Corpay Inc (CPAY) 2025 Q1 法說會逐字稿

Good day. I'd like to welcome everyone to Corpay's first-quarter 2025 earnings conference call. (Operator Instructions) Today's call is being recorded.

再會。歡迎大家參加 Corpay 2025 年第一季財報電話會議。（操作員指示）今天的通話正在錄音。

I would now like to turn the call over to Jim Eglseder, Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係部的 Jim Eglseder。請繼續。

Good afternoon, and thank you for joining us today for our earnings call to discuss the first quarter 2025 results. With me today are Ron Clarke, our Chairman and CEO; and Alissa Vickery, our interim CFO. Following the prepared comments, the operator will announce the queue will open for the Q&A session.

下午好，感謝您今天參加我們的收益電話會議，討論 2025 年第一季的業績。今天與我一起的還有我們的董事長兼執行長 Ron Clarke 和我們的臨時財務長 Alissa Vickery。在準備好的評論之後，操作員將宣布隊列將開放以進行問答環節。

Today's documents, including our earnings release and supplement can be found under the Investor Relations section of our website at corpay.com. Now throughout this call, we will be covering several non-GAAP financial metrics, including revenues, net income and net income per diluted share, all on an adjusted basis. We will also be covering organic revenue growth. This metric neutralizes the impact of year-over-year changes in FX rates, fuel prices and fuel spreads.

今天的文件，包括我們的收益報告和補充文件，可在我們網站 corpay.com 的「投資者關係」版塊查閱。在本次電話會議中，我們將討論幾個非公認會計準則 (Non-GAAP) 財務指標，包括收入、淨利潤和每股攤薄淨利潤，所有指標均為調整後資料。我們還將介紹有機收入成長。此指標抵銷了外匯匯率、燃料價格和燃料價差較去年同期變動的影響。

It also includes pro forma results for acquisitions and divestitures closed throughout the two years being compared. None of these measures are calculated in accordance with GAAP, so may be different than that at other companies. Reconciliations of the historical non-GAAP to the most directly comparable GAAP information can be found in today's press release and on our website.

它還包括所比較的兩年內完成的收購和資產剝離的備考結果。這些指標均不依照 GAAP 計算，因此可能與其他公司的指標不同。在今天的新聞稿和我們的網站上可以找到歷史上非 GAAP 與最直接可比較的 GAAP 資訊的對帳。

It's important to understand that our comments may include forward-looking statements, which reflect the information we have currently. All statements about our outlook, expected macro environment, new products and expectations regarding business development and future acquisitions or synergies are based on that information.

重要的是要理解我們的評論可能包括前瞻性陳述，這反映了我們目前掌握的資訊。關於我們的前景、預期的宏觀環境、新產品以及對業務發展和未來收購或協同效應的期望的所有陳述均基於該資訊。

They are not guarantees of future performance, and you should not put undue reliance upon them, and we undertake no obligation to update any of these statements.

它們並非對未來表現的保證，您不應過度依賴它們，我們也不承擔更新任何這些聲明的義務。

These expected results are also subject to numerous uncertainties and risks, which could cause actual results to differ materially from what we expect. Some of those risks are mentioned in today's press release and on Form 8-K and in our annual report on Form 10-K. These documents are available on our website and at sec.gov.

這些預期結果也受到許多不確定性和風險的影響，可能導致實際結果與我們的預期有重大差異。今天的新聞稿、8-K 表格和我們的 10-K 表格年度報告中提到了其中一些風險。這些文件可在我們的網站和 sec.gov 上找到。

With that out of the way, I'll turn the call over to Ron Clarke, our Chairman and CEO. Ron?

解決了這個問題之後，我將把電話轉給我們的董事長兼執行長 Ron Clarke。羅恩？

Okay. Jim, thanks. Good afternoon, everyone, and thanks for joining our Q1 2025 earnings call. Upfront here, I plan to cover three subjects. So first, provide my take on Q1 results, along with the rest of your guidance; second, cover our recent M&A activity.

好的。吉姆，謝謝。大家下午好，感謝您參加我們的 2025 年第一季財報電話會議。首先，我計劃講解三個主題。因此，首先，請提供我對第一季業績的看法以及您的其他指導；其次，請介紹我們最近的併購活動。

And then lastly, I'll share a progress update on our 2025 top priorities.

最後，我將分享我們 2025 年首要任務的進度更新。

Okay. Let me begin with our Q1 results. We reported Q1 2025 revenue of $1.6 billion. That's up 8% and cash EPS of $4.51 that's up 10%. Cash EPS would be up 18% on constant macro.

好的。讓我先從我們的第一季業績開始。我們報告稱，2025 年第一季的營收為 16 億美元。成長了 8%，現金每股收益為 4.51 美元，成長了 10%。在宏觀經濟保持不變的情況下，現金每股收益將上漲 18%。

The results really right in line with expectations, along with the environment coming in mostly as expected. Organic revenue growth in the quarter, 9% and overall. Our two big businesses doing quite well. Vehicle Payments 8% organic revenue growth, and Corporate Payments, 19% organic revenue growth. Operating trends in the quarter, quite good.

結果確實符合預期，環境也基本符合預期。本季有機收入成長 9%，整體而言。我們的兩大企業經營狀況良好。車輛支付有機收入成長 8%，企業支付有機收入成長 19%。本季的經營趨勢相當良好。

Same-store sales finished positive plus 1%. Our retention stayed steady at 92% and sales or new bookings way up, up 35% versus Q1 last year. And again, that's on the back of up 36% of sales growth in Q4. So look, despite really everything going on, the business performed as planned here in Q1.

同店銷售額成長 1%。我們的留任率穩定在 92%，銷售額或新預訂量大幅上升，與去年第一季相比成長了 35%。再次強調，這是在第四季度銷售額成長 36% 的背景下實現的。所以，儘管發生了所有事情，但第一季的業務表現仍符合計劃。

All right. Let me make the turn to our rest of year forecast. So first off, macro, the factors that affect us really setting up to be effectively neutral to our rest of year forecast versus our prior guide. So the forward curves for FX, fuel and SOFR have moved just a bit, but essentially zero out in terms of their impact on our business.

好的。讓我來談談我們今年剩餘時間的預測。首先，宏觀方面，影響我們的因素實際上對我們今年剩餘時間的預測與先前的指引保持中性。因此，外匯、燃料和 SOFR 的遠期曲線僅發生了一點變化，但對我們業務的影響基本上為零。

Obviously, with that said, we do acknowledge that the overall macro environment is quite uncertain, but we're just not seeing anything yet that causes us to revise our forecast. Additionally, our revenue flash for April looks to be spot on our forecast.

顯然，話雖如此，我們確實承認整體宏觀環境相當不確定，但我們還沒有看到任何導致我們修改預測的因素。此外，我們四月的收入快報看起來與我們的預測一致。

So as a result, we're pretty much maintaining our full year 2025 guidance at the midpoint as follows: So $4.420 billion in revenue guide at the midpoint and sticking with $21 in cash EPS. The slightly increased full year guide reflects the Gringo acquisition in Brazil and that's net of the $6 million unfavorable spread shortfall we saw in Q1.

因此，我們基本上將 2025 年全年指引維持在中點，如下所示：中點收入指引為 44.2 億美元，現金每股盈餘維持在 21 美元。全年指引略有增加，反映了 Gringo 在巴西的收購，這扣除了我們在第一季看到的 600 萬美元不利利差缺口。

So with this updated full year guide, we're still expecting full year organic revenue growth of 11% at the midpoint, inside of that Corporate Payments business expected to grow high teens to 20% for the full year. As it relates to tariffs, we're not a particularly sensitive tariff stock that is we won't directly pay tariffs.

因此，根據這份更新的全年指南，我們仍然預計全年有機收入中位數成長率為 11%，其中企業支付業務預計全年成長率將達到 20% 左右。就關稅而言，我們並不是特別敏感的關稅股票，這意味著我們不會直接支付關稅。

Our businesses are services, not goods. Our international businesses in the UK and Brazil operate intra-country so not subject to tariffs. So the direct tariff exposure that we have is really limited to our cross-border business, where it does rely on our cross-border clients trading across borders. We have included a slide in our supplement that shows a bit less than 20% of our cross-border business will actually be affected by US tariff policies.

我們的業務是服務，不是商品。我們在英國和巴西的國際業務在國內運營，因此不受關稅影響。因此，我們的直接關稅風險實際上僅限於我們的跨境業務，這依賴於我們的跨境客戶的跨境貿易。我們在補充資料中加入了一張投影片，顯示我們的跨境業務中略低於 20% 的業務實際上會受到美國關稅政策的影響。

So look, all of this is to say that our business is not directly impacted much by US tariff policy. But certainly, we're not immune to our clients being negatively affected by tariffs, and that could ultimately soften their volumes with us.

所以，這一切都顯示我們的業務並沒有受到美國關稅政策的直接影響。但可以肯定的是，我們的客戶也無法免受關稅的負面影響，最終可能會減少他們與我們的業務量。

Okay. Let me make the transition to our recent M&A activity. We have announced a couple exciting deals here in the last week. So last week, we announced a strategic cross-border partnership with Mastercard. So in that case, Mastercard will invest $300 million for about a 3% share in our cross-border business that does value our cross-border unit in excess of $10 billion.

好的。讓我談談我們最近的併購活動。上週我們在這裡宣布了幾項令人興奮的交易。因此，上週我們宣布與萬事達卡建立跨境策略合作夥伴關係。因此，在這種情況下，萬事達卡將投資 3 億美元，獲得我們跨境業務約 3% 的股份，這將使我們的跨境部門的價值超過 100 億美元。

Second, we signed a commercial agreement to be Mastercard's exclusive provider of cross-border services to their clients, to their FI clients. And we think this financial institution partnership could add about 2% to 3% incremental revenue growth to our cross-border business beginning next year.

其次，我們簽署了一項商業協議，成為萬事達卡為其客戶、其金融機構客戶提供跨境服務的獨家供應商。我們認為，從明年開始，與金融機構的這種合作關係可以為我們的跨境業務增加約 2% 至 3% 的增量收入成長。

Secondly, just announced that we're making a $500 million minority investment into Avid. That's alongside their take private transaction with TPG. Many of you know Avid a leader in B2B invoice automation and payments and they do serve pretty distinct verticals from our payables business.

其次，我們剛剛宣布，將向 Avid 進行 5 億美元的少數股權投資。這與他們與 TPG 的私有化交易同時進行。你們中的許多人都知道 Avid 是 B2B 發票自動化和支付領域的領導者，他們提供的服務確實與我們的應付業務截然不同。

We're out looking the investment in Avid to be accretive to our earnings in 2026 and really throughout the forecast period. Our agreement with TPG does provide us a call option to acquire the remaining equity of Avid down the road.

我們期待對 Avid 的投資能夠在 2026 年以及整個預測期內增加我們的收益。我們與 TPG 的協議確實為我們提供了未來收購 Avid 剩餘股權的買權。

So pretty exciting. So these two Corporate Payments acquisitions for sure, strengthen our position in the space and do provide us the option to dramatically scale up our position over time.

非常令人興奮。因此，這兩次企業支付收購無疑加強了我們在該領域的地位，並為我們提供了隨著時間的推移大幅提升我們地位的選擇。

Lastly, we are looking a bit harder at divesting three of our noncore or less related businesses. Taken together, those three businesses could provide upwards of $2 billion of incremental liquidity if we are to transact. We'll obviously keep you posted.

最後，我們正在更加努力地剝離三個非核心或不太相關的業務。總的來說，如果我們進行交易的話，這三項業務可以提供高達 20 億美元的增量流動資金。我們一定會及時向你通報最新情況。

Okay. Let me make the turn to our 2025 top priorities. So in the February earnings call, we laid out four priorities for 2025, and here's a bit of the progress. So first, the portfolio. We said our goal was to expand our Corporate Payments business mix, we're doing just that with the Mastercard and Avid transactions.

好的。讓我來談談我們 2025 年的首要任務。因此，在二月的收益電話會議上，我們列出了 2025 年的四個優先事項，以下是一些進展。首先是投資組合。我們說過，我們的目標是擴大我們的企業支付業務組合，我們正透過萬事達卡和 Avid 交易來實現這一目標。

And in addition, we are still looking at some additional Corporate Payments targets in our pipeline. So the goal, again, fewer bigger businesses.

此外，我們仍在尋找一些其他的企業支付目標。因此，我們的目標是減少大型企業的數量。

Second priority, USA sales, we did have a good Q1 USA sales result. USA sales up 25% year over year. We have staffed a new cross-sell team that goes back to our client base and the new Zoom sales team, both of those groups now live in the market. We have developed a new Corpay brand ad campaign that we expect to be in the market later this quarter to further support USA sales.

第二優先事項是美國銷售，我們第一季在美國確實取得了良好的銷售表現。美國銷售額較去年同期成長25%。我們組建了一個新的交叉銷售團隊，負責我們的客戶群和新的 Zoom 銷售團隊，這兩個團隊現在都活躍在市場上。我們已經開發了一個新的 Corpay 品牌廣告活動，預計將於本季稍後上市，以進一步支持美國的銷售。

Third, payables. So on the payables front, we did just go live with the enterprise client I mentioned in February, so far, so good. We do expect the single mega client will process over $30 billion -- $30 billion in annual spend with us. So a significant opportunity. We do expect to launch our new payables product in the UK using our next-gen tech this summer. So super excited to bring that product to our second biggest market.

第三，應付款項。因此，在應付款項方面，我們確實剛剛與我在二月提到的企業客戶開始合作，到目前為止一切順利。我們確實預計單一大型客戶每年與我們一起處理超過 300 億美元的支出。這是一個重大機會。我們確實希望今年夏天在英國推出使用我們的下一代技術的新應付款產品。我非常高興能將該產品帶到我們的第二大市場。

And then lastly, on the cross-border front, we're making a major push into this new segment for us. This institutional client segments, so think PE firms, asset managers, so we're doing that with our new multi-currency product. So progress is quite good. We've signed over 2,000 new clients already since launch, and we've aggregated $800 million of total deposit balances. So off to a good start.

最後，在跨境方面，我們正大力進軍這個新領域。這些機構客戶細分，包括私募股權公司、資產管理公司，所以我們正在透過新的多幣種產品來實現這一點。所以進展相當不錯。自推出以來，我們已經簽約了 2,000 多名新客戶，總存款餘額已達 8 億美元。所以這是一個好的開始。

So pretty pleased with progress here against our four top priorities.

因此，對於我們在四大優先事項方面的進展，我們感到非常滿意。

So look, in conclusion today, again, Q1 financial results finishing really on plan, maintaining rest of year, full year 2025 financial guidance. That's based on what we're seeing. We are expanding our Corporate Payments segment with additional acquisition targets still in front of us. And as you can tell, laser-focused on our 2025 top priorities and advancing them.

所以，今天總結一下，第一季的財務表現確實按計劃完成，維持了今年剩餘時間以及 2025 年全年的財務指導。這是基於我們所看到的情況。我們正在擴大我們的企業支付部門，並且還有更多的收購目標等著我們。如您所知，我們將重點關注 2025 年的首要任務並不斷推進它們。

So with that, let me turn the call back over to Alissa to provide some additional details on the quarter. Alissa?

因此，請允許我將電話轉回給 Alissa，以提供有關本季的一些更多詳細資訊。艾麗莎？

Thanks, Ron, and good afternoon, everyone. Here are some additional details related to the quarter. The first quarter was a good start to the year with our businesses exhibiting strong organic revenue growth of 9% overall, right in line with our expectations. Our print revenue of $1.006 billion was up 8% over last year. Normalizing for macro, Q1 revenue would have been $1.013 billion, slightly ahead of the midpoint of our guide.

謝謝，羅恩，大家下午好。以下是與本季度相關的一些其他詳細資訊。今年第一季開局良好，我們的業務整體有機收入強勁成長 9%，完全符合我們的預期。我們的印刷收入為 10.06 億美元，比去年增長了 8%。以宏觀標準計算，第一季的營收將達到 10.13 億美元，略高於我們預期的中點。

Our revenues were impacted by approximately $6 million of unfavorable fuel spread revenue compared to our February expectation as there was little volatility in prices in the quarter, which led to the fuel spread revenue headwind.

由於本季價格波動不大，導致燃油價差收入遭遇逆風，與 2 月的預期相比，我們的收入受到約 600 萬美元不利燃油價差收入的影響。

Adjusted EPS increased 10% over last year to $4.51 per share. As Ron mentioned, performance drivers during the quarter were strong and were paired with solid expense management, fewer shares outstanding, partially offset by a higher tax rate. We completed the acquisition of Gringo in March, which had an immaterial impact on revenue and adjusted EPS.

調整後的每股盈餘較去年同期成長 10%，達到每股 4.51 美元。正如羅恩所提到的，本季的業績驅動力強勁，並輔以穩健的費用管理、較少的流通股，但部分被較高的稅率所抵消。我們在三月完成了對 Gringo 的收購，這對收入和調整後每股收益產生了非實質影響。

In summary, the quarter generated strong top and bottom line growth on a constant macro basis while maintaining strong margins and included significantly higher sales that should fuel growth over the balance of the year.

總而言之，本季在宏觀基礎上實現了強勁的營收和利潤成長，同時保持了強勁的利潤率，銷售額也大幅成長，這將推動全年的成長。

Turning to our segment performance and the underlying drivers of revenue growth. Corporate Payments revenue was up 19% organically during the quarter, driven by solid spend volumes, which also increased 19% organically in the quarter. Our Corporate Payment solutions continue to sell extremely well, with payables revenue up 19% organically, including direct sales up 30% year over year. Within sales, we signed two new channel partners in the quarter.

轉向我們的分部績效和收入成長的根本驅動力。本季企業支付收入有機成長 19%，這得益於穩健的支出量，本季企業支付收入有機成長 19%。我們的企業支付解決方案持續銷售良好，應付帳款收入有機成長 19%，其中直接銷售額較去年同期成長 30%。在銷售方面，我們在本季簽署了兩家新的通路合作夥伴。

Cross-border sales grew 51% for the quarter compared to the prior year, and revenue increased 18% organically. We did see heightened activity throughout the quarter, driven by FX rate volatility from tariff policy changes. But much of that early benefit was given back in March as uncertainty caused US goods-based volumes to soften somewhat. Activity and volumes did rebound in April post announcement of the 90-day tariff pause.

本季跨國銷售額較上年同期成長 51%，營收有機成長 18%。我們確實看到整個季度的活動增加，這是由於關稅政策變化導致的匯率波動所致。但由於不確定性導緻美國商品交易量有所疲軟，早期的大部分收益在 3 月就已消失。在宣布 90 天關稅暫停政策後，4 月活動和交易量確實出現反彈。

We've already migrated most of our GPS customers from the 2024 acquisition onto our Corpay platforms, with remaining migration planned to be completed by the end of the third quarter. This positions us well to cross-sell our sophisticated risk management solutions to GPS' customers.

我們已經將 2024 年收購的大部分 GPS 客戶遷移到我們的 Corpay 平台，剩餘的遷移工作計劃在第三季末完成。這使我們能夠向 GPS 的客戶交叉銷售我們先進的風險管理解決方案。

Clearly, US trade policy and tariffs are challenges for our customers as they operate today and look forward. Cross-border is a global business for us, where we help customers pay for both services and goods. Services have been largely excluded from the tariff policy changes to date.

顯然，美國的貿易政策和關稅對我們的客戶目前的營運和未來發展都構成了挑戰。跨國對我們來說是一項全球業務，我們幫助客戶支付服務和商品的費用。迄今為止，服務業基本上被排除在關稅政策變化之外。

So, for the remainder of 2025, we expect tariff impacts to be relatively modest, unfavorably impacting our cross-border revenue by approximately $10 million to $15 million based on our assumptions. We've provided additional details on slide 20 in our earnings supplement.

因此，對於 2025 年剩餘時間，我們預期關稅影響相對較小，根據我們的假設，將對我們的跨境收入造成約 1,000 萬至 1,500 萬美元的不利影響。我們在收益補充報告的第 20 張投影片上提供了更多詳細資訊。

Turning to Vehicle Payments. Our revenue grew 8% organically during the quarter, consistent with the fourth quarter of 2024. In Brazil, toll tags increased 8% year over year with more than one-third of our customer spending coming from our extended network.

轉向車輛付款。本季我們的營收有機成長了 8%，與 2024 年第四季持平。在巴西，收費標籤年增 8%，超過三分之一的客戶支出來自我們的擴展網路。

Active insurance policies increased more than 50% and car debts users were up 40%. We closed the Gringo acquisition in March, and we continue to be excited about the significant opportunity in the car debt space. Our app-based strategy, growth of offerings as well as consistent sales execution, powered Brazil organic revenue growth of 22% for the quarter.

有效保單增加了 50% 以上，汽車債務用戶增加了 40%。我們在三月完成了對 Gringo 的收購，並且我們繼續對汽車債務領域的巨大機會感到興奮。我們基於應用程式的策略、產品的成長以及持續的銷售執行，推動巴西本季有機收入成長 22%。

In International Vehicle Payments, revenue grew 8% organically for the quarter. Consistent strong sales, array of products and channels, notably EV offerings throughout the UK and Europe and continued geographic diversification are the drivers of these results. I'm delighted to say we have re-signed our existing reseller agreement with Shell for another five years to manage Shell fuel and EV cards in multiple markets across Europe.

在國際汽車支付方面，本季營收有機成長了 8%。持續強勁的銷售、豐富的產品和通路（尤其是遍布英國和歐洲的電動車產品）以及持續的地域多樣化是這些業績的驅動因素。我很高興地說，我們已經與殼牌重新簽署了現有的五年經銷商協議，以管理歐洲多個市場的殼牌燃料和電動汽車卡。

In US Vehicle Payments, revenue growth was down 3% organically but we continue to see improvement in new customer application approvals, growth in sales to our lower to mid-market customers and better retention. In the revamped US sales organization, we are focused on standardizing performance criteria to manage sales with incremental investment and brand awareness to drive mid-market growth and leads.

在美國車輛支付領域，收入成長有機下降了 3%，但我們繼續看到新客戶申請批准的改善、中低端市場客戶的銷售額的成長以及更好的保留率。在改組後的美國銷售組織中，我們專注於標準化績效標準，透過增量投資和品牌知名度來管理銷售，以推動中端市場的成長和領先地位。

Lodging organic revenue growth for the quarter was down 1% compared to down 9% in the first quarter of 2024. So a big improvement over last year. Room nights increased 19%, led by the workforce business, which was particularly active as a result of last fall's hurricanes and wildfires as well as improved new sales. Airline revenues were lower due to tough prior year comps and volume softness.

本季住宿有機收入成長下降 1%，而 2024 年第一季則下降 9%。因此與去年相比有了很大的進步。客房夜數成長了 19%，其中勞動力業務成長最為顯著，受去年秋季颶風和野火以及新銷售額成長的影響，勞動力業務尤為活躍。由於去年同期業績不佳以及客運量疲軟，航空公司營收下降。

To accelerate US sales growth, we are focused on building a single unified Corpay go-to-market strategy by combining people, processes and measurement across US Vehicle Payments, workforce lodging and most of our payables products, led by our Chief Revenue Officer. We are building scalable infrastructure and are seeing early returns with double-digit growth in bookings across each of these lines of business.

為了加速美國銷售的成長，我們致力於在首席營收長的領導下，整合美國車輛支付、員工住宿和大多數應付款項產品的人員、流程和衡量標準，建立統一的 Corpay 市場進入策略。我們正在建立可擴展的基礎設施，並且看到了早期回報，每個業務線的預訂量都實現了兩位數的成長。

We continue to gain traction in leveraging our product portfolio across our client base, propelled by our unified brand with meaningful growth in website traffic and a strong sales pipeline, while also having sales representatives focused on cross-selling and upselling to our existing customers.

我們繼續在客戶群中充分利用我們的產品組合，這得益於我們統一的品牌、網站流量的顯著增長和強大的銷售管道，同時銷售代表也專注於向現有客戶進行交叉銷售和追加銷售。

In summary, we are pleased with the performance of our business to start the year.

總而言之，我們對今年年初的業務表現感到滿意。

Now looking further down the income statement. First quarter operating expenses of $579 million increased 8% versus the first quarter of last year. As a reminder, we acquired three businesses in 2024; Zapay in March, Paymerang in July and GPS in December; and disposed of our Merchant Solutions business in December.

現在進一步檢查損益表。第一季營運費用為 5.79 億美元，較去年第一季成長 8%。提醒一下，我們在 2024 年收購了三家企業：3 月份收購了 Zapay，7 月份收購了 Paymerang，12 月份收購了 GPS；並於 12 月份處置了我們的 Merchant Solutions 業務。

The net impact of these transactions resulted in incremental operating expenses of approximately $40 million in the first quarter of 2025 over the prior year. Excluding the M&A activity and normalizing for lower FX rates, operating expenses increased approximately 5% versus Q1 of last year.

這些交易的淨影響導致 2025 年第一季的營運費用比前一年增加約 4,000 萬美元。不計併購活動和較低外匯匯率的正常化，營運費用較去年第一季增加了約 5%。

The increase in operating expense was driven by higher transaction volumes and sales activities to drive future growth. Bad debt expense as a percentage of spend was 5 basis points, consistent with Q1 of last year.

營業費用的增加是由於交易量增加和銷售活動推動未來成長。壞帳支出佔支出的百分比為 5 個基點，與去年第一季一致。

To better understand our operating performance, we evaluate EBITDA with and without the impact of addbacks. Consistent with those adjustments and our cash net income definition to the extent they are operating expenses. We refer to this metric as adjusted EBITDA or cash EBITDA.

為了更了解我們的經營業績，我們對有和沒有加回影響的 EBITDA 進行了評估。與這些調整以及我們的現金淨收入定義一致，因為它們是營運費用。我們將此指標稱為調整後 EBITDA 或現金 EBITDA。

Adjusted EBITDA margin was 55.2%, consistent with Q1 of prior year.

調整後的 EBITDA 利潤率為 55.2%，與去年同期一致。

Interest expense this quarter increased 7% year over year due to higher balances related to capital deployment, partially offset by lower interest rates and higher interest income due to higher deposit balances. Our effective tax rate for the quarter was 25.5% and compared with 24.7% in Q1 of last year, with the change driven primarily by the mix of earnings.

本季利息支出年增 7%，原因是與資本配置相關的餘額增加，但部分被較低的利率和因存款餘額增加而產生的較高的利息收入所抵銷。本季我們的有效稅率為 25.5%，而去年第一季為 24.7%，此一變更主要受收益組合的影響。

Now turning to the balance sheet. We ended the quarter with a balance sheet in excellent shape with a leverage ratio at 2.69x, which is down 6 bps from year-end. As we mentioned in the last call, we raised $750 million of additional Term Loan B debt and used the proceeds to pay down the revolver in the first quarter. We have over $2.5 billion of cash and revolver availability at the end of the quarter, which gives us ample capacity to pursue acquisitions.

現在轉向資產負債表。本季末，我們的資產負債表狀況良好，槓桿比率為 2.69 倍，比年底下降了 6 個基點。正如我們在上次電話會議中提到的那樣，我們籌集了 7.5 億美元的額外定期貸款 B 債務，並利用所得款項在第一季償還了循環信貸。截至本季末，我們擁有超過 25 億美元的現金和循環信貸額度，這為我們開展收購提供了充足的能力。

As Ron mentioned, we announced an expansion of our partnership with Mastercard to deliver an enhanced suite of corporate cross-border payment solutions, which includes Mastercard investing $300 million for an approximate 3% stake in our cross-border business unit. We expect this transaction to close in the second half of 2025.

正如羅恩所提到的，我們宣布擴大與萬事達卡的合作夥伴關係，以提供增強的企業跨境支付解決方案，其中包括萬事達卡投資 3 億美元收購我們跨境業務部門約 3% 的股份。我們預計此交易將於 2025 年下半年完成。

Our capital allocation in the quarter was limited. As we spent $59 million on share buybacks associated with employee stock option exercises and $164 million for Gringo. Given the sell-off of our stock this year, we are buyers of our stock, but our first priority remains M&A.

我們本季的資本配置有限。我們花了 5,900 萬美元用於與員工股票選擇權行使相關的股票回購，並花費了 1.64 億美元用於 Gringo。鑑於今年我們的股票遭到拋售，我們正在購買股票，但我們的首要任務仍然是併購。

Meaningful M&A cycles are few and far between, so we want to take advantage of them when they present and the pipeline is very active.

有意義的併購週期很少，因此我們希望在併購出現且通路非常活躍時充分利用它們。

So now let me share some additional information on our updated 2025 full year and Q2 outlook. While the forward FX and fuel price curves have changed since our February call, the net effect of the macro factors on the rest of the year financial outlook is a wash.

現在，讓我分享一些有關我們更新的 2025 年全年和第二季度展望的補充資訊。雖然自從我們二月電話會議以來，遠期外匯和燃料價格曲線已經發生了變化，但宏觀因素對今年剩餘時間財務前景的淨影響卻不大。

Here are the puts and takes: fuel prices are now expected to be $2.96, approximately 9% lower. The US dollar is now weaker against most currencies other than the Brazil Reais. Interest rates are slightly better and tariffs have a slightly unfavorable impact to our cross-border unit. Consequently, we're maintaining our 2025 guidance and now adding Gringo, which adds to revenue but is neutral to cash EPS.

以下是一些優點和缺點：預計燃料價格目前為 2.96 美元，下降約 9%。目前，美元兌巴西雷亞爾以外的貨幣大多走弱。利率略有改善，關稅對我們的跨境部門產生了略微不利的影響。因此，我們維持 2025 年的指導方針，現在又增加了 Gringo，這會增加收入，但對現金每股收益沒有影響。

Based on the current environment, we are maintaining our expectation of 10% to 12% organic revenue growth and $21 of cash EPS at the midpoint. There is currently a lot of noise about if and how the demand environment will change in response to tariff uncertainty and sentiment deterioration.

基於當前環境，我們維持有機收入成長 10% 至 12% 和現金每股收益 21 美元的中間值預期。目前，關於需求環境是否會以及如何因關稅不確定性和情緒惡化而發生變化，存在著許多爭議。

Through April, we're not seeing any meaningful change in customer behavior, so it's difficult to handicap what might happen. What we do know is that the majority of our products are B2B and intra-country focused, generally not discretionary and provide a more efficient way to pay for what our customers are buying. There has been a lot of volatility with FX rates and the global economic outlook, but today, we're not seeing any meaningful impact to our business.

到四月為止，我們還沒有看到客戶行為發生任何有意義的變化，因此很難預測可能會發生什麼。我們確實知道的是，我們的大多數產品都是 B2B 和國內業務，通常不是自由支配的，並且為我們的客戶提供了更有效的支付方式。外匯匯率和全球經濟前景波動很大，但今天，我們的業務並未受到任何重大影響。

If economic activity and the outlook change, we'll be nimble in adjusting our spending as warranted, but today, we are maintaining our full year financial estimates. For the second quarter, we expect print revenue growth of 12% to 14% and print cash EPS to grow 11% to 13%.

如果經濟活動和前景發生變化，我們將根據需要靈活調整支出，但今天，我們維持全年財務預測不變。對於第二季度，我們預計印刷收入將成長 12% 至 14%，印刷現金每股收益將成長 11% 至 13%。

On a constant year-over-year macro basis, we expect organic revenue growth of 12% and cash EPS to increase 18% at the midpoint compared to the second quarter of last year. We've provided additional details regarding our rest of year and second quarter outlook in our press release and earnings supplement.

在年比宏觀基礎上，我們預計有機收入將成長 12%，現金每股收益將與去年第二季相比成長 18%。我們在新聞稿和收益補充中提供了有關今年剩餘時間和第二季度展望的更多詳細資訊。

So now operator, we'd like to open the line for questions.

接線員，現在我們想開通熱線來回答問題。

(Operator Instructions) Tien-tsin Huang, JPMorgan.

（操作員指示）Tien-tsin Huang，摩根大通。

Thanks a lot. Ron, you've been real busy, I know. I want to ask on the two deals. Maybe first on Mastercard. Just give us a little bit more on your confidence level in getting this 2 to 3 points of incremental revenue growth out of the agreement. We've seen these kind of partnerships before.

多謝。羅恩，我知道你真的很忙。我想問一下這兩筆交易。可能是萬事達卡上的第一款產品。請告訴我們您對透過該協議實現 2 到 3 個百分點的增量收入成長的信心程度。我們以前見過這種類型的合作關係。

And of course, Mastercard's got a ton of reach with banks. But ultimately, the banks still have to promote it. So what kind of line of sight do you have into that. The energy that it's going to get put into that to drive that 2 or 3 points?

當然，萬事達卡與銀行的聯繫非常緊密。但最終還是需要銀行來推動。那麼您對此有何看法？需要投入多少精力才能實現這 2 或 3 點？

Hey, Tien-Tsin. Good to hear your voice. So I think the opportunity is just so big. I think if Mastercard dedicated people get us introduced, that this thing will go. And I say that again because the clients of these Tier 2 -- Tier 3 banks pay half of these payments in US dollars. So I think when our people show up, and can provide that kind of benefit, I think it's going to be big.

嘿，Tien-Tsin。很高興聽到你的聲音。所以我認為機會非常大。我認為，如果萬事達卡的專門人員向我們介紹，這件事就會成功。我再次強調這一點，是因為這些二級和三級銀行的客戶有一半的款項是用美元支付的。所以我認為，當我們的人出現並能提供這種好處時，我認為這將會產生巨大的影響。

I do think the question is how long -- remember the space, there's a handful of us independents like us. All the rest of cross-border dollars are done at banks. And so the size of the flow sitting there are just massive. And so this is, for sure, a marathon thing, but I think lining up with them creates just enormous opportunity over the cycle.

我確實認為問題在於多久——記住這個領域，像我們這樣的獨立人士屈指可數。其餘所有跨境美元交易均在銀行進行。因此，那裡的流量非常巨大。所以，這肯定是一場馬拉松，但我認為與他們合作會在整個週期中創造巨大的機會。

Yeah. It seems aligned with what the banks want to do in terms of monetization of front end. But yeah, just curious on that, that's good to hear. Just on the Avid one, interesting deal. Maybe the simple high-level question, I'll let you opine on is just, is this a financial investment or a strategic one?

是的。這似乎與銀行在前端貨幣化方面想要做的事情一致。但是的，只是好奇，很高興聽到這個。僅在 Avid 上，有趣的交易。也許我讓你發表意見的簡單高層次問題是，這是一項金融投資還是一項策略性投資？

I mean, I guess, it could be both. You have a call option, but to see you do have the minority deal in somewhat of a mid-market. I'm just curious how passive or active you'll be as an investor in Avid?

我的意思是，我猜，可能兩者皆有。你有一個看漲期權，但你確實在中端市場擁有少數股權交易。我只是好奇，作為 Avid 的投資者，您會表現得多麼被動或主動？

Yeah. It's a good question. Strategic for sure, right? We have said repeatedly, we want to be bigger in Corporate Payments and particularly in the payables portion of that. And so this is a terrific asset and stuff. And so for us, it's just seeing progress really on profit acceleration, which we got a bit of a line of sight into.

是的。這是個好問題。肯定具有戰略意義，對吧？我們曾多次表示，我們希望在企業支付領域，特別是在應付帳款領域，取得更大的進展。所以這是一筆非常寶貴的資產。因此，對我們來說，這確實只是看到了利潤加速的進展，我們對此有了一定的了解。

And so we are super hopeful that the company will progress that, and will be in a spot to acquire that company in a few years. So that's the primary basis that we're going into this.

因此，我們非常希望該公司能夠取得進展，並在幾年內收購該公司。這就是我們進行此項工作的主要基礎。

Understood. Good times with Prager. Thank you, Ron.

明白了。與 Prager 共度的美好時光。謝謝你，羅恩。

Thanks, pal.

謝謝，朋友。

Andrew Jeffrey, William Blair.

安德魯傑弗瑞、威廉布萊爾。

Hi. I appreciate you taking the question. Yeah, a lot of good stuff going on here. Ron, when you think about the Avid investment and the option seems to be a great way to go about it. Can you talk specifically to their network as well as your own AP business just around monetization rates? And I assume that strategic investment, as you term it of this nature indicates, confidence, ability to improve card attach and monetization.

你好。感謝您回答這個問題。是的，這裡發生了很多好事。羅恩，當你考慮 Avid 投資時，這個選擇似乎是一個很好的選擇。您能否具體談談他們的網路以及您自己的 AP 業務的貨幣化率？我認為，您所說的戰略投資具有這樣的性質，表明了信心和改善卡片附加和貨幣化的能力。

I know new sales are a big part of that, too. But can you speak to the monetization piece and your confidence and be able to drive card acceptance and/or ACH pricing?

我知道新銷售也是其中很重要的一部分。但是，您能否談談貨幣化部分和您的信心，並能夠推動信用卡接受度和/或 ACH 定價？

Yeah. I think it's high. In some ways, Avid has done really even a better job than we have, right? Their revenue mix includes a fair amount of just stand-alone software fees, they've also advanced what they call paid for or ACH+ getting paid for sending ACH. So I think that they've made great progress on that.

是的。我認為它很高。從某些方面來說，Avid 確實做得比我們更好，對嗎？他們的收入結構包括相當數量的獨立軟體費用，他們還預付了所謂的付費或 ACH+，即透過發送 ACH 獲得報酬。所以我認為他們在這方面取得了很大進展。

And so I think -- to your point, I think this is for us less about confidence in those networks because they're already both super scale. It's really on the buy side.

所以我認為——正如你所說，我認為這與我們對這些網路的信心關係不大，因為它們已經是超大規模的了。這確實站在買方的角度。

The game is for both of us to sign up more spend, right, to run through that network. And then in their case, to realize some scale effectively to have the incremental revenue flow through at way higher margins. So those are really the two things that we're key in on. It's really acceleration in buyer sales or spend and then really flow through of the increment into earnings. If they do those two things, we'll be over the moon.

這個遊戲是我們雙方都要簽更多的錢，對的，透過這個網路來運作。然後在他們的情況下，有效地實現一定規模，以使增量收入以更高的利潤率流入。所以這確實是我們關注的兩件事。這實際上是買家銷售或支出的加速，然後增量真正轉化為收益。如果他們做到了這兩件事，我們就會欣喜若狂。

Yeah. That makes sense. And as a quick follow-up, you mentioned enterprise last quarter as a new thrust within the Corporate Payments business. Can you give us an update there in terms of pipeline?

是的。這很有道理。作為一個快速的後續問題，您提到上個季度企業是企業支付業務的新推動力。您能提供我們管道的最新進展嗎？

Yeah, it's live. So I think what we said, first of all, it was a slight bit accidental right, that we stumbled into this thing six months ago, having been a middle market focus. So we did contract this one mega account, and we have gone live. So that is starting to ramp. And so I think I said in the last call that I tried to hold the horses a bit at the corral to make sure that this thing works, gets out of the blocks, works well for the client.

是的，是直播。所以我認為我們所說的，首先，這有點偶然，六個月前我們偶然進入了這個領域，當時我們關注的是中端市場。因此，我們確實簽下了這個大型帳戶，並且已經上線。所以這正在開始加速。所以我想我在上次通話中說過，我試圖在畜欄裡稍微控制一下馬匹，以確保這個東西能正常工作，脫離障礙，為客戶帶來良好的服務。

But we do have the -- I think we mentioned there's a big consulting firms that facilitated the introduction that have already run out to a handful of incremental prospects. So I think what I said still holds to the extent that we get success in this initial account and call that account referenceable, I think you'll see us start to move forward with additional accounts. So this is this is a big incremental opportunity in the payable space for us. Again, the size of it, right, that, call it, four or five of these accounts are literally the size of our entire business today.

但我們確實有——我想我們提到過，有一家大型諮詢公司促進了這一介紹，並且已經為少數增量潛在客戶提供了支持。因此，我認為，只要我們在這個初始帳戶中取得成功，並稱該帳戶可作為參考，我所說的仍然有效，我想你會看到我們開始推進其他帳戶的建設。因此，這對我們來說是付費領域的一個巨大增量機會。再說一次，它的規模，對，可以這麼說，其中四到五個帳戶實際上相當於我們今天整個業務的規模。

Perfect. Thank you.

完美的。謝謝。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Hi. This is Shrey on for Ramsey. Thanks for taking my questions. So my first question is on the AvidXchange investment. So in your press release, you mentioned that their take private transaction structure gives Avid the flexibility to transform and accelerate profit growth. And Ron, I know you hit on it a little bit, but -- and I know it's still very early on in the process, but I was just wondering what kinds of strategic initiatives this could entail.

你好。這是 Shrey 替換 Ramsey 上場。感謝您回答我的問題。我的第一個問題是關於 AvidXchange 投資。因此，在您的新聞稿中，您提到他們的私有化交易結構為 Avid 提供了轉型和加速利潤成長的靈活性。羅恩，我知道你對此有一些了解，但是——我知道這個過程還處於非常早期的階段，但我只是想知道這可能包含哪些戰略舉措。

Yeah. It's really just a -- it's a scale question, right? The company is whatever, 20-plus years old, they built the foundation with software. They've been in pay that we've helped them with for 20 years. And so I think they're getting to a scale now $400 million to $500 million in revenue, where we're looking for the increment, call it, the next $200 million to $300 million of revenue to just flow through at just a much higher rate, which I think it will because the foundation like the network of suppliers, the tech, the sales structure, a bunch of the foundational work has been in place.

是的。這其實只是一個規模問題，對嗎？不管怎樣，這家公司都有 20 多年的歷史了，他們用軟體建立了基礎。我們已經幫助他們支付了20年的薪水。所以我認為他們現在的收入已經達到了 4 億到 5 億美元的規模，我們期待的是增量，也就是接下來的 2 億到 3 億美元的收入以更高的速度流入，我認為這會實​​現，因為供應商網絡、技術、銷售結構等基礎工作已經到位。

And so I think it's literally as simple as that, if they can add more spend to the wheel here, we think the flow-through will be significantly better and margins will accrete. So that's, again, what we're looking for.

所以我認為這就是這麼簡單，如果他們可以在這裡增加更多的支出，我們認為流通將會更好，利潤率也會增加。所以，這就是我們所尋找的。

Got it. Thank you. And then as a quick follow-up. Earlier in the call, you called out that outside of your cross-border business, any tariff impact would be indirect in nature. So I was wondering if you could help us think through what this indirect impact might look like in Vehicle Payments specifically. Would it be isolated to your OTR business or in particular geographies?

知道了。謝謝。然後進行快速跟進。在早期的電話會議中，您曾指出，除了跨境業務之外，任何關稅影響本質上都是間接的。所以我想知道您是否可以幫助我們思考這種間接影響在車輛付款中具體會是什麼樣子。它會與您的 OTR 業務或特定地區隔離嗎？

And then could you potentially deploy pricing as an offset?

那麼您是否有可能利用定價作為抵銷？

Yeah. I mean, I think probably like everyone on the call like who knows, right, when something is indirect, right? We're not going to pay tariffs directly. And so hey, we have all flavors of clients. So I think your comment's, a good one that clients of ours that have goods as their business instead of services, so think an 18-wheeler who moves products around could be more impacted than local businesses that do plumbing, right, or HVAC.

是的。我的意思是，我想可能就像電話裡的每個人一樣，誰知道，對吧，當某事是間接的時候，對吧？我們不會直接支付關稅。嘿，我們有各種各樣的客戶。所以我認為您的評論很好，我們的客戶以商品而不是服務為業務，因此認為運送產品的 18 輪卡車可能比從事管道或暖通空調的本地企業受到的影響更大。

And so, certainly, our mix would affect a little bit what happens. But we just -- like everyone on this call, we don't really have any view at all of how much any of these accounts will be affected. We just know that as a company that has a stock, we're not in the gun sight to this.

因此，我們的混合肯定會對發生的事情產生一點影響。但我們就像電話會議中的每個人一樣，根本不知道這些帳戶會受到多大影響。我們只是知道，作為一家擁有股票的公司，我們不會對此採取任何行動。

We won't pay tariffs again, we're mostly a services business and really the only business with any smidge and direct exposure is cross-border. And then as we put a slide in the supplement that only about 20% of those flows are on goods and two are from the US.

我們不會再支付關稅，我們主要是服務業，實際上唯一有一點點直接影響的業務是跨境業務。然後，正如我們在補充資料中放置的一張幻燈片所示，其中只有約 20% 的流量是商品，其中兩個來自美國。

And so even there, the impact is limited. So really, it's just a function of what happens to the plan and to all the businesses out there. If they're hurt a little bit by it, we'll be hurt a little bit. If they're hurt a lot by it, we'll be hurt a lot by it. But we're not going to be hurt directly by it is our message.

因此即使如此，其影響也是有限的。所以實際上，這只是計劃和所有企業所發生情況的函數。如果他們因此受到一點傷害，我們也會受到一點傷害。如果他們因此受到嚴重傷害，我們也會受到嚴重傷害。但我們不會因此受到直接傷害，這是我們的訊息。

Very helpful. Thanks.

非常有幫助。謝謝。

Andrew Schmidt, Citi.

花旗銀行的安德魯·施密特。

Hi, Ron. Hey, Alissa. Congrats on all the progress here. Thanks for taking the questions. I wanted to ask about the US business within the Vehicle Payments. It sounds like you're pretty optimistic around the sales trends there and maybe just comment around just the confidence in driving improvement in revenue there as the year progresses, obviously, macro aside, but would love to get some details based on the sales trends and initiatives you have there. Thanks so much.

你好，羅恩。嘿，艾莉莎。恭喜你在這裡取得的所有進展。感謝您回答這些問題。我想詢問有關車輛支付領域的美國業務。聽起來您對那裡的銷售趨勢非常樂觀，也許只是評論一下隨著時間的推移推動那裡收入增長的信心，顯然，除了宏觀因素之外，但我希望根據您在那裡的銷售趨勢和舉措獲得一些詳細信息。非常感謝。

Hey, Andrew, it's Ron. It's a super good question. So I'd say the -- it's a two-part answer. The first part is really retention. And so we went on the [nausea] with you guys about the great pivot of the US vehicle business a couple of years ago and getting out of micro accounts and buying all that stuff.

嘿，安德魯，我是羅恩。這是一個非常好的問題。所以我想說——答案分為兩部分。第一部分實際上是保留。因此，我們和你們一起討論了幾年前美國汽車行業的重大轉變，以及擺脫微型帳戶併購買所有那些東西。

And I can report that, that is now distant in our rearview mirror. And so what's come out of that, let me just quote this to you that the retention rate for that entire US business in Q1 of '25 are improved more than 200 basis points from Q1 of 2024. So the loss rate in that business used to be of a 9 handle, on the call, low 9, 9.5, and now it has a 7 handle.

我可以報告的是，現在這在我們的後視鏡中已經很遙遠了。那麼結果如何呢？讓我引用一下，2025 年第一季整個美國業務的留存率比 2024 年第一季提高了 200 多個基點。因此，該業務的損失率過去是 9%，高是 9%，低是 9.5，現在是 7%。

So that's the first message is obviously getting 200 to 250 points back prospectively, and we think that will even get a smidge better is the first point.

因此，第一個訊息顯然有望獲得 200 到 250 點的回報，我們認為第一點甚至會變得更好。

And then on the second point, yes, the sales relative to the base is up. And the forecast that we have sitting here says that we think the first half is, call it, flat. And the second half is literally mid-single digits or better. So we're sitting here on this call, telling you that we think there is a big pivot in organic revenue growth coming in that business here in whatever in 60 days.

然後關於第二點，是的，相對於基數的銷售額是上升了。根據我們目前的預測，我們認為上半年經濟將保持穩定。而下半場的得分實際上達到了個位數的中間值甚至更高。因此，我們在這裡召開電話會議，告訴大家，我們認為，無論在 60 天內，該業務的有機收入成長都將出現重大轉變。

And then if we get that all of a sudden, our organic growth rate steps way up because that's a pretty big business. So I'd say our confidence is high because we're good at math, and we captured the retention number already as we thought we would when we made that change. So we're finally, after this time, we're going to start to see some benefits from that decision.

如果我們突然實現這一目標，我們的有機成長率就會大幅上升，因為這是一個相當大的業務。所以我想說我們的信心很高，因為我們擅長數學，而且我們在做出改變時就已經獲得了留存率數字，正如我們所想的那樣。因此，經過這段時間之後，我們最終將開始看到該決定帶來的一些好處。

Got it. Thank you, Ron. Yeah. Retention is a big lever. So that's good to hear. Every time we see macro fluctuations, we always get the question on supplier acceptance trends within the AP business. It doesn't sound like there's been much variation based on the commentary.

知道了。謝謝你，羅恩。是的。保留是一個很大的槓桿。聽到這個消息我很高興。每當我們看到宏觀波動時，我們總是會問到 AP 業務中的供應商接受趨勢。從評論來看，似乎並沒有太大的變化。

But maybe just talk about what you hear from suppliers in terms of payment choice, things like that, whether there's been any change on that front? Thanks so much.

但也許只是談談您從供應商那裡聽到的有關付款選擇等方面的消息，這方面是否有任何變化？非常感謝。

Yeah. It's a good thought. So no is the answer. That number is basically flat. It's remaining flat.

是的。這是個好主意。所以答案是否定的。這個數字基本持平。它保持平坦。

And I think it's just what you'd expect, which is payment certainty. suppliers want to get paid, right, and not default and payment speed are high importance. So any supply that runs good margins like service businesses, like an example that run 50% or 70% marginal cost basically. They love card products because they're certain and they're fast.

我認為這正是您所期望的，即付款確定性。供應商希望得到付款，對，並且不拖欠付款，付款速度非常重要。因此，任何利潤率較高的供應商（例如服務企業）的邊際成本基本上為 50% 或 70%。他們喜歡卡片產品，因為這些產品確定且快速。

And so I think the answer is we're not seeing really all that much different. And so that back to the comment, same thing I said about Avid that our payables business goes as spend goes. If we can keep growing the buyer side and increasing spend, we think, if anything, we'll take up the monetization as we add more ACH+ ourselves into the network. So we're not seeing really any downtick there yet.

所以我認為答案是我們並沒有看到太多的不同。回到剛才的評論，我對 Avid 也說過同樣的話，我們的應付費用業務隨著支出而成長。如果我們能夠繼續擴大買方並增加支出，我們認為，如果有的話，我們將在網路中添加更多 ACH+ 時實現貨幣化。所以我們目前還沒有看到任何下滑趨勢。

It's great to hear. Thank you, Ron.

聽到這個消息真是太好了。謝謝你，羅恩。

(Operator Instructions) Sanjay Sakrali, KBW.

（操作員說明）Sanjay Sakrali，KBW。

Thank you. Good afternoon. Congrats on this Avid minority ownership. Ron, could I just follow up a little bit on the acceleration of the sales at Avid? Like how exactly will you guys be involved in that? Will you actually like sell the product, have your sales -- I'm just trying to think about that part of it.

謝謝。午安.恭喜 Avid 獲得少數股權。羅恩，我可以稍微跟進一下 Avid 銷售成長的情況嗎？你們具體將如何參與其中？你真的會銷售產品嗎？有銷量嗎？我只是在思考這部分問題。

And then just on expenses, obviously, there might be some redundancies between what you guys do and they do. Is there any plans to get involved on the expense rationalization there? And just one final one, just what are the terms of the call option in 2027? Thanks.

然後就費用而言，顯然你們所做的事情和他們所做的事情之間可能存在一些冗餘。有沒有計劃參與那裡的費用合理化？最後一個問題，2027 年買權的條款是什麼？謝謝。

That was a three-parter there Sanjay, if I was listening, so let me see if I can go back and remember part one. So one, hey, our involvement in Avid sales, you got a good guy in my opinion, run in the place and you've got some good leaders there with Mike.

桑傑，如果我在聽的話，那是三個部分，那麼讓我看看我是否能回去記住第一部分。所以，嘿，我們參與了 Avid 銷售，在我看來，你找到了一個好人，在那裡經營，並且你和 Mike 一起在那裡有一些很好的領導者。

And so I think our role is that we've been a part of the idea side of, okay, maybe being helpful in terms of priority and where to point and sharing some practices that we think and some investments that we think may help them perform better. But we wouldn't have made this investment if we didn't have some confidence that they could do it.

所以我認為我們的角色是，我們一直是創意的一部分，好吧，也許在優先事項和指向方面有所幫助，並分享我們認為的一些實踐和一些我們認為可能有助於他們表現更好的投資。但如果我們對他們能夠做到沒有信心，我們就不會進行這項投資。

In terms of synergies in this early hold period, Avid is going to run as Avid. But clearly, we thought about and sized what I call our second bite which would be if, in fact, we get a few years out and we like the profit growth, profit acceleration there. There's a pretty whopper incremental synergy right through combination, to your point, whether it's the merchant networks or the tech side or other things. So we would really plan to two-step that.

就這一早期持有期內的協同效應而言，Avid 將以 Avid 的名義運行。但顯然，我們已經考慮並確定了我所說的第二次嘗試的規模，即如果我們實際上能夠堅持幾年，並且喜歡那裡的利潤增長和利潤加速。正如您所說，無論是商家網路、技術方面或其他方面，透過合併可以產生相當大的增量綜效。所以我們確實計劃分兩步驟來實施。

It will run mostly as it is, we'll be helpful where we can. And then if that day comes, that we try to buy the rest, we'll get the second bite.

它將基本上按原樣運行，我們將盡力提供幫助。然後，如果那一天到來，我們嘗試購買剩下的，我們就會得到第二口。

On the terms front, we're basically going to kick the can and provide that detailed disclosure in our Q, which will be probably later this week or Monday. We'll lay out more of the details of the thing. But at the high level, what you said is right, which is we've taken a minority position along with TPG and management and basically have the option a couple of years out to buy the rest of the equity. So we'll fill in the details a different day.

在條款方面，我們基本上會先解決這個問題，然後在 Q 中提供詳細的披露，大概會在本週晚些時候或週一。我們將詳細介紹此事。但在高層，您說的是對的，我們與 TPG 和管理層一起持有少數股權，基本上可以選擇在幾年後購買剩餘的股權。因此我們將在另一天填寫詳細資料。

Thank you.

謝謝。

Andrew Bauch, Wells Fargo.

富國銀行的安德魯·鮑赫。

Hey, guys. It's [Samar] on for Andrew. Thanks for taking the question. It's good to see the progress that you're making on the payables front in terms of moving upmarket to the enterprise segment and that one client win that you called out and the intention to, I guess, expand into the UK this summer.

嘿，大家好。現在由 [Samar] 代替 Andrew 上場。感謝您回答這個問題。很高興看到您在應付帳款方面取得的進展，即向高端企業市場邁進，並且贏得了一位客戶，我猜想您打算在今年夏天擴展到英國。

I guess with the noise around tariffs and the incremental macro uncertainty, maybe just give us an update if there's been any like revised thoughts around like the scale of that expansion over the coming months. Thank you.

我想，考慮到關稅方面的噪音和不斷增加的宏觀不確定性，如果對未來幾個月擴張規模有任何修改意見，也許可以向我們提供最新消息。謝謝。

Samar, can you repeat the last part of that? You broke up.

薩瑪爾，你能重複最後一部分嗎？你們分手了。

No, I was just asking if with the incremental macro uncertainty and like the comments that you made around the tariff implications on cross-border if there are any revised thoughts as it relates to the scale of that expansion, whether it be moving upmarket to enterprise or the UK.

不，我只是問，隨著宏觀不確定性的增加，以及您對跨境關稅影響的評論，是否有任何與擴張規模相關的修改想法，無論是向高端企業還是英國市場擴張。

The payments expansion in the UK.

英國的支付擴展。

Yeah. I'm sorry, I'm struggling hearing the question, but I think you're asking, hey, in the payables group, we happy about the enterprise, the adjacent enterprise space and prospects there. And then going to the UK, I think it's yes and yes. Like we said, we've gone live for the first account. This partners introduced us to the next set of people.

是的。抱歉，我很難聽清楚這個問題，但我想你問的是，嘿，在應付款項組中，我們對企業、相鄰的企業空間和前景感到滿意。然後去英國，我認為是的，是的。正如我們所說的，我們已經上線了第一個帳戶。這位合夥人把我們介紹給了下一批人。

And so this is really just walk before you run.

所以這其實只是先走後跑。

We want to make sure the thing is working, and we're doing well. But the size of the step that we could get if it's successful, is large. And then the UK thing, again, is an intra market thing, right? We're taking a product that's here and it's going to help clients in the UK.

我們希望確保一切順利，而且我們做得很好。但如果成功的話，我們能取得的進步將是巨大的。那麼，英國的事情又是內部市場的事情，對嗎？我們正在推出一款產品，它將幫助英國的客戶。

So there won't be really specific any tariff impacts of that. It's really a product that will be used by UK businesses for purchases there. And then to the extent that they have cross-border payments there, which, again, two-thirds or three-quarters of those will be into the continent of Europe or in Asia or other places.

因此，這實際上不會對關稅產生任何具體影響。這確實是英國企業將用於在英國採購的產品。就其跨境支付而言，其中三分之二或四分之三將進入歐洲大陸、亞洲或其他地方。

So yeah, we don't think that that's going to have really any bearing on the launch. We're just excited to stand up a super important business in a second market that adds TAM and leverages like all the assets, all the clients, all the people, and stuff that we have there. So that's really what we're trying to tell people is we're going to make this a way bigger business.

所以，是的，我們認為這不會對發布產生任何影響。我們很高興能夠在第二個市場中建立起一項極其重要的業務，它增加了 TAM 並利用了我們在那裡擁有的所有資產、所有客戶、所有人員和東西。所以我們真正想告訴人們的是，我們要把這個生意做大。

Okay. Thank you.

好的。謝謝。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Hey. Thanks a lot for the question and all the details today. I wanted to turn to another topic really quickly, Ron. I'm curious to hear about the performance of the hedging business in Q1? And anything you can give us on how it has performed since then during the month of April and early May. I'm just wondering if it's fair to think about that business as a beneficiary of sustained heightened market volatility.

嘿。非常感謝您今天提出的問題和所有細節。我想很快轉到另一個話題，羅恩。我很好奇想了解第一季對沖業務的表現如何？您能否告訴我們自四月和五月初以來它的表現如何？我只是想知道，將該業務視為持續加劇的市場波動的受益者是否公平。

And can you give us the puts and takes on that dynamic and any other impacts on tariffs on that segment specifically?

您能否具體告訴我們這種動態的利弊以及對該部分關稅的其他影響？

Yeah, that's a good question, James. So on our cross-border business, Q1, good. I think we reported a high teens revenue growth against the prior year, and the sales, I think, grew 50% in the quarter over Q1 the prior year. So we're selling the stuff like crazy. In terms of April, we did look at the flash.

是的，這是個好問題，詹姆斯。因此，就我們的跨國業務而言，第一季表現良好。我認為我們報告的收入與上年相比增長了十幾個百分點，而且我認為本季的銷售額比上年第一季增長了 50%。所以我們瘋狂地銷售這些東西。就四月份而言，我們確實關注了閃光點。

Gangbusters, maybe the adjective I used the April flash or cross border is way ahead of our budget and our forecast and significantly ahead of the prior year -- and yes, there's no question that certainly in April that it's been a beneficiary of the uncertainty of what the heck is going on.

勢不可擋，也許我用的形容詞是四月份的閃電或跨境遠遠超出了我們的預算和預測，並且大大超出了去年同期——是的，毫無疑問，四月份它受益於到底發生了什麼事情的不確定性。

And so to your point, what the sustainability of that is less clear. But yeah, through four months, the business is truly rocking. With that said, I don't know how clear we were, but we did -- listen, I did have $10 million or $15 million out of the second half full year guide to just be a bit conservative if the post pause tariff world is not super attractive.

所以對於你的觀點，其可持續性尚不清楚。但是的，經過四個月，業務確實蓬勃發展。話雖如此，我不知道我們說得有多清楚，但我們確實——聽著，如果暫停後的關稅世界不是特別有吸引力，我確實從下半年全年指南中拿出了 1000 萬美元或 1500 萬美元，只是有點保守。

We want to make sure we -- we went into the second half a bit conservative, but frankly, we don't know. I just wanted to put it on the table that we decided to trim a bit the second half in the event that tariffs are mean looking to us.

我們想確保——我們進入下半場時有點保守，但坦白說，我們不知道。我只是想說，如果關稅對我們不利，我們決定在下半年稍微削減一些。

Great. Thanks.

偉大的。謝謝。

Trevor Williams, Jefferies.

崔佛威廉斯 (Trevor Williams)，傑富瑞 (Jefferies)。

Great. Thanks very much. If we could go back to the organic guide, and Ron, you've given some kernels on this over the course of Q&A, but we're at 9% organic in Q1, you're keeping the 11% for the year. It sounds like a lot of that acceleration is coming from US vehicle. But if there's anything else that you could point us to?

偉大的。非常感謝。如果我們可以回到有機指南，羅恩，您在問答過程中已經給出了一些核心內容，但第一季我們的有機產品佔比為 9%，而您今年的有機產品佔比為 11%。聽起來很多加速度都來自美國車輛。但是您還能告訴我們其他什麼嗎？

And I hear you on April running in line. But just with everything on the macro, how would you frame the level of confidence in the full year and the specific drivers you guys have baked in today versus three months ago? Thanks.

我聽說你在四月排隊。但是從宏觀角度來看，您如何看待全年的信心水平以及與三個月前相比，今天所採用的具體驅動因素是什麼？謝謝。

Yeah, Trevor. Good question. High would be the answer. So interesting. We expect Q2 that we're sitting and again, we've had a look at April already.

是的，特雷弗。好問題。答案是「高」。真有趣。我們預計第二季將會有結果，而且我們已經對四月份的情況進行了展望。

I'd say we think probably closer to 12% at the midpoint. So I know it's a big step. Hey, we just printed 9%. And although I think we printed -- what we print in Q4 is it 12% in Q4. So 12%, 9% I'm going to say, Trevor, 12% here in Q2.

我認為中間值可能更接近 12%。所以我知道這是一個很大的進步。嘿，我們剛剛印刷了 9%。儘管我認為我們在第四季度印刷了 - 我們在第四季度印刷了 12%。所以我要說的是 12%、9%，特雷弗，第二季是 12%。

And surprisingly, the US vehicle one is not the big contributor to the big step. The strangest thing is that the gift business which was super soft in Q1 versus the prior year is going to be super strong here in Q2 against the prior year.

令人驚訝的是，美國汽車並不是這項重大舉措的最大貢獻者。最奇怪的是，禮品業務在第一季與去年同期相比非常疲軟，但在第二季卻比去年同期變得非常強勁。

And so then when you go into the second half, what you said is right, then the lift is we think the US vehicle business will step into mid-single digits or plus, and that's what we'll have the back half still double digits. So 11%, 12%, 13% in Q3 and Q4.

那麼，當你進入下半年時，你說的是對的，我們認為美國汽車業務的成長將進入中等個位數或以上，而下半年仍將保持兩位數。因此第三季和第四季分別為 11%、12%、13%。

So gift gets you there in Q2 and then US vehicle gets you there in the second half and Corporate Payments stays steady as you go, high teens to 20%. And again, who knows if again, some recession, we're just calling them as we see them. Today, the data that we can read out. So obviously, all of this is a function of the world, not melting down, but given what we could see confidence is high.

因此，禮品將在第二季度帶您實現這一目標，然後美國車輛將在下半年帶您實現這一目標，而企業支付將保持穩定，從十幾歲到 20%。再說了，誰知道是否還會再出現經濟衰退，我們只是根據所見來判斷。今天，我們可以讀出這些數據。因此，顯然，所有這一切都是世界的功能，而不是崩潰，但從我們所看到的情況來看，信心很高。

Thank you.

謝謝。

Rayna Kumar, Oppenheimer.

雷娜‧庫馬爾 (Rayna Kumar)，奧本海默。

Hi. Thanks for taking my question. Are you seeing any different trends across SMBs versus your larger fleet clients? And can you talk about same-store sales trends for both segments?

你好。感謝您回答我的問題。您是否發現中小型企業與大型車隊客戶之間有任何不同的趨勢？能談談這兩個部門的同店銷售趨勢嗎？

Yeah. I'd say not much. I mean I think historically, our middle market enterprise clients have been steadier but I think we did such a cleaning such a remixing starting a couple of years ago that are truly micro, super small accounts or just way fewer in our portfolio. So I think that first headline is we're just way less exposed to it would be the first point. And then on the base, again, plus 1%, which is, I think, the same thing we quoted for Q4.

是的。我想說不多。我的意思是，我認為從歷史上看，我們的中型企業客戶一直比較穩定，但我認為我們從幾年前開始就進行了這樣的清理和重組，這些客戶實際上是微型、超小型帳戶，或者在我們的投資組合中數量要少得多。所以我認為第一個標題是我們對此的接觸較少，這是第一點。然後在基礎上再加 1%，我認為這與我們第四季的報價相同。

And again, the good news is that's up 3% from Q1 of the prior year. if I remember right, Q1 of '24, we were minus 2, Q1 of '25 we're plus 1%. So we moved that plus 3% over the period of time. And so the base report that I look at is pretty steady as she goes. There's not a ton of movement each of the areas is similar to what it was in Q4 where it was plus 1%.

再次，好消息是，這比去年第一季成長了 3%。如果我沒記錯的話，24 年第一季度，我們虧損了 2%，而 25 年第一季度，我們獲利了 1%。因此，我們在此期間將其提高了 3%。因此，我看到的基礎報告顯示，她的進展相當穩定。每個領域的變動並不大，與第四季的情況類似，當時的增幅為 1%。

And so -- yes, we don't see much that's patchy. It's pretty solid right now.

所以 — — 是的，我們沒有看到太多不完整的地方。目前它相當堅固。

Appreciate the color.

欣賞色彩。

Dave Konig, Baird.

戴夫·科尼格，貝爾德。

Yeah. Hey, guys. Thank you. And I guess my question just with the Avid deal, do you guys immediately get access to their supplier network? And maybe could you talk through like if today your accounts payable clients maybe you have 20% of each of their payment files on average that can go into one of your suppliers and now with Avid, does that 20% raise to 30%? I'm making up numbers, obviously, but do you have metrics like that? And am I thinking of that correctly?

是的。嘿，大家好。謝謝。我想我的問題只是關於 Avid 交易，你們是否立即可以訪問他們的供應商網路？也許您能不能談談，如果今天您的應付帳款客戶平均有 20% 的付款文件可以轉交給您的某個供應商，而現在有了 Avid，這個 20% 是否會上升到 30%？顯然，我是在編造數字，但你有這樣的指標嗎？我這樣想對嗎？

Yeah, Dave, it's Ron. That's a super good question. And the good news is we have a bit of a head start on the subject you're on. So call it, I don't know, 6 to 12 months ago, Mike and I met on this very subject and created a commercial agreement, arm's length agreement between the two companies to do exactly what you just said, which is to -- we had third parties look at the composition of our supplier networks and which parts of it were monetized and not and then using that data to basically help each other monetize more. And so that thing has gotten lifted up already.

是的，戴夫，我是羅恩。這是一個非常好的問題。好消息是，我們在您所討論的主題上已經取得了一些領先優勢。所以，我不知道，6 到 12 個月前，邁克和我就這個問題進行了會面，並製定了一項商業協議，兩家公司之間的一項獨立協議，以完成您剛才所說的任務，即 - 我們讓第三方查看我們的供應商網絡的組成以及哪些部分可以貨幣化，哪些部分不能，然後使用這些數據基本上幫助彼此實現更多貨幣化。所以那東西已經被舉起來了。

And obviously, the deepening of the relationship now, I think we'll improve that. So we will clearly double down on that initiative. And then as I said, a different day, we would move to a complete combination of that. We would just effectively think of it double the spend in the merchant network, which is -- would be obviously super synergistic, right? We create enormous leverage for us to have, have doubled the spend running through that set of suppliers.

顯然，隨著現在關係的加深，我認為我們將會改善這一點。因此，我們顯然會加倍努力實施這項措施。然後，正如我所說的，在另一天，我們將實現這些的完整結合。我們實際上會認為它使商家網路的支出增加了一倍，這顯然具有超強的協同作用，對吧？我們創造了巨大的槓桿，使我們透過該組供應商的支出增加了一倍。

So that's obviously one of the attractive things for us in the second bite.

所以這顯然是第二口對我們來說有吸引力的事情之一。

Yeah, great. Thanks, guys.

是的，很棒。謝謝大家。

Rufus Hone, BMO Capital Markets.

魯弗斯·霍恩（Rufus Hone），BMO 資本市場。

Hi, guys. Thanks. Maybe just a quick one on -- you mentioned some potential noncore divestitures. Now the $2 billion number implies it could be something pretty chunky. I guess just what businesses does that cover? Any details there would be great. Thank you.

嗨，大家好。謝謝。也許只是簡單地說一下——您提到了一些潛在的非核心資產剝離。現在 20 億美元這個數字意味著這可能是一筆相當大的數目。我猜這涵蓋了哪些業務？任何細節都很好。謝謝。

Yeah, Rufus, it's a good question. So not shockingly, the three units that we teed up, two are from our -- what we call our vehicle segment and one is from our lodging segment. So the concept here, again, is more in Corporate Payments, less in vehicle and lodging.

是的，魯弗斯，這是個好問題。因此毫不奇怪，在我們準備的三個單位中，兩個來自我們所謂的車輛部門，一個來自我們的住宿部門。因此，這裡的概念更多地涉及企業支付，較少涉及車輛和住宿。

And so the different message, I think, for everybody this time is bigger. So historically, we've said, hey, we're going to look for things that are less related noncore and potentially divest those and things on the margin.

因此，我認為，這次向每個人傳達的訊息都更加不同。因此，從歷史上看，我們說過，嘿，我們將尋找與非核心不太相關的東西，並可能剝離這些東西和邊緣的東西。

We picked two or three businesses that have more size, I think, call it, $150 million, $170 million in EBITDA combined across these three businesses, as a larger set of divestitures, a couple of them really good businesses and should fetch a pretty good price.

我們選擇了兩到三家規模較大的企業，我想，這三家企業的 EBITDA 總計為 1.5 億美元、1.7 億美元，作為更大規模的資產剝離，其中幾家企業確實表現良好，應該能賣出相當好的價格。

And so the idea really is just to simplify the company more, create more liquidity in this case $2 billion, and pour it back into the pipeline in front of us at Corporate Payments. So it's just a more -- the message for you guys is just a more aggressive repositioning of our portfolio, I think, towards Corporate Payments.

因此，我們的想法實際上只是為了進一步簡化公司，創造更多的流動性（本例中為 20 億美元），並將其重新投入到我們面前的企業支付管道中。所以這只是一個——我想，對你們來說，我們的訊息只是更積極地重新定位我們的投資組合，面向企業支付。

Ken Suchoski, Autonomous Research.

蘇喬斯基（Ken Suchoski），自主研究。

Hey, good afternoon. Thanks for taking the question. Maybe I'll ask one on lodging since it wasn't covered here. But the organic growth took a step back this quarter. I know there's leap year impacts in there. But is the expectation to accelerate to mid-single-digit growth throughout the year and then ultimately get back to double-digit growth. And I'm just curious how do you guys think about driving that acceleration? Thank you.

嘿，下午好。感謝您回答這個問題。也許我會問一個關於住宿的問題，因為這裡沒有涉及。但本季有機成長有所倒退。我知道這裡面有閏年的影響。但預計全年成長將加速至中等個位數，最終恢復至兩位數成長。我只是好奇你們如何看待推動這種加速？謝謝。

That's another good question. So the short answer for the Q1 is really all pocketed in airlines. So we built a plan for Q1 and the smidge part of the lodging where we serve the airlines was just super soft. Maybe the weather was good, I don't know, but the disruption subsegment of that was super light as was just -- maybe it's the Newark Airport store, I don't know. But the airline volume is super light.

這又是一個好問題。因此，對於第一季而言，簡而言之，利潤全部被航空公司收入囊中。因此，我們為第一季制定了計劃，我們為航空公司提供的住宿部分非常柔軟。也許天氣很好，我不知道，但其中的干擾部分非常輕微，就像 - 也許是紐瓦克機場商店，我不知道。但航空公司的客流量非常小。

So all of the softness different from our plan was airlines.

因此，與我們的計劃不同的所有軟肋都是航空公司。

Going forward, I think we said that we built the 2025 budget and guide today really on that business staying flattish it was declining. And so the goal was to get it stood out back towards level again and that we would make sales here in 2025. So that business is a good business again in 2026.

展望未來，我想我們說過，我們制定 2025 年預算和指南的依據實際上是業務保持平穩，正在下滑。因此，我們的目標是讓它再次回到原來的水平，並在 2025 年實現銷售。因此，到 2026 年，這項業務將再次成為一項好業務。

So there's nothing in our forecast that things going to magically be much better. But the super-important headline is it's not declining. The base is strong or the retention levels are way better than they were a year to 1.5 years ago. So now it's literally just refilling the top of the bucket, so that, that thing can grow. But -- so that's the update.

因此，我們的預測並不表明情況會神奇地變得更好。但最重要的一點是它並沒有下降。基礎很強大，或者說保留水準比一年前到一年半前好得多。所以現在它實際上只是重新填滿桶的頂部，這樣，那個東西就可以生長。但是——這就是更新內容。

Thanks, Ron.

謝謝，羅恩。

Nik Cremo, UBS.

瑞銀的尼克·克雷莫。

Hey, thanks for taking my questions. I just wanted to come back to the US Vehicle Payments business just given a deceleration versus I think being up slightly last quarter with strong sales last quarter as well. So can you just provide more specific color as to what drove the deceleration in Q1? And just put a finer point as to the drivers for the acceleration in the back half? Thank you.

嘿，謝謝你回答我的問題。我只是想回到美國汽車支付業務，因為該業務有所減速，而我認為上個季度該業務略有上升，而且上個季度的銷售也很強勁。那麼，您能否更具體地說明導致第一季經濟減速的原因？並且只是對後半部分的加速駕駛員提出更詳細的說明？謝謝。

Sure. Hey. It's a good question, and this is Alissa. So from a -- what drove the current quarter, I think it's just a little bit of softness. But as we continue to look towards the back half of the year, it really is the current trends in new sales that we're seeing right now continuing into the middle and the back half of the year, better retention, better same-store sales, which should drive the ultimate back half acceleration.

當然。嘿。這是個好問題，我是艾莉莎。因此，從推動本季業績的因素來看，我認為只是略微疲軟。但當我們繼續展望下半年時，我們確實看到目前新銷售的趨勢將持續到年中和下半年，更好的保留率、更好的同店銷售額，這些應該會推動下半年的最終加速。

Got it. Thank you.

知道了。謝謝。

Thank you. And that does conclude our question-and-answer session. I'd like to turn the call back over to Jim Eglseder with Investor Relations

謝謝。我們的問答環節到此結束。我想把電話轉回給投資者關係部的 Jim Eglseder

Yeah. Thanks, guys, for your flexibility today, and staying on the call late. We know we were late into the wire, but I think you all understand why. If you have any other questions, feel free to reach out. We're happy to help wherever we can.

是的。謝謝大家今天的彈性變通，並且堅持通話到很晚。我們知道我們遲到了，但我想你們都明白為什麼。如果您還有其他問題，請隨時與我們聯繫。我們很樂意提供力所能及的協助。

Thank you. And ladies and gentlemen, that does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。女士們、先生們，今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。