Avidxchange Holdings Inc (AVDX) 2024 Q4 法說會逐字稿

Good morning, everyone, and thank you for joining us for the AvidXchange Holdings, Inc. fourth quarter and full year 2024 earnings call.

大家早安，感謝您參加 AvidXchange Holdings, Inc. 2024 年第四季和全年財報電話會議。

Joining us on the call today is Mike Praeger, AvidXchange's Co-Founder and Chief Executive Officer; Joel Wilhite, AvidXchange's Chief Financial Officer; and Subhaash Kumar, AvidXchange's Head of Investor Relations.

今天參加電話會議的有 AvidXchange 聯合創始人兼首席執行官 Mike Praeger、AvidXchange 財務長 Joel Wilhite 和 AvidXchange 投資者關係主管 Subhaash Kumar。

Before we begin today's call, management has asked me to relay the forward-looking statements disclaimer that is included at the end of today's press release. This disclaimer emphasizes the major uncertainties and risks inherent in the forward-looking statements that the company will make this afternoon. Please keep these uncertainties and risks in mind as the company discusses future strategic initiatives, potential market opportunities, operational outlook and financial guidance during today's call.

在我們開始今天的電話會議之前，管理層要求我傳達今天新聞稿末尾的前瞻性聲明免責聲明。本免責聲明強調了公司​​今天下午將要做出的前瞻性陳述中固有的重大不確定性和風險。在今天的電話會議上，公司將討論未來的策略舉措、潛在的市場機會、營運前景和財務指導，請記住這些不確定性和風險。

Also, please note that the company undertakes no duty to update or revise forward-looking statements. Today's call will also include a discussion of non-GAAP financial measures, as that term is described in Regulation G. Non-GAAP financial measures should not be considered in isolation from or as a substitute for financial information presented in compliance with GAAP. Accordingly, at the end of today's press release, the company has provided a reconciliation of these non-GAAP financial measures to financial results prepared in accordance with GAAP.

另外，請注意，本公司不承擔更新或修改前瞻性陳述的義務。今天的電話會議還將討論非公認會計準則 (non-GAAP) 財務指標，因為該術語在 G 條例中有描述。非公認會計準則 (Non-GAAP) 財務指標不應孤立地考慮，也不應將其作為符合公認會計準則 (GAAP) 的財務資訊的替代。因此，在今天的新聞稿結束時，公司提供了這些非 GAAP 財務指標與按照 GAAP 編制的財務結果的對帳表。

With that, I will now turn the call over to Mike Praeger. Please go ahead.

現在，我將把電話轉給 Mike Praeger。請繼續。

Thank you, everyone, for joining us today to discuss AvidXchange's fourth quarter and full year 2024 results. We finished the quarter and the year on the strongest financial footing since we began our journey of delivering industry-leading accounts payable automation and payment solutions to our middle market customers 25 years ago.

感謝大家今天加入我們討論 AvidXchange 2024 年第四季和全年業績。自 25 年前開始為中階市場客戶提供業界領先的應付帳款自動化和支付解決方案以來，我們以最強勁的財務基礎結束了本季和全年。

Our fourth quarter 2024 results exceeded implied expectations across all of our core financial metrics. This includes better-than-expected revenues, gross margin, EBITDA margin and non-GAAP diluted earnings per share despite what has been and remains a challenging macro backdrop impacting our middle market customers.

我們 2024 年第四季的業績超出了所有核心財務指標的隱含預期。儘管宏觀環境一直充滿挑戰，影響著我們的中端市場客戶，但我們的營收、毛利率、EBITDA 利潤率和非 GAAP 稀釋每股盈餘仍優於預期。

Our better-than-expected fourth quarter financial results were augmented by our strong free cash flow generation and disciplined capital allocation. Notably, we repurchased an additional $25 million worth of AvidXchange shares during the fourth quarter of 2024, underscoring the long-term confidence we have in our business.

我們第四季的財務表現優於預期，這得益於我們強勁的自由現金流產生和嚴格的資本配置。值得注意的是，我們在 2024 年第四季回購了價值 2,500 萬美元的 AvidXchange 股票，這突顯了我們對業務的長期信心。

This brings the total shares repurchased in 2024 to $50 million. The maximum (inaudible) was in a calendar year under the $100 million share repurchase program we announced in August of 2024.

這使得 2024 年回購的股票總額達到 5,000 萬美元。最高限額（聽不清楚）是在我們於 2024 年 8 月宣布的 1 億美元股票回購計畫下的一個日曆年內。

The common denominator underlying our strong financial results this past quarter and since our October 2021 IPO, particularly around gross margins, EBITDA margins and operating cash flow generation is our operating discipline around the levers within our control.

我們上個季度以及自 2021 年 10 月 IPO 以來強勁的財務業績（尤其是在毛利率、EBITDA 利潤率和經營現金流產生方面）的共同點是我們對可控槓桿的經營紀律。

This operating discipline, coupled with our multiple innovation work streams, including our AI initiatives within our products and payment delivery as well as service automation has enabled us to counter much of the macro headwinds impacting our margins.

這種營運紀律，加上我們的多項創新工作流程，包括我們產品和支付交付中的人工智慧計畫以及服務自動化，使我們能夠應對影響我們利潤率的許多宏觀不利因素。

This has resulted in another quarter of non-GAAP gross and adjusted EBITDA margin expansion since our IPO and also achieving our 75% targeted margin milestones outlined during our June 2023 Investor Day. And 2024 was no exception in which we saw more than 4 percentage points of gross margin expansion over 2023 alone, and greater than 10 percentage points of EBITDA margin expansion over 2023.

這使得我們自首次公開募股以來的非 GAAP 毛利潤率和調整後 EBITDA 利潤率又擴大了一個季度，並且還實現了我們在 2023 年 6 月投資者日期間概述的 75% 的目標利潤率里程碑。2024 年也不例外，毛利率比 2023 年增加了 4 個百分點以上，EBITDA 利潤率比 2023 年增加了 10 個百分點以上。

What has overshadowed the strong execution on margins is the macroeconomic environment, which remains mixed. This is particularly the case in the instance of our top-of-funnel customer engagement and buyer logo growth metrics.

宏觀經濟環境依然好壞參半，掩蓋了利潤率的強勁表現。在我們的漏斗頂端客戶參與度和買家識別成長​​指標中尤其如此。

On the positive side in 2024, we saw pockets of modest, but positive growth in the top of funnel across three of our largest and in many cases, strongest tenured verticals by revenue, transactions and total payment volume, including our real estate, financial services and our media verticals, as well as declines moderating in the HOA vertical.

2024 年積極的一面是，我們看到我們三個最大的、在許多情況下也是最強的長期垂直行業（按收入、交易量和總支付量計算）的漏斗頂部出現了適度但積極的增長，包括我們的房地產、金融服務和媒體垂直行業，同時 HOA 垂直行業的下降幅度有所緩和。

While the overall top of funnel opportunities were down roughly 2%, some of which was due to changes in our go-to-market motion over the 2023 and 2024 period and some due to the macroeconomic environment, the growth in the buyer customer logo count for 2024 was better on a relative basis, up over 6%, driven by higher quality opportunity lead generation across our ERP partner-related channels, this compared to buyer customer logo count growth of 8.1% in 2023 with a top of funnel that grew in double digits.

雖然漏斗頂部機會的整體下降了約 2%，其中一些是由於我們在 2023 年和 2024 年期間的上市動向的變化，還有一些是由於宏觀經濟環境，但 2024 年買方客戶標識數量的增長相對更好，增長超過 6%，這得益於我們 ERP 合作夥伴相關線索中更高質量的機會生成線索生成線索， 8.1%，漏斗頂部成長了兩位數。

Given the impact of the macroeconomic dynamics across the middle market customer base, we are steadfast in the belief of solidifying our growth foundation and the future growth levers of our business remain a key priority to drive our business flywheel and create a durable growth business along with increasing our competitive moat around the middle market for many years to come.

鑑於宏觀經濟動態對中端市場客戶群的影響，我們堅信鞏固我們的成長基礎，而我們業務的未來成長槓桿仍然是推動我們業務飛輪和創造持久增長業務的關鍵優先事項，同時在未來許多年內增強我們在中端市場的競爭護城河。

Middle-market finance leaders remain focused on productivity and profitability. And they are looking for business process domain experts with scalable solutions such as AvidXchange to unlock the opportunity for themselves and their suppliers.

中型市場金融領導者仍然關註生產力和獲利能力。他們正在尋找具有可擴展解決方案（例如 AvidXchange）的業務流程領域專家，為自己和供應商釋放機會。

This is where AvidXchange shines. As an industry leader with the best-of-breed scalable AP automation and payment solutions to address the large opportunity set, recently signed and highly strategic ERP integration and reseller partnerships, of which I will provide an update later in my prepared remarks, should underscore our confidence in the future organic growth trajectory of our business.

這就是 AvidXchange 的閃光點。作為行業領導者，我們擁有一流的可擴展 AP 自動化和支付解決方案來應對巨大的機遇，最近簽署的高度戰略性的 ERP 集成和經銷商合作夥伴關係（我將在稍後準備好的發言中提供最新信息）應該強調我們對未來業務有機增長軌蹟的信心。

Similarly, customers such as DRM, also highlight how we are well positioned across the middle market and are rapidly unlocking tangible benefits and cost and time savings for them. DRM is a major player in the hospitality industry, which is a relatively new formal vertical for us and has been seeing healthily growing momentum. DRM is one of the largest franchisees for [Arby's], the world's largest second sandwich brand with over 3,400 locations worldwide.

同樣，DRM 等客戶也強調了我們如何在中端市場佔據有利地位，並迅速為他們帶來切實的利益以及成本和時間的節省。DRM 是酒店業的主要參與者，這對我們來說是一個相對較新的正式垂直領域，並且一直呈現健康的成長勢頭。DRM 是 [Arby's] 最大的特許經營商之一，[Arby's] 是世界上最大的第二大三明治品牌，在全球擁有 3,400 多家分店。

Upon joining DRM, CFO (inaudible) immediately turned his focus to revamping and streamlining their accounts payable process. Given that is both manual and paper intensive with immensely inefficient approval workflows, which pose challenges to DRMs ability to scale their back office to keep up with our overall growth. With NetSuite as its core accounting system, Mike adopted AvidXchange's invoice and payment solution given our deep integration with their NetSuite software.

加入 DRM 後，財務長（聽不清楚）立即將注意力轉向改善和簡化其應付帳款流程。由於審批流程極其低效，需要大量人工和紙張，這對 DRM 擴展後台辦公室以跟上我們整體成長的能力提出了挑戰。由於 NetSuite 是其核心會計系統，Mike 採用了 AvidXchange 的發票和付款解決方案，因為我們與他們的 NetSuite 軟體深度整合。

With our solution, DRM was able to support its double-digit growth objectives without any additional accounts payable headcount, which translating to over $60,000 in annual cost savings and created a great user experience with his team of AP specialists, leveraging our built inside NetSuite integration and user experience.

透過我們的解決方案，DRM 能夠在不增加任何應付帳款員工的情況下支援其兩位數的成長目標，這意味著每年可節省超過 60,000 美元的成本，並與其 AP 專家團隊一起創造了出色的用戶體驗，利用我們內建的 NetSuite 整合和用戶體驗。

As [Mike] stated, "I took leap of faith when I joined the DRM team and asked them to change the way they work by automating accounts payable with AvidXchange, and I couldn't be more pleased with the outcome."

正如 [Mike] 所說，“當我加入 DRM 團隊時，我大膽地要求他們通過使用 AvidXchange 自動化應付帳款來改變他們的工作方式，我對結果非常滿意。”

Turning now to some of the performance highlights and metrics from the fourth quarter of 2024 that underscore our value proposition and operational execution in action. Revenue in the fourth quarter was approximately $115 million, up roughly 11% year-over-year.

現在來看看 2024 年第四季的一些業績亮點和指標，這些亮點和指標凸顯了我們的價值主張和營運執行。第四季營收約 1.15 億美元，年增約 11%。

The growth in the quarter was led by a combination of increased transaction volume and transaction yield growth. Non-GAAP gross margin meanwhile hit a milestone coming in at almost 75% and were up 350 basis points over last year at the top end of our 72% to 75% non-GAAP gross margin target ahead of our 2025 objective we set over a year ago during our last Investor Day.

本季的成長主要得益於交易量增加和交易收益成長。同時，非公認會計準則毛利率達到了一個里程碑，接近 75%，比去年增長了 350 個基點，達到了我們 72% 至 75% 的非公認會計準則毛利率目標的最高水平，提前實現了我們在上一次投資者日設定的 2025 年目標。

Our continued focus on automation, implementation of AI across significant work streams, sourcing, along with standardization, which are in various stages of the maturity curve continue to bear fruit. Along with solid operating expense discipline, adjusted EBITDA margins on the quarter, reaching almost 23%, once again hitting the milestone we committed to during our Investor Day.

我們持續專注於自動化、在重要工作流程中實施人工智慧、採購以及標準化，這些都處於成熟度曲線的不同階段，並將繼續取得成果。除了嚴格的營運費用控制外，本季調整後的 EBITDA 利潤率達到近 23%，再次達到了我們在投資者日承諾的里程碑。

Our important transaction yield metric, which is the total revenues over total transactions was up more than 6% to reach $5.80 per transaction. It is worth reminding investors that transaction yield is a metric that we have consistently messaged since our IPO as a primary metric we focus on across our leadership team, and it demonstrates the power and effectiveness of our AvidXchange business flywheel.

我們重要的交易收益率指標，即總收入與總交易量的比率，增長了 6% 以上，達到每筆交易 5.80 美元。值得提醒投資者的是，交易收益率是我們自 IPO 以來一直強調的指標，也是我們領導團隊關注的主要指標，它證明了我們的 AvidXchange 業務飛輪的強大功能和有效性。

With that overview, I'm going to highlight the four operating priorities for 2025, which we believe will help us deliver our long-term growth potential while continuing to expand our margins even further. I will use the four years of the AvidXchange's business flywheel to describe and highlight some of the initiatives that are in flight that will support these priorities.

透過這項概述，我將重點介紹 2025 年的四個營運重點，我們相信這將有助於我們實現長期成長潛力，同時繼續進一步擴大我們的利潤率。我將利用 AvidXchange 四年的業務飛輪來描述和強調正在進行的一些支持這些優先事項的舉措。

Our four operating priorities for this year are as follows: number one, continue building the foundation of future growth through ERP integrations and embedded partnerships along with continued vertical market expansion.

我們今年的四大營運重點如下：第一，繼續透過 ERP 整合和嵌入式合作夥伴關係以及持續的垂直市場擴張來建立未來成長的基礎。

Number two, deliver on key product innovation pipeline highlighted by our Payment Accelerator 2.0 offering, our Pay 2.0 platform and our new spend management platform.

第二，實現以我們的支付加速器 2.0 產品、我們的支付 2.0 平台和我們的新支出管理平台為重點的關鍵產品創新管道。

Number three, scaling our various new products to support all 8,500 buyer customers and our roughly 1.4 million supplier customers in delivering the value proposition they expect from AvidXchange.

第三，擴展我們的各種新產品，以支援所有 8,500 個買家客戶和大約 140 萬供應商客戶實現他們期望從 AvidXchange 獲得的價值主張。

And finally, priority number 4, continue to elevate the customer experience across AvidXchange's product suite for both our buyer and supplier customers across our purpose-built two-sided network.

最後，第四個優先事項是繼續提升 AvidXchange 產品套件的客戶體驗，透過我們專門建立的雙邊網絡，為我們的買家和供應商客戶提供更好的體驗。

To build on the (inaudible) 1, 2 and 3, which are about creating robust customer-focused ERP integrations as well as maximizing transactions and monetization on our platform to drive growth and scale. I am very pleased to provide an update on some of the previously announced and notable ERP integrations in our embedded pay partnerships.

在（聽不清楚）1、2 和 3 的基礎上，創建強大的以客戶為中心的 ERP 集成，以及最大化我們平台上的交易和貨幣化，以推動成長和規模。我很高興提供有關我們嵌入式支付合作夥伴關係中一些先前宣布的值得注意的 ERP 整合的最新資訊。

As stated in the past, we believe that a large number of our valuable ERP integrations and consequential strategic partnerships, coupled with our product innovation pipeline lays the foundation for future growth. For instance, recently announced a notable large software integration partnerships such as AppFolio and M3 spanning the real estate, HOA and hospitality verticals are beginning to gain steam.

正如過去所說，我們相信，大量寶貴的 ERP 整合和重要的策略合作夥伴關係，加上我們的產品創新管道，為未來的成長奠定了基礎。例如，最近宣布的引人注目的大型軟體整合合作夥伴關係（如 AppFolio 和 M3）涵蓋房地產、HOA 和酒店業等垂直領域，並開始蓬勃發展。

AppFolio partnership, which has roughly 19,000 product market fit targeted customers went live in early 2024 and is seeing a doubling in customer engagement lead flow to several hundred with close rates, almost doubling in the last year alone. M3 on the other hand, with a product market fit target customer base of roughly 1,000 is progressing even faster, with (inaudible) tripling to hundreds with close rates up almost 4 times in last year.

AppFolio 合作夥伴關係於 2024 年初上線，擁有約 19,000 名產品市場契合的目標客戶，客戶參與度線索流量翻了一番，達到數百個成交率，僅在去年就幾乎翻了一番。另一方面，M3 的產品市場契合度目標客戶群約為 1,000，並且發展速度更快，去年 (聽不清楚) 增長了兩倍，達到數百個，成交率增長了近 4 倍。

We believe that the momentum of these two partnerships is building because of our partners' continued commitment, which is fueled by the recognition of our industry-leading payment monetization and the rapid and quantifiable ROI for their customers by leveraging our highly dense purpose-built two-sided network.

我們相信，這兩個合作夥伴關係的勢頭正在增強，因為我們的合作夥伴持續的承諾，而這種承諾源於對我們行業領先的支付貨幣化的認可，以及通過利用我們高度密集的專用雙邊網絡為他們的客戶帶來快速且可量化的投資回報率。

While these two highlights are just part of the class of 2023 partnerships alone, 2024 was another productive year for the partnerships across our HOA, health care, financial service verticals that included Buildium, DSOs, Cadence Bank, to name a few.

雖然這兩個亮點只是 2023 年合作夥伴關係的一部分，但 2024 年對於我們的 HOA、醫療保健、金融服務垂直領域的合作夥伴關係來說又是豐收的一年，其中包括 Buildium、DSO、Cadence Bank 等等。

And we anticipate that these partnerships should start to gain traction in a similar way as AppFolio and M3 during the latter part of 2025, and meaningful into 2026. All in, we are excited about the momentum building across our business flywheel with these partnerships and look forward to announcing additional ERP and payment embedded partnerships as they progress in the pipeline in the coming quarters.

我們預計，這些合作關係將在 2025 年下半年開始以與 AppFolio 和 M3 類似的方式獲得發展，並在 2026 年產生深遠影響。總而言之，我們對這些合作夥伴關係為我們的業務飛輪帶來的發展勢頭感到非常興奮，並期待在未來幾季中宣布更多 ERP 和支付嵌入式合作關係的進展。

Now I'd like to provide an update on the new products that are in the foundation of our future growth and should drive gears three and four of our business flywheel. Under gear three of our business flywheel, which is all about monetizing payment volume and maximizing e-payment penetration by leveraging the new payment modality, product innovation to continue eliminating paper checks, 2025 marks a pivotal year as we ramp up the key functionalities of our new AvidPay 2.0 payments platform, which serves as the foundation of our AvidPay network.

現在，我想介紹一下新產品的最新情況，這些產品是我們未來成長的基礎，並將推動我們業務飛輪的第三和第四齒輪。在我們的業務飛輪的第三檔下，我們的重點是透過利用新的支付方式和產品創新來繼續消除紙本支票，從而將支付量貨幣化並最大限度地提高電子支付滲透率，2025 年是關鍵的一年，因為我們將加強新的 AvidPay 2.0 支付平台的關鍵功能，該平台是我們 AvidPay 網路的基礎。

We believe that the capabilities of AvidPay 2.0 will enable us to create new payment modality offerings to real-time configuration, combining pricing terms, speed of settlement, access to remittance data and payment acceptance automation, eliminating the need for lengthy software development dependencies along with supporting our ability to manage numerous new payment modalities that serve to create a payment acceptance value proposition for our customers that is second to none.

我們相信，AvidPay 2.0 的功能將使我們能夠創建即時配置的新型支付模式產品，結合定價條款、結算速度、匯款資料存取和支付接受自動化，消除對冗長的軟體開發依賴的需要，同時支援我們管理眾多新支付模式的能力，從而為我們的客戶創造無與倫比的支付接受價值主張。

With AvidPay 2.0, we anticipate increasing our penetration and share of our buyers, customers' payment files in several ways while capturing greater transaction economics. First, improvements in critical to pay supplier information, coupled with additional payment mechanisms, we believe will allow us to offer a variety of guaranteed solutions for time-sensitive payments.

借助 AvidPay 2.0，我們期望以多種方式提高我們在買家和客戶支付文件中的滲透率和份額，同時獲得更大的交易經濟效益。首先，我們相信，對支付供應商資訊至關重要的改進，加上額外的支付機制，將使我們能夠為時間敏感的支付提供各種有保障的解決方案。

Second, by expanding our payment network solutions, we aim to increase e-payment adoption, which will enhance overall payment monetization, reduce mail check volume and accelerate payment speed along with significantly reducing payment fraud as we estimate that with B2B payments, almost 90% of fraud relates to paper checks.

其次，透過擴展我們的支付網路解決方案，我們旨在提高電子支付的採用率，這將提高整體支付貨幣化，減少郵寄支票量，加快支付速度，同時顯著減少支付欺詐，因為我們估計，對於 B2B 支付，幾乎 90% 的欺詐與紙質支票有關。

Third, our enhanced ability to customize product payment modalities, speed remains and price in real time to drive additional e-payment adoption for both buyers and their suppliers.

第三，我們增強了客製化產品支付方式、速度和即時價格的能力，以推動買家及其供應商更多採用電子支付。

Finally, with our new AvidPay 2.0 platform, we believe that we have not only enhanced revenues through expanded buyer and supplier products, greater payment and monetization and increased share of wallet, but also improve our cost structure in both hard and soft operational costs, including direct expense of reducing paper check payments.

最後，我們相信，憑藉我們全新的 AvidPay 2.0 平台，我們不僅可以透過擴大買家和供應商產品、提高支付和貨幣化程度以及增加錢包份額來提高收入，而且還能改善我們的成本結構，包括硬運營成本和軟運營成本，包括減少紙質支票支付的直接費用。

Taken together, these things should create substantial opportunity for us in terms of revenue growth and margin expansion as we convert their paper check suppliers to accepting one of our many forms of e-payment.

總的來說，隨著我們讓紙本支票供應商接受我們多種電子支付的方式之一，這些因素將為我們在收入成長和利潤擴大方面創造巨大的機會。

In addition to Pay 2.0, and also under gear 3 of our AvidXchange flywheel, we've launched initiatives to fast track existing new check conversion into electronic payments (inaudible) the extended network payments, these efforts go hand-in-hand with new offerings being rolled out as part of AvidPay 2.0 in a highly strategic in value. In fact, the new efforts could represent a function change in reducing the number of checks, which has represented around 55% of payment transaction mix today.

除了 Pay 2.0 之外，在我們的 AvidXchange 飛輪的第三檔下，我們還推出了一些舉措，以加快將現有的新支票轉換為電子支付（聽不清）和擴展的網絡支付，這些努力與作為 AvidPay 2.0 的一部分推出的新產品齊頭並進，具有高度的戰略價值。事實上，新的舉措可能代表著減少支票數量的功能變化，支票目前佔支付交易組合的 55% 左右。

We've entered into a strategic partnership with a large financial technology firm and the various other such partnerships in process within the financial services ecosystem to accelerate the conversion of paper checks with specialty networks of suppliers into electronic payments, which should bear fruit in 2025. We look forward to discussing this in greater detail as the year unfolds.

我們與一家大型金融科技公司建立了策略合作夥伴關係，並在金融服務生態系統中正在建立其他各種此類合作夥伴關係，以加速透過專業供應商網路將紙本支票轉換為電子支付，這將在 2025 年取得成果。我們期待在未來更詳細地討論這個問題。

Also under gears 3 and 4 of our business flywheel, which is about both maximizing e-payment penetration and leveraging innovation and data to create new product offerings, we plan to significantly scale our flagship (inaudible) 2.0 supplier financing offering in 2025.

此外，在我們的業務飛輪的第三檔和第四檔下，既要最大限度地提高電子支付滲透率，又要利用創新和數據來創造新的產品，我們計劃在 2025 年大幅擴展我們的旗艦（聽不清）2.0 供應商融資產品。

For those new to our story, Payment Accelerator 2.0 is our supplier financing product where suppliers can elect to have eligible invoices advanced for immediate payment. We have had version 1.0 of our product in the market for the past few years, which has generated a lot of learnings and interest across suppliers.

對於剛了解我們故事的人來說，Payment Accelerator 2.0 是我們的供應商融資產品，供應商可以選擇預付符合條件的發票以便立即付款。過去幾年，我們的產品 1.0 版本已在市場上推出，引起了供應商的大量學習和興趣。

The version 2.0, which was launched at the end of 2023, marks a step function change in the product. This 2.0 project is the next generation in terms of user experience with enhanced features and functionality that should drive scalability.

2023 年底推出的 2.0 版本標誌著該產品功能的重大變革。就使用者體驗而言，這個 2.0 專案是下一代，具有增強的特性和功能，可以提高可擴展性。

To put it into perspective, Payment Accelerator 2.0's target service level agreements compared to its predecessor are compressing the onboarding times of less than 24 hours from several days previously. In the near future, we expect to be able to compress that time frame down to minutes.

具體來說，與前代產品相比，Payment Accelerator 2.0 的目標服務等級協定將入職時間從先前的幾天壓縮到 24 小時以內。在不久的將來，我們希望能夠將該時間範圍壓縮到幾分鐘。

What makes this process frictionless is that having both the buyer and the supplier on our AvidPay network, we eliminate the need for traditional underwriting processes, which typically requires historical financial statements from a supplier.

使這項流程變得順暢的原因是，由於買家和供應商都在我們的 AvidPay 網路上，我們消除了對傳統核保流程的需求，而傳統核保流程通常需要供應商的歷史財務報表。

This means leveraging supplier and buyer history and transaction data as well as real-time visibility into the status and approvals inherent on our two-sided network to underwrite and lower the credit risk as well as providing protective provisions across the entire flow of invoices that a particular supplier may have on our network.

這意味著利用供應商和買家的歷史和交易資料以及對我們雙邊網路固有的狀態和批准的即時可見性來承保和降低信用風險，並為特定供應商在我們的網路上可能擁有的整個發票流程提供保護條款。

The rapid onboarding process is also a result of the platform's highly integrated back end that is designed to simultaneously validate the suppliers bank account information, along with know your customer and know your business compliance regulations.

快速的入職流程也是該平台高度整合的後端的結果，該後端旨在同時驗證供應商的銀行帳戶信息，以及了解您的客戶和了解您的業務合規性法規。

Real time as a supplier validates an online questionnaire of legal entity data and beneficial ownership information. Once onboarded, our suppliers presented with multiple acceleration offers with transparent pricing and various time-based funding options, including real-time payments.

即時作為供應商驗證法人實體資料和受益所有權資訊的線上問卷。一旦加入，我們的供應商就會提供多種加速優惠，包括透明的定價和各種基於時間的融資選擇，包括即時付款。

In addition to the payment accelerator offering outlining the eligible supplier invoices to be available for acceleration, we also provide an auto fund option where our intelligent decision engine automatically identifies all of the suppliers eligible invoices and fund them automatically, ensuring the fastest access to cash availability every time ineligible invoice is available on our network.

除了支付加速器提供可加速的合格供應商發票外，我們還提供自動資金選項，我們的智慧決策引擎會自動識別所有供應商的合格發票並自動為其提供資金，確保每次在我們的網路上出現不合格發票時都能最快地獲得現金。

The rolling three-month volume of dollars accelerated in the number of new payment accelerator customer enrollment has already more than doubled, giving us confidence that the ramp targeted for Payment Accelerate 2.0 potentially achieve revenue parity with 1.0 version this year.

連續三個月，新支付加速器客戶註冊數量的美元加速量已經增加了一倍以上，這讓我們有信心，今年支付加速器 2.0 的目標增長可能實現與 1.0 版本收入持平。

Finally, I would like to provide an update on our operational strategy that has been instrumental in efficiently scaling the business while lowering unit cost and driving our impressive gross margin expansion. We made tremendous strides in increasing our non-GAAP gross margins, and we expect there's more to come.

最後，我想介紹我們的營運策略的最新情況，該策略有助於有效擴大業務規模，同時降低單位成本並推動我們令人印象深刻的毛利率擴張。我們在提高非公認會計準則毛利率方面取得了巨大進步，我們預計未來還會有更大的進步。

Since our IPO in 2021, even stripping out the contribution from float and seasonal political revenues, our non-GAAP gross margins have been up almost 10 percentage points to almost 70%. We believe that the success on the gross margin front is all due to disciplined execution on our strategy around standardization, sourcing and automation, which has all been about leaning into self-learning and scalable AI solutions across key operational functions of our business.

自 2021 年 IPO 以來，即使剔除浮動資金和季節性政治收入的貢獻，我們的非 GAAP 毛利率也上升了近 10 個百分點，達到近 70%。我們相信，毛利率的成功完全歸功於我們在標準化、採購和自動化方面的策略的嚴格執行，而這些策略都依賴我們業務關鍵營運職能中的自學和可擴展的人工智慧解決方案。

Recall, there are six ways in which we execute virtual card payments as an example with our suppliers. One is via straight-through process. Second is direct API connections. Third is online portals. The fourth is through IVR systems. The fifth is through traditional e-mail and the sixth is over the phone.

回想一下，我們與供應商執行虛擬卡支付的方式有六種。一種是透過直通式流程。第二是直接 API 連接。第三是網路入口網站。第四種是透過IVR系統。第五種是透過傳統的電子郵件，第六種是透過電話。

As a result of leveraging AI, we have now accelerated our virtual card automation strategy. To put that in context, the number of virtual card transactions in 2024 over 2023 increased by roughly $600,000, but we automated almost $700,000 more than the total increase of the total number of virtual card transactions.

透過利用人工智慧，我們現在已經加速了虛擬卡自動化策略。具體來說，2024 年虛擬卡交易數量比 2023 年增加了約 60 萬美元，但我們自動化的交易量比虛擬卡交易總量的總增幅高出近 70 萬美元。

In other words, we are rapidly automating not just new virtual card transactions on our network, but also converting the back book of virtual card transactions as well. This is highly synergistic with our new Avid Pay 2.0 platform to convert favorite checks into electronic payments.

換句話說，我們不僅在快速實現網路上新虛擬卡交易的自動化，而且還在轉換虛擬卡交易的後台帳簿。這與我們新的 Avid Pay 2.0 平台具有高度協同作用，可將常用支票轉換為電子支付。

This further highlights our scalability of our platform, which thanks to the current AI solutions, we can now automate at a higher speed and lower cost. Ultimately, our goal is to get over 80% virtual card automation over the next two years, which should continue our gross margin expansion towards 80% as we leverage automation combined with various yield enhancement levers.

這進一步凸顯了我們平台的可擴展性，借助目前的人工智慧解決方案，我們現在可以以更快的速度和更低的成本實現自動化。最終，我們的目標是在未來兩年內實現超過 80% 的虛擬卡自動化，隨著我們利用自動化結合各種收益增強槓桿，我們的毛利率將繼續擴大至 80%。

In closing, we're proud of our operating performance amid continued macroeconomic headwinds impacting our middle market customers. While the 2025 guidance reflects a cautious approach given the unpredictable macroeconomic environment, we continue to firmly execute on the levers we control and invest in our product road map to drive future growth across our business.

最後，在宏觀經濟逆風持續影響中端市場客戶的情況下，我們對我們的經營業績感到自豪。儘管 2025 年的指引反映了在不可預測的宏觀經濟環境下採取的謹慎態度，但我們將繼續堅定地執行我們控制的槓桿，並投資於我們的產品路線圖，以推動整個業務的未來成長。

With our four operating priorities interlocking with the 4 gears of our business flywheel, we continue to strengthen our competitive advantage further by building out new strategic and integration partnerships as well as driving scalable innovation across our payment platform through new products leveraging AI, which we believe position us well for the future.

我們的四大營運重點與業務飛輪的四個齒輪相互交織，透過建立新的策略和整合合作夥伴關係以及利用人工智慧的新產品推動整個支付平台的可擴展創新，我們將繼續進一步增強競爭優勢，我們相信這將為我們的未來奠定良好的基礎。

In 2024, we entered into strategic and integration partnerships across various verticals, including real estate, hospitality, HOA, health care, financial services, along with media and not-for-profit. This builds on the success of partnerships entered into in 2023, such AppFolio, M3, et cetera.

2024 年，我們與各個垂直領域建立了策略和整合合作夥伴關係，包括房地產、旅館、 HOA、醫療保健、金融服務以及媒體和非營利組織。這是建立在 2023 年建立的合作關係的成功基礎之上的，例如 AppFolio、M3 等。

These partnerships, coupled with the scaling of our new product offerings, including Payment Accelerator 2.0, our new pay Platform 2.0 and spend management which we expect to roll out in the second half of 2025 with a ramp in 2026, should provide momentum to potentially outrun our 2025 growth expectations in 2026.

這些合作夥伴關係，加上我們新產品的擴展，包括支付加速器 2.0、我們的新支付平台 2.0 和支出管理（我們預計將於 2025 年下半年推出，並在 2026 年逐步推出），應該會為我們在 2026 年超越 2025 年的成長預期提供動力。

We strongly believe in our vision of the long runway of growth in the accounts payable and payment automation market across the middle market segment. While our growth trajectory has been below our targeted overall, the last two years impacted by the macro environment, we've demonstrated operating discipline as well as believe in our leadership position and the competitive advantage we are building across the middle market's untapped opportunity.

我們堅信，中端市場應付帳款和支付自動化市場將擁有長期的成長前景。雖然我們的成長軌跡低於整體目標，但過去兩年受到宏觀環境的影響，我們展現了經營紀律，並相信我們的領導地位和我們在中端市場尚未開發的機會中建立的競爭優勢。

I want to provide a special thanks to all of our AvidX's team members for their continued hard work, dedication and relentless focus on executing our operational and strategic priorities that drive value for our customers, creates opportunities for their professional growth and most importantly, builds long-term value for our shareholders.

我要特別感謝 AvidX 團隊的所有成員，感謝他們持續的努力、奉獻和不懈地專注於執行我們的營運和策略重點，為我們的客戶創造價值，為他們的專業成長創造機會，最重要的是，為我們的股東創造長期價值。

With that, I'd like to turn the call over to my partner, Joel Wilhite. Joel?

說完這些，我想把電話轉給我的合夥人喬爾威爾海特 (Joel Wilhite)。喬爾？

Thanks, Mike, and good morning, everyone. I'm pleased to speak to you today about our strong fourth quarter 2024 financial results, which reflect disciplined operational execution amid continued macro headwinds.

謝謝，麥克，大家早安。今天我很高興向大家介紹我們強勁的 2024 年第四季財務業績，這反映了在持續的宏觀逆風中嚴謹的營運執行。

Overall, we delivered a strong quarter of year-over-year financial performance across the Board. I'll expand on that in a moment, but let's see how we track relative to implied expectations. Relative to the implied fourth quarter 2024 business outlook and excluding float and political revenue contribution, revenues came in above our implied expectations, driven largely by higher total transaction volume.

整體而言，本季我們各部門的財務表現均較去年同期強勁。我稍後會詳細說明這一點，但讓我們看看我們如何追蹤相對於隱含預期的情況。相對於隱含的 2024 年第四季業務前景，且不包括浮動收入和政治收入貢獻，收入高於我們的隱含預期，這主要得益於總交易量的增加。

Gross margin performance remained strong due to ongoing progress on unit cost initiatives and yield expansion, coupling that with sustained operating expense leverage, driven by a combination of expense discipline and lower performance bonus accruals, we drove stronger adjusted EBITDA outperformance relative to expectations. It's worth pointing out that this continues our streak of delivering adjusted EBITDA profit expansion, ex float and political. Equally noteworthy, we delivered our third GAAP net income quarter since going public in 2021.

由於單位成本計劃和收益擴張的持續進展，毛利率表現依然強勁，再加上持續的營運費用槓桿，在費用紀律和較低的績效獎金應計額的共同推動下，我們推動了調整後的 EBITDA 表現優於預期。值得指出的是，這延續了我們調整後的 EBITDA 利潤擴張（不包括浮動和政治因素）的勢頭。同樣值得注意的是，我們自 2021 年上市以來第三次實現 GAAP 淨收入季度。

Now turning to year-over-year results. Total revenue increased by 10.9% to $115.4 million in Q4 of 2024 over the fourth quarter of 2023. Stripping out the impact of float and political revenues on a comparable basis, which provides a more apples-to-apples comparison of underlying growth trends, the revenue growth was driven by a combination of pay yield expansion and the addition of new buyer invoice and payment transactions.

現在來看看年比業績。2024 年第四季總營收較 2023 年第四季成長 10.9%，達到 1.154 億美元。在可比基礎上剔除浮動收入和政治收入的影響，可以更直觀地比較潛在的成長趨勢，收入成長是由支付收益擴大和新買家發票和支付交易的增加共同推動的。

Our revenue growth also resulted in total transaction yield expanding to $5.80 in the quarter up 6.4% from $5.45 in Q4 2023. The increase was driven by software and pay yield as well as higher payments transaction mix.

我們的營收成長也導致本季總交易收益率從 2023 年第四季的 5.45 美元擴大至 5.80 美元，成長 6.4%。這一增長是由軟體和支付收益以及更高的支付交易組合所推動的。

Software revenue of $30.9 million, which accounted for 26.8% of our total revenue in the quarter, increased 6.4% in Q4 of 2024 over Q4 of 2023. The increase in software revenues was largely driven by a growth in total transaction count.

2024 年第四季的軟體營收為 3,090 萬美元，佔本季總營收的 26.8%，比 2023 年第四季成長 6.4%。軟體收入的成長很大程度上是由總交易數量的成長所推動的。

Payment revenue of $83.4 million, which accounted for 72.2% of our total revenue for the quarter, increased 12.3% in Q4 of 2024 over Q4 of 2023. Payment revenue reflects the contribution of interest revenues, which were $12.2 million in Q4 of 2024 versus $13.7 million in Q4 of 2023.

2024 年第四季的支付收入為 8,340 萬美元，佔本季總營收的 72.2%，比 2023 年第四季成長 12.3%。支付收入反映了利息收入的貢獻，2024 年第四季的利息收入為 1,220 萬美元，而 2023 年第四季的利息收入為 1,370 萬美元。

Political media revenue in the current quarter was approximately $2.9 million and negligible in the same period a year ago. Excluding the impact of float and political revenues from both comparable periods, which provides a more apples-to-apples comparison, payment revenues grew 13.5%, driven by a combination of an increase in pay yield, greater payment mix and payment transaction volume increase of 8.3%.

本季政治媒體收入約 290 萬美元，與去年同期相比微不足道。排除兩個可比時期浮動收入和政治收入的影響（這提供了更同類的比較），支付收入增長了 13.5%，這得益於支付收益的增加、支付組合的擴大以及支付交易量增長 8.3%。

On a GAAP basis, gross profit of $78.8 million increased by 17.1% in Q4 of 2024, over the same period last year, resulting in a 68.2% gross margin for the quarter compared to 64.6% in Q4 2023. Non-GAAP gross margin increased 350 basis points to 74.9% in Q4 of 2024 over the same period last year, with the lion's share of the increase driven mostly by unit cost efficiencies and yield expansion and to a minor extent by lower annual performance bonus accruals.

以美國通用會計準則 (GAAP) 計算，2024 年第四季毛利為 7,880 萬美元，較去年同期成長 17.1%，本季毛利率為 68.2%，而 2023 年第四季為 64.6%。2024 年第四季度，非公認會計準則毛利率較去年同期增加 350 個基點至 74.9%，其中大部分成長主要得益於單位成本效率和收益擴大，其次是年度績效獎金應計額減少。

I'm pleased to say that the fourth quarter 2024 non-GAAP gross margin was now at the top end of the 72% to 75% range targeted for 2025 as projected during the company's June 2023 Investor Day.

我很高興地說，2024 年第四季的非 GAAP 毛利率目前已達到公司在 2023 年 6 月投資者日預測的 2025 年 72% 至 75% 範圍的最高水平。

Moving on to our operating expenses. On a GAAP basis, total operating expenses were $82.5 million, an increase of 3.7% in Q4 of 2024 over Q4 of last year. On a non-GAAP basis, operating expenses, excluding depreciation and amortization and stock-based compensation, increased as well by 2.3% to $60.1 million in the fourth quarter of 2024 from the comparable prior year period and with the increase driven primarily by sales and marketing initiatives partially offset by lower annual performance bonus expense.

繼續討論我們的營運費用。依照 GAAP 標準，2024 年第四季總營運費用為 8,250 萬美元，比去年第四季成長 3.7%。以非公認會計準則計算，2024 年第四季的營運費用（不包括折舊和攤銷以及股票薪酬）較去年同期也增加了 2.3%，達到 6,010 萬美元，這一增長主要受到銷售和行銷計劃的推動，但年度績效獎金費用的降低部分抵消了這一增長。

On a percentage of revenue basis, operating expenses, excluding depreciation and amortization and stock-based compensation or non-GAAP OpEx and declined to 52.1% in the fourth quarter of 2024 from 56.5% in the comparable period last year.

以收入百分比計算，不包括折舊和攤銷以及股票薪酬或非 GAAP 營運支出的營運費用從去年同期的 56.5% 下降到 2024 年第四季的 52.1%。

I'm equally pleased to say that fourth quarter 2024 non-GAAP OpEx as a percentage of revenues in the quarter was also at the bottom end of the 50% to 55% range targeted for 2025 as projected during the company's June 2023 Investor Day.

我同樣高興地說，2024 年第四季非 GAAP 營運支出佔本季收入的百分比也處於公司在 2023 年 6 月投資者日預測的 2025 年目標 50% 至 55% 範圍的底端。

Overall, the decline in non-GAAP OpEx as a percentage of revenues year-over-year largely highlights expense discipline and significant operating expense leverage across G&A, R&D, even after stripping out the contribution of float and political revenues.

整體而言，非公認會計準則營運支出佔收入的百分比年減，很大程度上凸顯了費用紀律以及一般及行政管理、研發等方面的營運費用槓桿作用，即使剔除浮動收入和政治收入的貢獻後也是如此。

I'll now talk about each component of the change in operating expenses on a non-GAAP basis. Non-GAAP sales and marketing costs increased by $2.4 million or 14% to $19.9 million in Q4 of 2024 over Q4 of last year with increased investments in sales and marketing spend to support our continued growth, partially offset by lower annual performance bonus expense.

我現在將以非公認會計準則為基礎討論營業費用變化的每個組成部分。2024 年第四季度，非公認會計準則銷售和行銷成本比去年第四季增加了 240 萬美元（14%），達到 1,990 萬美元，原因是增加了銷售和行銷支出以支持我們的持續成長，但年度績效獎金支出的降低部分抵消了這一影響。

Non-GAAP research and development costs were essentially flat on a comparable basis at $22 million in Q4 of 2024, and were helped largely by lower annual performance bonus expense. We continue to reinvest across our products, and platform, including spend management, pay offering and payment accelerator.

2024 年第四季度，非公認會計準則研發成本基本持平，為 2,200 萬美元，主要得益於年度績效獎金支出的降低。我們將繼續對我們的產品和平台進行再投資，包括支出管理、支付服務和支付加速器。

Non-GAAP G&A costs decreased by approximately $1 million or down 5.2% to $18.2 million in Q4 of 2024 versus Q4 of last year due largely to lower annual performance bonus expense. As a percentage of revenues, G&A costs continue to trend lower as we continue to leverage public company costs across a larger revenue base.

2024 年第四季度，非公認會計準則一般及行政管理成本與去年第四季相比減少了約 100 萬美元，即下降 5.2%，至 1,820 萬美元，這主要是由於年度績效獎金支出減少。由於我們繼續在更大的收入基礎上利用上市公司成本，因此作為收入的百分比，G&A 成本繼續呈下降趨勢。

Our GAAP net income was $4.7 million for the fourth quarter of 2024 versus a GAAP net loss of $4.5 million in the fourth quarter of 2023. With the $9.2 million positive swing in net income, driven largely by a combination of strong revenue flow-through solid gross profit increase and expense control leading to a positive swing in operating income, coupled with higher net interest income due to reduced borrowing costs and partial debt pay down.

2024 年第四季我們的 GAAP 淨收入為 470 萬美元，而 2023 年第四季的 GAAP 淨虧損為 450 萬美元。淨收入出現 920 萬美元的正向波動，這主要得益於強勁的收入流、穩健的毛利潤增長和費用控制，從而導致營業收入出現正向波動，再加上借貸成本降低和部分債務償還導致的淨利息收入增加。

GAAP diluted earnings per share for the fourth quarter was $0.02, which was a $0.04 positive swing from the same comparable period last year. On a non-GAAP basis, our net income in the fourth quarter of 2024 almost doubled to $17.3 million versus $9.4 million in the same year ago period, with non-GAAP diluted earnings per share, up 60% to $0.08 versus $0.05 diluted earnings per share in the fourth quarter of 2023. All of the net income performance was driven primarily by the aforementioned factors.

第四季 GAAP 稀釋每股收益為 0.02 美元，較去年同期上漲 0.04 美元。以非公認會計準則計算，我們 2024 年第四季的淨收入幾乎翻了一番，達到 1730 萬美元，而去年同期為 940 萬美元；按非公認會計準則計算的每股攤薄收益則增長 60%，達到 0.08 美元，而 2023 年第四季度的每股攤薄收益為 0.05 美元。所有淨收入表現主要受上述因素推動。

On a non-GAAP basis, Q4 2024 adjusted EBITDA was $26.3 million versus $15.6 million in Q4 of 2023, with the favorable delta split mostly between expense leverage driven by higher comparable revenues and lower annual performance bonus expense.

以非公認會計準則計算，2024 年第四季調整後 EBITDA 為 2,630 萬美元，而 2023 年第四季為 1,560 萬美元，有利的增量分配主要是由於可比收入增加和年度績效獎金費用減少所推動的費用槓桿作用。

Turning to our balance sheet for a moment. I want to touch on a few key items. We ended the year with a strong corporate cash position of $389.3 million of cash and marketable securities against an outstanding note payable for $9.1 million.

讓我們暫時看一下我們的資產負債表。我想談幾個關鍵問題。截至本財年末，我們的公司現金狀況良好，擁有 3.893 億美元的現金和有價證券，而未償還的應付票據為 910 萬美元。

At year-end, our credit facility, which consists of $150 million revolver with a $150 million accordion feature remained undrawn. During the quarter, the company utilized $25 million of cash from its balance sheet to purchase approximately $2.3 million of its own shares at a price of $11.10 under our $100 million share repurchase program announced in August 2024.

截至年底，我們的信貸額度（包括 1.5 億美元的循環信貸和 1.5 億美元的手風琴信貸）仍未提取。在本季度，該公司根據我們於 2024 年 8 月宣布的 1 億美元股票回購計劃，利用資產負債表中的 2,500 萬美元現金，以 11.10 美元的價格回購了約 230 萬美元的自有股票。

For the year, the company utilized approximately $50 million of its cash, the maximum allowed within a calendar year to purchase 5.4 million shares at a price of $9.33 per share. Corporate cash meanwhile, was split roughly three quarters -- and with one quarter between demand deposit accounts and various other fixed income interest instruments, including money market funds, commercial paper and time deposit instruments, respectively.

該公司今年動用了約 5,000 萬美元現金（這是一年內允許的最高金額），以每股 9.33 美元的價格購買了 540 萬股股票。同時，企業現金大約分為四分之三，其中四分之一分別分佈在活期存款帳戶和其他各種固定收益利息工具中，包括貨幣市場基金、商業票據和定期存款工具。

The weighted average maturity on the corporate cash was roughly 13 days, while the effective interest rate on our corporate cash position for the fourth quarter was roughly 4.7%. Customer cash at quarter end was approximately $1.2 billion with an interest rate of roughly 4.3% for the quarter.

公司現金的加權平均到期日約為 13 天，而第四季公司現金部位的實際利率約為 4.7%。季末客戶現金約 12 億美元，本季利率約 4.3%。

Turning to our 2025 business outlook. We expect total revenue for the year to be in the range of $453 million to $460 million. Our 2025 revenue outlook reflects approximately $44 million of interest revenues from customer funds versus $49.7 million earned in 2024.

談談我們的 2025 年業務展望。我們預計今年的總收入將在 4.53 億美元至 4.6 億美元之間。我們對 2025 年收入的預測是，來自客戶資金的利息收入約為 4,400 萬美元，而 2024 年的收入為 4,970 萬美元。

We do not anticipate any political media revenue contribution in 2025 versus $6.6 million in 2024. We expect 2025 revenue distribution between the first half and second half of the year to be approximately 48% and 52%, respectively, roughly similar to levels in 2024.

我們預計 2025 年不會有任何政治媒體收入貢獻，而 2024 年則為 660 萬美元。我們預計 2025 年上半年和下半年的收入分配分別約為 48% 和 52%，與 2024 年的水準大致相同。

Similarly, we expect non-GAAP adjusted EBITDA profit ranging between $86 million and $91 million for 2025. We also expect 2025 non-GAAP diluted earnings per share in the range of $0.25 to $0.27, which is not currently reflect the impact of any additional share repurchases in 2025 under our previously authorized share repurchase program.

同樣，我們預計 2025 年非 GAAP 調整後 EBITDA 利潤將在 8,600 萬美元至 9,100 萬美元之間。我們也預計 2025 年非 GAAP 稀釋每股盈餘將在 0.25 美元至 0.27 美元之間，目前尚未反映我們先前授權的股票回購計畫下 2025 年任何額外股票回購的影響。

With that, I'd now like to turn the call back over to the operator and open up the line for Q&A. Operator?

現在，我想將電話轉回給接線員，並開通問答熱線。操作員？

(Operator Instructions) Will Nance, Goldman Sachs.

（操作員指示）高盛的威爾·南斯。

I wanted to follow up on some of the comments in the prepared remarks. Mike, you've referenced what has been very strong kind of gross margin expansion and OpEx control that has offset a lot of the macro weakness that you've seen in the business.

我想跟進準備好的演講中的一些評論。麥克，您提到了非常強勁的毛利率擴張和營運支出控制，這抵消了您在業務中看到的許多宏觀疲軟。

And I just wondered if you could kind of give us an update on kind of your view of where we stand on the runway for that to continue. Gross margins now kind of being at that 75% level, OpEx being kind of flattish for a pretty extended period of time.

我只是想知道您是否可以向我們介紹一下您對我們目前處境的看法，以便我們可以繼續保持這種狀態。毛利率目前處於 75% 的水平，而營運支出在相當長的一段時間內保持穩定。

Are you starting to see the point where costs need to start to grow again? Or do you see more room to go, particularly on the gross margin side, just given where you've laid out the targets?

您是否開始看到成本需要再次成長的點？或者，根據您設定的目標，您是否認為還有更大的發展空間，特別是在毛利率方面？

Yeah. I mean great question, Will. What we think is kind of the long-term trajectory of what we're doing is marching towards that 80% targeted gross margin number. And it's a combination of kind of putting the three big buckets continue to be aggressive in our sourcing strategy, standardization across the business, combined with automation led by AI.

是的。我問的問題很棒，威爾。我們認為，我們正在做的長期軌跡是朝著 80% 的目標毛利率邁進。這是我們採購策略中三大要素的結合，包括積極的採購策略、業務的標準化以及人工智慧主導的自動化。

And though we're a couple of years into our AI journey, we think there's a lot of runway in the use cases that we're currently working on, continue to be really excited for our team interpreting that increased efficiency.

儘管我們在人工智慧領域的探索已經進行了幾年，但我們認為，我們目前正在研究的用例還有很大的發展空間，我們仍然對我們的團隊能夠解讀這種提高的效率感到非常興奮。

So we see a fair amount of runway and continue. I'll also say it's probably not going to be a direct straight line and we'll see some kind of periods of improvement, but also as we continue to kind of begin to really accelerate the revenue growth element of the business, we're going to see some scale creep into that number as well.

因此，我們看到了相當長的跑道並繼續前進。我還要說的是，這可能不會是一條直線，我們會看到某種改善時期，但隨著我們繼續開始真正加速業務的收入成長要素，我們也會看到這個數字有所擴大。

So combination of what I said, combined with the scale gives us a lot of confidence they continue to grow that number towards the 80% plus milestone is what we're targeting.

因此，結合我所說的內容以及規模，我們非常有信心他們會繼續成長，朝著 80% 以上的里程碑邁進，這正是我們的目標。

Got it. That's very helpful. And then maybe, Mike, if you could spend a little bit of time on the financial services partner that you added and the initiative around paper checks, sounded interesting and sort of incremental. Just wondering if you could provide a little bit more context around how that's going to work and what -- any milestones that we should be looking out for?

知道了。這非常有幫助。那麼，麥克，也許你可以花一點時間談談你添加的金融服務合作夥伴以及圍繞紙質支票的舉措，這聽起來很有趣，而且有點漸進。只是想知道您是否可以提供更多關於它將如何運作以及我們應該關注哪些里程碑的資訊？

Yeah. So good question. And one of the things that we've -- that we've noticed is we're building on our own network. There's other people in the ecosystem that have developed specialty networks for certain, say, classes of suppliers or types of transactions.

是的。這個問題問得好。我們注意到的一件事是我們正在建立我們自己的網路。生態系統中的其他人已經為某些類別的供應商或交易類型開發了專業網路。

And it's like, oh, do we want to kind of recreate the wheel and also build those specialty networks? Or do we want to kind of partner and leverage the networks that they've built. And so these are good examples where there is kind of targeted population of certain supplier sets that they're able to -- others are able to monetize, and we're going to tap in to share that monetization.

這就好比，哦，我們是否想重新發明輪子並建立那些專業網絡？或者我們想建立合作關係並利用他們已經建立的網絡。這些都是很好的例子，他們能夠針對特定的供應商群體進行貨幣化，而其他人則可以從中獲利，我們將利用這些利潤來分享利潤。

At the same time, we're doing something similar with our network. And, we call it kind of an extended network concept of making our network available to others, just like we're tapping into other people's networks.

同時，我們也在對我們的網路做類似的事情。我們稱之為一種擴展網路概念，即讓我們的網路可供其他人使用，就像我們利用其他人的網路一樣。

And so I think the direct reflect is going to be is we're going to see kind of an escalating elimination of paper check, which is kind of the common enemy and the objective that we have is to continue forward to maximize electronic payments. And we think this is just one of our strategies.

因此，我認為直接的反映是我們將看到紙本支票被逐步淘汰，紙質支票是我們共同的敵人，而我們的目標是繼續最大限度地利用電子支付。我們認為這只是我們的策略之一。

Robbie Bamberger, Baird.

羅比·班伯格，貝爾德。

Maybe just thinking about what's embedded in the 2025 revenue guide, how much macro headwind should we expect there to be in 2025? And I guess what do you expect same-store sales growth to be into next year?

也許只是思考一下 2025 年收入指南中包含的內容，我們應該預期 2025 年會有多大的宏觀逆風？我猜您預計明年同店銷售額會成長多少？

Yeah. Thanks, Robbie, and great question. Yeah. Obviously, if you think about '25, there's a couple of things to keep in mind. First of all, obviously, if you think about the float dynamic and the political dynamic, you have to consider that -- and I think our prepared remarks made it clear that after about a $6.6 million political year in '24, that revenue will be negligible in '25. Also, from a float revenue standpoint, we generated about $50 million in '24, and we expect that to be closer to sort of [$44 million] in the '25 year. So -- that's the first thing I'd say.

是的。謝謝，羅比，這個問題問得好。是的。顯然，如果你考慮 25 年，有幾件事需要記住。首先，顯然，如果你考慮浮動動態和政治動態，你必須考慮到這一點——我認為我們準備好的評論已經明確表示，在 24 年政治收入約為 660 萬美元之後，25 年的收入將微不足道。此外，從浮動收入的角度來看，我們在 24 年創造了約 5,000 萬美元的收入，我們預計 25 年將接近 [4,400 萬美元]。所以——這是我要說的第一件事。

So if you strip those out and you think about what our kind of guidance is at the midpoint, roughly (inaudible) point of growth. And your question fundamentally, we've been tracking the macro impact through the overall total transaction growth in the business. And we've commented around our fundamental transaction retention being below 100%.

因此，如果你去掉這些，並思考我們在中間點，大致（聽不清楚）成長點的指導是什麼。從根本上來說，您的問題是，我們一直在透過業務的整體交易成長來追蹤宏觀影響。我們已經評論過我們的基本交易保留率低於 100%。

We were encouraged in Q3 when we saw for the first time in several quarters that growth rate backs up to about 5.2% in Q3, but it did turn around slightly to about 4.3% in Q4. Suffice it to say that we feel like we're kind of bouncing around the bottom, and our guidance contemplates that we don't see meaningful improvement or worsening from there. So fairly consistent low single-digit overall total transaction growth and sub-$100 retention.

第三季度，我們感到很鼓舞，因為我們看到成長率在幾個季度以來首次回升至 5.2% 左右，但第四季成長率確實略有回落至 4.3% 左右。可以說，我們感覺自己就像在底部徘徊，而且我們的指導認為，我們不會看到有意義的改善或惡化。因此，整體交易量成長率和 100 美元以下的保留率相當一致。

Maybe the final point I'll make is when you think about that 8% growth, a couple of things we're excited about as we exited 2025 include and Mike referenced this in his prepared remarks, the acceleration we're beginning to see in Payment Accelerator, making a meaningful contribution, say, about 1 point of that growth in the back part of -- attributable to that ramp in the back part of '25.

也許我要說的最後一點是，當你想到 8% 的增長時，我們在 2025 年即將結束時感到興奮的幾件事包括，邁克在他的準備好的發言中提到了這一點，我們開始看到支付加速器的加速，做出了有意義的貢獻，比如說，在 2025 年後期，大約有 1 個百分點的增長 - 這百分之於 2025 年的 2025 年。

Also some success we're expecting in new payment methods, also contributing, let's say, roughly another point as well. So hopefully, that gives you a sense of kind of what's contemplated from a guidance standpoint.

我們也期待新的支付方式取得一些成功，這也有助於提高另一點。所以希望這能讓您從指導的角度了解所考慮的內容。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

I wanted to ask about recent trends and whether the Q4 exit rate looked pretty healthy. I'm just curious if you're seeing anything quarter-to-date that's giving you incremental pause in terms of how you're framing up the year?

我想詢問最近的趨勢以及第四季的退出率是否看起來相當健康。我只是好奇，從本季至今的情況來看，您是否發現有什麼事情讓您在製定年度計劃時有所停頓？

Yeah. Thanks, Ramsey. Here's what I would say. Nothing -- no incremental pause from what we're seeing so far. If I look at January, the sort of volumes and transaction growth really in line with what we expected. So, so far, sort of in line with those guidance expectations.

是的。謝謝，拉姆齊。這就是我要說的。什麼都沒有——從我們目前看到的情況來看，沒有任何漸進的停頓。如果我看一下一月份的情況，交易量和交易成長確實符合我們的預期。所以，到目前為止，基本上符合這些指導預期。

So what we -- again, we're obviously moving through a period of uncertainty in spending across our buyer base. But while navigating that, we're pretty proud of the business that we've built in terms of growth rate, profitability, cash flow generation. So obviously, expecting a year where the macro persists, but really believe that before too long, we see growth resume.

因此，我們顯然正經歷著買家群體支出不確定的時期。但在實現這一目標的同時，我們對我們所建立的業務在成長率、獲利能力和現金流產生方面感到非常自豪。因此，顯然，我們預計宏觀經濟將持續一年，但確實相信不久之後，我們將看到成長恢復。

Yeah. Ramsey, this is Mike. And maybe just to add on there is, one of the real things that gets us excited about the year is the momentum that we're seeing across our new channel partners. Across the Board, we're seeing strong momentum.

是的。拉姆齊，這是麥克。也許還要補充一點，讓我們對今年感到興奮的真正事情之一是我們在新通路合作夥伴中看到的勢頭。總體而言，我們看到強勁的發展勢頭。

We saw some slowdown in Q4 during the election cycle, and that kind of pushed a lot of activity into '25, and we're seeing some really good engagement there. And so we're looking forward to seeing that kind of really pull through during the course of the year around the new buyer logo counts and continue to scale the buyer side of the business equation, and that's a critical element of our growth algorithm.

在選舉週期中，我們看到第四季度出現了一些放緩，這在某種程度上將許多活動推到了 25 年，我們看到了一些非常好的參與度。因此，我們期待看到這種增長在一年內真正實現，圍繞新買家標識數量，並繼續擴大業務方程式的買方方面，這是我們成長演算法的關鍵要素。

Craig Maurer, FT Partners.

克雷格·莫雷爾（Craig Maurer），FT Partners。

I wanted to focus on top of funnel for a second. Only 500 logos add to the platform. And look, I understand the discussion on macro, but how can you accelerate new logo additions? I mean, should we be worried about TAM saturation or pricing needs adjusting? Like what's holding that back?

我想暫時把注意力集中在漏斗頂部。僅有 500 個徽標可新增至該平台。瞧，我理解關於宏觀的討論，但是你如何加速新標誌的添加呢？我的意思是，我們是否應該擔心 TAM 飽和度或定價需要調整？是什麼阻礙了這一點？

And secondly, how should we think about really Investor Day targets. I mean we've been running below that in some respects. And what's the confidence that we should be modeling toward those numbers again?

其次，我們應該如何思考真正的投資人日目標。我的意思是，從某些方面來說，我們的水平已經低於這個水平。那麼，我們再次針對這些數字進行建模的信心又是什麼呢？

Yeah. So two meaty questions there, Craig. So maybe I can try to start by tackling kind of the new logo question, and we'll work into the second half of your question there. So first of all, one of the things that I've been commenting on is we are marching to order through last year.

是的。所以這裡有兩個重要的問題，克雷格。因此，也許我可以嘗試先解決新標誌的問題，然後再研究您問題的後半部分。首先，我一直在評論的一件事是，我們正在按照去年的計劃前進。

Going into Q4, we're running slightly ahead on new logo counts through three quarters. Now remind everybody, about 60% of our new logos get generated during the second half of the year, and the majority of those are in the fourth quarter.

進入第四季度，我們在新標誌數量上比前三個季度略有領先。現在提醒大家，我們大約 60% 的新標誌是在下半年產生的，其中大部分是在第四季度產生的。

And one of the things that we saw is during the fourth quarter is a slowdown in new logo and ads during the election cycle. I think it's just a function of CFOs and senior finance leaders being more cautious and not knowing what to expect in the election.

我們在第四季看到的現象之一是，在選舉週期中，新標誌和廣告的推出有所放緩。我認為這只是因為財務長和高階財務領導更加謹慎，不知道選舉結果如何。

And so they were putting decisions on hold. And so we ended up seeing that somewhat accelerate post election, but not enough have time left in the year to get back to the momentum that we saw kind of moving into the quarter.

因此他們暫時擱置決定。因此，我們最終看到選舉後這一進程有所加速，但今年剩下的時間不足以恢復到我們在本季看到的勢頭。

And so we believe that as we go into the year with a pretty big backlog, the pipeline of deals that got pushed from Q4 into the new year, combined with the momentum that we're seeing around our new channel partnerships is what gives us that confidence related to getting back to kind of 10% new logo growth, 10% plus is kind of our objective there.

因此，我們相信，隨著我們進入新的一年，我們有大量積壓訂單，從第四季度推遲到新的一年的交易渠道，加上我們在新渠道合作夥伴關係方面看到的勢頭，讓我們有信心恢復 10% 的新標誌增長，10% 以上是我們的目標。

And so those are kind of the building blocks there. I'm certainly seeing kind of leveraging the new channel partners. We have not only the ones that we've been talking about, AppFolio, M3 that are performing extremely well, M3, like 3 times the activity that we saw a year ago, AppFolio 2 times activity that we saw a year ago. And so those are the positive elements for us, not to mention the pipeline that we have around new embedded ERP partnerships that we'll be announcing in the quarters to come.

這些就是那裡的基石。我確實看到了利用新通路夥伴的方式。我們不僅有我們一直在談論的 AppFolio，M3 也表現得非常好，M3 的活動是我們一年前看到的 3 倍，AppFolio 的活動是我們一年前看到的 2 倍。這些對我們來說都是積極的因素，更不用說我們將在未來幾季宣布的有關新的嵌入式 ERP 合作夥伴關係的管道了。

And so I think that's what gives us the confidence related to kind of the new logo elements, which is kind of the first step of kind of the overall growth algorithm. And maybe I'll just list the other two and turn it over to Joel to provide context.

所以我認為這就是讓我們對新標誌元素充滿信心的原因，這也是整體成長演算法的第一步。也許我只會列出另外兩個，然後交給喬爾來提供背景資訊。

New buyer customer growth is kind of critical. The second one is our innovation that drives the yield and expansion. That's Payment Accelerator 2.0, spend management, our (inaudible) and some of the impacts that we have against all our AI initiatives.

新買家客戶的成長至關重要。第二個是我們的創新，推動產量和擴張。這就是支付加速器 2.0、支出管理、我們的（聽不清楚）以及對我們所有 AI 計劃的一些影響。

And then the third is that retention element, both some of the customer experience that we control as well as the macro piece that we're currently facing roughly about 6 percentage points below what we see as a normalized state.

第三個是保留要素，包括我們控制的一些客戶體驗以及我們目前面臨的宏觀部分，該部分比我們認為的正常狀態低了約 6 個百分點。

So maybe turn it over to Joel related to kind of that second piece of the question compared to Investor Day.

因此，與投資者日相比，也許可以把問題的第二部分交給喬爾來回答。

Yeah, Craig. So it's a good question, and here's the way I would sort of think about balancing the equation for you. Obviously, since summer of '23 when we held Investor Day, we've been in a deeper and longer kind of macro impact, impacting buyers and their spending across the middle market, certainly across our buyer base.

是的，克雷格。這是個好問題，以下是我想為你平衡這個等式的方法。顯然，自 2023 年夏天我們舉辦投資者日以來，我們一直處於更深層次、更持久的宏觀影響之中，影響著中端市場的買家及其支出，當然也影響著我們的整個買家群體。

And so from a growth perspective, we're off. That's pretty straightforward and obvious. But on the other side of that equation, we're ahead of schedule on gross margin, finishing at almost 75% for the quarter. That was a target we set for ourselves for '25, not Q4 of '24. So we're pretty proud of the progress we've made.

因此，從成長角度來看，我們已經成功了。這是非常直接和明顯的。但另一方面，我們的毛利率已提前達到計劃，本季毛利率已接近 75%。這是我們為 25 年設定的目標，而不是 24 年第四季的目標。因此，我們對所取得的進步感到非常自豪。

And to Will's initial question, we think we still have distance we can cover even at moderated growth rates in terms of the continued expansion in gross margin and EBITDA. Obviously, though, we need growth to return to get back to that kind of rule of 40 trajectory that we also talked about at Investor Day.

對於威爾最初的問題，我們認為，即使成長率放緩，我們在毛利率和 EBITDA 持續擴張方面仍有可覆蓋的距離。但顯然，我們需要恢復成長，才能回到我們在投資者日討論過的那種 40 規則軌跡。

I think we're doing a good job controlling what we can around OpEx scale and gross margin expansion. But we do need to see ourselves back to kind of a double-digit growth rate. And at that moment, I think we're sort of back on track as you think about sort of the Rule of 40 target.

我認為我們在控制營運支出規模和毛利率擴張方面做得很好。但我們確實需要看到自己重回兩位數的成長率。而此刻，我認為我們又回到了正軌，就像你在思考 40 規則目標一樣。

And then finally, we talked about kind of our e-payment mix. We're excited about kind of the progress that we see as we exit the year and moving that e-payment mix as a percentage of our total payments, moving that forward based on the investments we've been making and expect to see the results of through the pay platform investments and Payment Accelerator.

最後，我們討論了我們的電子支付組合。我們對今年即將取得的進展感到非常興奮，我們將電子支付組合提升到我們總支付的一定比例，並根據我們一直以來的投資向前推進，並期望透過支付平台投資和支付加速器看到成果。

(Operator Instructions) Andrew Bauch, Wells Fargo.

（操作員指示）富國銀行的安德魯·鮑赫。

I wanted to ask on a vertical-specific basis. I think that the commentary that we've heard through the course of '24 was that all verticals were generally seeing this kind of subdued activity, but just wonder if there are any kind of divergences you're seeing exiting '24 and what's informing your guide for '25?

我想從垂直角度來詢問。我認為我們在 24 年期間聽到的評論是，所有垂直行業普遍都看到了這種低迷的活動，但我只是想知道您是否看到了 24 年退出時出現的任何分歧，以及您對 25 年的指導是什麼？

Yeah. So Andrew, good question. And so remind everybody, we go to market in nine different industry verticals plus the horizontal layer. And within the verticals, the ones that we saw performing at a really strong note, kind of during the quarter with the real estate vertical led by multifamily, our financial services vertical and media.

是的。安德魯，這個問題問得好。因此提醒大家，我們進入九個不同垂直產業和水平層的市場。在垂直領域中，我們看到本季表現非常強勁的產業包括由多戶型住宅主導的房地產垂直產業、金融服務垂直產業和媒體。

And I think construction kind of is one that met our expectations. And due to kind of the adoption of our titanium offering that we released earlier last year. And one that was kind of below our expectations with some of kind of the macro headwinds was the HOA (inaudible) kind of vertical, where we definitely saw a slowdown in HOA Boards, authorizing additional purchases, doing capital projects, things like that.

我認為建設符合我們的預期。並且由於我們去年早些時候發布的鈦產品得到了採用。而低於我們預期的一個方面，由於某種宏觀逆風，就是 HOA（聽不清楚）垂直領域，我們確實看到 HOA 董事會在授權額外購買、進行資本項目等方面有所放緩。

The indications are that kind of getting through the election cycle was critical for a lot of those Boards, making those spending decisions. And so we're expecting that we see some significant improvement to that vertical throughout this year.

有跡象表明，對於許多董事會來說，完成選舉週期並做出支出決策至關重要。因此，我們預計今年該垂直領域將出現顯著改善。

But maybe Joel can comment a little bit on kind of what's implied in the guide. But I think we took a kind of a conservative approach related to the activity that we're currently seeing across the verticals in terms of those kind of discretionary spending and retention rates, having that continue throughout the year without any real improvement or (inaudible) for that matter, but continue those kind of that trend line based on where we see it today. So that could certainly be upside throughout the year if we see some of that (inaudible) come back within the year.

但也許喬爾可以對指南中暗示的內容發表一些評論。但我認為，我們採取了一種保守的方法，與我們目前在垂直領域看到的活動有關，就可自由支配的支出和保留率而言，這種情況持續了一整年，沒有任何真正的改善或（聽不清），但根據我們今天所看到的情況，這種趨勢線仍在繼續。因此，如果我們看到其中一些（聽不清楚）在年內回升，那麼全年肯定會出現上漲。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究公司。

Look, it's pretty clear that the environment around transaction retention is just uncertain. And so putting that aside, it's hard to really handicap where that -- when that goes back in a bigger way. Customer adds are obviously key as you discussed.

看起來，很明顯交易保留的環境是不確定的。因此，撇開這一點不談，當這種情況以更大的方式回歸時，很難真正限制這種情況的發生。正如您所討論的，客戶添加顯然是關鍵。

And new innovation, obviously, is going to be key. The accelerator topic, obviously, is one I want to focus on. So -- just first on customer adds, did you disclose or have you discussed what you actually expect in terms of number of new logos? I know you said 500 last year, 10% is your aspiration per year.

顯然，新的創新將是關鍵。顯然，加速器主題是我想要關注的主題。那麼——首先關於客戶增加，您是否透露過或討論過您對新標誌數量的實際期望？我知道你去年說過 500，每年 10% 是你的目標。

And then really just maybe we can go a little deeper on why you expect there to be as much progress as you expect to contribute to growth from the accelerator initiatives. Where are we on that? How is it -- it does seem like a big opportunity, but I just want to get an update on what progress has been made?

然後，也許我們可以更深入地探討一下，為什麼您期望加速器計畫能夠取得與預期一樣大的進展，從而促進成長。我們目前處於什麼階段？怎麼樣——這看起來確實是一個巨大的機會，但我只是想了解已經取得的進展？

Darrin, maybe I'll go first just to answer one very specific question that you asked, and then I'll let Mike respond to the rest. But in terms of we didn't and we don't really pinpoint for the new logo expectation that's baked into our guidance.

達林，也許我會先回答你提出的一個非常具體的問題，然後讓麥克回答其餘的問題。但就我們而言，我們並沒有真正確定我們指導中所包含的新標誌期望。

But you're right, we believe that, that's a meaningful part of our growth algorithm, and we think should be at the 10%-plus range in a healthy environment. But we don't -- at the moment, we don't sort of provide pinpoint guidance or quarterly updates on that. Mike, do you want to take the rest?

但您說得對，我們相信，這是我們成長演算法中很有意義的一部分，我們認為在健康的環境下應該達到 10% 以上的範圍。但目前，我們並沒有提供這方面的精確指引或季度更新。麥克，你想休息一下嗎？

Yeah. So related to Payment Accelerator, Darrin, I appreciate the comment here, and this is certainly a product that we've been working on for a while to make sure that we get it right. We think this falls in the kind of the category of, I don't know if company changing, but certainly, it's our next $100 million business and adds a great diversification lens to providing significant value to the supplier side of the equation.

是的。關於支付加速器，達林，我很感謝你的評論，這當然是我們已經研究了一段時間的產品，以確保我們做對了。我們認為這屬於那種我不知道公司是否會改變的類別，但可以肯定的是，這是我們下一個 1 億美元的業務，並且增加了一個多元化視角，為供應商方提供了巨大的價值。

And a couple of things that we're seeing here is we were (inaudible) cautious approach last year as we released our 2.0 offering to make sure that we got all the elements (inaudible). And feel really good about that and now are laser-focused on the scaling of the product.

我們在這裡看到的一些事情是，去年我們發布 2.0 產品時採取了謹慎的態度，以確保我們獲得了所有要素（聽不清楚）。對此感覺非常好，現在我們正全神貫注於產品的擴展。

And so just earlier this quarter, we crossed the threshold of now we have more suppliers on the 2.0 product that we had on 1.0 product. And so that was a big milestone for us. So we've seen significant adoption of the 2.0 product by new suppliers.

就在本季初，我們突破了門檻，現在 2.0 產品的供應商比 1.0 產品的供應商還要多。這對我們來說是一個重要的里程碑。因此，我們看到新供應商大量採用 2.0 產品。

The second thing is that we're seeing is kind of -- although the numbers are still small, revenue growth is -- it's going at like 100% a year. Numbers are small, but we expect that business to double over the course of the year. And so we have lots of enthusiasm related to kind of the impact of that product, especially long term in the business.

第二件事是，我們看到的是——儘管數字仍然很小，但收入成長率卻在以每年 100% 的速度成長。雖然數字很小，但我們預計今年的業務量將翻倍。因此，我們對該產品的影響充滿熱情，尤其是對業務的長期影響。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

Just a couple of clarifications. On the volume growth for 2025, I think if you ex out political, Joel, maybe you can just help us on how to think about what's the right growth rate, how much macro might be impacting the TPV implied growth rate?

只需澄清幾點。關於 2025 年的銷售成長，喬爾，我想，如果您排除政治因素，也許您可以幫助我們思考什麼是正確的成長率，宏觀因素對 TPV 隱含成長率的影響有多大？

And then just a quick one. Secondly, payment revenue take rate as a percentage of TPV ex float expanded again. Obviously, in the second quarter, it went down a little, but it's kind of recovered nicely. How do we think about that trajectory in 2025 in the guide?

然後就簡單說一下。其次，支付收入佔TPV除流通股本的百分比再次擴大。顯然，在第二季度，它有所下降，但現在已經恢復得很好。在指南中我們如何看待 2025 年的發展軌跡？

Yeah. Thanks, Bryan. So just to come back to the first part of your question around what does guidance contemplate. So if you strip out political and float, what we're guiding at the midpoint is right around 8% growth, okay?

是的。謝謝，布萊恩。因此，讓我們回到問題的第一部分，即指導考慮了什麼。因此，如果剔除政治和浮動因素，我們指導的中間值大約是 8% 的成長，好嗎？

And I think I mentioned in a previous response to a question that we do -- the mix of that is roughly 48-52 from a first half, second half. And then finally, we talked about roughly 1 point of that growth being attributable to the ramp and payment accelerator, as Mike has mentioned, and another point around movement -- favorable movement in e-payment mix.

我想我在之前回答問題時提到過，我們確實做到了——上半年和下半年的比例大約是 48-52。最後，我們討論了大約 1 個成長點歸因於成長坡度和支付加速器，正如 Mike 所提到的，另一個成長點與電子支付組合的有利變化有關。

Second part of your question is just sort of what we're seeing from an overall yield standpoint. Again, we look at both overall total transaction yield and particularly ex float and political, we also look at TPV yield. And we've seen both of those yield numbers moving in the right direction in these past couple of quarters and really just a function of our kind of continued focus on optimizing the monetization of our payments and our pricing strategies and making sure that we're paying suppliers the way they want to be paid.

問題的第二部分只是我們從整體收益的角度所看到的。再一次，我們既要看整體交易收益率，特別是除流通股和政治因素外，還要看 TPV 收益率。在過去的幾個季度中，我們看到這兩個收益數字都朝著正確的方向發展，這實際上只是我們持續專注於優化支付貨幣化和定價策略，並確保我們以供應商希望的方式向他們付款的結果。

I would say that we still expect yields, again, the starting point is something like 32 bps on overall TPV. So really industry-leading TPV yield, in particular, to start with. And we think with all of our strategies that we're leveraging to continue to shift towards repayment, not to mention on top of which to begin to scale payment accelerator, we feel good about the level of monetization, and we feel good about the ability to expand that as we move through '25.

我想說的是，我們仍然預期收益率，再次強調，起點是整體 TPV 的 32 個基點左右。因此，首先，TPV 產量確實處於行業領先地位。我們認為，透過利用我們所有的策略繼續轉向償還，更不用說在此基礎上開始擴大支付加速器的規模，我們對貨幣化水平感到滿意，並且我們對在 25 年期間擴展這一水平的能力感到滿意。

Dominick Gabriele, Compass Point.

多明尼克·加布里埃爾 (Dominick Gabriele)，指南針點。

If the new logos were pushed out in the fourth quarter, wouldn't that have -- wouldn't that put upward opportunity on the top of funnel in 2025 versus 2024? So maybe just help us square the mid-single-digit revenue growth rate. I guess I'm just thinking about versus retention. And I guess what markers -- when you're thinking about this total piece, what are some of the macro markers you guys are looking for to see potential acceleration in retention of new logo wins?

如果在第四季度推出新標識，那麼與 2024 年相比，2025 年的漏斗頂部不會出現上升機會嗎？因此也許只是幫助我們平衡中等個位數的收入成長率。我想我只是在考慮與保留有關的問題。我想，當您考慮整個問題時，您會尋找哪些宏觀標記來觀察新標識勝利的保留率是否有可能加速？

Yeah. So I think -- so first of all, let's break it into two parts here. There's kind of new logos and then there's retention. And so let me take kind of the new logos first.

是的。所以我認為——首先，讓我們把它分成兩個部分。有新的標誌，然後有保留。首先讓我來介紹一下新標誌。

Yeah, and so we ended the year with a really strong pipeline related to opportunities. Now one of the things when we talk about top of the funnel, that relates to lead generation for us. So that could of existing deals would be kind of part of the lead generation type definitions.

是的，所以我們以與機會相關的非常強大的管道結束了這一年。現在，當我們談論漏斗頂部時，其中一件事與我們的潛在客戶生成有關。因此，現有交易可能會成為潛在客戶生成類型定義的一部分。

And we've noticed a really strong engagement ending the year related to top-of-funnel lead gen. And certainly, the engagement across our key channel partners. Going all the way back to channel partners have been partners for years for us combined with some of the new class of kind of '23 and '24 partners led by the AppFolios, M3, Buildium, Cadence Bank, as examples, really strong demand gen lease flow that we're seeing.

我們注意到，今年年底與漏斗頂端潛在客戶生成相關的參與度非常高。當然，還有我們與主要通路合作夥伴的合作。回顧通路夥伴多年來一直是我們的合作夥伴，再加上以 AppFolios、M3、Buildium、Cadence Bank 為首的一些新型‘23’和‘24’合作夥伴，我們看到了非常強勁的需求生成租賃流。

So I think we have a lot of optimism related to the new sales -- sales engine getting back to the growth elements that we expect.

因此，我認為我們對新的銷售充滿樂觀——銷售引擎恢復到我們預期的成長要素。

The second kind of piece maybe is the separate question and that is the retention. And that our retention number that we focus on is really it's not a logo as its volume. So just on the logo side, we made commentary that our kind of retention numbers there are kind of the gold standard under mid-90% overall retention across all of our customers, both buyers and suppliers.

第二種可能是單獨的問題，那就是保留。我們關注的留存率其實不是一個標誌，而是一個數量。因此，僅從標誌方面來看，我們評論說，我們的保留數字是我們所有客戶（包括買家和供應商）總體保留率在 90% 左右的黃金標準。

But the real element that we focus on is the volumes that we retain on our network. And so that number is in a normalized state, we have seen for many years being the kind of 10% to 15% range, where we see 4 percentage or 5 percentage points of same-store growth built into our customer base.

但我們真正關注的因素是我們在網路上保留的數量。因此，這個數字處於正常狀態，多年來我們已經看到它在 10% 到 15% 的範圍內，其中我們看到我們的客戶群中同店增長率為 4% 或 5 個百分點。

And as Joe indicated, that's kind of sub-100 currently. So we have about 6 percentage points of kind of growth element that we expect to happen over time as the macro economy begins to improve to get back to that normalized state.

正如喬所指出的，目前這個數字還低於 100。因此，隨著宏觀經濟開始改善並恢復正常狀態，我們預期成長因素將隨著時間的推移而出現約 6 個百分點。

So what are some leading indicators that we look at, well, we have lots of visibility because it typically starts with before a payment occurs, you have an invoice in some cases, there's a purchase order. So we see insights to what people are spending 30, 60 days ahead of when that payment occurs.

那麼，我們要關注的一些領先指標是什麼呢？嗯，我們有很多可見性，因為它通常從付款之前開始，在某些情況下，您會有發票，有採購訂單。因此，我們可以了解人們在付款前 30 到 60 天的支出情況。

And we're looking for kind of changes in some of those discretionary spend categories like marketing, professional services, consulting. In the HOA vertical, this is where you have kind of CapEx and preventive maintenance type of spending activity that occurs. I made kind of comment earlier that one of the verticals that has -- that we're disappointed in the performance related to this element in the last year was the HOA Conde Association, where basically HOA and Conde Association Boards were very cautious about authorizing new spending for preventive maintenance type activity and just spending overall, until they had certainly getting through the election cycle and then you're having more confidence in the macro economy.

我們正在尋求一些可自由支配的支出類別的變化，例如行銷、專業服務、諮詢。在 HOA 垂直領域，這是發生某種資本支出和預防性維護類型的支出活動的地方。我之前曾評論說，我們對去年與此要素相關的表現感到失望的垂直行業之一是 HOA Conde 協會，基本上 HOA 和 Conde 協會董事會對授權用於預防性維護類型活動的新支出以及整體支出非常謹慎，直到他們確定度過選舉週期，然後你對宏觀經濟更有信心。

We think that those will be good kind of parameters for us to watch as we go through the year to see if those -- some of those spending elements begin to recur. So those are the things that we're watching for. And as Joe indicated earlier, the guide does not contemplate improvement in '25. So that certainly an opportunity -- an upside opportunity should we see the macro return and get better throughout the year.

我們認為，這些將是一個很好的參數，值得我們在全年觀察，看看這些支出要素是否會開始重現。這些就是我們正在關注的事情。正如喬之前指出的那樣，該指南並未考慮 25 年的改進。所以，如果我們看到宏觀經濟回升並在全年好轉，這無疑是一個機會——一個上行機會。

Tien-Tsin Huang, JPMorgan.

摩根大通的 Tien-Tsin Huang。

I'll ask a little bit of a different question. Maybe just on the -- on some of the KPIs here. I noticed the spread between transactions and volume seem to be widening versus history. Do you expect that to normalize in '25? Isn't there any learning from this? I guess I'm mostly curious if you think it's more likely that transactions come down, move up closer to volume? Or vice versa?

我會問一個稍微不同的問題。也許只是這裡的一些 KPI。我注意到交易量和交易量之間的差距相對於歷史似乎正在擴大。您預計這種情況會在 25 年恢復正常嗎？這難道沒有什麼教訓嗎？我想我最好奇的是，您是否認為交易量下降、接近交易量上升的可能性更大？或反之亦然？

Yeah. Good question, Tien-tsin. So keep in mind that overall total transaction number is composed of a large base of invoice transactions in a smaller, but faster-growing base of payment transactions and the payment transaction is what's driving that like 10% TPV growth.

是的。問得好，Tien-tsin。因此請記住，整體交易數量是由大量發票交易和較小但增長較快的支付交易組成的，而支付交易是推動 TPV 增長 10% 的動力。

And there is some separation, obviously, if you think about payments revenue, stripping out float and political is about a 13.5% grower that correlates to that 10% TPV, and that's just the incremental yield that we're seeing in the business. Hopefully, that helps.

顯然，如果考慮支付收入，扣除浮動收入和政治收入後，成長率約為 13.5%，與 10% 的 TPV 相關，這僅僅是我們在業務中看到的增量收益。希望這能有所幫助。

Yeah. And maybe just to add that some of the retention pieces that we've been talking about directly related to the transaction number. So the retention piece is based on transactions (inaudible) volume is not factored into that retention. So certainly, some of the macro impact that we're seeing on less transactions on our platform by some of those discretionary and categories show up in that overall transaction number.

是的。也許只是補充一點，我們一直在談論的一些保留部分與交易數量直接相關。因此，保留部分是基於交易（聽不清楚）的，交易量不計入保留率。因此，我們平台上的一些可自由支配類別的交易減少，確實對整體交易數量產生了一些宏觀影響。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Appreciate all the commentary today. I wanted to ask kind of bigger picture question here on AI (inaudible) B2B space. I saw some of the commentary about using Microsoft AI tools on invoice data and having that functionality available to the whole customer base by the end of the year.

感謝今天的所有評論。我想在這裡問一個關於 AI（聽不清楚）B2B 領域的更大問題。我看到了一些關於使用微軟人工智慧工具處理發票資料並在年底前向整個客戶群提供該功能的評論。

But curious about how you're anticipating this evolving over the next few years? I appreciate all the thoughts.

但我很好奇您如何預期未來幾年這種情況會發展？我感謝大家的想法。

Yeah. It's a good question. I think when we look at kind of the impact of AI in our business. First of all, two big buckets. One, how we're incorporating AI into our product sets to impact customers. And then the second kind of element is how we're using it internally just to make our business and our product and service delivery more efficient.

是的。這是個好問題。我認為當我們觀察人工智慧對我們業務的影響時。首先，兩個大桶。第一，我們如何將人工智慧融入我們的產品系列以影響客戶。第二個要素是我們如何在內部使用它來提高我們的業務、產品和服務交付的效率。

And so a couple of kind of key areas that we're talking about internally within our products. Payment Accelerator, is one of our newest generation of products is a great example. It's very AI-based in terms of identifying those invoices that are eligible to be advanced, combined with just how we go through the process of onboarding and kind of approving a new supplier as an approved payment accelerator-type supplier.

因此，我們在產品內部討論了幾個關鍵領域。支付加速器是我們最新一代產品之一，就是一個很好的例子。在識別有資格預付的發票方面，它非常基於人工智慧，結合我們如何完成入職流程以及批准新供應商作為經批准的支付加速器型供應商。

I made some comments there, kind of the impact of AI has taken that onboarding process down to hours from what used to take days to occur. And we believe that actually can get down to minutes. So just game-changing. And so that's an example of kind of just AI just embedded in one of our new products. That's with all the new product innovation, AI is just a cornerstone piece of it.

我在那裡發表了一些評論，人工智慧的影響使得入職流程從過去需要幾天的時間縮短到幾個小時。我們相信這實際上可以縮短到幾分鐘。所以這只是改變遊戲規則而已。這就是我們新產品中嵌入人工智慧的一個例子。在所有新產品創新中，人工智慧只是其中的基石。

Some of the other big buckets, James, on the front end, in terms of the invoice creation side of all the different forms of invoices that were received from suppliers been able to kind of read those invoices efficiently. It started with OCR type technology.

詹姆斯，在前端，就發票創建方面而言，其他一些大桶能夠有效地讀取從供應商收到的所有不同形式的發票。它始於 OCR 類型的技術。

And then we kind of added machine learning elements to it. Now there's AI elements to that and just keeps getting better. And so the customer experience in terms of the vast majority kind of 90% plus of their invoices coming in that they can be automatically kind of read and just immediately incorporated into their workflow.

然後我們在其中添加了機器學習元素。現在，它已經融入了人工智慧元素，並且正在不斷改進。因此，就絕大多數（90% 以上的）發票而言，客戶體驗是可以自動讀取並立即納入他們的工作流程。

The second element of the -- kind of the next element is what I would say on payment delivery. And this is where we've had some really great success in terms of automating all the different payment (inaudible) that we have on kind of AI.

下一個要素的第二個要素是關於付款交付的。我們在利用人工智慧實現各種支付方式（聽不清楚）的自動化方面取得了巨大的成功。

And then kind of just turning the buckets internally, this is where we're super excited about the impact on customer care, overall engineering and the pace of engineering and development and making kind of our engineers is really as productive as possible to move through road maps even faster and increase that velocity.

然後，就像在內部轉動桶子一樣，這就是我們對客戶服務、整體工程以及工程和開發速度的影響感到非常興奮的地方，並使我們的工程師盡可能高效地更快地完成路線圖並提高速度。

And so those are some of the elements internally. And I think in the scheme of things, that's what gives us a lot of confidence related to some of the runway on gross margins as well as overall profitability of the business as we march forward.

這些就是內部的一些元素。我認為，從總體上看，這給了我們很大的信心，讓我們對未來的毛利率以及業務的整體獲利能力充滿信心。

(inaudible) , Susquehanna.

（聽不清楚），薩斯奎漢納。

It's Jamie Friedman at Susquehanna. So I just want to go back to the Analyst Day message and slides as well. I (inaudible) the operating leverage that you had articulated at that time, I think it was your COO's presentation -- there was an element -- and clearly, you were ahead of schedule delivering that in the Q4 year ahead of plan like you articulated, Joel.

我是薩斯奎漢納的傑米·弗里德曼。所以我只想回到分析師日的資訊和幻燈片。我（聽不清楚）您當時闡述的經營槓桿，我認為這是您首席營運官的演示 - 有一個元素 - 顯然，正如您所闡述的那樣，您在第四季度提前實現了這一目標，喬爾。

But I wanted to ask, there was an element of -- on the outsourced in-source narrative, where are you in that journey? And how much more is there of an opportunity on the operating leverage side to execute?

但我想問的是，在外包內部敘述中有一個元素，您在那段旅程中處於什麼位置？那麼，在經營槓桿方面還有多少機會可以執行呢？

Yeah. Great question, Jamie. And that was an important part of our Investor Day conversation, and we're really proud of being kind of on track if not slightly ahead with those strategies, and that's obviously contributed to being ahead from an overall OpEx as a percentage of revenue, we exited '24 at about what we targeted for the full year '25.

是的。很好的問題，傑米。這是我們投資者日對話的重要部分，我們非常自豪能夠按照這些策略走下去，甚至略微領先，這顯然有助於我們在整體營運支出佔收入的百分比方面取得領先，我們在 24 年結束時達到了 25 年全年的目標。

I think we are in a continual journey as John Feldman, sort of laid out in that Investor Day conversation of standardizing, automating and outsourcing or offshoring operations across the business, across the journey from an invoice receipt all the way through to payment and then payment execution as well. So we're really proud of that progress, and it's a big part of our success so far from a profitability perspective.

我認為，正如約翰·費爾德曼在投資者日的談話中所說的那樣，我們正在不斷推進業務的標準化、自動化和外包或離岸外包，從發票收據一直到付款，再到付款執行。因此，我們對這一進步感到非常自豪，從獲利角度來看，這是我們迄今為止成功的重要組成部分。

That concludes our question-and-answer session. I would like to turn the conference back over to Michael Praeger for any closing remarks.

我們的問答環節到此結束。我想將會議交還給邁克爾·普雷格 (Michael Praeger) 做閉幕發言。

Thank you again, everyone, for your interest in AvidXchange. Amid the continuing macro headwinds, I'm very proud of our discipline, execution and strong financial performance. As I said before, I'm particularly excited about the future given the pipeline of project innovations and industry-leading ERP integration embedded partnerships that are in progress that should be -- that should be able to really propel all 4 gears of our business line will and drive long-term value creation for our investors.

再次感謝大家對 AvidXchange 的關注。在持續的宏觀逆風中，我對我們的紀律、執行力和強勁的財務表現感到非常自豪。正如我之前所說，我對未來特別興奮，因為正在進行的專案創新和行業領先的 ERP 整合嵌入式合作夥伴關係應該能夠真正推動我們業務線的所有 4 個齒輪，並為我們的投資者創造長期價值。

With that, we look forward to sharing our progress on our future earnings calls.

因此，我們期待在未來的財報電話會議上分享我們的進展。

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。