EverCommerce Inc (EVCM) 2023 Q2 法說會逐字稿

Thank you for standing by, and welcome to EverCommerce's Second Quarter 2023 Earnings Call. My name is Michelle, and I will be your operator for today. (Operator Instructions) As a reminder, this conference is being recorded today, Monday, August 7, 2023. And I would now like to turn the conference over to Brad Korch, Senior Vice President and Head of Investor Relations for EverCommerce. Please go ahead.

感謝您的耐心等待，歡迎參加 EverCommerce 2023 年第二季度財報電話會議。我叫米歇爾，今天我將擔任您的接線員。 （操作員說明）謹此提醒，本次會議將於今天（2023 年 8 月 7 日星期一）錄製。我現在將會議交給 EverCommerce 高級副總裁兼投資者關係主管 Brad Korch。請繼續。

Good afternoon, and thank you for joining. Today's call will be led by Eric Remer, EverCommerce's Chairman and Chief Executive Officer; and Marc Thompson, EverCommerce's Chief Financial Officer. Joining them for the Q&A portion of the call is EverCommerce's President, Matt Feierstein. This call is being webcast with a slide presentation that reviews the key financial and operating results for the 3 months ended June 30, 2023. For a link to the live or replay webcast, please visit the Investor Relations section of the EverCommerce website, www.evercommerce.com. The slide presentation and earnings release are also directly available on the site.

下午好，感謝您的加入。今天的電話會議將由 EverCommerce 董事長兼首席執行官 Eric Remer 主持； Marc Thompson，EverCommerce 首席財務官。 EverCommerce 總裁 Matt Feierstein 也參加了電話會議的問答部分。本次電話會議通過幻燈片演示進行網絡直播，回顧了截至2023 年6 月30 日的3 個月的主要財務和運營業績。有關直播或重播網絡直播的鏈接，請訪問EverCommerce 網站www.evercommerce 的投資者關係部分。 evercommerce.com。幻燈片演示和收益發布也可以直接在網站上獲取。

Please turn to Page 2 of our earnings call presentation while I review our safe harbor statement. Statements made on this call and contained in the earnings material available on our website that are not historical in nature may constitute forward-looking statements. Such statements are based on the current expectations and beliefs of management. Actual results may differ materially from these forward-looking statements due to risks and uncertainties that are described in more detail in our filings with the SEC. We undertake no obligation to publicly update or revise these forward-looking statements, except as required by law.

當我審查我們的安全港聲明時，請翻到我們的收益電話會議演示文稿的第 2 頁。本次電話會議中所做的以及我們網站上提供的盈利材料中包含的非歷史性陳述可能構成前瞻性陳述。此類陳述基於管理層當前的期望和信念。由於我們向美國證券交易委員會提交的文件中更詳細地描述了風險和不確定性，實際結果可能與這些前瞻性陳述存在重大差異。除法律要求外，我們不承擔公開更新或修改這些前瞻性陳述的義務。

We will also refer to certain non-GAAP financial measures to provide additional information to you, our investors. A reconciliation of non-GAAP to GAAP historical measures is provided in both our earnings press release and on our earnings call presentation.

我們還將參考某些非公認會計準則財務指標，為您（我們的投資者）提供更多信息。我們的收益新聞稿和收益電話會議演示中都提供了非公認會計原則與公認會計原則歷史指標的調節。

I will now turn it over to our CEO, Eric Remer. Please continue.

現在我將把它交給我們的首席執行官埃里克·雷默 (Eric Remer)。請繼續。

Thank you, Brad. On today's call, I will highlight second quarter results and discuss key customer trends and metrics before turning the call over to Marc to dive deeper into our financials.

謝謝你，布拉德。在今天的電話會議上，我將重點介紹第二季度的業績，並討論關鍵客戶趨勢和指標，然後將電話轉給馬克，深入了解我們的財務狀況。

EverCommerce continues its strong start to 2023 with solid revenue growth, particularly within our software and payment solutions and a very robust adjusted EBITDA beat against the top end of the second quarter guidance. We achieved strong bottom line performance by doubling down on balancing growth and profitability through both active management of our cost base with a focus on efficiency, we delivered 23% adjusted EBITDA margins while supporting 13% year-over-year subscription and transaction revenue growth, which includes our core software payment solutions and 8% year-over-year total revenue growth.

EverCommerce 在 2023 年繼續保持強勁的開局，收入穩健增長，尤其是在我們的軟件和支付解決方案方面，而且調整後的 EBITDA 非常強勁，超過了第二季度指導的上限。我們通過積極管理我們的成本基礎並註重效率，加倍平衡增長和盈利能力，實現了強勁的底線業績，我們實現了 23% 的調整後 EBITDA 利潤率，同時支持 13% 的同比訂閱和交易收入增長，其中包括我們的核心軟件支付解決方案和8% 的同比總收入增長。

With upside to profitability, we are creating the opportunity to incrementally invest in areas that can accelerate growth in 2024 and beyond. In addition to efficiently growing our customer base, our strategy is to lead with our core system of action, SaaS solutions and then upsell, cross-sell additional solutions and features to enhance customer value while driving customer expansion and revenue growth for EverCommerce. Payments is the best illustration of the strategy. During the second quarter, our payments revenue grew 32% year-over-year.

憑藉盈利能力的提升，我們正在創造機會，對能夠在 2024 年及以後加速增長的領域進行增量投資。除了有效擴大我們的客戶群之外，我們的戰略是以我們的核心行動系統、SaaS 解決方案為主導，然後追加銷售、交叉銷售其他解決方案和功能，以提高客戶價值，同時推動EverCommerce 的客戶擴張和收入增長。支付是這一戰略的最好例證。第二季度，我們的支付收入同比增長 32%。

EverCommerce provides vertically tailored end-to-end SaaS solutions that support the highly diverse workflows and customer interactions and professionals in home services, health services and fitness and wellness services used to automate manual processes, generate new business and create more loyal customers. As a leading service commerce platform, we provide a system-of-action software across many micro verticals, which in turn drive the workflows to help our customers generate new business, fulfill services, manage day-to-day operations and engage with our customers.

EverCommerce 提供垂直定制的端到端SaaS 解決方案，支持高度多樣化的工作流程和客戶交互，以及家庭服務、健康服務以及健身和保健服務領域的專業人員，用於自動化手動流程、產生新業務並創造更多忠誠的客戶。作為領先的服務商務平台，我們提供跨多個微觀垂直領域的行動系統軟件，從而驅動工作流程，幫助我們的客戶產生新業務、履行服務、管理日常運營並與客戶互動。

Upselling and cross-selling our existing customers additional features, services and products is not only important for ARPU growth. It is important because it enhances the value our customers receive from the relationship with EverCommerce, which ultimately translates to lower churn and higher retention. For several quarters, we've disclosed a number of customers that are utilizing more than 1 solution. While this is a data point we continue to measure, we believe a metric that is even more reflective of our current cross-sell progress is the number of customers that have contracted and onboarded for more than 1 solution. While this is a measurement that tracks progress slightly higher in the funnel of customer revenue realization for areas like payments enablement specifically, it marks a critical milestone in the customer's journey towards an integrated set of solutions that power more of their business.

追加銷售和交叉銷售我們現有客戶的附加功能、服務和產品不僅對於 ARPU 增長很重要。這很重要，因為它增強了我們的客戶從與 EverCommerce 的關係中獲得的價值，最終轉化為更低的客戶流失率和更高的保留率。幾個季度以來，我們披露了許多客戶正在使用不止一種解決方案。雖然這是我們繼續衡量的一個數據點，但我們認為，更能反映我們當前交叉銷售進度的指標是已簽約並使用超過 1 個解決方案的客戶數量。雖然這一衡量標準專門跟踪支付支持等領域的客戶收入實現渠道中略高的進展，但它標誌著客戶邁向一套集成解決方案的旅程中的一個重要里程碑，該解決方案可為他們的業務提供更多支持。

As of the end of second quarter, while we continue to see expansion of customers utilizing more than 1 solution to approximately 75,000, the number of customers that have contracted and boarded for 2 or more products grew 29% year-over-year to approximately 162,000. And with over 685,000 total EverCommerce customers as of the beginning of 2023, we continue to have a very large embedded opportunity to continue to grow this space of multisolution customers.

截至第二季度末，雖然我們繼續看到使用 1 種以上解決方案的客戶數量不斷增加，達到約 75,000 家，但簽約並使用 2 種或更多產品的客戶數量同比增長 29%，達到約 162,000 家。截至 2023 年初，EverCommerce 客戶總數超過 685,000 名，我們繼續擁有巨大的嵌入機會來繼續擴大多解決方案客戶的空間。

Finally, when looking back over the trailing 12 months, our annualized net revenue retention, or NRR, for our core software payment solutions remains above 100%. Embedded payments is our most mature and accretive cross-sell solution and is a key element of our land and expand strategy. Year-over-year, our payment revenue grew 32%, contributing to our margin expansion given its gross margin profile. Additionally, payments revenue as a percent of total revenue grew more than 300 basis points over the past 12 months. Second quarter annualized total payment volume, or TPV, was approximately $11.4 billion, representing a 13% year-over-year growth. We expect TPV and overall payments revenue to grow as we continue to embed our payment solutions into our core system of actions.

最後，回顧過去 12 個月，我們核心軟件支付解決方案的年化淨收入保留率 (NRR) 仍然高於 100%。嵌入式支付是我們最成熟、最具增值性的交叉銷售解決方案，也是我們土地和擴張戰略的關鍵要素。與去年同期相比，我們的支付收入增長了 32%，考慮到毛利率狀況，為我們的利潤率擴張做出了貢獻。此外，在過去 12 個月中，支付收入佔總收入的百分比增長了 300 個基點以上。第二季度年化總支付額（TPV）約為 114 億美元，同比增長 13%。隨著我們繼續將支付解決方案嵌入到我們的核心行動系統中，我們預計 TPV 和整體支付收入將會增長。

Accelerating payments attachment and utilization are key elements of our long-term growth plan and we continue to see success throughout our core system-of-action solutions. We are actively [constantly] implementing new strategic initiatives designed to increase the attachment payment capabilities, drive more payment enabled customers into active processing and further increase the wallet share of customers that are already processing.

加速支付附加和利用是我們長期增長計劃的關鍵要素，我們繼續看到我們的核心行動系統解決方案取得成功。我們正在積極[不斷]實施新的戰略舉措，旨在提高附加支付能力，推動更多支持支付的客戶進行主動處理，並進一步增加已處理客戶的錢包份額。

And lastly, I want to briefly touch upon our current progress integrating generative AI into our business operations. Both within solutions we provide to our end customers as well as within our development of our products and services to support our customers in operational scalability. As an example, in Q2, we launched an AI-driven capabilities within our surveying products that creates significant efficiencies for our customers in how they analyze, interpret and act upon large quantities of raw and unstructured survey feedback. These insights allow customers to more quickly and efficiently implement programs to accelerate revenue as well as generate recommendations for risk mitigation from negative feedback.

最後，我想簡要介紹一下我們目前將生成式人工智能整合到我們的業務運營中所取得的進展。無論是在我們為最終客戶提供的解決方案中，還是在我們開發產品和服務中，以支持客戶的運營可擴展性。例如，在第二季度，我們在調查產品中推出了人工智能驅動的功能，為客戶分析、解釋大量原始和非結構化調查反饋並採取行動提供了顯著的效率。這些見解使客戶能夠更快速、更高效地實施計劃以增加收入，並根據負面反饋生成緩解風險的建議。

Early customer feedback has been incredibly positive relative to even greater efficiency that our solutions can now bring to their operation. We are excited about this early progress. We will continue to leverage AI to drive greater efficiencies in our operations and even more innovative and impactful offerings to our customers.

早期的客戶反饋非常積極，我們的解決方案現在可以為其運營帶來更高的效率。我們對這一早期進展感到興奮。我們將繼續利用人工智能來提高運營效率，並為客戶提供更具創新性和影響力的產品。

Now I'll pass it over to Marc, who will review our financial results in more detail as well as provide third quarter and updated full year 2023 guidance.

現在我將其轉交給 Marc，他將更詳細地審查我們的財務業績，並提供第三季度和更新的 2023 年全年指導。

Thanks, Eric. Total revenue in the second quarter was $170.1 million, up 8.1% from the prior year period. Within total revenue, subscription and transaction revenue was $130.3 million, up 12.7% from the prior year period and revenue from marketing technology solutions was $34.5 million, down 2% from the prior year period. The strong performance in subscription and transaction revenue and 12.7% growth and in line with our long-term target, was largely due to solid execution of our growth strategy to provide customers a core system-of-action software solutions and driving expansion by promoting cross-sell and upsell opportunities, leading with payments.

謝謝，埃里克。第二季度總收入為 1.701 億美元，比去年同期增長 8.1%。總收入中，訂閱和交易收入為 1.303 億美元，比上年同期增長 12.7%，營銷技術解決方案收入為 3450 萬美元，比上年同期下降 2%。訂閱和交易收入的強勁表現和12.7% 的增長符合我們的長期目標，這在很大程度上歸功於我們的增長戰略的堅定執行，為客戶提供核心的行動系統軟件解決方案，並通過促進跨領域業務來推動擴張。 - 銷售和追加銷售機會，以付款為主導。

Since the second half of 2022, we've seen headwinds degrowth in our marketing technology solutions. And while this continued through the second quarter, we are starting to see early signs of stabilization. At the end of the second quarter, LTM revenue was $651.1 million, up 15.2% year-over-year on a reported basis and 11.7% on a pro forma basis. As a reminder, we calculate our pro forma revenue growth as though all acquisitions closed as of the end of the latest period were closed as of the first day of the prior year period, including before the time we completed the acquisition.

自 2022 年下半年以來，我們的營銷技術解決方案出現了逆風增長。雖然這種情況持續到第二季度，但我們開始看到穩定的早期跡象。截至第二季度末，LTM 收入為 6.511 億美元，報告同比增長 15.2%，預計增長 11.7%。提醒一下，我們計算預計收入增長時，假設截至最近一期結束時完成的所有收購均於上一年期間第一天完成，包括在我們完成收購之前。

We believe the pro forma growth rate provides the best insight into the underlying growth dynamics of our business. Our reported growth rate for Q2 is equivalent to our pro forma growth rate because we did not complete any acquisitions during the relevant periods.

我們相信，預計增長率可以最好地洞察我們業務的潛在增長動態。我們報告的第二季度增長率相當於我們的預計增長率，因為我們在相關期間沒有完成任何收購。

Second quarter adjusted EBITDA was $38.8 million, representing a 22.8% margin versus 19.6% in the second quarter of 2022 and 26.2% growth year-over-year. Additionally, LTM adjusted EBITDA was $136.1 million, representing a 20.9% margin. In the second quarter, we're clearly delivering towards our full year and 2023 objectives by exceeding guidance and achieving record EBITDA margins. Adjusted EBITDA performance in the quarter was underscored by our focus on actively managing our operating expenses, driving operating leverage and cash flow generation. The timing and pacing of investments through the first half was a more modest factor, and we expect to make targeted investments in the back half of the year that should enable us to enter 2024 on a solid growth footing. For example, one area of incremental investment is resources to accelerate payment adoption among our systems-of-action software solutions.

第二季度調整後 EBITDA 為 3880 萬美元，利潤率為 22.8%，而 2022 年第二季度為 19.6%，同比增長 26.2%。此外，LTM 調整後 EBITDA 為 1.361 億美元，利潤率為 20.9%。在第二季度，我們顯然將通過超越指導並實現創紀錄的 EBITDA 利潤率來實現全年和 2023 年的目標。我們專注於積極管理運營費用、提高運營槓桿和現金流生成，凸顯了本季度調整後的 EBITDA 業績。上半年的投資時機和節奏是一個較為溫和的因素，我們預計將在下半年進行有針對性的投資，這將使我們能夠以堅實的增長基礎進入 2024 年。例如，增量投資的一個領域是加速我們的行動系統軟件解決方案中支付採用的資源。

Adjusted gross profit in the quarter was $111.9 million, representing an adjusted gross margin of 65.8% versus 65% in Q2 2022. LTM adjusted gross profit was $425.9 million representing an adjusted gross margin of 65.4%. The increase in gross margin was partially attributable to an increasing mix of higher-margin payments revenue.

本季度調整後毛利潤為 1.119 億美元，調整後毛利率為 65.8%，而 2022 年第二季度為 65%。LTM 調整後毛利潤為 4.259 億美元，調整後毛利率為 65.4%。毛利率的增長部分歸因於高利潤支付收入的增加。

And now turning to operating expenses. Adjusted sales and marketing expense was $28.7 million or 16.9% of revenue, down from 18.2% of revenue in the prior year period. Absolute adjusted sales and marketing expenses were approximately flat year-over-year due to a combination of optimization and economies of scale. Adjusted product development expense was $17.7 million or 10.4% of revenue down from 10.8% of revenue reported in the prior year period. Absolute adjusted product development expense grew 4.7% year-over-year as we continue to invest in our solutions.

現在轉向運營費用。調整後的銷售和營銷費用為 2,870 萬美元，佔收入的 16.9%，低於去年同期的收入 18.2%。由於優化和規模經濟的結合，調整後的絕對銷售和營銷費用同比大致持平。調整後的產品開發費用為 1,770 萬美元，佔收入的 10.4%，低於上年同期報告的收入的 10.8%。隨著我們繼續投資解決方案，調整後的絕對產品開發費用同比增長 4.7%。

Adjusted G&A expense was $26.6 million or 15.7% of revenue, down from 16.5% of revenue in the prior year period. As we anniversary the investments made in 2021 and 2022 to support our public company infrastructure, we're beginning to see meaningful operating leverage.

調整後的一般管理費用為 2,660 萬美元，佔收入的 15.7%，低於去年同期佔收入的 16.5%。在我們慶祝 2021 年和 2022 年為支持上市公司基礎設施而進行的投資週年之際，我們開始看到有意義的運營槓桿。

We continue to generate significant free cash flow as we invest to grow our business. Our adjusted unlevered free cash flow for the quarter was $27.1 million, representing 21.2% year-over-year growth and a 15.9% margin. For the last 12 months, our adjusted unlevered free cash flow was $97.5 million. Levered free cash flow, which accounts not only for debt service, but also various working capital adjustments, was $22.6 million in the quarter. This was up approximately $16.1 million year-over-year due to both growth in operating income and changes in working capital. For the trailing 12 months, levered free cash flow was $62.2 million, continuing to underscore our balance sheet flexibility.

當我們投資發展業務時，我們將繼續產生大量的自由現金流。本季度調整後的無槓桿自由現金流為 2710 萬美元，同比增長 21.2%，利潤率為 15.9%。過去 12 個月，我們調整後的無槓桿自由現金流為 9750 萬美元。本季度槓桿自由現金流為 2260 萬美元，不僅用於償還債務，還用於各種營運資本調整。由於營業收入的增長和營運資本的變化，這一數字同比增加了約 1610 萬美元。過去 12 個月，槓桿自由現金流為 6,220 萬美元，繼續凸顯我們資產負債表的靈活性。

Strong free cash flow generation allows us to continue to invest in our growing business and deliver strong returns to our shareholders. It also allows us to efficiently allocate capital across a spectrum of opportunities, including the outstanding buyback authorization and M&A prospects.

強大的自由現金流使我們能夠繼續投資於不斷增長的業務，並為股東帶來豐厚的回報。它還使我們能夠在一系列機會中有效地分配資本，包括出色的回購授權和併購前景。

In the second quarter, we repurchased approximately 900,000 shares for a total cash consideration of approximately $10 million at an average price of $11.10 per share. We ended the quarter with $83.1 million in cash and cash equivalents, and we maintain $190 million of undrawn capacity on our revolver. Our debt is a combination of floating and fixed rate and total net leverage as calculated for our credit facility at the end of the quarter was approximately 2.9x, consistent with our financial policy. We have no material maturities until 2028.

第二季度，我們以每股 11.10 美元的平均價格回購了約 900,000 股股票，總現金代價約為 1,000 萬美元。本季度結束時，我們擁有 8310 萬美元的現金和現金等價物，並且我們的左輪手槍保持著 1.9 億美元的未動用能力。我們的債務是浮動利率和固定利率的組合，根據我們的信貸安排計算，截至本季度末的總淨槓桿率約為 2.9 倍，與我們的財務政策一致。 2028 年之前我們沒有實質性的到期日。

I'd like to finish by providing our outlook for the remainder of 2023, beginning with the third quarter. For Q3, we expect total revenue of $174 million to $178 million, and we expect adjusted EBITDA of $34.5 million to $37.5 million. Our full year 2023 revenue guidance remains $680 million to $700 million, and we are raising our adjusted EBITDA guidance again by an additional $5 million to $142 million to $148 million. As we noted on our first quarter call, continuing to execute our growth strategies, price increases and new product introductions are expected to support growth and strong margins throughout the year.

最後，我想提供我們對 2023 年剩餘時間（從第三季度開始）的展望。對於第三季度，我們預計總收入為 1.74 億美元至 1.78 億美元，調整後 EBITDA 為 3450 萬美元至 3750 萬美元。我們的 2023 年全年收入指導仍為 6.8 億至 7 億美元，並且我們將調整後的 EBITDA 指導再次上調 500 萬美元至 1.42 億美元至 1.48 億美元。正如我們在第一季度電話會議上指出的那樣，繼續執行我們的增長戰略、提價和新產品推出預計將支持全年的增長和強勁的利潤率。

Our 2023 outlook does not include any potential impact of M&A activity that could take place. Before we begin the question-and-answer portion of the call, I want to thank the entire EverCommerce team for their efforts in delivering these strong results. Our focus continues to be optimizing our operations, managing costs effectively and delivering on our strategic priorities.

我們的 2023 年展望不包括可能發生的併購活動的任何潛在影響。在我們開始電話問答部分之前，我要感謝整個 EverCommerce 團隊為實現這些強勁成果所做的努力。我們的重點仍然是優化運營、有效管理成本並實現我們的戰略重點。

Operator, we're now ready to begin the question-and-answer section of the call.

接線員，我們現在準備開始通話的問答部分。

(Operator Instructions) The first question comes from Kirk Materne with Evercore.

（操作員說明）第一個問題來自 Evercore 的 Kirk Materne。

Eric, I was wondering if you could just talk about the level of activity with you all and your customer base this quarter maybe versus the prior 2 quarters just in terms of pipeline generation, how you're feeling about sort of top of funnel activity? I realize marketing is still a bit challenged. But just kind of curious if you're seeing anything from a macro perspective that makes you feel perhaps a little better heading in the second half of the year or if it's still about the same?

埃里克，我想知道您是否可以與大家談談本季度的活動水平以及您的客戶群與前兩個季度相比的管道生成情況，您對漏斗頂部活動的感覺如何？我意識到營銷仍然面臨一些挑戰。但只是有點好奇，如果你從宏觀角度看到任何東西，讓你感覺下半年的情況可能會好一點，或者情況是否仍然大致相同？

Appreciate the question. Yes, I think you hit it. We're -- we felt pretty good going into Q2. We saw some things specifically in the marketing service part, which is why we guided the way we guided and achieved what we achieved. But I think the stabilization both on that part and the continued consistency in the pipelines that we're seeing in the core business of software and payments really remains right on plan. So we feel really good about going into the second half. And I think that's kind of shown in the guidance. Matt, you want to add to that?

感謝這個問題。是的，我認為你擊中了。進入第二季度我們感覺非常好。我們在營銷服務部分特別看到了一些東西，這就是為什麼我們指導我們指導的方式並取得了我們所取得的成就。但我認為這部分的穩定性以及我們在軟件和支付核心業務中看到的管道的持續一致性確實仍然符合計劃。所以我們對於進入下半場感覺非常好。我認為這在指南中有所體現。馬特，你想補充一下嗎？

Yes. I think you nailed that and in that core software and payments, specifically the systems of action and the addition of payments to that where from a top-of-funnel perspective, we see opportunities to also double down on investments even though there's core areas where we see large end markets, lots of opportunity, strong unit economics. So to Eric's point, exactly where we expected to be with opportunities in the second half to continue to drive top-of-funnel activities beyond where they are today.

是的。我認為您已經解決了這一點，在核心軟件和支付方面，特別是在行動系統和支付方面，從漏斗頂部的角度來看，我們看到了加倍投資的機會，儘管有一些核心領域我們看到了巨大的終端市場、大量的機會和強勁的單位經濟效益。因此，就埃里克的觀點而言，這正是我們預計下半年將有機會繼續推動漏斗頂部活動超越今天的水平。

And Kurt, just 1 thing to add -- to Matt said, he just answered that specifically from a macro perspective in the core verticals that we serve, we're not seeing any continued degradation that we might have saw last year.

庫爾特，我要補充一件事——馬特說，他只是回答說，特別是從我們服務的核心垂直領域的宏觀角度來看，我們沒有看到去年可能出現的任何持續退化。

That's great. And then Marc, 1 follow-up for you. You mentioned obviously some spend that was supposed to happen in the first half is going in the second half. I guess just how should we interpret sort of the EBITDA guidance for the back half or the implied, I guess, for the fourth quarter? Adjusted EBITDA guidance, somewhat flattish versus 2Q. Is that just spend that you're maybe holding back on the first quarter coming in the model? And how do you think about just sort of operating leverage in general?

那太棒了。然後是 Marc，為您進行 1 次跟進。您顯然提到了一些本應在上半年發生的支出將在下半年發生。我想我們應該如何解釋下半年的 EBITDA 指導，或者我猜第四季度的隱含指導？調整後的 EBITDA 指引與第二季度相比有些持平。這是否只是您在模型中可能會推遲第一季度的支出？您一般如何看待運營槓桿？

I'll start. And if you think about -- we raised after first quarter, we raised it again after second quarter. We feel really good about where we are right now, and I think we've been prudent throughout the year. Obviously, we still live in a volatile world, and we want to be consistent and conservative and prudent as we look to the second half number.

我開始吧。如果你想一想——我們在第一季度後籌集了資金，我們在第二季度後再次籌集了資金。我們對目前的處境感覺非常好，而且我認為我們這一整年都非常謹慎。顯然，我們仍然生活在一個動蕩的世界，我們在展望下半年數據時希望保持一致、保守和謹慎。

Yes. I mean exactly. Kirk, coming out of last year, the world is obviously changing before us. And we wanted to make sure that we are actively managing our spend and pace of investment through the year. I think we've done a great job in the first half, gives us the opportunity to hit the gas pedal on some initiatives that are really going to underscore the core growth strategies, payments enablement, all of that sort of stuff. So feeling as though it's time to put a little bit more into the back half to make sure that we continue to set ourselves up for a nice '24 and beyond.

是的。我的意思是準確的。柯克，從去年開始，我們面前的世界顯然正在發生變化。我們希望確保全年積極管理支出和投資節奏。我認為我們在上半年做得很好，讓我們有機會在一些真正強調核心增長戰略、支付支持等方面的舉措上加緊油門。因此，我覺得是時候在後半段投入更多精力，以確保我們繼續為 24 歲及以後的美好時光做好準備。

The next question comes from Brad Reback with Stifel.

下一個問題來自 Brad Reback 和 Stifel。

Great. I believe it was during Marc's prepared remarks, you talked about accelerated investment in payments adoption in the back half of the year. Can you maybe walk through what you're going to do differently going forward versus what you've done to try to help drive that linkage?

偉大的。我相信在馬克準備好的講話中，您談到了下半年對支付採用的加速投資。您能否介紹一下您今後將採取哪些不同的做法以及為推動這種聯繫而採取的措施？

Why don't you take that.

你為什麼不接受那個呢？

Yes. Again, I don't think this is all that different than things that we've talked about in prior quarters. But from an attachment standpoint, as you think from a top-of-funnel down strategic standpoint, continuing to drive incremental resources from both into our PLG-led products, but also where there could be some outbound sales touches into the software-customer base to drive that front as you go down the funnel in terms of converting more of our payment-enabled users into active processing users, looking at outbound customer success resources that we have been testing and have metrics around and now have the ability to say, this is where we should double down from incremental resources from that perspective as well.

是的。再說一次，我認為這與我們在前幾個季度討論過的事情沒有什麼不同。但從附件的角度來看，正如您從漏斗頂部向下的戰略角度思考的那樣，繼續將增量資源從這兩個方面推向我們以PLG 為主導的產品，同時也可能對軟件客戶群進行一些對外銷售接觸當你沿著漏斗走下去時，將更多支持支付的用戶轉化為活躍的處理用戶，查看我們一直在測試並有指標的出站客戶成功資源，現在有能力說，這從這個角度來看，我們也應該加倍增加增量資源。

And then as you go further down the funnel both to more people actively processing and expand wallet share, looking at opportunities to, like we've talked about in past quarters, expands the base of payment enablement product landscape throughout the ecosystem. So those are all areas where we are looking at and actively know for 2H that investment -- incremental investments on top will help really drive quicker execution on those strategies.

然後，當您進一步深入渠道時，會有更多的人積極處理並擴大錢包份額，尋找機會，就像我們在過去幾個季度談到的那樣，擴大整個生態系統中支付支持產品格局的基礎。因此，這些都是我們正在關注並積極了解 2H 投資的領域——增量投資將有助於真正推動這些戰略的更快執行。

And Brad, thanks for the question. One more thing to add to that. We have implemented payment mandate in 2 of our solutions, which we have been -- 1 have been mandated as of August 1, and 1 was in the kind of early Q2. And so we're -- if that takes some time to kind of roll out those mandates, but those are positive things that we've kind of implemented in the -- some of them just got implemented literally last week. So we're excited about the things that Matt brought up in addition to some mandates we're putting into our software solutions.

布拉德，謝謝你的提問。除此之外還要補充一件事。我們已在 2 個解決方案中實施了付款強制要求，其中 1 個已於 8 月 1 日強制實施，1 個是在第二季度初實施的。所以我們——如果需要一些時間來推出這些任務，但這些都是我們已經實施的積極的事情——其中一些實際上上週才得到實施。因此，除了我們在軟件解決方案中提出的一些要求之外，我們對 Matt 提出的事情感到興奮。

Great. And then on -- Eric, on the AI monetization side, is that going to be direct or more indirect in so much as that will help support future price increases broadly across the product portfolio?

偉大的。然後，埃里克，在人工智能貨幣化方面，這將是直接的還是更間接的，因為這將有助於支持未來整個產品組合的價格上漲？

Yes. I think Brad, both. Ultimately, I think what Eric spoke to was incremental monetization. But certainly, there will be indirect monetization via just more firepower behind some of the products that we're able to bring to market. So we see the opportunity for both. And Eric's example was really an incremental monetization opportunity.

是的。我認為布拉德，兩者都是。最終，我認為埃里克所說的是增量貨幣化。但可以肯定的是，通過我們能夠推向市場的一些產品的更多火力，將會有間接的貨幣化。所以我們看到了兩者的機會。埃里克的例子確實是一個增量貨幣化機會。

And the 1 that we didn't talk about much because I'm sure the company has different pieces of that puzzle, but we utilize and we've been utilizing AI-type capabilities internally to our operations for quite some time. And with the increased AI access, we implemented some of those in different operational capabilities internally that we'll start seeing hopefully some additional value probably in 2024.

我們沒有過多談論這一點，因為我確信該公司在這個難題上有不同的部分，但我們在運營中已經使用了人工智能類型的功能相當長一段時間了。隨著人工智能訪問的增加，我們在內部以不同的操作能力實現了其中一些功能，我們希望可能在 2024 年開始看到一些額外的價值。

The next question comes from Alexander Sklar with Raymond James.

下一個問題來自亞歷山大·斯克拉和雷蒙德·詹姆斯。

This is John on for Alex. Eric or Matt, I know pricing has really been more of a lever this year that you've been looking to push versus prior years. I'm just curious on any message that you can give on price elasticity to date or you can maybe share the percent of your base that's seen an increase or maybe some of the retention dynamics surrounding that.

這是約翰替亞歷克斯發言。埃里克或馬特，我知道與往年相比，今年的定價確實更像是你們一直在尋求推動的槓桿。我只是對您迄今為止可以提供的有關價格彈性的任何信息感到好奇，或者您可以分享您的基礎中出現增長的百分比，或者可能是圍繞該價格彈性的一些保留動態。

Yes, well -- this is Marc -- so 2 things. One, we come into each year with a series of pricing actions planned in for the year, and we've executed against most of those and you really -- we expect to see continuing impact from that through the year. But overall, we kind of talked about circa 3% for the year. I think that's very much still the way we think about that.

是的，嗯——這是馬克——所以有兩件事。第一，我們每年都會計劃今年的一系列定價行動，並且我們已經針對其中的大部分行動執行了，我們希望看到這一年的持續影響。但總體而言，我們討論了今年大約 3% 的增長。我認為這仍然是我們思考這個問題的方式。

In terms of churn, we historically always planned that into our internal plans and quite honestly, execute quite well through those and never really see that materialize the way we plan. So we tend to be pretty conservative in our outlook on that internally and have really not seen any real impact from that -- for many of the pricing actions that have been taken thus far in the first half.

就客戶流失而言，我們歷來總是將其納入我們的內部計劃中，並且老實說，通過這些計劃執行得很好，但從未真正看到它按照我們的計劃方式實現。因此，我們在內部對此的看法往往相當保守，並且對於上半年迄今為止採取的許多定價行動來說，實際上並沒有看到任何真正的影響。

I think that's the best metric. You mentioned elasticity. That's probably our best metric in the U.S. -- is actually our expected and anticipated churn with all of them are running lower than where we expected. So I think we met that mark from an elasticity standpoint that would mean there's likely more there too.

我認為這是最好的衡量標準。你提到了彈性。這可能是我們在美國最好的衡量標準——實際上是我們預期和預期的客戶流失率，所有這些指標都低於我們的預期。因此，我認為從彈性的角度來看，我們達到了這一標準，這意味著可能還有更多。

And opportunity as you look at the '24 to maintain and/or increase pricing actions into '24.

當你看到'24'時，還有機會維持和/或增加'24'的定價行動。

Okay. That was really helpful color there. And then I know we only get logo growth annually. But I'm just curious if there's been any changes in terms of the vertical or micro verticals driving the growth that you've seen so far this year through July.

好的。那是非常有用的顏色。然後我知道我們每年只會獲得徽標增長。但我只是好奇，從今年到 7 月為止，推動增長的垂直或微觀垂直領域是否發生了任何變化。

It's been pretty consistent across the board. The one area that we talked about and we've talked about before, our fitness kind of category has been a laggard in the industry. It's starting to tame, either some of the -- Planet Fitness just came out and said they're starting to see some growth in stores. But in general, the market has just been slow to recover from COVID. That's the 1 area within the ecosystem that we serve that we've kind of a lack of growth, but the rest of them has been pretty consistent, pretty -- across the board.

整體而言，情況非常一致。我們之前討論過的一個領域是，我們的健身類別一直是行業中的落後者。它開始馴服，要么是一些——星球健身公司剛剛出來表示，他們開始看到商店的一些增長。但總體而言，市場從新冠疫情中恢復的速度緩慢。這是我們所服務的生態系統中第一個缺乏增長的領域，但其他領域一直非常一致，非常全面。

The next question comes from Bhavin Shah with Deutsche Bank.

下一個問題來自德意志銀行的 Bhavin Shah。

I just wanted to follow up on an earlier comment you made about kind of mandating payments across your solutions. What's been the customer reception to that? And how long will that take to play out -- to go throughout that customer base -- or those 2 respective customer bases?

我只是想跟進您之前對解決方案中強制付款的評論。客戶對此有何反應？這需要多長時間才能發揮作用 - 遍及整個客戶群 - 或這兩個各自的客戶群？

Yes. So the mandate -- I'll let Matt hit this on the specifics. Mandate was really driven a, you kind of convert to our payments. We had about 35% in a specific vertical -- a specific solution utilizing it. So you went off to the back book. And it said, if you could just take our payments, that's great, otherwise, you got a pretty significant price increase if you do not take it. And so we did plan -- some people might be -- attrition against it. Attrition has been significantly lower than we had expected. Response has been very positive. It takes some time. Matt give a more specific in terms of the time of rollout and then ultimately seeing the value of that.

是的。因此，我將讓馬特討論具體細節。授權的真正驅動力是，您可以轉換為我們的付款。我們在特定垂直領域擁有大約 35% 的份額——利用它的特定解決方案。所以你就翻到了後面的書。它說，如果你能接受我們的付款，那就太好了，否則，如果你不接受，你的價格會大幅上漲。所以我們確實計劃了——有些人可能會計劃——減少人員流失。人員流失率明顯低於我們的預期。反應非常積極。這需要一些時間。馬特給出了更具體的推出時間，然後最終看到了它的價值。

Yes. I mean we -- to Eric's point, there's really 3 outcomes from that, 2 that we like. The one that we really like, which is more people will sign up and take payments and start utilizing that. The second is they'll opt into paying an incremental amount for their software. And the third is obviously we don't like this at all and they may choose to leave the solution.

是的。我的意思是，就埃里克的觀點而言，我們確實有 3 個結果，其中 2 個是我們喜歡的。我們真正喜歡的是，更多的人會註冊並接受付款並開始使用它。第二是他們會選擇為他們的軟件支付增量費用。第三，顯然我們根本不喜歡這樣，他們可能會選擇放棄解決方案。

Starting from the back forward, again, churn when we model it against these mandates has been lower than we expected, incremental take rate again, some of these mandates have been in place for several quarters, one that we just started this quarter, we're kind of right where we expected to be from incremental folks taking payments, which is good. And again, folks that say we don't opt into this and are taking the price increase again, we've just seen less-than-expected churn against that. So we feel good about the execution of the mandates that we've done to date, and it's certainly a strategy that we'll continue to use across the portfolio.

從後面開始，再次，當我們根據這些任務進行建模時，流失率低於我們的預期，再次增量採用率，其中一些任務已經實施了幾個季度，我們本季度剛剛開始，我們'這有點像我們期望的那樣，人們會接受越來越多的付款，這很好。再說一遍，有人說我們不會選擇這樣做，並會再次提價，我們剛剛看到了對此的客戶流失率低於預期。因此，我們對迄今為止所完成的任務的執行感到滿意，這肯定是我們將繼續在整個投資組合中使用的策略。

And I think because of the way it rolls out, you get them to say yes, you sign them up, they transition to payments, they start processing as you go in through a base of thousands of customers, you'll start seeing the benefit of that in 2024.

我認為，由於它的推出方式，你讓他們同意，你註冊他們，他們過渡到支付，當你進入成千上萬的客戶群時，他們開始處理，你將開始看到好處到 2024 年。

That makes sense. And is this something you can kind of roll out through the rest of the year, kind of core business solutions? Or is this something more on a case-by-case basis?

這就說得通了。這是你可以在今年剩餘時間推出的核心業務解決方案嗎？或者這更多的是根據具體情況而定？

Every solution is a little bit different, but there's -- we definitely are choosing the ones that we think have the greatest opportunity and the greatest upside. First, it's -- as you can imagine, you're potentially underwriting several thousand customers to get them on the payments. You want to be thoughtful about the rollout. So we will be doing these on a kind of a bespoke process, but we think we have several others that we could be doing the similar activities to as well.

每個解決方案都略有不同，但我們肯定會選擇我們認為擁有最大機會和最大優勢的解決方案。首先，正如您可以想像的那樣，您可能會為數千名客戶提供承保，以便讓他們獲得付款。您需要對推出深思熟慮。因此，我們將在一種定制流程中進行這些工作，但我們認為我們也可以在其他幾個流程中進行類似的活動。

The next question comes from Aaron Kimson with JMP.

下一個問題來自 JMP 的 Aaron Kimson。

I know we're probably still 2 quarters away from an initial 2024 guide, but how do investors get comfortable with the organic revenue growth rate, ex price increases for '24 and beyond?

我知道我們距離最初的 2024 年指南可能還有兩個季度的時間，但投資者如何適應 24 年及以後的有機收入增長率（扣除價格上漲）？

Well, if you look at kind of where -- we haven't obviously given the guidance yet, but I think we're pretty comfortable with where we feel the second half of the year is going, and we're seeing positive trends on the way up from there. So I think when we look at some of a lagger dragging down the business right now, some on the -- we talked about the fitness and we talked about marketing services. Fortunately, it's becoming lesser part of our business. I think we -- Marc talked about in his opening, payments as a percentage of total revenue increased 300 basis points year-over-year, and we expect that to also continue to grow and we look at the overall payments growth. And so the areas of business that are becoming the larger part of the business are the parts of the business that are just growing faster, full-stop.

好吧，如果你看一下——我們顯然還沒有給出指導，但我認為我們對下半年的發展感到非常滿意，而且我們看到了積極的趨勢從那裡向上的路。因此，我認為，當我們看到現在拖累業務的一些滯後因素時，我們談到了健身，也談到了營銷服務。幸運的是，它正在成為我們業務的較小部分。我認為馬克在開場白中談到，支付佔總收入的百分比同比增長了 300 個基點，我們預計這一比例也將繼續增長，我們會關注整體支付的增長。因此，正在成為業務的較大部分的業務領域是業務中增長更快、完全停止的部分。

We expect to make -- continue to make investments in those and continue to make those a larger part of the business. So as we look for the rest of the year with a lot of confidence, and then as we look at 2024, obviously, we'll wait until we see how the year goes from a macro standpoint, but we feel pretty confident in terms of our ability to continue to ramp our growth rates at and higher than current levels.

我們預計將繼續對這些領域進行投資，並繼續使其成為業務的更大一部分。因此，當我們充滿信心地展望今年剩餘時間時，然後當我們展望 2024 年時，顯然，我們會等到從宏觀角度來看今年的情況，但我們對我們有能力繼續將增長率提高到或高於當前水平。

That's very helpful. And then just stepping back, I mean you [passed] the 2-year mark as a public company last month. The stock hasn't really worked in the $17 IPO price. So overall, you've executed pretty well, right? What do you say you think the 1 or 2 things, the Street still fails to appreciate 2 years as a public company on?

這非常有幫助。然後退一步來說，我的意思是，上個月你們[通過了]上市公司兩年大關。該股 17 美元的 IPO 價格並沒有真正發揮作用。總的來說，你的表現相當不錯，對吧？您認為您認為這 1 或 2 件事是什麼，華爾街仍然未能欣賞作為上市公司的 2 年？

Yes, I think the people that are following us, I think, do appreciate it. I think we have other challenges that we're dealing with from a technical standpoint that -- really nothing to do with operations. I think we've done a really good job from an operational standpoint. But I think it still gets underappreciated, the scale of the operations and the customer base that we're dealing with. We have over approximately 700,000 active customers utilizing our solutions as we talked about today. Over 160,000 have signed up for an onboarding for more than 1 of those solutions and our ability to continually sell more product and service into this very, very fertile based. It's extremely exciting.

是的，我認為關注我們的人確實很感激。我認為從技術角度來看，我們正在應對其他挑戰——實際上與運營無關。我認為從運營角度來看我們做得非常好。但我認為我們的業務規模和客戶群仍然沒有得到充分重視。正如我們今天所討論的，我們有超過 700,000 名活躍客戶在使用我們的解決方案。超過 160,000 人已註冊加入其中超過 1 個解決方案，並且我們有能力不斷向這個非常非常豐富的領域銷售更多產品和服務。這非常令人興奮。

Matt touched upon the things we're doing from a payments perspective, not only is payments incredibly accretive from a growth and margin perspective, but it's incredibly accretive from a value perspective to our customer base as we begin to put more resources both internally and then outbound reaching these customers to get them utilizing the solutions more effectively from a payments perspective, the economic upside from that perspective is extremely, extremely high. And we're just -- we haven't really built that into our models as we're starting to see that come. But I don't think that's been appreciated externally from the Street perspective yet.

馬特從支付的角度談到了我們正在做的事情，不僅從增長和利潤的角度來看，支付帶來了令人難以置信的增值，而且從價值的角度來看，隨著我們開始在內部和外部投入更多資源，它對我們的客戶群也帶來了令人難以置信的增值。從支付的角度來看，出站接觸這些客戶，讓他們更有效地利用解決方案，從這個角度來看，經濟上行空間是非常非常高的。我們只是 - 我們還沒有真正將其納入我們的模型中，因為我們開始看到它的到來。但我認為，從華爾街的角度來看，外界還沒有意識到這一點。

The next question comes from Clarke Jeffries with Piper Sandler.

下一個問題來自克拉克·杰弗里斯和派珀·桑德勒。

I wanted to ask about that disclosure around enabled and utilization in the customer base. Can you help us think through how those buckets work, how the enabled flows into the utilized? And maybe how much opportunity is left to add to that enabled bucket rather than the overall logos? I'm thinking of large systems of action that may not have that payments enablement or sort of add-on functionality to really offer that enablement to the customer.

我想詢問有關客戶群啟用和利用率的披露情況。您能否幫助我們思考這些存儲桶如何工作，啟用的內容如何流入使用的內容？也許還剩下多少機會添加到啟用的存儲桶而不是整體徽標中？我正在考慮大型行動系統，可能沒有支付支持或某種附加功能來真正為客戶提供這種支持。

Yes. Thanks, Clarke. I'll start with just so -- you've defined it properly and then Matt can talk about the specifics. So the reason we opened -- that reason we kind of brought the statistic up because it really is a better leading indicator of how we're doing in terms of giving people, when we say enabled -- you're right, enabled is even higher. So we need to integrate the payment solutions into a software so they even have the opportunity to take it. And then we're actually talking about with enabled, they enabled, signed up and onboarded. So they've actually said, "Yes, I want it." And then that third statistic that we've been giving is the utilization.

是的。謝謝，克拉克。我將從這樣開始——你已經正確定義了它，然後馬特可以談論細節。所以我們開放的原因 - 我們提出統計數據的原因是因為它確實是一個更好的領先指標，表明我們在為人們提供服務方面做得如何，當我們說啟用時 - 你是對的，啟用甚至是更高。因此，我們需要將支付解決方案集成到軟件中，以便他們有機會使用它。然後我們實際上談論的是啟用，他們啟用、註冊和加入。所以他們實際上說：“是的，我想要它。”我們提供的第三個統計數據是利用率。

So with the statistic that we kind of brought up today that we're going to be giving going forward is that middle one. So they've been enabled in terms of the integration, is now signed up and onboarded and we've yet to get them to fully utilize or have them utilized in that particular month. You want to talk some more statistics on that?

因此，根據我們今天提出的統計數據，我們將在未來提供中間的數據。因此，它們已經在集成方面啟用，現已註冊並加入，我們尚未讓它們充分利用或在該特定月份使用它們。您想談談更多有關這方面的統計數據嗎？

Yes. I mean I think Eric makes a great point. We really think it's just a better leading indicator to where we are with multiproduct -- ultimately getting to multiproduct utilization, empowering more of our customers' businesses with the integrated suite of solutions that we have. So again, as Eric talked about, obviously, getting people contract and onboarding for that second solution.

是的。我的意思是，我認為埃里克提出了一個很好的觀點。我們確實認為，這只是一個更好的領先指標，表明我們在多產品方面的進展——最終實現多產品利用，通過我們擁有的集成解決方案套件為更多客戶的業務提供支持。顯然，正如埃里克所說，讓人們簽約並加入第二個解決方案。

And then from a strategy perspective, ensuring that, like, again, thinking about the payments world where we've just done the most. First, we're focused on the go-to-market motions and marketing sales that's going to drive payment attachment. We talked about some of the strategic initiatives like mandating payments that's going to help us achieve that. We talked about adding outbound sales touches to complement product-led growth funnels and in-product messaging. It's again, once that's enabled, really, we go to our next strategy efforts, which are focused much further down the customer engagement funnel. So driving them into -- for our payments customer active processes, expanding their wallet, share initiatives like proactive customer success engagement via those outbound touches, adding more product real estate to the payment integration. And frankly, that could be adding more product real estate to any integration that's going to drive that multiproduct utilization.

然後從戰略的角度來看，確保再次考慮我們剛剛做得最多的支付領域。首先，我們關注將推動支付附加的進入市場行動和營銷銷售。我們討論了一些戰略舉措，例如強制付款，這將幫助我們實現這一目標。我們討論了增加對外銷售接觸，以補充產品主導的增長渠道和產品內消息傳遞。再說一遍，一旦啟用，我們就會開始下一個戰略工作，這些戰略工作的重點是進一步關注客戶參與渠道。因此，推動他們進入我們的支付客戶主動流程，擴大他們的錢包，分享舉措，例如通過這些出站接觸積極主動地與客戶成功互動，為支付集成添加更多產品空間。坦率地說，這可能會為任何將推動多產品利用率的集成增加更多的產品空間。

So again, really, that's how we think about it. Again, it's a -- these are numbers that we'll continue to publish going forward, but we think really the right indicators of where we are in that journey to multiproduct utilization.

再說一遍，我們確實是這麼想的。再說一遍，這些數字是我們今後將繼續發布的數字，但我們認為這些數字確實是表明我們在多產品利用之旅中所處位置的正確指標。

Perfect. And just to clarify, is any part of it a discretionary choice of the customer? Or is it really just duration as they will move towards that utilizing bucket over time and it's more time dependent rather than discretionary.

完美的。澄清一下，其中的任何部分是否是客戶自行選擇的？或者這實際上只是持續時間，因為隨著時間的推移，他們將轉向利用存儲桶，並且它更多地依賴於時間而不是任意的。

And just a separate question for Marc. You mentioned stabilization in marketing. Any way you could further clarify whether stabilization means return to positive year-over-year growth or any way you could bracket subscription and transaction growth in the second half of the year, so we know the kind of balance between the segments in the second half.

對於馬克來說，這是一個單獨的問題。您提到了營銷的穩定性。您可以通過任何方式進一步澄清穩定是否意味著恢復同比正增長，或者以任何方式可以將下半年的訂閱和交易增長納入其中，這樣我們就知道下半年各部門之間的平衡情況。

Yes. The first part, Matt...

是的。第一部分，馬特...

Yes, I can take the first part. (technical difficulty) if you think about it from a customer engagement funnel and they're obviously making the choice within our go-to-market motions to engage with that second product again, we'll use payments as that example. And of course, we've got to go through the process of getting them contracted, onboarded and we're going to deploy a next set of strategy and resources behind that to turn that payment attached customer, that enabled customer into a utilizing customer. So I wouldn't necessarily -- to us, that's not discretion. It's just the next step in that engagement.

是的，我可以參加第一部分。 （技術難度）如果您從客戶參與渠道考慮，並且他們顯然在我們的上市動議中做出選擇再次與第二個產品互動，我們將使用支付作為例子。當然，我們必須經歷讓他們簽約、入職的過程，我們將在其背後部署下一組策略和資源，以將支付附加客戶轉變為付費客戶，從而使客戶成為利用客戶。所以我不一定——對我們來說，這不是自由裁量權。這只是該合作的下一步。

I mean how is -- the question is meant, it's a proactive decision that they are making and 160,000 people have made that decision to do that. So it's not a default number to be very clear. Our opportunity is to get those people who have made that decision to follow through that decision to ultimately utilize it. So it's good that they made the decision, we've made it available, they've signed up and now we want them to utilize it.

我的意思是，問題的意思是，這是他們正在做出的主動決定，並且 160,000 人已經做出了這樣做的決定。所以要非常明確的是，這不是一個默認數字。我們的機會是讓那些做出決定的人遵循該決定並最終利用它。因此，他們做出了決定是件好事，我們已經提供了它，他們已經註冊了，現在我們希望他們使用它。

Yeah, it's not a default, that's -- not a discretion. It is their discussion, they made the choice that they wanted that integrated suite.

是的，這不是默認，而是——不是自由裁量權。這是他們的討論，他們做出了他們想要的集成套件的選擇。

And in many cases, we walked through this before. It's almost illogical to not utilize it in some scenarios just in some of the workflows that we have and they keep dealing with small businesses, and they're busy, and a lot of things going on, and it's inertia more than anything else. And so we feel very strongly that we have the opportunity to continue to penetrate the base of customers we have at a much higher level. And we've made really good progress, a lot of progress to come.

在很多情況下，我們之前都經歷過這個問題。在我們擁有的某些工作流程中的某些場景中不使用它幾乎是不合邏輯的，他們一直在與小型企業打交道，他們很忙，並且發生了很多事情，而這比其他任何事情都更具有慣性。因此，我們強烈認為我們有機會繼續滲透到更高水平的客戶群中。我們已經取得了非常好的進展，未來還會取得很多進展。

Marc, on the second part of the question.

馬克，關於問題的第二部分。

Yes. I think on the second part, look, we don't break out revenue guidance in the pieces. When we say it stabilized, I think you should take that to mean, what we've seen in the last couple of quarters is consistent with what we expect to see in the second half, and that's all baked into our guidance going forward. I would just sort of leave it at that.

是的。我認為在第二部分中，我們不會分解收入指引。當我們說它穩定時，我認為你應該理解為，我們在過去幾個季度所看到的情況與我們預計在下半年看到的情況是一致的，而這一切都已納入我們未來的指導中。我就這樣吧。

The next question comes from Jeremy Sahler with Jefferies.

下一個問題來自 Jefferies 的傑里米·薩勒 (Jeremy Sahler)。

This is Jeremy on for so Samad Samana so I guess, first 1 is kind of a 2-parter. I guess, as you continue to drive attachment of embedded payments, it's kind of hard to parse out the seasonality. Can you maybe kind of give us some color into what the seasonality of TPV is in a steady-state environment. And then also, you mentioned that take rate expansion again. I guess, what levers are you pulling to drive that rate expansion and kind of how much more is it to go there?

這是 Jeremy 的 Samad Samana，所以我想，第一個是 2 部分。我想，當你繼續推動嵌入式支付的附加時，很難解析出季節性。您能給我們介紹一下穩態環境下 TPV 的季節性嗎？然後，您還提到再次擴大利率。我想，您正在利用什麼槓桿來推動利率擴張，以及還要達到多少？

Yes. I mean, I think we can talk to the first part seasonality, I think we've described it across the business. And specifically, if you think about the largest part of our TPV being in home services, Q4 and Q1 would represent the lower ends of seasonality. There's also some just calendaring in Q4 across the whole payments landscape. When you think about November and December and shorter business days, that plays into it. So we typically think about Q4 and Q1 as the lower end from a seasonality perspective when it comes to payments in Q2 and Q3 and specifically in home services where there is a lot more activity, we typically see the higher end of TPV from a seasonality perspective there.

是的。我的意思是，我認為我們可以討論第一部分的季節性，我認為我們已經在整個業務中描述了它。具體來說，如果您考慮到我們的 TPV 的最大部分是家庭服務，那麼第四季度和第一季度將代表季節性的低端。第四季度整個支付領域也有一些日曆。當您想到 11 月和 12 月以及較短的工作日時，就會想到這一點。因此，從季節性角度來看，我們通常將第四季度和第一季度視為較低端，當涉及第二季度和第三季度的支付時，特別是在活動較多的家庭服務中，我們通常從季節性角度看到TPV 的較高端那裡。

The second question, I believe, was about take rate and things that we can continue to do expand that obviously. We're happy about the expansion of take rate over the last 18 months. I think we talked about this last quarter. There is a variety of things that we do from pricing and packaging. Some of it is, frankly, just mix of our payment space as well as we are driving more and more attachment and utilization in some of our higher take rate solutions, specifically in home services, we have seen take rate expansion just in aggregate go up. But obviously, from our end, we have opportunities to, a, just grow the expanse of payment capabilities within our integrated systems of action that allows us to continue to obviously add more value to the end customer, but also commensurate price to value from that perspective.

我認為，第二個問題是關於採用率以及我們可以繼續做的事情來明顯擴大這一範圍。我們對過去 18 個月的採用率擴大感到高興。我想我們上個季度討論過這個問題。我們在定價和包裝方面做了很多事情。坦率地說，其中一些只是我們的支付空間的混合，以及我們在一些更高的採用率解決方案中推動越來越多的附著和利用，特別是在家庭服務中，我們已經看到採用率擴張總體上升。但顯然，從我們的角度來看，我們有機會，a，在我們的綜合行動系統中擴大支付能力，這使我們能夠繼續明顯地為最終客戶增加更多價值，同時也使價格與價值相稱。看法。

And then lastly, we continue to have opportunities with our end providers for -- as we continue to scale, creating scale and the economic relationship from a take-rate standpoint in those contractual arrangements.

最後，隨著我們繼續擴大規模，從這些合同安排的收取率的角度來看，我們繼續有機會與我們的終端提供商建立規模和經濟關係。

The next question comes from Dan Bergstrom with RBC Capital.

下一個問題來自 RBC Capital 的 Dan Bergstrom。

It's Dan Bergstrom for Matt Hedberg. On EverHealth, it's been a couple of quarters now with the rebrand. I know we're early in a long process here, but anything to point out around initial customer reception to the changes? Is it accelerating customer adoption?

這是馬特·赫德伯格的丹·伯格斯特羅姆。在 EverHealth 上，品牌重塑已經過去幾個季度了。我知道我們還處於漫長流程的早期階段，但是關於客戶對這些變化的最初接受程度有什麼需要指出的嗎？它是否加速了客戶的採用？

It's been extremely positive. The EverHealth brand has kind of been soft launched as kind of an overhead brand for the kind of our health group within the organization, it will be really officially launched really in Q1, end of Q1 of next year as we're going to really go to market really with 1 brand. And consolidate all the other branding parts of it. And I think we'll start seeing even more efficiencies both in the operations and even hopefully an increased upsell on the selling part of it as well.

這是非常積極的。 EverHealth 品牌已經軟啟動，作為我們組織內健康團隊的一個間接品牌，它將在明年第一季度、明年第一季度末真正正式推出，因為我們將真正開始真正以1個品牌推向市場。並整合其所有其他品牌部分。我認為我們將開始看到運營效率更高，甚至希望銷售部分的追加銷售也有所增加。

To date, the response has been very positive. We've been selling these solutions. Again, under one organization. So we're going to make a very simple upsell, cross-sell, full-service suite product solutions to our customers, which they genuinely appreciate. They're starting to connect the dots themselves with other partners where they have, gaining point solutions versus one whole solution. So the early feedback is positive. We've seen consistent growth in that category. I think when we launch it fully next year, I think it will be an uptick of fully -- in growth, but definitely in minimum an operational efficacy and efficiency that we'll get in the organization.

迄今為止，反應非常積極。我們一直在銷售這些解決方案。再次，在一個組織之下。因此，我們將為客戶提供非常簡單的追加銷售、交叉銷售、全方位服務套件產品解決方案，他們對此表示真正的讚賞。他們開始將這些點與他們擁有的其他合作夥伴聯繫起來，獲得點解決方案而不是整體解決方案。所以早期的反饋是積極的。我們看到該類別的持續增長。我認為，當我們明年全面啟動它時，我認為這將是全面的增長，但絕對是我們在組織中獲得的最低運營效率和效率。

Do you want to add that?

您想添加嗎？

Yes. I mean I think it played out the way we had expected it to. From an external standpoint, to Eric's point, the reception has been really, really positive. And from an internal standpoint and ultimately to a customer-facing standpoint, it really has set us up for that multiproduct sales. So think about EMR PM as the base system of action, but having those active integrations for integrated insurance clearinghouse and claims, integrated patient pay and now integrated customer-patient engagement solutions, really becoming more active in those EMR PMs. It is exactly what our customers want. They don't want multiple providers and us being able to drive that to market more and more and more over time. Again, that's part of the receptivity that we've gotten from our end customers. So excited about where we are. And to Eric's point, there's a lot more progress to come over the next year.

是的。我的意思是，我認為事情的發展符合我們的預期。從外部的角度來看，對於埃里克來說，反響非常非常積極。從內部角度以及最終面向客戶的角度來看，它確實為我們的多產品銷售做好了準備。因此，將 EMR PM 視為行動的基本系統，但通過對集成保險清算所和索賠、集成患者支付以及現在集成的客戶-患者參與解決方案進行積極集成，這些 EMR PM 確實變得更加活躍。這正是我們的客戶想要的。他們不希望有多個提供商，而我們能夠隨著時間的推移將其推向越來越多的市場。同樣，這是我們從最終客戶那裡獲得的接受度的一部分。對我們所處的位置感到非常興奮。對於埃里克來說，明年將會取得更多進展。

(Operator Instructions) The next question comes from Eamon Coughlin with Barclays.

（操作員說明）下一個問題來自巴克萊銀行的 Eamon Coughlin。

This is Eamon Coughlin on for Ryan MacWilliams from Barclays. Can you just broadly describe how SMBs fared in 2Q? And what management is factoring in for 2H '23 guidance in terms of macro?

我是埃蒙·考夫林 (Eamon Coughlin)，代表巴克萊銀行 (Barclays) 的瑞安·麥克威廉斯 (Ryan MacWilliams)。您能否大致描述一下中小企業在第二季度的表現？管理層在製定 2H '23 宏觀指導時考慮了哪些因素？

Yes. From the -- thank you for the question. I think everything -- we can only speak to the SMBs and the verticals that we serve and the verticals that serve are pretty resilient. If you think about the health care customers we serve and the home service customers we serve, those services represent the vast majority of our customers. They've been very resilient, and we've seen no degradation in both growth and pipeline within the customers that we serve, and we're expecting kind of a similar trajectory in the second half of the year. So not necessarily increased or decreased, but really along the same line as you been seeing for the last couple of quarters.

是的。來自——謝謝你的提問。我認為一切——我們只能與中小型企業交談，我們所服務的垂直行業和所服務的垂直行業都具有相當的彈性。如果您考慮一下我們服務的醫療保健客戶和我們服務的家庭服務客戶，這些服務代表了我們的絕大多數客戶。他們非常有彈性，我們沒有看到我們所服務的客戶的增長和渠道出現下降，我們預計下半年也會出現類似的軌跡。因此不一定會增加或減少，但實際上與您在過去幾個季度看到的情況相同。

At this time, I'm not showing any further questions. I would now like to turn the call back to Eric Remer for closing remarks.

目前，我不會提出任何進一步的問題。現在我想將電話轉回給埃里克·雷默（Eric Remer），讓其致閉幕詞。

Thank you very much. Well, EverCommerce had another consistent quarter of exceeding expectations. The market and the opportunity for our software and solutions continue to grow and we remain extremely excited by our unique position in the marketplace to capitalize that opportunity. We appreciate you all joining the call today, and we will speak to you next quarter.

非常感謝。嗯，EverCommerce 又一個持續超出預期的季度。我們的軟件和解決方案的市場和機會不斷增長，我們對我們在市場中的獨特地位以及利用這一機會感到非常興奮。我們感謝大家今天加入電話會議，我們將在下個季度與您交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。