Jack Henry & Associates Inc (JKHY) 2025 Q3 法說會逐字稿

Good day and welcome to the Jack Henry & Associates, Inc. third quarter fiscal year 2025 results conference call. (Operator Instructions) Please note that this conference is being recorded. I would now like to turn the conference over to Mr. Vance Sherard, the Vice President.

大家好，歡迎參加 Jack Henry & Associates, Inc. 2025 財年第三季業績電話會議。（操作員指示）請注意，本次會議正在錄音。現在我想將會議交給副主席萬斯·謝拉德先生。

Thank you, and over to you.

謝謝，接下來交給你了。

Thank you, Myron. Good morning and thank you for joining the Jack Henry third quarter fiscal 2025 earnings call. Joining me today are Greg Adelson, President and CEO, and Mimi Carsley, CFO and Treasurer. Following my opening remarks, Greg will share his insights and observations on our quarter and year-to-date financial results, operational metrics and outlook. Mimi will then discuss the financial results provided in yesterday's press release, which is available in the Investor Relations section of the Jack Henry website.

謝謝你，邁倫。早安，感謝您參加傑克亨利 2025 財年第三季財報電話會議。今天與我一起出席的還有總裁兼執行長 Greg Adelson 和財務長兼財務主管 Mimi Carsley。在我的開場白之後，格雷格將分享他對我們本季和今年迄今為止的財務業績、營運指標和前景的見解和觀察。然後，Mimi 將討論昨天新聞稿中提供的財務結果，該新聞稿可在 Jack Henry 網站的投資者關係部分找到。

Afterwards, we will open the lines for a Q&A session. 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.

之後，我們將開放問答環節。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. 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.

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部分。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 turn the call over to Greg.

現在我將電話轉給格雷格。

Thank you, Vance. Good morning and I appreciate each of you joining the call. I'd like to begin by thanking our associates for their hard work and dedication to our success, consistently going above and beyond and taking care of our clients. Our commitment to people-first culture, service excellence, technology innovation and a clear strategy backed by consistent execution continues to differentiate us in the market. I will share three main takeaways from the quarter, and then we'll provide additional detail about our overall business.

謝謝你，萬斯。早上好，感謝各位參加此次電話會議。首先，我要感謝我們的同事為我們的成功所付出的辛勤工作和奉獻，他們始終不遺餘力地照顧我們的客戶。我們致力於以人為本的文化、卓越的服務、技術創新以及以一致執行為後盾的明確策略，這使我們在市場上脫穎而出。我將分享本季度的三個主要收穫，然後我們將提供有關我們整體業務的更多詳細資訊。

First, our financial performance. Our third quarter fiscal year 2025 results reflect solid overall performance. Our non-GAAP revenue increased 7% and our non-GAAP operating margin was 23%, representing an impressive 207 basis points of margin expansion over last year. In terms of GAAP revenue, we are starting to see an increase in M&A activity, and our Q3 deconversion revenue was $9.6 million. We expect a continuation of increased deconversion revenue in Q4. Thus, we are forecasting a full year deconversion revenue range of $22 million to $28 million.

首先，我們的財務表現。我們的 2025 財年第三季業績反映出穩健的整體表現。我們的非公認會計準則收入成長了 7%，非公認會計準則營業利潤率為 23%，與去年相比，利潤率擴大了 207 個基點。就 GAAP 收入而言，我們開始看到併購活動的增加，我們的第三季轉換收入為 960 萬美元。我們預計第四季的去轉換收入將持續增加。因此，我們預測全年轉換收入將在 2,200 萬美元至 2,800 萬美元之間。

Second, our fiscal '25 guidance. As you saw in the press release and with three quarters now closed, we adjusted our full year guidance for GAAP and non-GAAP revenue, margin expansion and EPS. Despite revenue guidance revisions, our primary or key revenue consists mostly of processing and cloud with 76% of total revenue for the quarter and grew at 9.8% versus a growth rate of 8.8% for Q3 fiscal year '24. The adjusted non-GAAP revenue guidance is primarily due to macroeconomic concerns and the softening of nonstrategic revenue such as hardware purchases and consulting engagements.

第二，我們的 25 財年指導。正如您在新聞稿中看到的，現在已經結束了三個季度，我們調整了全年的 GAAP 和非 GAAP 收入、利潤率成長和每股盈餘指引。儘管營收指引有所修訂，但我們的主要或關鍵收入主要來自處理和雲，佔本季總營收的 76%，成長率為 9.8%，而 24 財年第三季的成長率為 8.8%。調整後的非公認會計準則收入指引主要歸因於宏觀經濟擔憂以及硬體採購和諮詢業務等非策略性收入的疲軟。

As most of you know, hardware is sold to our in-house processing clients at a time they desire to add or replace equipment. Similar to hardware purchases, we are seeing some customers delay the start of signed non-recurring projects. Examples include of work orders and the implementation of post-core conversion products in our Complementary and payment segments. We are also seeing some softening in debit card transactions, which is similar to what the card associations experienced in their US debit businesses.

大多數人都知道，當我們的內部處理客戶需要添加或更換設備時，我們會將硬體出售給他們。與硬體採購類似，我們發現一些客戶推遲了已簽署的非經常性項目的啟動。例如工作訂單和在我們的補充和支付部分中實施核心後轉換產品。我們也發現金融卡交易有所疲軟，這與卡片協會在美國金融卡業務中經歷的情況類似。

Based on these factors and what we have seen through April, we felt it was necessary to lower our revenue guidance. However, due to our key revenue growth and higher incremental margins as well as our disciplined approach to expense management, project prioritization and capital expenditures, we have increased our GAAP and non-GAAP guidance on margin expansion and EPS growth. Mimi will provide more details in her comments. Third, we are continuing to win larger competitive core deals.

基於這些因素以及我們四月看到的情況，我們認為有必要下調收入預期。然而，由於我們的主要收入成長和更高的增量利潤率，以及我們對費用管理、專案優先順序和資本支出的嚴謹態度，我們提高了利潤率擴張和每股盈餘成長的 GAAP 和非 GAAP 指引。Mimi 將在她的評論中提供更多細節。第三，我們正在繼續贏得更大的競爭核心交易。

Over the past two years, the aggregate assets of competitive new core takeaways have more than doubled. This is important to note since our core revenue models include asset-based and per account pricing options, both benefiting from larger institution wins.

過去兩年，競爭性新核心外送的總資產增加了一倍以上。值得注意的是，我們的核心收入模式包括基於資產和按帳戶定價的選項，這兩種模式都受益於更大的機構收益。

To date, this fiscal year, we have secured 28 new core wins, including 11 in Q3 with financial institutions totaling $30 billion in assets. This compares to 35 core transactions totaling $21 billion in assets at this time last year and 31 core deals totaling $14 billion in assets 2 years ago.

本財年迄今為止，我們已獲得 28 個新的核心客戶，其中第三季獲得 11 個，金融機構資產總額達 300 億美元。相較之下，去年同期核心交易數量為 35 筆，總資產為 210 億美元，兩年前核心交易數量為 31 筆，總資產為 140 億美元。

Our core and total pipeline remain very strong, and we will see a significant increase in competitive core wins in Q4 over the previous three quarters. We can expect a win total similar to what we did in Q4 last year, and again, with larger asset financial institutions.

我們的核心和整體管道仍然非常強勁，我們將看到第四季度競爭核心勝利比前三個季度顯著增加。我們預計最終的贏利總額將與去年第四季類似，並且與資產規模較大的金融機構一樣。

In addition to core wins, we are seeing a similar trend in migrations of existing customers for in-house processing to our private cloud. This fiscal year-to-date, we have contracted to migrate 26 clients, including 7 in Q3 that totaled $42 billion in assets. That compares to 29 clients with $27 billion in assets at this time of last year, representing a 55% increase in assets.

除了核心勝利之外，我們還看到現有客戶將內部處理遷移到我們的私有雲的類似趨勢。本財年迄今為止，我們已簽約遷移 26 位客戶，其中第三季的 7 位客戶資產總額達 420 億美元。相較之下，去年同期有 29 位客戶，資產總額為 270 億美元，資產成長了 55%。

We currently have 76% of our clients processing in the Jack Henry private cloud environment. Our success with new core wins and migration aligns well with the core platform survey results published by the American Bankers Association in February.

我們目前有 76% 的客戶在 Jack Henry 私有雲環境中處理。我們在贏得新核心和遷移方面取得的成功與美國銀行家協會二月發布的核心平台調查結果一致。

For the first time, the ABA named the core providers. Previously, they used generic labels like company A, B and C. The title of the report is All Core Platform Providers Are Not The Same, and we wholeheartedly agree. Jack Henry scored near the top across multiple categories. And when the respondents were asked what matters most in a core provider, innovation and customer service top the list, definitely two key differentiators for Jack Henry.

ABA 首次公佈了核心提供者名單。以前，他們使用像公司 A、B 和 C 這樣的通用標籤。報告的標題是“所有核心平台提供者都不一樣”，我們完全同意。傑克亨利 (Jack Henry) 在多個類別中得分接近最高。當受訪者被問到核心供應商最重視什麼時，創新和客戶服務就位居榜首，這無疑是傑克亨利的兩個關鍵差異化因素。

Turning to specific product and strategy updates. I will comment on the Payments and Complementary segments, followed by providing updates on technology modernization, our new SMB solutions and our annual benchmark survey results.

轉向具體的產品和策略更新。我將對支付和補充部分進行評論，然後提供有關技術現代化、我們的新 SMB 解決方案和我們的年度基準調查結果的最新資訊。

In our Payments segment, we continue to see strong growth with our faster payment solutions. Over the past year, we've grown the number of FIs using Zelle by 10%, The Clearing House's RTP network by 37% and FedNow by 96%. We now have 354 clients on the Zelle platform, representing 14% of FIs using Zelle; 384 clients on RTP, representing 43% of FIs using RTP; and 370 clients on FedNow, representing 26% of FIs using FedNow.

在我們的支付領域，我們憑藉更快捷的支付解決方案持續實現強勁成長。在過去的一年裡，使用 Zelle 的金融機構數量增加了 10%，使用清算所 RTP 網路的金融機構數量增加了 37%，使用 FedNow 的金融機構數量增加了 96%。目前，我們在 Zelle 平台上擁有 354 個客戶，佔使用 Zelle 的金融機構的 14%；在 RTP 平台上擁有 384 個客戶，佔使用 RTP 的金融機構的 43%；在 FedNow 平台上擁有 370 個客戶，佔使用 FedNow 的金融機構的 26%。

In our Complementary segment, 32 contracts were in the quarter for Financial Crimes Defender, or FCD, faster payment fraud module, a real-time solution designed to mitigate fraud in Zelle RTP and FedNow transactions. As of the end of March, we have installed 115 Financial Crimes Defender customers and have another 83 in various stages of implementation.

在我們的補充部門中，本季度簽訂了 32 份合同，涉及金融犯罪辯護人 (FCD)，更快的支付欺詐模組，這是一種旨在減輕 Zelle RTP 和 FedNow 交易中的欺詐行為的實時解決方案。截至 3 月底，我們已安裝 115 位金融犯罪辯護客戶，另有 83 位客戶處於不同實施階段。

We also have 69 Faster Payment modules installed at 160 in various stages of implementation. Our Banno Digital Platform continues to experience healthy growth with 29 new Banno Platform contracts in the quarter. At the end of March, we had more than 1,000 Banno Platform clients, including 270 live with Banno Business.

我們還在 160 個地點安裝了 69 個快速支付模組，處於不同的實施階段。我們的 Banno 數位平台持續保持健康成長，本季新增 29 份 Banno 平台合約。截至 3 月底，我們擁有超過 1,000 名 Banno 平台客戶，其中 270 名與 Banno Business 合作。

We finished the quarter with more than 13.7 million registered users on the Banno Platform. At the end of Q3 last year, we had 11.6 million registered users, an 18% increase over the past 12 months. Regarding our technology modernization, we continue to execute very well and ahead of schedule on our core strategy for the new public cloud-native Jack Henry Platform. We are now live in various stages with 15 components. Some of these are only used internally to eliminate duplication of development costs across the company, but most are utilized by our clients and are getting favorable reviews.

本季結束時，Banno 平台的註冊用戶已超過 1,370 萬人。截至去年第三季末，我們的註冊用戶數為 1,160 萬，比過去 12 個月成長了 18%。關於我們的技術現代化，我們繼續出色地提前執行新的公有雲原生 Jack Henry 平台的核心策略。我們目前處於不同階段，包含 15 個組件。其中一些僅在公司內部使用，以消除整個公司重複的開發成本，但大多數都被我們的客戶所使用，並獲得了良好的評價。

As a result of the efforts of our development teams, we remain on track to deliver our public cloud-native consumer and commercial deposit-only core in the first half of calendar year 2026, which will be about six months ahead of what we communicated in February of 2022.

由於我們開發團隊的努力，我們仍有望在 2026 年上半年交付我們的公有雲原生消費者和商業存款核心，這比我們在 2022 年 2 月溝通的時間提前約六個月。

Another example of our technology modernization progress is our new enterprise deposit and loan account opening solution. This technology enables banks and credit unions to grow loans and deposits by streamlining processes, automating workflows and better serving retail and business clients through a single digital deposit and loan account opening experience. We have initiated our closed beta process with two clients, and we'll continue to add more early adopter clients over the coming months.

我們技術現代化進步的另一個例子是我們新的企業存款和貸款開戶解決方案。這項技術使銀行和信用合作社能夠透過單一的數位存款和貸款開戶體驗簡化流程、自動化工作流程並更好地服務零售和商業客戶，從而增加貸款和存款。我們已經與兩位客戶啟動了封閉測試流程，並將在未來幾個月繼續增加更多的早期採用者客戶。

Another area of focus that the industry is excited about is our medium-sized business strategy. A key aspect of our strategy is to only provide the service directly to financial institutions, allowing them to recapture high-value deposits and service the needs of their account holders.

業界關注的另一個領域是我們的中型企業策略。我們策略的關鍵方面是僅直接向金融機構提供服務，使他們能夠重新獲得高價值存款並滿足其帳戶持有人的需求。

Our initial offering called Jack Henry Rapid Transfers is in closed beta with three clients. We are currently extending availability to all Banno customers and actively enrolling clients through our digital operations team. Jack Henry Rapid Transfers enables both SMBs and consumers to instantly move funds between external accounts, eligible cards and digital wallets. We are collaborating with both Visa and MasterCard to facilitate these transactions through their respective debit rails.

我們最初推出的產品名為 Jack Henry Rapid Transfers，目前正與三位客戶進行封閉測試。我們目前正在向所有 Banno 客戶提供服務，並透過我們的數位營運團隊積極招募客戶。Jack Henry Rapid Transfers 讓中小企業和消費者能夠在外部帳戶、合格卡和數位錢包之間即時轉移資金。我們正在與 Visa 和 MasterCard 合作，透過其各自的金融卡管道促進這些交易。

The second offering is our unique merchant acquiring solution in partnership with c. This solution delivers many distinguishing features for merchants, including instant decisioning, tap-to-pay for both iOS and Android devices, the option to receive settlement funds up to 8 times per day and continuous account reconciliation to the accounting platform of their choice. We are on track for a closed beta in June with two Banno clients.

第二個產品是我們與 c 合作推出的獨特的商家收單解決方案。該解決方案為商家提供了許多獨特的功能，包括即時決策、適用於 iOS 和 Android 設備的點擊支付、每天最多 8 次接收結算資金的選項以及與他們選擇的會計平台的持續帳戶對帳。我們計劃在 6 月與兩位 Banno 客戶進行封閉測試。

We are also currently working on several additional phases to our SMB strategy as we expect to continue to deliver new functionality and solutions over the next 18 to 24 months to both Jack Henry and non-Jack Henry core institutions.

我們目前也正在致力於 SMB 策略的幾個附加階段，因為我們希望在未來 18 到 24 個月內繼續向 Jack Henry 和非 Jack Henry 核心機構提供新的功能和解決方案。

We recently released our seventh annual 2025 Strategy Benchmark Survey. While we track many industry surveys, this one stands out because it reflects insights directly from the CEOs of our own bank and credit union clients. The survey indicated that 76% of our bank and credit union clients plan to increase technology spending over the next two years.

我們最近發布了第七份年度 2025 年戰略基準調查。雖然我們追蹤了許多行業調查，但這項調查脫穎而出，因為它直接反映了我們自己的銀行和信用合作社客戶的執行長的見解。調查顯示，76% 的銀行和信用合作社客戶計劃在未來兩年內增加技術支出。

Of those, the largest segment, 33%, plans to increase investments between 6% and 10%. We also asked where they expect to invest over the next two years. The top three areas identified were digital banking fraud prevention and enhancing efficiency through automation, all areas where Jack Henry has been investing and executing with innovative solutions such as the Banno Platform, Financial Crimes Defender and the digital deposit loan account opening solution that I mentioned earlier.

其中，佔比最大的33%的企業計劃增加6%至10%的投資。我們也詢問了他們預計未來兩年內將在哪些領域進行投資。確定的三大領域是數位銀行詐欺預防和透過自動化提高效率，Jack Henry 一直在這些領域進行投資並執行創新解決方案，例如我之前提到的 Banno 平台、金融犯罪辯護人和數位存款貸款開戶解決方案。

It's worth noting that the survey was conducted in January and February prior to April's market volatility. However, we did spend a significant amount of time speaking with our clients about the current environment at our Strategic Insights event last week in Minneapolis.

值得注意的是，這項調查是在四月市場波動之前的一月和二月進行的。然而，在上週於明尼阿波利斯舉行的策略洞察活動中，我們確實花了大量時間與客戶討論當前的環境。

Much of what we learned in the survey still holds true for them today. Banks and credit unions are generally concerned about the impact of tariffs on their commercial clients, especially SMBs. They remain optimistic overall and see expected regulatory relief as a positive as well. Our clients continue to suggest that M&A activity is picking up, and we are also seeing an increase in our clients' making acquisitions, which presents additional revenue opportunities in the future.

我們在調查中了解到的許多資訊至今仍對他們適用。銀行和信用合作社普遍擔心關稅對其商業客戶，尤其是中小企業的影響。他們總體上保持樂觀，並認為預期的監管放鬆也是一件積極的事情。我們的客戶繼續表示併購活動正在升溫，我們也看到客戶收購活動的增加，這為未來帶來了額外的收入機會。

In closing, we remain excited and confident that our unwavering approach to culture, service, innovation, strategy and execution will continue to enable Jack Henry to drive industry-leading revenue growth and margin expansion through this evolving macro environment.

最後，我們仍然興奮並相信，我們對文化、服務、創新、戰略和執行的堅定態度將繼續使傑克亨利在不斷變化的宏觀環境中推動行業領先的收入增長和利潤率擴張。

We have a robust sales pipeline and a proven ability to attract and win deals, especially with larger financial institutions. We will continue to evaluate acquisitions that will accelerate or complement our strategy, remain disciplined in our expense management and continue to rationalize products that fall in our non-key revenue segment. In short, we remain well positioned for the future.

我們擁有強大的銷售管道和公認的吸引和贏得交易的能力，尤其是與大型金融機構的交易。我們將繼續評估能夠加速或補充我們策略的收購，繼續嚴格管理費用，並繼續合理化非關鍵收入部分的產品。簡而言之，我們為未來做好了充分準備。

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

說完這些，我將把話題交給 Mimi 來了解有關財務狀況的更多細節。

Thank you, Greg, and good morning, everyone. I want to open by thanking the dedicated Jack Henry team for their steadfast focus on execution and support of our clients. While the quarter results differed modestly from our fiscal year expectations, it was another quarter of solid revenue and earnings growth. I will discuss the details behind our third quarter and year-to-date results then conclude with commentary on our updated fiscal '25 guidance. Q3 GAAP and non-GAAP revenue increased 9% and 7%, respectively, with GAAP revenue outperformance driven by notable uptick in deconversion revenue.

謝謝你，格雷格，大家早安。首先，我要感謝傑克亨利團隊的敬業精神，感謝他們始終如一地專注於執行並支持我們的客戶。雖然本季的業績與我們的財年預期略有不同，但本季的營收和獲利又實現了穩健成長。我將討論我們第三季和年初至今的業績細節，然後對我們更新的 25 財年指引進行評論。第三季 GAAP 和非 GAAP 收入分別成長 9% 和 7%，其中 GAAP 收入表現優異是由於去轉換收入顯著上升所致。

Despite strong performance in previously identified key areas, overall non-GAAP revenue growth was tempered by lower non-key revenue growth, especially from a slowdown in hardware sales and non-reoccurring revenue from customer projects. Excluding hardware impact, Q3 non-GAAP revenue growth would have been 8%.

儘管先前確定的關鍵領域表現強勁，但整體非公認會計準則收入成長受到非關鍵收入成長下降的影響，尤其是硬體銷售放緩和來自客戶專案的非經常性收入。不計硬體影響，第三季非 GAAP 收入成長率將達到 8%。

Quarterly deconversion revenue of approximately $9.6 million, which we released prior to our full earnings, increased $8.8 million compared to the same period last year, reflecting an accelerating pace of consolidation in the industry.

我們在公佈全面收益之前發布的季度轉換收入約為 960 萬美元，與去年同期相比增加了 880 萬美元，反映出產業整合步伐正在加快。

In light of year-to-date results and fourth quarter pending agreements, we have raised our full year deconversion guidance to a range of $22 million to $28 million. Financial institution M&A activity will have minimal non-GAAP impact in fiscal '25 but potential for a meaningful impact in fiscal '26.

根據年初至今的業績和第四季未達成的協議，我們已將全年去轉換預期上調至 2,200 萬美元至 2,800 萬美元的範圍。金融機構併購活動對 25 財年的非 GAAP 影響很小，但對 26 財年可能有重大影響。

Now looking closer to the quarterly results. In the quarter, GAAP and non-GAAP services and support revenue increased 8% and 6%, respectively. Data processing and hosting continue to dominate services and support growth for the quarter and year-to-date. Hardware revenue was down $4 million in the quarter and $11 million year-to-date, creating headwinds for services and support revenue. As a reminder, hardware revenue is both non-reoccurring and low visibility, making it a part of non-key revenue.

現在仔細看看季度業績。本季度，GAAP 和非 GAAP 服務和支援收入分別成長 8% 和 6%。資料處理和託管繼續主導服務並支援本季和年初至今的成長。本季硬體收入下降 400 萬美元，年初至今下降 1,100 萬美元，為服務和支援收入帶來阻力。需要提醒的是，硬體收入既是非經常性的，也是低可見性的，因此它屬於非關鍵收入的一部分。

Our private and public cloud offering increased 11% in the quarter, reflecting strong persistent new installs, an existing FI growth trend. This reoccurring revenue growth contributor is 33% of our total revenue and continues to be a double-digit growth engine.

我們的私有雲和公有雲產品在本季成長了 11%，反映出持續強勁的新安裝量，這是現有的 FI 成長趨勢。這一經常性收入成長貢獻者占我們總收入的 33%，並繼續成為兩位數的成長引擎。

Moving to processing revenue, which is 43% quarterly revenue and a significant contributor to our long-term growth model. We saw strong performance with 9% 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 revenues.

轉向加工收入，這佔季度收入的 43%，並且是我們長期成長模式的重要貢獻者。本季度，我們表現強勁，以 GAAP 和非 GAAP 計算均成長 9%。持續的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。

Completing commentary on revenue, I would highlight quarterly total reoccurring revenue, excluding deconversion revenue, was 92%. We focus on key revenue, which comprised of our strategic reoccurring revenues. Non-key revenue includes lower-growth and merchant solutions that are typically non-reoccurring or not aligned to our future strategic direction yet often support existing operations.

完成對收入的評論後，我想強調一下，不包括轉換收入的季度總經常性收入為 92%。我們專注於關鍵收入，包括我們的策略性經常性收入。非關鍵收入包括低成長和商家解決方案，這些收入通常不會重複出現或與我們未來的策略方向不一致，但通常支援現有營運。

Quarterly key revenue was 78% of total non-GAAP revenue and grew a robust 10%. The year-to-date key revenue was 75% of total non-GAAP revenues with continued momentum, producing healthy growth of 9%.

季度主要營收佔非公認會計準則總營收的 78%，且強勁成長 10%。今年迄今為止的主要收入佔非公認會計準則總收入的 75%，並繼續保持成長勢頭，實現了 9% 的健康成長。

Quarterly non-key revenue makes up the remaining non-GAAP revenue, during the quarter and year-to-date has contracted 2%, creating a headwind to total growth. So Jack Henry is not immune to the broader macroeconomic challenges. The high reoccurring revenue, long-term contracts and critical functionality of our products ensure the resiliency of our business model. We are well positioned regardless of economic conditions. Next, moving to expenses.

季度非關鍵收入構成了剩餘的非 GAAP 收入，本季和年初至今已收縮 2%，對整體成長造成阻力。因此，傑克·亨利並不能免於更廣泛的宏觀經濟挑戰的影響。我們產品的高經常性收入、長期合約和關鍵功能確保了我們商業模式的彈性。無論經濟狀況如何，我們都處於有利地位。接下來，談談費用。

Starting with cost of revenue, which increased 4% on a GAAP basis and 3% on a non-GAAP basis during the quarter. The quarterly increase was due to higher direct costs, internal licenses and fees, which partly offset by an increase in labor cost deferrals.

首先是收入成本，本季以 GAAP 計算增長了 4%，以非 GAAP 計算增長了 3%。季度成長是由於直接成本、內部許可證和費用增加，但勞動成本遞延增加部分抵消了這一成長。

For clarification and to assist with model, the amortization of acquisition-related intangibles was $6 million in the quarter. Next, R&D expense increased 9% on both a GAAP and non-GAAP basis for the quarter. The quarterly increase was primarily related to nonpersonnel costs -- sorry, net personnel costs.

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。其次，本季研發費用按 GAAP 和非 GAAP 計算均增加了 9%。季度成長主要與非人事成本有關—抱歉，是淨人事成本。

Ending with SG&A expense, it increased 7% for the quarter on a GAAP basis and 5% on a non-GAAP basis, is also related to an increase in net personnel costs. We remain focused on prioritization, cost efficiencies and effective utilization of our workforce that will result in annually compounding margin expansion.

最後以銷售、一般及行政費用結束，本季以 GAAP 計算增加了 7%，以非 GAAP 計算增加了 5%，這也與淨人員成本的增加有關。我們將繼續專注於優先排序、成本效率和勞動力的有效利用，從而實現年度複合利潤率的擴大。

We are pleased to report that the quarter delivered 207 basis points increase in non-GAAP margin to 23%. We remain confident in our ability to deliver margin expansion and have increased the full year guide. These solid quarterly operating results produced a fully-diluted GAAP earnings per share of $1.52, up 28%.

我們很高興地報告，本季非公認會計準則利潤率增加了 207 個基點，達到 23%。我們仍然對實現利潤率擴張的能力充滿信心，並提高了全年利潤指引。這些穩健的季度經營業績產生了每股完全稀釋的 GAAP 收益 1.52 美元，成長 28%。

Reviewing the three operating segments. We are pleased with Core segment key revenue performance, monitoring payments for consumer sentiment impacts and continue to benefit from strong Complementary performance.

回顧三個經營分部。我們對核心部門關鍵收入的表現感到滿意，監控支付對消費者情緒的影響，並持續受益於強勁的互補表現。

Core segment increased 6% for the quarter on a non-GAAP basis due to the headwinds from the license and credit union hardware that rolls up into this segment. On a key basis, the segment revenue grew 11%, a 10-basis point increase over the prior period.

由於許可證和信用合作社硬體帶來的不利影響，核心部門本季按非公認會計準則計算增長了 6%。從關鍵數據來看，該部門營收成長了 11%，比上一季增加了 10 個基點。

Core segment performance primarily came from organic growth in data processing and hosting, partly offset by lower maintenance fee revenue and credit union-related hardware, the result of our core clients continuing to shift from on-prem to private cloud.

核心部門的表現主要來自資料處理和託管的自然成長，但維護費收入和信用合作社相關硬體的下降部分抵消了這一增長，這是我們的核心客戶繼續從本地轉向私有雲的結果。

Non-GAAP segment income margin for core increased 141 basis points from improved operating leverage. Payments segment non-GAAP quarterly revenue increased 7% and saw a non-GAAP segment income margin growth of 59 basis points. Performance was due to continued higher card revenue for volumes, increased payment processing revenue, including FedNow, RTP, Zelle and elevated EPS payment.

由於營運槓桿的提高，非公認會計準則核心部門利潤率增加了 141 個基點。支付部門非公認會計準則季度營收成長 7%，非公認會計準則部門營收利潤率成長 59 個基點。業績表現得益於卡片業務收入持續增加、支付處理收入增加（包括 FedNow、RTP、Zelle）以及 EPS 支付增加。

Margins in the Payments segment also benefited from ongoing improvement to operating leverage. Finally, Complementary segment quarterly non-GAAP revenue increased 10% from strong product mix with digital and hosting revenues driving growth momentum. Segment margins strongly expanded 164 basis points from the high incremental margin of reoccurring revenue and SaaS-like nature of our business model.

支付部門的利潤率也受惠於經營槓桿的持續改善。最後，互補部門季度非 GAAP 收入由於強大的產品組合而增長 10%，其中數位和託管收入推動了成長勢頭。由於經常性收入的高增量利潤率和我們業務模式的類似 SaaS 的特性，分部利潤率強勁擴大了 164 個基點。

Now let's turn to a review of cash flow and capital allocation. Third quarter operating cash flow was $108 million, a $10 million increase over the prior year's period. Strong cash flow reflects higher profitability from operations and increased deconversion revenue, partly offset by higher tax payments. Trailing 12-month free cash flow was a hearty $303 million, resulting in a 71% conversion in line with the full year guidance range.

現在讓我們來回顧一下現金流和資本配置。第三季營運現金流為 1.08 億美元，比去年同期增加 1,000 萬美元。強勁的現金流反映了更高的營運獲利能力和增加的去轉換收入，但部分被更高的稅收所抵消。過去 12 個月的自由現金流高達 3.03 億美元，轉換率達 71%，與全年指引一致。

Our dedication to value creation resulted in a 12 -- trailing 12-month return on invested capital of 20%. This is a nice improvement, and we expect to see this increase returning to historic levels in the near future.

我們致力於創造價值，使我們在過去 12 個月內實現了 20% 的投資回報率。這是一個很好的進步，我們預計在不久的將來這一增幅將恢復到歷史水平。

For the quarter, we repurchased $18 million of Jack Henry shares, aligned with our constructive outlook for future Jack Henry growth. As we move towards the close of fiscal '25, I will conclude with comments on full year guidance and other operating metrics. Yesterday's press release included adjusted fiscal 2025 full year GAAP guidance along with a reconciliation to our adjusted non-GAAP guidance metric.

本季度，我們回購了價值 1800 萬美元的傑克亨利股票，這與我們對傑克亨利未來成長的樂觀展望一致。隨著 25 財年即將結束，我將對全年指引和其他營運指標進行評論。昨天的新聞稿包括調整後的 2025 財年全年 GAAP 指引以及與我們調整後的非 GAAP 指引指標的對帳。

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.

雖然新聞稿中還包含了 25 財年非 GAAP EPS 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，需要注意的是，我們採用的是 24% 的稅率。

Given the current dynamic macroeconomic environment, including early signs of softness of consumer-related payments, we are adopting a more cautious stance for the remainder of the fiscal year. Updated full year guidance metric and outlook include full year deconversion revenue of $22 million to $28 million, up from $16 million; non-GAAP revenue growth of 6% to 6.5%, lowered from 7% to 8%; non-GAAP margin expansion of 60 to 70 basis points increase from [25 to 40]; a tax rate of 23%, decreased from 24%; GAAP EPS of $6 to $6.09, up from $5.78 to $5.87, representing annual growth of 15% to 17%; outlook for free -- full year free cash flow conversion is unchanged at 65% to 75%; and outlook for full year return on invested capital is 21% to 22% based on expected lower debt at the end of the fiscal year. The appropriate performance indicator for our business continues to be the full fiscal year financial results.

鑑於當前動態的宏觀經濟環境，包括消費者相關支付疲軟的早期跡象，我們對本財年剩餘時間採取了更謹慎的立場。更新後的全年指引指標和前景包括全年去轉換收入從 1,600 萬美元增至 2,200 萬美元至 2,800 萬美元；非 GAAP 收入成長 6% 至 6.5%，從 7% 降至 8%；非 GAAP 利潤率降至 60 至 70 個基點，從 [25 至 403% 13% 降至 3%； 5.78 美元增至 5.87 美元，從 6 美元增至 6.09 美元，年增長率為 15% 至 17%；全年自由現金流轉換前景保持不變，為 65% 至 75%；基於預計財年末債務減少，全年投資資本回報率前景為 21% 至 22%。我們業務的適當績效指標仍然是整個財政年度的財務表現。

In conclusion, we are seeing modest headwinds to non-key revenue items that impact our consolidated results and near-term outlook. Still, we remain confident as the key parts of our business continue to perform strongly and position us for continued growth.

總而言之，我們看到非關鍵收入項目面臨適度阻力，影響我們的綜合績效和近期前景。儘管如此，我們仍然充滿信心，因為我們業務的關鍵部分繼續表現強勁，並為我們持續成長做好準備。

Our focus remains on delivering long-term profitable growth at scale through compounding revenue growth and margin expansion. In pursuing these goals, we appreciate the achievement of our approximately 7,200 dedicated associates and our investors for their ongoing confidence.

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，我們感謝約 7,200 名敬業員工所取得的成就以及投資者的持續信任。

Myron, please open the line for questions.

邁倫，請打開熱線來回答問題。

(Operator Instructions) Dan Perlin, RBC.

（操作員指示） Dan Perlin，RBC。

So I wanted to get back to the question, obviously, around like large capital purchases for hardware being down. I completely understand that. The question is, are you seeing similar restraints when it comes to your more modernized projects and cloud migration? So are you starting to hear elongated implementation cycles in that kind of area? Or is it really just this non-recurring stuff that we're seeing right now?

所以我想回到這個問題，顯然，關於硬體的大規模資本購買正在減少。我完全理解這一點。問題是，當涉及到更現代化的專案和雲端遷移時，您是否看到類似的限制？那麼，您是否開始聽到這類領域的實施週期延長了？或者這真的只是我們現在看到的這種非重複性的東西？

Dan, yeah, so it's almost all in the non kind of non-recurring stuff. We are seeing a little bit in some of the Complementary and Payment products that I mentioned, so mostly in what we call kind of day 2 or kind of post conversion, where folks have a product set that they're either waiting for a contract to terminate with a competitor or they have an existing Jack Henry product, which is the case in most of these, where they're just delaying kind of putting the new one on.

丹，是的，所以這幾乎都是非經常性的東西。我們在我提到的一些補充和支付產品中看到了一些這樣的情況，所以主要是在我們所說的第二天或轉換後，人們已經有了一套產品，他們要么在等待與競爭對手終止合同，要么已經有了現有的傑克亨利產品，大多數情況下都是這樣，他們只是在推遲推出新產品。

So let's say, Yellow Hammer to our Financial Crimes Defender product, which, by the way, also affects some consulting revenue because the consulting revenue goes hand in hand with the Financial Crimes Defender stuff. So there are some examples of that. We're not really seeing any real delays in -- like as you described, from somebody going from in-house to outsourced.

假設 Yellow Hammer 是我們的金融犯罪辯護人產品，順便說一句，這也會影響一些諮詢收入，因為諮詢收入與金融犯罪辯護人產品密切相關。有一些這樣的例子。我們並沒有真正看到任何真正的延遲——就像您所描述的那樣，從內部轉向外包。

They usually fill those gaps and they want to take advantage of them. But also do want to remind you that we see delays regularly throughout the year. But because there's only one quarter left and where we are with kind of the environment, especially with pure hardware sales where folks that are in-house that are wanting to buy hardware and looking to either delay that decision for one of two reasons: one that they want to wait to kind of see timing-wise and see if they have an opportunity to wait as long as they can to make those purchases. But the other side is actually a really good reason, which is several of those folks are evaluating moving to our private cloud. And it's through that evaluation, they've also made decisions to delay those purchases as well.

他們通常會填補這些空白並希望利用它們。但也想提醒您，我們全年都會經常看到延誤。但因為只剩下一個季度了，而且我們處於這樣的環境，特別是純硬體銷售，內部人員想要購買硬件，但出於以下兩個原因之一，他們要么推遲做出決定：一是他們想等待時機，看看是否有機會等待盡可能長的時間來購買。但另一方面其實有一個很好的理由，那就是其中有幾個人正在評估遷移到我們的私有雲。透過評估，他們也決定推遲這些購買。

Interesting. Yeah. That's great color. Just a quick follow-up for Mimi. You -- Mimi, you talked about M&A impacts being really kind of de minimis to this year, but you took the opportunity to kind of throw out that there could be impacts to non-GAAP revenue growth for '26. So I'm just wondering if you want to put any kind of context or a finer point around that point.

有趣的。是的。顏色真棒。這只是對 Mimi 的一個快速跟進。您—Mimi，您談到併購對今年的影響確實微乎其微，但您藉此機會指出，這可能會對 26 年的非 GAAP 收入成長產生影響。所以我只是想知道您是否想就這一點提供任何背景資訊或更詳細的觀點。

Thank you, Dan, for the question. So yeah, as we talked about, we have line of sight through known -- when people sign the deconversion agreement. That's when we start from a revenue recognition perspective, when folks are leaving. I would say, we have seen an acceleration in that merger activity, roughly around 30 clients. The majority of these have been Jack Henry to Jack Henry mergers.

謝謝丹提出的問題。是的，正如我們所說的，當人們簽署解除宗教信仰協議時，我們已經了解情況了。當人們離開時，我們從收入確認的角度開始。我想說，我們看到合併活動加速，大約有 30 個客戶。其中大部分是傑克·亨利與傑克·亨利之間的合併。

And typically, they're cloud customers. So fantastic that we're retaining that revenue. There can be a little bit of a modest pricing impact from a tiered pricing perspective. What usually comes later in the merger cycle -- so when it's a Jack Henry client doing the acquisition, we get notified pretty early on in the cycle. They want to secure their slot.

通常，他們是雲端客戶。我們保留了這些收入，真是太棒了。從分級定價的角度來看，可能會對定價產生一些適度的影響。通常情況下，合併週期的後期會出現這種情況——當傑克·亨利 (Jack Henry) 的客戶進行收購時，我們會在周期的早期收到通知。他們想保住自己的位置。

What happens when it's a Jack Henry customer getting acquired away to another platform, we tend to hear about that a little later in the cycle as well as the convert-merge services that we help them with during that consolidation when it's our clients doing this acquisition, are usually a little later post-approval cycle.

當 Jack Henry 的客戶被收購到另一個平台時會發生什麼情況，我們往往會在周期的稍後階段聽到這個消息，以及當我們的客戶進行收購時我們在整合過程中為他們提供的轉換合併服務，通常是在批准後的稍後階段。

So we don't -- that's why we're not really expecting to see much of that impact in FY25, but you would see more of that probably longer in the improvement cycle. We're only a couple of months into the administration. We haven't seen a radical shift in the timing being shrunk and -- from an approval cycle.

所以我們不這麼認為——這就是為什麼我們實際上並不期望在 25 財年看到太大的影響，但您可能會在改進週期中看到更多這樣的影響。我們的政府才執政幾個月而已。我們尚未看到審批週期在時間縮短和審批週期方面發生根本性變化。

So as more deals happen, and you get a little longer in that implementation and close of those deals is where we would expect to see the impact to our revenue from a positive perspective as well as any services that we would perform for them.

因此，隨著更多交易的達成，實施和完成這些交易的時間會更長一些，我們期望從積極的角度看到這對我們的收入以及我們為他們提供的任何服務的影響。

So -- and just a final note on the point. On that convert-merge related Jack Henry to Jack Henry cloud, any of that -- you won't see any lumpiness because that is spread out over the remaining life of the contract. So it's doubtful that you would see anything noticeable in any one quarter.

所以——最後再說一點。在與傑克亨利 (Jack Henry) 相關的轉換合併到傑克亨利雲上，任何這些 - 你都不會看到任何不平整，因為它們分散在合約的剩餘期限內。因此，很難想像在任何一個季度中你會看到任何值得注意的變化。

Rayna Kumar, Evercore (sic - "Oppenheimer").

雷娜‧庫馬爾（Rayna Kumar），Evercore（原文如此 - “奧本海默”）。

It's actually Oppenheimer now. Just in terms of the project delays that you experienced in the third quarter, what are you hearing on a timeline? Like are these projects that could come in later this year? Or is it maybe a next year event?

現在其實是奧本海默。就您在第三季經歷的專案延遲而言，您在時間表上聽到了什麼？這些項目可能會在今年稍後推出嗎？或者這可能是明年的活動？

Rayna, so yeah, just -- you're right on. So where we are at the end of the year -- like I said, this happens throughout the year on a regular basis. Just -- we're seeing a little bit more than normal, but also ones that are getting pushed into the following year. So as I said, these are delays in products that they've already contracted for. And so it's not like they're walking away from a contract or things that are openings along that line. But there are just things that are getting pushed into -- out of the next quarter and into the next fiscal year.

雷娜，是的，你說得對。所以我們在年底的情況——就像我說的，這種情況全年都會定期發生。只是——我們看到的情況比正常情況要多一些，但有些情況也會推遲到下一年。正如我所說，這些都是他們已經簽約的產品的延遲。所以，這並不意味著他們放棄了合約或其他與此相關的開端。但有些事情被推遲到下個季度或下一個財政年度。

Understood. That's helpful. And then it was nice to see the strong margin expansion in the quarter. And I know, Mimi, you've spoken about 20 to 40 basis points of margin expansion as a medium-term target. Just given the strength we saw in the high-margin revenue and cost management, is that target too low?

明白了。這很有幫助。很高興看到本季利潤率強勁成長。我知道，Mimi，您曾提到將利潤率擴大 20 至 40 個基點作為中期目標。鑑於我們在高利潤收入和成本管理方面所看到的實力，這個目標是否太低了？

So cost management is something that is just bread-and-butter for Jack Henry. It's something we've always done from 0 baselining of every head count decision to a rigorous prioritization of our capital spend. I'll note that our R&D spend is 14.5% this year, down a little from last year.

因此，成本管理對傑克亨利來說只是日常工作。這是我們一直在做的事情，從對每個員工人數決策進行基準評估到對資本支出進行嚴格的優先排序。我要指出的是，今年我們的研發支出為 14.5%，比去年略有下降。

Now last year was elevated a touch related to the Payrailz acquisition and the integration needed between those two businesses. But we are always very mindful as a leadership team Certainly, as we've started to see a little bit of the softness related to that non-key revenue, we've even turned up the dial a little bit more from discretionary spending control.

去年，Payrailz 的收購以及這兩家公司之間所需的整合有所進展。但作為領導團隊，我們始終非常謹慎，當然，當我們開始看到與非關鍵收入相關的一些疲軟現象時，我們甚至在可自由支配的支出控制方面加大了力度。

I feel very comfortable in the 25% to 40%, representing the floor of what's achievable from the model from a year in, year out basis. That's always just a floor, and we aim for more. Too early to see from fiscal '26 perspective given where we stand in the budget timing cycle.

我對 25% 到 40% 這個數字感到非常滿意，這個數字代表了該模型逐年增長所能達到的最低水平。這始終只是一個底線，我們的目標是更多。考慮到我們目前所處的預算時間週期，從 26 財年角度來看現在還為時過早。

Yeah. Rayna, one thing I want to add on that, so -- and Mimi said it. But historically, we've always done a really good job of managing our head count and the timing of that headcount. And we've taken that to another level where we have new leaders. And really, they've been grained and trained to make sure that that's part of the process. So that will continue.

是的。Rayna，我想補充一點，所以－－Mimi 也這麼說過。但從歷史上看，我們在管理員工人數和員工人數的時間表方面一直做得很好。我們已經將其提升到了一個新的水平，我們有了新的領導者。事實上，他們已經接受過嚴格的培訓，以確保這是流程的一部分。這種情況將會持續下去。

And obviously, some of the things that we have to spend additional money on as far as infrastructure and other spends do vary each year. So some of that is -- as we're still going through the budget process, as you know, some of that is yet to be determined on where we will end up for next year.

顯然，我們在基礎設施和其他支出方面需要額外投入的一些資金每年都會有所不同。因此，如您所知，由於我們仍在進行預算流程，因此明年的預算結果仍有待確定。

And this year, we're up 1% on headcount.

今年，我們的員工人數增加了 1%。

Yeah.

是的。

Vasu Govil, KBW.

瓦蘇·戈維爾，KBW。

I guess the first one, Mimi, just for you to follow up on the change in the revenue guide for the fourth quarter. It sounds like it's mostly hardware and these contract delays. But I think you also mentioned conservatism in the guide. So if you could just break apart the big drivers for the change. And then also if there's a way to size the overall hardware revenue for us so we sort of have a sense for how much that can drive volatility in growth.

我想第一個問題，Mimi，只是為了讓你跟進第四季度收入指南的變化。聽起來這主要是硬體和合約延遲的問題。但我認為您在指南中也提到了保守主義。因此，如果你能分解出推動改變的主要因素。而且，如果有辦法衡量我們的整體硬體收入，我們就能了解這能在多大程度上推動成長波動。

Sure, Vasu. So the guide for the remaining of the year is really just given the prudence and having conservative macro assumptions as it relates to what's going on in the economy as well as the trends we've seen in the third quarter. Particularly, the outlook for hardware is down.

當然，瓦蘇。因此，今年剩餘時間的指導實際上只是出於謹慎和保守的宏觀假設，因為它與經濟狀況以及我們在第三季度看到的趨勢有關。尤其是硬體的前景黯淡。

As Greg mentioned, we're seeing some customers delay big capital purchases, possibly due to economic uncertainty, also as they contemplate moving to the cloud, which is a good thing for Jack Henry. In fact, FIs maybe not wanting to make those pretty expensive hardware decisions may actually help push their decisions to the cloud. So I think in the long run, that could be a great thing for Jack Henry as we're already at 76% of our clients in our private cloud environment.

正如格雷格所提到的，我們看到一些客戶推遲了大筆資本購買，可能是由於經濟不確定性，他們也在考慮轉向雲端，這對傑克亨利來說是一件好事。事實上，金融機構可能不想做出那些相當昂貴的硬體決策，實際上可能會幫助將他們的決策推向雲端。因此我認為從長遠來看，這對 Jack Henry 來說是一件好事，因為我們的私有雲環境中已經有 76% 的客戶。

The headwind on hardware is about $11 million for the year. I'll call out that 80% of that falls within the Corporate segment with the remainder of that being in the Core segment. So I think the other is what Gregory touched upon, which is we're just seeing customers take a bit more of a cautious stance, delaying some of these non-reoccurring projects, mostly consulting work orders, some of the implementation of some of their post core. As Greg mentioned, and I just want to reiterate it, these are contractual commitments they've already signed for. So it's just more of a timing than a fundamental shift or a change in decision-making pattern.

硬體方面的逆風今年約為 1,100 萬美元。我要指出的是，其中 80% 屬於企業部門，其餘則屬於核心部門。所以我認為另一個是格雷戈里提到的，那就是我們只是看到客戶採取了更加謹慎的立場，推遲了一些非重複性項目，主要是諮詢工作訂單，一些是一些核心崗位的實施。正如格雷格所提到的，我只想重申一下，這些都是他們已經簽署的合約承諾。因此，這只是一個時機問題，而不是根本性的轉變或決策模式的改變。

So historically, we've seen anywhere between after 18 months of implementation, but it can be as long as 36 months. And so that really comes down to their readiness versus our resources and capability to help them. We have not seen any meaningful changes to our implementation schedule. So I think it's more just out of an abundance of caution to be thoughtful.

因此，從歷史上看，我們看到實施後 18 個月內會出現這種情況，但最長可達 36 個月。所以這實際上取決於他們的準備程度以及我們幫助他們的資源和能力。我們沒有看到我們的實施計劃有任何重大變化。所以我認為這更多的是出於謹慎考慮。

In terms of the payments impact, we just started to really see that in -- more in April as we sit here today. We all know that, that is -- the transaction volume is based on consumer spending and how they feel. It also depends on what's top of their wallet, whether it's debit or credit. So again, just prudent in the current environment to narrow that horizon aperture of our outlook. And it will be working down to what our original expectation was -- was more of a really robust fourth quarter. So in absolute -- it's not that we're calling for it to drop off precipitously from the current trend. It's more just relative to our original expectations of being pretty robust.

就支付影響而言，當我們今天坐在這裡時，四月才剛開始真正看到這一點。我們都知道，交易量是基於消費者的支出和他們的感受。這也取決於他們錢包裡的是什麼，是藉記卡還是信用卡。因此，再次強調，在當前環境下，我們必須謹慎地縮小視野。並且它將按照我們最初的預期發展——第四季度將會更加強勁。所以絕對而言——我們並不是要求它從當前趨勢急劇下降。這更多只是相對於我們最初預期的相當強勁而言。

Yeah. One last point, Vasu, is that when you think about historically in tough economic times, folks tend to move to their credit versus their debit. And so based on what we saw in April -- and ironically, we've actually seen good volumes in May thus far, even though a short number of days so far. But the reality is based on historical around here, we've seen the use of credit accelerate over the use of debit during these times. So we're just -- as Mimi said, we're just being cautious with our approach and making sure that we provide that level of guidance.

是的。Vasu，最後一點是，回顧歷史，在經濟困難時期，人們傾向於使用信用卡而不是藉記卡。因此，根據我們在 4 月看到的情況 — — 諷刺的是，儘管到目前為止天數不多，但 5 月的交易量實際上很好。但現實情況是，根據歷史經驗，我們發現，在這段期間內，信用卡的使用速度超過了簽帳卡的使用速度。所以我們只是——正如 Mimi 所說，我們只是謹慎地採取我們的方法並確保我們提供這種程度的指導。

Great. That's very helpful color. And then, Greg, one high-level one for you. Sort of any change in how you're thinking about your competitive positioning following the announcement from FIS to acquire the issuer business from Global Payments?

偉大的。這是非常有用的顏色。然後，格雷格，給你一個高層次的問題。在 FIS 宣布收購 Global Payments 的發卡業務後，您對自己的競爭定位有何看法？

Yeah. It's a great question. Thank you. No, I mean, I think -- look, here's what I would say: when you look at the fact that they added much other credit processing capabilities with that acquisition, that's -- good for them. We already had credit capabilities. I think one thing that we have that is still a differentiator is that we process on a single platform for both debit and credit. That's not the case for what they have today.

是的。這是一個很好的問題。謝謝。不，我的意思是，我認為——看，我想說的是：當你看到他們透過這次收購增加了許多其他信貸處理能力時，這對他們來說是件好事。我們已經具備信貸能力。我認為我們之間的一個區別在於，我們在單一平台上處理借記卡和信用卡業務。但如今的情況卻並非如此。

And so it's too early to see from a competitive standpoint. We really -- specifically, that particular competitor, we didn't have a lot of challenges when it came to looking at their debit processing capabilities versus ours. So we'll have to wait and see.

因此，從競爭角度來看，現在下結論還為時過早。我們確實 - 具體來說，那個特定的競爭對手，當我們比較他們的借記處理能力與我們的借記處理能力時，我們並沒有遇到太多挑戰。因此我們只能拭目以待。

But they're still working in the same environment as they always have as far as the type of customers they're going after and the size of asset customers. So we'll continue to compete as we always have at that market. As I mentioned in my opening remarks, we're very bullish on our Q4 related to core opportunities. And as you know, most of those come with a lot of add-on products. So I'll leave it at that.

但就他們所追求的客戶類型和資產客戶規模而言，他們仍在與以往相同的環境中工作。因此，我們將一如既往地在該市場上競爭。正如我在開場白中提到的，我們對第四季的核心機會非常看好。如您所知，其中大多數都附帶大量附加產品。所以我不再談論這個了。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

So it sounds like as we start thinking ahead to fiscal '26, there might be a couple of moving parts we need to consider on the revenue line. You've got the effect of the deconversion revenues that you highlighted as a potential headwind. But now we've got some delays in post-core add-ons being pushed into fiscal '26, which sounds like it could be a tailwind. So I'm just wondering how you think those two dynamics might net out and what the implications could be for revenue growth next year just in the context of the medium-term outlook of 7% to 8%. Is there any risk there?

因此聽起來，當我們開始考慮 26 財年時，可能需要在收入方面考慮幾個變動因素。您已經注意到了去轉換收入的影響，您強調這是潛在的阻力。但現在，我們在將核心附加組件推遲到 26 財年方面遇到了一些延遲，這聽起來可能是個順風。所以我只是想知道您認為這兩種動態會如何融合，以及在中期 7% 至 8% 的前景下，這對明年的收入成長有何影響。那裡有風險嗎？

So Jason, I'd love to share with you the full FY26 picture. We're just too early in the process. Budgeting season is deeply underway here at Jack Henry, but it's not finalized yet for another several months. And so in this dynamic environment, we just can't commit on next year this far advanced. I will say to some of your comments in terms of the tailwinds and headwinds, our sales pipeline continues to be robust.

所以 Jason，我很樂意與你們分享完整的 FY26 情況。我們目前還處於這個過程的早期階段。傑克亨利 (Jack Henry) 的預算季正在如火如荼地進行，但還要再過幾個月才能最終確定。因此，在這種動態環境中，我們無法提前承諾明年的計畫。對於您關於順風和逆風的一些評論，我想說的是，我們的銷售管道繼續保持強勁。

We're seeing no elongation of the sales cycle. Greg mentioned the numerous account wins, including large FIs that are still making plenty of decisions and commitments, so seeing no change in trends from that perspective.

我們沒有看到銷售週期的延長。格雷格提到了眾多帳戶的成功，包括仍在做出大量決策和承諾的大型金融機構，因此從這個角度來看趨勢沒有改變。

In terms of any of the deals that are being pushed from an implementation perspective, as Greg mentioned, there's always some moving of calendar within the year. I'm not sure that, that will really create a tailwind. We always manage the implementation pretty tightly.

正如格雷格所提到的那樣，就從實施角度推動的任何交易而言，一年內總會有一些日程上的變動。我不確定這是否真的會產生順風作用。我們始終嚴格管理實施。

So we'll see. If there's enough demand for another implementation team, we'll certainly add that if there's there. But I wouldn't say that that's a layering effect to the normal flow. It's just -- it'll -- it's a continuously evolving calendar.

我們拭目以待。如果對另一個實施團隊有足夠的需求，我們肯定會增加。但我不會說這是對正常流程的分層效應。它只是——它是一個不斷發展的日曆。

In terms of just the guide, again, too early to say for sure. But I would say as a preview, the width of the revenue guide will likely expand on that, and we'll talk more about that in August.

就指南而言，現在下結論還為時過早。但我想說，作為預覽，收入指南的廣度可能會擴大，我們將在八月對此進行更多討論。

Okay. No, that's definitely helpful for now. So I wanted to come back to the key revenue, the cloud plus processing. Like you said, it's now 76% of total. And you did actually see acceleration in the growth, almost 10% versus 9% each of the past two quarters.

好的。不，這對現在來說肯定是有幫助的。所以我想回到關鍵收入，也就是雲端加處理。正如您所說，現在佔總數的 76%。你確實看到了成長的加速，幾乎是 10%，而過去兩個季度的成長率為 9%。

Are we going to -- are we expecting to sustain, call it, that 10% level in Q4? And is there any reason to believe that something in that kind of general neighbourhood couldn't sustain into next year?

我們是否預計在第四季維持 10% 的水平？有什麼理由相信這種普遍的社區狀況無法持續到明年嗎？

I think it's -- I think you're on the right course in terms of the ballpark you're talking about. I feel pretty comfortable. Those are the long-term strategic growth of the business. You have things like digital, you have things like the new products, the cloud, the continued cloud migration. So all of those have been long sustainable trends for the business, and we fully expect that to continue. What has hurt us is the headwind from the non-key business that has compressed at about 2%. So that's been more of the challenge. But as we got more and more as a percentage of the portfolio in that key revenue, and we will continue to thrive.

我認為——就您談論的大致情況而言，您的說法是正確的。我覺得很舒服。這些都是業務的長期策略成長。你擁有數位化的東西，擁有新產品、雲端、持續的雲端遷移等東西。因此，所有這些都是業務的長期可持續趨勢，我們完全希望這種趨勢能夠持續下去。對我們造成傷害的是來自非關鍵業務的逆風，其收縮幅度約為 2%。所以這更具挑戰性。但隨著我們在該關鍵收入的投資組合中所佔比例越來越大，我們將繼續蓬勃發展。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

You mentioned, obviously, the step-up in consolidation you're seeing in your end markets. So again, I mean, I know -- I think you just -- it was just brought up a little bit in the prior question around what it could mean for the future. But at the end of the day, there's positives and negatives, obviously. You have integration revenue if your customers are the acquirer or part of the merger. And then there's obviously the risk.

您顯然提到了終端市場整合的加強。所以，我的意思是，我知道——我認為你只是——在之前的問題中稍微提到了這一點，關於它對未來意味著什麼。但最終，顯然有積極的一面和消極的一面。如果您的客戶是收購方或合併的一部分，您將獲得整合收入。顯然，風險也存在。

Is -- so just number one, is this an environment that you'd say is big enough of a change in consolidation levels that you would anticipate it actually impacting growth in the next 12 to 18 months? Or are we just a little higher than normal and still watching to see? And just remind us of the positives versus the negatives? Obviously, besides just losing a customer, what could be the positive offsets in a higher M&A environment for you guys?

那麼，首先，您是否認為這種環境對整合程度的影響足夠大，以至於您預計它將在未來 12 到 18 個月內真正影響成長？或者我們只是比正常水平高一點，仍在觀察？並提醒我們正面的一面和負面的一面？顯然，除了失去顧客之外，在更高的併購環境中，你們還能獲得哪些正面的補償呢？

Darren, I'll take that. It's Greg. So a couple of things. So as mentioned, it starts with the size of the institution. So as you know, we've continued to grow -- last year, we sold 15 multibillion. We sold 8 so far this year, much larger ones, as I referenced from an asset size on the $30 billion on the 28 sold so far this year, meaning on average, we're selling over $1 billion in assets per deal sold.

達倫，我接受。我是格雷格。有幾件事。如同前面提到的，一切都從機構規模開始。如你所知，我們一直在持續成長——去年，我們的銷售額達到 150 億美元。今年到目前為止，我們已經售出了 8 筆資產，規模要大得多，正如我今年迄今為止售出的 28 筆資產中 300 億美元的資產規模所提到的，這意味著平均而言，我們每筆交易的資產價值超過 10 億美元。

So again, that historically hasn't been the case. And so as we continue to able to go upmarket and have larger-sized institutions, they tend to be the acquirers, as you can imagine. Over the 40 years of kind of the market shrinking, most of that has happened at the $500 million-and-below asset size. So the larger we have, the more opportunity.

所以，從歷史上看，情況並非如此。因此，正如您所想像的，隨著我們繼續進入高端市場並擁有更大的機構，他們往往會成為收購者。在過去的40年裡，市場一直在萎縮，其中大部分萎縮發生在資產規模為5億美元及以下的領域。因此，我們的規模越大，機會就越多。

So to answer the second part of your question, yeah, so it happens to be kind of both. So if it's a Jack Henry client buying a Jack Henry client, there are some things that we can work through related to the deconversion fees and/or kind of convert and merge fees that end up being positive for us.

所以回答你問題的第二部分，是的，所以兩者兼而有之。因此，如果是傑克亨利 (Jack Henry) 客戶購買傑克亨利 (Jack Henry) 客戶，我們可以解決一些與取消轉換費用和/或轉換和合併費用有關的問題，最終對我們有利。

When you look at a competitor buying one of our clients, obviously, we tend to get the full conversion fee, deconversion fee and push. And it really depends on how much time is left on that contract at the time that, that purchase happens. But what we typically see when it's Jack Henry to Jack Henry is not only do they -- do we retain the client, but they tend to buy additional products depending on what one of the -- which institution had which products.

當你看到競爭對手購買我們的某個客戶時，顯然，我們傾向於獲得全額轉換費、取消轉換費和推銷費。這實際上取決於購買時合約還剩多少時間。但我們通常看到的是，當傑克·亨利 (Jack Henry) 和傑克·亨利 (Jack Henry) 之間發生衝突時，他們不僅會留住客戶，而且他們還會根據哪個機構有哪些產品而購買其他產品。

And we actually saw that this year with a large merger of $4 billion-plus institutions where one of them had our digital platform and one of them didn't. And we were able to get them to move to Banno for both. So it is a hit and miss depending on which institutions, what products they have, the timing of the -- how much time is left on the term of the agreement and things along that line.

事實上，我們今年就看到了這一情況，有 40 多億美元的機構進行了大規模合併，其中一個機構擁有我們的數位平台，而另一個沒有。我們能夠讓他們搬到 Banno。因此，這取決於哪些機構、他們擁有哪些產品、協議期限還剩多少時間以及類似的事情。

And I'll just add that while in general over the multiyear period, it tends to be a positive for Jack Henry. As Greg mentioned, more of our clients are the acquirer than the acquired. It can produce some lumpiness, particularly as we moved upmarket. While deconversion revenue is a great thing for free cash flow and EPS, it does represent the loss of future revenue. And so if for some reason in this environment we were to lose any bulk of larger clients, we would call that out from a headwind grow-over problem.

我只想補充一點，從多年期來看，這對傑克亨利來說往往是件好事。正如格雷格所提到的，我們的客戶中，收購方比被收購方要多。它可能會產生一些不平衡，特別是當我們進入高端市場時。雖然轉換收入對於自由現金流和每股收益來說是一件好事，但它確實代表著未來收入的損失。因此，如果在這種環境下，我們因為某些原因失去了大量大客戶，我們就會稱之為逆風成長問題。

Yes. So I mean, where we are now? Are you -- what are you seeing? Is it -- do you see it more as a headwind or a tailwind for the next one to two years? And then really, the follow-up for me is more around you guys called out the things you're seeing around the project-related non-key revenue items and then some cyclical impacts on spend on debit, for example.

是的。所以我的意思是，我們現在在哪裡？你——你看到了什麼？您認為未來一到兩年內，它更多的是逆風還是順風？然後實際上，對我來說，後續行動更多的是圍繞你們所看到的與項目相關的非關鍵收入項目以及借記支出的一些週期性影響。

But what's the demand environment like for the core business, the key areas? If you just rank order what you're seeing the most demand for right now and how that's looking from the prior couple of -- it sounds pretty good for the sales pipeline standpoint, but I'd love more color.

但核心業務、關鍵領域的需求環境如何？如果您只是按目前看到的最大需求以及前幾天的需求情況進行排序 - 從銷售管道的角度來看這聽起來相當不錯，但我希望有更多的細節。

Yeah. Thanks. So I think from a sales pipeline, as we tried to articulate, was very, very robust, continues to be very robust, so not just for core itself but for the products that we have created. That level of innovation related to Financial Crimes into PayCenter components to what I just described as enterprise account origination, a lot of those key revenue products that continue to grow at a nice pace at that 9.8% that we referenced are hugely -- continue to be in demand.

是的。謝謝。因此，我認為從銷售管道來看，正如我們試圖表達的那樣，它非常非常強勁，並且將繼續保持強勁，這不僅對於核心本身如此，對於我們創造的產品也是如此。與金融犯罪相關的創新水平融入了 PayCenter 組件，以及我剛才描述的企業帳戶發起，許多關鍵的收入產品繼續以我們提到的 9.8% 的良好速度增長，並且仍然需求旺盛。

I think when you look at where -- the challenge was related to what we were trying to describe in the non-key revenue, again, it's really that one-off stuff, the things that we don't control for timing and things that are typically done on a more as an as-needed basis than a must-have basis. And that's really where a lot of that delay happened.

我認為，當你看到挑戰與我們試圖在非關鍵收入中描述的內容有關時，它實際上是一次性的東西，是我們無法控制時間的事情，而且通常是根據需要而不是必須做的事情。這就是造成大量延誤的原因。

So I would point to the Strategic Benchmark Survey that Greg mentioned in his opening remarks. That's up on the Jack Henry investor website and available. That talks about the three top priorities for both banks and credit union CEOs continuing to be around gathering deposits, accounts, efficiency. But the longer-term trends that we've talked about over several quarters now around digital, around fraud and around payment tend to be thematically the largest demand that we're seeing.

因此我想指出格雷格在開場白中提到的戰略基準調查。這些資訊可在傑克亨利投資者網站上找到。這談到銀行和信用合作社執行長的三大優先事項仍然是收集存款、帳戶和效率。但我們在過去幾季討論過的有關數位化、詐欺和支付的長期趨勢往往是我們看到的最大需求。

Kartik Mehta, Northcoast Research.

Kartik Mehta，Northcoast Research。

Greg, I know you talked a little bit about the delay, a lot actually. I'm just wondering, has that been reflected at all in your conversations with financial institutions on their core decision? Is it -- are they kind of waiting at all to make those decisions? Or is that still business as usual, and it's only really impacting the smaller projects?

格雷格，我知道你談論了一些關於延遲的問題，實際上談論了很多。我只是想知道，在您與金融機構就其核心決策進行的對話中是否體現了這一點？他們是一直在等待這些決定嗎？或者這仍然是正常的業務，並且只會對較小的專案產生影響？

Yeah. So Kartik, so it's 100% on the smaller, non-recurring, non-must-have-type products or or hardware purchases, which can be delayed another quarter for them or delayed because of their evaluation of moving to the private cloud. That's really what it is.

是的。所以 Kartik，所以這 100% 是用於較小、非經常性、非必需類型的產品或硬體採購，這些產品或硬體採購可能會再推遲一個季度，或者因為他們對遷移到私有雲的評估而推遲。事實確實如此。

When you look at the core component, when you think about a core deal that takes typically anywhere from 12 to 18 months to even go through the sales cycle on a normal time, because most people are looking multiple years out from when their contract actually expires, so those decisions have not slowed down at all. And again, I'm very bullish about our success rates for next quarter based on what I've already seen and what I know is coming.

當您查看核心組件時，您會想到核心交易通常需要 12 到 18 個月才能在正常時間內完成銷售週期，因為大多數人都在考慮合約實際到期後的幾年時間，所以這些決策根本沒有放慢速度。而且，根據我已經看到的情況和我所知道的即將發生的事情，我對下個季度的成功率非常樂觀。

So I don't see that as any part of the challenge. It's really just these -- if it wasn't the end of the third quarter, we may not be talking about some of these as. But some of them are going to move into the next fiscal year, and that's where the challenge comes.

所以我不認為這是挑戰的一部分。事實上只是這些——如果不是第三季末，我們可能不會談論其中的一些。但其中一些將進入下一個財政年度，這就是挑戰所在。

And Greg, I know earlier in the call, you talked about the SMB product. And obviously, you have this partnership with Moov. And I'm wondering how that's going. I think you anticipated, hopefully, it would generate some revenue going into next fiscal year. And I'm wondering if you're seeing any uptake on the product or any update there?

格雷格，我知道在早些時候的通話中，您談到了 SMB 產品。顯然，您與 Moov 有合作關係。我很想知道事情進展如何。我想您期望它會在下一個財政年度產生一些收入。我想知道您是否看到該產品有任何成長或更新？

Yeah. So our Jack Henry Rapid Transfers, we've rolled out, we have three clients in what we call a closed beta. But we are now taking active enrollments from all of our clients. So there's a process they have to go through for Jack Henry Rapid Transfers that goes through our operational. It's not a contractual thing they have to go, but there is an operational component. So that's starting to move. We're very excited. We got a lot of fanfare and comments at our Strategic Insights meeting last week in particular.

是的。因此，我們推出了 Jack Henry Rapid Transfers，目前我們有三位客戶處於所謂的封閉測試階段。但我們現在正在接受所有客戶的積極報名。因此，他們必須透過我們的營運部門完成 Jack Henry Rapid Transfers 的流程。他們不需要按照合約去做，但有一個操作部分。所以事情開始有了進展。我們非常興奮。尤其是在上週的策略洞察會議上，我們獲得了大量的關注和評論。

And then on the merchant acquiring side, as I mentioned, the partnership with Moov, we will have two clients and maybe more in a closed beta in June and moving. And our expectation is to try to roll that out to everybody by the end of the first quarter of fiscal year 2026.

然後，在商家收單方面，正如我所提到的，與 Moov 的合作，我們將在 6 月的封閉測試版中擁有兩個客戶，甚至可能有更多的客戶。我們的預期是，在 2026 財年第一季末之前，將這項服務推廣到所有人。

So we're working through that process as well. But again, the interest level from not only our clients but some of our distribution partners that we compete with, there's a lot of interest there. And actually, we've been talking to some non-Jack Henry clients, some very large non-Jack Henry clients that are very interested in the product as well. So like I said, the interest level is there, and we are on track, as we stated, to roll that out in our first space in June of this year.

所以我們也正在進行這個過程。但再次強調，不僅是我們的客戶，而且我們的一些競爭對手的分銷夥伴也對此很感興趣。實際上，我們一直在與一些非傑克亨利的客戶進行交談，一些非常大的非傑克亨利客戶也對該產品非常感興趣。所以就像我說的，人們的興趣程度就在那裡，正如我們所說的那樣，我們正在按計劃在今年 6 月在我們的第一個空間推出這項服務。

Andrew Schmidt, Citi.

花旗銀行的安德魯·施密特。

I appreciate the comments on the total level of assets that you've won. It's an important distinction versus the number of FIs, so appreciate that. I know a lot of questions have been asked on the demand environment, and I'll ask in a slightly different way.

我很欣賞您對所獲資產總額的評論。這是與金融機構數量相比的一個重要區別，因此要理解這一點。我知道關於需求環境已經有很多問題，我會以稍微不同的方式提問。

I understand that these are long-term decisions, and obviously, a lot of confidence in terms of near-term conversions. Have there been any changes in terms of the mid to upper funnel when we think about just how FIs are working through the decision-making process? Just curious when we get -- I know it's a little bit early, but just curious in terms of the earlier part of the funnel, if you're seeing anything there.

我明白這些都是長期決策，而且顯然，我對近期的轉變充滿信心。當我們思考金融機構如何進行決策過程時​​，中上層漏斗是否發生了任何變化？只是好奇當我們得到 - 我知道現在有點早，但只是好奇就漏斗的早期部分而言，你是否在那裡看到了什麼。

Yeah. It's a great question. And thank you for calling out the addition of the asset size. We thought it was important to share that what we're talking about is actually happening. But related to your question, I have not -- I mean I talked to the sales folks and our sales leaders literally every week, and there hasn't been anything that has come to my attention from them that has said that anything in the lower half, the middle half or the ending half of making decisions have slowed down.

是的。這是一個很好的問題。感謝您提出增加資產規模。我們認為分享我們正在談論的正在發生的事情非常重要。但關於您的問題，我沒有——我的意思是我幾乎每週都與銷售人員和銷售主管交談，他們沒有引起我的注意，說決策的下半部分、中半部分或下半部分的速度有所放緩。

Because, again, a lot of those decisions do not necessarily take place for an installation for 6, 9, 12 or 24 months, depending on core or what it is. So we have not seen any real elongation of the sales cycle at all. It's just been the short-term projects, as I mentioned before.

因為，再次強調，許多決定不一定在 6、9、12 或 24 個月的安裝過程中發生，這取決於核心或它是什麼。因此，我們根本沒有看到銷售週期有任何真正的延長。正如我之前提到的，這只是短期專案。

Got it. Super helpful. And then when we think about just the headwinds that you're seeing, obviously, a lot of this you mentioned is timing. But we have seen in previous cycles that discretionary projects get pulled back, and sometimes they don't materialize for some time. So is there an element -- how large is that discretionary component versus nondiscretionary component when we think about just the headwinds that we're seeing here?

知道了。超有幫助。然後，當我們考慮您所看到的逆風時，顯然，您提到的許多都是時機問題。但我們在先前的周期中看到，可自由支配的項目會被撤回，有時它們在一段時間內無法實現。那麼是否存在一個因素——當我們考慮我們在這裡看到的阻力時，自由裁量成分與非自由裁量成分的比例有多大？

Yeah. The interesting thing is Mimi and I have commented on this before. So these are contractual arrangements that they have. And we do have some clocks that tick to a certain point in time where we can literally start billing the customer at a certain point in time if the delay goes longer than it's expected. And so they haven't reached those thresholds and won't in the quarter.

是的。有趣的是，Mimi 和我之前曾對此發表過評論。這些是他們簽訂的合約安排。我們確實有一些時鐘，可以滴答到某個時間點，如果延遲時間比預期的要長，我們可以在某個時間點開始向客戶收費。因此他們尚未達到這些門檻，而且本季也不會達到。

But the reality is because they're contracted and because there's an approach that we've taken with these, we literally could start billing our customers even if they didn't implement, and that's something that we can do. So I don't foresee any of these being things that get delayed, or they'd try to cancel or things like that because it's things that they need.

但事實是，因為他們已經簽訂了合同，而且我們已經採取了相應的措施，所以即使客戶沒有實施，我們也可以開始向他們收費，這是我們可以做的。所以我預計這些事情不會被推遲，或者他們會試圖取消或做類似的事情，因為這是他們需要的事情。

As I mentioned, the one that seems to happen a little bit more is that a customer that has our Yellow Hammer product, that wants to move to Financial Crimes, that needs some consulting and other things that go with part of the implementation, we've seen some delays in those. And so we've worked with our clients. They are already clients of ours using some of our products.

正如我所提到的，似乎發生得更多的是，一個擁有我們的 Yellow Hammer 產品的客戶想要轉向金融犯罪，需要一些諮詢和與實施部分相關的其他事情，我們發現這些方面出現了一些延遲。因此我們與客戶合作。他們已經是我們的客戶，並且正在使用我們的一些產品。

But that's where some of that delay has happened. A little bit is our PayCenter products and payment initiatives as well and trying to get folks to use say, they come on with our send capabilities or most of them have received but moving to send capabilities, things like that. But again, nothing that's wholesale of a challenge. It's not core implementations and things along that line.

但部分延誤就是在這裡發生的。有一點是我們的 PayCenter 產品和支付計劃，我們試圖讓人們使用我們的發送功能，或者他們中的大多數人已經收到但正在轉向發送功能，諸如此類的事情。但同樣，這並不是什麼全面的挑戰。這不是核心實現和相關的東西。

Andrew, it's Mimi. The only thing -- other that I would add from just a macro sense, as we always talk about, regardless of interest rate environment, regardless of economic conditions, the challenges facing financial institutions today are going to be solved through technology. It's not going to be solved through adding more bodies.

安德魯，我是咪咪。唯一要補充的是，從宏觀角度來看，正如我們經常談論的那樣，無論利率環境如何，無論經濟狀況如何，當今金融機構面臨的挑戰都將透過科技來解決。這不是透過增加人員就能解決的。

So whether technology is the only part of the solution or the bulk of the solution, we feel pretty confident in the continuation of the demand. And the reality is, if you have an ROI, it's compelling. And we just our Strategic Benchmark Service -- Survey that efficiency is one of the top priorities. So if you show the ROI, they would spend.

因此，無論技術是解決方案的唯一部分還是主要部分，我們對需求的持續性都非常有信心。事實是，如果你有投資回報率，那它就很有吸引力。我們的策略基準服務調查顯示，效率是首要任務之一。因此，如果您展示投資回報率，他們就會花錢。

Andrew Bauch, Wells Fargo.

富國銀行的安德魯·鮑赫。

Just wanted to revisit how this business operates through the cycle. I know -- appreciate the defensiveness and the recurring nature of all of it. But if we were to go into a more pronounced recession, how would we kind of handicap the impact there? Is it just the trends that you would see today would be more pronounced? Would there be changes to kind of the core pricing strategy? Just trying to understand the recessionary scenario.

只是想重新審視這個業務在整個週期中是如何運作的。我知道——欣賞這一切的防禦性和反覆性。但如果我們陷入更嚴重的經濟衰退，該如何減輕影響呢？今天看到的趨勢是否更加明顯？核心定價策略會改變嗎？只是想了解經濟衰退的情況。

Andrew, appreciate -- this is certainly a dynastic environment. It's a really meaningful question. First of all, I would say -- and no one asked the question specifically, but I would say relative to tariff exposure, we're certainly lucky to have very limited exposure to shifts in policy. As a company, we're monitoring our vendor pricing and resource availability as well as costs, for example, prescription costs for our associates. We do have very limited exposure on the direct.

安德魯，欣賞──這當然是一個王朝的環境。這是一個非常有意義的問題。首先，我想說──雖然沒有人具體問過這個問題，但我想說，相對於關稅風險，我們很幸運，受政策變化的影響非常有限。作為一家公司，我們正在監控供應商的定價和資源可用性以及成本，例如員工的處方成本。我們在直接接觸方面的曝光確實非常有限。

I think where more of the exposure is in general to our industry is on the commercial side of the business. We're all watching the health of businesses in the US, so through things like our remit business and our EPS, our enterprise Payments businesses that serve those commercial customers, as well as indirect through lending, things like Banno Business and treasury.

我認為，總體而言，我們行業更多的關注點是在業務的商業方面。我們都在關注美國企業的健康狀況，因此透過我們的匯款業務和 EPS、為商業客戶提供服務的企業支付業務，以及透過貸款進行的間接業務、Banno 業務和財務等。

But the reality is this is not a global financial crisis. The banks are well capitalized, has really learned their lesson in terms of mortgage origination and credit extension. They're working their way through various interest rate cycles.

但事實上這並不是一場全球金融危機。銀行資本充足，在抵押貸款發放和信貸方面確實吸取了教訓。他們正在努力應對各種利率週期。

But we're not anticipating any mass closures of financial institutions. And as we said earlier, they need to continue to serve their account holders and members. They need to continue to drive efficiency. Fraud is top of mind for these institutions, digital experience as well.

但我們預計不會有大規模金融機構倒閉的情況。正如我們之前所說，他們需要繼續為帳戶持有人和會員提供服務。他們需要繼續提高效率。詐欺是這些機構最關心的問題，數位體驗也是。

So a lot of them, because of the nature of the competitive market with the largest financial institutions in the country, they need to continue to innovate regardless of the economic cycle to retain their account holders and make sure that they get on the other side of the economic situation healthier and stronger.

因此，由於與國內最大的金融機構競爭的市場性質，許多銀行需要無論經濟週期如何都不斷創新，以留住帳戶持有人，並確保他們在經濟狀況的變化中更加健康、更加強大。

Understood. And then if I could, just a follow-up question. Just wanted to put a finer point on the consolidation activity you've been seeing. Could you give us a sense on the -- a little bit more around what you're seeing? Is it from a bank size, could be an AUM? Is it across banks versus credit unions? Just additional -- like a little bit more targeted on where you're seeing that activity pick up.

明白了。如果可以的話，我再問一個後續問題。只是想更詳細地闡述您所看到的整合活動。您能否讓我們進一步了解您所看到的情況？它是從銀行規模來看的，可能是從 AUM 來看的嗎？它是跨銀行還是跨信用社？只是額外的——就像更有針對性地關注您看到活動增加的地方。

Yes. So the activity really is spread. So you probably have seen it, it continues to happen. I mean there are credit unions continuing to buy banks. In fact, we had a credit union of a competitor buy one of our banks recently. And that has continued to happen. We'll see if that continues to happen long term based on some of the things that they're trying to do in the market related to credit unions.

是的。所以這個活動確實傳播開了。所以你可能已經看過了，它還在繼續發生。我的意思是信用合作社正在繼續收購銀行。事實上，我們競爭對手的信用合作社最近收購了我們的一家銀行。而這種情況還在持續發生。我們將根據他們在與信用合作社相關的市場上嘗試做的一些事情來觀察這種情況是否會長期持續下去。

But what I would say, I think we have been really well positioned, as I mentioned earlier, just because we've continued to grow the asset side. So we're seeing -- we've won things that we call winner mergers, where we've actually had an institution acquired by a competitor's institution. But because of the technology and innovation and products that we've delivered, they've made the decision to actually switch to Jack Henry versus maintaining their existing Core and/or Complementary products.

但我想說的是，正如我之前提到的，我認為我們已經處於非常有利的位置，因為我們一直在持續成長資產方面。所以我們看到——我們贏得了所謂的贏家合併，實際上我們的機構被競爭對手的機構收購了。但由於我們提供的技術、創新和產品，他們決定真正轉向傑克亨利，而不是維持現有的核心和/或互補產品。

And again, we don't win them all, but we've won more than our fair share, and that continues to be the trend. And I expect that because when you look at what's going on in the industry today -- and I recognize that our competition is working their way back into focusing on this space where they weren't for many years. We've never lost our focus.

再說一次，我們並沒有贏得所有勝利，但我們已經贏得了比應得的份額更多的勝利，而且這種趨勢仍在繼續。我預計這一點，因為當你觀察當今行業正在發生的事情時，我意識到我們的競爭對手正在努力重新關注這個他們多年來沒有關注的領域。我們從未失去焦點。

And so our focus on this space over the last six or seven years has been unmatched. And when you look at what folks -- including what was in the ABA core survey, which I highly recommend all of you to go look at, it was significant differences between us and our competition and how our customers view us versus how their customers view them.

因此，過去六、七年來我們對這領域的關注是無與倫比的。當你觀察人們——包括 ABA 核心調查中的內容時，我強烈建議大家去看看，你會發現我們和競爭對手之間存在顯著差異，我們的客戶對我們的看法與他們的客戶對他們的看法也存在顯著差異。

And so as those kind of mentions continue to get out, it continues to help our sales pipeline, our execution and things along that. That's why all of these things that we've tried to articulate that are happening today we truly believe are short-term things, and we got to work through the macroeconomic stuff that we can't control. But the other things that we have, we believe are short term.

因此，隨著此類提及的不斷出現，它將繼續幫助我們的銷售管道、我們的執行力以及相關的事情。這就是為什麼我們試圖闡明的今天發生的所有這些事情我們確實相信都是短期的事情，我們必須解決我們無法控制的宏觀經濟問題。但我們認為，我們所擁有的其他東西都是短期的。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Apologies for the background noise. Just wanted to follow up on that comment there, Greg, around competition, competitive intensity. Just wondering how that's -- if you've seen that manifest at all in terms of like your engagements or win rates or even pricing intensity thus far. And how are you expecting that to evolve, especially as there does seem to be some increased focus from historical competitors?

抱歉造成背景噪音。格雷格，我只是想跟進關於競爭、競爭強度的評論。只是想知道這是怎麼回事——到目前為止，您是否已經從您的參與度、贏率甚至定價強度等方面看到了這一點。您預計這種情況將如何發展，尤其是歷史競爭對手似乎越來越關注這個問題？

Yeha. James, good to hear from you. I think a couple of things. We continue to see the pricing sensitivity as we've mentioned in other calls and really even other years. That hasn't significantly changed. Again, our win rates continue to be by far the best in the industry. As I mentioned, we're winning larger deals, which means we're winning those from them. So that continues to be, I think, a good benchmark for your question.

耶哈。詹姆斯，很高興收到你的來信。我想到幾件事。我們繼續看到價格敏感性，正如我們在其他電話會議甚至其他年份所提到的那樣。這一點並沒有發生重大改變。再一次，我們的勝率仍然是業界最高的。正如我所提到的，我們正在贏得更大的交易，這意味著我們正在從他們那裡贏得這些。所以我認為這仍然為您的問題提供了一個很好的基準。

And -- but I will say that they get aggressive and many times trying to keep their customers. And so there's times where we may walk away from a particular deal if that gets to be too rich for our blood. But I will tell you that I don't see -- I haven't seen anything strategically change in the market from what they're doing. Obviously, one of them has a brand-new CEO that was just formally announced. The other one has made some strategic decisions to rid themselves of one of their businesses and have talked that they're going to get more focused on our space.

而且——但我想說的是，他們非常積極，並且多次試圖留住他們的客戶。因此，如果某筆交易對我們來說太昂貴，我們有時可能會放棄它。但我會告訴你，我沒有看到——我沒有看到他們所做的事情在市場上發生任何策略變化。顯然，其中一家公司剛剛正式宣布了新任執行長。另一家公司已經做出了一些策略決策，放棄他們的一項業務，並表示將更專注於我們的領域。

So time will tell. But I can tell you, as of right now and where we are in our pipeline and where we've been with customer feedback and prospect feedback, because I do go to a lot of our large prospect opportunities, I haven't seen any level of concern on our part as of today.

所以時間會證明一切。但我可以告訴你，截至目前，我們的管道狀況以及我們從客戶反饋和潛在客戶反饋中獲得的信息，因為我確實接觸過很多大型潛在客戶，截至目前，我還沒有看到我們有任何程度的擔憂。

That's great color. And then, I guess, associated with that, I just want to ask back on Banno. How has traction trended with Banno Business? I know it's early, but can you update us on the go-to-market, particularly given some of the implications of -- on the competitive front and how you're thinking about that as a product enhancement to the portfolio?

顏色真棒。然後，我想，與此相關，我只想問一下 Banno 的問題。Banno Business 的發展趨勢如何？我知道現在還為時過早，但您能否向我們介紹一下上市情況，特別是考慮到競爭方面的一些影響，以及您如何看待它作為產品組合的增強？

Yeah. It's, again, another good question and one that we're highly focused on. So we do have over 270 clients now live on Banno Business and a little over 1,000 on the platform itself. So that continues to roll out. We're really pushing to that feature parity that I've been talking about since the last Investor Day in September.

是的。這又是一個好問題，也是我們高度關注的問題。因此，我們目前在 Banno Business 上有超過 270 個客戶，在平台上有超過 1,000 個客戶。這種情況將持續下去。我們確實在努力實現我自 9 月上次投資者日以來一直在談論的功能對等。

We expect to see that this summer, as I mentioned as well. And I think that will be a real turning point for us to not only be able to continue to win more in our own core base but to take it outside the Jack Henry core base. And we've been, as I mentioned, very strategic in our approach, but also on the timing. We don't want to go out and try to sell something to a competitive core base until we're ready, and that will happen later this fall. So long story short is very much a big part of what we're doing. And candidly, it will play a big part in what we're doing in our SMB strategy as well.

正如我所提到的，我們預計今年夏天會看到這一點。我認為這對我們來說將是一個真正的轉折點，我們不僅能夠繼續在我們自己的核心基地贏得更多，而且還能將其擴展到傑克亨利核心基地之外。正如我所提到的，我們的方法非常具有策略性，而且時機也很有把握。在我們做好準備之前，我們不想出去嘗試向競爭核心客戶推銷產品，而這將在今年秋天晚些時候發生。長話短說，這是我們所做工作的很大一部分。坦白說，它也將在我們的中小企業策略中發揮重要作用。

John Davis, Raymond James.

約翰戴維斯、雷蒙詹姆斯。

Greg, I just want to circle back on core wins. And I'll echo Andrew's comments, the asset size, it's helpful. You've historically given us kind of a number of wins. Now you're giving us assets. But I guess the real question -- and maybe if you can help us directionally think about ACV, right?

格雷格，我只是想回顧一下核心勝利。我同意安德魯的評論，資產規模很有幫助。從歷史上看，您曾經為我們帶來許多勝利。現在你正在給我們資產。但我想真正的問題是——也許您能幫助我們有方向地思考 ACV，對嗎？

So if assets year-to-date are up almost 50%, I'm sure ACV has gone up 50%. But how do we think about number versus assets? And like what really matters, is kind of dollars of revenue contracted? And so maybe just help us directionally kind of correlate the asset size to kind of an ACV.

因此，如果年初至今的資產成長了近 50%，我確信 ACV 也成長了 50%。但是我們如何看待數位與資產呢？真正重要的是，合約中是否包含了多少美元的收入？因此，這也許可以幫助我們從方向上將資產規模與 ACV 關聯起來。

Yeah. I mean, JD, it's a good question. I think it's very difficult to -- every core deal is its own core deal, right? So some of it is timing on what other products they have. Some of it is folks have best-of-breed approaches, some best-of-suite approaches, but every single deal literally has its own nuances to that.

是的。我的意思是，JD，這是一個好問題。我認為這非常困難——每項核心交易都是自己的核心交易，對嗎？因此，其中一些是他們擁有的其他產品的時機。有些人擁有最佳方法，有些人擁有最佳方案，但每筆交易實際上都有其自身的細微差別。

And so I think it's really hard for us to button that up and just say, hey, if we want a $100 billion deal and we want a $1 billion deal, not necessarily mean that the $100 billion deal long term is going to bring 100 times the revenue, right?

所以我認為我們很難確定這一點，只是說，嘿，如果我們想要一筆 1000 億美元的交易，我們想要一筆 10 億美元的交易，並不一定意味著這筆 1000 億美元的長期交易會帶來 100 倍的收入，對吧？

But I guess it's safe to say that asset is more important than number. Is that a fair assessment?

但我可以肯定地說，資產比數量更重要。這是一個公平的評價嗎？

The asset size -- well, it also ranges based on retail and commercial-based customers. So sometimes a larger asset institution is more commercially focused and has less accounts. So depending on the type of bank or credit union, it is and whether it's more retail-focused or commercial-focused.

資產規模——嗯，它也取決於零售和商業客戶。因此，有時資產規模較大的機構更注重商業，帳戶較少。因此，這取決於銀行或信用合作社的類型，以及它是否更側重於零售還是商業。

So that's why I'm saying there's such an ebb and flow related to asset pricing, per account pricing, number of attach rates on the products that it brings and all those. So it just isn't that easy to just give you a complete single answer to that.

所以這就是為什麼我說資產定價、每個帳戶定價、其帶來的產品的附加率數量等都存在如此大的起伏。因此，要給出一個完整的答案並不容易。

Okay. No. Understood. Mimi, one quick one for you on margins. How should we think about the margin implication of kind of the nonstrategic revenue runoff? Is this lower-margin business, and therefore, could be a margin tailwind as that kind of revenue rolls off? Or is it higher margin? Just help us think about that and any impact that may have had, not only this quarter but for the full year guide as well.

好的。不。明白了。Mimi，我想簡單問你一個關於利潤的問題。我們該如何看待非策略性收入流失對利潤的影響？這是利潤率較低的業務嗎？因此，隨著這類收入的減少，它是否會成為利潤率的順風？還是利潤更高？請幫助我們思考這個問題以及可能產生的任何影響，不僅是本季度，而且是全年指南。

So I would say, generally, JD, the non-core -- rather non-key non-strategic revenue tends to be lower-margin mix. It has things like hardware, it has things like some of the consulting that is less software-oriented and tends to be lower margin on the whole.

所以我想說，一般來說，京東的非核心——或者說非關鍵的非策略性收入往往是利潤率較低的組合。它包括硬件，也包括一些不太以軟體為導向的諮詢業務，而且整體利潤率較低。

Okay. And want to squeeze one last quick one in, if I can, Mimi, free cash flow. I think the midpoint of your guide would imply free cash flow below 100% in the fiscal fourth quarter. At least in my model going back, it's never been below, I think, like 120%. So just curious if there's anything specific around free cash flow that you see coming in the fourth quarter that we should be aware of or any other comments there would be helpful.

好的。如果可以的話，我想最後再快速說一下，Mimi，自由現金流。我認為您的指南的中點意味著第四財季的自由現金流將低於 100%。至少在我的模型中，我認為它從來沒有低於 120%。所以我只是好奇，您是否認為第四季度的自由現金流有什麼具體情況值得我們注意，或任何其他有幫助的評論。

Well, it wouldn't have been an earnings call if we didn't have free cash flow. So I'm glad we were able to squeeze that one in, JD. I would say we are on a healthy pace. As you know, the trailing 12-month or an annual view is the best view to look at from a free cash flow perspective rather than any quarterly year-to-date free cash flow of $139 million.

好吧，如果我們沒有自由現金流，那就不會是收益電話會議了。所以我很高興我們能夠做到這一點，JD。我想說我們的步伐很健康。如你所知，從自由現金流的角度來看，過去 12 個月或年度的觀點是最好的觀點，而不是任何季度年初至今的 1.39 億美元自由現金流。

Definitely on track. We're at 71% from a conversion. So on track to that guide at 65% to 75%. And as we've talked about, that's a multiyear journey back to that 80%, 90%, 100%-plus type of territory as we're now starting to rebuild solidly the cost basis for the R&D-related expenditures and we have greater clarity from a tax policy perspective.

絕對在正軌上。我們的轉換率已達 71%。因此，這一指導方針的軌道是 65% 到 75%。正如我們所討論的，要回到 80%、90%、100% 以上的水平，需要多年的時間，因為我們現在開始重建與研發相關的支出的成本基礎，而且從稅收政策的角度看，我們有了更清晰的認識。

On the trailing 12, the prior year had some reflected of like over tax payment benefits on the prior year, plus there's a touch more on CapEx in the current TTM. So -- but we feel pretty good about staying on track here and hitting the guide for the full year. That's why we kept it unchanged.

在過去的 12 年中，上一年反映了一些類似於前一年的稅收收益，此外，當前 TTM 中的資本支出也略有增加。所以——但我們對保持正軌並達到全年目標感到非常高興。這就是我們保持不變的原因。

This concludes our question-answer session. I would like to turn the conference back to Vance Sherard, the Vice President, for closing remarks.

我們的問答環節到此結束。現在請副主席萬斯謝拉德 (Vance Sherard) 致閉幕詞。

Thank you, Myron. We appreciate all the interest in today's call. And in the upcoming weeks, management is planning to attend investor events across the US, providing additional availability for in-person meetings. We would like to again thank all Jack Henry Associates for their outstanding efforts and dedication, which have contributed to our solid results. Thank you for joining us today. Myron, please provide the replay number.

謝謝你，邁倫。我們感謝大家對今天電話會議的關注。在接下來的幾週內，管理層計劃參加美國各地的投資者活動，為面對面會議提供更多時間。我們再次感謝所有 Jack Henry Associates 員工的傑出努力和奉獻，他們為我們所取得的豐碩成果做出了貢獻。感謝您今天加入我們。Myron，請提供重播號碼。

Sure. Thank you very much. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect

當然。非常感謝。會議現已結束。感謝您參加今天的演講。現在您可以斷開連接