Q2 Holdings Inc (QTWO) 2023 Q1 法說會逐字稿

Good day, everyone. My name is Lisa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q2 Holdings First Quarter 2023 Financial Results Conference Call. (Operator Instructions). I would now like to turn the call over to Josh Yankovich, Investor Relations. Please go ahead, sir.

今天是個好日子。我叫麗莎，今天我將擔任你們的會議操作員。在此，我歡迎大家參加 Q2 Holdings 2023 年第一季度財務業績電話會議。 （操作員說明）。我現在想將電話轉給投資者關係部的 Josh Yankovich。請繼續，先生。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for our first quarter 2023 conference call. With me on the call today are Matt Flake, our CEO; David Mehok, our CFO; Jonathan Price, our Executive Vice President of Emerging Businesses, Corporate and Business Development; and our newly appointed President, Kirk Coleman, who will join us for the Q&A portion of the call.

謝謝你，接線員。大家下午好，感謝您參加我們的 2023 年第一季度電話會議。今天與我一起參加電話會議的是我們的首席執行官馬特·弗雷克 (Matt Flake)； David Mehok，我們的首席財務官； Jonathan Price，我們的新興業務、企業和業務發展執行副總裁；我們新任命的總裁柯克·科爾曼 (Kirk Coleman) 將與我們一起參加電話會議的問答部分。

This call contains forward-looking statements that are subject to significant risks and uncertainties, including with respect to our expectations for the future operating and financial performance of Q2 Holdings and for the financial services industry. Actual results may differ materially from those contemplated by these forward-looking statements, and we can give no assurance that such expectations or any of our forward-looking statements will prove to be correct.

本次電話會議包含前瞻性陳述，這些陳述受到重大風險和不確定性的影響，包括我們對 Q2 Holdings 以及金融服務行業未來運營和財務業績的預期。實際結果可能與這些前瞻性陳述預期的結果存在重大差異，我們不能保證此類預期或我們的任何前瞻性陳述將被證明是正確的。

Important factors that could cause actual results to differ materially from those reflected in the forward-looking statements are included in our periodic reports filed with the SEC, copies of which may be found on the Investor Relations section of our website, including our quarterly report on Form 10-Q filed today and subsequent filings and the press release distributed this afternoon regarding the financial results we will discuss today.

可能導致實際結果與前瞻性陳述中反映的結果存在重大差異的重要因素包含在我們向美國證券交易委員會提交的定期報告中，其副本可以在我們網站的投資者關係部分找到，包括我們的季度報告今天提交的 10-Q 表格以及今天下午發布的後續文件和新聞稿涉及我們今天將討論的財務業績。

Forward-looking statements that we make on this call are based on assumptions only as of the date discussed. Investors should not assume that these statements will remain operative at a later time, and we undertake no obligation to update any such forward-looking statements discussed in this call. Also, unless otherwise stated, all financial measures discussed on this call will be on a non-GAAP basis.

我們在本次電話會議中做出的前瞻性陳述僅基於截至討論日期的假設。投資者不應假設這些聲明將在以後繼續有效，我們不承擔更新本次電話會議中討論的任何此類前瞻性聲明的義務。此外，除非另有說明，本次電話會議討論的所有財務指標都將基於非公認會計原則。

A discussion of why we use non-GAAP financial measures and a reconciliation of the non-GAAP measures to the most comparable GAAP measures is included in our press release, which may be found on the Investor Relations section of our website and in our Form 8-K filed with the SEC this afternoon. We have also published additional materials related to today's results on our Investor Relations website.

我們的新聞稿中討論了我們為什麼使用非 GAAP 財務指標以及非 GAAP 指標與最具可比性的 GAAP 指標的調節情況，您可以在我們網站的投資者關係部分和表格 8 中找到該新聞稿。 -K 今天下午向 SEC 提交了申請。我們還在投資者關係網站上發布了與今天的業績相關的其他材料。

Let me now turn the call over to Matt.

現在讓我把電話轉給馬特。

Thanks, Josh. On today's call, I will share our results and highlights from the first quarter. I'll then hand it over to Jonathan to provide more insights into our emerging businesses activity before David discusses our financial results and guidance in more detail. However, before I dive into the quarter, I wanted to spend a few moments sharing our high-level perspective on the regional and community banking space.

謝謝，喬什。在今天的電話會議上，我將分享我們第一季度的業績和亮點。然後，在大衛更詳細地討論我們的財務業績和指導之前，我會將其交給喬納森，以提供有關我們新興業務活動的更多見解。然而，在深入了解本季度之前，我想花一些時間分享我們對區域和社區銀行領域的高層觀點。

Over the past 2 months, we have spent a lot of time with our customers. We partner with a diverse mix of banks and credit unions that represent many different geographies and sizes, and in general, the vast majority of them report that they believe their businesses to be healthy and that they have not been meaningfully impacted by the recent challenges affecting a select number of banks, which aligns with the survey results and research findings that others in our sector have cited in recent calls.

在過去的兩個月裡，我們與客戶一起度過了很多時間。我們與代表許多不同地區和規模的各種銀行和信用合作社合作，一般來說，絕大多數銀行和信用合作社表示，他們相信自己的業務是健康的，並且沒有受到最近影響的挑戰的重大影響。選定的一些銀行，這與我們行業其他人在最近的電話會議中引用的調查結果和研究結果一致。

Moreover, we believe that banking is going to continue to be done digitally and the financial institutions will continue to invest in upgrading their technology to compete in their markets and serve their customers more efficiently.

此外，我們相信銀行業將繼續以數字化方式進行，金融機構將繼續投資升級技術，以在市場中競爭並更有效地為客戶提供服務。

In this environment where retaining customers and deposits are at a premium, technology is especially critical, and we believe we have built a best-in-class digital banking platform, which is designed to help financial institutions win, retain and grow deposits across both retail and commercial lines of business, all from a single system. And we're seeing strong demand and sales execution to support these beliefs.

在這種留住客戶和存款至關重要的環境下，技術尤其重要，我們相信我們已經建立了一流的數字銀行平台，旨在幫助金融機構贏得、留住和增加零售和零售存款和商業業務，全部來自一個系統。我們看到強勁的需求和銷售執行力支持了這些信念。

We've had 2 record sales quarters in a row. We had our best ever win rates in the first quarter. We accelerated subscription revenue growth, and our pipeline remains healthy. With that said, we're seeing some of our larger financial institution customers further tighten spend on discretionary services in addition to what we noted in the February call as they move to a more conservative financial position following recent events.

我們連續兩個季度銷售創紀錄。我們在第一季度取得了有史以來最好的勝率。我們加快了訂閱收入的增長，並且我們的渠道保持健康。話雖如此，除了我們在 2 月份電話會議中指出的情況之外，我們還看到一些較大的金融機構客戶進一步收緊了全權委託服務的支出，因為他們在最近發生的事件後轉向了更加保守的財務狀況。

As a result, we have updated our guidance to reflect some incremental pressure on our services revenue as well as the potential impact to our results associated with First Republic Bank, which as we disclosed last week, represented 2.5% of our revenue in 2022, the majority of which was professional services driven.

因此，我們更新了我們的指引，以反映我們服務收入的一些增量壓力以及對我們與第一共和銀行相關的業績的潛在影響，正如我們上週披露的那樣，該銀行占我們 2022 年收入的 2.5%，其中大部分是專業服務驅動的。

Now let me jump into the results from the first quarter. We delivered strong growth in subscription revenue, which was up 19% year-over-year. As a reminder, subscription revenue, which is driven by our long-term contracts is highly predictable and our largest and highest margin revenue category. Therefore, we believe it is an important barometer of the health and outlook of our business.

現在讓我來看看第一季度的結果。我們的訂閱收入實現了強勁增長，同比增長 19%。提醒一下，由我們的長期合同驅動的訂閱收入是高度可預測的，也是我們最大、利潤率最高的收入類別。因此，我們相信這是我們業務健康狀況和前景的重要晴雨表。

In total, we generated non-GAAP revenue of $153.1 million, up 14% year-over-year and 4% sequentially. And on top of accelerated subscription revenue growth, we delivered increased profitability results with adjusted EBITDA of $16.5 million or 11% of revenue. In recent months, we've talked about managing the business with an increased focus on profitability and our adjusted EBITDA results from the quarter underscore our ability to continue executing on that strategy.

總體而言，我們的非 GAAP 收入為 1.531 億美元，同比增長 14%，環比增長 4%。除了訂閱收入加速增長之外，我們還實現了盈利能力的提高，調整後 EBITDA 達到 1,650 萬美元，佔收入的 11%。近幾個月來，我們一直在談論如何更加註重盈利能力來管理業務，本季度調整後的 EBITDA 結果強調了我們繼續執行該戰略的能力。

On the sales side, we drove strong bookings growth for the second straight quarter and had our best digital banking bookings quarter ever. We delivered record win rates across a broad mix of deals, large and small, bank and credit union, retail, small business and commercial. Competition for these deals are highly competitive and range from point solution start-up to the core companies and payment processors.

在銷售方面，我們連續第二個季度推動了預訂量的強勁增長，並實現了有史以來最好的數字銀行預訂季度。我們在各種規模的交易、銀行和信用合作社、零售、小型企業和商業領域都取得了創紀錄的勝率。這些交易的競爭非常激烈，範圍從單點解決方案初創公司到核心公司和支付處理商。

I'm proud that almost 20 years into this business, we're still winning on innovation, user experience and our single platform approach. We continued to win upmarket, signing 3 new Tier 1 digital banking customers, including 2 top 100 U.S. banks and a top 100 U.S. credit union. One of these deals highlights the value of our single platform approach. The bank came to us for small business banking, but upon seeing the rest of our portfolio, purchased the whole suite from retail to small business to commercial and more making this a top 5 all-time deal in terms of ARR.

我感到自豪的是，進入這個行業近 20 年了，我們仍然在創新、用戶體驗和單一平台方法上獲勝。我們繼續贏得高端市場，新簽了 3 家一級數字銀行客戶，其中包括 2 家美國百強銀行和一家美國百強信用合作社。其中一項交易凸顯了我們單一平台方法的價值。該銀行向我們尋求小型企業銀行業務，但在看到我們投資組合的其餘部分後，購買了從零售到小型企業再到商業等的整套套件，使其成為按 ARR 計算的歷史前 5 名交易。

In my view, the current focus on deposit growth is partially to thank for such a strong sales quarter. It's driving increased demand as prospects look to upgrade from legacy technology in order to win new customers and retain deposits. And our platform gives them a single, efficient, best-in-class solution with which to do that.

在我看來，當前對存款增長的關注部分要歸功於如此強勁的銷售季度。隨著潛在客戶尋求升級傳統技術以贏得新客戶並保留存款，它推動了需求的增長。我們的平台為他們提供了一個單一、高效、一流的解決方案來實現這一目標。

The current focus on deposits is also generating interest in our relationship pricing solutions, where we believe we have a strong second half pipeline. This is because in addition to pricing new loans, financial institutions use these solutions to get the most out of their existing portfolios and more effectively price services on the deposit side of their commercial relationships.

目前對存款的關注也引起了人們對我們的關係定價解決方案的興趣，我們相信我們在下半年擁有強大的渠道。這是因為除了為新貸款定價之外，金融機構還使用這些解決方案來充分利用其現有投資組合，並更有效地為其商業關係的存款方服務定價。

In total, our sales execution and strong financial results from the quarter underscore why we remain confident about the fundamentals of our business. Demand is strong. We're competing better than we ever have. We are accelerating subscription revenue growth, and we are demonstrating our ability to drive improved profitability.

總的來說，我們的銷售執行力和本季度強勁的財務業績凸顯了我們對業務基本面仍然充滿信心的原因。需求強勁。我們的競爭比以往任何時候都更好。我們正在加速訂閱收入的增長，並展示我們提高盈利能力的能力。

And finally, before I turn the call over to Jonathan, I wanted to pause and congratulate Kirk Coleman, who we recently promoted to President. Kirk spent his early career at Accenture, where he specialized in banking and digital transformation. He began his journey with Q2 as an executive at one of our large regional bank customers. In December '21, he joined our team as Chief Banking Officer, where he's overseeing our product, marketing and strategy functions. In that time, he's brought a deep empathy and understanding of our customers' businesses and the financial services industry in general to Q2 and has played an instrumental role in interfacing with customers and guiding our teams.

最後，在我把電話轉給喬納森之前，我想停下來祝賀柯克·科爾曼，我們最近晉升為總統。柯克 (Kirk) 的早期職業生涯是在埃森哲 (Accenture) 度過的，專門從事銀行業和數字化轉型。他從第二季度開始了他的職業生涯，擔任我們一家大型區域銀行客戶的高管。 2021 年 12 月，他加入我們的團隊，擔任首席銀行官，負責監督我們的產品、營銷和戰略職能。在那段時間裡，他對我們客戶的業務和整個金融服務行業產生了深刻的同理心和理解，並在與客戶溝通和指導我們的團隊方面發揮了重要作用。

In his role as President, he will become responsible for scaling the operations of this business from sales and customer relationship management to product development, delivery and support. While I remain focused on areas like culture, strategic direction and discussions with key customers, prospects and investors. I'm excited about his skill set, his passion and his deep management experience, and I look forward to partnering with him to capitalize on the opportunity in front of us.

作為總裁，他將負責擴展該業務的運營，從銷售和客戶關係管理到產品開發、交付和支持。與此同時，我仍然專注於文化、戰略方向以及與主要客戶、潛在客戶和投資者的討論等領域。我對他的技能、熱情和深厚的管理經驗感到興奮，我期待與他合作，利用我們面前的機會。

I'd now like to turn the call over to Jonathan to provide updates and highlights from the first quarter for our emerging businesses.

我現在想將電話轉給喬納森，他將提供我們新興業務第一季度的最新情況和亮點。

Thanks, Matt. I'll start with Q2 Innovation Studio, which has continued to see strong adoption from both partners and customers. When we launched, our vision was to create a best-in-class partner ecosystem that would allow third-party technology to easily integrate into our digital banking platform and, in turn, give our customers the ability to seamlessly add those partners into their digital channel in a fraction of the time of traditional delivery.

謝謝，馬特。我將從第二季度創新工作室開始，它繼續受到合作夥伴和客戶的廣泛採用。當我們推出時，我們的願景是創建一個一流的合作夥伴生態系統，使第三方技術能夠輕鬆集成到我們的數字銀行平台中，進而使我們的客戶能夠將這些合作夥伴無縫地添加到他們的數字銀行平台中。渠道的交付時間僅為傳統交付時間的一小部分。

In doing this, Q2 Innovation Studio will provide financial institutions the ability to save costs associated with traditional technology partnerships, add solutions that drive noninterest fee income and ultimately drive deeper, broader engagement with our account holders. Today, we are several steps towards achieving this vision.

在此過程中，Q2 Innovation Studio 將為金融機構提供節省與傳統技術合作夥伴關係相關成本的能力，添加可推動非利息費用收入的解決方案，並最終推動與我們的賬戶持有人進行更深入、更廣泛的互動。今天，我們為實現這一願景邁出了幾步。

We have driven customer adoption with more than 300 of our digital banking customers representing approximately 16 million users now leveraging Q2 Innovation Studio, and we have scaled the partner ecosystem with more than 120 available technology partners. The last piece of the model is end user adoption, and in the past 12 months, we've more than doubled the number of users actively using our partner solutions, driving high-margin revenue to Q2.

我們已經利用 Q2 Innovation Studio 推動了 300 多家數字銀行客戶（代表大約 1600 萬用戶）的採用，並且我們還通過 120 多個可用技術合作夥伴擴展了合作夥伴生態系統。該模型的最後一部分是最終用戶採用率，在過去 12 個月中，我們積極使用我們的合作夥伴解決方案的用戶數量增加了一倍多，推動第二季度的高利潤收入。

That said, we believe we are still in the early innings of end user adoption. We are pleased with the progress to date and are seeing Q2 Innovation Studio drive real, meaningful outcomes for our customers. Take the story of a roughly $500 million bank in Tennessee. To differentiate themselves in their market, they set an aggressive innovation road map, but couldn't deliver against it quickly enough through conventional delivery channels, and like many regional community financial institutions lack the technology resources to take on the work themselves.

也就是說，我們相信我們仍處於最終用戶採用的早期階段。我們對迄今為止取得的進展感到滿意，並看到第二季度創新工作室為我們的客戶帶來了真正、有意義的成果。以田納西州一家價值約 5 億美元的銀行為例。為了在市場中脫穎而出，他們制定了積極的創新路線圖，但無法通過傳統的交付渠道足夠快地交付，並且像許多區域社區金融機構一樣缺乏技術資源來自行承擔這項工作。

In the last 12 months, the bank has added 6 new solutions using Q2 Innovation Studios' partner ecosystem, from credit scoring to a residential mortgage offering to an AI chatbot. And they have told us they expect to drive over $1 million in combined revenue and cost savings from these solutions in 2023 alone, further strengthening their relationship with their customers and with Q2.

在過去 12 個月中，該銀行利用 Q2 Innovation Studios 的合作夥伴生態系統添加了 6 個新解決方案，從信用評分到住宅抵押貸款服務再到人工智能聊天機器人。他們告訴我們，僅 2023 年，他們預計就可以通過這些解決方案實現超過 100 萬美元的綜合收入和成本節省，從而進一步加強他們與客戶以及第二季度的關係。

In this environment where financial institutions are looking for ways to deliver innovation more efficiently, retain and grow customers and deposits and uncover new revenue opportunities, Q2 Innovation Studio provides an especially compelling value proposition. Because of this, we believe it's a key reason we're seeing record win rates in digital banking. As has been the case for several quarters, Q2 Innovation Studio was cited as the key reason we won in a majority of our digital banking deals. This quarter, it was cited in roughly 75% of our wins.

在金融機構尋求更有效地提供創新、保留和增加客戶和存款以及發現新的收入機會的環境中，Q2 Innovation Studio 提供了特別引人注目的價值主張。正因為如此，我們相信這是我們在數字銀行業務中看到創紀錄的勝率的一個關鍵原因。與幾個季度的情況一樣，Q2 Innovation Studio 被認為是我們贏得大多數數字銀行交易的關鍵原因。本季度，我們大約 75% 的勝利都引用了這一點。

Moving to Helix. We had another strong quarter of renewal activity, signing 2 of our largest customers to multiyear deals. With these renewals, 9 of our 10 largest customers have signed multiyear extensions with us in the past 18 months. Multiyear renewals such as these demonstrate the confidence our customers place in us and provide an important base as we seek to grow and drive improved profitability of Helix in the years ahead.

轉向螺旋。我們的續訂活動又一個強勁的季度，與我們最大的兩家客戶簽訂了多年期協議。通過這些續約，我們 10 個最大的客戶中有 9 個在過去 18 個月內與我們簽署了多年續約。諸如此類的多年期續約證明了客戶對我們的信心，並為我們在未來幾年尋求發展和提高 Helix 的盈利能力奠定了重要基礎。

And the current backdrop is creating opportunities to deepen and grow our relationships. The flexibility of our technology and our deep direct partnerships with our sponsor banks help us move quickly to support our customers as their goals and operating environments change. For example, during the quarter, we worked closely with one customer who after March 9, needed to quickly connect certain capabilities to an alternative bank. We helped them find a solution and leverage Helix technology to solve their problems inside of 24 hours, and we added roughly 300,000 new users in the process.

當前的背景正在為深化和發展我們的關係創造機會。我們技術的靈活性以及與讚助銀行的深入直接合作夥伴關係幫助我們在客戶的目標和運營環境發生變化時快速採取行動，為他們提供支持。例如，在本季度，我們與一位客戶密切合作，該客戶在 3 月 9 日之後需要將某些功能快速連接到另一家銀行。我們幫助他們找到了解決方案，並利用 Helix 技術在 24 小時內解決了他們的問題，在此過程中我們增加了大約 30 萬新用戶。

As far as the demand environment, we believe we have a solid pipeline for the remainder of the year and the companies in our target markets remain committed to pursuing embedded finance strategies. With the current prioritization of customer retention and deposits across the financial services landscape, embedded finance is a powerful way for customers and partner banks to grow deposits. And Helix has a proven, differentiated offering that's already supporting more than 14 million end users across our customer base.

就需求環境而言，我們相信今年剩餘時間我們擁有堅實的渠道，並且目標市場中的公司仍致力於推行嵌入式融資戰略。目前整個金融服務領域都優先考慮客戶保留和存款，嵌入式金融是客戶和合作銀行增加存款的有力方式。 Helix 擁有經過驗證的差異化產品，已為我們客戶群中超過 1400 萬最終用戶提供支持。

Thank you, and with that, I'll pass the call to David to discuss our financial results and guidance in detail.

謝謝您，我將把電話轉給 David，詳細討論我們的財務業績和指導。

Thanks, Jonathan. At the start of the year, we communicated our focus on delivering accelerated growth in subscription revenue, coupled with a meaningful improvement in adjusted EBITDA and cash flow. We're extremely pleased with the progress we made on these priorities in the first quarter as we increased the growth rate of our subscription revenue and built on our bookings momentum with a record performance in digital banking.

謝謝，喬納森。今年年初，我們表達了我們的重點是實現訂閱收入的加速增長，以及調整後 EBITDA 和現金流的顯著改善。我們對第一季度在這些優先事項上取得的進展感到非常滿意，因為我們提高了訂閱收入的增長率，並以數字銀行創紀錄的業績鞏固了我們的預訂勢頭。

We delivered better-than-expected revenue and adjusted EBITDA, in addition to generating better-than-expected cash flow from operations for the first quarter of the year. We also took proactive action to reduce our total debt balance through the repurchase of $171 million of long-term convertible debt at a meaningful discount to face value, reducing our total face value of debt by approximately 26%.

除了今年第一季度的運營現金流好於預期之外，我們還實現了好於預期的收入和調整後的 EBITDA。我們還採取積極行動，通過以較面值大幅折扣的價格回購 1.71 億美元的長期可轉換債務，減少總債務餘額，將債務總面值減少約 26%。

With that, I'll begin by reviewing our results and conclude with updated guidance for the second quarter and full year of 2023. Total non-GAAP revenue for the first quarter was $153.1 million, an increase of 14% year-over-year and up 4% sequentially. The year-over-year and sequential increases for the quarter were primarily driven by growth in subscription-based revenue, which was up 19% year-over-year and 7% sequentially. The year-over-year acceleration in subscription revenue growth was primarily attributable to the deployment of new digital banking customers.

首先，我將回顧我們的業績，並以 2023 年第二季度和全年的最新指引作為結束語。第一季度的非 GAAP 總收入為 1.531 億美元，同比增長 14%，環比上漲4%。本季度的同比和環比增長主要是由訂閱收入增長推動的，訂閱收入同比增長 19%，環比增長 7%。訂閱收入同比增長加速主要歸因於新數字銀行客戶的部署。

In addition, the year-over-year and sequential acceleration in subscription revenue growth was driven from incremental revenue associated with cross-sold solutions and organic growth. Our subscription revenue for the quarter was 75% of our total revenue, up from 72% of total revenue in the prior year period and 74% of total revenue in the previous quarter.

此外，訂閱收入的同比和連續加速是由交叉銷售解決方案和有機增長相關的增量收入推動的。本季度我們的訂閱收入佔總收入的 75%，高於去年同期總收入的 72% 和上一季度總收入的 74%。

Due to the strength we've observed in our subscription-based bookings, we continue to expect our full year 2023 subscription revenue will accelerate from the growth we observed in 2022. The strength in subscription revenue was partially offset by continued weakness in services and transactional revenue. Services revenue was up 5% year-over-year, while transactional revenue was down 5% year-over-year.

由於我們在基於訂閱的預訂方面觀察到的強勁勢頭，我們繼續預計 2023 年全年訂閱收入將比 2022 年觀察到的增長加速。訂閱收入的強勁勢頭被服務和交易的持續疲軟部分抵消。收入。服務收入同比增長 5%，而交易收入同比下降 5%。

As Matt mentioned, we believe developments over the past couple of months will result in lower professional services revenue than anticipated for the remainder of the year. As a result, we're modifying our expectations for professional services engagements associated with projects that are more discretionary in nature, which I will further discuss with our updated guidance.

正如馬特提到的，我們相信過去幾個月的發展將導致今年剩餘時間的專業服務收入低於預期。因此，我們正在修改對與性質上更具自由裁量權的項目相關的專業服務參與的期望，我將在更新的指南中進一步討論這一點。

Transactional revenue represented 11% of total revenue for the quarter, down from the prior year period of 13% and consistent with the previous quarter. Both the year-over-year and sequential decline in transactional revenue are in line with the trends we started to observe in the back half of 2022.

交易收入佔本季度總收入的 11%，低於去年同期的 13%，與上一季度持平。交易收入的同比和環比下降都與我們在 2022 年下半年開始觀察到的趨勢一致。

During the quarter, we added approximately 400,000 users to our digital banking platform, ending the quarter with approximately 21.5 million registered users, an increase of 9% year-over-year. The year-over-year and sequential increase was largely driven by organic user growth.

本季度，我們的數字銀行平台新增了約 40 萬用戶，本季度末註冊用戶數量約為 2,150 萬，同比增長 9%。同比和環比增長主要是由有機用戶增長推動的。

Annualized recurring revenue, or ARR, grew to $672.7 million, up 13% year-over-year. Our subscription ARR growth for the quarter was up 17% year-over-year, driven largely by net new deals within our digital banking business and indicating continued strength in this important part of our business. Within ARR, the growth in subscription revenue was partially offset by a decline in transactional revenue and a moderation of growth in services, driven by lower professional and consulting services.

年化經常性收入 (ARR) 增至 6.727 億美元，同比增長 13%。我們本季度的訂閱 ARR 增長同比增長 17%，這主要是由我們的數字銀行業務中的淨新交易推動的，這表明我們業務的這一重要部分持續強勁。在 ARR 中，訂閱收入的增長部分被交易收入的下降以及專業和諮詢服務下降推動的服務增長放緩所抵消。

Our ending backlog of over $1.5 billion increased by $38 million sequentially or 3% and equated to a 10% increase year-over-year. The year-over-year increase was attributable to strength in net new bookings, including our largest ever digital bankings bookings quarter. The sequential increase was also driven from strong renewal performance. As we mentioned previously, while sequential change in backlog may fluctuate quarter-to-quarter based on the number of renewal opportunities available within a given quarter, we continue to believe we will show an increase in backlog for the full year.

我們的期末積壓超過 15 億美元，比上一季度增加了 3800 萬美元，即 3%，相當於同比增長 10%。同比增長歸因於淨新預訂量的強勁，包括我們有史以來最大的數字銀行預訂季度。強勁的續訂業績也推動了環比增長。正如我們之前提到的，雖然積壓訂單的連續變化可能會根據特定季度內可用的續訂機會數量而按季度波動，但我們仍然相信全年積壓訂單將有所增加。

Gross margins were 54% for the first quarter, up from 51.4% in the prior year period and 51.5% in the previous quarter. The year-over-year and sequential improvement in gross margin was driven primarily by a favorable mix in revenue towards our higher-margin subscription-based business in addition to cost efficiencies within our delivery and support operations. As a reminder, we had a mutual contract termination in the fourth quarter of 2022, which negatively impacted gross margins by 150 basis points for that time period.

第一季度毛利率為 54%，高於去年同期的 51.4% 和上一季度的 51.5%。毛利率的同比和連續改善主要是由於我們的高利潤訂閱業務的有利收入組合以及我們的交付和支持業務的成本效率。提醒一下，我們在 2022 年第四季度終止了雙方合同，這對同期毛利率產生了 150 個基點的負面影響。

Total operating expenses for the first quarter were $72.5 million or 47.4% of revenue compared to $65.7 million or 48.9% of revenue in the first quarter of 2022 and $72.7 million or 49.5% of revenue in the fourth quarter of 2022.

第一季度的總運營支出為 7250 萬美元，佔收入的 47.4%，而 2022 年第一季度的總運營支出為 6570 萬美元，佔收入的 48.9%，2022 年第四季度的總運營支出為 7270 萬美元，佔收入的 49.5%。

The decrease in operating expenses as a percent of revenue was driven primarily from improved cost scaling to revenue within sales and marketing as well as additional cost efficiencies realized in our research and development expense through the effective utilization of our global workforce and enhanced productivity. The sequential decline of sales and marketing as a percent of revenue was also a result of a decrease in marketing events when compared to the fourth quarter of 2022.

運營費用佔收入百分比的下降主要是由於銷售和營銷方面的成本擴大到收入的改善，以及通過有效利用我們的全球勞動力和提高生產力在我們的研發費用中實現的額外成本效率。與 2022 年第四季度相比，銷售和營銷佔收入的百分比連續下降也是由於營銷活動減少所致。

In May, we will have the return of our in-person annual client conference, CONNECT, where we will have over 1,000 guests from our customers and partners in attendance. This event will incur additional sales and marketing expenses of almost $2 million in the second quarter and is reflected in our second quarter guidance.

5 月，我們將再次舉辦年度客戶大會 CONNECT，屆時將有來自客戶和合作夥伴的 1,000 多名嘉賓出席。該活動將在第二季度產生近 200 萬美元的額外銷售和營銷費用，並反映在我們的第二季度指導中。

Total adjusted EBITDA was $16.5 million for the first quarter, up from $8.1 million in the prior year period and $8.4 million in the previous quarter. The year-over-year and sequential change in adjusted EBITDA saw a meaningful benefit from the improved mix of higher-margin subscription revenue, cost effective utilization of our global workforce, broad-based efficiencies across the organization, with the sequential change also benefiting from lower contract-related expenses.

第一季度調整後 EBITDA 總額為 1,650 萬美元，高於去年同期的 810 萬美元和上一季度的 840 萬美元。調整後 EBITDA 的同比和環比變化得益於高利潤訂閱收入的改善組合、​​全球勞動力的成本效益利用、整個組織的廣泛效率，環比變化也受益於降低合同相關費用。

We ended the first quarter with cash, cash equivalents and investments of $271.7 million, down from $433.4 million at the end of the fourth quarter. The decrease in cash was primarily a result of the use of over $149 million for the privately negotiated repurchase of approximately $171 million of convertible debt. In addition, we paid the remaining $11 million in principal amount of our convertible debt, which matured during the first quarter of 2023.

第一季度末，我們的現金、現金等價物和投資為 2.717 億美元，低於第四季度末的 4.334 億美元。現金減少主要是由於使用超過 1.49 億美元用於私下談判回購約 1.71 億美元的可轉換債務。此外，我們還支付了 2023 年第一季度到期的可轉換債務本金中剩餘的 1100 萬美元。

While our first quarter typically reflects a use of cash from operations based on the timing of our annual bonus payout, in the first quarter of 2023, we generated positive cash flow from operations of $3.9 million due to improved profitability and strong working capital management. We believe our continued focus and actions driving higher profitability and working capital management will translate into continued strength in our cash flow conversion for the remainder of the year.

雖然我們第一季度通常根據年度獎金支付時間來反映運營現金的使用情況，但由於盈利能力提高和強大的營運資本管理，我們在 2023 年第一季度從運營中產生了 390 萬美元的正現金流。我們相信，我們持續的關注和行動將推動更高的盈利能力和營運資金管理，這將轉化為我們今年剩餘時間內現金流轉換的持續優勢。

Let me wrap up by sharing our second quarter and updated full year guidance. We forecast second quarter non-GAAP revenue in the range of $153.1 million to $155.1 million. And full year non-GAAP revenue in the range of $618 million to $630 million, representing year-over-year growth of 9% to 11%. As I mentioned previously, while we continue to expect an acceleration in full year subscription revenue growth as compared to the prior year, our updated full year guidance reflects a reduction in our expectations with respect to lower-margin discretionary services revenue, which has an immediate revenue impact.

最後，讓我分享我們的第二季度和更新的全年指引。我們預測第二季度非 GAAP 收入在 1.531 億美元至 1.551 億美元之間。全年非 GAAP 收入在 6.18 億美元至 6.3 億美元之間，同比增長 9% 至 11%。正如我之前提到的，雖然我們繼續預計全年訂閱收入增長將較上年加速，但我們更新後的全年指導反映了我們對利潤率較低的全權委託服務收入的預期降低，這會立即產生影響。收入影響。

We forecast second quarter adjusted EBITDA of $14 million to $16 million and full year 2023 adjusted EBITDA of $67 million to $71 million, representing approximately 11% of non-GAAP revenue for the year. We've raised our full year adjusted EBITDA guidance because we believe that despite expected revenue headwinds within services revenue, our increased mix of higher-margin subscription revenue streams, combined with cost and efficiency initiatives implemented over the past few quarters will generate adjusted EBITDA results exceeding our prior expectations.

我們預計第二季度調整後 EBITDA 為 1400 萬美元至 1600 萬美元，2023 年全年調整後 EBITDA 為 6700 萬美元至 7100 萬美元，約佔當年非 GAAP 收入的 11%。我們提高了全年調整後 EBITDA 指引，因為我們相信，儘管服務收入中預計存在收入阻力，但我們增加的高利潤訂閱收入流組合，再加上過去幾個季度實施的成本和效率舉措，將產生調整後 EBITDA 結果超出了我們之前的預期。

In summary, for the first quarter, we delivered revenue and adjusted EBITDA results above our expectations and an acceleration in subscription ARR driven by record digital banking bookings. We generated positive operating cash flow in what's typically a seasonally challenged quarter for us and reduced our debt balance, primarily through the repurchase of convertible debt at a meaningful discount.

總之，第一季度，我們的收入和調整後的 EBITDA 結果超出了我們的預期，並且在數字銀行預訂創紀錄的推動下，訂閱 ARR 加速增長。我們在通常面臨季節性挑戰的季度中產生了正的運營現金流，並減少了債務餘額，主要是通過以有意義的折扣回購可轉換債務。

We're revising our revenue to incorporate lower discretionary services revenue concentrated in a few larger customers, and we continue to remain confident that the increasing contribution of subscription revenue and improving cost efficiencies will allow us to continue to deliver sustained growth and margin expansion in 2023 and beyond.

我們正在調整我們的收入，以納入集中在一些較大客戶的較低的全權委託服務收入，我們仍然相信訂閱收入的貢獻不斷增加和成本效率的提高將使我們能夠在 2023 年繼續實現持續增長和利潤率擴張超越。

With that, I'll turn the call back over to Matt for his closing remarks.

接下來，我會將電話轉回給馬特，讓他作結束語。

Thanks, David. In closing, I want to reiterate my confidence in our business, our products and our ability to drive long-term value creation. Despite the disruptions in the banking space, we continued to drive acceleration in subscription revenue growth and delivered strong non-GAAP profitability results. We also had a record first quarter in terms of digital banking bookings, building on our momentum from a strong second half of 2022.

謝謝，大衛。最後，我想重申我對我們的業務、我們的產品以及我們推動長期價值創造的能力充滿信心。儘管銀行領域受到干擾，我們仍繼續加速訂閱收入增長，並實現了強勁的非公認會計原則盈利能力。在 2022 年下半年強勁勢頭的基礎上，我們第一季度的數字銀行預訂量也創下了紀錄。

And in this environment where financial institutions are focused on customer retention and growing deposits, we're seeing record win rates and levels of demand for our digital banking solutions, which are proven to help financial institutions win and retain new customers.

在金融機構專注於客戶保留和存款增長的環境中，我們看到了創紀錄的贏率和對我們的數字銀行解決方案的需求水平，事實證明，這些解決方案可以幫助金融機構贏得和留住新客戶。

I also want to emphasize my confidence in the long-term importance of regional and community financial institutions. There have always been big banks, but community-focused banks and credit unions have always offered an agility and localized products and services that set them apart. Today, by being able to level the playing field with technology, I believe they are as viable, competitive and crucial as they've ever been.

我還想強調我對區域和社區金融機構的長期重要性的信心。一直都有大銀行，但以社區為中心的銀行和信用合作社始終提供敏捷性和本地化的產品和服務，使它們與眾不同。今天，通過利用技術創造公平的競爭環境，我相信它們將一如既往地具有可行性、競爭力和重要性。

Community banking is integral to our economy and our way of life. We expect that to remain true long past what we believe will be a temporary disruption we're seeing in the market, and our products have never been more important to our customers than they are right now. Thank you.

社區銀行業務是我們的經濟和生活方式不可或缺的一部分。我們預計，在市場出現暫時性混亂之後，這種情況仍將持續存在，而且我們的產品對客戶來說從未像現在這樣重要。謝謝。

And with that, I'll turn it over to the operator for questions.

然後，我會將其轉交給接線員詢問。

(Operator Instructions) We'll take our first question from Alex Sklar with Raymond James.

（操作員說明）我們將回答 Alex Sklar 和 Raymond James 提出的第一個問題。

Matt, another really nice subscription bookings quarter. I just want to start with the demand environment broadly and specifically, the linearity of bookings in the quarter kind of before versus after the kind of early March, some of the bank failures. I know bookings are normally back of the quarter weighted, but anything to flag in terms of percent of bookings that came in the final few weeks of March versus historical?

馬特，另一個非常好的訂閱預訂季度。我只想從廣泛而具體的需求環境開始，本季度的預訂量與 3 月初的情況以及一些銀行倒閉之後的情況呈線性關係。我知道預訂量通常是按季度末加權的，但是從 3 月份最後幾週的預訂量與歷史預訂量的百分比來看，有什麼可以標記的嗎？

Yes. So I'll answer the bookings question. Thanks, Alex. It was 35% of the bookings came after March 10. So in March 10 is the Silicon Valley Bank situation. So the momentum continued and that kind of builds on the demand environment comments right now. If you think about -- right now, we had record bookings, digital banking bookings, in the first quarter after typically a record bookings for the company in the fourth quarter of last year and a really strong second half of the third quarter.

是的。那麼我來回答一下預訂問題。謝謝，亞歷克斯。 35%的預訂是在3月10日之後。所以3月10日是矽谷銀行的情況。因此，這種勢頭仍在繼續，這種勢頭建立在目前對需求環境的評論之上。如果你想一想——現在，我們在第一季度的數字銀行預訂量創下了紀錄，而去年第四季度該公司的預訂量通常創下了紀錄，第三季度下半年的預訂量也非常強勁。

So 2.5 quarters of really strong bookings and the demand, the pipeline is strong still. RFP activity is up 40% from the prior quarter and the prior year, and we're just seeing a tremendous amount of demand for these products.

因此，2.5 個季度的預訂和需求確實強勁，管道仍然強勁。 RFP 活動比上一季度和去年增加了 40%，我們看到對這些產品的巨大需求。

I would tell you that if you think about what's going on, prospects of ours have customers that have opened accounts at other banks because of the insured account situation. They're getting to see the big 4's technology, and when they look at their existing legacy tech, the banks come back to us and say, we need a modern platform that works on mobile phones and tablets, has full feature functionality, retail small business and commercial banking, and it really is driving a lot of demand in the pipeline for us.

我想告訴你，如果你考慮一下正在發生的事情，我們的潛在客戶中有一些客戶由於受保賬戶的情況而在其他銀行開設了賬戶。他們開始看到四大銀行的技術，當他們看到現有的遺留技術時，銀行回去找我們說，我們需要一個可以在手機和平板電腦上運行的現代化平台，具有完整的功能，零售規模較小企業和商業銀行業務，它確實為我們帶來了大量的需求。

So it takes a little bit to get your arms around that in the environment with the news around community and regional finance institutions, but the demand environment is as strong as it's been in a long time. We feel good about our position. Our win rates are as high as they've been in a significant period of time. So that's it.

因此，你需要花一點時間才能在有關社區和區域金融機構的新聞的環境中掌握這一點，但需求環境與很長一段時間以來一樣強勁。我們對自己的處境感覺良好。我們的勝率在很長一段時間內都達到了最高水平。就是這樣了。

That's a really good flag on the big 4 kind of tech competition kind of driving demand for some of your customers. I guess, David, just one follow-up for you. I appreciate the color on subscription ARR bookings. That's a good call out. Is there anything that's changing in terms of kind of your ability to hit that kind of Rule of 30 outlook exiting last year just given the change in discretionary revenue?

這是四大技術競爭的一個非常好的標誌，可以推動某些客戶的需求。我想，大衛，這只是給你的一個後續行動。我很喜歡訂閱 ARR 預訂上的顏色。這是一個很好的呼籲。考慮到可自由支配收入的變化，您達到去年退出的 30 法則前景的能力是否發生了任何變化？

Not at all, Alex. In fact, one of the things that we talked about when we had our call 3 months ago was the fact that there is flexibility in that model. That Rule of 30 concept, Rule of 40 concept obviously provides us with flexibility and we can modulate either one of the line items, depending upon what the market gives us in one instance and the things that we can control in costs in the other. So we feel really good now about our ability to continue to deliver on the combined EBITDA as well as growth rates as we get towards the end of 2024.

一點也不，亞歷克斯。事實上，三個月前我們接到電話時討論的事情之一就是該模型具有靈活性。 30 規則概念和 40 規則概念顯然為我們提供了靈活性，我們可以根據市場在一種情況下為我們提供的條件以及在另一種情況下我們可以控製成本的情況來調整其中任何一個項目。因此，我們現在對到 2024 年底繼續實現綜合 EBITDA 和增長率的能力感到非常滿意。

I'll give you an example. This year, if you remember, when we gave our guidance originally, we were at about 21% to 22% in terms of those 2 metrics combined. We came down with our growth -- revenue growth rate based upon discretionary services, but with our increase in EBITDA guidance, we're roughly in that same range. So it's an example this year of our ability to modulate, our ability to execute on those things that we control, which is cost in this instance, and we think we're going to be able to continue to do that until '24 and hit that Rule of 30.

我給你舉個例子。今年，如果您還記得的話，當我們最初給出指導時，這兩個指標的總和約為 21% 至 22%。我們的增長——基於全權委託服務的收入增長率有所下降，但隨著 EBITDA 指導的增加，我們大致處於同一範圍內。因此，這是今年我們調節能力、執行我們控制的事情的能力的一個例子，在這種情況下這就是成本，我們認為我們將能夠繼續這樣做，直到 24 歲並達到30 條規則。

We'll take our next question from Andrew Schmidt with Citi Global Markets.

我們將回答花旗全球市場部安德魯·施密特的下一個問題。

Kirk, congrats on your new role. Great to see the resilience in the demand environment. Something we have kind of thought about a lot as well. But maybe to put a finer point on it, since you do serve a wide range of [FIs] across digital banking, digital lending. Could you talk about if there are differences in demand, pipeline, sales cycles across whether it's different types of FIs or for an asset-size institutions. And then maybe as a quick follow-up to that, if you could comment on just the overall health of your customer base. It sounds like you've talked to a lot of customers. What you're seeing there? Anything on those fronts would be helpful.

柯克，祝賀你擔任新角色。很高興看到需求環境的彈性。我們也思考了很多。但也許可以更詳細地闡述這一點，因為您確實為數字銀行、數字借貸領域的廣泛[FI]提供服務。您能否談談無論是不同類型的金融機構還是資產規模的機構，在需求、管道、銷售週期方面是否存在差異？然後，如果您可以對客戶群的整體健康狀況發表評論，也許可以作為對此的快速跟進。聽起來您已經與很多客戶交談過。你在那裡看到什麼？這些方面的任何事情都會有所幫助。

Yes. Sure, Andrew. I would say also welcome to Kirk as well. Really excited to have him on board or have him as a President. From a -- it doesn't matter right now whether you're a Tier 3, Tier 2 or Tier 1 customer. The thing I think that's differentiating is the ones that are thinking about using technology as a way to compete and differentiate. And that's where we're seeing the demand come from. Obviously, the ones that may not have as strategic of a view as our customer base or the prospects that are out there aren't in play. But the ones that we've always gravitated towards are the ones that have a strategic view and we have a long-term view in the marketplace. So it's been a -- the demand has just been strong in all 3 categories: Tier 3, Tier 2 and Tier 1.

是的。當然，安德魯。我想說也歡迎柯克。非常高興他能加入或讓他擔任總裁。從——現在您是第 3 級、第 2 級還是第 1 級客戶並不重要。我認為與眾不同的是那些考慮使用技術作為競爭和差異化方式的人。這就是我們看到需求的來源。顯然，那些可能不像我們的客戶群或潛在客戶那樣具有戰略眼光的人不會發揮作用。但我們一直傾向於那些具有戰略眼光並且對市場有長遠眼光的公司。因此，所有 3 個類別的需求都很強勁：第 3 級、第 2 級和第 1 級。

And the second part of the question was around the health of the customers. We talked about it a little bit. I think all of the core processors and everybody have talked about -- the edge cases that occurred here, whether it's business model, runs on the bank, poor management, those are edge cases.

問題的第二部分是關於顧客的健康狀況。我們談了一點。我認為所有的核心處理器和每個人都討論過——這裡發生的邊緣情況，無論是商業模式、銀行運作、管理不善，這些都是邊緣情況。

The vast majority of our customers bank, individuals, small businesses, medium-sized businesses, they're Main Street lenders and depositors. And those folks just -- they didn't see what these other financial institutions that have trouble have seen. And so it's a matter -- I think we have to get through this storm, and then we will realize that these guys are a critical part of the economy. There where job growth comes from. There's where entrepreneurship goes.

我們的絕大多數客戶是銀行、個人、小型企業、中型企業，他們是大街貸款人和儲戶。這些人只是——他們沒有看到其他遇到麻煩的金融機構所看到的情況。所以這是一個問題——我認為我們必須度過這場風暴，然後我們就會意識到這些人是經濟的關鍵部分。就業增長就來自於此。這就是創業的去處。

So We believe we have a very healthy customer base, with our ratings are strong on our customers. Of course, you're going to have some of these educations that occur, but we feel really good about the health of our customers. We have a broad and diverse set of customers that are both credit unions, banks, big, small, midsize and banking, a lot of different businesses. So feel really good about the customer health. It's just going to take a little time for people to get comfortable with it.

因此，我們相信我們擁有非常健康的客戶群，我們的客戶對我們的評價很高。當然，您將會接受一些此類教育，但我們對客戶的健康狀況感到非常滿意。我們擁有廣泛而多樣化的客戶群，其中包括信用合作社、銀行、大型、小型、中型和銀行業以及許多不同的企業。因此，對客戶的健康狀況感到非常滿意。人們只需要一點時間就能適應它。

Super helpful. Thank you for the commentary, Matt. And then if I could ask about just on the cost side. Great to see the EBITDA performance for the full year despite the top line. It looks like there might have been some cost efficiencies that were accelerated or kind of some better execution there. Maybe just talk about what kind of cost efficiency benefits that are embedded for this year? And then what's the opportunity for just seeing kind of incremental benefit from those? Because I know you do have a number of things going on. Any context there in the cost, that would be helpful.

超級有幫助。謝謝你的評論，馬特。然後我是否可以詢問成本方面的問題。儘管收入不高，但很高興看到全年的 EBITDA 表現。看起來可能會加速一些成本效率或者更好的執行。也許只是談談今年嵌入了什麼樣的成本效率優勢？那麼從這些中看到增量收益的機會是什麼？因為我知道你確實有很多事情正在發生。任何有關成本的背景都會有幫助。

Yes. Sure, Andrew. And this is something that we started last summer. It's not something that we've implemented over the course of the last few months, and we've just been building on a lot of those initiatives that we put in place about 9 to 10 months ago. I'll give you an example of some of those that are having the biggest impact.

是的。當然，安德魯。這是我們去年夏天開始的事情。這不是我們在過去幾個月裡實施的事情，我們只是在大約 9 到 10 個月前實施的許多舉措的基礎上再接再厲。我將舉一個例子來說明其中一些影響最大的因素。

The first is utilization of global resources in a more effective manner. We're doing that across many areas of the business, and we're finding not only is it helping us in terms of our cost profile, but it's also helping us in terms of the overall output. We're seeing really high output from the teams that we're utilizing overseas. We're continuing to invest in those areas, and we found it to be highly effective across the board.

一是更有效地利用全球資源。我們在業務的許多領域都這樣做，我們發現它不僅對我們的成本狀況有幫助，而且對我們的整體產出也有幫助。我們看到我們在海外使用的團隊的產出非常高。我們將繼續在這些領域進行投資，我們發現它在各個方面都非常有效。

We've looked at our facilities footprint exiting last year. We've continued to execute on that in terms of reducing the overall footprint. You see about a $3 million, $3.5 million impact this year relative to last year in terms of some of the actions we've taken there. We've gotten more aggressive in terms of our ability to consolidate vendors and drive costs out from a procurement standpoint. And then we're using automation in everything that we possibly can to improve a lot of the processes that we have, and as a result, the cost.

我們查看了去年退出的設施足跡。我們繼續在減少總體足跡方面執行這一舉措。與去年相比，我們今年採取的一些行動產生了 300 萬至 350 萬美元的影響。從採購的角度來看，我們在整合供應商和降低成本方面變得更加積極。然後我們在一切可能的方面使用自動化來改進我們現有的許多流程，從而降低成本。

As an example, in our customer care, we're using AI to help us better understand customer behaviors and drive a lot of efficiencies there. So there's a lot of that that's embedded in different areas of the business that are driving incremental areas of productivity, and that's translating into cost. So as we're growing the business, we're not having to add heads. And in some instances, as we may have somebody leave the company, we'll have to backfill those roles. And so we feel really good about what we've seen and through the first quarter in terms of our cost profile, and obviously, we have confidence that we're going to be able to continue to do the same thing going forward for the next 3 quarters, which is the result of the increased guidance in EBITDA.

舉個例子，在我們的客戶服務中，我們使用人工智能來幫助我們更好地了解客戶行為並提高效率。因此，業務的不同領域中嵌入了很多內容，這些內容正在推動生產力的增量領域，並轉化為成本。因此，當我們發展業務時，我們不必增加人員。在某些情況下，由於我們可能有人離開公司，我們將不得不重新填補這些職位。因此，就我們的成本狀況而言，我們對第一季度所看到的情況感到非常滿意，顯然，我們有信心在下一個季度繼續做同樣的事情3 個季度，這是 EBITDA 指引增加的結果。

We'll take our next question from Terry Tillman with Truist Securities.

我們將回答 Truist Securities 的特里·蒂爾曼 (Terry Tillman) 提出的下一個問題。

I appreciate all the color, and nice job on the bookings. I guess maybe -- I don't know if this is for you, Matt or Kirk. Is Kirk going to answer questions if we asked him a question? Or I don't want to put him on the spot, but I just wanted to kind of know that before I unleash my questions here.

我很欣賞所有的顏色，並且預訂工作做得很好。我想也許——我不知道這是否適合你，馬特或柯克。如果我們問柯克問題，他會回答問題嗎？或者我不想讓他難堪，但我只是想在提出問題之前先了解一下這一點。

I'm here, Terry.

我在這裡，特里。

He can answer your question.

他可以回答你的問題。

Okay. All right. Well -- and I don't know if this is more for Matt right now, but I'll let anybody just attack it, or even David. But you guys every quarter for a number of quarters, have been talking about these digital banking wins where it's commercial and small business banking. I mean, definitely something's afoot. I know you all have been working on this for years in terms of hardening that platform, but what I'm curious about is, is it a lot of legacy replacement opportunities and just kind of where do you think we are in the innings of that? And where have you gotten to in terms of being able to scale to the much larger banks in terms of managing treasury and commercial banking services? And then I have a follow-up.

好的。好的。嗯——我不知道現在這是否更適合馬特，但我會讓任何人攻擊它，甚至是大衛。但你們幾個季度每個季度都在談論這些數字銀行業務在商業和小型企業銀行業務方面的勝利。我的意思是，肯定有什麼事情正在發生。我知道你們多年來一直致力於強化該平台，但我很好奇的是，這是否有很多遺留替換機會，以及您認為我們處於哪個階段？在管理資金和商業銀行服務方面，您在能夠擴展到更大的銀行方面取得了哪些進展？然後我有一個後續行動。

Yes. I'll comment on the success in small, midsized and commercial banking. Sometimes I have to remind people that our first line of code that we wrote in 2004 had ACH's wires, tax payments and entitlements built into it, but about 12 years ago, we made a significant investment into treasury and commercial banking capabilities, which takes you up above small business.

是的。我將評論中小型和商業銀行業務的成功。有時我必須提醒人們，我們在 2004 年編寫的第一行代碼內置了 ACH 的電匯、納稅和權利，但大約 12 年前，我們對財務和商業銀行功能進行了大量投資，這需要您高於小型企業。

And what we learned during that process is you can write the software and you can deliver the code, but the experience around delivering the software, converting from legacy systems, providing a support infrastructure around those customers and integrating into the systems that are different than retail, it takes a long time. And as we've shown you over the last -- since we've gone public in '14, with more than 75 customers above 100 -- above $5 billion in assets, we are really moving into that area where we can handle larger commercial customers.

我們在這個過程中學到的是，你可以編寫軟件，也可以交付代碼，但是交付軟件、從遺留系統轉換、圍繞這些客戶提供支持基礎設施以及集成到不同於零售系統的經驗，需要很長時間。正如我們在過去向您展示的那樣——自從我們在 14 年上市以來，我們擁有超過 75 個 100 歲以上的客戶——資產超過 50 億美元，我們確實正在進入可以處理更大商業業務的領域。顧客。

And that success over the last couple of quarters is about a product that is very difficult to compete within the marketplace. If you're a legacy tech player that hasn't been able to modernize your tech where it works on mobile phones and tablets and has a sleek user interface and also was able to integrate to not only the commercial systems but the retail systems. And then if you're down market and you don't have any experience converting a $10 billion, $15 billion, $20 billion bank off these systems, they're not going to take their chance with their crown jewels to go to somebody who's never done it before.

過去幾個季度的成功是因為該產品很難在市場上競爭。如果您是一位傳統技術玩家，無法對您的技術進行現代化改造，使其能夠在手機和平板電腦上運行，並且具有時尚的用戶界面，並且不僅能夠集成到商業系統，而且還能夠集成到零售系統。然後，如果你處於低端市場，並且沒有任何經驗將 100 億美元、150 億美元、200 億美元的銀行從這些系統中轉換出來，他們就不會冒險把他們的皇冠上的寶石交給那些從來沒有這樣做過的人。以前做過。

And so we're in a really unique spot there, competing with these legacy players. It's all legacy tech out there on the commercial side, Terry. In some cases, 25, 35 years old is what we're talking about as far as some of the -- even older than that, some of the systems that they're using. So I feel really good about the demand environment there and doing well. So that's -- it's a good place to be, and I think you're going to continue to see that success through this year and hopefully beyond that.

因此，我們處於一個非常獨特的位置，與這些傳統玩家競爭。特里，這都是商業方面的遺留技術。在某些情況下，我們所談論的一些系統的年齡是 25 歲、35 歲，甚至更老，他們正在使用的一些系統。所以我對那裡的需求環境感覺非常好並且做得很好。所以這是一個好地方，我認為今年你將繼續看到這種成功，並希望能夠超越這一年。

That's great to hear. And I guess maybe, Kirk, to go ahead and put you on the spot then, and congrats on the new role, but you are a former bank technology executive. As you've had some time at Q2, what product or kind of market opportunity do you think is maybe least understood or underappreciated?

聽到這個消息我很高興。我想柯克，也許可以繼續讓你處於困境中，並祝賀你擔任新角色，但你是前銀行技術主管。正如您在第二季度經歷的那樣，您認為哪些產品或類型的市場機會可能最不被理解或低估？

Yes. Thanks, Terry. I appreciate the congratulations. I'd kind of point to 2 different things, just to double down on some of what Matt was talking about. The difference between just kind of a regular business account and treasury management services is pretty substantial in terms of the complexity of actually delivering that and scaling it in a way that's really important, not just for the largest institutions, but also for small institutions who are serving very specific segments and that sort of thing.

是的。謝謝，特里。我很感激你的祝賀。我想指出兩件不同的事情，只是為了強調馬特正在談論的一些內容。普通企業賬戶和資金管理服務之間的區別在實際交付和擴展的複雜性方面相當大，這一點非常重要，不僅對於最大的機構，而且對於小型機構來說也非常重要。服務於非常具體的細分市場之類的事情。

And it takes a lot of that [bats] to get really good at that because you have to see all the different varieties. We have a really wonderfully diverse set of customers, and so that gives us a lot of different things to work on with them. And so that builds up over time. I think that's probably not as appreciated from the outside as what we see on the inside and the amount of investment that we've had to make over time.

需要很多[蝙蝠]才能真正擅長這一點，因為你必須看到所有不同的品種。我們擁有非常多樣化的客戶群，因此我們可以與他們合作做很多不同的事情。隨著時間的推移，這種情況會逐漸增加。我認為，從外部來看，這可能不像我們在內部看到的那樣，以及隨著時間的推移我們必須進行的投資金額。

That also bridges over into things like our PrecisionLender product, right, which is now transitioning fully into both sides of the balance sheet, where we have treasury premium pricing capabilities, which in this environment, of course, is just critically important in terms of pricing, not just the loans, but the deposit relationships. And all of those treasury relationships will just kind of remember that on the deposit side of the balance sheet, the real money is made when you can charge for treasury services.

這也連接到像我們的 PrecisionLender 產品這樣的東西，右圖，該產品現在正在完全過渡到資產負債表的兩側，我們擁有財務溢價定價能力，當然，在這種環境下，這在定價方面至關重要，不僅僅是貸款，還有存款關係。所有這些財務關係都會記住，在資產負債表的存款方面，當您可以收取財務服務費用時，才能賺到真正的錢。

And so getting that really right and being able to customize it, particularly for your larger customers is super important. So I think that would be an arena, Terry, that I would point to. I think the amount of R&D that had to go into building those kinds of products is probably not as well understood as we might like.

因此，真正正確地做到這一點並能夠對其進行定制，特別是對於您的大客戶來說，是非常重要的。所以我認為這將是一個競技場，特里，我會指出。我認為構建此類產品所需的研發工作量可能並不像我們希望的那樣被充分理解。

We'll take our next question from Bob Napoli with William Blair.

我們將回答鮑勃·納波利和威廉·布萊爾提出的下一個問題。

This is Adib Choudhury on for Bob. Just in terms of first question, could you just talk a little bit more about that decision, I guess, structurally to break out the President and CEO role? And how we should think about the impact, if any, in terms of Q2's core strategy and go-to-market?

我是阿迪布·喬杜里 (Adib Choudhury) 替鮑勃 (Bob) 發言。就第一個問題而言，您能否多談談這個決定，我想，在結構上是為了突破總裁兼首席執行官的角色？我們應該如何考慮對第二季度核心戰略和上市的影響（如果有的話）？

Yes. It won't have any impact on our go-to-market. It's just deepening the leadership bench, opening up the room for more voices and perspectives, which is a valuable thing for us to do at this stage and scale in the company, and it's focusing leadership on both the strategic and the operational sides of the business. Execution is critical to us. Our customers want to see it, I want to see it. My board wants to see it, the shareholders do.

是的。它不會對我們的上市產生任何影響。這只是深化了領導層，為更多的聲音和觀點提供了空間，這對我們在公司的現階段和規模來說是一件有價值的事情，並且它將領導力集中在業務的戰略和運營方面。執行力對我們來說至關重要。我們的客戶想看到它，我也想看到它。我的董事會希望看到這一點，股東也希望看到這一點。

And I think with Kirk laser-focused on the operational side of the business and me working with him to help him in any way I can and him providing help for me and the team on the strategic side, it's just -- it was a natural time for us to do it at this size, and I'm excited about having him.

我認為，柯克專注於業務的運營方面，而我與他合作，盡我所能幫助他，而他在戰略方面為我和團隊提供幫助，這是很自然的事情我們是時候以這樣的規模來做這件事了，我很高興能擁有他。

And then just as a quick follow-up. Just thinking about kind of capital allocation and M&A. Could you kind of talk about your current appetite in the current environment and if you're starting to see more attractively priced assets and things that you potentially be interested in, in terms of product-oriented capabilities or others?

然後作為快速跟進。只是考慮資本配置和併購。您能否談談您在當前環境下的當前興趣，以及您是否開始看到價格更具吸引力的資產以及您可能感興趣的東西（在面向產品的功能或其他方面）？

Yes. I mean -- it's Jonathan. I would say we're starting to see the flow of inbound opportunities, but candidly, the quality of the assets and the value expectations aren't where we'd like them to be or we expect them to be as we get towards the end of this year and into next year. And that has taken longer, but to be fair, there's been a lot of other macro events that have occurred that might have delayed that from happening.

是的。我的意思是——這是喬納森。我想說的是，我們開始看到入境機會的流動，但坦率地說，資產的質量和價值預期並未達到我們希望的水平，或者我們在接近尾聲時所期望的水平今年和明年。這花費了更長的時間，但公平地說，已經發生了許多其他宏觀事件，可能會推遲這一事件的發生。

So we are seeing more inbound activity from the corp dev standpoint, but again, nothing that has excited us or got us to a point of action. And candidly, I think we're in a moment in time where we have to be pretty prudent when it comes to capital allocation, given the scarcity value of cash, and we have a good amount to be competitive and credible in these discussions. And so we just have to be smart about doing the right deals. And so that's sort of where we sit today on the corp dev front.

因此，從公司開發的角度來看，我們看到了更多的入站活動，但同樣，沒有什麼能讓我們興奮或讓我們採取行動。坦率地說，我認為我們正處於這樣一個時刻，鑑於現金的稀缺價值，我們在資本配置方面必須非常謹慎，而且我們在這些討論中具有很大的競爭力和可信度。因此，我們必須明智地做出正確的交易。這就是我們今天在公司開發方面的立場。

Our next question comes from William McNamara with BTIG.

我們的下一個問題來自 BTIG 的 William McNamara。

Just kind of wanted to know how you guys are seeing current demand from customers for more automation or AI capabilities.

只是想知道你們如何看待客戶當前對更多自動化或人工智能功能的需求。

Kirk, do you want to take that?

柯克，你想接受這個嗎？

Yes. William, thanks for the question. It's early, right? We're not even in the first inning, we're in the first pitch of the first inning when it comes to kind of where we are in the evolution of AI. We're excited about the potential that it has for positively impacting our business and our products. But having said that, risk management, information security, compliance, privacy are all really important concerns.

是的。威廉，謝謝你的提問。還早吧？我們甚至還沒有進入第一局，就我們在人工智能進化中所處的位置而言，我們正處於第一局的第一個投球。我們對它對我們的業務和產品產生積極影響的潛力感到興奮。但話雖如此，風險管理、信息安全、合規性、隱私都是非常重要的問題。

So we're looking at all those aspects as we think about how we can move forward. Certainly, it's a conversation we're having with our customers, and I'd say just stay tuned on what some of the possibilities are going to be.

因此，我們在考慮如何前進時會考慮所有這些方面。當然，這是我們正在與客戶進行的對話，我想說，請繼續關注其中的一些可能性。

(Operator Instructions) We'll take our next question from Parker Lane with Stifel.

（操作員說明）我們將接受 Parker Lane 和 Stifel 提出的下一個問題。

Wondering if you could talk a little bit more about the discretionary services spend and the headwinds you're facing there. I think we've talked in the past about back-office automation, staff augmentation, efficiency projects being the areas that people are looking to trim right now. Is it largely the same tune on that front? Or are you seeing incremental challenges, different areas and types of project scope of the work coming in and compressing here?

想知道您是否可以多談談可自由支配的服務支出以及您在那裡面臨的阻力。我想我們過去曾討論過後台自動化、人員擴充、效率項目是人們現在希望削減的領域。這方面的基調大體相同嗎？或者您是否看到增量挑戰、不同領域和類型的項目範圍的工作進來並壓縮？

Yes. No, Parker, you answered it for me. That's the thing. Staff augmentation, efficiency projects, where you're driving, you may have a double cost for a period of time, but you're going to save money in the long run. When March 10 happened, everybody just kind of took a pause and a break and said, we're going to have to evaluate what's coming down the pipe on discretionary spending. So that's what it is. There's no change. Just March 10 added a different level of it for us.

是的。不，帕克，你替我回答了。就是這樣。人員擴充、效率項目、您所駕駛的地方，您可能會在一段時間內承受雙重成本，但從長遠來看，您會節省資金。當 3 月 10 日發生時，每個人都稍微停了一下，並說，我們將不得不評估可自由支配支出的情況。就是這樣。沒有任何變化。就在 3 月 10 日，它為我們增添了不同的層次。

And so it's something -- when you have a bunch of big customers, it's something that comes along with the territory, but the subscription revenue, obviously, we were really pleased with the results from that, and we continue to be pleased with that line of revenue, but we'll get through this discretionary spend, and they'll pick it back up at some point. But right now, it's just a matter of they're trying to sit back and watch what's going to happen.

所以，當你擁有一群大客戶時，這是與該領域相關的東西，但是訂閱收入，顯然，我們對結果非常滿意，並且我們繼續對這條線感到滿意收入，但我們會度過這筆可自由支配的支出，他們會在某個時候收回它。但現在，他們只是想坐下來看看會發生什麼。

Yes. Appreciate that, Matt. And then we've often talked about M&A being a tailwind to your story. I think historically, you're on the right side of M&A. With the recent developments that we saw in March and subsequent events, has that had any impact on the M&A approval pipeline? And how are you thinking about that generally throughout '23?

是的。很欣賞這一點，馬特。然後我們經常談論併購是您故事的順風車。我認為從歷史上看，你是站在併購的正確一邊。根據我們在 3 月份看到的最新事態發展以及隨後發生的事件，這對併購審批流程有任何影響嗎？整個 23 年你對此有何看法？

Yes, clearly, especially after coming off TD and First Horizon, that deal, it doesn't look like regulators want deals to get done. With that said, we -- First Citizens is a customer of ours, and they acquired Silicon Valley Bank in the quarter. So obviously, a great opportunity for us. Look forward to working with First Citizens and Silicon Valley Bank on doing whatever we can to integrate those and make that conversion as simple as possible.

是的，顯然，特別是在 TD 和 First Horizo​​n 完成這筆交易之後，監管機構似乎並不希望交易完成。話雖如此，我們——First Citizens 是我們的客戶，他們在本季度收購了矽谷銀行。顯然，這對我們來說是一個很好的機會。期待與 First Citizens 和矽谷銀行合作，盡我們所能將這些整合起來，並使轉換盡可能簡單。

But M&A is obviously slowed down, but I think the reason we have been so successful in M&A, those reasons still exist. And when it picks back up, when consolidation happens, we're going to be in a good spot again, in my opinion. So just a matter of kind of like I said earlier, just weathering the storm, and we still have the most strategic customer base, I would argue, of a vendor out there, and those customers are going to -- are going to -- go acquire other financial institutions to grow and get scale in this economy.

但是併購明顯放緩了，但我認為我們併購如此成功的原因，這些原因仍然存在。我認為，當它回升時，當整合發生時，我們將再次處於有利位置。所以就像我之前說的那樣，只是度過了這場風暴，我認為我們仍然擁有最具戰略意義的客戶群，我認為，這是一個供應商，而這些客戶將——將——去收購其他金融機構以在這個經濟中發展並擴大規模。

We'll take our next question from Alex Markgraff with KeyBanc Capital Markets.

我們將回答 KeyBanc Capital Markets 的 Alex Markgraff 提出的下一個問題。

Maybe just to pile on to the demand topic, more specifically within the kind of emerging business segment, so for Jonathan. Just kind of curious. You provided some helpful anecdotes around the events in March. Just curious how your conversations more broadly have evolved with customers in the last couple of months and maybe how expectations for 2023 have changed, if at all, as the backdrop has evolved a bit?

也許只是為了強調需求主題，更具體地說是在新興業務領域，對喬納森來說也是如此。只是有點好奇。您提供了一些有關三月份事件的有用軼事。只是好奇在過去幾個月裡，您與客戶的對話發生了怎樣的變化，以及隨著背景的變化，對 2023 年的期望可能發生了怎樣的變化（如果有的話）？

Yes. So let's bifurcate between Innovation Studio and Helix. On the Innovation Studio side, we are seeing more demand for partners for access to the channel. So they want to integrate with banks and credit unions. And as they faced headwinds in their business because of economic pressures, funding pressures, the demand for a single point of entry to many users, like we have over 21 million on the platform, we're seeing broad-based demand for our partners that's driving a lot of the success we're seeing on the Innovation Studio side.

是的。因此，讓我們區分一下 Innovation Studio 和 Helix。在創新工作室方面，我們看到合作夥伴對進入該渠道的需求越來越大。因此他們希望與銀行和信用合作社整合。由於經濟壓力、資金壓力以及許多用戶對單一入口點的需求（就像我們平台上有超過 2100 萬用戶），他們在業務中面臨阻力，我們看到對我們合作夥伴的廣泛需求我們在創新工作室方面看到了許多成功的推動因素。

When you look at Helix side, I think you have seen some impact on the net new environment in terms of the lengthening of sales cycles because of scrutiny around banks, especially post March 9, and all of our -- in our model, our fintechs and brands are partnering with sponsor banks. And so that there's definitely at a different level of diligence that goes into that. But the pipeline is still strong. I think if anything, the demand for deposits is driving a renewed interest in what a lightweight core can do to help drive deposit gathering strategies.

當你看 Helix 方面時，我認為你已經看到了由於對銀行的審查，特別是 3 月 9 日之後，以及我們所有的——在我們的模型中，我們的金融科技公司——在銷售週期延長方面對淨新環境的一些影響。品牌正在與讚助銀行合作。因此，這肯定需要不同程度的勤奮。但管道仍然強勁。我認為，如果說有什麼不同的話，那就是對存款的需求正在重新激發人們對輕量級核心可以如何幫助推動存款收集策略的興趣。

So we feel really good about it. And as we talked about on the call, our existing customers are renewing with us. We're being very strategic in helping them navigate their profitability profiles, managing things like fraud, but it's a matter of, again, navigating this environment and making sure that we're there for our customers and in the right position to win new deals as they come up. But the pipeline does remain strong for the rest of the year, so we're cautiously optimistic.

所以我們對此感覺非常好。正如我們在電話中談到的那樣，我們的現有客戶正在與我們續約。我們非常有戰略性地幫助他們掌握盈利狀況，管理欺詐等問題，但問題是，再次駕馭這種環境，確保我們為客戶服務，並處於贏得新交易的正確位置當他們出現時。但在今年剩餘時間內，管道確實保持強勁，因此我們持謹慎樂觀的態度。

Thank you. And this does conclude the question-and-answer session. Thank you for participating in today's call, and you may now disconnect.

謝謝。問答環節到此結束。感謝您參加今天的通話，您現在可以斷開連接。