Financial Data and Key Metrics Changes - In Q2 2025, the company achieved total revenue of $112.1 million, representing a year-over-year growth of 36% and organic growth of 28% [14] - Adjusted EBITDA improved to $11.9 million compared to $4.6 million in the same quarter last year [14] - Annual Recurring Revenue (ARR) increased by 32%, exiting the quarter at $424 million [15] - The company ended the quarter with a registered user growth of approximately 2.3 million, or 12% year-over-year, totaling 20.9 million registered users [15] Business Line Data and Key Metrics Changes - Subscription revenue grew by 35% in Q2 2025, accounting for 95% of total revenue [14] - Mantle added 39 new clients in 2025, with 14 being Alchemy digital banking clients, indicating successful cross-selling opportunities [6][14] - The company signed nine new digital banking platform clients and renewed six existing clients during the quarter [18] Market Data and Key Metrics Changes - The company continues to see strong demand across its product portfolio, particularly in the digital banking and onboarding sectors [17] - The bank channel represents 13% of total clients under contract, with plans to implement 16 banks on the online banking platform [35] Company Strategy and Development Direction - The company aims to integrate account opening with online banking and data marketing to enhance user experience and drive growth [9][12] - The Mantle acquisition is expected to create significant cross-sell opportunities and enhance the company's market position [5][12] - The company plans to manage the Alchemy and Mantle sales teams under one leader to leverage integrated platform capabilities [12][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand environment for their products and the ability to achieve long-term financial objectives [24] - The company anticipates a positive adjusted EBITDA contribution from Mantle in 2026, despite it being dilutive in the near term [22][23] - Management noted that the primary driver of client churn is related to M&A activity, which they expect to benefit from in the long term [16][17] Other Important Information - The company ended the quarter with $87 million in cash and marketable securities, having reduced its revolver by $10 million [23] - The company expects to achieve revenue growth of 31% to 33% for the full year 2025, with adjusted EBITDA guidance raised to $51.5 million to $54 million [24] Q&A Session Summary Question: What kind of starting ARPU for new logos are you seeing compared to the blended average? - Mantle adds 30% to 40% of ARR to a new logo deal, with new logos averaging around $800,000 of ARR [28] Question: How did the new user growth parse out between new customers versus existing? - In Q2 2025, approximately 25% of the 400,000 new digital users were from implementations, while 75% were net additions from existing clients [31] Question: Can you provide an update on the bank channel and how Mantle can improve that opportunity? - The company plans to implement 16 banks on the online banking platform and is pleased with progress in the bank market [35][36] Question: Can you quantify the term fees that were brought ahead? - Term fees during the quarter represented about 70% of the revenue beat, with $1 million shifted from 2025 into the quarter [38] Question: What customer type has been most attracted to Mantle? - The buyer for Mantle is almost any financial institution, driven by the need to attract core deposits [42][43] Question: How does M&A impact the company? - The company has benefited from M&A activity, gaining close to 500,000 net digital users over the last four years [86] Question: What is the contribution of Mantle to the backlog this quarter? - Mantle contributed just over $10 million of revenue in the quarter and is on track to achieve $31.5 million for the year [88][89]