Usio Inc (USIO) 2025 Q3 法說會逐字稿

Hello, and welcome to the Usio third-quarter fiscal 2025 earnings conference call. (Operator Instructions) Please note, today's event is being recorded. Now I would like to turn the conference over to your host, Paul Manley. Please go ahead, sir.

大家好，歡迎參加 Usio 2025 財年第三季財報電話會議。（操作說明）請注意，今天的活動正在錄製中。現在我謹將會議交給主持人保羅·曼利先生。請繼續，先生。

Thank you, operator. Good afternoon, and thank you for joining Usio's third-quarter fiscal 2025 conference call. The earnings release, which we issued today after the market closed, is available on our website at usio.com under the Investor Relations tab.

謝謝接線生。下午好，感謝各位參加 Usio 2025 財年第三季電話會議。我們今天收盤後發布的獲利報告可在我們的網站 usio.com 的「投資者關係」標籤下找到。

On this call with me today are Louis Hoch, our Chairman and CEO; and Greg Carter, Executive Vice President, Payment Acceptance and our Chief Revenue Officer; Michael White, our Chief Accounting Officer; Jerry Uffner, Head of Card Issuing; and Houston Frost, our Chief Product Officer, will be available during the question-and-answer session later.

今天與我一起參加電話會議的有：董事長兼首席執行官 Louis Hoch；負責支付業務的執行副總裁兼首席營收官 Greg Carter；首席會計官 Michael White；發卡主管 Jerry Uffner；以及首席產品官 Houston Frost，他將在稍後的問答環節中回答問題。

Please let me remind our listeners that certain statements made during the call today constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities and Litigation Act of 1995 as amended and as more fully discussed in our press release and in our filings with the SEC. I'd like to start off today's call with some highlights from this afternoon's release.

請容許我提醒各位聽眾，今天電話會議中作出的某些陳述構成前瞻性陳述，這些陳述是根據 1995 年《私人證券和訴訟法》（經修訂）的安全港條款作出的，並在我們的新聞稿和提交給美國證券交易委員會的文件中進行了更詳細的討論。我想先從今天下午發布的一些要點開始今天的電話會議。

Q3 was a solid quarter and in line with our commitment to deliver a stronger second half of the year. These results were achieved on the strength of strong across-the-board processing volumes with seven quarterly processing volume records set in the period, including a record quarterly overall transaction volume of 16.2 million, up 8% year-over-year. This resulted in a $1.2 million sequential increase in revenues impressively led by ACH, which was up strongly from the second quarter and for the third consecutive quarter, up 30% from the year ago quarter.

第三季業績穩健，符合我們實現下半年業績強勁成長的承諾。這些業績的取得得益於各項業務處理量的強勁增長，該期間共創下七個季度處理量紀錄，其中包括創紀錄的季度總交易量 1620 萬筆，同比增長 8%。這使得公司營收季增 120 萬美元，其中 ACH 業務表現尤為突出，較第二季大幅成長，並且連續第三個季度比去年同期增長 30%。

While total revenues were relatively unchanged from the year ago quarter, our strong sequential momentum positions Usio for a return to top line growth in the fourth quarter and for the full year 2025. As discussed last quarter, our total revenues this period were again adversely impacted primarily by continued weakness in card issuing, along with the decline in interest income. We expect this to mark the final quarter of difficult card issuing comparisons with performance improving going forward.

雖然總收入與去年同期相比基本持平，但我們強勁的環比成長勢頭使 Usio 預計將在第四季度以及 2025 年全年恢復營收成長。正如上個季度所討論的，本季我們的總收入再次受到不利影響，主要原因是發卡業務持續疲軟以及利息收入下降。我們預計這將標誌著發卡業績對比困難的最後一個季度結束，未來業績將逐步改善。

One of the key themes this quarter is most of our new and total revenue are recurring in nature. This is an important milestone and one you'll hear reflected throughout our discussion today. Margins in the quarter improved year-over-year, driven by strong growth of our high-margin ACH business as well as further efficiency and productivity enhancements. While salary adjustments and other costs led to an increase in SG&A, we do expect overhead to remain stable for the balance of the year.

本季的一個關鍵主題是，我們的大部分新增收入和總收入都具有經常性。這是一個重要的里程碑，在今天的討論中，你會聽到很多關於這一點的討論。本季利潤率同比增長，這主要得益於高利潤率的 ACH 業務的強勁增長以及效率和生產力的進一步提高。雖然薪資調整和其他成本導致銷售、一般及行政費用增加，但我們預計今年剩餘時間的管理費用將保持穩定。

Our third quarter was another quarter of positive profits and cash flow. Adjusted EBITDA in the quarter was $368,000, down just incrementally on a sequential basis from $500,000 in the second quarter and also down from a year ago. Operating cash flow for the quarter was $1.4 million, reflecting the continued strength of our business. Our cash was up over $200,000 over the past three months to over $7.8 million at quarter end.

第三季我們再次實現了獲利和現金流為正。本季調整後 EBITDA 為 368,000 美元，較第二季的 50 萬美元略有下降，也低於去年同期水準。本季經營現金流為 140 萬美元，反映出我們業務的持續強勁勢頭。過去三個月，我們的現金增加了 20 多萬美元，到季末超過 780 萬美元。

We anticipate continued cash growth through the remainder of fiscal '25, positioning us to invest both in organic expansion and potentially into opportunistic strategic acquisitions. In the quarter, we used approximately $60,000 for share repurchases, bringing our total year-to-date repurchases to $750,000 or just over 500,000 shares. The third quarter represented an important inflection point for Usio with record processing and transaction volumes, solid sequential recurring revenue growth and sustained profitability and cash flow.

我們預計在 2025 財年剩餘時間內現金將繼續成長，這將使我們能夠投資內生擴張，並有可能進行機會性策略收購。本季度，我們用大約 6 萬美元用於股票回購，使我們今年迄今的股票回購總額達到 75 萬美元，即略超過 50 萬股。第三季對 Usio 而言是一個重要的轉捩點，處理量和交易量均創歷史新高，經常性收入環比穩步增長，盈利能力和現金流也持續保持穩定。

In addition, we completed or made significant progress on a number of our larger new implementations while continuing to build a growing pipeline of attractive opportunities. From an organizational standpoint, technology upgrades, new product launches and ongoing productivity gains are positioning Usio for what we believe will be a new period of accelerated growth.

此外，我們在多個大型新專案上完成了或取得了重大進展，同時不斷拓展有吸引力的專案管道。從組織角度來看，技術升級、新產品發布和持續的生產力提升，使 Usio 為我們認為即將迎來的新一輪加速成長期做好了準備。

At this time, I'd like to turn the call over to Greg Carter.

此時，我想把電話交給格雷格·卡特。

Thank you, Paul, and good afternoon, everyone. September was a record quarter for Card as we reported an all-time quarterly record of transactions processed and the second highest volume of card dollars processed in any quarter. Led by our continued focus on the Payfac business, our Credit Card segment continues to grow with dollars processed up 12% and transactions processed up 75% from a year ago.

謝謝你，保羅，大家下午好。9 月是信用卡業務的創紀錄季度，我們報告了有史以來季度交易量的最高紀錄，以及信用卡交易在任何季度中第二高。在我們對支付服務業務的持續關注下，我們的信用卡業務持續成長，處理金額比去年同期成長了 12%，處理交易量比去年同期成長了 75%。

While card revenues were correspondingly up both sequentially and on a year-over-year basis, key Payfac revenues were up 32%, continuing their double-digit year-over-year growth as a result of net new client implementations.

雖然信用卡收入環比和同比均相應增長，但主要支付服務收入增長了 32%，由於新增客戶的淨增長，其同比增速繼續保持兩位數。

There are currently 16 new ISVs in various stages of implementation. And from last quarter's implementations, I'm pleased to report that the largest of these new enterprise merchants has now been implemented and has been processing with us over the past few months.

目前有 16 家新的獨立軟體開發商 (ISV) 處於不同的實施階段。我很高興地報告，從上個季度的實施情況來看，這些新企業商家中規模最大的一家已經完成部署，並在過去幾個月裡一直與我們進行交易處理。

That's really the theme of the third quarter, this virtuous cycle of a strong pipeline, leading to implementations that then lead to volume and ultimately recurring revenue. We are starting to see the fruits of that now and into the fourth quarter, setting up for a really solid 2026. We've also been seeing existing customers adding new business.

第三季的主題正是如此，即強大的專案儲備帶來實施，進而帶來銷量，最終帶來經常性收入，形成良性循環。現在，我們開始看到這些努力的成果，並將持續到第四季度，為2026年取得非常穩健的成績奠定基礎。我們也發現現有客戶也在拓展新業務。

For example, we have a long-time ISV that just added a new innovative prepaid program. The current customer base continues to evolve and grow through new programs and new merchant acquisitions. All along, referenceability has always been a key. Our capability and our unique products have attracted several referral entities that are sending larger opportunities our way as they've been impressed with our performance in the market.

例如，我們有一家長期合作的獨立軟體開發商，最近推出了一項創新的預付費計畫。透過新項目和新商戶的引入，現有客戶群不斷發展壯大。一直以來，可參考性都是關鍵。我們的能力和獨特的產品吸引了許多推薦機構，他們對我們在市場上的表現印象深刻，並向我們推薦了更大的機會。

So in addition to our sales team, we are cultivating referral agents that can send us meaningful opportunities. This is paying dividends for us as, for instance, the large account recently implemented was from a referral entity. I should also mention that this account is not an ISV using our Payfac.

因此，除了我們的銷售團隊之外，我們還在培養推薦代理商，以便他們能為我們提供有意義的商機。這為我們帶來了豐厚的回報，例如，最近新增的大額帳戶就是透過推薦機構獲得的。我還應該提到，這個帳戶不是使用我們支付服務的獨立軟體開發商 (ISV)。

So our traditional processing capabilities remain another growth channel. Another unique application where we've been able to win business is because of our willingness to provide customization that many of our competitors won't.

因此，我們傳統的加工能力仍然是另一個成長管道。我們能夠贏得業務的另一個獨特之處在於，我們願意提供許多競爭對手不願意提供的客製化服務。

One of these programs is our new filtered spin client. There are over 1,000 merchants that have already gone through underwriting and are on the program. So when it goes live, it could be meaningful. This is a new concept in the market we are helping to pioneer with the expectation that we could become a market leader.

其中一個程式是我們新推出的過濾式旋轉客戶端。已有超過 1000 家商家通過了審核並加入了此計畫。所以，當它上線時，可能會產生意義。這是一個全新的市場概念，我們正在幫助開拓這個概念，並期望能夠成為市場領導者。

You may have seen Houston Frost on LinkedIn recently, demonstrating one of our new wearables. This is just one of the many wearables we are exploring and developing, whether that be wrist bands, tap to pay or similar products.

您最近可能在 LinkedIn 上看到 Houston Frost，他正在展示我們的一款新型穿戴裝置。這只是我們正在探索和開發的眾多穿戴式裝置之一，無論是腕帶、非接觸式支付裝置或類似產品。

It's another area on which to keep an eye. Finally, let me provide a quick update on our Usio ONE initiative. Recall that Usio ONE is being implemented as a means to capture a greater share of our customers' electronic payment and printing volume. As of today, Usio is essentially integrated into one unified entity. We've rolled out a platform for boarding of all of our customers on a centralized site.

這是另一個需要密切關注的領域。最後，讓我簡單介紹一下我們的 Usio ONE 計劃。請記住，Usio ONE 的實施是為了獲取我們客戶電子支付和列印量的更大份額。截至目前，Usio 已基本整合為一個統一的實體。我們已經推出一個平台，將所有客戶集中到一個網站上進行註冊。

In addition, most of our sales team has been trained up and has a strong functional knowledge and understanding of all of our products. An example of how this is working is a salesperson that was originally selling legacy card processing recently sold a large print and mail program. I expect the productivity of Usio ONE to accelerate throughout 2026.

此外，我們的大部分銷售團隊都接受過培訓，對我們所有的產品都有紮實的功能知識和理解。一個例子是，一位原本銷售傳統信用卡處理服務的銷售人員最近成功售出了一套大型列印和郵寄程序。我預計 Usio ONE 的生產力將在 2026 年加速成長。

Now I'd like to turn the call over to Louis.

現在我想把電話交給路易斯。

And welcome, everyone. Let me begin by saying that I'm thrilled with the results of our operating metrics for the third quarter. We set seven quarterly processing records, including most transactions processed through all of our payment channels, record electronic check transactions, check dollars and return checks processed as well, including PINless debit transactions and dollars processed and credit card transactions.

歡迎各位。首先，我想說我對我們第三季的營運指標結果感到非常滿意。我們創下了七項季度處理記錄，包括透過我們所有支付管道處理的交易量最多、電子支票交易量、支票金額和退票處理量均創下紀錄，此外還包括無 PIN 碼借記卡交易和信用卡交易。

This momentum continued in the month of October, where we set an all-time monthly processing record for ACH for both transactions processed and return check processed. I'm very excited about what I'm seeing with our ACH business, which also happens to be our highest margin business unit.

這一勢頭在 10 月得以延續，我們創下了 ACH 交易處理量和退票處理量的歷史月度記錄。我對我們的ACH業務發展感到非常興奮，而且它恰好也是我們利潤最高的業務部門。

What is different today is that the volume is primarily from recurring businesses. But when you look at our numbers, today's primarily recurring revenue is being compared to year ago quarter that included a number of onetime nonrecurring items.

現今的不同之處在於，交易量主要來自於經常性業務。但從我們的數據來看，今天主要以經常性收入為主的收入，與去年同期相比，去年同期包含了若干一次性非經常性項目。

That's distorting our underlying progress and the real Usio story. Stripping away the influence of those onetime items provides a better picture of the fundamental growth and the strength of our core operations. And those seven processing records provide a great measure of our progress.

這歪曲了我們所取得的實質進展和烏西奧的真實故事。剔除這些一次性項目的影響，可以更好地展現我們核心業務的根本成長和實力。這七份處理記錄很好地衡量了我們的進展。

I would also note that revenues were up on a sequential basis in all of our business lines, putting us on pace to meet our commitment to shareholders to deliver a better second half compared to the first half of this year.

我還想指出，我們所有業務線的收入都環比增長，這使我們能夠兌現對股東的承諾，即下半年業績將比上半年更好。

This is a great start to the second half, which we will expect lead Usio to growing once again this year. The message is clear as a processor, our job is to grow volumes to take advantage of the operating leverage that we have created. We want more transactions, and we want more volume, and we're doing it while maintaining our pricing discipline. And most importantly, as processing statistics illustrate, it is increasingly recurring in nature.

這是下半年的一個很好的開端，我們期待 Usio 今年能夠再次成長。作為加工商，我們的任務很明確，那就是擴大產量，以利用我們所創造的營運槓桿。我們希望增加交易量，我們希望提高交易額，同時我們也在維持價格紀律的前提下實現這些目標。更重要的是，正如統計數據所示，這種情況越來越頻繁地發生。

Looking more closely at our businesses, ACH was a standout once again. Revenues were up 30% for the third quarter, led by the previously mentioned record volume. In particular, this was the eighth consecutive quarter of year-over-year growth in electronic check transaction volume and dollars processed. ACH benefited from both new deals and the growth of our existing customers.

仔細審視我們的業務，ACH 再次脫穎而出。第三季營收成長 30%，主要得益於先前提到的創紀錄銷售量。尤其值得一提的是，這是電子支票交易量和交易金額連續第八個季度同比增長。ACH 受益於新交易和現有客戶的成長。

At the same time, our PINless debit offering also set all-time records for both transactions and dollars processed with growth over the same period in 2024 of 96% for transactions processed and 87% for dollars processed.

同時，我們的免 PIN 金融卡服務在交易量和交易金額方面也創下了歷史新高，預計到 2024 年同期，交易量將增長 96%，交易金額將增長 87%。

Both metrics were primarily driven by the growth in the mortgage servicing industry and the fintech industry. PINless debit is a great solution for applications where credit cards cannot be accepted. So mortgage servicers absolutely love it. And we are one of the few processors that offers this market of a PINless solution. Turning to card issuing. We generated sequential volume growth in the third quarter with total dollars loaded exceeding $75 million.

這兩個指標主要受抵押貸款服務業和金融科技業成長的推動。無密碼借記卡是信用卡無法使用的場景下的絕佳解決方案。所以抵押貸款服務機構非常喜歡它。我們是少數幾家能夠為市場提供無引腳解決方案的處理器廠商之一。接下來是發卡環節。第三季度，我們的交易量較上季成長，總交易額超過 7,500 萬美元。

Revenue was also up slightly on a sequential basis and card issuing profitability continues to improve. As we mentioned last quarter, this year, we are comping against a very strong year ago quarter that had significant revenues from very large account as some from residual New York City revenues.

營收季減環比略有成長，發卡獲利能力持續提升。正如我們上個季度所提到的，今年，我們與去年同期相比，去年同期業績非常強勁，主要收入來自大客戶，部分收入來自紐約市的剩餘收入。

Going forward, the comps should begin to normalize as the large account revenues were concentrated primarily in the second and third quarter of 2024 so that once again, you will be able to clearly see the fundamental growth of its core business in the card issuing revenues.

展望未來，隨著大客戶收入主要集中在 2024 年第二季度和第三季度，同店銷售額應該會開始恢復正常，因此，您將能夠再次清楚地看到其核心業務（發卡收入）的根本性增長。

Because of card issuing's outstanding reputation in its various governmental and charitable organizational markets, we're receiving calls from various card program opportunities for financial aid and assistance that is related to the government shutdown.

由於發卡業務在各個政府和慈善組織市場中享有卓越的聲譽，我們接到了來自各種發卡機構的電話，詢問與政府停擺相關的財政援助和支持機會。

We are hopeful that we will benefit from these financial assistance programs in the fourth quarter of this year. The card issuing continues to penetrate the healthcare market, where early next year, we expect one of our signature accounts to double their volume.

我們希望能夠在今年第四季從這些財政援助計劃中受益。發卡業務持續滲透醫療保健市場，我們預計明年年初，我們的一家重點客戶的業務量將翻倍。

And another new healthcare customer is also planning to launch their pilot with us this month. From a product standpoint, we are improving our consumer choice user interface, and we've implemented and are in a beta rollout with our initial payroll card customers, while our merchant-funded offers looks like it will launch early next year. Card issuing also has an impressive pipeline of numerous large and small new opportunities.

此外，另一家新的醫療保健客戶也計劃在本月與我們進行試點計畫。從產品角度來看，我們正在改進消費者選擇使用者介面，並且已經實施了該功能，目前正在對首批薪資卡客戶進行測試推廣，而我們的商家資助優惠活動預計將於明年初推出。發卡領域也湧現大量規模不一的新機遇，前景令人矚目。

While it would be premature to forecast any of these opportunities into our future results, especially the larger opportunities. Based upon the ongoing dialogue and the activity levels which we are engaged, we are hopeful we should be able to land some of this business in 2026.

現在預測這些機會對我們未來業績的影響還為時過早，尤其是那些更大的機會。根據我們目前所進行的對話和活動水平，我們有信心在 2026 年拿下部分業務。

Consequently, we believe that sequential growth generated in the third quarter is the beginning of a rebound that we expect to continue and to accelerate over the coming year. Output Solutions had a solid quarter looking beyond the year ago onetime items. Output also generated sequential revenue growth.

因此，我們認為第三季實現的環比成長是反彈的開始，我們預計這種反彈將在未來一年內持續並加速。考慮到去年同期的一次性項目，Output Solutions 本季業績表現穩健。產出也帶來了營收的環比成長。

For instance, electronic-only documents delivered were up to 20 million pieces in the quarter, up about 500,000 from a year ago, indicative of the fundamental core growth. Unlike card issuing, output's profitability metrics continue to improve, aided by the shift to more electronic document fulfillment.

例如，本季僅交付的電子文件數量高達 2,000 萬份，比去年同期增加了約 50 萬份，這表明了基本核心成長。與發卡業務不同，產出業務的獲利能力指標持續改善，這得益於向更多電子文檔履行方式的轉變。

While on a per unit basis, we charge less to process an electronic document than a paper document. Processing electronic documents is more profitable. So the transition to electronic documents may reduce revenues while improving earnings.

雖然以單位計算，我們處理電子文件的費用比處理紙本文件的費用低。處理電子文檔利潤更高。因此，向電子文檔的過渡可能會降低收入，但會提高獲利能力。

Output also had a solid quarter of closing new business with 12 new agreements signed, including municipalities, utilities, tax offices and others, a majority of which are electronic document processing that promising recurring revenue.

Output 在本季度也取得了穩健的新業務成果，簽署了 12 項新協議，客戶包括市政當局、公用事業公司、稅務局等，其中大部分是電子文檔處理業務，有望帶來持續的收入。

They are also set to print and mail several million voter registration cards in the fourth quarter of this year. Output is also replacing some of their older equipment with some brand-new state-of-the-art printing technology.

他們還計劃在今年第四季印製並郵寄數百萬張選民登記卡。Output公司也在用一些全新的尖端列印技術來取代一些老舊設備。

Not only this will expand our capacity, but will enable a more competitive offering for large, high-growth markets like healthcare and taxation. So we're building momentum across the organization focused on recurring revenue. In the near term, we will remain profitable with another quarter of both positive adjusted EBITDA and cash flow.

這不僅會擴大我們的產能，還能為醫療保健和稅務等大型高成長市場提供更具競爭力的產品。因此，我們正在全公司範圍內營造一種以經常性收入為重點的勢頭。短期內，我們將繼續保持獲利，連續第二季實現調整後 EBITDA 和現金流均為正值。

The balance sheet is strong, and we continue to use this strength to build shareholder value, having now used over $750,000 to repurchase shares so far this year. And with our positive cash flow, we can fund our growth and share repurchases while maintaining sufficient dry powder to capitalize on favorable acquisition market should an appropriate opportunity arise.

資產負債表穩健，我們將繼續利用這項優勢來提升股東價值，今年迄今已投入超過 75 萬美元回購股票。憑藉正向現金流，我們可以為成長和股票回購提供資金，同時保持足夠的現金儲備，以便在合適的收購機會出現時，利用有利的收購市場。

Behind the curtain, we continue to invest in the organization, not only to strengthen our current infrastructure, but also to develop innovative new solutions that will leverage our technology in large and growing markets. I'm extremely encouraged by the conversations I'm having with all of our teams. Everyone is working hard, and we are seeing the results in growing volumes. This is very motivating.

在幕後，我們持續投資於公司，不僅是為了加強我們現有的基礎設施，也是為了開發創新的解決方案，以便在龐大且不斷成長的市場中利用我們的技術。我與所有團隊的溝通都令我倍受鼓舞。每個人都在努力工作，我們看到了銷售成長帶來的成果。這非常鼓舞人心。

There is a great sense that we're on the verge of a potential inflection point that should follow the momentum that we've been building. We appreciate your support as we continue to build value for our shareholders.

人們普遍認為，我們正處於一個潛在的轉折點邊緣，這將延續我們一直在累積的勢頭。感謝您一直以來的支持，我們將持續為股東創造價值。

And with that, I'd like to turn the call back to the operator and conduct our question-and-answer session.

接下來，我想把電話轉回給接線生，進行我們的問答環節。

(Operator Instructions)

（操作說明）

Scott Buck, H.C. Wainwright.

斯科特·巴克，H.C. 溫賴特。

Hi, good afternoon guys. Thank you for taking my questions. Louis, I'm curious, you guys described a pretty -- what sounds like a pretty strong pipeline of future opportunities. Are you seeing any change in sales cycles or anything along those lines that could potentially move some of those opportunities forward or maybe push them further out versus what you've seen historically?

大家好，下午好。謝謝您回答我的問題。路易斯，我很好奇，你們描述的似乎是一條非常強烈的未來發展機會之路。您是否觀察到銷售週期或其他類似方面有任何變化，可能會使一些銷售機會提前，或者與以往相比，將銷售機會推遲到更晚的時間？

Well, the pipeline is strong. And if Greg wants to add anything to my comments, he's welcome to. But the sales process is very exciting for us, but we actually are focusing more on implementations and trying to get these customers that we've already sold implemented, which represent quite a bit of volume. So that's our focus is getting merchants to implement faster. But sales pipeline for every division is rich. Greg, do you want to add anything?

嗯，管道狀況良好。如果格雷格想補充什麼，歡迎他這麼做。但銷售過程對我們來說非常令人興奮，不過我們實際上更專注於實施，並努力讓我們已經售出的產品的客戶完成實施，這些客戶的數量相當可觀。所以，我們的重點是促使商家更快實施。但每個部門的銷售管道都很充足。格雷格，你還有什麼要補充的嗎？

No. Just to echo that comment.

不。我只是想附和這個觀點。

Okay. That's helpful. And it's a bit of a follow-up. Do you guys have levers in place where you can kind of push the pace of adoption? Or is that really outside of your control?

好的。那很有幫助。這是後續報道。你們有沒有辦法加快推廣速度？或者，這真的超出你的控制範圍嗎？

The implementations are out of our control. If we can figure that out, that would be the secret sauce to accelerating this very fast.

具體實施方案不在我們的控制範圍內。如果我們能弄清楚這一點，那就是加速這一進程的秘訣。

Each business unit is nuanced, in that the implementation of the adoption is slightly different. So there's really no one size fits all, but the Usio ONE initiative is doing a lot better as far as standardizing kind of the input of information within Usio, but then it's all dependent on those customers to integrate at their will.

每個業務部門的情況都略有不同，因為採用新方案的實施方式也略有差異。所以真的沒有萬能的解決方案，但 Usio ONE 計劃在標準化 Usio 內部的信息輸入方面做得更好，但這完全取決於客戶是否願意進行整合。

I see. Okay. That's helpful. And Louis, hopefully, I didn't miss it. I have a couple of calls going on at once here. But the federal government shutdown during the fourth quarter, has that -- the impact of that leak down into any of the state or local governments that you work with? Or would that potentially have any impact on the business during the fourth quarter?

我懂了。好的。那很有幫助。路易斯，但願我沒有錯過。我這裡同時在接幾通電話。但是，第四季聯邦政府的停擺，是否對你所合作的州或地方政府產生了影響？或者說，這是否會對第四季的業務產生任何潛在影響？

Well, when SNAP payments got suspended, we received numerous calls from cities and counties looking to bridge those payments on their own. And it was very heartening to hear that some of these new cities that we've never talked before and counties knew about us and reached out to us.

當 SNAP 付款暫停時，我們接到了許多城市和縣的電話，他們希望自行彌補這些付款缺口。令人非常欣慰的是，一些我們以前從未接觸過的城市和縣也了解我們，並主動與我們聯繫。

Some of those programs, they're going to go forward, but they're not going to go forward on the basis that it could have been because it looks like we're going to be out of the government shutdown. So some were pushed out. I mean a good bit are on hold pending the movement of the federal government and opening the government back up.

有些項目將會繼續進行，但它們不會因為政府即將解封而提前啟動。所以有些人被排擠出去了。我的意思是，很多事情都因為等待聯邦政府的行動和政府重新開放而暫停。

Okay. But nice to know that you're the first call they make. Great. And then last thing, in terms of cash levels, you mentioned M&A. Could you just kind of run through what kind of criteria you would be looking for in a potential transaction?

好的。但很高興知道他們是第一個打電話給你的人。偉大的。最後，關於現金水平，你提到了併購。您能否簡要說明一下，您在潛在交易中會考慮哪些標準？

Yeah. We'd go through this. I had this question quite a bit. We're very strict on what we acquire and our criteria is threefold. One, it's got to provide some type of synergy.

是的。我們會經歷這個過程。我經常有這個問題。我們對採購的要求非常嚴格，我們的標準有三點。第一，它必須產生某種協同效應。

The synergy could come through people, industry or technologies. We need to be able to buy it right. And the third thing is we need to -- whatever we're buying shouldn't have any issues, a problem that we think we can fix because we don't want to take our focus off of growing the company, our organic growth that we have in sight.

這種協同效應可能來自人、產業或技術。我們需要能夠以合適的價格購買它。第三點是，我們需要確保──無論我們購買什麼，都不應該有任何問題，我們認為我們可以解決這些問題，因為我們不想分散我們對公司發展的注意力，我們眼下正在實現的自然成長。

Got it. Okay. And then I guess if I could squeeze just one last thing in, more of a housekeeping question. What's remaining on the current repurchase authorization?

知道了。好的。最後，我可能還能擠出最後一個問題，算是家事上的小問題。目前回購授權還剩多少？

Well, Michael, do that?

邁克爾，你這麼做嗎？

Yes, sir. This is Michael. We renewed that at the beginning of the year. So there's still another just over $3 million remaining on that current plan.

是的，先生。這是邁克爾。我們在年初續簽了這份合約。所以，目前的計畫還剩下300多萬美元。

Perfect. Well, I appreciate the time, guys. Congrats on the progress and looking forward to seeing what you do the rest of the second half. Thank you.

完美的。非常感謝各位抽出時間。恭喜你的進展，期待看到你在下半年的表現。謝謝。

(Operator Instructions)

（操作說明）

Jon Hickman, Ladenburg.

喬恩希克曼，拉登堡。

Louis, can you hear me?

路易斯，你聽得到我說話嗎？

Yes, I can hear you.

是的，我聽得到你說話。

Okay. I'd like to circle back on this -- your comments on the recurring revenue, particularly in the ACH business. What's changed that it's largely recurring now?

好的。我想再談談您之前關於經常性收入，特別是 ACH 業務的看法。是什麼原因導致這種情況現在經常發生？

All of our business has been largely recurring. It's just when we compare it to last year, we had quite a few onetime events that we earned revenue.

我們所有的業務基本上都是經常性業務。只是和去年相比，我們有很多一次性活動為我們帶來了收入。

Such as?

例如？

Yes, what was -- we printed a large bankruptcy distribution. We have large card order, plastic, which we usually don't mark up much at all.

是的，事情是這樣的——我們印發了一份巨額破產分配金。我們有大量信用卡訂單，包括塑膠卡，通常我們不會大幅加價。

Okay. So going forward, you don't think you're going to get like -- I guess you can't ever count out the future, but if you don't get those onetime events, then the rest of the revenues largely coming from the same customers and that should continue. Is that what I'm supposed to get out of that?

好的。所以展望未來，你不會認為你會得到——我想你永遠不能排除未來的可能性，但如果你沒有獲得那些一次性事件，那麼其餘的收入主要來自相同的客戶，這種情況應該會繼續下去。這就是我應該從中得到的結果嗎？

No, what you're supposed to get out of it is our comp from last year had onetime events. We may have onetime events in the future. In fact, we've already become public. At the end of this year, we're going to print the voter registration cards, a large portion of them for Texas. While that's a recurring account, it only occurs every two years.

不，你應該從中了解到的是，我們去年的比賽包含一些一次性賽事。未來我們可能會舉辦一些一次性活動。事實上，我們已經公開亮相了。今年年底，我們將印製選民登記卡，其中很大一部分將用於德州。雖然這是定期帳戶，但每兩年才發生一次。

So that will be another example that will occur in the fourth quarter of this year. We'll continue to get card orders, but probably not at the scale that we got in Q3 of last year. So it's just a comp issue, but you can count on the revenue that we had this quarter was almost completely recurring. They're from existing customers that will continue to be customers. We'll continue to bring on new customers that have recurring business as well to add to them.

所以這將是今年第四季發生的另一個例子。我們也會繼續收到信用卡訂單，但可能不會像去年第三季那樣大規模。所以這只是一個比較問題，但你可以放心，我們本季的營收幾乎都是經常性收入。這些客戶都是現有客戶，他們也將繼續成為我們的客戶。我們將繼續吸引有回頭客的新客戶，並將他們納入麾下。

Okay. And then I have a question for Houston. So I think you said credit card processing volumes were up 75% year-over-year. Is that accurate?

好的。然後我還有一個問題想問休士頓。所以，我想你說過信用卡處理量年增了 75%。準確嗎？

I think you want -- it's for Greg.

我想你想要的——是給格雷格的。

Yes. I think that's for me, Jon, right?

是的。我覺得這正適合我，喬恩，對吧？

Okay. Sorry. Yes. So.

好的。對不起。是的。所以。

The transactions process, yes.

是的，交易流程正在進行中。

Transactions process. So can you -- I guess it's confusing that transaction volumes were up that much and revenues were up like 5%.

交易流程。所以你也可以理解——交易量增加了那麼多，而收入卻只增加了5%，這確實令人困惑。

I'll take. Jon, we explained this to you when we met with you in California. The transactions for credit cards when we report the operating metrics include PINless debit. The revenue associated with PINless debit goes into ACH and complementary services because PINless is alternative to ACH.

我接受。喬恩，我們在加州和你見面的時候已經向你解釋過了。我們在報告營運指標時，信用卡交易包括無密碼金融卡交易。無密碼借記卡帶來的收入將用於 ACH 和配套服務，因為無密碼借記卡是 ACH 的替代方案。

And at some point, we believe that it will diminish our ACH traffic, just like FedNow and the clearinghouse when they get their act together and allow us to do debits. So the metrics -- operating metrics were up transaction-wise. And also remember on credit cards, transactions don't really mean anything to us. It's the dollars processed. That's how we earn revenue.

我們相信，在某種程度上，這將減少我們的 ACH 流量，就像 FedNow 和清算所等到他們齊心協力允許我們進行借記時一樣。因此，各項指標──營運指標──從交易量來看有所上升。也要記住，信用卡交易對我們來說其實沒有任何意義。這是已處理的美元金額。這就是我們賺取收入的方式。

This concludes our question-and-answer session as well as today's conference call. You may now disconnect your lines. Thank you for participating, and have a great day.

我們的問答環節以及今天的電話會議到此結束。現在您可以斷開線路了。感謝您的參與，祝您有美好的一天。