Jack Henry & Associates Inc (JKHY) 2025 Q4 法說會逐字稿

Good morning, everyone. Welcome to the Jack Henry fourth-Quarter and full year 2025 earnings conference call. (Operator Instructions). I also note today's event is being recorded.

大家早安。歡迎參加傑克亨利 2025 年第四季和全年財報電話會議。（操作員指令）。我還注意到今天的活動正在被記錄下來。

At this time, I would like to turn the conference call over to Vance Sherard, Vice President, Investor Relations. Please go ahead.

現在，我想將電話會議交給投資人關係副總裁 Vance Sherard。請繼續。

Thank you, Jamie. Good morning, and thank you for joining the Jack Henry fourth quarter and 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 comments on our quarterly and full year financial results, operational metrics and the outlook for fiscal 2026. Mimi will then discuss the financial results and full year fiscal 2026 guidance provided in yesterday's press release, which is available in the Investor Relations section of the Jack Henry website. Afterward, we will open the lines for a Q&A session.

謝謝你，傑米。早安，感謝您參加傑克亨利第四季和 2025 財年財年財報電話會議。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的季度和全年財務業績、營運指標以及 2026 財年前景的評論。隨後，Mimi 將討論昨天新聞稿中提供的財務業績和 2026 財年全年指引，該新聞稿可在 Jack Henry 網站的投資者關係部分查閱。之後，我們將開放問答環節。

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

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

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

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

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

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.

現在我將把電話交給格雷格。

Thank you, Vance. Good morning, everyone. I appreciate each of you joining today's call. I'd like to begin by thanking our associates for their hard work and dedication to our success. They consistently go above and beyond to take care of our clients.

謝謝你，萬斯。大家早安。我感謝各位參加今天的電話會議。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精神。他們始終不遺餘力地照顧我們的客戶。

That, combined with our unwavering focus on culture, service, innovation, strategy and execution continues to differentiate us in the market. I will share three main takeaways for the quarter in fiscal year, and then we'll provide additional detail about our overall business.

這一點，加上我們對文化、服務、創新、策略和執行的堅定關注，使我們在市場上脫穎而出。我將分享本財年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。

First, our financial performance. Our fourth quarter and fiscal year 2025 results reflect solid overall performance. In Q4, our non-GAAP revenue increased 7.5% and our non-GAAP operating margin was 23.2%, representing a strong 146 basis points of margin expansion over last year. For the fiscal year, we again produced record revenue and operating income. Our non-GAAP revenue was $2.3 billion, and our non-GAAP operating income was $541.1 million.

首先，我們的財務表現。我們的第四季和 2025 財年業績反映出穩健的整體表現。第四季度，我們的非公認會計準則收入成長了 7.5%，非公認會計準則營業利潤率為 23.2%，比去年同期大幅成長了 146 個基點。在本財政年度，我們再次創造了創紀錄的收入和營業收入。我們的非公認會計準則收入為 23 億美元，非公認會計準則營業收入為 5.411 億美元。

As you saw in the press release, we shared guidance for fiscal year '26. We do anticipate some slight revenue headwinds from industry consolidation, the impact of renewal pricing pressure and macroeconomic uncertainty. However, we remain committed and bullish on continuing to realize solid margin expansion growth along with strong free cash flow metrics for the year.

正如您在新聞稿中看到的，我們分享了 26 財年的指導。我們確實預期產業整合、續約定價壓力和宏觀經濟不確定性的影響將對收入帶來一些阻力。然而，我們仍然致力於並看好今年繼續實現穩健的利潤率成長以及強勁的自由現金流指標。

We are confident that our technology innovation and execution will continue to drive our sales engine and position us very well for the long term. We will discuss more of the fiscal '26 specifics and comments. In addition, I want to communicate openly regarding the large bank merger that was recently announced and includes a Jack Henry core payment and complementary solution client. It has been speculated that Jack Henry's technology would not be selected for the combined financial institution. After conversations with both parties, there has been no indication of an intent to terminate any agreements.

我們相信，我們的技術創新和執行力將繼續推動我們的銷售引擎，並讓我們在長期內處於有利地位。我們將討論更多 26 財年的具體細節和評論。此外，我想公開交流最近宣布的大型銀行合併事宜，其中包括傑克亨利核心支付和補充解決方案客戶。有人猜測傑克亨利的技術不會被合併後的金融機構所採用。經過與雙方的對話，沒有跡象顯示雙方有意終止任何協議。

If contract changes were to take place, they would happen in fiscal '27 and not in fiscal '26. Second, continued industry-leading sales momentum. For Q4, our sales team had an impressive 23 core winds topping the 22 wins we had in Q4 of fiscal '24. For the full fiscal '25, we signed 51 new core deals, 31 banks and 20 credit union.

如果合約發生變更，則變更將發生在 27 財年，而不是 26 財年。二是持續保持業界領先的銷售動能。在第四季度，我們的銷售團隊取得了令人印象深刻的 23 個核心勝利，超過了 24 財年第四季的 22 場勝利。在整個 25 財年，我們簽署了 51 份新的核心交易，包括 31 家銀行和 20 家信用合作社。

Additionally, we signed 37 contracts to move existing in-house core clients to our private cloud, including 11 in Q4. We now host 77% of our core clients in Jack Henry's private cloud environment. Third, we continue to win larger new core deals. Over the past three years, the total assets of new core clients won has nearly trickled. We had 47 wins totaling $19 billion in assets in fiscal '23, and 54 wins totaling $39 billion in fiscal '24 and 51 wins totaling $53 billion in fiscal '25.

此外，我們簽署了 37 份合同，將現有的內部核心客戶遷移到我們的私有雲，其中第四季度簽署了 11 份合約。目前，我們的 77% 的核心客戶都託管在 Jack Henry 的私有雲環境中。第三，我們繼續贏得更大的新核心交易。過去三年，新增核心客戶的總資產幾乎是零成長。我們在 23 財年共獲得 47 筆投資，總資產達 190 億美元；在 24 財年共獲得 54 筆投資，總資產達 390 億美元；在 25 財年共獲得 51 筆投資，總資產達 530 億美元。

Of the 51 core wins this fiscal year, institutions that have over $1 billion in assets. In fiscal '24 and '25 combined, we won 31 core deals in this segment as compared to only 16 in fiscal '22 and '23 combined. Our strategy is also resonating with the 5 billion to 10 billion asset institutions as well.

本財年 51 家核心得獎機構中，資產總額超過 10 億美元。在 24 財年和 25 財年合計，我們在該領域贏得了 31 筆核心交易，而 22 財年和 23 財年合計僅贏得了 16 筆。我們的策略也與50億到100億資產的機構產生了共鳴。

Of our 16 greater than 1 billion wins, we won four in the $5 billion to $10 billion segment after winning only one in fiscal year '24 and none in fiscal year '22 and '23.

在我們贏得的 16 筆超過 10 億美元的投資中，有四筆是在 50 億至 100 億美元的領域，而在 2024 財年我們只贏得一筆，而在 2022 和 2023 財年我們一次也沒有贏得。

Now for more detail on our overall business, starting with some accolades for the team. We're proud to have recently received recognition in three prominent publications, US News and World Report Best Companies to Work for Time Magazine's best midsized companies and Newsweek's greatest workplaces. These awards are important because they reflect our people-first culture and deep commitment to doing the right thing for our employees and ensuring they are valued.

現在來詳細介紹我們的整體業務，首先要對團隊給予一些讚譽。我們很榮幸最近獲得了三家著名出版物的認可，即《美國新聞與世界報道》評選的最佳雇主、《時代》雜誌評選的最佳中型公司以及《新聞周刊》評選的最佳工作場所。這些獎項非常重要，因為它們體現了我們以人為本的文化以及為員工做正確的事情並確保他們受到重視的堅定承諾。

I also want to recognize the tremendous effort of our team and our clients on the highly successful migration of Fedwire funds to ISO 20-022 standard on July 14. This was a major industry-wide event for the United States payments infrastructure, aligning it with international standards and enhancing crucial capabilities such as fraud detection and data sharing.

我還要感謝我們的團隊和客戶為 Fedwire 資金於 7 月 14 日成功遷移到 ISO 20-022 標準所付出的巨大努力。這是美國支付基礎設施產業的重大事件，使其與國際標準接軌，並增強了詐欺偵測和資料共享等關鍵能力。

Related to the migration, we had five clients go live with a new wires component of our cloud-native Jack Henry platform, including one of our largest credit union clients. They did this at the same time as the migration and it went extremely well. This is a strong validation of our component strategy for easing concerns about large-scale migrations and conversions.

與遷移相關，我們有五個客戶開始使用我們的雲端原生 Jack Henry 平台的新線路元件，其中包括我們最大的信用合作社客戶之一。他們在遷移的同時進行了這項工作，並且進展非常順利。這有力地驗證了我們的元件策略可以緩解對大規模遷移和轉換的擔憂。

Next, I will provide a few updates on specific products and new solutions that are part of our technology modernization and SMB strategies. Within our Payments segment, we now have 376 clients on the Zelle platform, 414 clients using the real-time payments network and 401 clients using Fed now.

接下來，我將提供一些有關我們技術現代化和 SMB 策略中的具體產品和新解決方案的更新。在我們的支付部門，我們現在在 Zelle 平台上有 376 個客戶，使用即時支付網路的客戶有 414 個，使用 Fed now 的客戶有 401 個。

In our complementary segment, we added 18 new financial crimes Defender contracts in Q4 and 47% for the fiscal year. In addition, we signed 66 new contracts for the Financial Crimes Defender faster payment fraud module, in Q4 and 149 for the fiscal year.

在我們的補充部門中，我們在第四季度增加了 18 份新的金融犯罪防禦合同，全年增加了 47%。此外，我們在第四季度簽署了 66 份金融犯罪防禦更快支付詐欺模組新合同，本財年共簽署了 149 份新合約。

As a reminder, this module is a real-time solution designed to help mitigate fraud in Zelle, Banno and RTP transactions. As of June 30, we have 136 financial crime installations completed and another 71 in various stages of implementation. We also have 85 faster payment modules installed and 189 in various stages of implementation.

提醒一下，該模組是一個即時解決方案，旨在幫助減輕 Zelle、Banno 和 RTP 交易中的詐騙。截至 6 月 30 日，我們已完成 136 個金融犯罪設施建設，另有 71 個設施處於不同實施階段。我們還安裝了 85 個快速支付模組，另有 189 個處於不同實施階段。

Our Banno digital platform continues to experience high demand. For the quarter, we signed 26 new clients to our Banno retail platform as well as 39 new Banno business deals. For the full fiscal year, we closed 70 new Banno retail contracts and 106 Banno business contracts.

我們的 Banno 數位平台持續受到高需求。本季度，我們為 Banno 零售平台簽署了 26 位新客戶，並達成了 39 項新的 Banno 業務交易。在整個財政年度，我們簽訂了 70 份新的 Banno 零售合約和 106 份 Banno 商業合約。

At the end of June, we had 1,023 clients on the Banno platform, including 344 live with Banno business. We finished Q4 with 14.3 million registered users on the Banno platform. And when compared to Q4 of fiscal '24, we experienced a strong 17% increase over the past 12 months.

截至 6 月底，Banno 平台上已有 1,023 個客戶，其中 344 個已加入 Banno 業務。截至第四季度，Banno 平台註冊用戶已達 1,430 萬人。與 24 財年第四季相比，過去 12 個月我們的銷售額強勁成長了 17%。

With last week's exciting announcement of the launch of Tap2Local, our merchant acquiring solution developed in collaboration with Moov, we are leveraging the Banno platform as the primary source for delivering this innovative solution to the industry.

隨著上週令人興奮的消息宣布推出與 Moov 合作開發的商家收單解決方案 Tap2Local，我們利用 Banno 平台作為向業界提供此創新解決方案的主要來源。

Tap2Local is currently in closed beta testing with several financial institutions. It is on track to be rolled out to the 1,023 banks and credit unions on the Battle platform over the next several months. Unlike most other payment solutions for small businesses, Tap to local Is offered exclusively through financial institutions. The Cloud Native solution delivers many distinguishing features for merchants including easy enrollment, the ability to accept debit and credit card payments directly through tap to pay on both iOS and Android devices, thus eliminating the need for traditional point-of-sale hardware and continuous account reconciliation to the accounting platform of their choice.

Tap2Local 目前正在與多家金融機構進行封閉測試。未來幾個月內，該服務將推廣至 Battle 平台上的 1,023 家銀行和信用合作社。與大多數其他針對小型企業的支付解決方案不同，「Tap to local」僅透過金融機構提供。Cloud Native 解決方案為商家提供了許多獨特的功能，包括輕鬆註冊、能夠透過 iOS 和 Android 裝置上的點擊支付直接接受借記卡和信用卡付款，從而無需使用傳統的銷售點硬件，並且能夠與他們選擇的會計平台進行持續的帳戶對帳。

Another solution that we recently launched with Move is Jack Henry Rapid transfers. This cloud-native solution enables both SMBs and consumers to quickly move funds between external accounts, eligible cards and digital wallets to manage day-to-day transactions or personal finances.

我們最近與 Move 合作推出的另一個解決方案是 Jack Henry Rapid Transfers。這種雲端原生解決方案使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快速轉移資金，以管理日常交易或個人財務。

We are collaborating with both Visa and MasterCard to facilitate these transactions through their respective debit rails. Rapid transfers is now available on the Banno Digital platform, and we are in the process of enrolling more than 50 new clients.

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。快速轉帳現已在 Banno Digital 平台上推出，我們正在招募 50 多名新客戶。

Now that we have closed key feature gaps with several competitors and have added advanced functionality that no other digital provider has totally as today, like Jack Henry Rapid transfers and Tap to local we are winning larger competitive takeaways in the digital banking space than in previous quarters.

現在，我們已經縮小了與幾家競爭對手的關鍵功能差距，並增加了其他數位供應商目前尚未實現的高級功能，例如 Jack Henry Rapid transfers 和 Tap to local，我們在數位銀行領域贏得了比前幾季度更大的競爭優勢。

Another indicator of our progress, Banno business was recently named a leading small business digital banking platform for strength and capabilities by Datos Insights, a prominent research firm. The ranking highlighted Banno business' ease of use, open architecture and excellent support.

我們進步的另一個指標是，Banno 業務最近被著名研究公司 Datos Insights 評為實力和能力領先的小型企業數位銀行平台。該排名突顯了 Banno 業務的易用性、開放架構和出色的支援。

We also continue to make excellent progress on our technology modernization strategy. We now have 20 components of the new cloud native Jack Henry platform live in various stages. While some of these are for internal use, eliminating duplicated development efforts across the company, several components are already benefiting our clients.

我們的技術現代化策略也持續取得顯著進展。目前，我們已在各個階段上線了新的雲端原生 Jack Henry 平台的 20 個元件。雖然其中一些是供內部使用的，以消除整個公司的重複開發工作，但有幾個組件已經使我們的客戶受益。

These include the wire solution that I mentioned earlier, DataHub, which provides a centralized hub for reporting and analysis, entitlements, which manages permissions and access rights for users and systems and a new general ledger. All components are receiving very favorable reviews from our clients.

這些包括我之前提到的線路解決方案 DataHub，它提供了一個集中的報表和分析中心、權利，用於管理使用者和系統的權限和存取權限以及新的總帳。所有組件都獲得了客戶的一致好評。

We will promote all of our new technology at the Jack Henry Annual Conference, Jack Henry Connect in September. This is a great opportunity every year for us to be with our prospects, clients and partners. Last year, 20 of our new core wins were with prospects who attended the Jack Henry Connect conference.

我們將在九月份的傑克亨利年度會議 Jack Henry Connect 上推廣我們所有的新技術。每年這都是我們與潛在客戶、客戶和合作夥伴相聚的絕佳機會。去年，我們的 20 位新核心客戶都來自參加 Jack Henry Connect 會議的潛在客戶。

Before I wrap up, I want to share an update on our stable coin strategy. While there is a lot of external hike around stable coins, there are still significant industry hurdles to mainstream of adoption, including regulations that must be developed over the next 6 to 12 months to implement a stable coding legislation that passed in July known as the Genius.

在結束之前，我想分享我們的穩定幣策略的最新進展。儘管穩定幣的外部需求不斷增加，但要將其推廣到主流，行業仍面臨重大障礙，包括必須在未來 6 到 12 個月內製定法規，以實施 7 月份通過的穩定編碼立法（即 Genius）。

Our plan is to take a strategic phased approach, supporting stable coin solutions through our banking credit union clients and not a renting them. This allows us to ensure we do the things the right way while regulations are being written.

我們的計劃是採取策略性分階段的方法，透過我們的銀行信用合作社客戶支援穩定的硬幣解決方案，而不是租用它們。這使我們能夠確保在製定法規時以正確的方式做事。

Unlike many of our competitors, we already have the public cloud native platform and infrastructure needed for a successful stable coin implementation. Today, our clients can securely integrate with a number of third-party stable come providers using our open APIs. We are currently working on enabling stable coins of the payments rail via our JHA PayCenter, we are also in discussions with regulated stablecoin issuers, digital asset infrastructure providers and key players to explore additional strategic partnerships. We will keep you informed as we have more updates.

與許多競爭對手不同，我們已經擁有成功實施穩定幣所需的公有雲原生平台和基礎設施。今天，我們的客戶可以使用我們的開放 API 安全地與許多第三方穩定提供者整合。我們目前正在致力於透過我們的 JHA PayCenter 實現支付軌道的穩定幣，我們也正在與受監管的穩定幣發行人、數位資產基礎設施提供商和主要參與者進行討論，以探索更多的策略合作夥伴關係。一旦有更多更新，我們將及時通知您。

In closing, we are very well positioned for the future. Technology spending by financial institutions remain strong, and there's clear demand for our differentiated and innovative technology solutions. We have a robust sales pipeline and a proven ability to attract and win new clients, including larger financial institutions.

最後，我們已經為未來做好了充分的準備。金融機構的技術支出依然強勁，對我們的差異化和創新技術解決方案有明顯的需求。我們擁有強大的銷售管道和吸引和贏得新客戶（包括大型金融機構）的卓越能力。

Our unwavering focus on culture, service, innovation, strategy and execution continues to set us apart -- these pillars will enable us to drive continued industry-leading revenue growth with strong margin expansion, benefiting our associates, clients and shareholders.

我們始終如一地專注於文化、服務、創新、策略和執行，這使我們脫穎而出——這些支柱將使我們能夠推動持續的行業領先收入成長和強勁的利潤率擴張，從而使我們的員工、客戶和股東受益。

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

說完這些，我會把話題交給 Mimi，讓她提供更多關於我們財務狀況的細節。

Thank you, Greg, and good morning, everyone. The relentless dedication of our associates in serving our financial institution clients and delivering shareholder value led to another quarter of solid revenue and earnings growth.

謝謝你，格雷格，大家早安。我們的員工不懈地致力於服務我們的金融機構客戶並創造股東價值，使我們又一個季度的收入和利潤實現了穩健的成長。

I will begin with fourth quarter and full year results, then conclude with our fiscal '26 guidance. Q4 GAAP revenue increased 10% and non-GAAP revenue increased 8%, a continuation of consistently solid performance. Full year growth was 7% on a GAAP basis and 6% on a non-GAAP basis.

我將從第四季和全年業績開始，然後以我們的 26 財年指引結束。第四季 GAAP 營收成長 10%，非 GAAP 營收成長 8%，延續了一貫穩健的業績表現。全年成長率以 GAAP 計算為 7%，以非 GAAP 計算為 6%。

Fourth quarter deconversion revenue of approximately $20 million, which we previously announced, was up approximately $14 million, reflecting the increasing base of M&A activity among financial institutions. Full year deconversion revenue of $34 million, $17 million more than the prior fiscal year exceeded guidance.

我們先前宣布的第四季去轉換收入約為 2,000 萬美元，比去年同期成長了約 1,400 萬美元，這反映了金融機構併購活動基礎的不斷增加。全年轉換收入為 3,400 萬美元，比上一財年增加 1,700 萬美元，超出預期。

Now let's look more closely at the details. GAAP services and support revenue increased 11% for the quarter, while non-GAAP increased 7%. For the year, the increase was a healthy 7% for GAAP and 5% on a non-GAAP basis.

現在讓我們更仔細地看看細節。本季 GAAP 服務和支援收入成長 11%，非 GAAP 收入成長 7%。全年來看，以 GAAP 計算，增幅達 7%，以非 GAAP 計算，增幅達 5%。

Services and support growth during the quarter was the result of volume increases in data processing and hosting revenue, consulting work orders and release revenue. The full year growth rate for services and support revenue was due to similar drivers partially offset by lower hardware and license revenue.

本季度服務和支援的成長是由於資料處理和託管收入、諮詢工作訂單和發布收入的增加。服務和支援收入的全年成長率歸因於類似的驅動因素，但被硬體和授權收入的下降部分抵消。

Driving and public cloud offerings continue to drive impressive growth, cloud revenue increased 11% in both the quarter and the year. This reoccurring revenue contributor is 32% of our total revenue and has a multiyear track record of double-digit growth. Into processing revenue, which is 43% of total revenue and another strategic component of our long-term growth model.

駕駛和公有雲產品繼續推動令人印象深刻的成長，雲端收入在本季和全年均成長了 11%。這一經常性收入貢獻者占我們總收入的 32%，並且多年來一直保持兩位數的成長記錄。加工收入佔總收入的 43%，也是我們長期成長模式的另一個策略組成部分。

We got healthy performance with 9% non-GAAP growth for the quarter and gas growth of 9% for the quarter and 8% for the full year. Consistent with recent trends, quarterly drivers included increased cloud, digital and payment processing revenue. Completing commentary on revenue, I would highlight total recurring revenue exceeded 91%.

我們的業績表現良好，本季非公認會計準則成長 9%，天然氣成長 9%，全年成長 8%。與最近的趨勢一致，季度驅動因素包括雲端、數位和支付處理收入的成長。完成對收入的評論後，我想強調總經常性收入超過了 91%。

Next, moving to expenses. Giving it cloud revenue, which increased 5% on both a GAAP and non-GAAP basis for the quarter and full year. Drivers for the quarter and full year were consistent and included higher direct costs and higher personnel costs.

接下來，談談費用。雲端運算收入在本季和全年按 GAAP 和非 GAAP 計算均增加了 5%。本季和全年的驅動因素保持一致，包括更高的直接成本和更高的人員成本。

Next, R&D expense increased 7% on both a GAAP and non-GAAP basis for the quarter and 10% for the year for both GAAP and non-GAAP. The quarterly and full year increase was primarily due to the higher net personnel costs, increased internal license and fees. Ending with SG&A spend for the quarter, non-GAAP GAAP basis increased 8% and 9% on GAAP base.

其次，本季研發費用按 GAAP 和非 GAAP 計算均增加了 7%，全年研發費用以 GAAP 和非 GAAP 計算均增加了 10%。季度和全年的成長主要歸因於淨人事成本的增加、內部許可證和費用的增加。截至本季的銷售、一般及行政開支，非 GAAP GAAP 基礎增加了 8%，GAAP 基礎增加了 9%。

For the year, the increase was 7% on a non-GAAP basis and 2% under GAAP. The quarterly increase was due to higher net personnel costs, increased professional services and higher deconversion costs, partially offset by gain on assets versus previous loss on assets for the prior quarter year.

全年來看，非 GAAP 增幅為 7%，GAAP 增幅為 2%。季度成長是由於淨人員成本增加、專業服務增加和轉換成本增加，但部分被資產收益（而上一季的資產損失）所抵消。

The full year increase included all of the previous factors plus higher travel and contract labor costs. We remain committed to generating annual compounding margin expansion. Q4 delivered 146 basis points increase in non-GAAP margins 23%, resulting in a notable 70 basis points non-GAAP margin of 23% through the full year.

全年成長包括了所有先前的因素以及更高的差旅和合約工成本。我們將繼續致力於實現年度複合利潤率的擴大。第四季非公認會計準則利潤率增加了 146 個基點，達到 23%，全年非公認會計準則利潤率顯著提高了 70 個基點，達到 23%。

Non-GAAP margin benefited from a continuing focus on cost management and leveraging an existing workforce.

非公認會計準則利潤率受益於對成本管理的持續關注和對現有勞動力的利用。

For the year, headcount increased a net 72 position or 1%. For the last five years, excluding the Payrailz acquisition, we've added less than 1% annually during the continued ditto efficiency. These strong quarterly results produced a fully diluted GAAP earnings per share of $1.75, up 26%.

今年，員工總數淨增加了 72 個職位，即 1%。在過去五年中，不包括對 Payrailz 的收購，我們在持續保持相同效率的同時，每年的增幅不到 1%。這些強勁的季度業績使每股完全稀釋的 GAAP 收益達到 1.75 美元，成長 26%。

Fiscal '25 fully diluted EPS was $6.24, up 19%, benefiting from strong operational results and a higher deconversion activity. Breaking down results into the three operating segments, we're pleased to see constant performance across the Board for both the quarter and the full year.

25 財年完全稀釋每股收益為 6.24 美元，成長 19%，受益於強勁的營運表現和更高的去轉換活動。將業績細分為三個營運部門，我們很高興看到本季和全年各部門的業績均保持穩定。

Our core non-GAAP segment revenue increased 7% for the quarter with operating margin increasing a robust 274 basis points. We continue to gain benefits from private cloud trends and disciplined cost management. Full year non-GAAP core segment revenue growth was 6% and the associated margin increased 113 basis points.

本季度，我們的核心非公認會計準則部門營收成長了 7%，營業利潤率強勁成長了 274 個基點。我們繼續從私有雲趨勢和嚴格的成本管理中獲益。全年非公認會計準則核心部門營收成長 6%，相關利潤率增加 113 個基點。

Payments non-GAAP segment quarterly revenue increased 6% this segment, again, had strong non-GAAP operating margin growth of 99 basis points. Full year non-GAAP revenue growth was 6% with non-GAAP margin expansion of 109 basis points. Revenue growth was due to the continued growth in our card related services, EPS and a large percent growth on data payment, granted on a smaller dollar amount.

支付非公認會計準則部門季度營收成長 6%，該部門的非公認會計準則營業利潤率再次強勁成長 99 個基點。全年非公認會計準則收入成長 6%，非公認會計準則利潤率擴大 109 個基點。收入成長歸因於我們的卡片相關服務、每股盈餘的持續成長以及較小金額資料支付的大幅成長。

Margins benefited from operational efficiencies and disciplined cost management. Finally, complementary segment non-GAAP quarterly revenue increased an impressive 11% and with 155 basis points of margin expansion.

利潤率得益於營運效率和嚴格的成本管理。最後，補充部門非公認會計準則季度營收大幅成長 11%，利潤率擴大 155 個基點。

Fiscal year non-GAAP revenue and margins strongly increased 9% and 170 basis points, respectively. Both quarterly and full year revenue growth continued to reflect digital volition demand, beneficial product mix sales, sources from both core print and noncore financial institutions.

財年非公認會計準則營收和利潤率分別強勁成長 9% 和 170 個基點。季度和全年收入成長繼續反映出數位意志需求、有利的產品組合銷售以及來自核心印刷和非核心金融機構的來源。

Now a review of cash flow and capital allocation. Fiscal '25 operating cash flow was a record $642 million, a $73 million increase over the prior fiscal year. Excluding proceeds from sale of assets in both fiscal years, free cash flow was $410 million, significantly more than a $336 million the last year.

現在回顧一下現金流和資本配置。25 財年營運現金流達到創紀錄的 6.42 億美元，比上一財年增加了 7,300 萬美元。不包括兩個財年的資產出售收益，自由現金流為 4.1 億美元，遠高於去年的 3.36 億美元。

Full year free cash flow was positively impacted by timing of certain contract payments and tax payments unrelated to recent tax legislative changes. Free cash flow conversion was an impressive 90%, and I will provide more details when discussing the full year price.

全年自由現金流受到某些合約付款時間和與近期稅收立法變化無關的稅款支付時間的正面影響。自由現金流轉換率高達 90%，我將在討論全年價格時提供更多細節。

Our consistent dedication to value creation resulted in a trailing 12-month return on invested capital of 22%. Additionally, I would highlight other notable return of capital metrics for the year, including 35 million share repurchases, more than offsetting annual dilution, $150 million in debt reduction and $165 million in dividends.

我們始終致力於創造價值，使得過去 12 個月的投資資本報酬率達到 22%。此外，我還想強調今年其他值得注意的資本回報指標，包括 3,500 萬股股票回購，足以抵銷年度稀釋，1.5 億美元的債務削減和 1.65 億美元的股息。

We're pleased to announce zero debt at fiscal year-end, providing us with maximum flexibility for future capital deployment. For modeling purposes, our amortization of acquisition-related intangibles was $6 million for the fiscal quarter.

我們很高興地宣布，財政年度結束時的債務為零，為我們未來的資本部署提供了最大的靈活性。為了建模目的，我們本財政季度對收購相關無形資產的攤銷為 600 萬美元。

Heading into a new fiscal year, I will conclude with guidance. As you're aware, yesterday's press release included fiscal 2026 earlier GAAP guidance. The conversion guidance will continue to follow the conservative methodology introduced in fiscal '24.

進入新的財政年度，我將做出指導。如你所知，昨天的新聞稿包含了 2026 財年早期的 GAAP 指引。轉換指南將繼續遵循 24 財年引入的保守方法。

Fiscal '26 deconversion revenue guidance is $16 million. And as we inform more TV during the year, we will update the quarter ale. For the Full year GAAP revenue growth guidance is 4.2% to 5.4%. This is understated due to the conservative deconversion revenue guidance. Non-GAAP revenue growth guidance is 5.8% to 7%.

26 財年的去轉換收入預期為 1,600 萬美元。隨著我們在這一年中推出更多電視節目，我們將更新季度啤酒。全年 GAAP 營收成長預期為 4.2% 至 5.4%。由於保守的去轉換收入指導，這一數字被低估了。非公認會計準則收入成長預期為 5.8% 至 7%。

Based on the above revenue growth and are predominantly SaaS like operations, we expect to again generate sustainable, accretive sources of margin. We are guiding for the third year in a row to annual non-GAAP marketing expansion of 20 to 40 basis points.

基於上述收入成長以及主要類似 SaaS 的運營，我們預計將再次產生可持續的、增值的利潤來源。我們連續第三年預計年度非公認會計準則行銷擴張將達到 20 至 40 個基點。

All of the above are indicative that our business operations remain healthy and consistent. The full year GAAP tax rate estimate for fiscal '26 is 23.75%. The above guidance metrics resulted in a full year outlook for GAAP EPS of $6.32 to $6.44 per share, a growth of 1% to 3%. As a reminder, due to the conservative deconversion the new guidance at the beginning of the year, GAAP EPS growth is understated as a result.

以上所有情況都顯示我們的業務運作保持健康和穩定。26 財年全年 GAAP 稅率預計為 23.75%。上述指引指標導致全年 GAAP EPS 預期為每股 6.32 美元至 6.44 美元，成長 1% 至 3%。需要提醒的是，由於年初對新指引的保守解讀，導致 GAAP EPS 成長被低估。

Fiscal '26 is expected to have a strong free cash flow conversion due to recently case legislation. Highlights of the tax legislation includes sole expensing of R&D costs on Section 174, and bonus tax depreciation will have a meaningfully positive impact. We will be making an election in the coming months on how we will implement the tax law changes, resulting in one of the following two scenarios. We could see a more significant impact in fiscal '26 with limited nonrecurring impact in fiscal '27 or we could elect to take the debit spread gross the fiscal year '26 and '27.

由於最近的案例立法，預計 26 財年將出現強勁的自由現金流轉換。稅收立法的亮點包括第 174 條中研發成本的單獨費用化，獎金稅收折舊將產生有意義的正面影響。我們將在未來幾個月內就如何實施稅法變更做出決定，最終結果將出現以下兩種情況之一。我們可能會看到 26 財年產生更顯著的影響，而 27 財年的非經常性影響有限，或者我們可以選擇將 26 財年和 27 財年的借記利差總額計算在內。

Overall, this legislation will allow for free cash flow conversion of approximately 85% to 100% in future years. Our current view has the cadence of fiscal '26 non-GAAP revenue being strongest in Q1, lower in Q2 and increasing on a reported basis for quarter three and four.

總體而言，這項立法將允許未來幾年自由現金流轉換率達到約 85% 至 100%。我們目前的看法是，26 財年非 GAAP 營收在第一季最為強勁，在第二季有所下降，而在第三季和第四季則有所成長。

Our Annual Customer Conference, -- will be held in Q1 this year, partially during higher revenue during that quarter and the lower performance in Q2. Absent the timing switch of this revenue growth in quarters one and two, would result in the first three quarters showing similar growth in Q4, showing moderate sequential increase. Our Jack Henry conference will revert back to Q2 in fiscal '27 and stay in that quarter for several years, ending this occasional timing mismatch.

我們的年度客戶會議將於今年第一季舉行，部分原因是該季度的收入較高，而第二季的業績較低。如果第一季和第二季的營收成長沒有時間轉換，那麼前三個季度和第四季將出現類似的成長，呈現溫和的連續成長。我們的傑克亨利會議將在 27 財年第二季度恢復，並在該季度持續幾年，結束這種偶爾的時間不匹配的情況。

Consequentially, Q1 estimation for non-GAAP revenue growth is approximately 7% to 7.5%. As a reminder, we see fluctuations in quarterly results relating to software usage license components along with the timing of implementation.

因此，第一季非 GAAP 收入成長預計約為 7% 至 7.5%。提醒一下，我們發現與軟體使用許可證組件相關的季度業績以及實施時間存在波動。

Therefore, the correct regards indicator of our business is a consistently strong fiscal year financial results. In conclusion, Q4 and full year results reflect solid performance in meeting or exceeding provided guidance. We enter fiscal '26 with positive momentum and high expectations to deliver on our full year guidance target.

因此，我們業務的正確關注指標是持續強勁的財政年度財務表現。總之，第四季和全年業績反映出穩健的表現，達到或超過了所提供的指導。我們以積極的勢頭和很高的期望進入26財年，以實現全年指導目標。

Demand through our solutions and the fiscal strength of our clients remain strong, which we expect to drive superior shareholder value. We appreciate the contributions of our dedicated associates that achieved these strong results and our investors for their ongoing confidence.

透過我們的解決方案的需求和客戶的財務實力仍然強勁，我們預計這將推動卓越的股東價值。我們感謝辛勤付出的員工為實現這些強勁業績所做的貢獻，也感謝投資人對我們持續的信任。

Jamie, please open the line for questions.

傑米，請打開熱線來回答問題。

(Operator Instructions) Dan Perlin, RBC

（操作員指示） Dan Perlin，RBC

I wanted to kind of circle back maybe on the -- I guess, the aggregate demand environment, but coupled with kind of expectations around implementation cycles. So, very clearly, the demand -- you won 51 core, so that's very much on track with, I think, the expected run rate you guys have been putting up for a number of years. And it sounds like you're talking about larger wins, obviously.

我想回到——我想，總需求環境，但也伴隨著對實施週期的預期。因此，非常清楚的是，需求 - 你們贏得了 51 核，所以我認為這與你們多年來一直提出的預期運行率非常一致。聽起來你顯然是在談論更大的勝利。

I'm just wondering to try and reconcile that with maybe last quarter's commentary around some large capital purchase delays and maybe some implementation cycles for non-core projects. I'm wondering if those two are still kind of at odds with one another? Or has that gap closed a little bit?

我只是想嘗試將其與上個季度有關一些大型資本購買延遲以及一些非核心項目的實施週期的評論相協調。我想知道他們兩個之間是否仍然存在矛盾？或者說差距已經縮小了一點？

Yes, Dan, thanks for the question. Yes, so a couple of things. So one, from the sales demand and our ability to continue to go up market, I think, hopefully, you were able to hear all my comments on that. So that's definitely happening and definitely something that is a huge focus of ours. From back to your question from last quarter, yes, some of that gap has significantly improved, I would say, mostly on the consulting side and things along that line. Some implementation is still a little bit delayed, but nothing, I guess, to the same level they were last quarter.

是的，丹，謝謝你的提問。是的，有幾件事。因此，首先，從銷售需求和我們繼續進入高端市場的能力來看，我想，希望您能夠聽到我對此的所有評論。所以這肯定會發生，而且肯定是我們關注的重點。回到您上個季度的問題，是的，我想說，這種差距已經顯著改善，主要是在諮詢方面和類似的事情上。一些實施仍然有點延遲，但我想，不會達到上一季的水平。

But if you remember, I also pointed out that there were some delays on some of our consulting engagements, especially around our financial crimes Defender solution and things like that, that have all now finally caught back up again.

但如果您還記得的話，我還指出，我們的一些諮詢工作出現了一些延遲，特別是圍繞我們的金融犯罪防禦解決方案和類似的事情，但現在終於都恢復了。

So and as I indicated, that happens occasionally throughout the year. But because it was more pronounced and it would be kind of a big part of our -- the end of our quarter, it ended up pushing it into this fiscal year. So that's also part of that -- why I called it out.

正如我所指出的，這種情況在一年中偶爾會發生。但因為它更加明顯，而且將成為我們季度末的重要組成部分，所以它最終被推遲到本財年。這也是我提出這一點的原因之一。

Got it. Okay. That's great to hear. And then Mimi, this is maybe nuanced a little bit, but like the revenue guidance range is a little bit wider. I think it's 120 basis points relate 100 for the past several years.

知道了。好的。聽到這個消息真是太好了。然後 Mimi，這可能有點微妙，但收入指導範圍有點廣泛。我認為這是 120 個基點，而過去幾年是 100 個基點。

And so I'm just wondering what kind of drove that decision? I don't think it's a function of the deconversion revenue, but I just wanted to make sure I understood what was driving the wider range.

所以我只是想知道是什麼促使你做出這個決定的？我不認為這是去轉換收入的函數，但我只是想確保我了解是什麼推動了更廣泛的範圍。

Thanks for the question, Dan. Yes. I think overall, as we fit our budgeting process and we look at the macroeconomic variables that are beyond our control. And as we get to just larger total revenue size, having a 1% historical spread in the guidance, we felt was a little bit constricting. We wanted to make sure we're very much committed to hitting the guidance.

謝謝你的提問，丹。是的。我認為總體而言，當我們適應預算流程時，我們會考慮我們無法控制的宏觀經濟變數。當我們獲得更大的總收入規模時，如果指導中存在 1% 的歷史差距，我們覺得有點限制。我們希望確保我們非常致力於實現指導目標。

And executing on that. So just giving us a little bit more flexibility as we collaborate with sales and operations, just to think about the risks and opportunities before us. There's not much -- I wouldn't call into anything structurally different just to provide more operational flexibility.

並執行該操作。因此，當我們與銷售和營運部門合作時，給予我們更多的彈性，讓我們思考面臨的風險和機會。沒有太多——我不會僅僅為了提供更多的操作靈活性而調用任何結構上不同的方法。

Nik Cremo, UBS.

瑞銀的尼克·克雷莫。

First, I just wanted to circle back to the fiscal 2026 revenue outlook. How should we think about growth between the various segments on a relative basis? I know that the payment segment was called out to have some headwinds, and it looks like the number of new Banno wins in fiscal '25 versus fiscal '24 was a little bit lower, so maybe a little slower to the complementary segment relative to the core segment. Thank you.

首先，我只是想回顧一下 2026 財年的營收展望。我們該如何相對地看待各個細分市場之間的成長？我知道支付部門被認為面臨一些阻力，而且看起來 25 財年與 24 財年相比，Banno 新獲勝的數量略低，因此相對於核心部門，補充部門的發展速度可能要慢一些。謝謝。

So as we think about '26, I think some of it is going to be trends that are continuing recently. We expect that certainly core will remain solid again. Payments relative to the long-term growth algorithm, probably slightly below or towards the bottom end of that range of the near-term target. And complementary, we actually expect solid growth for '26 closer to the higher end of that growth algorithm range.

因此，當我們思考 26 年時，我認為其中一些趨勢將會持續下去。我們預計核心肯定會再次保持穩固。相對於長期成長演算法的支付，可能略低於或接近近期目標範圍的底端。與之相輔相成的是，我們實際上預計 26 年的穩健成長將接近該成長演算法範圍的高端。

Vasu Govil, KBW.

瓦蘇·戈維爾，KBW。

I guess just the first one, you guys called out short-term revenue headwinds from bank M&A. Any way to quantify how much that's weighing on the 2026 outlook. And then, Greg, I know you called out the large bank merger you alluded to in your comments not baked into this year's outlook. So are you saying that, that's going to be a headwind the following year, if not this year?

我想只是第一個問題，你們指出了銀行併購帶來的短期收入阻力。有什麼方法可以量化這對 2026 年前景的影響有多大嗎？然後，格雷格，我知道你在評論中提到的大型銀行合併並沒有被納入今年的展望中。那麼，您是說，如果不是今年的話，那麼明年這將會變成一種阻力嗎？

And then more broadly, if bank M&A continues at an accelerated base, are we potentially looking at multiple years of maybe slightly softer top line growth than the 7% to 8% were used to seeing from you guys?

然後更廣泛地說，如果銀行併購繼續加速進行，我們是否有可能看到連續數年營收成長略低於你們過去看到的 7% 至 8% 的水平？

Yes. So let me answer the middle question first. So what I am stating emphatically is that we have not received any guidance that of what will happen. In fact, we've had really good conversations with both parties, and so there hasn't been any indication that Jack Henry will not have an opportunity to either win the overall deal or continue to have additional products in the solution set that even if it is in our core. So all those conversations are under -- really actually happening now.

是的。那麼讓我先回答中間的問題。因此，我要強調的是，我們還沒有收到任何關於會發生什麼的指導。事實上，我們與雙方進行了非常好的對話，因此沒有任何跡象表明傑克亨利將沒有機會贏得整體交易或繼續在解決方案中擁有額外的產品，即使它是我們的核心。所以所有這些對話實際上都正在發生。

So short answer is yes. So I don't expect anything in fiscal year '26. And but I don't know what will happen yet. And so what the impact will be. And again, as we've reiterated several times, we don't have any client that is a substantial amount of our revenue. So this client is actually an in-house client.

所以簡短的回答是肯定的。因此我對 26 財年不抱任何期望。但我還不知道會發生什麼事。那麼其影響會是什麼呢？而且，正如我們多次重申的那樣，我們沒有任何客戶能夠為我們帶來巨額的收入。所以這個客戶其實是一個內部客戶。

So from a revenue perspective, it actually will probably have less impact than some of our outsourced clients if they were to leave. So it isn't as substantial as maybe some maybe project. Number two is that from a headwind standpoint and an M&A. It really is about the fact that we have -- if you look at the balance of what's happened so far, it's basically equal almost exact numbers of how many have been Jack Henry to Jack Henry and how many have been Jack Henry to -- they have been acquired by a competing core.

因此，從收入角度來看，如果我們的一些外包客戶離開，其影響實際上可能比他們受到的影響要小。因此它可能不像某些項目那麼重要。第二點是從逆風的角度和併購的角度來看。事實上，如果你看一下迄今為止發生的事情的平衡，你會發現，傑克·亨利 (Jack Henry) 和傑克·亨利 (Jack Henry) 之間的人數基本上相等，而且幾乎完全相同——它們已被競爭核心收購。

But what ends up happening is, as you can imagine, a lot of the deconversion revenue is mostly predicated on how much time is left on the agreement. And so not every deal is actually equal. You can have a deal that has less than a year, you got a deal that's got five or six years, and that's a more substantial impact.

但最終的結果正如你所想像的，大量的轉換收入主要取決於協議剩餘的時間。因此，實際上並非每筆交易都是平等的。你可以達成一項期限不到一年的協議，也可以達成一項期限為五、六年的協議，而這會產生更實質的影響。

So even some of our Jack Henry, the Jack Henry deals because of the way the pricing was set up or the size of the actual acquisition, it didn't hit the next level of the trigger for us to get an immediate impact on revenue growth. So it makes up the growth for a short period of time, but it isn't a long-term thing. So I guess most people are viewing this M&A market. You have to put all of those factors into play, meaning that not every loss or every win is created equal, depending on turn.

因此，即使是我們的一些傑克亨利交易，由於定價方式或實際收購規模的原因，它也沒有達到觸發我們立即對收入成長產生影響的下一個層次。所以它在短時間內可以帶來成長，但不是長期的。所以我猜大多數人都在關注這個併購市場。您必須將所有這些因素都考慮在內，這意味著並非每一次失敗或每一次勝利都是平等的，這取決於回合。

So again, so some of that based on what has happened is creating some short-term revenue. And I think still, as we have stated last time and as I will continue to stay that I think it's a balance. If you look at over the last several years of the number even when M&A was more prevalent a few years ago, we continue to grow at pretty nice numbers.

所以，再次強調，根據已經發生的事情，其中​​一些正在創造一些短期收入。我仍然認為，正如我們上次所說的那樣，而且我會繼續堅持認為，這是一種平衡。如果你看一下過去幾年的數據，即使幾年前併購更為普遍，我們的成長仍然相當不錯。

And if you look at what we're guiding to that right now, it's still significantly higher than the competition is -- and I continue to believe that, that will only be advanced as we get through some of these short-term headwinds.

如果你看看我們現在對此的指導，它仍然比競爭對手高得多——我仍然相信，只有當我們克服一些短期逆風時，它才會進步。

And if I could just add on to that relative to the third part of your question. We see no structural change in the long-term opportunities for the company. The company is solid and extremely healthy. We expect, if we think about the three year Tiger versus the algorithm targets are still very much valid and intact. And as Greg talked about it, we have a lot of exciting new opportunities for us that we think will leverage to future growth.

我可以就您問題的第三部分補充一些內容嗎？我們認為該公司的長期機會不會發生結構性變化。該公司實力雄厚，而且非常健康。我們預計，如果我們考慮三年的老虎與演算法目標相比仍然非常有效和完整。正如格雷格所說的那樣，我們有很多令人興奮的新機遇，我們認為這些機會將有助於未來的成長。

Yes. Vasu if you don't mind me just adding one other point, just in case it doesn't come up, I think it's really important that we also talked about some renewals and some of the pricing piece. Just to put this in perspective, we did -- from a renewal standpoint, we did 12% increase in overall renewals for the year. Some of those are actually predicated a little bit earlier than we would originally expect because it is the Jack Henry, the Jack Henry conversion or migration and the particular acquiring entity wants to renew ahead of the game. And so there's some things that become a little bit more unplanned.

是的。Vasu，如果您不介意的話，我再補充一點，以防萬一它沒有出現，我認為我們還討論了一些續約和一些定價部分，這一點非常重要。為了更清楚地說明這一點，從續約的角度來看，我們今年的整體續約量增加了 12%。其中一些實際上比我們最初預期的要早一點，因為這是傑克亨利，傑克亨利的轉換或遷移，特定的收購實體希望在遊戲之前進行更新。因此有些事情就變得更加沒有計劃了。

But what I really wanted to emphasize was that in fiscal year '24, of all the renewals we did, it totaled $94 billion in assets. But for fiscal year '25, it totaled $223 billion in assets. So they were a lot of our larger clients and so we were able to renew them. Obviously, there's some short-term price compression. We sell them new products. So it takes a couple of years for those to get implemented and things along that line. But that's part of the reason. And I would say that, that's probably a little more prevalent than even the deconversion component.

但我真正想強調的是，在 24 財年，我們進行的所有續約總資產達到 940 億美元。但25財年，其資產總額達2,230億美元。他們是我們很多的大客戶，所以我們能夠與他們續約。顯然，短期內價格會受到一定程度的壓縮。我們向他們銷售新產品。因此，這些措施的實施以及相關事宜需要幾年的時間。但這只是部分原因。我想說的是，這可能比脫離宗教信仰的成分更為普遍。

I appreciate all the color and all the detail. That was very, very helpful. I guess just my quick follow-up. One of the other things you guys mentioned in the release is just the lower account growth. And that is something we've heard from some of your peers as well.

我欣賞所有的色彩和細節。這非常非常有幫助。我想這只是我的快速跟進。你們在新聞稿中提到的另一件事就是帳戶成長率較低。我們也從一些同行那裡聽到了同樣的話。

So hoping you can give more -- a little bit more color on what kind of change you've seen in the trend line? Any dimensionalization or what the magnitude of that changes and expectations going forward?

所以希望您能提供更多—更詳細地說明您在趨勢線上看到了什麼樣的變化？有任何維度或變化的幅度以及未來的期望嗎？

Yes. It's really started over the last several years in the credit union part of our market. And I think it's -- there's a lot of reports that have actually shown that -- and I think, yes, one or two of our competitors pointed it out as well on the banking side, I think some of it is predicated on what's happening with the neobanks and some lost accounts that are going there. Some of it also is predicated just on how pricing occurs.

是的。它實際上是在過去幾年裡在我們市場的信用合作社部分開始出現的。我認為——有很多報告實際上已經表明了這一點——而且我認為，是的，我們的一兩個競爭對手也指出了這一點，在銀行方面，我認為其中一些是基於新銀行正在發生的事情以及一些在那裡丟失的帳戶。其中一些也僅取決於定價方式。

Some of the institutions as they change their deposit growth strategies and things along that line, sometimes they end up purging accounts that aren't really growing or would be more, what I would call, dormant accounts.

有些機構在改變存款成長策略和相關措施時，有時他們會清除那些沒有真正成長的帳戶，或我所說的休眠帳戶。

And so a lot of them changed their strategy because they don't want to pay for those. So there's some of that from an organic growth, some of it going to needle banks and that's why we've been so focused on our SMB strategy to bring those deposits back into our financial institutions to allow that -- what's going out to the stripes and the squares and into the Chimes and others to be able to stay within our financial institutions. So again, that's a big part of our overall strategy.

因此，許多人改變了策略，因為他們不想為此付出代價。因此，其中一部分來自有機成長，一部分流向了針頭銀行，這就是為什麼我們如此專注於我們的中小企業策略，將這些存款帶回我們的金融機構，以便——流向條紋、方塊、Chimes 和其他機構的資金能夠留在我們的金融機構內。所以，這是我們整體策略的重要組成部分。

Kartik Mehta, North Coast Research.

梅塔 (Kartik Mehta)，北海岸研究公司。

Greg, I know just in the previous question, you talked a little bit about pricing pressure related to renewals. And I'm wondering -- is the pricing pressure you're seeing just related to the factor renewing, and that's just the way business is done? Or are you seeing any incremental pricing pressure on new or renewal.

格雷格，我知道就在上一個問題中，您談到了與續約相關的定價壓力。我想知道——您所看到的價格壓力是否僅與因素更新有關，而這只是商業運作的方式？或您是否看到新產品或續約產品的價格有任何增量壓力。

Good question, Kartik. Yes, I mean, it's happening in both. I mean, there's -- but I won't say that it's really that much -- it's new pricing pressure on renewals as always. I mean there's only a handful as we've talked about before, roughly 100 opportunities a year where people really are making decisions. So those get to be pretty competitive out in the market as people start to talk through it.

問得好，卡蒂克。是的，我的意思是，兩者都在發生這種情況。我的意思是，有——但我不會說真的有那麼多——這和往常一樣對續訂產生了新的定價壓力。我的意思是，正如我們之前談到的，人們真正做出決定的機會只有少數，每年大約有 100 個。因此，當人們開始談論它時，它們在市場上的競爭力就會變得相當強大。

And again, candidly, we're as transparent as anybody in the industry by sharing the number of core wins. I mean you don't really hear our competitors do that and I think we do it because we've been very successful and continue to do that and again, continue to go upmarket. But the pricing pressure itself, there's always -- it's always going to occur everybody wants something for less.

坦白說，我們與業內任何人一樣透明，分享核心勝利的數量。我的意思是，你真的沒有聽到我們的競爭對手這樣做，我認為我們這樣做是因為我們已經非常成功，並且繼續這樣做，並繼續走向高端市場。但定價壓力本身始終存在——它總是會發生，每個人都想以更低的價格買到東西。

But we've done a really good job. Honestly, one of the things that we were really focused on this year that I think will help us in the future is to get -- really get more granular on how we look at renewals. So both the pricing approach, the timing of how we handle compression, even how we compensate our sales team.

但我們確實做得很好。老實說，我認為我們今年真正關注的事情之一，將會對我們未來有所幫助，那就是更細緻地了解我們如何看待續約。因此，無論是定價方式、處理壓縮的時間，或是我們如何補償我們的銷售團隊。

We've changed all that in the back half of this last fiscal year, and we saw some of the improvements in the fourth quarter. And that will continue. And I think that's going to help us with kind of our process and approach going forward. But there will always be pricing pressure because, again, everybody is trying to go after the same 100 opportunities.

我們在上個財年的後半段改變了這一切，並且在第四季度看到了一些改善。這種情況將會持續下去。我認為這將有助於我們推進未來的流程和方法。但定價壓力始終存在，因為每個人都在試圖追逐同樣的 100 個機會。

And just one follow-up, Greg. Your partnership with Moov, I think it started obviously last fiscal year. And I'm wondering how it's progressing in line kind of as opposed to your expectations? Is it boring in line with your expectations? Or is it any different than you expected?

還有一個後續問題，格雷格。我認為您與 Moov 的合作顯然始於上個財年。我想知道與你的預期相比，它的進展如何？是否符合你的預期，很無聊？或者它和你預期的有什麼不同嗎？

Yes. I appreciate the question because actually, it has exceeded my expectations. We were told a year ago when we actually announced this at Investor Day that it would take both Visa and Mastercard and Apple and others have told us it usually takes 18 to 24 months to get fully certified through all of the various things that we did it in 10 months. Both Visa and Mastercard told us they've never seen that before. They both have seen the transactions and they've seen the live demos and they've been blown away by what we're able to do.

是的。我很感謝這個問題，因為事實上，它已經超出了我的預期。一年前，當我們在投資者日宣布這一消息時，我們被告知，這需要 Visa、Mastercard 和 Apple 的幫助，而其他公司則告訴我們，通常需要 18 到 24 個月才能通過各種方式獲得全面認證，但我們在 10 個月內就做到了。Visa 和 Mastercard 都告訴我們他們從未見過這種情況。他們都看到了交易，也看到了現場演示，並且對我們的能力感到震驚。

So there is significant interest and excitement, and we will be blowing it out at Jack Henry Connect by really doing some really cool things on stage with our clients. We're purposely holding off, rolling this out until after Connect.

因此，人們表現出了極大的興趣和興奮，我們將在 Jack Henry Connect 上與我們的客戶一起在舞台上做一些非常酷的事情，以此來激發人們的興趣和興奮。我們刻意推遲，直到 Connect 之後再推出此功能。

But we planned, as I mentioned, to roll it out over the next two to three months to all 1,000 Banno clients. And we're already -- like I said, the people that are already having it have been very excited, and we've seen some nice numbers. Now it will take a few months for us to get some real traction and to have kind of a guide on what we're seeing. But both our development teams have candidly exceeded my expectations.

但正如我所提到的，我們計劃在未來兩到三個月內將其推廣到所有 1,000 名 Banno 客戶。而且我們已經——就像我說的，已經擁有它的人都非常興奮，而且我們已經看到了一些不錯的數據。現在我們需要幾個月的時間來獲得一些真正的進展並對我們所看到的情況形成某種指導。但坦白說，我們兩個開發團隊的表現都超出了我的預期。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

I wanted to just ask quickly on margin expansion for '26. Can you walk us through kind of what the key levers are? I know you guys always highlight many including today, how you've been able to drive improved efficiencies through hiring, et cetera. But just wondering if you can get a little more detail on kind of what you think the key components are, et cetera.

我想快速詢問一下 26 年的利潤擴張。可以向我們介紹一下關鍵槓桿是什麼嗎？我知道你們總是強調很多事情，包括今天，你們如何透過招募等來提高效率。但我只是想知道您是否可以提供一些更詳細的信息，例如您認為的關鍵組件是什麼等等。

Thanks, James, for the question. It's one of the metrics, Greg and I monitor quite closely and hold in very high regard. We know that, that's a key part of the investor story is that the nature of the business itself and charge lend itself to margin expansion. I'd say it's a couple of things. One is the continued culture around process improvement, efficiency.

謝謝詹姆斯提出的問題。這是格雷格和我密切關注並高度重視的指標之一。我們知道，投資者故事的關鍵部分是業務本身的性質和費用有助於利潤率的擴大。我想說有幾件事。一是持續圍繞流程改善與效率的文化。

Greg will probably talk a little bit more about what we're doing in AI. But trying to -- as I called out in some of my commentary, we've really manage the headcount growth through that both verbs budgeting, but looking for opportunities to drive efficiency throughout the organization, not just in there services, but in product and development as well. So that's a large part in one of our largest expense lines is just headcount.

格雷格可能會進一步談談我們在人工智慧領域所做的工作。但嘗試——正如我在一些評論中提到的那樣，我們確實透過預算來管理員工人數的成長，但尋找機會提高整個組織的效率，不僅在服務方面，而且在產品和開發方面。因此，我們最大的支出項目之一很大一部分就是員工人數。

And so by keeping some of that headcount much tighter in the way the openness decisions, the way we manage physicians, we've been able to, over the last several years, deliver margin expansion. But then there's other structural trends that we see continuing.

因此，透過在開放性決策、管理醫生的方式上嚴格控制部分員工人數，我們在過去幾年中已經能夠實現利潤率的擴大。但我們發現其他結構性趨勢仍在持續。

Greg mentioned the number of wins we have from a migration perspective. So continuing to move to private cloud, helps us we're further in the journey of our public cloud migration from an infrastructure comp we're starting to see kind of the [flat hose] of some of -- for a while, we had some dual costs as we are migrating some of those products into the public cloud space. So those are some of the drivers as a whole to margin expansion.

格雷格提到了我們從遷移角度取得的勝利次數。因此，繼續遷移到私有雲有助於我們在從基礎設施公司遷移到公有雲的旅程中走得更遠，我們開始看到一些[扁平軟管] - 有一段時間，我們在將其中一些產品遷移到公有雲空間時產生了一些雙重成本。因此，這些是利潤率擴大的一些整體驅動因素。

Yes, James, I'll just add just as being mentioned around AI, but we've had a significant focus on process improvement for years around here. Roughly 35% of our staff our green belts and trained and taught in the classroom. So we started that many years ago, and that continues today. We also take a very unique approach, I think, to how we handle both process improvement and AI initiatives by giving a mantra of doing more with the same instead of doing more with less.

是的，詹姆斯，我只是想補充一下，就像提到人工智慧一樣，但多年來我們一直非常重視流程改善。我們大約 35% 的員工都是綠帶，並在課堂上接受過培訓和教學。所以我們多年前就開始這樣做了，並且一直持續到今天。我認為，我們也採取了一種非常獨特的方法來處理流程改進和人工智慧計劃，即用相同的資源做更多的事情，而不是用更少的資源做更多的事情。

And that really enables our associates to have more of a focus, not thinking that they're immediately going to lose their job because they came up with a great IV or better utilization of a tool. So that's why we've been able to minimize the amount of headcount that we've had over the last several years with that focus and that will continue.

這確實使我們的同事能夠更加專注，而不會因為他們想出了出色的 IV 或更好地利用工具而認為他們會立即失去工作。這就是為什麼我們能夠透過這項重點在過去幾年中最大限度地減少員工人數，並將繼續這樣做。

But we have a lot of things that we have going on, not only in development but also in things like HR and how we hire our legal approach, finance, I mean, really all of our groups have really embraced the AI component.

但我們還有很多事情要做，不僅在開發方面，而且在人力資源、我們如何僱用法律人員、財務等方面，我的意思是，我們所有的團隊都真正接受了人工智慧組件。

And then lastly, I think I mentioned this in my script, but around the work that we're doing in our tech modernization platform has allowed us to lessen the amount of people we need in certain areas because we're not duplicating efforts anymore in building out the same things. So I mentioned authorization or entitlements, those used to be built in all the products individually now we've built once and utilized across the organization.

最後，我想我在腳本中提到過這一點，但是我們在技術現代化平台上所做的工作使我們能夠減少某些領域所需的人員數量，因為我們不再重複努力來建立相同的東西。因此我提到了授權或權利，這些過去都是在所有產品中單獨建構的，現在我們只建構一次並在整個組織中使用。

Great. And then I wanted to just touch quickly on Banno and just dig in a little bit there. Wondering how as early transaction trended with Banno business? And can you update us on the go-to-market motion, particularly given some of the implications on the competition front with some of the competing core platforms.

偉大的。然後我想快速談談 Banno，並進行一些深入探討。想知道 Banno 業務的早期交易趨勢如何？您能否向我們介紹一下上市動議的最新情況，特別是考慮到一些競爭核心平台在競爭方面的影響。

Yes. I mean, so Banno business, as I mentioned, just won a really nice reward from Datos Insights. We're starting to get a lot of the -- as I mentioned, I guess, it was last year at Investor Day, but also throughout our meetings that we were kind of in a catch-up mode with some of the key features with some of our key competitors we're almost there.

是的。我的意思是，正如我所提到的，Banno 業務剛剛從 Datos Insights 獲得了一筆非常豐厚的獎勵。我們開始獲得很多 - 正如我提到的那樣，我想，這是去年在投資者日，但在我們的整個會議期間，我們都處於追趕模式，我們的一些主要競爭對手的一些關鍵功能幾乎已經達到了。

And as a byproduct of that, we are starting to win some of those deals from them where we weren't previously because we were behind on the business front. So from a revenue standpoint, it's obviously contributing to the growth of the Banno platform in general, in our digital, but there's other things that we've built as well that are helping to contribute as part of what we call add-ons and Banno business would be considered one of those.

而作為其副產品，我們開始從他們那裡贏得一些交易，而之前我們卻沒有贏得這些交易，因為我們在業務方面落後了。因此，從收入的角度來看，它顯然有助於 Banno 平台的整體成長，包括我們的數位業務，但我們建構的其他東西也有助於做出貢獻，作為我們所謂的附加元件的一部分，而 Banno 業務就是其中之一。

But I'll be really frank with you, James, is that I think the things that we're adding within Tap to Local and Jack Henry Rapid transfers tied with the Banno business application is going to allow us to really differentiate in the market because nobody has the tap to local and Jack Henry Ramp transfers at this point in time.

但詹姆斯，我會坦率地告訴你，我認為我們在 Tap to Local 和 Jack Henry Rapid 轉帳功能中添加的功能與 Banno 商業應用程式相結合，將使我們真正在市場上脫穎而出，因為目前還沒有人擁有 Tap to Local 和 Jack Henry Ramp 轉帳功能。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

And I guess, first of all, the change in contract with the third-party provider, that $16 million headwind, that's pretty big in context of -- I don't think many of your clients are over 1%. So that's close to 1% revenue headwind. Maybe describe a little more. I assume it's a reseller partner with revenue shares maybe going down a little, but maybe describe that. And then are we right about $12 million in Q1 and then $16 million headwind starting in Q2?

我想，首先，與第三方供應商的合約變更，這 1600 萬美元的逆風，在這樣的背景下是相當大的——我認為你們的許多客戶都沒有超過 1%。因此，這相當於收入下降了 1%。也許可以描述得更多一點。我認為它是一個經銷商合作夥伴，其收入份額可能會下降一點，但也許可以描述一下。那麼，我們對第一季 1200 萬美元以及第二季開始 1600 萬美元逆風的預測是否正確？

Yes, I can answer that a little bit more, Dave. So we -- in this -- since it was a contract renewed. We're actually the reseller of the product is a bundle of products. So essentially, the way I would think about it is the economic -- the net economic impact is unchanged. So it's just the revenues received as a royalty bundle under the contract you're accurate in saving the $16 million in totality, $12 million that will occur in Q1. And just for a little extra color, that's within the core segment.

是的，我可以再回答一點，戴夫。所以我們 — — 因為這是一份續約合約。我們實際上是該產品的經銷商，銷售一系列產品。所以從本質上來說，我對此的看法是經濟——淨經濟影響是不變的。因此，根據合同，您準確地節省了總計 1600 萬美元的特許權使用費收入，其中 1200 萬美元將在第一季出現。只是為了增加一點色彩，這屬於核心部分。

Okay. That's great. And then, I guess, secondly, the gain that you're getting during '26, which quarter is that and just so we get the EPS cadence, correct?

好的。那太棒了。然後，我想，其次，您在 26 年獲得的收益是哪個季度，這樣我們就可以獲得 EPS 節奏，對嗎？

It's mostly in Q1, but it's a little bit across the year. We'll give more color as the year goes on. It's around some larger asset sales.

它主要發生在第一季度，但也有一小部分發生在全年。隨著時間的推移，我們將提供更多色彩。這是圍繞著一些較大資產出售的。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

I wanted to come back to the free cash flow topic. I mean you've had several years where free cash flow was negatively impacted. And as you look out the next couple of years with a better cash flow outlook, looking for your updated thoughts on capital allocation?

我想回到自由現金流話題。我的意思是，已經有好幾年自由現金流受到了負面影響。當您展望未來幾年更好的現金流前景時，您是否在尋找有關資本配置的最新想法？

And if there's anything that's sort of top of mind for you as you kind of come into this new degree of flexibility on the free cash flow side?

當您在自由現金流方面獲得這種新的靈活性時，您最關心的是什麼？

Thanks for the question, Will. It's certainly been a journey in looking back three years when we were 55% free cash flow conversion in first hit with the legislative change, it's quite the journey back to 90% that we are debt and then guidance of that 85% to 100% in the future.

謝謝你的提問，威爾。回顧過去三年，這無疑是一段旅程，在立法變化首次衝擊下，我們的自由現金流轉換率為 55%，而現在，我們的債務比例回到 90%，未來我們的預期是 85% 到 100%。

So I think there's no reason that 85% to 100% is not going to be where we consistently land year-to-year. So we're just excited to get this new legislative change kind of -- so from a certainty perspective that it's not just short term, but just a clarity now to move forward and have strong cash flow.

所以我認為我們沒有理由不能逐年穩定地達到 85% 到 100% 的水平。因此，我們很高興能夠獲得這種新的立法變革——從確定性的角度來看，這不僅是短期的，而且現在明確了向前邁進並擁有強勁的現金流。

As to your -- the second part of your question, from a capital allocation, as I said in my comments, by having a much stronger free cash flow position and zero debt, which is a pretty remarkable balance sheet from a 4G perspective, to allow more flexibility. We think that our intention is to be able to increase the size of our share repurchases. We've had to constrain them over the last couple of years as we focus more on accretively paying down the debt. that now as we have zero debt. If I had to say, we'd probably likely have the ability to ramp up share repurchases of at least $100 million, hopefully more and still remain open to M&A opportunities and again, always looking to have a strong growth in our internal development effort as well.

至於您問題的第二部分，從資本配置來看，正如我在評論中所說，透過擁有更強勁的自由現金流狀況和零債務，從 4G 角度來看，這是一個非常了不起的資產負債表，可以提供更大的靈活性。我們認為我們的目的是能夠增加股票回購的規模。過去幾年我們不得不限制它們，因為我們更加重視增加償還債務。現在我們的債務為零。如果我必須說，我們很可能有能力增加至少 1 億美元的股票回購，希望更多，並且仍然對併購機會持開放態度，並且始終尋求在內部發展方面取得強勁增長。

Got it. That's helpful. And then, Greg, I wanted to ask, I recall when you took over the CEO role, a big part of sort of your priorities centered around looking at some of the assets that you have from either a divestiture perspective or an efficiency perspective, and trying to -- I'll just say maybe clean house a little bit.

知道了。這很有幫助。然後，格雷格，我想問一下，我記得當您接任執行長一職時，您的首要任務很大一部分都集中在從資產剝離的角度或效率的角度來審視您擁有的一些資產，並試圖——我只能說，也許可以稍微清理一下。

And I'm just wondering if you could give an update or your kind of latest thinking on any opportunities internally to increase efficiencies any asset sales that you have contemplated or any thoughts on kind of cost savings and margin structure outlook as you're coming off a couple of years on the job.

我只是想知道，您是否可以提供最新消息或最新想法，關於任何內部提高效率的機會，任何您考慮過的資產出售，或者對成本節約和利潤結構前景的任何想法，因為您上任幾年了。

Yes. Thanks for asking the question. And yes. So that is absolutely still remain a priority. We had a couple of assets that we are strongly considering that potentially could be part of a sale at this point. We're still evaluating a couple of opportunities there. We have announced the end of life of nine different small -- very small products. But one of those is that isn't as small is our NetTeller product. So we have announced that to our clients. We have all but one of our very small cores and there are some specifics to why that particular core hasn't been sunset yet.

是的。感謝您提出這個問題。是的。所以這絕對仍然是優先事項。我們正在認真考慮將一些資產作為目前出售的一部分。我們仍在評估那裡的幾個機會。我們已經宣布停止生產九種不同的小型——非常小型的產品。但其中之一就是我們的 NetTeller 產品，它並不小。因此，我們已向客戶宣布了這項消息。除了一個很小的核心之外，我們其餘的核心都已存在，並且有一些具體細節可以解釋為什麼這個特定的核心還沒有落成。

But our two bigger banking cores and our credit union core have been announced. So that's another big one. and that will continue. So we're looking at opportunities. We've again started the communications. But we give our customers roughly 24 months as part of our end-of-life process. And so we'll transfer some of our assets over to newer products or will just shut down some functionality that we were actually paying and investing in that we no longer do.

但我們的兩家較大的銀行核心和信用合作社核心已經宣布。所以這又是一個大問題，而且這個問題還會繼續存在。因此我們正在尋找機會。我們又開始溝通了。但作為產品報廢處理流程的一部分，我們給予客戶大約 24 個月的時間。因此，我們會將部分資產轉移到更新的產品上，或只是關閉一些我們實際上已經付費和投資但不再使用的功能。

That was also a big part of our budget process this year where we approached all of our teams with the same light of, hey, we're not going to be investing in some of these products that we're at a point where we don't think they're going to be long-term players for us. So appreciate the question, and that will continue, and we can continue to update you on that.

這也是我們今年預算流程的一個重要部分，我們以同樣的方式與所有團隊溝通，嘿，我們不會投資其中一些產品，因為我們認為它們不會成為我們的長期合作夥伴。非常感謝您的提問，我們會繼續向您通報最新情況。

Ken Suchoski, Autonomous Research.

蘇喬斯基（Ken Suchoski），自主研究。

Could we revisit the quarterly cadence on non-GAAP revenue growth? And maybe we could touch on the cadence in the back half of fiscal year. Because I think there were some comments that fiscal 1Q would be in that 7% to 7.5% range. I think fiscal Q2, a little softer and then increasing on a reported basis for 3Q and 4Q. So I just wanted to confirm that's on a non-GAAP basis because I think the press release said fiscal 3Q is slightly weaker. So I'm just trying to figure out if that's relative to the full year or fiscal 2Q?

我們能否重新審視非公認會計準則收入成長的季度節奏？也許我們可以談談財政年度下半年的節奏。因為我認為有人評論第一財季的成長率將在 7% 到 7.5% 的範圍內。我認為第二財季的業績會略微疲軟，但第三季和第四季的業績會有所成長。所以我只是想確認這是基於非 GAAP 的，因為我認為新聞稿說第三季的財報略微疲軟。所以我只是想弄清楚這是否與全年或第二季有關？

Thank you for the question, and the opportunity to clarify it is on a non-GAAP basis of the way we manage the business. And you're accurate in your summary of it. Q1 being a stronger than Q2, a little weaker and then increasing from 3% to 4% for the remainder of the year.

感謝您的提問，我們有機會根據非 GAAP 原則來澄清我們管理業務的方式。你對此的總結非常準確。第一季比第二季強勁，第二季稍弱，然後在今年剩餘時間內從 3% 成長至 4%。

Okay. That's helpful. And then maybe just a higher level one on -- I know it was asked about earlier. But just on the pricing dynamics in the industry, I think you talked about one of your competitors becoming increasingly aggressive on pricing. Could you just talk about where they are pricing more aggressively, whether that's on the core itself?

好的。這很有幫助。然後也許只是一個更高層次的問題——我知道之前有人問過這個問題。但就行業定價動態而言，我認為您談到了您的一個競爭對手在定價方面變得越來越激進。您能否談談他們在哪些方面定價更具競爭力，是否針對核心本身？

Or is it the surrounding solutions. And I'm curious, in your opinion, what changed in the industry that led to this? I know Jack Henry has typically commanded premium pricing versus peers. It's a concentrated industry. So I'm just curious how you're thinking about that.

或是周圍的解決方案。我很好奇，您認為業界發生了哪些變化導致了這種情況？我知道傑克亨利 (Jack Henry) 通常比同行定價更高。這是一個集中的行業。所以我只是好奇你怎麼想的。

Yes. Ken, thanks for the question. So a couple of things. One, I would say that both of our primary competitors have had that approach, maybe one longer while the other one was a little bit distracted. That distraction is now more gone.

是的。肯，謝謝你的提問。有幾件事。首先，我想說，我們兩個主要競爭對手都採取了這種方法，可能其中一個時間更長，而另一個則有點心不在焉。現在，這種幹擾已經基本消失了。

But most of the competitive pricing that we see is candidly in them keeping their own customers as we're going after new core wins -- we see some of that competitive pricing, obviously, in our own renewals, as I mentioned. But because we have a lot more leverage in and the ability to showcase what we've done for those particular clients over whatever term of agreement they've been with us.

但我們看到，大多數具有競爭力的定價都坦率地表明，他們在我們追求新的核心勝利時保留了自己的客戶——正如我所提到的，我們在自己的續約中顯然看到了一些具有競爭力的定價。但因為我們擁有更大的影響力和能力來展示我們為特定客戶所做的工作，無論他們與我們簽訂了何種協議期限。

We still demand or command the highest pricing in the industry. We hear that from consultants all the time that we still -- so there's -- when you look at the overall pricing, even of the 51 core wins that we mentioned, I can guarantee we were never the lowest price in any of those 51. So that is just part of it. But it ends up being a decision based on price sensitivity, our technology innovation.

我們仍然要求或控制著業界最高的定價。我們一直從顧問那裡聽說，我們仍然 - 所以 - 當你查看整體定價時，即使是我們提到的 51 個核心勝利，我可以保證我們的價格從來都不是這 51 個勝利中的最低價。這只是其中的一部分。但最終的決定是基於價格敏感度以及我們的技術創新。

And I tell CEOs of institutions all the time. You got to decide what's more important. And do you want the long-term growth and ability for us to take you into the future with what we're doing with tech modernization and a lot of our innovative products like Tap to local and others? Or do you want a short-term win while others are trying to figure it out.

我一直都在向各機構的執行長們講這個。你必須決定什麼更重要。您是否希望我們能夠透過正在進行的技術現代化和許多創新產品（例如 Tap to local 等）實現長期成長並有能力帶領您走向未來？或者當其他人還在摸索時，你想獲得短期勝利。

So obviously, you get a mixed bag. But as you know, we won our fair share and continue to win upmarket. But I would say the dynamic isn't that much different, and it's mostly on them protecting what they do have today.

顯然，你得到的是混合包。但正如你們所知，我們贏得了公平的份額並繼續贏得高端市場。但我想說的是，動態​​並沒有太大的不同，他們的主要任務是保護他們今天所擁有的東西。

Dominick Gabriele, Oppenheimer.

多明尼克·加布里埃爾，奧本海默。

Compass Point. I really appreciate the question. So I just wanted to go back to the account growth at your partners and you mentioned some neobanks there. Are there any other factors besides just maybe takeaways from what some may say traditional finance companies to neo banks, are there any other dynamics that play into why account growth could be slowing, say, 1% to 2% versus '23?

羅盤點。我非常感謝你的提問。所以我只想回到您合作夥伴的帳戶增長情況，您在那裡提到了一些新銀行。除了有些人所說的傳統金融公司與新銀行的差異之外，還有其他因素嗎？還有其他動態因素導致帳戶成長放緩，比如說，與 23 年相比下降 1% 到 2%？

Yes. I think a lot of it is -- it's not just the neo banks, but as I mentioned before, it's also some of the SMBs taking their products to other providers that are offering solution sets. I think I referenced this early on or maybe it was even at Investor Day a year ago, that only about 16% of folks that have retail accounts at the community and regional banks actually have their business account there. So another reason why we're continuing to really push our SMB strategy to keep those deposits and accounts at those institutions.

是的。我認為其中很大一部分是——不僅僅是新銀行，正如我之前提到的，一些中小企業也將其產品帶給提供解決方案集的其他供應商。我想我很早就提到過這一點，或者甚至在一年前的投資者日就提​​到過，在社區和地區銀行擁有零售帳戶的人中，只有大約 16% 實際上在那裡擁有商業帳戶。因此，我們繼續大力推行中小企業策略的另一個原因是將這些存款和帳戶保留在這些機構。

But between neo banks, between digital wallets between opportunities for folks to keep money in other places, dormant accounts, as I mentioned, where if those accounts. If they're paying for that particular account for a period of time, but there really isn't any activity there, then they want to cancel that account. So that slows the actual growth of what we had experienced in years prior. I assume that's very similar to what our competition is experiencing as well. But those are some of the highlights.

但是，新銀行之間、數位錢包之間、人們將錢存放在其他地方的機會之間，休眠帳戶之間，正如我所提到的，如果這些帳戶存在的話。如果他們在一段時間內為該特定帳戶付費，但實際上沒有任何活動，那麼他們就想取消該帳戶。因此，這減緩了我們前幾年所經歷的實際成長。我認為這與我們的競爭對手所經歷的情況非常相似。但這些是一些亮點。

If I could add on to you as well. This is not a Jack Henry specific, but things you'll see across the industry. But until recently, you're not seeing a ton of new car sales, which will lead to some unit loans and auto with the housing market kind of being brozen and not seeing a lot of transactions in real estate, and that's been a national issue, again, less mortgages, less account opening. So we're seeing some of that tied to lending volumes as well.

如果我也可以補充你的話。這並不是傑克亨利 (Jack Henry) 特有的現象，而是整個產業都會發生的事情。但直到最近，你還沒有看到大量的新車銷售，這將導致一些單位貸款和汽車房地產市場陷入僵局，房地產交易也不多，這是一個全國性的問題，再次導致抵押貸款減少，開戶減少。因此，我們也看到其中一些與貸款量有關。

And certainly not a Jack Henry only issue. -- Sorry, go ahead.

當然這不只是傑克亨利的問題。 ——抱歉，請繼續。

Yes. No, I'm sorry to interrupt you. I just was going to say, we also have a mixed bag of clients that have asset-based pricing and some that have for account pricing. So it really depends. But as the customers get larger, and really dependent on whether they're more business focus or retail focus, that has a stronger indicator of what type of pricing that we would have in place with them.

是的。不，很抱歉打擾您。我只是想說，我們的客戶中既有採用基於資產定價的客戶，也有採用基於帳戶定價的客戶。所以這確實取決於情況。但隨著客戶規模越來越大，並且真正依賴他們是更注重商業還是零售，這將更清楚地表明我們將為他們制定什麼樣的定價方案。

Right. Maybe just lastly maybe the complementary business, really some pretty stunning growth this quarter. Maybe just talk about -- I know you said that it should -- you're going to see a near high end of the range for that business. Could you just remind us what that range is? And then how you think about the fourth quarter growth over since this quarter was just so good -- on the revenue?

正確的。也許最後，也許是互補業務，本季確實實現了相當驚人的成長。也許只是談論 - 我知道你說過應該 - 你會看到該業務的範圍接近高端。您能否提醒我們一下該範圍是多少？那麼，既然本季的營收表現如此出色，您如何看待第四季的成長？

Yes. So Dom, it's a great question. As you recall, the complementary segment is a whole portfolio of products you have some anchor tenants like digital that continue to have impressive growth. Then you have other things like financial kinds Defender, which is really leading to some strong momentum. And some of the broad related solutions as it relates to faster payments are also another driver of growth.

是的。所以 Dom，這是一個很好的問題。您還記得，互補部分是一整套產品組合，其中的一些主力產品（如數位產品）繼續保持著令人矚目的成長。然後你還有其他東西，例如金融類型的 Defender，它確實帶來了一些強勁的勢頭。與更快支付相關的一些廣泛的相關解決方案也是另一個成長動力。

So those trends I think are going to continue, and that's why we expect to see that continuation for next year. And if you think about that range, it's about 8% to 9%, just as a reminder from the growth algorithm perspective.

所以我認為這些趨勢將會持續下去，這就是我們預計明年這種趨勢將會持續下去的原因。如果你考慮這個範圍，它大約是 8% 到 9%，這只是從成長演算法的角度提醒一下。

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Greg, just wanted to follow up. I mean it's clear you're excited about Banno for business and Tap2Local. Can you just kind of give an update on the SMB strategy, kind of where you are relative to your initial expectations?

格雷格，我只是想跟進。我的意思是，很明顯你對 Banno 的業務和 Tap2Local 感到興奮。您能否介紹一下 SMB 策略的最新情況，以及與最初預期相比的進展？

Yes. Thanks for asking, Chris. Yes, like I said, I'm extremely excited and I would say we're ahead of where I expected us to be just because as we really got into building everything out, and we're told it would be an 18 to 24 month process, but our team was able to complete it would move in 10 months. So that is significantly ahead of where we thought we were going to be. And as I mentioned, we're going to start rolling this out in a heavy way post our client conference in early September.

是的。謝謝你的提問，克里斯。是的，就像我說的，我非常興奮，我想說我們超出了我的預期，因為當我們真正開始建立一切時，我們被告知這將是一個 18 到 24 個月的過程，但我們的團隊能夠在 10 個月內完成。這比我們預想的要好得多。正如我所提到的，我們將在 9 月初的客戶會議之後開始大力推廣這項措施。

So early indications from the car associations and from the clients that have been in our closed beta have been tremendous. So excited is an understatement. The entire SMB strategy, we actually have a road map that we've created that will cover over the next 18 to 24 months of a variety of different activities that we will be adding to the overall solution set.

因此，來自汽車協會和參與我們封閉測試的客戶們的早期反應是極好的。如此興奮，這還不足以表達我的興奮之情。對於整個 SMB 策略，我們實際上有一個已建立的路線圖，它將涵蓋未來 18 到 24 個月內我們將添加到整體解決方案集中的各種不同活動。

Some are actually kind of point-to-point solutions that we have today at Jack Henry that haven't been positioned as well as maybe we should have in the past to put them in this SMB strategy. Others are things that we're working, again, independently and with move that we'll be rolling out.

有些實際上是我們今天在傑克亨利 (Jack Henry) 所擁有的點對點解決方案，但我們過去可能沒有將它們定位得那麼好，沒有將它們納入到 SMB 戰略中。其他一些事情我們正在獨立開展，並將陸續推出。

But candidly, my big message to our team is, is that nobody is going to care about the next solution until the first one is successful. So we are highly focused on making sure that, that is the case.

但坦白說，我要向我們的團隊傳達的重要訊息是，在第一個解決方案成功之前，沒有人會關心下一個解決方案。因此，我們高度重視確保情況確實如此。

John, James. (technical difficulty)

約翰、詹姆斯。（技術難度）

Greg, I just want to take a big step back here. If we think about the '26 revenue outlook. It's about 100 basis points at the midpoint below what, I think, normalized growth. And you said you haven't really seen. You don't consider any real structural changes in the Jack Henry growth rate.

格雷格，我只是想在這裡退後一步。如果我們考慮一下 26 年的收入前景。我認為，這比正常成長率低了大約 100 個基點。而你說你真的沒看過。您沒有考慮傑克亨利成長率的任何實際結構變化。

you're winning larger banks, which I think would accelerate growth. You called out the industry headwinds. Is there any change in guidance philosophy, understanding your first year a little bit below revenue? Just trying to think about the puts and takes. Are these industry headwinds more than 100 basis points, and that's offsetting some of the larger bank wins? Is there adicoservices? I'm just trying to think through the puts and takes of the guidance '26 versus how you think about normalized growth of Jack Henry.

你正在贏得更大的銀行，我認為這將加速成長。您指出了產業面臨的逆風。指導理念是否有任何變化，是否理解第一年的收入略低於預期？只是想思考一下投入和產出。這些行業逆風是否超過 100 個基點，並且抵消了銀行的一些較大收益？有 adicoservices 嗎？我只是試著思考指導 26 的利弊以及您對傑克亨利正常化增長的看法。

Yes, it's a great question. And so no, there isn't anything, as we said, that's structurally different. There isn't anything that makes it up 100 basis points of concern. What it is, is some level of us being there's macro things that we're still not sure about that we're still kind of hedging on because we're not really sure. But the bigger art is what we talked about with the renewals and the M&A activity.

是的，這是一個很好的問題。所以，正如我們所說，沒有任何結構上的差異。沒有什麼事情值得我們擔心 100 個基點。事實是，在某種程度上，我們對某些宏觀事物仍不確定，我們仍在採取規避措施，因為我們不太確定。但更大的藝術是我們在續約和併購活動中談論的。

So though we tend to win more than we lose. As I mentioned, it doesn't really matter from that perspective. it's really about the timing of the activity, the M&A activity and what is left on that particular contract or if the Jack Henry to Jack Henry deals happen, are they actually going to be accretive for us because some of them haven't hit their next tier level of pricing through that acquisition.

因此，我們獲勝的次數往往比失敗的次數多。正如我所提到的，從這個角度來看這並不重要。這實際上與活動的時機、併購活動以及特定合約中剩餘的內容有關，或者如果傑克亨利與傑克亨利之間的交易發生，它們是否真的會為我們帶來增值，因為其中一些還沒有通過收購達到下一級定價水平。

So all of those are parts of running the business and doing the day-to-day activity that we do. But there isn't anything in that. And to your point about us winning larger deals. A lot of those will start to come on in the back half of the year, the ones that we won last year. As I mentioned before, us winning these larger deals has really only happened over the last two fiscal years. So we're starting -- we'll start to see the -- it takes anywhere from typically 15 to 24 months before core activity actually comes on board.

因此，所有這些都是我們經營業務和日常活動的一部分。但那並沒有什麼。關於您提到的我們贏得更大交易的問題。我們去年贏得的許多勝利將在下半年開始顯現。正如我之前提到的，我們贏得這些大額交易實際上只是在過去兩個財年才發生。所以我們開始——我們將開始看到——核心活動真正開始通常需要 15 到 24 個月的時間。

Obviously, you get dragged along with other payment and complementary products with that as well. But -- so that will really start to happen from two fiscal years ago where I guess, fiscal year just to be specific, from fiscal year '24, happening at the back half of this year, in fiscal year '25 and then ongoing.

顯然，您也會被其他付款和補充產品拖累。但是 — — 所以這實際上會從兩個財政年度前開始發生，我猜，具體來說是財政年度，從 24 財政年度開始，發生在今年下半年，25 財政年度，然後持續下去。

So that's why we remain bullish on where we're going, what we're doing, the activities that we have related to SMB and other tangential things like even stable coin stuff that I mentioned before. So hopefully, I answered your question, but I want to make sure I cover a couple of parts of that.

所以這就是為什麼我們對我們的發展方向、我們正在做的事情、與 SMB 相關的活動以及其他相關事物（例如我之前提到的穩定幣）保持樂觀。所以希望我回答了你的問題，但我想確保我涵蓋了其中的幾個部分。

Yes. The only thing I want to follow up on a little bit is given a little bit more uncertainty this year, given the M&A environment, given some of the industry slowdown. Also, you gave a wider range after missing kind of the initial guide last year, is maybe a little bit more conservatism given a little bit more uncertainty coming into this year? Just any change in guidance philosophy in year two since you've taken over?

是的。我唯一想跟進的是，考慮到今年的併購環境和產業放緩，不確定性會更大一些。此外，在去年缺少初步指導之後，您給出了更廣泛的範圍，考慮到今年的不確定性，是否會更加保守？自從您接任以來，第二年的指導理念有什麼改變嗎？

No, no real -- I mean, not in philosophy at all. I mean, obviously, we did extend by a little bit from a 20 basis points perspective. But I mean we've been talking about that. When you look at our company, 1% is $23 million, 0.5% is $11.5 million. There's not a lot of flexibility in that range.

不，不是真的——我的意思是，在哲學上根本不是真的。我的意思是，顯然，從 20 個基點的角度來看，我們確實延長了一點。但我的意思是我們一直在談論這個。以我們公司為例，1% 是 2,300 萬美元，0.5% 是 1,150 萬美元。此範圍內的彈性並不大。

So that was something that we looked at. We'll continue to look at to be candid in future years. but we thought we'd start off there and kind of go with that approach. But other than that, as Mimi articulated, and I've been trying to articulate here too, nothing else fundamentally has changed.

這就是我們所研究的東西。在未來幾年，我們將繼續保持坦誠的態度。但我們認為我們應該從那裡開始，並採用這種方法。但除此之外，正如 Mimi 所表達的，而且我也一直試圖在這裡表達的，沒有什麼根本性的改變。

Okay. And then just one last quick one, if I can, on complementary. So now that Banno is product parity plus tap to local, rapid transfers, where are we in kind of selling that outside the base? And then also maybe just quickly complementary outside of Banno, what are the puts and takes there? What's going well? What's maybe -- I know you're sunset some products there. Just trying to think about kind of the expand growth and also kind of where we are selling Banno outside the base?

好的。如果可以的話，我最後再快速問一下關於補充的問題。那麼，既然 Banno 是產品平價加上本地快速轉賬，我們在哪裡可以在基地之外銷售它呢？然後也許只是在 Banno 之外進行快速補充，那裡的投入和產出是什麼？什麼進展順利？可能——我知道你正在淘汰那裡的一些產品。只是想思考擴大成長的方式以及我們在基地外銷售 Banno 的方式？

Yes, I'm glad you asked that. I was prepared and I was hoping somebody would ask me if I'm not, I was going to bring it up myself. Yes, we're very excited and very focused on continuing to work. As I mentioned before, we've taken a couple of different paths or outside the base I won't get into all the specifics. There are opportunities like today, we can actually sell and we will sell tap to local and rapid transfers outside of the Jack Henry base, but we can do that today.

是的，我很高興你問這個問題。我已經做好了準備，希望有人會問我，如果沒有，我會自己提出來。是的，我們非常興奮並且非常專注於繼續工作。正如我之前提到的，我們採取了幾條不同的路徑，或者在基地外，我不會談論所有細節。像今天這樣的機會，我們實際上可以銷售，而且我們將向傑克亨利基地以外的本地和快速轉運公司銷售自來水，但我們今天就可以做到這一點。

We actually are also going to increase the TAM over the next couple of years by providing some opportunities for even our key digital competitors to sell that and for us to be part of the equation there. But by the end of this calendar year, our teams will start selling opportunities outside of the Jack Henry core base and with the belief that we could start implementing the latter part of our fiscal year.

實際上，我們還將在未來幾年內增加 TAM，為我們的主要數位競爭對手提供一些銷售機會，並讓我們成為其中的一部分。但到今年年底，我們的團隊將開始銷售傑克亨利核心基地以外的機會，並相信我們可以在財政年度的後半段開始實施。

So in the May, June time frame, we would hope to have a couple of beta clients that would be live. But that is the approach. We're actually taking two different approaches in kind of doing them both using some of the technology that we've built on the platform as well as technology that we're building through core integrations with some outside providers, but all of that is in play specifically for Banno, but other products will follow suit as well over time. But Banno will be the first one of the ones that are not outside the base today. Sure.

因此，在五月、六月期間，我們希望能推出幾個可以上線的測試用戶端。但這就是方法。實際上，我們採用了兩種不同的方法，既使用了我們在平台上構建的一些技術，也使用了我們通過與一些外部供應商的核心集成而構建的技術，但所有這些都是專門針對 Banno 的，但隨著時間的推移，其他產品也會效仿。但班諾將是今天第一個不在基地外面的人。當然。

(Operator Instructions) Rayna Kumar, Oppenheimer.

（操作員指示）Rayna Kumar，奧本海默。

This is Abigail on for Rayna. I just wanted to talk about hardware revenue, which faced some persistent headwinds in FY25. And what does this outlook look like as we enter FY26? And what's the impact on guidance do you think? And then can you help us also look at the size and the decline in hardware revenue from delayed sales and implementations versus just the clients that are migrating to the cloud?

這是 Abigail 為 Rayna 表演的。我只是想談談硬體收入，它在 25 財年面臨一些持續的阻力。當我們進入 26 財年時，前景如何？您認為這會對指導產生什麼影響？然後，您能否幫助我們了解由於銷售和實施延遲而導致的硬體收入的規模和下降，以及僅僅是遷移到雲端的客戶的收入？

Sure. So Abigail, I would say, as it pertains to the upcoming fiscal year '26, because we've had such headwinds in '25 growth due to lower hardware sales, it will be less of an impact on '26. So we don't expect a massive rebound by any means in hardware, but we don't expect it to be as much of a material headwind because we're going from a lower base of FY25.

當然。因此，阿比蓋爾，我想說，就即將到來的 26 財年而言，由於硬體銷售額下降導致 25 年的成長面臨巨大阻力，因此對 26 年的影響較小。因此，我們並不期望硬體出現大幅反彈，但我們也不認為這會成為太大的實質阻力，因為我們是從 2025 財年的較低基數開始的。

So (technical difficulty) and that is unbuilt into the guidance. As to the latter half of your question, as we continue to see clients migrating from on-premise to private cloud, there's less hardware purchase needs in the future. That most of the wins we get today are in the cloud, very few new client wins or ever on premise. So we are not from a hardware demand perspective, I think those trends will continue because of it correlated to now being 77% private cloud.

因此（技術難度）並未納入指導之中。至於你問題的後半部分，隨著我們繼續看到客戶從內部部署遷移到私有雲，未來硬體購買需求會減少。我們今天獲得的大部分勝利都是在雲端，很少有新客戶勝利或在本地取得勝利。因此，我們不是從硬體需求的角度來看，我認為這些趨勢將會持續下去，因為它與現在 77% 的私有雲相關。

Ladies and gentlemen, with that, we'll conclude (technical difficulty) you turn over to Vance Sherard for any closing remarks.

女士們，先生們，我們的發言就到此結束（由於技術困難），請 Vance Sherard 做最後發言。

Thank you, Jamie. In the remainder of our first quarter, we will host approximately 3,000 clients at our upcoming Jack Henry Connect conference. And management will be participating in investor meetings across various US cities and internationally at the end of the month.

謝謝你，傑米。在第一季的剩餘時間裡，我們將在即將舉行的 Jack Henry Connect 會議上接待約 3,000 名客戶。管理層將於本月底參加美國各個城市和國際上的投資者會議。

We would like to thank all Jack Henry associates for their efforts and commitment, which contributed to another successful fiscal year. Thank you for joining us today. Jamie, please provide the replay number.

我們要感謝所有傑克亨利同事的努力和承諾，為另一個成功的財政年度做出了貢獻。感謝您今天加入我們。傑米，請提供重播號碼。

The replay number for today's call is (877) 344-7529 and the access code is 320 1054. The conference has now concluded. We thank you for attending today's presentation. You may now disconnect your lines.

今天電話會議的重播號碼是 (877) 344-7529，接入碼是 320 1054。會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。