Usio Inc (USIO) 2026 Q1 法說會逐字稿

Hello, and welcome to the Usio first-quarter fiscal 2026 earnings conference call. (Operator Instructions) Please note, today's event is being recorded.

您好，歡迎參加 Usio 2026 會計年度第一季財報電話會議。（接線員指示）請注意，今天的活動將被錄音。

Now, I would like to turn the conference over to your host, Paul Manley. Please go ahead, sir.

現在，我想把會議交給主持人 Paul Manley。先生，請開始。

Thank you, operator, and thank you for joining our call today. Welcome to Usio's first-quarter fiscal 2026 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.

謝謝您，接線員，也感謝各位今天加入我們的電話會議。歡迎參加 Usio 2026 會計年度第一季電話會議。我們在今日收盤後發布的財報新聞稿，可於 usio.com 網站的 Investor Relations（投資人關係）分頁中取得。

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

今天與我一同出席的有：董事長兼執行長 Louis Hoch；支付受理事業執行副總裁暨營收長 Greg Carter；以及資深副總裁兼會計長 Michael White。此外，我們的產品長 Houston Frost，以及發卡業務主管 Jerry Uffner，將在本次電話會議結束前的問答環節中提供回應。

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.

提醒各位聽眾，今天電話會議中所作的某些陳述，構成《1995 年私人證券訴訟改革法》（經修訂）安全港條款下的前瞻性陳述，相關內容亦在我們的新聞稿及向美國證券交易委員會（SEC）提交的文件中有更完整的說明。

Following our prepared remarks, there will be a question-and-answer session for those who registered as a financial professional. In addition, please note that we will be demonstrating our new platform, post-credit, on a webinar that we are planning for the investment community. Stay tuned for an announcement with all the details.

在我們的準備發言之後，將為已以金融專業人士身分註冊的與會者安排問答環節。此外，也請注意，我們正規劃面向投資社群的網路研討會，屆時將展示我們的新平台 post-credit。請留意後續公告，我們將提供所有細節。

Let me just offer a few brief comments on our exciting quarter before turning it over to the team. It was a record quarter for Usio with very strong growth leading to record processing volumes and quarterly revenues. We also saw similar records achieved across many of our business units.

在交給團隊之前，我先就這個令人振奮的季度做幾點簡短說明。對 Usio 而言，這是一個創紀錄的季度；強勁成長帶動處理量與季度營收雙雙創新高。我們也看到多個事業單位同樣創下類似紀錄。

On the bottom line, we achieved positive adjusted EBITDA and GAAP net income. We also generated positive operating cash flow. We are executing on all of our objectives and remain on pace to achieve our guidance for the year as we continue to succeed in converting pipelines to implementations to volumes, and volumes into revenue.

在獲利方面，我們達成正向的調整後 EBITDA 與 GAAP 淨利。我們也產生正向的營運現金流。我們正按計畫推進所有目標，並仍按進度可望達成全年財測；我們持續成功地將商機管線轉化為導入、將導入轉化為交易量，並將交易量轉化為營收。

Now I'd like to introduce Michael White, Senior Vice President and Chief Accounting Officer, to provide more insight into the quarter's financial performance.

接下來我想介紹資深副總裁兼會計長 Michael White，為各位更深入說明本季的財務表現。

Thank you, Paul, and good afternoon. It's nice to be with you today. As you heard from Paul, it was a record quarter.

謝謝你，Paul，大家午安。很高興今天與各位相聚。如同 Paul 所說，這是一個創紀錄的季度。

Revenue increased 16% year over year, resulting in the highest quarterly revenue in the company's history. ACH and complementary services continued its stellar run with revenue up 25%, while Card was up an equally impressive 23%. Output Solutions is also off to a good start this year, with revenue growth accelerating to 19% in the quarter from 8% last quarter. And while down this quarter, we expect Card issuing revenues to grow this year.

營收年增 16%，創下公司史上最高的單季營收。ACH 及其互補性服務延續亮眼表現，營收成長 25%；Card（卡片）業務同樣表現出色，成長 23%。Output Solutions 今年開局也不錯，本季營收成長加速至 19%，高於上季的 8%。而發卡（Card issuing）營收雖在本季下滑，但我們預期今年將恢復成長。

Excluding the impact of interest revenue, growth at the business unit level was an even greater 17%. All in all, a strong start to what we expect to be a very solid and potentially extraordinary year.

若排除利息收入的影響，各事業單位層級的成長率更高，達 17%。整體而言，這是我們預期將非常穩健、甚至可能非同凡響的一年的強勁開端。

Results were driven by record first-quarter processing and transaction volume, with total payment dollars processed up 28% and total payment transactions processed increasing 22%. Once again, the majority of the quarter's revenue was recurring in nature with no one client accounting for more than 10% of total revenue.

本季成果主要由第一季創紀錄的處理量與交易量所帶動：處理的支付金額總量年增 28%，處理的支付交易筆數總量增加 22%。再一次，本季大部分營收屬於經常性收入，且沒有任何單一客戶占總營收超過 10%。

Client retention remains high. Compared to the prior-year quarter, margins were somewhat lower, driven in par by the decrease in top-line interest income, which has 100% gross margins. As always, revenue mix was also a factor. Our expectation is for margins to improve over the balance of the year.

客戶留存率仍維持高檔。與去年同期相比，毛利率略低，部分原因在於營收端利息收入下降，而利息收入的毛利率為 100%。一如往常，營收組合也是影響因素之一。我們預期毛利率將在今年剩餘期間改善。

On a sequential basis, overhead was down nearly $700,000 to $4.4 million for the quarter ended March 31, 2026, although modestly higher from the prior-year quarter. Reflecting the operating leverage in our model, our goal this year is to keep overhead relatively flat. Depreciation and amortization declined as the intangible assets associated with the acquisition of Output Solutions have now been fully amortized.

以季比來看，截至 2026 年 3 月 31 日止季度的間接費用（overhead）下降近 70 萬美元至 440 萬美元，但較去年同期略高。反映我們商業模式的營運槓桿效應，我們今年的目標是將間接費用維持相對持平。折舊與攤銷下降，因為與收購 Output Solutions 相關的無形資產現已全數攤銷完畢。

For the quarter, we reported positive operating income, adjusted EBITDA, net income, and earnings per share. All of these key performance indicators were also up from the comparable year-ago quarter. We also reported positive operating cash flow in the quarter, which, after adjusting for the large tax refund received in the first quarter of last year, would have been up from the year-ago quarter.

本季我們報告了正向的營業利益、調整後 EBITDA、淨利與每股盈餘。上述關鍵績效指標也都較去年同期成長。我們本季亦報告正向的營運現金流；若調整去年第一季收到的大額退稅影響，營運現金流將較去年同期增加。

Net income in the quarter ended March 31, 2026, was approximately $130,000 and did not benefit from any extraordinary items. In the quarter, we used approximately $235,000 in cash for stock repurchases. Cash was also used for strategic growth investments. We ended the quarter with operating cash of over $7.7 million, up about $300,000 since the end of 2025. There is only one small-term loan outstanding.

截至 2026 年 3 月 31 日止季度的淨利約為 13 萬美元，且未受任何一次性或特殊項目影響。本季我們約使用 23.5 萬美元現金進行庫藏股回購。現金亦用於策略性成長投資。我們在季末的營運現金超過 770 萬美元，較 2025 年底增加約 30 萬美元。目前僅有一筆小額短期貸款尚未償還。

We continue to generate cash and maintain sufficient liquidity to support both our organic and strategic growth objectives. As Paul stated, a record start to a year we believe holds great promise.

我們持續創造現金並維持充足流動性，以支持有機成長與策略性成長目標。如 Paul 所述，這是創紀錄的一年開端，我們相信今年前景可期。

Now, I'd like to turn the call over to Greg Carter.

接下來，我想把電話會議交給 Greg Carter。

Thank you, Michael, and good afternoon, everyone. It was another record quarter for Card. We reported all-time record quarterly revenue, transactions and dollar volume processed. As a result, Card revenue was up 23% Year-over-year to a record $9.7 million, not only our best revenue quarter ever, but more importantly, the strongest quarterly revenue growth in recent years.

謝謝你，Michael，各位午安。Card（卡片）業務再度創下紀錄季度。我們創下歷史新高的單季營收、交易筆數與處理金額。因此，Card 營收年增 23% 至創紀錄的 970 萬美元；這不僅是我們史上最佳的營收季度，更重要的是，這也是近年來最強勁的單季營收成長。

We continue to succeed in completing implementations, new accounts are boarding and ISVs are adding new merchants. With PayFac quickly becoming the predominant source of overall Card results, as it now represents 78% of Card revenues, the business unit's overall performance increasingly reflects that of PayFac. And as PayFac has been achieving rapid growth, Card is now showing similar growth rates. Although these programs are typically enterprise-level accounts, we now expect overall Card results to more closely track those of PayFac, which, again, has been growing at a better than 20% rate for some time.

我們持續成功完成導入，新客戶正在上線（boarding），ISV 也在新增商戶。隨著 PayFac 快速成為 Card 整體成果的主要來源（目前占 Card 營收的 78%），該事業單位的整體表現也愈來愈反映 PayFac 的表現。由於 PayFac 一直維持快速成長，Card 現在也呈現相近的成長率。雖然這些方案通常屬於企業級客戶，但我們現在預期 Card 的整體表現將更貼近 PayFac；而 PayFac 一段時間以來的成長率一直優於 20%。

In the past, we've noted the growing backlog of implementations. Recently, we've had success with several meaningful new implementations, both PayFac and enterprise. In particular, we had our first full quarter of processing volume from two newly recently implemented enterprise accounts, a multi-location building supply organization and an online specialty sporting goods retailer. This is all reoccurring volume that is making a meaningful contribution to our revenues.

過去我們曾提到導入待辦量（backlog）持續增加。近期我們在多個重要的新導入案上取得進展，涵蓋 PayFac 與企業級客戶。尤其值得一提的是，兩個近期完成導入的企業級客戶在本季貢獻了第一個完整季度的處理量：一家多據點的建材供應組織，以及一家線上專業運動用品零售商。這些都是經常性交易量，正對我們的營收做出實質貢獻。

We're also seeing nice growth in our filtered spend program. What's encouraging about this program is that this volume comes from only a small fraction of the thousands of merchants we've already boarded. New merchants are activating practically every day as word spreads quickly throughout this community, virtually providing us with viral marketing. At the same time, we are continuing to board new merchants, further penetrating this market of nearly 10,000 locations as the program expands geographically from the Northeast into other regions across the country.

我們也看到 filtered spend（篩選式支出）方案有不錯的成長。令人鼓舞的是，這些交易量僅來自我們已上線的數千家商戶中的一小部分。隨著口碑在社群中快速擴散，幾乎每天都有新商戶啟用，等同於為我們帶來病毒式行銷。同時，我們也持續上線新商戶，隨著方案在地理上從東北部擴展到全國其他地區，我們正進一步滲透這個近 10,000 個據點的市場。

We are now seeing more opportunities for more channels than ever before. New leads are now arising from online influencer reference sites like G2, from our own SEO and online marketing, from strategic trade show participation, and from the increased success of our Usio One cross-selling marketing strategy.

我們現在看到的機會與通路比以往更多。新的潛在客戶線索正來自 G2 等線上意見領袖推薦網站、我們自身的 SEO 與線上行銷、策略性參與產業展會，以及 Usio One 交叉銷售行銷策略帶來的更高成效。

An interesting Usio One case study is a custom payout solution provider. They initially came to us in search of a disbursement solution. So in their mind, the logical point of entry was card issuing. However, the team quickly identified this as an opportunity for both real-time payments and Output Solutions.

一個有趣的 Usio One 案例研究是一家客製化付款（payout）解決方案供應商。他們最初是為了尋找一個款項發放（disbursement）解決方案而來，因此在他們的認知中，最合乎邏輯的切入點是發卡（card issuing）。然而，我們的團隊很快就將其辨識為同時導入即時支付（real-time payments）與 Output Solutions 的機會。

Now that we have them onboarded for those solutions, we will soon be implementing a Usio prepaid card. This is an example of how we've shifted the mindset from asking if they have a disbursement or a prepaid requirement to asking what are your needs and talking about our capabilities, something I'm not sure would have happened prior to Usio One.

在我們已為他們完成上述解決方案的上線後，我們很快也將導入 Usio 預付卡。這個案例顯示，我們已將思維從「你們是否有款項發放或預付卡需求」轉變為「你們的需求是什麼」並進一步討論我們的能力；我不確定在 Usio One 推出之前，這樣的轉變是否會發生。

It's not consequential that we announced the Usio One initiative a year ago. And now, less than 12 months later, after putting the plans, procedures, and process in place, it's producing results.

我們在一年前宣布 Usio One 計畫並非無關緊要。如今，在不到 12 個月的時間內，隨著我們把規劃、程序與流程建置到位，它已開始產生成果。

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

現在，我想把電話會議交給 Louis。

Good afternoon and welcome everyone. After a record 2025, this year is off to a record start. In the first quarter, we reported record transactions, record processing volume and record revenues. On the bottom line, we generated positive GAAP earnings as well as positive operating cash flow and adjusted EBITDA. We're meeting the objectives we set for ourselves. As well as those of the street.

各位下午好，歡迎大家。在創下 2025 年的紀錄之後，今年也以破紀錄的態勢開局。第一季我們公布了創紀錄的交易筆數、創紀錄的處理量以及創紀錄的營收。在獲利端，我們不僅產生了正向的 GAAP 盈利，也產生了正向的營運現金流與調整後 EBITDA。我們正在達成自己設定的目標，也達成華爾街對我們的期待。

Let me jump into a quick review of our business unit results. On Card, just quickly adding to Greg's comments, it is rewarding to see a better-than-20% revenue growth as their results are increasingly being driven by PayFac. We should see this trend lead to better sustainable growth rates in Card as a whole.

我先快速回顧各事業單位的表現。就 Card 而言，簡單補充 Greg 的評論，很高興看到超過 20% 的營收成長，因為其成果愈來愈由 PayFac 所驅動。我們應可看到這個趨勢帶動 Card 整體更佳且更可持續的成長率。

In ACH, we had record transaction volumes and dollars processed and return check transactions processed. In addition, pinless debit continues to grow at a better than a 50% rate. Consequently, revenues were up once again, strongly for ACH and complementary services. April was ACH's best ever month for transactions processed. And as a result, it appears that ACH could have a record second quarter. Our growth is attributed to both existing and new customers across a diverse set of industries.

在 ACH 方面，我們的交易量、處理金額以及退票（return check）交易處理量都創下新高。此外，免輸入 PIN 的簽帳金融卡（pinless debit）持續以超過 50% 的速度成長。因此，ACH 與互補性服務的營收再度強勁成長。4 月是 ACH 歷來交易處理量最高的月份。也因此，看起來 ACH 第二季可能會再創新高。我們的成長來自多元產業中既有與新客戶的共同貢獻。

We're also benefiting from cross-selling, particularly as part of our disbursement solutions, such as consumer choice. An emerging new growth opportunity is real-time payments, which we call RTP. In January of this year, we processed only 2,000 transactions. This past month, we processed over 200,000 transactions.

我們也受惠於交叉銷售，特別是在我們的撥款解決方案中，例如 consumer choice。另一個正在浮現的新成長機會是即時支付（real-time payments），我們稱之為 RTP。今年 1 月，我們只處理了 2,000 筆交易；而在上個月，我們處理了超過 200,000 筆交易。

And what's interesting is we initially thought RTP would pull volume from ACH. However, instead, it's pulling from pinless. Yet, pinless still is experiencing record performance. Compared to pinless, RTP services generate less revenue per transaction but has more lucrative margin profiles.

有趣的是，我們起初以為 RTP 會分流 ACH 的量；但實際上，它分流的是 pinless。然而，pinless 仍然呈現創紀錄的表現。相較於 pinless，RTP 服務每筆交易帶來的營收較低，但其毛利結構更具吸引力。

Prepaid had a busy quarter. They implemented 27 new accounts that are expected to scale and Prepaid also processed over $80 million in card loads in the first quarter.

Prepaid 第一季相當忙碌。他們導入了 27 個預期可擴張的新帳戶，且 Prepaid 在第一季也處理了超過 8,000 萬美元的卡片加值（card loads）。

Card Issuing made progress on a number of new opportunities as they signed an agreement with a large regional bank to be a new sponsor and strategic partner. The bank was looking for a new partner to roll out programs quicker and had superior technology, and also to add vendor redundancy to their existing card issuing programs. And an existing client continues to be on track to launch two state-sponsored school choice voucher programs that will utilize both Usio Card Issuing and ACH. We expect those distributions to exceed $1 billion in disbursements.

Card Issuing 在多項新機會上取得進展，與一家大型區域性銀行簽署協議，成為新的贊助銀行（sponsor）與策略合作夥伴。該銀行尋找新的合作夥伴，以更快推出方案、具備更優異的技術，並為其既有的發卡計畫增加供應商備援。此外，一家既有客戶仍按計畫推進，將推出兩項由州政府支持的學校選擇券（school choice voucher）計畫，將同時使用 Usio Card Issuing 與 ACH。我們預期這些發放金額將超過 10 億美元。

During the quarter, Card Issuing introduced our private label gift card program and made numerous enhancements to consumer choice and virtual card platforms. Card Issuing should grow this year, potentially starting as soon as this quarter.

本季期間，Card Issuing 推出了我們的自有品牌禮品卡（private label gift card）計畫，並對 consumer choice 與虛擬卡平台進行多項強化。Card Issuing 今年應可成長，甚至可能最快從本季開始。

Output Solutions is off to a record start to the new year. Pieces processed and mailed were up 31%, while electronic documents processed and delivered were up 41% in the first quarter. And revenue growth in the quarter accelerated on a sequential basis from the preceding quarter.

Output Solutions 在新年度也以創紀錄的表現開局。第一季處理並寄送的件數成長 31%，而電子文件處理與交付量成長 41%。此外，本季營收成長率較前一季呈現加速。

In the quarter, Output added six new cities, two county governments and four other new customer accounts. All but two of them represented new reoccurring revenue. The second quarter is also off to a good start, with April total activity up 50% as compared to April of last year. This should continue the momentum output needs to be up for the year.

本季 Output 新增了六個城市、兩個郡政府以及另外四個新客戶帳戶。其中除兩個之外，其餘皆帶來新的經常性收入。第二季也有良好開局，4 月總活動量較去年 4 月成長 50%。這應可延續 Output 今年所需的成長動能。

In addition, outputs new printers scheduled to be installed in June. This technologically advanced machine is four times faster than our existing equipment. It's cheaper to maintain and consumes less supplies. This will significantly increase our capacity and expand our capabilities.

此外，Output 的新印表機預計於 6 月安裝。這台技術先進的設備速度是我們現有設備的四倍，維護成本更低且耗材用量更少。這將大幅提升我們的產能並擴展我們的能力。

To capitalize on these new capabilities, we implemented an organization-wide dedicated output marketing campaign, leveraging the cross-selling skills developed through Usio One. Output has also implemented a highly effective SEO strategy. As a result, we are creating a growing number of new opportunities for Output, both in their existing verticals as well as in new industries.

為了把握這些新能力，我們在全公司推動專屬的 Output 行銷活動，運用透過 Usio One 所培養的交叉銷售能力。Output 也導入了成效顯著的 SEO 策略。因此，我們正在為 Output 創造愈來愈多的新機會，不僅在既有垂直領域，也在新產業中。

Among our strategic priorities is to grow through wallet share gains. We have noted Usio's -- [wons] progress in cross-selling. In the near future, we plan to launch what we believe will be one of our most effective tools to achieve that objective, a real difference in the market, and that is what we call today post-credit. Implementation is rapidly progressing, and we expect it to be market-ready in the upcoming months.

我們的策略重點之一，是透過提升錢包占有率（wallet share）來成長。我們已注意到 Usio 在交叉銷售方面的進展。在不久的將來，我們計畫推出一項我們認為將是達成該目標最有效的工具之一，並能在市場上形成真正差異化的產品，也就是我們今天所稱的 post-credit。導入工作正快速推進，我們預期在未來幾個月內即可具備上市條件。

Among post credit's most appealing features and functionality, it will enable the elimination of multiple depository accounts, while allowing users to move funds back and forth without separate wires from separate banks. Users will actually settle through a Usio managed account. So it's faster and it's more efficient and it's easier to use. And once it's live, all new cards, ACH, Prepaid and other clients will automatically receive a post-credit account.

post-credit 最吸引人的功能之一，是可消除多個存款帳戶的需求，同時讓使用者在不同資金之間來回調度，而不必透過不同銀行分別匯款。使用者將透過 Usio 管理的帳戶進行清算（settle）。因此速度更快、效率更高、也更容易使用。一旦上線，所有新的 Card、ACH、Prepaid 及其他客戶都將自動獲得一個 post-credit 帳戶。

The longer-term goal is to roll out to all of our existing clients. We're working on a post-credit demonstration webinar for financial professionals and should be announced soon.

較長期的目標，是推廣至我們所有既有客戶。我們正在為金融專業人士籌備 post-credit 的示範網路研討會，應會很快對外公告。

In summary, one of the best starts to a new year in recent memory, a record start. We've read the reports concerning inflation, higher prices, potentially higher interest rate, and it only reminds us why we've intentionally avoided retail merchants.

總結來說，這是近年來對新年度最好的開局之一，也是創紀錄的開局。我們讀到關於通膨、價格上漲、以及利率可能走高的報導，這也再次提醒我們，為何我們刻意避開零售商戶。

We have every reason to be optimistic about 2026, and we currently are. At the same time, we also believe it's prudent to be cautious early in the year. For that reason, we're reiterating our guidance. We expect 10% to 12% revenue growth in 2026, while also anticipating continued positive adjusted EBITDA.

我們對 2026 年有充分理由保持樂觀，而我們目前確實如此。同時，我們也認為在年初保持審慎是明智的。因此，我們重申我們的財測指引。我們預期 2026 年營收成長 10% 至 12%，並同時預期調整後 EBITDA 將持續為正。

Shareholders can be assumed we're assured we are committed to our mission to deliver secure, scalable, integrated electronic payment and embedded financial solutions to the market. This is a strategy that can optimize the value of our franchise. I thank our shareholders for their trust and support. We remain committed to building a stronger, more innovative, and more valuable Usio.

股東可以放心，我們承諾致力於我們的使命：向市場提供安全、可擴展、整合式的電子支付與嵌入式金融解決方案。這是一項能夠最佳化我們特許經營價值的策略。感謝股東的信任與支持。我們仍致力於打造更強大、更具創新力、也更有價值的 Usio。

Operator, you can now open the call to questions.

主持人，現在可以開放提問。

(Operator Instructions) Barry Sine, Litchfield.

（主持人指示）Barry Sine，Litchfield。

What a change. Great quarter. Great results. Great guidance. And you gave us that nice Rigoletto opera music for the whole music, so altogether, very good.

變化真大。很棒的一季、很棒的成果、很棒的指引。而且你們整段等待音樂還放了那段好聽的《弄臣》（Rigoletto）歌劇音樂，所以整體來說，非常好。

I want to start off with just making sure that I jotted down all the different points you've given in terms of guidance. So here's what I have, and correct me if I'm wrong. Double-digit revenue growth up 10% to 12%, you expect to be profitable and EBITDA positive. Cash SG&A for the rest of the year roughly flattish. Then I think I heard in Michael's comments that prepaid should return to growth for the full year, did I get all that right?

我想先確認一下，我是否把你們在指引方面提到的各點都記下來了。以下是我整理的內容，如果有錯請糾正我：兩位數營收成長 10% 到 12%；你們預期將獲利且 EBITDA 為正；今年剩餘期間的現金 SG&A 大致持平。然後我想我也在 Michael 的評論中聽到，Prepaid 全年應會恢復成長。我都記對了嗎？

That's correct.

沒錯。

Okay. And the other points are all correct?

好的。那其他幾點也都正確嗎？

Yes, sir.

是的，先生。

So the sales funnel, I don't know if you quantify it or if you use a CRM system. Can you give us a bigger picture or a numeric picture what the sales funnel is looking like? And from the script, it sounds like you have a pretty good balance among products. Are there any one or two products that are leading in that sales funnel before you start the cross-sale process?

關於銷售漏斗（sales funnel），我不確定你們是否有量化，或是否使用 CRM 系統。你們能否給我們更宏觀的描述或數字化的概況，說明目前銷售漏斗看起來如何？另外從講稿聽起來，你們在各產品之間的平衡相當不錯。在開始交叉銷售流程之前，銷售漏斗中是否有一兩個產品特別領先？

No, Barry. As I've said a long last couple of years, our pipeline has been very robust and fairly consistent across all of our business lines. As I said, we are entertaining more initial inquiries on a specific product, which leads to other opportunities at Usio, and that's been kind of a dynamic of Usio One.

沒有，Barry。正如我過去幾年一直說的，我們的商機管線（pipeline）一直非常強勁，而且在所有業務線上都相當一致。正如我所說，我們確實收到更多針對某一特定產品的初始詢問，而這會帶出 Usio 的其他機會，這一直是 Usio One 的一種動態。

But with respect to quantifying the pipeline, there's in total processing volume, there's billions of dollars, but all along, it's always been an issue of implementation and processing -- actual processing, and we finally broke through some of those challenges. And I remain optimistic for all business lines for the balance of 2026.

至於量化管線，以總處理量來看，規模是數十億美元；但一直以來的關鍵都在於導入與處理——也就是實際上線處理，而我們終於突破了其中一些挑戰。我對 2026 年剩餘期間所有業務線仍保持樂觀。

And just specifically on PayFac, we didn't talk much about it in the script, but historically, one of the challenges has been the tempo of getting folks who are on board to start activating. How are we doing on that and did that have an impact in the very positive Credit Card results for the quarter?

另外特別談一下 PayFac，我們在講稿裡沒有談太多，但歷來其中一個挑戰是：把已上線的客戶加速到開始啟用（activating）的節奏。這方面目前進展如何？而且這是否對本季非常亮眼的信用卡（Credit Card）業績有影響？

It does. And as I said in my remarks, it's been a nice combination of both enterprise and new additions to existing PayFac or ISV customers. It's been really a combination of both.

有影響。正如我在發言中提到的，這是企業客戶與既有 PayFac 或 ISV 客戶新增項目的良好組合，兩者兼具。

But our legacy ISVs, as I said, continue to add merchants virtually every week. We're adding new ISVs that are also adding new merchants. And then when you add on top of those, these larger enterprise accounts that are less reliant on boarding of merchants and more reliant on just flash cut or full implementation, that's what we've experienced late 2025 and then obviously in the first quarter of '26.

但我們的既有 ISV（如我所說）幾乎每週都持續新增商戶。我們也在新增新的 ISV，而這些 ISV 也在新增新的商戶。再加上這些更大型的企業客戶，它們較不依賴商戶上線（boarding），而更依賴快速切換（flash cut）或完整導入，這就是我們在 2025 年底以及顯然在 2026 年第一季所經歷的情況。

And then the question on cross-selling into the existing customer base. It's been said it's often a lot easier to sell new products to your existing satisfied customers than to win existing -- to win new customers.

接著是關於在既有客戶群中進行交叉銷售的問題。大家常說，向既有且滿意的客戶銷售新產品，往往比贏得新客戶要容易得多。

How many of your customers are still only taking a single product from you, so implying opportunity for cross-sale? And roughly what percent have the quadfecta of all four product lines today where you're in good shape there?

你們有多少客戶目前仍只使用你們的一項產品，意味著有交叉銷售的機會？另外，大約有多少百分比的客戶目前已具備四合一（quadfecta）的四條產品線，表示你們在那部分已經相當穩固？

Well, obviously, any one customer consuming all Usio products is a smaller number. I think it's fair to say that we've exhausted or interrogated more than 50% of our existing base, meaning they've been informed and notified of all of our offerings, and we've had some one-off specific focused sales campaigns. For example, we had the entire sales force make some outbound calls to tax assessor collectors to the contiguous states of Texas that yielded a number of proposal opportunities that, had we not done that, would have delayed.

嗯，顯然，任何單一客戶同時使用 Usio 全部產品的數量都比較少。我認為可以公平地說，我們已經「觸達」或「盤點」了現有客戶基礎的 50% 以上，也就是他們已被告知並通知我們所有的產品與服務，而且我們也做過一些一次性的、特定且聚焦的銷售活動。舉例來說，我們曾讓整個銷售團隊對德州相鄰州的稅務估價／徵收單位（tax assessor collectors）進行外撥，這帶來了不少提案機會；如果我們沒有這麼做，這些機會本來會被延後。

So we're employing that strategy across all of our business lines. Our next initiative will be a prepaid or an issuing sales campaign. So we're using our salespeople, I think, in a more surgical basis rather than a more siloed basis.

因此，我們正在把這個策略運用到所有業務線上。我們下一個倡議將會是預付卡（prepaid）或發卡（issuing）的銷售活動。所以我認為我們在使用銷售人員時，更偏向「外科手術式」的精準方式，而不是更「各自為政」的方式。

I hope that answers the question.

希望這回答了你的問題。

No, that's great. My last question is around the outlook for margins. So I want to ask it from two perspectives. First of all, on the gross margin, the low-hanging fruit I see there would be for output to continue to move the mix towards digital, which I believe has a higher gross margin.

不，這很棒。我最後一個問題是關於利潤率的展望。我想從兩個角度來問。首先是毛利率，我看到一個最容易著手的方向，是 Output 持續把組合往數位化移動，而我相信數位化的毛利率更高。

And then the total operating margin. And again, my sense is that you guys have a relatively fixed cost base, like a SaaS company. You've already talked about flattish cash SG&A for the rest of the year. If you can continue to grow at double-digit rates, the bottom-line net income and EBITDA contribution should be better than the top line. So what is the outlook for both gross margin and operating margin improvement?

然後是整體營業利潤率。同樣地，我的感覺是你們的成本基礎相對固定，有點像 SaaS 公司。你們也已經談到今年剩餘期間現金 SG&A 大致持平。如果你們能持續以兩位數成長，底線的淨利與 EBITDA 貢獻應該會優於營收成長。所以毛利率與營業利潤率改善的展望如何？

Well, one of the things that we're really excited about that happened this quarter that we talked about was our volume in real-time payments. And we saw existing customers pull pinless traffic and put it on the real-time payments. And real-time payments has a higher margin than pinless debit. Pinless debit has higher revenue, but the margins will increase as we move traffic from pinless to real-time payments.

嗯，我們對本季發生的一件事非常興奮，我們也提到過，那就是即時支付（real-time payments）的交易量。我們看到既有客戶把免 PIN（pinless）的流量移轉到即時支付上。而即時支付的利潤率高於免 PIN 簽帳金融卡（pinless debit）。免 PIN 簽帳金融卡的收入較高，但當我們把流量從免 PIN 移到即時支付時，利潤率會提升。

Obviously, we're very excited about any electronic presentments that we can do through output. And you're right, the margins on that are almost 100%. And we'd like to see continued growth there, and it was a lot of growth this quarter. Sometimes we bundle electronic with print and mail. So it goes together in a bundled price, but it all comes down to the mix of our products.

顯然，我們也對透過 Output 能做的任何電子呈送（electronic presentments）感到非常興奮。你說得沒錯，那部分的利潤率幾乎是 100%。我們希望那裡能持續成長，而本季確實成長很多。有時我們會把電子與列印及郵寄一起打包，因此會以組合價格一起提供，但最終仍取決於我們產品的組合結構。

This quarter, we also got affected by interest rates, that interest income that was last year booked as revenue into certain business segments. And those volumes just decreased and we earned less interest that we could book as revenue.

本季我們也受到利率影響：去年有些利息收入是以營收形式記入特定業務部門；而那些量下降了，因此我們能以營收入帳的利息也變少了。

Obviously, interest income is 100% margin. So those factors cause it to pull down a little bit. We expect our balances to be higher, which would earn us more accumulative interest in the future. Especially as we bring some of these larger card programs online that will increase balances. But I feel that we've hit the bottom on the gross margins this quarter and we should be able to get back to 23% to 25% in the short-term.

顯然，利息收入的利潤率是 100%。所以這些因素讓毛利率略為下滑。我們預期未來我們的餘額會更高，從而累積更多利息收入。特別是當我們把一些較大型的卡片計畫上線後，將提高餘額。不過我覺得本季毛利率已經觸底，短期內我們應該能回到 23% 到 25%。

Jon Hickman, Ladenburg Thalmann.

Jon Hickman，Ladenburg Thalmann。

My question was just answered about the growth market.

我關於成長市場的問題剛剛已經被回答了。

Thanks, John.

謝謝你，John。

Melanie, I have one more.

Melanie，我還有一個問題。

Okay, Jon.

好的，Jon。

Jon, you may please proceed with the question.

Jon，請你繼續提問。

I'm sorry. Okay. Could you talk a little bit about the -- excuse me, talk a little bit about this comment that Prepaid's going to start growing again?

不好意思。好的。你能否談談——抱歉——談談你們提到「預付卡（Prepaid）將會再次開始成長」這個說法？

Can I ask you a question again?

我可以再問一次嗎？

I'm sorry. Can you elaborate on the comment about Prepaid's growth year over year? What gives you confidence to know where's that coming from?

不好意思。你能更詳細說明一下預付卡年對年成長的評論嗎？你們的信心來源是什麼？成長會從哪裡來？

Well, one of them is a school voucher program that we discussed that's going to distribute -- mostly on cards. We've been told that as much as a $1 billion is going to be distributed through us for two different states in the United States. And we're not sure how the -- if it all goes on cards, that's going to be huge, but part of it is going to go on ACH, and so those volumes are substantial. So that's part of it.

嗯，其中之一是我們討論過的一個學校代金券（voucher）計畫，將會發放——主要是透過卡片。我們被告知，美國兩個不同州將有高達 10 億美元會透過我們發放。我們不確定是否全部都會走卡片；如果全部走卡片，那會非常巨大，但其中一部分會走 ACH，因此那些量也相當可觀。這是其中一部分。

And then we have another two card deals that -- Jerry, you want to talk about?

另外我們還有另外兩個卡片交易——Jerry，你要談談嗎？

Yeah. We are implementing a large regional bench strategic partnership that comes with multiple programs. And that's on track to roll out in Q3. And then we've got a number of deals with the strategic fintech partnership that are being implemented now that will roll out no later than June. So besides that, we've got several other deals that we're implementing and of material size, and then we've implemented 27 new accounts in Q1 that will contribute to the growth.

好的。我們正在導入一個大型區域性銀行（regional bank）的策略合作夥伴關係，包含多個計畫。目前進度如期，預計在第三季推出。然後我們也有多筆與策略性金融科技（fintech）合作夥伴的交易正在導入中，最晚將在 6 月推出。除此之外，我們還有幾筆其他正在導入、規模具實質性的交易；另外我們在第一季已導入 27 個新帳戶，將對成長做出貢獻。

Okay. And then just one more question. The comment about that PayFac is generating 78% of credit revenues -- or Card revenues. So the drag from the legacy stuff is pretty much behind you now?

好的。那再問最後一個問題。你提到 PayFac 產生了 78% 的信用收入——或卡片收入。所以來自既有（legacy）業務的拖累現在基本上已經過去了嗎？

Yeah. We think so. I mean, the attrition primarily comes from our legacy singular portfolio.

是的。我們是這麼認為的。我的意思是，流失主要來自我們既有的單一（singular）投資組合。

Yeah.

是的。

So yeah, I think that the worst of those days are behind us, yes.

所以是的，我認為最糟的時期已經過去了，是的。

And so going forward, the growth in Card is going to match -- or the growth in PayFac is going to match the growth in Cards Is that what you said? I mean --

那麼往後，卡片業務的成長會匹配——或者 PayFac 的成長會匹配卡片的成長？這是你說的嗎？我的意思是——

No. The growth in PayFac is going to be higher than any attrition.

不是。PayFac 的成長會高於任何流失。

Okay. And then -- so I -- didn't you also say that next quarter, ACH is -- there might be a potential for that to be even better in Q1?

好的。然後——所以我——你是不是也說過，下個季度 ACH——可能有機會比第一季還更好？

What we said was I think April was our best -- April was our best month for ACH transactions originated, which was very exciting to us coming off our third quarter in a row of setting records for ACH. So we're hopeful that, that trend will continue for this current quarter.

我們的意思是，我認為 4 月是我們 ACH 發起交易（transactions originated）表現最好的月份，這讓我們非常振奮，因為我們已經連續第三個季度在 ACH 創下紀錄。所以我們希望這個趨勢能在本季度持續。

And is ACH still the highest gross margin product?

那 ACH 仍然是毛利率最高的產品嗎？

Yes.

是的。

That's it for me and nice quarter. It's really good to see the change in revenue growth.

我就這些，這一季表現很好。很高興看到營收成長的變化。

Michael Diana, Maxim Group.

Michael Diana，Maxim Group。

The Card revenue growth was very impressive. Greg, you didn't talk much. I don't think about specific ISV programs that you're excited about or your biggest ones. Maybe you could mention a few that are most prominent right now.

卡片營收成長非常亮眼。Greg，你講得不多。我想你可以談談一些你們特別看好的特定 ISV 計畫或你們最大的幾個計畫，或許可以提幾個目前最突出的。

Most of them are member-oriented. Like we have a legal association, state bar association, so everything that's associated with that, virtually all 50 states, so those board frequently. We've got some other recreational type ISVs, camping, for example, that they're reserving camping spots, pads, et cetera. We've got insurance, healthcare, and education type ISVs. So it really is a gamut of various industry verticals that are contributing to this growth.

多數是會員導向的。像我們有法律協會、州律師公會，因此與之相關的各項業務，幾乎涵蓋全美 50 州，所以它們經常上線（boarding）。我們也有一些其他休閒類型的 ISV，例如露營，他們在預訂露營地點、營位（pads）等等。我們也有保險、醫療保健與教育類型的 ISV。所以確實是各種產業垂直領域的組合，共同推動了這個成長。

Right. And which ones seem to be boarding most quickly now?

了解。那目前看起來哪些上線（boarding）速度最快？

Typically, the member associated, the legal and healthcare, those two industry verticals are fast-growing.

通常是會員相關的，法律與醫療保健這兩個垂直領域成長很快。

Thank you. 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.

謝謝。這也結束了我們的問答環節以及今天的電話會議。您現在可以掛斷電話線。感謝您的參與，祝您有美好的一天。