Jack Henry & Associates Inc (JKHY) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Jack Henry first-quarter and fiscal year 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 Jack Henry 2026 財年第一季及全年財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係副總裁萬斯·謝拉德。請繼續。

Thank you, Jeannie. Good morning, and thank you for joining the Jack Henry first-quarter fiscal 2026 earnings call. Joining me today are Greg Adelson, President and CEO; and Mimi Carsley, CFO and Treasurer.

謝謝你，珍妮。早安，感謝各位參加傑克亨利公司2026財年第一季財報電話會議。今天與我一同出席的有總裁兼執行長格雷格·阿德爾森，以及財務長兼財務主管咪咪·卡斯利。

Following my opening remarks, Greg will share his comments on our quarterly results, operational metrics, and the outlook for the remainder of fiscal '26. Mimi will then discuss the financial results and updated fiscal '26 guidance provided in yesterday's press release, which is available on the Investor Relations section of the Jack Henry website. Afterwards, we will open the lines for a Q&A session.

在我致開幕詞之後，格雷格將分享他對我們季度業績、營運指標以及 2026 財年剩餘時間展望的評論。隨後，Mimi 將討論昨天新聞稿中提供的財務業績和更新的 2026 財年業績指引，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. 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.

請注意，本次電話會議包含前瞻性陳述，其中涉及風險和不確定性，可能導致實際結果與我們的預期有重大差異。本公司沒有義務更新或修改這些聲明。有關可能導致實際結果與此類前瞻性聲明存在重大差異的風險因素和附加資訊的摘要，請參閱昨天的新聞稿以及我們 10-K 文件中的風險因素和前瞻性聲明部分。

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GAAP財務指標，例如非GAAP收入和非GAAP營業收入。這些措施的核對結果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, and I appreciate each of you joining today's call. I'd like to begin by thanking our associates for their hard work and unwavering commitment to our key differentiators, culture, service, innovation, strategy and execution. I will share three key takeaways from the quarter and then provide additional detail about our overall business.

謝謝你，萬斯。早安，感謝各位參加今天的電話會議。首先，我要感謝我們的同事們，感謝他們的辛勤工作和對我們關鍵差異化因素（文化、服務、創新、策略和執行）的堅定承諾。我將分享本季的三個主要收穫，然後提供有關我們整體業務的更多細節。

First, our financial performance. We produced record first quarter financial results with non-GAAP revenue of $636 million, up an impressive 8.7% over last year's first quarter. That significantly exceeds the 7% to 7.5% increase we anticipated in August. Our non-GAAP operating margin was 27.2%, representing a robust 227 basis points of margin expansion over last year's Q1.

首先，我們來看財務業績。我們第一季財務業績創歷史新高，非GAAP營收達6.36億美元，比去年同期成長了令人矚目的8.7%。這遠遠超過了我們8月份預期的7%至7.5%的增幅。我們的非GAAP營業利潤率為27.2%，比去年第一季成長了227個基點。

Second, our sales performance. Starting with migrations from in-house processing to our private cloud. In Q1, we signed seven contracts to move existing clients to our private cloud, including a $11 billion asset credit union and an $8 billion asset bank. Notably, the asset size of clients migrating to our private cloud was 60% higher over the past 12 months, $43 billion versus $69 billion, while the number of deals has remained consistent with previous years.

其次，是我們的銷售業績。首先從內部處理遷移到我們的私有雲。第一季度，我們簽署了七份合同，將現有客戶遷移到我們的私有雲，其中包括一家資產規模達 110 億美元的信用合作社和一家資產規模達 80 億美元的銀行。值得注意的是，在過去 12 個月裡，遷移到我們私有雲的客戶資產規模增加了 60%，從 690 億美元成長到 430 億美元，而交易數量與往年保持一致。

As a reminder, we earn on average approximately 2 times more revenue from clients in the private cloud compared to those on-premise. Today, 77% of our core clients are operating in the Jack Henry private cloud.

需要提醒的是，與本地部署的客戶相比，我們從私有雲客戶獲得的收入平均高出約 2 倍。如今，我們 77% 的核心客戶都在 Jack Henry 私有雲上運作。

Turning to new core sales. As many of you know, the first quarter is typically our lightest of the year. In Q1, our sales team earned four competitive core wins, including one financial institution with over $1 billion in assets.

轉向新的核心銷售。正如你們許多人所知，第一季通常是我們一年中業務最清淡的季度。第一季度，我們的銷售團隊贏得了四項核心競爭業務，其中包括一家資產超過 10 億美元的金融機構。

For context, last year, we started with six competitive core wins in Q1 and finished the year with 51. We remain confident that we will be within that range again this year as we are off to a very strong start in Q2. I also want to comment on the new sales procedures we implemented for the contract renewals about six months ago, which has resulted in a healthier balance between new sales and renewal contracts as well as improved pricing procedures.

作為參考，去年我們第一季贏得了六場核心競爭賽事的勝利，到年底我們取得了 51 場勝利。我們仍然有信心今年能夠再次達到這個目標範圍，因為我們在第二季開局非常強勁。我還想談談我們大約六個月前實施的合約續約新銷售流程，該流程使得新銷售和續約合約之間實現了更健康的平衡，並改善了定價流程。

Our Q1 fiscal year '26 deal mix was 44% new core sales and 56% renewals compared to 35% new sales and 65% renewals in Q1 last year. We expect this trend to continue throughout the fiscal year.

2026 財年第一季，我們的交易組合中，新核心銷售佔 44%，續約佔 56%，而去年同期，新銷售佔 35%，續約佔 65%。我們預計這一趨勢將在本財年持續下去。

Third, our annual client conference. In September, we hosted another highly successful Jack Henry Connect conference in San Diego, drawing a record 2,651 clients. This is our largest event of the year and a major driver of new business opportunities. We had a record 91 prospects from 30 banks and credit unions. This is important to note because 20 of last year's new core wins came from prospects who attended Jack Henry Connect, underscoring the strategic value of this event.

第三，我們的年度客戶大會。9 月，我們在聖地牙哥成功舉辦了另一場 Jack Henry Connect 大會，吸引了創紀錄的 2651 位客戶。這是我們一年中規模最大的活動，也是推動新業務機會的主要動力。我們獲得了創紀錄的91個潛在客戶，他們來自30家銀行和信用社。值得注意的是，去年新增的核心客戶中有 20 家來自參加 Jack Henry Connect 的潛在客戶，凸顯了活動的策略價值。

Additionally, the conference drew 48 consultants and our technology showcase featured 266 third-party fintechs, both all-time highs. We also had a record attendance at our annual CEO Forum, hosting 211 CEOs. Overall, attendees expressed less concerned about the macro economy than last year and plan to continue investing in technology to enhance their digital capabilities, strengthen fraud protection, improve efficiencies and modernize their businesses.

此外，本次大會吸引了 48 位顧問顧問，我們的技術展示環節也吸引了 266 家第三方金融科技公司參與，兩項數據均創歷史新高。我們的年度CEO論壇也創下了出席人數紀錄，共有211位CEO參加。總體而言，與去年相比，與會者對宏觀經濟的擔憂有所減少，並計劃繼續投資技術，以增強其數位化能力、加強詐欺保護、提高效率並實現業務現代化。

Next, I'd like to highlight several important announcements we made in the quarter. I'll start with our acquisition of Victor Technologies, which closed on September 30. We're excited to welcome the Victor associates to the Jack Henry family. We are equally excited about this technology as we leverage the capabilities to create new opportunities for our clients and the many fintechs serving the financial industry.

接下來，我想重點介紹一下我們本季發布的幾項重要公告。我先從我們對 Victor Technologies 的收購說起，這項收購案已於 9 月 30 日完成。我們非常高興地歡迎 Victor 的同事們加入 Jack Henry 大家庭。我們對這項技術同樣感到興奮，因為我們將利用其功能為我們的客戶以及服務於金融業的眾多金融科技公司創造新的機會。

As you've heard me say, our acquisition strategy targets companies that have great teams, are cloud-native, API-first and accelerate our product road map, Victor fits that strategy perfectly. Victor's modern innovative platform with direct-to-core connectivity enables financial institutions to embed payment capabilities into third-party nonbank brands such as fintechs and commercial customers. This helps financial institutions grow deposits, diversify fee income and maintain compliance controls.

正如我之前所說，我們的收購策略目標是那些擁有優秀團隊、雲端原生、API優先的公司，並能加速我們的產品路線圖，Victor完美符合這項策略。Victor 的現代化創新平台具有直接與核心連接的功能，使金融機構能夠將支付功能嵌入到第三方非銀行品牌（如金融科技公司和商業客戶）中。這有助於金融機構增加存款、實現手續費收入多元化並維持合規控制。

For Jack Henry, Victor provides a highly scalable solution that creates diverse revenue streams, enhances our payments-as-a-service capabilities, and accelerates the delivery of emerging services like stablecoin. Victor was already integrated with our SilverLake core banking system and our Jack Henry PayCenter prior to the acquisition. We plan to extend its capabilities to serve our Symitar credit union and treasury management clients and to integrate directly with the new cloud-native Jack Henry platform.

對於 Jack Henry 而言，Victor 提供了一個高度可擴展的解決方案，可以創造多樣化的收入來源，增強我們的支付即服務能力，並加速穩定幣等新興服務的交付。在收購之前，Victor 已經與我們的 SilverLake 核心銀行系統和 Jack Henry PayCenter 整合。我們計劃擴展其功能，為我們的 Symitar 信用合作社和資金管理客戶提供服務，並直接與新的雲端原生 Jack Henry 平台整合。

I will now provide an update on stablecoin as we've been actively developing and executing our strategy. We just completed a proof of concept in less than two weeks to allow financial institutions to send and receive USDC. We continue to work with key vendors and emerging fintechs on other aspects of our strategy, which includes the development of wallet, custody and settlement services for our clients to service their account holders.

接下來我將向大家報告穩定幣的最新進展，因為我們一直在積極制定和執行我們的策略。我們僅用不到兩週的時間就完成了概念驗證，使金融機構能夠發送和接收 USDC。我們繼續與主要供應商和新興金融科技公司合作，以推進我們策略的其他方面，包括為我們的客戶開發錢包、託管和結算服務，以便為他們的帳戶持有人提供服務。

Furthermore, the new Jack Henry platform supports nine decimal places, well above the six required for USDC, positioning us very well for both stablecoin and tokenized deposits. By contrast, most, if not all, existing core support only two decimal places. This advancement has already enabled us to facilitate cross-border stablecoin transactions for third parties through Banno.

此外，新的 Jack Henry 平台支援 9 位小數，遠高於 USDC 所需的 6 位小數，這使我們在穩定幣和代幣化存款方面都處於非常有利的地位。相較之下，大多數（如果不是全部）現有核心僅支援兩位小數。這項技術進步已經使我們能夠透過 Banno 為第三方提供跨境穩定幣交易服務。

Another key development this quarter was the launch of our cloud-native Tap2Local merchant-acquiring solution. Tap2Local is offered exclusively through banks and credit unions, giving them a powerful way to win back deposits from small- and medium-sized businesses that have shifted their card acceptance activities to other providers. Tap2Local primarily targets the 82% of SMBs that are sole proprietors. Today, only 16% of sole proprietors keep both their retail and commercial accounts at the same community financial institution, largely due to the lack of SMB-focused services.

本季另一個重要進展是推出了我們的雲端原生 Tap2Local 商家收單解決方案。Tap2Local 僅透過銀行和信用社提供，為它們提供了一種強有力的方式，可以從已將信用卡受理活動轉移到其他提供者的中小型企業那裡贏回存款。Tap2Local 主要針對佔中小企業總數 82% 的個體經營者。如今，只有 16% 的個體經營者在同一家社區金融機構同時開設零售和商業帳戶，這主要是因為缺乏以中小企業為中心的服務。

Built in partnership with Moov, Tap2Local delivers differentiated capabilities for SMBs, including easy enrollment, tap to pay on both iOS and Android devices without additional hardware and continuous account reconciliation to the accounting platform of their choice. We showcased a live demo of Tap2Local at Jack Henry Connect and received fantastic feedback. We are currently rolling it out in phases to our Banno clients. We rolled out the initial phase of 40 clients on Monday of this week.

Tap2Local 與 Moov 合作開發，為中小企業提供差異化的功能，包括輕鬆註冊、在 iOS 和 Android 設備上無需額外硬體即可輕觸支付，以及持續將帳戶與他們選擇的會計平台進行對帳。我們在 Jack Henry Connect 大會上展示了 Tap2Local 的現場演示，並收到了非常好的回饋。我們目前正在分階段向 Banno 客戶推出該服務。本週一，我們啟動了首批 40 位客戶的專案。

We also did a live on-stage demo of Jack Henry Rapid Transfers at the conference. In partnership with Moov, we conducted more than 1,000 additional demos of this solution in the technology exhibit hall. Rapid Transfers enables both SMBs and consumers to instantly move funds between external accounts, eligible cards and digital wallets to manage day-to-day transaction and personal finances. There are only a handful of institution offering this service today, zero were community financial institutions until now.

我們也在本屆會議上進行了 Jack Henry 快速傳輸系統的現場演示。我們與 Moov 合作，在技術展覽廳進行了 1000 多場該解決方案的演示。快速轉帳功能使中小企業和消費者能夠即時在外部帳戶、符合條件的卡片和數位錢包之間轉移資金，從而管理日常交易和個人財務。目前只有少數機構提供這項服務，此前沒有一家是社區金融機構。

We are collaborating with both Visa and Mastercard to facilitate these transactions through their respective debit rails. Rapid Transfers is receiving strong initial reviews with 48 clients now live and 126 more in various stages of implementation. These unique solutions are all powered by the cloud-native API-first infrastructure we've built through our technology modernization strategy and are part of the Jack Henry platform. This strategy has enabled us to accelerate our innovation at speeds not typically seen in our industry, especially from a core provider.

我們正與 Visa 和 Mastercard 合作，透過他們各自的金融卡管道促進這些交易。Rapid Transfers 目前已獲得良好的初步評價，已有 48 位客戶上線使用，另有 126 位客戶處於不同的實施階段。這些獨特的解決方案均由我們透過技術現代化策略建構的雲端原生 API 優先基礎設施提供支持，並且是 Jack Henry 平台的一部分。這項策略使我們能夠以業界通常看不到的速度加速創新，尤其是對於核心供應商而言。

We developed our Tap2Local and Rapid Transfers solutions in less than 10 months, including close to 40 external certifications. We developed a full proof concept of USDC in only two weeks, and we will be launching our public cloud native deposit-only core in only three years, still on schedule for the first half of calendar 2026.

我們在不到 10 個月的時間內開發了 Tap2Local 和 Rapid Transfers 解決方案，並獲得了近 40 項外部認證。我們僅花了兩週時間就開發了 USDC 的完整驗證概念，我們將在三年內推出我們的公有雲原生僅存款核心，目前仍按計劃在 2026 年上半年推出。

The new Jack Henry platform is integrated with all of our existing cores. Unlike most of our competitors, it's not a side core, which is a separate parallel system that runs alongside the primary core. Side cores do not integrate directly with nor do they extend existing cores to enable new and enhanced use cases in the way the Jack Henry platform does. This integration delivers significant advantages to our clients, including real-time processing, streamline operations, open API connectivity, enhanced security, and immediate continuous upgrades.

全新的 Jack Henry 平台與我們所有現有的核心系統整合在一起。與我們的大多數競爭對手不同，它不是側核，側核是一個與主核並行運行的獨立系統。側核既不直接與現有核心集成，也不像 Jack Henry 平台那樣擴展現有核心以啟用新的和增強的用例。此次整合為我們的客戶帶來了許多優勢，包括即時處理、簡化操作、開放 API 連接、增強安全性以及即時持續升級。

Next, I'll provide a few updates on specific products. In our Payments segment, we continue to experience outstanding growth in our faster payment solutions. Over the past year, the number of financial institutions using Zelle has grown by 20%, the Clearing House's RTP network by 25% and FedNow by 32%. In Q1, payment transaction volume through these channels increased by 55% over the prior year Q1.

接下來，我將提供一些關於特定產品的最新資訊。在支付領域，我們的快速支付解決方案持續保持著卓越的成長動能。過去一年，使用 Zelle 的金融機構數量增加了 20%，清算所的 RTP 網路增加了 25%，FedNow 增加了 32%。第一季度，透過這些管道進行的支付交易量比去年同期成長了 55%。

In our Complementary segment, we signed a total of 38 new Financial Crimes Defender and faster payment module contracts in the quarter. As of September 30, we have 148 financial crimes installations completed and another 66 in various stages of implementation. We also have 113 faster payment modules installed and 205 in various stages of implementation. Speaking of Financial Crimes Defender, we are proud that our solution recently won a silver medal from Datos Insights for Best AML and Fraud Transaction Monitoring Innovation.

在我們的配套業務板塊，本季我們共簽署了 38 份新的金融犯罪防禦和快速支付模組合約。截至9月30日，我們已完成148個金融犯罪防範系統的安裝，另有66個系統處於不同的實施階段。我們目前已安裝 113 個快速支付模組，另有 205 個模組處於不同的實施階段。說到金融犯罪防禦系統，我們很自豪我們的解決方案最近獲得了 Datos Insights 頒發的最佳反洗錢和詐欺交易監控創新銀獎。

Continuing with our Complementary segment, we continue to see success with our Banno Digital Platform. For the quarter, we signed a total of 18 new clients to the Banno platform. We currently have 1,026 Banno retail clients and 390 live with Banno Business. We finished the quarter with 14.7 million registered users on the Banno platform. At the end of Q1 last year, we had 12.7 million registered users, a 15% increase over the past 12 months.

繼續介紹我們的配套業務板塊，我們的 Banno 數位平台持續取得成功。本季度，我們共為 Banno 平台簽署了 18 位新客戶。我們目前有 1,026 家 Banno 零售客戶和 390 家 Banno Business 用戶。本季末，Banno 平台的註冊用戶數達到 1,470 萬人。去年第一季末，我們的註冊用戶數為 1,270 萬，比過去 12 個月成長了 15%。

We are confident that the tech spending will remain strong based on recent surveys, direct feedback from our clients and our robust sales pipeline. In Bank Director's 2025 Technology Survey that came out in September, 71% of respondents reported an increase in their bank's technology budget for fiscal year 2025 with a median increase of 10%. These results align with findings from our strategy benchmark published last spring. In that survey, 76% of our own clients said they plan to increase spending over the next two years with their top priorities being digital banking, fraud prevention, automation, cybersecurity and AI.

根據最近的調查、客戶的直接回饋以及我們強勁的銷售管道，我們有信心科技支出將​​保持強勁勢頭。在9月發布的《銀行董事2025年技術調查》中，71%的受訪者表示，他們所在銀行2025財年的技術預算增加，中位數增幅為10%。這些結果與我們去年春天發布的策略基準研究結果相符。在那項調查中，76% 的客戶表示，他們計劃在未來兩年內增加支出，他們的首要任務是數位銀行、詐欺防制、自動化、網路安全和人工智慧。

Speaking of AI, we continue to focus on numerous product and internal use cases to help our clients and our staff improve back-office efficiency. Our new solutions are built with a human-in-the-loop approach. And while reviews are still early, feedback has been extremely positive. We have created over 100 internal AI use cases, while we continue working through prioritization, these efforts have already enabled us to control headcount additions from the improvements we have seen across all lines of business.

說到人工智慧，我們將繼續專注於眾多產品和內部用例，以幫助我們的客戶和員工提高後台辦公室效率。我們的新解決方案採用人機協作的方式建構。雖然評價尚處於早期階段，但回饋非常正面。我們已經創建了 100 多個內部 AI 用例，雖然我們仍在努力確定優先級，但這些努力已經使我們能夠控制因所有業務線的改進而增加的人員數量。

As a reminder, we do not sell any of our products utilizing a seat license model. So factors such as the number of branches or employees at the bank do not have a bearing on our revenue stream. Looking ahead, we will hold our Annual Shareholder Meeting next week in Monett, Missouri and offer a webcast for remote viewers. We're also proud to recognize the 40th anniversary of our IPO this month and will commemorate the milestone with a bell ringing at NASDAQ on November 21.

再次提醒，我們所有產品均未採用席次授權模式銷售。因此，銀行的分行數量或員工人數等因素對我們的收入來源沒有影響。展望未來，我們將於下週在密蘇裡州莫內特舉行年度股東大會，並為遠端觀眾提供網路直播。本月我們也將迎來公司上市 40 週年紀念日，並將於 11 月 21 日在納斯達克敲鐘慶祝這一里程碑。

In closing, we are extremely pleased with our overall Q1 performance and remain highly optimistic about the rest of the year. I'll now hand things over to Mimi to walk through the financial details.

總之，我們對第一季的整體業績非常滿意，並對今年剩餘時間保持高度樂觀。現在我將把財務細節交給咪咪來處理。

Thank you, Greg, and good morning, everyone. Our associates remain steadfast in serving our financial institution clients, delivering shareholder value, leading to another quarter of solid revenue and earnings growth. I will begin with our healthy first quarter results, then conclude with our updated fiscal '26 guidance.

謝謝你，格雷格，大家早安。我們的員工始終堅定不移地為金融機構客戶提供服務，為股東創造價值，從而實現了另一個季度穩健的收入和盈利增長。我將首先介紹我們第一季穩健的業績，然後總結我們更新後的 2026 財年業績預期。

Q1 GAAP revenue increased 7% and non-GAAP revenue increased 9%, a continuation of consistently solid performance. Non-GAAP revenue growth was positively impacted by the shift of our Connect client conference into Q1 from Q2. Even without this timing shift, quarterly revenue growth would have been a robust 8%. First quarter deconversion revenue of approximately $9 million, which we previously announced was up approximately $5 million, reflecting a steady pace of M&A activity among financial institutions.

第一季 GAAP 營收成長 7%，非 GAAP 營收成長 9%，延續了持續穩健的業績。由於我們的 Connect 客戶大會從第二季度提前到第一季舉行，非 GAAP 收入成長受到了積極影響。即使沒有這次時間調整，季度營收成長也將達到強勁的 8%。第一季轉換營收約為 900 萬美元，我們先前宣布該營收比上一季成長約 500 萬美元，反映出金融機構併購活動的穩定推進。

Now let's look more closely at the details. GAAP services and support revenue increased 6% for the quarter, while non-GAAP increased 8%. Services and support growth during the quarter was primarily driven by strength in data processing and hosting revenue for both private and public cloud, revenue from our Connect conference and solution implementation.

現在讓我們更仔細地看一下細節。本季 GAAP 服務和支援收入成長 6%，非 GAAP 收入成長 8%。本季度服務和支援業務的成長主要得益於私有雲和公有雲的資料處理和託管收入、Connect 大會的收入以及解決方案實施帶來的收入。

Private and public cloud offerings continue to drive strong growth. Cloud revenue increased 7% in the quarter. This reoccurring revenue contributor is 30% of our total revenue. Shifting to processing revenue, which is 42% of total revenue and another strategic component of our long-term growth model. We saw a healthy performance with 10% GAAP and non-GAAP growth for the quarter.

私有雲和公有雲產品持續推動強勁成長。本季雲端收入成長了7%。這項經常性收入貢獻了我們總收入的 30%。轉向加工收入，這部分收入佔總收入的 42%，也是我們長期成長模式的另一個策略組成部分。本季業績表現良好，GAAP和非GAAP均實現了10%的成長。

Consistent with recent results, quarterly drivers included increased card, digital and payment processing revenues. Completing commentary on revenue, I would highlight total reoccurring revenue exceeded 91%.

與近期業績一致，季度成長動力包括銀行卡、數位支付和支付處理收入的成長。最後總結一下收入狀況，我想強調的是，經常性收入總額超過了 91%。

Next, moving to expenses. Beginning with the cost of revenue, which increased a modest 1% on a GAAP basis and 4% on a non-GAAP basis for the quarter. Drivers for the quarter included higher direct costs consistent with revenue growth, higher personnel costs, partially offset by lower benefits and increased amortization of intangible assets. For modeling purposes, amortization of acquisition-related intangibles was $6 million for the quarter.

接下來，我們來看費用。首先來看營收成本，本季以 GAAP 計算小幅成長 1%，以非 GAAP 計算成長 4%。本季的主要驅動因素包括與收入成長一致的較高直接成本、較高的人員成本，但部分被較低的福利和增加的無形資產攤銷所抵消。為便於建模，本季與收購相關的無形資產攤銷額為 600 萬美元。

Next, R&D expense decreased 1% on both a GAAP and non-GAAP basis for the quarter. The quarter decrease was primarily due to tempered net personnel costs. And ending with SG&A expense for the quarter on a non-GAAP basis, it increased 14% and 9% on a GAAP basis. The quarter increase was primarily due to the timing of our Connect client conference, increased personnel service costs, higher net personnel costs, partly offset by lower commission and benefit costs.

其次，本季研發費用按 GAAP 和非 GAAP 計算均下降了 1%。本季下降的主要原因是淨人員成本控制。最後，以非GAAP準則計算，本季銷售、一般及行政費用增加了14%，依GAAP準則計算成長了9%。本季成長主要是由於 Connect 客戶大會的時間表、人員服務成本增加、淨人員成本上升，部分被佣金和福利成本下降所抵消。

Without the Connect client conference costs, SG&A would have increased 12% on a non-GAAP basis and 7% on a GAAP basis. Aided by our consistent revenue growth, we remain focused on generating annual compounding margin expansion. Q1 delivered a 227 basis point increase in non-GAAP margin to 27%. Non-GAAP margin benefit from inherent leverage in our business model, strategic cost management and leveraging existing workforce as we continue to focus on enterprise process improvement and AI utilization. These strong quarterly results produced a fully diluted GAAP earnings per share of $1.97, up 21%.

如果不計入 Connect 客戶會議費用，SG&A 將在非 GAAP 準則下成長 12%，在 GAAP 準則下成長 7%。在持續的收入成長的推動下，我們將繼續專注於實現年度複合利潤率的成長。第一季非GAAP利潤率成長227個基點，達到27%。非GAAP利潤率受益於我們業務模式中固有的槓桿作用、策略性的成本管理以及對現有員工的充分利用，同時我們將繼續專注於企業流程改進和人工智慧的應用。這些強勁的季度業績使完全稀釋後的GAAP每股收益達到1.97美元，成長了21%。

Reviewing the three operating segments, we are pleased to see positive performance across the board. Core segment non-GAAP revenue increased 6% on the quarter with operating margins increasing a robust 114 basis points. We continue to gain benefits from private cloud trends and disciplined cost management.

經對三個營運部門進行評估，我們很高興地看到所有部門都取得了積極的業績。核心業務部門的非GAAP營收季增6%，營業利益率大幅成長114個基點。我們持續從私有雲趨勢和嚴格的成本管理中獲益。

The Payments segment quarterly non-GAAP revenue increased 8%. The segment again had outstanding non-GAAP operating margin growth with quarterly results of 170 basis points. Revenue growth was due to resilience in our card-related services, consistent growth in the EPS business and large -- continuing large percentage growth on faster payments, albeit on a smaller dollar base. Margins benefited from operational efficiencies and disciplined cost management.

支付業務部門季度非GAAP營收成長8%。該業務板塊的非GAAP營業利潤率再次實現了顯著增長，季度業績達到170個基點。收入成長歸功於我們與銀行卡相關的服務的韌性、EPS業務的持續成長以及快速支付業務的大幅成長——儘管基數較小，但成長幅度仍然很大。營運效率的提高和嚴格的成本管理提升了利潤率。

Finally, Complementary segment quarterly non-GAAP revenue increased an impressive 9% with healthy 75 basis points of margin expansion. Quarterly revenue growth continued to reflect digital solution demand, beneficial product mix and sales sourced from both new core wins, and noncore financial institutions.

最後，互補業務部門季度非GAAP營收實現了令人矚目的9%的成長，利潤率也實現了75個基點的健康擴張。季度收入成長繼續反映出對數位化解決方案的需求、有利的產品組合以及來自新核心客戶和非核心金融機構的銷售。

Now a review of cash flow and capital allocation. Q1 operating cash flow was $121 million, a $4 million increase over the prior fiscal year. Quarterly free cash flow of $69 million delivered by a $10 million increase was positively impacted by the collection of remaining annual maintenance billings and full tax depreciation and development expenses related to recent tax legislation. Our consistent dedication to value creation resulted in a trailing 12-month return on invested capital of 22% compared to the 20% in the first quarter of the prior year. We're very proud of the durability of this metric performance.

現在來回顧一下現金流和資本配置。第一季經營現金流為 1.21 億美元，比上一財年增加了 400 萬美元。季度自由現金流為 6,900 萬美元，較上年同期增加 1,000 萬美元，這主要得益於剩餘年度維護帳單的收款以及與近期稅收立法相關的全部稅收折舊和開發費用。我們始終致力於創造價值，使得過去 12 個月的投資資本回報率達到 22%，而上年第一季的回報率為 20%。我們對這項指標表現的持久性感到非常自豪。

Additionally, I would highlight the following significant capital allocation decisions, $100 million in share repurchases year-to-date through October, the asset acquisition of Victor, and $42 million in dividends paid. We ended the quarter with a minimal amount of debt consistent with normal course revolver line usage but expect to end the year debt-free, barring acquisitions or other opportunities.

此外，我還想重點介紹以下幾項重要的資本配置決策：截至 10 月，今年迄今已回購 1 億美元的股票；收購 Victor 的資產；以及支付 4,200 萬美元的股利。本季末，我們的債務額度極低，與正常的循環信貸額度使用情況相符，但預計到年底將實現零債務，除非有收購或其他機會。

I will now discuss the updated increased full-year guidance. As you're aware, yesterday's press release included updated increases to fiscal '26 full year GAAP guidance. Deconversion guidance will continue to follow the conservative methodology introduced in fiscal '24. Fiscal '26 deconversion revenue guidance has been increased to $20 million. Aligned with guidance methodology, we will update the outlook as we confirm more activity throughout the year.

接下來我將討論更新後的上調後的全年業績預期。如您所知，昨天的新聞稿包含了 2026 財年全年 GAAP 業績指引的最新上調。轉換指導將繼續遵循 2024 財年引入的保守方法。2026 財年轉型收入預期已提高至 2,000 萬美元。根據指導方法，我們將隨著全年活動的增加而更新展望。

Full-year GAAP revenue growth guidance increased to a range of 4.9% to 5.9%. This is driven by deconversion revenue increase, expected revenue contribution for the remainder of the year from the Victor acquisition. I will emphasize GAAP revenue remains almost certainly understated due to the conservative deconversion revenue guidance.

全年GAAP營收成長預期上調至4.9%至5.9%。這主要得益於業務轉換收入的成長，以及預計今年剩餘時間 Victor 收購帶來的收入貢獻。我要強調的是，由於保守的轉換收入預期，GAAP收入幾乎肯定被低估了。

Based on our strong first-quarter results and expected continued momentum, we have increased the lower end of the non-GAAP revenue annual growth rate guidance, resulting in a new outlook of 6% to 7%. As a reminder, fiscal '26 and the first quarter of fiscal '27, Victor acquisition-related financial impacts will be excluded as part of non-GAAP reporting. Based on the above revenue growth and our resilient financial model, we expect to again generate sustainable accretive sources of margin. We are increasing full year guidance for non-GAAP margin expansion to a range of 30 to 50 basis points.

基於我們強勁的第一季業績和預期持續的成長勢頭，我們提高了非GAAP營收年增率預期的下限，新的預期為6%至7%。提醒各位，2026 財年和 2027 財年第一季度，與 Victor 收購相關的財務影響將作為非 GAAP 報告的一部分予以排除。基於上述收入成長和我們穩健的財務模式，我們預計將再次產生可持續的增值利潤來源。我們將全年非GAAP利潤率擴張預期上調至30至50個基點。

All of the above are indicative that our business operations remain healthy and sound with near-term growth opportunities. The full year GAAP tax rate estimate for fiscal '26 is 23.75%. The above increased guidance metrics result in a stronger full-year outlook for GAAP EPS of $6.38 to $6.49 per share, a growth of 2% to 4%. And as a reminder, updated conservative deconversion revenue guidance almost certainly understates EPS GAAP growth.

以上種種都顯示，我們的業務運作依然健康穩健，並具有近期成長機會。2026 財政年度全年 GAAP 稅率估計為 23.75%。上述上調後的業績指引指標使得全年GAAP每股盈餘預期更為強勁，達到每股6.38美元至6.49美元，成長2%至4%。另外提醒一下，更新後的保守型轉換收入預期幾乎肯定低估了每股盈餘（GAAP）成長。

Fiscal '26 is expected to have superior free cash flow conversion due to recently passed tax legislation, and we have elected to take the accelerated election. Full year free cash flow conversion outlook is for 85% to 100% for the fiscal '26, matching our expected target but with a bias to the higher end of the range. As a reminder, we see fluctuations in quarterly results relating to software usage license components along with the timing of implementation. Therefore, the correct performance indicator for our business is the consistently strong fiscal year financial results.

由於最近通過的稅收立法，預計 2026 財年的自由現金流轉換率將更高，因此我們選擇採取加速措施。2026 財年全年自由現金流轉換率預期為 85% 至 100%，與我們的預期目標相符，但更傾向於較高的範圍。需要提醒的是，季度業績會因軟體使用許可組成部分以及實施時間而出現波動。因此，衡量我們業務績效的正確指標是持續強勁的財政年度財務表現。

In conclusion, Q1 results reflect outstanding performance leading to increased guidance. We're pleased by the start to our fiscal year and remain positive on the outlook. Demand for our solutions aligned with continued technology spend by our clients and prospects will drive superior shareholder return and value. We appreciate the contributions of our dedicated associates that achieve these superior results and our investors for their ongoing confidence.

總之，第一季業績反映了公司卓越的營運表現，因此公司提高了業績指引。我們對本財年的開局感到滿意，並對前景保持樂觀。客戶和潛在客戶持續增加技術投入，對我們解決方案的需求也將隨之成長，這將為股東帶來卓越的回報和價值。我們感謝敬業的同事們為取得這些卓越成果所做的貢獻，也感謝投資人一直以來的信任。

Jeannie, please open the line for questions.

珍妮，請開通提問專線。

(Operator Instructions) Rayna Kumar, Oppenheimer.

（操作說明）雷娜·庫馬爾，奧本海默。

Nice results here. We saw some solid margin expansion in the quarter. And as you mentioned, Mimi, R&D was down 1%. Can you talk about how sustainable this type of margin expansion is going forward? And maybe how margin could look for the remainder of the year by quarter?

結果不錯。本季我們看到利潤率出現了顯著成長。正如你所提到的，咪咪，研發支出下降了1%。您能否談談這種利潤率擴張方式在未來是否可持續？那麼，今年剩餘時間的季度利潤率會如何改變呢？

Thanks for joining us this morning, Rayna, and your question. I think R&D has the same profile that you've seen in SG&A and other areas consistent with across our expense, which is the thoughtfulness in which we planned this year's budget being modestly conservative out the gate. We're being very disciplined around headcount increases while still investing for growth.

雷娜，感謝你今天早上收看我們的節目，也感謝你提出的問題。我認為研發支出與銷售、一般及行政費用以及其他領域的支出情況相同，這與我們今年的預算規劃一脈相承，從一開始就採取了較為保守的策略。我們在增加員工人數方面非常謹慎，同時仍在投資以實現成長。

So as we look to the remainder of the year, some of that is timing related. Some of that is things that we're expecting to kind of reverse, if you will, some benefits-related net personnel costs and the timing of some of the spending we have for projects. But overall, I would say there's consistency that's going to drive the full year margin expansion, which is our general control of spending, our limited head count growth for the year, and efficiencies in AI.

展望今年剩餘時間，其中一些與時間安排有關。其中一些是我們預計會扭轉的局面，例如一些與福利相關的淨人員成本以及我們一些專案支出的時間表。但總的來說，我認為推動全年利潤率擴張的因素是：我們對支出的整體控制、今年有限的人員成長以及人工智慧方面的效率提升。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

I was wondering if you could expand a little bit on the pricing and competitive environment out there. And in particular, there's been a lot of focus around some of the core consolidation happening at the competitors. Are you guys seeing an increased willingness to explore converting cores in the market? And how are you feeling about your chance of maybe shaking loose a couple of those opportunities?

我想請您詳細介紹一下目前的定價和競爭環境。尤其值得關注的是，競爭對手的一些核心業務整合。你們是否注意到市場上對核心部件進行改造的意願有所增強？你覺得自己有多大可能抓住其中幾個機會？

Hey, Will, thanks for the question. I think we're not seeing anything more significant. I know, obviously, there were some recent announcements on collapsing the number of cores for one of the providers and things along that line. It's still early. I think our pipeline is still remains very significant.

嘿，威爾，謝謝你的提問。我認為我們沒有看到任何更重要的事情發生。我知道，很顯然，最近有消息稱，某供應商將減少核心數量等等。現在還為時過早。我認為我們的管道運輸仍然非常重要。

As I mentioned in my script, we've already seen some nice wins for the quarter. And so I anticipate that will continue to be at a fairly normal pace. I haven't seen anything out there that has seen any more intense competitive pressure than I would have said six months ago, though, at this point in time.

正如我在稿子裡提到的，本季我們已經取得了一些不錯的成績。因此，我預計這一進程將繼續以相當正常的速度進行。不過，就目前而言，我還沒有看到任何事物面臨比六個月前更激烈的競爭壓力。

I think, Will, the only other add I would say to the point that Greg made in his prepared remarks, the changes we've made operationally around limiting the impact from pricing compression to your -- the first half of your question around pricing, we're starting to see the fruits of the labor paying off. So we're seeing stabilization from that headwind. We're quite excited by the collaboration between our sales, operational teams around that and going after that, and that's reflected also in the sales mix numbers that Greg talked about.

威爾，我認為，除了格雷格在準備好的演講稿中提到的那一點之外，我唯一要補充的是，我們在運營方面做出的改變，旨在限制價格壓縮對你——關於定價問題的前半部分——的影響，我們已經開始看到努力的成果了。所以我們看到，逆風正在逐漸消退，局勢趨於穩定。我們對銷售和營運團隊圍繞這一目標的合作以及為此所做的努力感到非常興奮，這也體現在格雷格提到的銷售組合數據中。

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

I just wanted to maybe revisit the sales momentum here and the conversions into private cloud. So I think you said you signed seven clients to convert to private cloud. You're at 77% today. So you're getting pretty high on the penetration rate there, which is clearly a positive for the revenue uplift.

我只是想重新審視一下這裡的銷售動能以及向私有雲的轉換情況。所以，我想你說過你簽了七家客戶，讓他們轉換到私有雲。你今天的進度是77%。所以你們的滲透率相當高，這顯然有利於收入成長。

I guess what I'm ultimately getting at is, as you think about the strategy to increasingly sell outside the core, can you just maybe update us on where that progress is? I know you've got a lot of initiatives underway, but it would be helpful to kind of refresh that strategy here.

我想說的最終目的是，當您考慮逐步向核心業務之外拓展銷售策略時，您能否向我們介紹目前的進展？我知道你們正在推進很多項目，但在這裡重新審視一下策略會很有幫助。

Sure. Thanks, Dan. Yeah. So as I mentioned, we're still -- we're right at 77%. As we've talked about, we still see a good five to six years of continued progress at the numbers that we've been seeing based on -- over the last several years, we've been averaging between 35 and 45 of those migrations. We believe we're on track to do that again this year.

當然。謝謝你，丹。是的。正如我剛才提到的，我們目前——我們仍然處於 77% 的狀態。正如我們之前討論過的，根據過去幾年我們看到的數字來看，未來五到六年我們仍然會看到持續的進步——過去幾年，我們平均每批移民數量在 35 到 45 人之間。我們相信今年我們能夠再次做到這一點。

As I did mention, some of those are larger customers just based on a lot of the larger customers are more reluctant at the time to make those changes. But to answer your question about outside the base, yeah, so we are highly focused on all of the new Jack Henry platform components that we've built are all core agnostic. So every one of those have opportunities to be sold outside the Jack Henry base and creating opportunities for us to leverage larger opportunities. That's been something that we've talked about for the last several years.

正如我之前提到的，其中一些是較大的客戶，因為許多較大的客戶在這個時候都不太願意做出這些改變。但要回答你關於基礎架構之外的問題，是的，我們非常注重所有我們建立的新的 Jack Henry 平台元件，這些元件都是與核心無關的。因此，這些產品都有可能在傑克亨利公司以外的地區銷售，為我們創造更大的發展機會。這是我們過去幾年一直在討論的問題。

We had two, we had a regional -- a very large regional and a super regional at our client conference in September, again, exploring the various opportunities there. We talked about Banno going outside the base. Our team will start selling that and having opportunities in January of '26. So we'll be out actively working, and we already have a couple of potential opportunities identified, but Banno will be something that will continue to create opportunities.

我們在 9 月的客戶大會上舉辦了兩場活動，一場是區域性的，一場是超級區域性的，再次探討了各種機會。我們討論了班諾離開基地的事情。我們的團隊將於 2026 年 1 月開始銷售該產品，並有機會推出相關產品。所以我們會積極開展工作，我們已經確定了一些潛在的機會，但 Banno 將會繼續創造機會。

And then everything we're building today in the platform even related to our SMB strategy. So the Tap2Local or the Rapid Transfers, we've created companion apps that will allow us to sell all of those to competing digital providers and allow them to utilize that technology and creating a consistent revenue stream for us as part of that. But we're -- obviously, we're launching first with our Banno clients and eventually, we'll be offering that more broadly out in the market.

然後，我們今天在平台上建立的所有內容，甚至與我們的中小企業策略有關。因此，對於 Tap2Local 或快速轉帳服務，我們創建了配套應用程序，使我們能夠將所有這些服務出售給競爭對手的數位服務提供商，並允許他們利用該技術，從而為我們創造持續的收入來源。但很顯然，我們首先為 Banno 客戶推出這項服務，最終，我們將向市場上更廣泛地提供這項服務。

So it's going to create a continuous opportunity for us to connect with outside the base core opportunities as well as complementary and payment products. And by the way, the Victor acquisition will also allow us to do that, creating opportunities with some of the non-Jack Henry core clients as well.

因此，這將為我們創造持續的機會，讓我們能夠與核心業務以外的機會以及互補產品和支付產品建立聯繫。順便說一句，收購 Victor 也將使我們能夠做到這一點，並為一些非 Jack Henry 的核心客戶創造機會。

Kartik Mehta, Northcoast Research.

Kartik Mehta，北海岸研究公司。

Greg, I think you and Mimi both talked about the consolidation and obviously, increase in deconversion fees. Just a two-part question on that. One is, what type of impact do you expect that to have on your recurring revenue into next fiscal year?

格雷格，我想你和咪咪都談到了合併以及轉換費的增加。關於這個問題，我只有兩個部分。第一個問題是，您預期這會對您下一財政年度的經常性收入產生什麼樣的影響？

And as we go into calendar 2026, do you think we'll have the same amount of core activity? Or do you think that slows down because there's all this M&A activity and banks will want to wait to see how that plays out before committing to converting a core?

進入 2026 年，您認為我們還能維持同樣規模的核心業務活動嗎？還是你認為這種情況會放緩，是因為併購活動頻繁，銀行希望先觀望情勢發展，然後再決定是否要進行核心業務轉型？

Yeah. Thanks, Kartik. So I'll take your first question first. Yeah. So we had talked about in the August call, just we had timing.

是的。謝謝你，卡爾蒂克。那我先回答你的第一個問題。是的。我們在八月的電話會議上討論過這個問題，只是時間安排上有些問題。

We typically win more than we lose. There was some timing based on some size deals, and we had talked about that being a headwind. We've actually started to see that kind of level itself out, especially in what we call convert merge activity, which is our customers buying other customers. We're already seeing just in our Banking segment, almost double the number of convert merge that are on the calendar for this year as compared to last year.

我們通常贏的次數比輸的次數多。由於一些交易規模較大，所以時間安排上存在一些問題，我們之前也討論過這會是一個不利因素。我們實際上已經開始看到這種情況趨於穩定，尤其是在我們所說的轉換合併活動中，也就是我們的客戶購買其他客戶的產品。僅在銀行業務領域，我們就已經看到今年計劃進行的轉換合併數量幾乎是去年的兩倍。

So again, that's starting to level itself out. A lot of the impact that we saw for the year that was heavily weighted towards Q1, and there were some opportunities there that we, again, started to rightsize.

所以，這種情況又開始趨於穩定了。今年我們看到的許多影響都集中在第一季度，而我們也因此出現了一些機會，但我們再次開始調整規模。

To answer your question on the number of core activity, I think based on our pipeline, based on our typical success rate, I would say that we're going to be right where we typically are around that 50 number, and the team feels very confident about that as well. There could be some additional opportunities, again, by what was announced with one of the providers in the consolidation of some of their cores. But that yet -- again, that was just recently announced and activity is still being built.

關於您提出的核心活動數量的問題，我認為根據我們的業務流程和通常的成功率，我們會保持在通常的 50 個左右，團隊對此也非常有信心。此外，由於某供應商宣布整合其部分核心業務，可能會出現一些額外的機會。但是，這僅僅是最近才宣布的，目前仍在建設中。

But that could increase the number. We don't know, but a lot of those are also smaller deals. So we'll have to see kind of where those fall and if they end up being ones that are acquired prior to making a core change.

但這可能會增加數量。我們不得而知，但其中許多也是小額交易。所以，我們得看看這些資產最終會落在哪裡，以及它們是否會在進行核心變更之前就被收購。

If I could add a little bit more just from a context, you might find this metric interesting, Kartik, but it really shows to me the real resiliency and the attractiveness of our FI segment. But if you look at the last decade or so from like 2014 to 2024, within the M&A context, you'll see far less activity within the segments that really represent the majority of our customer profile.

如果我可以從背景方面再補充一點，Kartik，你可能會覺得這個指標很有趣，但它確實向我展示了我們 FI 領域的真正韌性和吸引力。但如果你回顧過去十年左右的時間，例如從 2014 年到 2024 年，在併購的背景下，你會發現真正代表我們客戶群大多數的細分市場活動要少得多。

So within credit unions within the [$100 million to $10 billion] segment contracted 13% versus the total market contraction of almost 30%. And banks, it was even more apparent with actually growing that market segment 4%, while the total market contracted 30%. So to me, that really shows the health and attractiveness and the limited impact overall from the continuation of the four decades of industry consolidation in our segments. And if anything, we've historically talked about that being a growth engine for a lot of our clients.

因此，在資產規模為 1 億美元至 100 億美元的信用社中，信用社萎縮了 13%，而整個市場萎縮了近 30%。而銀行業的情況則更為明顯，該細分市場實際成長了 4%，而整個市場卻萎縮了 30%。所以在我看來，這真正體現了我們所在領域的健康狀況和吸引力，以及過去四十年行業整合的持續影響總體上有限。而且，我們一直以來都認為，這對我們許多客戶來說都是一個成長引擎。

Yeah. And I'll just tag on one other comment that I think is important, which I emphasized in my opening comments around our platform. Our platform strategy and our ability to innovate as quickly as we are is allowing us to keep a foothold on opportunities even when our institutions are being acquired. We're getting time at the table.

是的。最後，我還要補充一點我認為很重要的評論，這一點我在關於我們平台的開場白中也強調過。我們的平台策略以及我們快速創新的能力，使我們能夠在機構被收購的情況下，依然能夠把握機會。我們有時間參與討論。

There's been several instances where we've been invited even though that we know that the acquiring institution is going to move off of their existing -- or keep their existing competitive core. We've been invited in to speak about what we're doing and where we're going as part of their future plans. So there's a lot more opportunity for Jack Henry in these deals than there was even a several years ago.

有好幾次，我們明明知道收購者會放棄現有的競爭核心，或是保留現有的競爭核心，卻還是被邀請了。我們受邀參加會議，談談我們正在做的事情以及作為他們未來計劃的一部分，我們將朝著哪個方向發展。因此，傑克亨利在這些交易中的機會比幾年前要多得多。

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

Greg and Mimi, this is Tyler DuPont on for Jason. I just wanted to ask not to pile on core banking, but I just want to ask about the trends you're seeing. I heard in the prepared remarks you guys signed four takeaways, and you're comfortable with the 50 to 55 target.

格雷格和咪咪，我是泰勒‧杜邦，替傑森為妳報道。我只是想問，我不想過度批評核心銀行系統，只是想了解你們觀察到的趨勢。我從事先準備好的演講稿中了解到，你們簽署了四項要點，並且對 50 到 55 的目標感到滿意。

But just from an asset size perspective, could you maybe clarify the average size of the wins you're seeing in the quarter? And how that sort of coincides with your longer-term strategy to move upmarket and to claim those larger wins?

但僅從資產規模的角度來看，您能否說明本季您看到的平均得標規模是多少？這與你進軍高端市場、贏得更大勝利的長期策略有何關聯？

Yeah. So I appreciate the question. Yeah, I mean, we closed four deals for the quarter. One was a multibillion-dollar deal. If you go back to last year, we closed 16 multibillion, [$4 billion] over $5 billion, and we're on track to do that or better this year. So based on what our forecasts are and what's in the pipeline, the first quarter results fall directly in line with what our expectations would be.

是的。我很感謝你的提問。是的，我的意思是，我們這個季度完成了四筆交易。其中一筆是數十億美元的交易。回顧去年，我們完成了 16 筆數十億美元、超過 50 億美元的交易，今年我們預計會達到甚至超過這個數字。因此，根據我們的預測和正在籌備的項目，第一季的業績與我們的預期完全一致。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

Greg, you mentioned the Bank Director survey and the median growth in tech spend. I'm curious, just given where we are in the deposit cycle and the prospect of accelerating loan growth next year with change in interest rates. I was hoping you could help us to stratify the differences in demand from your customers for deposit attraction versus retention versus lending and how you are allocating resources to one side or the other, whether it would be to lending or the ledger side?

格雷格，你提到了銀行董事調查以及科技支出的中位數成長。我很好奇，考慮到我們目前所處的存款週期階段，以及明年利率變化可能導致貸款成長加速。我希望您能幫助我們分析一下您的客戶在吸引存款、留存存款和貸款方面的需求差異，以及您是如何將資源分配到某一方面（無論是貸款方面還是賬簿方面）的？

Yeah. So I'll give you a couple of comments. I think Mimi has got a couple as well. So I think what I would say is that from a interest level, obviously, the loan portfolio is continuing to increase as with opportunities. But the real concern with most of the institutions today is maintaining the deposit growth to allow that customer base to have opportunities for lending.

是的。我給你幾點看法。我想咪咪也有幾個。所以我認為，從利率水準來看，貸款組合顯然會隨著機會的增加而持續成長。但如今大多數金融機構真正關心的是如何維持存款成長，以便讓現有客戶群有機會獲得貸款。

And so when you look at the things that are happening in the market today, so whether that be neobanks or stablecoin or other things that -- and again, even what we've seen in the SMB market where a lot of these smaller customers or in this case, sole proprietors are banking at other outside of the community banking space for their SMB needs, that's where the real concern is because they're losing those clients without the right solution sets to keep that in. So there's a lot of interest, obviously, to find opportunities on the lending. But today, I think their bigger focus is efficiency and deposit growth as of right now.

因此，當你觀察當今市場上正在發生的事情，無論是新銀行、穩定幣還是其他事物——而且，我們甚至在中小企業市場也看到了這種情況，許多小型客戶，或者在這種情況下，個體經營者，為了滿足他們的中小企業需求，都在社區銀行以外的其他銀行進行存款，這才是真正令人擔憂的地方，因為如果沒有合適的解決方案來留住這些客戶，他們就會失去這些客戶。顯然，人們對尋找貸款機會非常感興趣。但就目前而言，我認為他們更關注的是效率和存款成長。

And the only add I would say is that we consistently see through our own survey that we do that both deposit gathering as well as lending remain in the top four priorities in the last three years. Sometimes they horse trade in terms of which is outpacing the other, but both are certainly top of mind. I would say in Q1, James, we started to see a little bit of the signs of an increasing pace of lending activity, whether that was some enthusiasm regarding the overall economy, inflation coming down, the expectations of the Fed starting to move, but we are starting to see a small uptick in the pace of lending, which is a very encouraging sign.

我唯一要補充的是，我們透過自己的調查一直看到，在過去三年中，存款吸收和貸款仍然是前四項優先事項。有時他們會就誰領先誰落後進行一番爭論，但兩者無疑都是人們關注的焦點。詹姆斯，我想說，在第一季度，我們開始看到一些貸款活動增速加快的跡象，這可能是由於人們對整體經濟的樂觀情緒、通膨下降、以及對美聯儲政策開始轉變的預期等因素造成的，總之，我們開始看到貸款增速小幅上升，這是一個非常令人鼓舞的跡象。

Dominick Gabriele, Compass Point.

多明尼克·加布里埃爾，指南針角。

I have to say, I think you guys sound pretty fired up on this call in the prepared remarks. And one of the things with Jack Henry is the level of revenue growth. And it sounds like you're limiting pricing compression and stabilizing that headwind.

不得不說，我覺得你們在準備好的演講稿中，對這次電話會議都充滿了熱情。傑克亨利公司的優勢之一在於其營收成長水準。聽起來你們正在限制價格壓縮，並穩定這一不利因素。

I was just curious, given where your current guidance is this year versus previous years, maybe you could -- is there any chance you could quantify that headwind of pricing over the last 12 months and how it possibly went into your current guidance and what those mitigation efforts like actually are in the business? Is it like salespeople having different mechanics or something along those lines?

我只是好奇，鑑於您今年的業績指引與往年相比有何不同，您能否量化一下過去 12 個月價格方面的不利因素，以及這些不利因素是如何影響您目前的業績指引的，以及公司實際採取了哪些緩解措施？這就像是銷售人員有不同的銷售技巧之類的嗎？

Sure, Dom. So I would say that we started to see that impact last year, which is why we called it out, but we're seeing it flow through the P&L this year. But from an encouraging sign, I would say we've seen a stabilization through the operational activities, the collaboration between sales, the programs that the leadership team has put in place, we're certainly seeing that headwind abate and we -- but we need to see the whole impact flow through this year.

當然，多姆。所以我覺得我們去年就開始看到這種影響了，這也是我們提出這個問題的原因，但今年我們看到它對損益表產生了影響。但令人鼓舞的是，透過營運活動、銷售部門之間的合作以及領導團隊制定的計劃，我們已經看到了穩定局面，我們當然看到這種不利因素正在減弱，但我們還需要看到今年整體影響的顯現。

So I wouldn't give a precise number from an expectation, but it was certainly one of the larger causes for the lower guide this year versus our longer-term growth plan. The other area was a modest expectation from consumer sentiment health and the spending. And thus far, we've seen a pretty robust consumer spending.

因此，我無法給出一個確切的預期數字，但這無疑是今年業績指引低於我們長期成長計畫的主要原因之一。另一個面向是對消費者信心和支出狀況的適度預期。到目前為止，我們已經看到消費者支出相當強勁。

We've seen card. That was part of the Q1 outperformance was card came in higher than expectation. And while we still have a lot of the year to play out, we remain upbeat and optimistic on a modest continuation of that spending trend.

我們已經看過這張牌了。第一季業績超出預期，部分原因是該顯示卡的效能高於預期。雖然今年還有很長一段時間，但我們仍然對這種消費趨勢的溫和延續持樂觀態度。

Yeah, Dom, I'll add a couple of comments around kind of process stuff. Just yes, I mean, we took a very detailed approach with sales operations and finance. It took us several months to get it to where we wanted it to be. And we actually started to see the processes come together at the end of fiscal year '25, so in the fourth quarter, where we saw performance improve, and we've continued to see it through the first quarter.

是的，Dom，我會補充一些關於流程方面的內容。是的，我的意思是，我們在銷售營運和財務方面採取了非常細緻的方法。我們花了幾個月的時間才把它改造成我們想要的樣子。實際上，我們在 2025 財年末，也就是第四季度，開始看到各項流程逐漸步入正軌，業績有所改善，並且在第一季度也繼續保持了這種改善勢頭。

But we still, as Mimi had mentioned, we still had some deals that were already done, especially some larger deals. As I noted last year, we did a lot of -- a lot more renewals than we did the year previously and a lot larger clients. So some of the impact was already felt.

但是，正如咪咪所提到的那樣，我們仍然有一些已經完成的交易，特別是較大的交易。正如我去年提到的，我們續簽了很多合同，比前一年續約的合約多了很多，而且客戶規模也更大。所以部分影響已經顯現。

But the new processes that we put in place, the structure and the rigor of communication and collaboration amongst all of the teams to ensure that everybody was in sync was a big part of what we were focused on. And honestly, it's exceeded my expectations this early. So we're very optimistic that things will continue down that path as well as having less renewals than we had last year by about 20-something percent. So that's another component of this. But again, a lot of what was baked into the original guidance was because it was already baked into the deals that were done in fiscal year '25.

但是，我們制定的新流程，以及所有團隊之間溝通和協作的結構和嚴格程度，以確保每個人都步調一致，是我們關注的重點。說實話，就目前來看，它的表現已經超出了我的預期。因此，我們非常樂觀地認為，事情將繼續朝著這個方向發展，續約數量也將比去年減少約 20%。這是其中的另一個組成部分。但話說回來，最初指導意見中的許多內容，是因為這些內容已經包含在 2025 財年達成的交易中了。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Good job. And I guess my question, card processing revenue accelerated about 2%, which was nicely better than industry trends, which were pretty stable to maybe a little acceleration, but 2% is a lot better. And I know you called out a lot of the newer types of payment services growing really well. And I guess the question is, is that sustainable, like this higher level of growth now? Are those other things contributing enough to kind of keep this at a higher pace?

好工作。我想問的是，信用卡處理收入成長了約 2%，這比行業趨勢要好得多，行業趨勢相當穩定，可能略有加速，但 2% 已經好得多了。我知道你曾多次提到一些發展勢頭良好的新型支付服務。我想問的是，這種高成長水準是否可持續？其他因素是否足以維持這種較高的發展速度？

Dave, I would say it's a combination of a number of factors within the payments segment. One is, as we talked about, the US consumer spending at a better clip than I think we were concerned about last year as an economy as a whole. So you're seeing that a healthy pace. I want to say it's a crazy pace of exuberance, but a healthy pace of the US consumer spending.

戴夫，我認為這是支付領域內多種因素共同作用的結果。一方面，正如我們之前討論過的，美國消費者的支出成長比我們去年對整體經濟的擔憂要好。所以你看到的是一種健康的節奏。我想說，這是一種瘋狂的繁榮景象，但也是美消費支出健康的成長。

The other is the ancillary services surrounding card have been very healthy. So we have a number of services that complement the payments card business. We've seen healthy uptick in growth in those businesses. The stabilization and positive performance from the EPS business really helps. That's still a large segment portion of the payments segment.

另一方面，圍繞該卡的輔助服務也發展得非常健康。因此，我們提供一系列與支付卡業務相輔相成的服務。我們看到這些企業的成長出現了健康的上升趨勢。EPS業務的穩定和良好表現確實起到了很大的幫助。這仍然是支付領域中很大一部分的組成部分。

And then on the faster payments, even though it's off of small base numbers, we think there's a lot of upside from the solutions that are going to drive adoption and volume on the faster payments. So we're quite positive on the momentum there.

至於快速支付，儘管目前的基數較小，但我們認為，推動快速支付普及和交易量成長的解決方案具有很大的潛力。所以我們對這方面的發展動能相當樂觀。

And Dave, I'd like to add one other component. We are actually starting to see a lot of the value of our Payrailz acquisition coming into play now. We're starting to see a nice uptick in Payrailz, iPay Bill Pay opportunities. We're seeing less compression. We're seeing less deconversion.

戴夫，我還想補充一點。現在我們真的開始看到收購 Payrailz 的價值開始顯現了。我們開始看到 Payrailz 和 iPay 帳單支付業務的成長勢頭良好。我們看到壓縮程度降低。我們看到的轉換率下降了。

We're seeing all kinds of things that are generated as what we expected out of that acquisition starting to come to fruition now. So that's another key component based on the size of that business helping to help drive some of that as well.

我們看到，當初我們對那次收購所期望的各種成果，現在都開始逐步實現。所以，企業規模是推動這方面發展的另一個關鍵因素。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Nice quarter. Just to clear up a little bit. I mean, I know when we came out of last quarter, there was obviously those few items called out. And you touched on some of the progress and what you're seeing around things, whether it's bank M&A or pricing and renewals and generally account growth at credit unions impacting your initial guide by a bit. Clearly, you're seeing good outperformance, like you said, even on the card side.

不錯的街區。澄清一下。我的意思是，我知道上個季度結束後，很明顯有那麼幾個項目被特別指出來。您也談到了一些進展以及您在各方面看到的情況，無論是銀行併購還是定價和續保，以及信用社的帳戶增長，這些都對您的初步指南產生了一定的影響。顯然，正如你所說，即使在信用卡方面，你也看到了良好的超額收益。

But when we think about where your confidence is around some of the newer areas, again, you mentioned faster payments, but Moov partnership, Tap2Local, Rapid Transfers. Do you see those being enough to spool up so that by the end of the fiscal year, you basically have 50 bps maybe plus that could have replaced what you -- some of the headwinds are impacting this year by. Is that going to be big enough and material enough in your view? And just maybe a quick update on how some of those are trending as well.

但當我們思考您對一些新興領域的信心時，您再次提到了更快捷的支付方式，例如 Moov 合作、Tap2Local 和 Rapid Transfers。你認為這些措施足以推動經濟成長，到本財年結束時，你們基本上可以提高 50 個基點，甚至更多，從而彌補今年一些不利因素的影響嗎？你認為這夠大、夠重要嗎？或許還可以簡單更新一下其中一些主題的趨勢。

Yes. I mean it's a good question, Darrin. I think the issue is that specifically tied to Tap2Local and Rapid Transfers, as I mentioned, we're just now rolling that out. I can tell you, we have very high expectations of what it will be long term. And based on the feedback we got at our client conference and what we're seeing initially with customer excitement, we feel very strongly.

是的。我的意思是，達林，你問得好。我認為問題在於，正如我之前提到的，我們目前才剛開始推出 Tap2Local 和快速轉帳服務。我可以告訴你，我們對它的長期發展抱有很高的期望。根據我們在客戶大會上得到的回饋以及我們目前看到的客戶熱情，我們對此深信不疑。

Now whether it's going to be a 50 bps increase, I'm just going to probably say probably not. But if it is, we'll start to know more here in the next couple of quarters. But I can tell you that for the long-term growth, everything that we're doing in the SMB, which, by the way, this is only phase one. There's going to be multiple phases of what we're going to do in this space tied to driving opportunities in both our digital offerings and our payment space.

至於是否會上調 50 個基點，我只能說可能不會。但如果真是如此，我們將在接下來的幾季中了解更多情況。但我可以告訴你，就長期成長而言，我們在中小企業領域所做的一切，順便說一句，這只是第一階段。我們將分多個階段在這個領域開展工作，旨在推動我們在數位產品和支付領域的機會。

But related to faster payments, related to some of the things that we believe is going to happen, we had a call with the Fed recently. I think the Fed is going to get really serious about pushing various treasury activities and driving more opportunities on the send side of faster payments. That could create some additional revenue flow.

但關於更快的支付方式，關於我們認為將會發生的一些事情，我們最近與聯準會進行了通話。我認為聯準會將認真推動各國國債活動，並在快速支付的發送端創造更多機會。這或許能帶來一些額外的收入來源。

But everything that we are doing and even what we've seen with some of the improvements, as I mentioned earlier, on renewals, obviously, the market environment with 10% being the spend with various core opportunities, all of that will help contribute to what we originally stated were going to be headwinds. But it's still -- we're Q1, so it's still early to be able to fully determine what that will be yet.

但是，正如我之前提到的，我們正在做的一切，甚至我們已經看到的一些改進，例如續約，顯然，市場環境（10% 的支出用於各種核心機會），所有這些都將有助於克服我們最初所說的不利因素。但現在還是第一季度，所以現在要完全確定結果還為時過早。

Darrin, I would echo Greg's commentary. There's a lot of reasons to be pleased by the initial reaction and even the momentum we've seen from the uptake and the waves of installations that we have targeted. But I think at this point, the reason for sharing them is really as an indicator and a validation of our investment for growth and the level of innovation, less so the in-year impact from them. But as we think about what they could grow to be over the imminent next few years, it gives us great optimism around being within the range and to the upside of that range and opportunities to start thinking about the next new range possibility.

達林，我同意格雷格的評論。從目前的市場反應以及我們所看到的市場接受度和我們所設定的安裝浪潮來看，有很多理由讓我們感到高興。但我認為，在目前階段，分享這些數據的真正原因在於，它們可以作為衡量和驗證我們對成長和創新水平的投資的指標和依據，而不是它們在當年產生的影響。但當我們思考它們在未來幾年可能發展到什麼程度時，我們對它們能夠達到甚至超越這個範圍感到非常樂觀，並有機會開始思考下一個新範圍的可能性。

All right. That's helpful. And can I just follow-up quickly on the competitive landscape for a moment because I know this came up a bit earlier, but the core consolidation going on at one of your competitors, obviously, that's been talked about a lot. When you think about your -- I know you're reiterating your range of what you'd expect to add from a core standpoint.

好的。那很有幫助。我可以再快速補充一下競爭格局的問題嗎？因為我知道之前已經提到過這一點，但你們的一位競爭對手正在進行核心業務整合，這一點顯然已經被討論了很多。當你思考你的——我知道你正在重申你希望從核心角度添加的內容範圍。

But when you think about what you're seeing in the market in terms of the magnitude and level of RFPs even, have you noticed any changes more recently in the last, let's call it, 6 months or 12 months? And do you -- or are you hearing rumblings of more change to come on that front? And then I guess, capacity, when you think about your capability to handle if we were to get another 20 potentially, let's say, 50 went to 60 or 70, is that something you see yourselves being able to handle well?

但是，當你思考一下你目前在市場上看到的情況，例如 RFP 的規模和水平，你是否注意到最近，比如說過去 6 個月或 12 個月裡，有什麼變化？你是否聽到有關這方面即將發生更多變化的傳聞？那麼，關於容量問題，想想如果我們再增加 20 人，比如說，從 50 人增加到 60 人或 70 人，你們有能力應付嗎？你們認為自己能夠很好地應對嗎？

Yeah, it's a great question. And I'll tell you, from a standpoint of the time frames you gave, like I said, a lot of the news that has come out, I mean, obviously, they announced at their client conference, they were doing the consolidation of the cores, but it got a little more pronounced in the last week with other things. So the activity itself, I wouldn't say, has significantly increased any more than what it's been. I do anticipate that to happen just based on any time anybody announces core consolidations, there's just as an uptick.

是的，這是一個很好的問題。我會告訴你，從你給出的時間框架來看，就像我剛才說的，很多已經公佈的消息，我的意思是，很明顯，他們在客戶大會上宣布他們正在進行核心整合，但上週隨著其他事情的發生，這一點變得更加明顯了。所以，就活動本身而言，我認為並沒有比以前顯著增加。我預計這種情況會發生，因為每當有人宣布核心業務整合時，都會出現成長。

To answer your question on capacity, yes, we are 100%. We can gear up. We do that already based on timing of things that we have happening in M&A, things that we have in M&A, I mean, in new core wins. So bringing on teams, we do that regularly. We're good at it, and we're not concerned about that.

關於您提出的產能問題，是的，我們已經達到 100% 滿載運轉。我們可以做好準備。我們已經根據併購中正在發生的事情的時機，也就是我們在併購中獲得的新核心業務，來做到這一點。所以，我們常常會組成新的團隊。我們很擅長這件事，我們並不擔心。

And the other thing is we've done a lot on the AI side related to how we handle RFP responses and things like that. So our acceleration of being able to handle an accelerated amount of RFPs doesn't concern us. But the sales team is all over it, and I anticipate that to be a -- that's a siren, I guess, yes. Sorry.

另外，我們在人工智慧方面做了很多工作，例如如何處理 RFP 回覆等等。因此，我們處理大量 RFP 的能力提升並不會讓我們感到擔憂。但銷售團隊對此非常重視，我預計這將是一個——我想，這應該是一個警報器吧。對不起。

But I don't anticipate that being -- yes, no worries. I don't anticipate that being a concern at all, Darrin. And we'll continue to update you as this goes on. But I will tell you, that we are starting Q2 off with a very nice start to competitive core wins. The one thing I do want to call out is we continue to be the only one that actually announces the number of core wins.

但我預計不會發生這種情況——是的，不用擔心。達林，我完全不認為這會是個問題。我們會持續向您通報最新進展。但我可以告訴你們，我們在第二季開局非常不錯，在核心競爭中取得了不錯的勝利。我想特別指出的是，我們仍然是唯一一家公佈核心勝利數量的公司。

So a lot of people reference the number of increase that they have and all of that, but nobody else actually puts out a physical number. So we get held to a different standard, I think, than maybe some others.

所以很多人都提到了他們的成長次數等等，但實際上沒有人公佈具體的數字。所以我覺得，我們受到的標準可能跟其他人不一樣。

If I could add on to the thoughtful comments that Greg had, our sales team does a remarkable job of working with prospects. And while I agree, we will see an enhanced kind of acceleration of interest an opportunity that comes from the core consolidation announcement of competitors, the lack of innovation that they've offered for a number of years has already created that demand for opportunities for us to talk and show the solutions -- the innovative solutions we have to offer. So to me, this is a potential acceleration.

如果我能補充格雷格提出的精闢見解，那就是我們的銷售團隊在與潛在客戶合作方面做得非常好。雖然我同意，隨著競爭對手宣布核心整合，我們將看到人們對這一機會的興趣加速增長，但他們多年來缺乏創新，已經創造了這樣的機會，讓我們有機會談論和展示我們所能提供的創新解決方案。所以在我看來，這是一種潛在的加速發展。

A lot of clients still are going to wait until the end of their client contract length to make a change, but it's certainly an exciting opportunity because it solidifies the message we've been talking about, which is they need to make a change. They can't just stay on a nonmarketed, not innovative core to meet the needs of their financial institutions. So we're excited about what that could potentially be in the long run, but it's more of a consistency for our sales team.

很多客戶仍然會等到客戶合約滿才做出改變，但這無疑是一個令人興奮的機會，因為它鞏固了我們一直在談論的訊息，那就是他們需要做出改變。他們不能只依賴不進行市場推廣、缺乏創新的核心產品來滿足金融機構的需求。所以我們對它從長遠來看可能帶來的影響感到興奮，但對我們的銷售團隊來說，更重要的是保持穩定。

Cris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

Can you just talk a little bit more about Victor kind of who the target customer is for that? And what type of interest and opportunity you're seeing with that asset?

能再詳細談談 Victor 的情況，以及它的目標客群嗎？您認為這項資產有哪些潛在價值和機會？

Yeah. Thanks, Cris. A couple of things. So one, it creates opportunities for banking as a service within the banking and credit union market. So as we mentioned already, we have SilverLake integration today.

是的。謝謝你，克里斯。有幾件事。因此，第一，它為銀行和信用社市場內的銀行服務創造了機會。正如我們之前提到的，我們現在已經整合了 SilverLake。

We have several of the Jack Henry core clients that are utilizing the service. So we were already partnered with Victor on that front. We'll be -- and we're connected to our PayCenter offering as well, and we'll be doing the credit union business. But now it's creating opportunities in our treasury management platform. So embedded finance payments and the ability to drive additional payment types like integrated payables, things along that line are all candidates for that.

我們有幾位傑克亨利的核心客戶正在使用這項服務。所以，我們在這方面已經和維克多建立了合作關係。我們將—而且我們也與我們的 PayCenter 產品相連，我們將開展信用合作社業務。但現在它為我們的資金管理平台創造了機會。因此，嵌入式金融支付以及推動其他支付類型（如整合應付帳款）的能力，都是可以考慮的。

There's also opportunities to work directly with fintechs to facilitate payments for them. So we have several fintechs that are actually already directly integrated into the Victor solution set, and we're processing those payments. The pipeline in only 30 days has candidly grown to a pretty nice number. We're getting ready to already close our first new bank in 30 days, and we have several others that are very interested, but we have a long list of fintechs that are very interested.

此外，還有機會直接與金融科技公司合作，為他們提供支付服務。因此，我們有幾家金融科技公司實際上已經直接整合到 Victor 解決方案集中，我們正在處理這些付款。短短 30 天內，管道建設量就成長到了一個相當可觀的數字。我們準備在 30 天內完成第一家新銀行的落成，還有幾家銀行對此非常感興趣，此外，還有一長串金融科技公司也對此非常感興趣。

So it creates an opportunity for us with a diverse revenue stream, creates opportunities for the banks to have diverse revenue streams as well. So we're very bullish on what this is going to bring. It creates some opportunities for some of our stablecoin strategy as well, and we're utilizing some of the technology in that front. But I view this acquisition as a real opportunity for Jack Henry to immediately play in a space that is expected to more than double in the next two to three years.

因此，這為我們創造了多元化的收入來源，也為銀行創造了多元化的收入來源。所以我們對它未來的發展前景非常看好。這也為我們的穩定幣策略創造了一些機會，我們正在利用這方面的一些技術。但我認為這次收購對傑克亨利來說是一個真正的機會，讓他能夠立即進入一個預計在未來兩到三年內將成長超過一倍的領域。

Ken Suchoski, Autonomous Research.

Ken Suchoski，自主研究。

This is [JD] on for Ken. I wanted to ask about margins. I think the 1Q margin looked really strong, and I think there's some seasonality in there, but you landed well above the full year range. I think you mentioned some of it is timing and you feel confident about the full year, but when we think about 2Q, you obviously have Connect moving to September from October last year, how should we think about margins next quarter?

這是[JD]為Ken準備的。我想問一下利潤率的問題。我認為第一季的利潤率看起來非常強勁，雖然其中可能存在一些季節性因素，但最終的利潤率遠高於全年預期範圍。我認為您提到部分原因是時機問題，並且您對全年充滿信心，但是當我們考慮第二季度時，很明顯 Connect 活動從去年的 10 月推遲到了 9 月，我們應該如何看待下個季度的利潤率？

And maybe if you can help us to shape the rest of the year. I want to make sure that we're not missing anything.

或許您還能幫助我們規劃今年剩下的行程。我想確保我們沒有遺漏任何內容。

Sure. I think the first and foremost, I would encourage you to look at an annual basis for our performance. The individual quarters can have just different rhythms based on implementation or the comps from a year-over-year basis. And so while Q1, we're thrilled by the epic performance in Q1 and raising for the full year, I would say that there's things at play.

當然。我認為首先也是最重要的，我建議您以年度績效為基準來審視我們的績效。各季度的節奏可能會因具體執行情況或同比比較而有所不同。因此，儘管我們對第一季的出色表現以及全年業績的成長感到興奮，但我認為其中還有一些因素在起作用。

There's a modest conservatism as well just because of the nature of some of that savings being personnel-related benefits and others, some of it based on the timing of some of the projects, also just -- so some of that we expect from a catch-up perspective and other opportunities for investments for growth plans. We have a modest forecast, but it also allows the opportunity to enhance or accelerate some of the activities we're doing in AI and platform projects.

此外，由於部分節省款項涉及人員福利和其他事項，以及部分節省款項取決於某些項目的進度安排，因此也存在一定的保守性——我們預計部分節省款項將用於追趕進度，以及其他用於增長計劃的投資機會。我們做出了較保守的預測，但這同時也為我們提供了機會，可以加強或加速我們在人工智慧和平台專案方面所進行的一些活動。

So again, looking forward to the full year, pleased to see the uptick from a guidance perspective for the full year. I think that's a natural course of the levers that are inherent in our business. Glad to see the compounding nature of the margin expansion, but I wouldn't look too much to any one quarter. Rather, I would look to the overall outstanding expectation for the year.

所以，再次展望全年，很高興看到全年業績預期有所回升。我認為這是我們業務中固有機制的自然發展過程。很高興看到利潤率持續擴張，但我不會過度關注任何一個季度。相反，我會著眼於全年的整體預期表現。

Great. And maybe if I can sneak one more in. I think you mentioned 56% of renewals in deal mix. I think that implies renewals were down quite a bit from last year. I guess is it fair to say that you'll see lower renewals this year compared to last year? And maybe if you could talk a little bit about how retention rates are trending.

偉大的。也許我還能偷偷再加一個。我想你有提到過，續約交易佔交易組合的 56%。我認為這意味著續訂數量比去年大幅下降。我想說，今年的續約數量會比去年少，這種說法是否合理？或許您還能談談用戶留存率的趨勢嗎？

Yeah. And I apologize, but part of your -- first part of your question broke up. So could you repeat the first part, please?

是的。很抱歉，你問題的第一部分就斷斷續續的。請您重複第一部分好嗎？

Yeah. I think you mentioned in your prepared remarks how 56% of renewals were part of the deal mix, and I think that implies renewals are down year-over-year. So I just wanted you to comment on that.

是的。我認為您在準備好的演講稿中提到，56% 的續約是交易組合的一部分，我認為這意味著續約數量比去年同期下降。所以我想聽聽你對此的看法。

Yeah. So as I mentioned, last year, we had a significant number of renewals from even greater, I think it was 12% more than the year previous to that and much larger institutions that we renewed. It was $94 billion in assets versus $224 billion in assets. So just even last year, we had much larger renewals and a number two. So we have a smaller number of renewals this year and a smaller number of very large customers.

是的。正如我之前提到的，去年我們獲得了大量的續約，而且續約的機構規模更大，我認為比前一年增加了 12%。資產總額為 940 億美元，而去年同期為 2,240 億美元。所以即使僅去年一年，我們的續約數量也遠超往年，而且還有第二名。因此，我們今年的續約客戶數量較少，大客戶數量也較少。

But the processes that we put in place, part of it was to focus on ensuring that we were going after a larger number of new deals and not relying on the renewal process, pulling in any renewal sooner than it should be and things along that line. So the team has done a great job of adhering to those things, focusing on the new opportunities and managing the relative price compression that we typically see much better than we have in years past.

但我們所製定的流程，其中一部分是為了確保我們能夠爭取到更多的新交易，而不是依賴續約流程，避免過早終止任何續約等等。因此，團隊在遵守這些原則方面做得非常出色，專注於新的機遇，並更好地應對了我們通常看到的相對價格壓縮，這比往年要好得多。

I think the only add-on I would say is that we have not seen any change from the incredibly high retention rate that Jack Henry has experienced historically. So absent M&A, near over 99% retention. So no changes there. So not only are we having great success with new customers and new product -- new prospects and renewing existing, but we're not seeing departures.

我認為唯一需要補充的是，傑克亨利 (Jack Henry) 的用戶留存率仍然保持著極高的水準，而且沒有發生任何變化。因此，如果沒有併購，留存率接近 99% 以上。所以這方面沒有任何變化。因此，我們不僅在新客戶和新產品方面取得了巨大成功——開發新客戶和續簽現有客戶，也沒有看到客戶流失。

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

我們的問答環節到此結束。我謹將會議交還給 Vance Sherard，請她作閉幕致詞。

Thank you, Jeannie. As Greg mentioned, our Annual Shareholder Meeting is on Wednesday, November 12, at noon, Eastern Time. We look forward to hosting those who attended our headquarters in Monett, or those who joined the webcast. Management will present in person at multiple investor events, both domestically and internationally prior to the calendar year-end, and we thank all Jack Henry associates for their outstanding efforts and commitment, which contributed to the start of another successful fiscal year.

謝謝你，珍妮。正如格雷格所提到的，我們的年度股東大會將於11月12日星期三中午（美國東部時間）舉行。我們期待接待那些親臨莫內特總部的來賓，以及那些參加網路直播的賓客。管理層將在日曆年結束前親自出席國內和國際的多場投資者活動，我們感謝所有傑克·亨利員工的傑出努力和奉獻，正是他們的努力和奉獻，才使得又一個成功的財政年度得以開始。

Thank you for joining us today. Jeannie, please provide the replay number.

感謝您今天蒞臨。珍妮，請提供重播號碼。

The replay number for today's call is 877 344-7529 and the access code is 3613183. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

今天電話會議的重播號碼是 877 344-7529，接入碼是 3613183。會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。