Deluxe Corporation (DLX) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Deluxe First Quarter 2026 Earnings Conference Call. (Operator Instructions) And today's call is being recorded.

各位女士、先生，感謝您稍候並撥冗參與，歡迎收聽 Deluxe 2026 年第一季財報電話會議。(接線員指示) 本次電話會議將進行錄音。

At this time, I'd like to turn the conference over to your host, Vice President of Strategy and Investor Relations, Brian Anderson. Please go ahead.

此刻，我想將會議交給今天的主持人——策略與投資人關係副總裁 Brian Anderson。請開始。

Thank you, operator, and welcome to the Deluxe First Quarter 2026 Earnings Call. Joining me on today's call are Barry McCarthy, our President and Chief Executive Officer; and Chip Zint, our Chief Financial Officer. At the end of today's prepared remarks, we will take questions.

謝謝接線員，歡迎各位參與 Deluxe 2026 年第一季財報電話會議。今天與我一同出席的有：我們的總裁暨執行長 Barry McCarthy，以及我們的財務長 Chip Zint。在今天的預先準備發言結束後，我們將開放提問。

Before we begin and as seen on the current slide, I'd like to remind everyone that comments made today regarding management's intentions, projections, financial estimates and expectations about the company's future strategy or performance are forward-looking in nature as defined in the Private Securities Litigation Reform Act of 1995.

在開始之前，並如目前投影片所示，我想提醒各位：今天關於管理階層意圖、預測、財務估計與預期，以及公司未來策略或績效的評論，均屬於 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述。

Additional information about factors that may cause actual results to differ from projections is set forth in the press release we furnished today in our Form 10-K for the year ended December 31, 2025, and in other company SEC filings.

有關可能導致實際結果與預測不同之因素的更多資訊，已載於我們今日提供的新聞稿、截至 2025 年 12 月 31 日止年度的 Form 10-K，以及公司向 SEC 提交的其他文件中。

On the call today, we will discuss non-GAAP financial measures, including comparable adjusted revenue, adjusted and comparable adjusted EBITDA and EBITDA margin, adjusted and comparable adjusted EPS and free cash flow. All comparable adjusted metrics reflect the removal of impacts from business exits, including prior year adjustments to reflect removal of the Safeguard business effective with the closing of that divestiture as of March 1, 2026.

在今天的電話會議中，我們將討論非 GAAP 財務衡量指標，包括可比調整後營收、調整後與可比調整後 EBITDA 及 EBITDA 利潤率、調整後與可比調整後 EPS，以及自由現金流。所有可比調整後指標均反映剔除業務退出的影響，包括對前一年度進行調整，以反映自 2026 年 3 月 1 日完成 Safeguard 業務剝離交割起，移除 Safeguard 業務的影響。

In our press release, today's presentation and our filings with the SEC, you will find additional disclosures regarding non-GAAP measures, including reconciliation of these measures to the most comparable measures under US GAAP. Within the materials, we are also providing reconciliations of GAAP EPS to adjusted EPS, which may assist with your modeling.

在我們的新聞稿、今日簡報以及向 SEC 提交的文件中，您將可找到關於非 GAAP 指標的更多揭露資訊，包括將這些指標與美國 GAAP 下最可比指標進行調節（reconciliation）。在相關資料中，我們亦提供 GAAP EPS 與調整後 EPS 的調節表，或可協助您進行模型推估。

And with that, I'll hand it over to Barry.

接下來，我把時間交給 Barry。

Thanks, Brian, and good morning, everyone. I'm pleased to report our strong start to 2026. We continued our positive momentum, particularly in driving sustainable growth in our payments and data businesses. During the first quarter, enterprise results once again reflected organic growth across all key metrics, including revenue, adjusted EBITDA, EPS and free cash flow. We're now in our fourth consecutive year, driving consistent growth across our core earnings metrics. We're also proud to report that we reached 2 significant strategic milestones during the quarter.

謝謝你，Brian，各位早安。我很高興向各位報告我們在 2026 年的強勁開局。我們延續了正向動能，尤其是在推動支付與數據業務的可持續成長方面。第一季的企業整體表現再次反映出在所有關鍵指標上的有機成長，包括營收、調整後 EBITDA、EPS 與自由現金流。我們目前已連續第四年在核心獲利指標上推動一致的成長。我們也很自豪地報告，本季達成了兩項重要的策略里程碑。

First, we achieved our long-term three times leverage ratio target, three quarters earlier than promised at our December 2023 Investor Day. And second, combined, our payments and data businesses now account for more than 50% of total revenue, a major inflection point in our transformation into a payments and data company. Our Q1 results highlight our team's consistent, sustained execution ability, and signal clarity in the company's future as a payments and data company.

第一，我們達成了長期的 3 倍槓桿比率目標，比我們在 2023 年 12 月投資人日所承諾的時間提早了三個季度。第二，合計而言，我們的支付與數據業務目前已占總營收超過 50%，這是我們轉型為支付與數據公司的重大拐點。我們第一季的成果凸顯團隊一貫且持續的執行能力，並清楚展現公司作為支付與數據公司的未來方向。

Financial highlights for the quarter included: revenue growth across combined Payments and Data segments of 12.5%, nearly 20% growth of comparable adjusted EBITDA versus the prior year as our margins expanded by more than 300 basis points. Over 45% expansion of our comparable adjusted EPS and continued double-digit growth in our free cash flow, enabling further optimization of our balance sheet. We remain well positioned to deliver solid full year performance given our strong start. You'll recall earlier in the year, we announced the pending divestiture of Safeguard, a component of the print business. The divestiture closed on the 1st of March.

本季財務重點包括：支付與數據合併分部營收成長 12.5%；在利潤率擴張超過 300 個基點的帶動下，可比調整後 EBITDA 較去年同期成長近 20%。可比調整後 EPS 擴張超過 45%，自由現金流亦持續維持雙位數成長，使我們得以進一步優化資產負債表。鑑於強勁開局，我們仍具備良好條件以交出穩健的全年表現。各位應該記得，今年稍早我們宣布擬剝離 Safeguard（印刷業務的一部分）。該項剝離已於 3 月 1 日完成交割。

As we mentioned, we would do post closing, we've updated our full year guidance ranges for the year to specifically reflect the divestiture of Safeguard.

如同我們所提到的，在交割完成後，我們已更新今年的全年財測區間，以明確反映 Safeguard 剝離的影響。

Importantly, our free cash flow estimate remains unchanged, while the remainder of the guided metrics reflect the same, if not improved, comparable adjusted growth rates. Chip will share additional details on the divestiture and our updated guidance. As a reminder, our core business strategy is to leverage the brand, trust, relationships and cash flow generated by our legacy paper-based payments business, checks, to invest and grow into a digital payments and data company.

重要的是，我們對自由現金流的估計維持不變，而其餘財測指標所反映的可比調整後成長率，與先前相同，甚至有所提升。Chip 將就該項剝離與我們更新後的財測提供更多細節。提醒各位，我們的核心業務策略是運用傳統紙本支付業務（支票）所帶來的品牌、信任、關係與現金流，投入並成長為一家數位支付與數據公司。

We're focused on three ongoing strategic planks: one, shifting revenue mix towards payments and data to deliver ongoing profitable organic growth; two, driving operating leverage and efficiency across the enterprise; and three, increasing adjusted EBITDA and cash flow to lower overall debt and improve our net leverage ratio. We continue to consistently deliver on all three priorities simultaneously.

我們聚焦於三項持續推進的策略支柱：第一，將營收組合轉向支付與數據，以帶來持續且具獲利性的有機成長；第二，在全企業推動營運槓桿與效率提升；第三，提高調整後 EBITDA 與現金流，以降低整體負債並改善淨槓桿比率。我們持續同時且一致地在這三項優先事項上交出成果。

On our first priority, mix shift, during the first quarter, we reached an important milestone as combined Payments and Data segments became our largest set of businesses, surpassing the Print segment to reach 51% of total revenue. This marks the first time in the company's nearly 112-year history that the print businesses represented less than 50% of overall revenues.

在第一項優先事項——組合轉移方面，第一季我們達成一項重要里程碑：支付與數據合併分部成為我們最大的業務組合，超越印刷分部，營收占比達總營收的 51%。這是公司近 112 年歷史上，印刷業務營收占比首次低於整體營收的 50%。

As I noted in my opening comments, this improving mix was amplified by continued double-digit growth across combined Payments and Data segment revenues. This performance was led by strong top line growth in the Data Solutions and Merchant Services segments and ongoing improvement in B2B. This inflection of our revenue mix is also expected to continue over the balance of the year as quarterly print results will reflect the Safeguard divestiture.

如我在開場所提到的，這項組合改善也因支付與數據合併分部營收持續維持雙位數成長而更加顯著。此表現主要由數據解決方案（Data Solutions）與商戶服務（Merchant Services）分部的強勁營收成長所帶動，並伴隨 B2B 業務的持續改善。隨著季度印刷業績將反映 Safeguard 的剝離影響，預期這項營收組合的拐點在今年剩餘期間仍將延續。

Beyond reaching this improved revenue mix, we also saw strong execution on our second strategic plank, delivering efficiencies to drive consistent operating leverage. We continue to reduce overall SG&A expenses, improved by just over 7% versus the prior year, including efficiencies across our corporate operations.

除了達成更佳的營收組合之外，我們在第二項策略支柱上也展現強勁執行力，透過效率提升來推動穩定的營運槓桿。我們持續降低整體 SG&A 費用，較去年同期改善略高於 7%，其中包含公司層級營運的效率提升。

Overall revenue growth, alongside these continued cost improvements, drove our 13th consecutive quarter of year-over-year comparable adjusted EBITDA expansion. These efforts enabled us to deliver robust operating leverage across the business as our margins expanded and earnings growth outpaced the rate of revenue.

整體營收成長加上持續的成本改善，帶動我們連續第 13 個季度實現可比調整後 EBITDA 的年對年擴張。這些努力使我們在整體業務中交出強勁的營運槓桿表現，利潤率擴張，且獲利成長速度超過營收成長。

Finally, we also achieved a very notable milestone on our third strategic focus area during the first quarter. We deployed our expanded earnings and cash flows to further reduce our overall debt level, reaching our 3x net leverage ratio goal in just over two years, ahead of the pace we signaled at our 2023 Investor Day.

最後，我們在第一季也於第三項策略重點領域達成一項非常重要的里程碑。我們運用擴大的獲利與現金流進一步降低整體負債水位，在略超過兩年的時間內達成 3 倍淨槓桿比率目標，快於我們在 2023 年投資人日所揭示的進度。

As Chip will detail further during his comments, our 12% year-over-year growth of free cash flow enabled us to reach this important goal. Total debt was reduced by more than $30 million from year-end levels, giving us more flexibility to consider future growth investment opportunities. We are consistently executing on our capital allocation priorities with discipline, and we will maintain this discipline going forward.

如 Chip 在稍後的發言中將進一步說明，我們自由現金流年對年成長 12%，使我們得以達成這項重要目標。總負債較年末水準減少超過 3,000 萬美元，讓我們在評估未來成長投資機會時更具彈性。我們以紀律性持續執行資本配置的優先順序，未來也將維持這份紀律。

Now on to business unit performance. As noted in my prior comments, Payments and Data segments expanded year-over-year by a blended 12.5% rate, led by another very strong growth quarter from the data segment.

接下來談各事業單位表現。如我先前所述，支付與數據分部年對年以加權後 12.5% 的增幅擴張，其中以數據分部再度繳出非常強勁的成長季度表現領先。

Data segment revenue continued its robust year-over-year expansion trend, growing just over 26% on sustaining strong demand from financial institutions and emerging adjacent market client campaign activity. The data business continues to leverage what we believe is one of the largest super aggregated consumer and small business marketing data lakes in the industry. We overlay this data with evolving Gen AI-enabled tools to deliver campaigns targeted toward high lifetime value customers, driving outstanding ROI for our clients' marketing spend.

資料部門營收延續強勁的年對年擴張趨勢，受惠於金融機構持續強勁的需求以及新興相鄰市場客戶行銷活動的帶動，成長略高於26%。資料業務持續運用我們認為是業界規模最大的超級彙總消費者與小型企業行銷資料湖之一。我們將這些資料與不斷演進的生成式 AI（Gen AI）工具疊加運用，以提供鎖定高終身價值客戶的精準行銷活動，為客戶的行銷支出帶來卓越的投資報酬率（ROI）。

Moving now to our Payments segment. We saw mid-single-digit or greater revenue growth across both our Merchant Services and B2B Payments segments during the quarter as well.

接著談到我們的支付（Payments）部門。本季我們的商戶服務（Merchant Services）與 B2B 支付（B2B Payments）兩個部門的營收皆呈現中個位數或更高的成長。

Within merchants, continued wins across our pipeline, strong ongoing merchant retention and stable consumer spending trends across our diversified verticals contributed to revenue growth of just over 7% for the period. In addition to solid baseline merchant business trends, we also continue to add new business partnerships, which will contribute to our go-forward growth trajectory. For example, we were pleased to sign a new strategic merchant partnership with Washington Trust Bank, a full-service commercial bank with more than $10 billion in assets serving the Pacific Northwest.

在商戶業務方面，我們在銷售管線中持續取得勝利、商戶留存率維持強勁，以及多元垂直產業中穩定的消費者支出趨勢，共同推動本期營收成長略高於7%。除了穩健的商戶業務基本面趨勢外，我們也持續新增新的業務合作夥伴關係，將有助於我們未來的成長軌跡。例如，我們很高興與 Washington Trust Bank 簽署新的策略性商戶合作夥伴關係；該行為全方位商業銀行，資產超過100億美元，服務範圍涵蓋美國太平洋西北地區。

The bank now offers the full suite of Deluxe merchant services to its clients. We also made important progress in Q1, growing our integrated software vendor or ISV relationships just as we forecasted on earlier calls. This segment of the payments market features both high growth and strong customer retention.

該銀行現已向其客戶提供 Deluxe 商戶服務的完整產品組合。我們在第一季也取得重要進展，整合式軟體供應商（ISV）合作關係的成長符合我們在先前電話會議中的預期。支付市場中的此一細分領域同時具備高成長與強客戶留存。

Last week, we announced our new merchant partnership with a major ISV, MRI Software, a leading provider of real estate and rent payment solutions serving more than 45,000 clients. Partnering with an ISV of this scale is evidence that our internal investment in merchant technology and product enhancements is working and positioning us for further growth.

上週，我們宣布與一家主要 ISV——MRI Software——建立新的商戶合作夥伴關係；MRI Software 是不動產與租金支付解決方案的領先供應商，服務超過45,000家客戶。能與如此規模的 ISV 合作，證明我們對商戶技術與產品強化的內部投資正在發揮成效，並使我們具備進一步成長的有利定位。

The MRI partnership also highlights the ongoing effectiveness of our One Deluxe cross-selling model. MRI was an existing B2B payments customer already utilizing our lockbox services.

MRI 的合作也凸顯我們 One Deluxe 交叉銷售模式持續有效。MRI 原本就是既有的 B2B 支付客戶，已在使用我們的鎖箱（lockbox）服務。

Shifting to the B2B business. We saw growth sequentially improve across the segment as well, with revenues expanding by just under 5% versus Q1 of 2025. Our efficiency focus in B2B drove more than 400 basis points of margin improvement versus the prior year quarter.

接著談 B2B 業務。我們也看到該部門的成長動能較前一季改善，營收相較2025年第一季擴張接近5%。我們在 B2B 的效率聚焦，使利潤率相較去年同期改善超過400個基點。

Finally, across print, we also saw continued comparable adjusted EBITDA margin expansion, with year-over-year margins improving 70 basis points from the prior year to finish the quarter at just under 33%. This strong margin trajectory remains consistent with our focus on operational efficiencies across our print manufacturing footprint as well as our continuing prioritization of stronger margin in-sourced offerings.

最後，在印刷（print）業務方面，我們也看到可比調整後 EBITDA 利潤率持續擴張，年對年利潤率較去年提升70個基點，本季收在接近33%。這條強勁的利潤率軌跡，與我們聚焦於印刷製造據點的營運效率，以及持續優先推動更高利潤率的內製（in-sourced）產品供給一致。

To summarize, each of these highlights contributed to robust growth across our key financial metrics during the quarter, and set the stage for continued execution focus across the balance of the year.

總結而言，以上各項亮點共同促成我們本季關鍵財務指標的強勁成長，並為今年剩餘期間持續聚焦執行奠定基礎。

During the quarter, number one, we continue to leverage growth of our free cash flow to pay down debt, reaching our long-term three times net leverage target. Number two, we shifted revenue mix to our combined Payments and Data segment, which now represent a majority of total revenue and number three, we expanded operating income, comparable adjusted EBITDA and EPS at rates above the growth of our revenues, driving margin expansion and strong operating leverage. These results speak to our sustained, disciplined execution and focus on our value creation algorithm introduced at our Investor Day in 2023.

本季，第一，我們持續運用自由現金流的成長來償還債務，達成我們長期的淨槓桿倍數三倍目標。第二，我們將營收組合轉向支付與資料的合併部門，該部門目前已占總營收的多數；第三，我們的營業利益、可比調整後 EBITDA 與每股盈餘（EPS）的擴張速度高於營收成長，帶動利潤率擴張與強勁的營運槓桿。這些成果展現我們持續且有紀律的執行力，以及對我們在2023年投資人日所提出之價值創造演算法的專注。

Before transitioning to the chip, I'd like to take a moment to acknowledge a couple of recent developments across the Deluxe corporate governance structure as well. As we shared last month, Paul Garcia was elected as our new independent Board chair, succeeding Cheryl Mayberry McKissack, who announced her retirement earlier this year.

在交棒給 Chip 之前，我也想花點時間說明 Deluxe 公司治理架構近期的幾項進展。如同我們上月分享的，Paul Garcia 已當選為新的獨立董事會主席，接替今年稍早宣布退休的 Cheryl Mayberry McKissack。

Paul's deep payments operating experience as the former Chairman and CEO of Global Payments, along with his extensive Board service across a diversified set of industries, will continue to strengthen our position as a trusted payments and data company. Cheryl's leadership and contributions to the Board over her tenure, including the past seven years as Chair, have been critical to our transformation into a payments and data company.

Paul 曾任 Global Payments 董事長暨執行長，具備深厚的支付營運經驗，並在多元產業擁有豐富的董事會服務資歷，將持續強化我們作為值得信賴的支付與資料公司的定位。Cheryl 在任期內對董事會的領導與貢獻（包括過去七年擔任主席）對我們轉型為支付與資料公司至關重要。

I'm grateful for her steady Board leadership both as Chair in times of extraordinary change and over her 25 years of Board service. Job well done. Finally, as always, I want to acknowledge and thank all my fellow Deluxers, have made this performance and remarkable transformation possible by delivering for our investors and customers each and every day. Thank you.

我感謝她在重大變革時期擔任主席所展現的穩健董事會領導力，以及她25年的董事會服務。做得非常好。最後，一如既往，我要向所有 Deluxe 的同仁致意並表達感謝；正是你們每天為投資人與客戶交付成果，才讓這次的表現與卓越轉型成為可能。謝謝。

With that, I'll turn it over to you, Chip.

接下來交給你，Chip。

Thank you, Barry, and good morning, everyone. As Barry mentioned, we are very pleased with our first quarter results, particularly our continuing strong comparable adjusted EBITDA and EPS expansion, sustained growth of cash flow and the fact that we reached our three times leverage ratio target during the period.

謝謝你，Barry，各位早安。如 Barry 所提到的，我們對第一季的成果非常滿意，特別是可比調整後 EBITDA 與 EPS 持續強勁擴張、現金流持續成長，以及我們在本期達成三倍槓桿比率目標。

As noted during the introductory comments, our 2026 comparable adjusted reporting and related commentary will move all prior year impacts from the sale of the Safeguard business to exited businesses effective with the March 1 closing. Like prior portfolio exits, this adjustment will allow for clean operating segment comparisons across the respective periods. I will detail our updated full year 2026 guidance, inclusive of these adjustments later during my comments.

如開場說明所述，我們2026年的可比調整後報表呈現與相關評論，將把出售 Safeguard 業務的所有前期年度影響，自3月1日完成交割起移至已退出業務（exited businesses）。如同先前的投資組合退出案例，此項調整將使各期間的營運部門比較更為清晰。我將在稍後的說明中，進一步詳述納入這些調整後的2026年全年最新指引。

Now I'll begin, as always, by reviewing some of the consolidated highlights for the quarter before moving on to operating segment results, our balance sheet and cash flow progress and updates to our full year outlook. For the quarter, we reported total revenue of $538.1 million, increasing 0.3% against prior year reported results, while growing 2.7% on a comparable adjusted basis.

現在我將一如往常，先回顧本季合併層面的幾項重點，接著再談各營運部門表現、資產負債表與現金流進展，以及全年展望的更新。本季我們的總營收為5.381億美元，較去年同期報表口徑成長0.3%；以可比調整後口徑計算則成長2.7%。

We reported GAAP net income of $35.8 million or $0.77 per share, improving from $14 million or $0.31 per share in first quarter of 2025. This increase was driven by improved operating results, including lower restructuring and overall SG&A expense, lower interest expense and a gain from our business exit during the period, net of a slightly higher tax provision.

我們的 GAAP 淨利為3,580萬美元，或每股0.77美元，較2025年第一季的1,400萬美元或每股0.31美元有所改善。此一增幅主要來自營運成果改善，包括重組費用與整體銷售、一般及管理費用（SG&A）降低、利息費用下降，以及本期業務退出所帶來的收益；上述因素在扣除略高的所得稅費用後，仍帶動整體淨利提升。

Adjusted EBITDA was $117.9 million, increasing 19.7% on a comparable adjusted basis versus the first quarter of last year. Adjusted EBITDA margins were 21.9%, improving 310 basis points on a comparable adjusted basis. Q1 adjusted diluted EPS came in at $1.05, improving from $0.72 on a comparable adjusted basis, driven primarily by our improved operating income and lower year-over-year interest expense.

調整後 EBITDA 為1.179億美元，以可比調整後口徑較去年第一季成長19.7%。調整後 EBITDA 利潤率為21.9%，以可比調整後口徑提升310個基點。第一季調整後稀釋每股盈餘為1.05美元，以可比調整後口徑較0.72美元改善，主要受惠於營業利益提升以及年對年利息費用降低。

Turning now to our operating segment details, beginning with the Merchant Services business. The merchant business grew first quarter revenue by 7.3% year-over-year to $104.9 million, continuing the sequential growth improvement trend we saw in 2025. This growth rate reflected ongoing stable base processing volumes and aligned with our expectation for mid-single-digit full year revenue expansion.

接著說明各營運部門細節，先從商戶服務（Merchant Services）業務開始。商戶業務第一季營收年對年成長7.3%至1.049億美元，延續我們在2025年所見的逐季成長改善趨勢。此成長率反映基礎處理量持續穩定，並符合我們對全年營收中個位數成長的預期。

Segment adjusted EBITDA finished at $26.8 million, expanding by 25.2% on the improving revenue growth, channel mix and our year-end 2025 purchase of residual commission rights from a large ISO partner. Margins finished at 25.5%, expanding by 360 basis points versus prior year levels.

部門調整後 EBITDA 為2,680萬美元，受惠於營收成長改善、通路組合優化，以及我們於2025年年底自大型 ISO 合作夥伴收購剩餘佣金權利（residual commission rights），以此帶動年對年成長25.2%。利潤率為25.5%，較去年同期提升360個基點。

You'll recall that last quarter, we indicated this residual buyout was expected to expand year-to-year merchant margins by between 200 and 300 basis points.

您會記得在上一季，我們指出這項剩餘買斷預期將使商戶利潤率較去年擴大200至300個基點。

As Barry noted, the merchant portfolio remains well positioned across our multichannel direct and partner go-to-market approach. We continue to expect full year mid-single-digit revenue growth for merchant within our outlook with a mid-20% adjusted EBITDA margin profile. We also assume stable ongoing macroeconomic conditions and related discretionary consumer spending levels across our broader guidance ranges.

如Barry所提到，商戶投資組合在我們多通路的直銷與合作夥伴市場進入策略下，仍維持良好的布局。在我們的展望中，我們仍預期商戶業務全年營收將呈現中個位數成長，並維持約20%中段的調整後EBITDA利潤率輪廓。我們也假設總體經濟環境持續穩定，且與之相關的可自由支配消費支出水準在我們更廣泛的指引區間內保持穩定。

Turning to B2B payments. For the first quarter, B2B segment revenues finished at $73.5 million, increasing 4.7% versus Q1 of 2025 on largely stable lockbox volumes and continued migration of treasury management offerings to support increasingly digital payment flows.

接著談B2B支付。第一季B2B部門營收為7,350萬美元，較2025年第一季成長4.7%，主要受惠於鎖箱（lockbox）量能大致穩定，以及持續將財資管理產品移轉以支援日益數位化的支付流程。

We were pleased to see this level of overall revenue growth, continuing our momentum from the fourth quarter 2025 exit rate. Adjusted EBITDA for B2B came in at $17.2 million, reflecting an overall 23.4% margin. This represented a very strong 29.3% expansion of adjusted EBITDA from the prior year results with overall margin rate in line with our full year guidance expectations.

我們很高興看到整體營收達到這樣的成長水準，延續我們在2025年第四季期末（exit rate）的動能。B2B的調整後EBITDA為1,720萬美元，整體利潤率為23.4%。這代表調整後EBITDA較去年同期大幅成長29.3%，整體利潤率水準亦符合我們對全年指引的預期。

EBITDA growth for the period was driven by continued realized operating efficiencies across our lockbox footprint, and ongoing migration of the B2B business model toward more recurring revenue offerings. Within our B2B outlook, we continue to anticipate low single-digit revenue growth for the full year as the business laps sequentially improving revenue across the prior year quarters.

本期EBITDA成長主要來自我們鎖箱營運據點持續實現的營運效率，以及B2B商業模式持續朝向更具經常性收入的產品組合移轉。在我們的B2B展望中，隨著業務逐季承接去年各季逐步改善的營收基期，我們仍預期全年營收將呈現低個位數成長。

Overall EBITDA margins are expected to remain in the low to mid-20% range over the period.

整體EBITDA利潤率預期在期間內將維持於20%出頭至中段的區間。

Moving on to Data Solutions. This segment extended its very strong year-over-year growth trajectory from ongoing campaign demand. Revenues finished at $97.5 million, driving overall growth of 26.3% versus Q1 of 2025.

接著談資料解決方案（Data Solutions）。在持續的行銷活動需求帶動下，該部門延續其非常強勁的年增成長軌跡。營收為9,750萬美元，較2025年第一季成長26.3%。

First quarter adjusted EBITDA finished at $22.8 million, expanding by 15.7% year-over-year, while the margin rate finished at 23.4%, sequentially in line with the prior quarter rate, returning towards our signaled longer-term low to mid-20s expectation for the segment. Our full year 2026 guidance ranges continue to reflect mid- to high single-digit segment growth expectation for the full year.

第一季調整後EBITDA為2,280萬美元，年增15.7%，利潤率為23.4%，與前一季利潤率大致持平，並回到我們先前所提示該部門長期20%出頭至中段的目標區間。我們對2026年全年指引區間仍反映該部門全年中至高個位數成長的預期。

Importantly, we continue to expect to see moderation of recent growth trends over the back half of the year as we lap prior year results and see some customer pull forward of marketing spend into earlier quarters.

重要的是，隨著下半年將承接去年同期基期，且部分客戶將行銷支出提前至較早季度，我們仍預期近期的成長趨勢在今年下半年將有所趨緩。

Turning finally to our print businesses. Print segment first quarter revenue finished at $262.2 million, a decline of 5.9% year-over-year on a comparable adjusted basis, factoring for the impact of the March 1 Safeguard sale. Legacy Check revenues declined 4.4% on a comparable adjusted basis, while the balance of the segment declined by 8.4% to drive the overall blended result.

最後談我們的印刷業務。印刷部門第一季營收為2.622億美元，在可比調整基礎上年減5.9%，並已納入3月1日出售Safeguard的影響。傳統支票（Legacy Check）營收在可比調整基礎上下降4.4%，而該部門其餘業務下降8.4%，共同導致整體加權結果。

We continue to see legacy promo comparable adjusted decline rates moderate slightly versus the rates of decline during 2025 due in part to the removal of Safeguard-related promo revenues effective on the 1st of March.

我們持續看到傳統促銷（legacy promo）在可比調整基礎上的下滑幅度，較2025年的下滑速度略有趨緩，部分原因是自3月1日起剔除與Safeguard相關的促銷營收。

Overall, adjusted EBITDA for print finished the period at $85.7 million. The 3.8% rate of comparable adjusted EBITDA decline across print continue to align favorably to the low- to mid-single-digit blended rate of revenue decline, maintaining a stable margin rate in the low 30s. Comparable adjusted EBITDA margins for Print improved 70 basis points year-over-year to 32.7%.

整體而言，印刷業務本期調整後EBITDA為8,570萬美元。印刷業務可比調整後EBITDA下滑3.8%，仍與營收低至中個位數的加權下滑幅度相當一致，並使利潤率維持在30%出頭的穩定水準。印刷業務的可比調整後EBITDA利潤率年增70個基點至32.7%。

This result was reflective of continued operating expense discipline, driving efficiency across our print operations. Consistent with our prior quarter outlook and updated for the exit of the Safeguard business over the balance of 2026, we continue to expect to see low to mid-single-digit comparable adjusted revenue declines across the Print segment, with adjusted EBITDA margins remaining in the low to mid-30s.

此結果反映我們持續嚴守營運費用紀律，推動印刷營運效率提升。與我們上一季的展望一致，並針對2026年其餘期間Safeguard業務退出所做更新後，我們仍預期印刷部門可比調整後營收將呈現低至中個位數下滑，而調整後EBITDA利潤率將維持在30%出頭至中段。

Turning now to our balance sheet and cash flow. We ended the period with a net debt level of $1.37 billion down $22.6 million from $1.39 billion at the end of 2025, consistent with our ongoing commitment to debt reduction as a top capital allocation priority over the multiyear horizon, as Barry noted. Our net debt to adjusted EBITDA ratio reached three times at the end of the period, improving versus our 3.6 times ratio a year ago. We were particularly pleased to reach this milestone in the first half of the year, further demonstrating our commitment to the optimization of our balance sheet via disciplined execution and our focus aligned to our value-creation algorithm.

接著談資產負債表與現金流。本期末淨負債為13.7億美元，較2025年期末的13.9億美元減少2,260萬美元，符合我們在多年期視角下將減債作為資本配置首要優先事項的持續承諾，如Barry所述。本期末淨負債對調整後EBITDA比率降至3倍，較一年前的3.6倍有所改善。我們特別高興能在上半年達成此里程碑，進一步展現我們透過嚴謹執行優化資產負債表的承諾，以及與我們價值創造演算法一致的聚焦方向。

Our continuing expansion of cash generation and balance sheet improvement provides us more flexibility to operate the company and invest for continued growth, always within our disciplined approach to capital allocation, as Barry noted earlier. Free cash flow, defined as cash provided by operating activities less capital expenditures, finished at $27.3 million for the quarter, improving $3 million from the first quarter of 2025.

我們持續提升的現金創造能力與資產負債表改善，讓我們在公司營運與投資以推動持續成長方面擁有更大彈性，同時始終遵循我們嚴謹的資本配置方法，如Barry先前所提。自由現金流（定義為營運活動提供之現金減資本支出）本季為2,730萬美元，較2025年第一季增加300萬美元。

This continuing expansion of cash flow was reflective of improved operating results, including lower year-to-year restructuring spend, cash taxes and overall SG&A expense, along with largely stable working capital efficiency and CapEx investment, net of increased year-over-year cash incentive payments during the Q1 period.

現金流的持續擴張反映營運成果改善，包括較去年同期更低的重整支出、現金稅負與整體SG&A費用，同時營運資金效率與資本支出投資大致穩定；惟已扣除第一季期間年增的現金獎酬支付影響。

Continuation of our strong operating cash flow generation remains a top focus area for 2026 even as we have reached our three times leverage target. This is consistent with our full year guidance for free cash flow expansion, which we have maintained as part of our guidance outlook, inclusive of the impact of the Safeguard divestiture.

即使我們已達成3倍槓桿目標，延續強勁的營運現金流創造仍是2026年的重點工作之一。這也與我們對全年自由現金流擴張的指引一致；我們已將其作為指引展望的一部分予以維持，並已包含Safeguard處分的影響。

We continue to be positioned well from both a liquidity and go-forward balance sheet position. reflecting $381 million of available revolver capacity as of quarter end. All material debt maturities remain aligned with the 2029 horizon, following our late 2024 refinancing of the debt capital structure.

從流動性與未來資產負債表狀況來看，我們仍處於良好位置；截至季末，我們可動用的循環信貸額度（revolver）為3.81億美元。在我們於2024年末完成債務資本結構再融資後，所有重大債務到期日仍集中於2029年左右。

Consistent with past quarters, our Board approved a regular quarterly dividend of $0.30 per share on all outstanding shares. The dividend will be payable on June 2, 2026, to all shareholders of record as of market closing on May 19, 2026.

與過去各季一致，我們董事會核准對所有流通在外股份發放每股0.30美元的例行季度股利。股利將於2026年6月2日支付給截至2026年5月19日收盤時登記在冊的所有股東。

As Barry noted in his opening commentary, we are maintaining or improving the comparable adjusted growth trajectories expected across our full year guidance outlook this morning, while updating revenue, adjusted EBITDA and EPS figures to specifically reflect the anticipated impacts from the March 1 Safeguard divestiture.

如Barry在開場談話中所提，今天早上我們維持或提升了在全年指引展望中所預期的可比調整成長軌跡，同時更新營收、調整後EBITDA與EPS數字，以具體反映3月1日Safeguard處分預期帶來的影響。

Our updated full year ranges are as follows: revenue of $1.985 billion to $2.05 billion, reflecting negative 1% to positive 2% comparable adjusted growth versus 2025, adjusted EBITDA of $430 million to $455 million, reflecting between 4% and 10% comparable adjusted growth, adjusted EPS of $3.60 to $4, reflecting between 9% to 21% comparable adjusted growth and unchanged free cash flow of approximately $200 million, reflecting 14% growth versus our 2025 results. To reiterate, each of these guidance ranges reflect an unchanged to improving rate of comparable adjusted growth versus the prior year.

我們更新後的全年區間如下：營收19.85億至20.5億美元，反映相較2025年可比調整後成長為負1%至正2%；調整後EBITDA為4.30億至4.55億美元，反映可比調整後成長4%至10%；調整後每股盈餘（EPS）為3.60至4.00美元，反映可比調整後成長9%至21%；自由現金流維持約2.00億美元不變，反映較2025年結果成長14%。再次強調，以上各項指引區間皆反映相較前一年可比調整後成長率維持不變或有所改善。

They have simply been updated to reflect the anticipated impact of the divestiture closed during the first quarter. Finally, to assist with your modeling, our guidance assumes the following: interest expense of approximately $110 million; an adjusted tax rate of 26%; depreciation and amortization of approximately $135 million, of which acquisition amortization is approximately $40 million; an average outstanding share count of approximately 46.5 million shares; and capital expenditures between $90 million and $100 million.

它們只是已更新，以反映於第一季完成之資產剝離的預期影響。最後，為協助各位進行模型推估，我們的指引假設如下：利息費用約1.10億美元；調整後稅率26%；折舊與攤銷約1.35億美元，其中併購攤銷約4,000萬美元；平均流通在外股數約4,650萬股；以及資本支出介於9,000萬至1億美元之間。

This guidance remains subject to, among other things, prevailing macroeconomic conditions, including interest rates, labor supply issues, inflation and the impact of any additional portfolio additions or exits. To summarize, we had a strong start to the year with meaningful organic growth across our key metrics. Our updated guidance, reflecting the impact of the Safeguard divestiture shows our continued solid full year performance expectations with the expansion of key earnings and cash flow metrics.

本指引仍受多項因素影響，包括當前總體經濟情勢，例如利率、勞動力供給問題、通膨，以及任何額外投資組合新增或退出的影響。總結而言，我們今年開局強勁，在關鍵指標上實現了顯著的有機成長。我們更新後的指引反映Safeguard資產剝離的影響，顯示我們對全年表現仍維持穩健的預期，並在關鍵獲利與現金流指標上持續擴張。

The value creation framework we introduced at our 2023 Investor Day laid out our core business strategy to leverage the brand, trust, relationships and cash flow generated by our legacy paper-based payments business to invest and grow into a digital payments and data company.

我們在2023年投資人日提出的價值創造框架，闡述了我們的核心業務策略：運用傳統紙本支付業務所建立的品牌、信任、關係與所產生的現金流，投入並成長為一家數位支付與數據公司。

The strategy is simple and the progress is clear. Operator, we are now ready to take questions.

策略很簡單，進展也很清楚。接線員，我們現在準備開始提問。

(Operator Instructions)

(接線員指示)

Kartik Mehta, Northcoast Research.

Kartik Mehta，Northcoast Research。

Barry, maybe just first, just a bigger picture question. Almost every company I cover, the question becomes AI and the impact of AI. And I'm wondering if you could talk about maybe how AI is impacting your businesses and your ability to serve your customers. Just your perspective on how that is trending?

Barry，先問一個較宏觀的問題。我所追蹤的幾乎每家公司，問題都會回到AI以及AI的影響。我想請你談談AI可能如何影響你們的業務，以及你們服務客戶的能力。就你的觀點來看，這個趨勢目前如何發展？

Well, first of all, Kartik, I appreciate the question. And for our business, we see AI as a net positive. And because we look at AI as a set of tools that help us improve the operation of the company. So I'll give you a couple of examples. In our data business, we use Gen AI to improve the models that we use to create marketing campaigns for our customers.

首先，Kartik，謝謝你的提問。就我們的業務而言，我們認為AI整體是正面的。因為我們把AI視為一套工具，能幫助我們改善公司的營運。我舉幾個例子。在我們的數據業務中，我們使用生成式AI（Gen AI）來改進用於為客戶建立行銷活動的模型。

And through Gen AI, every one of those campaigns make the system and the model smarter. So we get smarter, faster. And just as a comparison, we believe the largest FI in the country that's running campaigns inside their organization are doing a couple of hundred campaigns a year.

透過生成式AI，每一個行銷活動都會讓系統與模型變得更聰明。因此我們能更快變得更聰明。作為比較，我們認為全國最大的金融機構（FI）在其內部執行的行銷活動，一年大概是幾百個。

On behalf of all of our clients, we are processing and running thousands of campaigns a year. So not only do we have more at-bats because we're using Gen AI, our tools and our models get smarter, faster, giving us a really nice moat around our data-driven marketing business. That's one place.

代表我們所有客戶，我們一年會處理並執行數千個行銷活動。因此，我們不僅因為使用生成式AI而有更多「上場打擊」的機會，我們的工具與模型也會更快變得更聰明，為我們的數據驅動行銷業務建立一道非常好的護城河。這是一個面向。

The second place, just really simple to understand is in our B2B business, where we're processing payments through lockbox. Customer mails in a payment, and we receive that payment on behalf of the biller. There are literally billions of those payments that we process annually.

第二個面向也很容易理解：在我們的B2B業務中，我們透過lockbox處理付款。客戶郵寄付款過來，我們代表收款方（biller）收取該筆款項。我們每年處理的這類付款實際上多達數十億筆。

And there are payments there that require manual intervention because there are fragments of what's required to post that information appropriately on the balance sheet of the biller. We are applying AI to radically reduce the amount of manual intervention.

其中有些付款需要人工介入，因為要將資訊正確入帳到收款方的資產負債表上，所需資料可能是零碎不完整的。我們正在運用AI，大幅降低人工介入的程度。

And I think we're about a [2/3] reduction in manual intervention by applying AI to our business. And you can see it flow right through our business. You can see our margins expanding in that business, and that's certainly not the only reason, but one of the reasons that we're applying technology to improve our business overall.

我認為透過在業務中導入AI，我們的人工介入已降低約[2/3]。而你可以看到這直接反映在我們的業務表現上。你可以看到該業務的利潤率正在擴張；這當然不是唯一原因，但確實是我們運用科技改善整體業務的原因之一。

So we see AI as a great enabler for us, and we're applying it across our business to deliver performance improving results.

因此我們將AI視為對我們非常重要的賦能工具，並正將其應用於各項業務，以帶來提升績效的成果。

Thanks, Barry. And just a follow-up, Chip. In changing the guidance, obviously, for the divestiture, you didn't change your free cash flow guidance. And I'm wondering if that's just the underlying strength of all the other businesses or the divestitures would just not generate that much free cash flow, and that was the reason.

謝謝你，Barry。再追問一下，Chip。在因資產剝離而調整指引時，你們顯然沒有調整自由現金流指引。我想了解這是否反映其他業務的基本面強勁，或是被剝離的業務本來就不會產生太多自由現金流，因此影響不大？

Yes, I'd say it's a bit of a mixture of both. Obviously, we've been executing really well, Kartik, on our free cash flow conversion and expansion of those metrics over the last two or so years. And so if you think about coming into the year with a guidance range of approximately $200 million, the pure fact is that business was relatively lower margin.

是的，我會說兩者都有一些。顯然，Kartik，過去大約兩年我們在自由現金流的轉換率以及相關指標的擴張方面，執行得非常好。因此，如果你回想年初我們給出的指引區間約為2億美元，事實上那項業務的利潤率相對較低。

So once you adjust for taxes and other cash items, the adjustment was immaterial, and I felt confident in the progress of the business to hold the guidance range as is, which I think is a very strong signal to the execution and focus we've had in that space.

所以在調整稅負與其他現金項目後，調整幅度並不重大；而且我對業務進展有信心，因此維持原先的指引區間不變。我認為這是我們在該領域的執行力與專注度非常強的訊號。

Yeah, perfect. Thank you very much. I really appreciate it.

好的，很完美。非常感謝。我真的很感激。

Charlie Strauzer, CJS.

Charlie Strauzer，CJS。

I think that's CJS. Good morning.

我想那是CJS。早安。

Morning Charlie

早安，Charlie。

So seeing good organic growth in various segments. What are the common themes that you're seeing from clients that are helping to propel those business lines?

看到各個部門都有不錯的有機成長。你們從客戶端觀察到哪些共同主題，正在推動這些業務線的成長？

In our payments and data business, Charlie, we think all 3 of those businesses are delivering a very quality value proposition for our customers. I talked for a minute -- just a minute ago about our data-driven marketing business, which is the fastest-growing business. And because of the quality of our tools, we deliver an outstanding marketing dollar ROI for our customers.

在我們的支付與數據業務中，Charlie，我們認為這三項業務都在為客戶提供非常高品質的價值主張。我剛才提到我們的數據驅動行銷業務，那是成長最快的業務。由於我們工具的品質，我們能為客戶帶來非常出色的行銷投入報酬率（ROI）。

When a customer invests using our tools, they get the best return that we're aware of all of their marketing options. So we've seen that customers -- existing customers expand their spend with us, moving dollars from one marketing program to ours because of the effectiveness and the delivery of -- the quality of the delivery of a new customer.

當客戶使用我們的工具進行投資時，他們能獲得我們所知在其所有行銷選項中最佳的回報。因此我們看到客戶——既有客戶——擴大在我們這裡的支出，將行銷預算從其他行銷方案轉移到我們的方案上，因為我們的成效，以及我們在獲取新客戶方面的交付品質。

And that's why that business has been growing as well as it has. In the merchant business, you heard us talk about our success in attracting new customers. We had two significant wins that we talked about, one with Washington Bank and a second with MRI Software, and in both of those cases, we were able to go to those customers and show them the value that we can create for them, which was not really just about -- it was not about price, it was about the value that we can create, the right product, the right service level, the right set of tools, including APIs, and that's allowed us to win those businesses, and keep that business.

這也是該業務能有如此成長表現的原因。在商戶業務方面，你們也聽到我們談到吸引新客戶的成功。我們提到兩個重要的贏單，一個是Washington Bank，另一個是MRI Software；在這兩個案例中，我們都能向客戶展示我們能為他們創造的價值——這其實不只是、也不是關於價格，而是關於我們能創造的價值：正確的產品、正確的服務水準、正確的工具組合（包括API），這讓我們能贏得這些業務，並留住這些業務。

So we've got a good retention rate in our merchant business. We are winning new customers in our target market verticals and that allows us that business to grow. And we've told you for a bit of time that in the B2B business, we expect it to have some nice quality wins and improve our operating efficiency. And I just talked for a minute ago about our use of AI to help us there. And so that is helping us win customers and improve our operating efficiency.

因此我們的商戶業務有良好的留存率。我們在目標市場的垂直領域持續贏得新客戶，這使得該業務得以成長。而我們也已經談了一段時間，在B2B業務方面，我們預期會取得一些高品質的贏單，並提升營運效率。我剛才也提到我們在那裡運用AI。因此，這正在幫助我們贏得客戶並提升營運效率。

So each one of those businesses, we've just got a compelling value proposition for existing customers to stay with us and for new customers to join us. And you can see that combination reflected in our performance.

因此，對於上述每一項業務，我們都具備具吸引力的價值主張，讓既有客戶願意持續與我們合作，也讓新客戶願意加入我們。而你也可以在我們的表現中看到這種組合所反映出的成果。

Looking at the promotional businesses that you have, are you seeing any disruption there from the global conflicts that are going on, kind of disrupting travel, things like that on that business?

就你們的促銷相關業務而言，你們是否看到目前全球衝突帶來任何干擾，例如影響旅遊等，進而影響該業務？

Charlie, I don't know that we're really directly seeing impacts from all the global uncertainty today. Of course, we're aware of it. But specifically to your question on promo, the promo business in general continues to be a bit soft, like it has been for some period of time, just reflecting, we think, greater market trends.

Charlie，我不確定我們今天是否真的直接看到所有全球不確定性所帶來的影響。當然，我們有注意到這些情況。但就你關於促銷（promo）的問題而言，促銷業務整體仍然有些疲弱，就像過去一段時間一樣；我們認為這主要反映了更廣泛的市場趨勢。

But we can't point that specifically to global impacts happening today.

但我們無法將其明確歸因於當前正在發生的全球性影響。

Great, thank you very much.

很好，非常感謝。

Marc Riddick, Sidoti.

Marc Riddick，Sidoti。

Hey, good morning.

嗨，早安。

Good morning, Mark.

早安，Mark。

So I wanted to first congratulate you guys on reaching these goals. Certainly, you guys have been working on this for quite some time. And these are key milestone goals to reach, having remembered the Investor Day a few years back. And I wanted to maybe touch a little bit on some of the expense reductions that you've seen in SG&A as a percentage of revenue in the quarter was, I believe, below 40% of revenue. Maybe you could talk a little bit about some of those.

我想先恭喜各位達成這些目標。很明顯你們為此努力了相當長一段時間。回想幾年前的投資人日，這些都是重要的里程碑目標。我也想稍微談一下你們在費用方面的改善：本季SG&A占營收比重，我記得應該低於營收的40%。也許你可以談談其中一些因素。

And maybe you've already kind of touched on this with the efficiency commentary, Barry, but maybe you could touch a little bit on some of those efforts and just sort of -- it certainly seems as though you're just getting more bang for your buck there.

也許你之前在效率的評論中已經提到一些了，Barry，但或許你可以再多談談這些努力；看起來你們確實在同樣的投入下獲得了更高的效益。

Yes, I appreciate. Well, first of all, congratulations, comments, and I appreciate the question, Marc. Look, there's no real secret to what we've done here. We've been very clear over the horizon in the last years of the work we were doing specifically to SG&A. So over a period of time, we had to invest in restructuring-related spend to drive efficiency, optimize the spend base of the company and really pivot us forward, and you saw that through our multiyear North Star journey.

是的，謝謝。首先，謝謝你的恭喜與評論，也謝謝你的提問，Marc。坦白說，我們所做的並沒有什麼祕密。過去幾年我們一直很清楚地說明，我們針對SG&A所做的工作。因此，在一段時間內，我們必須投入與重整相關的支出，以提升效率、優化公司的支出基礎，並真正推動我們向前，而你也在我們多年期的North Star旅程中看到了這一點。

And we said about this time a year ago that 2025 would be less about a year of cost out on the corporate operations and more about improvements in margin expansion in the segments, but we knew coming into 2026, that would be a year where the final efforts of North Star and all the work we did to drive efficiency would come through the P&L.

而我們大約在一年前提到，2025年將較少著重於公司營運端的成本削減，而會更著重於各事業部門的利潤率擴張改善；但我們也知道，進入2026年時，North Star的最後階段以及我們為提升效率所做的所有工作，將會在損益表上反映出來。

And so you're really seeing those two things come together in these results. So number one, we're out of the period of heavy restructuring spend. You've seen that spend come down pretty methodically over the last few years. And so we're really now out of those days and overall restructuring spend is fairly low. And in fact, it's mostly related to the Safeguard divestiture this quarter, the amounts we do have.

因此，你現在看到的就是這兩件事在本次結果中匯聚。第一，我們已經走過大幅重整支出的期間。過去幾年你看到這項支出相當有系統地下降。所以我們現在基本上已經不在那個階段，整體重整支出相當低。事實上，本季我們仍有的金額主要與Safeguard的剝離（divestiture）相關。

And then second, the ongoing cumulative effect of those cost improvements we've done and the way the team has focused on driving efficiency and changing how work gets done, it's evident in the numbers. So you combine those two figures together, and that's what's driving this overall 7% plus reduction in SG&A in the period.

第二，這些成本改善的持續累積效果，以及團隊專注於提升效率、改變工作完成方式的做法，都清楚反映在數字上。把這兩項因素結合起來，就推動了本期SG&A整體超過7%的下降。

Great. And then shifting gears, I wanted to talk a little bit about maybe if you could talk if you're seeing any particular industry verticals that stood out either relative to your expectations or just generally, if there are any particular pockets, whether that's industry vertical or regional strength that you saw during the quarter that stand out?

很好。接著我想換個話題，請問你們是否看到任何特定產業垂直領域表現特別突出（不論是超出你們預期或是整體而言）？或者本季是否有任何特別顯著的區塊，例如某些產業垂直或某些地區的強勁表現？

Marc, one of the things that we particularly appreciate about our portfolio of businesses is that they are diversified across multiple market verticals. And so we can deliver this kind of performance really in most environments. So we continue to have great strength in the FI channel across multiple businesses. And you see us moving aggressively into ISV space, which we said we would do for a while within our merchant space. The data business continues to expand beyond FI to get new logos and new market verticals.

Marc，我們特別欣賞我們業務組合的一點是：它在多個市場垂直領域之間相當多元分散。因此，在大多數環境下，我們都能交出這樣的表現。我們在FI通路（金融機構通路）於多項業務上仍持續展現強勁動能。同時，你也看到我們正積極進入ISV領域，這是我們在商戶（merchant）業務中已經說了一段時間會去做的事。資料（data）業務也持續從FI之外擴張，取得新客戶（new logos）並切入新的市場垂直領域。

And so we're pretty pleased that the business is performing well overall and that the market verticals where we compete seem to be very durable and sturdy, and that's helping deliver this consistent performance.

因此，我們對整體業務表現良好感到相當滿意；而我們所競爭的市場垂直領域看起來也非常耐久且穩健，這有助於帶來這種一致的表現。

And we're very proud that it's our 13th consecutive quarter of profitable growth here. So we think that's a testament to the mix of our verticals, the mix of our business and honestly, the improving mix of our business, which we hit that significant milestone of our payments and data businesses becoming our largest businesses in this period, something we've been working towards for some time.

我們也非常自豪，這是我們連續第13個季度實現獲利性成長。我們認為這證明了我們垂直領域的組合、我們業務的組合，以及坦白說，我們業務組合正在改善；而本期我們達成了一個重要里程碑：支付與資料業務成為我們最大的兩項業務，這是我們努力了一段時間的方向。

Thank you very much.

非常感謝。

At this time, there are no further questions. I will now turn the call back to Brian for any additional or closing comments.

目前沒有其他問題。我現在把電話交回給Brian，請他做任何補充或結語。

Thanks, Jennifer. Before we conclude, I'd like to share that management will be participating at the Needham Technology Media and Consumer Conference on May 13 and the Truist Securities Financial Services Conference on May 19, both in New York during the quarter.

謝謝你，Jennifer。在結束之前，我想分享管理團隊將於本季在紐約參加兩場會議：5月13日的Needham科技、媒體與消費者會議，以及5月19日的Truist Securities金融服務會議。

Thank you again for joining us today, and we look forward to speaking with you all again in late July as we share our second quarter results.

再次感謝各位今天的參與，我們期待在7月下旬再次與各位交流，屆時我們將分享第二季的業績結果。

This does conclude today's conference. We thank you for your participation.

今天的會議到此結束。感謝各位的參與。