Jack Henry & Associates Inc (JKHY) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Jack Henry first quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加傑克亨利 2025 年第一季財報電話會議。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Vance Sherard, Vice President of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁萬斯·謝拉德 (Vance Sherard)。請繼續。

Thank you, Wyatt. Good morning, and thank you for joining the Jack Henry First Quarter Fiscal 2025 Earnings Call. Today, I'm joined by President and CEO, Greg Adelson; and CFO and Treasurer, Mimi Carsley. Following my opening remarks, Greg will share his insights on the first quarter of our fiscal year and provide observations on our business and the industry.

謝謝你，懷亞特。早安，感謝您參加 Jack Henry 2025 財年第一季財報電話會議。今天，總裁兼執行長 Greg Adelson 也加入了我的行列。財務長兼財務主管 Mimi Carsley。在我的開場白之後，格雷格將分享他對我們財年第一季的見解，並提供對我們業務和行業的觀察。

Mimi will then discuss the financial results and full year guidance outlined in yesterday's press release, which is available in the Investor Relations section of the Jack Henry website. Afterwards, we will open the lines for a Q&A session.

然後，咪咪將討論昨天新聞稿中概述的財務業績和全年指導，該新聞稿可在傑克亨利網站的投資者關係部分找到。之後，我們將開放問答環節。

Please note that this call includes forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from our expectations. The company is not obligated to update or revise these statements.

請注意，本次電話會議包含前瞻性陳述，其中涉及風險和不確定性，可能導致實際結果與我們的預期有重大差異。本公司沒有義務更新或修改這些聲明。

For a summary of risk factors and additional information that could cause actual results to differ materially from such forward-looking statements, refer to yesterday's press release and the Risk Factors and forward-looking statements sections in our 10-K.

有關可能導致實際結果與此類前瞻性陳述存在重大差異的風險因素和其他資訊的摘要，請參閱昨天的新聞稿以及我們 10-K 中的風險因素和前瞻性陳述部分。

During this call, we will discuss non-GAAP financial measures such as non-GAAP revenue and non-GAAP operating income. Reconciliations for these measures are included in yesterday's press release. Now I will hand the call over to Greg.

在本次電話會議中，我們將討論非 GAAP 財務指標，例如非 GAAP 收入和非 GAAP 營業收入。這些措施的調節已包含在昨天的新聞稿中。現在我將把電話轉交給格雷格。

Thank you, Vance. Good morning, and I appreciate each of you joining this morning's call. I'm pleased to report overall solid financial performance results in the first quarter of our fiscal year 2025. I'd like to begin by thanking our associates for their hard work and commitment to our success by doing whatever it takes and doing the right thing for our clients.

謝謝你，萬斯。早安，感謝大家參加今天早上的電話會議。我很高興地報告 2025 財年第一季整體穩健的財務表現。首先，我要感謝我們的員工的辛勤工作以及他們不遺餘力為我們的客戶做正確的事情，為我們的成功做出的貢獻。

As I introduced in my script last quarter, I will share three main takeaways from the quarter, and then we'll provide additional detail about our overall business. First, our financial performance. We exceeded our first quarter outlook. We had non-GAAP revenue growth of 5.3% in Q1, slightly ahead of the 5.25% anticipated in August. As we indicated in August, Q1 revenue and margins were impacted by slower growth rates for on-premises annual maintenance and card processing.

正如我在上個季度的腳本中介紹的那樣，我將分享本季度的三個主要要點，然後我們將提供有關我們整體業務的更多詳細資訊。首先，我們的財務表現。我們超出了第一季的預期。第一季非 GAAP 營收成長 5.3%，略高於 8 月預期的 5.25%。正如我們在 8 月指出的，第一季的收入和利潤受到本地年度維護和卡片處理成長率放緩的影響。

Additionally, several long-term software usage contracts closed in Q1 of last year, creating a difficult comparison for this quarter. We remain confident in our full year non-GAAP revenue guidance of 7% to 8%. We provided commentary in August that non-GAAP margin would see contraction of 100 basis points. We ended the quarter with only 89 basis points of contraction.

此外，去年第一季結束了幾項長期軟體使用合同，為本季帶來了困難。我們對全年非 GAAP 收入指引 7% 至 8% 仍然充滿信心。我們在 8 月發表評論稱，非 GAAP 利潤率將收縮 100 個基點。本季結束時，我們僅收縮了 89 個基點。

Second, our sales performance. After a record Q4 for our sales team, we continued the positive momentum with record sales attainment in Q1 that included six competitive core wins. Of the six, three were financial institutions with over $1 billion in assets, including one $7 billion asset win. We also closed six deals to move existing clients from in-house processing to our private cloud.

第二，我們的銷售業績。在我們的銷售團隊在第四季度取得創紀錄的成績後，我們在第一季度繼續保持積極的勢頭，取得了創紀錄的銷售成績，其中包括六項具有競爭力的核心勝利。這六家機構中，有 3 家是資產超過 10 億美元的金融機構，其中一家資產規模達 70 億美元。我們也完成了六筆交易，將現有客戶從內部處理轉移到我們的私有雲。

Third, our client conference. We had a very successful Jack Henry Connect conference last month in Phoenix with nearly 2,600 clients and prospects in attendance. This is our largest conference of the year and produces a significant number of sales leads. Last year, 17 of our new core wins were from prospects that attended the conference.

第三，我們的客戶會議。上個月，我們在鳳凰城舉辦了一次非常成功的 Jack Henry Connect 會議，有近 2,600 名客戶和潛在客戶參加。這是我們今年規模最大的會議，產生了大量的銷售線索。去年，我們的新核心勝利中有 17 位來自參加會議的潛在客戶。

Now for more detail on our overall business. During the quarter, we were proud to be included in several national Best Places to Work rankings. We placed 16th in Newsweek's list of Top 200 Most Loved Workplaces, marking our third consecutive year ranked in the top 20. We also made Newsweek's Most Admired Workplaces list, earning five stars, which is the highest possible rating.

現在就了解有關我們整體業務的更多詳細資訊。本季度，我們很榮幸躋身多個國家最佳工作場所排名。我們在《新聞週刊》200 家最受歡迎工作場所排行榜中排名第 16 位，這也是我們連續第三年躋身前 20 名。我們還入選了《新聞周刊》最受讚賞的工作場所名單，獲得了五顆星，這是最高的評級。

Additionally, we ranked 11 in IDC's 2024 Fintech rankings based on annual revenue, representing our 16th consecutive year on that list. We are honored to receive these national recognitions as they reflect our people-first culture, commitment to exceptional service, and success in delivering innovative technology that empowers community and regional financial institutions.

此外，我們在 IDC 2024 年金融科技年收入排名中排名第 11，這也是我們連續 16 年上榜。我們很榮幸獲得這些國家認可，因為它們反映了我們以人為本的文化、對卓越服務的承諾，以及在提供創新技術以增強社區和區域金融機構能力方面所取得的成功。

Our payments segment continues to perform well. We signed four new debit processing clients and three new credit clients in the quarter. We now have 324 clients on the Zelle platform, 326 clients using RTP, representing approximately 43% of the live RTP clients, and 290 clients using FedNow, representing approximately 36% of the live FedNow clients.

我們的支付部門持續表現良好。本季我們簽署了四個新的借記處理客戶和三個新的信貸客戶。目前，我們在 Zelle 平台上擁有 324 個客戶，其中 326 個客戶使用 RTP，約佔即時 RTP 客戶的 43%，290 個客戶使用 FedNow，約佔即時 FedNow 客戶的 36%。

In our complementary segment, we signed seven new Financial Crimes Defender contracts in the quarter. In addition, we signed 26 new contracts for the Financial Crimes Defender faster payment fraud module, a real-time solution designed to help mitigate fraud in Zelle, FedNow and RTP transactions. We have installed 83 Financial Crimes Defender customers and have another 94 in various stages of implementation. We also have 37 faster payment modules installed and 133 in various stages of implementation.

在我們的補充部門，我們在本季簽署了七份新的金融犯罪防禦者合約。此外，我們還為 Financial Crimes Defender 更快的支付詐欺模組簽署了 26 份新合同，該模組是一個即時解決方案，旨在幫助減少 Zelle、FedNow 和 RTP 交易中的詐欺行為。我們已經安裝了 83 個 Financial Crimes Defender 客戶，另有 94 個客戶處於不同的實施階段。我們還安裝了 37 個更快的支付模組，還有 133 個處於不同實施階段。

Continuing with our complementary segment, we continue to see strong success with our Banno Digital solutions. For the quarter, we signed 12 new clients to the Banno retail platform as well as 18 new Banno Business deals. We currently have more than 950 Banno retail clients with over 180 live with Banno Business. We finished the quarter with 12.7 million registered users on the Banno platform. At the end of Q1 last year, we had 10.5 million registered users, a 20% increase over the past 12 months.

延續我們的互補細分市場，我們的 Banno Digital 解決方案持續取得巨大成功。本季度，我們在 Banno 零售平台上簽署了 12 個新客戶以及 18 個新的 Banno Business 交易。目前，我們擁有超過 950 個 Banno 零售客戶，其中 180 多個客戶與 Banno Business 合作。本季結束時，Banno 平台上的註冊用戶達到 1,270 萬人。去年第一季末，我們的註冊用戶數為 1,050 萬，比過去 12 個月成長了 20%。

Each year, we sponsor two technology surveys. We conduct the Jack Henry Strategy Benchmark in mid-January through early February, and this only goes to Jack Henry clients. We also co-sponsor a survey with Bank Director and the results from their mid-June to early July technology prioritization and spending questions were published in September.

每年，我們都會贊助兩項技術調查。我們在一月中旬至二月初進行了傑克亨利策略基準測試，這只適用於傑克亨利的客戶。我們還與銀行總監共同發起了一項調查，其 6 月中旬至 7 月初的技術優先順序和支出問題的結果已於 9 月發布。

In the Bank Director survey, 75% of the respondents reported an increase in their bank technologies budget for fiscal year 2024. Their top technology objectives are to improve operational efficiency, attract and retain customers and increase deposits. Those results are consistent with findings from our Strategy Benchmark published last spring.

在銀行董事調查中，75% 的受訪者表示 2024 財年的銀行技術預算增加。他們的首要技術目標是提高營運效率、吸引和留住客戶以及增加存款。這些結果與我們去年春天發布的策略基準的調查結果一致。

In that survey, 80% of our own clients said they plan to increase technology spending over the next two years with their top priorities being growing deposits, increasing operational efficiency, and growing loans. Although the two surveys were conducted six months apart, they yield very similar results around planned technology spending and key priorities.

在那次調查中，我們 80% 的客戶表示，他們計劃在未來兩年內增加技術支出，其中首要任務是增加存款、提高營運效率和增加貸款。儘管這兩項調查相隔六個月，但圍繞計劃的技術支出和關鍵優先事項得出的結果非常相似。

As I mentioned earlier, Jack Henry Connect was a tremendous success, and we received rave reviews from our clients, prospects and industry consultants that attended the event. Along with the more than 2,400 clients in attendance, we hosted 130 prospect attendees from 50 financial institutions.

正如我之前提到的，Jack Henry Connect 取得了巨大的成功，我們收到了參加活動的客戶、潛在客戶和行業顧問的好評。除了出席的 2,400 多名客戶外，我們還接待了來自 50 家金融機構的 130 名潛在與會者。

Our technology showcase included 250 third-party fintechs with most being competitors, which underscores our philosophy of being an open technology provider. Our vendor exit survey indicated 99% of these fintechs want to exhibit again at our conference in 2025.

我們的技術展示包括 250 家第三方金融科技公司，其中大多數是競爭對手，這凸顯了我們作為開放技術提供者的理念。我們的供應商退出調查表明，99% 的金融科技公司希望在 2025 年再次參加我們的會議。

The conference agenda was robust and anchored by the significant progress we made on our technology modernization initiatives. We continue to execute the strategy of breaking out key components of the core and building them in a cloud-native API-first platform, the Jack Henry platform. We are live with domestic wires, international wires, Data Broker and entitlement.

會議議程內容豐富，並以我們在技術現代化措施方面取得的重大進展為基礎。我們繼續執行突破核心關鍵元件並將其建立在雲端原生 API 優先平台（Jack Henry 平台）中的策略。我們擁有國內電匯、國際電匯、資料代理和權利。

We are in beta testing with both exception processing and general ledger. We remain on track to deliver a digital retail and commercial deposit-only core during calendar year 2026. I will continue to provide more details on our progress throughout the year.

我們正在進行異常處理和總帳的 Beta 測試。我們仍有望在 2026 年交付數位零售和商業存款核心。我將繼續提供有關我們全年進展的更多詳細資訊。

As we've done in prior years at the Jack Henry Connect, we held our annual CEO forum, which was attended by 185 CEOs, a new record for us. The general feedback throughout the meeting suggested that attendees are less concerned about the overall economy than last year, and they continue to invest in technology to enhance digital capabilities, improve efficiencies and modernize their businesses. The CEO agenda was well received by both clients and prospects, included a demonstration of our recently announced SMB solution with Moov.

正如我們前幾年在 Jack Henry Connect 上所做的那樣，我們舉辦了年度執行長論壇，有 185 名執行長參加，這對我們來說是一個新紀錄。整個會議的整體反饋表明，與去年相比，與會者對整體經濟的擔憂有所減少，他們繼續投資技術以增強數位能力、提高效率並實現業務現代化。CEO 議程受到了客戶和潛在客戶的好評，其中包括展示我們最近宣布的 Moov 中小企業解決方案。

As mentioned at Investor Day, we remain on track to deliver this unique solution to Banno early adopter clients in May of 2025. This solution will be sold through our banks and credit unions to capture more and higher-value deposits, while positioning the financial institution at the center of the relationship with their SMB customers. The SMB will benefit from eight daily settlement windows, tap-to-pay capabilities for both iOS and Android devices, one-click enrollment and approval, and continuous accounting reconciliation.

正如投資者日所提到的，我們仍有望在 2025 年 5 月向 Banno 早期採用者客戶提供這個獨特的解決方案。該解決方案將透過我們的銀行和信用社銷售，以獲取更多、更高價值的存款，同時將金融機構置於與中小企業客戶關係的中心。中小型企業將受益於八個每日結算視窗、適用於 iOS 和 Android 裝置的點擊支付功能、一鍵註冊和批准以及持續的會計對帳。

In closing, we hold our Annual Shareholder Meeting next week in Monett, Missouri. We will also offer a webcast viewing option for observers to watch remotely. I remain extremely optimistic about the demand environment based on the recent surveys I referenced in our pipeline returning to an all-time high. Furthermore, we continue to hear positive feedback from our clients, prospects and industry consultants regarding our key differentiators of culture, exceptional service and innovative technology.

最後，我們下週將在密蘇裡州莫內特舉行年度股東大會。我們還將提供網路廣播觀看選項，供觀察員遠端觀看。根據我在我們的管道中引用的最近調查，我對需求環境仍然非常樂觀，需求環境回到了歷史最高水平。此外，我們不斷聽到客戶、潛在客戶和產業顧問對我們的文化、卓越服務和創新技術的關鍵差異化因素的正面回饋。

These strengths, along with our proven track record of execution, will continue to drive positive results and position us well for the future.

這些優勢，加上我們良好的執行記錄，將繼續帶來正面的成果，並使我們為未來做好準備。

With that, I'll turn it over to Mimi for more specifics on our financials.

這樣，我會將其交給 Mimi，以了解有關我們財務狀況的更多詳細資訊。

Thank you, Greg, and good morning, everyone. Our continued focus on culture, service, and innovation, while supporting our community and regional financial institution clients, led to another quarter of solid revenue and earnings growth and a healthy start to our fiscal year.

謝謝你，格雷格，大家早安。我們持續關注文化、服務和創新，同時支持我們的社區和區域金融機構客戶，導致我們又一個季度實現了穩健的收入和盈利增長，並為我們的財年帶來了健康的開端。

I will cover the details behind our first quarter results and then conclude with commentary on the second quarter outlook and our fiscal '25 guidance. Q1 GAAP and non-GAAP revenue increased 5%, consistent with our expectations and providing the base for achieving our full year guidance.

我將介紹第一季度業績背後的詳細信息，然後對第二季度前景和 25 財年指導進行評論。第一季 GAAP 和非 GAAP 收入成長了 5%，符合我們的預期，並為實現我們的全年指導奠定了基礎。

Quarterly deconversion revenue of approximately $4 million, which we released prior to full earnings, was largely flat with the same period last year, reflecting minimal consolidation of our clients. This is also consistent with our expectations.

我們在全面獲利之前發布的季度轉換收入約為 400 萬美元，與去年同期基本持平，反映出我們客戶的整合程度極低。這也符合我們的預期。

Now taking a closer look at the details. GAAP and non-GAAP services and support revenue increased 4%. Data processing and hosting continue to be significant drivers of services and support revenue growth. Lower license and hardware revenue compared with prior year moderated services and support revenue. Our private and public cloud offerings increased over 11% in the quarter, reflecting strong persistent growth. This reoccurring revenue contributor is 30% of our total revenue and has long been a key double-digit growth engine.

現在仔細看看細節。GAAP 和非 GAAP 服務及支援收入增加了 4%。數據處理和託管仍然是服務的重要驅動力並支援收入成長。與前一年相比，許可證和硬體收入有所下降，服務和支援收入有所下降。我們的私有雲和公有雲產品在本季成長了 11% 以上，反映出強勁的持續成長。這一經常性收入貢獻者占我們總收入的 30%，長期以來一直是關鍵的兩位數成長引擎。

Shifting to processing revenue, which is 41% of our total revenue and another significant contributor to our long-term growth model. We saw strong performance with 7% growth on both a GAAP and non-GAAP basis for the quarter. Continuing long-term trends, quarterly drivers include increased card, digital and payment processing revenue. Completing commentary on revenue, I would highlight quarterly total reoccurring revenue was 93%. Quarterly enterprise fee revenue was 71% of total revenue and grew at 9%. Excluding hardware, non-key revenue grew 1%.

轉向加工收入，占我們總收入的 41%，也是我們長期成長模式的另一個重要貢獻者。我們看到了本季 GAAP 和非 GAAP 基礎上 7% 的強勁業績成長。延續長期趨勢，季度驅動因素包括卡片、數位和支付處理收入的增加。完成對收入的評論後，我要強調的是，季度總經常性收入為 93%。季度企業手續費收入佔總營收的71%，成長9%。不包括硬件，非關鍵收入增長了 1%。

Next, moving to expenses, beginning with the cost of revenue, which increased 6% on both a GAAP and non-GAAP basis for the quarter. Drivers for the quarter included higher direct costs, increased personnel costs, internal license and amortization. For clarification and to assist with models, the amortization of acquisition-related intangibles was $6 million for the quarter.

接下來是費用，首先是收入成本，本季以 GAAP 和非 GAAP 計算均增加了 6%。本季的驅動因素包括直接成本增加、人員成本增加、內部許可和攤提增加。為了澄清並協助建立模型，本季與收購相關的無形資產攤銷為 600 萬美元。

Next, R&D expense increased 8% on both a GAAP and non-GAAP basis for the quarter. The quarterly increase was primarily related to personnel costs. Ending with SG&A expense for the quarter on a GAAP basis, it decreased over 15% versus prior year related to last year's onetime VEDIP costs. SG&A increased 7% on a non-GAAP basis.

接下來，本季的研發費用以 GAAP 和非 GAAP 計算均成長 8%。季度成長主要與人員成本有關。截至本季按照 GAAP 計算的 SG&A 費用，與去年一次性 VEDIP 成本相關的費用比去年減少了 15% 以上。以非 GAAP 計算，SG&A 成長了 7%。

We remain focused on generating annually compounding margin expansion. While the quarter results delivered an 89 basis point decrease in non-GAAP margin to 25%, we remain confident in our ability to deliver full year margin expansion consistent with our full year guide. These solid quarterly results produced a fully diluted GAAP earnings per share of $1.63, up 17%. This was partially driven by the VEDIP expense in Q1 of fiscal '24 that were nonrecurring.

我們仍專注於實現年度複利利潤擴張。儘管本季業績使非 GAAP 利潤率下降 89 個基點至 25%，但我們仍有信心實現全年利潤率擴張，符合我們的全年指引。這些穩健的季度業績使完全攤薄後的 GAAP 每股收益達到 1.63 美元，成長 17%。這部分是由 24 財年第一季的非經常性 VEDIP 費用推動的。

Reviewing the three operating segments, we are pleased by positive performance across the board. Our core segment revenue increased 5% for the quarter on a non-GAAP basis against a tough comp. Core segment key revenue was 62% of total segment quarterly revenue with tremendous growth of 12%. Non-key revenue, primarily on promised annual maintenance decreased 4%.

回顧三個營運部門，我們對全面的積極表現感到高興。與嚴峻的競爭相比，我們的核心部門收入在非 GAAP 基礎上本季成長了 5%。核心部門主要營收佔部門季總營收的62%，大幅成長12%。非關鍵收入（主要是承諾的年度維護收入）下降了 4%。

Non-GAAP operating margin decreased 84 basis points. Margins were impacted by software usage and headcount associated with implementation. Payments segment quarterly revenue increased 6% on a non-GAAP basis. The segment again had impressive non-GAAP operating margin growth of 103 basis points. Revenue growth was due to continued growth in our card-related risk management solutions and strong growth from faster payments. Margins benefited from lower cost of revenue and card network incentives.

非 GAAP 營運利潤率下降 84 個基點。利潤受到軟體使用和與實施相關的人員數量的影響。以非 GAAP 計算，支付部門季度營收成長 6%。該部門的非 GAAP 營業利潤率再次實現了 103 個基點的令人印象深刻的成長。收入成長得益於我們與卡片相關的風險管理解決方案的持續成長以及更快支付的強勁成長。利潤率受益於較低的收入成本和卡網絡激勵措施。

Finally, complementary segment quarterly non-GAAP revenue growth increased 7% from a strong product mix with hosting and digital being a consistent source. Segment margin contracted 45 basis points, primarily due to amortization, license and fees, and direct support costs, partially offset by the growth in hosting and digital revenue.

最後，由於強大的產品組合（託管和數位化是一致的來源），互補部門季度非公認會計準則收入成長了 7%。部門利潤率收縮了 45 個基點，主要是由於攤銷、許可和費用以及直接支持成本，部分被託管和數位收入的成長所抵消。

Now let's turn to a review of cash flow and capital allocation. First quarter operating cash flow was $117 million, a $40 million decrease over the prior period, reflecting a timing shift to higher annual maintenance collections in Q4 last year than the historical norm. Trailing 12-month free cash flow was $289 million, resulting in a 72% conversion. Our consistent dedication to value creation resulted in a trailing 12-month return on invested capital of 20%.

現在讓我們回顧一下現金流和資本配置。第一季營運現金流為 1.17 億美元，比上一期減少 4,000 萬美元，反映出去年第四季年度維護費用的時間轉變高於歷史正常水準。過去 12 個月的自由現金流為 2.89 億美元，轉換率為 72%。我們始終致力於價值創造，導致過去 12 個月的投資資本回報率為 20%。

Heading into the second quarter, I will conclude with comments on quarterly cadence and full year guidance metrics. As you're aware, yesterday's press release included fiscal 2025 full year GAAP guidance, along with a reconciliation to our non-GAAP guidance metrics, all of which are reiterated. While the press release also included a fiscal '25 non-GAAP EPS metric, this is not intended to be a new guidance metric. The purpose is to provide additional clarity on our numbers, and it should be noted that a 24% tax rate is used.

進入第二季度，我將對季度節奏和全年指導指標發表評論。如您所知，昨天的新聞稿包括 2025 財年全年 GAAP 指導，以及對我們的非 GAAP 指導指標的調整，所有這些都得到了重申。雖然新聞稿還包括 25 財年非 GAAP 每股收益指標，但這並不是新的指導指標。目的是讓我們的數字更加清晰，值得注意的是，我們使用的是 24% 的稅率。

All of the current fiscal year guidance metrics are aligned with our near-term targets as the business operations remains healthy and consistent. Our outlook for financial performance remains upbeat with the pace of fiscal 2025 non-GAAP revenue and margin on track to increase sequentially throughout the year. This accelerating cadence will result in a strong second half that will be more pronounced than typical. Consequently, Q2 expectations for non-GAAP revenue growth is approximately 6% with non-GAAP margin flat to slightly down. The rest of the year is expected to improve strongly, resulting in a full year guidance remaining consistent with our longer-term target.

由於業務運營保持健康和一致，當前財年的所有指導指標都與我們的近期目標保持一致。我們對財務業績的前景仍然樂觀，因為 2025 財年非 GAAP 收入和利潤率預計將全年連續成長。這種加速的節奏將導致下半場的強勁，這將比典型的更明顯。因此，第二季非 GAAP 營收成長預期約為 6%，非 GAAP 利潤率持平或略有下降。預計今年剩餘時間將強勁改善，使全年指導與我們的長期目標保持一致。

As a reminder, we see fluctuations in quarterly results relating to software usage license component along with the timing of implementation. Therefore, the correct indicator of our business is the consistently strong fiscal year financial results.

提醒一下，我們看到與軟體使用許可組件相關的季度業績以及實施時間的波動。因此，我們業務的正確指標是持續強勁的財年財務表現。

In conclusion, Q1 was consistent with our expectations and sets us up to achieve a full year that is consistent with our stated long-term targets. We remain focused on delivering long-term profitable growth at scale through compounding revenue growth and margin expansion. We appreciate the efforts of our more than 7,100 dedicated associates that drove these strong results, and our investors for their ongoing confidence.

總之，第一季符合我們的預期，並使我們全年實現與我們既定的長期目標一致的目標。我們仍然專注於透過複合收入成長和利潤率擴張來實現大規模的長期獲利成長。我們感謝 7,100 多名敬業的員工所付出的努力，推動了這些強勁的業績，並感謝投資者的持續信心。

Wyatt, please open the line for questions.

懷亞特，請撥打電話提問。

(Operator Instructions)

（操作員說明）

Andrew Schmidt with Citi

花旗銀行的安德魯·施密特

Hey, Greg, Jamie, thanks for taking my questions this morning. If I could just drill down on the core revenue growth for a moment. Maybe just unpack the first quarter performance a little bit. And I know you managed to the full year, so I don't want to get too caught up on the first quarter performance, but maybe just a few more details on how core performed in the first quarter. And then as the year progresses, could you talk about the trajectory we should expect there and the drivers as the year progresses? Thank you very much.

嘿，格雷格，傑米，謝謝你們今天早上回答我的問題。如果我能深入研究一下核心收入成長就好了。也許只是稍微分析一下第一季的表現。我知道你們已經完成了全年的工作，所以我不想太關注第一季的表現，但也許只是關於第一季核心表現的更多細節。隨著時間的推移，您能否談談我們應該預期的軌跡以及隨著時間的推移的驅動因素？非常感謝。

So I'll start off with the core attainment, because that could be a combination of what you're doing, and I'll let Mimi talk about the specifics on the revenue. So 6 core wins. I will tell you that there were a couple of pushes that we had due to the hurricanes that happened. And we had a few deals that we had anticipated that would have closed in the first quarter that got pushed to the second quarter. So we didn't lose them. They just were timing. And obviously, we're not going to push people to try to sign a contract during those type of challenges.

所以我將從核心成就開始，因為這可能是你正在做的事情的組合，我會讓咪咪談談收入的具體情況。所以6核獲勝。我會告訴你，由於發生了颶風，我們受到了幾次推動。我們原本預計在第一季完成的一些交易被推遲到了第二季。所以我們沒有失去他們。他們只是在把握時機。顯然，我們不會強迫人們在此類挑戰期間嘗試簽署合約。

So that's part of it. But honestly, the exciting part that we highlighted was that we continue to win the multibillion-dollar opportunities, including the $7 billion, and we have several others that we expect to come here into fruition as well. So that part of I think, the potential part of your question is on the sales side, and I'll let Mimi handle the revenue component.

這就是其中的一部分。但老實說，我們強調的令人興奮的部分是，我們繼續贏得數十億美元的機會，包括 70 億美元，而且我們還有其他幾個希望在這裡取得成果的機會。所以我認為，你問題的潛在部分是在銷售方面，我會讓咪咪處理收入部分。

So as Greg alluded to just now, demand remains strongly intact and solid. And you should expect that as the year goes on across all of the segments, and particularly to your question around core, we're going to continue to see the key growth strong, with installation of prior year sales. And so we expect, similar to how you called it out in your note, that Q1 will be a floor for revenue growth with the subsequent acceleration as the year progresses. So nothing particular to call out from a cadence perspective. I just think you're going to see a very strong second half.

正如格雷格剛才提到的，需求仍然完好無損且穩固。您應該預料到，隨著這一年在所有細分市場上的發展，特別是關於您關於核心的問題，我們將繼續看到關鍵的成長強勁，並增加去年的銷售額。因此，我們預計，就像您在筆記中所說的那樣，第一季將成為收入成長的底線，並隨著時間的推移隨後加速。因此，從節奏的角度來看，沒有什麼特別值得指出的。我只是認為你會看到一個非常強大的下半場。

Yes. And I think one other point, Andrew, and really for everybody else is, I think it does point out that we still had a record quarter. So if you look at our complementary products and the things that we're doing tangentially to just core wins, having a record quarter even with 6 core wins, which, again, we typically have a Q1 is typically light for us anyway coming off of the 20-or-so that we won in Q4 of last year.

是的。我認為另一點，安德魯，對於其他所有人來說，我認為這確實表明我們仍然經歷了創紀錄的季度。因此，如果你看看我們的互補產品以及我們正在做的與核心勝利無關的事情，即使有6 個核心勝利，也有創紀錄的季度，同樣，我們通常有一個第一季度對我們來說通常是輕鬆的，無論如何去年第四季我們贏得的 20 左右。

But the reality is, it really was pushes that happened from the hurricane or it would have been a fairly normal first quarter.

但現實是，這確實是颶風帶來的推動，否則第一季本來會是相當正常的。

Got it. Yes, that makes sense. It's good to see the balance in the bookings there with the record sales quarter. Maybe just in the wake of the election, could you just remind us how Jack Henry is impacted by consolidation from an underlying revenue growth perspective? And then whether this cycle -- obviously, it's very early, but whether this cycle should be any different than what we've seen historically? Thanks so much.

知道了。是的，這是有道理的。很高興看到預訂量與創紀錄的銷售季度保持平衡。也許就在選舉之後，您能否提醒我們，從潛在收入成長的角度來看，整合對傑克亨利有何影響？然後這個週期是否——顯然，現在還很早，但是這個週期是否應該與我們歷史上看到的有所不同？非常感謝。

So again, I'll start. Mimi can add on. I think there's a couple of things. So one, what is baked into '25, I don't think the election results will change much of what we have baked for '25. Knowing, obviously, we have a president that we've seen before.

那麼，我又要開始了。咪咪可以補充一下。我認為有幾件事。因此，一是 25 年的計劃，我認為選舉結果不會改變我們為 25 年計劃的內容。顯然，我們有一位我們以前見過的總統。

So we know a little bit more of his playbook and what we should expect related to regulatory, hopefully, some improvement in the timing of M&A. But for our institutions we do have several already lined up with acquisitions that will be happening in the second half of our year in '25 that are already baked into the number.

因此，我們對他的策略有了更多的了解，以及我們應該期待與監管相關的內容，希望在併購時機上有所改善。但對於我們的機構來說，我們確實有幾家機構已經在排隊進行收購，這些收購將在 25 年下半年進行，這些收購已經計入數字中。

If something else accelerates, then obviously, that would be additional gravy for us. But we've already added and I think we mentioned this on the last call, we've already added additional conversion teams and migration teams for both banking and credit union based on the feedback that we've gotten from our clients. And of course, we get knowledge of deals that are going to happen very early on, so they can get those slots. And so we're working through that. But we'll see what happens.

如果其他事情加速，那麼顯然，這對我們來說將是額外的肉汁。但我們已經添加了，我想我們在上次電話會議中提到了這一點，我們已經根據從客戶那裡得到的反饋為銀行和信用合作社添加了額外的轉換團隊和遷移團隊。當然，我們很早就了解即將發生的交易，因此他們可以獲得這些機會。所以我們正在解決這個問題。但我們會看看會發生什麼。

I think the regulatory challenges that we see today, hopefully, there's some lessening of that. And then obviously, the approach that they've taken in the past regime on really slowing down M&A and the timing of getting approvals, we would hope and expect that, that would enhance.

我認為我們今天看到的監管挑戰有望減輕。顯然，他們在過去的政權中採取的確實減緩併購和獲得批准的時間的方法，我們希望並期望這種情況會有所改善。

And again, the more we're winning and the more we're growing asset sizes with our own institutions, which we've been articulating the 27% bank growth over the last four years and 34% credit union growth over the last four years, that continues to position us in more of the driver's seat in a lot of these opportunities.

再說一次，我們贏得的勝利越多，我們自己的機構的資產規模就越大，我們一直在闡述過去四年銀行增長率為 27%，信用合作社過去四年增長率為 34% ，這繼續使我們在許多此類機會中佔據更多的主導地位。

Yes. I think spot on, Greg. The only thing I would add is, given last year and the guidance for this year for deconversion revenue, it's hard to imagine that. Potentially next year, you don't see the impact to M&A leading to higher deconversion revenue.

是的。我認為正確，格雷格。我唯一要補充的是，考慮到去年和今年的去轉換收入指引，很難想像這一點。明年，您可能不會看到對併購的影響導致更高的非轉換收入。

But again, as we said, you never know. That's really hard to forecast. And it really depends on the institution and where they are on their renewal cycle. But I would not bake in anything else for this year given the timing of the turnover of the new administration.

但正如我們所說，你永遠不知道。這確實很難預測。這實際上取決於機構以及他們在更新周期中的位置。但考慮到新政府的換屆時間，我不會在今年做任何其他事情。

Got it. Thank you very much. Really appreciate the comments.

知道了。非常感謝。非常感謝您的評論。

Vasu Govil with KBW.

瓦蘇·戈維爾與 KBW。

Hi, thank you for taking my question. I guess first one for you, Greg. I wanted to ask about the Banno retail wins. I think you said 12 new wins in the quarter, which is a good number. But if I look back, it's probably one of the slowest we've seen in the last several quarters. Just anything to call out there? Anything timing related like you talked about the core? And then I know you have identified third-party cores also to sell Banno into. Just how is that effort going? And any color around that?

你好，謝謝你回答我的問題。我想第一個適合你，格雷格。我想問一下班諾零售業的勝利。我認為你說本季有 12 場新勝利，這是一個不錯的數字。但如果我回顧過去，這可能是過去幾季我們見過的最慢的情況之一。只是有什麼需要注意的地方嗎？有沒有像你談到核心那樣與時間相關的事情？然後我知道您已經確定了也可以出售 Banno 的第三方核心。這項努力進行得怎麼樣了？周圍有什麼顏色嗎？

Yeah, Good question. So on the number of wins, I don't -- there's nothing no concern there. I think a lot of it is timing. A lot of Banno deals are tied at this point in time to core wins. We're still moving customers over from the old platform, and we're actually getting ready to announce.

是的，好問題。所以關於勝利的數量，我不擔心──沒有什麼不值得擔心的。我認為很多都是時間問題。此時，班諾的許多交易都與核心勝利息息相關。我們仍在將客戶從舊平台轉移過來，我們實際上已經準備好宣布這一消息。

We've told our customers that we'll be announcing a sunsetting of the NetTeller platform, which again will help accelerate some additional ones that have kind of been laggards to move. But the reality is, no concern there at all. And to get 18 Banno Business was very much in line with what we had last year. And fourth quarter, you really that hopefully is a heavy sales win for us. But comparing it to the Q1 of last year, we were fairly much in line with that particular quarter.

我們已經告訴客戶，我們將宣布終止 NetTeller 平台，這將再次有助於加快一些行動遲緩的其他平台的發展。但現實是，根本不用擔心。獲得 18 個班諾業務與我們去年的情況非常一致。第四季度，您確實希望為我們帶來巨大的銷售勝利。但與去年第一季相比，我們與該特定季度的情況相當一致。

Related to the outside the base, so this really mostly applies to the Banno than it does to some of our other products that we're taking outside the base. But honestly, we've had some challenges with some of our competitors being as open as they say they are. And so we've been trying to work through some of the timing and costs that they want to embark upon us. And honestly, as a byproduct of that, we have really looked at a different way of approaching this.

與基地外部相關，因此這實際上主要適用於 Banno，而不是我們在基地外部使用的其他一些產品。但老實說，我們遇到了一些挑戰，因為我們的一些競爭對手正如他們所說的那樣開放。因此，我們一直在努力解決他們希望我們承擔的一些時間和成本問題。老實說，作為其副產品，我們確實考慮了一種不同的方法來解決這個問題。

And I don't necessarily want to share what we're doing, because I don't want it to get out to our competitors. But it is a way for us to bypass some of the typical integration points that you have to have and do it a different way, and we're working that path parallel.

我不一定想分享我們正在做的事情，因為我不想讓我們的競爭對手知道。但這是我們繞過一些典型整合點的一種方法，您必須擁有這些整合點並以不同的方式進行操作，並且我們正在並行處理該路徑。

And it's really more appropriate and applicable to the Banno platform. Banno platform has a lot more API integrations that need to happen, which makes it more difficult for some of those and integration work.

而且確實更適合、適用於Banno平台。Banno平台有更多的API整合需要進行，這使得其中一些整合工作變得更加困難。

So what we're going to do is be able to leverage some of the things that we're doing in Moov and be able to offer that through a process that will allow us to get outside the base, and we're going to do that in parallel with what we're doing with the other outside the base initiatives. So no change at this point in time line, just a little bit of a change in probably the level of productivity and success that we had hoped to have by the end of this fiscal year. So more to come on that, but we are taking a different approach, and I think it's going to be more successful for us.

因此，我們要做的就是能夠利用我們在 Moov 中所做的一些事情，並能夠透過一個允許我們走出基地的流程來提供這些東西，我們要做的這與我們正在進行的其他基地以外的舉措同時進行。因此，在這個時間點上沒有任何變化，只是我們希望在本財年年底之前實現的生產力水平和成功水平發生了一點變化。所以還有更多的事情要做，但我們正在採取不同的方法，我認為這對我們來說會更成功。

Great. And a quick one for you, Mimi. Just on the free cash flow conversion, like any change to the 65% guide that you had given us last quarter? Just any puts and takes there?

偉大的。咪咪，給你一個快速的。就自由現金流轉換而言，就像您上季度向我們提供的 65% 指導價值有何變化？只是那裡有任何看跌期權嗎？

And So I feel comfortable with the guide remaining intact at the 65% to 75%. There were a couple of people that noted Q1 at 50% cash flow. And I would just remind everyone that the annual the trailing 12 months is a better indicator of the free cash flow, because there are times, particularly Q4 to Q1, and the timing of the payments related to the annual maintenance.

因此，我對指南保持完好無損在 65% 到 75% 感到滿意。有幾個人指出第一季的現金流為 50%。我只想提醒大家，過去 12 個月的年度數據是自由現金流的更好指標，因為有時，特別是第四季度到第一季度，以及與年度維護相關的付款時間。

And as I called out on last quarter's call, Q4 benefited about $60 million from a higher mix being paid in Q4 than this Q1. So if you think about that Q1 50%, it really is closer to the 100% like we've seen in prior year Q1. But I think the 72% should give everyone comfort that we are well within that full year guidance range.

正如我在上個季度的電話會議上指出的那樣，第四季度的支付組合比第一季更高，因此第四季受益約 6000 萬美元。因此，如果您考慮第一季的 50%，它確實更接近我們在去年第一季看到的 100%。但我認為 72% 應該讓每個人都感到安慰，因為我們完全在全年指導範圍內。

Great. Thank you very much.

偉大的。非常感謝。

Welcome.

歡迎。

Rayna Kumar with Oppenheimer.

雷娜庫馬爾和奧本海默。

Good morning, Greg and mimi. Thanks for taking my call. So one of your competitors recently called out a competitive win of less than $10 billion asset bank. I'm just wondering if you're seeing any increased competition for banks and credit unions in core processing in your focus area?

早上好，格雷格和咪咪。感謝您接聽我的電話。因此，您的一位競爭對手最近聲稱贏得了不到 100 億美元資產銀行的競爭勝利。我只是想知道您是否發現銀行和信用合作社在您重點領域的核心處理方面的競爭加劇？

No. I mean, Rayna, as said, we compete with -- we've always competed with that particular company in that space, and we don't win them all. We win a lot and a lot more than anybody else, but we sure don't win them all. But from a standpoint of competitive pressure, no. That particular deal, I kind of know what happened. And there was a significant difference in price for sure.

不。我的意思是，Rayna，正如我所說，我們一直在與該領域的特定公司競爭，但我們並沒有贏得全部。我們比其他任何人都贏得了很多很多，但我們肯定不會贏得全部。但從競爭壓力的角度來看，答案是否定的。那個特別的交易，我大概知道發生了什麼事。價格肯定存在顯著差異。

But the reality is, we're continuing to be very successful in that space, including, like I said, the $7 billion opportunity we just won, plus a lot of the renewals that we've been able to do over the last 18 months are all at our larger client bases. So it's anywhere from the 15 to the 30 that we've been renewing, they're all staying with Jack Henry. So there's no concerns at this point.

但現實是，我們在這個領域繼續取得非常成功，包括，就像我說的，我們剛剛贏得的 70 億美元的機會，加上我們在過去 18 個月裡能夠完成的許多續約都是我們更大的客戶群。所以我們一直在更新的從 15 到 30 的任何地方，他們都和傑克亨利在一起。所以目前無需擔心。

Understood. That's very helpful. The economy seems to be showing more resilience evidenced by recent earnings reports from other payment companies. Do you think if this macro environment persists, there could be upside to your 25 to 40 basis point margin expansion target for this fiscal year?

明白了。這非常有幫助。其他支付公司最近的獲利報告證明，經濟似乎表現出更強的彈性。您認為如果這種宏觀環境持續下去，您本財年的利潤率擴張目標是否有可能上升 25 至 40 個基點？

Yes. I think at this point, it's probably a little too early to say for us, because we're just closing our first quarter. We do already have a pretty substantial second half planned that reflects robust growth. But yes, particularly in the area of transaction and card volumes, we anticipate a growing spending in the spring, but there is always an upside, the economy and consumer sentiment is stronger.

是的。我認為目前對我們來說可能還為時過早，因為我們剛結束第一季。我們確實已經制定了相當可觀的下半年計劃，反映出強勁的成長。但是，是的，特別是在交易和卡片交易量方面，我們預計春季支出將會成長，但總有好的一面，經濟和消費者信心更加強勁。

Appreciate all the color. Thank you.

欣賞所有的顏色。謝謝。

Thank you very much.

非常感謝。

Jason Kupferberg with Bank of America.

賈森‧庫普弗伯格 (Jason Kupferberg)，美國銀行。

Thanks, guys. Good morning. I just wanted to start on the second half revenue growth outlook and definitely appreciate the priority on Q2 to get our models tuned. I guess you got to be at around 9% in the second half to get to the midpoint of the full year and you talked about implementation cadence.

謝謝，夥計們。早安.我只是想開始討論下半年的營收成長前景，並且非常感謝第二季優先調整我們的模式。我猜你下半年必須達到 9% 左右才能達到全年中點，你談到了實施節奏。

But can you maybe just go a layer deeper into the visibility you have, factors that are going to drive that acceleration, and just clarify which revenue lines that's going to be most pronounced in? It sounds like a lot of it is core, but just wanted to check in on that.

但是，您是否可以更深入地了解您所擁有的可見性，以及將推動這種加速的因素，並澄清哪些收入線將最為明顯？聽起來很多都是核心內容，但只是想檢查一下。

Great question, Jason. Let me give you a little bit more color on some of the drivers that make us feel quite confident for the second half of the year. So first, I would call out the hardware last year was quite strong. That's a harder comp in first half this year than second half. So in the first half this year, hardware is about a $7 million drag impact. That eases up a little bit in the second half of the year. We expect cloud revenue, the record growth to continue to impact the new sales impact.

好問題，傑森。讓我為您介紹一些讓我們對下半年充滿信心的車手。首先，我想說去年的硬體非常強大。今年上半年的比賽比下半年更艱難。因此，今年上半年，硬體帶來的拖累影響約為 700 萬美元。下半年情況會有所緩解。我們預計雲端收入創紀錄的成長將繼續影響新的銷售影響。

We've seen strong growth in the faster payment adoption, and we're starting to see [ spends blown ]. So I think that's another opportunity in the second half. On card, as I just said to Rayna's question, we expect the spring to pick up a little bit, and we do have a lower Q4 comp.

我們已經看到更快的支付採用率的強勁成長，我們開始看到[花費被吹]。所以我認為這是下半場的另一個機會。就卡片而言，正如我剛才對 Rayna 的問題所說的那樣，我們預計春季會有所回升，而且我們的第四季度業績確實較低。

And then I think just as new products continue to ramp, things like Defender accelerating, we're having implementations, consulting revenue and transaction, and then overall digital adoption tied to the SMB strategy. So the impact of all that plus the implementation for all the prior year sales success coming on board gives us confidence in the second half.

然後我認為，隨著新產品不斷湧現，Defender 等產品不斷加速，我們正在實施、諮詢收入和交易，然後是與中小企業策略相關的整體數位化採用。因此，所有這些的影響加上去年所有銷售成功的實施使我們對下半年充滿信心。

Okay. And just talking about core wins for a second. I think you mentioned six in the quarter. I know a typical year, you target 50 to 55. It's still early. We know this is never ratable. It's usually lumpy by quarter. And I think you said a couple of deals slipped because of the hurricanes. But I wanted to just check in on overall pipeline confidence and visibility. And is 50 to 55 still a reasonable ZIP code for this fiscal year based on how you see the pipeline converting over the next few quarters?

好的。暫時談談核心勝利。我想你在本季提到了六個。我知道，典型的一年，你的目標是 50 到 55。現在還早。我們知道這永遠無法評價。通常每季都會出現塊狀。我想你說過，由於颶風，有幾筆交易失敗了。但我只想檢查整體管道的信心和可見性。根據您對未來幾季管道轉換的看法，50 到 55 仍然是本財年的合理郵遞區號嗎？

It is. And again, we're still -- we're tracking well. Last year, we did 15 more than $1 billion, and we're tracking again nice with that with already having three in the first quarter, which again is typically a lighter quarter for us, and not just a $1 billion deal, one was a $7 billion deal.

這是。再說一遍，我們仍然進展順利。去年，我們完成了15 筆超過10 億美元的交易，我們在第一季已經完成了3 筆交易，這對我們來說通常是一個較輕鬆的季度，而且不僅僅是一筆10 億美元的交易，其中一筆是70億美元的交易。

So absolutely on track and the pipeline is as robust as it's ever been. It's at an all-time high again, even after the record Q4 and year and record Q1. So feel very confident in the team's ability to go hit our normal numbers.

所以絕對步入正軌，管道也一如既往地強大。即使在創紀錄的第四季和今年創紀錄的第一季之後，它再次創下歷史新高。因此，我對球隊達到正常水平的能力充滿信心。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Will Nance with Goldman Sachs.

威爾·南斯 (Will Nance) 就職於高盛。

Hey, guys, thanks for taking the question. Is Just another one on the second half acceleration. It's nice to hear the confidence there. And I just it sounds like most of that is more kind of implementation and tough comps from the prior year. Maybe there's a little bit easier of a comp in payments in the back half of the year. But I guess, big picture, when you think about exiting the year at a stronger growth rate, maybe excluding having an easier comp in payments, is there anything in that back half growth rate that you would caution us against run rating into the first half of the following year?

嘿，夥計們，謝謝你提出問題。又是下半場的加速。很高興聽到那裡的信心。我只是聽起來大部分都是更多的實施和前一年的艱難比較。也許下半年的付款會比較容易。但我想，從大局來看，當你考慮以更強勁的增長率退出這一年時，也許不包括支付方面更容易的補償，後半段的增長率是否有任何東西可以提醒我們不要將評級延續到上半年下一年的？

Not exactly asking for following year guidance, but just wanting to kind of understand if they feel like that's a good run rate given the implementation schedule for the following few quarters??

並不是完全要求下一年的指導，而是想了解考慮到接下來幾季的實施時間表，他們是否認為這是一個良好的運行率？

I appreciate your question, Will. I would say FY '26 is a little bit far away to give a cadence deal yet. And as we said, I wouldn't recommend taking any 1 quarter and annualizing that. So I think as we get a little closer, we'll certainly get a feel. But I think there are some things with new products, the sales implementation, faster payment adoption, cloud growth that are a continuation and not just kind of a onetime like some of the grow-over either globally.

我很感激你的問題，威爾。我想說，距離 26 財年達成節奏協議有點遙遠。正如我們所說，我不建議採用任何一個季度並將其年化。所以我想，當我們再靠近一點時，我們一定會有所感覺。但我認為，新產品、銷售實施、更快的支付採用、雲端成長等方面的一些事情是一種延續，而不是像全球範圍內的一些成長那樣只是一次性的。

Yes. And the only thing I'll add to that, Will, is just as much as we described at the Investor Day, our goal is to continue to inch up to the levels of closer to the 8%. All the things we're doing, we're hoping and believing that, that is going to get us there.

是的。威爾，我唯一要補充的是，正如我們在投資者日所描述的那樣，我們的目標是繼續逐步提高到接近 8% 的水平。我們正在做的所有事情，我們希望並相信，這將使我們實現這一目標。

But the Moov piece will just have been launched at the end of the year, and seeing the level of success there, much as Mimi said, with a lot of the new products and continued implementations and getting through some of the queues that we have, and obviously, even in some of the things that we've been able to get launched in tech modernization, things around Data Broker and all that.

但是 Moov 的作品將在今年年底推出，並且看到那裡的成功程度，就像 Mimi 所說的那樣，有很多新產品和持續的實施，並完成了我們的一些隊列，顯然，即使是我們在技術現代化方面能夠推出的一些東西，圍繞著數據代理的東西等等。

So much time still needs to take place before we feel confident with giving you any more additional guidance. But the reality is, we have all the things in motion, and we do have an all-time sales pipeline to go make it happen.

在我們有信心為您提供更多額外指導之前，還需要很長時間。但現實是，我們所有的事情都在進行中，我們確實有一個空前的銷售管道來實現這一目標。

Got it. Okay. I appreciate that. I figured I would ask. And then just I guess any color on just how you're thinking about capital allocation and the M&A environment? We touched a little bit on bank M&A, but just any kind of capital allocation priorities come to mind and what might be an environment that's more conducive to M&A?

知道了。好的。我很欣賞這一點。我想我會問。然後我想您對資本配置和併購環境有何看法？我們稍微談到了銀行併購，但我想到了任何類型的資本配置優先事項，以及什麼環境更有利於併購？

Yes. I would say we're steadfast in our prioritization from a capital allocation perspective. We're continuing to invest in our own future growth through innovation. We continue to support our long-standing dividend policy. We paid down the debt. We're continuing to pay down the debt throughout the year. And as we start to build into a more positive cash flow position post paying down that debt, we'll always continue to look at share repurchases as an option.

是的。我想說，從資本配置的角度來看，我們堅定不移地決定優先順序。我們將繼續透過創新投資於我們自己的未來成長。我們繼續支持我們的長期股利政策。我們還清了債務。我們全年將繼續償還債務。當我們在償還債務後開始建立更積極的現金流狀況時，我們將始終繼續將股票回購視為一種選擇。

And M&A is always on the table. It's just there hasn't been any interesting prospects over the last several quarters. So hopefully, if people think between the interest rates coming down and M&A being more conducive, hopefully, there'll be some interesting prospects. But again, that would have to be not only financially attractive, be an acceleration to our tech road map journey.

併購總是擺在桌面上的。只是過去幾季沒有任何有趣的前景。因此，如果人們認為利率下降和併購更有利於，希望會有一些有趣的前景。但同樣，這不僅必須在財務上有吸引力，而且必須加速我們的技術路線圖之旅。

Okay. And just I appreciate you taking the questions today.

好的。我很感謝你今天提出問題。

Thank you,

謝謝你，

thank you, Will.

謝謝你，威爾。

Dominick Gabriele with Compass Point.

多明尼克·加布里埃爾與羅盤點。

Hey, good morning, everybody, and thank you so much for taking the question. So I guess, I was just curious if there was any change in the expected pace and deemphasizing some of the lower growth, less profitable businesses? You touched a little bit on it earlier in the call, but if you could give some extra color there?

嘿，大家早上好，非常感謝您提出問題。所以我想，我只是好奇預期的速度是否有任何變化，並不再強調一些成長較低、利潤較低的業務？您在電話會議的早些時候談到了這一點，但您是否可以在那裡提供一些額外的顏色？

Yes. It's a great question. And honestly, I was going to bring it up even in Will's question, so I'm glad you did. So we are focused on it. Some of these things, as we've mentioned through Investor Day and individual meetings is that this process of product rationalization is going to take several years for it to completely take fruition.

是的。這是一個很好的問題。老實說，即使在威爾的問題中我也打算提出這個問題，所以我很高興你這麼做了。所以我們專注於此。正如我們在投資者日和個人會議上提到的，其中一些事情是，產品合理化的過程將需要幾年的時間才能完全取得成果。

There are some opportunities that we're exploring on whether they would be small businesses of a potential divestiture as we've talked about before. We already mentioned a couple of products that we've been announcing sunsetting. So those take -- we typically get two years for that to happen.

正如我們之前討論過的，我們正在探索一些機會，探討它們是否是潛在剝離的小型企業。我們已經提到了一些我們已經宣布停用的產品。因此，我們通常需要兩年的時間才能實現這一目標。

Some of that will allow us to move customers faster to the better margin and faster advancing products like a Banno, NetTeller to Banno, and Yellow Hammer to Financial Crimes and things along that line. But there's other things that we're doing that will take a little bit more time and scrutiny that we're still working through. But it is a priority. We actually just came out of our strategy meeting, and it continues to be a priority, and we have a team focused on it.

其中一些將使我們能夠讓客戶更快獲得更好的利潤，並更快地推進產品，例如 Banno、NetTeller 到 Banno、Yellow Hammer 到金融犯罪以及類似的事情。但我們正在做的其他事情需要更多的時間和審查，我們仍在努力解決。但這是一個優先事項。實際上，我們剛結束戰略會議，這仍然是一個優先事項，我們有一個團隊專注於此。

Yes. The only other color I would lay on there for your question, Dom, is like it's doubtful, who knows, but it's doubtful at this point that you would see like one big chunk in a quarter. Some of these, we're going to pursue different avenue paths, whether it be sunsetting, whether it be just more cash cowing, whether it be actual looking at divestitures.

是的。對於你的問題，我想說的唯一另一種顏色是，Dom，這似乎是值得懷疑的，誰知道呢，但在這一點上，你是否會在四分之一中看到一大塊，這是值得懷疑的。其中一些，我們將尋求不同的途徑，無論是日落，無論是更多的現金畏懼，還是實際考慮資產剝離。

So I doubt that they stack up one on top of each other timing-wise to have that big of a noticeable impact to any one quarter. Obviously, we would call that out. But I think it's just over time, you'll see the improvement of that non-key revenue be less of a drag on the total performance.

因此，我懷疑它們是否會在時間上相互疊加，從而對任何一個季度產生如此大的顯著影響。顯然，我們會指出這一點。但我認為隨著時間的推移，你會發現非關鍵收入的改善對整體績效的拖累會減少。

And it should -- based on what we've been doing in the analyzation, it's also going to help us with some of the level of tech modernization in the shared services environment and some of the cost containment and expense control back to our focus on continued margin expansion. So all of those things will help us drive both the revenue growth as well as the margin.

它應該 - 根據我們在分析中所做的工作，它還將幫助我們提高共享服務環境中的一些技術現代化水平以及一些成本控制和費用控制，讓我們回到對利潤率持續擴張。因此，所有這些都將幫助我們推動收入成長和利潤成長。

Yes, for sure. And it was nice to see the margin being better than you were expecting this quarter. I guess, the election results basically just happened. So I'm just going to go back to this for a second. Do you think that -- do you have any sense from your clients that they were holding up certain tech investments until they understood who the winner was going to be?

是的，當然。很高興看到本季的利潤率比您預期的要好。我想，選舉結果基本上就已經發生了。所以我想再回到這個話題。您是否認為您的客戶認為他們會暫停某些技術投資，直到他們了解誰會成為贏家？

And do you think that there's incremental tech spend that they're likely going to pursue that maybe was not captured in just the budget growth that you guys talk about once or twice a year in your surveys. Do you think that could come through in like complementary products, where they're going to start making some of those discretionary investments because of how the election went and maybe more or less? Thanks.

您是否認為他們可能會追求增量技術支出，而這可能並沒有體現在您在調查中每年一兩次談論的預算增長中。您認為這是否可以透過類似的補充產品來實現，他們將因為選舉的進行而開始進行一些可自由支配的投資，也許或多或少？謝謝。

Honestly, I don't at this point, just because we've been so direct and have gotten such positive feedback on what they do want to do, which all made collective sense regardless of who was in the White House. Now I don't know what I don't know.

老實說，我現在不這麼認為，只是因為我們一直如此直接，並且就他們想做的事情得到瞭如此積極的反饋，無論誰入主白宮，這一切都具有集體意義。現在我不知道我不知道什麼。

There could be opportunities that happen through the M&A environment and folks are looking at opportunities to maybe purchase -- have an M&A, and there could be products that get accelerated because of an opportunity that, that particular bank had or didn't have. But I would say based on what we know today and the most recent feedback we literally just got a month ago at our CEO forum, I don't see that necessarily as of today.

併購環境中可能會出現一些機會，人們正在尋找可能購買的機會——進行併購，並且可能會有一些產品因為特定銀行擁有或沒有的機會而加速。但我想說，根據我們今天所了解的情況以及我們一個月前在執行長論壇上得到的最新回饋，我認為截至今天還不一定。

Thank you.

謝謝。

Thanks.

謝謝。

Peter Heckmann with D.A. Davidson.

赫克曼 (Peter Heckmann) 與 D.A.戴維森。

Hey, good morning, everyone. Thanks for taking the question. Greg, I just wanted to see with JHA user conference, Connect, how much of a priority or how much emphasis are you putting on the modern core modular platform? And how is that resonating with clients? And is it your sense that some of these multibillion-dollar institutions are really looking for a vendor that has a pretty well thought out and underway process to migrate towards an unbundled core. I mean, how important is that in terms of their decision-making?

嘿，大家早安。感謝您提出問題。Greg，我只是想透過 JHA 用戶會議 Connect 看看您對現代核心模組化平台的優先順序或重視程度如何？這如何與客戶產生共鳴？您是否感覺到這些價值數十億美元的機構中的一些確實正在尋找一個經過深思熟慮且正在進行的流程以遷移到非捆綁核心的供應商？我的意思是，這對他們的決策有多重要？

Yes. From the prospects that were there, and as I mentioned, we had 50 prospects and I met personally with 15 of them for a period of time. Yes, the strategy of what we're doing. So it's not just about the unbundling of the core. It's just the strategy of taking the core into the public cloud and not just core, but also some of the non-core products that we've built, understanding the value of being in the public cloud.

是的。正如我所提到的，從那裡的潛在客戶來看，我們有 50 名潛在客戶，我親自與其中 15 人會面了一段時間。是的，我們正在做的策略。所以這不僅僅是核心的分拆。這只是將核心引入公有雲的策略，不僅是核心，還有我們建構的一些非核心產品，了解公有雲的價值。

So those prospects, of course, our clients as well, but these prospects have told us that they're not seeing that same level of conversation with whom they're with today. So yes, that strategy plays strongly in it.

當然，這些潛在客戶也包括我們的客戶，但這些潛在客戶告訴我們，他們沒有看到與今天的客戶進行相同程度的對話。所以，是的，該策略在其中發揮著重要作用。

But it also plays the other things that we emphasize, our culture, our service, the other innovative technology that we've been building through the years with whether that be Financial Crimes or what we've done in PayCenter or what we've done in our enterprise account opening and things along that line.

但它也發揮了我們強調的其他事情，我們的文化，我們的服務，我們多年來一直在開發的其​​他創新技術，無論是金融犯罪還是我們在 PayCenter 所做的事情或我們所做的事情在我們的企業開戶以及類似的事情。

So it is a combination of things, Pete, that drive this. But the overall strategy, not just core, but the overall strategy is what is gravitating them to Jack Henry.

所以，皮特，這是由多種因素共同推動的。但整體戰略，不僅僅是核心戰略，而是總體戰略吸引了他們加入傑克亨利。

If I may add on, I think also what's really resonating is that shared services approach. So as we build componentry for the tech modernization, that's supporting and enhancing the experience on the existing cores today. And so that's giving people comfort that there's innovation on the cores that they might go to today as well as where they're going tomorrow.

如果我可以補充一點，我認為真正引起共鳴的是共享服務方法。因此，當我們為技術現代化建立組件時，這就是支援和增強當今現有核心的體驗。因此，這讓人們感到安慰，因為他們今天可能會使用的核心以及明天將要去的地方都有創新。

Yes. One last point, and I did emphasize this, was the open philosophy. When they walk into our tech showcase and see 250 fintechs that are there versus other client conferences, they know we are putting our money where our mouth is. And the reality is, they understand that Jack Henry is going to allow them to pick what is the best product for them.

是的。最後一點，我確實強調了這一點，那就是開放的哲學。當他們走進我們的技術展示廳，看到現場有 250 家金融科技公司與其他客戶會議相比，他們知道我們說到做到。現實是，他們明白傑克亨利將允許他們選擇最適合他們的產品。

And so that is a big part, too, that they're not getting that same level of cooperation today. And if they do want to go with a fintech or do an outside the base integration, as I referenced before, they're typically getting charged an arm and a leg to do it.

因此，這也是一個重要原因，因為他們今天沒有得到同樣程度的合作。如果他們確實想與金融科技合作或進行外部整合，正如我之前提到的，他們通常會為此付出高昂的代價。

Okay. That's helpful. And then can you just -- you haven't talked too much about the loan origination platform. Can you talk a little bit about some of your thoughts there in terms of solutions on the lending side and whether or not that's something that we might hear a little bit more about over the next few years?

好的。這很有幫助。然後你可以--你還沒有過多談論貸款發放平台。您能否談談您在貸款方面的解決方案方面的一些想法以及這是否是我們在未來幾年可能會聽到的更多內容？

Yes. And I expect you to hear more starting in 2025. So we've been working on combining the -- the LoanVantage platform now has been built to be a single consumer and commercial platform. And we've taken the account opening software, what we call OpenAnywhere, and we've added that into the solution. So it's now called enterprise account opening.

是的。我希望您從 2025 年開始能聽到更多消息。因此，我們一直致力於將 LoanVantage 平台整合為單一的消費者和商業平台。我們採用了開戶軟體，我們稱之為 OpenAnywhere，並將其添加到解決方案中。所以現在叫企業開戶。

And it will allow the institution to -- it competes very nicely with nCino or anybody else out in the market today. And we will be, what we call, early adopter in January of 2025. So it's coming up. And so we'll start to have some of our customers kind of working through that with us. But we are very excited about that and what opportunities it will continue to bring to our financial institutions.

它將使該機構能夠與 nCino 或當今市場上的其他任何人進行非常好的競爭。我們將在 2025 年 1 月成為我們所謂的早期採用者。所以它即將到來。因此，我們將開始讓一些客戶與我們一起解決這個問題。但我們對此以及它將繼續為我們的金融機構帶來的機會感到非常興奮。

And it is a top priority that the CEOs and CIOs tell us from our Strategic Benchmark Survey.

執行長和資訊長從我們的策略基準調查中告訴我們，這是首要任務。

I appreciate the feedback. I get back into queue. Thanks.

我很感激您的回饋。我回到隊列。謝謝。

Chris Kennedy with William Blair.

克里斯·甘迺迪與威廉·布萊爾。

Yes, good morning. Thanks for taking the question. Greg, you mentioned Data Broker a couple of times. Can you just remind us what the opportunity is there? And just maybe talk about the CFPB rule on open banking and how that drives that?

是的，早安。感謝您提出問題。Greg，您多次提到 Data Broker。您能提醒我們有什麼機會嗎？也許可以談談 CFPB 關於開放銀行業務的規則以及它是如何推動這項規則的？

Yes. So let me start with the CFPB rule. So 1033, if you remember back to some of the comments that we had made in prior quarters where we had eliminated screen scraping in our Banno Digital platform. We're the only provider that has 100% eliminated screen scraping. So we are already ahead of what was coming out with 1033 knowing that there was going to be something. And we now have direct API integrations into eight of the leading financial data aggregators.

是的。讓我從 CFPB 規則開始。那麼 1033，如果您還記得我們在前幾個季度發表的一些評論，我們已經消除了 Banno Digital 平台中的螢幕擷取功能。我們是唯一一家 100% 消除螢幕擷取的供應商。所以我們已經領先 1033 即將推出的產品了。現在，我們已將 API 直接整合到八家領先的金融資料聚合器中。

So the big names that you've heard of like Finicity and Yodlee and Plaid, Intuit and MX, but there are several others. And I think we have like eight or nine more in the queue to do full API. And as a reminder, this rule does not impact core. It really impacts digital banking providers. So we are significantly ahead of anybody in the space today for that for 1033.

您聽過的知名品牌有 Finicity、Yodlee、Plaid、Intuit 和 MX，但還有其他一些品牌。我認為我們還有八、九個佇列來完成完整的 API。提醒一下，這條規則不會影響核心。它確實影響了數位銀行提供者。因此，我們在 1033 方面遠遠領先於當今該領域的任何人。

Related to Data Broker. So Data Broker, we have a few clients that are live that have been testing this in our early adopter. But the reality is that we are bringing into a single data repository, the ability for our customers to get their core data, their digital data, their payments data, their fraud data, their lending data, all from Jack Henry in a single repository, as well as we are giving access to third party, whoever third parties they use, to be able to bring that data in as well. And of course, we got all the guardrails and things that we need to do to make sure that, that happens.

與數據代理相關。因此，Data Broker，我們有一些活躍的客戶已經在我們的早期採用者中測試了這一點。但現實是，我們正在將其引入單一數據存儲庫，讓我們的客戶能夠在單個存儲庫中從 Jack Henry 獲取他們的核心數據、數位數據、支付數據、欺詐數據、貸款數據，我們還向第三方提供存取權限，無論他們使用哪個第三方，也能夠將這些資料帶入。當然，我們有所有的護欄和我們需要做的事情來確保這種情況發生。

So we're just in early stages of bringing some of the groups in. So we have core in there today. We have digital in there today. We'll have payments in by the end of the calendar year. And we'll have fraud in by the end of the first quarter of 2025. So we expect more sales to occur, obviously, as you get more and more of the data in there. But we've been testing it out. It's going really well. As far as uptick in revenue, probably not much in 2025, but we do expect it to be something that will help drive 2026.

因此，我們正處於引入一些團隊的早期階段。所以我們今天有核心。今天我們那裡有數字。我們將在日曆年年底前收到付款。到 2025 年第一季末，我們將出現詐欺行為。因此，顯然，隨著您獲得越來越多的數據，我們預計會出現更多的銷售。但我們一直在測試它。一切進展順利。就營收成長而言，2025 年可能不會有太大成長，但我們確實預計這將有助於推動 2026 年的成長。

Great. Thanks for taking the question.

偉大的。感謝您提出問題。

John Davis with Raymond James.

約翰戴維斯和雷蒙德詹姆斯。

Good morning, guys. How Mimi, we talked a lot about the second half rev excel, but I wanted to touch on margins. I think the guide implies margins will be up somewhere close to 100 basis points in the back half of the year. Obviously, you have revenue accelerating, easier comps. Anything else to call out on the margin front right now?

早安，夥計們。咪咪，我們談了很多關於下半場轉速的問題，但我想談談利潤。我認為該指南暗示今年下半年利潤率將上漲近 100 個基點。顯然，你的收入正在加速成長，競爭也變得更容易。現在在保證金方面還有什麼需要注意的嗎？

Yes. So I would say the first half is a little bit more pronounced from the headwinds we've seen, both the software usage. And additionally, I would call out Q2 is a bit of a tough comp because of VEDIP impact. We had the departures last year in Q2, but not the replacement.

是的。因此，我想說，從我們所看到的軟體使用上的不利因素來看，上半年的情況更加明顯。此外，我想說，由於 VEDIP 的影響，第二季的比賽有點艱難。去年第二季我們有離職人員，但沒有替代者。

And so that's a bit of a grow-over from a headcount from the roughly like 250 heads that are going to be Q2 '25 versus Q2 '24. So I think those things make a little bit challenging in the first half. But as we get to the second half, it certainly aligns to our revenue growth. So I feel pretty comfortable with the full year guide of the 25 to 40 basis points.

因此，25 年第 2 季與 24 年第 2 季的員工人數約為 250 人，這在一定程度上有所增長。所以我認為這些事情讓上半場有點挑戰性。但當我們進入下半年時，它肯定與我們的收入成長保持一致。因此，我對 25 至 40 個基點的全年指導感到非常滿意。

Okay. Great. And then, Greg, you called out 20% increase in Banno users year-over-year. Is Banno for Business a meaningful contributor to that? And if so, is it safe to assume that Banno revenue is growing well above that 20% user growth number?

好的。偉大的。然後，Greg，您稱 Banno 用戶同比增長了 20%。Banno for Business 是否對此做出了有意義的貢獻？如果是這樣，是否可以安全地假設 Banno 的營收成長遠高於 20% 的用戶成長數字？

Yes. The Banno business is not a meaningful contributor. It is a contributor, but as far as the growth, it truly is about our implementation numbers. And so as we add more and more business customers, yes, there can be some additional users.

是的。班諾業務並不是一個有意義的貢獻者。它是一個貢獻者，但就成長而言，它確實與我們的實施數量有關。因此，隨著我們增加越來越多的企業客戶，是的，可能會有一些額外的用戶。

But that growth of 20% has really been driven through the retail platform. But as we continue to add, remember, the way we price Banno Business is that the retail customer, regardless of how many retail customers they have, they pay that same amount, and it's kind of an add-on fee to what the retail piece is.

但 20% 的成長確實是透過零售平台推動的。但當我們繼續補充時，請記住，我們對 Banno Business 定價的方式是，零售客戶，無論他們擁有多少零售客戶，他們都會支付相同的金額，這是零售部分的附加費用。

So as we continue to get more penetration and some things that we are doing to actually do adoption activities, I think that, that number will become more and more meaningful. But as far as the revenue growth, we've been kind of consistent over the last year or two years on where we've been on the revenue growth in the digital side. And remember, digital is more than just Banno.

因此，隨著我們繼續獲得更多的滲透以及我們正在做的一些事情來實際進行採用活動，我認為，這個數字將變得越來越有意義。但就收入成長而言，過去一兩年我們在數字方面的收入成長一直保持一致。請記住，數位化不僅僅是班諾。

And the next question comes from James Faucette with Morgan Stanley.

下一個問題來自摩根士丹利的詹姆斯·福賽特。

Hey, thanks very much for everybody. I wanted to ask, Greg, really quickly, you mentioned the implementation queues. And just wondering how those are trending broadly and how you're thinking right now about the puts and takes between the margin expansion you're delivering versus potential for additional resource allocation to help speed up those implementations?

嘿，非常感謝大家。我想問，格雷格，很快，你提到了實施佇列。只是想知道這些趨勢的廣泛趨勢如何，以及您現在如何考慮您正在提供的利潤擴張與額外資源分配潛力以幫助加快這些實施之間的看跌期權和拿單？

Yes. Thanks, James. Yes, we look at that literally every month as part of our discussions with our teams during when we do variance reviews with them. And so we balance that very well. We've added people in our Financial Crimes Defender group last year, a significant number, honestly, to do that. Some of it is -- implementations are, in some cases, especially in Financial Crimes, they can take up to six months because of the data that needs to get transferred over.

是的。謝謝，詹姆斯。是的，我們每個月都會在與團隊進行差異審查時將其作為與團隊討論的一部分。所以我們很好地平衡了這一點。去年，我們在金融犯罪捍衛者小組中增加了人員，老實說，這個數字相當可觀。其中一些是——在某些情況下，特別是在金融犯罪方面，由於需要轉移數據，實施可能需要長達六個月的時間。

So some of it isn't just a people thing, some of it is purely just waiting. The other thing is that a lot of these can be tied to a core implementation. So they get delayed until the core gets done as well. But we absolutely evaluate the need to expedite the revenue flow and balance it against the operating margin. But we do that literally every month.

所以有些不只是人的問題，有些純粹只是等待。另一件事是，其中許多都可以與核心實作相關聯。所以他們會被推遲，直到核心也完成。但我們絕對評估了加快收入流動並將其與營業利潤平衡的必要性。但我們實際上每個月都會這樣做。

Got it. And then I'm wondering, it's been a few months since you announced the partnership with Moov. It seems like an interesting potential product both for Jack Henry as well as Jack Henry's customers. Just any update on kind of progress there and when we may start to see that enter the market commercially?

知道了。然後我想知道，距離你們宣布與 Moov 合作已經幾個月了。對於傑克亨利以及傑克亨利的客戶來說，這似乎都是一個有趣的潛在產品。只是有關進展情況的最新資訊以及我們何時可以開始看到該技術進入商業市場？

Yes. So lots of progress. We've made, honestly, a lot of advancement even since Investor Day, when we publicly announced it. We did a full demo of this at our client conference in front of the 4,000 people that were there and got rave reviews for them being able to see that. As far as timing, as I announced, we're on time to be able to deliver this to our early adopter Banno clients in May of 2025. And so we're on track to do that.

是的。進步很多。老實說，自從投資者日公開宣布以來，我們已經取得了許多進步。我們在客戶會議上在 4,000 名與會者面前進行了完整的演示，並獲得了好評如潮，因為他們能夠看到這一點。就時間而言，正如我所宣布的那樣，我們將在 2025 年 5 月準時將其交付給我們的早期採用者 Banno 客戶。我們正朝著這個目標邁進。

That's great. Thank you.

那太棒了。謝謝。

Thank you.

謝謝。

Ken Suchoski with Autonomous Research.

肯·蘇喬斯基 (Ken Suchoski) 從事自主研究。

Hey, good morning. Thanks for taking the question. I wanted to circle back on the cloud migration. I think you said cloud revenue was 30% of revenue growing low double digits. I think you have 70%, 75% of clients on the private cloud. Can you just give us a sense for how much runway there is for cloud revenue to continue to grow at these double-digit rates? Are you seeing any traction in the public cloud yet? Just trying to get a sense for how sustainable that growth is on the cloud side and maybe where the revenue shows up across the segments as well?

嘿，早安。感謝您提出問題。我想回顧一下雲端遷移。我想你說過雲端收入佔營收成長的 30%，呈現低兩位數成長。我認為 70%、75% 的客戶都在私有雲。您能否讓我們了解雲端收入繼續以兩位數的速度成長還有多長的路要走？您是否看到公有雲有任何吸引力？只是想了解雲端成長的可持續性如何，以及收入在各個細分市場中的表現？

Yes. Ken, I'll start with just kind of the migration and then let Mimi go through the revenue component of it. So we are at 73% right now in the private cloud. And so we don't expect to get to 100%, and we expect to be somewhere in the low to mid-90s, because there'll just be some of the customers that just don't want to move. But we have several years. We're still expecting this year to do our normal 40-ish from an in to out. And so they'll be somewhere in those numbers, and we're really on track. Based on first quarter of last year versus first quarter of this year, our in to out was very similar in number.

是的。Ken，我將從遷移開始，然後讓 Mimi 介紹其中的收入部分。因此，我們目前在私有雲中的佔比為 73%。因此，我們預計不會達到 100%，我們預計會達到 90 年代中期，因為會有一些客戶只是不想搬家。但我們還有幾年的時間。我們仍然期望今年能夠從頭到尾完成正常的 40 歲左右。所以他們會在這些數字中的某個地方，我們真的走上了正軌。根據去年第一季和今年第一季的數據，我們的進出數量非常相似。

And the other thing that's happening is that we are down to a lot of our larger clients. So even if we move less or fewer in a quarter, they typically are larger clients, will bring more of an impact as well. And just as a reminder, on average, between banks and credit unions, about 1.75% increase. So that is part of where we are. As far as years of runway, we expect to be three, four, five more years of that at some pace.

正在發生的另一件事是我們受到了很多大客戶的影響。因此，即使我們在一個季度內搬遷較少或較少，他們通常都是較大的客戶，也會帶來更大的影響。提醒一下，銀行和信用合作社之間的平均增幅約為 1.75%。這就是我們現狀的一部分。就跑道的年數而言，我們預計會以某種速度再持續三年、四年、五年。

But in the same time, I announced earlier about the deposit-only core being ready in 2026. So we could see some lift at that point in time of folks moving either directly from in-house to the public cloud or from the private cloud to the public cloud or being in both, because it will be a deposit-only core in 2026 as we build out the rest of the core component. So more to come on that, but we still have some runway, and they are larger customers.

但與此同時，我早些時候宣布僅存款核心將於 2026 年準備就緒。因此，我們可以看到人們在那個時間點直接從內部遷移到公有雲或從私有雲遷移到公有雲或兩者都遷移，因為到 2026 年它將成為僅存款核心，因為我們建構了核心組件的其餘部分。所以還有更多的事情要做，但我們仍然有一些跑道，而且他們是更大的客戶。

Yes. I mean I think Greg hit on all the salient points that there's still runway to go. The clients are potentially larger. Also, our clients grow. We grow with our clients as they grow. So even though ones that are already in our private cloud environment, as they have more accounts, as they grow and expand, we're going to continue to get revenue growth with them. So that's the only other thing I would call out from just -- it's continuing to be a strong growth engine for us in the future.

是的。我的意思是，我認為格雷格擊中了所有要點，即仍有很長的路要走。客戶可能更大。此外，我們的客戶也在成長。隨著客戶的成長，我們與他們一起成長。因此，即使那些已經在我們的私有雲環境中的公司，隨著他們擁有更多帳戶，隨著他們的成長和擴張，我們將繼續與他們一起獲得收入成長。因此，這是我唯一要強調的另一件事——它在未來將繼續成為我們強大的成長引擎。

Okay. Great. And then I think you said non-GAAP revenue would grow 6% in the second quarter. Can you just remind us of the building blocks, I guess, by segment just to get to that 6%?

好的。偉大的。然後我想你說過第二季非 GAAP 收入將成長 6%。我想，您能否提醒我們按細分市場劃分的建置模組，以達到 6% 的目標？

Yes. Ken, we can follow up offline in terms of the components. But I would just say like on a whole, I don't expect to see a lot of different changes from the momentum we had in the Q1 in terms of for the segment. We still think that for cards, Q2 is going to be a little bit better than Q1, but it's still probably a modest spend expectation.

是的。Ken，我們可以在組件方面進行線下跟進。但我只想說，總體而言，我預計該細分市場不會出現與第一季勢頭有很大不同的變化。我們仍然認為，對於卡牌來說，第二季度會比第一季好一些，但這仍然可能是一個適度的支出預期。

Cloud is our slowest quarter in Q2. Hardware has less of a drag than Q1, but still a drag in Q2 as well. And we have some drag on some small things like call center and item processing at this point. So I think that's what's leading us to that 6% and then taking off solidly from there in the back half.

雲端運算是我們第二季最慢的季度。硬體的拖累比第一季小，但在第二季仍然是拖累。目前，我們在呼叫中心和專案處理等一些小事上遇到了一些阻力。所以我認為這就是我們達到 6% 並在後半段開始穩定起飛的原因。

Thanks so much.

非常感謝。

Dave Koning with Baird

戴夫·科寧與貝爾德

A couple of things. First of all, card processing, you put that in the press release was 5% growth. Last quarter it was 8% growth. And I know like the networks and stuff were pretty stable growth. Was there anything in there just to call out why that decelerated a bit?

有幾件事。首先，卡片處理，您在新聞稿中提到增長了 5%。上個季度成長了 8%。我知道網路和其他東西的成長相當穩定。裡面有什麼東西只是為了說明為什麼速度有點減速嗎？

Yes. I think our transaction volume was pretty much in line. I would say where we've seen on the positive side, we've seen higher ramp from a faster payment stuff, and that's really taking off. The bill pay from the rest of it, it's a modest kind of grower from the ETF business, a little slower than prior year, but modest growth. So, I think that's pretty much in line.

是的。我認為我們的交易量基本上一致。我想說的是，我們看到了積極的一面，我們看到了更快的支付帶來的更高的成長，這確實正在起飛。帳單由其餘部分支付，它是 ETF 業務的溫和成長者，比去年稍慢一些，但成長溫和。所以，我認為這非常符合。

Okay. And then the one other thing, the we talked about this last for to interest income remains high and you guys had a ramp kind of a year-and-a-half or so later than I would say a lot of other. I guess you had some ramp for a while ago, but you really ramp that up a lot in the last year. So now again, it was really high in Q1. Does that does that stay or what treated kind of a little later ramp in that it does that say kind of stable through the year?

好的。然後另一件事，我們最後討論的利息收入仍然很高，你們的成長比我說的很多其他事情晚了一年半左右。我猜你之前有一段時間有一些提升，但去年你確實提升了很多。現在，第一季的水平確實很高。這是否會保持不變，或者經過某種處理後會出現某種程度的上升，因為它確實表明全年保持穩定？

Mostly, I would say it was due to just the timing of negotiations with some of our bank counterparties in terms of getting more attractive yields on those balances. It does have some correlation with interest rates. So I think it's pretty stable for Q2. We'll see what the Fed does in the back half of the year and what pace they do. But I would say you'll see some correlation with interest rates and interest income.

我想說，這主要是因為我們與一些銀行交易對手進行了談判，以便從這些餘額中獲得更具吸引力的收益率。它確實與利率有一定的相關性。所以我認為第二季相當穩定。我們將看看聯準會在今年下半年會做什麼以及他們的行動節奏。但我想說，你會看到利率和利息收入之間存在一些相關性。

Okay. Thank you.

好的。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Vance Sherard for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給萬斯·謝拉德發表閉幕詞。

Thank you all. Look forward to hosting you at next week's shareholder meeting, either in person or on the webcast. And in the coming weeks, we will be attending various investor events in the US and Europe. Again, like to thank all Jack Henry associates for their hard work and dedication which have contributed to our outstanding results. Thank you for joining us today. Please provide the replay number.

謝謝大家。期待您出席下週的股東大會，無論是親自出席還是透過網路直播。在接下來的幾週內，我們將參加美國和歐洲的各種投資者活動。再次感謝所有 Jack Henry 員工的辛勤工作和奉獻精神，他們為我們取得了優異的成績做出了貢獻。感謝您今天加入我們。請提供重播號碼。

The replay number for today's call is 8773447529 and the access code is 6482509. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

今天通話的重播號碼是8773447529，接入碼是6482509。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。