Blackbaud Inc (BLKB) 2025 Q1 法說會逐字稿

Greetings and welcome to the Blackbaud's first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tom Barth, Head of Investor Relations. Thank you. Sir, you may begin.

問候並歡迎參加 Blackbaud 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興向大家介紹主持人、投資者關係主管湯姆·巴斯 (Tom Barth)。謝謝。先生，您可以開始了。

Good morning, everyone. Thank you for joining us on Blackbaud's first-quarter 2025 earnings call. Joining me on the call today will be Mike Gianoni, Blackbaud's CEO, President, and Vice Chairman; Tony Boor, Blackbaud's Executive Vice President and CFO; and Chad Anderson, Blackbaud's Chief Accounting Officer. Mike, Tony, and Chad will make prepared comments and then we will open up the line for your questions.

大家早安。感謝您參加 Blackbaud 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有 Blackbaud 的執行長、總裁兼副董事長 Mike Gianoni； Blackbaud 執行副總裁兼財務長 Tony Boor；以及 Blackbaud 財務長 Chad Anderson。麥克、東尼和查德將發表準備好的評論，然後我們將開放熱線回答您的問題。

Please note that our comments today contain forward-looking statements subject to risk and uncertainties that could cause actual results to differ materially from those projected. Please refer to our most recent Form 10-K and other SEC filings for more information on those risks.

請注意，我們今天的評論包含前瞻性陳述，受風險和不確定性的影響，可能導致實際結果與預測結果有重大差異。有關這些風險的更多信息，請參閱我們最新的 10-K 表格和其他 SEC 文件。

The discussion today will focus on non-GAAP results. Please refer to our press release and the investor materials posted on our website for the full details on our financial performance, including GAAP results as well as full-year guidance. We believe that a combination of both GAAP and non-GAAP measures are more representative of how we internally measure our business. Unless otherwise specified, we will refer to non-GAAP financial measures on this call. Please note that non-GAAP financial measures should not be considered in isolation from or as a substitute GAAP measures.

今天的討論將集中在非公認會計準則結果上。請參閱我們的新聞稿和我們網站上發布的投資者資料，以了解我們的財務業績的完整詳情，包括 GAAP 結果以及全年指導。我們相信，GAAP 和非 GAAP 指標的結合更能代表我們如何內部衡量我們的業務。除非另有說明，我們將在本次電話會議上參考非公認會計準則財務指標。請注意，非 GAAP 財務指標不應與 GAAP 指標分開考慮或取代 GAAP 指標。

And with that, I'll turn the call over to you, Mike.

說完這些，我將把電話交給你，麥克。

Thank you, Tom. And good morning, everyone. Last quarter, I spent some time discussing the strong financial progress Blackbaud has made over the past five years across both our top and bottom lines. We continue to extend our position as the market leader and provide the most comprehensive suite of purpose-built and mission-critical software and services to the social impact sector. Our solutions allow customers to spend more time focusing on what matters to them, their vital social impact work at hospitals, private schools, universities, non-profits, companies, and through individual acts of generosity. We remain the premier software partner across the social impact space.

謝謝你，湯姆。大家早安。上個季度，我花了一些時間討論 Blackbaud 在過去五年中在營收和利潤方面取得的強勁財務成長。我們繼續擴大我們的市場領先地位，並為社會影響領域提供最全面的專用和關鍵任務軟體和服務。我們的解決方案使客戶能夠花更多時間專注於對他們重要的事情、他們在醫院、私立學校、大學、非營利組織、公司以及透過個人慷慨行為開展的重要社會影響工作。我們仍然是社會影響領域首屈一指的軟體合作夥伴。

Our solid first quarter and Rule of 40 attainment give me confidence that Blackbaud is well-positioned on our journey to the Rule of 45 by 2030. In the first quarter, Blackbaud generated revenue of $271 million, which is 5.8% organic growth, a non-GAAP adjusted EBITDA margin of 34.3%, non-GAAP diluted earnings per share of $0.96, and a Rule of 40 score of 40.1%. These results are a testament to the resilience of our business in challenging times. The social impact market has been a consistent grower for many decades through recessions, business upturns and downturns, and even through the COVID-19 global pandemic.

我們第一季的穩健表現和 40 規則的達成讓我相信，Blackbaud 在 2030 年實現 45 規則的旅程中處於有利地位。第一季度，Blackbaud 的營收為 2.71 億美元，有機成長率為 5.8%，非公認會計準則調整後 EBITDA 利潤率為 34.3%，非公認會計準則稀釋每股收益為 0.96 美元，40 規則得分為 40.1%。這些結果證明了我們的業務在困難時期的韌性。幾十年來，社會影響力市場經歷了經濟衰退、商業繁榮和低迷，甚至經歷了新冠疫情全球大流行，一直保持持續成長。

I know there are concerns about federal grant funding and how it impacts our customers. But much like in COVID, this uncertainty only makes our software more critical to our customers' operations, enabling them to improve fundraising outcomes and to undertake or sharpen their own cost management initiatives. To be clear, our solutions are not in the funds flow from federal agencies, but are used for fundraising from individual donors, which is even more critical now. We are proud to play a vital role in supporting our customers' operations as they navigate change.

我知道人們對聯邦撥款及其對我們客戶的影響感到擔憂。但就像 COVID 一樣，這種不確定性只會使我們的軟體對客戶的營運更加重要，使他們能夠改善籌款結果並採取或加強自己的成本管理措施。需要明確的是，我們的解決方案不在於來自聯邦機構的資金流，而是用於從個人捐助者籌集資金，這在現在更為關鍵。我們很榮幸能夠在客戶應對變革的過程中發揮至關重要的作用，為其營運提供支援。

Blackboaud has also undertaken a number of operational initiatives that set us up to perform well, even in a challenging market. In 2023, we began transitioning our contractual revenue contracts from primarily one-year to primarily three-year renewal terms. This modernized approach to contract terms provides increased visibility and consistency for nearly two-thirds of our revenue base and provides better predictability for our customers.

Blackboaud 也採取了一系列營運舉措，使我們即使在充滿挑戰的市場中也能表現良好。2023 年，我們開始將合約收入合約從主要的一年續約期限轉變為主要的三年續約期限。這種現代化的合約條款方法為我們近三分之二的收入基礎提供了更高的可見度和一致性，並為我們的客戶提供了更好的可預測性。

Over the past several years, we have transitioned the majority of our products and customers to the third-party cloud while shutting down many of our private data colos, with only two of our own data centers remaining. We continue to innovate through the use of AI to not only empower our customers, but also improve our own internal productivity. And lastly, we have right-sized our operations by further rationalizing office leases and renegotiating significant vendor contracts.

在過去的幾年裡，我們已將大多數產品和客戶轉移到第三方雲，同時關閉了許多私人資料託管，只剩下我們自己的兩個資料中心。我們不斷透過使用人工智慧進行創新，不僅為客戶提供支持，也提高我們自己的內部生產力。最後，我們透過進一步合理化辦公室租賃和重新談判重要的供應商合約來調整我們的營運規模。

And despite a strong focus on reducing expenses, we continue to invest aggressively in innovation in our extensive developer network to help our customers raise more money while enhancing and streamlining their operations. Our innovation and end-to-end workflows continue to be a competitive differentiator and drive sales. We are supporting this innovation through enhancements in sales and marketing programs. And we continue to identify, experiment, and scale a range of successful solutions across marketing, customer success, and engineering to be an active innovator through applied AI.

儘管我們非常注重降低開支，但我們仍繼續積極投資於廣泛的開發者網路的創新，以幫助我們的客戶籌集更多資金，同時增強和簡化他們的營運。我們的創新和端到端工作流程繼續成為我們的競爭優勢並推動銷售。我們透過加強銷售和行銷計劃來支持這項創新。我們將繼續在行銷、客戶成功和工程領域識別、試驗和擴展一系列成功的解決方案，以透過應用人工智慧成為積極的創新者。

We saw the positive market reaction to our focus here earlier this month at our Corporate Social Impact Summit in Dallas. The summit brought together hundreds of executives from leading companies across the U.S. to share insights and drive meaningful change. Attendees received an exclusive preview of product innovations, including how we are integrating our YourCause portfolio with our payments and fundraising solutions, expanding the use of AI to transform the grant-making process, helping companies unleash generosity globally, and revolutionizing corporate social impact reporting through our partnership with True Impact.

本月早些時候，我們在達拉斯舉行的企業社會影響力高峰會上看到了市場對我們關注的正面反應。這場高峰會匯集了來自美國各地領先公司的數百名高階主管，分享見解並推動有意義的變革。與會者獲得了產品創新的獨家預覽，包括我們如何將 YourCause 產品組合與我們的支付和籌款解決方案相結合，擴大人工智慧的使用以改變贈款流程，幫助公司在全球範圍內釋放慷慨，並透過與 True Impact 的合作徹底改變企業社會影響報告。

YourCause has made significant strides in innovation, particularly with our announcement of Expedited Giving. Expedited Giving will transform the way employee donations and eligible match funding are processed, ensuring that non-profits receive corporate donations directly and faster than ever before which is especially critical during disaster response efforts. This initiative will soon begin testing with a select group of pilot corporations and non-profits, expediting employee donations to charities that have Blackbaud-integrated payments customers. The key value proposition here for customers is to reduce the time lag of an employee donation to a non-profit to just a day or two.

YourCause 在創新方面取得了重大進展，特別是我們宣布了「快速捐贈」計劃。快速捐贈將改變員工捐款和合格配套資金的處理方式，確保非營利組織比以往更快地直接收到企業捐款，這在災難應變工作中尤其重要。該計劃很快就會開始在一組精選的試點公司和非營利組織中進行測試，以加快員工向擁有 Blackbaud 整合支付客戶的慈善機構捐款。對顧客來說，這裡的關鍵價值主張是將員工捐款給非營利組織的時間差縮短至一兩天。

In addition to investing in our innovation, we plan to use our cash flow to repurchase Blackbaud shares. As you recall, in 2024, the company bought back 10% of the common stock outstanding. And when you include the net share settlement on employee stock comp, the figure rises to 11%. In the first quarter of 2025, we repurchased approximately 4%, well within our plans of buying between 3% to 5% of our outstanding shares in 2025.

除了投資我們的創新之外，我們還計劃利用我們的現金流回購 Blackbaud 股票。大家還記得，2024 年，該公司回購了 10% 的流通普通股。如果將員工股票補償的淨股份結算也計算在內，這一數字將上升至 11%。2025 年第一季度，我們回購了約 4%，完全符合我們 2025 年購買 3% 至 5% 流通股的計畫。

Before I close, I also want to take this opportunity to say a special thank you to Tony Boor. Tony is transitioning his CFO duties to Chad Anderson later today. Tony has been a great CFO, and I'm very grateful to him for his many contributions to Blackbaud's growth and success. Over the last 14 years, Tony has developed an outstanding finance organization, and he's instilled a strong operational and financial discipline across the company. I look forward to continuing to work with Tony in his new role as EVP of Corporate Development and Strategy to help ensure a smooth transition and continue to drive our success and operational excellence. One of his key focus areas will be to help lead our charge to be a Rule of 45 company.

在結束之前，我還想藉此機會向 Tony Boor 表示特別的感謝。托尼將於今天晚些時候將其首席財務官職責移交給查德安德森。Tony 是一位出色的財務官，我非常感謝他為 Blackbaud 的發展和成功做出的許多貢獻。在過去的 14 年裡，托尼建立了一個出色的財務組織，並在整個公司灌輸了強大的營運和財務紀律。我期待著繼續與托尼合作，擔任企業發展和策略執行副總裁的新職務，以幫助確保平穩過渡並繼續推動我們的成功和卓越營運。他關注的重點領域之一是幫助帶領我們成為一家遵守 45 條規則的公司。

I'm delighted about Chad's promotion as CFO. Chad is a highly accomplished global finance executive and a 12-year veteran of Blackbaud with a deep knowledge of our business, our customers, and the industry. Chad has successfully led many key and impactful projects to mature, modernize, and improve the efficiency and accuracy of the company's financial systems, processes, and organization. Having worked closely with Chad for over a decade, I'm looking forward to benefiting from his experience and knowledge in the role of CFO as we work to deliver profitable growth for our shareholders in 2025 and beyond. There will be a formal press release and 8-K at the end of the day today.

我很高興查德晉升為財務長。Chad 是一位非常有成就的全球財務主管，在 Blackbaud 工作了 12 年，對我們的業務、客戶和產業有著深入的了解。Chad 成功領導了許多關鍵且有影響力的項目，使公司的財務系統、流程和組織更加成熟、現代化，並提高了其效率和準確性。我與查德密切合作了十多年，我期待著能夠從他擔任財務長的經驗和知識中受益，共同努力在 2025 年及以後為股東實現盈利增長。今天結束時將會發布正式新聞稿和 8-K 會議。

Let me conclude with why Blackbaud continues to be a sound investment choice that we believe should create substantial shareholder value, and our performance in Q1 reinforces that belief. Regarding organic revenue, you can expect mid-single-digit-plus organic revenue growth driven by visible and full reoccurring revenue streams targeting both new logos in the expansion of our installed base empowered by innovation.

最後，讓我來解釋為什麼 Blackbaud 仍然是一個合理的投資選擇，我們相信它應該能創造可觀的股東價值，而我們在第一季的表現也強化了這種信念。關於有機收入，您可以預期中等個位數以上的有機收入成長，這得益於可見且完整的經常性收入流，目標是透過創新擴大我們的安裝基礎和新標誌。

You can continue to expect a strong focus on cost and employee productivity to improve EBITDA. Additionally, our strong free cash flow will drive a purposeful capital allocation strategy in 2025 and beyond, with a plan to buy back of up to 5% of common stock outstanding in 2025. We look forward to our continued journey in offering our shareholders increasing value in the coming years as we make progress against our Rule of 45 ambition by 2030.

您可以繼續期待專注於成本和員工生產力以提高 EBITDA。此外，我們強勁的自由現金流將推動 2025 年及以後有目的的資本配置策略，並計劃在 2025 年回購高達 5% 的普通股。我們期待在未來幾年繼續為股東提供越來越多的價值，同時在 2030 年實現 45 規則目標方面取得進展。

With that, let me turn the call over to Tony.

說完這些，讓我把電話轉給東尼。

Thanks for the kind words, Mike. And good morning, everyone. I believe Blackbaud is positioned for long term success, delivering consistent growth and industry-leading profitability.

謝謝您的善意，邁克。大家早安。我相信 Blackbaud 能夠取得長期成功，實現持續成長和領先業界的獲利能力。

I'm very pleased to be turning the reins over to Chad Anderson, whom I've worked with for more than 20 years, most recently as my Chief Accounting Officer. And I look forward to helping Chad, Mike, and the team in the near term and focus on the corporate development strategy role. I'm confident that this transition will be seamless.

我很高興將權力移交給查德·安德森，我與他共事超過 20 年，最近擔任我的首席會計官。我期待在短期內幫助 Chad、Mike 和團隊，並專注於企業發展策略角色。我相信這一轉變將會順利進行。

With that, let me dive into the details of our Q1 financial results.

接下來，讓我深入了解我們第一季財務表現的細節。

As Mike outlined, Blackbaud performed well in the first quarter, kicking off a good start to the year. We remain committed to providing investors an attractive financial model balanced between growth and revenues, earnings, and cash flows, along with a prudent and purposeful capital allocation strategy.

正如麥克所概述的，Blackbaud 在第一季表現良好，為今年開了個好頭。我們始終致力於為投資者提供一個在成長與收入、收益和現金流之間取得平衡的有吸引力的財務模型，以及審慎而有目的的資本配置策略。

Mike walked through the high level Q1 results which tell a strong story of improving top line growth and dramatically improved profitability. But to reiterate, Q1 organic revenues were up 5.8% to $271 million. non-GAAP adjusted EBITDA of $93 million was up approximately $4 million, with a 250-basis-point improvement to margins. As you know, we previously only reported standalone revenue for EverFi because it was not a separate reportable segment for us. But we estimate that EverFi's contribution to our 2024 EBITDA was approximately $10 million to $15 million.

麥克詳細介紹了第一季的詳細業績，這些業績顯示公司營收成長強勁，獲利能力大幅提升。但需要重申的是，第一季有機收入成長 5.8%，達到 2.71 億美元。非公認會計準則調整後的 EBITDA 為 9,300 萬美元，上漲約 400 萬美元，利潤率提高 250 個基點。如您所知，我們之前僅報告了 EverFi 的獨立收入，因為它對我們來說不是一個單獨的可報告部門。但我們估計 EverFi 對我們 2024 年 EBITDA 的貢獻約為 1000 萬至 1500 萬美元。

The mid-single-digit organic revenue growth and improved EBITDA margin speaks to the power of our five-point operating plan, which positively impacted earnings per share. non-GAAP EPS increased to $0.96 compared to $0.93 last year. Adjusted free cash flow was negative $11 million in the quarter. As a reminder, Q1 tends to be our lowest quarter for free cash flow generation, and the first quarter of 2025 included the one-time $28 million cash release payment associated with the Washington D.C. office lease that we discussed on last quarter's call. Increased interest expense related to our share repurchase program and fluctuations in the timing of vendor payments also negatively impacted free cash flow in the quarter.

中等個位數的有機收入成長和 EBITDA 利潤率的提高證明了我們的五點營運計劃的強大作用，該計劃對每股收益產生了積極影響。非公認會計準則每股收益從去年的 0.93 美元增至 0.96 美元。本季調整後的自由現金流為負 1,100 萬美元。提醒一下，第一季往往是我們自由現金流產生最低的季度，而 2025 年第一季度包括與我們在上個季度電話會議上討論的華盛頓特區辦公室租賃相關的一次性 2800 萬美元現金釋放付款。與我們的股票回購計畫相關的利息支出增加以及供應商付款時間的波動也對本季的自由現金流產生了負面影響。

However, our expected free cash flow of the year gives us confidence to continue investment in a number of critical areas like product innovation and stock repurchases. In Q1, we bought back approximately 4% of our outstanding shares and continued to demonstrate a strong commitment to our belief in the value of Blackbaud. It was a strong first quarter and start to the year.

然而，我們預期今年的自由現金流使我們有信心繼續在產品創新和股票回購等一些關鍵領域進行投資。在第一季度，我們回購了約 4% 的流通股，並繼續堅定地相信 Blackbaud 的價值。今年第一季和年初表現強勁。

Before I move on to guidance for the remainder of 2025, there are several housekeeping items I want to highlight that may influence our numbers and help you to set your models for both the year and quarters appropriately.

在介紹 2025 年剩餘時間的指導之前，我想強調幾個可能影響我們數字並幫助您適當設定年度和季度模型的內部事項。

Thinking about revenue seasonality, recall that the fourth quarter is typically our highest revenue quarter, while the first quarter is our lowest due to timing of charitable giving and events throughout the year. Q1 tends to be our lowest quarter from a profitability standpoint due to timing of expenses related to employee benefits and employee stock or investing. Our annual merit increases for employee compensation go in effect on July 1 every year, so Q3 tends to have higher compensation-related costs compared to Q2.

考慮到收入的季節性，回想一下，第四季度通常是我們收入最高的季度，而第一季則是我們收入最低的季度，這是由於慈善捐贈的時間和全年的活動。從獲利角度來看，第一季往往是我們獲利能力最低的季度，這是由於與員工福利、員工股票或投資相關的費用的時間安排所致。我們員工薪資的年度績效加薪每年 7 月 1 日生效，因此與第二季相比，第三季的薪資相關成本往往更高。

Moving now to guidance for the remainder of 2025. Our guidance for the year remains unchanged and assumes no material changes, good or bad, in the current macro economic landscape related to the markets we serve. So for the year, we are projecting revenue in the range $1.115 billion to $1.125 billion, representing organic growth of 4.2% to 5.1%, or 4.5% to 5.4% on a constant currency basis.

現在轉向 2025 年剩餘時間的指導。我們對今年的指導保持不變，並假設我們所服務的市場當前的宏觀經濟狀況不會發生重大變化，無論是好是壞。因此，我們預計今年的營收將在 11.15 億美元至 11.25 億美元之間，有機成長率為 4.2% 至 5.1%，或以固定匯率計算為 4.5% 至 5.4%。

Shifting to profitability, we will continue to focus on margin expansion opportunities while at the same time making investments in the business and areas of innovation, artificial intelligence, product road maps, and cybersecurity. Therefore, we anticipate EBITDA margins of approximately 34.9% to 35.9%. This does take into account what I mentioned earlier that EverFi's contribution to our 2024 EBITDA was approximately $10 million to $15 million. And with the overall revenue and spend configuration I just outlined, we expect 2025 non-GAAP EPS in the range of $4.16 to $4.35 per share or up 2% to 7% year-over-year.

轉向獲利能力，我們將繼續專注於利潤率擴張機會，同時對業務和創新、人工智慧、產品路線圖和網路安全領域進行投資。因此，我們預計 EBITDA 利潤率約為 34.9% 至 35.9%。這確實考慮到了我之前提到的 EverFi 對我們 2024 年 EBITDA 的貢獻約為 1000 萬至 1500 萬美元。根據我剛才概述的整體收入和支出配置，我們預計 2025 年非 GAAP 每股收益將在 4.16 美元至 4.35 美元之間，或同比增長 2% 至 7%。

The combination of consistent organic revenue growth and improved margin is expected to result in a Rule of 40 at constant currency of 40.4% at the midpoint of guidance for the full year, more than 150-basis-point improvement year-over-year.

持續的有機收入成長和利潤率的提高預計將使全年指導中位數達到 40.4% 的 40 規則，比去年同期提高 150 個基點以上。

We continue to have a sharp focus on driving adjusted free cash flow and returning capital to our shareholders. For the year, we're guiding to adjusted free cash flow of $185 million to $195 million. This guidance range is inclusive of several onetime investments that will provide long-term benefits to the company and shareholders, including the buyout of the Washington D.C. office lease, which was a $28 million cash expenditure in Q1 that would have been $42 million if we kept the lease for the full term and will provide a benefit to adjusted EBITDA moving forward. Also, a new office location in India that will provide access to high-quality tech talent.

我們將繼續高度重視推動調整後的自由現金流並向股東返還資本。我們預計今年調整後的自由現金流將達到 1.85 億美元至 1.95 億美元。該指導範圍包括幾項一次性投資，這些投資將為公司和股東帶來長期利益，包括收購華盛頓特區辦公室租約，這在第一季度是一筆 2800 萬美元的現金支出，如果我們保留整個租約，則將達到 4200 萬美元，並將為未來的調整後 EBITDA 帶來好處。此外，印度的新辦公地點將為公司提供高素質技術人才。

Additionally, we expect to incur approximately $11 million of incremental interest expense year-over-year comprised of roughly $30 million in interest for our 2024 and planned 2025 stock repurchases, offset by the pay down of debt using discretionary cash. And finally, we expect approximately $15 million decline year-over-year to other factors including timing of certain working capital items and divestiture-related costs. You can find more details on slide 24 of our investor deck.

此外，我們預計年同比將增加約 1,100 萬美元的利息支出，其中包括 2024 年和計劃中的 2025 年股票回購的利息約 3,000 萬美元，但將透過使用可自由支配的現金償還債務來抵銷。最後，我們預計由於其他因素（包括某些營運資本項目的時間和資產剝離相關成本）將年減約 1500 萬美元。您可以在我們的投資者簡報的第 24 張投影片上找到更多詳細資訊。

Looking to the future, we believe adjusted free cash flow will continue to grow and anticipate at a minimum, repurchasing shares to offset dilution from share-based compensation. Beyond that, the company has tremendous optionality to dynamically allocate capital to its highest use base on market conditions, including additional stock repurchases, synergistic M&A, or repayment of debt. The performance of our stock, the interest rate environment, and the availability of acquisitions will help inform our capital allocation decisions going forward.

展望未來，我們相信調整後的自由現金流將繼續成長，並預計至少回購股票以抵消股權激勵的稀釋。除此之外，該公司還擁有極大的自主權，可以根據市場情況動態地將資本分配到最高用途，包括額外股票回購、協同併購或償還債務。我們的股票表現、利率環境以及收購的可行性將有助於我們做出未來的資本配置決策。

We have a lot to be proud of and a lot more to look forward to through 2025 and beyond, with a goal of becoming a Rule of 45 company by 2030. As such, we remain focused on providing enhanced value to our customers and to our shareholders.

我們有很多值得驕傲的事情，對 2025 年及以後也有很多期待，我們的目標是到 2030 年成為一家「45 條規則」公司。因此，我們始終致力於為客戶和股東提供更高的價值。

Before we jump to Q&A, let me introduce Chad and again congratulate him on a well-deserved promotion. Chad?

在我們進入問答環節之前，請允許我介紹一下查德，並再次祝賀他當之無愧地獲得晉升。查德?

Thanks, Tony, and you, Mike, for the kind words. It's been a pleasure working closely with you both over the past decade. And I look forward to following your example of professionalism and business leadership in the years ahead.

謝謝托尼和麥克的善意言辭。過去十年來，我很榮幸能與你們密切合作。我期待在未來的歲月裡能夠以您的專業和商業領導能力為榜樣。

Operator, let's open up the line for questions.

接線員，讓我們打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Hey everyone. Thanks for taking the questions. Congrats to Chad. And Tony, it's truly been a pleasure. I hope you won't be a stranger in the new role. Mike, just wanted to follow up on some of your prepared remarks on the DOGE impact. I very much understand how you can help customers through that and the mission-criticality of your software. But also curious if you've seen any changes on the gross retention side of the bookings environment in light of this, understanding that a lot of this is outside of your control.

嘿，大家好。感謝您回答這些問題。祝賀查德。東尼，這真的是一件非常榮幸的事。我希望你在新角色中不會感到陌生。麥克，我只是想跟進一下你對 DOGE 影響的一些準備好的評論。我非常了解您如何透過這一點以及您的軟體的任務關鍵性來幫助客戶。但同樣好奇的是，有鑑於此，您是否看到預訂環境的總保留方面發生了任何變化，請理解其中許多變化超出了您的控制範圍。

Hey Brian. Good question. First of all, our solutions are not in the fund flow of federal grants. I think that's important. Some of our customers are getting impacted by this. It frankly makes our donation platforms more important. Our platforms are pointed toward individual donors and alumni and things. So we become more important from a revenue source standpoint for customers.

嘿，布萊恩。好問題。首先，我們的解決方案不在聯邦撥款的資金流中。我認為這很重要。我們的一些客戶正受到此事的影響。坦白說，這使得我們的捐贈平台變得更加重要。我們的平檯面向個人捐贈者、校友等。因此，從客戶的收入來源角度來看，我們變得更加重要。

We've seen no impact on sales bookings, no impact on building sales pipeline, no impact on existing customers or retention. The biggest test of the health of our end markets was COVID because we had customers that closed their doors, performing arts centers and K-12 schools and others. And we lost no customers and we didn't have any go out of business even then. And that was the biggest test of the health of the end market. So it might cause some difficulty for some of our larger customers, but we don't see an impact on our business anywhere.

我們沒有看到對銷售訂單、銷售通路建立、現有客戶或保留率產生任何影響。對我們終端市場健康狀況的最大考驗是 COVID，因為我們的客戶、表演藝術中心、K-12 學校等都關門了。我們沒有失去任何客戶，甚至那時我們的業務也沒有任何中斷。這是對終端市場健康狀況的最大考驗。因此，這可能會給我們的一些大客戶帶來一些困難，但我們沒有看到這對我們的業務產生任何影響。

Got it. And Tony, maybe one follow-up for you. Just as we're thinking about the transactional business, how did that perform relative to your expectations in the first quarter? And as we're thinking about that mid-single-digit organic growth outlook, how do we think about transactional impacting that?

知道了。東尼，也許還有一條後續問題想問你。正如我們正在考慮交易業務一樣，它在第一季的表現與您的預期相比如何？當我們考慮中等個位數的有機成長前景時，我們如何看待交易對其產生的影響？

The transactions was the biggest driver of overperformance in the quarter. We did well across the board. As Mike said, retention held up fine, bookings were actually pretty darn good for the quarter as well and have been through April, and as you know, we had a good Q4. So from recurring revenue, we're well on track for the year at this point. Transactions, our guide included a little bit of incremental transaction revenue related to LA wildfires, but that was in the original guide.

交易是本季業績超額完成的最大推動力。我們在各方面都表現良好。正如麥克所說，保留率保持良好，本季度的預訂量實際上也相當不錯，並且已經持續到四月份，而且如你所知，我們的第四季度表現良好。因此，從經常性收入來看，我們今年的業績目前進展順利。交易，我們的指南包含了一些與洛杉磯野火相關的增量交易收入，但那是在原始指南中。

And then as we've stated, when we're providing our longer term outlook of that mid-single-digit-plus, plus typically is going to relate to the transaction. I think we came in at just about 9% or a little over 9% growth in Q1 transactionals. About $2 million in incremental revenue for the quarter which pushed us up to that kind of 5.8% or 5.9% on constant currency. Really hard, as you know, to predict the volatility in some of the transactional revenue. We've not built in those viral giving events this year into the guide. And so if we do see more of those like we had with the wildfires, we'd have some incremental upside on the year.

然後，正如我們所說的，當我們提供中等個位數以上的長期展望時，通常會與交易有關。我認為我們第一季的交易量增加了大約 9% 或略高於 9%。本季增量營收約為 200 萬美元，以固定匯率計算，我們的營收成長率達到 5.8% 或 5.9%。如你所知，預測某些交易收入的波動確實很難。我們今年沒有將這些病毒式捐贈活動納入指引中。因此，如果我們確實看到更多像野火那樣的火災，那麼今年我們的經濟就會有一些增量的成長。

Thanks.

謝謝。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

Great. Thank you. Good morning, guys. I appreciate it. Tony, like what Brian said and wish you the best of luck and it's been a pleasure working with you. My question is for you. Just, I guess, another way to attack the macro, clearly, you guys don't have direct exposure to federal and I know you said you haven't seen any change in the behavior of your customers. But it does seem like there is a painful residual effect happening with some of the customers in your market who are exposed to grants or money flows that are coming from federal agencies. So in light of that, you guys maintain guide obviously off of a good Q1 driven by transactions. But just wanted to get a sense for you as you thought about the guidance for this year as what sort of macro was contemplated in that guidance.

偉大的。謝謝。大家早安。我很感激。東尼，就像布萊恩說的，祝你好運，和你一起工作很愉快。我的問題是問你的。我想，這只是攻擊宏觀的另一種方式，顯然，你們沒有直接接觸聯邦，而且我知道你們說過你們沒有看到客戶行為有任何變化。但對於您所在市場中接受來自聯邦機構的補助或資金流的部分客戶來說，似乎確實存在痛苦的殘留效應。因此，有鑑於此，你們顯然會根據由交易推動的良好第一季表現來維持指引。但是，當您考慮今年的指導方針時，只是想讓您了解該指導方針中考慮了什麼樣的宏觀因素。

And then secondly, just around the mid-single-digit-plus comment, it does seem like a little bit of an uptick from the optionality comment you guys had previously made about the option kind of for upside for mid-single-digits. And I wanted to understand if I'm reading that right and what that increased confidence might be and what the time frame is for that.

其次，就在中等個位數以上的評論附近，它似乎比你們之前關於中等個位數上行選擇權的可選性評論略有上升。我想要了解我是否讀得正確，以及這種信心的增強可能是什麼，以及這種增強的時間框架是什麼。

Hey Rob. It's Mike, I'll start here, and then Tony can kick in. Most of our customers don't get federal grants. Many of our larger non-profits do. But if you think about the vertical markets we're in, K-12 is a big space for us; performing arts centers is a big space for us; YourCause is in the corporation's marketplace; we have a lot of faith-based customers, churches and synagogues; we have the JustGiving platform in the UK, now you walk across the company's vertical markets we serve and you walk across the basically 17 platforms that create all of our revenue, there's very little impact on the end customers in the main globally that get federal grants.

嘿，羅布。我是麥克，我先從這裡開始，然後托尼就可以開始了。我們的大多數客戶都沒有獲得聯邦政府補助。我們許多大型非營利組織都這麼做。但如果你考慮我們所處的垂直市場，K-12 對我們來說是一個巨大的空間；表演藝術中心對我們來說是一個很大的空間；您的事業在公司的市場中；我們有很多信仰堅定的客戶、教堂和猶太教堂；我們在英國擁有 JustGiving 平台，現在您可以瀏覽我們服務的公司垂直市場以及我們所有收入的影響力，這基本上對全球主要獲得聯邦的影響

So the noise is a lot in the world. But related to Blackbaud, it's not a big part of the customer's funding per se. We have a lot of customers that are regional food banks and other types of customers. So we're pretty spread out in all the vertical markets that 501(c)(3)s or education institutions are in. And it's just not a lot of impact. We haven't seen it, like I said, in bookings, retention, or the build of our sales pipeline for this quarter and the rest of the year. So we don't see it on us as a big impact.

所以世界上有很多噪音。但與 Blackbaud 相關的是，它本身並不是客戶資金的重要組成部分。我們有很多客戶，包括地區食物銀行和其他類型的客戶。因此，我們的業務相當分散，涵蓋 501(c)(3) 或教育機構所在的所有垂直市場。但影響並不大。正如我所說的，我們在本季和今年剩餘時間的預訂量、保留量或銷售管道建設中沒有看到它。因此，我們認為這對我們的影響並不大。

And for some of our customers that are not getting funding, we're working with them to integrate our AI capabilities and predictive analytics that drive more revenue from individual donors. And it's becoming more of a stickier and important product for them to drive their revenue. So it's not a big impact. And we don't see it.

對於一些沒有獲得資金的客戶，我們正在與他們合作，整合我們的人工智慧功能和預測分析，以從個人捐助者那裡獲得更多收入。對他們來說，它正變得越來越具有黏性和重要性，可以推動他們的收入成長。所以影響不是很大。但我們卻沒有看到它。

When we set the original guidance for the year, we use wordings around no material changes in the macro, I think, when we said that back a couple of months ago. And we're sticking with that because we don't really see it.

當我們為今年制定最初的指導方針時，我們使用了「宏觀上沒有重大變化」的措辭，我想，幾個月前我們就說過這一點。我們堅持這一點，因為我們確實沒有看到它。

Related to growth, yeah, we gave guidance at mid-single-digits-plus. We just saw some plus in Q1. We're not changing the guide for the year right now. We're two months away from closing out Q2. So we'll have a view of that obviously when we report on Q2 in the summertime. But we've had a really great start to the year. We don't see the macro having a negative impact on us. So we're feeling very optimistic for the go-forward for the rest of this year.

關於成長，是的，我們給出了中等個位數以上的成長預期。我們剛剛看到第一季的一些優勢。我們目前不會更改今年的指南。距離結束第二季還有兩個月的時間。因此，當我們在夏季報告第二季業績時，我們顯然會考慮到這一點。但我們今年的開局確實非常好。我們不認為宏觀經濟對我們有負面影響。因此，我們對今年剩餘時間的前景感到非常樂觀。

Great. Very helpful. Thank you, guys.

偉大的。非常有幫助。謝謝你們。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Hi. This is Matthew Kikkert, on for Parker. Thank you for taking my questions and congratulations to both Tony and Chad, both on the long tenure and the promotion. The last quarter, we talked a lot about the net new emphasis for 2025. I'm just curious what you saw from that sub-segment in 1Q and what the net new pipeline looks like for the rest of the year.

你好。我是馬修‧基克特 (Matthew Kikkert)，代替帕克。感謝您回答我的問題，並祝賀托尼和查德的長期任職和晉升。上個季度，我們討論了很多關於 2025 年淨新重點的問題。我只是好奇您在第一季看到了什麼子領域的情況，以及今年剩餘時間的淨新管道情況如何。

We talked about a big focus on new logos, and we've made that pivot successfully and that pivot is behind us. It was just a small part of our bookings where conversions from legacy product to cloud product. That's largely behind us now. And the focus on new bookings has materialized really quite well. New bookings are up substantially in the first quarter this year. The pipeline looks good. So we're excited about new bookings across the vertical markets that we serve.

我們討論了對新標誌的重點關注，並且我們已經成功實現了這一轉變，並且這一轉變已經過去。這只是我們訂單中從傳統產品到雲端產品的轉換的一小部分。現在，這基本上已經成為過去了。對新預訂的關注確實已經實現得相當好。今年第一季新預訂量大幅增加。管道看起來不錯。因此，我們對所服務的垂直市場的新訂單感到非常興奮。

Okay. That's great to hear. And then, my second question was on the global market. So part of the business, JustGiving, is over in the UK and you have some exposure to international markets, I guess. What are you seeing in international markets versus the opportunity here domestically?

好的。聽到這個消息真是太好了。然後，我的第二個問題是關於全球市場的。所以我想，JustGiving 的部分業務在英國，你們也接觸了一些國際市場。與國內市場相比，您在國際市場上看到了哪些機會？

We're doing pretty well in our Asia PAC area, good sales bookings, good customer retention. And across Europe as well. JustGiving is doing really well, and that continues to perform well. There's great brand recognition in the UK and in many other parts of Europe on JustGiving. It's used in a lot of major events like London Marathon and other large events, and it's doing really well. It's all donor-driven, personal campaign type stuff for fundraising for non-profits, and it continues to perform really well for us.

我們在亞太地區的業績相當不錯，銷售訂單良好，客戶保留率也很好。並且遍佈歐洲。JustGiving 表現非常好，並將繼續保持良好的表現。JustGiving 在英國和歐洲許多其他地區享有很高的品牌知名度。它已在倫敦馬拉松等許多大型賽事中使用，並且效果非常好。這些都是由捐贈者推動的、為非營利組織籌集資金的個人活動類型的活動，並且它繼續為我們帶來良好的表現。

We also see a lot of upside in the future in our YourCause platform for corporations. I mentioned in my prepared remarks we just had a small customer event in Dallas. We had over 100 customers, a lot of them from Fortune 500 companies. And there's a big interest in YourCause and employee engagement. And YourCause is a leading platform in the world in that space. And so we have some high hopes around the future for that and continuing to drive that platform as well. So new product sales, new logos, going really well.

我們也看到，YourCause 平台在未來將為企業帶來巨大的發展潛力。我在準備好的演講中提到，我們剛剛在達拉斯舉辦了一個小型客戶活動。我們有超過 100 個客戶，其中許多來自財富 500 強公司。人們對 YourCause 和員工敬業度非常感興趣。YourCause 是該領域全球領先的平台。因此，我們對未來寄予厚望，並將繼續推動該平台的發展。因此，新產品的銷售、新標誌的銷售都進展順利。

Terrific. Thank you.

了不起。謝謝。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Good morning. Hey guys. Thanks so much for taking the questions, and I echo the statements on congrats to Chad and thank you, Tony. It's been a pleasure. Maybe taking a big step back here and asking a big picture question on your end market. And so I'm hearing a lot of confidence in the prepared remarks and in the answers to the Q&A about your confidence in the end market demand environment. So maybe that's the question here. What is it about your end market that is giving you the competency in their resiliency for this year?

早安.嘿，大家好。非常感謝您回答這些問題，我同意祝賀查德並感謝您，托尼。我很榮幸。也許在這裡需要退後一步，並針對你的終端市場提出一個宏觀問題。因此，我從準備好的發言和問答環節的回答中聽到了您對終端市場需求環境的信心。這也許就是這裡的問題。您的終端市場有哪些特點使您能夠在今年保持如此強的韌性？

Sure. So the end markets are pretty healthy, like I said already in the call. And the amount of innovation that we've come out with is really resonating with customers and new prospects. Back in the fall at our annual conference called BBCon in Seattle, we announced what we call six waves of innovation. And we've been delivering on that. There's a lot of AI capabilities in our products now. There's much better integration across the products. So our ability to cross-sell and the innovation is driving some really good results in new logos and cross-selling as well.

當然。因此終端市場非常健康，就像我在電話會議中所說的那樣。我們推出的大量創新確實引起了客戶和新客戶的共鳴。今年秋天，在西雅圖舉行的年度會議 BBCon 上，我們宣布了所謂的六波創新。我們一直在實現這一目標。我們的產品現在有許多人工智慧功能。各個產品之間的整合度更高了。因此，我們的交叉銷售能力和創新能力在新的標誌和交叉銷售方面也取得了一些非常好的成果。

So we've got a healthy market in all the verticals that we serve, to my earlier comments. Our engineering and product teams are doing a great job in driving innovation with some new solutions and just some more advanced solutions, better UI and user experience, better integration, embedded predictive analytics, embedded AI, is resonating with customers.

因此，正如我之前所說，我們所服務的所有垂直領域都擁有健康的市場。我們的工程和產品團隊在推動創新方面做得非常出色，他們推出了一些新的解決方案和更先進的解決方案、更好的使用者介面和使用者體驗、更好的整合、嵌入式預測分析、嵌入式人工智慧，引起了客戶的共鳴。

Got it. Thank you. And maybe a follow-up here, kind of digging in a little bit more specifically on the contract renewals for this year. I know you guys got about 25% of the mix coming up for renewal. And so how are those conversations going specifically? And maybe remind us, is there any sort of seasonality in the contract renewal cycle this year that we should be aware of? Is it more front-end weighted or is it more back-half weighted this year? Thank you.

知道了。謝謝。也許這裡還有後續行動，更具體地探討今年的合約續約問題。我知道你們大約有 25% 的混合資產需要續約。那麼這些對話具體進展如何？也許需要提醒我們，今年的合約續約週期是否存在我們應該注意的季節性？今年是前端權重更大還是後半部權重更大？謝謝。

Sure. It's going well. Our customer retention remains really high. That hasn't changed. Even since we started this program, the customer retention numbers are high. It's going well. Customers -- this is just a normal course of business now. It's not new anymore because it's been a couple of years. We notify customers five, six months ahead of time, so there's plenty of time for any discussions if needed. Many of our smaller and mid-tier customers are on auto renewals. We standardize on three-year contracts. Some larger customers prefer longer term, four- or five-year contracts.

當然。一切進展順利。我們的客戶保留率仍然很高。這一點沒有改變。自從我們啟動該計劃以來，客戶保留率一直很高。一切進展順利。顧客——這只是正常的業務流程。它不再是新鮮事了，因為已經過去好幾年了。我們會提前五到六個月通知客戶，因此如果需要的話，有足夠的時間進行討論。我們的許多小型和中型客戶都採用自動續約。我們採用三年合約標準。一些較大的客戶更喜歡長期合同，四年或五年的合約。

We're not the only software supplier. Our customers buy software from other vendors, including us at the same time. And so this is normal for them to see, this across multiple vendors, not just Blackbaud. So this tradition is really just normal course of business, happens every day, going well. Retentions still on the 92nd, 93rd percentile. It's just normal course of business. It's not new anymore.

我們不是唯一的軟體供應商。我們的客戶同時從其他供應商購買軟體，包括我們。因此，對他們來說，這很正常，這種情況涉及多個供應商，而不僅僅是 Blackbaud。所以這個傳統其實只是正常的業務流程，每天都在發生，而且進展順利。保留率仍處於第 92、93 個百分位。這只是正常的業務流程。這已經不是什麼新鮮事了。

And I really think that given all the innovation, we've kind of really proven to be a long term partner for our customers and they see what's coming down the road. And we're informing them more on what's coming in the future from an innovation standpoint. We have these customer updates, these webinars where thousands and thousands of customers participate and we talk to them about the road maps and what's been delivered and what's coming.

我真的認為，鑑於所有的創新，我們已經證明自己是客戶的長期合作夥伴，他們也看到了未來的發展。我們從創新的角度向他們詳細介紹了未來的發展。我們有這些客戶更新，這些網路研討會，成千上萬的客戶參加，我們與他們討論路線圖以及已經交付的內容和即將交付的內容。

And across our portfolio, we have new innovation and new features that just show up every day, every week, every month. So it's continuous innovation. We don't do large one or two drops a year. It's continuous across the portfolio. And customers appreciate that.

在我們的產品組合中，我們每天、每週、每月都會出現新的創新和新功能。所以這是持續的創新。我們每年不會進行一兩次大規模投放。它在整個投資組合中是連續的。顧客對此表示讚賞。

And Koji, on the seasonality, that's still going to be higher at the end of Q2. First part of Q3 is when we have the bigger surge in the renewals. That really probably shouldn't change much even with all the new contracting that we're going through.

Koji，從季節性來看，第二季末這一數字仍將更高。第三季初期，我們的續約數量將大幅增加。即使我們正在簽訂所有新合同，這種情況可能也不會有太大變化。

Got it. Thank you so much. And maybe if I could squeeze in one more here, I think you guys already repurchased 3% of your common stock target mix of the 5% already for 2025. If you guys hit that target early, the 5%, would there be any thought process of potentially increasing the share buyback program? Thank you guys so much.

知道了。太感謝了。如果我可以在這裡再多說一點的話，我想你們已經回購了 2025 年 5% 普通股目標組合中的 3%。如果你們提前達到了 5% 的目標，是否會考慮增加股票回購計畫？非常感謝你們。

Absolutely, Koji. Thanks for that question. We hit about 4.2% is where we are through the end of Q1. We had net share settles for all the normal vesting that we'd have in the first quarter. And then we bought back $100 million worth of stock. It puts us at about 15% we've now purchased back just in the last year. So we've done a great job, I think, on that from a capital allocation perspective. Debt is up a little bit, as you saw. And interest expense is up a bit. As we do every quarter and every year, we'll continue to look at that capital allocation strategy. We'll evaluate what's going on in the market with share price. We'll look at our debt levels. We'll look at the interest rate, et cetera. So we'll continue to reevaluate that. But we're well on our way at about -- a little over 4% towards our 3% to 5% for the full year. But we'll continue to evaluate that and let you guys know if we decide to change our position on that front.

絕對如此，Koji。謝謝你的提問。截至第一季末，我們的成長率達到約 4.2%。我們對第一季的所有正常歸屬進行了淨股份結算。然後我們回購了價值 1 億美元的股票。光是去年，我們就回購了約 15% 的股票。因此，我認為，從資本配置的角度來看，我們在這方面做得很好。如您所見，債務略有增加。利息支出也略有增加。正如我們每個季度和每年所做的那樣，我們將繼續關注資本配置策略。我們將透過股價來評估市場的情況。我們將審視我們的債務水平。我們將關注利率等等。因此我們將繼續重新評估這一點。但我們已經朝著全年 3% 至 5% 的目標穩步前進，目前成長率約為 4% 左右。但我們會繼續評估這一點，如果我們決定改變立場，我們會通知你們。

Thank you so much.

太感謝了。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Thanks very much and good morning. And congrats to Tony and Chad on the new roles. Mike, I was wondering, can you just remind us a little bit about the thought process on the monetization of some of your AI technologies? Just how are you thinking about that rolling through either contracts with your existing or how you're thinking about monetizing with some of your net new clients?

非常感謝，早安。並祝賀托尼和查德獲得新職位。麥克，我想知道，您能否稍微提醒一下我們關於一些人工智慧技術貨幣化的思考過程？您如何考慮透過與現有客戶簽訂合約或如何考慮利用部分新客戶來實現盈利？

Kirk, thanks for the question. Like I said, we've done a lot in the last 18 months with embedded AI and predictive analytics in our solutions including generative AI which is available. We're launching a technical preview of Blackbaud Copilot, which is going to come out with some of our products in the next several months. That's going to be a really interesting add to our solutions. Our customers will be able to interact with our products and their data, asking natural language questions which is really impactful. And uniquely, we have all this data in our systems given we've been at this a long time. That's a differentiated position for us. AI requires to have a lot of data, and we happen to. So that Blackbaud Copilot will be rolling out in the next couple of months and we're doing some tech previews. Also on further agenda, but not too long, is agentic AI and agentic AI solutions embedded.

柯克，謝謝你的提問。正如我所說的，在過去的 18 個月裡，我們在解決方案中嵌入了人工智慧和預測分析，包括可用的生成人工智慧，做了很多工作。我們正在推出 Blackbaud Copilot 的技術預覽版，它將在未來幾個月內與我們的一些產品一起推出。這將會對我們的解決方案產生非常有趣的補充。我們的客戶將能夠與我們的產品及其數據進行交互，並提出真正有影響力的自然語言問題。獨特的是，由於我們已經在這個領域工作了很長時間，所以我們的系統中擁有所有這些數據。對我們來說，這是一個差異化的地位。人工智慧需要大量數據，而我們剛好擁有這些數據。Blackbaud Copilot 將在未來幾個月內推出，我們正在做一些技術預覽。進一步的議程上還有代理 AI 和嵌入式代理 AI 解決方案，但時間不會太長。

So far, all of these capabilities, we have not separately charged for any of these separate capabilities. We felt we had to drive a lot of innovation, including some of this AI, given the three-year contract renewals we started with some price increases to make sure our customers are getting a lot of value from us, and they are.

到目前為止，對於所有這些功能，我們還沒有單獨收取任何費用。我們覺得我們必須推動大量創新，包括一些人工智慧，考慮到三年合約續約，我們開始提高一些價格，以確保我們的客戶從我們這裡獲得很多價值，事實也確實如此。

Agentic AI is a little different. We are looking at monetization models for agentic AI in the future. We're looking at what other firms are doing and what we think is appropriate. So that'll be coming down the road. But to date, again, all of the embedded predictive analytics and AI are just included with the contractual pricing.

Agentic AI 稍有不同。我們正在研究未來代理人工智慧的貨幣化模式。我們正在觀察其他公司的做法以及我們認為合適的做法。所以這將會實現。但到目前為止，所有嵌入式預測分析和人工智慧都包含在合約定價中。

Okay. That's super helpful. And Tony, I know you guys think about the world correctly and in constant currency terms but obviously, the dollars pull back a lot here. We're just thinking about sort of our models on a reported basis. I'm guessing if the dollar stays where it is today, that would be a bit of a tailwind for you all if we look out over the remainder of the year. Just any, I don't know, rough thoughts on that? I know it's a bit of a guessing game.

好的。這非常有幫助。東尼，我知道你們對世界的看法是正確的，並且是以不變的貨幣來衡量的，但顯然，美元在這裡大幅回落。我們只是在根據報告來考慮我們的模型。我猜想，如果美元維持在目前的水平，那麼展望今年剩餘時間，這對大家來說將是一個利好。我不知道，對此有什麼粗略的想法嗎？我知道這有點像猜謎遊戲。

Yeah, Kirk, you're right on the money. The currency has been moving a ton. It's a bit more favorable right now when I look at that forward curve versus where we were when we put guide together. So it'd be a bit of a tailwind for us at this point if it holds with expectations.

是的，柯克，你說得很對。貨幣一直在劇烈波動。現在，當我查看遠期曲線時，與我們制定指南時的情況相比，情況要有利一些。因此，如果它符合預期，那麼對我們來說這將是一個順風。

Okay. Thanks very much. Appreciate it, guys.

好的。非常感謝。非常感謝，夥計們。

Thank you, Kirk. And thank you, everyone, for joining us today. We will be attending a number of investor events in May and June to include several conferences which are listed on our Events page on our Investor Relations site. We hope to see you then and also to speaking with you very soon. Thank you and have a nice day.

謝謝你，柯克。感謝大家今天的參與。我們將在五月和六月參加一些投資者活動，其中包括幾場會議，這些活動列在我們的投資者關係網站的活動頁面上。我們希望屆時能見到您並很快與您交談。謝謝您，祝您有愉快的一天。

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。現在您可以斷開線路。感謝您的參與。