Q2 Holdings Inc (QTWO) 2024 Q3 法說會逐字稿

Good afternoon, 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 third-quarter 2024 financial results conference call. (Operator Instructions)

大家下午好。我叫麗莎，今天我將擔任你們的會議操作員。此刻，我歡迎大家參加Q2 Holdings 2024年第三季財務業績電話會議。（操作員說明）

I would now like to turn the call over to Mr. Josh Yankovich, Investor Relations. Sir, please begin.

我現在想將電話轉給投資者關係部的 Josh Yankovich 先生。先生，請開始吧。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for our third quarter 2024 conference call. With me on the call today are Matt Flake, our CEO; Jonathan Price, expected CFO; and Kirk Coleman, our President, who will join us for the Q&A portion of the call. This call contains forward-looking statements that are subject to significant risks and uncertainties, including, among other things, with respect to our expectations for the future operating and financial performance of Q2 Holdings and for the financial services industry.

謝謝你，接線生。大家下午好，感謝您參加我們的 2024 年第三季電話會議。今天與我一起參加電話會議的是我們的執行長 Matt Flake；喬納森‧普萊斯 (Jonathan Price)，候任財務長；我們的總裁柯克·科爾曼 (Kirk Coleman) 將與我們一起參加電話會議的問答部分。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，其中包括我們對 Q2 Holdings 以及金融服務業未來營運和財務表現的預期。

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. 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 for the third quarter of 2024 and subsequent filings and the press release distributed this afternoon regarding the financial results we will discuss today.

實際結果可能與這些前瞻性陳述預期的結果有重大差異，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。可能導致實際結果與前瞻性陳述中反映的結果有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表格2024 年第三季 10-Q 以及隨後的文件和今天下午發布的關於我們今天將討論的財務業績的新聞稿。

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所做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，並且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 today with the SEC.

我們的新聞稿中討論了我們為何使用非 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 今天向SEC 提交了文件。

We also published additional materials related to today's results on our Investor Relations website. Let me now turn the call over to Matt.

我們也在投資者關係網站上發布了與今天的業績相關的其他資料。現在讓我把電話轉給馬特。

Thanks, Josh. I'll start today's call by sharing our third quarter results and highlights from across the business. I'll then hand it over to Jonathan to discuss our financial results and guidance in more detail. In the third quarter, we generated strong financial results coming in above the high end of our guidance. We generated non-GAAP revenue of $175 million, up 13% year-over-year.

謝謝，喬許。我將首先分享我們第三季的業績和整個業務的亮點來開始今天的電話會議。然後我會將其交給喬納森，以更詳細地討論我們的財務表現和指導。第三季度，我們取得了強勁的財務業績，超越了我們指導的上限。我們的非 GAAP 收入為 1.75 億美元，年增 13%。

We saw continued strength in subscription revenue, which was up 18% year-over-year. And we had another quarter of solid improvement on profitability with adjusted EBITDA of $32.6 million or 19% of revenue and free cash flow of $35.1 million. In the third quarter, we met our previously disclosed goal of achieving Rule of 30 on a total revenue basis by late 2024.

我們看到訂閱收入持續強勁，較去年同期成長 18%。我們的獲利能力又取得了一個季度的穩健改善，調整後的 EBITDA 為 3,260 萬美元，佔營收的 19%，自由現金流為 3,510 萬美元。第三季度，我們實現了先前揭露的目標，即到 2024 年底在總收入基礎上實現 30 條規則。

In addition to our strong financial performance, we saw broad-based booking success in the quarter. Highlighted by a total of six enterprise and Tier 1 deals, three of which were enterprise wins with top 50 US banks as well as significant bookings contribution from the Tier 2 space. Our sales activity spanned across the portfolio with a variety of digital banking, relationship pricing and Helix wins, which we executed through a mix of net new and expansion deals.

除了強勁的財務業績外，我們在本季度還看到了廣泛的預訂成功。其中突出的是總共六筆企業和一級交易，其中三筆是企業與美國 50 強銀行的交易，以及來自二級領域的重大預訂貢獻。我們的銷售活動涵蓋各種數位銀行、關係定價和 Helix 勝利的投資組合，我們透過淨新交易和擴張交易的組合來執行這些活動。

On the digital banking side, our bookings were driven by a combination of our ability to differentiate our offerings by the quality of the retail and commercial experiences and the breadth, scalability and versatility of our platform allowing us to serve financial institutions at various stages of their digital transformation, whether they're evaluating stand-alone solutions or a comprehensive single platform offering.

在數位銀行方面，我們的預訂是由我們透過零售和商業體驗的品質來區分我們的產品的能力以及我們平台的廣度、可擴展性和多功能性的結合所推動的，這使我們能夠為處於不同階段的金融機構提供服務。

We had several examples of both scenarios in the quarter. In terms of notable stand-alone win and enterprise top 50 banks selected our digital banking platform to service the retail customer base. This customer will leverage key components of our recently announced Q2 Engage portfolio. Enabling the bank to drive personalization and differentiation in their consumer banking offerings.

本季我們有幾個這兩種情況的例子。在顯著的單項勝利和企業排名前 50 名的銀行中，選擇了我們的數位銀行平台來服務零售客戶群。該客戶將利用我們最近宣布的第二季 Engage 產品組合的關鍵組件。使銀行能夠推動其消費銀行產品的個人化和差異化。

We believe deals like this underscore the strength of our products and our ability to win in digital banking with some of the largest financial institutions in the industry. And in one of our single platform wins, we landed a substantial deal with a Tier 2 bank that adopted our entire platform for their retail, small business and commercial segments. This particular win was our largest digital banking deal in the quarter from an ARR perspective, showcasing our continued ability to drive meaningful bookings impact with financial institutions of all sizes.

我們相信，此類交易凸顯了我們產品的實力以及我們在數位銀行領域贏得業內一些最大金融機構的能力。在我們的單一平台勝利之一中，我們與二級銀行達成了一項重大交易，該銀行在其零售、小型企業和商業領域採用了我們的整個平台。從 ARR 角度來看，這一特別的勝利是我們本季最大的數位銀行交易，展示了我們持續為各種規模的金融機構帶來有意義的預訂影響的能力。

We've also mentioned how Q2 has frequently benefited when financial institutions complete M&A transactions. And this dynamic continue to play out in the third quarter. marking the second quarter in a row where we gained a Tier 1 customer through M&A activity. In this case, the prospective customer acquired a smaller bank, which happened to be an existing Q2 customer and selected Q2 as the digital banking provider for the newly combined entity.

我們也提到了當金融機構完成併購交易時，第二季經常受益。這種動態在第三季繼續上演。這標誌著我們連續第二個季度透過併購活動獲得了一級客戶。在本例中，潛在客戶收購了一家規模較小的銀行，而該銀行恰好是 Q2 的現有客戶，並選擇 Q2 作為新合併實體的數位銀行提供者。

This acquisition resulted in the addition of a Tier 1 bank that will use Q2's full digital banking platform to serve their retail small business and commercial customers. We believe this win speaks to the strength and attractiveness of our platform at the digital banking technology of the smaller institution proved to be the preferred solution.

此次收購增加了一家一級銀行，該銀行將使用 Q2 的完整數位銀行平台為其零售小型企業和商業客戶提供服務。我們相信，這場勝利證明了我們平台的實力和吸引力，事實證明，小型機構的數位銀行技術是首選解決方案。

We also believe this customer will remain acquisitive moving forward. So we're excited about our potential to grow the relationship over time. We continue to see meaningful net new activity on the relationship pricing side as well where financial institutions of all sizes are looking to drive profitability of their commercial business. In fact, our largest ARR deal in the quarter came from an enterprise win with a $90 billion bank that purchased our relationship pricing products ultimately replacing a competing provider in their internal tools with Q2.

我們也相信，該客戶未來仍將維持收購熱情。因此，我們對隨著時間的推移發展這種關係的潛力感到興奮。我們繼續看到關係定價方面有意義的淨新活動，以及各種規模的金融機構都在尋求提高其商業業務的獲利能力。事實上，我們本季最大的 ARR 交易來自於一家價值 900 億美元的銀行的企業勝利，該銀行購買了我們的關係定價產品，最終在第二季度取代了其內部工具中的競爭提供商。

The ability to optimize pricing strategies for both deposit attraction and relationship profitability with our solutions proved to be a key differentiator in this win. We're pleased with the continued momentum we're seeing in the enterprise space on this side of the business. As the deal I just mentioned is also one of our top 5 largest relationship pricing deals of all time based on contractual ARR at the time of booking.

事實證明，利用我們的解決方案優化定價策略以吸引存款和關係獲利能力的能力是這場勝利的關鍵優勢。我們對企業領域這一業務領域的持續成長動能感到高興。正如我剛才提到的，根據預訂時的合約 ARR，該交易也是我們有史以來最大的 5 大關係定價交易之一。

Wins like this underpin not only the strength and sophistication of our relationship pricing platform but also the viability of our technology for even the most complex enterprise financial institutions as they increasingly view their relationship profitability as a strategic priority. We're also well positioned to continue capitalizing on expansion opportunities with our existing customers. As we've mentioned throughout the year, we believe our customer base gives us significant opportunity for expansion over time.

這樣的勝利不僅鞏固了我們關係定價平台的實力和複雜性，而且也鞏固了我們的技術的可行性，即使對於最複雜的企業金融機構來說，因為他們越來越將其關係盈利能力視為戰略重點。我們仍處於有利地位，可以繼續利用現有客戶的擴張機會。正如我們全年提到的，我們相信我們的客戶群為我們提供了隨著時間的推移進行擴張的重要機會。

Our performance in the third quarter illustrated this with balanced expansion activity across our customer base, including notable expansions with Tier 1 and enterprise customers that added products like our risk and fraud management solutions, we had our strongest quarter this year for cross-sale bookings. Q2 Innovation Studio is playing a larger role in driving expansion activity as well.

我們第三季的業績證明了這一點，我們的客戶群均衡擴張活動，包括與一級和企業客戶的顯著擴張，增加了我們的風險和欺詐管理解決方案等產品，我們今年的交叉銷售預訂表現最強勁。第二季創新工作室在推動擴張活動方面也發揮更大的作用。

Some of our top cross-sold products in the quarter were generated from our partner ecosystem. Showcasing its influence not only in generating bookings, but also in driving deeper engagement with our customers. This momentum is also reflected in our innovation studio bookings overall. While the base is still small, bookings from the first three quarters of 2024 have already more than doubled the total bookings achieved in all of 2023.

本季我們交叉銷售的一些熱門產品是由我們的合作夥伴生態系統產生的。展示其不僅在產生預訂方面的影響力，而且在推動與客戶更深入的互動方面的影響力。這種勢頭也反映在我們創新工作室的整體預訂量上。儘管基數仍然較小，但 2024 年前三個季度的預訂量已是 2023 年全年預訂量的兩倍多。

Additionally, the majority of our net new wins in Digital Banking once again cited innovation studio is a key reason for choosing Q2, underscoring its importance in both customer acquisition and expansion. We believe these trends demonstrate the growing value that our customers see in our breadth of products, while validating our land and expand strategy.

此外，我們在數位銀行領域的大多數淨新勝利再次指出創新工作室是選擇第二季的關鍵原因，強調了其在客戶獲取和擴張方面的重要性。我們相信這些趨勢表明我們的客戶在我們的產品範圍內看到了不斷增長的價值，同時驗證了我們的土地和擴張策略。

Moving forward, our opportunity for expansion, coupled with the value of these bookings reinforces our belief in the longer-term revenue potential within our existing customer base. We also saw meaningful activity with Helix in the quarter, highlighted by a major renewal and expansion with one of our top 5 largest Helix customers and our first fabric win. This significant win was with Envision, a credit union services organization that will utilize fabric to optimize and grow their prepaid card offering across the credit union customer base.

展望未來，我們的擴張機會以及這些預訂的價值增強了我們對現有客戶群長期收入潛力的信心。本季我們也看到了與 Helix 的有意義的活動，其中突出的是與我們最大的 5 名 Helix 客戶之一的重大更新和擴張以及我們的第一個織物勝利。這項重大勝利來自信用合作社服務組織 Envision，該組織將利用 Fabric 來優化和擴大其在信用合作社客戶群中的預付卡產品。

As a front-to-back retail tech stack supported by our modern Helix core digital banking front end and expansive partner ecosystem, Fabric allows our customers to pursue their unique growth objectives by helping them easily launch a variety of fee-generating and deposit gathering services. both of which are top of mind across the industry.

作為由我們現代 Helix 核心數位銀行前端和廣泛的合作夥伴生態系統支援的從前到後的零售技術堆疊，Fabric 幫助我們的客戶輕鬆推出各種收費和存款收集服務，從而實現其獨特的成長目標。兩者都是整個行業的首要考慮因素。

And while the envisage partnership is just one example of what customers can do with Fabric we believe opportunities like this highlight its versatility in helping a broad range of customers facilitate their own use cases to diversify their strategies and differentiate themselves.

雖然設想合作夥伴關係只是客戶可以使用Fabric 做的事情之一，但我們相信這樣的機會凸顯了它的多功能性，可以幫助廣泛的客戶促進他們自己的用例，從而實現策略多樣化並實現差異化。

Overall, our third quarter sales performance demonstrates our sustained ability to capture the market opportunity in front of us. Demand remains strong and we executed against our profitable growth strategy while obtaining our Rule of 30 target in the quarter. Before handing it off to Jonathan to discuss our financials, I'd like to take a moment to thank David for his time at Q2 as Chief Financial Officer.

整體而言，我們第三季的銷售業績證明了我們捕捉眼前市場機會的持續能力。需求依然強勁，我們執行了獲利成長策略，同時實現了本季的 30 規則目標。在交給喬納森討論我們的財務狀況之前，我想花點時間感謝大衛在第二季度擔任財務長。

We're grateful for the many contributions he's made to the company over the past four years, and I appreciate his dedication to ensuring a smooth transition. And now Jonathan will step into the role of Chief Financial Officer. Jonathan has extensive experience in corporate finance and investment banking, deep knowledge of the fintech space, and has spent nearly seven years at Q2 working closely with David and his teams while leading key areas of the company, including corporate strategy and emerging businesses. We're excited to welcome them into the CFO position.

我們感謝他在過去四年為公司所做的許多貢獻，我也感謝他為確保平穩過渡所做的奉獻。現在喬納森將擔任財務長。Jonathan 在企業融資和投資銀行方面擁有豐富的經驗，對金融科技領域有深入的了解，並在Q2 工作了近七年，與David 及其團隊密切合作，同時領導公司的關鍵領域，包括企業戰略和新興業務。我們很高興歡迎他們擔任財務長。

With that, I'll hand it over to Jonathan to discuss our financial results in more detail.

接下來，我將把它交給喬納森，讓他更詳細地討論我們的財務表現。

Thanks, Matt. I would first like to thank David and Echo Matt's appreciation for his many contributions to Q2 over the past four years. He's been instrumental in ensuring a smooth transition, and we're grateful for the long-term value he's brought to Q2. I'm excited to step into this role as the CFO and build on the great work David and his teams have done as we continue to execute against our profitable growth strategy. With that, let's turn to our financial results for the quarter.

謝謝，馬特。我首先要感謝 David 和 Echo Matt 在過去四年中對 Q2 的許多貢獻。他在確保平穩過渡方面發揮了重要作用，我們感謝他為第二季帶來的長期價值。我很高興能夠擔任財務官，並在大衛和他的團隊所做的出色工作的基礎上繼續執行我們的獲利成長策略。接下來，讓我們來看看本季的財務表現。

We're pleased with our performance across several key metrics, including the achievements in the quarter of our previously discussed Rule of 30 targets. This milestone, along with both revenue and adjusted EBITDA surpassing the high end of our guidance underscores the strength of our business model and solid execution. We've seen robust growth in our subscription-based bookings, which is reflected in our ARR growth.

我們對幾個關鍵指標的表現感到滿意，包括我們先前討論的 30 條規則目標在本季度取得的成就。這一里程碑以及超過我們指導上限的收入和調整後 EBITDA 突顯了我們業務模式的實力和紮實的執行力。我們看到基於訂閱的預訂量強勁成長，這反映在我們的 ARR 成長中。

Notably, our subscription revenue in the third quarter accounted for over 80% of our total revenue, highlighting the success of our ongoing strategic shift towards higher-margin recurring revenue streams.

值得注意的是，我們第三季的訂閱收入佔總營收的 80% 以上，凸顯了我們向更高利潤的經常性收入流持續策略轉型的成功。

Furthermore, we've made substantial progress in our free cash flow generation, which has seen a meaningful year-over-year increase. We believe this improvement in cash flow, coupled with our strong revenue growth and expanding margins, positions us well to continue executing against our 3-year target financial framework.

此外，我們在自由現金流產生方面取得了實質進展，較去年同期大幅成長。我們相信現金流的改善，加上我們強勁的收入成長和不斷擴大的利潤率，使我們能夠繼續執行我們的三年目標財務框架。

I will now discuss our financial results in more detail and conclude with our updated guidance for the fourth quarter and full year 2024. Revenue for the third quarter was $175 million, an increase of 13% year-over-year and up 1% sequentially. Our total revenue growth was driven primarily from subscription-based revenues, which grew 18% year-over-year and 3% sequentially.

我現在將更詳細地討論我們的財務業績，並以更新後的第四季和 2024 年全年指引作為總結。第三季營收為1.75億美元，年增13%，季增1%。我們的總收入成長主要來自訂閱收入，較去年同期成長 18%，較上季成長 3%。

As I mentioned earlier, subscription revenue comprised over 80% of our total revenue, highlighting the ongoing shift in our revenue mix towards our highest margin revenue stream. The year-over-year and sequential growth was primarily driven by a combination of new customer go-lives and expansion with existing customers.

正如我之前提到的，訂閱收入占我們總收入的 80% 以上，突顯了我們的收入組合正在轉向最高利潤收入流。同比和環比成長主要是由新客戶上線和現有客戶擴張共同推動的。

As a recurring theme we've discussed throughout 2024, revenue from expansion sales, including cross-sold solutions and improved contractual terms typically materializes more rapidly than that from net new wins. This dynamic has been a key factor in our subscription revenue outperformance throughout 2024. Our services and other revenues declined by 11% year-over-year.

作為我們在 2024 年反覆討論的主題，來自擴展銷售（包括交叉銷售解決方案和改進的合約條款）的收入通常比淨新訂單的收入實現得更快。這種動態是我們 2024 年訂閱營收表現優異的關鍵因素。我們的服務和其他收入年減 11%。

As we have mentioned previously, this trend is primarily driven by the reduction in our professional service revenues, which are more discretionary in nature. Given the persistent pattern we've seen throughout the past several quarters, including an average year-over-year decline of roughly 12% in 2024, and our strategic focus on higher-margin growth opportunities, we anticipate these headwinds in our Services segment to persist into the foreseeable future.

正如我們之前提到的，這一趨勢主要是由我們的專業服務收入減少所推動的，而專業服務收入本質上則更具自由裁量權。鑑於我們在過去幾季看到的持續模式，包括 2024 年平均年減約 12%，以及我們對更高利潤成長機會的策略重點，我們預計服務部門的這些逆風將堅持到可預見的未來。

Total annualized recurring revenue, or total ARR grew to $796 million, up 15% year-over-year from $694 million at the end of the third quarter of 2023. Our subscription ARR grew to $655 million, up 20% year-over-year from $547 million in the prior year period. Our year-over-year subscription ARR growth was driven primarily from net new customer wins as well as expansion bookings with existing customers.

年化經常性收入總額（或 ARR 總額）增至 7.96 億美元，較 2023 年第三季末的 6.94 億美元年增 15%。我們的訂閱 ARR 增至 6.55 億美元，較去年同期的 5.47 億美元成長 20%。我們的訂閱 ARR 年成長主要來自淨新客戶贏得以及現有客戶的擴展預訂。

Looking ahead at the fourth quarter, we expect that our subscription ARR growth rate will moderate to somewhere between 12% to 14% year-over-year as we compare against the fourth quarter of 2023 which was our strongest bookings quarter in company history. Our total ARR growth continued to be negatively impacted by the decline in professional services-based revenue we previously discussed.

展望第四季度，與公司歷史上最強勁的預訂季度 2023 年第四季相比，我們預計我們的訂閱 ARR 成長率將放緩至年比 12% 至 14% 之間。我們之前討論過的基於專業服務的收入下降繼續對我們的總 ARR 成長產生負面影響。

Our ending backlog of over $2 billion increased by $78 million sequentially or 4% and a record $467 million year-over-year, representing 30% growth. The year-over-year and sequential increases were primarily driven by expansion-based bookings, including renewals and additional solutions added by existing customers as well as net new customer wins.

我們的期末積壓訂單超過 20 億美元，比上一季增加 7,800 萬美元，成長 4%，年增 30%，創歷史新高 4.67 億美元。同比和連續成長主要是由基於擴展的預訂推動的，包括現有客戶添加的續約和額外解決方案以及淨新客戶贏得。

In addition, the sequential growth benefited from our best cross-sell quarter of the year as well as continued strength in renewals. As we have mentioned previously, the sequential change in backlog may fluctuate quarter-to-quarter based on the number of renewal opportunities available within that quarter. Gross margins were 56% for the third quarter, up from 53.9% in the prior year period and from 55.7% in the previous quarter.

此外，環比成長得益於我們今年最好的交叉銷售季度以及續訂的持續強勁。正如我們之前提到的，積壓訂單的連續變化可能會根據該季度內可用的續訂機會數量而按季度波動。第三季毛利率為 56%，高於去年同期的 53.9% 和上一季的 55.7%。

The year-over-year increase in gross margin was driven by an increasing mix of higher-margin subscription-based revenues and increased efficiencies within our delivery and support functions. Total operating expenses for the third quarter were $73 million or 41.5% of revenue compared to $71 million or 45.8% of revenue in the third quarter of 2023 and $74 million or 42.7% of revenue in the previous quarter.

毛利率的同比增長是由於利潤率較高的訂閱收入的增加以及我們的交付和支援職能效率的提高所推動的。第三季的總營運費用為7,300 萬美元，佔營收的41.5%，而2023 年第三季的總營運費用為7,100 萬美元，佔營收的45.8%，上一季為7,400 萬美元，佔營收的42.7%。

The year-over-year and sequential decline in operating expenses as a percent of revenue came primarily from improved scaling of sales and marketing expenses relative to revenue. As a reminder, the sequential decline in sales and marketing expense was primarily a result of our annual client conference, Connect. which impacted sales and marketing expenses in the prior quarter by approximately $1.5 million.

營運費用佔收入百分比的年比和環比下降主要是由於銷售和行銷費用相對於收入的規模擴大。提醒一下，銷售和行銷費用的連續下降主要是由於我們的年度客戶會議 Connect 的結果。這對上一季的銷售和行銷費用產生了約 150 萬美元的影響。

We also saw a year-over-year reduction in expenses as a percent of revenue within both research and development and G&A, demonstrating our continued focus on operational efficiency and our ability to scale while maintaining our commitment to delivering best-in-class innovation to our customers. Total adjusted EBITDA was $32.6 million, up 66% from $19.7 million in the prior year period and up 9% from $29.9 million in the previous quarter.

我們也看到研發和一般管理費用佔收入的百分比同比下降，這表明我們持續專注於營運效率和擴展能力，同時保持我們為客戶提供一流創新的承諾。調整後 EBITDA 總額為 3,260 萬美元，比上年同期的 1,970 萬美元增長 66%，比上一季的 2,990 萬美元增長 9%。

We ended the quarter with cash, cash equivalents and investments of $408 million from $372 million at the end of the previous quarter. We generated cash flow from operations in the third quarter of $43 million driven by improved profitability and continued effective working capital management. For the quarter, we also generated free cash flow of $35 million resulting in free cash flow year-to-date of $70 million, which is up meaningfully year-over-year from the $10 million generated through the first nine months of 2023.

截至本季末，我們的現金、現金等價物和投資為 4.08 億美元，而上一季末為 3.72 億美元。在獲利能力提高和持續有效的營運資金管理的推動下，我們第三季的營運現金流達到 4,300 萬美元。本季度，我們也產生了 3500 萬美元的自由現金流，導致年初至今的自由現金流達到 7000 萬美元，較 2023 年前 9 個月產生的 1000 萬美元同比大幅增長。

We now expect our free cash flow as a percentage of adjusted EBITDA for the full year to be over 70% for the full year of 2024, significantly exceeding our initial expectations heading into the year. Let me wrap up by sharing our fourth quarter and full year 2024 guidance. We forecast fourth quarter non-GAAP revenue in the range of $178.1 million to $181.1 million. resulting in full year non-GAAP revenue in the range of $691.5 million to $694.5 million, representing year-over-year growth of 11% for the full year.

我們現在預計 2024 年全年自由現金流佔調整後 EBITDA 的百分比將超過 70%，大大超出我們今年的最初預期。最後，我要分享我們第四季和 2024 年全年的指引。我們預測第四季非 GAAP 收入在 1.781 億美元至 1.811 億美元之間。全年非 GAAP 收入在 6.915 億美元至 6.945 億美元之間，年增 11%。

As we approach the end of 2024, we expect our full year subscription revenue growth to reach approximately 16% year-over-year significantly outpacing our initial projection of 13% for 2024 that we made a year ago. This substantial full year outperformance reflects the consistent strength of our expansion-based bookings and successful new customer go-lives throughout 2024.

隨著 2024 年底的臨近，我們預計全年訂閱收入將年增約 16%，大大超過我們一年前對 2024 年 13% 的初步預測。這一全年業績的大幅領先反映了我們在 2024 年基於擴張的預訂和成功的新客戶上線的持續實力。

This acceleration in full year subscription revenue growth reinforces our confidence in our 3-year annual average subscription revenue growth target of 14%. And looking ahead to 2025, we continue to anticipate full year subscription revenue growth to be approximately 15%. We forecast fourth quarter adjusted EBITDA of $34.3 million to $36.3 million and full year 2024 adjusted EBITDA of $122 million to $124 million representing approximately 18% of non-GAAP revenue for the year.

全年訂閱收入成長的加速增強了我們對 3 年平均訂閱收入成長 14% 目標的信心。展望 2025 年，我們繼續預期全年訂閱營收成長約為 15%。我們預計第四季度調整後 EBITDA 為 3,430 萬美元至 3,630 萬美元，2024 年全年調整後 EBITDA 為 1.22 億美元至 1.24 億美元，約佔當年非 GAAP 收入的 18%。

In conclusion, our strong third quarter results and updated full year guidance showcased the durability of our business model and our solid execution. Highlighted by achieving the total revenue Rule of 30 target we shared at the beginning of 2023. Our performance marked by subscription revenue growth exceeding expectations, enhanced operational efficiency and accelerating cash flow conversion, demonstrates significant progress towards our three-year financial targets.

總之，我們強勁的第三季業績和更新的全年指引展示了我們業務模式的耐用性和穩健的執行力。重點是實現我們在 2023 年初分享的總收入 30 的目標。我們的業績以訂閱收入成長超出預期、營運效率提高和現金流轉換加快為標誌，表明我們在實現三年財務目標方面取得了重大進展。

We remain dedicated to delivering growth, profitability expansion and improved capital efficiency and believe that our results to date collectively illustrate our progress and potential as we continue to evolve our business and drive shareholder value. With that, I'll turn the call back over to Matt for his closing remarks.

我們仍然致力於實現成長、獲利能力擴張和提高資本效率，並相信迄今為止的業績共同說明了我們在繼續發展業務和提升股東價值的過程中所取得的進步和潛力。接下來，我將把電話轉回給馬特，讓他作結語。

Thanks, Jonathan. In closing, we rounded out a great third quarter with strong financial performance and solid sales execution across the business. On the sales front, we saw a broad mix of bookings success with Tier 1 and Tier 2 customers highlighted by multiple enterprise wins with top 50 US banks.

謝謝，喬納森。最後，我們憑藉著強勁的財務業績和整個業務的穩健銷售執行力，完成了出色的第三季。在銷售方面，我們看到一級和二級客戶的預訂取得了廣泛的成功，其中最突出的是多家企業與美國 50 強銀行的合作。

We continue to land a combination of net new and expansion deals within digital banking, relationship pricing and Helix, including our first fabric win and 1 of our top 5 largest relationship pricing deals of all time. We believe our sales performance in the quarter reinforces our competitive differentiation and our ability to capitalize on a range of opportunities across our lines of business.

我們繼續在數位銀行、關係定價和 Helix 領域達成一系列淨新交易和擴張交易，包括我們的第一個面料勝利和我們有史以來最大的 5 項關係定價交易之一。我們相信，本季的銷售業績增強了我們的競爭優勢，以及我們利用整個業務線的一系列機會的能力。

On the financial side, our results exceeded the high end of our guidance, and we continue to deliver improved profitability in accordance with our long-term financial targets, enabling us to achieve our Rule of 30 target in the third quarter. As we begin to close out 2024 and look ahead to 2025, we're confident that we'll continue to drive shareholder value with our strong product portfolio, solid sales execution in terms of both net new and expansion opportunities and our proven ability to execute against our profitable growth strategy.

在財務方面，我們的業績超出了我們指導的上限，我們繼續根據我們的長期財務目標提高盈利能力，使我們能夠在第三季度實現 30 規則目標。當我們開始結束 2024 年並展望 2025 年時，我們有信心，我們將繼續憑藉強大的產品組合、淨新增和擴張機會方面紮實的銷售執行力以及我們經過驗證的執行能力來推動股東價值違背我們的獲利成長策略。

Thank you. And with that, I'll hand it over to the operator for questions.

謝謝。然後，我會將其交給接線員詢問。

(Operator Instructions)

（操作員說明）

Daniel Perlin, RBC Capital Markets.

丹尼爾‧佩林，加拿大皇家銀行資本市場部。

Great quarter. I wanted to just dive in a little bit, if we could. Your subscription AR and backlog here again, accelerated year-over-year when we look at kind of on a sequential basis. So maybe, Matt, if you could just -- can you touch on this a little bit, but maybe like dive into maybe how some of these deals are evolving a little bit. You're clearly winning bigger banks and financial institutions.

很棒的季度。如果可以的話，我想稍微深入一點。當我們按順序查看時，您的訂閱 AR 和積壓再次同比加速。所以，馬特，如果你可以——你能稍微談一下這個問題嗎，但也許想深入了解其中一些交易是如何演變的。顯然，您正在贏得更大的銀行和金融機構。

But it also feels like the types of deals that you're signing are a little bit more holistic within your product portfolio. So if you would mind us maybe revisiting that with a little more detail, that would be great.

但感覺您正在簽署的交易類型在您的產品組合中更加全面。因此，如果您介意我們重新討論一下，並提供更多細節，那就太好了。

Yes, Dan, we continue to be pleased with the demand environment out there. Deposits are critical for everybody, and our system drives retention, acquisition and growth of those deposits. And then our relationship pricing product, it's not a rate-sensitive product, but it's a much more complex environment to price relationships. And so you're seeing the $90 billion bank we signed with it I would say that upmarket on the enterprise and Tier 1 deals, they get one product in and they continue to expand with more products down the road.

是的，丹，我們仍然對那裡的需求環境感到滿意。存款對每個人都至關重要，我們的系統推動了這些存款的保留、獲取和成長。然後我們的關係定價產品，它不是一個對費率敏感的產品，但它是一個更複雜的關係定價環境。所以你會看到我們與它簽署的價值 900 億美元的銀行，我想說的是，在企業和一級交易的高端市場，他們獲得了一種產品，並繼續透過更多產品進行擴張。

So if you just think about our business, we have 100 customers that are greater than 5 billion Tier 1 customers, and more than 50% of them only have one major product SKUs. So we have a lot of opportunity to expand within that 100, then we have 230 customers that are greater than 5 billion that are not digital banking. And that number is even greater than 50% for them where we can expand. So there's a lot of opportunity there as well.

所以如果你想想我們的業務，我們有100個客戶，超過50億的一級客戶，其中超過50%只有一個主要產品SKU。因此，我們有很多機會在這 100 個客戶中擴張，然後我們有 230 個客戶，這些客戶的數量超過 50 億，這些客戶不是數位銀行業務。對於我們可以擴展的地方，這個數字甚至超過了 50%。所以那裡也有很多機會。

As far as we talked about the mix being different in '24 than it was in '23. As I sit here today at the end of the third quarter, we've signed almost twice as many deals in '20 at the same time as last year. at this point. So demand environment remains strong, and we talked about the Tier 2 that bought the whole suite of products. We're seeing that happen in the Tier 2 and Tier 3 space where they do buy a more robust set of products.

至於我們談到 24 年的組合與 23 年的組合不同。當我今天在第三季末坐在這裡時，我們在 20 年同期簽署的交易數量幾乎是去年同期的兩倍。在此刻。因此需求環境依然強勁，我們談到了購買整套產品的二級供應商。我們看到這種情況發生在二級和三級領域，他們確實購買了一套更強大的產品。

But really happy with the demand environment and we think sets up for a nice fourth quarter as well. So just pleased with the execution of the sales team and the ability to close these deals.

但對需求環境非常滿意，我們認為第四季也將取得不錯的成績。因此，我對銷售團隊的執行力和完成這些交易的能力感到滿意。

Yes. I mean it sounds like you just continue to gain momentum. The follow-up to that real quick, if I could. As you -- as these wins are becoming larger, maybe more holistic deals. And just given the sheer size of the backlog now, are there any concerns that like the implementation teams need to be kind of beefed up a little bit?

是的。我的意思是，聽起來你只是繼續獲得動力。如果可以的話，後續行動真的很快。正如您所說，隨著這些勝利變得越來越大，也許更全面的交易。考慮到現在積壓的龐大規模，是否有人擔心實施團隊需要加強一點？

I know you always give the timing of how these things are going to roll in. But I mean these are trying to need to be pretty big numbers. And I just -- I often wonder if that doesn't catch companies off guard. So anything there would be great.

我知道你總是給出這些事情將如何發生的時間。但我的意思是這些數字需要相當大。我只是經常想知道這是否不會讓公司措手不及。所以任何事情都會很棒。

Yes, Dan. It's a fair question. And in the history of 20 years of the business, we have been caught off guard, but our implementation sales and finance organization work very closely on demand and capacity planning and I don't anticipate any problems like that in '25.

是的，丹。這是一個公平的問題。在 20 年的業務歷史中，我們一直措手不及，但我們的實施銷售和財務組織在需求和容量規劃方面密切合作，我預計不會出現任何像 25 年那樣的問題。

Cris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

16% subscription revenue growth this year, at least 15% next year and then compares to your long-term targets? Any way to think about kind of the trajectory there?

今年訂閱收入成長 16%，明年至少成長 15%，然後與您的長期目標進行比較？有什麼辦法可以思考那裡的軌跡嗎？

Yes, Cris, it's Jonathan. I'll take that. So yes, as we've said on the call, we feel really good about the performance. In particular, that 16% relative to the 13% we sort of saw and provided as guidance coming into the year. We've really seen over performance in particular, when it comes to cross-sell, when it comes to the renewals that we've seen, both in terms of the economics we're getting on those renewals, but also how we pulled in renewals out of scope from the year, which has helped the performance.

是的，克里斯，我是喬​​納森。我會接受的。所以，是的，正如我們在電話中所說，我們對性能感到非常好。特別是，相對於我們看到的 13% 的 16%，我們提供了今年的指導。我們確實看到了績效，特別是在交叉銷售方面，在我們所看到的續訂方面，無論是我們在這些續約方面獲得的經濟效益，還是我們如何吸引客戶續約超出了當年的範圍，這對業績有所幫助。

And so that's really led to the overachievement that you're seeing in that first year, the 16%. And then as we think about the 15% sitting here today, obviously, we still have a fourth quarter that we're looking at, that hopefully will be strong on the cross side, too, so have an impact there. And then we'll give more color around what the shape of it from a 26 perspective looks like on the February call.

因此，這確實導致了您在第一年看到的 16% 的超額成就。然後，當我們想到今天坐在這裡的 15% 時，顯然，我們仍然在關注第四季度，希望它在橫向上也能表現強勁，因此會產生影響。然後我們將在 2 月的電話會議上從 26 個角度對它的形狀進行更多說明。

But all in all, sitting here today, feel really good about the dynamic and just got to continue executing at a high level, but very, very pleased with the results to date.

但總而言之，今天坐在這裡，對動態感覺非常好，並且必須繼續高水準執行，但對迄今為止的結果非常非常滿意。

Great. And then, Jonathan, just a quick one for you. Can you just talk about kind of -- you've been at the company for a long time, but have a new seat kind of what your key priorities are going forward?

偉大的。然後，喬納森，請簡單介紹一下。您能談談您在公司工作了很長時間，但有了新職位之後您的主要優先事項是什麼嗎？

Yes, definitely. So I would say from a philosophical perspective, very much continuing down this path of profitable growth, and we're still early days when it comes to a lot of the execution. And I know we've seen a lot of progress in terms of the profitability of the business, but we still feel like we have a long way to go. And we want to do that while we're maintaining an elongated runway of the type of growth profile that you're seeing from us.

是的，絕對是。所以我想說，從哲學的角度來看，我們將繼續沿著這條獲利成長的道路前進，而且在許多執行方面我們仍處於早期階段。我知道我們在業務盈利能力方面已經取得了很大進步，但我們仍然覺得我們還有很長的路要走。我們希望在實現這一目標的同時，保持您從我們這裡看到的那種成長模式的拉長跑道。

So really, it's around continuing down this path of profitable growth. We're going to invest in areas that help maintain and drive our leadership position in the market. And we've talked a lot about it, but you see in the call today, the cash flow position of this company is strengthening.

事實上，關鍵在於繼續沿著這條獲利成長的道路前進。我們將投資於有助於維持和推動我們在市場中的領導地位的領域。我們已經對此進行了很多討論，但您在今天的電話會議中看到，該公司的現金流狀況正在加強。

That leads to a stronger balance sheet, and that's really going to be a priority for us as we continue to strengthen the balance sheet and put the company in a strong position to, over time, be in a position to strategically act where there's opportunity. And so right now, we're just heads down and executing. But very much pleased with the year so far and heading into '25, I think we're going to have a lot of opportunity to continue a lot of the great work that David and his team have done and then continue exploring new opportunities to move the ball forward.

這會帶來更強大的資產負債表，這確實將成為我們的首要任務，因為我們將繼續加強資產負債表，並使公司處於有利地位，隨著時間的推移，能夠在有機會的地方採取策略行動。所以現在，我們只是埋頭執行。但對到目前為止的這一年非常滿意，進入 25 年後，我認為我們將有很多機會繼續大衛和他的團隊所做的許多偉大工作，然後繼續探索新的移動機會球向前。

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

This is Bobby Dee on for Terry. So you all continue to report great success coming in on the winning side of M&A. I'm curious, what are your expectations for the bank M&A environment heading into next year? And how big of a tailwind is M&A for growth in a normal or elevated M&A year? And then I have 1 follow-up.

我是鮑比迪 (Bobby Dee) 替補特里 (Terry)。因此，你們都繼續報告說，併購的獲勝方取得了巨大的成功。我很好奇，您對明年銀行併購環境有何期望？在正常或較高的併購年份中，併購對成長的推動作用有多大？然後我有 1 次後續行動。

Yes, it's hard to predict what's going to happen I think generally, the view is you're going to see M&A pick up in '25. There's a backlog of deals that are sitting out there. I don't want to get too much into forecasting it -- but I do anticipate picking up after the (inaudible) tax office, and you'll potentially see more and more deals happen, which is, as you know, historically for us, we're up to 90% win rate where we retained the customer and pick up the acquisition.

是的，很難預測會發生什麼，我認為一般來說，你會看到 25 年併購活動回升。那裡有積壓的交易。我不想過多地預測它- 但我確實預計在（聽不清）稅務局之後會有所回升，你可能會看到越來越多的交易發生，正如你所知，這對我們來說是歷史上的事情，我們保留客戶並進行收購的勝率高達 90%。

We had a great story that I mentioned in the prepared remarks around smaller financial institutions got acquired by a bigger one, and they adopted our platform. So not sure what that number could look at whether that's going to be a one-off or more common, but the platform is highly differentiated, and I think you'll see it pick up. As far as the revenue lift, I don't know if you can qualify.

我們有一個很棒的故事，我在準備好的演講中提到過，較小的金融機構被較大的金融機構收購，他們採用了我們的平台。因此，不確定這個數字會是一次性的還是更常見的，但該平台具有高度差異化，我認為您會看到它有所回升。至於收入提升，我不知道你是否符合資格。

Yes. I would just say we're examining the deals that are out there that are in backlog. The way I think of it, though, is you have a real time lag between when the deal is announced to when it closes to when the migration would occur and then you have the opportunity for onetime services dollars and then depending on the negotiation and the nature of the contract in terms of their user counts there's opportunity for upside on the subscription side of the equation as well.

是的。我只想說，我們正在審查積壓的交易。不過，我的想法是，從宣布交易到完成遷移，再到進行遷移，你有機會獲得一次性服務費用，然後取決於談判和結果，這之間有一個真正的時間滯後。合約的性質也很重要，訂閱方面也有上升的機會。

But there's a lot of factors and every deal is sort of its own snowflake. So hard to predict the deals that haven't happened yet.

但影響因素很多，而且每筆交易都是自己的雪花。很難預測尚未發生的交易。

Great. And then secondly, we've seen various reports on private company vendor challenges in the space. Have those been a driver of pipeline or new booking success in 3Q? And how do you see the competitive landscape evolving going forward?

偉大的。其次，我們看到了有關該領域私人公司供應商挑戰的各種報告。這些是否是第三季管道或新預訂成功的推動因素？您如何看待未來競爭格局的演變？

Yes. I mean we -- there's plenty of examples of people that struggle to get the product live. They try to do different new entrants and features and functions, especially on the commercial banking side, which are the crown jewels of our customers, the banks and moving those customers is very risky.

是的。我的意思是，我們——有很多人努力讓產品上線的例子。他們嘗試做不同的新進者、功能和功能，特別是在商業銀行方面，這是我們客戶、銀行皇冠上的寶石，轉移這些客戶是非常危險的。

Our ability to point out 100 customers, more than [$5 billion], we've converted on every core from every system, multiple times. Customers are happy, they're referenceable for us. So it's a tough business. The integrations are tough. The customer experiences stuff, the conversion stuff. It just takes time to get there.

我們能夠指出 100 個客戶，價值超過 [50 億美元]，我們已經對每個系統的每個核心進行了多次轉換。客戶很高興，他們對我們有參考價值。所以這是一門艱難的生意。整合是艱難的。顧客體驗的東西，轉換的東西。只是需要時間才能到達那裡。

And so we see some cases of some private companies struggling and then also some of the larger historical players have a lot of different businesses that they're running right now, and they don't wake up every day thinking about how they're going to build an amazing digital experience that can drive deposits and stickiness and a real experience that make somebody feel the bank's brand as they're interacting with it, which is what's a big part of digital banking is you've got to drive an experience that the bank gets credit for. We do that really well.

因此，我們看到一些私人公司陷入困境，然後一些歷史悠久的大型企業現在正在經營許多不同的業務，他們不會每天醒來都思考自己的發展方向打造令人驚嘆的數位體驗，可以推動存款和黏性，以及一種真實的體驗，讓人們在與銀行互動時感受到銀行的品牌，這是數位銀行的重要組成部分，你必須推動一種體驗銀行獲得信貸。我們在這方面做得非常好。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉，雷蒙德·詹姆斯。

Jonathan or Matt, just in terms of the subscription bookings commentary. I appreciate the color on flagging the tougher compare. Can you just elaborate a bit more on what you're seeing in the macro or late-stage pipeline going to kind of what's normally stronger quarter. What are some of the puts and takes why there might be -- might not be some real seasonal strength in Q4.

喬納森或馬特，僅就訂閱預訂評論而言。我很欣賞標記更難比較的顏色。您能否詳細說明您在宏觀或後期管道中看到的情況，以及通常情況下強勁的季度。一些看跌期權和看跌期權為何可能在第四季度出現一些真正的季節性強勢。

Yes. I anticipate Q4 being a strong quarter. It's a tough compare when you signed the two biggest deals in the history of the company in Q4 of '23, obviously, and that was a historic quarter, but I anticipate having a strong quarter. We've got to go execute. We've got to win those deals. But I would anticipate it being the biggest quarter of the year for us and feel really good about our ability to execute on the.

是的。我預計第四季將是一個強勁的季度。顯然，當你在 23 年第四季簽署了公司歷史上最大的兩筆交易時，這是一個艱難的比較，那是一個歷史性的季度，但我預計會有一個強勁的季度。我們必須去執行。我們必須贏得這些交易。但我預計這對我們來說是一年中最重要的季度，並且對我們的執行能力感到非常滿意。

And I would just add, when you think about -- we gave that color because I think it's important for investors and the audience at large to understand that the Q3 number was obviously very strong when you look at sub. So sequentially, we wanted to make sure that people understood why the pressure in Q4 and as Matt alluded to, it's purely a tougher comp, Q4 '23 versus Q4 '24.

我想補充一點，當你想到時，我們賦予了這種顏色，因為我認為對於投資者和廣大觀眾來說，了解第三季度的數字顯然非常強勁，當你看 sub 時，這一點很重要。因此，我們希望確保人們理解為什麼第四季會面臨壓力，正如馬特所提到的，這純粹是一場更艱難的比賽，23 年第四季與 24 年第四季相比。

I feel really good about the fourth quarter trajectory. As Matt said, we've got to go execute. But that 12% to 14% give some directional guidance around how to think about it relative to Q4 of '23 and then also puts into framing how to think about the subs growth in '25 that we provided.

我對第四季的軌跡感覺非常好。正如馬特所說，我們必須去執行。但這 12% 到 14% 給出了一些關於如何考慮相對於 23 年第四季度的方向性指導，然後也納入瞭如何考慮我們提供的 25 年潛艇增長的框架。

Okay. Perfect. Jonathan, maybe just a follow-up for you. The incremental margins have been fantastic this year. Obviously, hit rule of 40 -- rule of 30 earlier than kind of planned -- you've talked about the free cash flow conversion being up nicely. Just for your seat today, like where are your big focus areas going forward on the efficiency side of the business to kind of make sure that you are in a position from a balance sheet strength going into the next couple of years?

好的。完美的。喬納森，也許只是你的後續行動。今年的增量利潤非常可觀。顯然，比計劃更早達到 40 法則——30 法則——你已經談到自由現金流轉換良好。就您今天的座位而言，您在業務效率方面的主要關注領域是什麼，以確保您在未來幾年的資產負債表實力方面處於有利地位？

Yes. Great question. So as I mentioned, I think there's still a lot of work to do on some of the basic blocking and tackling and then I think we have lots of opportunity to continue pushing them all forward on new opportunities. So one of the things I'll call out, as I mentioned in the prepared remarks, we crossed the threshold of 80% subscription mix.

是的。很好的問題。正如我所提到的，我認為在一些基本的阻止和解決方面還有很多工作要做，然後我認為我們有很多機會繼續推動他們在新的機會上前進。因此，我要指出的一件事，正如我在準備好的發言中提到的，我們跨越了 80% 訂閱組合的門檻。

And while we've made tremendous progress in that from just looking back a year or two ago, we still think there's more to go there. And so that will certainly be one of the contributors, maybe not to the degree you've seen over the last two years in terms of the expansion, but we still see that mix shift continuing in through '25 towards subscription, which will have a positive impact on margin.

雖然從一兩年前回顧我們已經在這方面取得了巨大進步，但我們仍然認為還有更多工作要做。因此，這肯定是貢獻者之一，也許沒有達到您過去兩年在擴張方面所看到的程度，但我們仍然看到這種混合轉變持續到 25 年，轉向訂閱，這將有一個對利潤率產生正面影響。

The other thing that we're seeing, as I mentioned on some of these renewals is we're doing a really good job when it comes to pricing and packaging and ensuring that we're getting the value of our platform in these renewals. And so really, like new strategies, new trying new opportunities when it comes to how we think about pricing and demonstrating the value of the platform at the point of renewal.

正如我在其中一些續訂中提到的，我們看到的另一件事是，我們在定價和包裝方面做得非常好，並確保我們在這些續訂中獲得平台的價值。事實上，就像新的策略、新的嘗試、新的機會一樣，我們如何考慮定價並在更新時展示平台的價值。

We talked about efficiency when it comes to delivery, support, our upgrade process. And then I think David and team have done a great job down the path of some basic sort of OpEx opportunities when you look at how strong our bad debt numbers are optimizing our facilities footprint, procurement maturation. And we're still early days in some of those lever.

我們討論了交付、支援和升級流程方面的效率。然後，當你看到我們的壞帳數字如何優化我們的設施足跡和採購成熟度時，我認為大衛和團隊在一些基本的營運支出機會的道路上做得很好。我們在其中一些槓桿方面仍處於早期階段。

So a lot more to go, and this is a company wide mindset that we've instilled and we still think there's a lot more to do on that front. So those are some of the initiatives now that I think you were asking about.

所以還有很多事情要做，這是我們已經灌輸的全公司範圍的思維方式，我們仍然認為在這方面還有很多事情要做。這些是我認為您現在所詢問的一些舉措。

Adam Hotchkiss, Goldman Sachs.

亞當·霍奇基斯，高盛。

Just curious on the innovation studio side. I think you said doubled year-over-year. What your view is driving that, right? Is it just more partners being added? Is it because it's being referenced in almost every new deal, it's more new logos that are bringing on partner products are you educating folks more? Just curious what's driving that momentum?

只是對創新工作室方面感到好奇。我想你說的是年比翻倍。您的觀點是什麼推動了這一點，對嗎？只是增加了更多的合作夥伴嗎？是因為它幾乎在每一項新交易中都會被引用，更多的新徽標正在為合作夥伴產品帶來，您是否對人們進行了​​更多教育？只是好奇是什麼推動了這種勢頭？

Yes, it's a great question, and I'll take this just given the recency of the transition. The net new side has an impact, and we're certainly trying to educate our prospects and soon to be customers earlier so that they can think about adoption sooner and right into the go-live. But the traction that you're seeing that was mentioned on the call is primarily driven from existing customers and then doing a better job of promoting these solutions to their customers where that's the model in the marketplace, for example, and candidly, just taking up more of these products as the familiarity with the model and the value proposition is becoming more and more clear.

是的，這是一個很好的問題，考慮到過渡的近期時間，我會回答這個問題。淨新方面具有影響力，我們當然正在努力教育我們的潛在客戶並很快成為客戶，以便他們可以更快地考慮採用並立即投入使用。但是，您在電話會議中提到的吸引力主要來自現有客戶，然後更好地向客戶推廣這些解決方案，這就是市場中的模型，例如，坦率地說，只是接受隨著人們對模型的熟悉程度和價值主張變得越來越清晰，這類產品越來越多。

So because you're coming off a small base, I don't want to over-rotate to the magnitude that we talked about but it is still very early days in the adoption cycle. And so we think there's still a lot of room for the existing customer base to take on more products and demonstrate the value of those products to their customers which ultimately is what will drive the value proposition for all the parties involved here.

因此，因為您的基礎很小，所以我不想過度輪換到我們談到的規模，但現在仍處於採用週期的早期階段。因此，我們認為現有客戶群仍有很大的空間來採用更多產品並向客戶展示這些產品的價值，這最終將推動所有相關方的價值主張。

So mostly driven by existing customers is the short version -- a short answer to your question.

因此，主要由現有客戶驅動的是簡短版本——對您的問題的簡短回答。

Okay. That's super helpful. And then just on the services side, fully recognize the headwinds there, but is there anything that's either in or out of your control that you'd look for that business to be turning around? Is it just earnings getting better, are you hearing certain things from bank decision makers that would suggest they're changing their mind.

好的。這非常有幫助。然後，在服務方面，要充分認識到那裡的不利因素，但是是否有任何在您控制範圍內或超出您控制範圍的因素，您會尋求該業務的扭轉？只是獲利好轉嗎？

I'm just curious what might cause that to turn around and maybe what's causing the headwind despite some of the success we've seen in the banks recently.

我只是好奇是什麼可能會導致這種情況逆轉，也許是什麼導致了逆風，儘管我們最近在銀行取得了一些成功。

I'll let Kirk or Matt comment on the bank environment, what could drive maybe a resurgence in spend over time, even though that's not what we're seeing today, to be clear. But I do want to make one thing clear, as we think about this in '25 and beyond, as we are optimizing on the profitability side that we've talked about, one of the things that we're really focusing on is ensuring that the economics of these engagements makes sense to us going forward.

我會讓柯克或馬特評論一下銀行環境，隨著時間的推移，什麼可能會推動支出的復甦，儘管這不是我們今天看到的情況，但需要明確的是。但我確實想澄清一件事，當我們在 25 年及以後思考這個問題時，當我們正在優化我們已經討論過的盈利能力方面時，我們真正關注的事情之一是確保這些合作的經濟效益對我們未來的發展是有意義的。

And we have a real opportunity to think about if that business comes back and there's an opportunity to pick it up. What's the right type of business for us, where do we want to take it on and what are the right pricing levels to be able to do so. So I do want to caution that even if some of the macro indicators may signal an uptick in spend over the next couple of years, I think our approach is going to be more disciplined in terms of ensuring the pricing and the implied margin profile of this revenue stream looks a little different than what you've seen from us historically.

我們有一個真正的機會來考慮該業務是否會回來並有機會接手它。什麼類型的業務適合我們，我們想在哪裡開展業務，以及能夠做到這一點的正確定價水平是多少。因此，我確實想提醒一下，即使某些宏觀指標可能預示著未來幾年支出的增加，我認為我們的方法將在確保定價和隱含利潤率方面更加嚴格。到的略有不同。

Yes, I would just add -- this is Kirk. I'll just add that I think on balance, our customers are a little bit more optimistic than they were a year ago. And so that's good as they're going into their budget season and finalizing all those things. But that doesn't mean to Jonathan's point, that, that there's going to be some huge wave of demand for the services.

是的，我想補充一點——這是柯克。我只想補充一點，我認為總的來說，我們的客戶比一年前更樂觀。因此，這很好，因為他們即將進入預算季節並敲定所有這些事情。但這並不意味著喬納森的觀點是，對服務的需求將會出現巨大的浪潮。

We're going to certainly manage that from our side as well in terms of what's the right fit for us. things that we ought to be doing versus some other provider might do instead. So we'll manage that carefully. We think that there's still a good mix as we see some of these newer customers come on there's -- it's -- we couldn't anticipate that it might still be choppy for a little while, while they're getting into the next year.

我們當然也會從自己的角度來管理這一點，並選擇適合我們的方式。與其他提供者相比，我們應該做的事情可能會做。所以我們會小心處理。我們認為，仍然有一個很好的組合，因為我們看到一些新客戶的加入，我們無法預料到，當他們進入明年時，它可能仍然會波動一段時間。

Michael Infante fan Morgan Stanley.

麥可·因凡特 (Michael Infante) 是摩根士丹利的粉絲。

Is James Foster on for Michael. Wanted to ask really quickly on 1 of the CFPB rules that came out 1033. It would be great to get your perspective on that ruling and the feedback you've heard from our customers. And I guess we're wondering if this could be a driver of incremental attach of some of your Centrix risk and fraud capabilities?

詹姆斯福斯特替補麥可嗎？我想快速詢問 CFPB 第 1033 號規則中的一項。如果您能了解您對裁決的看法以及您從我們的客戶那裡聽到的回饋，那就太好了。我想我們想知道這是否會成為您的一些 Centrix 風險和詐騙功能增量附加的驅動因素？

Yes, still a little early in I guess the -- the same thing I would say about this is that we have extensive experience in this kind of all the integrations we due to numerous cores, all the legacy technology integrations that we have. The way that we standardize and map accounts, historical transactions, kind of all the real time and scheduled transaction, kind of all the things that are relevant to open banking and kind of what our customer profile looks like.

是的，我想這還為時過早——我想說的是，我們在這種所有整合方面擁有豐富的經驗，因為我們擁有眾多的核心，所有傳統技術整合。我們標準化和映射帳戶、歷史交易、所有即時和計劃交易、所有與開放銀行相關的事物以及我們的客戶資料的方式。

How this kind of gets implemented and integrated across the industry, I think is -- even though the rule is written now, we still have to see how this is going to play out from a technical perspective and what's actually required by the different institutions. But we feel like we're in a really good spot to be able to help our customers and their customers.

我認為這種方式如何在整個行業中實施和整合——即使現在已經制定了規則，我們仍然需要從技術角度來看這將如何發揮作用以及不同機構的實際要求。但我們覺得我們處於一個非常好的位置，能夠幫助我們的客戶和他們的客戶。

With that, certainly, the broad space is going to be a key ingredient of this because you don't want people to be able to just be moving their accounts around without accountability for making sure that that's being done in a safe and secure way. We do a lot of that for our customers today. There's no reason we wouldn't see doing that in the future, but still a lot to be learned about how it's going to get done and out there in the field, so to speak.

當然，廣闊的空間將成為其中的關鍵因素，因為你不希望人們能夠只是移動他們的帳戶而不承擔確保以安全可靠的方式完成的責任。今天，我們為客戶做了很多這樣的事。我們沒有理由不看到未來這樣做，但可以說，關於如何完成它以及如何在現場實現這一點，仍然有很多東西需要學習。

Appreciate that. And another question just kind of around evolving market conditions and potential demand for product. Wondering if you can provide a bit more detail on your premium treasury pricing solution and its market reception, particularly given the current interest rate environment.

很欣賞這一點。另一個問題與不斷變化的市場條件和產品的潛在需求有關。想知道您是否可以提供有關您的優質國債定價解決方案及其市場接受度的更多詳細信息，特別是考慮到當前的利率環境。

I would say really good take up for premium treasury pricing, including with some of our largest precision longer customers which is a really positive development. But pricing commercial relationships is really difficult and really meaningful. And you can't just -- I think everyone is kind of fully on board. You can't just price the loan side correctly. You got to price the whole relationship.

我想說的是，優質國債定價的接受度非常高，包括我們一些最大的精準長期客戶，這是一個非常積極的發展。但為商業關係定價確實很困難，但也很有意義。你不能只是——我認為每個人都完全參與其中。你不能僅僅對貸款方進行正確定價。你必須為整個關係定價。

So we continue to see strong demand for that. We think the conditions will remain strong for that because the -- although funding costs are starting to come down a little bit and a lot of people are repricing their deposits as they're repricing as the interest rates come down by getting that exactly right, making sure you're balancing that with whatever fee income is super important. So there's some nice tailwinds there.

因此，我們繼續看到對此的強勁需求。我們認為實現這一點的條件將仍然強勁，因為儘管融資成本開始略有下降，而且很多人正在重新定價他們的存款，因為他們正在重新定價，因為利率下降了，確保你在這與任何費用收入之間取得平衡是非常重要的。所以那裡有一些不錯的順風。

Dominick Gabriele, Compass Point.

多明尼克·加布里埃爾，《指南針點》。

Great. I just was curious, I wanted to dive just maybe a tiny bit deeper on the discretionary spend of banks and the flow-through into services -- is there any chance that you'd be willing to provide a little more detail on the breakdown or how much of the roughly 11% to 12% year-over-year decline is within your control of deemphasizing those products versus the demand piece as a follow-up.

偉大的。我只是很好奇，我想更深入地了解銀行的可自由支配支出和服務業的資金流向——您是否願意提供有關細分或服務的更多詳細信息？有多少是在你的控制範圍之內的，因為你可以淡化這些產品而不是作為後續需求的部分。

Let me give a little bit of color. We don't disclose the breakdown, but what I'll tell you directionally, when you think about the services components, the consulting engagements, consulting like engagements, what we call Premier or integrated services is certainly the largest component of the bucket, but still under 50%.

讓我給一點顏色。我們不會透露具體情況，但我會定向告訴您，當您考慮服務組件、諮詢業務、類似諮詢業務時，我們所說的高級服務或集成服務肯定是該桶中最大的組成部分，但是仍低於50%。

Then you have our implementations, which more tracks the bookings performance, so more control or more tied specifically to how they spend on digital. And so that will matter more to the trajectory of that in terms of the revenue profile and then we have some other services, onetime engagements, other small dollar services opportunities that are in that total bucket as well as our -- what we call services and other, which would include pass-through on the Helix business.

然後，您可以使用我們的實施方案，它可以更多地追蹤預訂績效，從而實現更多控製或更具體地與他們在數位方面的支出方式相關聯。因此，就收入狀況而言，這對其軌跡更為重要，然後我們還有一些其他服務、一次性業務、其他小額服務機會，這些機會都在這個總桶中，以及我們所說的服務和其他，其中包括Helix 業務的轉嫁。

So that's the total bucket. And again, that largest bucket, still sub-50% is where we're feeling this pressure where we can we clearly call it discretionary and we don't really have control over the spend dynamics from a bank perspective.

這就是總桶數。再說一次，最大的一桶，仍然低於50%，是我們感受到這種壓力的地方，我們可以明確地將其稱為可自由支配的，從銀行的角度來看，我們實際上無法控制支出動態。

Okay. Perfect. I appreciate that. So it looks like on the marketing side, you're getting quite a few large wins versus the historical set of wins per year, but your marketing expense, you're seeing more efficiency there. Maybe just talk about what your sales force is doing the tenure of your sales force, why you're seeing these gains that are coming through in the numbers while you're still getting larger and larger wins.

好的。完美的。我很欣賞這一點。因此，看起來在行銷方面，與每年的歷史勝利相比，您獲得了相當多的重大勝利，但是您的行銷費用，您在那裡看到了更高的效率。也許只是談談你的銷售團隊在你的銷售團隊任職期間正在做什麼，為什麼你看到這些數字帶來的收益，同時你仍然獲得越來越大的勝利。

I think to some extent, we made a commitment to get into larger customers about IPO time. It takes a long 10 years ago. It takes a long time to get there because you've got to win the deal, you got to get them up and running. And as I always say, customers referenced up, not down, meaning a prospect wants to talk to a bank or credit union, it's larger than them to make sure you can handle the scale of the growth -- it takes time to do that.

我認為在某種程度上，我們做出了關於IPO時間進入更大客戶的承諾。10年前需要很長的時間。到達那裡需要很長時間，因為你必須贏得交易，你必須讓他們啟動並運行。正如我常說的，客戶提到的是向上，而不是向下，這意味著潛在客戶想要與銀行或信用合作社交談，這比他們更大，以確保您能夠應對增長的規模- 這需要時間。

We've been very successful with that. As I mentioned earlier, we have more than 100 Tier 1 customers on digital banking. And so word of mouth spreads, the sales reps and especially in the Tier 1 and above are all experienced. They know the story. They know how the products work, their professionals, they have relationships, and they drive this. It just takes time to get those done. And as I said, the commercial offerings have matured significantly.

我們在這方面非常成功。正如我之前提到的，我們有超過 100 家數位銀行一級客戶。因此，口碑傳播開來，銷售代表，尤其是一級及以上的銷售代表都經驗豐富。他們知道這個故事。他們知道產品是如何運作的，他們的專業人員，他們有關係，並且他們推動這一點。完成這些只是需要時間。正如我所說，商業產品已經顯著成熟。

Over the last several years, we invested heavily during the pandemic in our road map and our products, whether it's precision lender or our fraud products, our innovation studio or the digital banking platform. So it just takes time to build that customer base that you can reference off of, deliver and then the expansion opportunity is a huge opportunity for us as well, as I've already mentioned earlier in the call.

在過去的幾年裡，我們在疫情期間對我們的路線圖和產品進行了大量投資，無論是精準貸方還是我們的詐騙產品、我們的創新工作室還是數位銀行平台。因此，建立您可以參考和交付的客戶群只是需要時間，然後擴展機會對我們來說也是一個巨大的機會，正如我在電話會議中之前提到的那樣。

So it's just a lot of work that goes into it, whether it's the sales team, the solutions consulting team, the engineering team, delivery organization. So we've just built this organization with a long-term view what we're going to do. And so we -- I hate taking away from the Tier 2 and 3 because that's still the bread and butter of this business.

因此，無論是銷售團隊、解決方案諮詢團隊、工程團隊或交付組織，都需要投入大量工作。因此，我們剛建立這個組織時就著眼於我們要做的事情。所以我們——我討厭從第二層和第三層拿走，因為那仍然是這個行業的麵包和黃油。

We win those deals, they're great banks and credit unions. They grow, they go make acquisitions. But to get into the space like we've done, especially over the last two or three years, it's a testament to the quality of the team and the products and the culture we have at this company.

我們贏得了這些交易，他們是偉大的銀行和信用合作社。他們成長，他們進行收購。但像我們這樣進入這個領域，尤其是在過去的兩三年裡，這證明了我們公司的團隊、產品和文化的品質。

And next is Joe Vruwink, Baird.

接下來是喬·弗魯溫克（Joe Vruwink），貝爾德（Baird）。

This is Peter Karos on for Joe. Think at one point in the year, you had said that 3Q was a bit lighter on the renewal side compared to the rest of the year. obviously, a really strong RPO results here. So is it the case where renewals came in stronger than expected? Or should this be read as just a really strong net new and cross-sell activity this quarter?

我是彼得·卡羅斯（Peter Karos）替喬代言。想想今年的某個時刻，您曾說過，與今年其他時間相比，第三季的續訂量稍微少一些。顯然，這裡的 RPO 結果非常強勁。那麼續約的情況是否比預期的強？或者這應該被解讀為本季真正強勁的淨新增和交叉銷售活動？

Q3 is typically a slower quarter because you have the summer and then you got people coming back and they start doing planning for the next year and in September typically. One of the things to think about, it was the largest cross-sell quarter of the year for us. Is that we had our client conference about a month later this year. So we did it in June as opposed to May.

第三季度通常是一個較慢的季度，因為有夏天，然後人們回來，他們開始為明年和通常在九月做計劃。需要考慮的事情之一是，這是我們一年中最大的交叉銷售季度。今年大約一個月後，我們召開了客戶會議。所以我們是在六月而不是五月做的。

The client conference generates a lot of energy and excitement around the product road map we have and the offerings that we present to them. And so that's in -- that was in early June. A lot of those decisions just got pushed into the third quarter. I don't want to take anything away from what the team did. But I think that's why you kind of -- you saw the -- having such a big renewal quarter.

客戶會議圍繞著我們的產品路線圖和我們向他們提供的產品產生了巨大的活力和興奮。那是在六月初。其中許多決定都被推遲到了第三季。我不想從團隊所做的事情中拿走任何東西。但我認為這就是為什麼你看到瞭如此大的續訂季度。

But I would say that I would anticipate Q4 being a solid renewal in the quarter as well. So really happy with the performance by the customer success team what had gone out and done this whole year, but I'm excited about also what the fourth quarter looks like.

但我想說的是，我預計第四季也會在該季度實現穩健的更新。因此，我對客戶成功團隊全年的表現感到非常滿意，但我也對第四季的情況感到興奮。

Great. And then on the upside from maybe the quicker time to revenue projects on the cross-sell side benefiting sites year. How should we be thinking about this trend as sustainable, particularly going into the next couple of years? Is there anything unique in this year that is maybe higher in this bucket? Or do you think this is something that continue to drive upside going forward?

偉大的。然後，從交叉銷售方受益網站一年的收入項目的時間可能會更快來看，也有好處。我們應該如何看待這一趨勢的可持續性，特別是在未來幾年？今年有什麼獨特的東西可能在這個桶子裡更高嗎？或者您認為這會繼續推動未來的上漲嗎？

Yes. We're optimistic that we can continue to see strong performance here. I think what is a little unique so far that we've seen year-to-date is a lot of renewals out of scope for the year that have been pulled into '24. And that's I think (inaudible) as I a said, but also to the clients' commitments and wanting to use and expand with the product. So that's been one of the drivers.

是的。我們樂觀地認為我們可以繼續在這裡看到強勁的表現。我認為到目前為止，我們今年迄今看到的有點獨特的是，許多超出今年範圍的續訂已被拉到 24 年。正如我所說，這就是我認為（聽不清楚）的，也是客戶的承諾以及希望使用和擴展產品的願望。這就是驅動因素之一。

And then just to strengthen cross relative to plan, we're going to -- we're confident that, that can continue in the next year. I don't know that we would have projected this level of outperformance. So I don't plan for that as we think about '25. But from a demand perspective, I think it's a good spot that we're in. As Matt mentioned, when you win all these clients, both small and large, it gives us a huge opportunity to go cross-sell into it, and we're seeing that come to fruition and we certainly see that in '24, which has driven a lot of the upside in your subs growth that you've seen.

然後，為了加強相對於計劃的交叉，我們將——我們有信心，這可以在明年繼續下去。我不知道我們會預測到如此出色的表現。因此，當我們考慮 25 歲的時候，我並沒有這樣的計劃。但從需求的角度來看，我認為這是我們所處的一個好位置。正如馬特所提到的，當你贏得所有這些小客戶和大客戶時，這給了我們一個巨大的機會進行交叉銷售，我們看到這一點正在取得成果，我們當然會在24 年看到這一點，正如您所看到的，這對您的訂閱者成長產生了很大的推動作用。

Andrew Schmidt, Citigroup.

安德魯‧施密特，花旗集團。

Matt, than could speak with you, good results this quarter. Maybe we could dig into the gross margin performance. Apologies, I hopped on a little bit late, but it seems like some good success there. And I know you guys have some tech initiatives that are ongoing to improve delivery and things like that.

馬特，我可以和你談談，本季的業績不錯。也許我們可以深入研究毛利率表現。抱歉，我跳得有點晚了，但看起來那裡取得了一些不錯的成功。我知道你們正在採取一些技術措施來改善交付和類似的事情。

But maybe just talk about just the drivers in the quarter and then over the next couple of years, how we should think about gross margin progression with everything you're working on there?

但也許只討論本季的驅動因素，然後在接下來的幾年裡，我們應該如何考慮您在那裡所做的一切的毛利率進展？

Yes, I would say the quarter sort of manifest itself in the improved sequential and year-over-year gross margin for all the reasons we've been talking about, whether it's the mix as I mentioned, Andrew, we sort of surpassed 80% subs, which obviously is the highest gross margin revenue stream we have in the company. And so that's been a contributor -- as you mentioned, the delivery efficiency, support and upgrade processes, things we've put in place over the last year or so sort of coming to fruition with more room to grow there.

是的，我想說，由於我們一直在討論的所有原因，本季度的毛利率有所改善，無論是我提到的混合因素，還是安德魯，我們都超過了 80%潛艇，這顯然是我們公司毛利率最高的收入來源。所以這是一個貢獻者——正如你所提到的，交付效率、支援和升級流程，我們在過去一年左右的時間裡所採取的措施正在取得成果，並有更多的成長空間。

Better utilization of global resources and maturation of that team and the role they're playing. And then as we've talked about, as you get sort of into '26 and beyond the opportunity there with things like migration to the cloud and such are areas for ongoing expansion beyond sort of the next 12 to 18 months.

更好地利用全球資源以及團隊及其所扮演的角色的成熟。然後，正如我們所討論的，隨著您進入 26 年，並超越了遷移到雲端之類的機會，這些都是在未來 12 到 18 個月之後持續擴張的領域。

So we are pleased with the gross margin improvement we've seen, but I still think we have a long way to go, and I think that's implied within our 3-year framework that we've given as well.

因此，我們對所看到的毛利率改善感到滿意，但我仍然認為我們還有很長的路要走，我認為這也隱含在我們給出的三年框架中。

Got it. And then if I could switch gears to the digital lending business. I saw the Symphonix rollout I think that's an iteration on cloud lending. Could you just talk about competitive there? It sounds like you guys have refreshed that product can go at it a little bit more figure. Maybe talk about just the opportunity to drive more digital lending wins across the platform?

知道了。然後我是否可以轉向數位借貸業務。我看到了 Symphonix 的推出，我認為這是雲端借貸的迭代。您能談談那裡的競爭嗎？聽起來你們已經更新產品可以做得更多。也許只是談論在整個平台上推動更多數位借貸勝利的機會？

Yes. I think we learned a lot from the rebrand we did of Helix. When you're playing in different geographies, which Symphonix is and Helix, obviously, being a domestic product, and you're serving a different set of clients, meaning primarily nonbanks and credit unions. The importance of building that brand and identity, we sort of saw the value of that with the initiative we had in Helix a couple of years ago.

是的。我認為我們從 Helix 的品牌重塑中學到了很多。當你在不同的地區玩遊戲時，Symphonix 和 Helix 顯然是國內產品，你為不同的客戶群提供服務，主要是非銀行和信用合作社。建立品牌和形象的重要性，幾年前我們在 Helix 中採取的舉措讓我們看到了它的價值。

So that was something we learned from and now applied it to you right, sort of the bulk of the Cloud Lending business as it used to be known and so we think of from a go-to-market perspective, continuing down that path, we're not changing the strategy in terms of now going after sort of US financial institutions.

因此，這是我們從中學到的東西，現在將其應用到您身上，這是過去眾所周知的雲端借貸業務的大部分內容，因此我們從進入市場的角度考慮，繼續沿著這條路走下去，我們目前，我們不會改變針對美國金融機構的策略。

We're still focused in the areas where we've been focused on with that business but it allows the team to sort of be able to go to market with a clear value proposition and identity that they can benefit from and that matches sort of what they're trying to message in the market versus the inflation with the rest of Q2, which wasn't helping them.

我們仍然專注於我們一直專注於該業務的領域，但它使團隊能夠以清晰的價值主張和身份進入市場，他們可以從中受益，並且與某種程度相匹配他們試圖在第二季度剩餘時間內向市場傳達有關通膨的訊息，但這對他們沒有幫助。

And ladies and gentlemen, that does conclude our question-and-answer session. It does also conclude our conference for today. We would like to thank you all for your participation. You may now disconnect.

女士們先生們，我們的問答環節到此結束。我們今天的會議也到此結束。我們衷心感謝大家的參與。您現在可以斷開連線。