Q2 Holdings Inc (QTWO) 2025 Q1 法說會逐字稿

Good afternoon. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q2 Holdings first-quarter 2025 financial results conference call. (Operator Instructions)

午安.我叫蒂芬妮，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Q2 Holdings 2025 年第一季財務業績電話會議。（操作員指示）

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

謝謝。現在我想將電話轉給投資人關係部的 Josh Yankovich。先生，請開始。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for our first-quarter 2025 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，感謝大家參加我們 2025 年的第一季電話會議。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)；我們的總裁柯克·科爾曼 (Kirk Coleman) 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 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 quarterly report on Form 10-Q for the first quarter of 2025 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存在重大差異的重要因素包含在我們向美國證券交易委員會提交的定期報告中，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 2025 年第一季度的 10-Q 表季度報告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之日的假設。投資者不應假設這些聲明在以後仍然有效，並且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, other than revenue, will be on a non-GAAP basis. A discussion of why we use non-GAAP financial measures and a reconciliation of non-GAAP measures to the most comparable GAAP measures is included in our press release, which is available on the Investor Relations section of our website and in 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（收入除外）均採用非 GAAP 基礎。關於我們為何使用非公認會計準則 (non-GAAP) 財務指標以及非公認會計準則 (non-GAAP) 指標與最具可比性的公認會計準則 (GAAP) 指標的對帳的討論已包含在我們的新聞稿中，該新聞稿可在我們網站的「投資者關係」部分以及我們今天向美國證券交易委員會 (SEC) 提交的 8-K 表格中找到的 8-K 表格。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 first-quarter results and highlights from across our business. I'll then hand the call over to Jonathan to discuss our financial results in more detail and provide updated guidance. In the first quarter, we delivered results above the high end of our guidance, generating revenue of $189.7 million, up 15% year over year. We also generated adjusted EBITDA of $40.7 million, representing 21.5% of revenue, and we generated free cash flow of $37.8 million.

謝謝，喬希。我將在今天的電話會議上首先分享我們第一季的業績和整個業務的亮點。然後，我會將電話交給喬納森，讓他更詳細地討論我們的財務結果並提供最新的指導。第一季度，我們的業績超出預期上限，營收達到 1.897 億美元，年增 15%。我們也產生了 4,070 萬美元的調整後 EBITDA，佔營收的 21.5%，並且產生了 3,780 萬美元的自由現金流。

We started the year with solid sales performance highlighted by five total enterprise and Tier 1 deals, complemented by continued execution in Tier 2 and 3. In terms of net new highlights, we signed a Tier 1 relationship pricing deal in the quarter with a bank that will use our solutions to improve commercial relationship profitability across both lending and deposit product lines.

我們以穩健的銷售業績開啟了新的一年，其中最突出的是五項企業和一級交易，並繼續在二級和三級市場取得進展。在淨新增亮點方面，我們在本季度與一家銀行簽署了一級關係定價協議，該銀行將使用我們的解決方案來提高貸款和存款產品線的商業關係盈利能力。

The enterprise and Tier 1 success in the quarter was also driven by significant expansion activity within our existing customer base. For example, we had a top 50 US bank signed an expansion deal for our risk and fraud solutions in the quarter. In our last call, we talked about the rising cost and complexity of fraud management, and this deal demonstrates the growing demand we're seeing with best-in-class fraud solutions.

本季企業和一級市場的成功也得益於我們現有客戶群的顯著擴張活動。例如，本季我們與一家美國排名前 50 的銀行簽署了一項風險和詐欺解決方案擴展協議。在我們上次的電話會議中，我們討論了詐欺管理成本和複雜性的上升，而這筆交易表明了我們對一流詐欺解決方案的需求日益增長。

In this case, the bank signed a deal to expand their utilization of one of our fraud products, adding roughly the equivalent of a Tier 1 digital banking deal and bookings value to the partnership and the process. Fraud mitigation is a top priority for our customers and one we believe will remain prioritized regardless of the macroeconomic backdrop.

在這種情況下，該銀行簽署了一項協議，以擴大其對我們其中一款詐騙產品的使用，為合作夥伴關係和流程增加了大致相當於一級數位銀行交易和預訂價值的金額。減少詐欺是我們客戶的首要任務，我們相信，無論宏觀經濟背景如何，我們仍將優先考慮這項任務。

We also continue to see Q2 Innovation Studio drive both net new momentum and stronger relationships with existing customers. As an example, United Federal Credit Union uses a variety of Q2 solutions and Innovation Studio partners, including targeted features aimed at payment flexibility and member-driven interactions to more than triple digital engagement with those features across its member base.

我們也持續看到 Q2 創新工作室推動淨新動能並加強與現有客戶的關係。例如，聯合聯邦信用合作社 (United Federal Credit Union) 使用各種 Q2 解決方案和創新工作室合作夥伴，包括針對支付靈活性和會員驅動互動的針對性功能，以使整個會員群體透過這些功能進行的數位互動增加兩倍以上。

While we continue to drive investment into R&D, the breadth of our partner ecosystem continues to separate us in the market because of our ability to deliver innovation quickly, and stories like United provide a great example of the kinds of outcomes customers are able to drive with the combined power of our platform and Innovation Studio.

雖然我們繼續增加對研發的投資，但由於我們能夠快速實現創新，我們合作夥伴生態系統的廣度繼續使我們在市場上脫穎而出，而像 United 這樣的案例很好地說明了客戶能夠透過我們平台和創新工作室的結合力量來推動哪些成果。

We also had another strong quarter of renewal activity, which is particularly exciting on the heels of the single largest renewal quarter in company history in the fourth quarter of 2024. In the first quarter of 2025, we signed renewals with three of our top 10 largest customers across digital banking, Helix, and relationship pricing. These renewals are a vote of confidence in the strength of our partnership and the criticality of our solutions. And in times of economic uncertainty, we have historically seen expansion and renewal activity accelerate.

我們也經歷了另一個強勁的續約活動季度，這尤其令人興奮，因為 2024 年第四季是該公司歷史上最大的續約季度。2025 年第一季度，我們與數位銀行、Helix 和關係定價領域的十大最大客戶中的三家簽署了續約協議。這些續約是對我們合作關係的強度和我們解決方案的重要性的信任投票。從歷史上看，在經濟不確定時期，擴張和更新活動就會加速。

As we have discussed on previous calls, we have had strong renewal bookings over the past several quarters, and we believe we will see a similar renewal opportunity set in 2025 and 2026 compared to what we had available over the past two years. Looking ahead, I do want to provide a few remarks on our outlook for the remainder of the year. I believe our business is durable due to the mission-critical nature of our products, our strong and diverse customer base, and the fundamentals of our model that have helped us execute well in other recent periods of macro uncertainty.

正如我們在之前的電話會議上所討論的那樣，過去幾季我們的續約預訂量非常強勁，我們相信，與過去兩年相比，2025 年和 2026 年我們將看到類似的續約機會。展望未來，我確實想就今年剩餘時間的展望發表一些評論。我相信我們的業務是持久的，因為我們的產品具有任務關鍵性，我們強大而多樣化的客戶群，以及我們模式的基本面，這些都幫助我們在最近其他宏觀不確定時期表現良好。

The pandemic, the rising rates, and the events in the banking sector from March of '23 underscored the importance of deposit gathering, and our solutions are essential in helping customers attract, retain, grow and protect deposits. We expect that focus on deposits to persist and has been a tailwind to our sales efforts over the last several quarters.

疫情、利率上升以及 2023 年 3 月以來銀行業發生的事件凸顯了吸收存款的重要性，我們的解決方案對於幫助客戶吸引、保留、增加和保護存款至關重要。我們預計對存款的關注將持續下去，並且在過去幾季中一直是我們銷售工作的順風。

We have a highly strategic and diverse customer base across our solution areas, and we believe our regional and community financial institution customers play an essential role in supporting the economy, including in challenging times. In terms of what we see here in early May 2025, we continue to see a solid pipeline for the remainder of the year with a strong overall renewal and expansion opportunity ahead of us.

我們在解決方案領域擁有高度策略性和多樣化的客戶群，我們相信我們的區域和社區金融機構客戶在支持經濟方面發揮著至關重要的作用，包括在充滿挑戰的時期。就我們在 2025 年 5 月初看到的情況而言，我們將繼續看到今年剩餘時間內穩固的管道，並且我們面前有強勁的整體更新和擴張機會。

With that, I'll hand the call over to Jonathan to discuss our financial performance from the first quarter in more detail and provide our updated guidance for 2025.

接下來，我將把電話交給喬納森，讓他更詳細地討論我們第一季的財務業績，並提供我們 2025 年的最新指導。

Thanks, Matt. We started 2025 with a great first quarter, delivering strong results across several key metrics, including revenue and adjusted EBITDA, both of which exceeded the high end of our previously issued guidance. These results underscore the continued execution of our profitable growth strategy reinforced by another quarter of solid bookings execution and record free cash flow generation.

謝謝，馬特。我們以出色的第一季度開啟了 2025 年，在多個關鍵指標上都取得了強勁的業績，包括收入和調整後的 EBITDA，這兩項指標均超過了我們之前發布的指引的高端。這些結果強調了我們獲利成長策略的持續執行，而這項策略又透過另一個季度的穩健預訂執行和創紀錄的自由現金流產生得到加強。

I will now discuss our financial results in more detail and conclude with our updated guidance for the second quarter and full-year 2025. Total revenue for the first quarter was $189.7 million, an increase of 15% year over year and up 4% sequentially. Our revenue growth was primarily driven by subscription-based revenues, which grew 18% year over year and 5% sequentially. Subscription revenue as a percentage of total revenue continued to grow, ending the quarter at 81%, highlighting the ongoing shift in our revenue mix towards our higher-margin revenue stream.

我現在將更詳細地討論我們的財務業績，並總結我們對 2025 年第二季和全年的最新指引。第一季總營收為 1.897 億美元，年增 15%，季增 4%。我們的收入成長主要得益於訂閱收入，該收入較去年同期成長 18%，較上季成長 5%。訂閱收入佔總收入的百分比持續成長，本季末達到 81%，突顯出我們的收入結構正在轉向利潤率更高的收入流。

The year over year in sequential revenue growth was primarily driven by a combination of new customer go-lives and expansion with existing customers. Our services and other revenues declined by 7% year over year, primarily driven by a reduction in our professional service revenues, which are more discretionary in nature.

營收年減成長主要得益於新客戶上線和現有客戶擴張的共同推動。我們的服務和其他收入比去年同期下降了 7%，主要原因是我們的專業服務收入減少，而專業服務收入本質上更具自由裁量權。

While we continue to anticipate that ongoing pressure on discretionary services demand will drive further increases in subscription revenue as a percentage of total revenue, this shift also aligns with our strategic focus on higher-margin recurring subscription revenues. We believe this evolution in our revenue mix positions us well for sustainable, profitable growth in the long term.

雖然我們仍然預計，對非必需服務需求的持續壓力將推動訂閱收入佔總收入的百分比進一步增加，但這種轉變也符合我們對利潤率更高的經常性訂閱收入的戰略重點。我們相信，收入結構的這種轉變將使我們在長期內實現可持續的獲利成長。

Total annualized recurring revenue or total ARR grew to $847 million, up 11% year over year from $761 million at the end of the first quarter of 2024, driven by strength in our subscription ARR, which grew to $702 million, up 14% year over year from $615 million in the prior year period. Our year-over-year total ARR growth saw continued strength in net new bookings and expansion with existing customers, partially offset by the decline in professional services-based revenue we previously discussed.

總年度經常性收入或總 ARR 增長至 8.47 億美元，較 2024 年第一季末的 7.61 億美元同比增長 11%，這得益於我們的訂閱 ARR 強勁增長，訂閱 ARR 增長至 7.02 億美元，較去年同期的 6.15 億美元同比增長 14%。我們的年度總收入年增率表明，淨新預訂量和現有客戶的擴張持續強勁，但部分被我們之前討論過的專業服務收入的下降所抵消。

Our ending backlog of approximately $2.3 billion increased by $74 million sequentially or 3% and $379 million year over year, representing 20% growth. The year-over-year and sequential increases were primarily driven by expansion with existing customers as we renewed three of our largest customers in the first quarter.

我們的期末積壓訂單約為 23 億美元，比上一季增加 7,400 萬美元，增幅 3%，比去年同期增加 3.79 億美元，增幅 20%。年比和季比的成長主要得益於現有客戶的擴張，我們在第一季續簽了三個最大的客戶。

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. But as Matt mentioned, we believe we will see a similar number of renewal opportunities available to us in 2025 and 2026 as we did in the prior two years.

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每季波動。但正如馬特所提到的，我們相信，2025 年和 2026 年我們將看到與前兩年類似數量的續約機會。

Gross margins were 57.9% for the first quarter, up from 54.9% in the prior-year period and from 57.4% in the previous quarter. The sequential and year-over-year increases in gross margin were driven by an increasing mix of higher-margin subscription-based revenues. The sequential growth in gross margin was partially offset by a seasonal increase in compensation costs, which is typical for our first quarter.

第一季毛利率為57.9%，高於去年同期的54.9%和上一季的57.4%。毛利率的環比和同比增長是由於高利潤率訂閱收入的不斷增加。毛利率的連續成長被薪資成本的季節性成長部分抵消，這在第一季很常見。

Total operating expenses for the first quarter were $77 million or 40.7% of revenue compared to $73 million or 44% of revenue in the prior-year quarter and $75 million or 41.2% of revenue in the fourth quarter of last year. 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 improvement as we continue to focus on operational efficiency and our ability to scale while maintaining investments in best-in-class innovation to meet our customers' evolving needs.

第一季總營運費用為 7,700 萬美元，佔營收的 40.7%，而去年同期為 7,300 萬美元，佔營收的 44%，去年第四季為 7,500 萬美元，佔營收的 41.2%。營運費用佔收入的百分比同比和環比改善源於所有營運費用類別的擴大，其中一般及行政費用同比增長最大，因為我們繼續專注於營運效率和擴展能力，同時保持對一流創新的投資，以滿足客戶不斷變化的需求。

Total adjusted EBITDA was a record $40.7 million, up 61% from $25.2 million in the prior-year period and up 8% from $37.6 million in the previous quarter. We ended the first quarter with cash, cash equivalents, and investments of $486 million, up from $447 million at the end of the previous quarter. We generated cash flow from operations of $44 million, driven by improved profitability and continued effective working capital management and generated free cash flow of $38 million.

調整後 EBITDA 總額達到創紀錄的 4,070 萬美元，較去年同期的 2,520 萬美元增長 61%，較上一季的 3,760 萬美元增長 8%。第一季末，我們的現金、現金等價物和投資總額為 4.86 億美元，高於上一季末的 4.47 億美元。在獲利能力提高和持續有效的營運資本管理的推動下，我們產生了 4,400 萬美元的經營現金流，並產生了 3,800 萬美元的自由現金流。

Although we typically experience weaker cash flow in our first quarter due to seasonally higher cash costs associated with our annual bonus and year-end commission payouts, our cash flow performance this quarter exceeded typical seasonal patterns, benefiting in part from favorable timing with larger customer invoicing. This contributed to stronger-than-expected free cash flow conversion in the quarter.

雖然由於年度獎金和年終佣金支付相關的季節性現金成本較高，我們第一季的現金流量通常較弱，但本季度我們的現金流量表現超出了典型的季節性模式，部分原因是由於客戶發票金額較大的有利時機。這導致本季自由現金流轉換強於預期。

We expect second-quarter free cash flow to be lower than the first quarter but continue to expect second-half free cash flow to exceed the first half of the year while remaining on track to achieve greater than 85% conversion for the full year. Let me wrap up by sharing our second-quarter and updated full year 2025 guidance.

我們預計第二季度的自由現金流將低於第一季度，但仍預計下半年的自由現金流將超過上半年，同時全年仍有望實現 85% 以上的轉換率。最後，我想分享我們第二季和 2025 年全年的最新指引。

We forecast second quarter revenue in the range of $191 million to $195 million, and we are raising our full-year revenue to the range of $776 million to $783 million, representing year-over-year growth of 11% to 12% for the full year. We forecast second-quarter adjusted EBITDA of $41 million to $44 million and are raising our full-year 2025 adjusted EBITDA guidance to $170 million to $175 million, representing 22% of revenue for the full year.

我們預測第二季營收將在 1.91 億美元至 1.95 億美元之間，並將全年營收預期上調至 7.76 億美元至 7.83 億美元，年增 11% 至 12%。我們預測第二季調整後的 EBITDA 為 4,100 萬美元至 4,400 萬美元，並將 2025 年全年調整後的 EBITDA 預期上調至 1.7 億美元至 1.75 億美元，佔全年營收的 22%。

We previously communicated the expectation for full-year 2025 subscription revenue growth of at least 15%, and we are now raising that outlook to at least 15.5%. In summary, we started 2025 with strong performance across the board, delivering first-quarter results that exceeded our previous expectations. This performance, coupled with our outlook for the remainder of the year, has given us the confidence to raise our full-year guidance.

我們之前曾預期 2025 年全年訂閱營收成長率至少為 15%，現在我們將這項預期上調至至少 15.5%。總而言之，我們在 2025 年開始全面表現強勁，第一季的業績超出了我們先前的預期。這項業績，加上我們對今年剩餘時間的展望，使我們有信心提高全年業績預期。

Despite ongoing macroeconomic uncertainties, we believe our strong financial foundation, including our healthy balance sheet, significant free cash flow generation, and continued focus on operational efficiency positions us to navigate potential challenges while prioritizing our customers' long-term success. We remain confident in our ability to continue executing our profitable growth strategy and driving long-term value for our shareholders.

儘管宏觀經濟不確定性持續存在，但我們相信，我們強大的財務基礎，包括健康的資產負債表、大量的自由現金流產生以及對營運效率的持續關注，使我們能夠應對潛在挑戰，同時優先考慮客戶的長期成功。我們仍然有信心我們有能力繼續執行我們的獲利成長策略並為股東創造長期價值。

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 conclude the first quarter, I'll reiterate my confidence in the fundamentals of this business. First, we had a solid start to the year that underscored a few key themes. Expansion and renewal activity were both strong, and we see plenty of opportunity in these areas for the rest of the year.

謝謝，喬納森。在第一季結束之際，我將重申我對該業務基本面的信心。首先，我們今年有一個好的開端，強調了幾個關鍵主題。擴張和更新活動都很強勁，我們看到今年剩餘時間這些領域將有大量機會。

Fraud management, which is a growing priority for financial institutions, was a key driver of our bookings performance and something we expect to play an increasingly important role in our customer relationships. We have positive momentum and a solid pipeline for the remainder of the year.

詐欺管理是金融機構日益重視的事項，也是我們預訂績效的關鍵驅動因素，我們期望它在我們的客戶關係中發揮越來越重要的作用。在今年剩餘時間內，我們保持了積極的勢頭，並擁有穩固的儲備。

Looking at the big picture, we remain confident in our outlook, which we believe is predicated on a few key factors. First, our solutions are essential to our customers' success, particularly in attracting and retaining deposits, making more informed decisions with tools like PrecisionLender and providing best-in-class risk and fraud solutions. Second, our customers represent a broad spectrum of financial institutions who play a key role in supporting the economy. And third, the visibility of our model, combined with our improving profitability profile, give us confidence around the financial outlook for the business.

從整體來看，我們對我們的前景仍然充滿信心，我們相信這取決於幾個關鍵因素。首先，我們的解決方案對於客戶的成功至關重要，特別是在吸引和留住存款、使用 PrecisionLender 等工具做出更明智的決策以及提供一流的風險和詐欺解決方案方面。其次，我們的客戶代表了廣泛的金融機構，他們在支持經濟方面發揮關鍵作用。第三，我們模型的可見性，加上我們不斷提高的獲利狀況，使我們對業務的財務前景充滿信心。

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

謝謝。說完，我將把麥克風交給接線員回答問題。

(Operator Instructions) Parker Lane, Stifel.

（操作員指示） Parker Lane，Stifel。

Hey, guys, thanks for taking the question and congrats on the quarter. Matt, clearly, there at the end, you were talking about the traction you're seeing in fraud and how this is a big priority for your end market. I was just wondering if you could give us a sense of the relative level of penetration you're seeing there. And in some of the pipeline that you see, how often is fraud part of the evaluation that these customers are doing as part of the whole digital banking RFP?

嘿，夥計們，感謝你們回答這個問題，並祝賀本季度取得的成績。馬特，顯然，最後你談到了你在詐欺方面所看到的趨勢，以及這對你的終端市場來說是一個重要優先事項。我只是想知道您是否可以讓我們了解您在那裡看到的滲透率的相對水平。在您看到的一些流程中，詐欺問題在這些客戶作為整個數位銀行 RFP 的一部分所做的評估中佔比有多高？

Yes, Parker, it's both part of a net new deal. It's a different share for us, especially on the commercial opportunities. So you see it on the net new side. And obviously, we had some big expansion wins, especially at market with it. So I think it's broad-based. We have -- obviously, we have a lot of customers that use the fraud products, but we've added additional products to the offerings that we have.

是的，帕克，這都是淨新協議的一部分。對我們來說，這是一個不同的份額，特別是在商業機會方面。所以您可以在網路新版上看到它。顯然，我們取得了一些重大的擴張性勝利，特別是在市場上。所以我認為它具有廣泛的基礎。顯然，我們有很多客戶使用反詐騙產品，但我們在現有產品中增加了其他產品。

So we have a lot of green space to go get after with the fraud products, and we're going to continue to innovate in that area, both with the products we're building as well as partnering with some of our partners like Alloy and other ones in our Innovation Studio. So a lot of opportunity there. And unfortunately, fraud has really picked up with the continued utilization of digital products, whether it's attacking the end user, the commercial customer, or the bank.

因此，我們在打擊詐欺產品方面擁有很大的發展空間，我們將繼續在該領域進行創新，包括我們正在開發的產品以及與 Alloy 等合作夥伴以及我們創新工作室中的其他合作夥伴的合作。那裡有很多機會。不幸的是，隨著數位產品的持續使用，詐欺行為確實增加，無論是攻擊最終用戶、商業客戶或銀行。

Got it. And Matt, you also mentioned a lot of confidence in the renewal opportunities you're seeing in scope for '25 and '26. Just wondering if you could talk about if that's the absolute number of customers relative to what you've seen -- that you're expecting, or is that total contract value? Any additional granularity on what's giving you that confidence around '25 and '26?

知道了。馬特，您也提到對 2025 年和 2026 年的更新機會充滿信心。只是想知道您是否可以談談這是相對於您所見的絕對客戶數量——您預期的，還是合約總價值？您能詳細說明一下是什麼讓您對 25 和 26 有如此信心嗎？

I'll have JP take that.

我會讓 JP 來接收它。

Yes. Parker, it's Jonathan. So the easy answer to that is it is -- the reference to the metric that Matt made in the call is the number of opportunities, meaning the number of logos that are up for renewal during the period of '25 and '26 relative to what we saw -- get done in '23 and '24.

是的。帕克，我是喬納森。因此，這個問題的簡單答案是——馬特在電話中提到的指標是機會的數量，即相對於我們所看到的 23 年和 24 年完成的數量，25 年和 26 年期間需要更新的徽標數量。

Understood. Thanks again, guys.

明白了。再次感謝大家。

Thanks, Parker.

謝謝，帕克。

Alexander Sklar, Raymond James.

亞歷山大·斯克拉、雷蒙德·詹姆斯。

Thank you. Matt or Jonathan, just in terms of the macro comments you made at the outset, I know you've got a high degree of visibility in the model for 2025, but did you incorporate any different potential macro assumptions into the raised outlook relative to last quarter?

謝謝。馬特或喬納森，就您一開始所做的宏觀評論而言，我知道您對 2025 年的模型有很高的可見性，但是您是否將任何不同的潛在宏觀假設納入了相對於上一季的上調前景中？

No, not from a macro perspective. Obviously, we have a lot of visibility into the '25 numbers. And with the benefit of Q1 behind us and the Q2 guide out there, there are some things that can happen throughout the year when it comes to cross-sell and renewal activity that can have an impact.

不，從宏觀角度來看不是。顯然，我們對 25 個數字有很清楚的了解。隨著第一季的收益和第二季指南的出台，全年在交叉銷售和續約活動方面可能會發生一些影響。

But from a P&L perspective, we have a lot of confidence in the 2025 outlook. And we'll look towards 2026 based on the execution that we'll ultimately deliver here in '25. And then when it comes to bookings, that we'll see as the year goes on. And obviously, that will have the biggest impact on any changes relative to what we've already shared on 2026 P&L.

但從損益角度來看，我們對 2025 年的前景充滿信心。我們將根據 2025 年最終交付的成果展望 2026 年。至於預訂情況，我們會隨著時間的推移而看到。顯然，這將對我們已經分享的 2026 年損益表的任何變化產生最大的影響。

Okay, great. And Matt, maybe one follow up for you. You talked about strength beyond the Tier 1s in the presentation. It looks like the credit union mix of error stepped up. It's not something we've talked about a ton recently. What are you seeing from that section of your market in terms of priorities there? Is there any increasing focus on the commercial side of the house or with fraud that's seen you put focus more there on that segment of the market? Thanks.

好的，太好了。馬特，也許還有一件事要跟進。您在演示中談到了超越一級的實力。看起來信用合作社的錯誤組合加劇了。這不是我們最近經常談論的話題。就您所在市場的優先考慮事項而言，您認為該部分市場有哪些特徵？您是否越來越關注房屋的商業方面，或者由於出現了欺詐行為，您是否更加關注該市場部分？謝謝。

Yes, on the credit union side, we're performing well there. We really are upmarket in the credit union. 40% of the top 100 credit unions are customers of ours, and a lot of those credit unions are looking to diversify their book and to get more commercial customers. And so when they have the retail platform in, it's a single platform they can add on demand, the commercial functionality they want, and they usually go -- micro and small business first and then grow into larger commercial lease. That's their hope.

是的，在信用合作社方面，我們的表現良好。我們在信用合作社中確實處於高端地位。全球前 100 家信用合作社中有 40% 是我們的客戶，其中許多信用合作社正在尋求業務多元化並獲得更多商業客戶。因此，當他們擁有零售平台時，這是一個他們可以按需添加所需商業功能的單一平台，他們通常會先進行微型和小型企業業務，然後發展為更大的商業租賃。這是他們的希望。

And so we're just a great fit for them. And then you couple it with the fraud solutions we have, the operating discipline that we have around running a commercial bank. We have consultants that can help them build their practice. It's a really nice fit for us. I think it's a big opportunity for us as it has been in the past, and it will be moving forward.

所以我們非常適合他們。然後將其與我們擁有的詐欺解決方案以及我們經營商業銀行的營運紀律結合。我們有顧問可以幫助他們建立實務。這對我們來說非常合適。我認為這對我們來說是一個巨大的機遇，就像過去一樣，而且它將繼續向前發展。

All right, great. Thank you both.

好的，太好了。謝謝你們兩位。

Thank you, Alex.

謝謝你，亞歷克斯。

Terry Tillman, Truist Securities.

特里·蒂爾曼（Terry Tillman），Truist Securities。

Yes. Hey Matt, Jonathan, and Josh, thanks for taking my questions and congrats on the quarter. And sorry in advance here if there's any background noise. But my first question is -- I appreciate the idea of the number of opportunities. It's pretty similar in '25 and '26 versus '23 and '24. I'm curious. So in '25, Jonathan, because people do look at kind of backlog in certain KPIs each quarter, is it pretty linear across the quarters in terms of the renewals base that you're looking at? And what kind of uplift are you seeing in these bigger renewals? And then I have a follow up.

是的。嘿，馬特、喬納森和喬希，感謝你們回答我的問題，並祝賀本季取得的成績。如有任何背景噪音，請事先致歉。但我的第一個問題是——我很欣賞這個關於機會數量的想法。25 年和 26 年的情況與 23 年和 24 年的情況非常相似。我很好奇。那麼，喬納森，在 25 年，因為人們確實會查看每個季度某些 KPI 中的積壓情況，所以就您所關注的續約基礎而言，各個季度之間是否相當線性？在這些更大規模的更新中您看到了什麼樣的提升？然後我有一個後續行動。

Yes, so it is definitely not linear. So we don't guide, obviously, the number of opportunities by quarter. But over the course of the two -- what we're trying to make sure that the investor base understands is that over the next two years that we have a similar size of opportunity set in terms of the number of logos.

是的，所以它肯定不是線性的。因此，我們顯然不會按季度指導機會數量。但在這兩年中——我們試圖確保投資者群體理解的是，在接下來的兩年裡，我們在識別數量方面擁有類似規模的機會。

I think there was a narrative on the back of Q4, which was our largest renewal quarter in the history of the company, that that would act as a headwind or that we pulled forward because of the commentary about out-of-scope renewals last quarter. And I think we just wanted to make clear that as strong a year as 2024 was in particular from renewals, we have an equally strong opportunity ahead of us over the next two years.

我認為，第四季度是我們公司歷史上最大的續約季度，但當時有一種說法認為，這將成為一種阻力，或者說，由於上個季度有關超出範圍的續約的評論，我們不得不向前邁進。我認為我們只是想明確表示，2024 年是續約表現尤其強勁的一年，未來兩年我們面臨同樣強勁的機會。

So I wouldn't -- I interpret it any more into that than that. And then as far as quarters, because the timing of these things are like a deal with much shorter sales cycles potentially, but you never know when the actual renewal may come in relative to the termination date on the contract. So there's just a lot of volatility in the specific timing of which quarter it will fall in.

所以我不會——我不會對此做出更多的解釋。然後就季度而言，因為這些事情的時間就像一筆交易，潛在的銷售週期要短得多，但你永遠不知道實際續約何時會相對於合約的終止日期到來。因此，具體發生在哪個季度，存在著很大的波動性。

Understood. And maybe just my follow-up question is Innovation Studio. I think a couple of quarters ago, the business plan for what Innovation Studio could do for one of the customers that was going to help fund the deal, whether it's those kind of aha moments or just potentially when rev share or some of the partner fees could start to kind of add up to something meaningful in the income statement, just anything more you can show on the Innovation Studio strategically. Thank you.

明白了。我的後續問題可能是創新工作室。我認為幾個季度前，創新工作室為將要資助交易的客戶所做的事情的商業計劃，無論是那種頓悟時刻，還是潛在的收入分成或一些合作夥伴費用可能開始在損益表中累積成有意義的東西，都是你可以在創新工作室戰略性地展示的更多內容。謝謝。

Yes. I can share some thoughts, and Kirk, you can jump in if you have anything to add. But the metrics, all of the things mentioned in terms of the stories, value that we're bringing to customers continue to be strong. We have our client conference coming up here in a couple of weeks where we're going to have our customers on share -- on stage sharing new stories and new anecdotes of the impact it's having.

是的。我可以分享一些想法，柯克，如果你還有什麼要補充的話，可以加入。但是，指標、故事中提到的所有內容以及我們為客戶帶來的價值仍然很強勁。幾週後我們將在這裡召開客戶會議，屆時我們的客戶將在台上分享其影響的新故事和新趣聞。

So I guess what I can say, Terry, is that the flywheel is continuing to turn, and we're seeing more and more traction and progress against all of those KPIs. And we're just really pleased with the adoption where a record high number of FIs that are using this now. And as we've talked about several quarters in a row now, virtually every deal on the net new side is citing it as a key reason for choosing us. So we're -- our motion around helping the FIs is better, and we're seeing the results.

所以我想我可以說的是，特里，飛輪正在繼續轉動，我們看到所有這些 KPI 都獲得了越來越多的牽引力和進展。我們對這項措施的採用感到非常高興，目前使用該技術的金融機構數量創下了歷史新高。正如我們連續幾季所討論的那樣，幾乎每筆淨新交易都將其作為選擇我們的關鍵原因。因此，我們幫助金融機構的行動更加有效，我們也看到了成效。

Yes. The only thing I'd add is breadth -- really strong breadth in terms of the application of Innovation Studio across consumer small business and commercial, really like to see that diversity. So we see it growing strong on all three fronts.

是的。我唯一想補充的是廣度——創新工作室在消費者小型企業和商業領域的應用具有非常強的廣度，我真的很喜歡看到這種多樣性。因此，我們看到它在這三個方面都發展強勁。

All right, thank you all.

好的，謝謝大家。

Thanks, Terry.

謝謝，特里。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當·霍奇基斯。

Great, thanks so much for taking the question. Matt, you mentioned three renewals with your top customers. Any commonalities in your conversations with those customers and what they're focused on? I think you've mentioned fraud. We've heard in the market a lot of excitement around things like account opening. I'm just curious if anything has changed maybe over the last three to four months given everything that's going on in terms of FI priorities. Thank you.

太好了，非常感謝您回答這個問題。馬特，您提到了與您的頂級客戶續約三次合約。您與這些客戶的對話中有什麼共同點以及他們關注的重點嗎？我認為你提到了詐欺。我們聽到市場上對開戶等事情有很多興奮。我只是好奇，考慮到 FI 優先事項方面發生的一切，過去三到四個月內是否發生了任何變化。謝謝。

Yes, well, these were all -- what we said in the script was it was one of the largest digital banking customers, one of the large Helix customers, and one of the largest PrecisionLender customers. So you've got a broad swath of type of companies -- of businesses there. But first of all, I think the renewal is a statement that we're doing a great job for them, and they want to continue to work with us.

是的，這些都是——我們在腳本中說過，它是最大的數位銀行客戶之一、Helix 的大型客戶之一，也是 PrecisionLender 最大的客戶之一。所以那裡有各種各樣的公司和企業。但首先，我認為續約表明我們為他們做得很好，他們希望繼續與我們合作。

But largely, it's -- what am I going to switch to? These are the best products in their categories, and they're going to stay on them, and they want to stay on them. So it's really a validation of how we're doing in the marketplace. They get to see whether we're winning and losing. They go look at everybody else's solution. Everybody gets to do their dog and pony, and they stick with us. So that's really what I take from it. There was not any commentary around the economy or anything like that.

但很大程度上，問題是──我要切換到什麼？這些都是同類產品中最好的產品，他們會繼續使用這些產品，而且他們希望繼續使用這些產品。所以這確實驗證了我們在市場上的表現。他們會看到我們是贏還是輸。他們去查看其他人的解決方案。每個人都可以做自己的事，他們會跟著我們。這就是我從中真正得到的。沒有任何有關經濟或類似問題的評論。

Okay. Yes, that's helpful. And then, Jonathan, I wanted to ask around gross margin improvement. I think you've had a number of quarters now of sequential gross margin improvement as we sort of work towards the 60% range. How should we think about gross margin progression over the next one to two years? And what are the drivers there? Thank you.

好的。是的，這很有幫助。然後，喬納森，我想問毛利率的提高。我認為你們的毛利率已經連續幾個季度有所提高，我們正在努力達到 60% 左右。我們該如何看待未來一到兩年的毛利率成長？那裡的驅動因素是什麼？謝謝。

Yes, thanks, Adam. Yes, we're going to continue to see progression, I think, between -- continued progress when it comes to pricing and packaging and value capture overall, both on the net new side and net renewal and cross-sell as well as some of the cost efficiency measures we've taken. They continue to yield benefit for us.

是的，謝謝，亞當。是的，我認為，我們將繼續看到進展——在定價、包裝和整體價值獲取方面，包括淨新品、淨續約和交叉銷售以及我們採取的一些成本效益措施方面，我們將繼續取得進展。它們不斷為我們帶來利益。

And then as we get into 2026, as we've talked about before, that's when we see the more significant step-up as we migrate out of the data center into the public cloud fully on the digital banking product. And that has the biggest impact in calendar '26. So it's a whole set of initiatives that take time that we've talked about over the last couple of years and will continue for the next couple, as well as pricing initiatives on the top line and then the cloud migration that we think will get us to 60% and beyond as the next couple of years roll on.

然後，正如我們之前談到的，當我們進入 2026 年時，我們將看到更顯著的進步，因為我們將把數位銀行產品從資料中心完全遷移到公有雲。這對 26 年曆的影響最大。因此，這是一系列需要時間的舉措，我們在過去幾年中一直在討論這些舉措，並將在接下來的幾年中繼續討論，以及頂線定價舉措，然後是雲遷移，我們認為隨著未來幾年的發展，這些舉措將使我們達到 60％ 甚至更高。

Great. Thank you both very much.

偉大的。非常感謝你們兩位。

Thanks, Adam.

謝謝，亞當。

Thank you.

謝謝。

Dan Perlin, RBC.

丹·珀林（RBC）。

Thanks. Good evening, guys. I just -- Matt, I wanted to cycle back a little bit on just kind of the near-term macro conversation that you've had with clients lately. Are you seeing any indications of client behavior changes?

謝謝。大家晚上好。我只是——馬特，我想稍微回顧一下你最近與客戶進行的近期宏觀對話。您是否看到客戶行為改變的跡象？

One of your competitors just more ancient kind of nervousness around discretionary spending, which I know is a little bit different for you guys in terms of what you define as discretionary, and they do. But like -- it did sound like things were getting a little more cautious, not on the sales motion necessarily, but like on things that could get paused -- we're putting on pause. And I'm just wondering if you're having any of those similar conversations today.

你們的競爭對手之一對可自由支配的支出有一種更為古老的緊張感，我知道你們對可自由支配支出的定義有點不同，而他們確實如此。但聽起來事情確實變得更加謹慎了，不一定是在銷售動議方面，而是在可能暫停的事情上——我們正在暫停。我只是想知道您今天是否有過類似的對話。

Yes, we're having a lot of conversations with customers and prospects. And I don't -- nervousness is probably the right word to use, but they're not seeing it show up in their credit books or on the deposit side. But if you look at the top of the funnel, the pipeline we have, the deals we're working, there's been no slowdown in those.

是的，我們與客戶和潛在客戶進行了很多對話。我不——緊張可能是正確的用詞，但他們並沒有看到它出現在他們的信用帳簿或存款方面。但如果你看漏斗的頂部，我們擁有的管道，我們正在進行的交易，你會發現它們沒有放緩的跡象。

And our top of the funnel, we had strong growth in the first quarter, and that kind of feeds the rest of the year. So other than the conversations we all have around what's going to happen, they're going to get deals done, is there a recession, whatever all the topics are, they feel good about their business. They're in a good spot. So there's nothing out there. Kirk, do you want to add anything? I know you talked to a lot of banks as well.

我們在第一季實現了強勁成長，這對今年剩餘時間的成長起到了推動作用。因此，除了我們討論的即將發生的事情、他們將要完成的交易、是否存在經濟衰退等所有話題之外，他們對自己的業務感覺良好。他們處境很好。所以那裡什麼都沒有。柯克，你還有什麼要補充嗎？我知道您也與許多銀行進行了交談。

Yes. I'd just add that our customers, we mark them against the field. We pull all their call reports, and they outperformed their peers. We got a really strong customer base. They're continuing to stay focused on being great operators. They're well reserved in terms of where they stand from their loan books. And so yes, there's some uncertainty out there, for sure.

是的。我只是想補充一點，我們會根據客戶的情況標記他們。我們提取了他們所有的通話報告，他們的表現優於同行。我們擁有非常強大的客戶群。他們將繼續致力於成為優秀的營運商。就貸款帳簿而言，他們的立場十分保守。是的，確實存在一些不確定性。

And you sort of saw that some of the commentary on their earnings calls, but they had very solid first quarter earnings. So I'd say everyone is kind of trying to look around the corner and figure out kind of where the economy is going to go. But at the moment, they're not changing their priorities in terms of what they're focused on. And so having great digital experience is controlling for fraud, pricing their relationships correctly. These are all still top priorities for them.

您可能看到了他們收益電話會議上的一些評論，但他們第一季的收益非常穩健。所以我想說，每個人都在試圖展望未來，弄清楚經濟將會走向何方。但目前，他們並沒有改變關注的重點。因此，擁有良好的數位體驗可以控制欺詐，正確定價他們的關係。這些對他們來說仍然是首要任務。

Yes. No, that's great color. And then just quickly on the cash flow, again, like really strong free cash flow this quarter. And as you pointed out, you're kind of exceeding the seasonal patterns. I just want to make sure I understand what that means. I mean, you kind of gave the cadence for the year. But you called out larger client invoicing, and it would seem as though you kind of continue to kind of punch above your weight going up and up enough in terms of client sizing and winning and renewals.

是的。不，那顏色真棒。然後快速看一下現金流，再次強調，本季的自由現金流非常強勁。正如您所指出的，您有點超出了季節性模式。我只是想確保我理解這意味著什麼。我的意思是，你給了今年的節奏。但是您要求客戶開立更大的發票，而且看起來您在客戶規模、贏得客戶和續約方面繼續超水平發揮。

So I'm just wondering, is there going to be a point which it's going to just change naturally and we need to be mindful of that, understanding like the conversion would still be in the kind of mid-80s? But the cadence seems like it's changed a bit. And I'm just wondering if that's a one-off or if that's something we need to be prepared for. Thank you.

所以我只是想知道，是否會有一個點讓它自然地改變，我們需要注意這一點，理解轉換仍然會處於 80 年代中期？但節奏似乎有所改變。我只是想知道這是否只是一次性事件，還是我們需要做好準備。謝謝。

Yes. I mean, it's a good question. At the end of the day, I think we're continuing to execute really well, obviously, on the profitability side, but then converting that to cash flow. There was, I'll call it, an anomaly in the first quarter where we had one very large customer switch from a monthly cadence to an annual payment, and we collected that at the end of the first quarter. So that's really what I would call sort of a pull forward from what would otherwise have been spread throughout the year into the first quarter.

是的。我的意思是，這是一個好問題。總而言之，我認為我們在盈利方面繼續表現良好，然後將其轉化為現金流。我稱之為第一季的一個異常現象，我們有一位非常大的客戶從每月付款轉為每年付款，我們在第一季末收回了這筆錢。所以，我實際上會稱這為一種提前，將原本會持續全年的成長提前到第一季。

So that certainly inflated the first quarter outcome. And that's where, on the call, I mentioned that the second quarter, you might see a dip, but the full-year prognostication remains. And to your point, I think we feel really strongly about our ability to convert EBITDA to free cash flow at a very high rate, and we're just getting better and better at it. So there is one dynamic, though. So it's a good call out from a first-quarter perspective, but it doesn't change the way we think about the rest of the year and beyond in terms of continuing to push that number up.

因此這肯定誇大了第一季的業績。我在電話會議上提到，第二季可能會出現下滑，但全年預測保持不變。正如您所說，我認為我們非常有能力以非常高的速度將 EBITDA 轉換為自由現金流，而且我們在這方面做得越來越好。但有一個動態。因此，從第一季的角度來看，這是一個很好的預測，但它並沒有改變我們對今年剩餘時間及以後繼續推高這個數字的看法。

That's great. Thank you so much.

那太棒了。太感謝了。

Thanks, Dan.

謝謝，丹。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Hi. Great, thanks. I wanted to ask about the commercial suite. Matt, I think you brought it out those strong in the credit union space. Some of your peers have been mentioning higher attach in their activity, certainly have seemed to be a focus of banks year to date. I guess my question is, does that sentiment change at all in response to tariffs? I'd imagine business accounts are the ones that are really going to have to contemplate additional pressure. Does that cause your bank customers to refocus on the consumer side at all? Does it change the overarching directives?

你好。太好了，謝謝。我想詢問一下商務套房的情況。馬特，我認為你把信用合作社領域的強者都帶出來了。一些同行在他們的活動中提到了更高的附加價值，這似乎是今年迄今為止銀行關注的重點。我想我的問題是，這種情緒會因為關稅而改變嗎？我認為商業帳戶才是真正需要考慮額外壓力的帳戶。這是否會使您的銀行客戶重新關註消費者方面？它會改變總體指令嗎？

I haven't heard that from any bank. They want what they want to do, and they want to have more engagement with those commercial customers after March of '23 when the -- whatever that was with the crisis with Signature and Silicon Valley. In particular, you saw a big lift in our pipeline because they realized they were just using it for balance and transfer capability, and they wanted to begin to have them operate their business with it, whether it's ACH wires, entitlements, reporting, and fraud products.

我還沒有從任何銀行聽說過這個。他們想做自己想做的事情，並且希望在 2023 年 3 月之後與那些商業客戶進行更多的接觸——無論當時 Signature 和矽谷的危機是什麼。特別是，您會看到我們的管道有了很大的提升，因為他們意識到他們只是用它來實現平衡和轉帳功能，並且他們希望開始用它來運營他們的業務，無論是 ACH 電匯、權益、報告還是欺詐產品。

And so I think what happens is, is they really lock in on these customers and try to drive more products in there so that they can make them sticky. And keep in mind, these are -- they generate revenue off of these customers more than they do retail. It doesn't mean they're not paying attention to the deposit side with the retail customers. But if anything, you want to lock in more with your customers because they're harder to get new ones. So it should drive more utilization of the product, more products. And I think you're seeing some of that with expansion -- the expansion results that we had in the quarter.

所以我認為，他們確實鎖定了這些客戶，並試圖向他們推出更多產品，以便讓他們對產品產生黏性。請記住，他們從這些客戶身上獲得的收入比零售收入還要多。這並不意味著他們沒有關注零售客戶的存款方面。但如果有什麼不同的話，你還是想鎖定更多的客戶，因為獲得新客戶越來越難。因此它應該會推動產品的更多利用，更多的產品。我認為您已經從擴張中看到了一些這樣的情況——我們在本季度取得了擴張成果。

Yes, okay. Great. And then just on the subscription ARR, I think it grew maybe 1 point faster than the registered user growth in the quarter just given all the attention on commercial and the fraud products, the expansion activity. Do you think the ARPU growth might actually start picking back up through the remainder of the year?

是的，好的。偉大的。然後，僅就訂閱 ARR 而言，我認為其成長速度可能比本季註冊用戶成長速度快 1 個百分點，因為所有註意力都集中在商業和詐騙產品以及擴張活動上。您是否認為 ARPU 成長實際上可能會在今年剩餘時間內開始回升？

Yes. I mean, there's a lot there because we did see in the first quarter a significant jump in the number of registered users on the retail accounts, the metric we disclosed publicly, and that was a lot of drivers. But one of the big ones was one of the large go-lives we had in the quarter with the top 10 credit union. And so that certainly pushed up the number of users in that count.

是的。我的意思是，有很多因素，因為我們確實在第一季看到零售帳戶的註冊用戶數量大幅增長，這是我們公開披露的指標，而且有很多驅動因素。但其中最重要的一個是我們在本季與十大信用合作社合作的大型啟動專案之一。因此，這肯定會增加該統計中的使用者數量。

But when you think about your ARPU point going forward, the reality is, is that the mix of commercial continues to grow. That will typically come at higher ARPU, but with less user adds inherent in a commercial bank relative to a retail bank. So we're watching both numbers. I don't think that the retail metric, the 26-plus million users is a great barometer for thinking about long-term economic business, especially if you think about ARPU as more to commercial.

但是，當您考慮未來的 ARPU 點時，現實情況是，商業組合將繼續成長。這通常會帶來更高的 ARPU，但與零售銀行相比，商業銀行固有的用戶增加較少。所以我們正在關注這兩個數字。我不認為零售指標（超過 2,600 萬用戶）是考慮長期經濟業務的良好晴雨表，特別是如果你認為 ARPU 更具商業性。

Great. Thank you very much.

偉大的。非常感謝。

Thanks, Joe.

謝謝，喬。

Michael Infante, Morgan Stanley.

摩根士丹利的邁克爾·因凡特。

Hey, guys. Thanks for taking our question. One of your competitors earlier today had discussed the fact that they're starting to see higher levels of bank M&A broadly amongst their base. Anything you would share just in terms of what you're seeing amongst your customers and whether or not your typical win rate in those situations is in line with historical trends?

嘿，大家好。感謝您回答我們的問題。今天早些時候，你們的一位競爭對手曾討論過這樣一個事實：他們開始看到銀行併購活動在其基礎中廣泛地出現更高水平。您可以分享一下您在客戶中看到的情況嗎？在這些情況下您的典型成功率是否符合歷史趨勢？

Yes, Michael. Well, Q1 was the lowest number of transactions in the last three years that I can see. I think there's 46 of them. The good news for us is we had 21 acquisitions or MOEs in our customer base, and we were the surviving entity in 20 of them. So that data holds true. It's been 90% plus over the last three years, and it said -- I guess that's 95% doing quick math.

是的，邁克爾。嗯，據我所知，第一季的交易數量是過去三年中最低的。我認為有 46 個。對我們來說，好消息是，我們的客戶群中有 21 家被收購或被 MOE，其中 20 家我們是倖存的實體。所以該數據是正確的。在過去三年中，這一比例已超過 90%，並且它表示 - 我猜這是透過快速計算得出的 95%。

But I think in this uncertain environment, it's slowed down a little bit. I would think there's going to be some pent-up demand whenever we get through this, assuming we get through in the next couple of quarters, and you'll see it pick back up. But like I said, it was the lowest quarter we've seen in the last three years in Q1. But they are talking about it. You got to have a buyer and a seller in the situation, and I think it's probably going to take a couple of quarters before it comes out.

但我認為在這種不確定的環境下，它會稍微放緩一點。我認為，只要我們度過這一關，就會有一些被壓抑的需求，假設我們在接下來的幾個季度內度過難關，你就會看到它回升。但就像我說的，這是我們在過去三年中看到的第一季業績最低的季度。但他們正在談論此事。在這種情況下，你必須有買家和賣家，我認為它可能需要幾個季度才能出來。

Very helpful. And then Jonathan, just on the three large renewals that you cited, is there anything you would call out in terms of pricing or duration evolution in those renewals specifically? I take your commentary on having to execute over the next few quarters from a bookings perspective.

非常有幫助。然後喬納森，就您提到的三次大型續約而言，您是否會特別指出這些續約在定價或期限演變方面存在哪些問題？我從預訂的角度來理解您關於未來幾季必須執行的評論。

But if I just think through some of the drivers of the subs revenue growth you sell that you expect in '26, aside from the comp getting tougher, you're still not really seeing that normalization in the renewal opportunity. You still have a similar number of logos over the last couple of years. The Tier 2 and Tier 3 cohort is still really strong. And now you're taking up your '25 subs growth expectations. So just wanted to make sure we're sort of thinking about some of the pricing and duration dynamics. Thanks.

但是，如果我只是考慮一下您預計在 26 年銷售的訂閱收入成長的一些驅動因素，除了競爭變得更加激烈之外，您仍然沒有真正看到續約機會的正常化。在過去的幾年裡，你們仍然擁有類似數量的標誌。第 2 層和第 3 層隊列仍然非常強大。現在您正在實現 25 個訂閱用戶的成長預期。所以只是想確保我們正在考慮一些定價和持續時間動態。謝謝。

Yes, they were actually pretty typical. Again, Matt mentioned the three that we called out on the call, large customers in each of digital banking, Helix and PrecisionLender, and the duration -- and candidly, the terms were very typical for those respective businesses. So on the digital banking side, those tend to be a little longer in duration, whereas more typical on the PrecisionLender or the Helix side, our three-year deals.

是的，它們實際上非常典型。再一次，馬特提到了我們在電話中提到的三個客戶，分別是數位銀行、Helix 和 PrecisionLender 的大客戶，以及期限——坦白說，這些條款對於各自的業務來說非常典型。因此，在數位銀行方面，這些交易的持續時間往往會更長一些，而在 PrecisionLender 或 Helix 方面，我們的交易期限更為典型，為三年。

So those were standard. All three we're very happy with the terms we got, so nothing there that was unusual or notable when it comes to either duration or excess terms. But like a lot of the renewal performance we saw in 2024, Q1 was marked by strong renewal economics across the portfolio of deals that we did. So obviously, if that continues, we feel that impact just end obviously in '25, given we're just on Q1, but that also rolls through into the forward years. So we just got to keep executing like that as the year rolls on, and that will benefit us as we move out to '26 as well.

所以這些都是標準的。我們對這三項條款都非常滿意，因此在期限或超額條款方面沒有什麼不尋常或值得注意的地方。但就像我們在 2024 年看到的許多續約表現一樣，第一季我們所做的交易組合都表現出強勁的續約經濟效益。因此，顯然，如果這種情況持續下去，我們認為這種影響顯然會在 25 年結束，因為我們才剛剛處於第一季度，但這也會持續到未來幾年。因此，隨著時間的推移，我們必須繼續這樣做，這對我們邁向 26 年也將有利。

Thanks, guys.

謝謝大家。

Thanks, Mike.

謝謝，麥克。

Cris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

Good afternoon. Thanks for taking the question. Just wanted to follow up on the last question. As we think about 2026 subscription revenue growth, you put the floor of 13% out there, any more color on that?

午安.感謝您回答這個問題。只是想繼續回答最後一個問題。當我們考慮 2026 年訂閱收入成長時，您設定的下限是 13%，對此還有更多解釋嗎？

Not sitting here today yet, Cris. Obviously, we talked about when we put that out, the variability that exists and the comfort level we have is based on our plan at the beginning of the year, and we have a lot of time left in 2025 to go and execute. And as we talked about, feel really good about the P&L, but there's plenty of variability in terms of the '26 P&L when you think about bookings attainment the rest of this year.

克里斯，今天還沒有坐在這裡。顯然，我們在提出這項計劃時就談到了，存在的可變性和我們所擁有的舒適度是基於我們年初的計劃，我們在 2025 年還有很多時間去執行。正如我們所討論的，對損益表感覺非常好，但是當你考慮今年剩餘時間的預訂情況時，26 年損益表方面存在很大的變化。

And so we're just -- we're not going to be commenting on '26 further until we have the visibility to get more on it. But still feel really good about what we have out there and both in the three-year framework as well as the '26 subs growth target that we put out there, but don't have any more to add to that yet until we see more of this execution play out.

因此，我們只是 - 在我們獲得更多資訊之前，我們不會進一步評論 26。但對於我們目前所取得的成果以及三年框架以及我們所製定的 26 個訂閱成長目標，我們仍然感到非常滿意，但在我們看到更多執行成果之前，我們還沒有更多可以補充的內容。

Understood. Thanks for that. And then just real quickly, capital allocation. There's been a lot of M&A activity out there in the market. Any observation, some valuations of private companies, or anything you want to talk about?

明白了。謝謝。然後很快進行資本配置。市面上有很多併購活動。有什麼觀察、對私人公司的估值，或任何您想談論的內容嗎？

I mean, there have obviously been -- especially in Q1, we saw a few deals in our space, including one on the account opening side. Some of our larger peers doing some large deals. But yes, I mean, the ones we looked at, we still felt valuation was incredibly high. And probably more importantly, just each one, we have a different strategy when it comes to the product itself in those cases.

我的意思是，顯然已經存在——特別是在第一季度，我們在我們的領域看到了一些交易，包括開戶方面的交易。我們的一些較大的同行正在進行一些大交易。但是的，我的意思是，我們看過的那些，我們仍然覺得估值非常高。也許更重要的是，在每種情況下，當涉及到產品本身時，我們都有不同的策略。

So we're watching -- the corp dev pipe is active. We think we're in a strong position, both with the balance sheet strength and the free cash flow generation, to be a strategic partner in the long term. But finding the right assets, finding them at the right valuation and with the right profile that matches our new profile that we've developed over the last couple of years is just a lot of things have to line up. And so we have not seen that happen yet, and candidly, not even that close.

所以我們正在觀察——公司開發管道處於活躍狀態。我們認為，憑藉強大的資產負債表和自由現金流，我們處於有利地位，可以成為長期策略夥伴。但是，要找到合適的資產，以合適的估值找到它們，並且要有與我們過去幾年開發的新形象相匹配的正確形象​​，還有很多事情需要做。因此，我們還沒有看到這種情況發生，坦白說，甚至還沒有那麼接近。

Great. Thanks for taking the questions.

偉大的。感謝您回答這些問題。

Thanks, Cris.

謝謝，克里斯。

Dominick Gabriele, Compass Point.

多明尼克·加布里埃爾 (Dominick Gabriele)，指南針點。

Hi. Good evening, everybody. Thanks for taking the question. I was just curious if you could discuss the subscription growth that you're seeing in the quarter, which was better than expected, versus the slight deceleration you're seeing in the ARR growth year over year. What could cause the differential there? And which one of those do you think is going to follow the other, I guess, as you look ahead? Thanks so much.

你好。大家晚上好。感謝您回答這個問題。我只是好奇，您是否可以討論一下本季度看到的訂閱增長情況，該增長好於預期，而 ARR 增長同比則略有放緩。什麼原因造成這種差異？那麼，展望未來，您認為哪一個會緊跟在另一個之後呢？非常感謝。

Yes. So firstly, the subs ARR metric will be the leading indicator to subs revenue. So if you look at last year's subs ARR metrics, I think what we're seeing in 2025 is really a reflection of the pattern we saw in subs ARR last year. Meaning last year, first half, we saw subs ARR retire levels in the 18%, 19% range than decelerating down to sort of 17% down to 14%, 15% exiting 2024. And that's what you're sort of seeing in our subs revenue growth here in 2025, obviously, starting the year with an 18% year-over-year growth.

是的。因此，首先，訂閱 ARR 指標將成為訂閱收入的領先指標。因此，如果你看去年的訂閱 ARR 指標，我認為我們在 2025 年看到的情況實際上反映了我們去年在訂閱 ARR 中看到的模式。這意味著去年上半年，我們看到訂閱 ARR 的退休水準在 18% 到 19% 之間，然後減速到 17% 到 2024 年的 14% 到 15%。這就是您在 2025 年看到的訂閱收入成長，顯然，今年年初的年成長率為 18%。

So the way you should think of it is the ARR metric is more of the leading indicator. These things don't time perfectly at all. It's not like you should look at the Q1 subs ARR and it's going to be a perfect match to the following year's Q1 subs revenue growth. But directionally, it gives you the pattern, and that's sort of a dynamic. Think of the subs ARR number is really what we're booking and ultimately have to deliver to get to revenue, and then the subs revenue growth is the actualization of that revenue on the P&L.

因此，您應該這樣認為：ARR 指標更像是領先指標。這些事情的時機根本不完美。你不必關注 Q1 的訂閱 ARR，它將與下一年度 Q1 的訂閱收入成長完美匹配。但從方向上看，它會給你一種模式，這是一種動態。想想訂閱 ARR 數字實際上是我們所預訂的，並且最終必須交付才能獲得收入，然後訂閱收入成長就是損益表中該收入的實現。

Thanks so much.

非常感謝。

Thanks, Dominick.

謝謝，多米尼克。

There are no further questions at this time. Ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

目前沒有其他問題。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。