EverCommerce Inc (EVCM) 2026 Q1 法說會逐字稿

Thank you for standing by. Welcome to EverCommerce's first quarter 2026 earnings call. My name is Victor, and I'll be your operator for today. (Operator Instructions) As a reminder, this conference call is being recorded today, May 7, 2026.

感謝您耐心等候。歡迎參加 EverCommerce 2026 年第一季財報電話會議。我叫 Victor，今天將擔任您的電話會議接線員。(接線員指示) 提醒各位，本次電話會議將於今日 2026 年 5 月 7 日錄音。

And I would now like to turn the conference over to Brad Korch, Senior Vice President of Finance and Head of Investor Relations for EverCommerce.

現在我想把電話會議交給 EverCommerce 財務資深副總裁兼投資人關係主管 Brad Korch。

Good afternoon, and thank you for joining. Today's call will be led by Eric Remer, EverCommerce's Chairman and Chief Executive Officer; and Ryan Siurek, EverCommerce's Chief Financial Officer. Joining them will be Matt Feierstein, EverCommerce's President and the CEO of EverPro; and Evan Berlin, the CEO of EverHealth.

各位下午好，感謝各位參與。今天的會議將由 EverCommerce 董事長兼執行長 Eric Remer，以及 EverCommerce 財務長 Ryan Siurek 主持。與他們一同出席的還有 EverCommerce 總裁兼 EverPro 執行長 Matt Feierstein，以及 EverHealth 執行長 Evan Berlin。

This call is being webcast with a slide presentation that reviews the key financial and operating results for the three months ended March 31, 2026. 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.

本次電話會議將以網路直播方式進行，並搭配投影片簡報，回顧截至 2026 年 3 月 31 日止三個月的主要財務與營運成果。如需直播或重播連結，請造訪 EverCommerce 官網 www.evercommerce.com 的投資人關係（Investor Relations）專區。投影片簡報與財報新聞稿亦可在網站上直接取得。

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 materials available on our website that are not historical in nature may constitute forward-looking statements.

在我說明安全港聲明時，請翻到我們財報電話會議簡報的第 2 頁。本次電話會議以及我們網站上提供之財報資料中，凡非歷史性陳述者，可能構成前瞻性陳述。

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.

此類陳述係基於管理層目前的預期與信念。由於風險與不確定性，實際結果可能與這些前瞻性陳述存在重大差異；相關風險與不確定性已在我們向美國證券交易委員會（SEC）提交的文件中更詳細說明。除法律要求外，我們不承擔公開更新或修訂任何前瞻性陳述之義務。

We will also refer to certain non-GAAP financial measures in our comments today. A reconciliation of non-GAAP to GAAP historical measures is provided in both our earnings press release and our earnings call presentation. As a quick reminder, in Q3 of last year, we closed on the sale of the Marketing Technology business.

我們今天的發言也將提及若干非 GAAP 財務衡量指標。非 GAAP 與 GAAP 歷史指標之調節表，已同時載於我們的財報新聞稿與財報電話會議簡報中。簡要提醒，去年第三季我們完成了行銷科技（Marketing Technology）業務的出售。

Our commentary today will center on the continuing operations of our business focused on our EverHealth, EverPro and EverWell verticals. All financial and operating metric results and year-over-year comparisons are presented relating to continuing operations, except for cash flow metrics or unless otherwise specified.

我們今天的評論將聚焦於持續經營業務，亦即以 EverHealth、EverPro 與 EverWell 三大垂直領域為核心的業務。除現金流量指標或另有說明外，所有財務與營運指標結果及年對年比較，均以持續經營業務為基礎呈列。

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

現在我把時間交給我們的執行長 Eric Remer。請繼續。

Thank you, Brad. We had a strong start to the year, in line with expectations and focused on investing in key areas for accelerated growth in the back half of 2026 and beyond, including a focus on our continued integration of AI and go-to-market capabilities. Additionally, we continue to progress against our strategy of multi-solution adoption with emphasis on our top six solutions.

謝謝你，Brad。我們今年開局強勁，符合預期，並專注於在關鍵領域進行投資，以推動 2026 年下半年及之後的加速成長，包括持續整合 AI 與強化市場推廣（go-to-market）能力。此外，我們也持續推進多解決方案採用策略，並著重於我們的前六大解決方案。

During the first quarter, EverCommerce generated revenue of $147.5 million, above the midpoint of our guidance range, representing 3.6% year-over-year growth. Adjusted EBITDA for the quarter of $40.7 million exceeded the midpoint of our guidance range, representing a margin of 27.6%.

第一季，EverCommerce 創造營收 1.475 億美元，高於我們指引區間的中點，年增 3.6%。本季調整後 EBITDA 為 4,070 萬美元，亦超過指引區間中點，對應利潤率為 27.6%。

Our cross-sell motion continues to expand. In the first quarter, we saw 32% growth in customers utilizing more than one solution. Finally, we repurchased 1.3 million shares for $13.9 million during the quarter while maintaining a stable leverage profile.

我們的交叉銷售動能持續擴大。第一季，使用超過一項解決方案的客戶數成長 32%。最後，我們在本季回購 130 萬股、金額 1,390 萬美元，同時維持穩健的槓桿水準。

EverCommerce is building the AI operating system for the service SMB workflows. We offer tremendous value to our customers by providing the system of actions necessary to run their business with tailored unique workflows.

EverCommerce 正在為服務型中小企業（SMB）的工作流程打造 AI 作業系統。我們透過提供經量身打造的獨特工作流程，以及經營企業所需的行動系統（system of actions），為客戶帶來巨大的價值。

We provide end-to-end solutions to more than 745,000 customers across our three major verticals, EverPro for home and field services EverHealth for medical practices and EverWell for wellness and service providers, with the two former verticals representing approximately 95% of consolidated revenue.

我們在三大主要垂直領域為超過 745,000 名客戶提供端到端解決方案：EverPro（居家與外勤服務）、EverHealth（醫療診所）以及 EverWell（健康與服務提供者）；其中前兩個垂直領域約占合併營收的 95%。

Our large and growing customer base represents a significant embedded opportunity to expand value through integrated payments, intelligent automation and AI-driven workflows. On a pro forma basis, for the last 12 months, we generated $596 million of revenue, representing 5.2% year-over-year growth. We also generated 29.7% adjusted EBITDA margin on an LTM basis.

我們龐大且持續成長的客戶基礎，代表著可透過整合式支付、智慧自動化與 AI 驅動工作流程來擴大價值的重大內生機會。以擬制（pro forma）基礎計算，過去 12 個月我們創造 5.96 億美元營收，年增 5.2%。我們在最近十二個月（LTM）基礎上的調整後 EBITDA 利潤率亦達 29.7%。

Finally, our annualized total payment volume, or TPV, was $12.9 billion. We've often stated that our purpose of EverCommerce is to simplify and empower the lives of business owners whose services support us every day.

最後，我們的年化總支付交易量（TPV）為 129 億美元。我們經常表示，EverCommerce 的使命是簡化並賦能那些每天以服務支持我們的企業主之生活。

This statement is as true today as it was when we founded the company, enabling our customers is at the center of everything we do, including many of the AI-first enhancements we discussed last quarter. AI is a force multiplier for our customers, providing a variety of growth opportunities and efficiencies.

這句話在今天仍與公司創立之初同樣真實：賦能客戶是我們一切工作的核心，包括我們在上一季討論的多項 AI 優先（AI-first）強化功能。AI 對我們的客戶而言是一種倍增器，帶來多元的成長機會與效率提升。

For us, there's also a tremendous opportunity to increase retention and ARPU. Along with our embedded payment opportunity, we believe this will result in revenue reacceleration. Because we view AI to be such an important value creation driver for our customers, we have transformed our own business with an AI-first focus.

對我們而言，也存在提升留存率與每用戶平均收入（ARPU）的巨大機會。結合我們的嵌入式支付機會，我們相信這將帶動營收重新加速成長。由於我們認為 AI 是為客戶創造價值的重要驅動因素，我們也以 AI 優先的聚焦，改造了自身的業務。

We are not just bolting on third-party capabilities for existing solutions, we are building native AI agentic features into our platforms. We are reimagining workflows and making significant investments to be at the leading edge of AI capabilities for our customers.

我們不只是為既有解決方案外掛第三方能力，而是在平台中打造原生的 AI 代理式（agentic）功能。我們正在重新想像工作流程，並進行重大投資，以站在為客戶提供 AI 能力的最前沿。

As a reminder, our customers are small trades and small medical practices looking for simple yet vertically specific workflows needed to run their businesses. Our small business customers are not likely to vibe code their own solutions and the hands-on services our customers provide are not likely to replace with AI.

提醒各位，我們的客戶是小型技工業者與小型醫療診所，他們需要簡單但高度垂直化的特定工作流程來經營業務。我們的小型企業客戶不太可能以 vibe coding 自行開發解決方案，而客戶所提供的第一線服務也不太可能被 AI 取代。

Further, we believe our targeted deep micro vertical specific expertise and embedded base of more than 745,000 customers not only puts EverCommerce in the driver's seat to be the natural provider of agentic capabilities within the system of actions they already buy from us, but also provides us the rich micro vertical data to develop the best agentic platforms.

此外，我們相信，我們聚焦且深入的微型垂直領域專業能力，以及超過 745,000 名客戶的嵌入式基礎，不僅讓 EverCommerce 處於主導位置，能在客戶已向我們購買的行動系統（system of actions）中，自然地提供代理式能力；同時也為我們提供豐富的微型垂直領域資料，以開發最佳的代理式平台。

On today's call, I'd like to now invite Matt and Evan to provide tangible examples of customer AI use cases in each EverPro and EverHealth.

在今天的電話會議上，我想邀請 Matt 與 Evan，分別就 EverPro 與 EverHealth 提供客戶 AI 使用情境的具體案例。

Thanks, Eric. Let me highlight a quick example of how we're delivering value for customers through the EverPro platform using the Service Fusion product and the recently launched ZyraTalk AI integration. Coast-to-coast HTM is a medical equipment services company supporting hospital radiology departments across California and Texas. They operate under strict uptime requirements. When equipment goes down, speed is critical.

謝謝你，Eric。我先快速分享一個例子，說明我們如何透過 EverPro 平台、使用 Service Fusion 產品以及近期推出的 ZyraTalk AI 整合，為客戶創造價值。Coast-to-coast HTM 是一家醫療設備服務公司，為加州與德州各地醫院的放射科部門提供支援。他們在嚴格的設備正常運作時間（uptime）要求下營運。當設備停機時，速度至關重要。

Before Service Fusion, their operations were largely manual, spreadsheets for scheduling, limited system tracking and delays of up to 24 hours to 48 hours just to get approval to dispatch a technician. Now the team is seeing on-site mobilization within four hours to six hours.

在使用 Service Fusion 之前，他們的營運多半是手動進行：用試算表排程、系統追蹤有限，且僅為了取得派遣技術人員的核准，就可能延遲 24 到 48 小時。現在團隊可在 4 到 6 小時內完成到場動員。

With Service Fusion, they centralized their operations and reduced time to get a technician on site from days down to just four hours to six hours, driving about a 50% efficiency gain in job management. Just as important, they're now managing compliance and audit requirements directly in the platform, which is critical in this business setting.

透過 Service Fusion，他們將營運集中化，將技術人員到場時間從以天計縮短至僅 4 到 6 小時，帶動工單管理效率提升約 50%。同樣重要的是，他們現在可直接在平台內管理合規與稽核要求，這在此類商業情境中至關重要。

At the beginning of this year, this customer expanded into AI with the addition of our ZyraTalk AI voice reception agent, adding an always-on communication layer that captures and documents every service request. Since deploying it, they've already booked over 30 jobs as a function of AI-driven interactions while also improving responsiveness and SLA tracking. This is the pattern we're seeing more broadly.

今年年初，該客戶透過新增我們的 ZyraTalk AI 語音接待代理，將 AI 擴展到其流程中，加入一個全天候的溝通層，能捕捉並記錄每一筆服務需求。自部署以來，他們已透過 AI 驅動的互動預約超過 30 件工作，同時也提升了回應速度與 SLA 追蹤。這正是我們在更廣泛範圍內所看到的模式。

Customers start with Service Fusion to run their operations, then add integrated AI voice reception to operate more efficiently and differentiate themselves in their market. This is a clear example of how customers expand from core workflow software into AI and automation, driving both higher retention and increased monetization over time.

客戶一開始使用 Service Fusion 來營運其業務，接著再加購整合式 AI 語音接待，以更高效率地運作並在其市場中形成差異化。這清楚展現了客戶如何從核心工作流程軟體延伸至 AI 與自動化，隨時間推進同時帶動更高的留存率與更高的變現能力。

I will pass it over to Evan to discuss the EverHealth customer testimony.

我把時間交給 Evan，請他分享 EverHealth 的客戶見證。

Thanks, Matt. We're seeing similar adoption patterns across our health care base, where AI-driven documentation is improving provider efficiency while increasing the value of our platform. Let me share another example from EverHealth, this time in the clinical set. Our customer is a solo orthopedic surgeon based in Kansas City, who's been a DrChrono's customer for over a decade. Like many independent physicians, he's balancing the demands of running a highly specialized practice while also prioritizing his time outside of work.

謝謝，Matt。我們在醫療保健客戶群也看到類似的採用模式：AI 驅動的文件記錄正在提升醫療提供者的效率，同時提高我們平台的價值。我再分享一個來自 EverHealth 的例子，這次是在臨床端。我們的客戶是一位位於堪薩斯城的獨立骨科外科醫師，使用 DrChrono 已超過十年。和許多獨立醫師一樣，他一方面要應付經營高度專業診所的需求，同時也重視工作以外的時間。

Before adopting our EverHealth AI Scribe, a significant portion of his day was spent on documentation, often hours after clinic, drafting and reviewing notes from patient visits. With our EverHealth AI Scribe integrated into DrChrono that dynamic has changed. Clinical notes that previously took hours are now completed in 10 minutes. And with the system accurately capturing complex orthopedic terminology and filtering out nonclinical conversation. This physician estimates savings of more than one hour per day with the added efficiency.

在採用我們的 EverHealth AI Scribe 之前，他每天有相當大一部分時間花在文件記錄上，常常在門診結束後好幾個小時仍在撰寫與審閱病患就診紀錄。隨著我們的 EverHealth AI Scribe 整合進 DrChrono，這種情況已改變。過去需要數小時完成的臨床筆記，現在 10 分鐘就能完成。而且系統能準確捕捉複雜的骨科術語，並過濾非臨床對話。這位醫師估計，因效率提升每天可節省超過一小時。

And that's not just an efficiency gain. It's a meaningful improvement in his quality of life. He's able to finish his day on time, spend more time with family and stay focused on patient care instead of administrative work. Providers adopt DrChrono in their core clinical and operational system and then layer in AI capabilities like AI Scribe to reduce administrative burden, improve documentation quality and ultimately create more capacity in their practice.

這不只是效率提升。更是對他生活品質的實質改善。他能準時結束一天的工作，有更多時間陪伴家人，並把重心放在病患照護而非行政作業。醫療提供者先在核心臨床與營運系統採用 DrChrono，接著再疊加像 AI Scribe 這樣的 AI 能力，以降低行政負擔、提升文件品質，並最終為診所創造更多產能。

It's a powerful example of how our platform is not only improving efficiency, but also meaningfully improving the day-to-day experience of our customers and the care that they deliver to their patients.

這是個強而有力的例子，說明我們的平台不僅提升效率，也在日常層面顯著改善客戶體驗，以及他們為病患提供的照護品質。

Thank you, Matt and Evan. One thing that both of these examples touched on is the importance of multiproduct adoption, which remain the key drivers for growth at EverCommerce. Multiproduct customers generate higher revenue, demonstrate stronger retention and expand wallet share over time. Historically, multiproduct adoption metrics were largely dominated by payments enablement, but AI feature adoption has increasingly become an important driver of customer value and ARPU as evidenced by the two customer stories we just shared.

謝謝你，Matt 和 Evan。這兩個案例都提到的一點是多產品採用的重要性，而這仍是 EverCommerce 成長的關鍵驅動因素。多產品客戶帶來更高的營收、展現更強的留存，並隨時間推進擴大錢包份額。過去，多產品採用指標多由支付啟用所主導，但從我們剛分享的兩則客戶故事可見，AI 功能的採用正日益成為提升客戶價值與 ARPU 的重要驅動因素。

Our payment strategy focused on enabling payments at the point of initial SaaS sale while also driving cross-sell into our existing customer base. Investments into onboarding automation and customer success are helping accelerate activation and utilization. At the end of the first quarter, 301,000 customers were enabled for more than one solution, reflecting a 23% year-over-year growth.

我們的支付策略聚焦於在初次 SaaS 銷售時即啟用支付，同時推動在既有客戶群中的交叉銷售。對導入（onboarding）自動化與客戶成功的投資，正協助加速啟用與使用率提升。截至第一季末，已有 301,000 名客戶啟用超過一項解決方案，年增 23%。

At the end of the first quarter, approximately 131,000 customers were actively utilizing more than one solution, reflecting a 32% year-over-year growth and an acceleration in growth compared to recent quarters. Over the trailing 12 months, net revenue retention was 95%, with multi-solution customers continuing to generate NRR above 100%.

截至第一季末，約有 131,000 名客戶正在積極使用超過一項解決方案，年增 32%，且相較近期季度呈現成長加速。在過去 12 個月（TTM）期間，淨營收留存率（NRR）為 95%，而多解決方案客戶持續貢獻超過 100% 的 NRR。

The slight reduction in reported NRR was impacted by declining third-party partner revenue within our legacy payments business. We continue to put much of our focus and investment on our fastest-growing solutions, and we continue to see outsized payments revenue growth in these top six solutions. In these top six solutions, TPV grew 19.8% year-over-year and now represents 35% of total TPV, up from 30% in the first quarter of 2025.

NRR 報告值的小幅下降，受到我們傳統支付業務中第三方合作夥伴收入下滑的影響。我們仍將多數重點與投資放在成長最快的解決方案上，並持續在這前六大解決方案中看到顯著優於整體的支付營收成長。在這前六大解決方案中，TPV 年增 19.8%，目前占總 TPV 的 35%，高於 2025 年第一季的 30%。

Top solution payments revenue grew 10% year-over-year, now representing over 46.5% of total payments revenue. Highlighting the payment performance in our growth solutions is important because this is where we're focusing our investments. The improvements in cross-sell metrics I highlighted a moment ago are largely due to the gains of our top six solutions. The remainder of our payments business drives meaningful cash flow generation and a lower growth.

頂尖解決方案的支付營收年增 10%，目前占總支付營收超過 46.5%。強調我們成長型解決方案中的支付表現很重要，因為這正是我們投資聚焦之處。我剛才提到的交叉銷售指標改善，主要來自前六大解決方案的提升。其餘支付業務則帶來可觀的現金流貢獻，但成長較低。

As a reminder, we report payments revenue on a net basis and therefore, incrementally contributes approximately 95% gross margin within our core solutions. As such, payments revenue growth is a meaningful contributor to our overall adjusted EBITDA margin expansion.

提醒一下，我們以淨額基礎認列支付營收，因此在核心解決方案中，增量部分約貢獻 95% 的毛利率。因此，支付營收成長是推動我們整體調整後 EBITDA 利潤率擴張的重要貢獻來源。

Now I'll pass it over to Ryan, who will review our financial results in more detail as well as provide second quarter and full year 2026 guidance.

接下來我把時間交給 Ryan，他將更詳細檢視我們的財務結果，並提供 2026 年第二季與全年指引。

Thanks, Eric. Total reported revenue in the first quarter was $147.5 million, up 3.6% from the prior year period. Subscription and transaction revenue, our primary recurring revenue base was $142.1 million. Pro forma revenue adjusted for the acquisition of ZyraTalk, which closed in Q3 2025, was $596 million on an LTM basis, an increase of 5.2% and $147.5 million for the quarter, an increase of 3%, both on a year-over-year basis.

謝謝，Eric。第一季總報告營收為 1.475 億美元，較去年同期成長 3.6%。訂閱與交易營收（我們主要的經常性營收基礎）為 1.421 億美元。按備考（pro forma）口徑、並就 2025 年第三季完成收購的 ZyraTalk 進行調整後，LTM 營收為 5.96 億美元，年增 5.2%；本季為 1.475 億美元，年增 3%，兩者皆為年對年成長。

Adjusted gross profit in the quarter was $114.8 million, representing an adjusted gross margin of 77.8%. First quarter adjusted EBITDA was $40.7 million with an adjusted EBITDA margin of 27.6%.

本季調整後毛利為 1.148 億美元，調整後毛利率為 77.8%。第一季調整後 EBITDA 為 4,070 萬美元，調整後 EBITDA 利潤率為 27.6%。

Now turning to adjusted operating expenses, which are reconciled in the appendix to this presentation. For the quarter, adjusted operating expenses were slightly higher year-over-year as a percentage of revenue, increasing from 46.5% to 50.3%, representing targeted growth investments across sales and marketing and product development, including the post-acquisition ZyraTalk costs. For the LTM period as a percentage of revenue, adjusted expenses were flat at 47.9%.

接著看調整後營業費用，相關調節表列於本簡報附錄。本季調整後營業費用占營收比重較去年同期略高，由 46.5% 上升至 50.3%，反映我們在銷售與行銷、產品開發等方面的目標性成長投資，亦包含收購後 ZyraTalk 的相關成本。以 LTM 期間占營收比重來看，調整後費用持平於 47.9%。

Next, I'll turn to some key liquidity measures, which include cash flow from continuing operations. We continue to generate significant free cash flow as we invest to grow our business and invest in our AI-first products.

接下來我將說明幾項關鍵流動性指標，其中包括持續營運的營業現金流。在我們投資推動業務成長並投入 AI-first 產品的同時，我們仍持續產生可觀的自由現金流。

It is important to note that the cash flow metrics shown on Slide 13 and that I'm about to discuss include the cash generated from the divested Marketing Technology Solutions business through October 31, 2025. And as such, year-over-year comparisons and quarterly trending are not fully comparable.

需要特別注意的是，第 13 頁投影片所示、以及我接下來將討論的現金流指標，包含了已出售的行銷科技解決方案（Marketing Technology Solutions）業務截至 2025 年 10 月 31 日所產生的現金。因此，年對年比較與季度趨勢並非完全可比。

Cash flow from operations for the quarter was $24.6 million as compared to the prior quarter of $21.3 million and the prior year of $30.7 million. As a reminder to our guidance last quarter, our first quarter is historically burdened by higher cash outflows as compared to other quarters. Levered free cash flow was $16.6 million for the quarter. And for the trailing 12-month period, we generated more than $71 million. Adjusted unlevered free cash flow was $25.3 million in the quarter and $121.6 million for the last 12 months.

本季營業活動現金流為 2,460 萬美元，相較前一季的 2,130 萬美元，以及去年同期的 3,070 萬美元。提醒一下，正如我們上季指引所述，第一季歷來通常因現金流出較高而承壓，相較其他季度更為明顯。本季槓桿自由現金流為 1,660 萬美元。在過去 12 個月期間，我們產生超過 7,100 萬美元。本季調整後無槓桿自由現金流為 2,530 萬美元，過去 12 個月為 1.216 億美元。

We ended the quarter with $129 million in cash and cash equivalents and $155 million of undrawn capacity on our revolver, which will step down to $125 million in July 2026. As of March 31, we have $525 million of debt outstanding.

本季末我們持有 1.29 億美元的現金及約當現金，循環信貸（revolver）尚有 1.55 億美元未動用額度，該額度將於 2026 年 7 月下調至 1.25 億美元。截至 3 月 31 日，我們未償還債務為 5.25 億美元。

Our total net leverage as calculated for our credit facility was approximately 2.2 times and continues to demonstrate our deleveraging from strong operational performance and free cash generation. We have $425 million of notional swaps at a weighted average rate of 3.91% that effectively hedge the floating rate component of our interest cost through October 2027.

依照我們信貸融資協議計算的總淨槓桿約為 2.2 倍，並持續展現我們在強勁營運表現與自由現金流產生能力帶動下的去槓桿進展。我們持有名目本金 4.25 億美元的利率交換合約，加權平均利率為 3.91%，可有效對沖我們利息成本中浮動利率部分，直至 2027 年 10 月。

Our long-term debt does not mature until July 2031, while our undrawn revolver capacity provides availability through July 2030, providing us with runway and financial flexibility for the foreseeable future. In terms of capital allocation, in addition to our AI-first investments, in the first quarter, we repurchased approximately 1.3 million shares for $13.9 million at an average price of $11 per share.

我們的長期債務要到 2031 年 7 月才到期，而我們未動用的循環信貸額度可提供至 2030 年 7 月的可用性，為可預見的未來提供充足的時間跑道與財務彈性。在資本配置方面，除 AI 優先投資外，我們在第一季以每股平均 11 美元的價格回購約 130 萬股，金額為 1,390 萬美元。

Based on the shares repurchased through March 31, 2026, we have approximately $33.9 million remaining in our total repurchase authorization of $300 million through the end of 2026.

截至 2026 年 3 月 31 日已回購的股份計算，在 2026 年底前總額 3 億美元的回購授權中，我們尚餘約 3,390 萬美元可用。

I would now like to finish by discussing our outlook for the second quarter and full year of 2026. For the second quarter of 2026, we expect total revenue of $150.5 million to $153.5 million and adjusted EBITDA of $41 million to $43 million. For the full year 2026, we reiterate our previous guidance from mid-March and expect revenue of $612 million to $632 million and adjusted EBITDA of $183 million to $191 million. Operator, we are now ready to begin the question-and-answer session.

接下來我想以討論我們對 2026 年第二季及全年展望作結。對於 2026 年第二季，我們預期總營收為 1.505 億至 1.535 億美元，調整後 EBITDA 為 4,100 萬至 4,300 萬美元。對於 2026 年全年，我們重申 3 月中旬所提供的先前指引，預期營收為 6.12 億至 6.32 億美元，調整後 EBITDA 為 1.83 億至 1.91 億美元。接線員，我們現在準備開始問答環節。

(Operator Instructions)

(接線員指示)

Bhavin Shah from Deutsche Bank.

德意志銀行（Deutsche Bank）的 Bhavin Shah。

One for Eric or Matt and then one follow-up for Ryan. Eric or Matt, it was great to see that customer example leveraging ZyraTalk. Can you just maybe talk about where we are in terms of cross-selling ZyraTalk into the overall customer base? How are those conversations going? And how do you think about the time line of adoption of those customers that you think would best benefit from the solution?

有一題想問 Eric 或 Matt，然後有一個追問給 Ryan。Eric 或 Matt，很高興看到那個客戶運用 ZyraTalk 的案例。能否談談我們目前在整體客戶群中交叉銷售 ZyraTalk 的進展如何？這些對話進行得怎麼樣？以及你們如何看待那些最能從該解決方案受益的客戶，其採用時程的時間線？

Thank you for the question. Matt, do you want to take--

謝謝你的提問。Matt，你要先回答嗎——

Yes, I'll start. First of all, we're super excited about ZyraTalk. Meaningful head start for us in accelerating our AI road map, helped us move much faster from experimentation into embedded operational workflows. When you think about where we are, it's obviously much more than stand-alone AI voice as your question says. It's now a foundational capability that we're integrating into our customer-facing use cases through our systems of action.

好的，我先開始。首先，我們對 ZyraTalk 感到非常興奮。它讓我們在加速 AI 路線圖方面取得了顯著的領先優勢，幫助我們更快地從實驗階段走向嵌入式的營運工作流程。談到我們目前所處的位置，正如你問題所說，顯然已不只是獨立的 AI 語音。它現在是一項基礎能力，我們正透過我們的行動系統（systems of action）把它整合到面向客戶的使用情境中。

So already integrated with Service Fusion, actually, that happened ahead of schedule, already integrated with Briostack also ahead of schedule. And that's really enabling those workflows that connect the inbound demand that ZyraTalk is providing directly into our scheduling, job creation and customer engagement.

目前已與 Service Fusion 完成整合，實際上這比原定時程更早；也已與 Briostack 完成整合，同樣提前完成。這確實讓那些工作流程得以運作：把 ZyraTalk 所帶來的進線需求，直接串接到我們的排程、工單建立與客戶互動之中。

So customer reception has been great. We're also leveraging internally experimenting across areas like AI-driven surveys that support other parts of our product and our operation, outbound prospect engagement.

因此客戶反應非常好。我們也在內部運用並進行實驗，涵蓋例如 AI 驅動的調查（survey），以支援我們產品與營運的其他部分，以及外呼的潛在客戶互動。

So all in all, ZyraTalk as a platform has been everything we expected and more. And we're really ahead of pace relative to our integration, launch and customer acquisition goals through Q1. And we continue to see really interesting use cases for AI-enabled workflow automation, which is becoming increasingly more important to our customers.

總體而言，ZyraTalk 作為一個平台，表現不僅符合我們的預期，甚至超出預期。而且相較於我們在第一季的整合、上市與客戶獲取目標，我們的進度確實超前。我們也持續看到非常有意思的 AI 賦能工作流程自動化使用情境，而這對我們的客戶而言正變得愈來愈重要。

Great. And looking forward to seeing more in the coming quarters. Maybe, Ryan, just for you. Just by your math, looking at subscription and transaction growth, if you exclude the legacy payment solutions, it appears growth remains healthier than just the reported number.

很好。也期待在接下來幾季看到更多進展。Ryan，接著想請教你。按你的算法來看，若排除傳統（legacy）支付解決方案，訂閱與交易的成長看起來比公告數字更健康。

Can you maybe just help us understand some of the underlying assumptions that's going into the full year guide in terms of how much of a drag the legacy payments line item is having on the overall business?

你能否協助我們理解一下，在全年指引中所採用的一些底層假設：傳統支付這個項目對整體業務造成了多大的拖累？

Is the 1Q growth rate is a reasonable way to think about the rest of the year? Or should we think about it differently?

第一季的成長率是否可以作為對今年其餘時間的合理參考？還是我們應該用不同方式來看待？

Yes. Thanks, Bhavin, for the question. I appreciate it. I think you can tell from the full year guide that remained unchanged. We're expecting continued growth throughout the year, particularly in the back half of the year, given the Q2 guide that we just came out with.

是的。Bhavin，謝謝你的提問。我很感謝。我想你可以從我們全年指引維持不變看得出來。我們預期全年將持續成長，尤其是下半年，考量到我們剛剛給出的第二季指引。

We understand in our -- from our perspective, the focus on the second half acceleration that's embedded in the guide. And to be clear, like we're focused on it. We have confidence though in some particular areas for the back half of the year in particular.

從我們的角度，我們理解市場關注的是指引中隱含的下半年加速。而且要說清楚，我們確實聚焦在這件事上。我們對下半年某些特定領域也有信心。

First, pricing actions are going to have a larger impact in the back half based on the timing and the rollout cadence of those pricing actions to our overall portfolio, which isn't just one solution, various solutions in our portfolio.

第一，定價措施在下半年會產生更大的影響，原因在於這些定價措施推行至我們整體產品組合的時間點與推廣節奏；而我們的產品組合不只是一個解決方案，而是多個解決方案。

The second is, as Matt talked about and some of the examples provided, we're seeing improving leading indicators across payments enablement, multiproduct adoption and really growth in top solutions. So while we do have some of the legacy portfolio drag, and we're not going to give guidance with regard to the split between the top six solutions and the legacy portfolio, we do continue to expect growth in the top six solutions throughout the course of the year, particularly as we execute against some of the strategies I just talked about.

第二，正如 Matt 所談到以及所提供的一些例子，我們看到在支付啟用（payments enablement）、多產品採用，以及主要解決方案的成長等方面，領先指標正在改善。因此，雖然我們確實受到部分傳統產品組合的拖累，而且我們不會就前六大解決方案與傳統產品組合之間的拆分提供指引，但我們仍預期前六大解決方案在全年將持續成長，尤其是在我們落實我剛剛提到的一些策略之際。

Third, I would say that we've been making investments over the last 18 months to 24 months particularly around our go-to-market structure, onboarding and execution. And we're moving really a lot of those from foundational elements into building for scaling purposes.

第三，我會說我們在過去 18 到 24 個月持續投資，特別是在我們的上市推進（go-to-market）架構、導入（onboarding）與執行方面。而我們正把其中許多從基礎建設要素，轉向為擴張（scaling）目的而建置。

And then finally, last but really not least in kind of those pillars, we're moving from AI investment into monetization of those targeted investments.

最後但同樣重要的是，在這些支柱之下，我們正從 AI 投資走向將這些目標性投資變現。

The two examples, I think, that we gave on the call today highlight those and with products like EverHealth Scribe and the ZyraTalk integrations with AI reception is contributing incremental ARPU expansion and that just gives us further confidence that there's more opportunities. That will be multiyear, not just for this year, but we're continuing to grow those.

我認為我們今天在電話會議上給出的兩個例子就凸顯了這點；像 EverHealth Scribe 的產品，以及 ZyraTalk 與 AI 接待（AI reception）的整合，正在帶來增量的 ARPU 擴張，這也讓我們更有信心還有更多機會。這將是多年期的，不僅僅是今年，我們也會持續推動其成長。

Alex Sklar, Raymond James.

Raymond James 的 Alex Sklar。

Maybe for Eric or Matt or Evan want to take this one, but I wanted to ask you on new customer velocity and some of the top of funnel trends. Any change in mix shift on where you're seeing the growth come from between self-service, direct or some of the other channels? And then as we think about pipeline generation in particular, how much has changed since you started operating EverPro and EverHealth a little bit more independently in terms of top of funnel?

也許 Eric、Matt 或 Evan 其中一位可以回答，但我想請教你們關於新客戶獲取速度以及漏斗頂端（top of funnel）趨勢。在你們看到的成長來源上，自助式（self-service）、直銷（direct）或其他通路之間的組合是否有任何變化？另外，特別就管線生成（pipeline generation）而言，自從你們開始讓 EverPro 與 EverHealth 的運作更為獨立之後，在漏斗頂端方面有多少改變？

That's a great question. I actually think it makes sense to have both Evan and Matt give their view of the pipeline everyone is set up.

這是個很好的問題。我其實認為讓 Evan 和 Matt 都分享他們對管線如何建置的看法會比較合理。

Yes. Thanks, Alex, for the question. I mean I think a couple of things. One, we continue to see strong demand. The environment is still healthy.

好的。謝謝你，Alex，提問。我想有幾點。第一，我們持續看到強勁需求。整體環境仍然健康。

We continue to see sales cycles trend down, and we've seen that really over the last, I'd say, 3 or 4 quarters in a really positive way. Some of that is better execution on our end. Some of it is the claim rate and the demand from the prospective customers for some of the features that we rolled out. I also think it's just better execution from our teams.

我們持續看到銷售週期呈下降趨勢，而且我會說在過去 3 到 4 個季度，這個趨勢非常正面。其中一部分是我們端的執行更到位。一部分則是成交率（claim rate）以及潛在客戶對我們推出的一些功能所帶來的需求。我也認為這就是我們團隊執行力更好的結果。

I think from a funnel health perspective, we talked about this in March and I think in November as well, we started to shift more and more of our effort and our investment into outbound. And while that was historically kind of 1% or 2% of kind of new bookings, it's starting to be a healthier percentage. We actually overachieved in Q1 against our budget.

我認為從漏斗健康度的角度來看，我們在3月談過這件事，我想在11月也談過；我們開始把越來越多的精力與投資轉向外呼（outbound）。而過去外呼在新增訂單中大概只占1%或2%，現在開始成為更健康的占比。我們在第一季實際上超越了預算目標。

We have a fairly aggressive growth targets across 2026, but really pleased with the progress that the team has been able to make both on capitalizing on the demand environment as well as kind of the more aggressive mix to outbound, which we think over time has just better economics in terms of LTV to CAC.

我們在2026年有相當積極的成長目標，但我們對團隊所取得的進展非常滿意：一方面把握需求環境，另一方面也提高外呼的比重；我們認為從長期來看，這在LTV對CAC的經濟性上更佳。

Yes. And I'd follow on, Evan. Obviously, from an EverPro perspective, we're super focused from an inbound perspective. I think our demand trend remains healthy and stable. Sales cycle timing remained stable.

是的。Evan，我補充一下。很明顯，從EverPro的角度來看，我們在入站（inbound）方面非常專注。我認為我們的需求趨勢仍然健康且穩定。銷售週期的時間也維持穩定。

Funnel health is obviously an area that we focus on all the time in terms of improving conversion through our marketing and sales motion. So just continued stability quarter-over-quarter from an EverPro standpoint.

漏斗健康度顯然是我們一直關注的領域，目標是透過行銷與銷售動作來提升轉換率。因此，從EverPro的角度來看，季度對季度持續保持穩定。

And I think the one question you asked, which is a great one, how has that shifted? With kind of the -- over the last year plus of kind of really separating EverHealth and EverPro, I think the funnel has never changed. I think during the transition, as Evan brought up, we had executionally making that transition.

我想你問到的一個問題非常好：這方面如何發生變化？在過去一年多把EverHealth與EverPro真正分開之後，我認為漏斗本身從未改變。我認為在轉型期間，正如Evan提到的，我們在執行層面上是在完成這個轉換。

There were challenges within the execution as you've seen and the reacceleration that we're excited and very confident about is really driven by having both EverPro and EverHealth businesses much more mature at this point.

如你所見，執行上確實有挑戰；而我們感到興奮且非常有信心的再加速，主要是因為目前EverPro與EverHealth兩個業務都成熟得多。

Okay. I appreciate all the color there. Ryan, maybe just following up on the second half guide question, but from the margin side of things, there's a pretty big implied step-up in incremental margins. Where is the leverage coming from on the OpEx side in particular?

好的。感謝你提供這些細節。Ryan，延續下半年指引的問題，但從利潤率角度看，隱含的增量利潤率提升幅度相當大。尤其在營運費用（OpEx）方面，槓桿主要來自哪裡？

We continue to just work through the transformation optimizations that we started with previously. I would say that a lot of the enhancement from an EBITDA perspective in the back half of the year is really going to be targeted from a flow-through perspective on the margin that's coming from the incremental revenue.

我們持續推進先前啟動的轉型優化工作。我會說，今年下半年EBITDA的改善，很大一部分將來自於增量營收所帶來的利潤率流入（flow-through）。

So that incremental revenue is in areas where we have higher margin capabilities. The pricing impacts that I talked about earlier will have an outsized impact from a margin contribution perspective.

因為這些增量營收來自我們具備較高毛利能力的領域。我先前提到的定價影響，從利潤貢獻的角度將帶來更顯著的效果。

Not only that, but we are also continuing to focus our efforts on the continued transformation optimization and cost optimizations that we have in various parts of the business. But we'll not underinvest. As you can see from a capitalization perspective and where we're spending time and effort from an investment point of view.

此外，我們也持續把重點放在業務各部分的轉型優化與成本優化。但我們不會投資不足。從資本化（capitalization）的角度，以及我們在投資上投入時間與精力的方向，你們都看得到。

If you look at an LTM basis, we're continuing to strongly invest in the areas that are providing the examples that Matt and Evan talked about from an AI perspective, we've increased our investment in capitalization from a software perspective, which is largely infrastructure as well as product capabilities by like $13 million year-over-year on an LTM basis.

如果以過去十二個月（LTM）來看，我們仍在大力投資於相關領域；例如Matt和Evan談到的AI方面，我們在軟體資本化投資上增加了投入，主要是基礎設施以及產品能力；以LTM計算，年對年增加約1,300萬美元。

And we're going to continue to focus that resource allocation in a way that is going to continue to drive future growth for those higher-margin products.

我們將持續以能推動這些高毛利產品未來成長的方式來配置資源。

Bill McNamara, Evercore ISI.

Bill McNamara，Evercore ISI。

It's Bill on for Kirk. I guess how are you thinking about the cadence of share repurchases in 2026? And I guess, particularly in the context of your broader capital allocation priorities?

我是Bill，代替Kirk提問。我想問你們如何看待2026年股票回購的節奏？以及，特別是在你們更廣泛的資本配置優先順序背景下？

Yes. I mean, this is Brad. Sorry. As we've discussed before, I mean, the share repurchase program is something that we're not going to comment on. It's on a schedule and it kind of runs independently of day-to-day decisions.

是的。我是Brad。抱歉。如同我們之前討論過的，股票回購計畫我們不會評論。它有既定的時程，基本上獨立於日常決策運作。

But we continue to think that repurchasing our shares is a really accretive use of capital. And so that's why we upsized the program last fall, and we continue to be active there.

但我們仍然認為回購自家股票是非常具增益（accretive）的資本運用方式。因此我們在去年秋天擴大了該計畫，並且持續積極進行。

Appreciate it. And then in your customer example featuring the EverHealth AI Scribe alongside integrated payments for an orthopedic practice, how should we kind of think about the adoption trends among medical professionals?

了解，謝謝。另外，在你們的客戶案例中，針對一家骨科診所同時採用EverHealth AI Scribe與整合式支付，你們認為醫療專業人士的採用趨勢應該如何看待？

And then if I could just tack on a follow-up to that, would you say demand for automated note taking is still in the early innings? And what do you believe differentiates your solution in a competitive landscape?

如果我再加問一個延伸問題：你會說自動化筆記/病歷記錄的需求仍處於早期階段嗎？在競爭環境中，你們認為是什麼讓你們的解決方案與眾不同？

Thanks, Phil. I appreciate the question. I mean I think just moving backwards, the differentiation is that we've got a great integrated solution. We have a very robust road map across the rest of the year, and we have a significant base of customers to sell that integrated product that in terms of demand and need.

謝謝，Phil。感謝你的提問。我想先從差異化談起：我們有很好的整合式解決方案。我們在今年剩餘時間有非常強健的產品路線圖，而且我們擁有龐大的客戶基礎可銷售這個整合產品，就需求與必要性而言。

From an efficiency gain perspective, we see that basically all of our provider customers at the SMB end of the market are going to need an integrated solution. So we see the opportunity as being very large.

從效率提升的角度來看，我們看到基本上所有位於市場中小企業（SMB）端的醫療提供者客戶都會需要整合式解決方案。因此我們認為機會非常大。

When you think about kind of ARPU expansion kind of to your first question, if you look at Scribe like an average payments customer, you're talking about acceleration in ARPU of nearly 100% if we add both of those products and kind of attach full share of wallet on the payment side.

談到ARPU擴張、回到你第一個問題：如果把Scribe加到一個平均的支付客戶上，若同時加入這兩項產品，並在支付端綁定完整錢包份額（full share of wallet），ARPU幾乎可加速成長接近100%。

So it doubles the customer ARPU over a period of time. And when you think about kind of the growth algorithm for EverHealth getting -- and Matt touched on this with Service Fusion and ZyraTalk, getting customers to buy DrChrono or CollaborateMD and then attach payments and attach Scribe over a period of time give us a huge opportunity to accelerate revenue from existing customers.

也就是在一段時間內把客戶ARPU提高一倍。再看EverHealth的成長算法——Matt也在Service Fusion和ZyraTalk的例子中提到——讓客戶先購買DrChrono或CollaborateMD，然後在一段時間內再加掛支付、再加掛Scribe，這讓我們有很大的機會從既有客戶加速營收成長。

I'm not showing any further questions at this time. I would now like to turn it back over to Eric Remer for any closing remarks.

目前沒有顯示其他問題。我現在想把時間交回給Eric Remer，請他做結語。

Thank you again for joining our call today. We remain focused on executing our strategy, which we believe positions us well for sustainable long-term growth and shareholder value creation. I'd like to thank our investors for their continued support and all of the EverCommerce employees for their hard work.

再次感謝各位今天參加我們的電話會議。我們仍專注於執行我們的策略；我們相信這能讓我們在可持續的長期成長與股東價值創造方面處於有利位置。也要感謝投資人持續的支持，以及所有EverCommerce員工的辛勤付出。

Operator, this concludes our call.

接線員，本次電話會議到此結束。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝各位參與今天的會議。本節目到此結束。您現在可以掛線。各位，祝您有美好的一天。