Asure Software Inc (ASUR) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to Asure Software's first quarter 2026 earnings conference call. Joining us today's call are Chairman and CEO, Pat Keppel, Chief Financial Officer, John Pence; and Vice President of Investor Relations, Patrick McKillop. Following their prepared remarks, there will be a question-and-answer session for analysts and investors. I would now like to turn the call over to Patrick McKillop for introductory remarks. Please go ahead.

下午好，歡迎參加 Asure Software 2026 年第一季財報電話會議。今天與會的有董事長兼執行長 Pat Keppel、財務長 John Pence，以及投資人關係副總裁 Patrick McKillop。在他們的事先準備發言之後，將進行分析師與投資人的問答環節。現在我想把電話交給 Patrick McKillop 進行開場致詞。請開始。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for Asure Software's first quarter 2026 earnings results call. Following the close of the market, we released our financial results. The earnings release is available on the SEC's website and our Investor Relations website at investor.asuresoftware.com, where you can also find our investor presentation.

謝謝，接線員。各位下午好，感謝各位參加 Asure Software 2026 年第一季財報結果電話會議。在市場收盤後，我們已發布財務結果。財報新聞稿可在美國證券交易委員會（SEC）網站以及我們的投資人關係網站 investor.asuresoftware.com 上取得，您也可在該網站找到我們的投資人簡報。

During our call today, we will reference non-GAAP financial measures, which we believe to be useful to investors and exclude the impact of certain items. The description and timing of these items, along with a reconciliation of non-GAAP measures to their most comparable GAAP measures can be found in our earnings release.

在今天的電話會議中，我們將提及非 GAAP 財務衡量指標；我們認為這些指標對投資人有用，並排除某些項目的影響。這些項目的說明與發生時間，以及非 GAAP 指標與最可比 GAAP 指標之間的調節表，均可在我們的財報新聞稿中找到。

Today's call will also contain forward-looking statements that refer to future events and as such, involve some risks. We use words such as expects, believes and may to indicate forward-looking statements, and we encourage you to review our filings with the SEC for additional information on factors that could cause actual results to differ materially from our current expectations.

今天的電話會議也將包含前瞻性陳述，涉及未來事件，因此存在一定風險。我們使用例如「預期」、「相信」與「可能」等字詞來表示前瞻性陳述，並鼓勵各位查閱我們向 SEC 提交的文件，以取得更多可能導致實際結果與我們目前預期存在重大差異之因素的資訊。

I'll hand the call over to Pat in a moment, but I just wanted to take a moment to remind people of our upcoming Investor Relations activities. On May 13, we are attending the 21st Annual Needham TMT Conference in New York. And on May 14, the Houlihan Lokey ONE Conference also in New York. On May 28, we will attend the Craig-Hallum conference in Minneapolis. On June 23, we will participate in the Northland Capital Markets Conference, which is being held virtually.

我稍後會把電話交給 Pat，但我想先花一點時間提醒大家我們即將進行的投資人關係活動。5 月 13 日，我們將出席在紐約舉行的第 21 屆 Needham TMT 年會。5 月 14 日，亦將出席同樣在紐約舉行的 Houlihan Lokey ONE 會議。5 月 28 日，我們將參加在明尼阿波利斯舉行的 Craig-Hallum 會議。6 月 23 日，我們將參與以線上形式舉辦的 Northland Capital Markets 會議。

We also are in the process of scheduling some non deal roadshows. Investor outreach is very important to Asure, and I would like to thank all of those that assist us in our efforts to connect with investors. Finally, I would like to remind everyone that this call is being recorded, and it will be made available for replay via a link available on the Investor Relations section of our website. With that, I would like to -- now I'll turn the call over to Pat Goepel, Chairman and CEO. Pat?

我們也正在安排一些非交易路演（non-deal roadshows）。投資人觸達對 Asure 非常重要，我也要感謝所有協助我們與投資人建立連結的夥伴。最後提醒各位，本次電話會議將被錄音，並會透過我們網站投資人關係專區提供的連結供各位重播。那麼，我想——現在把電話交給董事長兼執行長 Pat Goepel。Pat？

Thank you, Patrick, and welcome, everyone, to Asure Software's first quarter 2026 earnings results call. I'm joined on this call by our CFO, John Pence, and we will provide a business update for quarter one, 2026 results as well as our updated outlook for the remainder of the year. We are very pleased to report a strong start in 2026. First quarter revenues came in at $42.8 million, representing growth of 23% compared to Q1 of 2025.

謝謝你，Patrick，也歡迎各位參加 Asure Software 2026 年第一季財報結果電話會議。今天與我一同參與電話會議的還有我們的財務長 John Pence；我們將提供 2026 年第一季的業務更新與業績結果，以及我們對今年剩餘期間的最新展望。我們很高興報告 2026 年有一個強勁的開局。第一季營收為 4,280 萬美元，較 2025 年第一季成長 23%。

This performance reflects continued momentum across our core business lines and validate the investments we've made in our platform sales force and AI capabilities over the past year. Our organic growth rate for quarter one, 2026 was 7% compared with 3% in quarter one, 2025, and 3.5% in quarter one, 2024. This is a significant acceleration in a quarter, which historically has shown some seasonality. We're encouraged but the drivers behind it, increasing attach rates with our existing client base as well as continued new logo wins.

這項表現反映我們核心業務線的動能持續，並驗證了過去一年我們在平台銷售團隊與 AI 能力上的投資。2026 年第一季的有機成長率為 7%，相較之下，2025 年第一季為 3%，2024 年第一季為 3.5%。這是在一個歷來具有一定季節性的季度中出現的顯著加速。我們感到鼓舞，但其背後的驅動因素包括：在既有客戶基礎中的附加購買率（attach rates）提升，以及持續贏得新客戶（new logo）訂單。

Given global uncertainty, we're taking a conservative stance on operating the business. However, we remain very bullish on the customer response to our platform improvements, and we believe we can deliver double-digit organic growth as we move through the remainder of 2026.

鑑於全球不確定性，我們在營運業務上採取較為保守的立場。然而，我們仍對客戶對我們平台改進的回饋非常樂觀，並相信在 2026 年剩餘期間，我們能夠實現兩位數的有機成長。

Fifth, the launch of AsureCentral in October 2025, adoption has continued at a rapid pace, and we believe that by the end of the second quarter of 2026, the majority of our approximately 30,000 direct clients, it will be on the platform with the majority of our direct client base now on a single unified platform, we believe we are increasingly well positioned to accelerate cross-sell and attach rates throughout the remainder of 2026.

第五，自 2025 年 10 月推出 AsureCentral 以來，採用率持續快速提升；我們相信到 2026 年第二季末，我們約 30,000 家直客中的大多數都將上線該平台。隨著我們大部分直客基礎已集中在單一整合平台上，我們認為自己在 2026 年剩餘期間加速交叉銷售與提升附加購買率方面，將具備更有利的條件。

Our multiproduct attach rates continue to improve. The number of clients purchasing multiple products in our payroll business grew by 15% in quarter one compared to quarter one of 2025. We continue to work toward our internal goal of moving clients from an average to two products to four or more products per relationship.

我們的多產品附加購買率持續改善。在薪資（payroll）業務中，購買多項產品的客戶數在第一季較 2025 年第一季成長 15%。我們持續朝內部目標邁進：將客戶每段合作關係的平均產品數，從 2 項提升至 4 項或以上。

Earlier this year, at our sales kickoff, we introduced to AsureWorks which is our administrative services outsourcing or ASO model, which allows clients to delegate key payroll and HR compliance processes to ensure. We are scaling AsureWorks thoughtfully building sales, implementation and support capacity based on early results, it's still early days.

今年稍早在我們的銷售啟動會上，我們推出了 AsureWorks，也就是我們的行政服務外包（ASO）模式，讓客戶能將關鍵的薪資與人資合規流程委託給 Asure，以確保合規。我們正審慎擴大 AsureWorks 規模，並依據初期成果來建置銷售、導入與支援能量；目前仍處於早期階段。

However, the reception has been very positive. Our pipeline is growing, and we've started to win new clients. We're seeing interest across multiple types of buyers, small hotel chains, restaurants, HVAC companies are among the early adopters, which is consistent with our broader client base of main street businesses that need payroll and HR compliance support, but lack the internal resources to manage it themselves. We currently have six sales reps dedicated to AsureWorks in the pilot effort and plan to add a few more in the near term. This offering is strategically important.

不過，市場反應非常正面。我們的商機管道正在成長，也已開始贏得新客戶。我們看到多種類型買方的興趣；小型連鎖飯店、餐廳、HVAC（暖通空調）公司都是早期採用者，這與我們更廣泛的主街（Main Street）中小企業客群一致——這些企業需要薪資與人資合規支援，但缺乏內部資源自行管理。目前在試點計畫中，我們有 6 位業務代表專注於 AsureWorks，並計畫在短期內再增加幾位。此項產品在策略上非常重要。

Clients who adopt managed payroll and compliance services typically represent 2 times to 3 times the revenue of a payroll-only client. Importantly, AsureWorks is not a PEO model. We're not taking on co-employment risk. So for clients constrained by the costs or rigidity of a traditional PEO, we believe AsureWorks is a compelling flexible alternative.

採用託管式薪資與合規服務的客戶，其營收通常是僅使用薪資服務客戶的 2 倍到 3 倍。重要的是，AsureWorks 不是 PEO 模式。我們不承擔共同雇傭（co-employment）風險。因此，對於受限於傳統 PEO 成本或僵化程度的客戶，我們相信 AsureWorks 是一個具吸引力且更具彈性的替代方案。

We are on track toward our full year target of 150 sales reps and continue to invest in training and enablement, Sales leadership upon our President, Chief Revenue Officer, Eyal Goldstein, is driving focus on both new logo acquisition and multiproduct cross-sell within our existing base with the goal of transitioning our mix over time, towards approximately 35% new logos and 65% base expansion.

我們正按計畫朝全年 150 位業務代表的目標前進，並持續投資於訓練與賦能（enablement）。在我們總裁兼營收長 Eyal Goldstein 的帶領下，銷售領導團隊正聚焦於新客戶（new logo）取得，以及在既有客戶基礎中的多產品交叉銷售，目標是隨時間推進，將組合轉向約 35% 來自新客戶、65% 來自既有客戶擴張。

Our new bookings in our core human capital management payroll continued at a strong pace in quarter one up 13% versus last year, and our contracted backlog remains healthy at approximately $85.6 million. We expect to convert approximately 38% of that backlog over the next 12 months. Our client base, primarily small and midsized businesses in payroll intensive, compliance-driven industries remains resilient. We have not observed meaningful changes in sales cycle dynamics or competitive behavior in quarter one.

我們核心人力資本管理（HCM）薪資業務的新訂單（new bookings）在第一季持續強勁，較去年成長 13%；而我們的合約積壓（contracted backlog）仍維持健康水準，約為 8,560 萬美元。我們預期在未來 12 個月內可轉化其中約 38%。我們的客戶基礎主要為薪資密集、合規驅動產業中的中小企業，整體仍具韌性。在第一季，我們未觀察到銷售週期動態或競爭行為出現顯著變化。

I want to take a moment to reiterate our thoughts on AI and what it means for our business, much of the disruption narrative applies to productivity and workflow software, tools where AI can replicate or replace the core function of a software that the software performs. Payroll and HR compliance is not in that category. We move approximately $20 billion annually on behalf of our clients. And to do so, we hold money transmitter licenses in every state and requires them a regulatory infrastructure that takes years to build.

我想花一點時間重申我們對 AI 的看法，以及它對我們業務的意義；許多「顛覆」的敘事主要適用於生產力與工作流程軟體——在這些工具中，AI 可以複製或取代軟體所執行的核心功能。薪資發放與人資合規不屬於那一類。我們每年代表客戶處理約 200 億美元的資金流轉。為了做到這一點，我們在每個州都持有資金匯款（money transmitter）執照，並且需要一套耗時多年才能建立的監管基礎設施。

It represents a significant barrier to entry. We interface directly with the IR state and local tax agencies and banking institutions. Our clients carry seven or more years of employment history, complex multi-jurisdictional tax obligations and real-time compliance requirements where the margin of error is effectively zero. These are not functions that a generic AI layer can absorb the regulatory complexity, does that go away. In fact, it compounds.

這構成了顯著的進入門檻。我們直接與 IRS、州與地方稅務機關以及銀行機構對接。我們的客戶擁有七年以上的雇用歷史、複雜的跨司法管轄區稅務義務，以及即時的合規要求，而容錯空間幾乎為零。這些並不是加上一層通用 AI 就能吸收其監管複雜度、或讓這些複雜度消失的功能。事實上，複雜度只會加劇。

What makes it sure a system of record rather than a workflow tool is precisely this we are embedded in the legal and financial infrastructure of our clients' businesses. Switching costs are high. Our revenue model is consumption based on headcount and payroll runs rather than a seat license and our client base is concentrated in the frontline essential workforce, economy, plumbers, hotel workers, trades people. Those work is among the most resilient to automation.

使 Asure 成為「記錄系統」（system of record）而非工作流程工具的關鍵，正是因為我們深度嵌入客戶企業的法律與金融基礎設施之中。轉換成本很高。我們的營收模式是以員工人數與薪資發放次數為基礎的用量計費，而不是以席位授權計費；同時，我們的客戶群集中在第一線的必要勞動力經濟中，例如水電工、飯店員工、技工等。這些工作是最能抵禦自動化的類別之一。

At the same time, we believe AI is a meaningful accelerator for us. Luna, our AI agent has been adopted by greater than 15% of potential users to date without any active marketing or onboarding from Asure. In quarter one, Luna interactions increased by nearly 50% over the prior quarter. To date, we have transcribed, categorized and scored approximately 80,000 support calls for sentiment and our ticket mining capability analyzes more than 100,000 cases monthly.

同時，我們相信 AI 對我們而言是重要的加速器。我們的 AI 代理 Luna，在沒有 Asure 任何主動行銷或導入（onboarding）的情況下，迄今已被超過 15% 的潛在使用者採用。第一季中，Luna 的互動次數較前一季增加了近 50%。截至目前，我們已將約 80,000 通支援來電進行轉錄、分類並就情緒進行評分；而我們的工單探勘能力每月分析超過 100,000 個案件。

These numbers reflect AI working across both the client basing and operational sides of the business, deflecting support volume, enabling employees and administrators to self-serve across payroll, benefits and compliance workflows and driving continuous product and service improvements. The result is a smarter, faster and more responsive organization without reducing the compliance expertise and accountability our clients rely on us to provide.

這些數據反映 AI 同時在客戶端與營運端發揮作用：分流支援量、讓員工與管理者能在薪資、福利與合規工作流程上自助服務，並推動產品與服務的持續改進。其結果是一個更聰明、更快速、更具回應力的組織，同時不會削弱客戶仰賴我們提供的合規專業與責任承擔。

In our last call, we told you that Luna could perform over 50 actions live, audible and permission control. Since then, we've proved the model at scale. Our Canadian tax solution is the clearest example. A fully automated Luna AI-powered pipelines that converted a traditionally manual compliance workflow into a proactive, continuous modern system. Our more periodic checks continuous coverage, that architecture is now a blueprint, and we're systematically replacing it across US payroll, US tax and HR compliance.

在上一次電話會議中，我們告訴各位，Luna 可以在具備即時、可稽核（auditable）與權限控管的情況下執行超過 50 項動作。自那之後，我們已在規模化情境下驗證了該模型。我們的加拿大稅務解決方案是最清楚的例子。一條由 Luna AI 驅動的全自動化管線，將傳統上需要人工處理的合規工作流程，轉變為主動、持續的現代化系統。從較為週期性的檢查轉為持續覆蓋；該架構如今已成為藍圖，我們正系統性地在美國薪資、美國稅務與人資合規領域進行替換。

This is not a feature rollout. It is a platform-wide operating model shift from reactive to proactive, from human check to AI verified from process dependent to infrastructure driven. That same shift that makes sure where it's possible. We can now take on the work itself, not just deliver to software, because the AI layer gives us the efficiency and the ability to do it at scale without scaling headcount literally.

這不是一次功能上線。這是一場平台層級的營運模式轉變：從被動到主動、從人工檢查到 AI 驗證、從依賴流程到由基礎設施驅動。同樣的轉變也讓 Asure 在可行之處得以實現。我們現在可以承接工作本身，而不只是交付軟體，因為 AI 層帶來效率，並讓我們能在不按比例擴增人力的情況下進行規模化。

Through AsureCentral every payroll specialist works from a unified action surface. Discrepancies its data pending filings require approvals, surfaced in real time, not buried in reports.

透過 AsureCentral，每位薪資專員都在一個統一的操作介面上工作。差異、資料問題、待申報事項與需要核准的項目，都會即時呈現，而不是被埋在報表裡。

Luna identifies what needs attention. Central delivers it to the right person at the right moment, detection, notification, action, close to loop. These capabilities compound, every compliance workflow we automate strengthens our models across the entire client base. And when you're processing approximately $20 billion in payroll annually.

Luna 會辨識哪些事項需要關注。Central 會在正確的時點把它交給正確的人：偵測、通知、行動、閉環（close the loop）。這些能力會相互疊加——我們自動化的每一個合規工作流程，都會強化整個客戶群的模型。而當你每年處理約 200 億美元的薪資時。

That compounding effect on system-wide intelligence is very meaningful. Internally, the same AI foundation is accelerating product development, sharpening sales intelligence and improving support operations, all of which we expect to continue to expand the margin profile over time.

這種對全系統智慧的複利效應非常有意義。在內部，同一套 AI 基礎也正在加速產品開發、提升銷售情報並改善支援營運；我們預期這些都將持續推動長期的利潤率結構改善。

The results, higher accuracy, greater efficiency and a structural lower cost to serve with human accountability preserved for every compliance sensitive decision. In short, we are a system of record business with compounding data gravity operating in a highly regulated compliance critical environment.

成果是：更高的準確性、更高的效率，以及在保留對每一項合規敏感決策的人為責任承擔前提下，形成結構性更低的服務成本。簡而言之，我們是一家在高度監管、合規至關重要的環境中運作、具備資料引力複利效應的記錄系統（system of record）型企業。

This is an entirely different category than the SaaS segments where disruption concerns are most valid, and we remain confident in both the durability of our model and the opportunity that AI creates for us going forward. With that, I'd like to turn the call over to John to discuss our quarter one financial results in more detail and provide an update on our 2026 guidance. John?

這與那些最容易被認為會遭顛覆的 SaaS 細分領域完全不同；我們對自身模式的持久性，以及 AI 為我們帶來的未來機會，仍然充滿信心。接下來，我想把電話會議交給 John，請他更詳細地說明我們第一季的財務結果，並更新我們對 2026 年的財測指引。John？

Thanks, Pat. As Patrick noted, several figures discussed today are on a non-GAAP or adjusted basis. Reconciliations are available in our meeting, in our earnings release and our investor presentation at investor.asuresoftware.com. First quarter total revenues were $42.8 million compared to $34.9 million in Q1 2025, representing growth of 23% year-over-year. Recurring revenue for Q1 2026 was $37.8 million compared to $33.2 million in Q1 2025, an increase of over 14% year-over-year.

謝謝你，Pat。如 Patrick 所提到，今天討論的若干數字是以非 GAAP 或調整後基礎呈現。對帳表可在我們的會議資料、財報新聞稿，以及 investor.asuresoftware.com 上的投資人簡報中取得。第一季總營收為 4,280 萬美元，較 2025 年第一季的 3,490 萬美元成長，年增 23%。2026 年第一季經常性收入為 3,780 萬美元，較 2025 年第一季的 3,320 萬美元增加，年增超過 14%。

Recurring revenue represented approximately 88% of total revenue in the quarter. We believe that in 2026 recurring revenue as a percentage of total revenue will be in the low 90% range, and we anticipate that will continue to trend upwards in 2027. Professional services and hardware revenue was $5 million in Q1 2026 compared to $1.7 million in Q1 2025. The increase in nonrecurring revenue was primarily due to hardware sales from our Lathem acquisition and professional services tied to enterprise tax.

本季經常性收入約占總營收的 88%。我們認為 2026 年經常性收入占總營收的比重將落在 90% 出頭的區間，並預期在 2027 年將持續上升。2026 年第一季專業服務與硬體收入為 500 萬美元，較 2025 年第一季的 170 萬美元增加。非經常性收入的增加主要來自我們收購 Lathem 所帶來的硬體銷售，以及與企業稅務相關的專業服務。

Total revenue was relatively flat in Q1 2026 compared to Q1 2025. We have modeled two additional rate cuts in 2026, which we anticipate will be partially offset by continued growth in client fund balances. Gross profit for Q1 2026 was $30.5 million compared to $24.6 million in Q1 of 2025. GAAP gross margin for Q1 2026 was 71%, in line with Q1 of 2025. Non-GAAP gross margin for Q1 2026 was 76% compared to 75% in Q1 of 2025.

2026 年第一季的總營收相較 2025 年第一季大致持平。我們在模型中納入了 2026 年另外兩次降息，預期將部分被客戶資金餘額持續成長所抵銷。2026 年第一季毛利為 3,050 萬美元，較 2025 年第一季的 2,460 萬美元增加。2026 年第一季 GAAP 毛利率為 71%，與 2025 年第一季一致。2026 年第一季非 GAAP 毛利率為 76%，高於 2025 年第一季的 75%。

Net income for Q1 2026 was $0.6 million compared to a net loss of $2.4 million in Q1 of 2025. EBITDA for Q1 2026 was $9.4 million compared to $4.1 million in Q1 of 2025. Adjusted EBITDA for Q1 2026 of $12.3 million compared to $7.3 million in Q1 of 2025, an increase of 69% year-over-year.

2026 年第一季淨利為 60 萬美元，較 2025 年第一季淨損 240 萬美元改善。2026 年第一季 EBITDA 為 940 萬美元，較 2025 年第一季的 410 萬美元增加。2026 年第一季調整後 EBITDA 為 1,230 萬美元，較 2025 年第一季的 730 萬美元增加，年增 69%。

Adjusted EBITDA margin for Q1 2026 was 29% compared to 21% and in Q1 of 2025, an increase of approximately 800 basis points. For the full year, we continue to expect to generate positive unlevered free cash flow in the mid- to high teens range, which we calculate by taking adjusted EBITDA at the midpoint of our guidance range, less software capitalization of approximately $15 million to $16 million and approximately $6 million in cash interest cost.

2026 年第一季的調整後 EBITDA 利潤率為 29%，相較於 2025 年第一季的 21%，提升約 800 個基點。就全年而言，我們仍預期可產生中高十幾％區間的正向無槓桿自由現金流；我們的計算方式為：以指引區間中點的調整後 EBITDA，扣除約 1,500 萬至 1,600 萬美元的軟體資本化，以及約 600 萬美元的現金利息成本。

We ended the first quarter with cash and cash equivalents of $19.2 million and debt of $68.8 million as of March 31, 2026. Based on continued positive momentum in our business, we are updating our full year 2026 guidance and also providing Q2 guidance. It's important to keep in mind that the first quarter's are seasonally strong as recurring year-end W-2 ACA revenue is recognized in this period.

截至 2026 年 3 月 31 日，我們在第一季末的現金及約當現金為 1,920 萬美元，負債為 6,880 萬美元。基於我們業務持續的正向動能，我們正在更新 2026 年全年指引，並同時提供第二季指引。需要特別留意的是，第一季通常具有季節性強勁表現，因為年末經常性 W-2 ACA 收入會在此期間認列。

Full year 2026 guidance. Revenue of $159 million to $163 million and adjusted EBITDA margin of 23% to 25%. Q2 2026 guidance, revenue of $36 million to $38 million and adjusted EBITDA of $6 million to $8 million. Our cost structure, including CapEx and capitalized R&D is expected to remain relatively stable on a dollar basis. With that, I'll turn the call back to Pat for closing remarks.

2026 年全年指引。營收 1.59 億至 1.63 億美元，調整後 EBITDA 利潤率 23% 至 25%。2026 年第二季指引：營收 3,600 萬至 3,800 萬美元，調整後 EBITDA 600 萬至 800 萬美元。我們的成本結構（包含資本支出與資本化研發）預期以美元金額計將維持相對穩定。接下來我把電話交回 Pat 做結語。

Thanks, John. Quarter 1, 2026 marks continued progress towards the inflection point we've been building towards. With AsureCentral now substantially adopted across our direct client base, our Luna AI delivering measurable efficiency gains, AsureWorks getting early traction and our sales force growing towards 150 reps, we're executing on the plan we've been sharing with investors. We believe we are at an important inflection point in the business where growth and profitability are advancing together.

謝謝，John。2026 年第一季標誌著我們朝著一直在打造的拐點持續取得進展。隨著 AsureCentral 現已在我們的直客基礎中大幅採用、Luna AI 帶來可衡量的效率提升、AsureWorks 開始獲得初步牽引力，以及我們的銷售團隊成長至接近 150 名業務代表，我們正在執行一直與投資人分享的計畫。我們相信，公司正處於一個重要的拐點：成長與獲利能力正在同步提升。

This combination, top line momentum, bottom line discipline at the same time is what we've been working towards. And we're very pleased to be delivering on it. We remain on track toward our medium-term target of $180 million to $200 million in revenues, with adjusted EBITDA margins of 30% or better, a level we came within close range of during this quarter and in quarter four, 2025. And our longer-term vision, which we have discussed with investors reflects the potential for margins to expand well beyond 30% as we achieve scale.

這種同時具備營收端動能與獲利端紀律的組合，正是我們一直努力的方向。我們非常高興能夠交出這樣的成果。我們仍按計畫朝中期目標邁進：營收 1.8 億至 2 億美元，調整後 EBITDA 利潤率達 30% 或更高；本季以及 2025 年第四季，我們已非常接近這個水準。而我們與投資人討論過的長期願景，反映出隨著規模擴大，利潤率有機會擴張至遠高於 30%。

AI continues to reduce our cost to serve while simultaneously expanding our market and revenue opportunities. We're excited about 2026 and remain committed to delivering value to our shareholders, our clients and our stakeholders. Thank you for joining us today. And now I'll send the call back to the operator for the question-and-answer session. Operator?

AI 持續降低我們的服務成本，同時擴大我們的市場與營收機會。我們對 2026 年感到振奮，並將持續致力於為股東、客戶與利害關係人創造價值。感謝各位今天加入我們。接下來我把電話交回接線員，進行問答環節。接線員？

(Operator Instructions)

（接線員指示）

Jeff Van Rhee, Craig Hallum Capital Group.

Jeff Van Rhee，Craig Hallum Capital Group。

Just a couple of quick ones for you. On AsureCentral, I'm curious, now that you're getting a little further into it, what are you reserving with respect to the path of adoption as people get single sign on are getting explorers to more products? Just kind of curious what the paths of adoption are looking like so far?

我這邊只有幾個簡短問題。關於 AsureCentral，我想了解的是，現在你們推進得更深入一些後，對於採用路徑（例如大家開始使用單一登入、並探索更多產品）你們觀察到什麼？想請你談談目前看起來的採用路徑大概是什麼樣子？

Yes, really, really pleased. Attach rates were up about 15% year-over-year. People are really getting into the flow of it. And I think more important than that, it's one of the reasons why we also introduced AsureWorks. The bigger story for us with small and medium-sized businesses is we can go to a small business and say, hey, we'll give you the tools to manage compliance and across all products in human capital management or we can do the work for you.

是的，我們真的、真的很滿意。附加購買率（attach rates）年增約 15%。大家確實正在逐步進入使用流程。而我認為更重要的是，這也是我們推出 AsureWorks 的原因之一。對我們而言，中小企業更大的故事在於：我們可以對小型企業說，嘿，我們可以提供你工具，讓你在整個人力資本管理的所有產品上管理合規；或者我們也可以直接替你把事情做完。

And because we have the proof point of AsureCentral where all the products are under a single pane of glass, the light bulbs are starting to go on. So I think we're early innings yet. But boy, we're really, really pleased. And then our acquisition of Lathem, which we acquired in July, they're undergoing AsureCentral and they'll be largely done in the second quarter here. So really, really pleased with our sales motion, our customer service motion.

而且因為我們有 AsureCentral 的實證案例——所有產品都整合在同一個單一介面（single pane of glass）下——大家開始恍然大悟。所以我認為我們仍在早期階段。但我們真的、真的很滿意。另外，我們在 7 月收購的 Lathem 也正在導入 AsureCentral，預計在這裡的第二季大致完成。因此我們對銷售推進方式與客戶服務推進方式都非常、非常滿意。

And the other thing that's coming out which is interesting is the prompts or the trigger events. So if you get to 20 employees and -- now by law, you have to offer COBRA, it's almost a no-brainer to say, hey, do you want to sure to manage that for you as opposed to try to introduce that somewhere else? Or if you're in a state at 401(k) is a regulatory requirement hey, we noticed you don't have any 401(k) deductions, would you like us to help you with that plan. It's a real easy conversation. So we're just getting started, but those are some of the things that are popping out quickly.

另外一個有趣的現象是提示（prompts）或觸發事件（trigger events）。例如當你達到 20 名員工——依法你就必須提供 COBRA——這時候幾乎不用多想就可以說：嘿，你要不要讓 Asure 替你管理，而不是再去別的地方導入？或者如果你所在州把 401(k) 視為法規要求：嘿，我們注意到你沒有任何 401(k) 扣款，你是否希望我們協助你建立這個計畫？這是一個非常容易展開的對話。所以我們才剛開始，但這些都是很快就浮現出來的一些重點。

Yes. That's helpful. And in the deck, you talk about the expanding [PEPM]. Can you talk -- I mean, I can see you're taking it from 15 in 2020 to $100 in 2026. But where by your math, are you at this point in terms of PEPM any thoughts on '27, '28 trend to just get a sense?

是的。這很有幫助。另外在簡報中，你提到 PEPM 的擴張。[PEPM]。你能談談——我的意思是，我看到你們把它從 2020 年的 15 提升到 2026 年的 100 美元。但依你們的算法，目前這個時間點的 PEPM 大概是多少？對於 2027、2028 年的趨勢有什麼想法，讓我們有個概念？

I know what the potential is, but where are you and where do you think you can be?

我知道潛力在哪，但你們現在在哪裡、你覺得可以到哪裡？

Yes. What I would say right now is we have kind of an internal goal that we're shooting for two products to four products. because we have a direct model and an indirect model, et cetera, in the investor deck, we have 64% of our business in the small kind of mid business, and it's a focus area for more and more products. We'll have a better kind of RPU, but from an intentionality perspective, we were kind of in the area $12 to $15 per employee per month.

是的。我想我現在會說的是，我們內部有個目標，是從兩個產品提升到四個產品。因為我們有直銷模式與間接模式等等；在投資人簡報中，我們有 64% 的業務來自小型到中型企業，這也是我們推動更多產品滲透的重點領域。我們會有更好的 RPU（每用戶收入），但就策略意圖而言，我們目前大約在每位員工每月 12 到 15 美元的區間。

I think what you're going to see is a double here over the next three years or so. And you're going to see, I would say, we're pretty optimistic right now. But it is the first quarter. I think we'll have a better answer here when we get Lathem in probably on the second earnings call. But I would be disappointed with the -- that we don't do a double over the next two to three years here.

我認為你接下來會看到的是，未來三年左右會翻倍。而且我會說，我們目前相當樂觀。但這畢竟是第一季。我想等 Lathem 納入後，我們會有更好的答案，可能在第二次財報電話會議時。但如果未來兩到三年沒有翻倍，我會感到失望。

Yes. I mean you've certainly added an incredible amount of breadth to the product set over the last several years. So it makes sense. One last maybe for me on tax season impact. Just what was the seasonal uplift in Q1 from tax season?

是的。我的意思是，你們在過去幾年確實大幅擴充了產品組合的廣度。所以這很合理。我最後一個問題可能是關於報稅季的影響。第一季因報稅季帶來的季節性提升幅度是多少？

[Jeffie], are you talking W-2s or are you talking to flow. We were probably up in the area of 300,000 or so on W-2s and ACA. Some of our employee count, they have PEPM environment where we don't bill separately for W-2s. But for the ones we bill separately, it's about a 6% increase. And I would say anecdotally float balances ended the quarter and double-digit increase in float balances.

[Jeffie]，你是在問 W-2 的數量，還是在問浮存金（float）的情況。我們的 W-2 和 ACA 大概在 30 萬份左右。我們有一部分員工數是在 PEPM（每位員工每月）模式下，因此 W-2 不會另外計費。但對於那些我們會另外計費的客戶，大約是增加了 6%。另外就我個人的觀察，浮存金餘額在季末收官時呈現雙位數成長。

Joshua Reilly, Needham & Co.

Joshua Reilly，Needham & Co.

I just wanted to start off on the last piece you were talking about there with the forms growth. The 7% organic growth is pretty impressive versus what, 3.5% the last couple of years in the first quarter. How much of a headwind or a tailwind, I guess, was the forms growth in this March quarter versus the last couple of years? Because I know it's been a headwind the last couple of years, and I know you just threw out the 6% number. What was that referencing exactly? Was that the forms growth for the quarter?

我想先從你剛剛提到的表單（forms）成長那一段開始問。7% 的有機成長相當亮眼，相較於過去幾年第一季大概 3.5% 左右。我想問，這個 3 月季度的表單成長，相較於過去幾年，究竟帶來多少逆風或順風？因為我知道過去幾年它一直是逆風，而你剛剛也提到 6% 這個數字。那個 6% 具體是指什麼？是指本季的表單成長嗎？

That was the for growth. So really, Josh, there was no headwind in Forms growth. Maybe it's 1%.

那個是指表單的成長。所以其實，Josh，表單成長並沒有帶來逆風。頂多大概 1% 吧。

Got it. And in the prior two years, there was somewhat of a more of a headwind. Is that the right way to think about it? -- in this year?

了解。那在前兩年，確實是比較偏逆風一些。這樣理解對嗎？——相較於今年？

If you think that you had the great resonation and that you had have the great say, during a couple of those periods, turnover was really heavy which would add more to W-2s and then when you stay, it's a little bit less. So there was a headwind, a couple of percentage points in that area.

如果你回想一下，當時有「大離職潮」（great resignation），而且在其中幾個期間離職率非常高，這會讓 W-2 的數量增加；但當人員流動趨於穩定時，就會少一些。所以那時候大概有幾個百分點左右的逆風。

Got it. And then on the Las transition the business model transition, how is that going? Because the hardware revenue was a little bit above my estimates here for the March quarter. And just curious, is that still on track with your expectations entering the year?

了解。另外關於 LAS 的轉換、也就是商業模式的轉型，進展如何？因為 3 月季度的硬體營收比我預估的稍微高一些。想請教，這是否仍符合你們年初的預期進度？

Yes, I think so. I'm not sure that the hardware was that much up. I think we also had some pretty healthy professional services, Josh with regard to some of the larger tax implementations. So I think from my perspective, made was kind of in line with last year and nothing too crazy. In terms of the integration and the plan I would say we're going to be in earnest the back half of this year and into next, converting to that half model.

是的，我想是符合的。我不確定硬體是否真的高出那麼多。我認為我們也有一些相當不錯的專業服務收入，Josh，主要是與一些較大型的稅務導入案相關。所以以我的角度來看，整體大致與去年持平，沒有什麼太誇張的變化。至於整合與計畫，我會說我們會在今年下半年開始更積極推進，並延續到明年，轉換到那個「一半（half）模式」。

So early stages, and we haven't started to see that transition, which will, again, obviously be really good for the mix of revenue, right, turn it in and recurring, but it will put some pressure on the nonrecurring side, right? So on the compares, we're going to be adding a lot more recurring revenue in a couple of quarters, and you're going to see a decrease in nonrecurring. Again, good for the health of the business, but it will be a little bit of a transition in terms of the bag. And that's what we expect to happen kind of over the next, I would say, 18 months, two years.

所以目前還在早期階段，我們還沒有開始看到那個轉換；而那個轉換當然會對營收組合非常有利，會把它轉成更偏經常性（recurring），但也會對非經常性（nonrecurring）那一端造成一些壓力，對吧？因此在比較基期上，接下來幾個季度我們會增加更多經常性營收，同時你也會看到非經常性營收下降。這對公司體質是好事，但在「帳面呈現」上會有一段過渡期。而這就是我們預期在未來大概 18 個月到 2 年內會發生的情況。

Yes. And I would say really, really pleased with the Lathem acquisition overall. It was absolutely the right acquisition for us. Our customers love it. And anecdotally, the install times and the coordination around multiproduct implementations has gone really, really well.

是的。另外我想說，我們對 Lathem 這筆併購整體非常、非常滿意。這絕對是對我們而言正確的一筆收購。我們的客戶很喜歡它。而且就我個人的觀察，多產品導入的安裝時間與協調都進行得非常、非常順利。

Last point for me is on the enterprise payroll tax deals, can you just give us -- we've seen some kind of mixed feedback in the market about ERP migrations. How important is the cloud ERP migration for you or just any type of key migration for you to win business there? And can you still win some deals even if ERP migrations are in a period that's a little bit slower?

我最後一點想問的是企業端薪資稅（enterprise payroll tax）案子：市場上對 ERP 遷移有一些複雜、分歧的回饋。雲端 ERP 遷移對你們贏得這類業務有多重要？或是任何關鍵性的遷移對你們有多重要？如果 ERP 遷移進入相對放緩的階段，你們仍然能贏下一些案子嗎？

Yes. First of all, Josh, and I hope you appreciate this. In addition to analysts and investors, we have people from Team [red] on the call who is our primary competitor. So I can't go too much in detail like I used to be able to because they've noticed us. But anyway, what I'd like to talk about here is, first of all, the market for tax is really compelling. We have -- we think we're miles ahead of the competition.

可以。首先，Josh，我希望你能理解這點。除了分析師和投資人之外，我們的主要競爭對手 Team [red] 也有人在這通電話上。所以我不能像以前那樣講得太細，因為他們已經注意到我們了。不過我想先談的是，首先，稅務市場真的很有吸引力。我們認為我們在競爭上領先非常多。

I think we have a really good offering there. and we're going to continue to grow in that area. As far as ERP migrations or implementations, first of all, we do -- a lot of times, we are to tail at the dog in the sense that when somebody goes to an Oracle or UKG or an SAP or Workday, what happens is we are -- the timing of some of those deals or when they do implement with ERP.

我認為我們在那方面的產品方案非常好，而且我們會持續在那個領域成長。至於 ERP 遷移或導入，首先，我們很多時候其實是「尾巴跟著狗走」，意思是當客戶導入 Oracle、UKG、SAP 或 Workday 時，我們的案子時點往往會受到他們 ERP 導入時程的影響。

So sometimes that can lengthen an install center but -- install cycle -- but it absolutely -- actually, it's -- the market right now for compliance and tax services, especially with how we go about it with AI is very strong.

所以有時候這會拉長導入中心——導入週期——但它絕對——其實是——目前合規與稅務服務的市場非常強勁，尤其是我們結合 AI 的做法更是如此。

Got it, thank you very much.

了解，非常感謝。

Real quick, Josh, Eyal Goldstein is here. We're lucky to have him today. I don't know if you want to comment on that, please.

很快補充一下，Josh，Eyal Goldstein 也在現場。我們今天很幸運有他在。不知道你是否願意就此做個評論？

Yes, Josh. So we also have a really big opportunity, not only on the greenfield, new ERP deployments. But also the current installed base.

是的，Josh。所以我們也有一個非常大的機會，不僅是在綠地（greenfield）、全新 ERP 部署上。也包括既有的已安裝客戶基礎（installed base）。

And we're doing quite a bit of work within the current base, and we've got such a long runway there as well. So we're not seeing any impact from what might be happening with the broader group around ERP in general.

我們在既有客戶基礎內也做了相當多的工作，而那裡同樣有很長的成長跑道。因此，我們沒有看到 ERP 整體大環境可能發生的事情對我們造成任何影響。

Bryan Bergin, Cowen.

Bryan Bergin，Cowen。

It's actually Jared Levine for Bryan tonight-- to start, can you talk about your managed service offerings, the recent announcements there? What do you see in terms of the revenue opportunity, including the PEPM uplift specifically from those managed service offerings?

今晚其實是我 Jared Levine 代替 Bryan——先從這裡開始：你能談談你們的託管服務（managed service）產品，以及近期相關公告嗎？你們看到的營收機會如何，包括這些託管服務所帶來的 PEPM 提升（uplift），尤其是具體來自哪些部分？

Yes. I mean, first of all, I sure Works, we're really excited about it. The fact that we could do it all four or more a customer doesn't necessarily have to hire a full-time either payroll or HR professional and they can help us -- they can use us to help them. For from the trees, we see an opportunity of about $50 or so per employee per month, where we're doing the work for them.

好的。我的意思是，首先，我們對它非常興奮。我們能為客戶做全部或更多的事情，客戶不一定需要聘請全職的薪資或人資專業人員，他們可以——可以使用我們來協助他們。從整體來看，我們看到的機會大約是每位員工每月 50 美元左右，因為我們是在替他們完成這些工作。

Now some of that can change based on the size and scale of the customer and the breadth of what we're doing. But that's the kind of opportunity we see with AsureWorks.

其中有些會因客戶的規模與量體，以及我們所做事情的廣度而改變。但這就是我們在 AsureWorks 看到的那種機會。

We have had this in motion for quite some time. We had one of our resellers kind of pilot the program and we since acquired that reseller. And then we're rolling that model all across the country. I would say it's more of a '27, '28 initiative, but I do think you'll see somewhere around kind of $3 million to $5 million in opportunity in this year's revenue. But over time, it's going to continue to grow.

我們已經推動這件事相當一段時間了。我們曾讓其中一個經銷商算是先行試點這個方案，而我們後來也收購了那個經銷商。接著我們正把那個模式在全國各地推行。我會說這更像是 '27、'28 的計畫，但我確實認為今年的營收機會大概會落在 300 萬到 500 萬美元左右。但隨著時間推移，它會持續成長。

And that's what's exciting for us. And not only that, but when you can go to a customer, they don't need to go to a PEO or employee leasing to get all their kind of compliance and all their offering done where we can do it for them or the same software that we're doing in form they can use internally.

這也是讓我們感到興奮的地方。而且不只如此，當你去找客戶時，他們不需要去找 PEO 或員工租賃公司來把各種合規與各項服務都做齊；我們可以替他們做，或是提供我們正在使用的同一套軟體，以他們可在內部使用的形式提供。

We think that's a real compelling message. And even if we don't get the entire business, we're going to get a good majority of the business. So many times, we'll pitch that, if you will, and they'd say, well, maybe we'll start with HR compliance, and we'll start with benefits or we'll start with payroll tax in time. So we think we're just getting started. We had six people offering.

我們認為這是一個非常有說服力的訊息。即使我們拿不到全部業務，我們也會拿到其中很大一部分。很多時候，我們會這樣推介（如果你願意這麼說），他們會說，好吧，也許我們先從 HR 合規開始，或先從福利開始，或之後再從薪資稅務開始。所以我們認為我們才剛起步。我們有六個人提供這項服務。

We're selling it today. But clearly, we've exposed the sales organization and have a set of learning and development training going on to roll this out. So we're pretty bullish on this.

我們今天就在銷售它。但很明顯地，我們已讓銷售組織接觸到這項產品，並且正在進行一套學習與發展訓練來推動上線。所以我們對此相當看好。

Great. And then a follow-up here in terms of the guidance. So it looks like you then passed through all of the quarterly revenue and adjusted EBITDA beat -- anything to call out there? And just also want to confirm there was no kind of incremental M&A since the last earnings here.

很好。接著關於指引我有個追問。看起來你把季度營收與調整後 EBITDA 的超預期表現都反映進去了——這裡有什麼需要特別說明的嗎？另外也想確認，自上次財報以來沒有任何新增的併購（M&A）吧。

Yes. No M&A, since the last earnings. And again, we tried to kind of get you where we think we need to be for the rest of the year.

是的。自上次財報以來沒有併購。而且再說一次，我們試著把你們帶到我們認為今年剩餘期間需要達到的位置。

Eric Martinuzzi, Lake Street.

Eric Martinuzzi，Lake Street。

Yes. I wanted to ask about the -- when the Lathem folks come on to AsureCentral, will that entire base be viewed as kind of a multiproduct adoption customer base? In other words, should we see a spike in the percentage of customers when we have this same conversation.

是的。我想問的是——當 Lathem 的客戶導入 AsureCentral 時，那整個客戶群會被視為某種多產品採用的客戶基礎嗎？換句話說，當我們有同樣的對話時，客戶占比是否會出現一個跳升？

Eric, what I would say it depends, we're -- in our business, what we do is we have some stand-alone channels. We'll do a stand-alone tax channel, for example, where we partner with other payroll companies. We won't cross sell without their permission into those kind of companies that we have relationships with. And then what we do with Lathem is we have some other payroll companies that use Lathem and are partnered with them, and we'll respect that the same way.

Eric，我會說這要看情況——在我們的業務中，我們有一些獨立的通路。例如我們會做獨立的稅務通路，與其他薪資公司合作。未經他們允許，我們不會對那些與我們有合作關係的公司進行交叉銷售。而對於 Lathem，我們也有一些其他薪資公司在使用 Lathem 並與他們合作，我們會以同樣方式尊重這些關係。

But a large majority of the Lathem customers will be in AsureCentral. We're still going through kind of that floor, if you will, and those will all be available to cross-sell, et cetera. It hasn't really slowed us down because we prioritize AsureCentral and the upgrades with the customers that have already been sold with the cross-sell of Lathem products.

但 Lathem 客戶中的大多數會在 AsureCentral 上。我們仍在梳理那個底盤（如果你願意這麼說），而那些客戶都會可供交叉銷售等等。這並沒有真正拖慢我們，因為我們優先推進 AsureCentral，以及對已經售出並搭配 Lathem 產品交叉銷售的客戶進行升級。

So those customers are already on AsureCentral. We'll just continue to adopt them through the second quarter. It will, but no question, add velocity to our cross-sell approach and our attachment of those customers.

所以那些客戶已經在 AsureCentral 上了。我們只會在第二季持續推動他們採用。這會的，而且毫無疑問，會提升我們交叉銷售策略的速度，以及我們對這些客戶的附加銷售（attach）。

Got it. And then you talked about you're still on target for the 150 million sales reps by the end of the year. You finished out at 118, I believe, at the end of 2025. Are we talking about kind of a linear progression on our way to 2026? Or in other words, I guess a better way to ask the question is what's the sales headcount now?

了解。另外你提到年底前仍按計畫要達到 1.5 億的銷售代表（sales reps）。我記得你在 2025 年底是 118。我們談的是在邁向 2026 的過程中大致線性成長嗎？或者換個更好的問法：目前的銷售人力編制是多少？

Yes. We're about 10 under where I really would like to be and Eyals with me, and he can comment, but for us, we've been really choosing quality. If you think about where we're going with the AsureCentral and where we're going with the AsureWorks, we're looking for people that really have a consultative sell versus, let's say, a product sale. And maybe, Eyal, you could talk a little bit about some of the candidates and the flow there.

是的。我們大概比我真正希望達到的水位少 10 位；Eyal 也在這裡，他可以補充。不過對我們而言，我們一直在選擇品質。如果你想想我們在 AsureCentral 的方向，以及我們在 AsureWorks 的方向，我們在找的是更偏顧問式銷售的人，而不是比如說產品型銷售。也許 Eyal，你可以談談一些候選人以及目前的招募流量。

Yes. Yes. So we've -- historically, we've looked at more small business, transactional sales professionals, and that worked well for us where we had point solutions, and we're really selling more payroll tax deals than anything else.

是的。是的。所以我們——過去我們比較偏向找小型企業、交易型的銷售專業人士；在我們提供的是單點解決方案時，這對我們很有效，而我們實際上賣的多半是薪資稅務的案子，勝過其他任何東西。

Now that we're selling more of the broader product, the complete product and especially with AsureWorks, it's a much more consultative sell. It's a much more solution sell, much more disciplined around the sales process and needs analysis and demoing the product and the software, which we're really proud of these days.

現在我們賣的是更廣泛的產品、完整的產品，尤其是 AsureWorks，這就更偏顧問式銷售。這更像是解決方案式銷售，在銷售流程、需求分析，以及產品與軟體展示方面更有紀律；而我們最近對這些非常自豪。

And so that just is a different caliber and profile of a sales professional. Now the good news is, the folks we're bringing in check all those boxes and they're actually ramping a lot quicker than historically what reps were ramping at. But we're being more disciplined about who we're bringing in, and we feel confident we'll get to that $150 million by the end of the year.

因此，這就需要不同等級與輪廓的銷售專業人士。好消息是，我們引進的人都符合這些條件，而且他們的上手速度其實比過去代表的上手速度快很多。但我們在招募誰進來這件事上更有紀律，我們有信心在年底前達到那 1.5 億美元。

Richard Baldry, Roth Capital Partners.

Richard Baldry，Roth Capital Partners。

When you talk about accelerating to double-digit organic growth, can you talk maybe about the pieces that get you there? Presumably, some of it's the head count, but -- how much of it is ARPU and maybe how much visibility do you have into that acceleration, whether it's in pipeline retention rate changes, when rate changes, et cetera?

當你談到加速到雙位數的有機成長時，你能否談談讓你達到那裡的組成要素？推測其中一部分是人力編制，但——其中有多少來自 ARPU？以及你對這種加速的可見度有多高，例如在管線、留存率變化、費率變動等方面？

Yes. Rich, thank you. Definitely, the attach rate numbers are really positive, and we have pretty good retention on that. Candidly, in the fourth quarter and first quarter, we did a lot of professional services work. And I would say that one time probably is the only thing that's noise in the numbers sometimes because we have been a little onetime heavy.

是的。Rich，謝謝。附加率（attach rate）的數字確實非常正面，而且我們在那方面的留存也相當不錯。坦白說，在第四季和第一季，我們做了很多專業服務的工作。我會說，一次性項目可能是有時候數字裡唯一的雜訊，因為我們的一次性收入占比稍微偏高。

Now that ultimately will be a very strong indicator for us. But short term, some pets you have to grow over bigger compares on one time.

而那最終會成為對我們非常強的指標。但短期內，有些部分你必須在一次性收入基期較高的比較下去成長。

But what I would tell you is the ARPU, the attach rate, the number of reps, the rollout of AsureCentral, the rollout of AsureWorks, AsurePay we're right down the -- we're early days, but I would tell you, really good pipeline development, real good underpinning of the pipeline, real good focus on attach rates I can see from our deal alerts, we've had a really exciting not only first quarter, but second quarter and I can see it just based on our hiring profile in our learning and development as people get up to speed.

但我想告訴你的是，ARPU、附加率（attach rate）、業務代表人數、AsureCentral 的推廣、AsureWorks 的推廣、AsurePay——我們正處在——我們還在早期階段，但我會告訴你，管線開發非常好、管線的基礎非常扎實，對附加率的聚焦也非常到位；從我們的成交提醒（deal alerts）中我看得出來，我們不僅第一季表現令人振奮，第二季也同樣如此，而且我也能從我們的招募輪廓、以及學習與發展（learning and development）中看到，隨著大家逐步上手。

So we have pretty good visibility, but we're also want to be conservative in an environment that has a lot of global uncertainty, we, for that matter, really haven't pressed same-store sales or we have pressed a ton of employment growth or interest rate increases, right? So what we have tried to do is be conservative in our forecast. And hopefully, we can upside and produce an outside income or outside goals in the second half.

所以我們的能見度相當不錯，但在一個充滿全球不確定性的環境下，我們也希望保持保守；就此而言，我們其實並沒有把同店銷售（same-store sales）或就業成長、或利率上升等因素大幅納入假設，對吧？因此我們嘗試在預測上保持保守。也希望我們能在下半年帶來上行空間，並在第二季下半年達成超出收入或超出目標的表現。

And for a follow-up. Can you talk about the internal sort of use deployment of newer AI efficiency tools, how much do you feel that, that can help you either hold the line on costs in some areas, maybe cut costs to sort of bolster your EBITDA growth maybe in excess of what organic growth might otherwise argue?

再追問一下。你能談談內部在導入較新的 AI 效率工具方面的部署情況嗎？你覺得這能在多大程度上幫助你們在某些領域守住成本，或是降低成本，以推動 EBITDA 成長，甚至可能超過單純有機成長原本所暗示的幅度？

Rich, we're seeing it used all throughout the organization. I mean there's really not an area that's not started to investigate and start to deploy it. We're using it in the financial organization, just basic stuff like doing variance analysis and helping on the forecasting. The operations team is using it to again interact with customers and make things more efficient in those interactions with the processing the payrolls, sales team is doing a lot of work with the front end of analyzing customers and getting a lot more effective and a lot more throughput.

Rich，我們看到它在整個組織中都有在使用。我的意思是，幾乎沒有哪個領域沒有開始研究並著手部署。我們在財務組織中使用它，做一些基本工作，例如差異分析（variance analysis）以及協助預測。營運團隊也在使用它，來與客戶互動，並讓這些互動更有效率，包括處理薪資發放（payrolls）；銷售團隊則在前端做了很多工作，用於分析客戶，讓效率更高、產出（throughput）更大。

So I think we're seeing it throughout the organization. And I think it's really, really early days. It's pretty interesting. But you're exactly right. I think it's going to help.

所以我認為我們在整個組織都看到了它的應用。而且我認為這真的、真的還在非常早期。相當有意思。但你說得完全正確。我認為它會有所幫助。

I don't think we're going to necessarily want to exit a bunch of people. But what we're going to do is we're going to kind of change the profile of what they're doing, right? So if somebody was more on the data entry side, interaction with the customer that's going to go away or that's going to be much more diminished. They're going to be much more involved with making that customer happy, trying to solve their problems.

我不認為我們一定會想要裁撤一大批人。但我們會做的是，改變他們工作的內容輪廓，對吧？所以如果某個人原本比較偏向資料輸入、與客戶互動的部分，那些工作會消失，或是大幅減少。他們會更多投入在讓客戶滿意、嘗試解決客戶問題上。

And that goes back to the AsureWorks concept, right? Really going to be a lot closer and tighter with the people we've got servicing the customers and less on the data manipulation side of the business. So I think we can do that and not really change the cost structure, add to the top line. And ultimately, you're right, it's going to fall through to the bottom on the EBITDA.

而這也回到 AsureWorks 的概念，對吧？我們會讓服務客戶的人員與客戶之間的連結更近、更緊密，而在業務中較少著墨於資料處理（data manipulation）那一端。所以我認為我們可以做到這點，而不必真正改變成本結構，同時提升營收（top line）。最終，如你所說，這會反映到 EBITDA 的底線上。

Maybe if you could talk about sales and marketing.

也許你可以談談銷售與行銷。

Yes, Rich. So on the front end, we're using it quite a bit as well. And we're doing a lot on the marketing side around content creation and around being able to put out much more thought leadership much quicker. That's helped quite a bit for us.

好的，Rich。所以在前端，我們也大量使用它。在行銷端，我們做了很多內容創作方面的工作，也能更快地輸出更多思想領導（thought leadership）內容。這對我們幫助很大。

And then on the sales side, we're looking at quite a bit of tools, but what we've implemented already is some AI tools around the needs analysis and discovery. And again, as we do more of these larger deals in that 20 to 100 space. We're doing much more quicker research.

然後在銷售端，我們也在看不少工具；但我們已經導入的是一些用於需求分析與需求探索（needs analysis and discovery）的 AI 工具。同樣地，隨著我們在 20 到 100 這個區間做更多較大型的交易。我們能更快速地完成研究。

We're able to get output much quicker around certain company and maybe who they're competing with or their peers and help drive more of the front end of the sales process and making sure our reps are well versed and knowledgeable when they engage with the prospect as well as taking all of the data that they learn from an actual discovery or needs analysis and being able to put a pretty quick deliverable and output with all of our services tied to that.

我們能更快產出針對特定公司的資訊，例如他們可能的競爭對手或同業（peers），以推動更多銷售流程前端的工作，並確保我們的業務代表在與潛在客戶互動時具備充分的理解與專業；同時也能把他們在實際探索或需求分析中學到的所有資料整合起來，快速產出一份交付物與輸出，並把我們所有服務與之連結。

And then the ROI and value from it. All of that now for us is done through different AI tools, it's helped speed up quite a bit of the process for us on the front end. And frankly, now we're leaning into some more to some more technology around the actual outbound motion that we have around the demand gen. And we actually think that that will have quite a big impact on how many people were able to reach and having really good bespoke conversations with thousands more companies than we would normally have, leveraging more human motion around the business development side.

接著是 ROI 與其帶來的價值。對我們而言，這些現在都透過不同的 AI 工具完成，讓我們在前端流程上加速了不少。坦白說，我們現在也正加大投入更多技術，聚焦在我們實際的外呼動作（outbound motion）與需求開發（demand gen）。我們確實認為，這將對我們能觸及的人數帶來相當大的影響，並能與比平常多出數千家公司的客戶進行高度客製化（bespoke）的對話，同時在業務開發端更多運用人力推進（human motion）。

And then finally, Rich, just operationally, we quoted last quarter about 80,000 transactions that Luna assisted with and over $100,000 this quarter. And so that obviously helps us with scale it helps the customer experience where they're changing their W-4 with holding with Luna assisting and that. So I think what you're going to see is more velocity in the model, the financial model. I know in our long-term model, we had 40%. We believe over time we can achieve 50% and that's all AI-assisted.

最後，Rich，就營運面而言，我們上季提到 Luna 協助處理了大約 80,000 筆交易，而本季超過 100,000 筆。這顯然有助於我們擴大規模，也改善客戶體驗，例如他們在變更 W-4 扣繳（withholding）時由 Luna 協助處理等。所以我認為你會看到模型、財務模型的速度（velocity）提升。我知道在我們的長期模型中，我們假設是 40%。我們相信隨著時間推進可以達到 50%，而這些都是 AI 輔助達成的。

Greg Gibas, Northland Securities.

Northland Securities 的 Greg Gibas。

Could you discuss the pace of organic growth implied by your guidance through the balance of the year? And maybe what your updated expectations perhaps are the same of R4 professional services and hardware on a go-forward basis?

你能談談你們對今年剩餘期間的指引所隱含的有機成長速度嗎？另外，也想了解你們對 R4 專業服務與硬體在未來（go-forward basis）的最新預期，是否仍然相同？

Yes. So real quick at the midpoint of the guide, I think it puts us at kind of roughly around 15% full year year-over-year in terms of growth. I think it's going to be kind of split evenly. -- it will be a second half between the organic and inorganic based on the guide. So I think they're obviously the upside.

可以。所以很快地說，在指引中位數（midpoint）來看，我認為我們全年年增（year-over-year）成長大約落在 15% 左右。我認為依照指引，下半年在有機與非有機之間大致會平均分配——所以我認為顯然還有上行空間。

We don't have any acquisitions plan. So the upside to the numbers would be on the organic side. And right now, as we're sitting today.

我們沒有任何併購計畫。所以數字的上行空間會來自有機成長端。而就我們今天的狀況來看。

Just professional services and hardware considering it was a little higher than expected, but I know some of that is seasonal.

至於專業服務與硬體，考量到它比預期高一些，但我知道其中一部分是季節性因素。

Yes. I think it will normalize back down to we're going to be in the kind of high 90% recurring for the full year. I do think this quarter was a little heavier than the rest of the quarters.

是的。我認為它會回到較正常的水準，全年我們的經常性收入占比會落在約 90% 後段（high 90%）。我確實認為本季比其他季度稍微偏重一些。

Got it. Got it. And you maybe beat me through this one a little bit, but just on the outlook for reseller acquisitions, and you mentioned nothing since the last earnings. Could you remind us on what's been done year-to-date? And curious to hear your stance on incremental strategic platform acquisitions?

了解。了解。另外你可能已經部分回答了，但關於經銷商併購（reseller acquisitions）的展望，你提到自上次財報以來沒有新的動作。你能提醒我們今年截至目前（year-to-date）已完成了哪些嗎？也想聽聽你對於額外的策略性平台併購（incremental strategic platform acquisitions）的立場？

Or is the focus right now, just more integration, expanding the sales force and cross-sell opportunities and then even the Lathem model transition?

或者目前的重點只是更深度的整合、擴大銷售團隊與交叉銷售機會，甚至還包括 Lathem 模式的轉換？

Yes, certainly quick. I really feel pretty good about the components of our solution. We've pointed in an area where we strengthened the products around payroll and have done a really good job there. And then with the integration of AsureCentral the development at AsurePay. We just announced sure works here, but we've been working on that for a quarter.

是的，當然，很快。我對我們解決方案的各個組成部分真的感覺相當不錯。我們已經把重點放在強化薪資相關產品上，而且在那方面做得非常好。接著，隨著 AsureCentral 的整合，以及 AsurePay 的開發。我們剛宣布 AsureWorks（在這裡），但其實我們已經為此投入了一個季度。

I really think we got our product kind of set, if you will, -- now to me, it's attachment rates, ARPU, revenue per unit we're really going to try to cross-sell, et cetera.

我真的認為我們的產品算是已經就位了，如果你願意這麼說的話——現在對我而言，重點是綁定率（attachment rates）、ARPU、每單位收入（revenue per unit），我們真的會努力去做交叉銷售等等。

As a reminder, I thought Al did a wonderful job leading the sales organization. Historically, we're close to 70% new logo now we're closer to 50-50, and we're not dropping down new logos, right? So it really speaks to kind of broadening out the revenue. Now that being said, we do have a reseller kind of network, if you will, and we'll continue to add that. You see and we published some of the cost takeouts in that.

提醒一下，我覺得 Al 在帶領銷售組織方面做得非常出色。過去我們接近 70% 來自新客（new logo），現在更接近 50-50，而且我們並沒有降低新客的開發，對吧？所以這其實反映出我們在擴大營收來源的廣度。話雖如此，我們確實有一個經銷商（reseller）網路（如果你願意這麼稱呼），而且我們會持續擴充。你也看到我們公布了一些相關的成本削減（cost takeouts）。

model, but also now that we have the products and services to cross-sell and attach based on the reseller network. We think it's even more compelling to go that way. So I think you'll see a series of small acquisitions. I don't think you'll see anything major, but that will be our focus here.

（這個）模式，但同時，現在我們也有產品與服務可以透過經銷商網路來做交叉銷售與綁定。我們認為走這條路更具吸引力。所以我想你會看到一系列小型併購。我不認為你會看到任何重大的交易，但這將是我們在這裡的重點。

And to answer your question, yes, the only acquisition we talked about on the last earnings call was done kind of in the January time frame.

為了回答你的問題，是的，我們在上次財報電話會議中提到的唯一一項併購，是在大約 1 月的時間完成的。

Vincent Colicchio, Barrington Research.

Vincent Colicchio，Barrington Research。

Yes. Pat, could you talk to the health of your client base -- is it expanding? And are clients hiring in this environment?

是的。Pat，你能談談你們客戶基礎的健康狀況嗎——是否正在擴大？以及在這樣的環境下，客戶有在招募人手嗎？

It's a great question, Vince. I would say, in general, it's I think people are cautiously optimistic. I think in some cases, depending where you sit maybe oil prices has kind of swooped them a little bit or what have you, they definitely see a very strong opportunity in the business environment. In some cases, they have a stable employment workforce, which is great. They're trying to figure out kind of and separate what they're seeing is good cash register versus if they listen to a war or listen to all the kind of news some banks, it's a cause for base, right?

這是個很好的問題，Vince。我會說，整體而言，我認為大家是審慎樂觀的。我想在某些情況下，取決於你所處的位置，也許油價的變動對他們有些影響之類的，但他們確實看到商業環境中非常強的機會。在某些情況下，他們的就業人力相對穩定，這很好。他們正試著釐清並區分：他們看到的是真實的現金收銀機（cash register）表現良好，還是如果他們去聽戰爭消息或各種新聞、一些銀行的說法，那就會讓人擔心基本面（base），對吧？

And so I don't see employment growth growing at time here. And some of it's just demographic where you have a little bit of an aging population, you have as many people retiring as coming into the workforce. But I would certainly -- I see a lot of opportunities. I think Eyal, who's on the front line here would agree to that, I think. And for me, it's a very stable thriving small business workplace.

因此我沒有看到此刻就業成長在增加。其中一部分也只是人口結構因素：人口有些老化，退休的人數和進入勞動市場的人數差不多。但我當然——我看到很多機會。我想在第一線的 Eyal 也會同意這點。對我而言，這是一個非常穩定、蓬勃的小型企業職場環境。

And how should we think about the organic growth this quarter? Would you say it was broadly distributed across your core categories?

那我們應該如何看待本季的有機成長？你會說它大致分布在你們的核心類別之中嗎？

Yes. I'd say so. I think -- we're trying to get to a point where we describe the business and it's in the IR deck, there's a pie chart. I would say, in general, most of the growth this quarter was probably on the ACM platform side of the business as opposed to enterprise tax.

是的。我會這麼說。我想——我們正努力到達一個能夠描述業務的狀態，這也在 IR 簡報裡，有一張圓餅圖。我會說，一般而言，本季大部分的成長可能來自 ACM 平台這一側的業務，而不是企業稅務（enterprise tax）。

So that's the way I would think about it, Vince. I mean, I really think about -- that's the kind of the buckets that we're trying to describe the business. And so that's where the majority of the growth was this quarter.

所以我會這樣來看，Vince。我的意思是，我真的會把它——視為我們用來描述業務的那些「分桶」（buckets）。因此，本季大部分的成長就在那裡。

And as far as through the year, I think attach rates and RPU growth in small business is going to carry today. I think you're -- we've had some really good milestones of getting customers live and we see good prospects in the tax business that have continue to grow.

至於全年來看，我認為小型企業的綁定率與每單位收入（RPU）成長將會帶動表現。我想你會——我們在讓客戶上線方面達成了一些非常好的里程碑，而且我們也看到稅務業務有不錯的潛在客戶，並且持續成長。

I think we have some professional services and hardware that in some cases, we'll continue professional services as we implement, but as far as hardware, I think you'll see a moving of the mix from one time to reoccurring over a period of time, but we'll still have some onetime.

我認為我們有一些專業服務與硬體，在某些情況下，我們在導入時會持續提供專業服務；但就硬體而言，我想你會看到組合（mix）在一段時間內從一次性（one time）轉向經常性（recurring），不過我們仍會保留一些一次性收入。

And then we have some nonstrategic businesses that will, over time, not be as focused, but we'll continue to be with it. But really AsureWorks, AsureCentral, AsurePay, we're going to lean in there. And then we're going to absolutely grow our -- continue to grow our money movement and compliance offerings up and down the HR stack.

然後我們也有一些非策略性（nonstrategic）業務，隨著時間推移，我們不會那麼聚焦，但仍會持續經營。但真正的重點會放在 AsureWorks、AsureCentral、AsurePay，我們會加大投入。此外，我們也將絕對會擴大——持續擴大我們在 HR 堆疊（HR stack）上下游的資金流轉（money movement）與合規（compliance）產品。

We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Pat Goepel for closing comments.

我們的問答環節到此結束。現在我想把時間交還給 Pat Goepel 作結語。

Yes. I appreciate each and every one of you from an investor perspective and an analyst. We have a great analyst community, and they do a good job representing a sure software and then as far as if you've been an investor with us here a while we continue to make progress, I think we're pretty consistent. We have the investor deck on the customer website I would say we've done some non-deal roadshows. And with Patrick coming on board, we're going to have some conferences here throughout the year.

好的。我感謝各位投資人與分析師的支持。我們有一個很棒的分析師社群，他們在代表 Asure Software 方面做得很好；另外，如果你已經投資我們一段時間，你會看到我們持續取得進展，我認為我們相當一致。我們在客戶網站上放了投資人簡報（investor deck），我會說我們也做了一些非交易路演（non-deal roadshows）。而且隨著 Patrick 加入，我們今年也會參加一些會議。

And definitely, I'm coming to New York here soon on some investor conferences. So we look forward to meeting you and seeing you soon, and we're very thankful for you and just keep following our progress because we're pretty confident in our growth. Thank you.

而且我很快也會到紐約參加一些投資人會議。所以我們期待與各位見面、很快再見，也非常感謝各位；請持續關注我們的進展，因為我們對成長相當有信心。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與。