Consensus Cloud Solutions Inc (CCSI) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Consensus Q1 2026 earnings call. My name is Paul, and I will be the operator assisting you today. (Operator Instructions)

各位女士、先生，大家好，歡迎參加 Consensus 2026 年第一季（Q1）財報電話會議。我是 Paul，今天將擔任協助各位的會議接線員。（接線員指示）

On this call from Consensus will be Scott Turicchi, CEO; Kip Killpack, Vice President of Finance; Johnny Hecker, CRO and Executive Vice President of Operations; and Adam Varon, CFO.

本次電話會議中，代表 Consensus 出席的有：執行長（CEO）Scott Turicchi；財務副總裁 Kip Killpack；營收長（CRO）暨營運執行副總裁 Johnny Hecker；以及財務長（CFO）Adam Varon。

I will now turn the call over to Kip Killpack, Vice President of Finance at Consensus. Thank you. You may begin.

現在我將把電話會議交給 Consensus 財務副總裁 Kip Killpack。謝謝。您可以開始了。

Good afternoon, and welcome to the Consensus investor call to discuss our Q1 2026 financial results, other key information, and our Q2 2026 quarterly guidance.

各位下午好，歡迎參加 Consensus 投資人電話會議，我們將討論 2026 年第一季財務結果、其他關鍵資訊，以及 2026 年第二季（Q2）季度財測指引。

Joining me today are Scott Turicchi, CEO; Johnny Hecker, CRO and EVP Operations; and Adam Varon, CFO. The earnings call will begin with Scott providing opening remarks, Johnny will give an update on operational progress since our Q4 2024 investor call, then Adam will provide Q1 2026 financial results and our Q2 2026 guidance range. After we finish our prepared remarks, we will conduct a Q&A session. (Operator Instructions)

今天與我一同出席的有：執行長 Scott Turicchi；營收長暨營運執行副總裁 Johnny Hecker；以及財務長 Adam Varon。本次財報電話會議將先由 Scott 發表開場談話，接著 Johnny 將就自我們 2024 年第四季（Q4）投資人電話會議以來的營運進展提供更新，然後 Adam 將說明 2026 年第一季財務結果與 2026 年第二季指引區間。在我們完成事先準備的發言後，將進行問答環節。（接線員指示）

Before we begin our prepared remarks, allow me to direct you to our forward-looking statements and risk factors on slide 2 of our investor presentation. As you know, this call and the webcast will include forward-looking statements. Such statements may involve risks and uncertainties that would cause actual results to differ materially from the anticipated results. Some of those risks and uncertainties include, but are not limited to, the risk factors that we have disclosed in our regulatory filings, including our annual 10-K and quarterly 10-Q SEC filings.

在開始我們的準備發言之前，請允許我請各位參閱投資人簡報第 2 頁的前瞻性陳述與風險因素。如各位所知，本次電話會議與網路直播將包含前瞻性陳述。此類陳述可能涉及風險與不確定性，導致實際結果與預期結果出現重大差異。其中部分風險與不確定性包括但不限於我們在監管申報文件中揭露的風險因素，包括我們向美國證券交易委員會（SEC）提交的年度 10-K 與季度 10-Q 申報文件。

Now, let me turn the call over to Scott for his opening remarks.

現在，讓我把電話會議交給 Scott，請他發表開場談話。

Thank you, Kip. I'd also like to welcome Adam on his first earnings call as our Chief Financial Officer.

謝謝你，Kip。我也想歡迎 Adam 以財務長身分首次參加我們的財報電話會議。

I'm very proud of the momentum that our team carried into 2026 and the results that we posted to begin the fiscal year. As I stated last quarter, the next phase of Consensus has begun. While we did post three consecutive quarters last year of revenue growth, it was minimal.

我對我們團隊在 2026 年延續的動能，以及我們在本財年開局所交出的成果感到非常自豪。正如我在上一季所說，Consensus 的下一個階段已經開始。雖然去年我們連續三季實現營收成長，但幅度很小。

However, in Q1 2026, we exceeded our expectations in both our Corporate and SoHo channels of revenue and had a 1.5% consolidated revenue growth compared to Q1 of 2025. In fact, this is now the second consecutive quarter that we have demonstrated year-over-year growth in all four of our key financial metrics: revenue, adjusted EBITDA, non-GAAP EPS, and free cash flow.

然而在 2026 年第一季，我們在企業（Corporate）與 SoHo 兩個通路的營收表現均超出預期，合併營收相較 2025 年第一季成長 1.5%。事實上，這已是我們連續第二季在四項關鍵財務指標上皆呈現年增：營收、調整後 EBITDA、非 GAAP 每股盈餘（EPS）以及自由現金流。

Before turning the call over to Johnny, who will provide you with more detail regarding the quarter, I would like to note a few items.

在把電話會議交給 Johnny、由他為各位提供本季更詳細的說明之前，我想先提幾點。

Our Q1 financial results were driven by an 8.2% revenue growth in our Corporate channel, driven by record usage as well as a continuation of customer acquisition across our continuum. This is the highest growth rate for our corporate channel since Q4 of 2022. The SoHo channel also beat our forecast as we saw improvement in customer acquisition during the quarter and had a significant improvement in the year-over-year rate of decline experienced in Q4 2025.

我們第一季的財務結果主要由企業通路營收成長 8.2% 所帶動，成長動能來自創紀錄的使用量，以及我們在完整客戶光譜中持續推進的客戶獲取。這是自 2022 年第四季以來，我們企業通路的最高成長率。SoHo 通路也優於我們的預測，因為我們在本季看到客戶獲取改善，且相較 2025 年第四季所經歷的年減幅度，年對年下滑速度顯著收斂。

Our adjusted EBITDA margins remained consistent with Q1 of 2025 and above the midpoint of our range of 50% to 55%. This is due in part to the timing of hiring relative to our budget expectations. We plan to close the hiring gap throughout the year and would expect our adjusted EBITDA margins to track more to the midpoint of our range for the remainder of the year.

我們的調整後 EBITDA 利潤率與 2025 年第一季一致，且高於我們 50% 至 55% 區間的中位數。部分原因在於招募時點相較預算預期有所延後。我們計畫在全年逐步補齊招募缺口，並預期在今年剩餘期間，調整後 EBITDA 利潤率將更貼近我們區間的中位數。

We started the year with a strong Q1 free cash flow of $38.5 million, which allowed us to repurchase approximately 600,000 shares of our stock during the quarter, while maintaining cash balances such that we can fully borrow under our credit facility and term loan.

我們以強勁的第一季自由現金流 3,850 萬美元開局，使我們得以在本季回購約 60 萬股公司股票，同時維持現金餘額，確保我們能在循環信貸額度與定期貸款下充分借款。

We do not have any substantial maturities on our debt until late 2028. However, we are monitoring both the bank and debt markets to see if an opportunistic refinancing can be achieved before late 2027. We expect free cash flow to approximate the record level of 2025 and look to continue to be buyers of our stock, given the free cash flow yield on our stock is approximately 3 times that of our debt costs.

我們的債務在 2028 年末之前沒有任何重大到期。不過，我們正同時關注銀行與債券市場，以評估是否能在 2027 年末之前把握機會完成再融資。我們預期自由現金流將接近 2025 年的創紀錄水準，並希望在我們股票的自由現金流殖利率約為債務成本 3 倍的情況下，持續回購公司股票。

I'll now turn the call over to Johnny.

現在我把電話會議交給 Johnny。

Thank you, Scott, and hello, everyone. Last year, I described 2025 as our foundational year, a period of deliberate realignment to favor high-value, high-durability Corporate revenue. Today, I want to share how that transformation is accelerating in a way that confirms the core of our platform thesis.

謝謝你，Scott，各位好。去年我將 2025 年形容為我們的奠基之年，是一段刻意重新調整的期間，以偏重高價值、耐久性更高的企業通路營收。今天我想分享，這項轉型正以更快速度加速推進，並以此印證我們平台核心論點的正確性。

In times of uncertainty and a tight macroeconomic environment, particularly within healthcare, we're actively intensifying our go-to-market execution, focusing relentlessly on intent-driven customer acquisition to increase deal volume. I am pleased that we're seeing this strategy come to fruition.

在不確定性升高且總體經濟環境緊縮的情況下，尤其是在醫療保健領域，我們正積極強化市場進入（go-to-market）執行力，持續聚焦以意圖為導向的客戶獲取，以提升成交量。我很高興看到這項策略正在開花結果。

In Q1, our teams participated in several of the most important industry conferences in our sector, and the results validated this targeted approach. The record lead volume and intensity of interest we captured at these events confirmed that the ongoing migration to the cloud represents a structural opportunity for Consensus.

在第一季，我們的團隊參與了本產業中數個最重要的產業會議，而結果也驗證了這種精準聚焦的方法。我們在這些活動中取得的創紀錄潛在客戶量與高度關注度，證實持續向雲端遷移對 Consensus 而言是一項結構性機會。

Our eFax brand has proven to be a highly effective magnet in this space. It is the strategic entry point that allows us to lead the conversation around digital transformation. For these organizations, migrating to our platform is no longer a discretionary tech stack update. It has become a mandatory operational upgrade.

我們的 eFax 品牌已證明在此領域具有極高的吸引力。它是策略性的切入點，使我們能主導關於數位轉型的對話。對這些組織而言，遷移到我們的平台已不再是可有可無的技術堆疊更新。它已成為必須進行的營運升級。

Our Q1 results substantiate once more that our center of gravity has shifted. The Corporate channel delivered record revenue this quarter, generating $58.7 million. I am excited to report an 8.2% year-over-year growth rate over the $54.3 million of Corporate revenue in Q1 of 2025, a significant acceleration from the 7.3% we reported last quarter.

我們第一季的結果再次證實，我們的重心已經轉移。企業通路本季創下營收新高，達 5,870 萬美元。我很高興報告，企業通路營收相較 2025 年第一季的 5,430 萬美元年增 8.2%，較我們上一季公布的 7.3% 顯著加速。

This sustained increase in our momentum is the primary takeaway here, as it demonstrates the compounding strength of our strategy and keeps us firmly on path towards double-digit Corporate growth. While we also saw a solid 3.4% sequential increase coming out of a record fourth quarter, it is the consistent year-over-year expansion that validates our thesis.

這股動能的持續提升是此處最重要的重點，因為它展現了我們策略的複利式強化，並讓我們穩健走在邁向企業通路雙位數成長的軌道上。雖然在創紀錄的第四季之後，我們也看到 3.4% 的季增，但真正驗證我們論點的是穩定的年對年擴張。

This trajectory is driven by the continued execution of our barbell strategy, reflected in our corporate base of approximately 65,000 customers, which has grown roughly 7% year over year. While we have maintained this level since Q3 of 2025 as we prioritize high-grading our portfolio towards larger enterprise accounts, the annual growth proves the scalability of our acquisition power.

這一趨勢由我們槓鈴策略（barbell strategy）的持續落實所驅動，反映在我們約 65,000 家企業客戶的基礎上，年對年成長約 7%。雖然自 2025 年第三季以來，因我們優先將產品組合升級、聚焦更大型的企業客戶而使該水準大致維持不變，但年度成長證明了我們獲客能力的可擴展性。

More importantly, that upmarket momentum is directly feeding our expansion economics. Our net revenue retention rate exceeded 102% this quarter, a 76-basis-point improvement over Q4 of 2025 and the highest NRR rate since we breached the target of 100% in Q4 of 2024.

更重要的是，這股向上市場（upmarket）動能正直接推動我們的擴張經濟效益。本季我們的淨營收留存率（NRR）超過 102%，較 2025 年第四季提升 76 個基點，並創下自 2024 年第四季突破 100% 目標以來的最高 NRR。

It proves our customers are finding more value in our solutions. They're adding more volume and adopting our solutions more broadly as they integrate deeply into our ecosystem. This lift results from a powerful utilization tailwind as our largest enterprise clients route more uninterrupted data flows through our network with ever-increasing volumes that consistently exceed our internal targets.

這證明我們的客戶正從我們的解決方案中獲得更多價值。隨著他們更深度整合進我們的生態系，他們正在增加更多用量，並更廣泛地採用我們的解決方案。這項提升源自強勁的使用量順風：我們最大的企業客戶正以持續增加的量，將更多不中斷的資料流導入我們的網路，而其規模也一再超越我們的內部目標。

As evidenced by our native integration into major EHR vendor platforms, eFax has developed into an operational dependency within the clinical workflow. This shift underscores our move to an embedded infrastructure layer. We're seeing a similar trend in the public sector where our FedRAMP High-certified ECFax solution continues to gain traction.

如同我們已原生整合至主要 EHR 供應商平台所顯示的那樣，eFax 已在臨床工作流程中發展為營運上的依賴。這一轉變凸顯我們正邁向嵌入式基礎設施層。我們也在公部門看到類似趨勢；我們通過 FedRAMP High 認證的 ECFax 解決方案持續獲得採用並加速推進。

Our Q1 results give us confidence that we can meet or exceed the $9 million VA contribution to 2026 revenue we projected last quarter as that engagement continues to scale and integrate into their daily operations. Capturing volume is the foundation. The next phase of our growth is about value extraction, moving from being a transport layer to being an intelligence layer.

我們的第一季業績讓我們有信心，隨著該合作案持續擴大規模並整合進其日常營運，我們能達成或超越上季所預估、對 2026 年營收貢獻 900 萬美元的 VA 貢獻額。掌握量能是基礎。我們下一階段的成長在於價值萃取，從傳輸層轉型為智慧層。

With that in mind, last month, we soft-launched a re-architected eFax platform for our corporate and SoHo e-commerce offerings. This launch, which brings the identity of our recent brand refresh directly into the product experience, serves as our new workflow and AI monetization framework.

基於此，上個月我們為企業與 SoHo 電商產品線低調推出重新架構的 eFax 平台。此次上線把我們近期品牌焕新所建立的識別直接帶入產品體驗，並作為我們新的工作流程與 AI 變現框架。

It is an infrastructure upgrade specifically engineered to remove friction from the customer journey and provide a seamless on-ramp for our advanced technologies. As part of AI continuous deployment, this architecture will eventually enable our clients to layer on eFax Clarity AI capabilities at scale, moving at the pace of their own digital transformation.

這是一項專為降低客戶旅程摩擦而設計的基礎設施升級，並為我們的先進技術提供無縫導入的入口。作為 AI 持續部署的一部分，這套架構最終將使客戶能以規模化方式疊加 eFax Clarity AI 能力，並依其自身數位轉型的步調推進。

In our last call, I emphasized that we are no longer just selling a connection. We're tackling a labor problem. This product evolution is how we deliver on that promise. Our customers, particularly in healthcare, are facing severe staffing constraints and margin pressure. They can no longer afford to have high-value staff performing manual data entry.

在上次電話會議中，我強調我們不再只是銷售一條連線。我們正在解決一個勞動力問題。這次產品演進正是我們兌現該承諾的方式。我們的客戶，特別是醫療保健領域，正面臨嚴重的人力限制與利潤率壓力。他們已無法再讓高價值人員從事手動資料輸入。

By combining our platform with Clarity, we're extracting actionable data from unstructured documents and routing it directly into the EHRs and back-office systems. These automated workflows give our customers their time back, reduce manual errors, and accelerate the revenue cycles.

透過將我們的平台與 Clarity 結合，我們能從非結構化文件中萃取可採取行動的資料，並將其直接導入 EHR 與後台系統。這些自動化工作流程讓客戶取回時間、降低人工錯誤，並加速營收週期。

While last month's launch is just the beginning, we expect this infrastructure to improve deal conversion rates and serve as a lever to our path to delivering sustained double-digit growth in our corporate channel. We are prioritizing these workflow and solution propositions because they resonate deeply with our prospects, helping us capture new market share while simultaneously locking in our existing base for the long-term.

雖然上個月的上線只是開始，但我們預期這套基礎設施將提升成交轉換率，並成為推動我們在企業通路實現持續雙位數成長路徑的槓桿。我們優先推進這些工作流程與解決方案主張，因為它們與潛在客戶高度共鳴，協助我們取得新的市占，同時也在長期鎖定既有客戶基礎。

Moving to SoHo. As we have consistently stated, we manage that channel as a strategic cash engine. We're not managing SoHo for subscriber longevity. Our priority remains yield, efficiency and maximizing the contribution margin that funds to our high-growth corporate expansion.

接著談 SoHo。如我們一貫所述，我們將該通路作為策略性的現金引擎來管理。我們並非以延長 SoHo 訂戶存續為管理目標。我們的優先事項仍是收益率、效率，以及最大化貢獻毛利，以資助我們高成長的企業擴張。

SoHo revenue for the quarter was $29.7 million, representing a managed 9.5% year-over-year decline. I am happy to report that this is a significant improvement over the minus 11.1% we experienced last quarter, in line with the rate of decline we experienced in Q3 of 2025.

本季 SoHo 營收為 2,970 萬美元，代表在管理下年增率下降 9.5%。我很高興報告，這較上季我們經歷的 -11.1% 有顯著改善，並與 2025 年第三季的下降幅度一致。

In summary, Q1 has proven that our go-to-market strategy is functioning exactly as intended. Our SoHo business is providing disciplined cash flow, while our corporate channel is delivering record results with growth accelerating past 8%. None of this is possible without the dedication of our global team who executed exceptionally well and with high energy this quarter. I also want to thank our partners and customers for their continued trust and collaboration as we capture these high-stakes operational opportunities together.

總結而言，第一季證明我們的上市策略正如預期般運作。我們的 SoHo 業務提供紀律性的現金流，而企業通路則交出創紀錄的成果，成長加速超過 8%。若沒有我們全球團隊在本季以高度投入與能量卓越執行，這一切都不可能達成。我也要感謝合作夥伴與客戶持續的信任與協作，讓我們能共同把握這些高關鍵性的營運機會。

With that, I'll hand the call over to Adam to provide the financial details. Adam?

接下來我把電話交給 Adam，請他說明財務細節。Adam？

Thank you, Johnny, and good afternoon, everyone. We will discuss our Q1 2026 results, guidance for 2026, as well as guidance for Q2 2026. We expect to file our 10-Q later today.

謝謝你，Johnny，各位下午好。我們將討論 2026 年第一季業績、2026 年全年指引，以及 2026 年第二季指引。我們預計稍晚於今日提交 10-Q。

Moving to Corporate results, during the first quarter of 2026, our Corporate business achieved record-breaking revenue of $58.7 million, representing an 8.2% increase or $4.4 million compared to the previous year. This performance indicates our accelerating momentum when compared to the 7.3% revenue growth last quarter.

轉到企業業績，於 2026 年第一季，我們的企業業務達成破紀錄的 5,870 萬美元營收，較去年增加 8.2%，或增加 440 萬美元。相較於上季 7.3% 的營收成長，這項表現顯示我們的動能正在加速。

Notably, this 8.2% year-over-year expansion also represents the strongest year-over-year growth rate our corporate business has realized since Q4 2022. With our record Corporate revenue in Q1 2026, we achieved a trailing 12-month net revenue retention rate of 102%. This reflects a sequential rise of 76 basis points and an approximate 100-basis-point gain compared to the same period last year.

值得注意的是，這 8.2% 的年增擴張亦為自 2022 年第四季以來，我們企業業務所達成的最強年增成長率。在 2026 年第一季創紀錄的企業營收帶動下，我們達成過去 12 個月淨營收留存率（NRR）為 102%。這反映出較前一季上升 76 個基點，且較去年同期約提升 100 個基點。

Our Corporate customer base of approximately 65,000 customers was up 7% over the prior comparable period. Propelled by higher volumes, specifically within the upper tier of our customer continuum, Corporate ARPA for Q1 2026 rose sequentially by approximately 3% to $306 and was roughly flat year over year.

我們約 65,000 名企業客戶的客戶基礎，較前一可比期間成長 7%。在更高量能的推動下，特別是來自我們客戶光譜上層級的量能提升，2026 年第一季企業 ARPA 較前一季約上升 3% 至 306 美元，年對年則大致持平。

Moving to SoHo results. As Johnny mentioned, we continue to manage the SoHo channel as a strategic cash engine, focusing on customer acquisition yield and contribution margin to generate cash flow that funds our accelerating corporate business growth.

接著看 SoHo 業績。如 Johnny 所提，我們持續將 SoHo 通路作為策略性的現金引擎來管理，聚焦於獲客收益率與貢獻毛利，以產生現金流，資助我們加速中的企業業務成長。

SoHo Q1 2026 revenue of $29.7 million decreased $3.1 million or 9.5% over the prior year, slowing from the Q4 2025 decline of 11.1%.

2026 年第一季 SoHo 營收為 2,970 萬美元，較去年減少 310 萬美元或 9.5%，較 2025 年第四季 11.1% 的降幅有所放緩。

Moving to consolidated results. As Scott stated, this is the second consecutive quarter that we have demonstrated year-over-year growth in all four of our key financial metrics. Number one, revenue; two adjusted EBITDA; three non-GAAP EPS; and four, free cash flow.

接著看合併業績。如 Scott 所述，這是我們連續第二季在四項關鍵財務指標上皆呈現年對年成長。第一，營收；第二，調整後 EBITDA；第三，非 GAAP EPS；第四，自由現金流。

Consolidated revenue of $88.5 million represents an increase of $1.3 million, or 1.5% over Q1 2025 and $1.4 million or 1.6% increase sequentially. Additionally, this represents the fourth consecutive quarter of year-over-year consolidated revenue growth. Adjusted EBITDA of $47.9 million versus $47.3 million in Q1 2025 delivered a consistent year-over-year EBITDA margin of 54.1%, driven by revenue flow-through, partially offset by marketing spend and personnel-related expenses.

合併營收為 8,850 萬美元，較 2025 年第一季增加 130 萬美元或 1.5%，較前一季亦增加 140 萬美元或 1.6%。此外，這也是合併營收連續第四季年對年成長。調整後 EBITDA 為 4,790 萬美元，相較 2025 年第一季的 4,730 萬美元，EBITDA 利潤率年對年維持一致為 54.1%，主要受惠於營收流入帶動，部分被行銷支出與人員相關費用所抵銷。

Adjusted net income of $28.9 million is an increase of $2 million or 7.3%, over the prior year, primarily driven by the items mentioned, plus favorable net interest expense on lower debt balances. Adjusted EPS of $1.52 is favorable to the prior year by 10.9%, or $0.15, driven by the items mentioned above and a lower share count from equity repurchases. The Q1 2026 non-GAAP tax rate and share count were 20.5% and approximately 19 million shares, respectively.

調整後淨利為 2,890 萬美元，較去年增加 200 萬美元或 7.3%，主要由前述項目帶動，並加上在較低債務餘額下，淨利息費用更為有利。調整後 EPS 為 1.52 美元，較去年有利 10.9%，或增加 0.15 美元，係由上述項目以及因庫藏股回購導致的較低流通股數所驅動。2026 年第一季非 GAAP 稅率與股數分別為 20.5% 與約 1,900 萬股。

Moving on to capital allocation, free cash flow was a robust $38.5 million driven by Q1 2026 performance which fueled a 14% or $4.7 million year-over-year increase. We ended Q1 2026 with $92.3 million in cash, an increase of $17.6 million when compared to Q4 2025. Q1 2026 CapEx of $7.4 million was in line with the prior year and expectations.

接著談資本配置，自由現金流強勁達 3,850 萬美元，受 2026 年第一季表現帶動，使其年對年增加 14% 或 470 萬美元。我們在 2026 年第一季末的現金為 9,230 萬美元，較 2025 年第四季增加 1,760 萬美元。2026 年第一季資本支出（CapEx）為 740 萬美元，符合去年水準與預期。

On equity repurchases program to date, we have utilized $72 million to repurchase 2.7 million shares, leaving $28 million available under our $100 million Board-authorized equity repurchase plan. This includes our successful Q1 2026 activity where we bought back 600,000 shares for approximately $17 million.

截至目前的股票回購計畫，我們已動用7,200萬美元回購270萬股，於董事會核准的1億美元股票回購計畫下，尚餘2,800萬美元可用額度。其中包括我們在2026年第一季成功執行的回購活動，當季以約1,700萬美元回購60萬股。

Our Q1 2026 total debt balance stands at approximately $560 million comprised of the following components: $348 million of 6.5% high-yield notes, $148 million of delayed draw term loan, and $64 million on our revolver. Our net debt-to-EBITDA ratio for Q1 2026 was 2.5 times, and we held our total debt-to-EBITDA ratio steady at the Q4 2025 level of 3 times.

截至2026年第一季，我們的總負債餘額約為5.6億美元，由以下組成：3.48億美元的6.5%高收益票據、1.48億美元的延遲提用定期貸款，以及循環信貸額度（revolver）下的6,400萬美元。2026年第一季的淨負債對EBITDA比率為2.5倍，而我們將總負債對EBITDA比率維持在2025年第四季的3倍水準。

Moving to 2026 guidance, we are reaffirming our full-year 2026 outlook as follows. For revenue, we anticipate between $350 million and $364 million, representing a $357 million midpoint. Adjusted EBITDA is expected to range from $182 million to $193 million, with a midpoint of $187.5 million. Our adjusted EPS guidance remains between $5.55 and $5.95, or $5.75 at the midpoint. Finally, we estimate our full-year income tax rate will be between 19.7% and 21.7%, with 20.7% at the midpoint, with approximately 19 million shares.

接著談2026年指引，我們重申2026年全年展望如下。營收方面，我們預期介於3.50億至3.64億美元，中點為3.57億美元。調整後EBITDA預期介於1.82億至1.93億美元，中點為1.875億美元。我們的調整後每股盈餘（EPS）指引仍為5.55至5.95美元，中點為5.75美元。最後，我們估計全年所得稅率介於19.7%至21.7%，中點為20.7%，以約1,900萬股為基礎。

Moving to Q2 2026 quarterly guidance. We are issuing the following guidance for the quarter. Total revenue is projected to be in the range of $87.9 million to $91.9 million, representing a midpoint of $89.9 million. Adjusted EBITDA is expected to fall between $46.4 million and $49.6 million, with $48 million at the midpoint. Adjusted EPS is anticipated to range from $1.43 to $1.53, or $1.48 at the midpoint. For Q2 2026, our estimated income tax rate is 19.7% to 21.7%, with 20.7% at the midpoint, with an expected share count of approximately 19 million.

接著談2026年第二季季度指引。我們對本季提供以下指引。總營收預估介於8,790萬至9,190萬美元，中點為8,990萬美元。調整後EBITDA預期介於4,640萬至4,960萬美元，中點為4,800萬美元。調整後每股盈餘（EPS）預期介於1.43至1.53美元，中點為1.48美元。2026年第二季，我們估計所得稅率為19.7%至21.7%，中點為20.7%，預期股數約為1,900萬股。

That concludes our formal comments. Now I'd like to turn the call over to the operator for Q&A. Thank you.

以上為我們的正式發言。接下來我想把電話交給接線員進行問答。謝謝。

(Operator Instructions) David Larsen, BTIG.

（接線員指示）David Larsen，BTIG。

Hi, this is Jenny Shen on for Dave. Thanks for taking my question, and congrats on the quarter. Just looking at the reaffirmed full-year 2026 guide, was that not raised mainly due to conservatism? And what do you expect our revenue and earnings growth, the cadence, to be for the rest of the year?

嗨，我是Jenny Shen，代替Dave提問。謝謝讓我提問，也恭喜本季表現。就重申的2026年全年指引來看，沒有上調主要是出於保守嗎？另外，對於今年剩餘期間的營收與獲利成長，你們預期節奏會是如何？

So we set up the range of guidance just a quarter ago, and obviously, there's a whiff on it on both revenues, EBITDA, and adjusted EPS. Certainly, if you look at the first-quarter results, where we've had the most positive movement from the mean would be in the adjusted non-GAAP EPS. So right now, we see even, if you migrate towards the upper end of the range, that's still being sufficient.

我們其實就在一季前才設定這個指引區間，而顯然在營收、EBITDA以及調整後EPS方面都有些許超出。當然，如果看第一季結果，相較於平均值最正向的變動是在調整後的非GAAP EPS。因此目前我們認為，即便往區間上緣移動，這個區間仍然足夠。

We only change our range of guidance, whether it's for all the metrics or a single metric, when we are highly confident we will be exceeding one or more of them. So it's too early in the year to do that. So it's neither a conservatism, it's really more a philosophical principle on which we construct our guidance on an annual basis.

我們只有在對將會超過一項或多項指標非常有把握時，才會調整指引區間，不論是所有指標或單一指標。所以現在年初還太早。因此這既不是保守，而更像是我們在年度指引建構上的一項理念原則。

I think you get a sense in terms of the second question, though, given that we do give quarterly guidance, which you see in Q2. The one thing I would note and caution people on, as I said in my opening remarks, is, one of the benefits that flowed through in the first quarter was not only more revenue, which is clearly a good thing, and I'd say most of that incremental revenue relative to our expectations went to the bottom line, but we did not hire as much in Q1 as we had budgeted.

至於第二個問題，我想你也能從我們提供的季度指引（你在Q2看到的）得到一些感覺。但我想提醒並請大家留意的是，正如我在開場所說，第一季帶來的好處之一不僅是營收增加（這當然是好事），而且我會說相較於我們的預期，多數新增營收都流向了獲利端；但同時，我們在第一季的招募並沒有像預算那樣多。

And I do anticipate that, that will pick up as it already has in the early stages of Q2 throughout the end of the year. In fact, I want it to pick up. So while we had 54% EBITDA margins in Q1, I do not expect that to repeat and I do not want it to repeat because I want to see us fill out the hiring that we have, which is primarily in the go-to-market operations, which is Johnny's area, and in the product area and the engineering, which is Jeff Sullivan, our CTO.

而我確實預期這會加速，事實上在第二季初期就已經開始，並會一路延續到年底。其實我希望它加速。因此，雖然我們第一季EBITDA利潤率達到54%，我不預期這會重複，也不希望重複，因為我希望看到我們把既定的招募補齊；招募主要集中在市場拓展（go-to-market）營運，也就是Johnny負責的領域，以及產品與工程端，這由我們的CTO Jeff Sullivan負責。

So if we are successful in our hiring, a lot of those people will not be immediately contributing revenue within the calendar year. They're really more setting up for 2027. So that's the basis on which we constructed our reforecast for the balance of the year, also played into account Q2 guidance. And then we'll take a much deeper dive as we hit the midway point once we report Q2 results for the back half of the year.

所以如果我們的招募順利，其中許多人在本曆年內不會立刻帶來營收貢獻。他們更主要是在為2027年做準備。這就是我們用來建構今年剩餘期間重新預測（reforecast）的基礎，也納入了Q2指引的考量。接著等到我們在年中、也就是公布Q2結果時，我們會對下半年做更深入的檢視。

And there were no other questions from the lines at this time. I'll now hand the call back to Scott Turicchi for closing remarks.

目前線上沒有其他問題。我現在把電話交回Scott Turicchi做結語。

Okay. All right. I was just checking to see if there's any questions that came by e-mail. But give us a second, Paul.

好的。好。我只是確認一下是否有透過電子郵件送來的問題。不過給我們一秒鐘，Paul。

Okay. All right. Well, we know it's a crowded day for reporting. So we appreciate those that have been able to listen live. And if not, hopefully you'll listen to the rebroadcast of it. It'll be available on our website.

好的。好。我們知道今天是財報發布很擁擠的一天。因此我們感謝能夠即時收聽的各位。如果沒能即時收聽，也希望你們之後能收聽重播。重播會在我們的網站上提供。

Look for some releases at some various conferences that we're likely to be at over the coming weeks. Obviously, if you do have questions, you know how to reach either myself or Adam or Laura, and we'd be happy to address those, also set up one-on-ones even outside of any formal conference.

接下來幾週，我們可能會出席一些不同的會議，屆時請留意我們在那些會議上發布的相關訊息。當然，如果你有問題，你知道如何聯繫我、Adam或Laura，我們很樂意回覆；也可以在任何正式會議之外安排一對一交流。

And then without any further news, we would be planning to release Q2 results sometime in the first probably 10 days of August. So look for that press release as we get closer to that actual release date. And then as Adam mentioned, we're looking to file the 10-Q for Q1 this evening, so it should be available, if not tonight, by tomorrow morning. Thank you.

此外，若無其他新消息，我們計畫在8月前10天左右的某個時間發布Q2結果。隨著接近實際發布日期，請留意那份新聞稿。另外如Adam提到的，我們預計今晚提交Q1的10-Q，因此若不是今晚，最晚明早也應可查閱。謝謝。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Have a wonderful day. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話。祝您有美好的一天。感謝您的參與。