optimistic CEO but I consider that to be outstanding performance to make an acquisition like that.

你可以把它視為五個季度的期間。我是一個永遠樂觀的 CEO，但我認為要完成這樣一筆收購，能有這樣的表現是非常出色的。

Just take a step back: The acquisition closed in Q1, right? And so we needed to integrate the two companies and, in that period of time, delivered that both, new logo and cross-sell performance, at the same time as integrating the technologies together into one experience that unites the front end of Digital Banking and origination.

稍微退一步看：收購是在第一季完成交割的，對吧？因此我們需要整合兩家公司，而在這段期間，我們同時交出了新增標誌與交叉銷售的成果，也同時把技術整合成一個體驗，把數位銀行前端與開戶/申請（origination）串聯起來。

I'm frankly just super proud of the team for what they've done.

坦白說，我對團隊所做的一切感到非常自豪。

Yeah. Great. And then, Alex, maybe if you could just talk a little bit -- I liked your line about Alkami evolving from being a system of record to a system of action.

是的。很好。接著，Alex，也許你可以再談一下——我很喜歡你那句話，說 Alkami 正在從「記錄系統」（system of record）演進為「行動系統」（system of action）。

If you could just expand a little bit more on what that means to you; and, in particular, any examples you'd have of that.

如果你能再多延伸說明一下，這對你而言代表什麼；特別是，你是否有任何相關的例子。

Yeah. What our customers are asking for is -- historically, the digital part of the financial institution was somewhat passive, right? It's relying on the account holder to know what they want to do and then, come in and take action.

好的。我們的客戶所要求的是——從歷史上看，金融機構的數位端某種程度上是比較被動的，對吧？它仰賴帳戶持有人知道自己想做什麼，然後進來採取行動。

But, as we all understand how systems have changed and how we interact with systems, now, what our institutions are asking for is, you have all of this data -- you've got transactional data; you've got telemetry data; you've got core transactional data -- I want you to start predicting things that we want the account holder to do and then, I want you to notify the account holder and ask them to do that.

但是，隨著我們都理解系統如何改變、以及我們如何與系統互動，如今我們的機構所要求的是：你擁有所有這些資料——你有交易資料；你有遙測資料；你有核心交易資料——我希望你開始預測我們希望帳戶持有人會做的事情，然後我希望你通知帳戶持有人並請他們去做。

That's what I mean in terms of making a shift from a system of record to using the data and the analytics capabilities that we have and the predictive capabilities that we have. Now, I want you to tell me to take an action or tell our account holders to take an action.

這就是我所說的：從「記錄系統」轉向運用我們擁有的資料與分析能力，以及我們擁有的預測能力。現在，我希望你告訴我該採取行動，或告訴我們的帳戶持有人該採取行動。

I noticed that -- I know that -- to give you an example, I know that, at this time of the month, every single month, your balance starts to drop. I'm going to reach out to you and recommend an action for you to take so that you don't get into a bad financial situation.

我注意到——我知道——舉個例子，我知道在每個月的這個時間點，每個月你的餘額都會開始下降。我會主動聯繫你，並建議你採取一個行動，讓你不會陷入不好的財務狀況。

That's the thing that I'm talking about, when I say move from a system of record to a system of action.

這就是我在說的：當我說要從「記錄系統」轉向「行動系統」時，指的就是這件事。

That's helpful. Thanks, Alex.

這很有幫助。謝謝你，Alex。

Andrew Schmidt, KeyBanc Capital Markets.

Andrew Schmidt，KeyBanc Capital Markets。

Hey, Alex. Hey Cassandra. Thanks for taking the question.

嗨，Alex。嗨，Cassandra。謝謝讓我提問。

Apologies, I hopped on a little bit late here.

抱歉，我稍微晚了一點才加入。

But the salesforce -- the shift to a separate bank and credit union salesforces -- how has that evolved? Has that been effective, in terms of building the pipeline, particularly on the bank side?

不過，關於銷售團隊——轉為分開的銀行與信用合作社銷售團隊——這個轉變的進展如何？就建立銷售管線而言，特別是在銀行端，這樣做有效嗎？

I hear you on the backlog. I'm just curious how that has progressed.

我理解你提到的積壓訂單（backlog）。我只是好奇這件事目前推進到什麼程度。

Thanks so much.

非常感謝。

Yeah. Thanks for the question.

好的。謝謝你的問題。

Our pipeline remains balanced. It's pretty evenly split between banks and credit unions. And so, for us, the transition has been effective.

我們的銷售管線仍然維持平衡。銀行與信用合作社的占比相當平均。因此，對我們而言，這次轉型是有效的。

It allows us more specialization in the bank market. We remain happy that we did it.

它讓我們在銀行市場能更專業化。我們仍然很高興當初做了這個決定。

Got it. That's helpful.

了解。這很有幫助。

And then, obviously, everyone's thinking through a more efficient organizational structure. We think about AI development, et cetera.

另外，很明顯大家都在思考更有效率的組織架構。我們也在思考 AI 開發等等。

I know you're probably pretty heavy users of this, internally. But is there any structural changes or process change that need to be made as a result of, just, increases in model productivity -- things like that -- to consider? Or is it more just product velocity output increasing on that side of things?

我知道你們內部可能是相當重度的使用者。但隨著模型生產力提升——像這類事情——是否需要因此做任何結構性調整或流程調整？還是比較像是產品端的開發速度／產出在那一側提升？

Thank you.

謝謝。

You could imagine that we're using every single model provider in all parts of the organization, right now. We're not yet at the point where we're ready to come to our investors and say, this is the benchmark productivity that we're going to; that we're going to run after.

你可以想像，我們現在在組織的各個部分都在使用每一家模型供應商，對吧？我們還沒到可以對投資人說：這就是我們要達到、並且要追求的生產力基準。

I think the biggest thing that we're seeing, in terms of change, is the front end of the software development lifecycle. If you think about DevOps, DevOps did a lot for us in the back end of the software development lifecycle -- how we would test code, how we would release code, how we would support code -- that's where a lot of that transformation occurred.

我認為我們看到最大的改變是在軟體開發生命週期的前端。如果你想想 DevOps，DevOps 在軟體開發生命週期的後端幫了我們很多——我們如何測試程式碼、如何發布程式碼、如何支援程式碼——很多轉型都發生在那裡。

A lot of the transformation that we're seeing, right now, is just the speed in the front end of the software development lifecycle and how quickly we go from what used to be something that was in a PRD that is no longer in a document, at all, and is now a fully functional prototype that we're reviewing with a client, instead of having conversations through PowerPoint or through documents.

而我們現在看到的許多轉型，主要是軟體開發生命週期前端的速度：我們能多快把過去寫在 PRD 裡的東西——現在甚至不再存在於任何文件中——直接變成一個可完整運作的原型，並與客戶一起檢視，而不是透過 PowerPoint 或文件來討論。

That's where I see a lot of, frankly, promise for the organization.

坦白說，我在這裡看到了很多對組織很有前景的地方。

And then, within the support organizations, we've fully wired the company, from a data perspective, for access for all of the support organizations to try to speed up the time at which it takes to respond to customers and then, ultimately, the cost that it takes to respond to customers.

另外，在支援組織方面，我們已經從資料的角度把公司完整串接起來，讓所有支援組織都能存取資料，以加快回應客戶所需的時間，並最終降低回應客戶所需的成本。

I'm probably like every other software executive, right now. We're watching our companies transform in months what we used to see happen in years. It's actually a pretty fun and amazing (technical difficulty) -- being a software company.

我可能跟現在其他軟體公司的主管一樣。我們正在看著公司在幾個月內完成過去要花好幾年才會發生的轉型。身為一家軟體公司，這其實相當有趣也很令人驚嘆（技術問題）——。

Yeah. Makes sense. A lot of progress in a short period of time. It's great to hear.

是的。有道理。在很短的時間內有很多進展。很高興聽到。

If I could just squeeze one more modeling question in? I think I heard the acceleration in the back-half revenue perspective. Does that make sense? Does it move past the term fees, et cetera?

我可以再塞一個建模問題嗎？我想我聽到的是下半年營收的加速。這樣理解對嗎？它會超過一次性費用（term fees）等等嗎？

But is it possible to have a 3Q, 4Q break-out of the cadence to expect -- and then, for both revenue and EBITDA? I just want to make sure we have that right. We're not caught off guard, if that's possible. If not, that's fine. But thought I'd air that out.

不過，是否可能提供第 3 季、第 4 季的節奏拆分——以及營收與 EBITDA 兩者？我只是想確認我們的理解是正確的。如果可以的話，我們不希望被突襲。如果不行也沒關係。只是想把這點提出來。

Thanks so much.

非常感謝。

No worries. A couple of points. I'll talk about top line and EBITDA, separately.

沒問題。幾點說明。我會分別談營收端與 EBITDA。

On revenue, the acceleration is very specific to Q3. It is due to a more favorable year-over-year comparison. There are some timing elements in the prior year that's driving that acceleration.

在營收方面，加速是非常明確地發生在第 3 季。這是因為同比比較更有利。前一年有一些時點因素，推動了這次的加速。

If you just think about the nature of our model, right, it's very predictable. We have a steady amount of ARR launches happening this year; very consistent dynamics from existing customer and ARPU growth.

如果你只要想想我們模型的本質，對吧，它是非常可預測的。今年我們有穩定數量的 ARR 上線；既有客戶與 ARPU 成長的動態也非常一致。

Just given that, I think that you can calculate what that implies, from a revenue perspective, for our model.

在這樣的前提下，我想你可以自行推算，從營收角度來看，這對我們的模型意味著什麼。

Can I just say one thing, Andrew, because you followed us for a while?

Andrew，我可以補充一句嗎？因為你追蹤我們一段時間了。

I'm not trying to be coy but I would just really encourage you to go back and look at the post-Q2 commentary from last year, where we were very specific and said -- we actually took down Q3 last year because we had a termination fee that accelerated into Q2.

我不是想故作神祕，但我真的會鼓勵你回去看一下去年 Q2 之後的說明，我們當時講得很具體，並且說——我們其實下修了去年 Q3，因為有一筆解約費（termination fee）提前到 Q2 認列。

That's exactly what Cassandra's talking about, right? That's the exact (multiple speakers) -- it's no more complicated than that.

這正是 Cassandra 在說的，對吧？這就是完全一樣的（多位講者）——沒有比這更複雜。

No. Yeah. It makes sense. And then, just around anything (technical difficulty) -- EBITDA, EBITDA largely tracks or (multiple speakers) --?

不。是的。這說得通。那麼，關於（技術問題）——EBITDA 方面，EBITDA 大致上會跟著走，或是（多位講者）——？

For adjusted EBITDA, we typically see adjusted EBITDA builds each quarter throughout the year.

就調整後 EBITDA 而言，我們通常會看到調整後 EBITDA 在一年當中每一季逐季墊高。

Q4, typically, is the highest, both -- and, obviously, in terms of dollars but, more importantly, the EBITDA margin. That trend, we expect to continue.

第四季通常是最高的，無論是——當然以美元金額來看，但更重要的是 EBITDA 利潤率。我們預期這個趨勢會持續。

But we got to give you props trying to get Cassandra to go ahead and give you a Q3 guide.

不過我們得稱讚你，試著讓 Cassandra 願意先給你第三季的指引。

Exactly. I'm always pushing the envelope, Alex. I appreciate it. Thanks for all the comments, guys. Helpful.

沒錯。Alex，我一向都在挑戰極限。我很感謝。謝謝大家的所有評論。很有幫助。

No problem.

不客氣。

Ella Smith, JP Morgan.

Ella Smith，摩根大通。

Good evening. Thank you for taking my question.

晚安。謝謝讓我提問。

First, maybe for Alex, as banks start to grow as your total customer mix and backlog, are there any unique challenges of serving banks or differences you observe from serving credit unions?

首先，可能想問 Alex，隨著銀行在你們整體客戶組合與積壓訂單中的占比開始提高，服務銀行是否有任何獨特的挑戰，或你觀察到與服務信用合作社相比有哪些差異？

For sure. It's really, I would call it -- let's call it product, technology, and skills.

當然。我會把它歸納為——就叫做產品、技術與技能。

From a skills perspective, what we've had to bring into the organization are people that understand how to do commercial data conversion so converting a a complex business account -- and the data and the complex business account into Alkami is very different than converting the data from a retail account.

從技能角度來看，我們必須引進到組織裡的人才，是了解如何做商業資料轉換的人，也就是把一個複雜的企業帳戶——以及其資料與複雜的企業帳戶資料——轉換到 Alkami；這和轉換零售帳戶的資料非常不同。

That can be account data, payment data. All of that data set is very different, bank versus retail.

這可能包含帳戶資料、支付資料。所有這些資料集在銀行與零售之間都非常不同。

From a product perspective, I think what we've mentioned over several calls is we've got a three-phase treasury management build-out. The first phase of our treasury management build-out was to put ourselves in a position where we could effectively move a bank that was on a legacy core providers platform into Alkami.

從產品角度來看，我想我們在好幾次電話會議中提到，我們有一個三階段的資金管理（treasury management）建置計畫。第一階段是讓我們處於一個位置，能夠有效地把使用傳統核心系統供應商平台的銀行遷移到 Alkami。

And so that's the work that we've been doing over the last 12 months. I think we largely finished up that work at the end of this quarter. There's capability build-out that we have to do.

因此這就是我們過去 12 個月一直在做的工作。我認為我們在本季末大致完成了這項工作。接下來還有能力建置需要完成。

And then, the cores themselves -- bank cores operate more from a batch perspective. Credit unions cores operate more from a real-time perspective.

然後核心系統本身——銀行核心系統的運作更偏向批次處理。信用合作社的核心系統則更偏向即時處理。

The core integration themselves and the way that we have to have Alkami, which is a data-hungry application -- it's data-hungry because we want to create a great user experience. You create a great user experience by having all the information in front of the user.

核心系統整合本身，以及我們必須讓 Alkami（這是一個非常吃資料的應用程式）如何運作——它之所以吃資料，是因為我們想打造很棒的使用者體驗。要打造很棒的使用者體驗，就是把所有資訊都呈現在使用者面前。

And so we've had to do some things with the way that Alkami interacts with the bank cores to make sure that the clients get good performance for their customers.

因此我們必須在 Alkami 與銀行核心系統互動的方式上做一些調整，以確保客戶能為其終端客戶提供良好的效能。

Three big differences: the skills that we have to have in the organization; the application functionality that we have to create; and then, the technical integration to the cores themselves.

三個主要差異：我們組織內必須具備的技能；我們必須打造的應用功能；以及與核心系統本身的技術整合。

Perfect, Alex. That makes a lot of sense.

很好，Alex。這非常合理。

For Cassandra, are there any unit economics considerations that we should be aware of, if Alkami signs a DSSP client versus a regular new logo Digital Banking client? Specifically, what are the implications to revenue, ARR, and profitability that we should consider?

想請教 Cassandra，如果 Alkami 簽下一個 DSSP 客戶，相較於一般新的數位銀行（Digital Banking）新客戶（new logo），在單位經濟（unit economics）上是否有任何我們需要注意的考量？具體來說，對營收、ARR 與獲利能力有哪些影響是我們應該納入考量的？

Well, one of the big benefits of DSSP is really around -- obviously, we're selling all three products, at once. We typically see about a 30% higher ARPU on our DSSP deals, as compared to a traditional new logo. That would be one.

嗯，DSSP 的一個重大好處在於——很明顯，我們是一次把三個產品一起賣出去。我們通常看到 DSSP 交易的 ARPU 約比傳統新客戶高 30%。這是一點。

That lends itself naturally to higher ARR, especially, over time, as these banks and credit unions grow with their user base so very profitable customers for us.

這自然會帶來更高的 ARR，尤其是隨著時間推移，這些銀行與信用合作社的使用者基礎成長——對我們而言是非常有利可圖的客戶。

I would say consistent unique economics, from an implementation cost perspective -- we have to implement all three products. We do that over the first 12-month term. But, otherwise, I would say the dynamics there are relatively consistent.

我會說，從導入成本角度來看，確實有一致的特殊經濟性——因為我們必須導入全部三個產品。我們會在第一個 12 個月期間內完成。但除此之外，我會說其動態相對一致。

The part that is untested but we have optimism about is, what we've delivered, so far, is just the first phase of functionality of the Digital Sales and Service Platform. There's a couple of use cases that I shared.

尚未被驗證、但我們抱持樂觀的是：到目前為止，我們交付的只是數位銷售與服務平台（Digital Sales and Service Platform）功能的第一階段。我分享過幾個使用情境。

But we're not going to stop building. And so what I get excited about is the opportunity to build new products that we have an opportunity to charge for, assuming that there's value in them, to bring to the clients.

但我們不會停止開發。因此讓我感到興奮的是，有機會開發新的產品；只要它們有價值，我們就有機會向客戶收費並提供給客戶。

And then, from my perspective, those would go into the Digital Sales and Service Platform at a lower cost of sale in terms of what the customer is buying.

然後從我的角度來看，這些產品會以較低的銷售成本納入數位銷售與服務平台，因為就客戶購買內容而言會更整合。

But, remember, what we just shared is 11 to 48 customers in five quarters so there's not yet a long track record where we're able to say, this is the change in the unit economics.

但請記得，我們剛分享的是五個季度從 11 家到 48 家客戶，因此目前還沒有很長的歷史紀錄，讓我們能說：單位經濟性會如何改變。

Great. Makes a lot of sense. Thank you, Alex and Cassandra.

很好。非常合理。謝謝你，Alex 和 Cassandra。

Saket Kalia, Barclays.

Saket Kalia，巴克萊。

Okay. Great. Hey. Thanks, guys, for taking my questions.

好的。很好。嗨。謝謝各位回答我的問題。

Alex, maybe for you, just to piggyback off that last question on DSSP a little bit: Clearly, that tool, as you folks just talked about, adds a lot more value at landing but maybe that's a little bit of a longer sales cycle.

Alex，可能想接續上一題再談一下 DSSP：很明顯，正如你們剛才所說，這個工具在客戶導入（landing）時能帶來更多價值，但也許銷售週期會稍微更長一些。

You talked about the 11 to 48. As you look back, how is that performing versus what you expected? As you think about that sales cycle, is that about in line with with what you expected or is it longer or shorter?

你提到從 11 到 48。回頭看，這個表現和你原先預期相比如何？就銷售週期而言，是否大致符合你的預期，還是更長或更短？

Curious about how it's progressing, so far, across that still relatively small sample size.

我很好奇，在這個仍相對小的樣本規模下，它到目前為止的進展如何。

I got to tell you, completing an acquisition and then, within a year, having that cross-sell, that blew me away in terms of expectations. I'm pleasantly surprised.

我得說，完成一項收購，然後在一年內就能做到那樣的交叉銷售，這在預期上讓我非常驚訝。我感到驚喜。

We don't have the data yet. But I actually think -- if you think about what we're showing a client in terms of the experience that they have bringing on a customer, you get two things folks are looking for:

我們還沒有數據。但我其實認為——如果你想想我們向客戶展示的、他們在導入一位客戶時所獲得的體驗，你會得到兩件大家在尋找的事情：

Can I attract a new customer? Can I sell more products?

我能吸引新客戶嗎？我能賣出更多產品嗎？

And so having this integrated front-end, when people see it and they know how hard they've been trying to deliver it for the last 20 years across a set of 10 different technologies, my expectation is that the sales cycle is not going to be any longer.

因此，有了這個整合式前端，當人們看到它，並且知道他們過去 20 年一直試著用 10 種不同技術去交付這件事有多難時，我的預期是銷售週期不會更長。

I don't want to predict anything. To me, I would hope it's shorter. But it's still governed by the market dynamics that we talked about, right? The market dynamics are the long-term contracts.

我不想做任何預測。就我而言，我希望它會更短。但它仍然受我們談到的市場動態所支配，對吧？市場動態就是長期合約。

That governs the sales cycle more than anything else, really.

這比任何其他因素都更主導銷售週期，真的。

Got it. Got it. That makes a ton of sense.

了解。了解。這非常合理。

Cassandra, maybe for you (multiple speakers) --?

Cassandra，可能想請教你(多位發言者) --？

Yeah. Let me just (multiple speakers) --

是的。讓我先(多位發言者) --

I'm curious -- oh, sorry, please. I'm sorry. Yeah.

我很好奇——喔，抱歉，請先說。不好意思。是的。

Sorry for talking over you.

抱歉打斷你說話。

We don't have this in our model. Remember, the most important thing for us is not can we win against a competitor. The most important thing for us is, can we increase the number of people that decide to convert off their legacy technology?

我們的模型裡沒有把這個納入。請記得，對我們來說最重要的不是我們能不能贏過競爭對手。對我們來說最重要的是，我們能不能增加決定從其傳統技術轉換出來的人數？

This is not included in our model, at all. But what I'm hoping is that DSSP creates enough value so that some of those folks that didn't want to go through the conversion effort decide to go through the conversion effort and we unlock more opportunities within the market constraint that we have.

這完全沒有納入我們的模型。但我希望的是，DSSP 能創造足夠的價值，讓一些原本不想投入轉換工作的人決定去做轉換，從而在我們既有的市場限制之內，解鎖更多機會。

Got it. Very clear. Thanks for that, Alex, by the way.

了解。非常清楚。順帶一提，謝謝你，Alex。

Cassandra, maybe for my follow-up for you -- and it's a little bit of a broader question. I'm curious if there's anything that we should keep in mind this year, from just a renewal perspective.

Cassandra，或許我接著想追問你一個稍微更廣泛的問題。我想知道，今年從續約的角度來看，有沒有什麼是我們應該留意的。

Over the years, we've just been growing the customer base. Of course, those customers are going to renew. Is there anything that we should keep in mind this year, just around potential tailwinds to ARPU or gross margins or anything like that, as you think about that renewal pool steadily growing, over time?

這些年來，我們一直在擴大客戶基礎。當然，這些客戶都會續約。今年有沒有什麼我們應該留意的，例如對 ARPU 或毛利率可能的順風，或類似的因素？當你想到這個續約池隨時間穩定成長時。

Thanks for the question, Saket.

謝謝你的問題，Saket。

What I would point to is, certainly, there's gross margin benefit, as we achieve higher levels of scale and more and more of our customers have been on the platform for quite some time now. That does lend itself to higher gross margin.

我會指出的是，隨著我們達到更高的規模水準，而且越來越多客戶已在平台上運行相當長一段時間，確實會帶來毛利率方面的好處。這確實有助於提升毛利率。

Upon renewal, we typically see customers increase their total contract value with us. They might buy additional product -- and, obviously, continued to grow their user bases.

在續約時，我們通常會看到客戶提高與我們的總合約價值。他們可能會購買額外的產品——而且顯然也會持續擴大其使用者規模。

Those benefit us. We see that in increased ARPU, as well as our NRR trends.

這些都對我們有利。我們在 ARPU 的提升以及 NRR 的趨勢中都看得到。

Those would be the three areas I would point to in terms of the renewal impact. We don't have any real big concentrations in any one year, where we have an outsized number of renewals.

就續約影響而言，我會指出這三個面向。我們沒有任何一年出現非常大的集中度，也就是某一年續約數量特別多的情況。

It's pretty evenly spread, just given how long our business has been humming here.

由於我們的業務在這裡運作已久，整體分布相當平均。

Adam Hotchkiss, Goldman Sachs.

Goldman Sachs 的 Adam Hotchkiss。

Great. Thanks for taking the questions.

很好。謝謝讓我提問。

To start on the Alkami Code Studio launch, I realize it's incredibly early but curious as to initial customer and prospect reactions to that.

先從 Alkami Code Studio 的發布談起，我知道現在還非常早期，但想了解客戶與潛在客戶對此的初步反應如何。

And then, any indications as to how you might charge for that, going forward, would be helpful.

另外，未來你們可能會如何對此收費？若能提供一些方向會很有幫助。

Thank you.

謝謝。

Yeah. Let me make sure that I've got some clarity.

好的。我先確認一下我理解得夠清楚。

The product that we announced is Alkami Engage. That's the product that is collecting the account holder telemetry information.

我們宣布的產品是 Alkami Engage。那是用來蒐集帳戶持有人遙測資訊的產品。

The reference to Code Studio, if you look at my prepared remarks, what I shared was that we showed a prototype technology demonstration. That is not a product that we have decided to release yet. it's for all the reasons that you framed.

至於 Code Studio 的提及，如果你看我事先準備的講稿，我分享的是我們展示了一個原型技術示範。那還不是我們已決定要發布的產品；原因正如你所說。

We had it in our innovation studio. People loved working with it.

我們把它放在創新工作室裡。大家很喜歡用它來工作。

But the two things that we're trying to work out really with any of these AI products are more the commercial terms than, necessarily, the technical terms.

但對於任何這類 AI 產品，我們真正要釐清的兩件事，與其說是技術條款，不如說是商業條款。

It's, do we price it simply and then, take the cost risk? I'm pretty sure if Cassandra and I showed up and said, tokens (inaudible) or profit guide, you all wouldn't give us a pass.

也就是，我們是採用簡單定價，然後承擔成本風險嗎？我很確定如果 Cassandra 和我出面說要按 tokens（聽不清）或 profit guide 來算，你們不會放過我們。

It's, do we price simply and then, take the cost risk? Or do we introduce usage metric that's not a usage metric that the client has any history with and so it's hard for them to model?

所以問題是：我們是採用簡單定價，然後承擔成本風險？還是導入一個使用量指標，但客戶對這種使用量指標沒有任何歷史資料，因此很難建模？

I actually mentioned four different prototypes that we showed. You talked about Code Studio. That was just one of the four. That's what we're in deep discovery with our customers, right now.

其實我提到我們展示了四個不同的原型。你提到的是 Code Studio。那只是四個中的其中一個。這正是我們目前與客戶深入探索的部分。

We have a handful that are using each one of the prototypes to try to understand what the most effective commercial turns are for the product.

我們有少數客戶正在使用每一個原型，來嘗試理解對產品而言最有效的商業條款是什麼。

Given the platform that we have, the complication for us is not really -- I don't want to minimize how hard it is to build a new product but it's not really, can we build AI capabilities? It's really, how do we monetize these AI capabilities in a way that it's easy for the customer to buy and it's safe for the company, from a profitability perspective?

以我們現有的平台而言，對我們來說的複雜點其實不在於——我不想淡化打造新產品的難度，但重點不在於我們能不能建立 AI 能力。真正的問題是：我們要如何將這些 AI 能力變現，讓客戶容易採購，同時從獲利角度看也對公司是安全的？

Yeah. No. That's incredibly helpful, Alex. I think that makes a lot of sense, especially given what's happened to token costs.

是的。不。這非常有幫助，Alex。我覺得這很合理，尤其考量到 token 成本的變化。

Just to follow-up on that, I'd be curious how that impacts your -- and I realize it's maybe a bit difficult now but how does that impact this launch -- some of the beta testing you're doing impact your three to five-year view of the platform?

就此再追問一下，我想知道這會如何影響你們——我知道現在可能有點難回答——但這次發布、以及你們正在做的一些 beta 測試，會如何影響你們對平台三到五年的看法？

Do you see Alkami becoming more customizable since the cost and accessibility of development is ultimately going to be coming down and you're going to be adding new features more quickly using third parties, first-party, et cetera, beyond what you currently have in DSSP?

你是否認為 Alkami 會變得更可客製化，因為開發的成本與可及性終究會下降，而你們會更快地透過第三方、第一方等方式加入新功能，超越你們目前在 DSSP 之上的能力？

Is that the goal in the roadmap? Or am I missing the mark and there's something else to read into there?

這是路線圖的目標嗎？還是我理解有誤，這裡其實還有其他含意？

Thanks.

謝謝。

Well, again, I don't mean to come across as (inaudible) when I say this. That's not my intent.

嗯，再次強調，我這麼說並不是想讓人覺得（聽不清）。這不是我的本意。

But, like, all of our holy grail is to get more revenue and have it cost us less to deliver it. That's what we're really looking at all the time.

但就像，我們所有人的終極目標都是：取得更多營收，同時讓交付成本更低。這就是我們一直在看的事情。

We're not yet ready to change the long-term model that Cassandra has talked about. Cassandra talked about a long-term model that guides the Rule of 45.

我們目前還沒準備好去改變 Cassandra 所談到的長期模型。Cassandra 談的是一個用來指引「45 法則」的長期模型。

If and when we have enough evidence within our operations, either in terms of revenue lift or in terms of cost efficiency to change that model, then we'll announce that we're changing the model. We'll give you the reasons why we're changing the model.

如果、以及當我們在營運中累積到足夠證據——不論是營收提升或成本效率——足以改變那個模型時，我們就會宣布我們要改變模型。我們也會告訴你們為什麼要改變。

But we don't have enough evidence yet to change that longer-term model.

但目前我們還沒有足夠的證據去改變那個更長期的模型。

Great. Thank you very much.

很好。非常感謝。

That concludes the Q&A portion of the call.

問答環節到此結束。

Thank you for joining us today.

感謝各位今天的參與。

You may now disconnect.

您現在可以掛線。