NRC Health (NRC) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to NRC Health Q1 2026 earnings call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 NRC Health 2026 會計年度第一季財報電話會議。(接線員指示)

I will now hand the conference over to Jordan Freeman, VP of Finance.

我現在把會議交給財務副總裁 Jordan Freeman。

Jordan, please go ahead.

Jordan，請開始。

Thank you, operator. Welcome to NRC Health's earnings conference call for the first quarter ended March 31, 2026. I wanted to first let you know that we posted our earnings press release to the Investor Relations section on our website. On the call today, we have NRC Health's CEO, Trent Green; and CFO, Shane Harrison.

謝謝，接線員。歡迎參加 NRC Health 截至 2026 年 3 月 31 日止第一季的財報電話會議。我先提醒各位，我們已將財報新聞稿發布於公司網站的投資人關係專區。今天與會者包括 NRC Health 執行長 Trent Green，以及財務長 Shane Harrison。

Before getting started, I'd like to emphasize that this call will include statements related to the expected future results of our company, which are therefore forward-looking statements. Our actual results may differ materially from our expectations due to a number of risks and uncertainties, including those described in our earnings release and other SEC filings.

在開始之前，我想強調本次電話會議將包含與本公司預期未來業績相關的陳述，因此屬於前瞻性陳述。由於多項風險與不確定性（包括我們在財報新聞稿及其他向 SEC 提交的文件中所述者），實際結果可能與我們的預期有重大差異。

Today's remarks will also include references to non-GAAP financial measures. Additional information, including definitions and reconciliations between GAAP financial information and non-GAAP financial information, is provided in the corresponding earnings press release, which is posted on NRC's investor relations website. A replay of this call will also be posted to the same website.

今天的發言也將提及非 GAAP 財務衡量指標。更多資訊（包括定義，以及 GAAP 財務資訊與非 GAAP 財務資訊之間的調節）已載於相對應的財報新聞稿，並已發布於 NRC 的投資人關係網站。本次電話會議的重播也將發布於同一網站。

With that, let me turn this call over to our CEO, Trent Green.

接下來，我把電話會議交給我們的執行長 Trent Green。

Thank you, Jordan. Good afternoon, everyone, and thank you for joining us for NRC Health's first-quarter 2026 earnings call.

謝謝你，Jordan。各位午安，感謝各位參加 NRC Health 2026 年第一季財報電話會議。

Today, I'll start with an overview of our Q1 performance, highlight the momentum we're seeing in the business, and discuss the next chapter of the NRC Health story. We kicked off 2026 with strong sales and adjusted EBITDA performance.

今天我將先概述我們第一季的表現，強調我們在業務上看到的動能，並談談 NRC Health 故事的下一個篇章。我們以強勁的銷售與調整後 EBITDA 表現揭開 2026 年序幕。

Our total recurring contract value, or TRCV, increased 13% year-over-year to an all-time high of $152 million, which is $8 million higher than where we finished Q4 2025. Q1 new sales bookings were up over 200% year-over-year, driven primarily by a landmark deal I'll describe in a moment.

我們的總經常性合約價值（TRCV）年增 13%，達到歷史新高 1.52 億美元，較 2025 年第四季結束時高出 800 萬美元。第一季新銷售訂單（bookings）年增超過 200%，主要由我稍後將說明的一筆里程碑式交易所帶動。

Augmenting the strong sales performance was improved customer retention, where our gross retention rate reached its highest level in over seven years, driven by product and feature enhancements, more consistent engagement with our customers, and clearer articulation of the outcomes our solutions deliver.

在強勁銷售表現之外，我們的客戶留存也有所改善；在產品與功能強化、與客戶更一致的互動，以及更清楚闡述我們解決方案所帶來的成果之帶動下，我們的總留存率達到七年多來的最高水準。

Revenue returned to positive year-over-year growth for the first time since 2023, increasing 4% to $35 million, and we improved our adjusted EBITDA margin sequentially. By two points to 27%. A key highlight from the quarter was the signing of the largest deal in NRC Health's history.

營收自 2023 年以來首次恢復年增，成長 4% 至 3,500 萬美元，且我們的調整後 EBITDA 利潤率亦較前一季改善。提升 2 個百分點至 27%。本季的一大亮點，是簽下 NRC Health 史上最大的一筆交易。

This agreement is both a validation of our strategy and a proof point of our differentiation in the market. Importantly, this was not an experience measurement purchase. It was an experience improvement decision based on our demonstrated capability to turn experience insights into tangible action that drives outcomes.

這份協議既是對我們策略的驗證，也是我們在市場上差異化的有力證明。重要的是，這並非一次「體驗衡量」的採購。而是一項「體驗改善」的決策，基於我們已證明能將體驗洞察轉化為可落地的行動，進而推動成果。

We believe this customer selected NRC Health based on several factors. First, our solution's breadth. This organization purchased multiple SKUs across our experience and enablement product families, reflecting confidence in our ability to support a broad set of use cases on a unified platform.

我們認為該客戶選擇 NRC Health 主要基於幾個因素。第一，是我們解決方案的廣度。該組織在我們的體驗與賦能（enablement）產品系列中採購了多個 SKU，反映其對我們能在統一平台上支援廣泛使用情境的信心。

Second, our expertise and outcomes. They were specifically seeking in-the-moment patient feedback. Higher survey response rates, and clear guidance and tools to support process improvement, areas where we have a proven track record.

第二，是我們的專業能力與成果。他們特別尋求即時的病患回饋。更高的問卷回收率，以及支持流程改善的明確指引與工具；這些都是我們已具備可驗證實績的領域。

Third, how we work. This customer is seeking straightforward pricing and a streamlined contracting process, along with a highly effective ongoing support model. You'll hear more from Shane in a few moments about the financial implications of this deal.

第三，是我們的合作方式。該客戶希望有清楚明確的定價與精簡的簽約流程，以及高度有效的持續支援模式。稍後 Shane 也會就這筆交易的財務影響進一步說明。

As encouraging as these results are, they're only part of the story. They reflect deliberate choices about who we serve, how we show up for our customers, and how we intend to grow over the long-term. On April 1, we celebrated our 45-year anniversary as a company, which prompted a simple question, what does the next chapter of NRC Health look like?

儘管這些成果令人振奮，但它們只是故事的一部分。這些成果反映了我們對服務對象的選擇、我們如何為客戶挺身而出，以及我們打算如何在長期成長的深思熟慮決策。4 月 1 日，我們慶祝公司成立 45 週年，這也引發了一個簡單的問題：NRC Health 的下一個篇章會是什麼樣子？

Since day one, NRC has been driven by a simple but demanding belief. Healthcare improves when every patient, family member, and caregiver is understood as an end of one. That belief, which we call human understanding, remains foundational for our next step of enabling the actions that drive change.

自第一天起，NRC 就一直秉持一個簡單但要求極高的信念。當每位病患、家屬與照護者都被視為「獨一無二的個體」並被理解時，醫療照護就會改善。這個我們稱為「人性理解（human understanding）」的信念，仍是我們下一步——促成推動改變之行動——的基石。

The environment our customers operate in makes that foundation more important than ever. Health systems are facing sustained financial pressure, workforce fatigue, rising consumer expectations. Rapid technology change, and continued consolidation.

客戶所處的營運環境，使這個基礎比以往任何時候都更重要。醫療體系正面臨持續的財務壓力、勞動力疲憊、消費者期待上升。科技快速變化，以及持續的產業整併。

Expectations are rising while margin for error is shrinking. In that context, our role is to bring clarity and increasingly to drive action. Our value proposition remains grounded in three elements insight, engagement, and enablement. Insight provides a continuous view into what people expect and experience.

期待不斷升高，而容錯空間卻在縮小。在這樣的背景下，我們的角色是帶來清晰度，並且日益著重於推動行動。我們的價值主張仍建立在三個要素之上：洞察（insight）、互動（engagement）與賦能（enablement）。洞察提供對人們期待與體驗的持續視角。

Engagement aligns leaders and teams around what needs to change. And enablement is where improvement happens, through tools, workflows, and operating practices that translate insight into better performance. Enablement is where differentiation is most evident.

互動讓領導者與團隊對需要改變的事項達成一致。而賦能則是改善真正發生之處，透過工具、工作流程與營運實務，把洞察轉化為更佳績效。賦能是差異化最明顯的環節。

Many players in our space can generate data and dashboards. We believe far fewer can help the health system act on what the data is telling them, especially when the answers are nuanced, uncomfortable, or financially significant.

我們這個領域中，許多業者都能產出資料與儀表板。但我們相信，能協助醫療體系根據資料所揭示的訊息採取行動的業者要少得多，尤其當答案是細緻、令人不適，或具有重大財務影響時。

Our opportunity is to combine healthcare-specific intelligence with relationships, governance best practices, and enablement tools to support real behavior change across the thousands of care sites that rely on our platform.

我們的機會在於結合醫療照護專屬的智慧、關係網絡、治理最佳實務與賦能工具，支持依賴我們平台的數千個照護據點實現真正的行為改變。

Looking ahead, we've outlined a few clear commitments. First, we aim to be the trusted guide for what I would call healthcare-built certainty, giving our customers confidence that what they measure is accurate, defensible, secure. And tied to better outcomes.

展望未來，我們已提出幾項明確承諾。第一，我們希望成為值得信賴的指引者，我稱之為「為醫療打造的確定性」，讓客戶對其衡量結果具備信心：準確、可辯護、且安全。並且與更佳成果相連結。

Second, we're committed to honoring the end-of-one heart of NRC Health at scale, ensuring that AI and automation reinforce, not erode, the expectation that every patient, family, and employee is seen and understood.

第二，我們承諾在規模化的同時，仍尊重 NRC Health「獨一無二個體」的核心精神，確保 AI 與自動化是強化而非侵蝕「每位病患、家屬與員工都被看見並被理解」的期待。

Third. We're investing to strengthen enablement, building on solutions like rounding and the Governance Institute to add operational tools that make continuous improvement part of the daily fabric of our customers organizations.

第三。我們正投入資源強化賦能，在查房（rounding）與 Governance Institute 等解決方案的基礎上，加入營運工具，讓持續改善成為客戶組織日常運作的一部分。

Underpinning all of this is how we think about stewardship for owners, associates, customers, and ultimately patients. Our shareholders should see disciplined execution, thoughtful capital deployment, and a long-term mindset. Our associates should experience a culture where stewardship is lived in how we lead and operate.

支撐這一切的，是我們如何看待對股東、同仁、客戶，最終以及病患的受託責任（stewardship）。我們的股東應看到嚴謹的執行、審慎的資本配置，以及長期思維。我們的同仁應感受到一種文化：受託責任體現在我們的領導方式與營運方式之中。

Our customers can feel continuity, humility, and a focus on building their capabilities. And we remain mindful that in healthcare, outcomes are fundamentally human, measured in dignity, trust, and lives improved. I didn't step into this role to change the story of NRC Health. I stepped in to extend it.

我們的客戶能感受到延續性、謙遜，以及協助建立其能力的專注。我們也始終謹記，在醫療照護中，成果本質上是人性的，衡量於尊嚴、信任，以及被改善的生命。我接任這個角色不是為了改寫 NRC Health 的故事。我是為了延續它。

Our goal is to be known not only for measuring experience, but for helping our customers turn human understanding into measurable, repeatable improvement with rigor, with defensibility, and with the humanity intact.

我們的目標，是不僅以衡量體驗而聞名，更要以協助客戶把人性理解轉化為可衡量、可重複的改善而著稱——具備嚴謹性、可辯護性，且保有人性溫度。

With that strategic context in mind, let me turn the call over to Shane to walk through our first-quarter financial results.

在上述策略脈絡下，接下來我把電話會議交給 Shane，請他帶領各位回顧我們第一季的財務結果。

Shane?

Shane？

Thank you, Trent, and good afternoon, everyone. I'll take the next few minutes to walk through our Q1 2026 results, provide context on our margin dynamics, and then discuss our capital allocation priorities and how that relates to our recent share repurchase authorization.

謝謝你，Trent，各位下午好。接下來幾分鐘我將帶大家回顧我們 2026 年第一季（Q1）的業績，說明毛利率變動的背景，並討論我們的資本配置優先順序，以及這與近期股票回購授權之間的關聯。

Starting with Q1 TRCV, we finished the quarter at $152.1 million, an increase of 13% year-over-year and 5% sequentially. This marks our sixth consecutive quarter of sequential TRCV growth and our largest single-quarter increase in at least seven years, reflecting our team's strong execution across sales, customer success, and delivery.

先從 Q1 的 TRCV 開始，本季我們達到 1.521 億美元，年增 13%，季增 5%。這是我們連續第六季 TRCV 季增，也是至少七年來單季增幅最大的一次，反映團隊在銷售、客戶成功與交付執行上的強勁表現。

Two key drivers were the landmark win that Trent described for our patient experience and rounding solutions and the continued strengthening of our gross retention rate. Turning to revenue, Q1 revenue was $34.8 million, up 4% year-over-year.

兩個關鍵驅動因素是 Trent 所提到、我們在病患體驗與查房（rounding）解決方案上的里程碑式得標，以及我們總留存率（gross retention rate）的持續提升。再看營收，Q1 營收為 3,480 萬美元，年增 4%。

As Trent noted, this is our first year-over-year revenue growth since 2023, and it is consistent with the TRCV growth trend we experienced in 2025, where we posted positive year-over-year growth in Q3. The lag between TRCV and revenue recognition is expected given our implementation processes, which can be extended when we win sizable multi-site customers like the large Q1 deal.

如 Trent 所指出，這是我們自 2023 年以來首次出現營收年增，且與我們在 2025 年所呈現的 TRCV 成長趨勢一致，當時我們在 Q3 也繳出營收年增。TRCV 與營收認列之間存在時間落差是可預期的，因為我們的導入流程可能會拉長，尤其當我們拿下像 Q1 這筆大型多據點客戶的重大合約時。

First quarter revenue did show a slight sequential decline from Q4 due to seasonality related to conference and point-in-time survey revenue. Moving on to profitability, Q1 adjusted EBITDA was $9.4 million, representing a 27% margin, which was 230 basis points higher than Q4.

第一季營收相較 Q4 略為季減，主要是受到與會議及一次性（point-in-time）調查營收相關的季節性因素影響。接著看獲利能力，Q1 調整後 EBITDA 為 940 萬美元，對應 27% 的利潤率，較 Q4 提升 230 個基點。

Comparing year-over-year, EBITDA margin was lower than Q1 2025 due to higher operating expenses tied to our executive team expansion, which is now complete. Higher corporate expenses due to isolated brand and tax studies, and typical annual merit increases.

若與去年同期相比，EBITDA 利潤率低於 2025 年 Q1，原因在於與我們高階主管團隊擴編相關的營運費用較高，而該擴編目前已完成。此外，因個別品牌與稅務研究而增加的公司費用，以及年度例行的調薪（merit increases）。

And because revenue trails TRCV, we expect margin improvement to come as revenue catches up to TRCV over the next few quarters. First quarter adjusted net income was $4.6 million, resulting in an adjusted EPS of $0.21 per share, up $0.05 sequentially from Q4.

且由於營收落後於 TRCV，我們預期在未來幾季營收追上 TRCV 後，利潤率將有所改善。第一季調整後淨利為 460 萬美元，調整後每股盈餘（EPS）為 0.21 美元，較 Q4 季增 0.05 美元。

Free cash flow was up nearly 50% year-over-year to $5.3 million or $0.24 per share. During the quarter, we paid a dividend of $0.16 per share, consistent with our ongoing commitment to returning capital to shareholders while continuing to invest in growth.

自由現金流年增近 50% 至 530 萬美元，或每股 0.24 美元。本季我們發放每股 0.16 美元的股利，符合我們一貫在持續投資成長的同時回饋股東的承諾。

Now looking ahead a bit, as Trent mentioned, the landmark Q1 win is a meaningful growth catalyst. The multi-year agreement is expected to be implemented in two phases, Phase 1, representing our experience measurement platform.

再往前看一些，如 Trent 所提到，Q1 這筆里程碑式得標是重要的成長催化劑。這份多年期協議預計分兩個階段導入，第一階段（Phase 1）為我們的體驗衡量平台。

Has a planned go-live in Q3 2026 and represents roughly half of the total expected annualized revenue. And Phase 2, consisting of our enablement platform, is currently planned for Q3 2027 and represents the other half of the total expected annualized revenue.

預計於 2026 年 Q3 上線（go-live），約占預期年化總營收的一半。第二階段（Phase 2）為我們的賦能平台（enablement platform），目前規劃於 2027 年 Q3 上線，並占預期年化總營收的另一半。

In the near term, we will be expanding our delivery and customer success teams in Q2 and Q3 to provide a high-quality implementation across their hundreds of hospitals and outpatient facilities. The agreement is expected to be accretive to overall company margins, although less so in the near term, given most of the implementation expense is concentrated in Phase 1.

短期內，我們將在 Q2 與 Q3 擴編交付與客戶成功團隊，以在其數百家醫院與門診機構中提供高品質的導入。該協議預期將對公司整體利潤率具增益（accretive），但短期增益較小，因為多數導入費用集中在第一階段。

We expect higher contribution margins after Phase 2 go live, given the limited incremental implementation costs. From an overall company perspective. We expect these rollout costs will keep our adjusted EBITDA margin flattish sequentially in Q2, with margins beginning to expand in Q3 and beyond as overall revenue begins to more fully reflect our recent TRCV trend.

在第二階段上線後，由於新增的導入成本有限，我們預期貢獻利潤率將更高。從公司整體角度來看。我們預期這些推廣（rollout）成本將使 Q2 的調整後 EBITDA 利潤率季比大致持平，而隨著整體營收開始更充分反映近期 TRCV 趨勢，利潤率將自 Q3 起並在之後逐步擴張。

On a separate note, in Q2, we expect to record a $9.4 million charge due to changes we disclosed today to three of our executives 2025 restricted equity agreements that will accelerate the vesting of those granted shares. These changes were made to honor the original intent of aligning these executives with shareholders by delivering fully vested shares with tax basis.

另外一點，在 Q2 我們預期將認列 940 萬美元費用，原因是我們今天披露對三位高階主管之 2025 年限制性股權協議所做的變更，該變更將加速其獲授股份的歸屬（vesting）。這些變更是為了遵循原始意圖：透過交付具稅基（tax basis）的完全歸屬股份，使這些高階主管與股東利益一致。

A subsequent tax analysis identified personal tax uncertainties for these executives that these changes corrected. While not impacting adjusted EBITDA, this $9.4 million charge is made-up of $6.5 million of non-cash stock compensation expense, representing the acceleration of the remaining stock compensation under the 2025 grant. Which would have been recognized rateably through 2028.

後續的稅務分析發現，這些高階主管存在個人稅務不確定性，而上述變更已予以修正。雖不影響調整後 EBITDA，但這 940 萬美元費用包含 650 萬美元的非現金股票薪酬費用，代表加速認列 2025 年授予項下剩餘的股票薪酬。原本該部分將按比例攤提並認列至 2028 年。

The charge also includes $2.8 million of cash bonuses to fund the personal taxes due on the acceleration, which is consistent with our bonus methodology from the original 2025 grant. Turning now to capital allocation. With our goal of maximizing long-term free cash flow per share in mind, our capital allocation philosophy is straightforward.

該費用亦包含 280 萬美元的現金獎金，用以支付因加速歸屬而產生的個人稅負，這與 2025 年原始授予時的獎金方法一致。接著談資本配置。以最大化長期每股自由現金流為目標，我們的資本配置理念很直接。

Our number one priority is investing in NRC. We are continuously evaluating the needs of the business vis-a-vis our long-term strategies and the market environment, and we will execute on those initiatives that exhibit the highest risk-adjusted returns. Alongside this internal assessment, we are evaluating our markets for strategic and accretive acquisitions where we can enhance our platform and expertise.

我們的第一優先是投資 NRC。我們會持續根據長期策略與市場環境評估業務需求，並執行那些具最高風險調整後報酬的計畫。在此內部評估之外，我們也在市場上尋找具策略性且具增益（accretive）的併購機會，以強化我們的平台與專業能力。

We pursue M&A with clear criteria and financial discipline, and we view it as an important lever in our capital allocation framework. From there, our next area of focus is returning capital to our shareholders. We do this directly through dividends and indirectly through opportunistic share buybacks. These buybacks can represent a compelling use of cash to enhance total per-share returns, depending on where our shares are trading in relation to our view of intrinsic value.

我們以明確標準與財務紀律推動併購（M&A），並將其視為資本配置架構中的重要槓桿。接下來，我們的重點是回饋股東資本。我們透過股利直接回饋，並透過機會性股票回購間接回饋。視股價相對於我們對內在價值（intrinsic value）的判斷而定，這些回購可能是運用現金、提升每股總報酬的具吸引力方式。

In March, we announced a $60 million share repurchase authorization from our board. We intend to be strategic in deploying capital under this authorization. While maintaining a manageable leverage profile. We believe our current leverage is prudent, and we have capacity to borrow if we see high ROI opportunities in any of these areas I mentioned that support our long-term value creation plan.

3 月，我們宣布董事會核准 6,000 萬美元的股票回購授權。我們將以策略性方式在該授權下部署資本，同時維持可控的槓桿水準。我們認為目前的槓桿是審慎的；若在我剛提到的任何領域看到高投資報酬（ROI）的機會、且能支持我們的長期價值創造計畫，我們也有能力舉債。

With that, we'll open up the line for questions.

接下來我們開放提問。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（接線員指示）

[J.P. Gurney, Gurney Group].

[J.P. Gurney，Gurney Group]。

Hey, Trent and Shane. Thanks for taking our question. You've highlighted that you're already serving 70% of the top 100 health systems in the US. That about 70% of those customers are only using a single product. That seems to suggest a pretty significant expansion opportunity from your existing base.

嗨，Trent 和 Shane。謝謝你們回答我們的問題。你們強調目前已服務美國前 100 大醫療體系中的 70%。其中約 70% 的客戶只使用單一產品。這似乎意味著你們在既有客戶基礎上有相當可觀的擴張機會。

Could you speak to how you're thinking about the expansion opportunity, what changes you've made to your go-to-market strategy to capture this, and in particular, how your approach has evolved from what's been historically maybe more of a siloed engagement model to one that's more demonstrated. Demonstrating the value of an integrated cross-product operating across the broader enterprise. Thanks.

能否談談你們如何看待這個擴張機會、為了掌握它你們在市場進入（go-to-market）策略上做了哪些調整？特別是，你們的方法如何從過去可能較偏向各自為政（siloed）的互動模式，演進到更能展現跨產品整合、在更廣泛的企業層級運作之整體價值的方式？謝謝。

Yeah, absolutely. JP, thanks for the question. So if I zoom out for a second, we attribute much of our go-to-market success over the last year to the reorganization of our sales enterprise to get more single-threaded on individual products, as well as our additional hiring to fill out those.

是的，當然。JP，謝謝你的提問。如果我先把視角拉遠一點，我們將過去一年在市場進入上的成功，很大一部分歸因於我們重整銷售組織，使其在各個單一產品上更聚焦（single-threaded），以及我們額外增聘人員以補齊那些。

And when I talk about individual products, I'm talking about experience, market insights, the Governance Institute. It's been in response really to clear buying center differences for those products. And based on our work here over the last 10 months or so, I'm really pleased with our coverage of the market and the pipeline that we're creating, our pipeline is up 41% in the quarter versus prior year.

當我談到單一產品時，我指的是 Experience、Market Insights、以及 Governance Institute。這其實是回應這些產品在採購決策中心上明顯的差異。而且根據我們過去大約 10 個月在這裡的工作成果，我對我們的市場覆蓋與正在建立的銷售管線感到非常滿意；本季的管線相較去年同期成長了 41%。

But to your question specifically about the significant opportunity to pursue white space within our customer base, we have been working to more explicitly mind the interconnectedness between and among our products. In fact, actually, the landmark deal that we discussed is reflective of this. That was a customer who had been a long-time buyer of our Market Insights product.

但就你特別問到在既有客戶群中開拓白地（white space）的重大機會，我們一直在更明確地梳理並強化各產品之間的互聯性。事實上，我們剛才討論的那筆里程碑式交易正反映了這一點。那是一位長期購買我們 Market Insights 產品的客戶。

And to it now, we add our experience platform and our enablement platform with our rounding product. What we've tried to do, JP, is to catalyze cross-product sales conversations. We've engaged our research team. They've designed an analysis, for instance, that we refer to as the trust gap that illustrates the performance and often improvement opportunity for an individual organization's.

而現在，我們在此基礎上加入了 Experience 平台與 Enablement 平台，再搭配我們的 Rounding 產品。JP，我們嘗試做的是催化跨產品的銷售對話。我們也讓研究團隊參與其中。例如，他們設計了一項我們稱為「信任落差（trust gap）」的分析，用來呈現單一組織在績效上的表現，以及往往存在的改善機會。

Facilities. So think of their hospitals, or you could even look at it on a service line basis, cardiovascular, cancer, children's, et cetera. It compares consumer sentiment for those hospitals or for those service lines to actual patient experience within those hospitals or within those service lines. That analysis has opened a number of doors.

以各個院區（facilities）為例。你可以把它想成他們的各家醫院，或甚至以服務線來看，例如心血管、癌症、兒科等等。它會把消費者對這些醫院或服務線的觀感（consumer sentiment），與這些醫院或服務線中的實際病患體驗做比較。這項分析為我們打開了不少大門。

And by the way, this was an analysis that we utilized as part of the sales process. With that landmark win. So we're mining the data that we already have to extract opportunities to have conversations and illustrate the power of connecting these two datasets. And similarly, we're discussing as part of our governance.

順帶一提，這項分析也被我們用在銷售流程中。並用於那筆里程碑式的勝出案。因此，我們正在挖掘既有資料，萃取出可展開對話的機會，並展示連結這兩組資料集的力量。同樣地，我們也在治理（governance）相關的討論中納入這些內容。

Institute member network, how to bring in consumer sentiment analysis or brand index into the boardroom. So we've just really heightened the conversations internally about where and how there's connective tissue between and among our products. And maybe just one last point on this, on our go-to-market and cross-sells, our solution suite expansion and breadth is creating.

在 Institute 會員網絡中，我們也在討論如何把消費者情緒分析或品牌指數（brand index）帶進董事會（boardroom）。所以我們確實在內部大幅提升了相關對話的強度：在哪裡、以及如何在我們的產品之間建立連結與「黏著組織」（connective tissue）。最後再補充一點，關於我們的 go-to-market 與交叉銷售，我們解決方案套件的擴充與廣度正在帶來。

A lot of market conversation for us, in particular, our rounding solution that we acquired in 2024. That product is now part of nearly every experience sale conversation that we're in. And so it's opening doors and outside of traditional RFP processes.

大量的市場討論，特別是我們在 2024 年收購的 Rounding 解決方案。這個產品現在幾乎出現在我們每一場 Experience 銷售對話中。因此它正在替我們打開更多門，並且能在傳統 RFP 流程之外創造機會。

Thanks for the question.

謝謝你的提問。

Will Nazgovitz, Heartland Advisors.

Will Nazgovitz，Heartland Advisors。

Yeah, great. Thanks so much. Congrats on the strong growth year-over-year. Nice to see that the sequential decline, much less than we've seen previously. Also, the free cash flow number was higher than we were anticipating.

是的，很好。非常感謝。恭喜年對年成長強勁。也很高興看到季對季下滑幅度比我們先前看到的小很多。另外，自由現金流的數字也高於我們的預期。

Shane, can you just give us some perspective on what you think the CapEx outlook will be for the year? And then you touched a little bit on margins, but maybe just a little provide a little bit kind of an incremental. Margin guidance, if any, that you're willing to share at this time?

Shane，你能否就你認為今年的資本支出（CapEx）展望提供一些看法？另外你稍微提到了一點利潤率，但是否可以再提供一些增量（incremental）的。利潤率指引（margin guidance），如果你願意在此時分享的話？

Sure, yeah, free cash flow was stronger. We had a bit of an easy comp, but we did well. The building at CapEx is largely behind us, as I think you probably well know. There's a little bit of trickling here and there, but that was down quite a bit.

當然。是的，自由現金流確實更強。我們的比較基期稍微容易一些，但我們也做得不錯。建築相關的資本支出基本上已經在我們身後了，我想你應該也很清楚。還有零星一些支出，但已經下降了不少。

So. Overall for the year, now that the building is behind us, think of CapEx to be around, call it a million to a million and a half a quarter. This quarter is a little bit higher. I think we have a little bit higher capitalized software, which can move around a bit depending on product roadmaps and the long horizon projects that we're working on.

所以。整體來看，今年既然建築支出已告一段落，可以把 CapEx 想成每季大約 100 萬到 150 萬美元左右。本季會稍微高一些。我想我們有一些資本化軟體（capitalized software）較高，這會因產品路線圖以及我們正在進行的長週期專案而有所波動。

But yeah, going forward, call it the 1.5 and then the margin. On a sequential basis, you saw us come up, Q4 was a soft year because of some conference spend that we have.

但對，往後就以 150 萬左右來看；至於利潤率。以季對季來看，你看到我們回升，Q4 因為有一些會議支出，所以是相對偏弱的一季。

But longer-term, we mentioned going kind of being flat for Q2, not a lot of -- we're going to see revenue increase. You're going to see revenue start to trend with TRCV. So we'll see some incremental -- we're expecting incremental margin or incremental revenue in Q2, which obviously will flow through after we deliver on that.

但從較長期來看，我們提到 Q2 大致會持平，沒有太多的——我們會看到營收增加。你會看到營收開始隨 TRCV 呈現趨勢。所以我們會看到一些增量——我們預期 Q2 會有增量利潤率或增量營收，而這在我們交付完成後，當然會反映出來。

But offsetting that for the most part is going to be this Phase 1 delivery cost that we mentioned for this landmark win, which is it's going to be great long-term. It's going to be extremely accretive to our overall margin, but yeah, there's going to be some upfront cost to make sure we roll that out correctly and as the customer expects.

但大部分會被我們提到的那筆里程碑式勝出案的第一階段（Phase 1）交付成本所抵銷。長期來看這會非常好，對我們整體利潤率會高度增益（accretive），但確實會有一些前期成本，以確保我們能正確上線並符合客戶的期待。

That's great. I'm just wondering, can I just pick a quick ask more kind of a higher level question of Trent here? Two things in my mind that I think would be useful for you to maybe expand upon. One, the combination of your two of your competitors, what is that opening some doors for you?

很好。我想再快速追問一個比較高層次、關於 Trent 的問題。我腦中有兩件事，我覺得你若能再多談一些會很有幫助。第一，你們兩個競爭對手的合併，這是否為你們打開了一些機會之門？

And then maybe if you could just provide a little context for us investors, that are sitting on the outside looking in, how NRC plays into the value-based care. It seems like, daily you're seeing a lot of discussion around this, the importance of that, just kind of if you could provide some context and perspective how you were part of that process.

第二，如果你能為我們這些在外部觀察的投資人提供一些背景：NRC 在價值導向照護（value-based care）中扮演什麼角色？感覺每天都能看到很多相關討論、以及其重要性；如果你能提供一些背景與觀點，說明你們如何參與其中的流程。

Thank you.

謝謝。

Yeah, so I guess, on the first part, I mean, there are, we anticipate that the landscape may change a little bit with Qualtrics and Press Ganey, that deal has not closed. We're still active in many conversations of which those two are competing as individual organizations. It has maybe slowed a few of our buying processes, but not in any way significantly.

好的，先談第一部分：我們確實預期 Qualtrics 與 Press Ganey 的情勢可能會有些變化，但那筆交易尚未完成交割。我們仍然積極參與許多對話，而在這些對話中，那兩家公司仍以各自獨立的組織身分彼此競爭。這或許讓我們部分採購流程稍微放慢，但並沒有造成任何顯著影響。

In terms of value-based care, yeah, I'm really confident in our product offering and market positioning as it relates to value-based care. Value-based care is really all about what it says, demonstrating value in outcomes improvement and cost reduction. And I'm going to point to our tools that we're really driving towards that enable organizations to demonstrate improved performance and.

至於價值導向照護，是的，我對我們的產品組合與市場定位在價值導向照護方面非常有信心。價值導向照護的核心就是字面意思：在改善結果（outcomes）與降低成本上證明價值。我會指向我們正在推動的工具，這些工具讓組織能夠展現績效提升並且。

By applying our tools, we're actually demonstrating cost savings for our customers. So a few examples, and we're working with a few of our partners to quantify the time savings here. We have a service recovery tool that it used to be if somebody had a bad experience and logged a bad experience, that might go to somebody via an e-mail, and then they'd have to read it and write a response or some follow-up.

透過應用我們的工具，我們實際上正在為客戶證明成本節省。舉幾個例子，我們也正與一些合作夥伴一起量化其中的時間節省。我們有一個服務補救（service recovery）工具；過去如果有人有不好的體驗並記錄下來，可能會透過電子郵件寄給某個人，然後對方必須閱讀並撰寫回覆或進行後續跟進。

And it could take, in my experience as a former Chief Operating Officer of a health system, that could take dates. Our service recovery tool now will auto-generate messages for health system leaders that they can zip off, oftentimes.

以我過去擔任醫療體系營運長（Chief Operating Officer）的經驗，那可能要花上好幾天。而我們現在的服務補救工具，會自動產生訊息給醫療體系的主管，他們可以很快地發送出去，很多時候。

In the path of care. So we're demonstrating that our tools can actually relieve some administrative burden from our customers. And similarly, our rounding platform, which is now enabled via ambient listening, ambient AI, so that you don't even have to scribe a visit with a patient or caregiver any longer.

在照護流程中。因此我們正在證明，我們的工具確實能替客戶減輕一些行政負擔。同樣地，我們的 Rounding 平台現在也透過環境聆聽（ambient listening）、環境式 AI（ambient AI）來啟用，因此你甚至不再需要在與病患或照護者的會談中做逐字記錄（scribe）。

It does it automatically and prompts you. That's just creating enormous. Savings. So I then apply that will to the fitting in perfectly into the value-based care delivery framework that our customers are pursuing to enhance their outcomes and reduce their overall total cost of care.

它會自動完成並提示你。那就是在創造巨大的。節省。因此，我接著把這個意志運用到，讓它能完美契合我們客戶為了提升成果並降低整體醫療總成本而推動的價值導向照護交付框架。

[Josh Peters, Lindbergh Family Office].

[Josh Peters，Lindbergh 家族辦公室]。

Hello, and congratulations on the landmark win, the TRCV progress, pivoting into growth here. I appreciate especially very much the commentary to help shape our expectations for how things are likely to unfold here on the margin and sales front here this year.

你好，恭喜你們取得里程碑式的勝利、TRCV 的進展，以及在此轉向成長。我特別非常感謝你們的評論，幫助我們塑造對今年在利潤率邊際與銷售面向可能如何發展的預期。

But I'd like to look a little bit farther out into '27, '28, your longer-term financial model. What kind of longer contribution margin operating leverage type of. Type of improvement do you think that the business can sustain over the next couple of years?

但我想把視角放得更長遠一些，看到 '27、'28，也就是你們較長期的財務模型。你認為未來幾年，企業能夠維持什麼樣的較長期貢獻毛利率、營運槓桿類型的。你覺得能持續的改善幅度會是什麼？

Yeah, hey, Josh, this is Shane. So the business used to be in the 30s, right, on an EBITDA basis. We think absolutely we can get back to that low 30s in the mid-term and even up into the mid-30s, probably longer-term.

是的，嗨 Josh，我是 Shane。所以這家公司過去在 EBITDA 基礎上曾在 30% 多的水準，對吧？我們認為絕對可以在中期回到 30% 出頭，甚至長期可能到 30% 中段。

How are we going to do that? Well, it's you got to start at the top-line, right? So as long as we're growing that top-line at a reasonable rate. Something more than 2% or 3%, call it mid to high single-digits, we've got a strong business here with really good operating leverage built into it.

我們要怎麼做到？嗯，你得從營收端開始，對吧？所以只要我們的營收以合理的速度成長。不只是 2% 或 3%，而是中到高個位數成長，我們就擁有一個非常強健、且內建很強營運槓桿的業務。

So we think our goal is to take that growth, which we're investing in the business now, which you're seeing in some of the SG&A and the margin that you see currently to build even more operating leverage. So what we're trying to do is, assuming that kind of mid to high level, high single-digit growth rate, we think we can push down 40% to 50% of that incremental revenue.

因此我們認為，我們的目標是把這個成長——我們現在正在對業務進行投資，你也在部分 SG&A 以及目前看到的利潤率中看到了——用來建立更大的營運槓桿。所以我們想做的是：假設有那種中到高、也就是高個位數的成長率，我們認為可以把新增營收的 40% 到 50%。

Down to the bottom line, to the EBITDA line. Why aren't we passing it all [301]? We got to deliver, right? So there's inherent variable delivery costs. So that comes out of the top. But from there. Again, assuming we have a nice growth rate, we see opportunity within the products, within our own go-to-market teams, we're going to reinvest in that.

落到最終損益，也就是 EBITDA 那一行。為什麼我們不把它全部都落下去[301]？我們必須交付，對吧？所以存在一些內含的可變交付成本。因此那會先從上面扣掉。但從那之後。同樣地，假設我們有不錯的成長率，我們看到在產品內、在我們自己的市場進入（go-to-market）團隊中都有機會，我們會再投資在那裡。

So think of that as some more product investment, some incremental sales and marketing investments, again, continue that the bonfire burning, let's call it, on the TRCV growth. So long story short, if you flush that all down at 40%, 50%, you run that through for a few years, you're seeing us back into the 30s in the next couple of years.

所以把它想成更多的產品投資、一些額外的銷售與行銷投資，再次地，持續讓 TRCV 成長的那把火——姑且這麼說——繼續燃燒。所以長話短說，如果你把其中 40%、50% 轉化到損益，並持續跑個幾年，你就會看到我們在未來幾年回到 30% 多的水準。

That's how we're being -- we're trying to be thoughtful about how we're reinvesting the business with that growth.

這就是我們在思考——我們如何在成長之下，有策略地把資金再投入到業務中。

Okay, that's very helpful. I appreciate it. And if I can sneak in a quick second question. Trent, I appreciate the commentary about the changes you've made in your commercial organization that's led to the improvement, acceleration in TRCV. Can you talk to us a little bit more about the product enhancements?

好的，這非常有幫助。謝謝。如果我可以再快速塞一個第二個問題。Trent，我很感謝你對商業組織所做變革的評論，這些變革帶來了 TRCV 的改善與加速。你能再多談一點產品強化嗎？

For those of us who are perhaps a little bit newer to the story, how the different enhancements to the platform, these multiple SKUs, as you referred to them, that are now available that perhaps weren't, and perhaps we were lagging our competitors a few years ago, that certainly doesn't seem to be the case today. Can you talk about the service enhancements that brought us to this renewed growth?

對於我們這些可能比較晚才開始了解這個故事的人，你提到的這些平台強化、這些多個 SKU，如你所稱呼的，現在已經可用、而過去可能沒有；而且幾年前我們可能落後競爭對手，但今天看起來顯然不是這樣。你能談談哪些服務強化帶來了這波重新成長嗎？

Yeah, sure. Thanks. Thanks for the question. So we've been into the kind of the measurement of experience for a long time. So think about we're collecting insights, we're reporting insights back to health systems. We're really starting to drive and this runs through our entire portfolio. It doesn't matter whether it's experience, whether it's market insights or whether it's the Governance Institute.

好的，當然。謝謝。謝謝你的問題。我們在「體驗衡量」這一塊已經做了很長時間。所以你可以把它想成：我們在收集洞察，並把洞察回報給醫療體系。我們真的開始推動——而且這貫穿我們整個產品組合。不論是體驗、是市場洞察，或是 Governance Institute 都一樣。

We're driving the organization to move from just insights to action. And so some of the product enhancements that we have done take in our experience platform, the rounding solution, our service recovery solution, we're working with some customers now on a solution that helps to identify.

我們正在推動組織從「只有洞察」走向「採取行動」。因此，我們所做的一些產品強化，包括在我們的體驗平台、巡房（rounding）解決方案、服務補救（service recovery）解決方案上；我們也正在與一些客戶合作一個解決方案，協助辨識。

Opportunities for improvement at a very micro level in their organization. So it's really laser focused on not just reporting the news, but guiding to the actions that are necessary to make the improvements that will ultimately drive experience outcomes. The same thing is true with the Governance Institute.

在他們組織內非常微觀層級的改善機會。所以它非常聚焦，不只是回報消息，而是引導採取必要的行動來做出改善，最終推動體驗成果。Governance Institute 也是同樣的道理。

This week, we have our 250th Governance Institute conference in. In Scottsdale, we announced that we are refreshing our board assessment tool, which is all about assessing the performance of your not-for-profit health system board and is it designed, is it ready to address the challenges that your organization is experiencing and then creating a roadmap for helping organizations improve their performance.

本週，我們在。在斯科茨代爾舉辦第 250 屆 Governance Institute 會議；我們宣布正在更新我們的董事會評估工具，這個工具的核心是評估你的非營利醫療體系董事會的表現，以及它的設計是否到位、是否已準備好應對組織正在面臨的挑戰，並進一步建立一份路線圖，協助組織提升其表現。

So what we've started to do, some of these are new SKUs, but some of these are also just enhancements within the product. That not just report kind of what the performance is, but drive to the next best actions.

因此我們開始做的事情是：其中一些是新的 SKU，但也有一些只是產品內的強化。不只是回報表現如何，而是推動下一步最佳行動。

Okay, thank you very much. I appreciate the perspective.

好的，非常感謝。我很感謝這個觀點。

J.P. Gurney, Gurney Group.

J.P. Gurney，Gurney Group。

Thank you. I'm all set. You can move on to the next participant.

謝謝。我沒有其他問題了。你們可以進行下一位參與者。

All right, wonderful. We have reached the end of the Q&A session. So I will now turn the call back to Trent Green for closing remarks.

好的，很棒。我們已到問答環節的尾聲。接下來我會把電話交回給 Trent Green 作結語。

Well, thanks so much for the questions. In closing, our Q1 results represent a strong start to 2026. We delivered double-digit TRCB growth, returned to year-over-year revenue growth, maintained healthy profitability while funding our future and landed a landmark customer win that showcases.

非常感謝各位的提問。總結來說，我們第一季的結果代表 2026 年強勁的開局。我們實現了 TRCB 的兩位數成長，恢復了年對年營收成長，在為未來投入資金的同時維持健康的獲利能力，並拿下一個具里程碑意義的客戶勝利，展現了。

Our differentiation. We have a very disciplined approach to balancing investment for sustained long-term growth with profitability, as reflected in our Q1 EBITDA performance and the choices we're making around product, delivery and go-to-market.

我們的差異化。我們在「為可持續的長期成長進行投資」與「獲利能力」之間採取非常嚴謹的平衡方法，這反映在我們第一季的 EBITDA 表現，以及我們在產品、交付與市場進入策略上的取捨。

We are confident in the foundation of the business, encouraged by the momentum in our pipeline and customer relationships, and we're committed to sound execution and capital allocation that drive long-term value for our shareholders.

我們對業務的基礎充滿信心，對我們管線與客戶關係的動能感到鼓舞，並致力於穩健的執行與資本配置，以為股東創造長期價值。

I'm grateful for our incredible NRC associates for their commitment, to our customers for their trust, and to our shareholders for their continued support.

我感謝我們出色的 NRC 同仁的投入，感謝客戶的信任，也感謝股東持續的支持。

Thank you for your time and interest in NRC Health, and we look forward to sharing another update after our second quarter wraps up.

感謝各位撥冗並關注 NRC Health；我們期待在第二季結束後，再與各位分享下一次更新。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。