Marqeta Inc (MQ) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Marqeta second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們、先生們，下午好，感謝你們的到來。歡迎參加 Marqeta 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I would now like to turn the conference over to Stacey Finerman, Vice President of Investor Relations. Thank you, and you may begin.

現在，我想將會議交給投資者關係副總裁 Stacey Finerman。謝謝，您可以開始了。

Thanks, operator. Before we begin, I would like to remind everyone that today's call may contain forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including those set forth in our filings with the SEC, which are available on our Investor Relations website, including our annual report on Form 10-K for the period ended December 31, 2025, and our subsequent periodic filings with the SEC. Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only as of the time of this call, and the company does not assume any obligation or intent to update them, except as required by law.

謝謝，接線生。在我們開始之前，我想提醒大家，今天的電話會議可能包含前瞻性陳述。這些前瞻性陳述受多種風險和不確定性的影響，包括我們向美國證券交易委員會 (SEC) 提交的文件中所述風險和不確定性，這些文件可在我們的投資者關係網站上查閱，包括我們截至 2025 年 12 月 31 日的 10-K 表年度報告以及我們隨後向美國證券交易委員會提交的定期文件。實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。這些前瞻性陳述僅代表本次電話會議時的觀點，除非法律要求，否則本公司不承擔更新這些前瞻性陳述的任何義務或意圖。

In addition, today's call includes non-GAAP financial measures. These measures should be considered as a supplement to and not a substitute for GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found in today's earnings press release or earnings release supplemental materials, which are available on our Investor Relations website.

此外，今天的電話會議還包括非公認會計準則財務指標。這些措施應被視為 GAAP 財務措施的補充，而不是替代。與最直接可比較的 GAAP 指標的對帳可以在今天的收益新聞稿或收益發布補充資料中找到，這些資料可在我們的投資者關係網站上找到。

Hosting today's call is Mike Milotich, Marqeta's Interim CEO and CFO. With that, I'd like to turn the call over to Mike to begin.

主持今天電話會議的是 Marqeta 的臨時執行長兼財務長 Mike Milotich。現在，我想把電話交給麥克開始。

Thank you, Stacey, and thank you for joining us for Marqeta's second-quarter 2025 earnings call. To start, I'll briefly highlight our Q2 results, followed by our progress enabling innovation and business expansion for our customers. I'll conclude with more details about our Q2 financial results and our expectations for the second half of the year. Our second quarter results demonstrate our ability to deliver strong growth while simultaneously increasing our adjusted EBITDA through efficiency and scale.

謝謝你，斯泰西，也謝謝你參加 Marqeta 2025 年第二季財報電話會議。首先，我將簡要介紹我們的第二季業績，然後介紹我們為客戶實現創新和業務擴展所取得的進展。最後，我將詳細介紹我們的第二季財務業績以及對下半年的期望。我們第二季的業績證明了我們有能力實現強勁成長，同時透過效率和規模提高調整後的 EBITDA。

Total processing volume, or TPV, was $91 billion in the second quarter, a 29% increase compared to the same quarter of 2024. Q2 net revenue of $150 million grew 20% year over year, driven by the wide variety of use cases we enable for our customers. Gross profit was $104 million, a 31% increase versus Q2 2024, resulting in a gross margin of 69%. This includes an 8.6% growth benefit from the revised accounting policy for estimating and recognizing card network incentives.

第二季的總處理量（TPV）為 910 億美元，與 2024 年同期相比成長了 29%。第二季淨收入為 1.5 億美元，年增 20%，這得益於我們為客戶提供的各種用例。毛利為 1.04 億美元，較 2024 年第二季成長 31%，毛利率為 69%。其中包括修訂後的估計和確認卡片網路激勵的會計政策帶來的 8.6% 的成長收益。

Adjusted EBITDA was $29 million in the quarter, translating into a 19% margin, fueled by both gross profit growth and operating expense discipline. This all-time high for our adjusted EBITDA demonstrates the significant progress we have made on our path to profitability, falling just shy of GAAP net income breakeven for the quarter. Our focus this year has been on expanding and deepening our customer relationships while enabling their continued growth through innovative programs, value-added services and seamless geographic expansions with consistent and effective execution.

本季調整後的 EBITDA 為 2,900 萬美元，利潤率為 19%，這得益於毛利的成長和營運費用的控制。調整後的 EBITDA 創下歷史新高，顯示我們在獲利道路上取得了重大進展，本季略低於 GAAP 淨收入盈虧平衡點。我們今年的重點是擴大和深化我們的客戶關係，同時透過創新計劃、增值服務和無縫的地理擴展以及一致有效的執行，實現客戶的持續成長。

One area of strength has been our continued broadening of lending and Buy Now, Pay Later use cases. While BNPL has expanded over the last five years, Marqeta remains at the forefront of helping our BNPL customers deliver innovative and user-friendly solutions. In the early days of our company, we were well ahead of other providers in connecting BNPL providers with retailers via instant issuance virtual cards, enabling seamless payment experiences without costly back-end integrations. While others eventually caught up on instant issuance, we continue to leap ahead, enabling BNPL providers with Pay anywhere card solutions where they provide their end user the ability to pay later anywhere cards are accepted.

我們的優勢之一是不斷擴大貸款和「先買後付」的使用範圍。儘管 BNPL 在過去五年中不斷擴張，但 Marqeta 仍然站在幫助我們的 BNPL 客戶提供創新且用戶友好的解決方案的前沿。在我們公司成立初期，我們在透過即時發行虛擬卡將 BNPL 提供商與零售商連接起來方面遠遠領先於其他提供商，從而實現了無縫的支付體驗，而無需昂貴的後端整合。雖然其他人最終趕上了即時發卡的步伐，但我們仍繼續向前邁進，為 BNPL 提供者提供隨處支付卡解決方案，使他們的最終用戶能夠在任何接受卡片的地方進行後續支付。

Most recently, we have enabled flexible payment experiences for consumers by collaborating with partners to help launch Visa flexible credentials to the market, where we were the first issuer processor to deliver this functionality in the US. In June, we supported Klarna in their launch of the KlarnaOne card, making them the second BNPL provider to offer consumers a flexible credential-enabled card. This builds on years of collaboration with Klarna and demonstrates how customers can grow on our platform, both in offerings and geographies.

最近，我們與合作夥伴合作，向市場推出 Visa 彈性憑證，為消費者提供靈活的支付體驗，我們是美國第一家提供此功能的發卡機構。6 月，我們支持 Klarna 推出 KlarnaOne 卡，使其成為第二家向消費者提供靈活憑證卡的 BNPL 提供者。這是與 Klarna 多年合作的基礎，展示了客戶如何在我們的平台上實現產品和地理方面的成長。

Over the past four years, Klarna has expanded from three programs to over 10 programs across many countries. In the second half of this year, we will continue to innovate in BNPL. As we announced at last year's Money 20/20, we have been building a new capability that leverages our issuing expertise and BNPL relationships to capitalize on evolving industry trends. This capability embeds within apps and allows consumers to receive multiple BNPL options at purchase while paying with their existing debit card, increasing both distribution and user engagement.

在過去四年中，Klarna 已從三個項目擴展到多個國家的十多個項目。今年下半年，我們將繼續在BNPL方面進行創新。正如我們在去年的 Money 20/20 上宣布的那樣，我們一直在建立一項新功能，利用我們的發行專業知識和 BNPL 關係來利用不斷發展的行業趨勢。此功能嵌入在應用程式中，允許消費者在購買時使用現有借記卡付款並獲得多個 BNPL 選項，從而增加分銷和用戶參與度。

We currently have multiple issuing partners and BNPL customers integrating and testing this new service with the goal of a limited release before the 2025 holiday season. The intent is for a broader launch in 2026 with additional partners. Not only are we helping our customers expand through new innovative programs, but we're also delivering more value through additional services. While showcasing the breadth of our offering, value-added services help make our relationships more durable and bolster the economics of our business.

我們目前有多個發行合作夥伴和 BNPL 客戶正在整合和測試這項新服務，目標是在 2025 年假期前限量發布。目標是在 2026 年與更多合作夥伴一起進行更廣泛的推廣。我們不僅透過新的創新計劃幫助客戶擴展業務，而且還透過附加服務提供更多價值。在展現我們產品廣度的同時，加值服務有助於使我們的關係更加持久，並增強我們業務的經濟效益。

While the growth is coming off a small base, in Q2, our value-added services gross profit more than doubled on a year-over-year basis. These value-added services cut across geographies and use cases as customers further rely on Marqeta for our expertise. A product that is seeing great traction and adding value for customers is real-time decisioning. We built our real-time decisioning capability to be issuer-centric and allow customers to create rules and controls to manage transaction fraud based on the expansive and diverse underlying transaction information.

雖然成長基數較小，但在第二季度，我們的增值服務毛利潤比去年同期成長了一倍以上。這些增值服務跨越了地理和用例，因為客戶進一步依賴 Marqeta 的專業知識。一種受到廣泛關注並為客戶增加價值的產品是即時決策。我們建立了以發行人為中心的即時決策能力，允許客戶根據廣泛而多樣的底層交易資訊創建規則和控制來管理交易詐欺。

Currently, over 40 customers who contribute almost 20% of our non-Block TPV are using real-time decisioning, which is a major contributor to our value-added services gross profit growth. We are actively enhancing this product with artificial intelligence and machine learning capabilities to help evaluate transaction risk in real time during the authorization process. This allows customers to customize risk tolerance thresholds and automate transaction acceptance, all with millisecond level response times. We expect machine learning to continuously improve fraud detection through self-learning models that adapt to emerging threats.

目前，超過 40 個客戶正在使用即時決策，占我們非區塊 TPV 的近 20%，這是我們增值服務毛利成長的主要貢獻者。我們正在積極地透過人工智慧和機器學習功能來增強該產品，以幫助在授權過程中即時評估交易風險。這使得客戶能夠自訂風險承受閾值並自動化交易接受，所有這些都具有毫秒級的回應時間。我們希望機器學習能夠透過適應新興威脅的自學習模型不斷改進詐欺偵測。

One of our long-standing and top five customers in Europe recently tapped Marqeta for this product. While the customer originally worked with a different partner, they needed more flexibility to meet the differing needs of the various geographies in which they operate. They chose Marqeta not only for the ease of integration, but more importantly, because they believe the flexibility and effectiveness of the tool will help them unlock more growth for their card program on our platform.

我們在歐洲的長期五大客戶之一最近與 Marqeta 合作推出了這款產品。雖然客戶最初與不同的合作夥伴合作，但他們需要更大的靈活性來滿足其經營所在地不同地區的不同需求。他們選擇 Marqeta 不僅因為易於集成，更重要的是，因為他們相信該工具的靈活性和有效性將幫助他們在我們的平台上為他們的卡計劃釋放更多增長。

Europe remains a strong driver of our growth, where TPV continues to more than double year over year. Our European business is diverse and driven by many use cases, just like our business in North America. New banking, lending, including Buy Now, Pay Later and expense management use cases are each growing over 100% year over year in Europe. This growth is driven by both local customers thriving and multiregional customers expanding into Europe.

歐洲仍然是我們成長的強勁動力，TPV 在歐洲的銷售量較去年同期成長超過一倍。我們的歐洲業務多種多樣，並受到多種用例的驅動，就像我們在北美的業務一樣。在歐洲，新的銀行業務、貸款業務（包括「先買後付」和費用管理用例）的年增長率均超過 100%。這一成長是由本地客戶的蓬勃發展和跨區域客戶向歐洲擴張所推動的。

One of our fastest-growing local customers is planning to expand into 9 new markets in Europe, bringing their total to 26 markets. Further, a US-based expense management customer is expanding to Europe. These are great examples of the strength of our modern card issuing platform, which allows for greater flexibility and easier expansion into new markets.

我們成長最快的本地客戶之一正計劃擴展到歐洲 9 個新市場，使其市場總數達到 26 個。此外，一家美國費用管理客戶正在向歐洲擴張。這些都是我們現代發卡平台實力的絕佳例證，該平台具有更大的靈活性，可以更輕鬆地擴展到新市場。

Now our platform capabilities in Europe are going to further expand with the acquisition of TransactPay, enabling even deeper engagement and delivering more value for our customers. After receiving required regulatory approvals, we completed the acquisition of TransactPay on July 31. We expect this business combination will drive value in three ways.

現在，隨著對 TransactPay 的收購，我們在歐洲的平台能力將進一步擴展，從而實現更深入的互動並為我們的客戶提供更多價值。在獲得必要的監管批准後，我們於 7 月 31 日完成了對 TransactPay 的收購。我們預期此次業務合併將在三個方面推動價值。

First, it will enable us to deliver more program management services for customers operating throughout Europe. Second, it will position us to support larger customers who are looking to have a single provider for processing, program management and the EMI license. And third, allows us to standardize our offering across geographies and have more control of delivering solutions that are comparable to North America.

首先，它將使我們能夠為整個歐洲的客戶提供更多的專案管理服務。其次，它將使我們能夠為那些希望擁有單一提供者來提供處理、專案管理和 EMI 許可的大型客戶提供支援。第三，使我們能夠跨地域標準化我們的產品，並更好地控制提供與北美相當的解決方案。

The acquisition is already driving significant customer interest and we are already in market with our joint value proposition since Marqeta and TransactPay have long worked together as partners. We expect further integration of offerings over the coming quarters.

這項收購已經引起了客戶的極大興趣，而且由於 Marqeta 和 TransactPay 長期以來一直作為合作夥伴合作，我們已經憑藉共同的價值主張進入市場。我們預計未來幾季產品將進一步整合。

To wrap up, before moving to the details of our financial results, the business has strong momentum as we head into the second half of the year. Our ability to continuously enable innovation in lending use cases, including Buy Now, Pay Later, is one of the larger drivers of our TPV growth with more expansion opportunities to come in the next few quarters. As our business and our platform matures, we are expanding the services available and finding new ways to add value and deepen our customer relationships.

總而言之，在介紹我們的財務業績細節之前，隨著我們進入下半年，業務勢頭強勁。我們不斷推動借貸用例創新的能力，包括“先買後付”，是我們 TPV 成長的最大驅動力之一，未來幾季還將有更多的擴展機會。隨著我們的業務和平台的成熟，我們正在擴展可用的服務並尋找新的方式來增加價值並深化我們的客戶關係。

Finally, our Europe TPV continues to grow over 100%. And with the TransactPay acquisition now complete, we will have a more uniform program management offering across North America and Europe. All these expansions of our capabilities, when combined with the breadth of our card-issuing expertise, positions Marqeta well to power our customers' expansion into new programs, use cases and geographies.

最後，我們的歐洲TPV持續成長100％以上。隨著 TransactPay 收購的完成，我們將在北美和歐洲提供更統一的專案管理服務。我們能力的所有這些擴展，與我們廣泛的發卡專業知識相結合，使 Marqeta 能夠很好地支持我們的客戶擴展到新的計劃、用例和地區。

Now let me transition to our Q2 financial results. Q2 was a very strong quarter, significantly outperforming our expectations. Q2 TPV growth accelerated by almost 3 points from Q1 to over 29%. Net revenue and gross profit growth outperformed our expectations by approximately 7 points, driven by much higher volume and a more favorable business mix than we anticipated. In addition, our adjusted operating expenses were much lower than expected due to better execution, but also investment timing delays, delivering much higher adjusted EBITDA of $29 million in the quarter.

現在讓我轉至我們的第二季財務表現。第二季表現非常強勁，大大超出了我們的預期。Q2 TPV 成長率較 Q1 加快了近 3 個百分點，達到 29% 以上。淨收入和毛利成長超出我們的預期約 7 個百分點，這得益於遠超我們預期的銷售量和更有利的業務組合。此外，由於執行效果較好，但投資時機延遲，我們的調整後營運費用遠低於預期，本季調整後 EBITDA 遠高於預期，達到 2,900 萬美元。

This business outperformance, combined with the benefit of increased discipline in managing stock-based compensation over the past couple of years, brought us close to GAAP profitability breakeven in the quarter, demonstrating the profitability potential of our business. Q2 TPV was $91 billion, an increase of 29% year-over-year. This $91 billion of TPV was more than $20 billion higher than Q2 of last year, demonstrating our ability to continue to grow the business at scale.

這項業務的優異表現，加上過去幾年在管理股票薪酬方面更加規範的好處，使我們在本季度接近 GAAP 盈利收支平衡，證明了我們業務的盈利潛力。第二季TPV為910億美元，年增29%。這 910 億美元的 TPV 比去年第二季高出 200 多億美元，證明了我們有能力繼續大規模發展業務。

Q2 non-Block TPV grew nearly 3 times faster than block TPV, fueled by a diverse set of use cases and customers. Financial services, lending, including Buy Now, Pay Later and expense management use cases continued to drive the majority of our TPV growth. Growth within financial services remained steady with last quarter, which means it is now growing a little slower than the overall company. Block growth within this use case remains as expected, and our fast-growing non-Block neobanking customers continue to grow approximately 5 times faster than Block.

由於多樣化的用例和客戶，第二季非區塊 TPV 的成長速度幾乎是區塊 TPV 的 3 倍。金融服務、貸款（包括「先買後付」和費用管理用例）繼續推動我們的 TPV 成長。金融服務部門的成長與上一季保持穩定，這意味著其目前的成長速度略低於公司整體成長速度。此用例內的區塊成長仍符合預期，我們快速成長的非區塊新銀行客戶的成長速度持續比區塊快約 5 倍。

Expense management growth was also consistent with last quarter and remains over 30% year-over-year, driven by our customers sustaining strong end user acquisition by leveraging modern technology to deliver compelling value propositions. Lending, including Buy Now, Pay Later, year-over-year growth meaningfully accelerated versus Q1 to a level that is much faster than the company as a whole. In fact, Q2 growth accelerated versus Q1 for each of our top 10 customers within this use case.

費用管理成長也與上一季保持一致，年增 30% 以上，這得益於我們的客戶利用現代技術提供引人注目的價值主張，從而保持了強勁的最終用戶獲取率。包括「先買後付」在內的貸款業務年增率較第一季顯著加快，成長遠高於公司整體成長速度。事實上，對於我們在此用例中的前 10 名客戶而言，第二季度的成長速度均比第一季有所加快。

The growth acceleration was primarily driven by a combination of geographic expansion on our platform; increased adoption of Pay Anywhere card solutions, in some cases, helped by newly available flexible network credentials; increased distribution through wallets; and strong user growth among SMB lending solutions helped by new value propositions. On-demand delivery growth accelerated from last quarter, but remains in the single digits due to the maturity of this use case.

成長加速主要得益於我們平台的地理擴張、Pay Anywhere 卡解決方案的採用率提高（在某些情況下，得益於新推出的靈活網絡憑證）、透過錢包增加分銷、以及在新的價值主張的幫助下，中小企業貸款解決方案的用戶強勁增長。按需交付的成長速度較上一季有所加快，但由於該用例的成熟，仍保持在個位數。

Q2 net revenue was $150 million, growing 20% year over year. The growth accelerated by 2 points versus Q1 as growth accelerated in each of the four major use cases. Our Q2 net revenue growth acceleration versus Q1 and the outperformance versus expectations was driven by our strong TPV growth as our net revenue take rate of 16 basis points was in line with last quarter. Block net revenue concentration in Q2 was consistent with last quarter, rising 20 basis points, rounding to 46%. The concentration is down 1 point from Q2 2024.

第二季淨營收為1.5億美元，年增20%。由於四大主要用例的成長均加速，因此與第一季相比，成長率加快了 2 個百分點。我們第二季淨收入成長相對於第一季有所加速，並且超出預期，這得益於我們強勁的 TPV 成長，因為我們的淨收入成長率為 16 個基點，與上一季持平。第二季區塊淨收入集中度與上一季一致，上升20個基點，四捨五入至46%。與 2024 年第二季相比，濃度下降了 1 個百分點。

We continue to look for ways to add value and support our largest customer with their growth objectives. Non-Block net revenue growth was similar to last quarter and remains nearly 10 points higher than block net revenue growth, primarily driven by strong performance of our larger non-block customers and the ramp-up of new programs launched since the start of 2024. Q2 gross profit was $104 million, resulting in year-over-year growth of 31% and a gross margin of 69%.

我們不斷尋找增加價值的方法並支持我們最大的客戶實現其成長目標。非區塊淨收入成長與上一季相似，並且仍比區塊淨收入成長高出近 10 個百分點，這主要得益於我們較大的非區塊客戶的強勁表現以及自 2024 年初以來推出的新計劃的增加。第二季毛利為1.04億美元，年增31%，毛利率為69%。

As a reminder, we revised our accounting policy for estimating and recognizing card network incentives starting this quarter. We are now accruing incentives each quarter based on the forecasted annual contract tier we expect to achieve as opposed to booking the incentives each quarter as they are earned and move through the progressive tiers. As a result, Q2 gross profit growth was lifted by 8.6 points due to the difference in methodologies for the year-over-year comparison.

提醒一下，從本季開始，我們修改了估計和確認卡片網路激勵的會計政策。我們現在根據預計實現的年度合約等級來累積每個季度的獎勵，而不是在每個季度獲得獎勵並透過累進等級時預訂獎勵。因此，由於年比計算方法的差異，第二季毛利成長率上升了8.6個百分點。

Because our two most significant network incentive contracts both have contract years that run April to March, the change in methodology was a benefit in Q2, but will be a drag on growth in the next three quarters. Excluding the year-over-year accounting differences, the normalized growth in Q2 would have been over 22%. Normalization aside, the underlying business growth in Q2 was approximately 6 points higher than we expected at the end of last quarter. By driving -- by far, the largest factor driving the gross profit outperformance was strong TPV growth across all our use cases, particularly lending, including Buy Now, Pay Later.

由於我們最重要的兩份網路激勵合約的合約年都是從 4 月到 3 月，因此方法的改變對第二季來說是一個好處，但會拖累未來三個季度的成長。剔除年比會計差異，第二季的正常化成長率將超過 22%。撇開正常化不談，第二季的基本業務成長比我們上季末的預期高出約 6 個百分點。到目前為止，推動毛利超出預期的最大因素是我們所有用例的 TPV 強勁成長，特別是貸款，包括「先買後付」。

In some cases, the higher TPV meant customers moved into a lower price tier, but that was a small impact compared to the volume benefit. Favorable business mix also was a contributor to the gross profit outperformance as the TPV outperformance was all non-block and skewed a bit towards higher gross profit take rate use cases. Finally, a true-up of an underpaid network rebate earned in prior periods lifted the Q2 growth rate by 1 point.

在某些情況下，較高的 TPV 意味著客戶進入較低的價格層級，但與數量效益相比，這種影響很小。良好的業務組合也是毛利優異表現的貢獻因素，因為 TPV 的優異表現完全不受阻礙，並且略微偏向於毛利獲取率較高的用例。最後，前期少付的網路回饋的補償將第二季的成長率提高了 1 個百分點。

After normalizing for the impact of the revised accounting policy for network incentives, non-Block gross profit growth continues to grow faster than the overall company and is growing a little faster than non-Block revenue growth. Our gross profit take rate was over 11 basis points, 0.3 points lower than last quarter due to our TPV outperformance being mostly driven by our larger customers who have better pricing.

在對修訂後的網路激勵會計政策的影響進行標準化後，非區塊毛利潤成長繼續快於公司整體成長，且成長速度略快於非區塊收入成長。我們的毛利率超過 11 個基點，比上一季低 0.3 個百分點，因為我們的 TPV 表現優異，主要是受到擁有更優惠定價的大客戶的推動。

Q2 adjusted operating expenses were $76 million, shrinking 7% year over year. The year-over-year change was approximately 10 points lower than expected with a little over half or approximately $4.5 million due to a combination of investment timing delays and nonrecurring benefits, while a little less than half was driven by strong execution of optimization initiatives and investment discipline. We had nonrecurring tax benefits of $1.1 million, largely due to state sales tax refunds related to the resolution of audits going back several years. These audits lowered adjusted operating expenses because they are related to sales taxes, not income taxes.

第二季調整後的營運費用為 7,600 萬美元，年減 7%。與去年同期相比，變化幅度比預期低約 10 個百分點，其中略高於一半或約 450 萬美元的變化是由於投資時機延遲和非經常性收益的綜合作用，而略低於一半的變化是由於優化計劃和投資紀律的有力執行。我們獲得了 110 萬美元的非經常性稅收優惠，這主要歸功於與過去幾年的審計解決相關的州銷售稅退稅。這些審計降低了調整後的營業費用，因為它們與銷售稅有關，而不是所得稅。

The investment timing impacts are primarily driven by delays in headcount additions later within Q2 and into Q3 as well as shifts in a few marketing initiatives to the second half of the year. The lower operating -- adjusted operating expenses that are more ongoing in nature are driven by better organizational design in terms of being less top heavy and more geographically diverse, less reliance on outside professional services to support our key initiatives, and successful efficiency initiatives within our product and technology organizations that is shifting their time to more value-added activities, leading to a higher level of internally developed software capitalization.

投資時機的影響主要是由於第二季後期和第三季員工人數增加的延遲，以及一些行銷計劃轉移到下半年。較低的營運——調整後的營運費用本質上是持續性的，這是由更好的組織設計推動的，即減少頭重腳輕和提高地域多樣性，減少對外部專業服務的依賴以支持我們的關鍵計劃，以及我們產品和技術組織內部成功的效率計劃，將他們的時間轉移到更多增值活動上，從而提高內部開發的軟體資本化水平。

As has been the case for the past several quarters, we continue to increase efficiency in the technology costs we incur to operate our platform. Also, as a reminder, the year-over-year growth in our adjusted operating expenses was always expected to be the lowest in Q2 due to an easier year-over-year comparison.

與過去幾季的情況一樣，我們繼續提高平台營運所需的技術成本效率。另外，需要提醒的是，由於年比比較更容易，我們調整後的營業費用年增率預計在第二季是最低的。

Q2 adjusted EBITDA of $29 million, a margin of 19% were new all-time highs for both metrics as we make significant progress on our path to profitability. We believe the adjusted EBITDA margin based on gross profit, which was 27%, is a useful data point to illustrate the profitability potential of our business. The Q2 GAAP net loss was a mere $0.6 million, which included $8 million of interest income. We ended the quarter with a little over $820 million of cash and short-term investments before the closing of the TransactPay acquisition.

第二季調整後的 EBITDA 為 2,900 萬美元，利潤率為 19%，這兩個指標均創下歷史新高，我們在獲利道路上取得了重大進展。我們認為，基於毛利的調整後 EBITDA 利潤率為 27%，這是一個有用的數據點，可以說明我們業務的獲利潛力。第二季 GAAP 淨虧損僅 60 萬美元，其中包括 800 萬美元的利息收入。在 TransactPay 收購結束之前，我們在本季結束時擁有略高於 8.2 億美元的現金和短期投資。

Our share repurchase activity remained ongoing, and we continue to believe the current valuation does not fairly represent the company's value or the market opportunity ahead of us. In Q2, we repurchased 35.2 million shares at an average price of $4.62. When combined with our Q1 repurchase activity, we have repurchased 61.5 million shares at an average price of $4.45 so far this year, which is more than a 12% reduction in the outstanding shares as of the 2024 year-end. As of June 30, we had $107 million remaining on our buyback authorization.

我們的股票回購活動仍在進行中，我們仍然認為目前的估值不能公平地代表公司的價值或我們面臨的市場機會。第二季度，我們以平均每股4.62美元的價格回購了3,520萬股。加上第一季的回購活動，今年迄今，我們已以平均每股4.45美元的價格回購了6,150萬股，截至2024年末，流通股數減少了12%以上。截至 6 月 30 日，我們的回購授權剩餘金額為 1.07 億美元。

Now let's transition to our expectations for the second half of 2025. As Q2 demonstrated, the business is on a nice trajectory, and we are raising expectations for Q3, Q4 and full year. TPV growth remains strong across all verticals, particularly lending, including BNPL and expense management, but some macroeconomic uncertainty remains based on uneven indicators. Therefore, we now expect full-year 2025 revenue growth, gross profit growth, and adjusted EBITDA margin to each be 3 to 4 points higher than what we shared last quarter.

現在讓我們轉到對 2025 年下半年的期望。正如第二季所顯示的那樣，業務發展勢頭良好，我們提高了對第三季、第四季和全年的預期。所有垂直領域的 TPV 成長依然強勁，尤其是貸款（包括 BNPL 和費用管理），但由於指標不均衡，一些宏觀經濟不確定性仍然存在。因此，我們現在預計 2025 年全年營收成長、毛利成長和調整後的 EBITDA 利潤率將分別比上一季高出 3 至 4 個百分點。

Also keep in mind at the start of the year, we said Q2 had the easiest year-over-year comparison. There are three items to note for the second half. First, the impact of our revised accounting policy for network incentives will shift from a tailwind in Q2 to a headwind in both Q3 and Q4. We expect the impact on gross profit growth to be 2 points of drag in Q3 and 4 points of drag in Q4. TransactPay will be a contributor to the business starting in August, lifting both revenue and gross profit growth by an expected 1.5 points in Q3 and 2 points in Q4.

另外請記住，在年初，我們說過第二季的年比數據是最容易的。下半年有三點值得關注。首先，我們修訂的網路激勵會計政策的影響將從第二季的順風轉變為第三季和第四季的逆風。我們預計對毛利成長的影響將在第三季拖累 2 個百分點，在第四季拖累 4 個百分點。TransactPay 將從 8 月開始為該業務做出貢獻，預計第三季營收和毛利將成長 1.5 個百分點，第四季將成長 2 個百分點。

At the beginning of the year, we anticipated executing two renewals midyear. We made this assumption knowing that we normally execute renewals several quarters before contract expiration. Now that we are actively engaged in discussions with the customers, we still expect the renewals to be executed prior to contract expiration, but we now anticipate them to be executed later in the year, which helps Q3 growth. Therefore, we now expect Q3 and Q4 net revenue to grow between 15% and 17%. As a result, we expect full-year 2025 revenue growth to be between 17% and 18%.

年初，我們預計年中將進行兩次續約。我們做出這個假設是因為我們知道我們通常會在合約到期前幾季進行續約。現在我們正在積極與客戶進行討論，我們仍然希望續約能夠在合約到期前完成，但現在我們預計續約將在今年稍後完成，這有助於第三季的成長。因此，我們現在預計第三季和第四季淨收入將成長 15% 至 17%。因此，我們預計 2025 年全年營收成長率將在 17% 至 18% 之間。

Gross profit growth in Q3 is expected to be 15% to 17%. Q4 growth is expected to be 3 points lower than Q3 as the drag from the revised network incentive accounting policy increases and the contract renewals start to impact growth, partially offset by the contribution of new programs continuing to ramp. Therefore, we expect full-year 2025 gross profit growth to be between 18% and 19%. We continue to be focused with our investments in platform capabilities and innovation.

預計第三季毛利將成長15%至17%。預計第四季度的成長率將比第三季低 3 個百分點，因為修訂後的網路激勵會計政策的拖累增加，以及合約續約開始影響成長，但新項目持續增加的貢獻部分抵消了這一影響。因此，我們預計2025年全年毛利成長率將在18%至19%之間。我們將繼續專注於對平台能力和創新的投資。

Based on our success improving the efficiency and effectiveness of our resources and technology, Q3 and Q4 adjusted operating expenses are expected to grow in the mid-single digits. Q3 adjusted EBITDA margin is expected to be 12% to 13% and Q4 should be 1 point higher than Q3 as gross profit rises during the holiday season. Therefore, we expect the full-year 2025 adjusted EBITDA margin to be between 14% and 15%. This equates to over $85 million in adjusted EBITDA in 2025, which is approximately $30 million more than what we anticipated at the start of the year.

基於我們成功提高資源和技術的效率和效力，預計第三季和第四季調整後的營運費用將成長中等個位數。預計第三季調整後的 EBITDA 利潤率為 12% 至 13%，由於假日期間毛利上升，第四季應比第三季高出 1 個百分點。因此，我們預計 2025 年全年調整後 EBITDA 利潤率將在 14% 至 15% 之間。這相當於 2025 年調整後的 EBITDA 超過 8,500 萬美元，比我們年初預期的高出約 3,000 萬美元。

In conclusion, our strong financial results in Q2 as well as the small delay of a couple of key customer contract renewals to later this year has led to us significantly raising our full year 2025 expectations for net revenue, gross profit, and adjusted EBITDA. The current trajectory of the business, the additional platform capabilities on the road map to be delivered in the second half, and the completed acquisition of TransactPay make us confident that we can deliver on our 2025 growth objectives while rapidly improving the profitability of the business and position the company for long-term success.

總而言之，我們第二季度的強勁財務業績以及幾份關鍵客戶合約續約略微推遲到今年晚些時候，使得我們大幅提高了對 2025 年全年淨收入、毛利潤和調整後 EBITDA 的預期。目前的業務發展軌跡、下半年即將交付的路線圖上的額外平台功能以及對 TransactPay 的完成收購使我們有信心實現 2025 年的成長目標，同時快速提高業務的盈利能力並為公司的長期成功做好準備。

I will now turn the call back over to the operator for questions.

我現在將把電話轉回給接線員以回答問題。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

Really good clean results here. I wanted to ask, Mike, just on the -- on visibility in general, given what you've learned so far year-to-date, it seems like the visibility is a little bit better. I just wanted to check you on that, given the update on the renewal and some of the TPV and mix trends. I'm curious if there's any change in sales cycles given a lot of activity as you called out around credit and BNPL. How are you feeling on visibility?

這裡確實有很好的清潔效果。麥克，我想問一下，就整體可見性而言，根據您今年迄今為止了解的情況，似乎可見性有所提高。我只是想根據續約的最新情況以及一些 TPV 和混合趨勢來核實這一點。我很好奇，鑑於您所說的有關信貸和 BNPL 的大量活動，銷售週期是否會發生變化。您對可見性有何感覺？

We feel pretty good. Obviously, there's still some amount of uncertainty out there from a macro perspective, particularly some of the spend and employment trends are a little -- things are shifting quite a bit, but overall, the trajectory of the business is really solid. The pickup in our TPV in the quarter, we did not expect that when the quarter started, that growth would accelerate by 3 points. And lending and Buy Now, Pay Later, in particular, really performed very well.

我們感覺很好。顯然，從宏觀角度來看，仍然存在一些不確定性，特別是一些支出和就業趨勢發生了一些變化，但總體而言，業務的發展軌跡確實穩固。本季我們的 TPV 有所回升，我們並沒有預料到當本季開始時，成長率會加快 3 個百分點。尤其是貸款和「先買後付」業務表現非常出色。

As I mentioned, each of our top 10 customers in that use case, all their growth accelerated their TPV growth. So the customers are doing well. We're having good conversations in terms of pipeline, and we have some good programs that are launching later this year. So we feel pretty good about the visibility for the business and what we're sharing as our expectations for the second half.

正如我所提到的，我們在該用例中的前 10 名客戶，他們的成長都加速了他們的 TPV 成長。因此顧客們的狀況很好。我們在頻道方面進行了良好的對話，我們有一些很好的項目將於今年稍後推出。因此，我們對業務的可見性以及我們對下半年的期望感到非常滿意。

Okay. Good. Just my quick follow-up, and you mentioned value-added services that's been a bigger theme across payments and fintech. I realize it's probably small, but is this a new growth vector that that we should be asking you more about here, Mike, in the coming quarters? Just curious where that stands with you in the priority list.

好的。好的。我只是快速跟進一下，您提到了增值服務，這是支付和金融科技領域的一個更大的主題。我知道它可能很小，但這是一個新的成長載體嗎？麥克，在接下來的幾個季度裡，我們應該向您更多地詢問這個問題嗎？我只是好奇這在您的優先列表中處於什麼位置。

Yes. It's fairly high on the priority list. I would say that, yes, it's still fairly small in the grand scheme of things, but it's growing quickly. And this really just has to do with the maturity of our business and our platform. A couple of years ago, particularly during the pandemic, the business was really booming and growing incredibly fast. And so a lot of our energy and efforts were just trying to help the platform sort of keep up with all our customers and make sure we deliver reliably for customers.

是的。它在優先列表中排名相當高。我想說，是的，從總體來看它仍然相當小，但它正在快速增長。這實際上與我們的業務和平台的成熟度有關。幾年前，尤其是在疫情期間，業務確實蓬勃發展，成長速度驚人。因此，我們投入了大量的精力和努力，試圖幫助平台跟上所有客戶的步伐，並確保我們為客戶提供可靠的服務。

And so now that we've settled in and we've sort of reached a certain level of scale, we can spend a little more time sort of moving horizontally, if you will, on the platform and starting to build out the services that go around our processing, our core offering. And the other aspect to this, Tien-Tsin, that's important is we -- as we move more and more into embedded finance and talk to those types of prospects, because they're not payment experts and they're really in another business as their core business, they're really looking for a full solution.

現在我們已經安頓下來，並達到了一定的規模，我們可以花更多的時間在平台上進行橫向移動，並開始建立圍繞我們的處理、我們的核心產品的服務。Tien-Tsin，另一個重要方面是，隨著我們越來越多地進入嵌入式金融領域並與這些類型的潛在客戶交談，因為他們不是支付專家，而且他們的核心業務是其他業務，所以他們確實在尋求完整的解決方案。

So whereas in the fintech space, people wanted a little bit of an a la carte menu, if you will, where they could sort of pick and choose what capabilities they took from you and they might piece together things from other parties as well. In embedded finance, they really want that holistic solution. And that's why we're doing things like building a white label app. We're investing heavily in this kind of risk capabilities, tokenization capabilities.

因此，在金融科技領域，人們想要一點點菜單，如果你願意的話，他們可以選擇從你那裡獲取哪些功能，也可以將其他方的功能拼湊在一起。在嵌入式金融中，他們真正想要的是整體解決方案。這就是我們建立白標應用程式等的原因。我們正在大力投資這種風險能力、標記化能力。

We're enhancing our rewards solutions, not only for credit, but we're starting to integrate that into debit because we're getting some interest from customers. So we're really trying to bring that whole package. And so value-added services should become a bigger and bigger driver of growth going forward.

我們正在增強我們的獎勵解決方案，不僅針對信用卡，而且我們開始將其整合到金融卡中，因為我們得到了一些客戶的興趣。所以我們確實在努力提供這一整套服務。因此，增值服務應該會成為未來越來越大的成長動力。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Great results. I wanted to ask about the increase in your adjusted EBITDA margin guidance, which is a substantial increase. And you did walk through kind of quite a few factors from just flow-through on the top line, potentially mix, cost efficiencies, perhaps renewals timing. I'm just curious if you could kind of help us rank order that cluster of drivers a little bit and so we can determine what are the more -- what are the core sources of upside here.

效果非常好。我想問一下你們調整後的 EBITDA 利潤率預期的增加，這是一個大幅的增加。您確實討論了許多因素，包括營收流量、潛在組合、成本效率，或許還有續約時機。我只是好奇，您是否可以幫助我們對這些驅動因素進行一些排序，以便我們能夠確定哪些是更重要的——這裡的核心優勢來源是什麼。

Sure. So I would say -- thanks for your question, Ramsey. I'd say, first, you always want to drive better profit by driving the top line. So strong gross profit growth is always going to be our preference in terms of how we deliver that. And certainly, we really outperformed there, and it really was driven by strong TPV. And to some degree, the mix of the TPV was also favorable. So the -- some of the outperformance came from higher gross profit take rate customers, but really the bulk of it was sort of just very high quality driven by volume, which is always what you want to see.

當然。所以我想說——謝謝你的提問，拉姆齊。我想說，首先，你總是希望透過提高營業收入來獲得更好的利潤。因此，就實現這一目標的方式而言，強勁的毛利成長始終是我們的首選。當然，我們確實表現出色，這確實得益於強大的 TPV。並且從某種程度上來說，TPV的混合也是有利的。因此，部分優異表現來自於毛利率較高的客戶，但實際上大部分錶現只是由數量驅動的高品質表現，這也是您希望看到的。

And then you just combine that with -- we just had much lower expenses. And as I kind of mentioned, Ramsey, like roughly half of that is more kind of timing and onetime in nature. We had a tax benefit, but also we did delay some of our investments. And some of this just has to do with -- when I stepped into the interim role, myself and the rest of the executive team really looked at the investment plan and kind of gave it one more look. And so we -- that kind of delayed our hiring just by a couple of months, but that was enough to sort of push some of the hiring.

然後你只需將其與——我們的開支就低得多。正如我所提到的那樣，拉姆齊，其中大約一半更多的是時間性的和一次性的。我們獲得了稅收優惠，但我們也確實推遲了部分投資。其中一些與此有關——當我擔任臨時職務時，我和其他執行團隊成員確實研究了投資計劃，並對其進行了再一次審查。因此，這雖然將我們的招聘推遲了幾個月，但這足以推動部分招聘。

We had a lot of additions sort of laid in Q2 and they're spilling into Q3. So our headcount was just a little bit lower than we would have thought otherwise. And then also, as we look at the year and some of the new capabilities coming in the second half, we've delayed some of our marketing as well. So there's some timing issues to this. But also on top of that, I mean, we're just doing a really great job executing on making things much more efficient and just doing things much more effectively. Part of that is AI. I mean we're helping people be a lot more efficient.

我們在第二季進行了大量補充，這些補充將延續到第三季。因此，我們的員工人數比我們預想的要少一點。而且，當我們回顧今年以及下半年即將推出的一些新功能時，我們也推遲了一些行銷活動。因此這其中存在一些時間問題。但除此之外，我的意思是，我們在使事情變得更有效率和更有效地完成方面做得非常出色。其中一部分是人工智慧。我的意思是我們正在幫助人們提高效率。

But some of it is just we're starting to have more tools, more processes to just help everyone be more effective. And that's coming in the form of across the organization, but particularly in engineering, where in engineering, when we look at that, we have people really work kind of in three buckets, the way we think about it. We have people who are just keeping the platform running. We have people who are improving what exists, sort of making sort of incremental changes and then you have people building new capabilities.

但其中一些只是我們開始擁有更多的工具、更多的流程來幫助每個人提高效率。這種現像在整個組織中都有體現，特別是在工程領域，在工程領域，當我們審視這一點時，我們會發現我們的員工實際上是以三種方式工作的，這是我們的想法。我們有人負責維持平台的運作。我們有人在改進現有的東西，做一些漸進的改變，然後有人在建立新的能力。

And the new capabilities really is what drives a lot of the capitalization also of those efforts. And so as we're getting people to be more efficient, their time is shifting more to building new capabilities, which is exactly what we want. And so that's also helping us lower EBITDA in addition to things like how we work with the technology providers who support our platform. We're just getting a lot more efficient in how we utilize those players to make sure that we're getting the full benefits of our scale with those players.

而新的能力也確實推動了這些努力的資本化。因此，隨著我們讓人們變得更有效率，他們的時間就會更多地轉移到建立新的能力上，這正是我們想要的。因此，除了與支援我們平台的技術提供者合作之外，這也有助於我們降低 EBITDA。我們在利用這些球員方面變得更加高效，以確保我們能夠充分利用這些球員的規模優勢。

Okay. One quick follow-up for me on the regulatory environment. And I just wanted to check in to see whether -- I know in the past, some of your bank partners sort of operational tempo slowed down a bit in response maybe to regulatory scrutiny. I'm just curious whether you're seeing any changes now. We seem to be in a less highly regulated environment. Is that contributing at all to any of the sort of upside that you're showing here? Or is that still kind of business as usual?

好的。我對監管環境有一個快速的跟進。我只是想檢查一下——我知道過去你們的一些銀行合作夥伴的營運節奏是否因為監管審查而有所放緩。我只是好奇你現在是否看到任何變化。我們似乎處於一個監管不太嚴格的環境。這對您在這裡展示的任何好處有任何貢獻嗎？或者這仍然是正常的業務？

I would say it's more business as usual. That wasn't a source of upside. I would say, although the you're right. I mean the environment has changed a little bit, but the things don't pivot really quickly with the banks. So I would say it's more that they're starting to emerge from the fog, if you will.

我想說這更像是正常的業務。這並非是什麼好處。我想說，儘管你是對的。我的意思是環境發生了一些變化，但銀行的情況並沒有發生很快的變化。因此，如果你願意的話，我想說的是，他們正開始走出迷霧。

So it's getting a little better, but it's still a little bit slower than we would like, but we're making good progress. And we are, I would say, in general, sort of partnering just better, like better communication, better coordination. And so that helps. But we think in the next couple of quarters, we'll continue to make more strides there. For now, it's not a -- it's a small difference. It's not a big factor.

所以情況正在好轉，但仍然比我們希望的慢一點，但我們正在取得良好的進展。我想說，整體而言，我們的合作更加融洽，溝通更加順暢，協調更加有效。這很有幫助。但我們認為，在接下來的幾個季度裡，我們將繼續取得更大的進步。就目前而言，這並不是什麼大問題——只是很小的差別。這不是一個重要因素。

Timothy Chiodo, UBS.

瑞銀的提摩西·奇奧多。

I want to talk a little bit about the broader Visa flexible credential topic, but also expanding that a little bit to just the topic of being able to do BNPL via a card in general. So Mike, correct me if I'm wrong, but I think maybe two ways that we could break it down is the pre-purchase decision and then the post-purchase or the retroactive BNPL. And I was wondering if you could take us through just some of the mechanics. What's different in terms of the prepurchase or the toggling ahead and then the post-purchase decision. My understanding is that you're currently supporting both.

我想稍微談談更廣泛的 Visa 靈活憑證主題，但也將其稍微擴展到一般透過卡片進行 BNPL 的主題。所以麥克，如果我錯了，請糾正我，但我認為也許我們可以用兩種方式來分解它：購買前的決定，然後是購買後或追溯性的 BNPL。我想知道您是否可以向我們介紹其中的一些機制。在購買前或購買前的切換以及購買後的決策方面有什麼不同？我的理解是，您目前支持這兩者。

Clearly, Cash App Card has the retroactive BNPL product. Maybe you could talk a little bit about the mechanics there. Lastly, though, if you don't mind, the interchange. So is this debit, credit, does it depend on what you toggled and how that interchange rate might evolve or be some sort of a hybrid down the road?

顯然，Cash App Card 具有追溯 BNPL 產品。也許您可以稍微談談那裡的機制。最後，如果您不介意的話，可以換乘。那麼這是藉記卡還是信用卡，它是否取決於您切換的內容以及交換率將如何演變，或者是未來的某種混合形式？

Yes. So thank you, Tim. always have good questions, challenging questions for us. So on the first one, so I would say the -- a lot of the activity we're talking about is more in -- so I would say that the post purchase is not necessarily as impactful for us. I would say it's more the prepurchase activity.

是的。所以謝謝你，蒂姆。你總是會給我們提出好問題、有挑戰性的問題。因此，關於第一個問題，我想說的是——我們談論的許多活動更多的是——所以我想說購買後活動對我們並不一定有那麼大的影響。我想說這更像是預購活動。

What used to happen in prepurchase, Tim, is that one of the use cases used to be, okay, I haven't even gone to the merchant yet, but I know I'm going to go make a large purchase, say, of $500. And I know I'd like to Buy Now, Pay Later. So I go into the app or the website of my preferred provider and sort of ask them to allow me to finance that, and they would essentially generate a card for that person to walk in and use for that purchase. So that was a classic kind of prepurchase mechanics of how it worked.

提姆，在預購過程中，曾經發生過這樣的情況：好吧，我還沒有去商家，但我知道我將要進行大額購買，比如說 500 美元。我知道我想先買後付。因此，我進入我首選的供應商的應用程式或網站，並要求他們允許我為此提供資金，然後他們就會為該人生成一張卡，供該人進去購買時使用。這就是典型的預購機制的運作方式。

Now what's happening more and more is our providers are just putting cards in your hand that is the combination of a debit card and something that you can use Buy Now, Pay Later. So it's a little more seamless in terms of how the user communicates to say, okay, I'm going to pay in full or I'd like to pay in installments. And -- but it's just a much cleaner user experience, and that's where the flexible to credential comes involved and where we're seeing now we're supporting 2 customers with that, and we're seeing good performance, strong adoption. Clearly, the value proposition is resonating.

現在越來越多發生的情況是，我們的供應商只是將卡放在您手中，它是藉記卡和您可以使用的「先買後付」卡的組合。因此，就用戶溝通方式而言，它會更加無縫，用戶可以說，好的，我要全額付款，或者我想分期付款。而且 — — 但這只是一種更清晰的用戶體驗，這就是憑證靈活性所在，我們現在看到我們正在為 2 個客戶提供支持，而且我們看到了良好的性能和強大的採用率。顯然，這項價值主張引起了共鳴。

And then in terms of your question on interchange, so it does depend on what happened with the transaction, how they chose to pay. But there is a component of the interchange that then becomes more credit-oriented based on the flexible credentials. So there -- we are seeing with those flexible cards that some of the qualification is for credit interchange.

然後就您關於交換的問題而言，這確實取決於交易中發生的情況以及他們選擇如何付款。但是，基於靈活的憑證，交換的某個組成部分會變得更加以信用為導向。因此，我們看到這些靈活卡的部分資格是用於信用交換。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Mike, I just want to touch on the international success and you're having in Europe in particular, now on the back of TransactPay in particular, I mean, what you foresee as the potential over the next 1.5 years or so. Just when we think about what your capabilities are now around program management capabilities there, what it means for the business, both in terms of your growth opportunity there above and beyond your anchor customers, but also your investment needs in those areas.

麥克，我只想談談你們在國際上的成功，特別是在歐洲取得的成功，現在特別是在 TransactPay 的支持下，我的意思是，你預見了未來 1.5 年左右的潛力。當我們思考您現在在專案管理能力方面的能力時，它對業務意味著什麼，不僅包括您在主力客戶之外的成長機會，還包括您在這些領域的投資需求。

And then just on the topic of investments and profitability that I know I think was brought up earlier, obviously, a big beat on EBITDA. And so I'm curious if your view of GAAP profitability by the end of the -- I think it was the end of '26 has changed at all, maybe you moved up a little bit.

然後就投資和盈利能力的話題而言，我知道我認為之前已經提出過，顯然，EBITDA 是一個很大的亮點。所以我很好奇，你對 26 年底 GAAP 獲利能力的看法是否有所改變，也許有所提高。

Yes. Thank you, Darrin, for your question. So yes, in terms of international, the bulk of our international business is in Europe. We operate Canada, Australia, a few other markets, but the bulk of it is Europe. And as I mentioned, it continues to grow over 100%, and it has for many quarters now.

是的。謝謝達林的提問。所以是的，就國際而言，我們的大部分國際業務都在歐洲。我們經營加拿大、澳洲和其他一些市場，但主要市場是歐洲。正如我所提到的，它繼續以超過 100% 的速度成長，而且已經連續多個季度保持這種成長。

And what's interesting is both sort of financial services, lending and Buy Now, Pay Later and expense management, all those use cases are all growing over 100%. So it's not sort of just a narrow area of success. We're really having broad-based success there.

有趣的是，金融服務、貸款、先買後付和費用管理等所有這些用例的成長率都超過 100%。所以這不僅僅是一個狹隘的成功領域。我們確實在那裡取得了廣泛的成功。

And what we really are hoping or we believe will be the benefit of TransactPay is that there's really 3 areas. So one is that we haven't offered program management in Europe in the past. And so not only was our take rate lower, but our ability to just sort of add more value and more holistically support the customer was not there. So we think even business that maybe last year, we won the processing, next year, a similar prospect like that would take not only processing, but program management from us. So that's sort of just incremental value that we would capture from each customer.

我們真正希望或相信 TransactPay 的優勢在於它實際上有 3 個面向。其中一個原因是我們過去沒有在歐洲提供專案管理服務。因此，不僅我們的收費率較低，而且我們增加更多價值和更全面地支持客戶的能力也不存在。因此我們認為，即使是去年我們贏得的處理業務，明年類似的前景不僅需要處理，還需要我們的專案管理。所以這只是我們從每個客戶身上獲得的增量價值。

The second area is that the much larger players in the market are looking for a single provider who provides processing, program management and the license, the EMI license that you need. And so in some ways, we were shut out of like the biggest opportunities in the market because we didn't have the full package. So there's also going to be a part of the market now that we feel we can serve effectively that was hard for us to do before.

第二個領域是，市場上的大型參與者正在尋找一個能夠提供處理、程序管理和授權（即您所需的 EMI 授權）的單一供應商。因此從某種程度上來說，我們被排除在了市場上最大的機會之外，因為我們沒有完整的方案。因此，現在我們覺得我們可以有效地服務一部分市場，而這在以前是很難做到的。

And then the third piece that's also very important is because it now makes our offering in Europe much more comparable to North America, it's just much easier for customers to sort of move on either side of the Atlantic, if you will. So whether you're a European customer now and you want to come to the US, it will feel more similar or if you're a US or Canadian-based customer and you go to Europe, we'll be able to support those customers in a much more similar way, which not only makes it easier for them, but also makes it much more likely that we capture the business. So that's what we're really excited about what TPL can do.

第三點也非常重要，因為它現在使我們在歐洲提供的服務與北美更具可比性，所以客戶在大西洋兩岸的移動變得更加容易。因此，無論您現在是否是歐洲客戶並想前往美國，感覺都會更加相似；或者，如果您是美國或加拿大客戶並前往歐洲，我們將能夠以更加相似的方式為這些客戶提供支持，這不僅使他們更容易，也使我們更有可能獲得業務。這就是我們對 TPL 所能做的事情感到非常興奮的原因。

And we're already sort of harmonizing our go-to-market motion so that we show up as one company as early as this week. And then we're going to take the next couple of quarters to integrate the rest. In terms of the investment needs, so we -- there's -- our investments are really focused on a couple of different areas. I mean the platform is always going to be the first one. So we're investing in a lot of different capabilities.

我們已經在協調我們的上市行動，以便我們最早在本週以一家公司的形式出現。然後我們將用接下來的幾季來整合其餘部分。就投資需求而言，我們的投資實際上集中在幾個不同的領域。我的意思是平台永遠是第一個。因此我們正在投資許多不同的能力。

I would say the focus area this year has been around kind of banking and money movement capabilities. So different account types different ways to kind of send and receive money, bill pay type capabilities. So we're building out those types of solutions that our customers can utilize.

我想說今年的重點領域是銀行業務和資金流動能力。因此，不同的帳戶類型有不同的收發資金方式和帳單支付功能。因此，我們正在建立客戶可以利用的解決方案。

We're enhancing our credit platform. We're getting more volume running through. We're enhancing the rewards capabilities associated with it. And we're also enhancing kind of a secured card and more of a charge card type capability so that we have that -- those kind of capabilities. And then the front end, the white label app, just again, bringing that user experience component also to our value proposition.

我們正在加強我們的信用平台。我們的運行量正在增加。我們正在增強與之相關的獎勵能力。我們也正在增強一種安全卡和一種信用卡類型的功能，以便我們擁有那種功能。然後是前端，白標應用程序，再次將用戶體驗組件帶入我們的價值主張。

I would say those are the areas where we're spending the most. And then I would say some in value-added services, although I would say the investment in value-added services really stepped up probably last year, not as much of an increase this year. We're just starting to see the fruit of those investments.

我想說這些是我們花費最多的領域。然後我想說在加值服務方面也有一些投資，儘管我想說去年增值服務的投資確實有所增加，但今年的增幅沒有那麼大。我們剛開始看到這些投資的成果。

And so -- but we're getting just a lot more efficient in the way we operate, and that's what's driving a lot of the expense savings and therefore, driving the EBITDA to levels that were much higher than we expected. On your last question, you're right that we are ahead on our profitability. And so we do believe that we had said before we thought we would exit 2026 GAAP profitable. We now believe that -- or we would be GAAP breakeven, sorry. We now believe that the full year 2026, we will be GAAP breakeven.

所以——我們的營運方式變得更加高效，這推動了大量費用的節省，因此，EBITDA 達到了遠高於我們預期的水平。關於您的最後一個問題，您說得對，我們的盈利能力領先。因此，我們確實相信，我們之前曾說過，我們認為我們將在 2026 年實現 GAAP 盈利。我們現在相信——或者我們將實現 GAAP 盈虧平衡，抱歉。我們現在相信，到 2026 年全年，我們將實現 GAAP 收支平衡。

And that's without our -- our assumptions for our gross profit in dollar terms changing much. So our volume is performing better for now, but I would say it's not enough of a trend where we're sort of changing the trajectory over the longer term.

而這還不是我們對以美元計算的毛利的假設發生很大變化的情況下的。因此，我們的銷售目前表現較好，但我想說，這還不足以形成一種趨勢，從長遠來看，我們還無法改變其發展軌跡。

And the delays in the renewals that I highlighted, they don't really affect next year. It's really just a timing factor between when they occur in '25. So it doesn't really affect '26. So our views of '26 gross profit haven't really changed and -- but we're ahead on profitability. And you put those two things together, and we do think we can be GAAP breakeven for the year.

我強調的續約延遲其實並不會影響明年。這實際上只是它們在 25 年發生的時間因素。所以它實際上並不影響'26。因此，我們對 26 年毛利的看法並沒有真正改變，但我們的獲利能力領先。把這兩件事結合起來，我們確實認為今年我們可以實現 GAAP 收支平衡。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

This is Vasu Govil for Sanjay. I guess, Mike, you called out strength in the BNPL vertical in credit. I was expecting you'll also call out crypto as a driver given just the renewed interest in the space. Anything to call out in terms of the sales pipeline or demand picking up in that vertical?

我是桑傑 (Sanjay) 的瓦蘇‧戈維爾 (Vasu Govil)。我想，麥克，您所說的正是 BNPL 垂直信貸領域的優勢。我原本以為，鑑於人們對該領域重新燃起的興趣，您也會將加密貨幣視為一種驅動力。在銷售管道或垂直領域需求回升方面有什麼需要注意的嗎？

Well, so yes, it's a good question, and good to hear from you, Vasu. We -- there is -- that use case, I would say, has been fairly volatile over the last couple of years, as you can imagine, kind of with the ups and downs of the perception in that market. And it is definitely performing better. And as we announced, I believe, last quarter or the quarter before, Bitpanda, who is a great customer of ours, is starting to get up and running in Europe, which is also helpful. The solution we have in crypto right now, which is that you have a card that allows you to transact essentially in the ecosystem with fiat currency.

嗯，是的，這是一個很好的問題，很高興收到你的來信，Vasu。我們可以想像，這種用例在過去幾年中一直相當不穩定，隨著市場認知的起伏而變化。而且它的表現確實比較好。正如我們在上個季度或前上個季度宣布的那樣，我們的大客戶 Bitpanda 已開始在歐洲啟動並運營，這也很有幫助。我們目前在加密貨幣方面擁有的解決方案是，您擁有一張卡，讓您可以使用法定貨幣在生態系統中進行交易。

So no one else has to change the way it works. But your funding source is more of a crypto funding source, and that's done more like as an FX conversion by the issuer. That, we think, is a very compelling use case, even more so today. Not just for crypto, but also for stablecoin.

因此無需其他人改變其工作方式。但您的資金來源更像是一種加密資金來源，而這更像是由發行人進行的外匯轉換。我們認為，這是一個非常引人注目的用例，在今天更是如此。不僅適用於加密貨幣，也適用於穩定幣。

So if stablecoins get adoption, and there's a lot of people who are talking about stablecoin, I think things for the whole ecosystem to evolve, it takes time. And so it's going to be a couple of years, I guess, in my view, before merchants and on a broad basis would be accepting those kinds of forms of payment. So in the meantime, we think the solution that we've already had in market for a couple of years is a very good option for those who maybe want to take advantage of stablecoin.

因此，如果穩定幣被採用，並且有很多人在談論穩定幣，我認為整個生態系統的發展需要時間。因此，我認為還需要幾年的時間，商家才會廣泛接受此類付款方式。因此，同時，我們認為我們已經在市場上推出幾年的解決方案對於那些可能想要利用穩定幣的人來說是一個非常好的選擇。

We don't -- to be honest, when it comes to stablecoin, just since I brought it up, we don't think that's going to be really impactful to our business, at least in the near term just because of the markets we operate in, North America and Europe, and we're not huge in cross-border flows, we're probably less exposed to some of the initial use cases of stablecoin, but it is an area we're looking at investing and partnering. But for now, we feel like we do have a good solution for that space.

我們不——說實話，當談到穩定幣時，自從我提出這個問題以來，我們認為它不會對我們的業務產生真正的影響，至少在短期內不會，因為我們在北美和歐洲運營的市場，而且我們的跨境流動規模並不大，我們可能較少接觸穩定幣的一些初始用例，但這是我們正在考慮投資和合作的領域。但就目前而言，我們覺得我們確實對這個領域有一個很好的解決方案。

Great. That was great color. And then just for my follow-up, I wanted to revisit your efforts about selling into traditional banks and how that's going. I know that was something you guys back at the Investor Day sounded optimistic about. And so just curious if you're getting any traction on that front.

偉大的。顏色真棒。然後，為了跟進，我想重新審視您向傳統銀行銷售產品的努力以及進展。我知道這是你們在投資者日上表達樂觀的看法的事情。所以我只是好奇您是否在這方面取得了任何進展。

So I would say we -- the conversations continue to be ongoing. At the time of our Investor Day, what we said was we thought it was probably about five years out, and that was about 1.5 years ago. So I'd say we still feel like it's still a ways into the future. The banks are fairly cautious and there's probably some modernization that needs to be done on their side before we could really effectively work together. So we still think it's a ways off, but there are -- there is dialogue.

所以我想說我們——對話仍在繼續。在我們的投資者日上，我們說我們認為這大概需要五年時間，而這大約是一年半前的事了。所以我想說我們仍然覺得這還有很長的路要走。銀行相當謹慎，在我們真正有效地合作之前，他們可能需要進行一些現代化改造。所以我們仍然認為這還有很長的路要走，但有對話。

There is some activity. So our plan is to try to get our foot in the door with maybe some small or very specific use cases. And that could happen maybe sooner rather than later in sort of very small, very specific niches of the business. But to really support them in a much broader way from a processing perspective, we still believe is several years away.

有一些活動。因此，我們的計劃是嘗試透過一些小的或非常具體的用例來取得突破。這可能很快就會在非常小、非常具體的業務領域中發生。但要從處理角度真正以更廣泛的方式支持它們，我們仍然認為還需要幾年的時間。

Nate Svensson, Deutsche Bank.

德意志銀行的 Nate Svensson。

Last quarter, you kind of talked and gave us a breakdown of TPV by low, medium and high discretionary spend, and you pointed out there was no meaningful shift in 1Q. Just wondering if there's any update to that breakdown for 2Q or maybe a month or so here into 3Q. I think you mentioned in response to Tien-Tsin's question that there was some shifting spending patterns. So just wondering what specifically those were.

上個季度，您向我們提供了按低、中、高可自由支配支出對 TPV 進行細分的情況，並指出第一季沒有出現任何有意義的變化。我只是想知道第二季或第三季大約一個月後的細分情況是否有任何更新。我想您在回答 Tien-Tsin 的問題時提到過，消費模式正在發生一些轉變。所以只是想知道那些具體是什麼。

Yes. So no, I would say no noticeable shifts to point out. As I mentioned, the TPV outperformance that we saw was fairly broad-based. And maybe the only maybe use case that stood out more than the others was lending and Buy Now, Pay Later. And -- but even within that, as I'm sure you've heard in the market, even some of the big growth areas within Buy Now, Pay Later are actually areas that are not highly discretionary.

是的。所以，我想說，沒有什麼明顯的改變需要指出。正如我所提到的，我們看到的 TPV 表現優異是相當廣泛的。也許唯一比其他用例更突出的用例是藉貸和先買後付。而且 — — 但即便如此，我相信你們已經在市場上聽說過，即使是「先買後付」中的一些大增長領域實際上也不是高度自由裁量的領域。

So those -- again, as you give people more of a card product that's both a debit and a Buy Now, Pay Later card and as consumers get more used to using those use cases, they're applying it many more places where cards are accepted, not just the traditional sort of retail and e-commerce that -- where that use case began. So there aren't really noticeable shifts. It's really just better performance by our customers and the use cases that we support are just really resonating in the market, both for commercial like expense management, but also neobanking and lending and Buy Now, Pay Later.

因此，當你為人們提供更多既是藉記卡又是先買後付卡的卡產品時，隨著消費者越來越習慣使用這些用例，他們會在更多接受卡的地方使用它，而不僅僅是傳統的零售和電子商務——這種用例開始的地方。因此並沒有出現明顯的變化。這實際上只是我們客戶的更好表現，我們支持的用例在市場上引起了真正的共鳴，既包括商業費用管理，也包括新銀行和貸款以及先買後付。

Yes, makes a ton of sense, and I appreciate the color. I wanted to ask another one on Buy Now, Pay Later. Great to hear all the success there, including the Klarna One card. You mentioned in the prepared remarks some new Buy Now, Pay Later capabilities that multiple providers are testing with new releases and in-app options that you think are going to be launched on a more broad basis in 2026. Any more color on that specific product capability, what Marqeta is providing and kind of what you think the benefit for both Marqeta and your BNPL customers could be as that gets fully rolled out?

是的，非常有意義，而且我很欣賞這種顏色。我想再問一個關於「先買後付」的問題。很高興聽到那裡的所有成功，包括 Klarna One 卡。您在準備好的發言中提到了一些新的「先買後付」功能，多家供應商正在透過新版本和應用程式內選項進行測試，您認為這些功能將在 2026 年更廣泛地推出。您能否詳細介紹一下該產品的具體功能、Marqeta 提供的功能以及您認為該產品全面推出後將為 Marqeta 和您的 BNPL 客戶帶來哪些好處？

Yes. So what our vision for this product is that in our view, there's no reason why Buy Now, Pay Later couldn't be a capability that's on any debit card product as a feature of the product. And so think about this and when it does, you actually get offers from multiple providers. So think of this as you want to make a transaction and you're on our platform providing a service and you as a consumer, then if you say within the app, I would like to Buy Now, Pay Later, then it might bring up multiple providers that say, here's our offer. And maybe one of them offers you to pay in interest free. And another one offers you, you pay over six months at this rate. And so you would get choice.

是的。因此，我們對這款產品的願景是，在我們看來，「先買後付」沒有理由不能成為任何金融卡產品的功能。所以想想這一點，當它發生時，你實際上會收到來自多個供應商的報價。所以想像一下，如果你想進行交易，你在我們的平台上提供服務，而你作為消費者，那麼如果你在應用程式內說，我想現在購買，以後付款，那麼它可能會帶出多個提供商，他們會說，這是我們的報價。也許其中一個會給你免息付款。還有一家公司提供這樣的服務，您可以以這個價格分六個月付款。這樣你就會有選擇。

And so what this does is for our issuing partners, it just differentiates their product and allows them to offer more value to their consumers. So it just becomes a better value proposition for them so they get higher engagement. And for our Buy Now, Pay Later customers who are partners in this effort, we're really bringing them distribution. These are users that then in transactions that they maybe not have had the opportunity to participate in that now they are. And so we really see it as a win-win.

因此，對於我們的發行合作夥伴來說，這可以使他們的產品與眾不同，並使他們能夠為消費者提供更多價值。因此，這對他們來說就成為一個更好的價值主張，從而讓他們獲得更高的參與。對於我們「先買後付」的合作夥伴客戶，我們確實為他們帶來了分銷。這些用戶以前可能沒有機會參與現在他們可以參與的交易。因此我們確實認為這是一個雙贏的局面。

And so we have -- so it's sort of a two-sided platform that we're building, and we have a couple of partners on both sides who are testing and we're trying to -- because the holiday season is always a big time for this type of use case. So we're trying to be there in a limited release by the end of this year and then roll it out more broadly next year.

所以，我們正在建立一個雙邊平台，雙方都有幾個合作夥伴在進行測試，我們也在嘗試——因為假期對於這種用例來說總是一個重要時刻。因此，我們計劃在今年年底前推出有限版本，然後在明年更廣泛地推出。

But that's the vision for the product, and we think it has a lot of potential because where you can also see it going is there are also more and more players who provide lending for very specific types of use cases. So this really could become something very powerful where the consumer, depending on what they're buying, they might see offers from different types of players and that gives them the flexibility they want and brings the distribution to our BNPL partners.

但這就是產品的願景，我們認為它具有很大的潛力，因為您還可以看到它的發展，越來越多的參與者為非常特定的用例類型提供貸款。因此，這確實可以成為一種非常強大的東西，消費者根據他們購買的產品，可能會看到來自不同類型的參與者的優惠，這為他們提供了想要的靈活性，並將分銷帶給我們的 BNPL 合作夥伴。

Craig Maurer, FT Partners.

克雷格·莫雷爾（Craig Maurer），FT Partners。

I wanted to ask about how the pipeline for credit is building and where you are with the launches with American Express.

我想問一下信貸管道建設情況如何，以及您與美國運通合作的進展如何。

Yes. Thanks, Craig. I appreciate your question. So the -- we feel good about where our credit business is. I would say the first -- the focus over the last quarter has been integrating with Amex, and we're making good progress. I would say we're very close to kind of certification and being ready to go live. So I'd say we're making good headway there. And then the second area was the migration we were doing for Perpay, which is a consumer credit card. And the Perpay migration is now 97% complete. So it's essentially as of the end of July.

是的。謝謝，克雷格。我很感謝你的提問。因此，我們對我們的信貸業務現狀感到滿意。我想說的是，上個季度的重點是與美國運通的整合，我們正在取得良好的進展。我想說我們已經非常接近獲得認證並準備上線了。所以我想說我們在這方面取得了良好的進展。第二個領域是我們為 Perpay（一種消費者信用卡）進行的遷移。Perpay 遷移現已完成 97%。所以基本上是截至七月底。

So it's essentially done. There's a few accounts left to move over, but we feel really good about not only now we're supporting Perpay as a consumer credit proposition on our platform, and it's growing nicely, but we also demonstrated our ability to do a migration in credit, which is much harder than debit just because there's just a lot more variables that you need to take into account.

所以基本上就完成了。還有一些帳戶需要轉移，但我們感覺非常好，不僅因為我們現在在我們的平台上支持 Perpay 作為消費者信貸主張，而且它發展得很好，而且我們還展示了我們進行信貸遷移的能力，這比借記卡要困難得多，因為你需要考慮更多的變數。

So we feel good kind of about where things are. We still have another co-brand that we announced in February with an airline that we still expect to launch later this year. We're having good conversations about our pipeline. I would say what's important is what we're trying to do is a little bit different in terms of the value proposition that we're offering people where they have a little bit more control of things and they're using Dynamic Rewards. And so we're having a lot of good conversations, and there's some interest, but it's -- we're not rushing.

所以我們對現狀感到滿意。我們還有另一個與一家航空公司合作的聯合品牌，該品牌已於二月宣布，預計今年稍後推出。我們正在就我們的管道進行良好的對話。我想說的是，我們試圖做的是，就我們為人們提供的價值主張而言，他們能夠更好地控制事物，並使用動態獎勵。因此，我們進行了很多很好的對話，並且引起了一些興趣，但我們並不著急。

We feel like in credit when you rush, some bad things can happen. So we're -- the pipeline is good, but no exciting news to share this call.

我們覺得，在信用方面，當你匆忙行事時，可能會發生一些不好的事情。所以我們 - 頻道很好，但沒有令人興奮的消息可以分享。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Thanks for all the detail and nice work here. I wanted to ask just on your comments around delayed investment. On the one hand, it seemed like -- obviously, that benefited this quarter. It seemed like you indicated that there was just some delayed hiring maybe because of uncertainty in the macro earlier in the quarter. But on the other hand, you're suggesting that maybe we're going to be on a lower OpEx run rate for end of '26 that gives you more confidence to be GAAP profitable there.

感謝這裡提供的所有細節和出色的工作。我只是想問一下您對延遲投資的評論。一方面，這似乎——顯然，這對本季有利。您似乎表示，招聘可能只是因為本季早些時候宏觀經濟的不確定性而有所推遲。但另一方面，您暗示我們也許會在 26 年底降低營運支出運行率，這讓您更有信心在那裡實現 GAAP 獲利。

Can you just help us parse kind of what's happening there and what your current state of mind is? And has there been any kind of more sustained changes in investment priorities, et cetera?

您能否幫助我們分析那裡發生的事情以及您目前的心理狀態？投資重點等方面是否發生了更持久的變化？

Yes. Thanks for your question, James. Let me see if I can try to clarify a little bit. So I would say of the lower expenses we had in the quarter, roughly half of it, a little more than half was more timing in nature. The other half or a little less than half was real just better performance, better optimization of our expenses.

是的。謝謝你的提問，詹姆斯。讓我看看是否可以嘗試澄清一下。因此我想說，我們本季的較低支出中，大約有一半，略多於一半，本質上更多的是時間因素。另一半或略少於一半是真正的更好的表現，更好地優化我們的開支。

So the investments were really driven by 2 things, the delay -- the investment delays. One is that when I stepped into the interim CEO role, we just reassessed things. We took the executive team, looked at everything and said, okay, where do we really want to prioritize some of our hires. And so that just meant we're just like 2 months, 3 months behind where we thought we would be.

因此，投資實際上是由兩個因素驅動的，即延遲——投資延遲。一是當我擔任臨時執行長一職時，我們只是重新評估了一些事情。我們召集了執行團隊，審視了一切，然後說，好吧，我們真正想優先招募哪些人。這意味著我們比預想的晚了 2 到 3 個月。

And so a lot of those people are joining the company now. So we have pretty good visibility to the headcount additions. It's just they happened much later in Q2 than we had originally thought. And because of that, it just led to some savings in the quarter. And then there are some things around marketing that as we -- as you always do, you have a plan at the beginning of the year, but then as the year evolves, you look at what kinds of activities, what things we might be doing with customers, what capabilities might be coming live.

因此現在有很多人加入了該公司。因此，我們對員工人數的增加有相當好的了解。只是它們發生在第二季度的時間比我們最初想像的要晚得多。正因為如此，它才導致本季出現一些節省。然後，圍繞行銷有一些事情，就像我們一直做的那樣，我們在年初有一個計劃，但隨著時間的推移，你會考慮開展哪些類型的活動，我們可能會與客戶一起做哪些事情，哪些功能可能會上線。

And we just made the decision that it made more sense to spend the money in the second half, where we have some things to talk about and Money 20/20 is in the second half, which is usually an area where we invest more.

我們只是決定，在下半年花錢更有意義，我們有一些事情要談，而 Money 20/20 就在下半年，這通常是我們投入更多資金的領域。

So that's -- those are the things causing the timing-related factors. But a little less than half of the upside is just better efficiency and optimization. And then there's a few drivers for that. So one is from just a pure org perspective, we're getting pretty good. We -- in terms of our org shape, if you will, we used to be a little top heavy and very US-centric.

所以這就是導致與時間相關的因素的原因。但略少於一半的好處只是更好的效率和優化。而這其中又有幾個驅動因素。因此，從純粹的組織角度來看，我們做得相當好。就我們的組織結構而言，如果你願意的話，我們曾經有點頭重腳輕，而且非常以美國為中心。

Now we are -- we kind of have a better org design where we have more opportunities for people, and we don't quite have as many management layers. And then we also are much more geographically diverse, and that's creating just a much more effective organization.

現在，我們擁有更好的組織設計，為員工提供了更多的機會，而且管理層級也減少了。而且我們的地理分佈也更加多樣化，這使得我們的組織更有效率。

We also are particularly in the technology-related costs. So think of this as like data services, cloud services we use to run our platform. We're just doing a lot better job at making sure we minimize the waste in how we utilize those partners, and that's driving a lot of savings. And between those two things, it's just putting us on a better expense run rate that we think will sustain, which is why we believe 2026 now will be a little bit better from a profitability perspective than we thought just a quarter or two ago.

我們也特別關注與技術相關的成本。所以可以將其視為數據服務、我們用來運行平台的雲端服務。我們只是在確保最大限度地減少利用這些合作夥伴的浪費方面做得更好，這帶來了大量的節省。這兩件事讓我們的費用運行率變得更好，我們認為這種改善將會持續下去，這就是為什麼我們相信從盈利能力的角度來看，2026 年會比我們一兩個季度前想像的要好一些。

That's great, Mike. That's really clear. And then just back on initiatives and opportunities. Embedded finance has been a topic for a few years now. It seems like that's still an area of focus for you. How should we think about like what to watch for from a product perspective or other mileposts of development?

太好了，麥克。這確實很清楚。然後回到關於措施和機會的話題。嵌入式金融已經成為幾年來的一個話題。看來這仍然是您關注的領域。我們該如何思考從產品角度或其他發展里程碑來看需要注意什麼？

Yes. Thanks for the question, James. So we're excited about embedded finance, but it's moving a little slower than maybe we initially thought a year ago. And that's just -- these are much larger organizations. Typically, these are very established companies and payments is not their core business.

是的。謝謝你的提問，詹姆斯。因此，我們對嵌入式金融感到興奮，但它的進展可能比我們一年前最初想的要慢一些。這只是——這些都是更大的組織。通常，這些都是非常成熟的公司，支付不是它們的核心業務。

And so what we're finding is it's just we're engaging for longer periods of time before we get to the solution. So we're having some really good conversations. And in the meantime, what we're doing is just making our value proposition much more of a full stack solution because that's what embedded finance customers are looking for. So that's why we're really investing in banking and money movement products and the white label app. So we just have a much more comprehensive sort of out-of-the-box solution that they can utilize because that's what they're looking for.

因此，我們發現，我們只是花了更長的時間才找到解決方案。因此，我們正在進行一些非常好的對話。同時，我們正在做的只是讓我們的價值主張更像一個全端解決方案，因為這正是嵌入式金融客戶所尋求的。這就是我們真正投資銀行和資金流動產品以及白標應用程式的原因。因此，我們有一個更全面的開箱即用解決方案可供他們使用，因為這正是他們所尋找的。

But like a good example of like a large customer win that we recently had was an embedded finance customer. This is a large global brand, and we expect them to launch later this year. And it's really interesting, as we get deep into the delivery process, we always ask them, why did you choose us? What -- just so we know what we need to enhance to better serve others. And they really said it was a combination of three things.

但是，我們最近贏得的一位大客戶的一個很好的例子是一位嵌入式金融客戶。這是一個大型全球品牌，我們預計他們將於今年稍後推出產品。這真的很有趣，當我們深入交付過程時，我們總是問他們，為什麼選擇我們？什麼——只是為了讓我們知道我們需要加強什麼才能更好地為他人服務。他們確實說這是三件事的結合。

One is that we have a very simplified process for launching a new consumer-focused program. A consumer card is just much more complicated than commercial. And they just saw a lot of our expertise and experience there as a real value.

一是，我們推出以消費者為中心的新計畫的流程非常簡化。消費者卡比商業卡複雜得多。他們認為我們的許多專業知識和經驗具有真正的價值。

The technical integrations and the robust solution that we have, given the scale of our business, they just allowed them out of the gate to just have a more complete offering, and they really value that. And then the third thing was just the service and support. We sort of pride ourselves on being a little bit of a white glove treatment. And that's a differentiating factor when you're solving a lot of problems and it gets complex on a new program like this. And so we feel like we're well positioned to win in this space. It's just the opportunity is maybe unfolding a little slower than we would have thought a year ago before we really got into it.

考慮到我們業務的規模，我們擁有的技術整合和強大的解決方案使他們能夠提供更完整的產品，他們非常重視這一點。第三件事就是服務和支援。我們對自己提供的白手套服務感到有些自豪。當你解決很多問題時，這是一個區別因素，而且在像這樣的新程式上它會變得很複雜。因此，我們覺得我們在這個領域處於有利地位，可以取得勝利。只是這個機會可能比我們一年前真正進入這個機會時想像的要慢一些。

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Just a real quick one on open banking and potentially JPMorgan charging the aggregators for access for the data. Any thoughts on that dynamic?

這只是關於開放銀行業務的一個非常簡短的介紹，摩根大通可能會向聚合器收取資料存取費用。對於這種動態有什麼想法嗎？

Yes. So you saw the news. I think that it's not -- in terms of direct impact to us, we think it's minimal. Some of our customers may face some friction, particularly in areas where they want real-time account data. So for account verification, risk decisioning and then certainly underwriting, those are some of the areas where it's common for people to use those capabilities.

是的。所以你看到了這個新聞。我認為，就對我們的直接影響而言，我們認為影響很小。我們的一些客戶可能會遇到一些摩擦，特別是在他們需要即時帳戶資料的領域。因此，對於帳戶驗證、風險決策以及核保，這些都是人們通常使用這些功能的領域。

And so it could become more expensive for them to do so, which they either have to decide then does that sort of -- do they change their usage patterns? Or do they end up tightening up maybe the number of people they'll serve. So it's hard to know the implications. But I would say, for us, right now, based on the use cases we utilize and the maturity of many of our customers in the way they operate that we see it as minimal, but it's certainly something to watch because if the rest of the banks were to follow their lead, then it could change the cost structure for some of these capabilities that people rely on today.

因此，這樣做的成本可能會變得更加昂貴，他們要么必須做出決定，要么改變他們的使用模式？或者他們最終可能會縮減他們服務的人數。因此很難知道其意義。但我想說，對我們來說，目前，基於我們利用的用例和許多客戶運營方式的成熟度，我們認為這種影響很小，但這肯定是值得關注的事情，因為如果其他銀行效仿他們的做法，那麼它可能會改變人們今天所依賴的一些功能的成本結構。

We have reached the end of our Q&A session. This concludes today's teleconference. You may disconnect your lines at this time.

我們的問答環節已經結束。今天的電話會議到此結束。現在您可以斷開線路。