OneSpan Inc (OSPN) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2025 OneSpan earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Joe Maxa, Vice President of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 2025 年第一季 OneSpan 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言人，投資者關係副總裁喬馬克薩 (Joe Maxa)。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining the OneSpan first quarter 2025 earnings conference call. This call is being webcast and can be accessed on the Investor Relations section of OneSpan's website at investors.onespan.com.

謝謝您，接線生。大家好，感謝您參加 OneSpan 2025 年第一季財報電話會議。本次電話會議將透過網路直播，您可透過 OneSpan 網站 investors.onespan.com 的投資者關係部分存取。

Joining me on the call today is Victor Limongelli, our Chief Executive Officer; and Jorge Martell, our Chief Financial Officer. This afternoon, after market close, OneSpan issued a press release announcing results for our first quarter 2025. To access a copy of the press release and other investor information, please visit our website. Following our prepared comments today, we will open the call for questions.

今天與我一起參加電話會議的是我們的執行長 Victor Limongelli；以及我們的財務長 Jorge Martell。今天下午收盤後，OneSpan 發布了一份新聞稿，宣布了我們 2025 年第一季的表現。如需新聞稿和其他投資者資訊的副本，請造訪我們的網站。根據我們今天準備好的評論，我們將開始提問。

Please note that statements made during this conference call that relate to future plans, events, or performance, including the outlook for full-year 2025 and other long-term financial targets are forward-looking statements. These statements involve risks and uncertainties and are based on current assumptions. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.

請注意，本次電話會議中與未來計畫、事件或績效相關的陳述，包括 2025 年全年展望及其他長期財務目標，均為前瞻性陳述。這些聲明涉及風險和不確定性，並且基於當前的假設。因此，實際結果可能與這些前瞻性陳述中所表達的預期有重大差異。

I direct your attention to today's press release and the company's filing with the US Securities and Exchange Commission for a discussion of such risks and uncertainties. Also note that certain financial measures that may be discussed on this call are expressed on a non-GAAP basis and have been adjusted from a related GAAP financial measure.

我請您注意今天的新聞稿以及該公司向美國證券交易委員會提交的有關討論此類風險和不確定性的文件。另請注意，本次電話會議中可能討論的某些財務指標是以非 GAAP 為基礎表示的，並且已根據相關的 GAAP 財務指標進行了調整。

We have provided an explanation for and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in the earnings press release and in the investor presentation available on our website. In addition, please note that all growth rates discussed on this call refer to a year-over-year basis, unless otherwise indicated.

我們在收益新聞稿和我們網站上的投資者介紹中提供了這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的解釋和對帳。此外，請注意，除非另有說明，本次電話會議中討論的所有成長率均指同比增長。

The date of this conference call is May 1, 2025. Any forward-looking statements and related assumptions are made as of this date. Except as required by law, we undertake no obligation to update these statements as a result of new information or future events or for any other reason. I will now turn the call over to Victor.

本次電話會議日期為2025年5月1日。任何前瞻性陳述和相關假設均截至本日期作出。除法律要求外，我們不承擔因新資訊或未來事件或任何其他原因更新這些聲明的義務。現在我將把電話轉給維克多。

Thank you, Joe, and thank you, everyone, for joining us today for our first quarter earnings call. I'm very pleased that we reported another strong quarter, driven by the great work and discipline of the team in continuing to optimize our cost structure as well as a more favorable revenue mix as compared to last year.

謝謝喬，也謝謝大家今天參加我們的第一季財報電話會議。我很高興看到我們又報告了一個強勁的季度業績，這得益於團隊的出色工作和紀律，我們繼續優化成本結構，並且與去年相比實現了更有利的收入組合。

We achieved record high adjusted EBITDA of $23 million, which was nearly 15% higher than last year's first quarter record of $20 million. And our adjusted EBITDA reached a record high 36% of revenue. First quarter 2025 ARR grew 9%, in line with the growth rate implied by the midpoint of our full-year 2025 guidance.

我們的調整後 EBITDA 達到了創紀錄的 2,300 萬美元，比去年第一季的 2,000 萬美元高出近 15%。我們的調整後 EBITDA 達到了創紀錄的 36% 的收入。2025 年第一季 ARR 成長 9%，與我們 2025 年全年指引中點所暗示的成長率一致。

Q1 subscription revenue also grew 9%, and was driven by demand for our software authentication, app shielding and e-signature solutions. As expected, total revenue declined slightly in the first quarter. The growth in subscription revenue was primarily offset by the following three trends that we've discussed on prior calls.

第一季訂閱收入也成長了 9%，這得益於對我們的軟體認證、應用程式屏蔽和電子簽名解決方案的需求。正如預期的那樣，第一季總收入略有下降。訂閱收入的成長主要被我們在先前的電話會議上討論過的以下三個趨勢所抵消。

First, banks in EMEA and to a lesser extent in APAC over the past few years have been adopting mobile-first policies with respect to consumer banking authentication. This has resulted in lower hardware revenues in recent quarters. When a customer transitions to our software solutions from hardware, all else equal, we see lower revenue in the short run, although the gross margin profile of our software offerings is obviously better than is the case with hardware.

首先，過去幾年，歐洲、中東和非洲地區的銀行以及亞太地區的銀行（程度較輕）在消費者銀行身分驗證方面一直採用行動優先政策。這導致最近幾季硬體收入下降。當客戶從硬體轉向我們的軟體解決方案時，在其他條件相同的情況下，短期內我們的收入會下降，儘管我們的軟體產品的毛利率明顯優於硬體。

Second, in 2024, we transitioned certain legacy perpetual maintenance contracts to term-based subscriptions, which had the effect of lowering maintenance revenue in Q1 2025 compared to the prior year period.

其次，2024 年，我們將某些傳統的永久維護合約轉換為基於期限的訂閱，這導致 2025 年第一季的維護收入與去年同期相比有所降低。

And third, headwinds related to sunsetted products was $1.4 million in the quarter. We expect a similar headwind in the second quarter, and a total of approximately $1 million spread over the second half of 2025 and then minimal headwinds in 2026. I'll now provide additional commentary specific to each business unit.

第三，本季與淘汰產品相關的不利因素為 140 萬美元。我們預計第二季也會出現類似的阻力，2025 年下半年的阻力總額將達到約 100 萬美元，而 2026 年的阻力將降至最低。我現在將針對每個業務部門提供額外的評論。

In Security, subscription revenue grew 7% and included headwinds from sunsetted products of approximately 3-percentage-points. In general, growth in Security subscription revenue is primarily driven by expansion contracts with our existing global security customers, including many of the world's largest banks.

在安全領域，訂閱收入成長了 7%，其中包括約 3 個百分點的過時產品所帶來的阻力。整體而言，安全訂閱收入的成長主要得益於我們與現有全球安全客戶（包括許多全球最大的銀行）簽訂的擴展合約。

Regarding our on-time renewal rate, it slipped by a few percentage points in the first quarter, primarily due to 2 7-figure renewal contracts that were expected to close at the end of March. One of the contracts actually expanded to three years from one year and has closed in early Q2. The other contract is also expected to close this quarter.

關於我們的按時續約率，第一季下滑了幾個百分點，主要是因為有兩份七位數的續約合約預計將於 3 月底結束。其中一份合約實際上從一年延長至三年，並已於第二季初結束。另一份合約預計也將於本季完成。

More broadly in our Security business, our customers and their clients utilize our industry leading anti-fraud solutions that are designed to mitigate even the most advanced account takeover and other hacking attempts. Given our strong customer base and leading position in the authentication market, combined with the increasing sophistication of account takeover attacks, we believe we have a unique opportunity to continue innovating to deliver additional value-added solutions.

在我們的安全業務中，更廣泛地說，我們的客戶和他們的客戶利用我們行業領先的反詐騙解決方案，旨在減輕最先進的帳戶接管和其他駭客攻擊。鑑於我們強大的客戶基礎和在身分驗證市場的領先地位，再加上帳戶接管攻擊日益複雜，我們相信我們有獨特的機會繼續創新，提供額外的增值解決方案。

In other words, we believe that we can further help our customers solve their emerging authentication and security challenges. In Digital Agreements, Q1 subscription revenue grew 13%. Growth in subscription revenue was primarily driven by expansion contracts and to a lesser extent, new logos.

換句話說，我們相信我們可以進一步幫助我們的客戶解決他們新出現的身份驗證和安全挑戰。在數位協議方面，第一季訂閱收入成長了 13%。訂閱收入的成長主要得益於擴張合同，其次是新標誌。

Both business units were again nicely profitable at the segment level, with Security continuing to be very profitable. And we believe we are well positioned to achieve our stated goals for both business units to deliver growth and strong profitability.

兩個業務部門在細分領域再次實現了良好的盈利，其中安全部門繼續保持著較高的盈利水平。我們相信，我們完全有能力實現兩個業務部門的既定目標，實現成長和強勁盈利。

As we focus on the future, we will remain committed to operational excellence and on driving efficient revenue growth to help ensure we achieve our profitability commitments. Before turning the call over to Jorge, I want to briefly highlight our robust cash generation and the dividend we paid during the quarter. We generated $29 million in cash from operations and ended the quarter with $105 million in cash on hand.

著眼於未來，我們將繼續致力於卓越營運和推動高效的收入成長，以幫助確保我們實現獲利承諾。在將電話轉給 Jorge 之前，我想簡要介紹我們強勁的現金創造能力以及本季支付的股息。我們從營運中獲得了 2,900 萬美元的現金，本季末我們的現金餘額為 1.05 億美元。

During the quarter, we paid a $0.12 per share dividend, totaling approximately $4.6 million. It was the first quarterly dividend paid as part of the company's recurring quarterly dividend program. The Board approved our second $0.12 per share dividend to be paid in the current quarter and plans to continue operating with a balanced capital allocation strategy, weighing potential increases in the capital return to shareholders as well as organic investments in the business and targeted M&A. With that, I will turn the call over to Jorge.

本季度，我們支付了每股 0.12 美元的股息，總計約 460 萬美元。這是該公司定期季度股息計劃中支付的首次季度股息。董事會批准我們在本季度支付第二次每股 0.12 美元的股息，並計劃繼續採用平衡的資本配置策略，權衡股東資本回報的潛在增長以及業務的有機投資和有針對性的併購。說完這些，我將把電話轉給 Jorge。

Thank you, Victor, and good afternoon, everyone. I'm pleased that we reported another strong quarter. However, I'm particularly pleased with our strong cash generation and record adjusted EBITDA. We generated more than $29 million in cash from operations and adjusted EBITDA was $23 million. ARR grew 9% to $168.4 million, and our net retention rate or NRR was 107%.

謝謝你，維克多，大家下午好。我很高興我們又報告了一個強勁的季度。然而，我對我們強勁的現金創造能力和創紀錄的調整後 EBITDA 感到特別滿意。我們從營運中產生了超過 2,900 萬美元的現金，調整後的 EBITDA 為 2,300 萬美元。 ARR成長 9% 至 1.684 億美元，淨留存率或 NRR 為 107%。

ARR and NRR primarily benefited from customer expansion contracts and ARR, to a lesser extent, also benefited from new customers. First quarter 2025 revenue was $63.4 million, or 2% less than last year's Q1. Digital Agreements' revenue grew 9% and Security Solutions' revenue declined 5%, in line with expectations.

ARR 和 NRR 主要受益於客戶擴展合同，而 ARR 在較小程度上也受益於新客戶。2025 年第一季營收為 6,340 萬美元，比去年第一季下降 2%。數位協議收入成長 9%，安全解決方案收入下降 5%，符合預期。

We continue to focus on driving subscription revenue growth, which grew 9% in the quarter, led by 13% growth in Digital Agreements and 7% growth in Security. First quarter gross margin was 74% compared to 73% in the prior year quarter. The slight increase in gross margin was primarily driven by favorable product mix and improved operational efficiencies in both business units as compared to last year.

我們繼續專注於推動訂閱收入成長，本季訂閱營收成長 9%，其中數位協議成長 13% 和安全成長 7%。第一季毛利率為 74%，去年同期為 73%。毛利率的小幅成長主要得益於與去年相比有利的產品組合以及兩個業務部門營運效率的提高。

First quarter GAAP operating income was $17.2 million compared to $14.1 million in the first quarter of last year. The increase in operating income is primarily attributed to a higher gross margin, lower operating expenses due to the cost savings initiatives we executed in 2024 and lower restructuring costs. GAAP net income per share was $0.37 in the first quarter of 2025 compared to $0.35 in the same period last year. For non-GAAP reporting purposes, I'd like to call your attention to changes we made this quarter.

第一季 GAAP 營業收入為 1,720 萬美元，而去年第一季為 1,410 萬美元。營業收入的成長主要歸因於毛利率的提高、2024 年實施的成本節約計劃導致的營業費用的降低以及重組成本的降低。2025 年第一季 GAAP 每股淨收入為 0.37 美元，去年同期為 0.35 美元。出於非公認會計準則報告的目的，我想提請您注意我們本季所做的更改。

Given the significant growth in our profitability in 2024 and to provide better consistency across interim reporting periods in 2025 and beyond, we have used a forecasted long-term projected non-GAAP tax rate of 20% for the purpose of determining our non-GAAP net income and non-GAAP net income per share.

鑑於我們 2024 年盈利能力的顯著增長，並且為了在 2025 年及以後的中期報告期間提供更好的一致性，我們使用預測的長期非 GAAP 稅率 20% 來確定我們的非 GAAP 淨收入和非 GAAP 每股淨收入。

We're also now including employer payroll taxes related to employee stock-based awards with our long-term incentive compensation expense in our non-GAAP reconciliation tables and have adjusted prior period amounts to reflect both of these changes.

我們現在還將與員工股票獎勵相關的雇主工資稅與我們的長期激勵薪酬費用納入我們的非公認會計準則對賬表中，並調整了前期金額以反映這兩項變化。

Please refer to our Q1 earnings release and the investor presentation that can be found on our Investor Relations website for additional details regarding these changes. Non-GAAP earnings per share, which excludes long-term incentive compensation and related payroll taxes, amortization, restructuring charges and other non-recurring items and the impact of tax adjustments was $0.45 in the first quarter of 2025 compared to $0.39 in the first quarter of 2024.

有關這些變化的更多詳細信息，請參閱我們的第一季度收益報告和投資者關係網站上的投資者介紹。2025 年第一季度，非公認會計準則每股收益（不包括長期激勵薪酬和相關工資稅、攤銷、重組費用和其他非經常性項目以及稅收調整的影響）為 0.45 美元，而 2024 年第一季為 0.39 美元。

First quarter adjusted EBITDA and adjusted EBITDA margin was $23 million and 36.4%, both of which were new records for us compared to $20.2 million and 31.2% in the same period of last year, respectively. Turning to our Security Solutions business unit. ARR grew 7% year-over-year in the first quarter to $107 million. First quarter Security revenue declined 5% to $47.7 million.

第一季調整後 EBITDA 和調整後 EBITDA 利潤率分別為 2,300 萬美元和 36.4%，均創下新高，去年同期分別為 2,020 萬美元和 31.2%。轉向我們的安全解決方案業務部門。第一季 ARR 年增 7%，達到 1.07 億美元。第一季安全收入下降 5% 至 4,770 萬美元。

Growth in subscription revenue was offset by headwinds from sunsetted products, the expected decline in hardware and the expected decline in maintenance and support and professional services as we transition to SaaS and term software licenses over time. Security subscription revenue increased 7% to $28.1 million.

隨著我們逐漸向 SaaS 和定期軟體授權過渡，訂閱收入的成長被產品淘汰帶來的不利因素、硬體的預期下降以及維護和支援以及專業服務的預期下降所抵消。安全訂閱收入成長 7%，達到 2,810 萬美元。

Growth in subscription revenue was primarily driven by expansion of licenses from existing customers for our software-based authentication and app shielding products, partially offset by the sunsetting of our legacy deal flow solution. Q1 2025 gross margin was 76% as compared to 74% in the first quarter of 2024.

訂閱收入的成長主要得益於我們基於軟體的身份驗證和應用程式屏蔽產品的現有客戶授權的擴展，但部分被我們傳統交易流程解決方案的淘汰所抵消。2025 年第一季毛利率為 76%，而 2024 年第一季為 74%。

The increase in margin is primarily attributable to favorable product and customer mix. Security segment operating income was $24.2 million compared to $25.9 million in last year's first quarter, primarily due to lower revenue and gross profit. Security segment operating margin was 51% in both periods.

利潤率的增加主要歸因於有利的產品和客戶組合。安全部門的營業收入為 2,420 萬美元，而去年第一季為 2,590 萬美元，主要原因是收入和毛利下降。兩期間安全部門的營業利益率均為 51%。

Now turning to Digital Agreements. ARR grew 12% to $61 million. Revenue grew 9% to $15.7 million. The increase in revenue was primarily driven by new contracts and expansion of renewal contracts, partially offset by a reduction in maintenance revenue related to the sunsetting of our on-premise e-signature product. Headwinds related to sunsetted products impacted revenue growth by about 4-percentage-points.

現在轉向數位協議。ARR 成長 12%，達到 6,100 萬美元。營收成長 9% 至 1,570 萬美元。收入的成長主要得益於新合約和續約合約的擴大，但部分抵消了與我們內部電子簽名產品停產相關的維護收入的減少。與產品停產相關的不利因素影響了營收成長約 4 個百分點。

Subscription revenue grew 13% to $15.5 million. Maintenance and support revenue was negligible in the quarter as compared to $0.5 million in Q1 of last year. The year-over-year decline is attributed to the sunsetting of our on-premise e-signature solution.

訂閱收入成長 13% 至 1550 萬美元。與去年第一季的 50 萬美元相比，本季的維護和支援收入微不足道。年比下降的原因是我們的內部電子簽名解決方案的終止。

First quarter gross margin was 70% as compared to 69% in the prior year quarter. The increase in margin was primarily driven by higher SaaS revenue and improved operating leverage, partially offset by lower maintenance revenue due to the transition to SaaS licenses.

第一季毛利率為 70%，去年同期為 69%。利潤率的成長主要得益於 SaaS 收入的增加和營運槓桿的提高，但因向 SaaS 授權過渡導致的維護收入下降部分抵消了這一增長。

Segment operating income was $3.4 million, or 22% of revenue as compared to an operating loss of $0.3 million, or negative 2% of revenue in the first quarter of last year. The year-over-year improvement in performance was driven by increased revenue and gross profit, and a decrease in operating expenses due to lower headcount.

分部營業收入為 340 萬美元，佔營收的 22%，而去年第一季的營業虧損為 30 萬美元，佔營收的-2%。業績年增的原因是收入和毛利增加，以及員工人數減少導致的營運費用減少。

Now turning to our balance sheet. We ended the first quarter of 2025 with $105.2 million in cash and cash equivalents compared to $83.2 million at the end of 2024. Due in part to the seasonality of our collections with the first quarter being typically the strongest of the year, we generated $29.4 million in cash from operations during the quarter as compared to $27 million in the first quarter of last year.

現在轉向我們的資產負債表。截至 2025 年第一季度，我們的現金和現金等價物為 1.052 億美元，而 2024 年底為 8,320 萬美元。部分原因是我們的收款具有季節性，第一季通常是一年中最強勁的季度，因此我們在本季度從營運中產生了 2,940 萬美元的現金，而去年第一季為 2,700 萬美元。

We have no long-term debt. Geographically, our revenue mix by region in the first quarter of 2025 was consistent with the first quarter of last year. EMEA accounted for 49%. The Americas accounted for 33%, and Asia Pacific accounted for 18% of revenue, respectively, in each period. Moving to our financial outlook and modeling notes.

我們沒有長期債務。從地理上看，我們 2025 年第一季按地區劃分的收入結構與去年第一季一致。歐洲、中東和非洲地區佔49%。美洲地區在各時期的收入佔比為 33%，亞太地區則為 18%。轉向我們的財務展望和模型說明。

Though we are, of course, pleased with our Q1 performance and continue to expect double-digit subscription revenue growth for the full year of 2025, we are monitoring the potential impact of tariffs and foreign currency. A single-digit percentage of our hardware revenue has potential tariff exposure.

儘管我們對第一季的業績感到滿意，並繼續預計 2025 年全年訂閱收入將實現兩位數增長，但我們正在監測關稅和外幣的潛在影響。我們的硬體收入中只有個位數百分比可能受到關稅影響。

And thus, based on the tariffs currently announced, we estimate that we could see up to $1 million of incremental tariff-related costs for the full-year 2025. The timing of customer orders could also be impacted by the tariffs. In addition, significant changes in foreign currency rates could affect our results.

因此，根據目前宣布的關稅，我們估計 2025 年全年與關稅相關的成本增量可能高達 100 萬美元。客戶訂單的時間也可能受到關稅的影響。此外，外匯匯率的重大變動可能會影響我們的業績。

That said, given the confidence we have in our core business, at this time, we are affirming our previously issued guidance. More specifically, we expect revenue to be in the range of $245 million to $251 million. ARR to end the year in the range of $180 million to $186 million, and adjusted EBITDA to be in the range of $72 million to $76 million.

話雖如此，鑑於我們對核心業務的信心，目前，我們確認我們先前發布的指導。更具體地說，我們預計收入將在 2.45 億美元至 2.51 億美元之間。預計年底 ARR 將在 1.8 億美元至 1.86 億美元之間，調整後的 EBITDA 將在 7,200 萬美元至 7,600 萬美元之間。

For additional modeling points, I'd like to remind you that due to the secular industry shift from hardware to mobile authentication, we expect Q2 2025 hardware revenue to be in a similar range as compared to the prior three quarters.

對於額外的建模點，我想提醒您，由於業界長期從硬體轉向行動身分驗證的轉變，我們預計 2025 年第二季的硬體收入將與前三個季度處於相似的範圍內。

For the full-year 2025, we believe our strong focus on operational excellence will enable us to achieve another year of strong profitability and cash generation and enable us to continue returning capital to shareholders via quarterly cash dividends and potentially other methods as part of a balanced capital allocation strategy. That concludes my remarks. I'll turn the call back over to Victor.

對於 2025 年全年，我們相信，我們對卓越營運的高度關注將使我們能夠實現又一年強勁的盈利能力和現金創造，並使我們能夠繼續透過季度現金股息和其他可能的方式向股東返還資本，作為平衡資本配置策略的一部分。我的發言到此結束。我會把電話轉回給維克多。

Thanks, Jorge. To recap, we had a strong quarter, and I'm very proud of the OneSpan team's performance. Beyond the first quarter, however, we know that we have more work to do in order to deliver an excellent year. We are committed to delivering value to our customers and to returning value to our shareholders by growing revenue efficiently and profitably.

謝謝，豪爾赫。總而言之，我們度過了一個強勁的季度，我為 OneSpan 團隊的表現感到非常自豪。然而，除了第一季之外，我們知道我們還有更多的工作要做，才能實現出色的一年。我們致力於透過高效且獲利地增加收入來為客戶提供價值並為股東帶來回報。

And we will continue to focus on driving towards achieving a Rule of 40 performance level. Jorge and I will now be happy to take your questions.

我們將繼續致力於實現「40規則」績效水準。豪爾赫和我現在很樂意回答你們的問題。

(Operator Instructions) Catharine Trebnick, Rosenblatt.

（操作員指示） Catharine Trebnick，Rosenblatt。

On your tariff, on the hardware piece, how much of the revenue is -- do you expect to be from Europe? Because you really have only recently really took on marketing towards the US bank. So I'd just kind of like to piece parse that a little bit more, if you don't mind.

就您的關稅和硬體部分而言，您預計有多少收入來自歐洲？因為您最近才真正開始承擔針對美國銀行的行銷工作。因此，如果您不介意的話，我只是想對此進行更深入的分析。

Yes. Catharine, this is Victor. So the -- as you noted, the US exposure is pretty small for us. And as Jorge mentioned, at the currently announced tariff rates, the expense impact, even if they stayed in effect through the rest of the year, and we had the same orders as last year would be pretty small.

是的。凱瑟琳，這是維克多。所以 — — 正如您所說，我們在美國的風險敞口相當小。正如 Jorge 所提到的，按照目前公佈的關稅稅率，即使該稅率在今年剩餘時間內一直有效，並且我們的訂單與去年相同，其費用影響也會非常小。

Europe is our biggest market for hardware. Jorge, I don't know if you have the specific numbers at hand, but it's definitely an important market for us. But we haven't seen any -- at least to date, any tariff impact in Europe from other markets. And we do produce some of the hardware in Europe as well. We have a production line in -- within the EU, although most of the production is in Asia.

歐洲是我們最大的硬體市場。豪爾赫，我不知道你手上是否有具體的數字，但這對我們來說絕對是一個重要的市場。但至少到目前為止，我們還沒有看到其他市場對歐洲的關稅產生任何影響。我們也在歐洲生產一些硬體。我們在歐盟有一條生產線，儘管大部分生產都在亞洲。

Yes, I don't have the number off hand, Catharine. But yes, I think it's obviously meaningful. EMEA is the largest region that we record revenue from hardware, I would venture and say it's probably over 50%. But to Vic's point, it is not subject to tariffs or the incremental tariffs or the tariff -- changes in any tariffs in 2025 so far from China to the EU.

是的，我沒有現成的電話號碼，凱瑟琳。但是是的，我認為這顯然很有意義。歐洲、中東和非洲地區是我們記錄的硬體收入最大的地區，我敢說它可能超過 50%。但正如維克所說，它不受關稅、增量關稅或關稅的影響——到目前為止，2025 年中國對歐盟的任何關稅都沒有變化。

Trevor Rambo, BTIG.

特雷弗·蘭博 (Trevor Rambo)，BTIG。

This is Trevor on for Gray Powell. So just two from my side. One, you talked about the two large deals slipping out of Q1 into Q2. Could you quantify the impact of those deals on ARR? And can you touch a bit more on what you saw in general in the quarter in terms of customer buying behavior compared to your expectations?

這是特雷弗 (Trevor) 代替格雷鮑威爾 (Gray Powell)。我這邊只有兩個。首先，您談到了兩筆大交易從第一季拖入第二季。您能量化這些交易對 ARR 的影響嗎？您能否進一步談談本季顧客購買行為的整體情況與預期相比如何？

You handle the first one, I'll take the second.

你負責第一個，我負責第二個。

Yes. So to quantify, so really, when you think about the ARR impact, so you have to think about -- because it's on the subscription -- it's on the security subscription, Trevor, really have to think about the start date of that contract, right? We talked about on-time renewals. When we measure on-time renewals, we measure them based on the expiration. So these two contracts, the expiration was the end of the quarter Q1, but the start date was April 1, Trevor.

是的。所以要量化，所以實際上，當您考慮 ARR 的影響時，您必須考慮 - 因為它在訂閱上 - 它是在安全訂閱上，Trevor，真的必須考慮該合約的開始日期，對嗎？我們討論了按時續約的問題。當我們衡量按時續約時，我們根據到期時間來衡量。所以這兩份合同，到期日是第一季末，但開始日期是 4 月 1 日，特雷弗。

And so, they didn't have an impact on Q2 -- on Q1 ARR. But -- and so, just to differentiate between the on-time renewals, right, versus the ARR impact. I just want to clarify that for you.

因此，它們對第二季和第一季的 ARR 沒有產生影響。但是 — — 因此，只是為了區分按時續約與 ARR 影響。我只是想為你澄清這一點。

Trevor, yes, just to take your second question was how have we seen buyers act so far in 2025? Is that the gist of the question?

特雷弗，是的，我只想回答你的第二個問題：到 2025 年為止我們看到買家的行為如何？這就是問題的要點嗎？

Yes, you got it.

是的，你明白了。

So we've been -- obviously, there's a lot going on in the world, but we've been pleased so far through the first four months of the year. We had -- obviously, we don't report bookings per se, but we had a good bookings Q1 and Q2 looks solid as well. A little hard to say how things will shake out later in the year, but we've been happy with the sales team's performance so far this year.

所以，我們一直——顯然，世界上發生了很多事情，但到目前為止，我們對今年前四個月的業績感到滿意。顯然，我們不會報告預訂量本身，但我們第一季的預訂量不錯，第二季的預訂量看起來也很穩健。很難說今年稍後情況會如何發展，但我們對今年迄今為止銷售團隊的表現感到滿意。

And it's probably one of the upsides maybe that we have relatively less exposure to the US market on the security side compared to some others, but we've been doing well so far this year on a bookings perspective.

與其他公司相比，我們在美國安全市場的曝光度相對較低，這可能是其中一個優勢，但從預訂量的角度來看，今年到目前為止我們表現良好。

Great. That makes a lot of sense. I appreciate the color. And then maybe my second one on the guide. So can you touch on the guidance and what you're seeing in terms of what's giving you confidence in keeping that outlook unchanged despite a lot of the macro uncertainty we're seeing right now?

偉大的。這很有道理。我很欣賞這個顏色。這也許是我指南中的第二本。那麼，您能否談談指導意見以及您所看到的情況，儘管我們目前看到很多宏觀不確定性，但是什麼讓您有信心保持這種前景不變？

Because we've seen a few companies previously report and take some of their expectations down. So I'm just curious as to what you're seeing specifically in your business that's driving that level of confidence to keep the guide unchanged.

因為我們之前看到一些公司報告並下調了一些預期。所以我只是好奇，您在業務中具體看到了什麼，以至於有如此大的信心保持指南不變。

Yes. Thanks, Trevor. I think what I just alluded to, we've had a good year -- I mean, year, four months. We've had a good start to the year in terms of booking -- in terms of the levels that we're booking versus our plan. So we feel like we're on track so far.

是的。謝謝，特雷弗。我想，正如我剛才提到的，我們度過了美好的一年——我是說，一年零四個月。就預訂量而言，我們今年有一個良好的開始——就預訂量與計劃而言。所以我們覺得到目前為止一切都很順利。

It is fuzzier, of course, the later you go. That's always the case, but especially this year because things are, depending on the news cycle, have been changing quite a bit. So it gets a little harder to predict a Q4 per se. But so far, so good is the way we feel, and that's why we maintained the guidance that we had.

當然，越往後，事情就越模糊。情況總是如此，但今年尤其如此，因為根據新聞週期，情況發生了很大變化。因此，預測第四季本身就變得有點困難。但到目前為止，我們的感覺很好，這就是我們維持現有指導的原因。

Anja Soderstrom, Sidoti.

安雅·索德斯特羅姆，西多蒂。

Congrats on the nice progress here. I'm curious with the adjusted EBITDA margin being so strong in the first quarter. Why wouldn't we expect it to be better for the full year? And was there anything in particular that impacted it in the first quarter?

祝賀您在這裡取得了良好的進展。我很好奇為什麼第一季的調整後 EBITDA 利潤率如此強勁。我們為什麼不期望全年情況會更好呢？第一季有什麼特別的事情對其產生了影響嗎？

Yes. Thanks for the question, Anja. So, like I mentioned in the prepared remarks, Q1 tends to be the strongest from a revenue mix and that flow -- higher software versus hardware. And so, that flows all the way to the bottom line. When you look at our remaining year, I think the remainder of the year Q2 is going to look more like last year's Q2.

是的。謝謝你的提問，安雅。因此，就像我在準備好的發言中提到的那樣，從收入組合和流量來看，第一季往往是最強勁的——軟體收入高於硬體收入。所以，這一直流到底線。當你回顧我們今年剩餘的時間時，我認為今年第二季的剩餘時間將更像去年的第二季。

Obviously, the mix is going to shift. We talked about the headwinds on the hardware business. And so, although we have obviously a tough compared to last year, I mentioned the revenue for hardware should be more in line with the last three quarters kind of the average there. But nonetheless, still software revenue will come down naturally. And so, that's why the mix is going to change a little bit, driving, obviously, the adjusted EBITDA margin down.

顯然，這種組合將會發生轉變。我們討論了硬體業務面臨的阻力。因此，儘管與去年相比我們顯然面臨困難，但我提到硬體收入應該與過去三個季度的平均水平更加一致。但儘管如此，軟體收入仍然會自然下降。所以，這就是為什麼組合會發生一點變化，顯然會導致調整後的 EBITDA 利潤率下降。

So that should behave that way and then gradually increasing just naturally seasonally speaking, if you look at our Q3, second half of last year, software tends to grow a little bit. And so, that's why you see that similar dynamic playing this year, Anja. And so, you're going to have, I would say, just taking a step back, similar seasonality for the remainder of the year compared to last year. And therefore, it's going to rebalance for the full year.

所以它應該是這樣的，然後逐漸增加，只是自然的季節性，如果你看看我們的第三季度，去年下半年，軟體往往會有一點成長。所以，這就是為什麼你會看到今年有類似的動態，安雅。因此，我想說，回顧一下，今年剩餘時間的季節性與去年相比將相似。因此，全年經濟將重新平衡。

Okay. That was helpful. And how much of your revenue is derived from outside of the US?

好的。這很有幫助。您的收入有多少來自美國以外？

On the security side, it's almost 90% on the security side of the business, upper 80s. And the DA business has kind of flipped the other way around, at least for North America, let's say, North America versus the rest of the world. Jorge, I don't know if you have the numbers handy for DA.

在安全方面，業務的安全方面幾乎佔 90%，即 80% 以上。而 DA 業務已經發生了逆轉，至少對北美來說是這樣，比如說，北美與世界其他地區相比。豪爾赫，我不知道你是否有 DA 的數字。

No, I don't have the exact numbers, but that is directionally right, Victor. It is pretty much a little bit of the opposite between the DA business and the Security Solutions business, Anja. I think you can probably do the math based on the percentages that Victor mentioned.

不，我沒有確切的數字，但方向是正確的，維克多。DA 業務和安全解決方案業務之間幾乎是截然相反的，Anja。我認為您可以根據 Victor 提到的百分比來進行計算。

Okay. So you should start to benefit from the weakening dollar then.

好的。因此你應該會開始從美元貶值中受益。

Yes, it's interesting. Obviously, the -- with the new administration and some of the policies on tariffs and things like that, we saw in Q1, a tough, right? I think we didn't call it out too much, but we did see a little bit of a headwind from an FX perspective. In Q2, we're seeing, obviously, euro to USD being more in the $1.13, $1.14-ish range. So that should benefit us going into.

是的，很有趣。顯然，隨著新政府上台以及一些關稅等政策的出台，我們在第一季看到了一些困難，對吧？我認為我們並沒有過多地強調這一點，但從外匯角度來看，我們確實看到了一些阻力。在第二季度，我們顯然看到歐元兌美元匯率在 1.13 美元至 1.14 美元左右的範圍內。所以這對我們有好處。

But we're cautious about FX. There's a lot of things in play with the trade policies, the GDP, the Fed just issued and just recently, the economic projection was updated, pointing to a lower economy -- weaker economy rather, higher inflation, just things like that. And so, we're cautious about it. So, so far, it should have some tailwinds, but we're constantly monitoring, Anja.

但我們對外匯持謹慎態度。貿易政策、GDP、聯準會剛發布的數據以及最近更新的經濟預測都影響著許多因素，這些都表明經濟將走低——或者說經濟將更疲軟，通貨膨脹將上升，諸如此類。因此，我們對此持謹慎態度。所以，到目前為止，它應該有一些順風，但我們會不斷監控，安雅。

Okay. And it seems like most of your growth has come from expansion of existing contracts. What are you doing in terms of trying to get new logos?

好的。看起來你們的大部分成長都來自於現有合約的擴展。您在嘗試獲取新標識方面做了哪些工作？

Well, Anja, it varies between the two business units. On the DA side, we have proportionately more effort on lead generation in sort of online lead generation and pursuing them that way. It's a little bit different in security when you're selling to big banks, and they tend to be larger deals. So it's not so much of a pipeline from leads but more trying to have meetings with individual banks face-to-face.

嗯，安雅，兩個業務部門的情況有所不同。在 DA 方面，我們在線上潛在客戶開發方面投入了更多精力，並以此方式來追求他們。當你向大銀行出售證券時，情況會有些不同，而且交易規模往往更大。因此，這不僅是一條來自潛在客戶的管道，更是試圖與各家銀行進行面對面的會談。

So it's a little bit more of a classic field sales team approach, as well as cultivating channel partners that have relationships with these financial institutions that we may not have. So both of those efforts we pursue on the security side.

因此，這更像是一種經典的現場銷售團隊方法，同時培養與我們可能沒有的金融機構建立關係的通路合作夥伴。因此，我們在安全方面做出了這兩項努力。

Okay. And just one last follow-up on the macro environment here. It seems like you haven't really seen a slowdown or your customers having a little bit of a wait-and-see approach to what's going on. Have I understood that correctly or ?

好的。最後再跟進一下宏觀環境。看起來你並沒有真正看到經濟放緩，或者你的客戶對正在發生的事情採取了一點觀望態度。我理解得對嗎？？

Yes, I think that's fair. I mean, the first quarter business was good versus our plan. April has been good. There's certainly a lot of noise. So we have our eye on it, and it's hard to say how things shake out in the latter half of the year.

是的，我認為這很公平。我的意思是，第一季的業務與我們的計劃相比表現良好。四月過得還不錯。確實有很多噪音。因此，我們對此保持關注，但很難說下半年的情況會如何發展。

You were right, directionally, the weakening dollar would help us. It's really -- just to be clear, I just want to clarify this. We do business in a lot of parts of the world, but the exchange rate that matters for us is euro-dollar because we -- most of our revenues in dollars and then a minority of it is in euros. So -- and it also -- although it helps on the revenue side, it increases our cost because we have a significant employee base over in Europe. So we have expenses in euros as well.

您說得對，從方向上看，美元走弱對我們有幫助。確實——只是為了清楚起見，我只是想澄清這一點。我們的業務遍及全球許多地方，但對我們來說重要的匯率是歐元兌美元，因為我們的大部分收入是以美元結算的，而一小部分是以歐元結算的。因此 — — 而且 — — 雖然它對收入有幫助，但它增加了我們的成本，因為我們在歐洲擁有大量員工。因此我們的支出也有歐元的。

So the weakening dollar would help overall. We try not to get too hung up on exchange rates, whether we were hurt a little bit like in Q1 or helped a little bit in Q2, unless they're really extreme. And we're just trying to kind of execute as best we can and not hang our hats on exchange rates, if that makes sense.

因此，美元走弱總體上是有幫助的。我們盡量不要太糾結於匯率，無論我們是否像第一季那樣受到了一點傷害，或者在第二季度得到了一點幫助，除非匯率真的很極端。我們只是盡力執行，而不是把責任放在匯率上，如果這說得通的話。

(Operator Instructions) Rudy Kessinger, D.A. Davidson.

（操作員指示）Rudy Kessinger，D.A.戴維森。

So just what are the net new ARR expectations for the year? You only had $700,000 of net new in the first quarter. Midpoint of guidance, I think, implies another $14.5 million over the next three quarters. I know last year was pretty lumpy, weak in Q1, massive Q2. How should we expect the new bookings and net new ARR to flow through the year?

那麼今年的淨新 ARR 預期到底是多少呢？第一季你的淨新收入只有 70 萬美元。我認為，指導的中點意味著未來三個季度將再增加 1,450 萬美元。我知道去年的情況相當不平穩，第一季表現疲軟，第二季表現強勁。我們應該如何預期新的預訂量和淨新的 ARR 會在全年中流動？

Yes. Thanks for the question, Rudy. So listen, I think when you take a step back, Q1 was aligned to plan. So we grew 9% ARR, which was again, midpoint of our guide. I think what you would expect in Q2, just because of the situation you mentioned, we had a really, really strong Q2 as a result of a couple of large seven-figure deals -- dollar deals that we closed, particularly on the DA side.

是的。謝謝你的提問，魯迪。所以聽著，我認為當你退一步來看時，第一季是與計劃一致的。因此我們的 ARR 成長了 9%，這也是我們指南的中點。我認為正如您所提到的情況一樣，正如您所期望的那樣，我們在第二季度取得了非常非常強勁的業績，這得益於我們完成的幾筆七位數的大筆交易——美元交易，特別是在 DA 方面。

We had, I remember one on the security side. And so, that compare is going to be tough and challenging. And so, I would expect ARR growth to be more in the mid- to low single digits and then gradually increasing for the remaining for the second half of the year, Q3 and Q4 to be back in line with the midpoint guide, Rudy.

我記得我們有，在安全方面有一個。因此，這種比較將會很艱難且富有挑戰性。因此，我預計 ARR 成長率將處於中低個位數之間，然後在今年下半年剩餘時間逐漸增加，第三季和第四季將回到中點指南的水平，Rudy。

Got it. That's helpful. And then secondly, you got a little over $100 million in cash now. You're going to generate a lot of cash this year even above and beyond the dividend if you don't increase it. I heard you mention maybe targeted M&A in the prepared remarks.

知道了。這很有幫助。其次，你現在擁有的現金略超過 1 億美元。如果不增加股息，今年你還會產生大量現金，甚至超過股息。我聽到您在準備好的發言中提到了可能有針對性的併購。

Just how are you thinking about capital allocation? Should we be expecting maybe another buyback, Dutch auction? Or you're more likely going to lean into the M&A side? And if so, what kind of areas -- what are you looking to add via M&A, I guess?

您如何考慮資本配置？我們是否應該期待另一次回購、荷蘭式拍賣？或者您更可能傾向於併購方面？如果是的話，我想問一下，您希望透過併購增加哪些領域？

So let me take a stab at that. I think the Board is going to look at potentially other -- obviously, the institutional dividend was a big thing for us this year and over the course of the year would be -- if it stays at the same level for the full year, it would be close to $20 million return to shareholders.

那麼讓我試試看。我認為董事會將考慮其他潛在因素——顯然，機構股息對我們來說是今年的一件大事，如果全年保持在同一水平，股東回報將接近 2000 萬美元。

The Board will also look at other means of returning cash to shareholders, whether they be buybacks in the open market or a Dutch tender approach. And then on the M&A side, to answer your question directly, we're much more likely, I think, although not exclusively, much more likely to do a deal on the security side of the business, to expand our capabilities because we do have a -- we have a very broad and deep customer base on the security side, 60 of the world's 100 largest banks.

董事會也將研究向股東返還現金的其他方式，無論是在公開市場回購或採用荷蘭式招標方式。在併購方面，直接回答你的問題，我認為，儘管不是唯一的，但我們更有可能在業務的安全方面達成交易，以擴大我們的能力，因為我們確實擁有——我們在安全方面擁有非常廣泛和深入的客戶群，包括全球 100 家最大銀行中的 60 家。

So if we can deliver more value to them through an acquisition that we can add to our product portfolio, we see that as a way to efficiently grow the business. So that would be what we would be looking at. It's likely, Rudy, that is, at least in 2025 to be on the more modest size. We're unlikely to do a giant deal, just to clarify this. That's why we said targeted M&A.

因此，如果我們能夠透過收購為他們提供更多價值，並將其添加到我們的產品組合中，我們就會將其視為有效發展業務的一種方式。這就是我們要關注的。魯迪，至少在 2025 年，其規模可能會更加適中。我們不太可能進行大規模交易，只是為了澄清這一點。這就是我們說有針對性的併購。

Thank you. I am showing no further questions at this time. I would now like to turn it back to Joe Maxa for closing remarks.

謝謝。我目前沒有其他問題。現在我想請喬·馬克薩 (Joe Maxa) 作最後發言。

Thank you, everyone. We look forward to sharing our results with you again next quarter. Have a great day.

謝謝大家。我們期待下個季度再次與您分享我們的成果。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。