Q2 Holdings Inc (QTWO) 2025 Q3 法說會逐字稿

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

午安.我叫泰勒，今天我將擔任你們的會議接線生。在此，我謹代表 Q2 Holdings 向各位歡迎參加 2025 年第三季財務業績電話會議。（操作說明）

I will now hand the call over to Josh Yankovich, Investor relations. Sir, please begin.

現在我將把電話交給投資者關係部的喬許·揚科維奇。先生，請開始。

Thank you, operator. Good afternoon everyone, and thank you for joining us for our third quarter 2025 conference call. With me on the call today are Matt Flake, our CEO; Jonathan Pryce, our CFO; and Kurt Coleman, our President, who will join us for the Q&A portion of the call.

謝謝接線生。各位下午好，感謝各位參加我們2025年第三季電話會議。今天和我一起參加電話會議的有我們的執行長 Matt Flake、財務長 Jonathan Pryce 和總裁 Kurt Coleman，他們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.

本次電話會議包含前瞻性陳述，這些陳述受到重大風險和不確定性的影響，其中特別包括我們對 Q2 Holdings 未來營運和財務表現以及金融服務業的預期。

Actual results may differ materially from those contemplated by these forward-looking statements, and we can give no assurance that such expectations or any of our forward-looking statements will prove to be correct.

實際結果可能與這些前瞻性聲明中所設想的結果有重大差異，我們無法保證此類預期或我們的任何前瞻性聲明將被證明是正確的。

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 third quarter of 2025 and the press release distributed this afternoon and filed in our Form 8-K with the SEC regarding the financial results we will discuss today.

可能導致實際結果與前瞻性聲明中反映的結果存在重大差異的重要因素已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 年第三季度的 10-Q 表格季度報告以及今天下午分發並以 8-K 表格形式提交給美國證券交易委員會的關於我們今天將要討論證券交易委員會的財務交易委員會的報告。

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中所做的前瞻性陳述僅基於截至討論日期的假設。投資者不應假定這些聲明在未來某個時間仍然有效，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 other than revenue will be on a non-GAAP basis. A discussion of why we use non-GAAP financial measures in a reconciliation of the 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 file today with the SEC. We also have published additional materials related to today's results on our Investor Relations website.

此外，除非另有說明，本次電話會議討論的所有財務指標（收入除外）均採用非公認會計準則。我們在新聞稿中討論了為什麼使用非GAAP財務指標，以及非GAAP指標與最可比較的GAAP指標之間的調節關係。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提交的8-K表格文件中查閱。我們也在其投資者關係網站上發布了與今天業績相關的其他資料。

Let me now turn the call over to Matt.

現在我把電話交給馬特。

Thanks, Josh. I'll start today's call by sharing our third quarter results and highlights from across the business. I'll then hand it over to Jonathan to walk through our financial performance and guidance. In the third quarter, we delivered strong financial results with revenue and adjusted EBITDA, both above our guidance. We generated revenue of $202 million representing 15% year-over-year growth, and adjusted EBITDA of $49 million or a 24.2% margin. We also generated a free cash flow of $37 million in the quarter.

謝謝你，喬希。今天，我將首先分享我們第三季的業績以及公司各部門的亮點。然後我會把講解交給喬納森，讓他詳細介紹我們的財務表現和指導方針。第三季度，我們的財務業績表現強勁，營收和調整後 EBITDA 均超乎預期。我們實現了 2.02 億美元的收入，年增 15%；調整後的 EBITDA 為 4,900 萬美元，利潤率為 24.2%。本季我們也產生了 3700 萬美元的自由現金流。

In addition to the strong financial performance, we had the best third quarter in company history from a bookings perspective. As we shared earlier this year, we expected our larger deals to be weighted toward the second half, and we saw that begin to take shape with seven total Tier 1 and enterprise deals in the quarter. This concentration combined with a solid mix of new and expansion wins drove the record third quarter bookings activity.

除了強勁的財務表現外，從預訂量來看，我們第三季的業績也創下了公司歷史新高。正如我們今年早些時候所分享的，我們預計較大的交易將集中在下半年，而我們看到這一預期開始逐漸成形，本季度共達成了七筆一級和企業級交易。這種集中化趨勢，加上新客戶和現有客戶的穩定成長，推動了第三季預訂量創下歷史新高。

Several of the Tier 1 and enterprise wins were net new, showcasing continued momentum and acquiring new customers, and all three major product lines contributed to the quarter's performance. On the digital banking front, we saw continued success upmarket, including a net new win with a bank exceeding $80 billion in assets that will begin by using our platform for retail and small business.

多個一級客戶和企業客戶都是新增客戶，展現了持續的成長勢頭並獲得了新客戶，所有三大主要產品線都為本季度的業績做出了貢獻。在數位銀行領域，我們在高端市場持續取得成功，包括與一家資產超過 800 億美元的銀行達成新的合作，該銀行將首先使用我們的平台為零售和小型企業提供服務。

We also signed a major expansion with a $60 billion bank that started with commercial and will now add retail. As demonstrated by these wins, our single platform approach, unifying retail, small business, and commercial continues to differentiate Q2, help us compete more broadly, and creates meaningful expansion opportunities over time.

我們還與一家資產規模達 600 億美元的銀行簽署了一項重大擴張協議，該協議最初涉及商業銀行，現在將擴展到零售銀行。這些勝利表明，我們統一零售、小型企業和商業的單一平台方法在第二季度繼續使我們脫穎而出，幫助我們更廣泛地參與競爭，並隨著時間的推移創造有意義的擴張機會。

During the quarter, we also had two instances where a Q2 bank was acquired by a larger institution, and in both cases, the acquiring banks selected Q2's platform to serve the combined entity. This is an indicator of our competitiveness and the scalability of our technology, especially as bank M&A activity continues.

本季度，我們也遇到了兩起 Q2 銀行被規模更大的機構收購的案例，在這兩起案例中，收購銀行都選擇了 Q2 的平台來為合併後的實體提供服務。這顯示了我們的競爭力以及我們技術的可擴展性，尤其是在銀行併購活動持續進行的情況下。

Our fraud solutions continued to gain traction as well. We signed the largest fraud deal in company history during the quarter, a significant expansion with an existing $200 billion digital banking customer. This win was for our check and ACH fraud solution, which continues to see robust demand in the market. With the cost and complexity of fraud growing, customers are increasingly turning to Q2 as a strategic partner to help them manage risk more efficiently and effectively.

我們的反詐騙解決方案也持續獲得認可。本季我們簽署了公司史上最大的詐欺交易協議，與一家現有價值 2,000 億美元的數位銀行客戶實現了重大業務拓展。此次得標是因為我們提供的支票和 ACH 詐欺解決方案在市場上持續受到強勁需求。隨著詐騙的成本和複雜性不斷增加，客戶越來越傾向於將 Q2 視為策略合作夥伴，以幫助他們更有效率、更有效地管理風險。

We also had our strongest relationship pricing quarter of the year highlighted by multi-year renewals with two top 10 US banks. Our relationship pricing solutions continued to be an important lever for financial institutions seeking to optimize yield, profitability, and growth across both loans and deposits.

此外，我們今年的合作關係定價也達到了最佳水平，與兩家美國排名前十的銀行續簽了多年合約。我們的關係定價解決方案仍然是金融機構優化貸款和存款收益、獲利能力和成長的重要槓桿。

Beyond our strong sales performance, we also recently hosted Dev Days 2025, our second annual conference for partners, customers, and employees who build on the Q2 platform using our APIs and SDK. While our annual client conference Connect is our venue to showcase production-ready innovation and customer adoption proof points, Dev Days is an event where we share architecture and technology enhancements and explore the next frontier of our platform.

除了強勁的銷售業績外，我們最近還舉辦了 Dev Days 2025，這是我們面向合作夥伴、客戶和員工的第二屆年度大會，他們使用我們的 API 和 SDK 在 Q2 平台上進行開發。雖然我們的年度客戶大會 Connect 是我們展示生產就緒的創新和客戶採用證明的場所，但 Dev Days 是我們分享架構和技術改進並探索我們平台下一個前沿的活動。

At this year's event, AI was front and center, and we showcased several ways we intend to bring leading AI capabilities to our platform for the benefits of bankers, account holders, developers, and our fintech partners. We demonstrated a range of planned AI offerings that illustrate the breadth of our strategy.

在今年的活動中，人工智慧是焦點所在，我們展示了將領先的人工智慧功能引入我們平台的幾種方式，以造福銀行家、帳戶持有人、開發人員和我們的金融科技合作夥伴。我們展示了一系列計劃中的人工智慧產品，以說明我們策略的廣度。

The first was an AI co-pilot that can help account holders and bank staff alike, enabling account holders to receive guidance and manage money through natural language prompts and customer service representatives to retrieve and summarize information.

第一個是人工智慧輔助駕駛系統，可以幫助帳戶持有人和銀行員工，使帳戶持有人能夠透過自然語言提示獲得指導並管理資金，客戶服務代表可以檢索和總結資訊。

We demonstrated AI assisted coding in our SDK, which makes all of our developer documentation available via conversational developer tools and will help customers, partners, and even Q2 go from idea to execution faster.

我們在 SDK 中演示了 AI 輔助編碼，這使得我們所有的開發者文件都可以透過對話式開發者工具訪問，這將幫助客戶、合作夥伴甚至 Q2 更快地將想法轉化為執行。

We shared a customer facing extension of our internal AI assistant that indexes the vast archives of our internal Q2 knowledge and makes it available through an LLM, which we believe will help our customers self-serve and get faster customer support outcomes.

我們分享了面向客戶的內部 AI 助理擴充功能，該功能索引了我們內部 Q2 知識的大量檔案，並透過 LLM 提供這些知識，我們相信這將幫助我們的客戶自助服務，並更快地獲得客戶支援結果。

And finally, we shared a new partner data integration strategy that is intended to enable us over time to turn our wealth of 1,000 plus backend integrations and more than 200 fintech partners into a unified data and capabilities ecosystem that will empower Agent IQ innovation.

最後，我們分享了一項新的合作夥伴資料整合策略，旨在隨著時間的推移，將我們 1000 多個後端整合和 200 多個金融科技合作夥伴轉化為一個統一的資料和能力生態系統，從而增強 Agent IQ 的創新能力。

The key takeaway from dev days was our customers' need to invest in innovation, which requires mission critical partners with expertise in handling highly regulated data and managing complex integrations to enable AI adoption. We believe we are well positioned to be that partner of choice, as we have a proven track record of innovation, can leverage our network of customers, partners, and integrations to build new capabilities on our platform, strengthening it with every generation of innovation. Our platform and the ecosystem that surrounds it can facilitate AI innovation in financial services. As technology and financial services continue to evolve, we believe that advancements in AI will flow through Q2, not around it.

開發者日的主要收穫是我們的客戶需要投資創新，這需要關鍵任務合作夥伴具備處理高度監管數據和管理複雜整合的專業知識，從而實現人工智慧的採用。我們相信我們有能力成為首選合作夥伴，因為我們擁有成熟的創新記錄，可以利用我們的客戶、合作夥伴和整合網絡，在我們的平台上建立新的功能，並透過每一代創新來增強它。我們的平台及其周邊生態系統可以促進金融服務領域的人工智慧創新。隨著科技和金融服務的不斷發展，我們認為人工智慧的進步將在第二季度持續推進，而不是繞過第二季度。

Looking ahead, we feel very good about the success we've had heading into the final quarter of the year. Our pipeline remains solid. We expect demand to remain strong as we close out 2025. And as Jonathan will share in a moment, we're raising our financial outlook, reflecting our confidence and our ability to deliver on the full year expectations we set earlier this year.

展望未來，我們對進入今年最後一個季度所取得的成功感到非常滿意。我們的管道供應依然穩固。我們預計到 2025 年底，需求將保持強勁。正如喬納森稍後將要分享的那樣，我們正在提高財務預期，這反映了我們對實現今年早些時候設定的全年預期目標的信心和能力。

Before I hand the call over to Jonathan, I wanted to share some exciting updates to our leadership team, which we believe will better align our talent and efforts with our long-term strategy.

在將電話交給喬納森之前，我想與我們的領導團隊分享一些令人興奮的最新進展，我們相信這將使我們的人才和努力更好地與我們的長期策略保持一致。

First, Hima Mukkamala has been appointed as our Chief Operating Officer, expanding his role to include our service delivery and customer experience functions. In Hima's time overseeing our engineering team since 2023, he has demonstrated operational excellence and an extreme focus on AI enablement, both to drive internal efficiencies as well as external innovation.

首先，Hima Mukkamala 已被任命為我們的營運長，他的職責範圍擴大到包括我們的服務交付和客戶體驗職能。自 2023 年 Hima 領導我們的工程團隊以來，他展現了卓越的營運能力和對人工智慧賦能的極度重視，既提高了內部效率，也推動了外部創新。

In conjunction, Kirk Coleman will continue to lead our go to market functions as Chief Business Officer, reinforcing his focus on sales and customer success, leveraging his deep industry expertise to advance our product strategy and next phase of growth. I want to thank Mike Volanoski, our Chief Revenue Officer, for his contributions during his time at Q2, and he will remain with us through December 12 to ensure a smooth transition.

同時，Kirk Coleman 將繼續擔任首席商務官，領導我們的市場推廣工作，進一步聚焦銷售和客戶成功，利用其深厚的行業專長來推進我們的產品策略和下一階段的成長。我要感謝我們的首席營收長 Mike Volanoski 在 Q2 任職期間所做的貢獻，他將繼續留任至 12 月 12 日，以確保平穩過渡。

With that, let me pass it over to Jonathan.

那麼，就讓我把麥克風交給喬納森吧。

Thanks, Matt. Our third quarter results demonstrate continued strong execution across several key metrics, including revenue and adjusted EBITDA, both of which exceeded the high end of our previously issued guidance. These results highlight the progress we have made towards our profitable growth strategy reinforced by the strongest third quarter of bookings in our history and sustained margin expansion.

謝謝你，馬特。我們第三季的業績表明，我們在幾個關鍵指標上繼續保持強勁的執行力，包括營收和調整後的 EBITDA，這兩項指標均超過了我們先前發布的預期上限。這些結果凸顯了我們在實現獲利成長策略方面的進展，這得益於我們歷史上最強勁的第三季預訂量和持續的利潤率擴張。

I will now discuss our financial results in more detail and conclude with our guidance for the fourth quarter and full year 2025, as well as an updated financial outlook for 2026.

接下來，我將更詳細地討論我們的財務業績，並給出我們對 ​​2025 年第四季和全年的業績指引，以及對 2026 年的最新財務展望。

Total revenue for the third quarter was $201.7 million, an increase of 15% year-over-year and up 3% sequentially. Our revenue growth was primarily driven by subscription-based revenues, which grew 18% year-over-year and 4% sequentially.

第三季總營收為 2.017 億美元，年增 15%，季增 3%。我們的營收成長主要由訂閱收入驅動，較去年同期成長 18%，較上季成長 4%。

Subscription revenue as a percentage of total revenue continued to increase, ending the quarter at 82%, highlighting the ongoing shift in our revenue mix towards this higher margin revenue stream. The year-over- year and sequential revenue growth was primarily driven by a combination of new customer go-lives and expansion with existing customers.

訂閱收入佔總收入的比例持續成長，本季末達到 82%，凸顯了我們的收入結構正不斷向這一利潤率更高的收入來源轉變。年比和環比收入成長主要得益於新客戶的上線和現有客戶的業務拓展。

Our services and other revenues increased 5% year-over-year, reflecting an improvement compared to the prior quarter's year over year trends. This growth was driven by an easier comp versus the prior year as we lapped the impact from First Republic Bank, which we indicated on the prior call. In addition to the easier comp, we benefited from higher professional services revenues from core conversions. These increases helped offset ongoing declines in more discretionary professional service offerings, which remain under pressure.

我們的服務和其他收入年增 5%，與上一季的年比趨勢相比有所改善。這一增長是由於與前一年相比基數較低，因為我們已經抵消了第一共和銀行的影響，我們在之前的電話會議中已經提到過這一點。除了比較容易之外，我們也受惠於核心業務轉換帶來的更高專業服務收入。這些成長有助於抵消更多非必需專業服務產品持續下滑的影響，這些產品仍面臨壓力。

Total annualized recurring revenue or total ARR grew to $888 million, up to 12% year over year from $796 million at the end of the third quarter of 2024, driven by strength in our subscription ARR, which grew to $745 million, up 14% year over year from $655 million in the prior year period. Total ARR growth was fueled by continued strength and subscription-based bookings across both new and existing customers.

年度經常性收入總額或總 ARR 增長至 8.88 億美元，較 2024 年第三季末的 7.96 億美元同比增長 12%，這主要得益於訂閱 ARR 的強勁增長，該收入增長至 7.45 億美元，較上年同期的 6.55 億美元同比增長 14%。ARR 總額的成長得益於新舊客戶持續強勁的訂閱預訂量。

As expected, subscription ARR growth also benefited from a normalization in churn following a concentration of churn in the second quarter, and we continue to expect churn in the second half to be more favorable than the first, with full year levels remaining in line with or better than historical averages.

正如預期的那樣，訂閱 ARR 成長也受益於第二季客戶流失集中後客戶流失率的正常化，我們繼續預計下半年的客戶流失率將比上半年更有利，全年水準將與歷史平均水平持平或更高。

Our ending backlog of approximately $2.5 billion increased by $161 million sequentially, or 7%, and $485 million year-over-year, representing 24% growth. Year over year and sequential increases were primarily driven by expansion with existing customers as well as solid net new activity and was broad-based. We entered the year expecting enterprise and Tier 1 opportunities to be more heavily weighted towards the back half. And that proved out with strong third quarter performance in those segments, which represented the majority of our bookings growth for the quarter.

我們期末積壓訂單約 25 億美元，季增 1.61 億美元，增幅為 7%；年增 4.85 億美元，增幅為 24%。年比和環比成長主要由現有客戶的擴張以及穩健的新增業務活動推動，且成長基礎廣泛。年初時，我們預計企業和一級供應商的機會將更集中在下半年。事實證明，這些細分市場在第三季表現強勁，佔該季度預訂量成長的大部分。

And as we have mentioned previously, the sequential change in backlog may fluctuate quarter to quarter based on the number of renewal opportunities available within that quarter. Gross margin was 57.9% for the third quarter, up from 56% in the prior year period and above the 57.5% we saw in the previous quarter.

正如我們之前提到的，積壓訂單的順序變化可能會因季度內可獲得的續約機會數量而逐季度波動。第三季毛利率為 57.9%，高於去年同期的 56%，也高於上一季的 57.5%。

The year over year and sequential increases in gross margin were driven by an increasing mix of higher margin subscription-based revenues. We continue to expect gross margin to expand in Q4 with full year 2025 gross margin expansion of at least 200 basis points.

毛利率年增率和環比成長主要得益於高利潤率的訂閱收入佔比不斷提高。我們繼續預期第四季度毛利率將有所增長，2025 年全年毛利率至少增長 200 個基點。

Total operating expenses for the third quarter were $76 million or 37.7% of revenue compared to $73 million or 41.5% of revenue in the prior year quarter and $75 million or 38.2% of revenue in the second quarter. The year over year improvement in operating expenses as a percent of revenue was driven by G&A, which benefited from lower personnel-related costs and higher revenues which impacted all categories.

第三季總營運支出為 7,600 萬美元，佔營收的 37.7%，而上年同期為 7,300 萬美元，佔營收的 41.5%，第二季為 7,500 萬美元，佔營收的 38.2%。營運費用佔收入百分比的年比改善主要得益於一般及行政費用，而一般及行政費用受益於人員相關成本的降低和收入的增加，這影響了所有類別。

Total adjusted EBITDA was a record $48.8 million, up 50% from $32.6 million in the prior year period and up 7% from $45.8 million in the previous quarter. We ended the third quarter with cash, cash equivalents, and investments of $569 million, up from $532 million at the end of the previous quarter.

調整後 EBITDA 總額達到創紀錄的 4,880 萬美元，比上年同期的 3,260 萬美元增長 50%，比上一季的 4,580 萬美元增長 7%。第三季末，我們的現金、現金等價物和投資總額為 5.69 億美元，高於上一季末的 5.32 億美元。

As we indicated on the prior call, the third quarter included a material cash payment which drove the slight sequential decline in cash flow. In the third quarter, we generated $46 million in cash flow from operations driven by improved profitability and continued effective working capital management and delivered $37 million in free cash flow.

正如我們在上一次電話會議中指出的那樣，第三季度有一筆重大的現金支出，導致現金流環比略有下降。第三季度，我們透過提高獲利能力和持續有效的營運資本管理，實現了 4,600 萬美元的經營活動現金流，並產生了 3,700 萬美元的自由現金流。

We continue to anticipate the fourth quarter will be our strongest free cash flow quarter of the year, consistent with typical seasonality. As announced in our press release, Q2's Board of Directors authorized a share repurchase program for an amount up to $150 million.

我們仍然預計第四季度將是我們全年自由現金流最強勁的季度，這與典型的季節性規律相符。正如我們在新聞稿中宣布的那樣，Q2 董事會批准了一項金額高達 1.5 億美元的股票回購計畫。

Given the significant progress we have made on improving the balance sheet and our cash flow generation, we believe we are in a strong position to exercise all components of our capital allocation strategy. These priorities include investing in the business to elongate our subscription growth trajectory, evaluating opportunities for highly synergistic inorganic growth, retiring our convertible debt, and opportunistically utilizing the share repurchase program over time.

鑑於我們在改善資產負債表和現金流量方面取得了顯著進展，我們相信我們有能力實施資本配置策略的所有組成部分。這些優先事項包括投資業務以延長我們的訂閱成長軌跡，評估具有高度協同效應的非內生成長機會，償還我們的可轉換債務，以及隨著時間的推移，有選擇地利用股票回購計劃。

Let me finish by sharing our fourth quarter and updated full year 2025 guidance. We forecast fourth quarter revenue in the range of $202.4 million to $206.4 million and we are raising full year revenue to the range of $789 million to $793 million representing year over year growth of 13% to 14% for the full year.

最後，我想和大家分享我們第四季和更新後的2025年全年業績預期。我們預測第四季營收將在 2.024 億美元至 2.064 億美元之間，並將全年營收預期上調至 7.89 億美元至 7.93 億美元，年增 13% 至 14%。

We forecast fourth quarter adjusted EBITDA of $47.2 million to $50.2 million and are raising our full year 2025 adjusted EBITDA guidance to $182.5 million to $185.5 million, representing 23% of revenue for the full year.

我們預測第四季度調整後 EBITDA 為 4,720 萬美元至 5,020 萬美元，並將 2025 年全年調整後 EBITDA 預期上調至 1.825 億美元至 1.855 億美元，佔全年營收的 23%。

Looking ahead, we are also providing an updated financial outlook for 2026. We expect full year subscription revenue growth of approximately 13.5%, which is up from the approximately 13% we previously provided, reflecting the strong bookings momentum we've seen year-to-date and the durability of our subscription model.

展望未來，我們也將提供 2026 年的最新財務展望。我們預計全年訂閱收入將成長約 13.5%，高於我們先前預測的約 13%，這反映了我們今年迄今看到的強勁預訂勢頭以及我們訂閱模式的持久性。

Total non-subscription revenue is expected to decline in the mid-single-digits year over year in 2026, driven by ongoing secular pressure in bill pay and discretionary services revenue. In addition, we expect our full year 2026 gross margins to be at least 60%. And we expect adjusted EBITDA margin expansion of approximately 250 basis points.

受帳單支付和可自由支配服務收入持續承壓的影響，預計 2026 年非訂閱總收入將年減個位數百分比。此外，我們預計 2026 年全年毛利率將至少達到 60%。我們預計調整後 EBITDA 利潤率將提高約 250 個基點。

As a result, we are increasing our 2024 to 2026 three-year annualized average adjusted EBITDA margin expansion target to 450 basis points, up from our previous expectation of 360 basis points. Finally, based on our performance to date and anticipated second half strength, we reiterate our full year free cash flow conversion outlook of at least 90% for 2026.

因此，我們將 2024 年至 2026 年三年年化平均調整後 EBITDA 利潤率擴張目標提高至 450 個基點，高於我們先前預期的 360 個基點。最後，根據我們迄今為止的業績和對下半年強勁表現的預期，我們重申 2026 年全年自由現金流轉換率至少達到 90% 的預期。

In summary, we delivered a strong financial performance which exceeded the high end of our previously issued guidance. This performance coupled with our outlook for the remainder of the year has given us the confidence to raise our full year guidance on both revenue and adjusted EBITDA for 2025 and our improved 2026 outlook.

總而言之，我們取得了強勁的財務業績，超過了我們先前發布的業績指引的上限。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 2025 年全年營收和調整 EBITDA 的預期，並改善了 2026 年的展望。

We remain dedicated to delivering growth, profitability expansion, and strategic capital allocation and believe that our results to date collectively illustrate our progress and potential as we continue to evolve our business and drive shareholder value.

我們將繼續致力於實現成長、提高獲利能力和進行策略性資本配置，並相信我們迄今為止的業績共同展現了我們取得的進步和潛力，我們將繼續發展業務並提升股東價值。

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

接下來，我將把電話交還給馬特，請他作總結發言。

Thanks, Jonathan. Before we open it up for questions, I'll close with a few final thoughts. In summary, Q3 was another good quarter defined by strong financial results and a record third quarter bookings. The record bookings execution was driven by broad-based sales performance with seven total Tier 1 and enterprise wins. We also shared some exciting developments in our AI journey, showcasing several solutions in development at our Dev Day event that demonstrated how we're using leading edge AI technologies to empower our customers, their account holders, and partners in the months and years to come.

謝謝你，喬納森。在開放式提問環節之前，我先補充幾點想法。總而言之，第三季業績表現良好，財務業績強勁，第三季訂單量創下歷史新高。創紀錄的預訂量得益於廣泛的銷售業績，共贏得了 7 個一級和企業級客戶。我們也分享了人工智慧發展歷程中的一些令人興奮的進展，在我們的開發者日活動上展示了幾個正在開發中的解決方案，這些方案表明我們將如何使用領先的人工智慧技術，在未來的幾個月和幾年裡為我們的客戶、他們的帳戶持有人和合作夥伴賦能。

Looking ahead, our record 3Q bookings, performance, and the strength of our pipeline gives me confidence that we'll close the year strong and in 2026 position for continued subscription revenue growth and an improved profitability outlook.

展望未來，我們第三季創紀錄的預訂量、業績以及強勁的業務儲備讓我相信，我們將以強勁的勢頭結束今年，並在 2026 年為持續的訂閱收入增長和更好的盈利前景做好準備。

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

謝謝，接下來我會把電話交給接線生，回答大家的問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Hey guys, good afternoon. Thanks for taking the question and congrats on the quarter. Matt, some changes on the management team that you outlined here. I guess, coming off of bookings, a record bookings quarter here for 3Q. Maybe just talk about why now is the right time to make some of these changes to the structure of that organization? And what you expect the biggest changes we'll see in the near term are under the new leadership here?

各位，下午好。感謝您回答這個問題，並祝賀您本季取得佳績。馬特，你在這裡提到的管理團隊有一些變動。我想，根據預訂情況來看，第三季預訂量創下了歷史新高。或許可以談談為什麼現在是對該組織結構進行這些調整的合適時機？您認為在新領導階層的帶領下，近期內我們會看到哪些最大的改變？

Yeah. Thanks, Parker. For us, it's -- yes, you guys live quarter-by-quarter. We didn't just do this overnight. We've been trying to structure the business in a way to align the technical resources where our delivery support, the people that build the product and host the product are aligned because so much of that is connected to the engineering team.

是的。謝謝你，帕克。對我們來說，是的——你們是按季度生活的。我們並非一朝一夕就完成了這項工作。我們一直在嘗試調整業務結構，使技術資源保持一致，包括交付支援人員、產品建置人員和產品託管人員，因為這些都與工程團隊息息相關。

And so Hima is a proven commodity for us. We've been really impressed with him. Kirk hired him as a big advocate for him. And then putting Kirk in a position to do go-to-market and the product side of things, where he has deep experience. He's been a buyer. He's been a seller. He's been on our side as well. So it's just a perfect fit at this time, and we wanted to get it done before the end of the year, so we could put our plans together for '26 and beyond.

因此，Hima 對我們來說是一個可靠的商品。我們對他印象深刻。柯克聘請他為自己的得力助手。然後讓柯克負責市場推廣和產品方面的工作，因為他在這方面擁有豐富的經驗。他一直是買家。他一直是個賣家。他也一直站在我們這邊。所以，這在目前來說非常合適，我們希望在年底前完成這件事，這樣我們就可以製定 2026 年及以後的計劃了。

So it's -- coming off a strong quarter just happened to be what happened. But really excited about these changes, and I think they put us in a position to really accelerate our products, our go-to-market as well as our initiatives around AI.

所以，這——恰好是緊接著上個季度強勁的業績所致。但我對這些變化感到非常興奮，我認為它們使我們能夠真正加速我們的產品、市場推廣以及我們在人工智慧方面的舉措。

And I'm sorry, what was the other part of the question?

不好意思，問題的另一部分是什麼？

I think you touched on most of it there, Matt. Maybe just to pick up on AI, you highlighted some of the new development from the Dev Days. Obviously, AI is a huge focus area for every industry. But just wondering, if you look at year-end markets, what sort of appetite there is there, and more importantly, budget there is around AI? How much of a prioritization is this in your end markets? And what are you expecting the timeline to be there for contributions and benefits to your deal cycles as a result of it?

馬特，我覺得你已經談到了大部分內容。或許只是為了了解人工智慧領域，你重點介紹了開發者日的一些新進展。顯然，人工智慧是各行各業都非常關注的領域。但我想知道，如果觀察年底市場，市場對人工智慧的需求如何？更重要的是，市場在人工智慧方面的預算是多少？在你們的終端市場中，這有多重要的優先順序？那麼，您預計這會對您的交易週期產生怎樣的影響，以及帶來哪些貢獻和收益？

Yeah. Keep in mind, we've been using AI for fraud and cross-selling and products like that for a while. Our buyers were the most conservative business people in the country, arguably in the world. And so they are leaning in and learning. We're having a lot of conversations around it.

是的。請記住，我們已經使用人工智慧進行詐欺檢測、交叉銷售以及類似產品開發一段時間了。我們的買家是全國乃至全世界最保守的商人。所以他們積極投入學習。我們正在就此進行很多討論。

We're trying to understand the problems they want to solve from a product's perspective. And so that's how you educate yourself and build the right products. The Dev Days, obviously, there's a lot of activity there. So encouraged by their engagement with us, and we think there's a lot of opportunity there. When it folds into the revenue and the cost side of things, I'm not in a position to share that at this point, but we definitely think there's going to be a lot of opportunity there on both of those lines.

我們正在嘗試從產品的角度了解他們想要解決的問題。所以，這就是你如何自我提升並打造出合適的產品。開發者日期間，顯然會非常熱鬧。他們的積極參與讓我們倍受鼓舞，我們認為這其中蘊藏著許多機會。至於這涉及收入和成本方面，我現在還不方便透露，但我們絕對認為這兩方面都存在著許多機會。

Appreciate the feedback. Thanks again.

感謝您的回饋。再次感謝。

Thanks, par.

謝謝，par。

Terry Tillman, Truist.

Terry Tillman，Truist。

Yeah, hey, Matt, Jonathan, Kirk and Josh, my first question, you actually have -- you beat me to it a little bit. I was going to have a lot to ask about AI. So you had a lot in your prepared remarks, and then, Parker had a good question on it.

是的，嘿，馬特、喬納森、柯克和喬什，我的第一個問題，你們其實已經——你們搶先一步問了。我有很多關於人工智慧的問題要問。所以你準備了很多發言稿，然後，帕克就此提出了一個很好的問題。

I guess, maybe another question kind of coming at this AI kind of angle or opportunity is, you talk about a single platform approach and how folks tend to cross-pollinate across commercial, small business and retail. Do you see maybe a quickening of the pace of, hey, we really need to clean up our digital banking front end though if we really want to do this AI stuff the right way?

我想，從人工智慧的角度或機會來看，或許還有另一個問題，那就是，您談到了單一平台方法，以及人們如何在商業、小型企業和零售業之間進行交叉融合。你是否看到這樣一種趨勢：如果我們真的想以正確的方式推進人工智慧技術的發展，就必須認真審視並改進我們的數位銀行前端？

I'm not trying to put words in your mouth, but do you see this as potentially helping kind of accelerate some of this kind of brownfield replacement opportunities for digital banking before they actually buy some of these AI tools? And then I had a follow-up.

我不是想替你說話，但你是否認為這有可能在他們實際購買一些人工智慧工具之前，加速一些數位銀行的現有設施改造機會？然後我還有後續跟進。

Yeah. I think a couple of things to understand about what I think are differentiators in our space, in particular. Everybody has horizontal and vertical software in the trash right now. I would point out some things about our industry in particular.

是的。我認為有幾點需要理解，才能更好地理解我們這個領域的差異化因素。現在大家的垃圾桶裡都堆滿了橫向和縱向開發的軟體。我想特別指出我們行業的一些情況。

Number one, I think incumbency and trust are both factors that provide meaningful and durable advantages for us. We have hundreds of customers. We have thousands of long-standing integrations to complicated back-office systems that require constant care and feeding.

首先，我認為執政優勢和信任度都是能為我們帶來有意義且持久優勢的因素。我們有數百名客戶。我們有數千個與複雜的後台系統長期整合的項目，這些項目需要持續的維護和更新。

We have 20 years of compliance frameworks around securing the data that is accumulated on our single platform, as you mentioned, for retail, small business and commercial banking workflows. I think financial institutions need, and are going to require a trusted partner to help them adopt AI safely and responsibly when you're talking about the buyers we're dealing with.

正如您所提到的，我們擁有 20 年的合規框架，用於保護在我們單一平台上累積的數據，該平台適用於零售、小型企業和商業銀行的工作流程。我認為，當我們談論我們所面對的買家時，金融機構需要，並且將來也需要一個值得信賴的合作夥伴來幫助他們安全、負責地採用人工智慧。

And from -- and then there's a data and distribution advantage we have. We have 27 million end users, average of three accounts per user with probably an average of seven years of history. That includes posted transactions, balances, payments, behavioral data, demographic data. And we're going to continue to use that data to enhance our customers' end-user experience, back-office operations, fraud prevention, cross-selling capabilities, efficiencies for us.

而且，我們還擁有數據和分銷方面的優勢。我們有 2700 萬終端用戶，平均每位用戶擁有三個帳戶，平均每個帳戶的歷史記錄可能長達七年。其中包括已發布的交易、餘額、付款、行為數據、人口統計。我們將繼續利用這些數據來提升客戶的最終用戶體驗、後台營運、詐欺預防、交叉銷售能力，並提高我們自身的效率。

And then you have a vast partner network that we believe will continue to work with us to distribute their AI solutions focused more on use cases that we will work to integrate into our workflows and complement the digital banking experience.

此外，我們還擁有龐大的合作夥伴網絡，我們相信他們將繼續與我們合作，推廣他們的 AI 解決方案，這些解決方案將更加側重於我們將努力整合到我們的工作流程中並完善數位銀行體驗的用例。

And so that, coupled with the announcement we made today around the structure of this company in a way that it'll empower us to capitalize on the strategic advantages over the coming years. For us, the customers and Q2 team are excited about this opportunity. We just have to execute on our plans, which we have a track record of doing. So there's a lot of opportunity there.

因此，再加上我們今天宣布的公司結構調整，這將使我們能夠在未來幾年內充分利用策略優勢。對我們來說，客戶和 Q2 團隊都對這個機會感到興奮。我們只需要執行我們的計劃，而我們在這方面一直都有良好的記錄。所以那裡有很多機會。

We're using it internally, externally with customers and everything else, and we're seeing real progress in that area. And we don't anticipate to sit on our hands and wait for somebody to come do this. But I do believe the incumbency and the trust aspect and the data and the distribution capabilities are significant tailwinds for us in this race.

我們在內部、外部（包括與客戶的合作）以及其他所有方面都使用它，我們看到這方面取得了真正的進展。我們並不打算袖手旁觀，等待別人來做這件事。但我相信，現任優勢、信任度、數據和分發能力都是我們在這場競選中的重要有利因素。

That's great to hear. And I guess, I don't know if this is for you, Matt or Jonathan. And I'm not usually wanting to start looking at numbers and asking numbers questions on the calls. But it does look like it was a pretty substantial uptick versus the prior year on like RPO. And I know the subscription ARR picked up some, and I know some of this was kind of churn timing from last quarter.

聽到這個消息真是太好了。我想，我不知道這是給你們的，馬特還是喬納森。而且我通常不想在電話會議中開始查看數字或詢問與數字相關的問題。但看起來與前一年相比，RPO（響應式設計）確實出現了相當大的成長。我知道訂閱 ARR 有所回升，我也知道其中一部分原因是上個季度的客戶流失。

Where I'm going with this is we knew second half or we thought second half would be stronger than the first half on just the seasonality of your bookings. But I usually think of 4Q as the big quarter. Is there any tilt that's different potentially this year in 3Q to 4Q bookings?

我的意思是，我們知道下半年或我們認為下半年會比上半年更強勁，這僅僅是基於你們預訂量的季節性因素。但我通常認為第四季才是最重要的季度。今年第三季到第四季的預訂量是否有任何可能與往年不同的趨勢？

No, we are cautiously optimistic about the fourth quarter. We're focused on getting deals done. We have a lot of activity. I see a lot of good indications, but I don't know anything until it's done, but we are -- the pipeline is strong. We didn't drain it in the third quarter, and we're going to -- we intend to execute on those and continue to build the pipe for '26.

不，我們對第四季持謹慎樂觀態度。我們專注於完成交易。我們這裡活動很多。我看到了很多好跡象，但在完成之前我什麼都不知道，但我們——管道很強勁。我們在第三季度沒有把球抽乾，我們打算——我們打算執行這些計劃，並繼續為 2026 年做好準備。

Terry, the only thing I'd add is, as we talked about at the beginning of the year, the mix of first half versus second half was going to -- we predicted would be slanted towards Tier 1 and enterprise in the second half. The third quarter was a great start to the second half in that regard because we did see a really strong performance in that upper tier in that Tier 1 and enterprise segment and saw from a sub's ARR bookings perspective, by far, the strongest quarter of the year as that -- as we expected.

特里，我唯一要補充的是，正如我們在年初討論的那樣，上半年和下半年的組合將會——我們預測下半年將向一級企業和大型企業傾斜。從這個角度來看，第三季是下半年的一個很好的開端，因為我們確實看到一級和企業級市場的高端市場表現非常強勁，而且從子客戶的年度經常性收入預訂量來看，這是迄今為止全年表現最好的一個季度——正如我們所預期的那樣。

And as Matt said, no feeling like we borrowed from the fourth quarter. So I feel good about the opportunity moving forward, but we got to execute on it.

正如馬特所說，我們感覺不到第四節的節奏。所以我對未來的發展機會感到樂觀，但我們必須抓住這個機會並付諸行動。

Thank you.

謝謝。

Andrew Schmidt, KeyBanc Capital Markets.

Andrew Schmidt，KeyBanc Capital Markets。

Hey guys, good to be back on the call. Great results here. Great to see the sub ARR acceleration on top of a tougher comp. I wanted to ask about just the 2026 sub's ARR growth of 13.5% you outlined. Continue to see good long-term growth trends.

大家好，很高興能再次上線。結果非常棒。很高興看到 ARR 的成績在更艱難的競爭中仍然保持著上升勢頭。我想問一下您提到的 2026 年訂閱用戶 ARR 成長 13.5% 的情況。長期成長趨勢持續良好。

But I guess you have to make some assumptions when you're providing that outlook. Obviously, you have good visibility given the recurring revenue base, but there's cross-sells, there is existing user growth and things like that. Maybe you could talk through just some of the assumptions that are in there.

但我認為，在提出這種觀點時，你必須做出一些假設。顯然，鑑於穩定的經常性收入基礎，你的市場前景非常光明，但還有交叉銷售、現有用戶成長等等。或許你可以談談其中的一些假設。

And then also, you commented on the bank M&A environment. Historically, it's been a positive for Q2, and we seem to kind of be in the sweet spot here given the current environment. Maybe talk about whether that's layered into those assumptions or whether that could be incremental? Thanks so much.

此外，您也對銀行併購環境發表了評論。從歷史數據來看，第二季通常是利好消息，而且鑑於目前的情況，我們似乎正處於有利位置。或許可以討論一下，這是否已經融入到先前的假設中，或是可以逐步添加？非常感謝。

Yeah. Thanks, Andrew. So, to hit the first part of the question, when we think about sort of the 13.5% for 2026 subscription revenue growth, that's mostly informed by the bookings outcomes year-to-date and the mix of those bookings, which gives us good visibility into 2024.

是的。謝謝你，安德魯。所以，為了回答問題的第一部分，當我們考慮 2026 年訂閱收入成長 13.5% 時，這主要取決於今年迄今為止的預訂結果和這些預訂的組合，這讓我們對 2024 年有了很好的了解。

When you think about what we do in the fourth quarter of this year, smaller deals, cross-sell, renewal activity, that can have an impact. But the bulk of it, we have visibility into based on actual bookings that we've obtained so far year-to-date. So we feel really good about that number, have conviction.

想想我們今年第四季要做的事情，小額交易、交叉銷售、續約活動，這些都會產生影響。但其中大部分，我們可以根據今年迄今為止獲得的實際預訂情況來了解。所以我們對這個數字非常滿意，很有信心。

And most importantly, the performance in the third quarter gave us the confidence to lift it from what we had predicted and communicated all throughout the year at 13% up to 13.5%. So it has assumptions around ongoing performance in line with what we've done when it comes to the near time to revenue levers, like cross and renewal activity, but there's no sort of incremental impact from the net new stuff that we're experiencing -- expecting significant impact in '26.

最重要的是，第三季的業績讓我們有信心將全年預測和溝通的 13% 的目標提高到 13.5%。因此，它對持續表現做出了假設，這與我們在近期實現收入槓桿（如交叉銷售和續約活動）方面所做的工作一致，但目前我們經歷的淨新增業務並沒有帶來任何增量影響——預計在 2026 年會產生重大影響。

From an M&A perspective, that's a little bit different. There, we don't really build that in from the standpoint of upside for our subscription revenue base. We do have some visibility, and we certainly make assumptions around services work tied to M&A. And I think that's informed a little bit in some of the non-subscription line item guidance we gave on the '26 front.

從併購的角度來看，情況就略有不同了。從訂閱收入成長的角度來看，我們並沒有真正把這一點考慮進去。我們確實掌握了一些信息，並且我們肯定會對與併購相關的服務工作做出一些假設。我認為，這在一定程度上影響了我們在 2026 年給予的一些非訂閱專案指導意見。

But to the extent that goes more in our favor than it has historically, that would be upside to the plan. But we've seen a pretty strong year from an M&A standpoint. I mean, Matt talked about two deals this year, where we won up into the acquirer tech stack and for the combined bank, which is a great sign for us. But overall, M&A activity from a services perspective has been pretty high in 2025. And so we expect that to continue in 2026, but not necessarily to see the same growth we saw year-over-year relative to 2024.

但如果這種情況比歷史上更有利於我們，那將是該計劃的優勢所在。但從併購的角度來看，今年是相當強勁的一年。我的意思是，Matt 今年談到了兩筆交易，我們成功打入了收購方的技術堆棧，併入駐了合併後的銀行，這對我們來說是一個很好的跡象。但整體而言，從服務業的角度來看，2025 年的併購活動相當活躍。因此，我們預計這種情況將在 2026 年繼續，但未必能像 2024 年那樣實現同比增長。

Perfect. Thank you so much, Jonathan. And then if I could -- if I just could ask about just quickly on pricing, it's been a topic of conversation with investors. And I think typically, Q2 has been premium priced just given the value that you bring to clients. But maybe to comment if you're seeing anything different in the environment since it has been a discussion that's come up, not specifically Q2, but just broader in terms of the industry. But any comments there would be helpful. Thanks so much.

完美的。非常感謝你，喬納森。然後，如果我可以的話——如果我可以快速地問定價問題，這一直是與投資者討論的話題。我認為，考慮到 Q2 為客戶帶來的價值，它的定價通常都比較高。但如果您發現環境有任何不同，不妨發表一下看法，因為這已經是一個被提及的話題，不特別指涉第二季度，而是更廣泛的產業層面。但任何評論都將不勝感激。非常感謝。

No, there's nothing abnormal. I mean, a lot of people that don't have the feature functionality we have, they use price as a tool to try to win deals. And sometimes banks go for that. We have a lot of discipline around that. We will walk from a deal if it doesn't fit our economic model and hope to pick them up later. But there's no significant change on the pricing side of things from what we've seen from people.

不，一切正常。我的意思是，很多沒有我們功能的人，會利用價格作為贏得交易的工具。有時銀行也會這麼做。我們在這方面有著非常嚴格的紀律。如果交易不符合我們的經濟模式，我們將放棄交易，並希望以後能重新收購。但從我們目前所了解的情況來看，價格方面並沒有重大變動。

Got it. Thank you so much, guys.

知道了。非常感謝各位。

Thank you.

謝謝。

Matt VanVliet, Cantor Fitzgerald.

Matt VanVliet，Cantor Fitzgerald。

All right, great. Thank you for taking the question. Curious on -- given your recent success of upselling, cross-selling your existing customers, how should we think about the renewal cohort over the next five quarters or so? Any differences in sort of the shape or size of the cohorts coming up for renewal? And within that, is there any outsized opportunities where maybe you're already on retail to sell commercial or commercial to sell retail and things of that nature?

好的，太好了。感謝您回答這個問題。鑑於您最近在向現有客戶追加銷售和交叉銷售方面取得了成功，我很好奇——在接下來的五個季度左右，我們應該如何看待續約客戶群？即將續約的批次在形狀或規模上是否有任何差異？其中是否存在一些巨大的機會，例如你已經在零售領域銷售產品，然後轉向商業領域銷售產品，或轉向商業領域銷售產品，諸如此類的事情？

Yeah. Thanks, Matt. I'll take that. I mean, to your last point, yes, we have lots of those opportunities, and that certainly make up some of the larger, what we call internally, cross-sales significant deals that are in the pipeline. But when it comes to the makeup of the '26 renewal cohort, we did -- we talked about this earlier in the year.

是的。謝謝你，馬特。我接受。關於你最後一點，是的，我們有很多這樣的機會，而且這些機會肯定構成了一些較大的、我們內部稱之為交叉銷售的重要交易，這些交易正在籌備中。但說到 2026 年續約人員的組成，我們確實——我們在今年早些時候討論過這個問題。

But when you look at the performance on renewals in '23 and 2024 combined and look at the composition of that cohort and compare it to the '25, '26 cohort, it really is very, very similar, both in terms of number of opportunities and the mix within them. So we feel really good. It's not -- and it's not as though the renewal performance so far in 2025 has borrowed from '26 or anything like that.

但是，如果你把 2023 年和 2024 年的續約情況合併起來看，再看看這批客戶的組成，然後和 2025 年、2026 年的客戶群進行比較，你會發現，無論從機會數量還是機會構成來看，它們都非常非常相似。我們感覺非常好。並非如此——而且 2025 年迄今的續約表現也並非借鑒了 2026 年或其他類似情況。

So we feel really good for the fourth quarter of 2025 and throughout '26 that the opportunity set in front of us, both in terms of number of deals and the size and shape of them are comparable to what we've done in recent periods.

因此，我們對 2025 年第四季以及整個 2026 年都感到非常樂觀，因為擺在我們面前的機會，無論從交易數量還是交易規模和形式來看，都與我們最近一段時間所取得的成就相當。

Great. And then, as you look at the opportunity for Innovation Studio, not needing to build every little agent or AI widget out there by leveraging partners, seems like a big opportunity. And maybe as banks are a little more willing to accept AI technology is sort of where we're going, should we think about Innovation Studio maybe even further accelerating here now that you have at least one product in virtually all your customers? And how should we think about the overall revenue contribution in '26 versus still being a couple of years away from real materiality?

偉大的。然後，當你審視創新工作室的機會時，你會發現，透過與合作夥伴合作，無需建立市面上所有的小型代理商或人工智慧小部件，這似乎是一個很大的機會。或許隨著銀行越來越願意接受人工智慧技術是我們未來的發展方向，既然你們的產品幾乎已經服務所有客戶，我們是否應該考慮進一步加速創新工作室的發展？我們該如何看待 2026 年的整體營收貢獻，畢竟距離真正產生實質影響還有幾年時間？

Kirk, why don't you take the Innovation Studio product question, and then, Jonathan can take over. Go ahead.

Kirk，你先回答創新工作室的產品問題，然後Jonathan可以接手。前進。

Yeah. From an Innovation Studio perspective, really two important points in there. One is that if we sort of think about our existing partner ecosystem and the new partners we're bringing to the ecosystem, it continues to be really important for them to have a partner like us who has great technology, great distribution, but also kind of like this very strong technical backbone on which to build their solutions to because you can have these features and functions that these fintechs deliver.

是的。從創新工作室的角度來看，這裡面確實有兩個重點。一方面，如果我們考慮我們現有的合作夥伴生態系統以及我們正在引入該生態系統的新合作夥伴，那麼對於他們來說，擁有像我們這樣擁有出色技術、出色分銷渠道，並且擁有非常強大的技術基礎來構建其解決方案的合作夥伴仍然非常重要，因為你可以獲得這些金融科技公司提供的各種特性和功能。

But if you don't have all the data, all the APIs, all the integrations that we do, you really can't get as far with them. So that continues to be really important. If we think about it from an AI perspective, what we're seeing is those partners are really kind of continuing to come to Q2 to co-develop and distribute their AI solutions.

但是，如果沒有我們擁有的所有資料、所有 API 和所有集成，你就無法取得同樣的成功。所以這一點仍然非常重要。如果我們從人工智慧的角度來看，我們看到的是，這些合作夥伴確實正在繼續來到 Q2，共同開發和分發他們的人工智慧解決方案。

And that's not just our existing fintech ecosystem, but it's also what our customers are building for themselves and also new players that you might see in the market like the services companies and others that want to build kind of specialized AI agents that they can distribute into the financial services. Again, all of that is really important for our Innovation Studio because if you think about the legacy financial services infrastructure, if you don't have a partner like us, it's really hard to scale any kind of solution into that environment. So that's where we see a lot of strength currently.

這不僅包括我們現有的金融科技生態系統，還包括我們的客戶正在為自己建立的生態系統，以及你可能會在市場上看到的新興參與者，例如服務公司和其他希望建立某種專業人工智慧代理並將其分發到金融服務領域的公司。再次強調，所有這些對我們的創新工作室來說都非常重要，因為想想傳統的金融服務基礎設施，如果沒有像我們這樣的合作夥伴，就很難將任何類型的解決方案擴展到這種環境中。所以，這就是我們目前看到很多優勢的地方。

And what I'll add up from a revenue growth perspective, '24, '25, we've seen phenomenal revenue growth from the Innovation Studio ecosystem. And you're right, we are seeing some use cases that are pretty exciting in terms of the adopted fintech partners and the entire ecosystem all thinking about AI in terms of their own point solutions and then us getting the benefit of that as there's adoption inside the platform. So we're excited about it. We think '26 will be another great year of growth from an Innovation Studio revenue perspective. And as a reminder, like that is very high-margin revenue.

從收入成長的角度來看，2024 年和 2025 年，創新工作室生態系統實現了驚人的收入成長。你說得對，我們看到了一些非常令人興奮的用例，包括已採用的金融科技合作夥伴和整個生態系統都在思考如何將人工智慧應用於他們自己的解決方案，而隨著平台內部的採用，我們也從中受益。所以我們對此感到很興奮。我們認為，從創新工作室的收入角度來看，2026 年將是另一個高速成長的年份。再次提醒大家，這樣的營收利潤率非常高。

We're only recognizing it on a net basis. So it's a valuable revenue stream to us, and we are building a go-to-market apparatus and investing in the go-to-market team to try and capture that growth opportunity that you're asking about, Matt.

我們僅以淨額為基礎進行認可。所以這對我們來說是一個寶貴的收入來源，我們正在建立市場推廣機制，並投資於市場推廣團隊，以努力抓住你所說的成長機會，馬特。

Nice job, guys. Thanks for taking the question.

幹得漂亮，夥計們。感謝您回答這個問題。

Ella Smith, JPMorgan.

埃拉史密斯，摩根大通。

Good evening. Thank you for taking my question. So first, I was hoping to ask about seasonal trends. Are there any seasonal trends to note when it comes to cross-sell from existing customers? And how long does it usually take cross-sell commitments to hit your revenue line?

晚安.感謝您回答我的問題。所以，首先，我想問關於季節性趨勢的問題。在向現有客戶進行交叉銷售時，有哪些季節性趨勢需要注意？交叉銷售承諾通常需要多長時間才能轉化為收入？

From a seasonality perspective, yes, the fourth quarter is usually our biggest cross-sell opportunity. It's the end of the year, people trying to fill out their budgets. I was really happy with the third quarter. Some of that was from our Connect conference that built up and the excitement from seeing the products. And then the fourth quarter should be as strong as cross-sell opportunity.

從季節性角度來看，是的，第四季通常是我們最大的交叉銷售機會。又到年底了，大家都在忙著制定預算。我對第三季的表現非常滿意。部分原因是我們 Connect 大會的宣傳造勢以及看到產品後大家的興奮之情。那麼第四季交叉銷售機會應該會非常強勁。

Yeah. And from a time-to-revenue perspective, unlike net new, these can go to revenue much, much faster. It just varies depending on the product. And so some of the stuff can get live really quick, especially when you're talking about cross-selling, let's say, an Innovation Studio partner that's already in production to certain products that maybe there is a, call it, three- to six-month timeline on the outside, in some cases, if it's not sort of a cross-sell of the digital banking component like retail to commercial or vice versa. So if it's an ancillary product, the timelines are faster.

是的。從營收時間的角度來看，與新增業務不同，這些業務可以更快轉換為營收。具體情況取決於產品。因此，有些東西可以很快上線，尤其是在交叉銷售的時候，比如說，將創新工作室合作夥伴的產品（該合作夥伴的產品已經投入生產）銷售到某些產品，而某些產品可能需要三到六個月的時間才能完成，除非是像零售到商業或反之亦然的數位銀行組件的交叉銷售。所以如果是輔助產品，時間軸就會更快。

That's very clear. Thank you. And for my follow-up, can you speak to the appetite of existing and prospective customers to reinvest in technology? Is it changing given it's a somewhat lower interest rate environment?

這一點很清楚。謝謝。我的後續問題是，您能否談談現有客戶和潛在客戶對科技再投資的意願？鑑於目前利率環境略低，這種情況是否會改變？

The demand environment has been strong, and it remains strong. I think interest rates, there's still uncertainty about what they're going to do. I think from a customer perspective, whether it's a bank or a credit union, they don't want to be caught in the situation they were in, in the 2012 to 2022, which is they were doing the loans, but they didn't have the operating accounts.

市場需求一直強勁，目前依然強勁。我認為利率走勢仍存在不確定性。我認為從客戶的角度來看，無論是銀行還是信用社，他們都不想重蹈 2012 年至 2022 年的覆轍，那就是他們發放了貸款，但卻沒有營運帳戶。

So they learned their lesson, and they're trying to get the best digital banking, retail, small business, commercial solutions so that they can get the operating accounts when the lending environment comes back. And so they want to have the best product, and that's why we continue to win in that space, and I think we're going to continue to. So demand is strong, and I anticipate it continuing to be strong even as rates go down, assuming they will.

所以他們吸取了教訓，正在努力尋求最好的數位銀行、零售、小型企業和商業解決方案，以便在貸款環境恢復時獲得營運帳戶。所以他們想要擁有最好的產品，這就是為什麼我們在這個領域不斷取得成功，而且我認為我們還會繼續取得成功。因此，需求強勁，而且我預計即使利率下降（假設利率會下降），需求也會持續強勁。

Thank you so much.

太感謝了。

Thanks, El.

謝謝，El。

Chris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

Yeah, good afternoon. Thanks for taking the question. Just wanted to follow up on the gross margin outlook for next year. Can you just talk about some of the levers that you have to get to that 60% target?

午安.感謝您回答這個問題。我想了解一下明年的毛利率預期。您能否談談為了達到 60% 的目標，您需要採取哪些措施？

Yeah. For sure, Chris. So the single biggest lever that we will see driving that upside in 2026 is the completion of our cloud migration project on the digital banking side. And so we'll be completing that here at the end of '25, very early in 2026. And so as we exit the data centers, you see that depreciation roll off, the very clear cost savings coming off.

是的。當然，克里斯。因此，我們認為到 2026 年推動這一成長的最大槓桿是我們在數位銀行方面的雲端遷移專案的完成。因此，我們將在 2025 年底，也就是 2026 年初完成這項工作。因此，當我們退出資料中心時，你會看到折舊費用逐漸減少，成本節省也變得非常明顯。

And then, as you think about operating in the environment that we're in from a cloud perspective, there's just so much opportunity for learning that environment and operating with more elasticity, more understanding of how to be efficient in that new world.

然後，從雲端的角度來看，當我們思考在我們所處的環境中運行時，就會發現有很多機會去學習這個環境，並以更大的彈性運行，更深入地了解如何在這個新世界中高效運作。

And so we feel really good about the guidance we've given. But there's also all the other things that go into that in terms of revenue mix, AI efficiencies, all the things we're doing across support and delivery to become more efficient that are all accruing into that gross margin line.

因此，我們對所提供的指導感到非常滿意。但還有其他因素也影響毛利率，例如收入結構、人工智慧效率，以及我們在支援和交付方面為提高效率所做的一切努力，所有這些都計入了毛利率。

Great. Thanks for taking the question.

偉大的。感謝您回答這個問題。

No problem.

沒問題。

Alex Sklar, Raymond James.

Alex Sklar，Raymond James。

Hi, this is Jessica on for Alex. So sort of touching on what you've been saying about the strength in your risk and fraud solutions and your cross-sell, how should we be thinking about the contribution of risk and fraud to -- as a percentage of bookings year-to-date relative to previous years?

大家好，我是Jessica，替Alex為您報道。既然您剛才提到了貴公司在風險和詐欺解決方案以及交叉銷售方面的優勢，那麼我們應該如何看待風險和詐欺對今年迄今為止預訂量的貢獻——相對於往年而言？

We've never discreetly given projections around risk and fraud because so much of that solution is embedded within digital banking, but we can say that the growth of that business exceeds that of most of the other product lines that we have. And so you are seeing a greater mix in 2025 than we have historically in terms of the contribution from the fraud tech solutions. And I can say, as we think about the plans for 2026, we see a demand environment that suggests that will continue.

我們從未謹慎地給出有關風險和詐欺的預測，因為許多解決方案都嵌入在數位銀行中，但我們可以說，該業務的成長超過了我們大多數其他產品線的成長。因此，與以往相比，2025 年詐欺技術解決方案的貢獻將更加多元化。我可以說，當我們考慮 2026 年的計畫時，我們看到的需求環境表明這種情況將會持續下去。

Got it. And also, thinking about -- so we've been hearing some concerns in the end market about credit risk over the last couple of months. I think earnings have been turning up better than feared. But can you provide some color on what you're seeing from the health of your customer base? And any changes in demand patterns in terms of your solutions that may be are more focused on the credit side? Thank you.

知道了。另外，我們一直在思考——在過去的幾個月裡，我們聽到終端市場對信用風險有些擔憂。我認為獲利情況優於預期。您能否就目前觀察到的客戶群健康狀況提供一些具體資訊？你們的解決方案在需求模式方面是否有任何變化，例如是否更專注於信貸方面？謝謝。

Yes. On the credit -- so if you sort of look broadly, and we -- again, we pull all the call reports on all of our customers. So we watch this really closely. The banks are really well reserved right now. I think we would start to start there, and that's -- if you look back kind of like even on a 10-year basis.

是的。關於信用方面——所以如果你大致看一下，我們——再說一遍，我們會調取所有客戶的通話記錄。所以我們會密切關注此事。目前各家銀行的儲備都非常充足。我認為我們應該從那裡開始，那就是——如果你回顧過去十年的情況的話。

So what we see is, although there's been a couple of banks that have had to report some losses here recently, if you kind of look more broad-based, even in those banks, they were well reserved to be able to handle those losses that they reported.

所以我們看到，雖然最近有幾家銀行不得不報告一些損失，但如果你從更廣泛的角度來看，即使是這些銀行，它們也有足夠的儲備來應對它們所報告的損失。

And so right now, credit quality is actually holding up pretty well. Those credit provisions look like they're in a healthy range. What we see in our PrecisionLender relationship pricing line of business, continues to be very strong in terms of the demand for that product as customers are thinking about how do I reprice relationships as the interest rate environment changes, particularly since there's still a little bit of uncertainty in terms of exactly how that's going to play out and as they're thinking about '26 and what their growth trajectories look like. So don't see any red lights on the credit front yet.

所以目前來看，信貸品質其實還不錯。這些信貸準備金看起來處於健康範圍內。我們看到，PrecisionLender 關係定價業務線的需求仍然非常強勁，因為客戶正在思考如何隨著利率環境的變化重新定價關係，尤其是在利率環境究竟會如何變化仍存在一些不確定性的情況下，而且他們也在思考 2026 年以及他們的成長軌跡會是什麼樣子。所以目前信用方面還沒有出現任何問題。

Understood. Thank you.

明白了。謝謝。

Thank you.

謝謝。

Charles Nabin, Stevens.

查爾斯·納賓，史蒂文斯。

All right, sorry about that. Thanks for taking my question and congrats on the results. A couple of quarters ago, you gave some real good metrics around the cross-sell opportunity between retail and treasury management. I wanted to revisit that to get a sense for how much runway or wood there is to chop within the customer base in terms of cross-selling those two products. Also, I wanted to touch on whether you're seeing more uptake of both commercial and retail solutions on your newer deals. Thank you.

好的，真抱歉。感謝您回答我的問題，也恭喜您取得好成績。幾個季度前，你們提供了一些關於零售和資金管理之間交叉銷售機會的非常好的指標。我想重新審視一下，看看在交叉銷售這兩種產品方面，客戶群中還有多少發展空間或潛力可以挖掘。另外，我也想了解一下，在你們的新交易中，商業解決方案和零售解決方案的採用率是否有所提高。謝謝。

Yes. Thanks, Chuck. No, that's a metric we track closely. It's a huge -- you call it TAM or SAM opportunity inside our customer base. When you think about cross-sale of significance, what we call it internally, we still have, call it, in a customer -- Tier 1 customer base, so financial institutions over $5 billion in assets. Only 10% of them have all three of retail digital banking, commercial digital banking and PrecisionLender or relationship pricing as we call it now. And so that is a huge cross-sell opportunity. And that dovetails well into your second point.

是的。謝謝你，查克。不，這是我們密切關注的指標。這是一個巨大的——你可以稱之為TAM或SAM——市場機會，就在我們的客戶群中。當你想到具有重大意義的交叉銷售時，我們內部稱之為，我們仍然擁有，稱之為，一級客戶群，即資產超過 50 億美元的金融機構。只有 10% 的客戶同時擁有零售數位銀行、商業數位銀行和 PrecisionLender（或我們現在所說的關係定價）這三家服務。因此，這是一個巨大的交叉銷售機會。這一點與你的第二點完美契合。

We still see a good mix of deals that start with commercial, go to retail. We had a great one like that this quarter, and we see that all the time. But you also have some really good. We had a great net new win that went for the full platform. And so it just -- it depends, and both of those were Tier 1 institutions.

我們仍然看到很多交易都是從商業通路開始，然後轉向零售通路。本季我們就遇到過一次這樣的好情況，而且這種情況我們常常遇到。但你也有一些非常優秀的作品。我們獲得了一個非常棒的淨新增訂單，訂單涵蓋了整個平台。所以這要視情況而定，而且這兩所都是一流院校。

So it just depends on the strategy and the timing and the budget of the financial institution. But we feel really good about that. That's why we win a lot. That's a big differentiator for us. And again, from a cross-sell perspective, that continues to be a huge opportunity given how few of our Tier 1 institutions have all those different products.

所以，這完全取決於金融機構的策略、時機和預算。但我們對此感到非常滿意。這就是我們經常贏球的原因。這是我們的一大優勢。從交叉銷售的角度來看，這仍然是一個巨大的機會，因為只有極少數的一流機構擁有所有這些不同的產品。

Got it. And as a follow-up, I wanted to talk about your product roadmap and get a sense for how you balance M&A, partnership and organic growth as well as what specific products or areas you might look to as a means of either enhancing your existing functionality or broadening your TAM?

知道了。作為後續問題，我想談談你們的產品路線圖，了解你們如何平衡併購、合作和自然成長，以及你們可能會關注哪些具體產品或領域，以增強現有功能或擴大潛在市場規模？

Yeah. I mean, I think the platform, we look at it and say, on the retail side, we want to make it more personalized for users as they log in and they can have things that are relevant to what their day looks like. From a business perspective, we want to continue to -- we want to add that functionality as well. Plus we want to add deeper commercial functionality that allows people -- the banks to go help there -- to go acquire larger businesses in their region. Fraud, obviously, we're investing heavily in that.

是的。我的意思是，我認為這個平台，我們審視它之後會說，在零售方面，我們希望讓用戶登入後能夠獲得更個人化的體驗，讓他們能夠看到與自己日常生活相關的內容。從商業角度來看，我們希望繼續下去——我們也希望添加該功能。此外，我們也希望增加更深層的商業功能，使人們（例如銀行）能夠幫助他們收購所在地區的大型企業。很明顯，我們在打擊詐欺方面投入了大量資金。

Innovation Studio gives us a lot of scale in a lot of different products. And then, also the ability for us to cross-sell and market products. And then you have AI tied to all of this, whether it's operating efficiency for the bank, agentic AI to help people understand what they need to do. So there's all of these products that we have. We have a core modernization strategy with Helix.

創新工作室讓我們能夠在許多不同的產品中實現規模化發展。此外，我們還有交叉銷售和推廣產品的能力。然後，人工智慧也與這一切息息相關，無論是提高銀行的營運效率，還是幫助人們理解他們需要做什麼的智慧人工智慧。所以我們有很多這樣的產品。我們以 Helix 為核心製定了現代化戰略。

There's a lot of different things that we're doing that are going to expand our TAM and kind of grow with our customers as they try to get into new areas and sign new customers and gather more deposits. So strategically, we are really well positioned.

我們正在做很多不同的事情，這些事情將擴大我們的潛在市場規模，並與我們的客戶共同成長，因為他們正努力進入新領域、簽約新客戶並獲得更多存款。因此，從策略角度來看，我們處於非常有利的地位。

Kirk, if you have anything to add, feel free to add. I don't know if I broadly covered it.

柯克，如果你還有什麼要補充的，請隨時添加。我不知道我是否全面涵蓋了這個問題。

No, I think you broadly covered it. I mean, again, what we see from our customers, and we've had three really great customer events over the last 45 days, and they reinforced this in addition to our Customer Advisory Board, but they're really looking to us to help guide them through this current stage of innovation.

不，我覺得你已經基本涵蓋了。我的意思是，再說一遍，我們從客戶那裡了解到，在過去的 45 天裡，我們舉辦了三場非常棒的客戶活動，這些活動以及我們的客戶顧問委員會都強化了這一點，他們真的希望我們能夠幫助他們度過當前的創新階段。

We brought them through digital, we brought them through mobile, we brought them through cloud. We're going to bring them now into AI. And so having that trusted partnership and really being very interactive with us in terms of the feedback that they give us and the feedback we give them in terms of what the roadmap should look like is a really powerful kind of flywheel for us.

我們透過數位化、行動化和雲端運算實現了這一點。我們現在要把它們引入人工智慧領域。因此，擁有這種值得信賴的合作夥伴關係，並且在他們給我們的反饋和我們給他們的反饋方面，就路線圖應該是什麼樣子進行非常積極的互動，這對我們來說是一種非常強大的飛輪效應。

And Chuck, to the first part of your question around build versus buy versus partner, I mean, we think about that all the time. It's an equation where we want to be able to exercise all of those different levers. And obviously, we're building products, and the Innovation Studio ecosystem along with some of our long-standing partnerships pre-Innovation Studio, we have a very robust partner strategy.

查克，關於你提出的第一個問題，即自建、收購或合作，我的意思是，我們一直在考慮這個問題。這是一個需要我們運用所有不同槓桿的等式。顯然，我們正在打造產品，憑藉創新工作室生態系統以及我們在創新工作室成立之前的一些長期合作夥伴關係，我們擁有非常強大的合作夥伴策略。

And then when it comes to buying, I think it's obviously a part of our long-term strategy and one we've exercised in the past. But the bar has been raised for what it would take for why we need to own an asset and how we think about valuing the asset and what the financial criteria of those businesses would need to be. So all three of them are relevant, and Matt and Kirk covered the areas where we would be interested, and that would be the same in the context of M&A.

至於採購方面，我認為這顯然是我們長期策略的一部分，也是我們過去曾經實踐過的策略。但是，對於我們為什麼需要擁有資產、我們如何考慮資產的價值以及這些企業的財務標準需要達到什麼水平，門檻已經提高了。所以這三個人都與主題有關，Matt 和 Kirk 涵蓋了我們感興趣的領域，這在併購領域也是如此。

Got it. Appreciate all the color, guys. Thank you.

知道了。夥計們，好好欣賞這些色彩吧。謝謝。

Thank you Chuck.

謝謝你，查克。

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

Thanks. I just wanted to touch base on kind of the macro, kind of the state of what's been happening here as of late in that there's a bit of a dislocation, I think, happening with one of the large core providers. They're going to go through a lot of, I would say, change over the next couple of years in terms of their core consolidation. And I know we're not specifically talking everything on your business. But I'm just wondering how much kind of the derivative fallout from that could create some really interesting RFP opportunities for you guys over the next couple of years. And just how would you frame that in that context?

謝謝。我只是想簡單談談最近這裡發生的一些宏觀情況，我認為，其中一家大型核心供應商出現了一些混亂。我認為，在接下來的幾年裡，他們的核心業務整合將會經歷很多變化。我知道我們不可能面面俱到地討論你公司的所有事情。但我只是想知道，未來幾年，由此產生的衍生影響能為你們帶來多少非常有趣的招標機會。那麼，在這種背景下，你會如何表達呢？

Yeah. Historically, as I've seen core consolidation happen over the last 25-plus years, it generates opportunities for us. So when a bank is forced to -- or credit union is forced to switch off of the general ledger they're running on, it pushes them to go evaluate all their technology and what they want to do because it's such a disruptive thing for them.

是的。從過去25多年的經驗來看，核心業務的整合為我們創造了機會。因此，當銀行或信用社被迫停止使用他們正在運行的總帳時，這會促使他們評估他們所有的技術以及他們想要做什麼，因為這對他們來說是一件顛覆性的事情。

So I -- RFP volume, I looked at it before, is similar to what it was last year right now, but this stuff is just kind of hitting the market now. So it's something to watch. Obviously, we're paying attention to it. For us, we know all the prospects in banks and credit unions. We're calling on them all the time, marketing to them and keeping our name in front of them. So when they do decide to take a look, hopefully, we get called. That's the objective. So other vendors have different challenges.

所以，我之前看過，RFP 的數量和去年差不多，但這些東西現在才剛進入市場。所以值得關注。顯然，我們正在關注此事。我們了解所有銀行和信用社的前景。我們一直在拜訪他們，向他們推銷產品，讓他們記得我們的品牌。所以，當他們決定調查此事時，希望我們能接到通知。這就是目標。因此，其他供應商面臨不同的挑戰。

We've all had challenges at different times. And I don't -- I expect those to get fixed. And so we can't rest on our laurels and think some of that stuff is going to be a problem. And so we're going to continue to attack the market we're going after and use our product and our customer experience and our culture as a differentiator.

我們每個人都曾在不同時期遇到挑戰。我不這麼認為——我希望這些問題都能得到解決。所以我們不能沾沾自喜，認為這些問題不會再出現。因此，我們將繼續瞄準我們的目標市場，並將我們的產品、客戶體驗和企業文化視為差異化優勢。

Yeah. No, that's great. Just a quick follow-up. On the '26 guide, if I'm just looking at the numbers, and they may differ a little bit, but like it looks like the incremental margin on EBITDA somewhere in the high 40s, low 50s versus kind of in the 60s kind of where you are maybe going to land this year. Again, maybe there's a little bit of squishiness in the numbers.

是的。不，那太好了。再補充一點。就 2026 年的指導方針而言，如果我只看數字的話，雖然它們可能會略有不同，但看起來 EBITDA 的增量利潤率在 40% 到 50% 之間，而今年你可能會達到 60% 左右。再次強調，這些數字可能存在一些誤差。

But net-net, it looks like it's coming down a little bit. Is that because there's like this investment opportunity cycle that you're going into, especially given the fact that you've got this migration on the gross margin side, and it does feel like there's plenty of other opportunities for leverage? So I'm just wondering what's maybe a little bit more embedded in that. Thank you.

但總的來說，看起來似乎略有下降。是因為你們正進入一個投資機會週期嗎？特別是考慮到你們的毛利率出現了這種變化，而且感覺還有很多其他可以利用的機會？所以我想知道其中可能還蘊含著什麼更深層的涵義。謝謝。

Dan, let me make sure I'm getting your question right. Are you referring to Q4 EBITDA?

丹，讓我確認一下我是否理解了你的問題。您指的是第四季 EBITDA 嗎？

No, '26 guide EBITDA, 250 basis point margin expansion year-on-year. Just the incremental margin on that would suggest it's probably closer to 50 versus maybe 60 that you're going to land on in 2025.

不，2026 年 EBITDA 指導值，利潤率年增 250 個基點。僅從增量利潤來看，到 2025 年，最終的利潤率可能更接近 50 而不是 60。

Yeah. I got to make sure I'm following you. When we look at our 2024 to 2026 financial framework, one of the metrics we talked about was EBITDA margin expansion. And what we talked about there was the three-year average, '24 to '26 would see 360 basis points of improvement on average.

是的。我得確認一下我有沒有關注你。當我們展望 2024 年至 2026 年的財務架構時，我們討論的指標之一是 EBITDA 利潤率擴張。我們當時討論的是，三年平均而言，從 2024 年到 2026 年，平均會有 360 個基點的改善。

With 2024 in the bag, and 2025, the guide we just provided, both well over 500 basis points of expansion each of those years, the implied 2026 EBITDA margin expansion before the color we gave today was quite low.

鑑於 2024 年和 2025 年的預期均已實現，這兩年的擴張幅度都超過了 500 個基點，因此，在我們今天給出具體數據之前，2026 年隱含的 EBITDA 利潤率擴張幅度相當低。

It was sub-100 basis points in terms of the implied '26 margin expansion. In providing that 250 basis points of expansion, I think what we're trying to show is we actually expect more operating leverage in 2026 than what those numbers implied. So hopefully, that helps. I just -- I didn't reconcile that to the 40 to 50 number you were talking about.

就隱含的 2026 年利潤率擴張而言，這不到 100 個基點。我認為，透過提供 250 個基點的擴張，我們想要表明的是，我們實際上預計 2026 年的營運槓桿將比這些數字所暗示的要高。希望這能有所幫助。我只是——我無法將它與你提到的 40 到 50 這個數字聯繫起來。

Yeah. No, that -- believe me, I'm not knocking on the 250 basis points. That's a great number. I was just referring to the incremental margin associated with that embedded for '26 versus '25, but we can have that in our follow-up call. Thank you.

是的。不，那——相信我，我並不是貶低這 250 個基點。那真是個很棒的數字。我指的是 2026 年與 2025 年相比，由於嵌入內容而產生的增量利潤，但我們可以在後續電話會議中討論這個問題。謝謝。

Thanks, Dan.

謝謝你，丹。

Thank you. There are no further questions at this time. This concludes today's call. Thank you all for attending, and you may now disconnect.

謝謝。目前沒有其他問題了。今天的電話會議到此結束。感謝各位的參與，現在可以斷開連結了。