Csg Systems International Inc (CSGS) 2024 Q1 法說會逐字稿

Good morning. My name is Dee, and I will be your conference operator today. At this time, I would like to welcome everyone to the CSG first-quarter 2024 earnings call. (Operator Instructions)

早安.我叫 Dee，今天我將擔任您的會議接線生。現在，我歡迎大家參加 CSG 2024 年第一季財報電話會議。（操作員指示）

Thank you. I would now like to turn the call over to John Rea, Treasurer and Head of Investor Relations. Please go ahead.

謝謝。現在我想將電話轉給財務主管兼投資者關係主管約翰·雷亞 (John Rea)。請繼續。

Thank you, operator, and thanks to everyone for joining us. Like last quarter, we will be working from a slide deck, which can be found on the Investor Relations section of our website. Please take a moment to locate these slides.

謝謝接線員，也謝謝大家的加入我們。與上一季一樣，我們將使用投影片進行工作，您可以在我們網站的投資者關係部分找到該投影片。請花一點時間找到這些幻燈片。

Today's discussion will contain a number of forward-looking statements. These include, but are not limited to statements regarding our projected financial results, our ability to meet our clients' needs through our products, services and performance, and our ability to successfully integrate and manage acquired businesses in order to achieve their expected strategic operating and financial goals.

今天的討論將包含一些前瞻性的陳述。這些包括但不限於有關我們預期的財務表現、我們透過產品、服務和績效滿足客戶需求的能力，以及我們成功整合和管理所收購業務以實現其預期策略營運和財務目標的能力的聲明。

While these risks reflect our best current judgment, they are subject to risks and uncertainties that could cause our actual results to differ materially. Please note that these forward-looking statements reflect our opinions only as of the date of this call, and we undertake no obligation to revise or publicly release any revision to these forward-looking statements in light of new or future events.

雖然這些風險反映了我們目前的最佳判斷，但它們仍受風險和不確定性的影響，這可能導致我們的實際結果大不相同。請注意，這些前瞻性陳述僅反映我們在本次電話會議之日的觀點，我們不承擔根據新的或未來的事件修改或公開發布對這些前瞻性陳述的任何修訂的義務。

In addition to factors noted during this call, a more comprehensive discussion of our risk factors can be found in today's press release as well as our most recently filed 10-K and 10-Q, which are all available in the Investor Relations section of our website.

除了本次電話會議中提到的因素外，您還可以在今天的新聞稿以及我們最近提交的 10-K 和 10-Q 中找到有關我們風險因素的更全面的討論，這些文件均可在我們網站的「投資者關係」部分找到。

Also, we will discuss certain financial information that is not prepared in accordance with GAAP. We believe that these non-GAAP financial measures when reviewed in conjunction with our GAAP financial measures provide investors with greater transparency to the information used by our management team in our financial and operational decision-making.

此外，我們還將討論某些未依照 GAAP 編製的財務資訊。我們相信，這些非公認會計準則財務指標與我們的公認會計準則財務指標一起審查時，可以為投資者提供更大的透明度，使他們能夠了解我們的管理團隊在財務和營運決策中所使用的資訊。

For more information regarding our use of non-GAAP financial measures, we refer you to today's earnings release and non-GAAP reconciliation tables on our website, which will also be furnished to the SEC on Form 8-K.

有關我們使用非公認會計準則 (non-GAAP) 財務指標的更多信息，請參閱我們網站上今天的收益報告和非公認會計準則 (non-GAAP) 對賬表，這些內容也將以 8-K 表格形式提供給美國證券交易委員會 (SEC)。

With me today on the phone are Brian Shepherd, our Chief Executive Officer; and Hai Tran, Chief Financial Officer. With that, I'd like to now turn the call over to Brian.

今天與我通電話的是我們的執行長 Brian Shepherd；以及財務長 Hai Tran。說完這些，我現在想把電話轉給布萊恩。

Thanks, John. Hi, everyone. We are glad to join today's call.

謝謝，約翰。大家好。我們很高興參加今天的電話會議。

As we begin on Slide 4, Team CSG got off to a good start in the first quarter of 2024, broadly in line with our expectations for the quarter. For the first time in CSG's history, 30% of our revenue came from industry verticals outside the communication service provider space.

從第 4 張投影片開始，CSG 團隊在 2024 年第一季取得了良好的開端，基本上符合我們對該季度的預期。在 CSG 歷史上，我們首次有 30% 的收入來自通訊服務提供者領域以外的垂直產業。

This is a testament to our multiyear revenue diversification, strategy of selling our SaaS suite of solutions into exciting industry verticals like financial services, health care, retail technology and insurance as we continue to deliver double digit organic revenue growth in our smaller but faster-growing solutions, we fully expect that our revenue diversification will expand well above this level in the quarters and years ahead.

這證明了我們多年的收入多元化策略，即將我們的 SaaS 解決方案套件銷售到金融服務、醫療保健、零售技術和保險等令人興奮的行業垂直領域，隨著我們繼續在規模較小但增長更快的解決方案中實現兩位數的有機收入增長，我們完全預計，在未來幾個季度和幾年裡，我們的收入多元化將遠遠超過這一水平。

With respect to shareholder returns, we continue to reward shareholders in the form of dividends and buybacks. In February, we announced a 7% annual increase in our dividend and returned $9 million in dividends to shareholders in March. Additionally, we repurchased $10 million worth of stock during the quarter.

在股東回報方面，我們繼續以股利和回購的形式回報股東。今年 2 月，我們宣布股息年增長 7%，並在 3 月向股東返還了 900 萬美元的股息。此外，我們在本季回購了價值 1,000 萬美元的股票。

Over the last 12 months, we have returned over 160 million to shareholders. Looking forward, we will continue to opportunistically repurchase shares through the end of 2024 with the expectation that at a minimum, we will buy back enough shares to offset employee stock compensation with the opportunity to buyback more than this when we believe it will create greater shareholder value.

在過去的12個月裡，我們向股東返還了超過1.6億。展望未來，我們將在 2024 年底之前繼續擇機回購股票，預計至少我們將回購足夠的股票以抵消員工股票薪酬，並且當我們認為這將創造更大的股東價值時，我們有機會回購更多股票。

From a financial perspective, in Q1, we delivered 295 million in revenue generated a 16.6% non-GAAP adjusted operating margin and reported $1.1 in non-GAAP EPS. As we have mentioned on previous earnings calls, our Q1 2023 financial results included approximately 10 million in highly profitable one-times license revenue, which distorts the Q1 year-over-year growth comparison.

從財務角度來看，第一季度，我們實現了 2.95 億美元的收入，產生了 16.6% 的非 GAAP 調整後營業利潤率，並報告了 1.1 美元的非 GAAP 每股收益。正如我們在先前的財報電話會議上提到的那樣，我們的 2023 年第一季財務業績包括約 1000 萬美元的高利潤一次性許可收入，這扭曲了第一季同比增長的比較。

We knew this would be the case when we issue 2024 guidance. If you normalize out the impact of this one-time license revenue from last year, our Q1 2024 organic revenue would have grown year over year. Also free cash flow to one was slightly softer than anticipated due to several timing related items that I will discuss momentarily.

當我們發布 2024 年指導方針時，我們就知道情況會是這樣。如果將去年一次性授權收入的影響標準化，我們 2024 年第一季的有機收入將年增。此外，由於幾個與時間相關的因素（我稍後會討論），自由現金流也比預期的要稍微弱一些。

We continue to place a big focus on generating good free cash flow and believe the Q1 timing related items will not impact our ability to meet our original free cash flow guidance for 2024, just as we saw in 2022 and 2023, the majority of our free cash flow being generated in the second half of the year. We expect a similar trend this year with Q1 results broadly in line with our expectations.

我們繼續高度重視產生良好的自由現金流，並相信第一季的時間相關項目不會影響我們實現 2024 年原始自由現金流指引的能力，就像我們在 2022 年和 2023 年看到的那樣，我們的大部分自由現金流是在下半年產生的。我們預計今年也會出現類似的趨勢，第一季的業績基本上符合我們的預期。

We are pleased to confirm our full year 2024 guidance targets. Our confidence in reaffirming guidance comes from the strong ongoing market demand for CSG's industry-leading SaaS products and good sales performance across all areas of our business.

我們很高興確認 2024 年全年指導目標。我們對重申指引的信心來自於市場對 CSG 行業領先的 SaaS 產品的持續強勁需求以及我們業務各個領域的良好銷售業績。

CSG's sales pipeline is as large and healthy as ever, and we continue to win and deliver exciting new deals all around the world, thanks to our over 6,000 talented and dedicated CSG employees, we also wanted to share two meaningful updates on our corporate responsibility journey.

CSG 的銷售管道一如既往地龐大而健康，我們繼續在世界各地贏得並提供令人興奮的新交易，這要歸功於我們 6,000 多名才華橫溢、敬業奉獻的 CSG 員工，我們還想分享有關我們企業責任之旅的兩個有意義的更新。

We were proud to issue our second annual Global Impact Report in March, which highlights what team CSG is doing around the world to create a more sustainable future by reducing our environmental impact, supporting our communities and fostering a culture of inclusion and belonging.

我們很榮幸於三月發布了第二份年度全球影響報告，其中重點介紹了 CSG 團隊在全球範圍內所做的工作，透過減少對環境的影響、支持我們的社區以及培育包容和歸屬感的文化來創造更永續的未來。

Additionally, we issued our latest carbon footprint, greenhouse gas emissions report, and we are proud to have already achieved a nearly 40% reduction in our Scope one and two emissions since 2019. This shows the excellent progress CSG is making with the goal of reaching carbon neutrality in Scope one and two emissions by 2035.

此外，我們發布了最新的碳足跡和溫室氣體排放報告，我們很自豪自 2019 年以來，我們的範圍一和範圍二排放量已經減少了近 40%。這顯示南方電網在實現2035年範圍一和範圍二排放碳中和的目標方面取得了顯著進展。

Turning to slide 5, we want to reiterate the four strategic objectives that will help CSG create greater shareholder value and allow followers of our story to track our progress CSG aspires to deliver long-term organic revenue growth in the 2% to 6% range, striving to consistently be at or above the midpoint of this range.

轉到投影片 5，我們想重申四個策略目標，這些目標將幫助 CSG 創造更大的股東價值，並讓我們的故事的追隨者追蹤我們的進展。 CSG 希望實現 2% 至 6% 範圍內的長期有機收入成長，並努力始終保持在這個範圍的中點或以上。

The midpoint of our 2024 revenue guidance implies an approximately 4% year-over-year organic growth rate, even as we faced some slight headwinds at several of our North American cable broadband customers.

儘管我們在北美有線寬頻的幾個客戶那裡遇到了一些輕微的阻力，但我們 2024 年收入預期的中點意味著同比有機成長率約為 4%。

We aim to add operating scale and expand our operating leverage by growing revenue to $1.5 billion by year end 2025, with bottom line growing as fast or faster than top line growth. Scale will come from a combination of good organic growth combined with disciplined inorganic moves.

我們的目標是到 2025 年底將營收增加到 15 億美元，從而擴大營運規模並提升營運槓桿，使底線成長速度與頂線成長速度持平或更快。規模將來自於良好的有機成長與有紀律的無機措施的結合。

Our third strategic imperative is to be the number one SaaS provider of choice for global communication service providers by providing the most value adding technology platforms and by helping our customers make more money in the digital world.

我們的第三個策略要務是成為全球通訊服務提供者首選的 SaaS 供應商，提供最具增值價值的技術平台，幫助我們的客戶在數位世界中賺取更多利潤。

And finally, we plan to significantly diversify our revenue even more as CSG winds big and high-growth industry verticals like retail, government, financial services, health care technology and more.

最後，隨著 CSG 進軍零售、政府、金融服務、醫療技術等大型高成長產業垂直領域，我們計劃進一步實現營收多元化。

Moving to slide 6, you can see that we are delivering against all four objectives on strategic revenue growth. In 2023, we reported a record-setting $1.169 billion of revenue, resulting in 7.3% year-over-year growth. Our best full year result in nearly 20 years at the midpoint of our 2024 revenue guidance implies the CSG will have consistently delivered approximately 5% annual revenue growth between 2021 and 2024, with the vast majority of this being pure organic revenue growth.

翻到第 6 張投影片，您可以看到我們正在實現策略收入成長的所有四個目標。2023年，我們報告的營收創下11.69億美元的歷史新高，年增7.3%。我們 2024 年營收預期中點的近 20 年來最佳全年業績意味著 CSG 在 2021 年至 2024 年期間將持續實現約 5% 的年收入增長，其中絕大部分為純有機收入增長。

On the right hand side of slide 6 we believe the CSG's high recurring revenue SaaS business model and our strong healthy balance sheet make us an attractive investment. By 2025. We aspire to gain scale in the markets where we compete and generate $1.5 billion in annual revenue, which implies the CSG will have added over $500 million of profitable recurring revenue from 2020 to 2025. Over the medium to long term, we aspire to expand CSG's operating leverage and use our strong balance sheet to deliver non-GAAP EPS growth that meets or exceeds revenue growth.

在投影片 6 的右側，我們相信 CSG 的高經常性收入 SaaS 業務模式和我們強勁健康的資產負債表使我們成為有吸引力的投資。到2025年。我們渴望在競爭的市場中擴大規模，並創造 15 億美元的年收入，這意味著 CSG 將在 2020 年至 2025 年期間增加超過 5 億美元的獲利經常性收入。從中長期來看，我們希望擴大南方電網的經營槓桿，並利用我們強勁的資產負債表實現達到或超過收入成長的非公認會計準則每股收益成長。

As it relates to capital deployment team, CSG will add strategic scale with disciplined M&A that puts a premium on accelerating organic growth, expanding our operating margins and cash generation and creating greater shareholder value by paying the right price in extracting the expected M&A synergies inherent in the investment thesis for each acquisition that we close.

就資本部署團隊而言，CSG 將透過嚴謹的併購來增加策略規模，重點是加速有機成長、擴大我們的營業利潤率和現金產生，並透過支付適當的價格來提取我們完成的每筆收購的投資理論中固有的預期併購協同效應，從而創造更大的股東價值。

On the M&A front, we're happy to share that we closed our first transaction in two years in April as we acquired a small customer engagement company that serves multiple industry verticals, including insurance, while small this accretive deal will expand CSG's offering and customer base in the insurance sector, which is a high priority vertical for us. Going forward, we believe that this M&A deal will be the first of several good accretive M&A transactions that will close in 2024.

在併購方面，我們很高興地告訴大家，我們在 4 月完成了兩年來的首筆交易，收購了一家服務於多個垂直行業（包括保險）的小型客戶互動公司，雖然這筆增值交易規模較小，但將擴大 CSG 在保險領域的產品和客戶群，而保險領域是我們高度優先考慮的垂直領域。展望未來，我們相信這筆併購交易將成為 2024 年完成的幾筆良好增值併購交易中的第一筆。

Turning to slide 7, with good success in our goal to be the number one technology provider of choice for communication service providers globally. We have long-term contracts with both Charter and Comcast that run through Q1 2028 and year end 2025, respectively.

翻到第 7 張投影片，我們成功實現了成為全球通訊服務供應商首選技術供應商的目標。我們與 Charter 和 Comcast 簽訂了長期合同，有效期分別到 2028 年第一季和 2025 年底。

And as a reminder, CSG's contractual relationship with Comcast and Charter is on a per customer basis, which is an important distinction for us because this pricing model, combined with the tiered pricing inherent in our big customer contracts means that any subscriber losses at our big customers have a relatively small impact on CSG's overall revenue.

需要提醒的是，CSG 與康卡斯特和 Charter 的合約關係是按客戶簽訂的，這對我們來說是一個重要的區別，因為這種定價模式，加上我們大客戶合約中固有的分級定價，意味著我們大客戶的任何用戶損失對 CSG 的整體收入的影響相對較小。

Given the concerns about broadband subscriber losses in the cable industry it is worth reiterating that we serve nearly 64 million combined subscribers and Comcast and Charter and nearly 80 million subscribers across all of North America cable broadband customers. So small changes in subscriber counts do not have a meaningful impact on our business results and growth. It should also be noted that our two largest customers recently dropped to less than 40% of our total revenue for the first time.

鑑於對有線電視產業寬頻用戶流失的擔憂，值得重申的是，我們為康卡斯特和 Charter 的近 6,400 萬合併用戶以及整個北美有線電視寬頻客戶的近 8,000 萬用戶提供服務。因此，用戶數量的微小變化不會對我們的業務成果和成長產生重大影響。另外值得注意的是，我們最大的兩位客戶的收入最近首次下降到總收入的40%以下。

CSG's improving revenue diversification and 5% consistent annual revenue growth since 2021 is a testament to our success in consistently winning big, exciting new sales deals. Also during the first quarter, we completed a good digital CX implementation with one of the largest North American broadband providers. Specifically, we helped this customer capture significant cost savings by redesigning their monthly bill, improving their digital customer payment capabilities and reducing billing and payment related calls into their contact center.

CSG 的營收多元化不斷提高，自 2021 年以來，年收入持續成長 5%，證明了我們在持續贏得大型、令人興奮的新銷售交易方面取得了成功。此外，在第一季度，我們與北美最大的寬頻供應商之一完成了良好的數位 CX 實施。具體來說，我們透過重新設計每月帳單、提高數位客戶支付能力以及減少聯繫中心的帳單和支付相關電話，幫助該客戶節省了大量成本。

This good cross-sell win with an exciting broadband customer reinforces the benefit of our strategic product expansion beyond billing and monetization, which positions us well to help thousands of enterprise customers in many industry verticals make more money with extraordinary data-driven customer experience and integrated real-time payments solutions outside of North America, we continue to win more business with leading telecom companies.

這次與令人興奮的寬頻客戶達成的良好交叉銷售勝利強化了我們的戰略產品擴展的優勢，超越了計費和貨幣化，這使我們能夠幫助許多垂直行業的數千家企業客戶通過非凡的數據驅動客戶體驗和集成的實時支付解決方案在北美以外賺取更多利潤，我們將繼續與領先的電信公司贏得更多業務。

A great highlight of the quarter was CSG closing a fantastic new sales win in Latin America with one of the largest telecommunication operators in Brazil. Specifically, CSG will enable their digital evolution to better serve the wireless MVNO market in the largest country in South America with our highly scalable cloud native Ascendon platform.

本季度的一大亮點是 CSG 與巴西最大的電信營運商之一在拉丁美洲達成了一項出色的新銷售協議。具體來說，CSG 將利用我們高度可擴展的雲端原生 Ascendon 平台實現其數位轉型，以更好地服務南美洲最大國家的無線 MVNO 市場。

We also signed a good business expansion with MTN Africa's largest mobile network operator, specifically, CSG will provide managed services support in selected divisions within MTN South Africa, including their MVNO business. This project will enable MTN to speed time to market for new products and services.

我們還與MTN非洲最大的行動網路營運商簽署了良好的業務擴展協議，具體來說，CSG將為MTN南非境內的部分部門提供託管服務支持，包括其MVNO業務。該項目將使 MTN 能夠加快新產品和服務的上市時間。

CSG also won a good new contract with Banglalink, a leading telecom operator in Bangladesh. Team CSG was selected to help this customer optimize its wireless business by providing our modular wholesale billing and settlement solutions drawing on previous wins in 2023 and Airtel Africa and one and PLDT.

南方電網也與孟加拉國領先的電信營運商 Banglalink 贏得了一份優質的新合約。CSG 團隊被選中透過提供模組化批發計費和結算解決方案來幫助該客戶優化其無線業務，該解決方案借鑒了 2023 年和 Airtel Africa 以及 PLDT 的先前勝利。

The Banglalink deal also underlies CSG's increasing leadership in Asia Pacific as telecom and wireless leaders continue to embrace customer first digital transformation.

隨著電信和無線產業領導者繼續擁抱以客戶為先的數位轉型，Banglalink 交易也鞏固了 CSG 在亞太地區日益增強的領導地位。

Finally, we signed a nice new deal with one of the leading global MVNO enablers. Specifically, CSG is implementing our cloud native Ascendon product to enable this customer to on and off board new MVNO partners quickly and seamlessly. We are confident that our strong sales pipeline in the global telecom market will position CSG well to announce more exciting new logo sales wins in 2024.

最後，我們與全球領先的 MVNO 推動者之一簽署了一項不錯的新協議。具體來說，CSG 正在實施我們的雲端原生 Ascendon 產品，以使該客戶能夠快速無縫地加入和退出新的 MVNO 合作夥伴。我們相信，我們在全球電信市場的強大銷售管道將使 CSG 有信心在 2024 年宣布更多令人興奮的新標誌銷售勝利。

Turning to Slide 8. Since 2017, we have diversified revenue coming from exciting new industry verticals from 7% of total 2017, CSG revenue to 30% of our Q1 2024 revenue, a fantastic accomplishment in a relatively short period of time as mentioned, Q1 marks the first quarter where over 30% of our revenue came from industry verticals outside of CSPs.

翻到幻燈片 8。自 2017 年以來，我們已實現來自令人興奮的新行業垂直領域的收入多元化，從 2017 年 CSG 總收入的 7% 增長到 2024 年第一季度收入的 30%，這是在相對較短的時間內取得的一項了不起的成就，如前所述，第一季度是我們首次有超過 30% 的來自 30% 的垂直行業。

During the quarter, we announced a fantastic deal extension and expansion with JP Morgan Chase. Specifically, we're deploying our CSG. Exponent suite of data-driven CX solutions to create a better fraud alert notification experience.

本季度，我們宣布與摩根大通達成一項出色的交易延長和擴展。具體來說，我們正在部署我們的 CSG。Exponent 資料驅動的 CX 解決方案套件可創造更好的詐騙警報通知體驗。

Our enhanced solution eliminates the need for expensive contact center calls and creates an improved digital customer experience during an often stressful time as cardholders tried to identify and recover from fraud, including digitally requesting a replacement credit or debit card.

我們的增強型解決方案消除了昂貴的聯絡中心電話的需要，並在持卡人試圖識別和恢復詐欺行為（包括以數位方式請求更換信用卡或金融卡）的緊張時刻創造了更好的數位客戶體驗。

Another highlight of Q1 was the excellent multiyear contract extension with Formula One, the world's most prestigious motor racing series since 2018. Our cloud-native multichannel Ascendon solution has enabled Formula One to quickly launch new live and on-demand OTT subscription services for racing fans who want to connect with Formula One's content. This is another great example of how CSG Ascendon can help grow and retain customers digital subscriber base.

Q1 的另一個亮點是自 2018 年以來與世界最負盛名的賽車系列一級方程式賽車 (Formula One) 簽訂了出色的多年期續約合約。我們的雲端原生多通路 Ascendon 解決方案使一級方程式賽車能夠為想要了解一級方程式賽車內容的賽車迷快速推出新的直播和點播 OTT 訂閱服務。這是 CSG Ascendon 如何幫助擴大和留住客戶數位用戶群的另一個很好的例子。

In the payments market, we now provide award-winning payments solutions to 119,000 active merchants and ISB. partners which represents a 17,000 increase or 17% year-over-year growth from the 102,000 active merchants we served in Q1 2023. Our solutions are critical to customers who need ACH credit card payment gateway and payment processing capabilities, serving a wide range of recurring revenue industry verticals.

在支付市場，我們現在為 119,000 家活躍商家和 ISB 提供屢獲殊榮的支付解決方案。合作夥伴數量較 2023 年第一季服務的 102,000 個活躍商家增加了 17,000 個，較去年同期成長 17%。我們的解決方案對於需要 ACH 信用卡支付網關和支付處理功能的客戶至關重要，可為廣泛的經常性收入行業垂直領域提供服務。

We continue to see a big growth runway for CSG's payments business, and we like our chances to accelerate our organic and inorganic revenue growth even faster through 2024 and beyond.

我們繼續看到 CSG 支付業務的巨大成長空間，我們希望有機會在 2024 年及以後更快地加速我們的有機和無機收入成長。

Wrapping up on Slide 9. Simply put, CSG continues to execute well on our strategic vision, even as we help several of our biggest customers overcome some near-term headwinds. We continue to win fantastic new customer logos quarter in quarter out, we continue to innovate with industry-leading AI-driven SaaS solutions that big brands all around the world are buying to solve some of their most pressing business challenges.

投影片 9 結束。簡而言之，即使我們幫助我們的幾個最大的客戶克服了一些短期阻力，CSG 仍繼續很好地執行我們的策略願景。我們每季都不斷贏得出色的新客戶，我們不斷創新，提供業界領先的人工智慧驅動的 SaaS 解決方案，世界各地的大品牌都在購買這些解決方案來解決他們最緊迫的一些業務挑戰。

We continue to progress our revenue diversification strategy, and we continue to demonstrate our determination and commitment to run our business more efficiently with consistently expanding profitability and free cash flow generation.

我們繼續推動收入多元化策略，並繼續展示我們透過不斷擴大獲利能力和自由現金流創造來更有效地經營業務的決心和承諾。

We hope you see why we absolutely believe that CSG's best days and biggest breakthroughs are still ahead of us. This is also why you see us years all around the world stay hungry and customer obsessed. Every single day because we know this relentless focus is what is required to create significant shareholder value in the quarters and years ahead, regardless of any near term challenge standing in the way of TMCSG.

我們希望您能明白為什麼我們堅信 CSG 最好的日子和最大的突破仍在我們面前。這也是為什麼你會看到我們多年來在世界各地保持著對顧客的渴望和執著。我們每天都在努力，因為我們知道，無論 TMCSG 面臨什麼短期挑戰，這種堅持不懈的專注都是在未來幾個季度和幾年創造重大股東價值所必需的。

With that, I will provide more detail on our financial highlights.

我將藉此提供更多關於我們財務亮點的詳細資訊。

Thanks, Brian. Let's walk through our Q1 2024 financial results and then I'll wrap it up with some key conclusions. Starting on slide 11, we generated $295 million of rent versus the $299 million. We generated last year. The decrease in revenue was primarily related to the timing of approximately $10 million in high-margin revenue licensing deals signed in Q1 of 2023, which was highlighted throughout last year, having temporarily distorts our revenue and profitability comparisons for the first quarter.

謝謝，布萊恩。讓我們來看看 2024 年第一季的財務業績，然後我將總結一些關鍵結論。從第 11 張投影片開始，我們產生的租金為 2.95 億美元，而去年同期為 2.99 億美元。我們去年產生了。收入下降主要與 2023 年第一季度簽署的約 1000 萬美元高利潤收入許可協議的時間有關，這一情況在去年全年都很突出，暫時扭曲了我們第一季度的收入和盈利能力比較。

On a year-over-year basis, our Q1 2024 non-GAAP operating income was $45 million. Our non-GAAP adjusted operating margin of 16.6%. It compares to $54 million or 19.3% in the prior year. Similarly, our non-GAAP adjusted EBITDA was $58 million for Q1 of 2024.

與去年同期相比，我們 2024 年第一季的非 GAAP 營業收入為 4,500 萬美元。我們的非公認會計準則調整後營業利益率為 16.6%。相較之下，去年同期為 5,400 萬美元，增幅為 19.3%。同樣，我們 2024 年第一季的非 GAAP 調整後 EBITDA 為 5800 萬美元。

Our 21.5% of revenue, excluding transaction fees, as compared to $67 million or 24.3% in Q1 of 2023. As was the case with our year-over-year revenue performance, our Q1 2023 non-GAAP operating income, non-GAAP adjusted operating margin and non-GAAP adjusted EBITDA were all positively impacted by the high margin licensing revenue deals we closed, so distorting the Q1 2020 for comparison, excluding the impact of the $10 million licensing deals, our non-GAAP adjusted operating income and adjusted EBITDA margin percentages would have been broadly similar to Q1 of 2020.

不包括交易費，我們的收入佔 21.5%，而 2023 年第一季為 6,700 萬美元或 24.3%。與我們的同比收入表現一樣，我們 2023 年第一季的非 GAAP 營業收入、非 GAAP 調整後營業利潤率和非 GAAP 調整後 EBITDA 均受到我們達成的高利潤許可收入交易的積極影響，因此，即使不考慮 1000 萬美元許可交易的影響，將 2020 年第一季的營業百分比調整季度大致相同。

Lastly, our Q1 2024 and non-GAAP EPS was $1.1. It compares to $1.4 in the prior Q1. The decrease in non-GAAP EPS is mainly due to lower operating income, partially offset by positive foreign currency movements and share repurchases over the last 12 months.

最後，我們的 2024 年第一季非 GAAP EPS 為 1.1 美元。相比之下，上一季這一數字為 1.4 美元。非公認會計準則每股收益的下降主要是由於營業收入下降，但被過去 12 個月的外匯波動和股票回購部分抵消。

Turning to slide 12, I'll go through the balance sheet, our cash flow performance and shareholder returns for our Q1 2020 for cash used in operations was $29 million as compared to cash flow from operations of $$15 million in Q1 of the prior year. Importantly, cash flow generated from operations before changes in working capital in Q1 of 2024 was 52 million compared to $50 million in Q1 of 2023.

翻到第 12 張投影片，我將介紹資產負債表，我們 2020 年第一季的現金流表現和股東回報，營運現金使用量為 2,900 萬美元，而去年同期第一季的營運現金流為 1,500 萬美元。重要的是，2024 年第一季營運資本變動前的經營活動現金流為 5,200 萬美元，而 2023 年第一季為 5,000 萬美元。

Further, we had non-GAAP free cash flow of $34 million in Q1 of 2024 as compared to $7 million of non-GAAP free cash flow generated in Q1 of 2023. The primary drivers of the year-over-year decrease in non-GAAP free cash flow are primarily timing related working capital movements and include one unfavorable changes from the Q1 2023 bonus accrual being significantly higher than the bonus accrual in both Q1 2022 and Q1 2024 and to the timing of converting certain trade receivables into cash.

此外，2024 年第一季我們的非 GAAP 自由現金流為 3,400 萬美元，而 2023 年第一季的非 GAAP 自由現金流量為 700 萬美元。非 GAAP 自由現金流同比下降的主要驅動因素主要是與時間相關的營運資本變動，其中包括 2023 年第一季的獎金應計金額明顯高於 2022 年第一季度和 2024 年第一季度的獎金應計金額，以及將某些貿易應收款轉換為現金的時間的不利變化。

As a reminder, historically, our non-GAAP Q1 free cash flow performance tends to be the low point for the year. Further over the last five years, the vast majority of our annual non-GAAP free cash flow does it generate in the second half of the year.

提醒一下，從歷史上看，我們的非 GAAP 第一季自由現金流表現往往是全年的最低點。此外，在過去五年中，我們絕大部分年度非公認會計準則自由現金流都是在下半年產生的。

Moving on, we ended the first quarter of 2024 for the $121 million of cash and cash equivalent that along with our outstanding debt at March 31st, 2024, resulting in $$435 million of net debt, and our net debt leverage ratio sits at 1.9 times adjusted EBITDA. Further we have approximately 570 million of liquidity as of the end of the quarter.

接下來，我們在 2024 年第一季結束時擁有 1.21 億美元的現金和現金等價物，加上截至 2024 年 3 月 31 日的未償還債務，導致淨債務為 4.35 億美元，我們的淨債務槓桿率為調整後 EBITDA 的 1.9 倍。此外，截至本季末，我們的流動資金約為 5.7 億。

Moving to the bottom right of the slide, we declared $9 million in dividends during the Q1 of 2024. In addition, we repurchased $10 million in stock during Q1 under our stock repurchase program.

移至投影片的右下角，我們宣佈在 2024 年第一季發放 900 萬美元的股利。此外，我們根據股票回購計畫在第一季回購了價值 1,000 萬美元的股票。

Turning the page, I'll revisit our 2024 guidance target.

翻開新的一頁，我將重新審視我們的 2024 年指導目標。

In summary, we are reiterating our 2024 targets. Further, we are currently forecasting our first half 2024 revenue to make up approximately 48% of our full year revenue, while we expect 52% of our revenue to be generated in the second half, as has been the case for the past two years, we currently anticipate our Q2 revenue being the low point of the year.

總而言之，我們重申我們的 2024 年目標。此外，我們目前預測 2024 年上半年的收入將佔全年收入的約 48%，而我們預計下半年將產生 52% 的收入，與過去兩年的情況一樣，我們目前預計第二季的收入將是今年的最低點。

From a quarterly phasing perspective, we continue to see strong demand for our solutions, and we intend to capitalize on those opportunities to realize both near term and longer term growth with timing being our biggest challenge and not underlying.

從季度分階段的角度來看，我們繼續看到對我們的解決方案的強勁需求，我們打算利用這些機會實現短期和長期成長，時機是我們最大的挑戰，而不是根本挑戰。

Additionally, we remain focused on generating improved profitability and actively pursuing opportunities to deliver enhanced efficiencies and operating leverage. Wrapping it up, PSG will continue to relentlessly prioritize every investment we make as a discipline in the allocation of resources and the use of capital innovation, including how we leverage the transformative power of AI across CSG, and an adherence to a risk reward framework with continuous learning are key cornerstones of how we manage.

此外，我們仍然致力於提高獲利能力，並積極尋求機會提高效率和經營槓桿。總而言之，PSG 將繼續堅持不懈地優先考慮我們所做的每項投資，將其作為資源分配和資本創新使用的一項紀律，包括我們如何在 CSG 中利用人工智慧的變革力量，以及堅持風險回報框架和持續學習是我們管理的關鍵基石。

The business is key is well positioned with a strong sales pipeline and a high quality recurring revenue customer base. We remain committed to accelerating and diversifying our revenue growth, which may include closing and integrating disciplined value adding acquisitions. We believe this approach, combined with our consistent capital distribution, will serve our shareholders.

該業務的關鍵在於擁有強大的銷售管道和高品質的經常性收入客戶群。我們將繼續致力於加速和多樣化我們的收入成長，其中可能包括完成和整合有紀律的增值收購。我們相信，這種方法加上我們一致的資本分配將為我們的股東服務。

Well, with that, I'll turn it over to the operator.

好的，這樣，我就把麥克風交給接線生了。

(Operator Instructions)

（操作員指示）

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Thank you and congratulations. Nice quarter. I'm wondering if you can elaborate a little more on the acquisition last month offerings, the size of the business and then expand on where you are in the process and what you're targeting with respect to the comment, Brian, that you made about likely closing several more geared deals in 2024 now?

謝謝，恭喜你。不錯的季度。我想知道您是否可以更詳細地介紹上個月的收購計劃、業務規模，然後詳細說明您目前所處的流程以及您的目標，布萊恩，您剛才提到可能在 2024 年完成更多有針對性的交易？

Hi Maggie, hope you're doing well, I appreciate you joining us on the acquisition.

嗨，瑪吉，希望你一切都好，感謝你加入我們的收購。

It is in the customer engagement space. It serves several customers in multiple verticals. Insurance is the largest this is a company we've worked with for many years. We got to know the technology. We got to know the customer base that they serve. We got to know the talent that they had. And we had an opportunity to just add to our customer engagement, our business and offering and really build some dedicated expertise in insurance, which is a high target vertical for us.

它處於客戶參與領域。它為多個垂直領域的多個客戶提供服務。保險是最大的，這是我們合作多年的公司。我們了解了這項技術。我們了解了他們服務的客戶群。我們了解了他們的才華。我們有機會增強客戶參與度、提升業務和產品，並真正在保險領域累積專業知識，這對我們來說是一個很高的目標。

So we love the team. We'd love to product expansion that we got that brings in and we'd love the vertical focus. And as we've talked about being a disciplined acquirer. We also love the fact that we purchased this business for a very low multiples of EBITDA relative to what we trade.

所以我們熱愛這個團隊。我們很樂意擴展我們所獲得的產品，我們也很樂意專注於垂直領域。正如我們所說的，要成為一個有紀律的收購者。我們也很高興我們以相對於我們的交易而言非常低的 EBITDA 倍數購買了這家企業。

And we think that there's a lot of shareholder value. That's more specifically on that acquisition to the comment we made, as we've talked about on previous calls, we've just seen a couple of years ago, pricing was out of whack with a lot of sellers. We saw a lot of good deals, but not necessarily at the price point that we thought would create shareholder value.

我們認為這將為股東帶來巨大的價值。更具體地說，這是針對我們之前在電話會議上討論過的那次收購的評論，幾年前我們就看到，許多賣家的定價都不合理。我們看到了許多好的交易，但其價格並不一定能達到我們認為能夠創造股東價值的水平。

And we're seeing that change and so we do have a very active pipeline on the inorganic move sides and we're going to stay very disciplined. We've had to go back to both looking at small bid and larger deals. And we would anticipate that there's a and reasonable likelihood that we could announce to close more deals in the coming quarters and in 2024.

我們正在看到這種變化，因此我們在無機移動方面確實擁有非常活躍的管道，並且我們將保持非常自律。我們必須重新考慮小額出價和大額交易。我們預計，我們很有可能在未來幾季和 2024 年宣布完成更多交易。

Okay.

好的。

Thank you. And then a couple of questions on the Other segment.

謝謝。然後是關於其他部分的幾個問題。

If that continues to grow, which you sounded confident that it would as a percentage of revenue, any variations in margin across the different verticals? And then do you feel like you have the structure in place to continue growing that?

如果這個數字持續成長，您確信它會佔收入的百分比，那麼不同垂直產業的利潤率會有什麼變化嗎？那麼，您是否覺得自己已經具備了繼續發展這項業務的架構？

Or are there changes that you need to make investments you need to make in the sales force and the go-to-market, et cetera?

或者您需要做出一些改變，對銷售團隊、市場進入等等進行投資？

Yes, Maggie, I got it. Thanks for the question. The margin differences are less about industry verticals, but more dependent on that our solutions that we go to market with, so obviously are more SaaS-like solutions have very high margins.

是的，瑪吉，我明白了。謝謝你的提問。利潤差異與行業垂直性關係不大，而更多地取決於我們推向市場的解決方案，因此顯然更類似 SaaS 的解決方案具有非常高的利潤率。

We're talking 70 80% like a traditional SaaS model would have services type, even more services, heavy solutions would be lower relative on a relative basis. So So with that said, you know where the customers were by for providing somewhat our CX solution journey orchestration solutions or our payment solution, they're going to tend to have much higher margins than some of our other solutions that are in the marketplace.

我們談論的是 70% 到 80% 像傳統的 SaaS 模型會有服務類型，甚至更多的服務，相對而言重型解決方案會較低。所以話雖如此，您知道客戶透過提供我們的 CX 解決方案旅程編排解決方案或我們的支付解決方案，往往會比我們在市場上的其他一些解決方案獲得更高的利潤。

Maybe want to add on around the margin expansion potential of these businesses. We do have the scale of both digital CX and payments to significantly expand organically, drive operating leverage and keep strong double digit organic growth going. We do have the scale and the infrastructure to be able to handle that as we also add on acquisitions. But the area that we are, we have invested in is taking a more channel specific approach.

也許想補充這些業務的利潤擴張潛力。我們確實擁有數位 CX 和支付的規模，可以顯著實現有機擴張、推動營運槓桿並保持強勁的兩位數有機成長。我們確實擁有規模和基礎設施來處理這個問題，同時我們也增加了收購。但我們投資的領域是採取更針對管道的方法。

As we've talked about on a couple of the last several earnings calls, we do a nice job with our direct sales teams. We do have a nice job of cross-selling, upselling and land and expand. But we realized that in these multi-industry verticals, there's big partners that have existing offerings, strong sales teams paid marketing budgets so we invest more in a channel driven approach it can generate and accelerate organic growth in this business.

正如我們在最近幾次財報電話會議上所討論的那樣，我們的直銷團隊做得很好。我們在交叉銷售、追加銷售、落地和擴張方面確實做得很好。但我們意識到，在這些多產業垂直領域中，有大型合作夥伴擁有現有產品，強大的銷售團隊支付了行銷預算，因此我們在通路驅動的方式上投入了更多資金，這可以產生並加速該業務的有機成長。

So that's one that we've done over the last several years. That is not a new investment we're going to make. That's something we've already done. We expect that to yield dividends for the business in the coming quarters.

這就是我們過去幾年來所做的事情。這並不是我們要進行的新投資。我們已經這樣做了。我們預計這將在未來幾季為公司帶來紅利。

Thank you.

謝謝。

Thanks, Maggie.

謝謝，瑪吉。

George Notter, Jefferies.

喬治·諾特（George Notter），傑富瑞集團（Jefferies）。

Hi, guys. Thanks a lot. I just had a few, I guess financial questions on the I noticed the unbilled receivables were up a little bit sequentially. I know they are elevated relative to where they've been historically.

嗨，大家好。多謝。我只是想問幾個財務問題，我注意到未開立應收帳款環比略有上升。我知道他們的地位相對於歷史而言已經提高了。

Is there is there something driving that trend? Can you kind of talk about what that looks like and when that might step down going forward? And then also, I saw in other hubs, I guess, a step function up in stock-comp expense sequentially I'm just wondering if I'm 18 million is kind of the right level going forward or that's something that will step down in the future?

有什麼因素推動了這一趨勢嗎？您能否談談它是什麼樣子的以及它什麼時候會逐漸消失？而且，我還看到其他中心的股票補償費用呈階躍式上升，我只是想知道 1800 萬美元是否是未來的正確水平，還是未來會下降？

Thanks.

謝謝。

Yes, I think on then with regards to the unbilled, it's one of the things that we talked about is some of the larger wins we've had on the global telco side with the large CSPs. And as we're undergoing the implementation related to the CSPs. So a lot of times the the the the way the contract works is the unbilled is tied to milestones.

是的，我認為關於未計費，我們談論的事情之一是我們在全球電信方面與大型 CSP 取得的一些更大的勝利。我們正在進行與 CSP 相關的實施。因此，很多時候合約的運作方式是將未開票部分與里程碑掛鉤。

So as we reach those milestones will convert unbilled into kind of invoices and account receivables. So that's just a timing thing and into we're in the midst of a couple of large deployments right now, and that's what's driving up the mid-term trend. Our expectation as we get to that back half this year into next year, they'll start to moderate.

因此，當我們達到這些里程碑時，我們將把未開立發票轉換為發票和應收帳款。所以這只是一個時間問題，我們現在正處於幾個大型部署之中，這就是推動中期趨勢的因素。我們的預期是，到今年下半年到明年，它們將開始緩和。

The other question around executive based comp, maybe we'll take that one offline. Our executive based compensation as it relates to equity, has always average on a dilution basis, around $35 million in terms of where it is we fully expect to offset that dilution in terms of where it is. So maybe we'll we may be seeing something specifically that's different band.

關於高階主管薪酬的另一個問題，也許我們會將其離線。我們的高階主管薪酬與股權有關，按稀釋度計算始終保持平均水平，約為 3500 萬美元，我們完全預計這能夠抵消稀釋度。所以也許我們會看到一些特別的不同樂團。

Because we haven't seen a big step up in the compensation. We paid out a little higher bonuses last year because we had a record-setting year and outperformed on all of our financial metrics, but there's not a big step change. So maybe we can dig into that in the post call kind of an art.

因為我們還沒看到賠償金額有大幅增加。去年我們支付的獎金略高一些，因為我們創下了紀錄，所有財務指標都表現出色，但變化並不大。因此，也許我們可以在通話後深入研究這種藝術。

Thanks very much. Appreciate it.

非常感謝。非常感謝。

Thanks, George.

謝謝，喬治。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Yes, thank you. And probably a couple of questions from me first, and can you give more detail on the headwinds that you're seeing at your North American cable operators?

是的，謝謝。首先我有幾個問題，您能否更詳細地介紹一下您在北美有線電視營運商中遇到的不利因素？

Yes, happy to ride. They all hope you're doing well. As we talked in some of the comments, obviously, others are seeing what some of the cable broadband are announcing and we are facing, as we've talked and planned for in the first part of this year, some smallish headwinds are we seeing some tens of thousands of subscribers that have gotten that have been lost on the broadband side and on the total customer side in that, and we're feeling some smallish.

是的，很高興騎車。他們都希望你一切都好。正如我們在一些評論中談到的那樣，顯然其他人也看到了一些有線寬頻所宣布的內容，而我們也面臨著一些小的阻力，正如我們在今年上半年所談論和計劃的那樣，我們看到寬頻方面和整個客戶方面有數以萬計的用戶流失，我們感覺到的阻力有些小。

Got that as anticipated it's kind of as as we thought it would be. And we anticipate, as I think a lot of people might have heard from some of their cable broadband customers that that's likely to continue into Q2 and Q. three on a longer-term basis. We do anticipate having worked with these customers for a long time that there's likely to be a longer-term competitive response. We like where they're positioned with their networks.

正如預期的那樣，它有點像我們想像的那樣。而且我們預計，正如許多人可能從有線寬頻客戶那裡聽說的那樣，這種情況可能會持續到第二季​​和第三季。我們確實預計，在與這些客戶長期合作後，可能會出現更長期的競爭反應。我們喜歡他們的網路定位。

We like where they're positioned with their customer base. We're mission critical. We're doing a lot to trying to help them in some of those areas where they could as you to perform well, we also see that both Comcast and Charter are passing 2% to 3% more homes every year. We think that could actually help reverse some of these trends, but we are seeing smallish on headwinds as as has been reported.

我們喜歡他們在客戶群中的定位。我們的任務至關重要。我們正在盡最大努力幫助他們在某些方面取得良好表現，我們也看到康卡斯特和 Charter 每年的覆蓋家庭數量都在增加 2% 到 3%。我們認為這實際上可能有助於扭轉其中的一些趨勢，但正如報導的那樣，我們看到的逆風較小。

Great.

偉大的。

And then a different question here. Did the CDS and payments business in aggregate grow at least double digits for the March quarter?

這裡還有一個不同的問題。3 月季度 CDS 和支付業務總體是否實現了至少兩位數的成長？

Yes. The combined of those two did to have a strong double digit growth business in Q1. That continued from last year, we like what we're seeing in the sales pipeline. We like what we're seeing on the close and win rate. We like to the conversion and the adoption as we get bring that revenue on board. And we really like what we're seeing in those those combined solution units.

是的。這兩家公司合併後在第一季確實實現了強勁的兩位數成長。從去年開始，我們就延續了這個趨勢，我們對銷售通路的現狀感到滿意。我們對收盤率和勝率的表現感到滿意。我們喜歡這種轉變和採用，因為我們可以帶來收入。我們真的很喜歡這些組合解決方案單元。

And just to be clear, is that including or excluding year ago, $10 million software onetime revenue recognition.

需要明確的是，這是否包括或不包括去年同期的 1,000 萬美元軟體一次性收入確認。

So the 10 million a year nonrecurring software licenses were not in the CX or payments business. So the double-digit organic growth with exclusive.

因此，每年 1,000 萬個非經常性軟體許可證並不屬於 CX 或支付業務。因此，兩位數的有機成長具有獨佔性。

Thank you very much.

非常感謝。

Thanks Nehal.

謝謝 Nehal。

Matthew Harrigan, Benchmark.

馬修·哈里根，基準。

I was curious when you look at this year business from companies like JP Morgan Financial supermarkets. I mean, is that the room I'm sure an expansion of your relationship and you've got new logos across quite a number of verticals. Could you say roughly what's the breakout on the growth there between existing customers and de novo customers. And when you look at obviously, broad engagement is top of mind and we were these days with the they are working on on both sides.

我很好奇摩根大通金融超市等公司今年的業務狀況。我的意思是，我確信這個房間擴大了你們的關係，並且你們在相當多的垂直領域都有了新的標誌。您能否大致說一下現有客戶和新客戶之間的成長有何突破？顯然，廣泛的參與是首要考慮的問題，這些天我們一直在與雙方合作。

How readily Could you take JPMorgan? I mean, not obviously, HSBC, the foreign name because they've been new and how far does that lawsuit port that over to a new financial company? And are there any restraints and currency tie apply the same learnings you have at JP Morgan at another bank because it does seem like there's a big opportunity you try and maybe you could hone it specifically and how a I particularly benefited in the fraud business because clearly, that's kind of Aspire VERSIFY. I'm not saying we go back to and just the last reference to Mad magazine probably and walk through history on the conference call, but there you go in fact quite a few.

您能輕易接受摩根大通嗎？我的意思是，顯然不是匯豐銀行，因為他們是新公司，所以這個外國名稱是匯豐銀行，而這場訴訟在多大程度上將其轉移到一家新的金融公司？是否存在任何限制和貨幣聯繫，將您在摩根大通學到的知識應用到其他銀行，因為看起來確實存在一個很大的機會，您可以嘗試一下，也許您可以專門磨練它，以及我如何在欺詐業務中特別受益，因為顯然，這是一種 Aspire VERSIFY。我並不是說我們要回到上次提到的《瘋狂》雜誌，然後在電話會議上回顧歷史，但事實上我們已經看到很多了。

There are let me unbundle those bad, but it really appreciated love some of the questions and appreciate you joining.

有一些不好的地方讓我解開，但真的很感謝你的一些問題並感謝你的加入。

So MCX first, we're having a lot of success once we've penetrated accounts on the land spend and all of the bids, and that is generating the vast majority of the growth, which is fantastic to see the nice thing on the sales logo side, we've had good penetration and good success. But what we realized going back to about Q2 of last year was we had a big we just don't have all of the same brand awareness in all these other verticals.

因此，首先是 MCX，一旦我們滲透到土地支出和所有投標的帳戶中，我們就會取得很大的成功，而這會產生絕大多數的增長，很高興看到銷售標誌方面有這樣的好事，我們已經取得了良好的滲透率和良好的成功。但回顧去年第二季度，我們意識到我們在其他所有垂直領域都沒有相同的品牌知名度。

And so by switching to more of a channel partner led new logo sales hunting, we could average actually leverage the sales force, the marketing relationships and do more than that. We're now about three quarters into that investment in channel and it's starting to bear fruit. We've got dozens of channel partners in different verticals that have both consulting systems integration in some cases, products if they can attach our platform to and pull us into.

因此，透過轉向更多由通路合作夥伴主導的新標誌銷售搜索，我們實際上可以平均利用銷售隊伍、行銷關係並做更多的事情。目前，我們在通路方面的投資已進行了約四分之三，並開始取得成果。我們在不同垂直領域擁有數十個通路合作夥伴，他們在某些情況下既有諮詢系統集成，也有產品，如果他們能將我們的平台連接到產品上，我們就能參與其中。

And we think that's a that's going to contribute extremely nicely to adding and accelerating the new logo growth. But today, it's been more on the expansion side because once we can get in for 200 to $500,000 price points with either as an infrastructure platform play or just solving one two use cases that are high priority for these different and then expand to dozens of use cases over time. So the expansion is really exciting.

我們認為這將極大地促進和加速新標誌的發展。但今天，我們更多的是在擴展方面，因為一旦我們能夠以 200 到 500,000 美元的價格進入市場，要么作為基礎設施平台，要么只解決一兩個對這些不同情況具有高優先級的用例，然後隨著時間的推移擴展到數十個用例。因此，擴張確實令人興奮。

Specifically on the fraud, you're right, it is in financial services, but not just one of the first AI products we brought to market was an AI. Fraud Detect in our payment space, and that's helping merchants reduce the risk of fraud, identify it sooner and actually find ways to continue to make more money on that side.

具體來說，關於欺詐，您說得對，它存在於金融服務領域，但我們推向市場的首批人工智慧產品之一不僅僅是人工智慧。我們的支付領域有詐欺偵測功能，可以幫助商家降低詐欺風險，儘早辨識欺詐，並找到繼續賺取更多錢的方法。

We see Fraud Detect in the network side of telecom operators or we can use AI with some of our network monitoring capabilities to identify when there might be fraud in the wholesale or roaming side of the global telecom market.

我們在電信業者的網路端看到了詐騙偵測，或者我們可以將人工智慧與我們的一些網路監控功能結合使用，以識別全球電信市場的批發或漫遊端何時可能存在詐騙行為。

And then obviously we say it just like you said, with the great use case we have had and expanded our relationship with JPMorgan Chase and financial services is one of our top four five verticals. So obviously, we've got quite a few customers. We announced an exciting win with one of the largest of banks and financial services companies in Australia.

然後顯然我們就像你說的那樣，憑藉我們擁有的出色用例，我們擴大了與摩根大通的關係，金融服務是我們前四、五大垂直領域之一。顯然，我們有不少客戶。我們宣布與澳洲最大的銀行和金融服務公司之一達成了令人興奮的合作。

We'll redeploy the Cendant are sold Ascendant last quarter. We think that there's a lot of opportunities across both monetization and in the digital CX space related to fraud and other use cases they have. So we think that will continue. That is a high priority as you rightfully call out.

我們將重新部署上個季度出售的 Cendant Ascendant。我們認為，在貨幣化和數位 CX 領域中，與詐欺和其他用例相關的機會很多。因此我們認為這種情況將會持續下去。正如您所說，這是一個高度優先事項。

Great. Thank you.

偉大的。謝謝。

Thanks, Ben.

謝謝，本。

Dan Bergstrom, RBC Capital Markets.

丹‧伯格斯特羅姆 (Dan Bergstrom)，加拿大皇家銀行資本市場部。

Hey, thanks for taking our question.

嘿，感謝您回答我們的問題。

Sorry on the international opportunity, you called out deals in Bangladesh, Brazil, South Africa this quarter, in the prepared remarks, impressive reach and in disparate geographic areas. I guess what are some keys to driving this wide reach of partners like you've referenced a few times in Q&A here. Reference customers. Just simply your solutions are really resonating with customers, no matter what the location.

很抱歉，在國際機會方面，您在準備好的發言中提到了本季在孟加拉、巴西、南非的交易，這些交易的覆蓋範圍令人印象深刻，而且涉及不同的地理區域。我想，推動這種廣泛的合作夥伴覆蓋範圍的關鍵是什麼，就像您在問答中多次提到的那樣。參考客戶。簡單來說，無論客戶身在何處，您的解決方案都能引起客戶的共鳴。

Yes. No, I again appreciate you joining.

是的。不，我再次感謝您的加入。

Thanks for the question. We have for first, we serve hundreds of global telecom operators all around the world. We have a global footprint of sales. Our account management teams that have worked with a large lot of these large operators.

謝謝你的提問。首先，我們為全球數百家電信業者提供服務。我們的銷售業務遍佈全球。我們的客戶管理團隊與許多大型營運商合作。

So a lot of that is a direct sales model. And we have teams co-located in many cases all around the world in South Africa, in India and Southeast Asia in Europe in the US. And part of that, to be honest, is a trend we've seen and we bet on going back five or six years ago where we felt like the cost and complexity that the global telecom operators have always had.

其中很多都是直銷模式。在許多情況下，我們的團隊分佈在世界各地，包括南非、印度、東南亞、歐洲和美國。老實說，這部分是我們已經看到的一種趨勢，我們打賭，這種趨勢可以追溯到五、六年前，當時我們感受到了全球電信業者一直面臨的成本和複雜性。

It was not sustainable. We saw that price commoditization on consumer and enterprise, we saw the big investments they had to make in their networks and five moving to five GB soon to be 6G and it wasn't sustainable.

這是不可持續的。我們看到消費者和企業的價格商品化，我們看到他們必須在網路上進行大量投資，並且 5G 很快就會升級到 5GB，即 6G，這是不可持續的。

And so what we what we led with was a product based approach, often SaaS where we could actually help them simplify their business process, simplify their tech stack, become more digital, take costs out of their business. And the reality is we had success in the markets outside the US and Western Europe where they were feeling the most economic pressure.

因此，我們採取的是基於產品的方法，通常是 SaaS，我們實際上可以幫助他們簡化業務流程、簡化技術堆疊、實現數位化，並降低業務成本。事實是，我們在美國和西歐以外的市場取得了成功，而這些市場當時正承受著最大的經濟壓力。

And now what are we seeing happen five or six years later, we're seeing Western Europe and Nordics have the same economic pressure. We're seeing the Middle East have that pressure. We're seeing that pressure in the North American market as Charter and Comcast take wireless subs from the U.S. players and vice versa on the broadband side.

而現在我們看到五、六年後的情況是，西歐和北歐面臨同樣的經濟壓力。我們看到中東面臨這種壓力。我們看到北美市場的壓力，因為 Charter 和 Comcast 從美國公司手中搶走了無線用戶，反之亦然。

So that competitive dynamic, we think actually plays to our long-term strength of not being a service based business model, but SaaS and a product. And we expect to continue to win business and drive economic value for those large operators all around the world and in the US and Western Europe.

因此，我們認為，這種競爭動態實際上發揮了我們的長期優勢，即我們不是基於服務的商業模式，而是基於 SaaS 和產品。我們希望繼續為世界各地以及美國和西歐的大型營運商贏得業務並創造經濟價值。

That's very helpful. Thank you. And then you mentioned AI in the Q&A here on the previous question. Obviously a focus for everybody just could you build out the talk a little bit more about some of the reception or thoughts around the pipeline build for some of those AI infused products you introduced over the back half of last year?

這非常有幫助。謝謝。然後您在上一個問題的問答中提到了人工智慧。顯然，每個人都關注的重點是，您能否進一步談談去年下半年推出的一些 AI 融合產品的通路建設方面的一些反響或想法？

Yes. I mean, I think everybody is doing a ton in their strategy. So first, as it relates to selling more building it into our offerings we have taken our digital CX, as always, been a data-driven solutions journey. Analytics journey orchestration started more with machine learning and using conversational AI in the early days and now building in where it makes sense.

是的。我的意思是，我認為每個人都在為自己的策略做大量工作。首先，由於它與銷售更多產品有關，因此我們一如既往地將數位 CX 融入到我們的產品中，成為一條數據驅動的解決方案之旅。分析旅程編排早期更多地從機器學習和使用對話式人工智慧開始，現在則在有意義的地方進行建構。

On the degenerative AI, we launched, as Bill explained, our data AI solutions. We've got dozens of sales candidates. We've actually won and closed several deals like a lot of our digital CX, though these are use cases that can deploy $200,000 to $400,000 to $500,000 annual ACV kinds of sales deals.

在退化人工智慧方面，正如比爾所解釋的，我們推出了數據人工智慧解決方案。我們有幾十名銷售候選人。我們實際上已經贏得並完成了幾筆交易，就像我們的許多數位 CX 一樣，儘管這些用例可以部署每年 200,000 美元到 400,000 美元到 500,000 美元的 ACV 銷售交易。

So they're not for big ticket items you can get in ring the cash register, reduce cost, helped drive revenue and offset some of the pressure they're feeling. And then you can expand off of that. So we're seeing nice adoption there.

因此，它們不適用於購買高價商品，而可以放入收銀機，降低成本，幫助增加收入並抵消他們感受到的一些壓力。然後你就可以從此基礎上進行擴充。因此，我們看到那裡的採用情況良好。

In the payments side, I would say it's not quite double digit, but we are seeing good take-up and interest in the AI Fraud Detect solution. That's and it's also getting bundled into a broader sale of improved data-driven fraud, detect can just approach your merchant experience and reduce the risks to their financial side.

在付款方面，我想說它不是兩位數，但我們看到人們對 AI 詐欺偵測解決方案的接受度和興趣很高。除此之外，它還被捆綁到更廣泛的改進數據驅動詐欺銷售中，偵測可以改善您的商家體驗並降低其財務方面的風險。

And so I think we're seeing a good adoption, but it's less a specific buy decision, more of a core capability that we need to have in the telecom side, I'd say it's there, but still early, our approach is not to build large language models.

所以我認為我們看到了良好的採用，但這不是一個具體的購買決策，更多的是我們在電信方面需要具備的核心能力，我想說它已經存在，但還處於早期階段，我們的方法不是建立大型語言模型。

We want to leverage the hyperscalers infrastructure around AI, which we've done in many cases. We want to leverage the capability of our platforms. And in many cases, we let our customers leverage their own large language models for ones they partner with so that we can actually speed the adoption. So we like what we're seeing in the early days, but I would say we're still in the early days of having a bigger impact on our overall revenue.

我們希望利用圍繞人工智慧的超大規模基礎設施，我們在許多情況下已經這樣做了。我們希望充分利用我們平台的能力。在很多情況下，我們讓客戶利用他們自己的大型語言模型來與合作夥伴合作，以便我們可以真正加快採用速度。因此，我們對早期看到的情況感到滿意，但我想說，我們仍處於對整體收入產生更大影響的早期階段。

That's great.

那太棒了。

Thank you.

謝謝。

Thanks, Dan.

謝謝，丹。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Hey, guys, this is commissions go on for Brett. On I guess just on free cash flow. I know it was talked about a bit in the call, but coming in a little light on the quarter. Can you just elaborate on what gives you the confidence in the full year target?

嘿，夥計們，這是布雷特的佣金。我猜只是自由現金流。我知道我們在電話中討論過這個問題，但本季的情況並不明朗。您能否詳細說明一下是什麼讓您對全年目標充滿信心？

Yes, certainly. So as I mentioned, when we did not we expect this year unlike last year, because of the nature of the of those licenses in Q1 as we expect a year that still looks fairly normally where profitability and revenue kind of grows throughout the year. And as that happens, it will flow down to benefit our cash flow performance.

是的，當然。正如我所提到的，我們沒有預料到今年的情況與去年不同，因為第一季這些許可證的性質，我們預計今年的情況仍然相當正常，盈利能力和收入全年都會增長。當這種情況發生時，它就會流下來，這有利於我們的現金流表現。

On top of that, we'll also see some working capital elements that revert to the year as well. So one of the things that we saw in Q1 was because we had an extraordinarily strong year last year. Brian talked about the fact that we had to get and I highlighted in the prepared remarks, we had incentive comp payout that was fairly robust and that impacts our Q1 more dramatically on a comparative basis.

除此之外，我們也將看到一些營運資本要素也恢復到當年水準。因此，我們在第一季看到的情況之一是因為我們去年表現異常強勁。布萊恩談到了我們必須獲得的事實，我在準備好的發言中也強調了這一點，我們的激勵性薪酬支出相當強勁，並且從比較的角度看，這對我們第一季度的影響更為顯著。

And then lastly, as you saw last year, we're able to generate a very strong fourth quarter of roughly 74 million of free cash flow. You know, I think that we've got we have a good idea of how to drive some of those improvements in working capital as we learned throughout last year. And so our expectations is Q1 is the low point here. We'll begin to build it kind of little by little in Q2 Q3 will show greater momentum than Q4 should be comparable to last year.

最後，正如您去年所看到的，我們能夠在第四季度產生非常強勁的自由現金流，約 7,400 萬美元。你知道，我認為我們已經對如何推動營運資金的一些改善有了很好的想法，正如我們去年學到的那樣。因此，我們預計第一季將是這裡的最低點。我們將在第二季度開始一點一點地建立它，第三季將顯示出比第四季更大的勢頭，應該與去年相當。

Awesome. Thanks. Congrats on a solid quarter.

驚人的。謝謝。恭喜本季業績穩健。

Thank you.

謝謝。

Shlomo Rosenbaum, Stifel.

施蒂費爾的什洛莫·羅森鮑姆。

Hi.

你好。

Thank you for taking my questions.

感謝您回答我的問題。

Just to dig a little bit more on the acquisition side on that small acquisition you noted in CX with insurance, is it a purchasing vertical expertise or is there some CX UM capability that they have that's more foundational? If you could just expand a little bit on that?

為了更深入地了解您在 CX 與保險領域提到的小型收購的收購方面，它是購買垂直專業知識還是他們擁有一些更基礎的 CX UM 能力？能稍微詳細說明一下嗎？

Yes, Shlomo, thanks for joining this one. They have a great team. They have great industry expertise. This one was less about buying a strategic capability that could really move the ball forward that we could do a lot of cross sell of the platforms to this one was an opportunity to bring a great customer base, a group that we had worked with and done a lot with in the past at a great financial price. I wouldn't say that there was no benefit to the value we picked up, but it was on the low side.

是的，Shlomo，感謝您參加這次活動。他們有一支出色的團隊。他們擁有豐富的行業專業知識。這次收購並不是為了購買一種能夠真正推動事情發展的策略能力，我們可以對平台進行大量的交叉銷售，這是一個帶來龐大客戶群的機會，我們過去曾以極低的價格與這個群體合作過，做過很多事情。我不會說我們獲得的價值沒有任何好處，但它確實偏低了。

That wasn't the main driver. I think there's other acquisitions. You might end up seeing us announce this year that would have a much more strategic product solution fit that would expand our product portfolio or extend our platform and drive a lot more cross-sell or upsell. But that wasn't the main driver. And the one we announced that we closed in the quarter.

這不是主要驅動因素。我認為還有其他收購。您最終可能會看到我們今年宣布推出更具策略性的產品解決方案，以擴大我們的產品組合或擴展我們的平台並推動更多的交叉銷售或追加銷售。但這不是主要驅動因素。我們宣布我們在本季度完成了這項交易。

Okay, thank you. And then just continue on the acquisition side of the language on slide 5 seems to be a little bit getting to $1.5 billion by the end of fiscal year 25. Could you just comment on you talked a little bit about the M&A environment on the pricing seem to go dig starting to go down. Can you talk about the potential and the willingness to use our equity to consummate some of the potentially larger strategic deals?

好的，謝謝。然後繼續討論第 5 張投影片上的收購方面的內容，似乎到 25 財年末將達到 15 億美元。您能否評論一下您談到的併購環境，其中定價似乎開始下降。您能否談談我們利用股權完成一些潛在的更大策略交易的潛力和意願？

Yes. No, it's an interesting question. I'd bind that high if you want to jump in.

是的。不，這是一個有趣的問題。如果你想跳進去，我會把它綁得很高。

So by and large first, as we've talked about in our liquidity, we've got a lot of firepower to super healthy balance sheets. We do not need to use equity in deals and we wouldn't expect to for Small Mid other kinds of opportunities if there was and I and obviously, if we felt like our equity is undervalued.

因此，總的來說，首先，正如我們在流動性方面所討論的那樣，我們擁有強大的火力來保持超健康的資產負債表。我們不需要在交易中使用股權，如果有其他類型的機會，我們不會期望使用股權，而且顯然，如果我們覺得我們的股權被低估了。

And obviously, with our share buyback and what we're doing, you can see what we've done in terms of returning, we wouldn't necessarily want to do a deal if we felt like our equity was undervalued because we want to have a good return on that in terms of where it is.

顯然，透過我們的股票回購和我們正在做的事情，你可以看到我們在回報方面所做的工作，如果我們覺得我們的股權被低估了，我們就不一定想做交易，因為我們希望從現在的狀況中獲得良好的回報。

If there was a bigger deal and there was an opportunity to do something strategic where we could really transform structure of industry where there was an opportunity to really made maybe change in and give us more competitive advantage that could really turbocharge EBITDA, EBITDA expansion, just strategic scale, would we say never, though we would never take any option off the table, but that wouldn't be our first.

如果有一筆更大的交易，並且有機會採取一些策略性措施，讓我們能夠真正改變行業結構，有機會真正做出改變，並給我們帶來更多的競爭優勢，從而真正提升 EBITDA、EBITDA 擴張和戰略規模，我們會說永遠不會，雖然我們永遠不會放棄任何選擇，但那不會是我們的第一次。

What we would be looking at given kind of where we are today and the kinds of opportunities that are more near-term actionable. Hai what else would you add to that?

考慮到我們目前的狀況以及近期可採取的行動機會，我們會關注什麼。嗨，您還想補充什麼嗎？

Nothing that's I think the key messages. We're not going to trying to utilize our equity. We believe our banks can that ultimately, we're going to have to assess kind of almost a game day decision when we look at the opportunity.

我認為沒有什麼是關鍵訊息。我們不會試圖利用我們的股權。我們相信我們的銀行最終能夠做到這一點，當我們考慮這個機會時，我們將不得不評估幾乎是比賽日的決定。

Thank you.

謝謝。

Tim Horan, Oppenheimer.

提姆霍蘭，奧本海默。

Victor, I was just following on that on. Could you give us a sense and how much you plan on spending in cash on acquisitions the next few years to kind of hit that target out there?

維克多，我剛剛還在關注這件事。您能否告訴我們，未來幾年您計劃在收購上花費多少現金來實現這一目標？

I think I think that's a very the answer that's unsatisfactory Is it just depends, right. Depends on the type of assets available and certain assets will fall.

我認為這是一個非常不能令人滿意的答案，這取決於情況，對嗎？取決於可用資產的類型，某些資產將會下跌。

How would you require a higher multiple than others. So we do that, as Brian said, have a quite a bit of liquidity as we sit here today and roughly 570 million in cash and our and our credit facility. So, you know, so it just depends, but we are working hard to make sure we're finding opportunities that are truly accretive, right, right out of the gate or shortly right out of the gate as we are as we're able to realize some of the synergies that baked into any sort of valuation case.

你怎麼會要求比別人更高的倍數呢？所以，正如布萊恩所說，我們今天坐在這裡時擁有相當多的流動資金，大約有 5.7 億美元現金和我們的信貸額度。所以，你知道，這取決於情況，但我們正在努力確保我們找到真正具有增值潛力的機會，對的，就在一開始或不久的將來，因為我們能夠實現任何估值案例中蘊含的一些協同效應。

Yes.

是的。

And obviously, I was not looking for specifics just overall on average. I mean, are we looking to spend like $300 million, $400 million hit that type of target? Or is it $100 million or $2200 million on the $1.5 billion?

顯然，我並不是在尋找具體細節，只是在尋找總體平均值。我的意思是，我們是否要花 3 億美元、4 億美元來實現這樣的目標？還是 15 億美元中的 1 億美元或 22 億美元？

Yes, I mean think about it this way, Randy, we're going to have to acquire roughly $250 million of revenue, right? So depending on the on the mix of the $250 million of revenue that we acquire, hedge, more CDx sort of payments and there wouldn't it's going require a higher multiple, right? If it's going to be more in our traditional revenue monetization than the valuation multiple will be more akin to kind of where we're trading at, right. So those are some of the considerations.

是的，我的意思是這樣想想，蘭迪，我們將必須獲得大約 2.5 億美元的收入，對嗎？因此，根據我們獲得的 2.5 億美元收入、對沖、更多 CDx 類型的付款，它不會需要更高的倍數，對嗎？如果它更多地屬於我們傳統的收入貨幣化，那麼估值倍數將更類似於我們現在的交易水平，對吧。這些就是一些考慮因素。

Got it. And then on can you give a little bit more color on the defense segment revenue breakdown for the year. And I guess just specifically, you know, broadband, obviously under some pressure, do you think you can grow that revenue line item this year? Or what are you kind of assuming in your guidance or Tom, do you think it will worsen here? Because it seems like the cable guys are about to come under a lot more pressure. The next six months, nine months or so?

知道了。然後，您能否詳細介紹今年國防部門的收入明細？我想具體來說，寬頻顯然面臨一些壓力，您認為今年可以增加這項收入嗎？或者您在指導中做了哪些假設，或者湯姆，您認為情況會惡化嗎？因為看起來有線電視公司即將面臨更大的壓力。接下來的六個月、九個月左右？

Yes, no, I think you said it, Tim, but that's why we referred to and use the language. We're feeling some smallish headwinds as it relates to broadband, some of that on the North American cable side, based on the of the earnings calls, we've listened to some of our customers through last week. I think the general tone is you'd expect that to continue kind of into through the next couple of quarters?

是的，不，我想你說過，提姆，但這就是我們提到和使用這種語言的原因。根據收益電話會議的結果，我們感覺到與寬頻相關的一些小阻力，其中一些來自北美有線電視方面，我們上週聽取了一些客戶的意見。我認為總體基調是，您預計這種情況會持續到接下來的幾個季度嗎？

I think there will be some impact of that. That's large that's been built into our plan we had that coming into the year. It's kind of as expected. And we anticipate facing that, which is why we're excited that the other parts of our business are growing even faster to offset some of those headwinds next year, I think and next year could be a different equation night with the homes passed with competitive response. You know, we don't necessarily believe at this stage that it's a foregone conclusion that those headwinds would continue into next year. But for the next quarter or two, for sure, we're anticipating there will be some smallish headwinds.

我認為這會產生一些影響。這是一項重大舉措，已納入我們今年的計劃中。這有點像預期的。我們預計會面臨這種情況，這就是為什麼我們很高興看到我們業務的其他部分增長得更快，以抵消明年的一些不利因素，我認為明年可能會有一個不同的局面，因為房屋的競爭會更加激烈。你知道，我們目前不一定相信這些不利因素會持續到明年。但在接下來的一兩個季度裡，我們肯定會遇到一些小小的阻力。

Is there much products you can upsell to improve your RPU on a basis to help the cable guys get more efficient on your ARPUs relatively low? I know you're doing kind of a modest few things for them. But with a I know a whole bunch of the other products that you have, do you see any way to upsell that make them more efficient?

您是否可以追加銷售許多產品來提高您的 RPU，從而幫助有線電視公司提高您相對較低的 ARPU 效率？我知道你正在為他們做一些微不足道的事情。但是，我知道您擁有許多其他產品，您是否認為有沒有什麼方法可以提高它們的銷售效率？

Yes. I mean, first, I think they're doing a lot in their own right to continue to be efficient, driving for CX. And we're trying to do our part to help them with that. But I think the biggest opportunity both in North American cable customers and Global Telecom is on the digital CX side and a lot of our success with our journey analytics journey orchestration platform was in those other verticals.

是的。我的意思是，首先，我認為他們在自身能力範圍內做了很多工作，以繼續保持高效，推動 CX 的發展。我們正在盡力幫助他們。但我認為北美有線電視客戶和全球電信的最大機會在於數位 CX 方面，而我們的旅程分析旅程編排平台的許多成功都來自於其他垂直領域。

And now it really is the top one of the top two topics at Mobile World Congress this year and last of the Global Telecom was all around how do we simplify our business? How do we drive digital CX? It's also true of the North American cable card customers. That's why we've targeted things around AI driven sales assist to cross sell to their customers.

現在它確實是今年世界行動通訊大會的兩大主題之一，而全球電信大會的最後一項主題就是如何簡化我們的業務？我們如何推動數位化 CX？對於北美有線電視卡用戶來說也是如此。這就是為什麼我們專注於人工智慧驅動的銷售協助，向客戶進行交叉銷售。

What we've rolled out, Bill explained our data and AI, which has a huge implication. We've used digital CX use cases around promo roll-off because a big part of churn comes when somebody a subscriber rolls off maybe their introductory price period. So I do think there's a lot of opportunities, especially in the digital and CX, both in North America and globally.

比爾解釋了我們所推出的產品的數據和人工智慧，這具有巨大的影響。我們在促銷推廣中使用了數位 CX 用例，因為很大一部分客戶流失發生在訂戶退出（可能是他們的介紹價格期間）的時候。因此我確實認為有很多機會，特別是在北美和全球的數位和 CX 領域。

Thank you.

謝謝。

Michael Berg, Wells Fargo.

麥可伯格，富國銀行。

Hi. Thanks for taking my question. A quick one on the seasonality of the business. I'm just looking back historically, it looks like the other revenue line item takes a step function up in terms of the mix of total in Q1 and tends to be fairly flat throughout the rest of the year. Is there any dynamics to point to point to driving that phenomena?

你好。感謝您回答我的問題。簡單介紹一下業務的季節性。我只是回顧歷史，看起來其他收入項目在第一季的總收入結構中呈階躍上升趨勢，而在今年剩餘時間內則趨於平穩。是否存在任何動力可以指明推動這現象的因素？

Yes. I think what you're seeing is that yes, there's seasonality on the payments business, right?

是的。我認為您看到的是，支付業務確實有季節性，對嗎？

So if you look at our payments business by the very nature of that Q4 and Q1 end up being the two strongest quarters and the Q2 and Q3 are the weaker quarters. A lot of that is because a chunk of our payments business is serving the government sector. So a lot of tax payments, right? And so those transactions hit in Q4 and Q1. And so that's why you're seeing some of that trend.

因此，如果你從本質上看我們的支付業務，你會發現第四季度和第一季是表現最強勁的兩個季度，而第二季度和第三季度則是表現較弱的季度。這在很大程度上是因為我們的大部分支付業務是服務政府部門的。所以要繳很多稅，對嗎？因此這些交易在第四季和第一季實現。這就是你看到這種趨勢的原因。

Got it helpful. And then just one quick follow-up in terms of the guidance and M&A. Does the current reiteration of guidance incorporate the acquisition you did? And does that also potentially include the acquisitions, you seem to be likely to do?

覺得有幫助。然後就指導和併購方面進行一次快速跟進。目前的指導重申是否包含了您所做的收購？這是否也可能包括您似乎可能做的收購？

Yes.

是的。

So the in terms of the guidance, yes, but bear in mind the acquisitions, the actual revenues quite small here, right? Or we're talking about single digit in terms of revenue. So the impact is quite nominal, particularly once you prove it for timing of the year.

因此，就指導而言，是的，但請記住收購，實際收入相當小，對嗎？或者我們談論的是收入的個位數。因此，其影響相當小，特別是當你證明其與年份有關時。

And then the other thing I would add to that is we expect to have good organic growth in fiscal year 2024. And so even with that guidance, where we reiterated on the revenue side and we typically talk a lot about midpoint. And so we talk about at midpoint of our current reiterated guidance of 4% growth. And as I said, we still believe we can achieve 4% growth organically, and there's some smallish impacts from from acquisitions.

我想補充的是，我們預計 2024 財年將實現良好的有機成長。因此，即使有這樣的指導，我們也會重申收入方面，我們通常會談論很多中點。因此，我們討論的是目前重申的 4% 成長指引的中點。正如我所說，我們仍然相信我們可以實現 4% 的有機成長，而且收購也會帶來一些較小的影響。

Helpful. Thank you.

很有幫助。謝謝。

Thanks so much.

非常感謝。

At this time, I'm showing there are no more questions. I'll now turn the call back over to Brian Shepherd for closing remarks now.

此刻，我表示沒有其他問題了。現在我將把電話轉回給 Brian Shepherd 做結束語。

Thanks, everyone, for joining. We're focused on delivering against our guidance commitments. We're focused on driving a lot of efficiency ongoing as you saw in our our adjusted margin guidance, we expect to strongly be in the 70% range.

謝謝大家的參與。我們專注於兌現我們的指導承諾。我們專注於不斷提高效率，正如您在我們調整後的利潤率指引中所看到的，我們預計利潤率將保持在 70% 左右。

We expect to grow top line. We expect to do deliver better results as we get into Q2, Q3, Q4. It's up to us to execute that, and that's exactly what this management team is focused on doing.

我們預計營業額將會增加。我們預計進入第二季、第三季和第四季時將會取得更好的成績。這取決於我們的執行，而這正是管理團隊致力於做的事情。

Thank you for joining today's call.

感謝您參加今天的電話會議。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。