Vertex Inc (VERX) 2025 Q1 法說會逐字稿

Good day, and welcome to the Vertex, Inc. first quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Mr. Joe Crivelli, Investor Relations from Vertex. Please go ahead.

大家好，歡迎參加 Vertex, Inc. 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給 Vertex 投資者關係部門的 Joe Crivelli 先生。請繼續。

Hello, and thanks for joining us to discuss Vertex's first quarter financial results. David DeStefano, our President and CEO; and John Schwab, our CFO, are also with us today. During this call, we may make forward-looking statements about expected future results. Actual results may differ due to risks and uncertainties. These risks and uncertainties are described in our filings with the Securities and Exchange Commission.

您好，感謝您加入我們討論 Vertex 第一季的財務表現。我們的總裁兼執行長 David DeStefano 和財務長 John Schwab 今天也和我們在一起。在本次電話會議中，我們可能會對預期的未來結果做出前瞻性陳述。由於風險和不確定性，實際結果可能有所不同。這些風險和不確定性在我們向美國證券交易委員會提交的文件中有所描述。

Our remarks today will also include references to non-GAAP financial measures. A reconciliation of these non-GAAP metrics to GAAP is also provided in today's press release. This call is being recorded and will be available for replay on our Investor Relations website. I'll now turn the call over to David.

我們今天的演講也將提及非公認會計準則財務指標。今天的新聞稿也提供了這些非 GAAP 指標與 GAAP 指標的對照表。本次電話會議正在錄音，可在我們的投資人關係網站上重播。我現在將電話轉給大衛。

Welcome, everyone, and thank you for joining us. Vertex executed well in the first quarter, getting 2025 off to a strong start. The consistency of our business, which we highlighted during our Investor Day in March continued as expected. In addition, last week, we announced an equity investment in Kintsugi, a fast-growing startup focused on applying AI technology to indirect tax in the small business sector. I'll discuss this in a moment.

歡迎大家，感謝你們的加入。Vertex 在第一季表現良好，為 2025 年開了個好頭。我們在三月的投資者日上強調了我們業務的一致性，這一一致性正如預期的那樣持續著。此外，上週我們宣布對 Kintsugi 進行股權投資，這是一家快速發展的新創公司，專注於將人工智慧技術應用於小型企業領域的間接稅。我稍後會討論這個問題。

In the first quarter, revenue was $177.1 million, up 12.9% year over year. Subscription revenue grew 14.4% and cloud revenue growth was strong at 29.6% in the first quarter and adjusted EBITDA was $37.8 million, representing an EBITDA margin of 21.3%.

第一季營收為1.771億美元，年增12.9%。第一季訂閱營收成長 14.4%，雲端營收成長強勁，達 29.6%，調整後 EBITDA 為 3,780 萬美元，EBITDA 利潤率為 21.3%。

This was above the high end of our guidance range for the quarter and sets us up well for 2025. In addition, annual recurring revenue or ARR grew 17.9% to $618.5 million. Net recurring revenue or NRR remained strong at 109%. We continue to expect NRR to increase in 2025 and rebound above 110% by the end of the year. Average annual revenue per customer for Vertex stand-alone increased 16% year over year to $141,000.

這高於我們本季指導範圍的高端，為我們 2025 年的業績奠定了良好的基礎。此外，年度經常性收入或 ARR 成長 17.9%，達到 6.185 億美元。淨經常性收入或 NRR 保持強勁，達到 109%。我們繼續預計 NRR 將在 2025 年增加，並在年底反彈至 110% 以上。Vertex 獨立的每位客戶平均年收入年增 16%，達到 141,000 美元。

Growth in scaled customer count was 15% year over year. As a reminder, this number represents our customers with annual revenues greater than $100,000 and demonstrates our ongoing success in the under-penetrated enterprise market.

規模客戶數量較去年同期成長15%。提醒一下，這個數字代表我們的客戶年收入超過 10 萬美元，並證明了我們在滲透率較低的企業市場中取得的持續成功。

Finally, gross recurring revenue or GRR was 95% in the first quarter within our targeted best-in-class range of 94% to 96%. As investors know, the proliferation of e-invoicing mandates globally is expected to be a significant tailwind in our business in the coming years.

最後，第一季的總經常性收入或 GRR 為 95%，位於我們目標最佳範圍 94% 至 96% 之內。正如投資者所知，全球電子發票授權的普及預計將在未來幾年對我們的業務產生重大推動作用。

We believe this can be best addressed by providing a single solution, which combines VAT compliance and e-invoicing to a single user experience. This is a game changer for companies exposed to the burgeoning e-invoicing mandates.

我們相信，透過提供單一解決方案可以最好地解決這個問題，該解決方案將增值稅合規性和電子發票結合到單一使用者體驗中。對於那些面臨日益增長的電子發票強制要求的公司來說，這是一個重大的改變。

We are pleased that our joint e-invoicing solution with ecosio achieved general availability in mid-March, enabling us to accelerate our sales pursuits. We see a growing pipeline for this offering in several major catalysts on the horizon, including the launch of e-invoicing in the two largest economies in Europe, France, in late 2026, and Germany, which is adopting a phased approach that is expected to be fully implemented in early 2027.

我們很高興與 ecosio 聯合推出的電子發票解決方案於 3 月中旬全面上市，這使我們能夠加快銷售追求。我們看到，在幾個主要催化劑的推動下，該產品的供應正在不斷增長，包括歐洲兩個最大的經濟體法國（2026 年底）和德國（採用分階段的方式，預計將於 2027 年初全面實施）推出電子發票。

In addition, this week, is our European customer coverage, and we expect invoicing to be a major topic of discussion with the customers in attendance. I'll now share a few key new business wins from the quarter, starting with existing customers.

此外，本週我們將與歐洲客戶見面，我們預計發票將成為與會客戶討論的主要議題。現在，我將分享本季取得的一些關鍵的新業務成果，首先是現有客戶。

A fast-growing specialty retailer increased its business with Vertex to support business growth as well as a company-wide cloud migration. The company increased its entitlements while also adding our Edge product and SAP Accelerator and other tools. This doubled our revenue with this customer into the low seven figures.

一家快速發展的專業零售商與 Vertex 擴大了業務往來，以支援業務成長以及全公司的雲端遷移。該公司增加了其權利，同時也增加了我們的 Edge 產品和 SAP Accelerator 以及其他工具。這使得我們從該客戶獲得的收入翻了一番，達到了七位數。

In the Oracle ecosystem, a customer in the higher education sector re-evaluated its indirect tax technology to improve risk management and reduce operational costs. The company was previously using Vertex for tax return filings in addition to two additional competitors for various aspects of its business.

在 Oracle 生態系統中，高等教育領域的一位客戶重新評估了其間接稅技術，以改善風險管理並降低營運成本。該公司之前曾使用 Vertex 進行納稅申報，此外還使用另外兩家競爭對手來處理其業務的各個方面。

This customer standardized on Vertex, resulting in low six figures of new revenue and transforming this long-standing relationship into a scaled customer. In the Microsoft ecosystem, a manufacturer of defense and law enforcement products expanded its entitlements with Vertex to support its growth in global markets while also adding premium support and Shopify connectors. Revenue from this scaled customer is now up more than 160% over the past 12 months to the mid-six figures.

該客戶採用 Vertex 進行標準化，帶來了六位數的新收入，並將這一長期合作關係轉變為規模化客戶。在微軟生態系統中，一家國防和執法產品製造商擴大了與 Vertex 的合作，以支持其在全球市場的成長，同時也增加了高級支援和 Shopify 連接器。在過去 12 個月中，來自該規模客戶的收入成長了 160% 以上，達到了六位數的中間值。

A long-standing US customer in the toy manufacturing industry added Vertex for its EU headquarters operation, which was previously using native ERP functionality for indirect tax. Customers standardized on Vertex for sales and use and VAT calculation as part of a global SAP S/4HANA transformation. This led to nearly seven figures of new revenue for Vertex.

玩具製造業的一家長期美國客戶為其歐盟總部業務添加了 Vertex，該業務之前使用原生 ERP 功能來處理間接稅。作為全球 SAP S/4HANA 轉型的一部分，客戶在 Vertex 上實現了銷售和使用以及增值稅計算的標準化。這為 Vertex 帶來了近七位數的新收入。

Turning to new logo wins. Investors are often surprised by the size and scale of companies that are still using homegrown solutions to process indirect tax. In the first quarter, one of the world's largest processors of electronic payments selected Vertex as part of an RFP for its first-ever vended indirect tax solution. This was propelled by a company mandate to reduce risk across its business.

採用新標誌獲勝。投資者常常對那些仍在使用本土解決方案處理間接稅的公司的規模感到驚訝。第一季度，全球最大的電子支付處理商之一選擇 Vertex 作為其首個自動販賣間接稅解決方案的 RFP 的一部分。這是由公司降低整個業務風險的要求所推動的。

This seven-figure deal included sales and use and VAT calculation as well as our Edge solution and other indirect tools. In the lodging industry, we gained a new customer when they outgrew one of our major competitors.

這筆七位數的交易包括銷售、使用和增值稅計算以及我們的 Edge 解決方案和其他間接工具。在住宿業，當我們的一個主要競爭對手的規模超過他們時，我們就獲得了一個新客戶。

The customer, which is on a cloud transformation journey with Oracle, was referred to Vertex through our partner, PwC. This mid-six-figure initial relationship includes sales, use and VAT compliance. Our Oracle accelerators were a major differentiator for Vertex.

這位客戶正在與 Oracle 合作進行雲端轉型，並透過我們的合作夥伴普華永道 (PwC) 推薦給 Vertex。這個六位數中間的初始關係包括銷售、使用和增值稅合規。我們的 Oracle 加速器是 Vertex 的主要差異化因素。

Also in the Oracle ecosystem, a major real estate investment trust specializing in data centers chose Vertex for sales, use and VAT calculation and compliance. This comprehensive global contract will deliver high-six figures of recurring revenue for Vertex.

同樣在 Oracle 生態系統中，一家專門從事資料中心的大型房地產投資信託公司選擇 Vertex 進行銷售、使用和增值稅計算和合規。這份全面的全球合約將為 Vertex 帶來六位數以上的經常性收入。

Our telecommunication tax content was a significant differentiator in winning this business. A major building materials company selected Vertex for indirect tax in conjunction with an acquisition and an SAP S/4HANA transition.

我們的電信稅內容是我們贏得這項業務的重要因素。一家大型建築材料公司選擇 Vertex 來處理間接稅，以配合收購和 SAP S/4HANA 轉型。

This six-figure new logo win, which was a competitive takeaway, included sales and use tax calculation as well as LCR-Dixon tools, the SAP accelerator, address cleansing, and certificate center.

這個價值六位數的新標誌勝利是一個競爭性的收穫，其中包括銷售和使用稅計算以及 LCR-Dixon 工具、SAP 加速器、地址清理和證書中心。

Now let's discuss Kintsugi. Kintsugi is an AI-native start-up focused on automating sales tax compliance for small and midsized businesses.

現在讓我們來討論一下金繕。Kintsugi 是一家人工智慧原生新創公司，專注於為中小型企業實現銷售稅合規自動化。

Throughout the due diligence process, we got to know the company's founders and we were impressed by what they've built. Using AI, Kintsugi automates the entire sales tax compliance life cycle for small business in new and creative ways, including tax calculation, filing and compliance across multiple jurisdictions. We think this technology could be a game changer in the SMB market.

在整個盡職調查過程中，我們了解了公司的創辦人，並對他們所創造的一切印象深刻。Kintsugi 利用人工智慧以新穎和富有創意的方式自動化小型企業的整個銷售稅合規生命週期，包括跨多個司法管轄區的稅務計算、申報和合規。我們認為這項技術可能會改變中小企業市場的遊戲規則。

Our investment gives us a front row seat as Kintsugi executes its game plan. Let me highlight three examples of the differences between how an AI solution works for SMBs, but falls short in its viability for complex enterprise customers.

我們的投資讓我們能夠親眼見證 Kintsugi 執行其遊戲計劃。讓我重點介紹三個例子，說明人工智慧解決方案如何適用於中小企業，但對於複雜的企業客戶缺乏可行性。

One, enterprise customers require the ability to write significant numbers of custom rules that are unique to their business, and these would interfere with AI functionality. Two, a significant number of jurisdictions below the state level do not publish rate and regulations, and these must be manually gathered and interpreted before codifying them into our algorithms. AI's requirement for digital consumption is not effective here.

首先，企業客戶需要能夠編寫大量特定於其業務的自訂規則，而這些規則會幹擾人工智慧功能。二，相當多的州以下司法管轄區沒有公佈費率和法規，必須手動收集和解釋這些內容，然後才能將其編入我們的演算法中。AI對於數位消費的要求在這裡並不有效。

Three, on top of tax regulations, indirect tax teams must also determine and comply with various fees around the world from plastic bag fees to environmental fees, which are not published digitally. For the small business market, where audit risk is low and good enough compliance is the focus, we believe an AI-driven solution like Kintsugi's can work very well given the more straightforward requirements of SMBs.

三、除了稅務法規外，間接稅團隊還必須確定並遵守世界各地的各種費用，從塑膠袋費到環境費，這些費用都不會以數位形式公佈。對於審計風險較低且注重足夠好的合規性的小型企業市場，我們相信，考慮到中小企業更直接的要求，像 Kintsugi 這樣的人工智慧驅動的解決方案可以發揮很好的作用。

We do see opportunities to apply elements of Kintsugi's technology to our business. That's why we included an IP sharing agreement and commercial partnership in our investment, which will enable us to explore ways we can apply their technology to our market opportunity while expediting and enhancing our AI road map.

我們確實看到了將 Kintsugi 技術元素應用到我們業務中的機會。這就是為什麼我們在投資中加入了智慧財產權共享協議和商業合作夥伴關係，這將使我們能夠探索如何將他們的技術應用於我們的市場機會，同時加快和增強我們的人工智慧路線圖。

In summary, it was a good quarter with results in line with our expectations. We continue to see a strong market for indirect tax technology and no change in buyer behavior, and we are optimistic about the balance of 2025.

總而言之，這是一個好的季度，業績符合我們的預期。我們繼續看到間接稅技術市場強勁，買家行為沒有變化，我們對 2025 年的平衡持樂觀態度。

As highlighted at Investor Day, Vertex is a resilient business. Over the past several decades, our revenue has never decreased from one year to the next, even during severe recessionary periods. This is because in volatile economic times, taxing authorities lean into audit and enforcement to replace revenue that is lost due to lack of economic growth.

正如投資者日所強調的那樣，Vertex 是一家具有韌性的企業。過去幾十年來，即使在嚴重的經濟衰退時期，我們的收入也從未減少。這是因為在經濟動盪時期，稅務機關依賴審計和執法來彌補因經濟成長不足而損失的收入。

In turn, audit and enforcement actions highlight the need for companies that are using homegrown solutions to adopt a more automated solution that can scale like Vertex.

反過來，審計和執法行動凸顯了使用自主研發解決方案的公司需要採用像 Vertex 一樣可擴展的更自動化的解決方案。

Another benefit our customers enjoy is the confidence that comes from using Vertex solutions. When a taxing authority audits one of our customers, they have a full audit trail to defend their compliance results. More importantly, they have the ability to find errors before they submit them, helping our customers head off an audit right from the start.

我們的客戶享受到的另一個好處是使用 Vertex 解決方案所帶來的信心。當稅務機關審計我們的某個客戶時，他們有完整的審計追蹤來保證他們的合規結果。更重要的是，他們有能力在提交之前發現錯誤，幫助我們的客戶從一開始就避免審計。

And while audit enforcement is one of the persistent tailwinds we've seen throughout our 47-year history serving the enterprise sector with our indirect tax solutions, it's just one of several. The ongoing cloud migration cycle, which is driven by ERP providers, cloud initiatives, is expected to fuel growth for the next several years.

儘管審計執法是我們透過間接稅解決方案為企業部門服務的 47 年歷史中所見的持續順風之一，但它只是其中之一。由 ERP 供應商和雲端計畫推動的持續雲端遷移週期預計將推動未來幾年的成長。

As noted at Investor Day, we see this as a major opportunity. We believe we are extremely well-positioned to benefit as enterprises that are using homegrown tax solutions migrate to the cloud and their homegrown solutions, which are often based on legacy code are unable to function in the new modern infrastructure.

正如投資者日所指出的，我們認為這是一個重大機會。我們相信，隨著使用自主研發稅務解決方案的企業遷移到雲端，而其自主研發的解決方案（通常基於遺留代碼）無法在新的現代基礎設施中運行，我們將從中受益。

Another persistent tailwind is business change resulting from mergers and acquisitions, expanding into new geographies or opening up new business channels like omnichannel sales. Anytime there is change, there is added complexity for our customers to manage.

另一個持續的順風是由於併購、擴展到新地區或開闢全通路銷售等新業務管道而導致的業務變化。每當發生變化時，我們的客戶管理的複雜性就會增加。

As everyone has seen, the volatility in the macroeconomic environment is unprecedented. However, I am pleased with our first quarter results and our market opportunity. We have not seen elongated sales cycles or deal slippage at this point.

正如大家所看到的，宏觀經濟環境的波動是前所未有的。不過，我對我們的第一季業績和市場機會感到滿意。目前我們還沒有看到銷售週期延長或交易下滑的情況。

Our pipeline continues to grow, and that is something we will continue to monitor carefully as the year develops and companies and regulators adapt to the changing environment. John will now take us through the financials for Q1. John?

我們的產品線持續成長，隨著時間的推移以及公司和監管機構適應不斷變化的環境，我們將繼續密切關注這一點。約翰現在將向我們介紹第一季的財務狀況。約翰？

Thanks, David, and good morning, everyone. I will now review our first quarter financial results and provide guidance for the second quarter and full year of 2025. In the first quarter, revenue was $177.1 million, up 12.9% year-over-year. ecosio contributed $3.3 million of revenue during the quarter. Accordingly, on an organic basis, revenue was $173.8 million and revenue growth was 10.8%, in line with expectations for the quarter.

謝謝，大衛，大家早安。我現在將回顧我們第一季的財務業績，並為 2025 年第二季和全年提供指導。第一季營收1.771億美元，年增12.9%。 Ecosio在本季貢獻了330萬美元的營收。因此，以有機基礎計算，營收為 1.738 億美元，營收成長率為 10.8%，符合本季的預期。

Subscription revenue increased 14.4% period over period to $150.8 million. Services revenue grew 5.4% to $26.3 million. Our cloud revenue was $80.2 million, up 29.6% from last year's first quarter and ahead of our guidance for the full year. ecosio added about 3.5 points to cloud revenue growth. Our annual recurring revenue, or ARR, was $618.5 million at quarter end.

訂閱收入年增 14.4%，達到 1.508 億美元。服務收入成長 5.4% 至 2,630 萬美元。我們的雲端收入為 8,020 萬美元，較去年第一季成長 29.6%，高於我們對全年的預期。 ecosio 為雲端營收成長貢獻了約 3.5 個百分點。截至季末，我們的年度經常性收入（ARR）為 6.185 億美元。

ecosio added $8.1 million to ARR and Systax added $6.6 million. Excluding these amounts, organic ARR growth was 15.1%. Note that in the second quarter, we will lap the completion of the Systax acquisition. And accordingly, the Systax contribution will be included in our organic revenue growth going forward. In the third quarter, we will lap the ecosio acquisition.

ecosio 為 ARR 增加了 810 萬美元，Systax 增加了 660 萬美元。除這些金額外，有機 ARR 成長率為 15.1%。請注意，在第二季度，我們將完成 Systax 的收購。因此，Systax 的貢獻將納入我們未來的有機收入成長。第三季度，我們將完成對 ecosio 的收購。

Net revenue retention, or NRR, was 109% compared to 112% in last year's first quarter and 109% from the fourth quarter of 2024. Our gross revenue retention or GRR remained at 95% at quarter end within our targeted range of 94% to 96%.

淨收入保留率（NRR）為 109%，而去年第一季為 112%，2024 年第四季為 109%。我們的總收入保留率或 GRR 在季度末保持在 95%，處於我們 94% 至 96% 的目標範圍內。

Our average annual revenue per customer or AARPC for Vertex standalone was $140,943, up 14.1% from last year's first quarter. Including the impact of ecosio and Systax, AARPC was $126,534. For the remainder of the income statement, I will be referring to non-GAAP metrics.

Vertex 獨立的每位客戶或 AARPC 平均年收入為 140,943 美元，比去年第一季成長 14.1%。包括 ecosio 和 Systax 的影響，AARPC 為 126,534 美元。對於損益表的其餘部分，我將參考非 GAAP 指標。

These non-GAAP metrics are reconciled to GAAP results in this morning's earnings press release. Gross profit for the first quarter was $132.8 million, and gross margin was 75%. This compares with gross profit of $113.7 million and 72.5% gross margin in the same period last year.

這些非公認會計準則 (non-GAAP) 指標與今天上午的收益新聞稿中的公認會計準則 (GAAP) 結果相符。第一季毛利為1.328億美元，毛利率為75%。相較之下，去年同期的毛利為 1.137 億美元，毛利率為 72.5%。

Gross margin on subscription software revenue was 82.6% compared to 78.6% in last year's first quarter and 81.4% in the fourth quarter of 2024. And gross margin on our services was 31.1% compared to 40.5% in last year's first quarter and 37.6% in the fourth quarter of 2024. The decrease was driven by higher compensation expense in our MSO business as well as the inclusion of the ecosio services, which have lower margins.

訂閱軟體收入的毛利率為 82.6%，而去年第一季為 78.6%，2024 年第四季為 81.4%。我們服務的毛利率為 31.1%，而去年第一季為 40.5%，2024 年第四季為 37.6%。下降的原因是我們的 MSO 業務的薪資費用增加，以及利潤率較低的 ecosio 服務的納入。

Turning to operating expenses. In the first quarter, research and development expense was $16.5 million compared to $13.5 million last year. With capitalized software spend included, R&D spend was $37.3 million for the first quarter, which represents 21.1% of revenue.

談到營運費用。第一季研發費用為 1,650 萬美元，去年同期為 1,350 萬美元。如果計入資本化軟體支出，第一季的研發支出為 3,730 萬美元，佔營收的 21.1%。

Selling and marketing expense was $41.8 million or 23.6% of total revenues, an increase of $6.1 million and approximately 17.2% from the prior period. And general and administrative expense was $36.6 million, up $9 million from last year.

銷售和行銷費用為 4,180 萬美元，佔總收入的 23.6%，比上一期間增加 610 萬美元，增幅約為 17.2%。一般及行政開支為 3,660 萬美元，比去年增加 900 萬美元。

Our adjusted EBITDA was $37.2 million, an increase of $500,000 or 1.3% year over year and above the high end of our quarterly guidance. This favorable result was in part impacted by approximately $1 million to $2 million of expenses that were expected in the first quarter, but will be realized in the second quarter.

我們的調整後 EBITDA 為 3,720 萬美元，比去年同期增加 50 萬美元，增幅為 1.3%，高於我們季度預期的最高值。這一良好業績在一定程度上受到第一季預計的約 100 萬至 200 萬美元支出的影響，這些支出將在第二季實現。

In the first quarter, our operating cash flow was $14.8 million and free cash flow was a negative $12.3 million, in line with our seasonal cash flow patterns due to annual bonus payments that fall in March, higher payroll taxes that start at the beginning of the year and marketing expenses related to our sales kickoff.

在第一季度，我們的營運現金流為 1,480 萬美元，自由現金流為負 1,230 萬美元，這符合我們的季節性現金流模式，因為年度獎金發放在三月份，年初開始的工資稅較高，以及與銷售啟動相關的行銷費用。

In addition, the accelerated investments we mentioned on last quarter's call also impacted the first quarter cash flow. We ended the first quarter with over $270.4 million of unrestricted cash and cash equivalents. For additional liquidity, we also have $300 million of unused availability under our line of credit.

此外，我們在上個季度的電話會議上提到的加速投資也影響了第一季的現金流。第一季結束時，我們擁有超過 2.704 億美元的非限制現金和現金等價物。為了增加流動性，我們的信用額度下還有 3 億美元尚未使用。

And now turning to guidance. For the second quarter of 2025, we expect total revenue in the range of $182 million to $187 million, which would represent 14.5% year-over-year growth at the midpoint. And adjusted EBITDA is expected to be in the range of $35.5 million to $39.5 million, a slight decrease year over year at the midpoint.

現在轉向指導。對於 2025 年第二季度，我們預計總營收將在 1.82 億美元至 1.87 億美元之間，以中位數計算，這將比去年同期成長 14.5%。調整後的 EBITDA 預計在 3,550 萬美元至 3,950 萬美元之間，年比中位數略有下降。

The second quarter EBITDA range also reflects the accelerated AI investments and e-invoicing investments that were made and the $1.2 million mentioned earlier that were expected in Q1 but will be incurred in the second quarter.

第二季的 EBITDA 範圍也反映了加速的 AI 投資和電子發票投資，以及先前提到的預計在第一季發生但將在第二季發生的 120 萬美元。

Our full year 2025 guidance remains unchanged. As it has been our custom not to adjust full year guidance after one quarter of results, we continue to expect total revenue in the range of $760 million to $768 million, representing annual growth of 14.6% at the midpoint and adjusted EBITDA in the range of $161 million to $165 million, representing a year-over-year increase of $11 million at the midpoint and full year adjusted EBITDA margin of 21%. And full year cloud revenue growth is expected to be 28%. David will now make some closing comments before we open up for Q&A. David?

我們對 2025 年全年的預期保持不變。由於我們通常不會在一個季度的業績公佈後調整全年業績預期，因此我們繼續預計總收入將在 7.6 億美元至 7.68 億美元之間，按中間值計算，年增長率為 14.6%，調整後的 EBITDA 將在 1.61 億美元至 1.65 億美元之間，按中間值計算，年比 10 萬美元，預計全年雲端收入成長率為28%。在我們開始問答環節之前，大衛將做一些總結性的評論。戴維？

Thanks, John. In conclusion, it was a solid first quarter with financial results that were in line with our expectations for the quarter and strong progress on our long-term strategic initiatives, including e-invoicing and AI. Our view is that the market opportunity remains strong and the tailwinds that we expect to deliver consistent growth and profitability in the coming years are firmly in place.

謝謝，約翰。總而言之，第一季表現穩健，財務表現符合我們對本季的預期，我們的長期策略計畫（包括電子發票和人工智慧）取得了強勁進展。我們認為，市場機會依然強勁，我們預計未來幾年將帶來持續成長和獲利的順風因素已經牢固確立。

I also want to reiterate that we have seen no signs of a change to buyer behavior or any indication of a slowdown in indirect tax momentum from our vantage point. Accordingly, we continue to expect financial momentum to build throughout the balance of 2025 as our financial guidance reflects. With that, we will take your questions.

我還想重申，從我們的角度來看，我們沒有看到任何購買者行為改變的跡象，也沒有看到任何間接稅勢頭放緩的跡象。因此，正如我們的財務指導所反映的那樣，我們繼續預計財務動能將在 2025 年全年增強。我們將回答您的問題。

(Operator Instructions)

（操作員指示）

Joshua Reilly, Needham.

約書亞‧賴利 (Joshua Reilly)，尼德姆。

It seems that you've been highlighting more recently some larger customers who had homegrown solutions who are converting to a packaged software solution like Vertex. Can you just give us a sense, is there anything going on in terms of product or feedback from those customers, why now is the time to be migrating to a packaged software solution?

似乎您最近一直在強調一些擁有自主開發解決方案的大客戶正在轉向像 Vertex 這樣的打包軟體解決方案。您能否告訴我們，在產品或客戶回饋方面有什麼進展嗎？為什麼現在是遷移到打包軟體解決方案的時候了？

Yeah, Josh, that's a very good question. I think that two things are happening. I think, one, as e-invoicing is a growing problem for global organizations, they're starting to adopt a mindset of, I need to be more future-ready for the constant change that's coming at me.

是的，喬希，這是一個非常好的問題。我認為有兩件事正在發生。我認為，首先，由於電子發票對全球組織來說是一個日益嚴重的問題，他們開始採取這樣一種思維方式：我需要為即將到來的不斷變化做更多的準備。

And the point solution spreadsheet and manual efforts that they've been living on are getting harder and harder to sustain given the pace of regulatory change. There were hundreds of e-invoicing changes within approved systems already last year, meaning the governments are continuing to change the rules as they look for more revenue. And so I think that's one big driver.

鑑於監管變化的速度，他們所依賴的點解決方案電子表格和手動工作變得越來越難以維持。去年，已批准的系統內已有數百項電子發票變更，這意味著政府正在繼續改變規則以尋求更多收入。所以我認為這是一個重要的驅動因素。

And then I think the other one is the continued audit pressure that customers are feeling. When they combine those two, I think they're just starting to wake up to this, solid at a point solution basis is just not sustainable. And so we're seeing to have different conversations.

然後我認為另一個是客戶感受到的持續審計壓力。當他們將這兩者結合起來時，我認為他們才剛開始意識到這一點，單一點解決方案的基礎是不可持續的。因此我們看到了不同的對話。

And then I would add to the fact that now that we have e-invoicing, we really have a great complete end-to-end suite from determination through to audit support, all the way including e-invoicing and compliance. And I think when you look at all that together, it just gives customers a real pause to say, how long can I stay where I'm at.

然後我想補充一點，現在我們有了電子發票，我們確實擁有一個完整的端到端套件，從確定到審計支持，一直包括電子發票和合規性。我認為，當你把所有這些因素綜合起來看時，顧客就會真正停下來思考，我還能待在原地多久。

Got it. That's helpful. And then the direct customers did decline sequentially. Can you help us understand, is there just some more low-end customers with like really low ARPUs that are coming out of the model there?

知道了。這很有幫助。然後直接客戶數量確實連續下降。您能否幫助我們理解一下，是否存在一些 ARPU 值非常低的低端客戶從該模型中脫穎而出？

Yeah, Josh, thanks for the question. You hit right on it. I think what we've seen and we've seen in the past, and we continue to see this quarter was some of the lower-end customers sort of migrating away from us. Again, if you take a look at our GRR continues to remain rock solid at 95%.

是的，喬希，謝謝你的提問。你猜對了。我認為，我們已經看到、過去也看到過，而本季我們繼續看到的是，一些低端客戶正在遠離我們。再說一次，如果你看一下我們的 GRR，它仍然穩固地保持在 95%。

Our big focus is really on those scaled customers. And you can see we had a really good quarter from a scaled customer perspective, growing at about 15%. So that's really our main focus. There'll be some noise here with some of the direct fallout at the low end. But I think, again, our focus is really on those scaled customers. But thank you very much for the question.

我們的重點確實在於那些規模化客戶。從規模客戶的角度來看，您可以看到我們這個季度表現非常好，成長率約為 15%。所以這確實是我們關注的重點。這裡會有一些噪音，其中一些是低端的直接影響。但我認為，我們的重點確實在於那些規模客戶。但非常感謝您的提問。

Chris Quintero, Morgan Stanley.

摩根士丹利的克里斯昆特羅。

I wanted to hit on the macro and what you're seeing out there. Really great to hear that there's no change in the buyer behavior. But just curious like from your perspective, why you think you're not seeing that macro volatility show up in the model? And is the kind of conversation at all having any type of impact on kind of indirect tax type of priorities for organizations given the volatility out there?

我想談談宏觀問題以及你們所看到的東西。很高興聽到買家行為沒有改變。但只是好奇，從您的角度來看，為什麼您認為您沒有在模型中看到宏觀波動的出現？考慮到目前的波動性，這種對話是否會對組織的間接稅優先事項產生任何影響？

No, Chris, I think it's a couple of reasons. I think one is we just continue to track well to the SAP activity that SAP reports as an example. So I think one thing that we're just continuing to see that tax is moving, as I noted in the previous question, with e-invoicing now rising as a new mandate, it's just rising higher in the strategic discussions that customers are having as they're moving to the cloud of how are we going to stay ahead of this. And so I think that's reason number one.

不，克里斯，我認為有幾個原因。我認為，一是我們只是繼續很好地追蹤 SAP 報告的 SAP 活動。因此，我認為我們不斷看到的一件事是稅收在變化，正如我在上一個問題中提到的那樣，隨著電子發票現在成為一項新規定，在客戶轉向雲端時，他們在進行戰略討論時，關於我們如何保持領先地位的問題也越來越受到重視。所以我認為這是第一個原因。

I think the reason number two is we had a nice diverse set of wins across the ecosystems that we highlighted this quarter. And I think our continued investment in channel and particularly with Microsoft and the work we're doing with Azure and the TCS solution we brought for Dynamics that we built for Dynamics, all is supporting the diversity of growth for us that I think continues to help in our pipeline build.

我認為第二個原因是我們在本季強調的各個生態系統中取得了一系列多樣化的勝利。我認為，我們對通路的持續投資，特別是與微軟的投資，以及我們在 Azure 上所做的工作，以及我們為 Dynamics 建置的 TCS 解決方案，都支援了我們的成長多樣性，我認為這將繼續幫助我們建立管道。

Got it. That's helpful, David. And then I want to follow up on Kintsugi, really interesting deal there. But I'm curious like where is that kind of technology from your perspective, the most applicable within the Vertex tax business? I know you all have some SMB customers as well as the indirect channels, so just curious how applicable that can be to your business in what areas?

知道了。這很有幫助，大衛。然後我想跟進一下金繕 (Kintsugi)，這確實是一項有趣的交易。但我很好奇，從您的角度來看，這種技術最適用於 Vertex 稅務業務嗎？我知道你們都有一些 SMB 客戶以及間接管道，所以我很好奇這對你們的業務在哪些方面有多大適用性？

Yeah, Chris. We're looking at it from two dimensions, both commercial, which we have a commercial discussions with them as part of the investment we made and then the IP. And on the commercial side, I mean, things like what John was highlighting at the low end where we see attrition from time to time, even though it doesn't impact GRR, they may be a really nice landing area that we'll actually be able to participate in that going forward.

是的，克里斯。我們從兩個角度來看這個問題，一個是商業角度，我們與他們進行商業討論，作為我們投資的一部分，然後是智慧財產權。在商業方面，我的意思是，像約翰所強調的低端領域，我們時不時會看到人員流失，儘管這不會影響 GRR，但它們可能是一個非常好的著陸區，我們實際上將能夠參與其中。

And so we're going to work on that with them for some of those customers that are really in their sweet spot. I think the other thing is in some of the marketplaces and all that we get to work commercially, the marketplace that we're serving is the large client, but there's a lot of much smaller companies that sell into that marketplace that we may now have a pass-through solution to bring to market.

因此，我們將與他們一起努力，為那些真正需要幫助的客戶提供幫助。我認為另一件事是，在一些市場以及我們開展的所有商業工作中，我們服務的市場是大客戶，但也有很多小公司在該市場銷售產品，我們現在可能有一個直通解決方案來推向市場。

Kintsugi has done an amazing job inside of the Shopify ecosystem at the real low end of the market. They're taking share from competitors in the SMB space in there. And I think -- so it could be a nice marriage of the two from that perspective.

Kintsugi 在 Shopify 生態系統中，在真正的低端市場中做出了令人驚嘆的工作。他們正在從 SMB 領域的競爭對手手中搶奪市場份額。我認為——從這個角度來看，這可能是兩者的完美結合。

I think on the IP side, we're certainly going to be looking at some of the things they've done on putting AI across the workflow. That's an area we're investing in with our AI. And I think they've got some thinking that they've developed as it flows across the end-to-end workflow that we're intrigued by. So those are like the early parts of diligence that have us really excited. And the team is just phenomenal there. They are some of the smartest people I've had a chance to work with in the AI space.

我認為在 IP 方面，我們肯定會關注他們在將 AI 應用於工作流程方面所做的一些事情。這是我們利用人工智慧進行投資的領域。我認為他們在端到端工作流程中已經形成了一些想法，我們對此很感興趣。所以這些都是盡職調查的早期部分，讓我們感到非常興奮。那裡的團隊非常出色。他們是我在人工智慧領域有幸共事過的最聰明的人。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當·霍奇基斯。

David, we've seen some of your competitors talk about tariff-related products. Could you just remind us what your solutions are on the tariff side? Is this a dedicated product you guys offer? Is this functionality within your broader platform? And have the tariff conversations impacted your pipeline in a positive way at all given what you're able to do on the tax side?

大衛，我們看到你們的一些競爭對手談論與關稅相關的產品。您能否提醒我們一下您在關稅方面有什麼解決方案？這是你們提供的專用產品嗎？此功能是否在您的更廣泛的平台內？考慮到您在稅收方面所能做的事情，關稅談判是否對您的管道產生了積極影響？

Yeah. I appreciate it, Adam. I think the tariff is more of an income tax-related thing directly. So it's not an offering we focus on just being an indirect tax provider. There's no immediate economic opportunity for us on that.

是的。我很感激，亞當。我認為關稅更多的是與所得稅直接相關的事情。因此，我們不僅僅專注於提供間接稅服務。這對我們來說沒有直接的經濟機會。

What's happening to us and where the conversations are really going is more around as customers rethink supply chains, they're having to deal with maybe new e-invoice mandates and new VAT compliance regimes that they didn't previously have to comply with.

我們正在發生的事情以及對話的真正方向更多是圍繞著客戶重新思考供應鏈，他們不得不處理以前不必遵守的新的電子發票授權和新的增值稅合規制度。

So they may have had a very mature supply chain that was stable and they had compliance perfected across the four or five countries that they were pulling their supplies from. And now they're going to maybe six or seven new countries given the diversity that they're trying to navigate through the tariff war. And that has led to discussions more about e-invoicing in VVC.

因此，他們可能擁有非常成熟和穩定的供應鏈，並且其供應來源的四、五個國家的合規性都十分完善。現在，考慮到他們試圖在關稅戰中應對的多樣性問題，他們可能要去六、七個新的國家。這引發了更多關於 VVC 電子發票的討論。

So that's more where it shows up as an indirect complement to our opportunity as opposed to we have a tariff solution, and we can help you manage that directly because it's really much more of an income tax-driven requirement.

因此，與我們的關稅解決方案相比，它更多地表現為對我們的機會的間接補充，我們可以幫助您直接管理它，因為它實際上更多的是所得稅驅動的要求。

No, that completely makes sense. I appreciate the clarification and detail. And then your consolidated ecosio product went general availability. How has that gone versus your expectations? And then maybe re-highlight for folks what technically is different with the new GA product versus what ecosio's product was prior to that?

不，這完全有道理。我很感謝您的澄清和詳細說明。然後，您的整合式 ecosio 產品便開始全面上市。與您的預期相比，情況如何？然後也許再次向人們強調一下新的 GA 產品與先前 ecosio 產品在技術上有何不同？

Yeah, sure. So ecosio prior -- just answering in reverse order there, ecosio prior was just the CTC compliant and the EDI. They have a really strong EDI foundation, which is actually essential because it gives them the incredible scalability of transaction processing that our large customers are going to require. We went live general availability near the end of March. And what excites me there is -- the team is already being able to go out and start generating.

是的，當然。因此，ecosio prior - 只是以相反的順序回答，ecosio prior 只是符合 CTC 和 EDI。他們擁有非常強大的 EDI 基礎，這實際上至關重要，因為它為他們提供了我們的大客戶所需的交易處理的令人難以置信的可擴展性。我們於三月底正式上線。令我興奮的是——團隊已經能夠出去並開始創造成果了。

We've had a number of -- we picked up a number of really talented people who have joined our firm since we launched our solution that were part of other e-invoicing providers, and they've come because they love our customer base and the story we can tell.

自從我們推出解決方案以來，我們招募了許多真正有才華的人才加入我們公司，他們來自其他電子發票提供商，他們之所以加入是因為他們喜歡我們的客戶群和我們的故事。

By merging -- and the differentiation is by merging the VVC solution with the e-invoicing, so VVC is our VAT compliance with their, the ecosio e-invoicing, you now have a seamless process that goes from real-time filing, continuous transaction controls to periodic transaction controls or the VAT return that you file at the end of the period.

透過合併——區別在於將 VVC 解決方案與電子發票合併，因此 VVC 是我們的增值稅合規性，透過 ecosio 電子發票，您現在擁有一個無縫的流程，從即時歸檔、連續交易控製到定期交易控製或您在期末提交的增值稅申報表。

And the ability to reconcile -- one of the hardest challenges customers have currently is, I use somebody for my e-invoicing, I have to then take that information and reconcile with what I file in my VAT return.

而核對的能力——客戶目前面臨的最困難的挑戰之一是，我使用某人來開具我的電子發票，然後我必須獲取該資訊並將其與我在增值稅申報表中提交的內容進行核對。

And that's complex and it leads to errors and you identify problems after the fact. By putting them together, the customer can actually see where there's problems upfront. So that's a big advantage for us.

這很複雜，會導致錯誤，而且你只能在事後才發現問題。透過將它們放在一起，客戶實際上可以預先看到問題所在。這對我們來說是一個很大的優勢。

Also the fact that we build connectors into our long-term ERP partners and allowing us to reach into the ERP system because of the deep integration knowledge we have about how to integrate into SAP that we've built for years with our determination engine, we're able to leverage that to touch the invoice attributes that we need in the various jurisdictions. So I think those are the two very large differentiators right now we're seeing in the market. And I'm very encouraged by the team that's joined us in the pipeline we're starting to build.

此外，我們與長期 ERP 合作夥伴建立了連接器，並允許我們進入 ERP 系統，因為我們對如何整合到 SAP 方面擁有深厚的整合知識，這些知識是我們多年來使用確定引擎構建的，我們能夠利用這些知識來觸及我們在各個司法管轄區所需的發票屬性。所以我認為這是我們目前在市場上看到的兩個非常大的差異因素。我對加入我們並開始建立的團隊感到非常鼓舞。

Steve Enders, Citigroup.

花旗集團的史蒂夫恩德斯。

This is George Kurosawa on for Steve. Maybe just first to start on the SAP ecosystem, a big focus for the business, highlighted a lot of the Investor Day. If you could talk about how deal volumes came in, in the quarter within that ecosystem and how you guys are feeling about pipeline for the rest of the year?

這是喬治·黑澤明為史蒂夫表演的節目。也許只是先從 SAP 生態系統開始，這是業務的一大焦點，也是投資者日的一大亮點。您能否談談該生態系統本季的交易量情況，以及您對今年剩餘時間的管道有何看法？

Sure, George. Happy to connect with you. Right now, we -- as I said, I think we really see us tracking well to SAP's activity. They had a very solid quarter of performance, and I think we saw good pipeline growth as a result of that. We continue to expand our efforts with the SAP sales teams in Europe and in the US, and that has -- that is continuing to navigate nicely.

當然，喬治。很高興與您聯繫。現在，正如我所說，我認為我們確實看到我們很好地追蹤了 SAP 的活動。他們本季的業績非常穩健，我認為我們因此看到了良好的通路成長。我們繼續擴大與歐洲和美國 SAP 銷售團隊的合作，並且進展順利。

And I'd be remiss if I didn't highlight the deep relationships we enjoy with the ecosystem partners that are doing the implementations of the big four and others. They are a critical reference point in the process. And so the combination of the three is all working well. I haven't seen any lack of constructiveness if you would, to the way that's built quarter over quarter.

如果我不強調我們與實施四大巨頭和其他公司的生態系統合作夥伴之間的深厚關係，那我就是失職了。它們是該過程中的關鍵參考點。所以三者的結合效果很好。如果你願意的話，我沒有看到任何缺乏建設性的情況，這是逐季推進的。

Okay. That's great color. And then maybe kind of a modeling question here on the delta between sub revenue versus ARR sub revenue, little bit of a deceleration down sequentially versus ARR actually accelerating a bit. Maybe if you could just help us, is there anything maybe timing related when deals went live or true-up revenue or anything else we should kind of keep in mind there?

好的。顏色真棒。然後，這裡可能存在一個關於子收入與 ARR 子收入之間的差異的建模問題，該差異會按順序稍微減速，而 ARR 實際上會加速一點。也許您能幫助我們，當交易生效或實際收入或其他任何我們應該記住的事情時，是否有任何與時間有關的事情？

Yeah. Thanks for the question, George. There was really nothing in this quarter's revenue that was out of the norm. Again, we continue to see, obviously, ARR being the leading indicator of revenue as we move forward. But there weren't any significant true-ups in the quarter above our normal level that we typically see that I would call out.

是的。謝謝你的提問，喬治。本季的營收確實沒有什麼異常。再次，我們顯然會繼續看到，隨著我們不斷前進，ARR 將成為收入的領先指標。但本季並沒有出現我們通常會看到的、高於正常水平的顯著變化。

So there was nothing really driving -- anything anomalous driving any of the change there in the numbers you pointed out.

因此，實際上並沒有什麼因素——任何異常因素導致了您所指出的數字改變。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Could you talk about how the competitive environment in e-invoicing comparison contrast to maybe your core indirect tax market? And has there been any impacted deals as a result of ecosio not having as broad of country coverage as others in the market? Or does it already have kind of the sufficient coverage for the deals that are coming up today?

您能否談談電子發票比較的競爭環境與您核心的間接稅市場相比有何不同？由於 Ecosio 的國家覆蓋範圍不如市場上其他公司廣泛，是否對交易產生了影響？或者它已經對今天即將發生的交易提供了足夠的報告？

Yeah, Jake, really good question. So I think it starts with most providers in the market are just e-invoicing. They don't have that compliance as core to the DNA of their company. So they're an e-invoicing organization. The company we did try to buy that we walked away from all they did was e-invoicing.

是的，傑克，這個問題問得真好。因此我認為首先市場上的大多數供應商都只是提供電子發票。他們並沒有將合規性作為公司 DNA 的核心。所以他們是電子發票組織。我們確實嘗試收購一家公司，但是我們放棄了，因為他們所做的就是電子發票。

They didn't have that compliance as an example, and they certainly haven't merged the two together the way we have. So that's one big difference here, a lot of point solutions that just do the invoicing but they don't do both, and they certainly don't do them together in a reconciled approach.

他們沒有以這種合規性為例，當然也沒有像我們一樣將兩者融合在一起。所以這是一個很大的區別，很多點解決方案只進行發票處理，但不會同時進行這兩項工作，而且它們肯定不會以協調的方式同時進行這兩項工作。

So I think that's point number one. I think point number two is the interest in it and the approach to the e-invoicing is really around -- I want to say this best, the competition is really looking at how do I factor this into being ready for across-the-board compliance. So the countries that we have are all the current countries that they're most concerned about.

我認為這是第一點。我認為第二點是人們對它的興趣以及電子發票方法的真正所在——我想說得最好，競爭對手真正關心的是如何將其納入全面合規的準備中。所以我們所擁有的國家都是他們目前最關心的國家。

As we alluded in the Investor Day, they're typically going to start with just a few countries, they're going to adopt three or four, and then they're going to roll out because it's a complex process to go. So nobody is going to say, hey, I need all 50 countries right up front.

正如我們在投資者日提到的那樣，他們通常會從幾個國家開始，採用三到四個國家，然後再推廣，因為這是一個複雜的過程。所以沒有人會說，嘿，我需要所有 50 個國家都參與。

We've got the major economies. We've got France and Germany in line as they're coming on in '26 and '27. So we're well positioned to handle the big economies, and that's not going to be a reason we're not going to compete in this market.

我們擁有主要經濟體。法國和德國也已加入其中，他們將於 26 年和 27 年加入。因此，我們有能力應對大型經濟體，但這並不是我們不在這個市場上競爭的理由。

Okay. That's really helpful. And then just from a macro perspective, you all obviously have more of a consumption-oriented model based on the transactions that are rolling through your platform. Sounds like deal flow and pipeline have been really steady thus far, but is there any way to think about kind of the potential impact to your model if transactions were to start to slow?

好的。這真的很有幫助。然後從宏觀角度來看，你們顯然都擁有基於平台上交易的更多以消費為導向的模式。聽起來到目前為止交易流和管道一直很穩定，但如果交易開始放緩，有什麼方法可以考慮對您的模型的潛在影響嗎？

So maybe just a point of clarity on that, Jake. So I think we are revenue priced for our core transaction processing engine Vertex O Series as we describe it in the market. That's based on revenue bands.

所以也許只是對此澄清一下，傑克。因此，我認為我們的核心交易處理引擎 Vertex O 系列的收入定價與我們在市場上的描述一致。這是基於收入範圍的。

And we do -- the bands are pretty wide, and it doesn't typically experience anything in a downturn that would cause us -- the bands are wide enough that even if a customer were to slow down by 10% of their total revenue, it's probably not going to fall out of the band that would be revenue. The only area that we are pure transaction pricing is actually in this new area of e-invoicing, and so obviously, we're new to the game there, and that hasn't -- we haven't seen the input.

而且我們確實如此——這些區間相當寬，而且在經濟低迷時期通常不會出現任何可能導致我們受到影響的情況——這些區間足夠寬，即使客戶的總收入減少 10%，也可能不會超出收入區間。我們唯一進行純粹交易定價的領域實際上是電子發票這個新領域，所以顯然，我們對這個領域還很陌生，而且我們還沒有看到投入。

The good news is the customers we're going to work with in that space are the largest companies in the world, which means they have the most invoices.

好消息是，我們將在該領域合作的客戶是世界上最大的公司，這意味著他們擁有最多的發票。

Daniel Jester, BMO Capital.

丹尼爾·傑斯特（Daniel Jester），BMO Capital。

This is Kyle Aberasturi on for Dan Jester. Can you discuss what you're seeing in terms of new logo growth? Anything in terms of the composition of enterprise versus mid-market would be helpful.

這是 Kyle Aberasturi 為 Dan Jester 所做的報導。您能談談您對新標誌發展的看法嗎？關於企業與中端市場的組成的任何資訊都會有所幫助。

Yeah. We saw in the quarter a solid diversity of growth across -- in new logos across all of the key ecosystems that we're targeting. I would say, by nature, the SAP ones tend to be our scale customers coming out of the blocks, largely the same for Oracle.

是的。我們在本季度看到了穩健的多樣化成長——我們所針對的所有關鍵生態系統中的新標誌都呈現出多樣化成長。我想說，從本質上來說，SAP 往往是我們規模較大的客戶，Oracle 的情況也大致如此。

What's been interesting for us is we've had some nice wins in Microsoft of late that we've highlighted that have actually been scaled customers coming out of the block. But I would say in the Microsoft Dynamics ecosystem, that's where we're going to probably see less of the scaled customers coming out of the block.

對我們來說有趣的是，我們最近在微軟取得了一些不錯的勝利，我們強調這些勝利實際上已經擴大了客戶規模。但我想說，在 Microsoft Dynamics 生態系統中，我們可能會看到較少的規模化客戶湧現。

All that means is typically, remember, our motion is the land and expand motion, which means they are a customer that may only need an $80,000 determination engine to start. But then as they continue to evolve and grow, they will grow into a scale customer by buying more of our products over time. And I would say still the preponderance of our wins are in the enterprise market that typical $500 million and above type market and then less or so in the mid-market.

請記住，這通常意味著我們的行動是土地和擴張行動，這意味著他們可能只需要 80,000 美元的決心引擎即可啟動的客戶。但隨著他們不斷發展和成長，他們會隨著時間的推移購買我們更多的產品，從而成長為規模客戶。我想說的是，我們的勝利主要集中在企業市場，也就是典型的 5 億美元及以上的市場，其次是中型市場。

Great. And then it looks like a fairly strong quarter for software gross margin. Anything specific to call out there, how we should think about this rate going forward?

偉大的。那麼這個季度的軟體毛利率看起來相當強勁。有什麼具體需要指出的嗎？我們該如何看待未來的這項利率？

Yeah, nothing specific to call out in terms of any drivers that were in there that are kind of onetime in nature or anything. But I think we've had strong performance. We continue to see leverage in the business. Again, I'm a little bit cautious with respect to whether that's going to continue throughout the rest of the year. So I feel like we have achieved the results we would have expected to see.

是的，沒有什麼特別需要指出的，例如有哪些司機是一次性的等等。但我認為我們的表現非常出色。我們繼續看到業務中的槓桿作用。再次，我對這種情況是否會在今年剩餘時間持續下去持謹慎態度。所以我覺得我們已經取得了我們期望看到的結果。

We are seeing good synergy amongst a lot of the activity that's there. But I wouldn't say anything to start moving everything -- changing everything to that higher rate on a go-forward basis for the longest terms.

我們看到那裡的許多活動之間存在著良好的協同作用。但我不會說要開始改變一切——在最長期限內將所有一切都改變為更高的利率。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

David, I want to follow-up on that nice new customer success. New logos are making up a bigger piece of ARR growth the last couple of quarters. What are you seeing in terms of win rates on those new opportunities versus maybe one to two years ago? And then any change in the mix of those new logo bookings that are coming from a vended indirect tax kind of takeaway versus kind of the manual or native ERP usage previously.

大衛，我想跟進那位新客戶的成功案例。過去幾個季度，新標誌對 ARR 成長的貢獻越來越大。與一兩年前相比，您認為這些新機會的成功率如何？然後，這些新標誌預訂的組合中是否存在任何變化，這些變化來自自動販賣的間接稅外賣，而不是以前的手動或本機 ERP 使用。

So I think in terms of the second question around competitive, I think we've consistently seen as businesses continue to grow in complexity, that tends to be the biggest opportunity for us to have takeaways from a competitor. I think the other thing that we've been gaining some traction in is the investment we've made in customer success and customer support.

因此，我認為就競爭的第二個問題而言，我認為我們一直認為，隨著業務複雜性的不斷增長，這往往是我們從競爭對手那裡獲得經驗的最大機會。我認為我們獲得關注的另一件事是我們在客戶成功和客戶支援方面所做的投資。

Enterprise customers are so complex, and they aren't easy. I mean I'm making no bones about it. They require a lot of attention, but we have really -- we've done a lot to get certifications around the quality of our support.

企業客戶非常複雜，而且並不容易。我的意思是我對此毫不掩飾。它們需要很多關注，但我們確實——我們已經做了很多工作來獲得有關我們支援品質的認證。

And I think if somebody stubs their toe competitively and how they're supporting a customer, we've been able to step in, and there are points where the customer just reads a tolerance level they're like they're going to move on, and we've seen a few of our wins when they're looking at a broader solution problem set with us saying, you know what, it's time to just leave the current vendor we're working with and move on to a new one.

我認為，如果有人在競爭中遇到困難，或者他們如何支持客戶，我們就可以介入，有些時候客戶只是讀到一個容忍度，他們就會繼續前進，我們已經看到了一些勝利，當他們看到我們更廣泛的解決方案問題時，他們會說，你知道嗎，是時候離開我們正在合作的當前供應商並轉向新的供應商了。

I think the new logo win rates, what I would say there is holding consistent in the core ecosystems that we compete in. Again, I really attribute a lot to the advisory community that really -- we've worked hard to enable and invest in, and they continue to support us.

我認為新標誌的成功率與我們所競爭的核心生態系統保持一致。再次強調，我非常感謝諮商界的努力和投入，他們也持續支持我們。

I think what I'm encouraged by is the investments we've made in Azure and in AI and in TCS, which is tax calculation services for the Dynamics community, Microsoft has responded very well to that in the Microsoft community. And I think we're building a nice brand in that space that is working to our favor in some of our new logo wins.

我認為令我感到鼓舞的是，我們在 Azure、AI 和 TCS（為 Dynamics 社群提供的稅務運算服務）方面所做的投資，微軟在微軟社群中對此做出了非常好的回應。我認為我們正在該領域打造一個很好的品牌，這對我們贏得一些新標誌有利。

Okay. Great. John, maybe a follow-up for you. The implied license revenue looks down, like a bit more sequentially. Anything changed in terms of migration activity this quarter versus prior quarters? And what's kind of the migration activity embedded in the outlook for 2025?

好的。偉大的。約翰，也許可以跟進一下你的狀況。隱含授權收入看起來有所下降，就像連續下降一樣。與前幾季相比，本季的遷移活動有什麼變化嗎？2025 年的展望中將會出現什麼樣的移民活動？

No real change in the migration activity on a current quarter basis. Again, we've talked about that being that 2% to 4% roughly of our entire customer base on an annual basis. We haven't seen a change in that. We didn't see any differential in that in the second quarter. And even as we look out for the rest of the year, we don't see a big change coming from that.

本季的遷移活動沒有實際變化。再次，我們說過，這大約占我們整個客戶群的每年 2% 到 4%。我們還沒有看到這方面有任何變化。我們在第二季度沒有看到任何差異。即使我們展望今年剩餘時間的情況，我們也不認為會出現重大變化。

Again, we continue to see nice growth. But again, we don't see any big changes coming out of the migration activity. I think as you heard David say, the SAP ecosystem and the other ecosystems that we work with are certainly continuing to perform well, and we're seeing good pipeline there. So nothing to call out specifically.

我們再次看到良好的成長動能。但我們再次沒有看到遷移活動帶來任何重大變化。我認為正如您所聽到的 David 所說，SAP 生態系統和我們合作的其他生態系統肯定繼續表現良好，並且我們在那裡看到了良好的管道。所以沒什麼好特別指出的。

Will Jellison, D.A. Davidson.

傑利森、D.A.戴維森。

The first one, David, for you. This is the second consecutive quarter now where we've seen incremental capital committed to AI-related investments in the business. I'm curious to get a refresh perspective on whether that's been catalyzed by things you've seen in the competitive environment or positive feedback that's giving you encouragement to step on the gas or anything else that you've seen?

第一個，大衛，給你。這是我們連續第二季看到對業務中與人工智慧相關的投資的增量資本。我很好奇，想從新的角度看看，這是否是由您在競爭環境中看到的事情所催化的，或者是積極的反饋，鼓勵您加大油門，或者您所看到的其他任何事情？

Yeah, a really good question because it's super strategic to our future. I would say the -- we do -- the bulk of our AI strategy is heavily tied to the feedback we get from our customers and partners about the opportunities they see core to our strategy has been to create a unified data structure underneath the end-to-end workflow of tax, such that customers would have confidence in the tax data that they could apply AI to. AI is only -- as you know -- we all know AI is only great if it's on data that you have confidence in.

是的，這是一個非常好的問題，因為它對我們的未來具有戰略意義。我想說的是——我們確實如此——我們的人工智慧策略的大部分內容與我們從客戶和合作夥伴那裡獲得的反饋密切相關，他們從中看到了我們策略的核心機會，即在端到端稅收工作流程下創建一個統一的數據結構，這樣客戶就會對可以應用人工智慧的稅收數據充滿信心。人工智慧只是——正如你所知——我們都知道，只有當你信任數據時，人工智慧才會很棒。

And so having some of the purpose-built capabilities that we're now bringing to market around like smart categorization that feed into our data model tied to our tax content, again, where the customers have enormous confidence in the data, they're able to start talking to us about use cases and partners are looking at it and saying, we can develop use cases together where we can deploy AI.

因此，我們現在將一些專用功能推向市場，例如智慧分類，這些功能可以輸入與稅務內容相關的資料模型，同樣，客戶對資料非常有信心，他們可以開始與我們討論用例，合作夥伴也在研究它並說，我們可以一起開發可以部署人工智慧的用例。

And just a point of clarity on your opening comment, the $10 million to $12 million that John highlighted as investment is not just in the quarter, it's actually just spread throughout the year. It's not just a single quarter.

需要澄清的是，您開場白中的一點是，約翰強調的 1000 萬至 1200 萬美元的投資並不僅限於本季度，而是實際上分佈在全年。這不僅僅是一個季度的問題。

John highlighted it, but I don't want to confuse anyone that we put all that to work in the first quarter. That's spread throughout. The new investment in Kintsugi is an exciting one, really driven by some innovation they're doing and, again, some of the commercial opportunities I highlighted earlier on the call here, around what we think we can do with that team.

約翰強調了這一點，但我不想讓任何人感到困惑，我們在第一季就把所有這些都投入了工作。這已經傳遍了。對 Kintsugi 的新投資令人興奮，這實際上是由他們正在進行的一些創新以及我之前在電話會議上強調的一些商業機會所驅動，圍繞著我們認為我們可以與該團隊合作做些什麼。

That's just a really great team, and they can fit well around some of the edges of our base where we don't -- where there's no obvious solution that we've ended up with the customers and I think the Kintsugi team is going to be able to come in and do some nice things.

這真是一個很棒的團隊，他們可以很好地適應我們基地的一些邊緣，而我們沒有找到明顯的解決方案，最終我們與客戶達成了一致，我認為 Kintsugi 團隊將能夠加入並做一些好事。

Great. And then as a follow-up to that, as you went through the first quarter of deploying that incremental [10 to 12] across the whole year, any early learnings or pieces of positive feedback that are worth sharing from those investments thus far?

偉大的。然後作為後續行動，當您在全年第一季部署增量 [10 到 12] 項投資時，到目前為止，這些投資有什麼早期經驗或正面回饋值得分享嗎？

We had a number of design partners lean in and say they want to be a part of it. Obviously, customers are pushing us to go faster in terms of teach the model for my categories of -- so we started in some of the most complex ones around retail and grocery, which are some of the most complex things from an indirect tax perspective.

我們有許多設計合作夥伴表示他們希望參與其中。顯然，客戶正在敦促我們更快地教授我所屬類別的模型——因此，我們從零售和雜貨領域一些最複雜的領域開始，從間接稅的角度來看，這些是最複雜的領域。

But we've got -- I'm here in Prague right now at our EU customer conference, and some of the largest heavy equipment manufacturers in the world here in the European community are like, when are you going to get to our side of the equation and get some other lines and categories of products that you could help us classify. So I think more it's a question of how fast can you train the model in a way that we're going to have confidence is part of the key feedback. We're just being really thoughtful because nobody wants to get tax wrong.

但是，我現在正在布拉格參加歐盟客戶會議，歐洲社區中一些世界上最大的重型設備製造商問我們，你們什麼時候才能加入我們，提供一些其他產品線和產品類別，以便我們進行分類。因此我認為更重要的是你能多快地訓練模型，以便我們有信心這是關鍵回饋的一部分。我們真的很深思熟慮，因為沒有人希望在稅務上出錯。

And so we really need to make sure that customers have confidence in the results we're producing. So we're trying to balance. But the feedback has been, sounds great, guys, go faster. That's candidly been the feedback because categorization is one of the hardest things they deal with, and it's a never-ending chase to stay current with their product categorizations -- their products as they continue to grow. And so that's probably the biggest one I would highlight as positive feedback.

因此，我們確實需要確保客戶對我們的成果有信心。因此我們正在努力保持平衡。但反饋是，聽起來很棒，夥計們，速度要快一些。坦白說，這是他們的反饋，因為分類是他們處理的最困難的事情之一，隨著他們的產品不斷發展，他們永無止境地追求跟上產品分類的步伐——他們的產品也在不斷增長。這可能是我要強調的最大的正面回饋。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

David, when you look at that Kintsugi strategic investment, you called out the presence that these guys have in relationship with Shopify. And I know that's something that came up also at the Analyst Day, you guys had, which was great. Just asking about as Shopify clearly is moving upmarket, the state of the relationships with Vertex there, so maybe just stepping back a little bit, can you talk about how you see Kintsugi influencing that relationship.

大衛，當您看到 Kintsugi 策略性投資時，您提到了這些人與 Shopify 的關係。我知道這也是分析師日上出現的問題，你們也提出類似的問題，這很棒。只是想問一下，由於 Shopify 顯然正在向高端市場邁進，您與 Vertex 的關係狀況如何，所以也許稍微退一步來說，您能否談談您如何看待 Kintsugi 對這種關係的影響。

You called out SMB currently, but there -- is there an opportunity for it to move upmarket towards what for you guys would be scaled customers? And how should we think about that potentially strengthening or solidifying the relationship with Shopify?

您目前呼籲中小企業，但它是否有機會向高端市場進軍，以吸引您認為規模化的客戶？我們應該如何看待這可能會加強或鞏固與 Shopify 的關係？

Very good question. And obviously, there's two very distinct markets. Shopify is an incredible community and they continue to do phenomenal in the SMB space and Kintsugi on their own has accelerated there. We enjoy a great relationship with Shopify, and I think this will strengthen it because we can serve them in a broader way, not that we don't own Kintsugi by any stretch, but we can help further consume these efforts inside of the Shopify ecosystem.

非常好的問題。顯然，這是兩個截然不同的市場。Shopify 是一個令人難以置信的社區，他們在 SMB 領域繼續表現出色，而 Kintsugi 自己也在那裡加速發展。我們與 Shopify 保持著良好的關係，我認為這將加強這種關係，因為我們可以以更廣泛的方式為他們服務，並不是說我們不擁有 Kintsugi，而是我們可以幫助在 Shopify 生態系統中進一步消耗這些努力。

Shopify's move upmarket has been very beneficial to us because we've landed some very large accounts that really just can't be served by AI alone as I had highlighted some of the challenges and the requirements that enterprise customers require.

Shopify 進入高端市場對我們非常有利，因為我們獲得了一些非常大的客戶，這些客戶實際上無法僅靠人工智慧來服務，正如我所強調的一些挑戰和企業客戶需要的要求。

So I actually think it's a wonderful complement to the conversation for us to have with Shopify. Obviously, the investment is new, but our relationship with Shopify is solid, and I look forward to, as we continue to work with the Kintsugi team, bringing a message to Shopify of how we can continue to support their growth.

因此，我實際上認為這是對我們與 Shopify 對話的絕佳補充。顯然，這項投資是新的，但我們與 Shopify 的關係是牢固的，我期待著，隨著我們繼續與 Kintsugi 團隊合作，向 Shopify 傳達我們如何繼續支持他們成長的訊息。

Okay. Super helpful. And then I had a quick follow-up. I guess one of the benefits of going late in the queue is I got a -- lot of good questions asked. I got a chance to look at some of your previous scripts just to match some things up here with what you guys just said.

好的。超有幫助。然後我進行了快速的跟進。我想排隊遲到的一個好處就是我會得到很多好問題。我有機會看了你之前的一些劇本，只是為了將這裡的一些內容與你們剛才說的內容相匹配。

And you called out Oracle a lot more, David, on today's call than you had previously. And I wondered if that was intentional. I know you guys have been saying that, hey, we are well prepared across many ecosystems, but it did seem like you certainly called out Oracle a little bit more right now, so I was wondering if that is correct and if you can touch on that a little bit.

大衛，在今天的電話會議上，你對甲骨文的批評比以前多得多。我不知道這是否是故意的。我知道你們一直在說，嘿，我們在許多生態系統中都做好了充分的準備，但現在看起來你確實對 Oracle 提出了更多質疑，所以我想知道這是否正確，你是否可以稍微談一下這一點。

We enjoy a great relationship with Oracle. I didn't call them out of -- quarter-to-quarter, we have unique wins. There may be takeaways from competitors or good stories to demonstrate the breadth and depth of our capabilities in the win story. And in this quarter, we were fortunate to have a number of wins in the Oracle community. I am thrilled that we have a new go-to-market relationship with Oracle.

我們與 Oracle 保持著良好的關係。我並沒有指出——每個季度我們都有獨特的勝利。我們可以從競爭對手那裡得到一些啟示，或者透過精彩的故事來展示我們在勝利故事中的能力的廣度和深度。本季度，我們很幸運在 Oracle 社群取得了許多勝利。我很高興我們與 Oracle 建立了新的市場關係。

They formed an incredible program, and we are a top-tier ISV partner within, it's a multitier program where we're at the top tier for ISVs of working with SIs, ISVs and the Oracle team together to better serve and bring customer value. I think it's transformative in the industry. It doesn't exist. I don't know if that program existing anywhere else, and I'm really excited about that. But the wins of this quarter were really just driven by historical pipeline that we've been working on that happen to fall into Q1 with Oracle.

他們形成了一個令人難以置信的計劃，我們是其中的頂級 ISV 合作夥伴，這是一個多層計劃，我們處於 ISV 的頂層，與 SI、ISV 和 Oracle 團隊合作，以更好地服務客戶並帶來客戶價值。我認為這會為整個行業帶來改變。它不存在。我不知道該程式是否存在於其他地方，我對此感到非常興奮。但本季的勝利實際上只是由我們一直在努力的歷史管道推動的，這些管道恰好屬於與 Oracle 合作的第一季。

Andrew DeGasperi, BNP Paribas.

安德魯·德加斯佩里，法國巴黎銀行。

I guess one question I wanted to ask you is you brought up supply chains may be changing, and I just wanted to follow-up and see if this is actual conversation you're having with customers as they decided to go with your platform to reflect that change in the environment today?

我想問您的一個問題是，您提到供應鏈可能正在發生變化，我只是想跟進一下，看看這是否是您與客戶進行的實際對話，因為他們決定使用您的平台來反映當今環境的變化？

No, Andrew, to be crystal clear, it's conversations we are having, it has not led to immediate jumps to our platform. It's more with existing customers who are now thinking about it or new logos who are trying to understand an opportunity that we may be looking at and saying, here's our value prop, and we're starting here. A lot of companies are still taking a wait-and-see attitude on shifting their supply chain. It's more about they want to understand how we'll help them adapt to it. I started the call talking about being future-ready.

不，安德魯，要明確一點，這只是我們的對話，並沒有導致人們立即轉向我們的平台。更多的是針對正在考慮這個問題的現有客戶，或試圖了解我們可能正在考慮的機會的新標識，並說，這是我們的價值主張，我們從這裡開始。許多公司對於轉移供應鏈仍持觀望態度。他們更想了解我們將如何幫助他們適應它。我在電話裡開始談論如何為未來做好準備。

And I think more and more customers are starting to think about, I need to be future ready for the dynamism, whether it be tariffs that drive me to change my supply chain or all the regulatory change that keeps coming at them. And so that's really it. I haven't -- I wouldn't say yet it is a direct driver of our current performance because it hasn't shown up. The tariff battle is still too new and our sales cycles are a little longer than the tariff battle has been ongoing.

我認為越來越多的客戶開始考慮，我需要為未來的動態做好準備，無論是促使我改變供應鏈的關稅，還是不斷出現的所有監管變化。事實就是這樣。我還沒有——我不會說它是我們當前業績的直接驅動因素，因為它還沒有顯現出來。關稅戰才剛開始，我們的銷售週期比關稅戰持續的時間還要長。

That's helpful. And then maybe to follow-up, I think I've asked this question to you in the past, and I just wondered if you can maybe give us a big picture view of like your end market exposure and maybe just to follow-up with that as well as more on the marketplaces, specifically, have you seen -- even though you're saying you're not seeing any sales elongation, any impacts yet from macro, just wondering, is that the area you're focused on in terms of what could happen?

這很有幫助。然後也許是為了跟進，我想我以前問過您這個問題，我只是想知道您是否可以給我們一個關於您的終端市場曝光度的總體情況，也許只是為了跟進這一點以及更多關於市場的情況，具體來說，您是否看到了 - 即使您說您沒有看到任何銷售延長，也沒有看到宏觀方面的影響，只是想知道，就可能發生的情況而言，這是您所關注的領域嗎？

Andrew, obviously, we're monitoring the pipeline carefully. We talk to sales on a very regular basis, John and I, but fundamentally, the tax is a wonderful horizontal. It applies to heavy machinery, it applies to the marketplaces, it applies to retail, it applies to oil and gas, it applies to basically every vertical you can describe indirect tax applies because it is the most dependable source of revenue for governments around the world.

安德魯，顯然，我們正在仔細監控管道。我們經常與銷售人員交談，約翰和我，但從根本上說，稅收是一個很好的水平。它適用於重型機械、適用於市場、適用於零售、適用於石油和天然氣，它適用於基本上每一個你能描述的垂直行業，間接稅適用，因為它是世界各國政府最可靠的收入來源。

So the good news is we don't have a concentration. We may have a concentration of SAP customers or Oracle customers, but we do not have a concentration of this vertical is overwhelming in our space that causes me concern.

所以好消息是我們沒有集中註意力。我們可能集中了 SAP 客戶或 Oracle 客戶，但我們並沒有集中這個垂直領域，這在我們的領域中是壓倒性的，這讓我很擔心。

Patrick Walravens, Citizens Bank.

派崔克·瓦爾拉文斯，公民銀行。

Big picture here. Can you just remind us why we're going to see a re-acceleration this year? So 13% growth this quarter midpoint would be 14% next quarter. And then my model goes [15%, 17%] to get to your annual. So can you just remind us what's driving that acceleration?

大圖在這裡。您能否提醒我們為什麼今年我們會看到再次加速？因此，本季中點的成長率為 13%，下個季度的成長率將達到 14%。然後我的模型會按照 [15%、17%] 來計算你的年利率。那麼，您能否提醒我們推動這種加速發展的因素是什麼？

Yeah. I think it's the continual migration to the cloud that we're seeing driven by SAP and Oracle that we -- just like in last year, the second half of last year, we rebounded nicely from a slower Q2 and saw solid performance. And again, it's visibility to that pipeline, Patrick, that encouraged us. And again, I thought SAP had a great first quarter, they announced. And again, our activity in the SAP community kind of parallels that continued pipeline build.

是的。我認為，我們看到在 SAP 和 Oracle 的推動下，企業正在不斷向雲端遷移——就像去年下半年一樣，我們從較慢的第二季度中強勁反彈，並取得了穩健的業績。派崔克，再一次，正是這條管道的可見性鼓舞了我們。他們宣布，我再次認為 SAP 第一季表現非常出色。再次強調，我們在 SAP 社群的活動與持續的管線建設類似。

So I think that's reason number one. I think the reason number two is we're continuing to drive with our new offerings, more cross-sell into the market. And so I think we expect cross-sell NRR to jump back up to [110] by the end of the year. And I think that will be driven by some of those new capabilities we've brought to market. I'm over here in Europe right now and had a number of conversations with customers about some of the new capabilities.

所以我認為這是第一個原因。我認為第二個原因是我們將繼續推出新產品，並向市場進行更多交叉銷售。因此我認為我們預計交叉銷售 NRR 到今年年底將回升至 [110]。我認為這將由我們推向市場的一些新功能所推動。我現在在歐洲，與客戶就一些新功能進行了多次交談。

And you can just see, they're encouraged by -- we've taken their feedback, we've designed and tweaked new offerings to expand wallet share within and they're still ready to address those concerns. And so I think those are the two primary drivers that why we continue to see pipeline build and why we expect our revenue to continue to matriculate through the back of the year.

您可以看到，他們受到了鼓舞——我們聽取了他們的反饋，設計並調整了新的產品以擴大錢包份額，他們仍然準備好解決這些問題。因此，我認為這就是為什麼我們繼續看到管道建設以及為什麼我們預計我們的收入將在今年年底繼續增長的兩個主要驅動因素。

Again, not rushing anything from our e-invoicing. We still think e-invoicing will be a slower build in '25, and it will really be an accelerant of revenue in '26 when we've onboarded enough. So there will be more of an ARR help this year and a revenue help next year.

再次強調，我們不會急於從電子發票中取得任何東西。我們仍然認為，電子發票在 25 年的發展會比較緩慢，但當我們在 26 年採用足夠的電子發票後，它將真正成為收入的加速器。因此，今年的 ARR 幫助將會更大，明年的收入幫助也會更大。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Joe Crivelli for any closing remarks.

我們的問答環節到此結束。我想將會議交還給喬·克里維利先生，請他作最後發言。

Thanks, everybody, for joining us today. As always if you have any follow-up questions or would like to schedule additional time with the team, please send me an e-mail at investors@vertexinc.com. Have a great rest of your day, and we look forward to speaking with you in the coming weeks.

感謝大家今天加入我們。如果您有任何後續問題，或希望與我們的團隊安排更多時間，請發送電子郵件至 investors@vertexinc.com。祝您今天過得愉快，我們期待在未來幾週與您聯繫。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。