Q2 Holdings Inc (QTWO) 2024 Q4 法說會逐字稿

Good afternoon. My name is Aaron, and I will be your conference operator for today. At this time, I'd like to welcome everyone to the Q2 Holdings fourth quarter and full-year 2024 financial results conference call. (Operator Instructions)

午安.我叫 Aaron，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Q2 Holdings 第四季和 2024 年全年財務業績電話會議。（操作員指令）

And with that, I would like to turn our call over to Josh Yankovich, Investor Relations.

接下來，我想將我們的電話轉給投資者關係部 Josh Yankovich。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for our fourth quarter and full-year 2024 conference call. With me on the call today are Matt Flake, our CEO; Jonathan Price, our CFO; and Kirk Coleman, our President, who will join us for the Q&A portion of the call.

謝謝您，接線生。大家下午好，感謝您參加我們的 2024 年第四季和全年電話會議。今天與我一起參加電話會議的還有我們的執行長 Matt Flake；我們的財務長喬納森‧普萊斯 (Jonathan Price)；以及我們的總裁柯克‧科爾曼 (Kirk Coleman)，他將參加電話會議的問答環節。

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 sales 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，這些陳述受重大風險和不確定性的影響，包括但不限於我們對 Q2 Holdings 未來銷售營運和財務表現以及金融服務業的預期。實際結果可能與這些前瞻性聲明所預期的結果有重大差異，我們無法保證此類預期或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 annual report on Form 10-K for the full year of 2024, 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所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，這些報告的副本可在我們網站的「投資者關係」部分找到，包括我們 2024 年全年的 10-K 表年度報告和後續文件，以及今天下午發布的有關我們今天將討論的財務結果的新聞稿。

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.

我們在本次電話會議上所做的前瞻性陳述僅基於討論日期的假設。投資者不應假設這些聲明在以後仍然有效，我們也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。

Also, unless otherwise stated, all financial measures discussed on this call will be on a non-GAAP basis. 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 furnished with our Form 8-K filed today with the SEC. We have also published additional materials related to today's results on our Investor Relations website.

此外，除非另有說明，本次電話會議中討論的所有財務指標均採用非 GAAP 基礎。有關我們使用非公認會計準則財務指標的原因以及非公認會計準則指標與最具可比性的公認會計準則指標的調節表的討論已包含在我們的新聞稿中，您可以在我們網站的「投資者關係」部分找到該新聞稿，該新聞稿與我們今天向美國證券交易委員會提交的 8-K 表格一起提供。我們還在投資者關係網站上發布了與今天的結果相關的其他資料。

Let me now turn the call over to Matt.

現在讓我把電話轉給馬特。

Thanks, Josh. I'll start today's call by sharing our fourth quarter and full-year results and highlights from across the business. I'll then hand the call over to Jonathan to discuss our financial results in more detail and provide guidance for the first quarter and full year before I conclude with a look ahead to 2025.

謝謝，喬希。我將在今天的電話會議上首先分享我們第四季度和全年的業績以及整個業務的亮點。然後，我將把電話交給喬納森，讓他更詳細地討論我們的財務業績，並提供第一季和全年的指導，最後展望 2025 年。

In the fourth quarter, we delivered results above the high end of our guidance, generating non-GAAP revenue of $183 million, up 13% year over year and up 5% sequentially. We also generated adjusted EBITDA of $37.6 million, representing 20.6% of non-GAAP revenue, an improvement of approximately 630 basis points of adjusted EBITDA margin over the prior year quarter. We closed out the year with outstanding sales execution in the fourth quarter, posting the best bookings quarter of the year and the second strongest bookings quarter in the company history.

第四季度，我們的業績超出了預期上限，非公認會計準則收入為 1.83 億美元，年增 13%，環比增長 5%。我們也產生了 3,760 萬美元的調整後 EBITDA，佔非 GAAP 收入的 20.6%，調整後的 EBITDA 利潤率較去年同期提高了約 630 個基點。我們以第四季度出色的銷售表現結束了這一年，創下了今年最好的預訂季度和公司歷史上第二強勁的預訂季度。

Our bookings performance was powered by a balanced mix of net new and expansion wins highlighted by seven total Tier 1 and enterprise deals, and was the best cross-sell, as well as the best renewal quarter in company history in terms of total bookings. In particular, we view the renewal success as a strong indicator of customer satisfaction, the strength and differentiation of our platform, and the overall value we're delivering for customers.

我們的訂單表現由淨新訂單和擴張訂單的均衡組合推動，其中包括七項一級和企業交易，並且是最佳的交叉銷售，以及在總訂單量方面公司歷史上最好的續約季度。具體而言，我們將續約成功視為客戶滿意度、我們平台實力和差異化以及我們為客戶提供的整體價值的有力指標。

Our fourth quarter sales performance underscored a great year for our business. We capitalized on a favorable demand environment with very strong sales across the board. We help customers address a wide range of challenges and opportunities across retail, small business, commercial and fraud management, leading to a record year of renewal activity, and we delivered consistently strong financial results that have us well on pace towards our three-year framework.

我們第四季的銷售業績彰顯了我們業務的輝煌一年。我們充分利用有利的需求環境，全面實現強勁銷售動能。我們幫助客戶應對零售、小型企業、商業和詐欺管理等領域的各種挑戰和機遇，從而創造了創紀錄的年度續約活動，並且我們持續保持強勁的財務業績，使我們順利實現三年框架目標。

After a record bookings year in '23, we followed it up with another strong year of well-rounded sales performance. Overall, we signed 25 total Tier 1 and enterprise deals are most ever in a single year. And within digital banking, we drove significant volume in the Tier 2 and 3 space as well. In fact, we signed nearly twice the number of digital banking deals in these segments as in the year prior.

在經歷了 23 年創下預訂量紀錄之後，我們又迎來了銷售業績全面強勁的一年。總體而言，我們共簽署了 25 項一級和企業交易，這是一年中最多的一次。在數位銀行領域，我們也在二線和三線領域取得了顯著的成長。事實上，我們在這些領域簽署的數位銀行交易數量幾乎是前一年的兩倍。

Our ability to compete effectively in both areas is a testament to the breadth of functionality we have across retail, small business, and commercial use cases and the reputation we've built up market over the last 20 years. Complementing our success with new and expanded relationships, we also achieved a record-breaking year for renewals with bookings from renewals up 80% year over year. This solid execution demonstrated the resilience and growth of our customers in a challenging market environment as well as their reliance on and confidence in our technology to support their strategic initiatives.

我們在兩個領域有效競爭的能力證明了我們在零售、小型企業和商業用例方面的廣泛功能以及我們在過去 20 年中建立的市場聲譽。除了透過建立新的和擴大的關係而取得的成功之外，我們的續約預訂量也創下了歷史新高，同比增長了 80%。這項穩健的執行證明了我們的客戶在充滿挑戰的市場環境中的韌性和成長力，以及他們對我們的技術支援其策略計畫的依賴和信心。

Also, there's no question that Q2 innovation studio is playing a large role in our sales success. Innovation Studio continued to be a valuable differentiator in net new sales. being cited as a key reason we wanted more than 90% of our wins in 2024. Throughout the year, customer and partner adoption also reached new levels, leading innovation studio bookings to more than double year over year.

此外，毫無疑問，Q2 創新工作室在我們的銷售成功中發揮了重要作用。創新工作室持續成為淨新銷售的重要差異化因素。被認為是我們希望在 2024 年取得 90% 以上勝利的關鍵原因。全年，客戶和合作夥伴的採用也達到了新的水平，導致創新工作室的預訂量比去年同期增加了一倍以上。

On the relationship pricing front, we signed a number of meaningful new customers in the Tier 1 and enterprise segments to continue to expand and renew our existing relationships. We've talked about the ability for these products to price the entire commercial relationship, not just loans. And that was key throughout the year in a volatile rate environment, as new and existing customers purchase modules to price non-lending products like treasury services.

在關係定價方面，我們在一級市場和企業領域簽署了許多有意義的新客戶，以繼續擴大和更新我們現有的關係。我們討論過這些產品為整個商業關係（而不僅僅是貸款）定價的能力。在全年波動的利率環境下，這一點至關重要，因為新舊客戶都會購買模組來為財務服務等非貸款產品定價。

We enter 2025 with solid momentum and are optimistic about the demand environment in the year ahead. Our risk and fraud solutions have a tremendous year as well. Thematically, fraud is one of the most pressing topics on the minds of virtually all of our customers. Because of the vital role our technology plays, our customers look to us to help them manage fraud across the retail and commercial account holder life cycle from authentication to in-app behavior to payments and more.

我們以強勁的勢頭進入 2025 年，並​​對未來一年的需求環境充滿樂觀。我們的風險和詐欺解決方案也度過了輝煌的一年。從主題來看，詐欺是我們幾乎所有客戶心中最迫切的問題之一。由於我們的技術發揮著至關重要的作用，我們的客戶希望我們幫助他們管理零售和商業帳戶持有者生命週期中的詐欺行為，從身份驗證到應用程式內行為到支付等等。

In 2024, our solutions helped mitigate more attempted fraud with our customers than ever before. And from a bookings growth standpoint, our fraud solutions are one of the fastest-growing solution sets. Given the heightened priorities being placed by mitigating fraud in our end market, we expect to continue to see healthy demand for these solution. And we believe we're in a great position to help our customers rise to the challenge in 2025 and beyond.

2024 年，我們的解決方案幫助客戶減少了比以往更多的詐騙企圖。從預訂成長的角度來看，我們的詐騙解決方案是成長最快的解決方案之一。鑑於我們在終端市場對減輕詐欺行為的重視程度不斷提高，我們預計這些解決方案將繼續保持強勁的需求。我們相信，我們有能力幫助我們的客戶應對 2025 年及以後的挑戰。

A key driver of our sales performance throughout the year was the breadth of our platform, which gives us a natural expansion opportunity with existing customers. And because we spent 20 years building a strong customer base, that opportunity is significant.

我們全年銷售業績的一個關鍵驅動因素是我們平台的廣度，這為我們與現有客戶的自然擴張提供了機會。由於我們花了 20 年建立強大的客戶群，因此這個機會意義重大。

Take our commercial customer set, for example. While ACHs and wires were in our first lines of code back in 2005, we spent more than 10 years investing heavily in building out our commercial functionality and user experience. And as a result, we've been successful delivering and supporting some of the largest and most sophisticated financial institutions in the country.

以我們的商業客戶群為例。雖然早在 2005 年 ACH 和電匯就出現在我們的第一行程式碼中，但我們花了 10 多年的時間投入大量資金來打造我們的商業功能和用戶體驗。因此，我們成功地為國內一些規模最大、最先進的金融機構提供服務和支援。

Today, we have more than 60 Tier 1 financial institutions that utilize our commercial digital banking solutions, the result of significant innovation, investment and sales success. But that means we still have approximately 50 Tier 1 digital banking platform customers that do not use our commercial functionality today. Representing a meaningful expansion opportunity to cross-sell commercial digital banking, and that's just one example.

今天，已有超過 60 家一級金融機構採用我們的商業數位銀行解決方案，這是重大創新、投資和銷售成功的成果。但這意味著我們目前仍有大約 50 個一級數位銀行平台客戶不使用我們的商業功能。代表著交叉銷售商業數位銀行的有意義的擴展機會，這只是其中一個例子。

This dynamic powered our record year of renewal and expansion success is a key reason we did such a high volume of Tier 1 and enterprise deals. Because of this single platform dynamic, we continue to expect expansion to play an increasingly important role in 2025, in addition to our continued momentum on the net new side.

這一動態推動了我們在更新和擴張方面取得創紀錄的成功，這也是我們完成如此大量的一級和企業交易的關鍵原因。由於這單一平台的動態，除了我們在淨新品方面的持續發展勢頭之外，我們繼續預計擴張將在 2025 年發揮越來越重要的作用。

In summary, we delivered strong financial results in terms of growth and profitability in 2024. We significantly outperformed our expectations in the first year of our three-year financial framework, and successfully reached our Rule of 30 goal on a total revenue basis in the second half of the year.

總而言之，我們在 2024 年的成長和獲利方面取得了強勁的財務表現。我們在三年財務框架的第一年就大大超出了預期，並在下半年成功實現了總收入 30 規則的目標。

Before I hand the call over to Jonathan, I'd like to take a moment to recognize the announcement of an addition to our Board of Directors. I'd like to take this opportunity to welcome Andre Mintz to the Q2 team. Andre brings a wealth of experience to global privacy, cybersecurity and financial technology, having held senior roles at Meta, Newport Group, Red Ventures and Microsoft among others. His expertise in data protection and compliance, particularly in the financial services sector will be invaluable to Q2, and we're excited to add his perspective to our Board. Andre officially joined the Board on March 1.

在我將電話交給喬納森之前，我想花點時間宣布我們董事會新增成員。我想藉此機會歡迎 Andre Mintz 加入 Q2 團隊。安德烈在全球隱私、網路安全和金融科技方面擁有豐富的經驗，曾在 Meta、Newport Group、Red Ventures 和微軟等公司擔任高階職位。他在資料保護和合規方面的專業知識，特別是在金融服務領域，對 Q2 來說非常寶貴，我們很高興將他的觀點添加到我們的董事會。安德烈於3月1日正式加入董事會。

I'll now hand the call over to Jonathan to cover our financial results in more detail and provide an updated outlook for 2021.

現在，我將把電話交給喬納森，讓他更詳細地介紹我們的財務業績，並提供 2021 年的最新展望。

Thanks, Matt. We're pleased to announce fourth quarter and full year results that outperformed our guidance. And we delivered strong results across several key metrics, which demonstrated continued execution of our profitable growth strategy. We've seen robust growth in our subscription-based revenues, advances in our operational efficiency, and noteworthy improvements to our cash flow generation. Furthermore, we believe our record backlog and solid subscription ARR growth positions us well for continued success in 2025 and beyond.

謝謝，馬特。我們很高興地宣布第四季度和全年業績超出了我們的預期。我們在幾個關鍵指標上都取得了強勁的業績，顯示我們持續執行獲利成長策略。我們的訂閱收入實現了強勁成長，營運效率顯著提高，現金流產生能力顯著改善。此外，我們相信，創紀錄的積壓訂單和穩健的訂閱 ARR 成長為我們在 2025 年及以後的持續成功奠定了良好的基礎。

With that, let me start by discussing our financial results in more detail and conclude with guidance for the first quarter and full year 2025, as well as providing an update to our three-year financial framework.

首先，讓我更詳細地討論我們的財務業績，最後給出 2025 年第一季和全年的指引，並更新我們的三年財務框架。

Non-GAAP revenue for the fourth quarter was $183 million, an increase of 13% year over year and up 5% sequentially. The total non-GAAP revenue for the full year was $696.5 million, up 11% from the prior year. The year over year and sequential increases for the quarter were primarily driven by subscription-based revenues, resulting largely from the delivery of new customer go-lives and additional solutions with existing customers.

第四季非公認會計準則營收為 1.83 億美元，年增 13%，季增 5%。全年非公認會計準則總收入為 6.965 億美元，較上年增長 11%。本季的年比成長主要得益於基於訂閱的收入，這主要得益於向新客戶提供上線服務以及為現有客戶提供額外的解決方案。

In addition, our sequential revenue growth benefited from an increase in onetime professional services work in the fourth quarter. Our subscription revenue growth for the full year was 16% and represented 79% of our total full year revenue. Based on the strength in subscription-based bookings, we observed throughout 2024 and we would expect the mix of subscription revenue to continue increasing as a percentage of our overall revenue mix in 2025.

此外，我們的連續收入成長受益於第四季一次性專業服務工作的增加。我們全年的訂閱​​收入成長了16％，占我們全年總收入的79％。根據我們在整個 2024 年觀察到的基於訂閱的預訂的強勁勢頭，我們預計到 2025 年訂閱收入占我們整體收入組合的百分比將繼續增加。

For the full year, our services and other revenues declined by 11% year over year. As we've mentioned previously, this downward trend is largely attributable to a decrease in our professional service revenues, which tend to be more discretionary in nature. Given the consistent pattern we've observed throughout 2024 and coupled with our strategic emphasis on pursuing higher margin growth opportunities, we expect similar trends within our Services segment to continue for the foreseeable future.

全年我們的服務和其他收入年減了 11%。正如我們之前提到的，這種下降趨勢主要歸因於我們的專業服務收入的下降，而專業服務收入往往更具自由裁量權。鑑於我們在 2024 年觀察到的一致模式，再加上我們在策略上強調追求更高的利潤成長機會，我們預期服務部門的類似趨勢將在可預見的未來繼續下去。

Total annualized recurring revenue, or total ARR grew to $824 million, up 12% year over year from $735 million at the end of the fourth quarter of 2023.

總年度經常性收入或總 ARR 成長至 8.24 億美元，較 2023 年第四季末的 7.35 億美元年增 12%。

Our subscription ARR grew to $682 million, up 15% year over year from $594 million in the prior year period. In anticipation of the tough year-over-year comparison against our largest bookings quarter in company history, we previously communicated expectations of subscription ARR growth in the fourth quarter of 12% to 14% year over year.

我們的訂閱 ARR 成長至 6.82 億美元，較去年同期的 5.94 億美元年增 15%。為了應對與公司歷史上最大的預訂量季度的艱難同比對比，我們之前曾預期第四季度的訂閱 ARR 增長率將達到 12% 至 14%。

On the back of the bookings success in the quarter, we were able to exceed that range and delivered 15% annual subscription ARR growth in the fourth quarter. Our year-over-year subscription ARR growth was largely driven by bookings from net new customer wins as well as cross-sold solutions with existing customers. Our total ARR growth continued to be pressured relative to our subscription ARR growth by the decline in professional services based revenue we previously discussed.

憑藉本季預訂成功，我們得以超越這一範圍，並在第四季度實現了 15% 的年訂閱 ARR 成長。我們的訂閱 ARR 年成長主要是得益於淨新客戶的預訂以及與現有客戶的交叉銷售解決方案。由於我們之前討論過的專業服務收入下降，我們的總 ARR 成長相對於訂閱 ARR 成長繼續受到壓力。

Our ending backlog of over $2.2 billion increased by $189 million sequentially or 9% and $387 million year over year, representing 21% growth. The year over year and sequential increases were driven by bookings success across new cross-sell and record renewal activity. Our renewal performance was strong in both the fourth quarter and the full year 2024. The fourth quarter of 2024 marked our strongest single quarter ever for renewal bookings, culminating in 2024 as the best year for renewals in company history.

我們的期末積壓訂單超過 22 億美元，比上一季增加 1.89 億美元，增幅 9%，比去年同期增加 3.87 億美元，增幅 21%。年比和季比的成長主要得益於新交叉銷售和創紀錄續約活動的預訂成功。我們的續約表現在第四季和 2024 年全年都很強勁。2024 年第四季是我們續約預訂量有史以來最強勁的單季度，2024 年也因此成為公司史上續約量最好的一年。

For the full year of 2024, the total dollars added from renewals increased by 80% from the prior year. And in the fourth quarter alone, we renewed 10% of our entire digital banking customer base. 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.

2024 年全年，續約總金額比前一年增加了 80%。光是在第四季度，我們就續簽了 10% 的數位銀行客戶群。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約機會數量而逐季度波動。

Our trailing 12-month total net revenue retention rate for 2024 was 109%, up from 108% in 2023. This rate reflects the continued strength in subscription-based revenue from our existing customers, offset by the expected decline in discretionary services-based revenue as we previously indicated. When looking only at our subscription-based revenues, our subscription net revenue retention rate ended the year at approximately 114% compared to 112% in 2023.

我們 2024 年過去 12 個月的總淨收入保留率為 109%，高於 2023 年的 108%。這一比率反映了我們現有客戶的訂閱收入持續強勁，但抵消了我們先前指出的可自由支配服務收入預期的下降。僅從訂閱收入來看，我們的訂閱淨收入保留率到年底約為 114%，而 2023 年為 112%。

Our revenue churn for 2024 was 4.4%, improving from 6.1% in 2023. As expected, heading into the year, we observed a reduction in overall churn, and our digital banking churn was well below 5% as we experienced record renewal strength.

我們 2024 年的營收流失率為 4.4%，高於 2023 年的 6.1%。正如預期的那樣，進入今年，我們觀察到整體客戶流失率有所下降，而且由於我們的續約力度創下了歷史新高，我們的數位銀行客戶流失率遠低於 5％。

Gross margins were 57.4% for the fourth quarter, up from 56% in the prior year period and from 56% in the previous quarter. Both the year over year and sequential increase in gross margin were driven by an increasing mix of higher-margin subscription-based revenues and increased efficiencies within our delivery and support functions. Gross margins were 56% for the full year, up from 54.5% in the prior year, representing a 150 basis point improvement. This margin expansion was driven by an increasing portion of subscription revenue in our overall mix, coupled with enhanced operational efficiencies from our global workforce.

第四季毛利率為57.4%，高於去年同期的56%和上季的56%。毛利率年比和季比的成長均得益於高利潤率訂閱收入的不斷增加以及交付和支援職能效率的提高。全年毛利率為56%，高於上年的54.5%，提高了150個基點。利潤率的提高得益於我們整體業務組合中訂閱收入比重的增加，以及我們全球員工營運效率的提高。

Total operating expenses for the fourth quarter were $75.4 million, or 41.2% of revenue compared to $74.8 million, or 46.1% of revenue in the fourth quarter of 2023 and $72.6 million or 41.5% of revenue in the previous quarter. The year over year and sequential improvement in operating expenses as a percent of revenue was derived from increased scaling across all operating expense categories, with G&A showing the biggest year over year improvements.

第四季總營運費用為 7,540 萬美元，佔營收的 41.2%，而 2023 年第四季為 7,480 萬美元，佔營收的 46.1%，上一季為 7,260 萬美元，佔營收的 41.5%。營業費用佔收入的百分比同比和環比改善源於所有營業費用類別的擴大，其中一般及行政費用的同比改善最為顯著。

We ended the year with 2,483 total employees, up from 2,315 total employees at the end of 2023, with the majority of additional resources onboarded within our delivery and customer support functions.

截至年底，我們的員工總數為 2,483 人，高於 2023 年底的 2,315 人，其中大部分額外資源都集中在交付和客戶支援職能部門。

Total adjusted EBITDA was a record $37.6 million, up 62% from $23.2 million in the prior year period and up 15% from $32.6 million in the previous quarter. Full year adjusted EBITDA was $125.3 million, up 63% from $76.9 million in the prior year, with adjusted EBITDA margins up by approximately 570 basis points as we continue to mix towards higher-margin revenue streams and drive operational efficiencies across the business.

調整後 EBITDA 總值達到創紀錄的 3,760 萬美元，較去年同期的 2,320 萬美元成長 62%，較上一季的 3,260 萬美元成長 15%。全年調整後 EBITDA 為 1.253 億美元，較上年的 7,690 萬美元增長 63%，調整後 EBITDA 利潤率上升約 570 個基點，因為我們繼續向利潤率更高的收入來源傾斜，並提高整個業務的營運效率。

We ended the quarter with cash, cash equivalents and investments of $447 million, up from $408 million at the end of the previous quarter. We generated cash flow from operations in the fourth quarter of $43 million, driven by improved profitability and favorable seasonality.

本季末，我們的現金、現金等價物和投資總額為 4.47 億美元，高於上一季末的 4.08 億美元。受獲利能力提高和季節性因素有利的推動，我們第四季的營運現金流為 4,300 萬美元。

For the quarter, we also generated free cash flow of $37 million, resulting in free cash flow for the year of $107 million. This represents an 85% conversion rate as a percentage of adjusted EBITDA and which is well above our previously set targets. This better-than-expected conversion rate was attributable to increased focus on profitability across all business units, streamlined operational processes, and effective working capital management.

本季度，我們也產生了 3,700 萬美元的自由現金流，使得全年自由現金流達到 1.07 億美元。這表明，調整後的 EBITDA 轉換率為 85%，遠高於我們先前設定的目標。這好於預期的轉換率歸功於所有業務部門對獲利能力的更多關注、精簡的營運流程和有效的營運資本管理。

Let me wrap up by sharing our first quarter and full year 2025 guidance. We forecast first quarter revenue in the range of $184 million to $188 million, resulting in full year revenue in the range of $772 million to $779 million, representing year over year growth of 11% to 12% for the full year.

最後，我想分享我們 2025 年第一季和全年的指引。我們預測第一季營收將在 1.84 億美元至 1.88 億美元之間，全年營收將在 7.72 億美元至 7.79 億美元之間，年增 11% 至 12%。

We forecast first quarter adjusted EBITDA of $36 million to $39 million, and full year 2025 adjusted EBITDA of $165 million to $170 million, representing 21% to 22% of revenue for the year.

我們預測第一季調整後 EBITDA 為 3,600 萬美元至 3,900 萬美元，2025 年全年調整後 EBITDA 為 1.65 億美元至 1.7 億美元，佔全年營收的 21% 至 22%。

In addition to this current year guidance, we are also updating the three-year financial framework we set last year for 2024 through 2026 and with our revised targets as follows.

除了本年度的指導外，我們還將更新去年設定的 2024 年至 2026 年的三年財務框架，並修訂目標如下。

We are lifting the average annual subscription revenue growth from approximately 14% to approximately 15%. As previously communicated, we anticipate full year 2025 subscription revenue growth of at least 15%. And while the growth outlook for 2026 will be dependent on execution throughout the year, our early expectation is that subscription revenue growth for 2026 will be approximately 13%.

我們正在將年平均訂閱收入成長率從約 14% 提高至約 15%。如同先前所傳達的，我們預計 2025 年全年訂閱收入將成長至少 15%。雖然 2026 年的成長前景將取決於全年的執行情況，但我們早期預計 2026 年的訂閱收入成長率將達到約 13%。

Additionally, we are increasing the average annual adjusted EBITDA margin expansion to approximately 360 basis points as compared to the midpoint of the prior range.

此外，與先前範圍的中點相比，我們將平均年度調整後 EBITDA 利潤率擴大至約 360 個基點。

And finally, we are increasing our full year 2026 free cash flow conversion target from greater than 70% to greater than 85%. As indicated by the targets in this updated framework, we are focused on eventually achieving and exceeding a subscription revenue rule of 40 as a sustainable long-term objective. We are updating this framework based on our strong first year performance and our belief in our ability to execute against these targets over the next two years.

最後，我們將 2026 年全年自由現金流轉換目標從 70% 以上提高到 85% 以上。正如更新後的框架中的目標所示，我們專注於最終實現並超越 40 的訂閱收入規則作為可持續的長期目標。我們正在根據第一年的強勁表現以及對未來兩年實現這些目標的能力的信心更新這一框架。

Furthermore, our business model provides us with a high level of visibility. And when coupled with our robust pipeline, it has further informed these updated targets, positioning us for strong subscription revenue growth.

此外，我們的商業模式為我們提供了高度的知名度。當與我們強大的管道結合時，它進一步告知了這些更新的目標，為我們實現強勁的訂閱收入成長奠定了基礎。

In conclusion, we delivered better-than-expected results for the fourth quarter. We've updated our previous three-year financial framework to raise our average subscription revenue growth, average annual adjusted EBITDA margin expansion, and free cash flow conversion targets. And believe we are well positioned to continue capitalizing on the demand we are seeing in the market, while executing against our profitable growth strategy. We're excited about the momentum we've built and are confident in our ability to continue delivering strong results in 2025 and beyond.

總而言之，我們第四季的業績好於預期。我們更新了先前的三年財務框架，以提高平均訂閱收入成長、平均年度調整後 EBITDA 利潤率擴張和自由現金流轉換目標。並且相信我們有能力繼續利用我們在市場上看到的需求，同時執行我們的獲利成長策略。我們對已經建立的勢頭感到非常興奮，並有信心我們有能力在 2025 年及以後繼續取得強勁的業績。

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

說完這些，我將把電話轉回給馬特，請他作最後發言。

Thanks, Jonathan. As we kick off 2025, I continue to have tremendous confidence in the future of the business. 2024 was a great bookings year across the board, highlighted by another year of Tier 1 and enterprise success, record performance in Tiers 2 and 3, and a solid year for our relationship pricing solutions, all of which is powered by a highly differentiated solution set. We also had a record year for renewals which we believe validates our road map and reinforces our customers' trust in us as a strategic partner in their digital transformation.

謝謝，喬納森。隨著我們進入 2025 年，我對公司的未來仍然充滿信心。 2024 年是全面預訂量大增的一年，其中最突出的是一級市場和企業市場再創佳績、二級和三級市場創下紀錄，以及關係定價解決方案表現強勁，而所有這些都由高度差異化的解決方案集提供支持。我們的續約量也創下了歷史新高，我們相信這驗證了我們的路線圖，並增強了客戶對我們作為其數位轉型策略合作夥伴的信任。

Even with all the booking success, our pipeline remains strong, and gives us good visibility into continued sales momentum, particularly in the first half of 2025. We expect the demand environment to remain positive and with our improved win rates in 2024 compared to the prior year, we believe we're well positioned to build on our sales success from the last several years. With our strong financial performance and progress towards our three-year framework, we believe we're in a great position to continue to deliver value to customers, employees and shareholders in 2025 and beyond.

即使所有預訂都取得成功，我們的管道仍然強勁，並且讓我們能夠很好地預見持續的銷售勢頭，特別是在 2025 年上半年。我們預計需求環境將保持積極態勢，並且與前一年相比，2024 年我們的成功率將有所提高，我們相信我們有能力在過去幾年的銷售成功基礎上再接再厲。憑藉著強勁的財務表現和三年框架目標的進展，我們相信，我們有能力在 2025 年及以後繼續為客戶、員工和股東創造價值。

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

謝謝。說完這些，我將把麥克風交給接線員以便回答問題。

(Operator Instructions) Terry Tillman, Truist Securities.

（操作員指示） Terry Tillman，Truist Securities。

Hey, Matt, Jonathan, Kirk, and Josh. Congrats on the strong bookings in the fourth quarter. Two questions. I won't guarantee they're single partners, but the first one is a multi-parter on this. With Wells Fargo that I think our press release, is this relationship pricing? And how meaningful is the proportion of the total PL business relationship pricing? And are there potential synergies with just commercial digital banking deals?

嘿，馬特、喬納森、柯克和喬許。恭喜第四季的預訂量強勁。兩個問題。我不能保證他們是單一伴侶，但第一個是多人伴侶。我認為我們的新聞稿與富國銀行的定價有關嗎？而PL業務關係定價佔總數的比例有多大意義呢？並且與商業數位銀行交易是否有潛在的綜效？

Kirk, did you want to talk about the success of it and we can --?

Kirk，你想談談它的成功嗎？--？

Yeah. Thanks, Terry. This is a really exciting opportunity for us. This is a deal we talked about in this call a year ago in terms of the win that we had in the fourth quarter of '23. And getting something that's live in under a year is really a testament to both teams.

是的。謝謝，特里。對我們來說，這是一個真正令人興奮的機會。這是我們一年前在電話會議上談到的一項交易，涉及我們在 23 年第四季取得的勝利。不到一年的時間就能讓產品上線，這對兩個團隊來說都是一種證明。

It also points to the deployability of that product, something we've been focused on. This puts us at about 9 of the 15 largest banks in North America are using Precision Lender and so we look forward to building on that.

它還指出了該產品的可部署性，這是我們一直關注的重點。這意味著北美 15 家最大銀行中大約有 9 家正在使用 Precision Lender，因此我們期待在此基礎上進一步發展。

And Terry, just on the second part of your question, it's Jonathan. Just to be clear, the relationship pricing terminology really is how we're thinking about the precision lender business as a whole. So the color we've given historically about Precision Lender, that, when we say relationship pricing, that is that business, how we're talking about it. And really, based on the fact that we're not just pricing loans with that solution, we're looking across the entire relationship the institutions have on the commercial side.

特里，關於你問題的第二部分，是喬納森。需要明確的是，關係定價術語實際上是我們對整個精準貸款業務的看法。因此，我們從歷史上對精準貸款人的描述是，當我們說關係定價時，這就是那種業務，我們談論的是它。事實上，我們不只是用該解決方案對貸款進行定價，我們還在關注機構在商業方面的整個關係。

So hence, the reference to relationship pricing.

因此，參考關係定價。

And as far as the commercial digital banking side of the business, we haven't found a lot of crossover from a product perspective. But having a master agreement with a lot of these customers, whether it's for digital banking or for precision lender, them understanding the way we treat our customers, how we respond to the company, there's some intangible value to that, that we get out of those relationships.

就商業數位銀行業務而言，從產品角度來看，我們並沒有發現太多的交叉。但是，我們與許多客戶簽訂了總協議，無論是數位銀行還是精準貸款，他們了解我們對待客戶的方式、我們如何回應公司，這些都為我們提供了與客戶之間無形的價值。

And so, it's open doors for us, and we've been able to win, and we're also seeing expansion opportunities within existing customers for the product. But the product that -- there's not a lot of synergies between the two of them.

所以，這對我們來說是打開的大門，我們已經能夠獲勝，我們也看到了現有客戶對產品的擴展機會。但該產品——兩者之間並沒有太多的協同作用。

Okay. And just a follow-up, it's going to be simpler. People always are intrigued by big deals. It's the people really hang our hat on that. But as you look into '21, and you said strong pipeline, how would you characterize the reliance potentially on large Tier 1 enterprise deals versus the volume and velocity Tier 2, Tier 3? Does it seem much different than potentially what happened in '24?

好的。這只是後續，它會變得更簡單。人們總是對大交易很有興趣。人們對此非常重視。但是，當您展望21世紀，您說通路強大時，您如何描述對大型一級企業交易的潛在依賴，以及對二級、三級企業交易的數量和速度的依賴？這看起來與 24 年發生的事情有很大不同嗎？

Yes, Terry. If you remember, coming off of '23, we have, I think, 4 of the top 10 biggest deals in the history of the company. We told the Street that we were looking at probably skewing more towards Tier 2 and 3 volume. And which we said in the earnings call, we signed more Tier 2, Tier 3s in '24 than we did in '23.

是的，特里。如果你還記得的話，自 23 年以來，我認為我們已經完成了公司歷史上 10 筆最大交易中的 4 筆。我們告訴華爾街，我們可能正在考慮更多地偏向二線和三線市場的交易量。我們在財報電話會議上說過，2024 年我們簽約的 2 級和 3 級客戶比 2023 年還要多。

But we still did '25 Tier 1 enterprise deals, which I believe is a record as well. If I look at 25% in the pipe ahead, I think you're still going to see a steady flow with the Tier 2s and 3s. And I don't want to front run it, but these are probably back half, but I think you're going to see us get back to some of those larger enterprise deals above $25 billion in assets as the year develops, but we'll still have success in the Tier 1 space, $5 billion to $25 billion as well.

但我們仍然完成了 25 項一級企業交易，我相信這也是一個記錄。如果我看一下前方管道的 25%，我認為您仍然會看到 2 級和 3 級的穩定流量。我不想搶先一步，但這些可能只是後半部分，但我認為隨著時間的推移，你會看到我們回到一些資產超過 250 億美元的大型企業交易，但我們仍然會在一級領域取得成功，價值 50 億美元到 250 億美元。

So it's a pretty balanced pipeline right now, which feels good going into the year. But there's a lot of work and execution that has to get done. These things are not -- whether it's a Tier 3 or enterprise. They're not easy to get done. But I have full faith and confidence in the sales and success team to knock them out.

因此，目前的通路相當平衡，這對今年來說是個好的開始。但還有很多工作和執行要做。這些都不是——無論是 Tier 3 還是企業。這些工作並不容易完成。但我完全相信銷售和成功團隊能夠擊敗他們。

Okay. Thanks a lot.

好的。多謝。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

Hi, thank you. Jonathan, first question maybe for you. You're taking up the TAM to $20 billion. It looks like kind of 15% TAM growth over the next couple of years. Can you just talk about some of the biggest drivers behind that market growth? And how we should think about the puts and takes for Q2's growth relative to those market levels?

你好，謝謝。喬納森，第一個問題可能是問你的。您將 TAM 提高到 200 億美元。未來幾年，TAM 的成長速度似乎會達到 15%。您能談談該市場成長背後的一些最大驅動力嗎？我們該如何看待第二季的成長相對於這些市場水準的利弊？

Yeah. So when I think about the changes, I think some of the areas that are clearly in there now that have evolved over the last couple of years in particular, we have a much clearer view of our opportunity set when we talk about our fraud products and Matt mentioned that at length in the call. And we're really excited about the success to date and the opportunity set there.

是的。因此，當我考慮這些變化時，我認為現在顯然存在的一些領域特別是在過去幾年中已經發生了變化，當我們談到我們的欺詐產品時，我們對我們的機會集有了更清晰的認識，馬特在電話會議中詳細提到了這一點。我們對迄今為止所取得的成功以及由此帶來的機會感到非常興奮。

As we think about our Helix business, when we think about now with the fabric opportunity the ability to really bring that product inside the financial institution landscape and capturing the opportunity set there. That was another driver of that.

當我們考慮我們的 Helix 業務時，我們考慮現在利用結構機會真正將該產品帶入金融機構領域並抓住那裡的機會。這是另一個驅動因素。

And then the final thing is just as we've sort of crystallize our entire catalyst line of business across all the commercial products, including commercial digital banking and precision lender and everything around that from a commercial standpoint, those are the areas that have the fastest growth from a market perspective and that had the biggest impact on that change in TAM.

最後，正如我們將所有商業產品的整個催化劑業務線具體化一樣，包括商業數位銀行和精準貸款以及從商業角度來看與之相關的一切，這些是從市場角度增長最快的領域，對 TAM 的變化影響最大。

Okay. Great color there. And then maybe for Matt or Kirk, but a lot of commentary in the prepared remarks about the progress selling that full digital banking platform across customers who had started with one of retail or commercial. 75%, I think you said still don't use both.

好的。那裡的色彩很美。然後也許是對於 Matt 或柯克 (Kirk) 來說，但在準備好的評論中有很多評論是關於向從零售或商業開始的客戶銷售完整的數位銀行平台的進展。75%，我認為你說過仍然不要同時使用兩者。

So can you just kind of talk about like what are the gating factors? Could that get up to 80%, 90% over time? What are the puts and takes there for adoption? And how are you going to market to those customers that are fill only using one solution?

那你能不能簡單談談其中的限制因素是什麼？隨著時間的推移，這個數字能達到 80% 或 90% 嗎？採用該措施需要哪些條件和代價？那麼，您將如何向僅使用一種解決方案的客戶進行行銷呢？

Yeah. The comment here is we have 110 customers that are digital banking customers about $5 billion. And 60% of them are only using one either commercial or retail. And so we have -- the sales and success teams are locked in, going and trying to cross-sell the other product into them.

是的。這裡的評論是，我們有 110 個數位銀行客戶，資產約 50 億美元。其中60%只使用一種商業或零售方式。因此，我們將銷售和成功團隊鎖定，並嘗試向他們交叉銷售其他產品。

The single platform drives a lot of value. You provide a great customer experience. The financial institution is more likely to do business with you, and we've seen that play out. The challenge with it is these are big projects. They have to have the budget.

單一平台帶來諸多價值。您提供了出色的客戶體驗。金融機構更有可能與您做生意，我們已經看到了這一點。挑戰在於這些都是大專案。他們必須有預算。

They've got to be prepared for it and they kind of have -- they've got other things they're working on as well. But it provides me a lot of confidence, as we think forward to the coming years of the ability to convert some of those deals, and it's easier to get them live once you've got one of the products in here because you've got the integrations. You've got the network set up and everything else. So it's a huge opportunity for us, and that's why we highlighted.

他們必須為此做好準備，而且他們還在做其他事情。但它給了我很大的信心，因為我們展望未來幾年能夠轉換其中一些交易的能力，而且一旦你擁有了其中一種產品，因為你有了集成，就更容易讓它們上線。您已設定好網路和其他一切。所以這對我們來說是一個巨大的機會，這就是我們強調的原因。

All right. Great. Thanks both.

好的。偉大的。謝謝你們。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Hi, Kirk. Hi, Jon. Thanks for your questions tonight. When you think about your customers benefiting from deregulation, how do you think that plays into strategies that might end up involving your technology? And is there a right time frame to think about when that could manifest in bookings benefit above and beyond the strength you've already observed?

你好，柯克。嗨，喬恩。感謝您今晚的提問。當您想到您的客戶會從放鬆管制中受益時，您認為這會對最終可能涉及您的技術的策略產生什麼影響？是否存在一個正確的時間框架來思考何時可以體現出超出您已經觀察到的優勢的預訂收益？

To some extent, the deregulation when, as it occurs, will allow them operating efficiency, fewer people to have to follow all the rigs. It will also hopefully help with their ability to transact if they need to do an M&A, pick up banks. All of that will be a tailwind for us. And the energy behind the banking and credit union community is they have they're pretty optimistic about things as we sit here today.

從某種程度上來說，放鬆管制將會提高作業效率，需要關注所有鑽井平台的人也會減少。如果他們需要進行併購或收購銀行，這也有望幫助他們提高交易能力。這一切對我們來說都是順風。銀行和信用合作社社群背後的活力在於，他們對今天的情況非常樂觀。

So all of it should be a tailwind for us. The direct correlation between the deregulation in digital banking, maybe not. But the fact that there's less burden on the financial institution. There's still a lot even if you take some of it out, but their ability to go focus and make these decisions and spend less time on regulatory things is a positive for us. It's less distracting for them. So all positive on our end.

所以這一切對我們來說都應該是順風。這與數位銀行放鬆管制之間可能沒有直接關係。但事實上金融機構的負擔較小。即使去掉其中的一部分，仍然還有很多，但他們能夠專注於做出這些決定，而花更少的時間在監管事務上，這對我們來說是積極的。這不會太分散他們的注意力。因此，從我們的角度來看一切都是正面的。

Okay. That's great. Just on the updated three-year average financial targets. I think you've done a nice job in structuring these, where the out-year budgets embed a fair amount of conservatism. And obviously, that gets rolled up into an average calculation.

好的。那太棒了。僅關於更新的三年平均財務目標。我認為你們在建構這些方面做得很好，未來幾年的預算都體現了相當多的保守主義。顯然，這會被計入平均計算中。

I guess, as you triangulate on that 2026 number, and to give about the 13% sub growth also the margin expansion, we're getting closer to the estimates -- consensus estimates that are out there. I just wanted to maybe revisit your guidance philosophy and how you think about performance that could happen over the next 12 months still may be driving upside to what's embedded for 2026.

我想，當你對 2026 年的數字進行三角測量時，並給出約 13% 的子增長率以及利潤率擴張，我們就會越來越接近估計值——現有的普遍估計值。我只是想重新審視您的指導理念，以及您如何看待未來 12 個月可能出現的表現，這些表現可能仍會推動 2026 年的上升趨勢。

Yeah. Thanks, Joe. I'll take that. So yes, as we set those targets, we -- our business model affords us a fair amount of visibility even looking forward two years. And it wasn't long ago, third and fourth quarter of last year on those calls.

是的。謝謝，喬。我接受。所以是的，當我們設定這些目標時，我們的商業模式甚至為未來兩年​​提供了相當大的可見性。不久前，也就是去年第三季和第四季，我們就打過這些電話。

Where we talked about the shape of bookings and the mix leading us to a fair amount of larger deals that were going to go live in late '25 and into '26. So we do have a fair amount of visibility into happy to say to the discussion earlier with Wells and a couple of other deals.

我們討論了預訂的情況和組合，這將使我們獲得大量將於 25 年末和 26 年開始實施的大型交易。因此，我們確實對之前與 Wells 的討論以及其他一些交易有相當好的了解。

We've actually gotten a couple of the bigger deals live faster than we anticipated on both the digital banking side and the precision lender relationship pricing side. So I think that's given us a more clear view of '25 and confidence in that number.

事實上，我們在數位銀行方面和精準貸方關係定價方面都比預期更快地完成了幾筆較大的交易。所以我認為這讓我們對『25』有了更清晰的認識，並且對這個數字更有信心。

But then as we think about '26, there's a fair amount of impact from the execution that we have here in the next 12 months. whether it be hitting our bookings plan or whether it be the mix and shape of those bookings that will impact 2026 above and beyond what we see today. So that's the kind of thing that could drive upside performance to the 13% that we talked about or the EBITDA implied guide in '26. And at the end of the day, as we think about modulating between investing to elongate that subs revenue growth at these elevated levels.

但當我們思考 26 年時，我們在未來 12 個月的執行將產生相當大的影響。無論是影響我們的預訂計劃，還是這些預訂的組合和形式，都將對 2026 年產生超出我們今天所見的影響。所以這類因素可能會推動績效上漲至我們所談論的 13% 或 26 年 EBITDA 隱含指引。最後，我們考慮在投資之間進行調節，以延長訂閱收入在這些較高水準上的成長。

That's really sort of what we're giving ourselves room to manage here as we get through '25 to ensure that we have that right balance, totally in line with our profitable growth strategy that we've been talking about for the last couple of years. So hopefully, that addresses your question.

這實際上就是我們在 25 年給自己留出的管理空間，以確保我們擁有正確的平衡，完全符合我們過去幾年一直在談論的獲利成長策略。希望這能解答您的問題。

Yeah, that's great. Thank you very much.

是的，太棒了。非常感謝。

Alan Hodgkiss, Goldman Sachs.

高盛的艾倫·霍奇基斯（Alan Hodgkiss）。

Great. Thanks for taking the questions. I guess to start, Matt, just on bank IT spend priorities in '25, there's a lot of talk about lending volumes picking back up, particularly on the commercial side and banks being a little bit more offensive in their thinking. Just curious how you think that impacts you guys, if at all?

偉大的。感謝您回答這些問題。馬特，我想先談談銀行在 25 年的 IT 支出重點，有很多關於貸款量回升的討論，特別是在商業方面，而銀行的想法則更加具有攻擊性。只是好奇您認為這會對你們產生什麼影響，如果有的話？

Well, I hope it picks up for the banks for their sake. But deposits are still at the center of what runs the bank and the discipline around acquiring the deposits, wanting to use a commercial platform that's competitive with what Bank of America, Wells, Chase, rollout is important.

好吧，我希望這對銀行有利。但存款仍是銀行營運的核心，而獲取存款的紀律也很重要，希望使用能與美國銀行、富國銀行、大通銀行競爭的商業平台。

And so if you think about what happened in 2012 to 2022, a lot of these banks were signing the loans were weren't getting the operating accounts. Now they have a discipline around I need the operating accounts and we're going to do the loan.

所以，如果你想想 2012 年到 2022 年發生的事情，很多銀行簽署了貸款卻沒有獲得營運帳戶。現在他們有一套紀律，我需要經營帳戶，然後我們才能發放貸款。

And so that is what's driving -- the loan volume picks up, you'll see more operating accounts come in, but they want to have a competitive commercial product to get that. And we are squarely in the middle of -- if you look at win rates, our success over the last years, especially upmarket in the commercial banking product, I think we're well positioned to do that.

這就是推動因素——貸款量增加，你會看到更多的營運帳戶進來，但他們希望擁有具有競爭力的商業產品來實現這一點。而且我們正處於中間位置——如果您看看贏率，看看我們過去幾年的成功，特別是在商業銀行產品的高端市場，我認為我們完全有能力做到這一點。

So what's going to come with the loans are the operating accounts. And they're going to have to have a product that's competitive with the banks I mentioned as well as others. And that's where we sit right now. So I think I'm hopeful that the lending environment picks up. But I think that's going to be a tailwind to us as well.

那麼，貸款會帶來經營帳戶。他們必須推出能夠與我提到的銀行以及其他銀行競爭的產品。這就是我們現在的處境。因此，我對貸款環境的改善充滿希望。但我認為這對我們來說也是一種順風。

Okay. Really helpful. And then just on that point, what's the barrier to you guys in cross-selling commercial? I know it's obviously, a much more complex product for financial institutions. So what's worked for you in the past and what gives you confidence on continuing to be able to do that with new FIs and existing customers going forward?

好的。真的很有幫助。那麼就這一點而言，你們在交叉銷售商業廣告方面面臨的障礙是什麼？我知道對金融機構來說這顯然是一個更複雜的產品。那麼，過去您的成功經驗是什麼？

Some of it is we're able to talk about 58% of the 100 most profitable banks use our platform, 42% of the top 200 forms credit unions use our platform. And so banks look to other banks when they're making these decisions. And we have more than anybody that can point to the success and the happiness that they have when they're on the product plus the value that they get, the ability to use it to compete.

其中之一是，我們可以說，100家最賺錢的銀行中有58%使用我們的平台，前200家信用合作社中有42%使用我們的平台。因此，銀行在做出這些決定時會參考其他銀行的意見。我們比任何人都更能證明客戶在使用產品時所獲得的成功和快樂，以及他們獲得的價值和利用產品參與競爭的能力。

And so in this environment, when we've done X number of deals with certain core and on the conversion, the challenge that they go through is the risk of moving their crown jewels of the business to a new system, and it's hard. It's complicated. And it's fraught with risk for those that haven't done it as much as we have. And nobody has done more of those in the modern era, which is what I call since the mobile phones since smartphones have come out than us.

因此在這種環境下，當我們完成了 X 筆具有特定核心的交易並進行轉換時，他們面臨的挑戰是將他們業務的核心轉移到新系統的風險，這很難。情況很複雜。對於那些沒有像我們一樣做這麼多的人來說，這充滿風險。在現代，也就是我所說的自從智慧型手機問世以來的時代，沒有人比我們做得更多。

And so we're able to lean on that, plus we have -- if people can look at the product, the screens, but there's also an operating component to this. Do you have the ability to convert somebody off of the system that they've been on for a long time? How many times have you done it? We've done it 10s to 20s of times with almost everybody in the space as a competitor.

因此，我們能夠依賴這一點，再加上我們——如果人們可以看到產品、螢幕，但這也有一個操作組件。你有能力讓某人脫離他們長期使用的系統嗎？你做過幾次了？我們已經與這個領域的幾乎所有競爭對手進行了 10 到 20 次這樣的嘗試。

And then you have people there that can process files, wires, an operating discipline around that. We've built that over time, and it continues to be something we invest in. So those are the things, when we get into a sales process that we can point to that we've done. And it's not something that a bank or credit union is going to take a risk on when they have to move the most important clients that they have to a system.

然後你會有人在那裡處理文件、電線以及相關操作紀律。我們經過一段時間的建設才建立了這個體系，我們會繼續投資。所以，當我們進入銷售流程時，我們可以指出我們已經完成的事情。當銀行或信用合作社必須將最重要的客戶轉移到系統時，他們不會冒這個險。

So we're going to lean on that. That's been our story, our reputation, and we're going to continue to do that. And I think it differentiates us in the sales process, as you can tell from the bookings for the last couple of years. So we're just going to continue to rest on those and be competitive.

所以我們將依賴這一點。這就是我們的故事、我們的聲譽，我們將繼續這樣做。我認為這使我們在銷售過程中與眾不同，這一點你從過去幾年的預訂情況就可以看出來。所以我們將繼續依靠這些並保持競爭力。

Okay, that's really helpful. Thank you, Matt.

好的，這確實很有幫助。謝謝你，馬特。

Andrew Schmidt, Citigroup.

花旗集團的安德魯·施密特。

Hey, guys. Thanks for taking my questions. Good results here. I wanted to touch on just the longer-term EBITDA outlook. And similar to a question was asked earlier, just outlook philosophy when it comes to the 2026, maybe talk through -- are there investments that are kind of contemplated there? Is it more prudence when we think about just the out year from an EBITDA margin perspective? Thanks so much.

嘿，大家好。感謝您回答我的問題。這裡的結果很好。我只想談長期 EBITDA 前景。與先前提出的問題類似，只是談論 2026 年的展望哲學，是否有正在考慮的投資？如果我們僅從 EBITDA 利潤率的角度考慮未來一年的情況，是否更為謹慎？非常感謝。

Yeah. Thanks, Andrew. It's a little bit of both. There are definitely investments, especially in some of the product areas I mentioned before, whether it's fraud, innovation studio, fabric, commercial functionality where we have planned investments, and we need to continue to expand our feature function and capabilities overall in those areas.

是的。謝謝，安德魯。兩者都有一點。肯定有投資，特別是在我之前提到的一些產品領域，無論是欺詐、創新工作室、結構還是商業功能，我們都計劃進行投資，並且我們需要繼續在這些領域全面擴展我們的特色功能和能力。

But we're also leaving ourselves room there to be able to make further investments as we see the year play out and we see opportunities across the business. So I feel good about our ability to achieve those targets.

但隨著今年的進展和整個業務領域的機遇，我們也為自己留出了進一步投資的空間。因此，我對我們實現這些目標的能力充滿信心。

Obviously, we're looking a couple of years out as we think about giving color on '26 today but have a lot of confidence in those, but we do have planned investments in there, but we also need to be able to modulate between, again, further investments to elongate that growth curve versus driving as much profitability as we can for shareholders.

顯然，當我們今天考慮為 26 年描繪藍圖時，我們將目光投向了幾年之後，我們對此非常有信心，但我們確實計劃在那裡進行投資，但我們也需要能夠在進一步投資以延長增長曲線與為股東帶來盡可能多的盈利之間進行調節。

Absolutely. That makes a lot of sense, Jonathan. I appreciate that. And then maybe on the Tier 2, Tier 3 step up, it's really great to see that. Can you talk about just the drivers there? Is it more shots on goal, win rates, combination of those factors? Can you just elaborate on what's driving that uptick there? That would be helpful. Thanks so much.

絕對地。這很有道理，喬納森。我很感激。然後也許在第 2 層、第 3 層升級時，看到這一點真的很高興。您能談談那裡的司機嗎？是射門次數更多、勝率更高，還是這些因素的結合？您能否詳細說明一下推動這種上漲的因素是什麼？那將會很有幫助。非常感謝。

Yeah, Andrew. I think it's a function of, as I said earlier, these banks are trying to get the operating accounts. It's not an environment, where you have a loan for 2%. It's easy to get it so you make your money. You've got to get the operating accounts and you have people that are running a legacy technology that doesn't work on mobile phones.

是的，安德魯。我認為，正如我之前所說，這些銀行正在試圖獲得營運帳戶。這不是一個你可以獲得 2% 貸款的環境。獲得它很容易，所以你就能賺錢。您必須獲得營運帳戶，並且有人運行著不適用於手機的傳統技術。

They don't talk to each other. You've got separate devices. And when you're trying to get the operating accounts of somebody who's with 1 of the big 4 or P&C. They're not going to move for the -- on those -- to those legacy tax systems. And so for us, we're able to walk in a chill them a product that's up and running.

他們彼此不說話。您有單獨的設備。當您嘗試取得四大保險公司或財產及意外傷害保險公司的人員的營運帳戶。他們不會改變那些遺留的稅制。對我們來說，我們能夠提供他們一款可以正常運作的產品。

We've got hundreds of customers on it. We've done it for 20 years. We're very comfortable with these conversions, as I talked about earlier. And they have to have -- they've got to go get these commercial deposits. They're the most of the stickiest, they're the most profitable, you can grow them. And that's what's driving this demand environment.

我們已經擁有數百名客戶。我們已經這樣做了20年。正如我之前所說的，我們對這些轉換非常滿意。他們必須－他們必須去獲取這些商業存款。它們是黏性最強、利潤最高的植物，你可以種植它們。這就是推動這種需求環境的因素。

Win rates were slightly up from 23%, which we had a grade 3. And Tier 2s and 3s are really -- some of it, the demand came to us because they're looking for these products, and I think that's going to continue in '25.

勝率從 23% 略有上升，達到了 3 級。而 2 級和 3 級確實 - 其中的一些需求來自於我們，因為他們正在尋找這些產品，我認為這種情況將在 25 年持續下去。

That's great to hear. Thanks so much, Matt.

我很高興聽到這個消息。非常感謝，馬特。

Charles Nabhan, Stephens.

查爾斯·納布漢，史蒂芬斯。

Hi, guys. Thanks for taking my questions. Congrats on the quarter. I wanted to ask about free cash flow. It's good to see the increase to the cycle guide. And it sounds like a lot of that is attributable to working capital improvements and operating leverage. But I wanted to ask if there's been any changes to your expectations for CapEx spend?

嗨，大家好。感謝您回答我的問題。恭喜本季取得佳績。我想問一下自由現金流的情況。很高興看到循環指南增加。這聽起來很大程度歸功於營運資本的改善和營運槓桿。但我想問一下，您對資本支出的預期是否有任何變化？

And then secondly, as a follow-up to that, I wanted to hopefully get some color around your capital allocation priorities. Specifically, where you're investing in product? What's on the product road map? And if M&A is still part of the consideration?

其次，作為後續問題，我希望能夠了解您的資本配置優先事項。具體來說，您在哪裡投資產品？產品路線圖上有什麼？如果併購仍然是考慮的一部分呢？

Yeah. Thanks, Chuck. So firstly, yes, really pleased with the free cash flow conversion. I mean the team did a phenomenal job when it comes to a whole bunch of under the waterline processes to drive better conversion when it comes to free cash flow. And so we had just phenomenal DSO performance, especially in the fourth quarter to record levels, and that's a big part of it on top of, obviously, the profitability that you see in the business today. So there is no change from a CapEx perspective. So still a very CapEx-light business and would expect that to continue going forward.

是的。謝謝，查克。首先，是的，我對自由現金流轉換非常滿意。我的意思是，當涉及一系列水下流程以推動自由現金流的更好轉換時，該團隊做了出色的工作。因此，我們的 DSO 表現非常出色，尤其是在第四季度達到了創紀錄的水平，這顯然是您今天在業務中看到的盈利能力之上的很大一部分原因。因此，從資本支出角度來看並沒有改變。因此，這仍然是一項資本支出極低的業務，並且預計這種情況將繼續下去。

From a capital allocation perspective, organically, I think it's very much in line with what we talked about earlier, some of the product areas that Matt talked about, whether it's fraud, whether it's the entire apparatus around innovation studio, ensuring that we can build out that partner ecosystem and support those partners and drive adoption by our customers and their end users, as well as areas like fabric and commercial functionality.

從資本配置的角度來看，從有機上講，我認為這與我們之前談到的一些產品領域非常一致，馬特談到的一些產品領域，無論是欺詐，還是圍繞創新工作室的整個裝置，確保我們可以建立合作夥伴生態系統並支持這些合作夥伴並推動我們的客戶和他們的最終用戶的採用，以及結構和商業功能等領域。

And that's where our organic investment and capital allocation is focused relationship price. And relationship pricing, especially on the treasury on the deposit side of the operations there. We're just seeing a lot of opportunity to price that entire relationship.

這就是我們的有機投資和資本配置集中關係價格的地方。以及關係定價，尤其是財務部門存款方面的業務。我們看到了很多為整個關係定價的機會。

When it comes to inorganic opportunities, I think, clearly, the balance sheet strength, the free cash flow generation will set us up well to have that optionality. Nothing has changed from what I've shared over the last, really, year or plus, so we get a lot to look at when it comes to the pipeline of M&A opportunities. We're seeing a lot, not a lot of assets that we've been either enamored by from a quality perspective or where we would get there on valuation.

當談到無機機會時，我認為，顯然，資產負債表的實力、自由現金流的產生將為我們帶來這種選擇權。實際上，與我過去一年多來所分享的內容相比，並沒有什麼變化，因此，在涉及併購機會方面，我們有很多值得關注的內容。我們看到了很多資產，但從品質角度來看，或從估值角度看，我們並不看好這些資產。

So those things all need to come in line for us to be confident around an M&A deal, and we're going to be prudent there, given what it means in the bet and how effect of your execution has to be when you do an M&A deal.

因此，我們需要考慮到所有這些因素，才能對併購交易充滿信心，而且我們會謹慎行事，考慮到這在賭注中意味著什麼，以及在進行併購交易時執行的效果如何。

So it's certainly part of the long-term picture, and we think we're in a great position to be a strategic acquirer. But we would only do it if everything sort of lined up and made sense strategically and financially there.

因此，這無疑是長期規劃的一部分，而且我們認為我們完全有能力成為策略性收購者。但只有當一切在策略和財務上都已準備就緒並合理時，我們才會這樣做。

Got it. Appreciate the color. And as a follow-up, I wanted to ask about professional services. It looks like that line was down about 11% in '24. And it sounds like the expectation is that it will be down at a similar rate in '25.

知道了。感謝色彩。作為後續問題，我想詢問有關專業服務的問題。看起來這條線在 24 年下降了約 11%。聽起來預計在 25 年它會以類似的速度下降。

I wanted to get your thoughts on the discretionary consulting piece and some of the assumptions underlying that outlook. Is that an area that could potentially come back over the next year or two as a result of deregulation and/or consolidation in the bank space.

我想聽聽您對自由裁量諮詢部分的看法，以及該觀點背後的一些假設。由於銀行業放鬆管制和/或整合，這個領域在未來一兩年內有可能復甦嗎？

I mean, I guess I'll say based in the assumption, is that we do not see a rebound in that. Is it theoretically possible over the next couple of years? Yes. But we have not seen an indication of that behavior from our FI sitting here in early 2025. When you think about sort of the pace at which interest rates are not moving down as maybe as quick as people had anticipated, we are not seeing sort of a pickup in discretionary spending.

我的意思是，我想我會說基於假設，我們沒有看到反彈。從理論上來說，未來幾年內有可能實現嗎？是的。但截至 2025 年初，我們尚未看到 FI 出現這種行為的跡象。當你想到利率下降的速度可能沒有像人們預期的那麼快時，我們並沒有看到可自由支配支出的增加。

We still see a lot of those same pressures even on deals from a first quarter perspective here in where our customers are trying to be careful about decisions around length of contracts, scope of those contracts, in some cases, pushing those. So all the evidence we have sitting here in Q1 is that we see those same pressures around discretionary, but there are certainly things you could see that maybe that could pick up later in '21 or into '26. That's not what we're seeing yet though.

即使從第一季的角度來看，我們仍然看到很多相同的壓力，我們的客戶在決定合約期限、合約範圍時要謹慎，在某些情況下，還會推動這些決定。因此，我們在第一季掌握的所有證據都表明，我們看到了同樣的可自由支配支出壓力，但你肯定會看到，這種壓力可能會在2021年後期或2026年有所緩解。但這並不是我們現在看到的情況。

Probably just to add thatb if the demand does come back, we're going to be very selective in terms of how we choose to grow that business back. We want to make sure we're doing with high-quality, long-term intentions.

可能只是想補充一點，如果需求確實回升，我們將非常謹慎地選擇如何恢復業務。我們要確保我們所做的事情是高品質且長遠的。

Got it. I recall there was some rationalization of that customer base a couple of years ago as well. So appreciate all the color. Thanks, guys.

知道了。我記得幾年前也對該客戶群進行了一些合理化調整。所以請欣賞所有的色彩。謝謝大家。

Michael Infante, Morgan Stanley.

摩根士丹利的麥可‧因凡特 (Michael Infante)。

Hey, guys. Thanks for taking our questions. Hopeful color just on the renewal bookings growth of 80%. I know you have had some improvement on the pricing front versus historical trends. But if you had to apply some form of rough attribution or directional framework on how the mix of that bookings growth sort of builds up between incremental cross-sell attach price and contract duration extension? I'm just trying to think about some of the drivers of the FY26 subscription revenue growth aside from the fact that the comps get tougher and I'm sort of wondering if that is just some assumption on normalization of some of the renewal dynamics, which obviously have been really strong.

嘿，大家好。感謝您回答我們的問題。希望之色剛公佈的續約預訂量增加了80%。我知道與歷史趨勢相比，你們在定價方面取得了一些進展。但是，如果您必須應用某種形式的粗略歸因或方向框架，那麼預訂量增長的組合如何在增量交叉銷售附加價格和合約期限延長之間建立起來呢？我只是想知道，除了同店銷售情況變得更為艱難之外，還有哪些因素推動了 26 財年的訂閱收入增長，我有點想知道這是否只是對一些續約動態正常化的假設，而這些續約動態顯然一直非常強勁。

Yes. I'll hit that last first because I think that's really important. When you think about where we were coming into 2024 around our subs growth expectation at 13% was the original guide, a huge part of the driver of that progression towards what ended up being 16% for the year was the pull-in of out-of-scope renewals with the economics on those renewals and just really, really strong performance on the cross-sell side relative to expectations. So as we think about that here in '25 and even rolling forward into 2026, there is some persistence to our strategy and how we're thinking about pricing and packaging, both on the cross-sell side and the renewal side.

是的。我將首先討論這一點，因為我認為這非常重要。當您想到我們在 2024 年的最初預期是訂閱量增長 13% 時，您會發現，推動全年訂閱量增長至 16% 的很大一部分原因是範圍外的續約吸引了這些續約的經濟效益，而且交叉銷售方面的表現非常非常強勁，超出了預期。因此，當我們考慮2025年甚至2026年時，我們的策略以及我們對定價和包裝的思考方式（無論是在交叉銷售方面還是在續約方面）仍然具有一定的持久性。

But as we lay out our plans for this year and start to think about what it could mean for next year, we're not assuming a significant level of out-of-scope renewals coming in every year way beyond normal. Like we have a good history and data set to benchmark that off of. So theoretically, that would be your upside driver. I don't know that I would call that conservatism. I would just call it working off of the data we have today sitting here two years out from a full year full picture.

但是，當我們制定今年的計劃並開始思考這對明年意味著什麼時，我們並沒有假設每年都會出現大量超出正常範圍的超出範圍的續保。就像我們擁有良好的歷史記錄和數據集來作為基準。所以從理論上來說，這將是你的上行動力。我不知道我是否能將此稱為保守主義。我只是想說，這是根據我們今天掌握的數據來製定的，距離全年的全貌還有兩年的時間。

So when we think about our opportunity term and tenure of these deals really hasn't changed. We're still averaging 66 months. So I wouldn't say that's an incremental driver. It's really coming from the amount of renewals that are coming in outside of the plan in a given year that we saw in '24, and then the economics and the discipline we're showing on those renewals when it comes to pricing.

因此，當我們考慮這些交易的機會期限和期限時，實際上並沒有改變。我們的平均期限仍為 66 個月。所以我不認為這是一個增量驅動因素。這實際上來自於我們在 24 年看到的特定年份計劃外的續約數量，以及我們在定價時對這些續約所表現出的經濟性和紀律性。

And those are things we certainly hope to be able to pull in renewals. And we -- our customer success team does a great job in positioning the value proposition and the customers are seeing that, and we're seeing the benefit of that. But certainly, on the pricing side, we hope to attain like better economics and maintain that level of discipline going forward. And so those would be the drivers that could lead to anything above what we already have provided for the '26 outlook.

我們當然希望能夠透過這些來吸引續約。我們的客戶成功團隊在定位價值主張方面做得非常出色，客戶看到了這一點，我們也看到了其中的好處。但可以肯定的是，在定價方面，我們希望實現更好的經濟效益，並在未來保持這種紀律水準。因此，這些因素可能會使結果超出我們為 26 年展望所做的預測。

That's helpful, Jonathan. Maybe just on the pure pricing structure within Digital Banking. I know this is primarily a seat-driven model. I'm just trying to think through, with the acceleration that's contemplated just in bank M&A, I know you obviously tend to be a beneficiary there. But you obviously have a lot of levers at your disposal to offset less steeper headcount growth within the industry, both with contractual minimums, inflation escalators and cross-sell attached.

這很有幫助，喬納森。也許只是數位銀行內的純粹定價結構。我知道這主要是座椅驅動模型。我只是試著想一想，隨著銀行併購的加速，我知道你顯然會成為受益者。但顯然，您可以使用許多手段來抵消行業內員工人數成長放緩的影響，包括合約最低限額、通貨膨脹調整和交叉銷售。

But how do you sort of think about the conditions under which you would consider shifting the pricing model towards more of an asset-based pricing consumption amount over time versus at? And how far away do you think we might be to that, if at all?

但是，您如何看待在什麼條件下您會考慮將定價模型轉向基於資產的定價消費量？您認為我們距離這個目標還有多遠？

And just to clarify, Michael, was the question about Digital Banking?

邁克爾，需要澄清的是，問題是關於數位銀行的嗎？

Yes.

是的。

Yes. So Digital Banking, we price on a user base. Remember, so like your baseline, there are certainly tiers from an asset perspective, but the underlying driver is number of end users. And so that is a practice in the industry for this product. That is a model that we are able to capitalize as our financial institutions grow and get more digital adoption.

是的。因此，對於數位銀行，我們根據用戶群定價。請記住，就像您的基準一樣，從資產角度來看肯定存在層級，但根本驅動因素是最終用戶的數量。這是該產品的行業慣例。隨著我們的金融機構不斷發展並越來越多地採用數位化技術，我們可以利用這一模式。

And that is very different than a seat-based model. So we don't have a lot of products that really work on a true seat-based model.

這與基於座位的模型非常不同。因此，我們沒有很多真正適用於基於座位的模型的產品。

Yeah. As M&A occurs in that market, right, you're basically accruing more customers under a single logo. So that's part of the economics that help. That's a tailwind for us when there's a lot of M&A in our customer base.

是的。隨著該市場發生併購，你基本上是在單一標誌下累積了更多的客戶。所以這是有幫助的經濟學的一部分。當我們的客戶群中出現大量併購活動時，這對我們來說是一個順風。

Yes. And so we would look and they would look to negotiate what is the combined user count look like relative to existing minimums, and we negotiate that, but that would be an upside driver to the economics of the deal after a transaction.

是的。因此，我們會觀察，他們也會協商，相對於現有最低限度，合併後的用戶數量是什麼樣的，我們會進行協商，但這將成為交易後經濟效益的上行驅動力。

Thanks, guys.

謝謝大家。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Yeah, hi, guys, Thanks for taking my question here. Matt, you called out the continued success of the fraud products. And I was wondering if you could break down the success of that along the lines of desire to deprecate legacy tools, improvements in your own capabilities there or just a greater emphasis on the part of the end market. What is contributing the most to the success you're seeing there?

是的，大家好，感謝你們在這裡回答我的問題。馬特，你指出了詐欺產品的持續成功。我想知道您是否可以將這一成功分解為希望淘汰遺留工具、提高您自身的能力或只是更加重視終端市場的部分。您在那裡看到的成功最大的貢獻是什麼？

I mean it's -- unfortunately, since the pandemic when you drove when utilization of digital banking products went through the roof, the weakest point is the end user, the account holder of the financial institution, commercial retail. And so what's going on there is you account takeover, you have all these different things that are happening, we have tools to stop the authentication to make sure we're authenticating the right people. And then we have tools that monitor their behavior, who they pay when they pay, how much they pay, then we have tools to monitor as or the file is actually accurate.

我的意思是——不幸的是，自從疫情爆發以來，當數位銀行產品的使用量激增時，最薄弱的環節就是最終用戶、金融機構的帳戶持有人、商業零售商。所以那裡發生的事情是你的帳戶被接管，你遇到了各種各樣的事情，我們有工具可以阻止身份驗證，以確保我們正在驗證正確的人。然後我們有工具來監控他們的行為，他們什麼時候付錢給誰，付多少錢，然後我們有工具來監控文件是否準確。

I don't want to get too much into the weeds there, but and then check fraud has gone through the roof as well, which is a little alarming. So it's just -- for every dollar of fraud, it costs the financial institution for dollars. And so we've had products that have been in existence for plus years, and we've got products that we've started building machine learning tools. We started building in 2008 and '09. We have products we've built since then, along the way, they're stopping fraud in so many different ways.

我不想在這裡過多地討論，但支票詐欺也已經大幅增加，這確實有點令人擔憂。所以，每一美元的詐欺行為都會為金融機構帶來損失。因此，我們的產品已經存在多年，我們還有一些已開始建立機器學習工具的產品。我們於2008年和2009年開始建造。從那時起，我們就不斷開發產品，以各種不同的方式阻止詐欺行為。

And so we've invested heavily in it. Our customers have a tremendous amount of confidence in this in doing that. And the single platform gives you a better view. We're able to take all 24 million-plus users plus all the commercial customers use that data as a tool -- the single platform has a lot of value there, plus the innovation and the products we have around it, just -- it's not a wholesale fraud stop, but it is when you have one system an advantage over having multiple systems that have multiple entry points, multiple databases, different places to go to.

因此我們對此投入了大量資金。我們的客戶對此抱持著極大的信心。單一平台可為您提供更佳的視野。我們能夠讓所有 2400 多萬用戶以及所有商業客戶將這些數據作為一種工具——單一平台具有很大的價值，再加上我們圍繞它的創新和產品——這不是一個全面的欺詐阻止，但當你擁有一個系統時，它比擁有多個入口點、多個數據庫、不同去處等多個系統有優勢。

So we have an intrinsic differentiator in the way our platform is designed and how we work with our customers. So a lot there, but fraud, unfortunately, has just kind of gone through the roof since the pandemic and the increased utilization of digital products.

因此，我們的平台設計方式以及我們與客戶合作的方式具有內在的差異。那裡確實有很多詐欺行為，但不幸的是，自從疫情爆發和數位產品的使用增加以來，詐欺行為就開始急劇增加。

Got it. Thanks for the feedback. And one quick one for you, Jonathan. If I heard you correctly about -- I think it was about 10% of the digital banking base renewed in the quarter. Just what share of that was out of scope renewals? I know you talked about that earlier, but didn't necessarily quantify it. Is that something you could quantify?

知道了。感謝您的回饋。喬納森，還有一件事要告訴你。如果我沒聽錯的話——我認為本季數位銀行基礎更新了約 10%。其中有多少份額超出了續約範圍？我知道您之前談過這個問題，但沒有對其進行量化。這是可以量化的東西嗎？

Yeah. It's not something we would quantify externally just because it's not something that we see consistently quarter to quarter or year to year. What I would say though is both in the quarter and in the full year, we saw more out of scope renewals than typical.

是的。我們不會對其進行外部量化，因為這並不是我們每個季度或每年都能夠持續看到的東西。我想說的是，無論是在本季還是全年，我們都看到了比平常更多的超出範圍的續約。

And so that was a driver of that. But again, seasonally, Q4 is the strongest renewal quarter. That was obviously the case again. And a good chunk of that base was in scope and was part of the plan. And then when you take in the outer scope on top of that, obviously, it led to a tremendous quarter and 10% given the length of these deals in one quarter is obviously way above normal.

這就是導致這現象的原因。但從季節性來看，第四季是更新最強勁的季度。顯然，情況又是如此。該基地的很大一部分都已納入範圍並成為計劃的一部分。然後，當你把外部範圍考慮進去時，顯然，這導致了一個巨大的季度，考慮到這些交易在一個季度內的長度，10% 顯然遠高於正常水平。

Yeah. The customer success team just knocked it out of the park. And that doesn't happen in the fourth quarter. It's the work they put in, in '23 and '24 to get in front of these customers, talk about the other products we have, talk about the value we're providing and to get those extensions.

是的。客戶成功團隊取得了巨大的成功。但這在第四季並沒有發生。這是他們在 23 年和 24 年投入的工作，為了在這些客戶面前展示我們擁有的其他產品，談論我們提供的價值並獲得這些擴展。

So I just want to make sure that this stuff doesn't just happen. There's a lot of work in the leadership and the success team as well as every single success member of that team, the support organization, the delivery organization, it really talks about how you treat your customers and their willingness to continue to sign these longer-term arrangements with you. So really proud of the work that, that team did in 2024 and look forward to in '25.

所以我只是想確保這種事情不會發生。領導層和成功團隊以及團隊的每位成功成員、支援組織、交付組織都做了很多工作，這實際上說明了您如何對待客戶以及他們是否願意繼續與您簽署這些長期協議。我對團隊在 2024 年所做的工作感到非常自豪，並期待 2025 年的工作。

Got it. Thanks, guys.

知道了。謝謝大家。

Dominick Gabriele, Compass Point.

多米尼克·加布里埃爾 (Dominick Gabriele)，Compass Point。

Thanks, yeah. I was just curious if you could talk about the pricing and competition for new deals versus renewals. You're having some profitability success, it looks like. And do you believe you have pricing power given the demand for your products versus some of the other peers? And would you consider your products, a premium product that your banks are willing to pay extra for.

謝謝，是的。我只是好奇您是否可以談談新交易和續約的定價和競爭。看起來你們在獲利方面取得了一些成功。與其他同行相比，考慮到您產品的需求，您是否認為您擁有定價權？您是否會考慮您的產品，即您的銀行願意為之支付額外費用的優質產品？

Yeah. I think if you look at ASPs, they were in '24, they were just slightly down. That's more because of the mix that we had. In '23, we did more Tier 2s and Tier 3s. Every deal is competitive. Everybody is battling forward. You see more pricing pressure on retail than you do on commercial and we do get a premium for our products. And there are people out there that are buying business, and that's just what happens. But we play the long game.

是的。我認為，如果您看一下 ASP，它們在 24 年只是略有下降。這更多的是因為我們的混合。在'23年，我們做了更多的Tier 2和Tier 3。每筆交易都具有競爭力。大家都在奮力向前。你會看到零售方面的定價壓力比商業方面的更大，而且我們的產品確實獲得了溢價。有些人正在購買企業，這就是發生的事情。但我們打的是長期戰略。

There's a lot of people that we've lost deals to -- over the last 20 years when we pick them back up in the long run. So as I said earlier with one of the earlier questions, commercial banking is not something that people are going to take a chance on somebody they're going to build it. It's going to be here. We're going to get there. They need it to be fully functional with operational discipline and execution behind it and we have the ability to do that.

在過去 20 年裡，我們與許多人失去了交易，但從長遠來看，我們又與他們重新簽訂了合約。正如我之前回答的一個問題那樣，商業銀行業務不是人們會冒險委託給別人建立的東西。它將會在這裡。我們將會到達那裡。他們需要它能夠全面發揮作用，並有操作紀律和執行力作為後盾，我們有能力做到這一點。

And so we don't give that away, because there's a lot of value to that and the customers realize that and the prospects we realize it. But all of these deals are -- whether it's a renewal or a net new -- have a competitive dynamic to it, and that's just the market we operate in.

所以我們不會將其白白贈送，因為這有很大的價值，客戶意識到了這一點，潛在客戶也意識到了這一點。但所有這些交易——無論是續約還是全新交易——都具有競爭態勢，而這正是我們營運的市場。

But the sales team and the success team does a great job of value capture and making sure people understand the value they get when they get a single platform to run. It provides a better user experience, creates operating efficiency for the customer and the platform allows us to roll products and features out faster and then ultimately, we get all that data.

但是銷售團隊和成功團隊在價值獲取方面做得很好，並確保人們了解他們在運行單一平台時獲得的價值。它提供了更好的用戶體驗，為客戶創造了營運效率，並且該平台使我們能夠更快地推出產品和功能，最終我們獲得了所有數據。

And all that data is becoming more and more valuable for us, whether it's fraud, as we talked about earlier, cross-selling products, pricing relationships, pricing loans, all of that is value to us. So there's a real differentiator in the platform. And the sales and success team clearly have done a great job with that over the last several quarters and years.

所有這些數據對我們來說都變得越來越有價值，無論是我們之前談到的詐欺行為，交叉銷售產品、定價關係、定價貸款，所有這些對我們都很有價值。因此，該平台確實存在差異。在過去幾個季度和幾年裡，銷售和成功團隊顯然在這方面做得非常出色。

Yeah, it seems to certainly show up in some of these numbers. And then could you just break -- I was wondering if you could break down the year over year margin improvement on the long-term guide, the 360 basis points. How much of that is due to scale versus costs versus product mix?

是的，它似乎確實出現在這些數字中。然後您能否細分一下——我想知道您是否可以根據長期指南細分一下同比利潤率的提高，即 360 個基點。其中有多少是由於規模、成本和產品組合的影響？

And is there any one of those that kind of creates an outsized benefit for the total company or is it sort of like a third, a third, a third? Any help there would be excellent.

其中有沒有哪一個能為整個公司帶來超額利益，或只是三分之一、三分之一、三分之一？任何幫助都將非常有幫助。

Yeah. The way I would say -- characterize it overall is, clearly, the revenue mix shift towards subscription is an ongoing beneficiary to both gross margins and the EBITDA margin guide you see there. But if you want to break down the expense leverage specifically, the way I would think about it is in '25 and even '24, it was really roughly 60-40 driven from OpEx leverage as opposed to cost of sales.

是的。我想說的是——總體而言，收入組合向訂閱的轉變顯然將持續受益於毛利率和 EBITDA 利潤率指南。但如果你想具體分解費用槓桿，我會這樣想，在'25年甚至'24年，它實際上大約是由營運支出槓桿而不是銷售成本推動的，比例為 60-40。

And then as you move into 2026, you sort of see that dynamic flip to where you get quite a bit more leverage on the cost side from the gross margin line on the back of the cloud migration versus OpEx, still a contributor, but to a lesser extent.

然後，隨著進入 2026 年，您會看到這種動態轉變，在雲端遷移的支持下，您可以從毛利率線中獲得成本方面的更多槓桿作用，而營運支出仍然是一個貢獻者，但程度較小。

So it's sort of you kind of got to look at each year independently. But in totality, we're clearly benefiting from the overall mix shift and then obviously, certain expense initiatives and overall focus on profitability is driving in every year, different degrees of OpEx and gross margin scaling.

所以你必須單獨地看待每一年。但總體而言，我們顯然受益於整體組合轉變，而且顯然，某些費用計劃和對盈利能力的整體關注每年都在推動不同程度的營運支出和毛利率擴大。

Marc Feldman, William Blair.

馬克費爾德曼、威廉布萊爾。

I guess just thinking about Helix, in 2024, embedded finance making of the service was a massive target for the regulators. Under the new administration, do you think there's going to be any upside in demand for embedded finance products from your customers or going forward?

我想，只要想想 Helix，到 2024 年，嵌入式融資服務將成為監管機構的巨大目標。在新政府的領導下，您認為客戶對嵌入式金融產品的需求會上升嗎？

I think the way I would think about it is on the fintech side, that market has shifted to where the most likely folks that are going to enter this market have to have scale and have to work with a bank that's really committed to this business because it's all going to run through the financial institution now.

我認為從金融科技方面來看，市場已經發生了變化，最有可能進入這個市場的人必須具有規模，並且必須與真正致力於這項業務的銀行合作，因為現在一切都將透過金融機構進行。

The days of middleware providers and spreading out all of the different services that are required to run a BaaS program are all getting concentrated around the top 20, 30. And over time, it will be more than that fast banks that really know how to run a program soup to nuts.

中間件提供者和運行 BaaS 程式所需的所有不同服務都集中在前 20、30 名。隨著時間的推移，將會有更多的快速銀行真正懂得如何從頭到尾運行一個程式。

From a financial institution landscape, as they start thinking about the Helix opportunity, I think it's interesting to see that their appetite in that context of controlling the entire BaaS program is looking for other core alternatives to run those programs. So while historically, Helix might have partnered with a bank of record to go sponsor one of our customers that we go find in the market, now the institution is doing it all, and they just need a core to go do that with.

從金融機構的角度來看，當他們開始考慮 Helix 的機會時，我認為有趣的是，他們在控制整個 BaaS 計劃的背景下有興趣尋找其他核心替代方案來運行這些程序。因此，雖然從歷史上看，Helix 可能會與一家銀行合作來贊助我們在市場上尋找的一位客戶，但現在機構正在做所有事情，他們只需要一個核心來完成這項工作。

So that's really how I would characterize the change sitting here in early 2025 compared to '24. And I think it sets us up well as a differentiated product in the space. But I wouldn't say that the administration change or the regulatory headwinds that maybe people saw and now maybe are alleviated, changes that dynamic or those dynamics.

所以這就是我對 2025 年初與 24 年相比變化的描述。我認為這使我們成為該領域的差異化產品。但我不會說人們可能看到的行政變革或監管阻力現在可能已經得到緩解，改變了這種動態或那些動態。

Yeah. Ironically, the challenge is that a lot of people saw in '24 highlighted our strengths. And a lot of those strengths, although they're regulatory related, they're all operational in nature. And banks are just very focused on that. We think it will be good for us in the long run.

是的。諷刺的是，很多人認為 24 年的挑戰凸顯了我們的優勢。儘管其中許多優勢與監管相關，但本質上都是營運優勢。銀行非常關注這一點。我們認為從長遠來看這對我們有好處。

Got it. No, that's super helpful. And I guess just a second one on innovation studio. Good to see the bookings doubling year over year. Is there any way to break that down?

知道了。不，這非常有幫助。我想這只是關於創新工作室的第二個問題。很高興看到預訂量比去年同期翻了一番。有沒有辦法解決這個問題？

Is it -- and I know 90% of wins cited in 2024, innovation City as a driver, but thinking about, is it new customers adding? Or is it growing new solutions and partner taking on new solutions for partners there.

是的——我知道 90% 的勝利都提到了 2024 年，創新城市是推動力，但想想看，這是新客戶的增加嗎？或者它正在發展新的解決方案並為其合作夥伴提供新的解決方案。

Yes. We haven't quantified it. We tried to just share that like the magnitude is growing. Obviously, the year over year doubling. We talked about how this is a high-margin revenue stream because of the net revenue treatment.

是的。我們還沒有量化它。我們只是想分享這種規模正在不斷增長的感覺。顯然，去年去年翻了一番。我們討論了由於淨收入處理，這是如何成為高利潤的收入來源的。

And to answer your last question, it is all of the above. It is impacting that new win significantly when we think about adoption by our customers, we talked about three years ago when this went GA, we had about 20 of our financial institutions as early adopters.

回答您的最後一個問題，以上皆是。當我們考慮客戶的採用時，它對這一新勝利產生了重大影響，我們三年前談到，當它正式推出時，我們有大約 20 家金融機構作為早期採用者。

And today, we have over 400 of the 450 live digital banking customers that are using it in some form or fashion today. So we're seeing a two-sided marketplace that our customers and these products are finding each other and are starting to be utilized, but we're still in the early innings of really driving the bookings and revenue opportunity, and that's what we're excited about going forward.

今天，我們的 450 個線上數位銀行客戶中有超過 400 個正在以某種形式或方式使用它。因此，我們看到一個雙邊市場，我們的客戶和這些產品正在相互找到並開始被利用，但我們仍處於真正推動預訂和收入機會的早期階段，這就是我們對未來感到興奮的事情。

Dan Perlin, RBC.

丹‧珀林（Dan Perlin），加拿大皇家銀行。

I just had a question on kind of the level of absolute dollar increases that we're seeing in kind of the backlog here. I think it increased sequentially under $89 million, that's up from $78 million last quarter. So -- and I know it could be lumpy. But the question, I think, is are there just deal sizes that are just getting bigger as a result of the size of the clients to now have kind of in your portfolio? Or is there just a greater appetite for incremental spending kind of in the current demand environment?

我只是對我們在這裡看到的積壓的絕對美元增長水平有一個疑問。我認為它比上一季的 8900 萬美元有所增加，高於上一季的 7800 萬美元。所以 — — 我知道這可能會很棘手。但我認為的問題是，交易規模是否僅僅因為您現在投資組合中客戶規模的擴大而變得更大？還是在當前需求環境下，人們對增量支出的興趣更大？

Yes. When you look at it at any 1 quarter, Dan, you really got to look at like, for example, the fourth quarter, the $189 million you referenced, like that is our seasonally strongest renewals quarter, and renewals have the largest contribution to the backlog just given the term and the size of those deals. So certainly, size zone, the net news and side matters. But really in any 1 quarter, the biggest driver of the magnitude of that number will be the renewals in scope and then potentially out of renewals that out-of-scope renewals that get done that I talked about earlier. But that is really the driver.

是的。丹，當你看任何一個季度時，你真的必須看看，例如，第四季度，你提到的 1.89 億美元，就像我們這個季度續約業務最強勁的季度一樣，而且考慮到交易的期限和規模，續約對積壓訂單的貢獻最大。所以當然有尺寸區、網路新聞和附帶事項。但實際上，在任何一個季度，這個數字的最大驅動因素將是範圍內的續約，然後是可能超出範圍的續約，我之前提到過。但這才是真正的驅動因素。

There's clearly upward pressure on the number as overall deal sizes increase, too. But the bigger driver in any one period is going to be just the renewal nature of that quarter.

隨著整體交易規模的增加，這一數字顯然也面臨上升壓力。但任何一個時期的更大驅動力都只是該季度的更新性質。

Thank you for your call. And ladies and gentlemen, with that, that will conclude the Q2 Holdings Fourth Quarter and Full year 2024 Financial Results Conference Call. Thank you for attending. Have a great afternoon. We'll see you next time.

謝謝您的來電。女士們、先生們，Q2 Holdings 第四季和 2024 年全年財務業績電話會議到此結束。感謝您的參加。祝您下午愉快。我們下次再見。