OneSpan Inc. (OSPN) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the OneSpan second-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 OneSpan 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your first speaker today, Joe Maxa, VP of Investor Relations. Please go ahead.

現在我想把會議交給今天的第一位講者，投資人關係副總裁 Joe Maxa。請開始。

Thank you, operator. Hello, everyone. Thank you for joining the OneSpan second-quarter 2026 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. 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 second quarter of 2026. 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.

謝謝，接線員。各位好。感謝各位參加 OneSpan 2026 年第二季財報電話會議。本次電話會議將以網路直播方式進行，可至 OneSpan 網站的投資人關係專區 investors.onespan.com 收看。今天與我一同出席的有：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 發布新聞稿，公布我們 2026 年第二季的業績結果。如需取得新聞稿副本及其他投資人資訊，請造訪我們的網站。在我們的準備發言結束後，將開放提問。

Please note that statements made during this conference call that relate to future plans, events, or performance, including the outlook for full-year 2026 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. I direct your attention to today's press release and the company's filings with the US Securities and Exchange Commission for a discussion of such risks and uncertainties.

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，包括對 2026 全年展望及其他長期財務目標的看法，均屬前瞻性陳述。這些陳述涉及風險與不確定性，並以目前的假設為基礎。因此，實際結果可能與這些前瞻性陳述所表達的預期有重大差異。關於此類風險與不確定性的討論，請參閱今日新聞稿以及本公司向美國證券交易委員會提交的文件。

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. 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. Please note that all growth rates discussed on this call refer to a year-over-year basis unless otherwise indicated.

另請注意，本次電話會議中可能討論的某些財務衡量指標係以非 GAAP 基礎呈現，並已自相關 GAAP 財務衡量指標進行調整。我們已在財報新聞稿及網站上的投資人簡報中，提供這些非 GAAP 財務衡量指標的說明，以及與最直接可比的 GAAP 財務衡量指標之調節表。此外，除非另有說明，本次電話會議中提及的所有成長率均以年對年為基礎。請注意，除非另有說明，本次電話會議中提及的所有成長率均以年對年為基礎。

The date of this conference call is August 4, 2026. 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.

本次電話會議日期為 2026 年 8 月 4 日。任何前瞻性陳述及其相關假設均以本日期為準。除法律要求外，我們不承擔因新資訊、未來事件或任何其他原因而更新這些陳述的義務。

I will now turn the call over to Victor.

現在我將把電話會議交給 Victor。

Thank you, Joe. Hello, everyone. Thank you for joining us today. We had a strong second quarter, including subscription revenue growth of 11% and solid profitability with an adjusted EBITDA margin of 28%. Before reviewing our results in more detail, I'd like to spend a few minutes discussing our recently launched DigipassONE authentication platform which represents an important milestone in OneSpan's evolution.

謝謝你，Joe。各位好。感謝各位今天加入我們。我們第二季表現強勁，其中訂閱收入成長 11%，並以 28% 的調整後 EBITDA 利潤率展現穩健獲利能力。在更詳細檢視我們的業績之前，我想先花幾分鐘談談我們近期推出的 DigipassONE 驗證平台，這代表 OneSpan 演進過程中的一個重要里程碑。

DigipassONE unifies the innovations from our Nok Nok Labs and Build38 acquisitions with OneSpan's existing capabilities, delivering a single integrated platform solution. DigipassONE includes four components: DigipassONE Authenticate, DigipassONE Verify, DigipassONE Protect, and DigipassONE Insights. First and foremost, DigipassONE Authenticate builds on the foundation of the world's broadest suite of authentication functionality, including passkeys, FIDO2 security keys, hardware tokens, mobile authenticators, and software authenticators to deliver secure, phishing-resistant login and transaction signing. Banks and other high-value, high-trust customers gain the flexibility to support different users, devices, and authentication preferences through a unified platform.

DigipassONE 將我們收購 Nok Nok Labs 與 Build38 所帶來的創新，與 OneSpan 既有能力整合，提供單一的整合式平台解決方案。DigipassONE 包含四個組件：DigipassONE Authenticate、DigipassONE Verify、DigipassONE Protect，以及 DigipassONE Insights。首先也是最重要的，DigipassONE Authenticate 建構於全球最廣泛的驗證功能套件基礎之上，包含 passkeys、FIDO2 安全金鑰、硬體權杖、行動驗證器與軟體驗證器，提供安全、具抗網路釣魚能力的登入與交易簽署。銀行及其他高價值、高信任度客戶可透過統一平台，彈性支援不同使用者、裝置與驗證偏好。

DigipassONE Verify expands the platform with our new capabilities for verifiable credentials and digital wallets. Verifiable credentials are designed to improve onboarding, authentication, and trust by enabling cryptographically secure and tamper-proof identity verification. DigipassONE Protect strengthens the offering with our mobile application shielding technology. Delivered via both SDKs and post-compilation app wrapping, it protects mobile apps against tampering, abuse, and runtime threats, promoting reliability and trustworthiness for users.

DigipassONE Verify 透過我們在可驗證憑證與數位錢包方面的新能力，擴展了平台功能。可驗證憑證旨在透過可加密驗證且防竄改的身分驗證，提升開戶導入、驗證與信任。DigipassONE Protect 以我們的行動應用程式防護（shielding）技術強化產品組合。其可透過 SDK 與編譯後的 App 包裝（app wrapping）交付，保護行動 App 免於竄改、濫用與執行期威脅，提升使用者的可靠性與可信度。

Last but not least, DigipassONE Insights ties it all together with telemetry and analytical insights across authentication flows and application protection signals so that customers can better react to imminent threats or challenging operating environments.

最後但同樣重要的是，DigipassONE Insights 透過在驗證流程與應用程式防護訊號上的遙測資料與分析洞察，將各項能力串聯起來，使客戶能更有效因應迫在眉睫的威脅或具挑戰性的營運環境。

Looking ahead over the next few years, we expect consumers to begin using agents to conduct banking and other high-value transactions. And we further expect that the development of this new channel for customer interaction will augment, not replace the existing channels of in-person, online, and mobile. In other words, in the future, banks will continue to engage with their customers across branches, websites, and mobile apps, while adding a new category of agent-driven banking interactions.

展望未來幾年，我們預期消費者將開始使用代理（agents）來進行銀行業務及其他高價值交易。我們也進一步預期，這個新的客戶互動通路將是對既有面對面、線上與行動通路的補強，而非取代。換言之，未來銀行仍將透過分行、網站與行動 App 與客戶互動，同時新增一類由代理驅動的銀行互動。

DigipassONE provides the foundation to help banks and other high-value, high-trust businesses, authenticate customers, verify intent, and protect transactions across both existing and emerging channels. We see the shift to agentic-driven interactions in the future as an opportunity to extend our offering and further strengthen our value to our customers. Stepping back, the launch of DigipassONE is a key milestone in a broader platform strategy that strengthens our ability to innovate, deepen customer relationships, address new market opportunities, and support long-term growth.

DigipassONE 提供基礎，協助銀行及其他高價值、高信任度企業，在既有與新興通路上完成客戶驗證、意圖確認，並保護交易。我們將未來轉向由代理驅動的互動視為一項機會，可延伸我們的產品能力並進一步強化我們對客戶的價值。從更宏觀的角度來看，DigipassONE 的推出是更廣泛平台策略中的關鍵里程碑，可強化我們的創新能力、深化客戶關係、掌握新的市場機會，並支持長期成長。

Turning to our Digital Agreements business where we focus on delivering secure, seamless agreement workflows purpose-built for financial services and other highly regulated industries. We believe our combination of white-label e-signatures, identity verification, and workflow automation provides a meaningful differentiator in the market. In addition, we are investing in AI-enabled capabilities designed to help customers improve efficiency, gain deeper insights from agreement workflows, deliver a better end-user experience, seamlessly integrate with agentic workflows, and simplify deployment within existing environments.

接著談我們的數位協議（Digital Agreements）業務，我們專注於提供安全、順暢的協議工作流程，並針對金融服務及其他高度監管產業量身打造。我們相信，白標電子簽章、身分驗證與工作流程自動化的組合，構成我們在市場上的重要差異化優勢。此外，我們正投資於 AI 賦能的能力，旨在協助客戶提升效率、從協議工作流程中獲得更深入洞察、提供更佳的終端使用者體驗、與代理式（agentic）工作流程無縫整合，並簡化在既有環境中的部署。

Turning to our results, as mentioned, we had a solid second quarter, including generating $17 million of adjusted EBITDA, or 28% of revenue. We ended the second quarter with annual recurring revenue of $190 million, up 7% year over year. Total Q2 revenue grew 1% to $60.5 million, and second-quarter subscription revenue grew 11% to $47 million and accounted for 77% of total revenue, up from 70% in last year's Q2. Both business units continued to be solidly profitable at the division level, supporting our Board's commitment to a balanced capital allocation strategy that considers shareholder returns, organic investment, and targeted M&A.

回到我們的業績，如前所述，我們第二季表現穩健，包括創造 1,700 萬美元的調整後 EBITDA，約占營收的 28%。第二季結束時，我們的年度經常性收入（ARR）為 1.90 億美元，年增 7%。第二季總營收成長 1% 至 6,050 萬美元；第二季訂閱收入成長 11% 至 4,700 萬美元，占總營收 77%，高於去年第二季的 70%。兩個事業單位在部門層級均持續維持穩健獲利，支持董事會對平衡資本配置策略的承諾，該策略同時考量股東回饋、有機投資與具針對性的併購（M&A）。

In the second quarter, we returned almost $8 million to shareholders through dividends and share repurchases. And on an aggregate basis over the last four quarters, the total return to shareholders exceeds $40 million, or over $1 per share. The Board has also approved a quarterly dividend of $0.13 per share to be paid in the current quarter and will continue to evaluate additional share repurchase opportunities.

第二季我們透過股利與庫藏股回購，向股東返還近 800 萬美元。而在過去四個季度的合計基礎上，回饋股東的總額超過 4,000 萬美元，或每股超過 1 美元。董事會亦核准本季將發放每股 0.13 美元的季度股利，並將持續評估額外的股票回購機會。

In summary, we continue to make progress in building a stronger foundation for future growth. We have expanded our capabilities through targeted acquisitions and internal innovation, both of which are evidenced in the launch of DigipassONE. We remain focused on serving our customers now and investing for the future in order to be able to continue delivering value to them for years to come.

總結來說，我們持續在打造更強健的未來成長基礎方面取得進展。我們透過具針對性的收購與內部創新擴充能力，而 DigipassONE 的推出正是這兩者的具體展現。我們仍專注於當下服務客戶並為未來投資，以便在未來多年持續為客戶創造價值。

With that, I'll turn the call over to Jorge.

那麼，我把電話交給 Jorge。

Thanks, Victor, and good afternoon, everyone. I'm very pleased to report another strong quarter and continued progress in building a solid foundation for growth. I'm particularly excited about our recent launch of DigipassONE, our platform strategy built to help customers modernize authentication and address other security needs without disrupting existing systems, user experience, or business operations.

謝謝你，Victor，各位下午好。我很高興向各位報告，我們又交出一個強勁的季度表現，並持續在建立穩健的成長基礎方面取得進展。我尤其對我們近期推出的 DigipassONE 感到振奮；這是我們的平台策略，旨在協助客戶在不干擾既有系統、使用者體驗或業務營運的情況下，現代化身分驗證並滿足其他資安需求。

Turning to our results. Annual recurring revenue, or ARR, increased 6.7% year over year to $189.7 million driven by expansion of existing customer contracts, new logos, and the acquisition of Build38. Our net retention rate, or NRR, was 103%. Q2 revenue was $60.5 million, an increase of 1% compared to last year's second quarter, driven by 11% growth in subscription revenue partially offset by a decline in hardware revenue due to the fact that significant hardware revenue had been pulled forward into Q1, which we discussed with you last quarter, as well as a decline in perpetual maintenance revenue as customers continue to move to term licenses.

接著談我們的業績。年度經常性收入（ARR）年增 6.7% 至 1.897 億美元，主要由既有客戶合約擴張、新客戶（new logos）以及收購 Build38 所帶動。我們的淨留存率（NRR）為 103%。第二季營收為 6,050 萬美元，較去年第二季成長 1%，主要由訂閱營收成長 11% 所帶動，但部分被硬體營收下滑所抵銷，原因是我們已將相當可觀的硬體營收提前認列至第一季（我們在上季已與各位討論過），此外，隨著客戶持續轉向定期授權（term licenses），永久性維護（perpetual maintenance）營收也出現下滑。

For the quarter, as Victor mentioned, subscription revenue increased to 77% of total revenue, up from 70% in the prior-year quarter, while hardware and perpetual maintenance revenues accounted for a combined 23% of total revenue as compared to 30% in last year's Q2. Gross margin was 73.6% compared to 73.5% in Q2 of last year.

本季如 Victor 所提，訂閱營收占總營收比重提升至 77%，高於去年同期的 70%；而硬體與永久性維護營收合計占總營收 23%，相較去年第二季的 30% 下降。毛利率為 73.6%，去年第二季為 73.5%。

GAAP operating income was $8.7 million compared to $10.5 million in Q2 2025. The year-over-year change primarily reflects increased operating costs related to our recent acquisitions, including headcount, as well as certain costs related to go-to-market leadership and other organic investments. GAAP net income per share was $0.18 compared to $0.21 in the second quarter of last year. Non-GAAP net income per share was $0.30 compared to $0.34 in last year's Q2. Adjusted EBITDA and adjusted EBITDA margin were $16.9 million and 27.9%, respectively. This is compared to $17.6 million and 29.5% in the same period last year.

依 GAAP 計算的營業利益為 870 萬美元，去年第二季（2025 年第二季）為 1,050 萬美元。年對年變動主要反映與近期收購相關的營運成本增加（包括人力編制），以及與市場推廣（go-to-market）領導團隊相關的部分成本與其他內生成長投資。依 GAAP 計算的每股淨利為 0.18 美元，去年第二季為 0.21 美元。非 GAAP 每股淨利為 0.30 美元，去年第二季為 0.34 美元。調整後 EBITDA 與調整後 EBITDA 利潤率分別為 1,690 萬美元與 27.9%。相較之下，去年同期分別為 1,760 萬美元與 29.5%。

Next, I will discuss the financial results for our 2 business divisions starting with Cybersecurity. Cybersecurity ARR grew 7.4% year over year to $123 million inclusive of the $3 million headwind we discussed last quarter and the acquisition of Build38. Revenue decreased 7.5% to $40.9 million. Subscription revenue grew 2.5% to $27.2 million driven by customer expansion contracts, new logos, as well as revenue from our acquisitions of Nok Nok and Build38, partially offset by lower year-on-year, multi-year term license revenue and lower past-due renewal catch-up revenue this quarter compared to last year's second quarter as we continue to improve our on-time renewal performance. As noted, hardware and perpetual maintenance revenue declined as expected.

接下來我將說明我們兩個事業部門的財務表現，先從資安（Cybersecurity）開始。資安 ARR 年增 7.4% 至 1.23 億美元，包含我們上季提到的 300 萬美元逆風影響，以及收購 Build38 的貢獻。營收下滑 7.5% 至 4,090 萬美元。訂閱營收成長 2.5% 至 2,720 萬美元，主要由客戶擴張合約、新客戶（new logos），以及收購 Nok Nok 與 Build38 帶來的營收所帶動；但部分被年對年多年度定期授權（multi-year term license）營收較低，以及本季逾期續約補認列（past-due renewal catch-up）營收低於去年第二季所抵銷，因為我們持續改善按時續約表現。如前所述，硬體與永久性維護營收如預期下滑。

Gross margin for the Cybersecurity division was 73% compared to 74% in the prior-year quarter, primarily reflecting incremental third-party license costs and incremental amortization of capitalized software costs from the Build38 acquisition. Operating income was $13.8 million or 34% of revenue compared to $19.8 million or 45% of revenue in last year's Q2. The year-over-year change was driven by the differences in revenue and gross margin just discussed and increased operating expenses from acquired companies and increased organic investments.

資安事業部毛利率為 73%，去年同期為 74%，主要反映第三方授權成本增加，以及因收購 Build38 而增加的資本化軟體成本攤銷。營業利益為 1,380 萬美元，占營收 34%；去年第二季為 1,980 萬美元，占營收 45%。年對年變動主要由前述營收與毛利率差異所致，並加上併購公司帶來的營運費用增加，以及內生成長投資增加。

Now turning to Digital Agreements. ARR grew 5.3% year over year to $66.7 million. Revenue grew 25.2% to $19.5 million driven by strong overage revenue, expansion of renewal contracts, and new customer additions. We are encouraged by the strong overage revenue because it is a positive indicator of transaction volume growth, which often results in expansion contracts with existing customers due to higher utilization rates. We expect additional overages in the third quarter of 2026, but not to the same extent as in Q2. As a reminder, overages are not included in ARR or NRR.

接著談數位協議（Digital Agreements）。ARR 年增 5.3% 至 6,670 萬美元。營收成長 25.2% 至 1,950 萬美元，主要由強勁的超額（overage）營收、續約合約擴張，以及新增客戶所帶動。我們對強勁的超額營收感到鼓舞，因為這是交易量成長的正向指標；交易量提升往往會因使用率提高而促成既有客戶的擴張合約。我們預期 2026 年第三季仍會有額外超額，但幅度不會像第二季那麼大。提醒各位，超額不計入 ARR 或 NRR。

Gross margin improved to 74.7%, up from 71.4% in the prior-year period, primarily reflecting higher revenue, including overage revenue. Operating income was $7.0 million or 35.7% of revenue compared to $2.9 million or 18.4% of revenue in the same period last year. The strong improvement in operating income was primarily driven by revenue growth, higher gross margin, and a modest decline in operating expenses, primarily reflecting higher internal software capitalization costs.

毛利率改善至 74.7%，高於去年同期的 71.4%，主要反映營收增加（包含超額營收）。營業利益為 700 萬美元，占營收 35.7%；去年同期為 290 萬美元，占營收 18.4%。營業利益大幅改善主要由營收成長、毛利率提升，以及營運費用小幅下降所帶動；費用下降主要反映內部軟體資本化成本較高。

Turning to our balance sheet, we ended the second quarter with $43.3 million in cash and cash equivalents, and $5 million outstanding on our credit facility compared to $49.8 million in cash and cash equivalents and no outstanding debt at the end of the first quarter. During the quarter, our primary cash outflows including $4.8 million for our quarterly dividend, $2.9 million to repurchase approximately 230,000 shares of common stock, and $3 million for capitalized software development costs. Operating cash flow was a modest outflow of $0.1 million, primarily reflecting normal networking capital fluctuations.

再看資產負債表，我們在第二季末的現金及約當現金為 4,330 萬美元，信用額度（credit facility）項下尚有 500 萬美元未償餘額；相較之下，第一季末現金及約當現金為 4,980 萬美元，且無未償債務。本季主要現金流出包括：季度股利 480 萬美元、以 290 萬美元回購約 23 萬股普通股，以及 300 萬美元的資本化軟體開發成本。營運現金流為小幅流出 10 萬美元，主要反映正常的營運資金波動。

By geographic region, revenue in the second quarter of 2026 was 46% from the Americas, 35% from EMEA, and 19% from Asia Pacific compared to 40%, 39%, and 21% from the same regions in the second quarter of 2025, respectively. The year-over-year changes in revenue by region primarily reflect growth in Digital Agreements and Cybersecurity software in the Americas, which is consistent with our investment strategy and plan; lower Cybersecurity hardware and software revenue in EMEA partially offset by growth in Digital Agreements; and lower hardware revenue in Asia Pacific, partially offset by an increase in Cybersecurity software.

按地理區域劃分，2026 年第二季營收中，美洲占 46%、EMEA 占 35%、亞太占 19%；相較之下，2025 年第二季同區域占比分別為 40%、39% 與 21%。各區域營收年對年變動主要反映：美洲的數位協議與資安軟體成長（與我們的投資策略與計畫一致）；EMEA 的資安硬體與軟體營收較低，部分被數位協議成長所抵銷；以及亞太硬體營收較低，部分被資安軟體增加所抵銷。

Now turning to some modeling notes and our outlook. We are pleased with our second-quarter results and the progress we've made in positioning the company for long-term growth. For the full-year 2026, we are increasing our revenue guidance primarily to reflect higher volumes and consumption in our e-signature business that is expected to result in incremental contract overages. Along with an increase in expected hardware revenue in the second half of the year, primarily Q4, due to increased hardware bookings in the first half of the year as compared to our plan.

接著提供一些建模說明與我們的展望。我們對第二季的成果以及在為公司長期成長定位方面取得的進展感到滿意。針對 2026 全年，我們上調營收指引，主要反映我們電子簽章業務預期將出現更高的使用量與消耗，並可望帶來額外的合約超額收入。同時，我們也上調下半年（主要是第四季）的硬體營收預期，原因是上半年硬體訂單（bookings）較原先計畫更高。

Current hardware revenue forecast calls for about 1/3 of the second-half hardware revenue to be recognized in Q3, which is consistent with the last couple of years showing Q3 as the seasonally lowest of the four quarters followed by a much stronger fourth quarter. More specifically, for the full-year 2026, we expect total revenue to be in the range of $248 million to $252 million as compared to our previous guidance range of $244 million to $249 million.

目前的硬體營收預測顯示，下半年硬體營收約有三分之一將在第三季認列；這與過去幾年一致，第三季通常是四個季度中季節性最低的一季，之後第四季會顯著走強。更具體而言，針對 2026 全年，我們預期總營收將落在 2.48 億至 2.52 億美元之間，相較於先前指引區間 2.44 億至 2.49 億美元。

We expect software and services revenue to be in the range of $202 million to $204 million as compared to our previous guidance range of $201 million to $204 million. We expect hardware revenue to be in the range of $46 million to $48 million as compared to our previous guidance range of $43 million to $45 million. We expect ARR to be in the range of $194 million to $198 million.

我們預期軟體與服務營收將落在 2.02 億美元至 2.04 億美元之間，相較於我們先前的指引區間 2.01 億美元至 2.04 億美元。我們預期硬體營收將落在 4,600 萬美元至 4,800 萬美元之間，相較於我們先前的指引區間 4,300 萬美元至 4,500 萬美元。我們預期 ARR 將落在 1.94 億美元至 1.98 億美元之間。

And we expect adjusted EBITDA to be in the range of $67 million to $71 million as compared to our previous guidance range of $64 million to $68 million. That concludes my remarks.

此外，我們預期調整後 EBITDA 將落在 6,700 萬美元至 7,100 萬美元之間，相較於我們先前的指引區間 6,400 萬美元至 6,800 萬美元。我的發言到此結束。

I will now turn the call back to Victor.

我現在把電話會議交回給 Victor。

Thanks, Jorge. To recap, we're pleased with our second-quarter results and the progress we continue to make across the business. We're serving our customers with mission-critical solutions, investing in areas where we see meaningful growth opportunities and maintaining the financial discipline that enables us to return capital to shareholders. We believe OneSpan is becoming a stronger and more focused company, and we remain committed to creating long-term value for our customers and shareholders.

謝謝你，Jorge。總結來說，我們對第二季的業績以及我們在整體業務上持續取得的進展感到滿意。我們以關鍵任務解決方案服務客戶，投資於我們看到具實質成長機會的領域，並維持財務紀律，使我們能夠將資本回饋給股東。我們相信 OneSpan 正在成為一家更強大且更聚焦的公司，我們也將持續致力於為客戶與股東創造長期價值。

Jorge and I will now be happy to take your questions.

Jorge 和我現在很樂意回答各位的提問。

(Operator Instructions) Gray Powell, US Bank (sic - BTIG).

(接線員指示) Gray Powell，美國銀行(原文如此 - BTIG)。

Yeah, maybe a couple on my side and more of a high-level question, I guess. So just thinking out over the next year or two, as hardware becomes a smaller component of the business. How should we think about the potential for growth to improve on a sustainable basis, and then just more specifically, what are the two or three things that need to happen for OneSpan to sustainably get revenue growth back into the, call it, mid- to high-single digits on an organic basis?

是的，我這邊可能有幾個問題，算是比較高層次的問題。所以在接下來一到兩年，隨著硬體在業務中的占比變小。我們應該如何看待成長在可持續基礎上改善的可能性？更具體地說，要讓 OneSpan 在有機成長的基礎上，營收成長率可持續地回到所謂中到高個位數，您認為需要發生的兩到三件事是什麼？

So I think you're familiar with this, we've certainly talked about it in the past, and you can see it in the numbers. Over time, our software business has been growing, and we had an offset, a negative offset, from the hardware business for quite some time. And we felt like if we could get the hardware business stable, maybe have some revenue coming from the newer security keys, as well as stabilization in the overall hardware business, that growth would show up, overall growth would show up as a result of the software growth. So you see it in the subscription revenue numbers, you see it in the ARR numbers, we've been having solid software growth, and we expect that to continue.

我想你對此很熟悉，我們過去確實談過，你也可以從數字中看到。隨著時間推進，我們的軟體業務一直在成長，而硬體業務在相當長一段時間內對整體形成抵銷，而且是負向抵銷。我們認為，如果能讓硬體業務穩定下來，或許也能從較新的安全金鑰帶來一些營收，同時讓整體硬體業務趨於穩定，那麼在軟體成長的帶動下，整體成長就會顯現。所以你可以在訂閱營收數字、ARR 數字中看到，我們一直有穩健的軟體成長，而且我們預期這會持續。

Obviously, we're not giving guidance for next year, but we have some exciting things happening in terms of our product portfolio, the new DigipassONE platform, and we have emerging technologies with DigipassONE Verify as well, as well as new hires that we've announced on the go-to-market side, a new head of marketing, new channel leader, et cetera. So we are taking all those steps to build for additional growth and get those targets that you're talking about.

顯然，我們不會提供明年的指引，但就產品組合而言，我們有一些令人振奮的進展，包括新的 DigipassONE 平台，以及 DigipassONE Verify 等新興技術；此外，我們也宣布了在 go-to-market 端的新聘任，例如新的行銷主管、新的通路負責人等等。因此，我們正在採取所有這些步驟來為額外成長打底，並朝你所提到的那些目標邁進。

Okay. That's helpful. Just, I guess a separate question. Look, I know DigipassONE has only been out a couple of weeks. Anything you can say on early feedback or customer interest? Just trying to think through what kind of ASP uplift you think that could create for the platform and the potential for net retention rates to improve off of current levels.

好的。這很有幫助。另外一個問題。我知道 DigipassONE 才推出幾週。你們能否談談早期回饋或客戶興趣？我想釐清一下，你們認為這可能為平台帶來多大的 ASP 提升，以及淨留存率是否有機會從目前水準改善。

Yeah. If you think about the platform, we had a very strong authentication offering, which we strengthened considerably about a year ago, a little over a year ago, when we bought Nok Nok and added the passkey capability. So we had that strong authentication platform, and we have been providing app shielding, what we're calling DigipassONE Protect, for some time, but now we own the technology with the acquisition of Build38. So those are cross-sell opportunities going to all the banks that we have and adding app shielding and a potential new capability, not a potential, a new capability that we're developing, DigipassONE Verify. So those are cross-sell opportunities.

可以。如果你從平台角度來看，我們原本就有非常強的身分驗證產品，而在大約一年前、略多於一年前，我們收購 Nok Nok 並加入 passkey 能力後，這項能力又大幅強化。因此我們有了強大的驗證平台；另外，我們也提供應用程式防護（我們稱之為 DigipassONE Protect）已有一段時間，但現在透過收購 Build38，我們已擁有這項技術。所以，這些都是交叉銷售機會：面向我們合作的所有銀行，加入應用程式防護，以及一項我們正在開發的新能力——不是潛在，而是正在開發的新能力——DigipassONE Verify。因此，這些都是交叉銷售機會。

If you think about how to increase revenue growth rates, you're either selling existing things to new customers or new things to existing customers, or newer or existing things to new customers as well. The easiest path there is going to be a cross-sell, it's to sell new things to existing customers. And that's what we're trying to do to drive up the attach rate with DigipassONE Protect, to start down the path of an attach rate with DigipassONE Verify since that's new. And both of those give us an opportunity because we do have this great customer base built up over many years, and that's where we see the most straightforward way to increase the software growth rates.

如果你思考如何提高營收成長率，無非是把既有產品賣給新客戶，或把新產品賣給既有客戶，或者把新或既有產品賣給新客戶。其中最容易的路徑會是交叉銷售，也就是把新產品賣給既有客戶。這正是我們想做的：透過 DigipassONE Protect 提高附加率（attach rate），並且因為 DigipassONE Verify 是新產品，也開始推動其附加率。這兩者都給了我們機會，因為我們多年來建立了很棒的客戶基礎，而我們認為這是提升軟體成長率最直接的方式。

Understood. Okay. Thank you.

了解。好的。謝謝。

Catharine Trebnick, Rosenblatt.

Catharine Trebnick，Rosenblatt。

Well, thanks for taking my question. You frame the agent-driven interactions as incremental to the channel. I know you just released this product. So any specific use cases that your marketing team has identified that you're going after, like high-value payments, dispute resolution? And what are you really seeing in the budget for '26, or should we really think of this more like a '27 item? And then Gray already grabbed my question on the ASP, so thanks. And then how do you change your go-to-market for this play? Go ahead.

謝謝讓我提問。你把代理驅動的互動（agent-driven interactions）定位為對通路的增量。我知道你們才剛發布這個產品。所以你們的行銷團隊是否已識別出一些你們要主攻的具體使用情境，例如高價值支付、爭議處理？另外，你們在 2026 年的預算上實際看到的是什麼，還是我們應該把它更視為 2027 年的項目？然後 Gray 已經問了我關於 ASP 的問題，所以謝謝。最後，針對這個打法，你們會如何調整 go-to-market？請說。

To clarify, are you asking about DigipassONE Verify?

我確認一下，你是在問 DigipassONE Verify 嗎？

Yes.

是的。

Yeah. So that's a new capability. We're doing POCs with customers in the second half of the year. We released an early release version of that in June, and we expect to be learning a lot more about budgets as we go through the process. I think you know this, but in general -- oh, go ahead, sorry.

好的。那是一項新能力。我們會在今年下半年與客戶進行 POC。我們在 6 月發布了該產品的早期版本，並且預期在推進過程中會對預算情況了解得更多。我想你也知道，一般來說——喔，你先說，抱歉。

Well, no. I'm just trying to figure out what use cases you'd be targeting with that and how different that is from what you're currently selling.

沒事。我只是想了解你們會用它鎖定哪些使用情境，以及這和你們目前在賣的東西有多不同。

If you think about what it's doing, there is a European digital identity regulations. The countries have to have wallet specifications done by the end of the year. Obviously, that's going to be many, many different wallets. You have Google and Apple as well. And then banks are going to have to accept them by the end of '27. So we see this as just such a great complement to our authentication offering because people are going to, in a cryptographically tamper-proof way, prove their identity which is obviously super important in onboarding and in general in authentication.

如果你看它在做什麼，歐洲有數位身分的法規。各國必須在年底前完成錢包（wallet）規格。顯然，這將會是非常多、非常不同的錢包。同時也有 Google 和 Apple。然後銀行必須在 2027 年底前接受它們。因此我們認為，這會是對我們驗證產品的一個極佳補充，因為人們將以加密且防竄改的方式證明其身分，而這在開戶（onboarding）以及一般的身分驗證中顯然非常重要。

So we see this as an add-on that a lot of banks -- well, first of all, in Europe, there are going to be regulatory drivers behind it, but also in other markets, it's going to be a super helpful way to make for more secure interactions with your customers.

因此我們把它視為一個加購項目，許多銀行——首先，在歐洲會有法規驅動因素，但在其他市場，這也會是一種非常有幫助的方法，讓你與客戶之間的互動更安全。

Now, in terms of budgets for it, there are regulatory drivers in '27. Most of our, probably over half of our bookings come between September, Labor Day, and the end of the year. So we're heading into our busy season in terms of sales. And I would say we don't have a clear read on 2027 budgets from our customers yet because we're focused, as you might imagine, very much on closing 2026 business.

現在，就相關預算而言，'27 年有監管因素在推動。我們的大多數訂單（bookings），可能超過一半，集中在 9 月、勞工節之後到年底之間。所以就銷售而言，我們正要進入旺季。我會說，我們目前還無法清楚掌握客戶的 2027 年預算，因為如你所想，我們非常專注在拿下 2026 年的業務。

Yeah.

是的。

The POCs and the interest we're seeing from customers are a good sign.

我們看到的 POC（概念驗證）以及客戶的興趣，都是好跡象。

Okay. Very good. Thank you.

好的。非常好。謝謝。

Erik Suppiger, B. Riley Securities.

Erik Suppiger，B. Riley Securities。

Yeah. Thanks for taking the question, and congrats on a good quarter and getting DigipassONE out.

是的。謝謝讓我提問，也恭喜你們這一季表現不錯，並且把 DigipassONE 推出來了。

Thank you.

謝謝。

Just following up on Catharine's question, what adoption, what are the use cases for banks that are using AI agents for banking? Then I'm just curious on the digital agreement side, was the overage associated with a particular account, or is this more of a broader trend? It seemed like it was a particularly strong quarter, and you're talking about some strength in Q3, so what's driving that?

延續 Catharine 的問題，銀行在使用 AI 代理（AI agents）做銀行業務時，目前的採用情況如何、有哪些使用案例？另外我也想請教，在數位協議（digital agreement）這邊，超額（overage）是跟某個特定客戶帳戶有關，還是這是一個更廣泛的趨勢？看起來這一季特別強勁，而且你們也提到 Q3 會有一些力道，所以背後的驅動因素是什麼？

Yeah. So I'll let Jorge answer the overage question, but let me talk about AI agents, so what we believe will occur. If you think about mobile banking apps, the most common activities that are undertaken by customers are things that are pretty straightforward: checking their balance, sending money to a friend or a payment for something, monitoring transactions that have hit or not hit their account. And we think that agents will do not all of it, right? I think this is going to be a new channel for banks, not everything will happen with agents. So if you fast-forward four or five years, then banks are interacting with customers in their physical branches. Some people still go into those, a few people at least, through websites, on a laptop or desktop, through a mobile banking app, which is very, very common today, but also through agentic workflows.

是的。我先讓 Jorge 回答超額的問題，但我先談談 AI 代理，也就是我們認為將會發生的情況。如果你想想行動銀行 App，客戶最常做的事情其實都很直接：查餘額、轉帳給朋友或支付某筆款項、監控有哪些交易已入帳或尚未入帳。我們認為代理會做其中一部分，但不會全部都做，對吧？我認為這會成為銀行的一個新通路，但不是所有事情都會透過代理完成。所以如果你把時間快轉四、五年，銀行會在實體分行與客戶互動。有些人仍然會去分行，至少還有少數人；也會透過網站、在筆電或桌機上；透過行動銀行 App（這在今天非常非常普遍）；但也會透過代理式（agentic）的工作流程。

Now, the ability for a bank to accept those agentic workflows, for a consumer to have an agent that they use to hit multiple different accounts, and for the bank to be able to authenticate that this agent is authorized to act on behalf of this consumer and to verify intent. There's work to be done on those things, but I think that channel is absolutely coming. One of the things that we offer to banks and other high-trust, high-value customers is this breadth of offering. So we're not offering just passkeys or just protection for your mobile banking app, but across the ways that you interact with your customers, you don't need multiple vendors for this consumer-customer interaction. You can use OneSpan and cover -- well, we don't cover branches, I guess, but you can cover all of the digital channels.

而銀行要能接受這些代理式工作流程，讓消費者使用一個代理去存取多個不同帳戶，並且讓銀行能夠驗證該代理已獲授權可代表該消費者行事、並驗證其意圖（intent）。這些事情還需要一些工作，但我認為這個通路絕對會到來。我們提供給銀行以及其他高信任、高價值客戶的一點，是我們產品/服務的廣度。所以我們不只是提供 passkeys，或只是保護你的行動銀行 App；而是涵蓋你與客戶互動的各種方式，你不需要為了這種消費者—客戶互動而找多家供應商。你可以使用 OneSpan 來涵蓋——嗯，我想我們不涵蓋分行——但你可以涵蓋所有數位通路。

Yeah, I can jump in and address the digital agreement overage question, Erik. Thanks for that question. So look, I think we're pretty happy in terms of how DA performed for the quarter, 25% growth. Even if you exclude the overages, which were about year-over-year higher by $2 million and change, you still get to a growth, Erik, of double-digit, 11.3%, which is pretty encouraging. And again, when you take a step back and think about how are these overages generated, they're generated because our clients are overutilizing the volume of transactions they committed, which is a good thing. Arguably, you can think about overages as a leading indicator for ARR, if you would, because often happens that overages then transfer into higher expansion contracts, now part of ARR.

是的，我可以加入並回答數位協議超額的問題，Erik。謝謝你的提問。我想我們對本季 DA 的表現相當滿意，成長 25%。即使排除超額（年對年增加約 200 萬美元多一些），你仍然會得到雙位數成長，11.3%，這相當令人鼓舞。再者，退一步想，這些超額是怎麼產生的？是因為客戶使用的交易量超過他們承諾的量，這其實是好事。你也可以說，超額某種程度上可視為 ARR 的領先指標，因為常見情況是，超額之後會轉成更高的擴充合約，進而納入 ARR。

At this point, if it's an overage, it's not part of ARR, so it's not part of NRR and all those metrics. You can think about overages as a leading indicator for ARR and then leading indicator for revenue. So we feel good about that, obviously happy with the performance. And yeah, it did come from, I would say, a couple of customers primarily. Erik, we normally have a run rate of overages for the full year, I'll talk full year now, probably about $1 million to $1.5 million. I think this year we're obviously going to exceed that amount. For the second half of the year is going to be much less than we recognized so far in the first half. Nonetheless, we feel good about overages. We like overages not only because it's revenue, but it's a leading indicator for activity in our platform.

在這個時間點，如果是超額，它不屬於 ARR，所以也不會納入 NRR 等那些指標。你可以把超額視為 ARR 的領先指標，進而也是營收的領先指標。所以我們對此感覺良好，當然也對表現感到高興。而且是的，我會說主要來自幾個客戶。Erik，我們通常全年的超額 run rate（常態水準）大概是 100 萬到 150 萬美元；我現在講的是全年。我想今年我們顯然會超過這個金額。下半年會比我們上半年目前認列的少很多。儘管如此，我們對超額仍然感到樂觀。我們喜歡超額不只是因為它帶來營收，也因為它是我們平台活動度的領先指標。

Okay, then real quick on --

好的，那很快再問一個關於--

One last one on the hardware. It looks like you're looking for a pretty strong second half. Is that driven by FIDO2, or is there anything that's incrementally picking up in the second half within the hardware?

最後一個關於硬體的問題。看起來你們預期下半年會相當強勁。這是由 FIDO2 驅動的嗎？還是硬體在下半年還有其他額外的回升動能？

Yeah, we -- Go ahead, Jorge. Go ahead.

是的，我們——Jorge 你先。你先說。

Sorry. Just real quickly. So we increased our guidance for hardware from $44 million midpoint to now $47 million, Erik. The primary reason for that is, I guess, a couple of things. One is we saw better activity or higher activity compared to our plan bookings in this case in the first half of the year, which gives us confidence in terms of when these orders are going to get delivered. The earlier we have the bookings, the higher likelihood that those bookings will get delivered in year. And so for that reason, we increased our better visibility and then increased our guidance as well. Go ahead, Vic.

抱歉。我很快說一下。Erik，我們把硬體的指引從中位數 4,400 萬美元上調到現在 4,700 萬美元。主要原因我想有幾點。第一，我們在今年上半年看到比計畫更好的活動量或更高的活動量（在這裡指的是 bookings），這讓我們對這些訂單何時交付更有信心。越早拿到 bookings，這些 bookings 在當年度交付的可能性就越高。因此，我們能見度更好，所以也上調了指引。Vic 你接著說。

Yeah, I was going to say the FIDO2 security keys, we see an avenue for that even within banking to make for easier login, primarily, not exclusively, but primarily in the corporate banking market where hardware is a little bit stronger in corporate banking than in consumers. Consumers tend to use a mobile banking app. Many corporate customers, if they're a treasury department or something like that, are doing their online banking in front of a big screen where a hardware device is not inconvenient. They keep it in their desk drawer, and then they use it when it's time to log in and time for transaction signing as well. So we see the FIDO token opportunity there as well looking ahead to '27, which is one of the reasons we feel good about -- better than we have in the past about hardware, about being able to have that be a flattish business rather than a declining business. Obviously, we haven't given '27 guidance, it's encouraging what we've seen in '26 on the hardware side.

是的，我本來要說，FIDO2 安全金鑰（security keys），即使在銀行業內，我們也看到它能帶來更容易的登入體驗；主要（但不完全）是在企業銀行市場，因為企業銀行的硬體需求比消費者市場更強。消費者通常使用行動銀行 App。許多企業客戶如果是財資部門之類，會在大螢幕前做網銀操作，使用硬體裝置並不不方便。他們把它放在辦公桌抽屜裡，等到要登入、以及要做交易簽署（transaction signing）時再拿出來使用。因此，我們也看到 FIDO token 在那裡的機會，展望到 '27 年；這也是我們對硬體更有信心的原因之一——比過去更有信心——我們有能力讓它成為一個大致持平（flattish）的業務，而不是下滑的業務。當然，我們還沒有提供 '27 年的指引，但我們在 '26 年硬體端看到的情況令人鼓舞。

Okay. And it sounds like finally the FIDO2 is offsetting the decline in the legacy hardware products. Is that right?

好的。聽起來最終 FIDO2 正在抵銷傳統硬體產品的下滑。是這樣嗎？

It's promising on the banking side overall, and It was quite a large business a decade ago, but getting it to a flat or potentially even growing if things go really well, business really helps the overall number, even though, of course, software is the overwhelming majority of our business. It helps not to have a decline in a segment.

整體而言，在銀行端看起來很有希望。十年前那是一個相當大的業務，但即使我們的業務當然以軟體為絕大多數，能把它做到持平、甚至如果一切進展非常順利還可能成長，確實有助於整體數字。某個分部不再下滑會有幫助。

Very good. Thank you.

非常好。謝謝。

Thanks, Erik.

謝謝你，Erik。

Thank you.

謝謝。

Rudy Kessinger, DA Davidson.

Rudy Kessinger，DA Davidson。

Just one for me. What did renewals look like in the quarter? I know the overage is good, the hardware looks like it's better, but if you look at ARR to take a step down quarter-over-quarter, your net expansion rate stepped down a couple points quarter-over-quarter as well. So what do renewals look like or any color on the quarter-over-quarter declines in those metrics?

我這邊只有一個問題。本季的續約情況如何？我知道超額用量（overage）表現不錯、硬體看起來也更好，但如果看 ARR 季對季下滑，你們的淨擴張率也季對季下降了幾個百分點。所以續約看起來如何？或能否就這些指標季對季下滑提供一些說明？

Yeah, I can give you some commentary, Rudy. So look, I think GRR metrics for the businesses were, I'd say, relatively consistent. I think digital agreements was in the 93%-ish, and the GRR for our security business was in the 86%-ish, Rudy, so relatively consistent within the band. As we mentioned sequentially, we were going to have a hit of about $3 million just sequential Q1 to Q2, and that's already part of these numbers. As we go into the second half of the year, we expect to see sequential increases on both DA and security.

好的，Rudy，我可以給你一些說明。我認為各業務的 GRR 指標算是相對一致。我想數位協議（digital agreements）大約在 93% 左右，而我們資安業務的 GRR 大約在 86% 左右，Rudy，所以在區間內相對一致。如我們先前提到的，按序列來看，從 Q1 到 Q2 會有大約 300 萬美元的影響，而這已經反映在這些數字裡。進入下半年後，我們預期 DA 與資安兩邊都會出現季對季的成長。

But overall, I think I would say healthy renewal rates. We're getting more proactive. The team is doing a fantastic job at being proactive, reaching out to customers, and trying to secure those renewals as early as possible. And it gives us visibility into the timing. And one of the things that you also notice in my prepared remarks really is that year-over-year, we did have less, call it, catch from the revenue from past renewals just year-over-year.

但整體而言，我會說續約率是健康的。我們正變得更主動。團隊在主動出擊、聯繫客戶並盡可能提早鎖定續約方面做得非常出色。這也讓我們能掌握續約時點的能見度。而你也會注意到我在事先準備的講稿中提到，從年對年來看，我們來自過往續約所帶來的收入「補抓」（catch-up）相對較少。

That's also an indication that as we get better at renewals and those renewals are getting timely renewed, you're not going to see this incremental lumpiness, if you would, because renewals are getting closed past due. That's also another sign that the team is doing great on renewals, and we're improving those metrics.

這也表示，隨著我們在續約上做得更好、續約也更及時完成，你就不會看到那種額外的、如果你願意這麼說的，波動性（lumpiness），因為續約不再是逾期後才結案。這也是另一個跡象，顯示團隊在續約上做得很棒，我們也正在改善這些指標。

Anja Soderstrom, Sidoti.

Anja Soderstrom，Sidoti。

Most of them have been addressed already, I'm just curious in terms of M&A, you've been quite acquisitive over the past couple of years. What's your appetite for more acquisitions, and what would you be looking for?

大多數問題都已經被回答了。我只是好奇，就併購（M&A）而言，你們過去幾年相當積極。你們對進一步收購的意願有多大？會在尋找什麼樣的標的？

Well, certainly, as you can tell by the last 13 or 14 months, we're certainly open to the idea if it fits into our product strategy. And you can see, really happy with the way we were able to take those two and fold it into our overall offering with DigipassONE. You can see how that strengthens the overall business. We're going to continue to be opportunistic and look for -- the term we've used is targeted M&A. We want to be prudent in how we do it and not reckless. So we're definitely going to be looking for things that fit in well and that make sense for us.

嗯，當然，從過去 13 或 14 個月你也看得出來，如果符合我們的產品策略，我們確實願意考慮。而且你可以看到，我們很高興能把那兩項整合進 DigipassONE 的整體方案中。你也能看到這如何強化整體業務。我們會持續把握機會，尋找——我們用的詞是「目標式併購」。我們希望在執行上審慎，而不是魯莽。所以我們肯定會尋找與我們高度契合、且對我們有意義的項目。

And then the other thing, really kudos to our team, and the teams from Nok Nok and Build38 that joined us because the integrations have gone very well. We've been able to build a unified team, I think, and retain talent, and all those things have been good proof points for us to make us continue to think that that's a viable strategy. In terms of what we would be looking for, I don't want to disclose too much in that area, but you can see, I think, strategically, where we're headed. So things that fit into our overall strategy, we'll continue to look for them.

另外也要稱讚我們的團隊，以及加入我們的 Nok Nok 與 Build38 團隊，因為整合進行得非常順利。我們得以建立一個統一的團隊，我認為也留住了人才，而這些都成為很好的佐證，讓我們持續相信這是一個可行的策略。至於我們會尋找什麼，我不想在這方面透露太多，但你可以看出我想在策略上我們的方向。因此，凡是符合我們整體策略的，我們都會持續留意。

And how do you see the market has developed over the past couple of months? Has the valuations come down or come up or what do you --

那你怎麼看市場在過去幾個月的發展？估值是下來了還是上去了，或者你怎麼看--

Well, it's not like -- I don't know if we're the right person to ask on the month-by-month M&A market because we're looking, but we're not actively bidding every month on a business. Overall, I think we were very, very happy with the talent that we acquired and the technology we acquired with the deal earlier this year in March with Build38, as well as last summer with Nok Nok. And we'll continue to look.

嗯，這不像是——我不確定我們是不是適合被問逐月的併購市場狀況，因為我們在看，但並不是每個月都在積極對某家公司出價。整體而言，我們對今年 3 月與 Build38 的交易，以及去年夏天與 Nok Nok 的交易所取得的人才與技術都非常、非常滿意。我們也會持續尋找。

Okay. Also, I'm just curious about the update to your go-to-market leadership and marketing. How is that evolving, and when do you expect to see some tangible results from those changes?

好的。另外我也想請教你們對 go-to-market 領導團隊與行銷的更新。這方面如何演進？你們預期何時能從這些變動看到一些具體成果？

Yeah, I mean, look, we're already seeing results. I mean, the DigipassONE launch was -- I don't think would have gone as well or as smoothly without a new Head of Marketing. The impact's already being felt. Channel and marketing are both super important.

是的，我的意思是，我們已經看到成果了。DigipassONE 的發表——我認為如果沒有新的行銷主管（Head of Marketing），不會進行得這麼好或這麼順利。影響已經開始顯現。通路與行銷都非常重要。

Revenue, I think it's fair to say, if you think about a 9, 12-month sales cycle for most of our customers and our deals, I think the impact's more in '27 than in '26 in terms of tangible revenue. But in terms of execution, we're already seeing an impact.

至於營收，我想可以這麼說：如果你考慮到我們大多數客戶與交易的銷售週期約 9 到 12 個月，從可見的營收角度來看，影響更多會在 2027 年而不是 2026 年。但就執行面而言，我們已經看到影響。

Okay. Thank you. That was all for me.

好的。謝謝。我這邊就這些。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Joe for closing remarks.

謝謝。問答環節到此結束。接下來我想把時間交回 Joe 作結語。

Thank you, everyone, for joining us today. We look forward to updating you again next quarter. Have a nice evening.

謝謝各位今天參與。我們期待在下個季度再次向各位更新。祝各位晚安。

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

感謝各位參與今天的會議。本次議程到此結束，您現在可以斷線。