Jack Henry & Associates Inc (JKHY) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Jack Henry's second-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 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在，我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, Michael. Good morning, and thank you for joining the Jack Henry second-quarter fiscal 2025 earnings call. Today, I am 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 half of our fiscal year and provide observations on our financial results, operational metrics, and outlook. Mimi will then discuss the financial results 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.

謝謝你，麥可。早安，感謝您參加 Jack Henry 2025 財年第二季財報電話會議。今天，與我一起出席的還有總裁兼執行長 Greg Adelson；以及財務長兼財務主管Mimi Carsley。在我的開場白之後，格雷格將分享他對我們財政年度上半年的見解，並對我們的財務表現、營運指標和前景提供觀察。然後，Mimi 將在昨天的新聞稿中討論財務結果，該新聞稿可在傑克亨利網站的投資者關係部分查閱。之後，我們將開通問答環節。

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. 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 in our 10-K.

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。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的 10-K 中的風險因素和前瞻性陳述。

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.

在本次電話會議中，我們將討論非公認會計準則財務指標，例如非公認會計準則收入和非公認會計準則營業收入。這些措施的對帳已包含在昨天的新聞稿中。

Now I will hand the call over to Greg.

現在我將電話交給格雷格。

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 second 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 in doing the right thing for our clients. Our focus on a people-first culture, service excellence, technology innovation and a well-defined strategy supported by consistent execution continues to set us apart in the market.

謝謝你，萬斯。早安，我感謝你們每個人參加今天早上的電話會議。我很高興地報告我們 2025 財年第二季的整體財務表現穩健。首先，我要感謝我們的同事的辛勤工作和對我們的成功的承諾，他們盡一切努力為我們的客戶做正確的事情。我們注重以人為本的文化、卓越的服務、技術創新以及由一致執行支持的明確策略，這使我們在市場上脫穎而出。

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 second-quarter outlook. We had non-GAAP revenue growth of 6.1% in Q2, slightly ahead of the 6% anticipated on the November call. Our non-GAAP operating margin of 21.5% was also slightly better than expected. We continue to expect results in the second half of our fiscal year that are consistent with full-year guidance provided in August.

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。我們超出了第二季的預期。我們第二季的非公認會計準則收入成長了 6.1%，略高於 11 月電話會議預期的 6%。我們的非公認會計準則營業利益率為 21.5%，也略優於預期。我們繼續預期本財年下半年的業績將與八月提供的全年業績預期一致。

Second, our sales performance. After record sales attainment in Q1, we continued our positive momentum by setting a sales record in Q2 for the second consecutive year. During the quarter, we had 11 competitive core wins. And of the 11, 3 were financial institutions over $1 billion in assets, including one $7.5 billion asset win. We also closed 13 deals to move existing clients from in-house processing to our private cloud.

第二，我們的銷售業績。繼第一季創下銷售紀錄後，我們延續了積極勢頭，連續第二年在第二季創下銷售紀錄。本季度，我們取得了 11 項核心競爭勝利。在這 11 家金融機構中，有 3 家是資產超過 10 億美元的金融機構，其中一家資產總額達 75 億美元。我們也完成了 13 筆交易，將現有客戶從內部處理轉移到我們的私有雲。

Third, and may be as impressive as anything this quarter, was our success with client renewals. We typically don't spend much time talking about renewals on these calls, but I am making an exception this quarter because of the volume and size of our renewals. In Q2, we closed 28 core renewals, bringing our total for the fiscal year to 46. That is up 21% over the first six months of last year.

第三，也可能是本季最令人印象深刻的是我們在客戶續約方面的成功。我們通常不會花太多時間在這些電話會議上討論續約問題，但由於我們續約的數量和規模，本季度我將破例。第二季度，我們完成了 28 份核心續約申請，使本財年的續約總數達到 46 份。這一數字比去年前六個月增長了 21%。

Among those renewals are multiple banks with over $10 billion in assets including a $17 billion bank that provided the termination notice several years ago but never deconverted to our competitor. They recently determined that the best choice for their go-forward technology strategy is Jack Henry and [resign] for seven years, as well as move from in-house to outsource processing.

這些續約的銀行包括多家資產超過 100 億美元的銀行，其中包括一家資產 170 億美元的銀行，該銀行幾年前就發出了終止通知，但從未轉為我們的競爭對手。他們最近確定，其前進技術策略的最佳選擇是傑克·亨利（Jack Henry）並[辭職]七年，以及從內部轉向外包處理。

We also resigned our third largest bank and won several mergers of equals that brought us two more banks between $10 billion and $20 billion in assets. This success reflects clients' continued confidence in Jack Henry, our service quality, and our ability to deliver innovation that helps our clients grow and meet the evolving needs of their account holders. Our core retention rate, excluding M&A, remains over 99%.

我們也放棄了第三大銀行，並贏得了幾項同等規模的合併，為我們帶來了另外兩家資產規模在 100 億至 200 億美元之間的銀行。這項成功反映了客戶對傑克亨利、我們的服務品質以及我們創新能力的持續信心，這些創新可以幫助我們的客戶成長並滿足其帳戶持有人不斷變化的需求。我們的核心保留率（不包括併購）仍然超過 99%。

Now for more detail on our overall business, starting with some recognition for the team. We are pleased that, for the seventh consecutive year, our Symitar core platform ranked as the largest platform for credit unions in Callahan's annual ranking. Symitar also remains the most utilized core service platform for credit unions with over $1 billion in assets with nearly 50% of the total market share.

現在來詳細介紹我們的整體業務，首先要對團隊表示認可。我們很高興，我們的 Symitar 核心平台連續第七年在 Callahan 年度排名中被評為最大的信用合作社平台。Symitar 仍然是信用合作社使用率最高的核心服務平台，其資產超過 10 億美元，佔據近 50% 的總市場份額。

In addition, we are proud to recently receive two prestigious national workplace awards: Forbes' Most Trusted Companies in America and Newsweek's Greatest Workplaces for Diversity. These honors reaffirm our steadfast commitment to doing the right thing for both our employees and our clients.

此外，我們很榮幸最近獲得兩項享有盛譽的國家級職場獎項：《富比士》美國最值得信賴的公司和《新聞周刊》多元化最佳職場。這些榮譽再次證明了我們堅定致力於為員工和客戶做正確的事。

Now turning to specific products on our technology modernization progress. In our Payments segment, we signed 14 new debit processing clients and 2 new credit clients in the quarter. We now have 338 clients on the Zelle platform, 357 clients using RTP, representing about 42% of the live RTP clients, and 339 clients using FedNow, representing approximately 28% of the live FedNow clients.

現在來談談我們技術現代化進展的具體產品。在我們的支付部門，我們在本季度簽署了 14 個新的借記處理客戶和 2 個新的信貸客戶。我們目前在 Zelle 平台上有 338 位客戶，其中 357 位客戶使用 RTP，約佔活躍 RTP 客戶的 42%，339 位客戶使用 FedNow，約佔活躍 FedNow 客戶的 28%。

In our Complementary segment, we signed 17 new Financial Crimes Defender contracts in the quarter. In addition, we signed 30 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.

在我們的補充部門，我們在本季度簽署了 17 份新的金融犯罪辯護合約。此外，我們還簽署了 30 份新的金融犯罪辯護快速支付詐欺模組合同，這是一種即時解決方案，旨在幫助減輕 Zelle、FedNow 和 RTP 交易中的詐欺行為。

As of the end of December, we have installed 104 Financial Crimes Defender customers and have another 80 in various stages of implementation. We also have 54 faster payment modules installed and 162 in various stages of implementation.

截至 12 月底，我們已安裝 104 個金融犯罪辯護客戶，另有 80 個客戶處於不同實施階段。我們還安裝了 54 個快捷支付模組，另有 162 個處於不同實施階段。

Our Banno digital platform continues to see very nice growth through competitive wins. For the quarter, we signed 18 new clients to the Banno retail platform as well as 33 new Banno business deals. At the end of the quarter, we had nearly 1,000 Banno retail clients, including 212 live with Banno Business. We finished the quarter with 13.2 million registered users on the Banno platform. At the end of Q2 last year, we had 11 million registered users, a 20% increase over the past 12 months.

我們的 Banno 數位平台透過競爭勝利繼續實現非常好的成長。本季度，我們為 Banno 零售平台簽署了 18 位新客戶，並達成 33 項新的 Banno 業務交易。截至本季末，我們擁有近 1,000 名 Banno 零售客戶，其中 212 名與 Banno Business 合作。本季結束時，Banno 平台的註冊用戶數已達 1,320 萬人。截至去年第二季末，我們擁有 1,100 萬名註冊用戶，比過去 12 個月成長了 20%。

On Monday, we posted a press release and an update on our SMB strategy. We collaborated with Visa to provide Visa Direct through Jack Henry Rapid Transfers, which is the first phase of our partnership with Move. Visa Direct will enable the delivery of funds to eligible cards, bank accounts and digital wallets. For example, individuals and SMBs can make real-time transfers between linked external accounts to cover same-day transaction needs.

週一，我們發布了一份新聞稿和有關我們的中小企業策略的最新消息。我們與 Visa 合作，透過 Jack Henry Rapid Transfers 提供 Visa Direct，這是我們與 Move 合作的第一階段。Visa Direct 將支援將資金匯至符合資格的卡片、銀行帳戶和數位錢包。例如，個人和中小企業可以在關聯的外部帳戶之間進行即時轉賬，以滿足當日交易需求。

In parallel, we are working with Mastercard to facilitate similar transactions using Mastercard Send, part of the Mastercard Move platform. We will begin testing Jack Henry Rapid Transfers with a small number of clients later this month. The Rapid Transfer service will be closely followed by our unique merchant acquiring solution with Move. We are on track to deliver that solution to Banno early adopter clients in May 2025. It will be provided exclusively through financial institutions and will include key features for the merchant.

同時，我們正在與萬事達卡合作，利用萬事達卡 Move 平台的一部分萬事達卡 Send 來促進類似的交易。我們將於本月稍後開始與少數客戶測試 Jack Henry Rapid Transfers。緊接著快速轉帳服務的是我們的獨特的 Move 商家收單解決方案。我們計劃於 2025 年 5 月向 Banno 早期採用者客戶提供此解決方案。它將專門透過金融機構提供，並將包含商家的關鍵功能。

Instant decisioning, tap-to-pay for both iOS and Android devices, option to receive settlement funds up to eight times per day and continuous account reconciliation to the accounting solution of their choice. Together with Move, we will enable banks and credit unions to offer innovative digital payment solutions, attract and deepen relationships, and grow deposits, which remains a top priority.

即時決策、iOS 和 Android 裝置的點擊支付、每天最多可接收八次結算資金以及與他們選擇的會計解決方案進行持續的帳戶對帳。與 Move 合作，我們將幫助銀行和信用合作社提供創新的數位支付解決方案，吸引和深化關係並增加存款，這仍然是我們的首要任務。

I know we have talked a lot on these calls about our technology modernization strategy and the development of our cloud-native API-first Jack Henry platform. It's important to point out that none of the work with modern fintechs like Move or the integration of services such as Visa Direct would be possible without the cloud-native infrastructure we have built over the past several years.

我知道我們在這些電話會議上討論了很多關於我們的技術現代化策略和我們的雲端原生 API 優先 Jack Henry 平台的開發。值得指出的是，如果沒有我們過去幾年建構的雲端原生基礎設施，Move 等現代金融科技的合作或 Visa Direct 等服務的整合都不可能實現。

We continue to execute very well on the Jack Henry platform. We are live with domestic wires, international wires, data broker, which serves as our centralized data hub for reporting and analysis, and entitlements, which manages permissions and access rights for users and systems. We are in beta testing with both exception processing and general ledger. We remain on track to deliver the retail and commercial deposit core functionality of the Jack Henry platform in the first half of calendar year 2026.

我們在傑克亨利平台上的執行情況繼續非常好。我們擁有國內線路、國際線路、資料代理（作為我們報告和分析的集中資料中心）和授權（管理使用者和系統的權限和存取權限）。我們正在對異常處理和總帳進行 Beta 測試。我們仍有望在 2026 年上半年提供 Jack Henry 平台的零售和商業存款核心功能。

Some of you may have seen Cornerstone's annual survey of bank and credit union executives published in late January. According to that study, 73% of banks and 79% of credit unions expect to increase their technology spending in 2025. This correlates with information we've seen from other sources, including an American Banker survey fielded last fall in which 83% of the respondents said they plan to increase their technology spending in 2025.

你們中的一些人可能已經看到了 Cornerstone 在一月底發布的針對銀行和信用合作社高管的年度調查。根據該研究，73% 的銀行和 79% 的信用合作社預計將在 2025 年增加技術支出。這與我們從其他來源看到的資訊相關，包括去年秋天美國銀行家進行的一項調查，其中 83% 的受訪者表示他們計劃在 2025 年增加技術支出。

We are in the midst of conducting the annual Jack Henry strategy benchmark study with our clients and we'll share those results on our May earnings call.

我們正在與客戶進行年度傑克亨利戰略基準研究，並將在 5 月財報電話會議上分享這些結果。

In closing, we are laser-focused on second-half performance and remain optimistic about our full fiscal year outlook. The demand environment, our sales pipeline, and the competitive wins we have seen this year provide confidence for the future. Our customer and prospect conversations continue to validate that Jack Henry's key differentiators of culture, service, innovation, strategy, and execution have positioned us well for future success.

最後，我們將重點放在下半年的業績，並對整個財年的前景保持樂觀。我們今年看到的需求環境、銷售管道和競爭勝利為未來帶來了信心。我們與客戶和潛在客戶的對話不斷證實，傑克亨利在文化、服務、創新、策略和執行方面的關鍵差異化因素為我們未來的成功奠定了良好的基礎。

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

說完這些，我將把話題轉交給 Mimi 來提供有關財務狀況的更多詳細資訊。

Thank you, Greg, and good morning, everyone. The Jack Henry team's continued focus on execution and supporting our community and regional financial institution clients resulted in another quarter of solid revenue and earnings growth.

謝謝你，格雷格，大家早安。傑克亨利團隊持續專注於執行並支持我們的社區和地區金融機構客戶，從而又一個季度實現了穩健的收入和盈利增長。

I will discuss the details behind our second-quarter and year-to-date results, then conclude with commentary on our fiscal '25 guidance. Q2 GAAP and non-GAAP revenue increased 5% and 6%, respectively, consistent with our expectations and providing the base for achieving our full-year guidance. Quarterly deconversion revenue of approximately $100,000, which we released prior to full earnings, was down $5 million compared to the same period last year, reflecting minimal consolidation of our clients.

我將討論我們第二季和年初至今的業績細節，然後對我們的 25 財年指引進行評論。第二季 GAAP 和非 GAAP 收入分別成長 5% 和 6%，符合我們的預期，並為實現全年指引奠定了基礎。我們在公佈全部收益之前發布的季度轉換收入約為 10 萬美元，與去年同期相比下降了 500 萬美元，反映了我們客戶的整合程度極低。

We remain confident in our $16 million full-year guidance. While we see indicators for increasing industry consolidation, this activity will have minimal impact in fiscal '25, but potential for greater impact in fiscal '26.

我們對 1,600 萬美元的全年目標仍然充滿信心。雖然我們看到產業整合不斷增加的指標，但這項活動對25財年的影響將微乎其微，但對26財年的影響可能會更大。

Now taking a closer look at the details. In the quarter and for the year, GAAP and non-GAAP services and support revenue increased 4% to 5%, respectively. Data processing and hosting continued to dominate services and support revenue growth for both the quarter and year to date. Hardware revenue was down $2 million for the quarter and $7 million year to date, creating headwinds for services and support revenue.

現在仔細看看細節。本季和全年，GAAP 和非 GAAP 服務和支援收入分別增加了 4% 至 5%。數據處理和託管繼續主導服務並支持本季和今年迄今為止的收入成長。本季硬體收入下降 200 萬美元，年初至今下降 700 萬美元，為服務和支援收入帶來阻力。

As a reminder, hardware revenue is both nonrecurring and low visibility. Our private and public cloud offerings increased 11% in the quarter and year to date, reflecting strong persisting growth trends. This reoccurring revenue contributor is 33% of our total revenue and continues to be a key double-digit growth engine.

需要提醒的是，硬體收入既是非經常性的，又可見度較低。我們的私有雲和公有雲產品在本季和今年迄今成長了 11%，反映出持續強勁的成長趨勢。這位經常性收入貢獻者占我們總營收的33%，並持續成為兩位數成長的關鍵引擎。

Moving to processing revenue, which is 44% of total quarterly revenue and is another significant contributor to our long-term growth model. We saw a strong performance with 7% growth on both the GAAP and non-GAAP basis for the quarter and year to date. Continuing long-term trends, quarterly and year-to-date drivers include increased card, digital, and payments processing revenue.

轉向加工收入，這佔季度總收入的 44%，是我們長期成長模式的另一個重要貢獻者。我們表現強勁，本季和今年迄今，按 GAAP 和非 GAAP 計算均成長 7%。延續長期趨勢，季度和年初至今的驅動因素包括卡片、數位和支付處理收入的增加。

Concluding my commentary on revenue, I would highlight quarterly total reoccurring revenue, excluding deconversion revenue, was 92%. If we focus on key revenue, a non-GAAP measure, key revenues comprised of our cloud and processing revenue. Nonfee revenue includes product delivery support, on-premise annual maintenance, and other revenue. Quarterly key revenue was 76% of total revenue and grew at 9%. For year to date, key revenue was 74% of total revenue, growing at 9%. Excluding hardware, quarterly non-key revenue decreased 1%, while year to date it increased 1%.

總結我對收入的評論，我想強調的是，不包括轉換收入的季度總經常性收入為 92%。如果我們專注於關鍵收入，即非公認會計準則指標，關鍵收入包括我們的雲端和處理收入。非費用收入包括產品交付支援、現場年度維護和其他收入。季度關鍵收入佔總營收的76％，成長9％。今年迄今，主要收入佔總收入的 74%，成長率為 9%。除硬體外，季度非關鍵收入下降 1%，而年初至今成長 1%。

Next, moving to expenses. Starting with cost of revenue, which increased 4% on both a GAAP and non-GAAP basis for the quarter. The quarterly increase was due to higher direct costs and increased personnel costs. For clarification and to assist with models, the amortization of acquisition-related intangibles was $6 million in the quarter.

接下來談談費用。首先是營收成本，本季以 GAAP 和非 GAAP 計算均成長了 4%。季度成長是由於直接成本增加和人員成本增加。為了澄清並協助建立模型，本季收購相關無形資產的攤銷為 600 萬美元。

Next, R&D expense increased 16% on both a GAAP and non-GAAP basis for the quarter. The quarterly increase was primarily related to personnel costs. And ending with SG&A expense, it increased 9% for the quarter on both a GAAP and non-GAAP basis. This is also related to increase in net personnel costs.

其次，本季的研發費用按 GAAP 和非 GAAP 計算均增加了 16%。季度成長主要與人員成本有關。最後加上銷售、一般及行政開支，本季以 GAAP 和非 GAAP 計算均增加了 9%。這也與淨人員成本的增加有關。

We remain focused on generating annually compounding margin expansion. The quarter delivered 25 basis points increase in non-GAAP margins, 22%, and this offsets the year to date to a 34 basis point decrease in non-GAAP margin to 23%. We remain confident in our ability to deliver margin expansion in line with our full-year guide. These all-in quarterly operating results produced a fully diluted GAAP earnings per share of $1.34, up 6%.

我們將繼續致力於實現年度複合利潤率的擴大。本季非公認會計準則利潤率增加了 25 個基點，達到 22%，抵銷了年初至今非公認會計準則利潤率下降 34 個基點至 23% 的影響。我們仍然有信心能夠按照全年預期實現利潤率成長。這些全季經營業績產生了完全稀釋的 GAAP 每股收益 1.34 美元，成長 6%。

Reviewing the three operating segments, we're pleased by both positive top- and bottom-line performance across the board. Core segment revenue increased 6% for the quarter on a non-GAAP basis against a tough comp. Performance primarily came from organic growth in data processing and hosting, partly offset by lower software usage revenue and lower maintenance fees, the result of our Core customers continuing to shift from on-premise to private cloud. Non-GAAP operating margin for the Core segment increased 139 basis points from improved operating leverage.

回顧三個營運部門，我們對整體的營收和淨利潤均取得正面的表現感到滿意。與去年同期相比，核心部門本季非 GAAP 收入成長了 6%。業績主要來自於資料處理和託管的有機成長，但軟體使用收入和維護費用的下降部分抵消了這一增長，而這是我們的核心客戶繼續從內部部署轉向私有雲的結果。核心部門的非公認會計準則營業利潤率由於營業槓桿的提高而增加了 139 個基點。

Payments segment quarterly revenue increased 6% on a non-GAAP basis. The segment had impressive non-GAAP operating margin growth of 177 basis points. Performance was due to continued higher card revenue from volumes, increased payment processing revenues, including FedNow, RTP, Zelle and elevated EPS payments. Margins in the Payments segment also benefited from ongoing improvements to operating leverage. And finally, Complementary segment quarterly non-GAAP revenue increased 6% from strong product mix, with hosting and digital driving consistent growth. Segment margin expanded 207 basis points.

根據非公認會計準則，支付部門季度收入增加了 6%。該部門的非公認會計準則營業利潤率成長顯著，達到 177 個基點。業績表現得益於卡片業務量持續成長、支付處理收入增加（包括 FedNow、RTP、Zelle）以及 EPS 支付增加。支付部門的利潤率也受惠於經營槓桿的持續改善。最後，由於強勁的產品組合，補充部門季度非 GAAP 收入成長 6%，其中託管和數位業務推動持續成長。分部利潤率擴大了207個基點。

Now let's turn to a review of cash flow and capital allocation. Second-quarter operating cash flow was $90 million, an $8 million increase over the prior year period. Strong cash flow reflected a higher profitability, increased receivables collections, lower prepaid, partly offset by tax payments.

現在讓我們來回顧一下現金流和資本配置。第二季營運現金流為 9,000 萬美元，較去年同期增加 800 萬美元。強勁的現金流反映了更高的獲利能力、應收帳款收集增加、預付款減少，部分由稅收支付抵銷。

Trailing 12-month free cash flow was $296 million, resulting in a 73% conversion, in line with full-year guidance range. Our dedication to value creation resulted in a trailing 12-month return on invested capital of 20%. And for the quarter, we repurchased $17 million of Jack Henry shares, aligned with our intent to offset dilution from stock comp.

過去 12 個月的自由現金流為 2.96 億美元，轉換率為 73%，與全年指引一致。我們致力於創造價值，使得過去 12 個月的投資報酬率達到 20%。本季度，我們回購了價值 1700 萬美元的傑克亨利 (Jack Henry) 股票，符合我們抵消股票稀釋的意圖。

As we move into the back half of fiscal '25, I will conclude with comments on full-year guidance metrics. Yesterday's press release included fiscal 2025 full-year GAAP guidance along with a reconciliation to our non-GAAP guidance metrics, all of which we are reiterating. And while the press release also includes a fiscal '25 non-GAAP EPS metrics, this is not intended to be a new guidance metric. The focus is to provide additional clarity on our numbers, and it should be noted at a 24% tax rate is used.

隨著我們進入25財年下半年，我將以對全年指引指標的評論作為結束。昨天的新聞稿包括 2025 財年全年 GAAP 指引以及與我們的非 GAAP 指引指標的對賬，我們都在重申這些。雖然新聞稿中還包含 25 財年非 GAAP EPS 指標，但這並不是新的指導指標。重點是讓我們的數字更加清晰，並且應該注意的是使用的稅率為 24％。

All of the current fiscal year guidance metrics are aligned with our near-term targets as the business operations remain healthy and on track. Our outlook for the financial performance remains positive with continued expectations for a strong second half that will be more pronounced than typical. The appropriate performance indicator for our business is the full fiscal year financial results.

由於業務運營保持健康且正常進行，所有當前財年指導指標均與我們的近期目標一致。我們對財務業績的展望依然樂觀，並繼續預期下半年業績將比往年更加強勁。適合我們業務的績效指標是全年財務表現。

In conclusion, the positive first half of fiscal '25 was consistent with our expectations and provides a base for a full year aligned to our stated long-term target. Our focus remains on delivering long-term profitability growth at scale through compounding revenue growth and margin expansion. In pursuing these goals, we appreciate the achievements of our more than 7,200 dedicated associates and our investors for their ongoing confidence.

總之，25財年上半年的正面表現與我們的預期一致，並為全年實現我們既定的長期目標奠定了基礎。我們的重點仍然是透過複合收入成長和利潤率擴大實現長期獲利成長。在追求這些目標的過程中，我們感謝 7,200 多名敬業員工所取得的成就，也感謝投資者對我們持續的信任。

Michael, please open the line for questions.

邁克爾，請打開熱線來回答問題。

(Operator Instructions) Rayna Kumar, Oppenheimer.

（操作員指示）雷娜·庫馬爾（Rayna Kumar），奧本海默。

Could you just talk a little bit about what gives you confidence on the back half of revenue acceleration and what the key drivers will be?

您能否稍微談談是什麼讓您對下半年營收加速成長充滿信心，以及關鍵驅動因素是什麼？

The confidence we have comes from two things. One is the confidence we have in the results that we've just delivered through the first half. And then through the metrics and drivers we've previously talked about, which are consistent, and those are the ones we mentioned on last quarter's call, that we see cloud continuing to grow, we see card ramping up in the back half. We see the installation of new products and consulting for things like Financial Crimes Defender. And we see digital continuing to be strong.

我們的信心源自兩件事。一是我們對上半年剛取得的成績充滿信心。然後透過我們之前討論過的指標和驅動因素，這些是一致的，也是我們在上個季度的電話會議上提到的，我們看到雲端運算繼續成長，我們看到卡在下半年增加。我們看到了諸如金融犯罪辯護之類的新產品的安裝和諮詢。我們看到數位化趨勢持續強勁。

On top of that, we're now past some of the headwinds, like the hardware headwinds we saw. And I will mention that cloud growth, now we're over in the back half, we're going to grow over a lower comp. So the combination of those factors gives us confidence, in addition to seeing the execution on the operational side of our business.

最重要的是，我們現在已經克服了一些阻力，例如我們所看到的硬體阻力。我要提到的是，現在我們已經進入下半年，我們將以較低的成本成長。因此，這些因素的結合不僅讓我們看到了業務運作方面的執行情況，也讓我們充滿信心。

Mimi, that's very helpful. And as a follow-up, are you seeing any increased competition at the low end of the market from a large competitor that's been calling out these wins? And like specifically, are you seeing any pricing pressure?

Mimi，這非常有幫助。接下來，您是否看到來自大型競爭對手的低端市場競爭加劇，並宣稱取得這些勝利？具體來說，您是否看到任何定價壓力？

Rayna, this is Greg. Thanks for the question. Yes. We're not seeing anything different than we had before. I know that those have been called out. We haven't really seen much on our side, unless they're taking them from somebody else.

雷娜，這是格雷格。謝謝你的提問。是的。我們沒有看到與以前任何不同的東西。我知道那些人已經被叫出來了。我們在我們這邊確實沒有看到太多東西，除非他們是從別人那裡拿走的。

But from the part that we have seen a little bit of a difference is their approach on some of the clients that they're trying to keep, less than what we're seeing in the clients that they're trying to win. And so I think part of the question would be is -- are some of the references to clients that they've actually maintained from a renewal standpoint or not.

但從我們所看到的部分來看，略有不同之處在於，他們對待一些試圖保留的客戶的方法，比我們看到的他們試圖贏得的客戶的方法要少。因此，我認為問題的一部分是——從續約的角度來看，他們是否真正保留了一些對客戶的推薦。

So I talked about renewals today, but of course, they're not in the 11 competitive wins that we talked about. I just wanted to reference the fact that we had a lot of large institutions that renewed with us, as well as institutions that we're winning in -- winning mergers now related to what I would call mergers of equals. By the way, some of those mergers of equals are coming from that same competitor. So it's interesting to see some of the comments, but we're not seeing anything different than what we've seen in years past.

所以我今天談到了續約，但當然，它們不在我們談到的 11 場競爭勝利之中。我只是想提到這樣一個事實，我們有很多大型機構與我們進行了續約，也有很多我們正在贏得的機構——現在贏得的合併與我所說的平等合併有關。順便說一句，一些平等合併來自同一個競爭對手。因此，看到這些評論很有趣，但我們並沒有看到與過去幾年不同的內容。

Kartik Mehta, Northcoast Research.

Kartik Mehta，Northcoast Research。

Greg, in the past, when we've talked about market share, you usually reference they are usually, on average, 200 deals and maybe 100 come to market, and that Jack Henry usually wins their fair share, if not more. Is there a difference in that environment at all in terms of number of deals coming to market and also maybe the number of deals you're winning?

格雷格，過去，當我們談論市場份額時，你通常會提到，通常平均有 200 筆交易，可能有 100 筆進入市場，而傑克亨利通常會贏得公平的份額，甚至更多。就進入市場的交易數量以及您贏得的交易數量而言，該環境是否有所不同？

It's a great question, Kartik. Thanks. But I don't think there's anything that's changed significantly yet. I do believe that some of the numbers could change based on M&A. And we are seeing an increase based on our customers, and as I mentioned before, several of these mergers that have already occurred. So that may lower the overall number.

這是一個很好的問題，卡蒂克。謝謝。但我認為目前還沒有發生重大變化。我確實相信一些數字可能會根據併購而改變。我們看到客戶數量正在成長，正如我之前提到的，其中幾項合併已經發生。因此這可能會降低總體數量。

But we are still tracking to our traditional 50-ish wins, which we still feel very confident about that. The good news is also we're continuing to win larger deals. For the second quarter in a row, I referenced an almost $8 billion win for us, and again we have seven over $1 billion already this year. So we're tracking very nicely there. I just think the only thing that is yet to be determined is some of the decisions that could have been made, do they get wrapped up in an M&A.

但是我們仍然在追尋我們傳統的50場勝利，我們對此仍然非常有信心。好消息是我們也在繼續贏得更大的交易。我提到，這是我們連續第二季獲利近 80 億美元，今年以來，我們的獲利已經超過 10 億美元。所以我們在那裡跟踪得非常順利。我只是認為，唯一尚待確定的是，一些本來可以做出的決定是否會被捲入併購。

And then just moving over to your partnership with Move. I know you were very excited about that. It seems like that's moving in the right direction, especially with the recent announcement with Visa Direct. I'm wondering, when you would expect revenue from that partnership to have an impact on Jack Henry growth?

然後轉到您與 Move 的合作關係。我知道你對此非常興奮。看起來，一切正朝著正確的方向發展，尤其是最近與 Visa Direct 宣布合作之後。我想知道，您預計何時該合作收入會對 Jack Henry 的成長產生影響？

Yes, I would expect that in fiscal year '26. We might see some small pieces of that still in fiscal year '25 depending on how things go. But the reality is I would expect anything meaningful to happen in 2026.

是的，我預計在 26 財年。根據情況的進展，我們可能在 25 財年仍會看到其中的一些小部分。但事實上我期待 2026 年會發生一些有意義的事。

John Davis, Raymond James.

約翰戴維斯、雷蒙詹姆斯。

Greg, I want to touch on the renewals for a minute. You called out the outsized number. Maybe talk a little bit about the pricing dynamics. On one hand, you usually get a better price as they grow, on the other hand, we have the opportunity to sell them and bundle more products. So on average, maybe talk a little bit about do you expect more revenue from those customers going forward. Or is that a potential headwind in the back half of this year and then in '26.

格雷格，我想談談續約問題。您喊出了那個超大的數字。也許可以稍微談論一下定價動態。一方面，隨著它們的成長，你通常會獲得更優惠的價格，另一方面，我們有機會銷售它們並捆綁更多的產品。因此，平均而言，也許可以稍微談談您是否預計未來會從這些客戶那裡獲得更多收入。或者這是今年下半年以及26年的潛在阻力。

Yes. Good question, JD. Thanks. I don't think there's anything that we haven't already planned into the forecast that we are giving for the guidance. So we know exactly who is going to renew and win. But yes, to answer your question directly, there's always some potential for early some level of price compression that happens. But what we typically do is we offset that with additional product sets that we have.

是的。好問題，JD。謝謝。我認為，我們在給出的預測中已經把所有事情都規劃好了。所以我們確切地知道誰會續約並獲勝。但是的，直接回答你的問題，早期一定程度的價格壓縮總是有可能發生。但我們通常會做的是用我們現有的附加產品組合來彌補這個缺陷。

So some of it is the timing of when those products actually come on. Do they come on at the exact same time as any level of price compression? Or do they happen in a year or two later based on, let's just say, it's a card deal and they have a couple of more years left on their card contract and you have to wait for that to expire? But all of that is factored into what we are planning to do for the back half of the year.

因此，部分原因在於這些產品實際上市的時間。它們是否與任何等級的價格壓縮同時出現？或者它們會在一兩年後發生，基於這樣的情況，比如說，這是一張卡交易，他們的卡合約還剩下幾年，而你必須等到它到期？但這一切都已考慮到我們今年下半年的計劃中。

But what I wanted to call out really was the point of, yes, there was a significant number, but again, just showing the strength of what we are doing to be able to -- in a time when a lot of our competition is talking about things that they are doing to win deals, they haven't been winning them from us.

但我真正想說的是，是的，有一個相當可觀的數字，但再次強調，這只是展示了我們正在做的事情的實力——當我們的許多競爭對手都在談論他們為贏得交易所做的事情時，他們並沒有從我們這裡贏得交易。

Okay. Great. And then Mimi, just on the shape of the back half of the year, are we expecting -- you need about 300 basis points or so of acceleration one half to two half, but is that a more 4Q-weighted? Or any color you can give us there on the cadence in the back half?

好的。偉大的。然後 Mimi，就今年下半年的情況而言，我們預計——需要大約 300 個基點左右的加速，一年半到兩年半，但這是更多的 4Q 加權嗎？或者您可以為我們提供後半部分節奏上的任何顏色嗎？

Thanks, JD, for the question. I would say at this point, we continue to expect an acceleration throughout the year, but we're not going to give specific color on any particular quarter. Some things, whether it be installation dates or other things, can switch from quarter to quarter. We feel good about the full year, and I would continue to point people in the direction of full-year guidance.

謝謝 JD 提出這個問題。我想說，就目前情況而言，我們仍然預計全年經濟成長將加速，但我們不會對任何特定季度給出具體資訊。有些事情，無論是安裝日期還是其他事情，可能會在每個季度之間發生變化。我們對全年業績感到十分滿意，我將繼續為大家提供全年指引。

When you say acceleration, i.e., 4Q should be higher than 3Q?

當您說加速度時，即 4Q 應該高於 3Q？

Correct.

正確的。

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Can you just talk about the current operating environment for your customers? You do have a new head of the FDIC who's made some comments. Just broad comments would be great.

能談談您客戶目前的營運環境嗎？聯邦存款保險公司 (FDIC) 的新負責人確實發表了一些評論。只要有廣泛的評論就很好了。

Yes. I mean I think at this point, based on -- I was just with two clients last week, I mean, everybody still remains very optimistic. I think the biggest thing that we've seen is, will there be any lessening of some level of regulatory scrutiny at least for us and, in some cases, our institutions. Folks like the CFPB and others have been involved.

是的。我的意思是，我認為在這一點上，基於——我上週剛和兩個客戶見面，我的意思是，每個人仍然非常樂觀。我認為，我們看到的最大問題是，至少對我們，以及在某些情況下對我們的機構來說，監管審查是否會有所放鬆。消費者金融保護局（CFPB）等機構都參與其中。

But there hasn't been anybody that's raised any concern. And honestly, anybody that I've been with so far this year has been nothing but optimistic about the environment. The demand environment for us remains really strong. And their willingness and need to continue to buy the products that we are focused on to help them increase deposits and their loans and build efficiency, all of those things remain top of mind.

但沒有任何人表示擔憂。老實說，今年到目前為止，和我接觸過的所有人都對環境持樂觀態度。我們的需求環境仍然非常強勁。他們願意並需要繼續購買我們重點關注的產品，以幫助他們增加存款和貸款並提高效率，所有這些仍然是我們最關心的問題。

Great. And then any update on your efforts to rationalize the number of products that you guys service?

偉大的。那麼，你們為合理化你們所服務的產品數量所做的努力有什麼進展嗎？

Yes. Thanks for that, Chris. Yes, so absolutely. Right now, I would say that we are in progress of all three things that I've mentioned. We have things that we are considering divesting. We have things that we are looking at sunsetting. And we have things that we are looking at cash cowing. So all three of those are in progress right now.

是的。謝謝你，克里斯。是的，絕對是如此。現在，我想說我們在我提到的所有三件事上都正在取得進展。我們正在考慮剝離一些資產。我們正面臨一些即將落幕的事。我們正考慮做一些能夠賺錢的事情。所以這三個項目現在都正在進行中。

Peter Heckmann, DA Davidson.

彼得‧赫克曼、 DA 戴維森。

Maybe just one quick more housekeeping question. But in terms of getting to the $16 million of deconversion fees for the year, at this point, should we just kind of think about that as equally weighted between the third quarter and the fourth quarter? Or should we expect a bigger step-up in the fourth quarter?

也許只需一個簡單的問題。但就全年 1,600 萬美元的兌換費用而言，我們是否應該將其視為在第三季和第四季之間平均分配？或者我們應該期待第四季出現更大的成長？

First of all, I would just reiterate, we are affirming the full-year $16 million. And that may look a little odd given the low number in Q2, but we feel comfortable based on the calendar we see, the slots that are already taken. So the line of sight we have gives us confidence for the $16 million. I think it's fair to assume kind of an even-ish weighting, but you never know kind of some date movement between things that are on the calendar. But I think pretty safe to say even across two remaining quarters.

首先，我要重申，我們確認全年收入為 1,600 萬美元。考慮到第二季的數字較低，這可能看起來有點奇怪，但根據我們看到的日曆和已經被佔用的時段，我們感到很放心。因此，我們的視線讓我們對 1600 萬美元充滿信心。我認為假設某種均勻的權重是公平的，但你永遠不知道日曆上事物之間的日期移動。但我認為，即使在剩下的兩個季度中也可以相當肯定地說。

Okay. And then Greg, can you talk a little bit about real-time payment volumes? I know Jack Henry has done a real good job of bringing the financial institutions live on the different platforms. But what are you seeing in terms of volumes? And then can you tell where those volumes are coming from? Are they primarily coming from ACH, same-day ACH, or are you seeing maybe some migration from card volumes? Can you just talk about kind of the composition of payments? And what's really working in real time?

好的。然後格雷格，您能談談即時支付量嗎？我知道傑克亨利在讓金融機構在不同平台上活躍起來方面做得非常出色。但從數量來看您看到了什麼？那麼你能說出這些卷來自哪裡嗎？它們主要來自 ACH、當日 ACH，還是您可能看到一些來自卡量的遷移？能談談付款的構成情況嗎？那麼實時真正起作用的是什麼呢？

Yes. Thanks for the question. I think the biggest thing is, is that we're not seeing anything moving at this point really from card to real time. There are some things that we're actually doing with the Move partnership that will help facilitate the replacement of ACH and the ability to move funds to the SMBs in a real-time fashion that's using the eight settlement window. So there are some components of that that will be utilized.

是的。謝謝你的提問。我認為最大的問題是，我們目前還沒有看到任何從卡片到即時的變化。我們實際上正在與 Move 合作做一些事情，這將有助於促進 ACH 的替換，以及使用八個結算窗口即時向 SMB 轉移資金的能力。因此，其中的一些組件將會被利用。

In our faster payments group, what we call PayCenter, we've seen very meaningful growth in that group over the last quarter. A lot of that's attributed to some of the work that we're doing with a few of our banks on some Send transactions that we're now utilizing. So we did a pretty large number of Send transactions in the quarter, which provided a little bit more meaningful revenue growth for us.

在我們的更快支付小組（即所謂的 PayCenter）中，我們看到該小組在過去一個季度實現了非常有意義的成長。這在很大程度上歸功於我們與一些銀行就我們目前正在使用的一些發送交易進行的一些合作。因此，我們在本季完成了相當大量的發送交易，這為我們帶來了更有意義的收入成長。

The use cases still are really the key, and the amount of fraud that people are still concerned about. So that's why we're excited to get our faster payments fraud module out from financial crimes, because we're already seeing that the customers that are installing that or having less fraud on the faster payment networks. So I think that will continue to evolve.

用例仍然是關鍵，人們仍然關注的是詐欺的數量。這就是為什麼我們很高興將我們的更快支付詐欺模組從金融犯罪中分離出來，因為我們已經看到安裝該模組的客戶在更快支付網路上遭遇的詐欺更少。所以我認為這將繼續發展。

But candidly, I really don't think there is anything in the near term that you'll see that's truly taken away from card volume, that's anything that's meaningful. It's going to be really more about some of the edge use cases that we can use, both with the small businesses and with some retail consumers as well.

但坦白說，我真的不認為短期內會出現任何對卡片數量真正產生影響的現象，也不會出現任何有意義的現象。它實際上更多地涉及我們可以使用的某些邊緣用例，既適用於小型企業，也適用於一些零售消費者。

And if I may add on to that, Greg, just in terms of -- I would highlight that in the release yesterday, under processing and one of the drivers, we did call out, and kind of the first time noted, that the payment processing area, which falls under (inaudible) for those -- just for clarity, was one of the drivers of that strong processing being up 7%. So that is PayCenter related to some of these use cases. We're starting to really [see] volumes related to faster payments.

格雷格，如果我可以補充一點的話，就這一點而言——我想強調一下，在昨天的發布中，在處理和驅動因素之一中，我們確實提到過，並且是第一次指出，支付處理領域屬於（聽不清楚）——只是為了清楚起見，這是推動處理能力強勁增長 7% 的因素之一。PayCenter 與其中一些用例相關。我們開始真正[看到]與更快支付相關的數量。

Yes. Pete, we're really focused with driving a lot of these use cases. We work very regularly with the Fed and the clearinghouse and have conversations about things that we could be out in the forefront and doing.

是的。皮特，我們非常專注於推動這些用例。我們與聯準會和清算所保持著密切合作，並討論我們可以走在前面的事情。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

Good to speak with you again. I wanted to ask about free cash flow conversion, just visibility on the full-year target. Mimi, any thoughts on how the back half may trend there and just the visibility on it?

很高興再次與您交談。我想問一下自由現金流轉換的情況，以及全年目標的可見度。Mimi，你對後半部可能出現的趨勢以及可見性有什麼看法嗎？

Yes. Thanks for the question, Jason. It's been nice to have two solid quarters of free cash flow returning to more of a normalized type of range. We think there's further to go in the out years. But for this year, we are in line with full-year guidance. So I think the back half will continue to see some strength in the range that we've kind of been operating thus far this year. So I feel pretty confident in our ability to hit the range for free cash flow conversion, which we said was 65% to 75%.

是的。謝謝你的提問，傑森。很高興看到兩個季度的自由現金流穩定地回歸到更正常化的範圍內。我們認為未來幾年還有更大的發展空間。但就今年而言，我們的全年業績預期與預期一致。因此，我認為下半年我們將繼續保持今年迄今為止營運範圍內的一些強勢。因此，我對於我們達到自由現金流轉換範圍的能力非常有信心，我們所說的範圍是 65% 到 75%。

Okay. Understood. And then I wanted to ask about the trend of private cloud within Core. I think you guys talked about a bunch of FIs moving from in-house to private cloud. Curious to get an update on where do we stand now. How many core clients are on private cloud? And do you see that trend accelerating through the back half of this year? And just anything we should be thinking about in terms of whether or not that impacts the margin profile of your business at all?

好的。明白了。然後想問Core內部私有雲的趨勢。我認為你們討論過很多金融機構從內部轉向私有雲。好奇想知道我們現在的狀況。私有雲有多少核心客戶？您是否認為這種趨勢在今年下半年會加速？我們應該考慮這是否會對您的業務利潤狀況產生影響？

Yes. Thanks, Jason. This is Greg. I'll take that one. So we're at 75% right now at the private cloud number. So we continue to grow. We are on pace to hit the targets that we thought we'd hit. We've been averaging between 40 and 45 a year. We're on pace to do that this year and expect to do that. So no changes in this fiscal year at all.

是的。謝謝，傑森。這是格雷格。我要那個。因此我們現在的私有雲數量已經達到 75%了。因此我們會繼續成長。我們正在按計劃實現我們預期的目標。我們每年平均有 40 到 45 人。我們今年的計劃是實現這一目標，並且有望實現。因此本財政年度沒有任何變化。

And we continue to drive towards what we've talked about in other settings where, when you look at the folks that, at the very end, we may not get 100%, right? Do we get about 90%, 95% of folks that end up moving? There's going to be some holdouts to wait to move directly to the public cloud. And as I mentioned earlier, we're on pace to deliver our retail deposit commercial and consumer core in the first half of 2026. So we'll start to see some movement there of folks that want to just wait.

我們將繼續朝著我們在其他場合所談論的方向努力，當你看到人們最終的結果時，我們可能無法獲得 100% 的結果，對嗎？最終是否有 90% 或 95% 的人選擇搬家？有些人會堅持等待直接遷移到公有雲。正如我之前提到的，我們將在 2026 年上半年推出零售存款商業和消費者核心業務。因此，我們會開始看到一些只想等待的人的舉動。

But we've got several more years, as we've said, but room to go do what we need to do. In fact, I was with a very large customer this week who said they plan to move in 2026, and they've been a long-term hold out of ours to move to private cloud. So we're still moving them at the pace that we have been.

但正如我們所說的，我們還有好幾年的時間去做我們需要做的事情。事實上，本週我與一位大客戶會面，他說他們計劃在 2026 年遷移，他們長期堅持要求我們遷移到私有雲。因此我們仍按照原來的速度推進。

And what we've said previously is some of the catalysts to those decisions tends to be internal to the FIs, is around their ability to recruit talent, the need for their hardware refresh. So it's kind of an individual choice that then kind of brings them over the line, if you will. But it's a multiyear trend that we've seen continue at a nice healthy pace.

我們之前說過，這些決策的一些催化劑往往來自金融機構內部，包括他們招募人才的能力以及更新硬體的需求。所以如果你願意的話，這可以算是一種個人選擇，然後可以讓他們跨越界限。但我們看到這個多年來的趨勢一直以健康的速度持續下去。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特（James Faucette）。

I wanted to follow up on the cloud discussion. And Greg, I guess, maybe just a question for you, but some of the investor concern that we've heard regarding technology modernization, especially as we take the next step to public cloud, is that maybe your development initiatives with the [origin] strategy are ahead of where regulators are likely to be in the next few years, or at least that's been the thought.

我想跟進有關雲的討論。格雷格，我想這可能只是一個問題，但是我們聽到一些投資者對技術現代化的擔憂，特別是當我們邁出公共雲的下一步時，也許你們的[起源]戰略的發展計劃領先於監管機構在未來幾年可能採取的行動，至少這是人們的想法。

With the change in administration, do you think that within the timeframe, regulators will be more comfortable with broad-based financial PII in the cloud, such that the investments you're making in your Origin platform better lines up with likely regulatory timeframe? Just wondering if you think that we could bring those forward and see that move to public cloud start to accelerate?

隨著政府的變動，您是否認為在時間範圍內，監管機構將更願意接受雲端廣泛的金融 PII，以便您在 Origin 平台上進行的投資能夠更好地符合可能的監管時間表？只是想知道您是否認為我們可以將這些提前，並看到向公有雲的轉變開始加速？

Yes. James, good to hear from you. I think the short answer is I would believe it's way more of a possibility than it would have been two months ago. And so I don't know what I don't know, but I would say, based on our conversations with regulators, which I think we've said on this call and other meetings, that we literally meet with the FBA on a monthly basis here just because of the number of products. So we have a chance to have a lot of conversations on what we're doing with, not only the public cloud Core, but also what we've done with other public cloud products.

是的。詹姆斯，很高興收到你的來信。我認為簡短的回答是，我相信這種可能性比兩個月前更大。所以我不知道我不知道什麼，但我想說，根據我們與監管機構的對話，我想我們在這次電話會議和其他會議上已經說過，由於產品數量眾多，我們實際上每個月都會與 FBA 會面。因此，我們有機會就我們正在做的事情進行大量對話，不僅是公有雲核心，還有我們對其他公有雲產品所做的工作。

And so we've been able to educate them. Just as a reminder, Banno was the very first digital platform to be public cloud native. So we've been educating them for six years on what we've done around here. So I think we have as good a chance as anybody to get them comfortable just because we have so much experience doing it. But the rest of it, I can't answer definitively other than I think you're right, that we're going to -- with Trump in office and other changes that are being made, I think we have a better chance of making that happen.

因此我們能夠教育他們。需要提醒的是，Banno 是第一個實現公有雲原生的數位平台。因此，我們六年來一直在向他們介紹我們在這裡所做的事情。所以我認為我們和其他人一樣都有機會讓他們感到舒適，因為我們在這方面有豐富的經驗。但對於其餘的問題，我無法明確回答，除了我認為你是對的，隨著川普上台以及其他變革的實施，我認為我們有更好的機會實現這一目標。

Great. And then wanted to, you touched on Banno there, just get a sense from you, given you're strategic and how the strategy may be evolving, how we should be thinking about the mix between Banno Retail and Banno Business and how that's likely to evolve over the next few years?

偉大的。然後，您提到了 Banno，我想問一下，考慮到您的策略以及策略可能如何發展，我們應該如何考慮 Banno Retail 和 Banno Business 之間的組合，以及這種組合在未來幾年可能如何發展？

Okay. Yes. I think, obviously, right now, we're about 20% penetrated. As I mentioned earlier, we have roughly 1,000 Banno Retail clients and 212 Banno Business clients. And we continue to see, just based on the install queue, which is about 115 in the install queue right now, I mentioned, I think it was Dave's last call, he and I talked about this and kind of joked, I still think there'll be 65% to 70% penetration, potentially higher, but that's kind of what we think they'll be from Banno business into the retail platform.

好的。是的。我認為，顯然現在我們的滲透率約為 20％。正如我之前提到的，我們大約有 1,000 名 Banno 零售客戶和 212 名 Banno 商業客戶。我們繼續看到，僅基於安裝隊列，現在安裝隊列中大約有 115 個，我提到，我認為這是 Dave 的最後一次通話，他和我談論了這個問題並且開玩笑說，我仍然認為滲透率會有 65％ 到 70％，可能更高，但這就是我們認為他們將從 Banno 業務進入零售平台的情況。

But one thing that could really drive those numbers up is what we're doing with Move and the SMB because of how we're rolling that out. And we're kind of pushing that offering out to all of our Banno clients at one time. So they don't have to have Banno Business to actually have this application, which is something to note.

但有一件事確實可以提高這些數字，那就是我們正在與 Move 和 SMB 合作，因為我們正在推出這些技術。我們正在一次性向所有 Banno 客戶推廣這項服務。因此，他們不必擁有 Banno Business 即可真正擁有此應用程序，這是值得注意的。

But as we continue to build out feature parity, and nobody brought that up yet, I'm going to go ahead and bring it up because it was something I talked about at the Investor Day, we are on track to do what I said we were going to do back in September, to have feature parity with our largest digital competitors by this summer. And we're actually ahead already on some things that I've seen, especially as it goes to open banking, fintech integration, native apps, our back-office applications, and of course, now what we're doing in the SMB space. So all of those are going to continue to be huge drivers for us with Banno and applications like Banno Business.

但是，隨著我們繼續建立功能對等，而沒有人提起這一點，我將繼續提出這一點，因為這是我在投資者日談論的事情，我們正在按計劃進行我在 9 月份說過要做的事情，到今年夏天實現與我們最大的數字競爭對手的功能對等。事實上，就我所見，我們已經在某些方面處於領先地位，特別是在開放銀行、金融科技整合、原生應用、我們的後台應用等領域，當然還有我們現在在中小企業領域所做的事情。因此，所有這些都將繼續成為我們推出 Banno 和 Banno Business 等應用程式的巨大推動力。

Dominick Gabriele, Compass Point.

多米尼克·加布里埃爾 (Dominick Gabriele)，Compass Point。

Just first, what are some of the underlying factors at your partners that could accelerate the demand for your products? And is there a shift in where your clients are putting incremental dollars to work expanding their solutions that you provide? I have a follow-up.

首先，您的合作夥伴中有哪些潛在因素可以加速對您產品的需求？您的客戶是否開始加大投入，以擴展您提供的解決方案？我有一個後續問題。

So Dominick, just to make sure I'm clear on the question. When you said partners, do you mean third-party partners?

所以 Dominick，只是為了確保我清楚地理解這個問題。您說的合作夥伴是指第三方合作夥伴嗎？

I'm sorry, the banks and credit unions. So what could accelerate the demand for your products among the banks and credit unions?

對不起，銀行和信用合作社。那麼什麼可以加速銀行和信用合作社對您的產品的需求呢？

Yes. I think the demand is there. Some of it is, as you can imagine, some of its resources to implement on their side because there's a lot of reeducation, and there's timing of things. There's contract timing of -- actually, like I said, I've mentioned two customers I was with last week. One of them doesn't have our digital product, and we had a really long conversation about that. And I think they're more interested than they've ever been. But it's a timing thing, right, because they're already in a contract and they got to get out of it.

是的。我認為有需求。你可以想像，其中一些是他們需要投入的資源，因為需要大量的再教育，而且事情還有時間安排。有合約時間——實際上，就像我說的，我提到上週與我在一起的兩位客戶。其中一家沒有我們的數位產品，我們就此進行了很長時間的交談。我認為他們比以前更感興趣。但這是一個時間問題，因為他們已經簽訂了合同，他們必須擺脫合同。

But some of it is our ability to show the level of innovation and the level of execution, and some of it is just timing on contracts and resources on their end and things like that. But there isn't anything inhibiting us from being successful other than time. But the things we are doing and the messaging that we are getting from our clients and consultants, candidly, continues to be very, very positive. So we're just putting the pedal to the metal, continuing to work on our level of execution, and continuing to have that as a big differentiator.

但其中一些是我們展示創新水平和執行水平的能力，一些只是他們在合約和資源方面的時間安排等等。但除了時間之外，沒有任何事物可以阻礙我們成功。但坦白說，我們所做的事情以及我們從客戶和顧問那裡得到的資訊仍然非常非常積極。因此，我們只是全力以赴，繼續努力提高我們的執行水平，並繼續將其作為一個巨大的差異化因素。

And I would say, while there's opportunities for additional kind of demand, we've seen stabilization over the last three years from our survey results of what are the priorities of FI. And that continues to be getting deposits, loans, efficiencies. So all of our solutions certainly meet the sweet spot of those needs. But as we learn more about the administration, where they're focused, could we see even an increased need for digital and payment center if the administration continues to kind of push in this direction?

我想說，雖然有額外需求的機會，但從我們對金融機構優先事項的調查結果來看，過去三年來我們已經趨於穩定。並且繼續獲得存款、貸款和效率。所以，我們所有的解決方案絕對都能滿足這些需求。但是，隨著我們更多地了解政府，了解他們的重點，如果政府繼續朝這個方向推動，我們是否會看到對數位和支付中心的需求增加？

Yes. Perfect. And then just lastly, just talk about the pace of innovation in the space, you and your peers. And then what products are seeing the most investment dollars to stay ahead of competition at Jack Henry?

是的。完美的。最後，請談談您和您的同行在該領域的創新步伐。那麼，傑克亨利 (Jack Henry) 哪些產品獲得了最多的投資，從而保持競爭優勢呢？

Yes. Thank you for the question. I can't really speak for the competition. So I mean, they'll have to speak to whatever innovations that they're focused on. What we've continued to see is that the things that we have spent our time and money on, and we talked earlier about the public cloud and the work that we're doing with that. But the real part that we've seen big differentiators in the level of innovation is in our digital platform, is in our account opening platform, in our PayCenter or our faster payments module, what we're doing in lending, in our Loan Manage solution.

是的。感謝您的提問。我實在無法代表比賽發言。所以我的意思是，他們必須談論他們所關注的任何創新。我們不斷看到的是，我們花了時間和金錢，我們之前談到了公有雲以及我們正在進行的工作。但我們在創新水平上真正看到的巨大的差異是在我們的數位平台、在我們的開戶平台、在我們的 PayCenter 或我們的更快支付模組、在我們的貸款管理解決方案中。

And one other note of that, we are actually launching the first phase of our enterprise account origination solution this month, something that we've been working on for the last 2.5 years. So that's where a lot of this innovation is happening. Fraud, obviously, in financial crimes.

另外要注意的是，我們本月實際上將啟動企業帳戶發起解決方案的第一階段，這是我們過去 2.5 年一直致力於的事情。很多創新就是在這裡發生。顯然，這是金融犯罪中的詐欺行為。

But when you think about digital lending, fraud, payments, that really are the big drivers of things that everybody is looking to do. And usually, it starts with payments, because payments -- and we've actually been educating our customers a lot on payment strategy and allowing them to see what payments can really do for them, especially noninterest fee income type opportunity. So that's really where the focus has been for Jack Henry, and we'll continue to be driving things through those solutions, much like the Move application will.

但當你考慮到數位借貸、詐欺、支付時，這些才是每個人都想做的事情的主要動力。通常，它從支付開始，因為支付——我們實際上一直在向客戶大量介紹支付策略，讓他們了解支付能為他們帶來什麼，尤其是非利息費用收入類型的機會。所以這確實是 Jack Henry 的重點，我們將繼續透過這些解決方案推動事情發展，就像 Move 應用程式一樣。

And Greg, if I may add on, one of the areas I think around innovation and differentiation for Jack Henry, is not something one would traditionally think about around innovation, but the continued work around the one Jack Henry, the experience, driving a better experience for our FIs and our partners, just the seamlessness and the efficiency that we're getting as an organization that will enhance the service quality is a real differentiation from an experience relative to our competitors. And we're seeing even more and more the focus on that as one of the key determinants of vendor selection.

格雷格，如果我可以補充一點的話，我認為傑克·亨利的創新和差異化領域之一，並不是人們傳統上會想到的創新，而是圍繞傑克·亨利的持續努力，為我們的金融機構和合作夥伴提供更好的體驗，我們作為一個組織所獲得的無縫性和效率將提高服務質量，這與我們的競爭對手的體驗有著真正的差異化。我們越來越多地看到，這一點是選擇供應商的關鍵決定因素之一。

Yes, that's a great point. We had a recent meeting with both the ICBA and the ABA, and they both commented that service is being much more valued than in years past, because there's a little bit more of a level playing field, they view, in APIs and things like that. So it's a really good point. And our one Jack Henry initiative has really changed the dynamic of that. I would also throw in AI, just while we're on the subject, and the things that we're doing internally with AI and in some of our products.

是的，這是一個很好的觀點。我們最近與 ICBA 和 ABA 舉行了一次會議，他們都表示，與過去幾年相比，現在的服務受到更大的重視，因為他們認為，在 API 和類似方面，現在的競爭環境更加公平了。所以這是一個非常好的觀點。我們的「傑克亨利」倡議確實改變了這種狀況。既然我們談到了這個話題，我也會談到人工智慧，以及我們內部和一些產品中正在使用的人工智慧技術。

Andrew Schmidt, Citi.

花旗銀行的安德魯‧施密特 (Andrew Schmidt)。

I wanted to dig into M&A for a second, end-market M&A. I guess, first, is there any converter revenue in the back half outlook? And then I think when we think about just ongoing revenues, maybe you could talk about what you're seeing just from your customer base, how convert merge, balances, deconversion. I know there's a lot of questions around the benefits, pros and cons of end-market consolidation. If you could speak to those things, that would be helpful.

我想深入研究第二個終端市場併購。我想，首先，下半年前景看好轉換器收入嗎？然後我認為，當我們考慮持續收入時，也許您可以談論您從客戶群中看到的情況，如何轉換、合併、平衡和取消轉換。我知道人們對終端市場整合的好處、利弊有很多疑問。如果您能談論這些事情，那將會很有幫助。

Andrew, we do have a modest amount of convert merge. We've seen a little bit of convert merge and consulting this year in helping some of our clients ready around their strategy and prepare for what we believe will be an increased pace of consolidation within our industry. I think more you'll see the impact in FY26 than FY25 just based on the timing of our fiscal year and when we think things will really start to get ramped. It will be interesting to see over the next quarter the pace of approvals from the administration and the regulatory bodies. And I think that will be more of a telling sign of the pace to come.

安德魯，我們確實有適量的轉換合併。今年，我們看到了一些轉換、合併和諮詢業務，幫助我們的一些客戶制定策略，為我們認為將會加快的產業整合步伐做好準備。我認為，根據我們財政年度的時間表以及我們認為事情真正開始加速的時間，您會在 2026 財年比 2025 財年更多地看到影響。下個季度政府和監管機構的審批速度將會很有趣。我認為這將更能明顯預示未來的步伐。

Yes. And again, I referenced meeting with some customers, but one of the customers I met with was a winner merger that we had that is now a $20 billion institution after the merger. And they told me point blank that they plan to do three more acquisitions in the next two years. And so those are opportunities that, as we win the winner merger, we're in the catbird seat, obviously, to continue to add on to that.

是的。再次，我提到與一些客戶會面，但我所見的其中一位客戶是我們進行過的成功合併，合併後現在已成為價值 200 億美元的機構。他們直截了當地告訴我，他們計劃在未來兩年內再進行三次收購。所以，這些都是機會，當我們贏得贏家合併時，我們顯然處於有利地位，可以繼續增加機會。

So we think there'll continue to be a fairly significant amount of M&A in the banking and credit union space for the next couple of years. And again, as we always do, we're gearing up for that and have conversations with our customers. And we actually get a lot of notifications before those happen, not necessarily who the institution is they're acquiring, but the kind of the profile of that institution.

因此，我們認為未來幾年銀行和信用合作社領域的併購活動仍將相當活躍。像往常一樣，我們正在為此做好準備，並與我們的客戶進行對話。我們在這些事情發生之前實際上會收到很多通知，不一定是他們要收購的機構是誰，而是該機構的概況。

Got it. Super helpful. And then maybe if we could go back to your -- just your wins, the move up market. I know we've talked about this in the past. But if you talk about just the conversations those large banks and credit unions that you're winning. What's driving those wins? Have the conversations evolved a little more recently? I know, obviously, business banking and treasury is -- when you move up market is a bigger component. But other larger factors in terms of what's driving those conversations.

知道了。超有幫助。然後也許我們可以回到你的 — — 只是你的勝利，上升市場。我知道我們以前談論過這個問題。但如果你只談論那些大型銀行和信用合作社的對話，你就會贏得勝利。是什麼推動了這些勝利？最近對話有沒有進展？我知道，顯然，商業銀行和財務業務——當你進入高端市場時，它是一個更大的組成部分。但就推動這些對話的因素而言，還有其他更大的因素。

Yes. Thank you. I think you're right on the product mix. But it really is back to what we've been talking about. And I keep saying it, but I want to make sure that you understand it. There is a level of the fact that we are winning these deals based on culture service, innovation, strategy, and execution. Those five factors, it just isn't happening in the industry right now.

是的。謝謝。我認為你對產品組合的看法是正確的。但它確實又回到了我們一直在談論的話題。我一直這麼說，但我想確保你能理解。事實上，我們是透過文化服務、創新、策略和執行來贏得這些交易的。上述五個因素目前在業界尚未出現。

And so people, when they see what we are building and what we've been able to show from a level of execution with our roadmap execution, which is close to 90% now on our roadmap execution, there just isn't anybody in the industry that's doing what they say they're going to do. So there's others that are getting there or trying to get there with strategies, but we're executing on those strategies very well.

因此，當人們看到我們正在建造的東西以及我們能夠從路線圖執行的水平上展示的東西時（現在我們的路線圖執行率已接近 90%），他們會發現業內根本沒有人按照他們所說的去做。其他人也正在透過策略達到或嘗試達到這一目標，但我們正在很好地執行這些策略。

I think the other big thing is when you look at the level of innovation in the Complementary and Payment products, Core isn't always the driver of a Core win, it's usually the things that go around the Core that ultimately become the driver. And so that's why I think we've been very successful over the last several years as those products have developed and really started to get ahead of our competition.

我認為另一件大事是，當你觀察補充產品和支付產品的創新水平時，核心並不總是核心成功的驅動力，通常圍繞核心的東西最終才成為驅動力。所以我認為這就是為什麼我們在過去幾年裡非常成功，因為這些產品已經發展並真正開始領先於我們的競爭對手。

Absolutely. Yes, I know that our product roadmap means a lot. So I appreciate the comments.

絕對地。是的，我知道我們的產品路線圖意義重大。因此我很感謝這些評論。

Ken Suchoski, Autonomous Research.

蘇喬斯基（Ken Suchoski），自主研究。

I just wanted to circle back on the back half revenue growth guidance. I think the implied growth is somewhere around 9%, which I think is the strongest sort of fiscal second half growth rate that we've seen over the last handful of years. So is there anything different that stands out this year versus prior years that drives that stronger growth in the second half? And I guess from a modeling perspective, any sense of which segments are going to see the most acceleration?

我只是想回顧一下下半年的營收成長預期。我認為隱含的成長率在 9% 左右，這是過去幾年下半年最強勁的成長率。那麼，與往年相比，今年有哪些突出的不同之處，推動了下半年更強勁的成長？我想從建模的角度來看，哪些部分會出現最快的加速？

Sure, Ken. So as we said, there's a couple of things that are just relative to comp. So if we think about cloud, for example, back half, we're growing over the third year. Just the way the year is playing out, I wouldn't read too much into changing the color and pattern of the years going forward. This year, we just continue to see a back half acceleration.

當然，肯。正如我們所說，有幾件事只是與公司有關。因此，如果我們考慮雲端運算，例如上半年，我們在第三年實現了成長。按照這一年的發展方式，我不會過度改變未來幾年的色彩和模式。今年，我們繼續看到後半段加速。

We think things like card, we've seen volumes pick up. We think the pace of and health of the US consumer will continue to be healthy, not exuberant, but healthy. And that will lead to increased payment volumes.

我們認為，諸如卡片之類的東西，我們已經看到數量正在增加。我們認為美國消費者的消費速度和健康狀況將繼續保持健康，雖然不是旺盛的，但也是健康的。這將導致支付量增加。

And then just some of it is around the installation, timing of some of our newer products. So you have things like Financial Crimes Defender, the consulting and installations that go on around that, the continued success around digital that Greg talked about, the number of wins and the pipeline that's kind of in progress, particularly around Banno and Banno Business. So I think all that together makes us feel very comfortable about affirming the guidance. I know on paper, it looks like a very large number kind of in the back half, but we feel comfortable.

其中一些是有關我們一些新產品的安裝和時間安排。因此，您擁有諸如金融犯罪辯護人之類的東西，圍繞它進行的諮詢和安裝，格雷格談到的在數位領域取得的持續成功，獲勝的數量以及正在進行的管道，特別是圍繞 Banno 和 Banno Business 的管道。因此，我認為，所有這些都讓我們非常放心地確認該指導。我知道，從紙面上看，後半部的數字看起來非常大，但我們感覺很舒服。

Okay. Great. That's really helpful, Mimi. And then maybe just a question on the Payments business because we're getting some questions on it. When you look at the network volumes in some of the large banks, they showed a couple hundred basis points of accelerating volume growth in the US in calendar 4Q versus calendar 3Q. Just looking at the Payments segment, I think it accelerated about 30 basis points on a non-GAAP revenue growth basis over that same period. So I guess, should we think about that line maybe being less correlated with overall market and network volume growth, or maybe that ticks higher in the back half of the year? Any detail on that would be super helpful.

好的。偉大的。這真的很有幫助，Mimi。然後可能只是一個關於支付業務的問題，因為我們對此有一些疑問。當您查看一些大型銀行的網路交易量時，您會發現美國第四季度的交易量比第三季度增長了幾百個基點。僅從支付部門來看，我認為在同一時期內，其非 GAAP 收入成長率加速了約 30 個基點。所以我想，我們是否應該認為這條線可能與整體市場和網路容量成長的相關性較小，或者也許這條線在今年下半年會更高？有關這方面的任何細節都會非常有幫助。

Sure. Ken, I would just remind everyone on the call that card is just one of three components of Payments. And so while it is almost 60%, it's still only one of three. So the volumes we're seeing in card are certainly consistent with US debit trends.

當然。肯，我只是想提醒電話中的每個人，卡只是支付的三個組成部分之一。因此，儘管它接近 60%，但它仍然只是三分之一。因此，我們看到的信用卡交易量肯定與美國金融卡趨勢一致。

We've also seen strong related solutions that complement the card transaction itself. So we continue to expect that in the back half of the year. PayCenter that we've already talked about a little bit on this call in the payment processing, through the acceleration of the new rails and innovation there, we're continuing to see strong progress. Now it's a meaningful, but on a smaller number basis. And then you have things like bill pay that are doing fine at 15% of the total segment but are not kind of a huge grower kind of from a mature business perspective. So I would just remind people from -- it's not just all card transaction volume.

我們也看到了強有力的相關解決方案來補充卡片交易本身。因此，我們繼續預計今年下半年會出現這種情況。我們在本次電話會議中已經對支付處理中的 PayCenter 進行了一些討論，透過加速新軌道和創新，我們繼續看到強勁進展。現在它很有意義，但是數量較少。然後你會發現諸如帳單支付之類的業務在整個細分市場中佔比 15%，表現還不錯，但從成熟的商業角度來看，這並不是一個巨大的成長。因此，我只是想提醒大家——這不僅僅是所有的卡片交易量。

(Operator Instructions) Dave Koning, Baird.

（操作員指示）戴夫·科寧，貝爾德。

And my question, I guess it's along some of the same lines. When I look at Payments, historically, Q3 has been flat to down. I think in the COVID year, it was up, but almost every quarter, in Q3, it's flat to down sequentially. And then Q4 is up a decent amount, maybe 3%, 4%, whatever. It seems like this year, you're talking about a little more acceleration than normal.

我猜我的問題是類似的。當我查看付款時，從歷史上看，第三季的付款一直持平或下降。我認為在新冠疫情那年，它是上升的，但幾乎每個季度，在第三季度，它是持平或連續下降的。然後第四季的漲幅相當大，可能是 3%、4% 等等。看起來今年你談論的加速似乎比平常快一些。

Is there something different about this year sequentially? Normally, Q3 would be flat to down just because retail debit is just down a little bit in calendar Q1. But is there something different about the products being added or different things that are kind of differently affecting the sequential this year?

今年與往年相比有什麼不同嗎？正常情況下，第三季將會持平或下降，因為零售借貸在第一季略有下降。但是，今年增加的產品或不同事物是否對連續性產生了不同的影響？

Yes, Dave, this is Greg. So good observation. And I think the part that I would emphasize is really where Mimi was leading on the last question. Card is going to -- there's nothing substantial about card being different in Q3. It's probably fairly on pace to what we typically see. It really is the other products that are driving a lot of that opportunity.

是的，戴夫，這是格雷格。觀察得真好。我認為我要強調的部分其實是 Mimi 在最後一個問題上所引導的部分。卡片將會——第三季的卡片沒有什麼實質的不同。這可能與我們通常看到的步伐相當。真正推動這項機會的是其他產品。

And so PayCenter is getting to the point to be very meaningful for us, as I mentioned before, about what we're doing, not only with the rollout of clients but also what we're doing on the Send side of transactions. And we have a couple of very large clients that were doing a large number of Send transactions now. So I would just really more look at the balance of what's happening or maybe the shift of the balance of what's happening in our Payments segment.

因此，正如我之前提到的，PayCenter 對我們來說意義重大，不僅對於我們正在做的事情有意義，對於客戶端的推出有意義，對於我們在交易的發送者所做的工作也有意義。我們有幾個非常大的客戶，現在正在進行大量的發送交易。因此，我實際上會更專注於正在發生的平衡情況，或者可能是支付部門正在發生的平衡變化。

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。我想將會議交還給 Vance Sherard 來做最後發言。

Thank you, Michael. In the upcoming weeks, management will attend six investor events, including availability at those events for in-person meetings. We would like to thank all Jack Henry associates for their efforts and dedication, which have contributed to our solid results. Thank you for joining us today. Michael, please provide the replay number.

謝謝你，麥可。在接下來的幾週內，管理層將參加六場投資者活動，包括在活動中進行面對面會議。我們要感謝所有傑克亨利同事的努力和奉獻，他們為我們所取得的堅實表現做出了貢獻。感謝您今天加入我們。邁克爾，請提供重播號碼。

The replay number for today's call is 877-344-7529 and the access code is 4886307. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

今天電話會議的重播號碼是 877-344-7529，接入碼是 4886307。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。