Marqeta Inc (MQ) 2025 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the Marqeta third-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，歡迎參加 Marqeta 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Maria Graizer, Investor Relations. Please go ahead.

現在，我很高興向大家介紹主持人，投資者關係部的瑪麗亞·格雷澤。請繼續。

Thanks, operator. Good afternoon, everyone, and welcome to Marqeta's third-quarter 2025 earnings call. Hosting today's call is Mike Milotich, Marqeta's CEO and CFO.

謝謝接線生。各位下午好，歡迎參加 Marqeta 2025 年第三季財報電話會議。主持今天電話會議的是 Marqeta 的執行長兼財務長 Mike Milotich。

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, 2024, and our subsequent periodic filings with the SEC.

在開始之前，我想提醒大家，今天的電話會議可能包含前瞻性陳述。這些前瞻性聲明受到許多風險和不確定性的影響，包括我們在提交給美國證券交易委員會的文件中列出的風險和不確定性，這些文件可在我們的投資者關係網站上查閱，包括截至 2024 年 12 月 31 日的 10-K 表格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報告。

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.

實際結果可能與我們今天所做的任何前瞻性聲明有重大差異。這些前瞻性陳述僅代表截至本次電話會議時的觀點，除法律要求外，本公司不承擔任何更新這些陳述的義務或意圖。

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GAAP財務指標。這些措施應被視為對公認會計準則財務指標的補充，而不是替代。有關與最直接可比較的 GAAP 指標的調整表，請參閱我們投資者關係網站上發布的今日獲利新聞稿或獲利新聞稿補充資料。

With that, I'd like to turn the call over to Mike to begin.

那麼，我把電話交給麥克開始吧。

Thank you, Maria, and thank you for joining us for Marqeta's third-quarter 2025 earnings call. To start, I'll briefly highlight our Q3 results, followed by an update on our progress growing the business across the full spectrum of debit and credit products, consumer and commercial offerings, and a wide variety of use cases and geographies with both new and existing customers. I'll conclude with details about our Q3 financial results and our expectations for the remainder of the year.

謝謝瑪麗亞，也謝謝您參加 Marqeta 2025 年第三季財報電話會議。首先，我將簡要介紹我們第三季的業績，然後更新我們在藉記卡和信用卡產品、消費者和商業產品以及各種用例和地域範圍內，面向新舊客戶拓展業務方面取得的進展。最後，我將詳細介紹我們第三季的財務業績以及我們對今年剩餘時間的預期。

Our great third-quarter financial performance continues to demonstrate tremendous growth, resulting in our ability to deliver higher adjusted EBITDA through both efficiency and scale. Total processing volume, or TPV, was $98 billion in the third quarter, a 33% increase compared to the same quarter of 2024, and an acceleration of over 3 points from last quarter since this is the second consecutive quarter with accelerating TPV growth, despite our increasingly larger base to grow over.

我們第三季出色的財務表現繼續展現出巨大的成長勢頭，使我們能夠透過效率和規模實現更高的調整後 EBITDA。第三季總加工量（TPV）為 980 億美元，比 2024 年同期成長 33%，比上一季加速成長 3 個百分點以上，這是 TPV 連續第二季加速成長，儘管我們的成長基數越來越大。

To put this performance in perspective, this is our highest TPV growth rate since Q1 2024, despite the base we are growing over this quarter being almost 50% larger than the base we grew over in Q1 2024. Q3 net revenue of $163 million grew 28% year over year due to robust growth across a broad spectrum of use cases we enable. Gross profit was $115 million, a 27% increase year over year, largely in line with the net revenue growth.

為了更好地理解這一業績，儘管本季成長的基數比 2024 年第一季成長的基數大了近 50%，但這是我們自 2024 年第一季以來最高的 TPV 成長率。第三季淨收入為 1.63 億美元，年增 28%，這得益於我們所支持的廣泛應用場景的強勁增長。毛利潤為 1.15 億美元，年增 27%，與淨收入成長基本一致。

Adjusted EBITDA was $30 million in the quarter, a 19% margin fueled by both exceptional gross profit growth and continued expense discipline while we make strategic investments in new capabilities and scale to fuel future business growth. This is another all-time high for adjusted EBITDA dollars as we progress on our path to profitability.

本季調整後 EBITDA 為 3,000 萬美元，利潤率為 19%，這得益於卓越的毛利成長和持續的費用控制，同時我們對新能力和規模進行策略性投資，以推動未來的業務成長。隨著我們朝著獲利目標不斷邁進，調整後 EBITDA 美元再次創下歷史新高。

This year, we remain focused on expanding and deepening our customer relationships by enabling innovative programs and seamless geographic expansion while also increasing our bank supply. One factor driving our performance is a remarkable growth in our lending use cases, including buy now, pay later. The growth is a testament to our ability to support customers in many markets, including North America, Europe, and Australia, but also to the innovation at scale that we enable.

今年，我們將繼續專注於透過推行創新項目和無縫地域擴張來拓展和深化客戶關係，同時增加銀行服務供應。推動我們業績成長的一個因素是貸款業務（包括先買後付）的顯著成長。這一成長證明了我們有能力為包括北美、歐洲和澳洲在內的許多市場的客戶提供支持，同時也證明了我們能夠實現規模化的創新。

Once again, we are adding unique value to our customers in support of this use case. While BNPL started with Marqeta enabling virtual cards for seamless payment experiences without costly backend integrations, the category continues to evolve. We have been on the forefront of enabling the new wave of growth in the space with what we call pay-anywhere cards that allow end users to pay anywhere that cards are accepted with the flexibility to split a purchase over time.

我們再次透過支援此用例，為客戶創造獨特的價值。雖然 BNPL 最初是由 Marqeta 推出的虛擬卡，無需昂貴的後端整合即可實現無縫的支付體驗，但該類別仍在不斷發展。我們一直走在推動該領域新一輪成長的前沿，推出了我們稱之為「萬能支付卡」的產品，讓終端用戶可以在任何接受該卡的地方進行支付，並可以靈活地將購買款項分期支付。

We were also the first to support the Visa Flexible Credential in the US, which gave us a significant lead as it has been rapidly adopted over the past year and now includes Klarna's recent expansion into Europe. The newer solutions enable our customers to deliver a better value proposition to their consumers with more flexibility to expand the availability of credit. Our unique combination of capabilities, geographic reach, and scale has helped broaden the category significantly, with TPV and lending, including buy now, pay later, use cases growing much faster than the overall company TPV growth.

我們也是美國首家支持 Visa 靈活憑證的公司，這使我們獲得了顯著的領先優勢，因為該憑證在過去一年中得到了迅速普及，現在還包括 Klarna 最近在歐洲的擴張。新的解決方案使我們的客戶能夠為他們的消費者提供更好的價值主張，並更靈活地擴大信貸的可用性。我們獨特的能力、地域覆蓋範圍和規模組合，極大地拓展了該類別，TPV 和貸款（包括先買後付）用例的增長速度遠超公司整體 TPV 的增長速度。

Another area where we have continued to see increased growth and demand is in commercial programs, particularly platforms that enable SMBs to reach bigger markets with money movement and access to working capital. In Q3, we signed a Fortune 500 customer to enable electronic supplier payments for the small and medium-sized businesses they serve. Our customer's global platform has a comprehensive suite of financial and business management applications serving millions of users.

另一個我們持續看到成長和需求增加的領域是商業項目，特別是那些能夠幫助中小企業透過資金流動和獲得營運資金來拓展更大市場的平台。第三季度，我們與財富 500 強客戶簽約，為其服務的中小型企業啟用電子供應商支付功能。我們客戶的全球平台擁有一套全面的財務和業務管理應用程序，服務數百萬用戶。

They were looking for a partner who would allow them to stay at the forefront of the needs of their end users with easier and more modern payment options. They saw Marqeta as a leader and enabler of innovation in expense management use cases and selected Marqeta for both our flexibility and ability to execute at scale. In Q4, this program will be the first to launch with one of our new US bank partners.

他們正在尋找一位合作夥伴，能夠讓他們透過更便利、更現代的支付方式，始終走在滿足最終用戶需求的最前線。他們認為 Marqeta 是費用管理用例領域的領導者和創新推動者，並選擇 Marqeta 是因為我們既靈活又具備大規模執行能力。第四季度，該計畫將率先與我們新的美國銀行合作夥伴之一共同啟動。

At the start of the year, we talked about our desire to expand our bank supply with partners who prioritize new capabilities and technology, maintain a strong focus on regulatory compliance, and can support our full range of offerings across debit and credit. In the US, Cross River Bank is now live, and we are in the process of technically integrating Coastal Community Bank to support programs starting in 2026. We are excited to grow with both banks going forward.

今年年初，我們談到希望擴大銀行合作夥伴的供應範圍，這些合作夥伴應優先考慮新功能和技術，高度重視監管合規，並能支持我們在藉記卡和信用卡方面的全系列產品。在美國，Cross River Bank 現已投入運營，我們正在對 Coastal Community Bank 進行技術整合，以支持從 2026 年開始的專案。我們很高興未來能與兩家銀行共同發展。

With the addition of TransactPay enabling us to provide program management in the UK and the EU, we are also adding bank partners in Europe. Griffin Bank in the UK is now live in support of a new program currently in testing, which will launch broadly in Q1 2026. We also plan to add a new bank partner for the EU in the first half of 2026.

隨著 TransactPay 的加入，我們得以在英國和歐盟提供專案管理服務，同時我們也正在歐洲增加銀行合作夥伴。英國的 Griffin Bank 現已投入使用，以支持一項正在測試中的新計劃，該計劃將於 2026 年第一季全面推出。我們也計劃在 2026 年上半年為歐盟新增一家銀行合作夥伴。

In order to seamlessly interface with multiple banks, this year we built our business integration platform with the flexibility to rapidly onboard additional partners around the world. It serves as the orchestration layer that connects our internal money movement systems with external banking and payment partners through secure APIs and webhooks, ensuring every transaction remains synchronized end to end.

為了與多家銀行無縫對接，今年我們建立了業務整合平台，使其具有靈活性，能夠快速地將世界各地的其他合作夥伴納入其中。它作為協調層，透過安全的 API 和 webhook 將我們的內部資金流動系統與外部銀行和支付合作夥伴連接起來，確保每筆交易都能端到端地同步。

This approach makes our platform bank-agnostic and reduces the time for bank integration by more than 50%, enabling us to scale new products and geographies without heavy engineering work or custom integrations. Centralizing business logic and routing across banks also reduces operational complexity, improves resiliency, and creates leverage in our cost structure as we expand with more bank and payment partners globally.

這種方法使我們的平台與銀行無關，並將銀行整合時間縮短了 50% 以上，使我們能夠擴展新產品和地理，而無需大量的工程工作或自訂整合。將業務邏輯和路由集中化到各銀行，還可以降低營運複雜性，提高彈性，並在我們與全球更多銀行和支付合作夥伴擴展業務時，在成本結構中創造槓桿作用。

Europe continues to deliver strong results with momentum across a diverse set of use cases, driving TPP growth to remain over 100% year over year. This quarter, we completed the acquisition of TransactPay on July 31. This transaction has driven significant customer interest and increased referrals from the payment ecosystem, including our network partners, as well as increasing our TAM to pursue more enterprise customers looking for a single provider for processing, program management, and EMI license in both the UK and the EU.

歐洲在各種應用情境中持續強勁的業績和發展勢頭，推動 TPP 成長率年增超過 100%。本季度，我們於7月31日完成了對TransactPay的收購。這項交易引起了客戶的極大興趣，並增加了來自支付生態系統（包括我們的網路合作夥伴）的推薦，同時也增加了我們的目標市場規模，以便吸引更多在英國和歐盟尋求單一供應商提供處理、專案管理和 EMI 許可證的企業客戶。

This enables us to deliver a complete offering comparable to what we offer in North America, so customers don't have to navigate the complexity of working with multiple partners. In Q3, we signed one of our top five expense management customers we have supported in North America for many years to expand into Europe. The acquisition of TransactPay was the catalyst as they can now deliver their offering in Europe at parity with North America through the Marqeta platform without a lot of incremental work.

這使我們能夠提供與我們在北美提供的服務相當的完整服務，因此客戶不必應對與多個合作夥伴合作的複雜性。第三季度，我們與北美地區排名前五的費用管理客戶之一簽約，該客戶多年來一直為我們提供支持，此次簽約旨在拓展歐洲市場。收購 TransactPay 是催化劑，因為他們現在可以透過 Marqeta 平台在歐洲提供與北美同等的產品和服務，而無需進行太多額外的工作。

We also continue to gain steady traction as we seek out the right partners for our innovative credit solutions. We are having productive conversations with prospects who are looking to differentiate their offering and work with a single modern provider who can support multiple use cases. This quarter, we were selected to power a credit solution for our company's loyalty programs. They enable for small and mid-sized companies.

我們也不斷穩步推進，為我們的創新信貸解決方案尋找合適的合作夥伴。我們正在與一些潛在客戶進行富有成效的對話，他們希望實現產品差異化，並與能夠支援多種用例的單一現代化供應商合作。本季度，我們被選中為公司的忠誠度計劃提供信用解決方案。它們為中小企業提供了便利。

This customer has millions of monthly active users and the underlying data to help companies capitalize on trends through analytics and a credit product to drive incremental loyalty benefits, both in stores and through their app. They chose Marqeta because they were looking for a modern partner who could grow and scale with them, given their significant embedded customer base. This customer plans to utilize several services in addition to processing, including tokenization, disputes, and our real-time decisioning risk product.

該客戶擁有數百萬月活躍用戶和基礎數據，可以幫助企業透過分析和信貸產品利用趨勢，在實體店和應用程式上推動不斷增長的客戶忠誠度收益。他們選擇 Marqeta 是因為他們正在尋找一個能夠與他們共同成長和擴張的現代化合作夥伴，因為他們擁有龐大的客戶群。除了處理服務外，該客戶還計劃使用多種服務，包括令牌化、爭議解決和我們的即時決策風險產品。

To wrap up before moving to the details of our financial results, the business continues to have strong momentum as we head into the last quarter of the year, both in terms of our actual performance and the level of engagement from prospects on future opportunities. What continues to become clear for current and prospective customers is Marqeta has a unique combination of modern capabilities, scale, geographic reach, expertise, and flexibility to enable their innovations without the need to make trade-offs.

在詳細介紹我們的財務業績之前，我想總結一下，隨著我們進入今年最後一個季度，公司業務繼續保持強勁的發展勢頭，無論是在實際業績方面，還是在潛在客戶對未來機會的參與度方面。對於現有客戶和潛在客戶而言，越來越明顯的是，Marqeta 擁有現代化能力、規模、地理覆蓋範圍、專業知識和靈活性的獨特組合，能夠幫助他們進行創新，而無需做出任何權衡。

We provide our customers with a level of agility and control in issuing payment credentials that maximizes their ability to deliver value to their users, whether it's through creating new revenue streams, deepening engagement, or improving access to capital. This will continue to serve us well as we further diversify the business outside of debit and beyond the US to deliver future growth.

我們為客戶提供發行支付憑證方面的靈活性和控制力，從而最大限度地提高他們為用戶創造價值的能力，無論是透過創造新的收入來源、加深用戶參與度，還是改善獲取資金的途徑。這將繼續對我們大有裨益，因為我們將進一步拓展業務，從金融卡業務擴展到美國以外的地區，以實現未來的成長。

Now let me transition to our Q3 financial results. Q3 was a very strong quarter with performance significantly outpacing our expectations. Q3 TPV growth of 33% accelerated by over 3 points from Q2 after increasing by 3 points in Q2 versus Q1. This accelerating volume growth, combined with slightly higher net revenue and gross profit take rates versus Q2, drove the P&L outperformance. Additionally, our adjusted operating expense growth was on the lower end of our expectations, which resulted in adjusted EBITDA of $30 million.

現在讓我來談談我們第三季的財務表現。第三季業績表現非常強勁，遠超預期。第三季 TPV 成長 33%，比第二季成長超過 3 個百分點，而第二季比第一季成長了 3 個百分點。銷量加速成長，加上淨收入和毛利較第二季略有提高，推動了損益表的優異表現。此外，我們調整後的營運費用成長處於預期的較低水平，導致調整後的 EBITDA 為 3000 萬美元。

For the second quarter in a row, the business outperformance and disciplined investment brought us close to GAAP net income, showcasing how the business can scale and demonstrating the tangible progress we are making on our path to profitability. Q3 TPV was $98 billion, an increase of 33% year over year. The Q3 TPV growth acceleration versus Q2 was broad based, including both block and non-block growth, as well as each of our four major use cases. Non-block TPV is now growing 2.5 times faster than block TPV, helped by Europe TPV continuing to grow over 100%.

連續第二個季度，業務的優異表現和嚴謹的投資使我們接近了 GAAP 淨利潤，這展現了業務的規模化能力，也表明了我們在實現盈利的道路上取得了切實進展。第三季總交易額為980億美元，年增33%。第三季 TPV 成長速度較第二季大幅提升，成長基礎廣泛，包括塊狀和非塊狀成長，以及我們的四大主要應用情境。受歐洲 TPV 持續成長超過 100% 的推動，非區塊 TPV 目前的成長速度是區塊 TPV 的 2.5 倍。

Growth within financial services continued to be a little slower than the overall company. Our non-block customers are growing over 3 times faster than block within these use cases. Consistent with prior quarters, expense management growth continues to be a little faster than the overall company, driven by our customers continuing to acquire new end users as their modern platforms gain share.

金融服務領域的成長速度仍略低於公司整體水準。在這些用例中，我們的非阻塞式客戶的成長速度比阻塞式客戶快 3 倍以上。與前幾季一致，費用管理業務的成長速度繼續略​​高於公司整體水平，這是因為隨著客戶的現代化平台市場份額的擴大，他們不斷獲得新的終端用戶。

On-demand delivery growth accelerated into the double digits in Q3, growing about twice as fast as last quarter, primarily fueled by both the merchant category and geographic expansion of our customers. Lending, including buy now, pay later TPV growth accelerated 10 points versus Q2 with a year-over-year growth rate that is about double the rate of the overall company.

第三季按需配送業務成長加速至兩位數，成長率約為上一季的兩倍，主要得益於商家類別的成長以及客戶地域範圍的擴大。貸款業務（包括先買後付）的總交易額成長較第二季加快了 10 個百分點，年成長率約為公司整體成長率的兩倍。

Six of our top 10 customers within this use case had their growth rate accelerate from Q2 to Q3, with three customers growing over 100%, while two customers were growing slower than 20%. This remarkable growth is driven by a combination of trends that accelerated from last quarter, with the two most significant being increased adoption of pay-anywhere card solutions, including growth in flexible network credential usage, and geographic expansion and growth on our platform.

在這個用例中，我們前 10 名客戶中有 6 名的成長率從第二季到第三季有所加快，其中 3 名客戶的成長率超過 100%，而 2 名客戶的成長率低於 20%。這一顯著增長是由上一季以來加速發展的多種趨勢共同推動的，其中最顯著的兩點是：隨時隨地支付卡解決方案的普及，包括靈活網絡憑證使用量的增長，以及我們平台的地域擴張和增長。

The TPV growth acceleration in Q3 is another demonstration of our ability to grow at scale, processing over 1 billion in volume on about two-thirds of the days in the quarter. Q3 net revenue growth was $163 million, growing 28% year over year. Our Q3 net revenue growth acceleration of 8 points versus Q2 and the outperformance versus expectations was driven by strong TPV growth in all of our major use cases and our net revenue take rate of 17 basis points being slightly higher than last quarter.

第三季 TPV 成長加速再次證明了我們大規模成長的能力，該季度約三分之二的日子處理了超過 10 億件商品。第三季淨收入成長1.63億美元，年增28%。第三季淨收入成長較第二季加速 8 個百分點，超出預期，這主要得益於我們所有主要用例的強勁 TPV 成長，以及淨收入轉換率較上季略高 17 個基點。

The addition of the TransactPay acquisition for two months after closing on July 31 contributed 2 points to growth. Block net revenue concentration of 44% in Q3 decreased by about 2 points from Q2. While both block and non-block net revenue growth accelerated from last quarter, non-block growth was over 10 points higher than block growth, driven by the strong TPV and the inclusion of TransactPay.

TransactPay 的收購於 7 月 31 日完成，此後兩個月內，該收購為公司貢獻了 2 個百分點的成長。第三季區塊淨收入集中度為 44%，比第二季下降了約 2 個百分點。雖然區塊和非區塊淨收入成長均較上一季有所加快，但非區塊成長比區塊成長高出 10 個百分點以上，這主要得益於強勁的 TPV 和 TransactPay 的加入。

Q3 gross profit was $115 million, growing 27% year over year, fueled by strong TPV growth and a gross profit take rate of nearly 12 basis points, slightly higher than last quarter. The addition of TransactPay added 2.5 points to growth. Gross profit growth was 10 points higher than the top of the expected range we shared with you last quarter, so obviously there were a few positive surprises in the quarter.

第三季毛利為 1.15 億美元，年增 27%，這主要得益於強勁的 TPV 成長和近 12 個基點的毛利成長率，略高於上一季。TransactPay 的加入使成長率增加了 2.5 個百分點。毛利成長比我們上季與您分享的預期範圍上限高出 10 個百分點，顯然本季出現了一些正面的驚喜。

I would classify the outperformance in four categories. By far the most significant factor driving our outperformance is the underlying business growth. Accelerating TPV growth combined with favorable business mix supporting our gross profit take rate accounted for approximately 6 points of the outperformance.

我會將這種優異表現歸納為四類。迄今為止，推動我們業績優異的最重要因素是公司業務本身的成長。TPV 成長加速，加上有利於我們毛利的業務組合，使我們的業績超額完成率提高了約 6 個百分點。

On our earnings call in August, you might remember we spoke about our Q2 TPV growth accelerating 3 points versus Q1, which was a little unexpected. So we wanted to see elevated growth trajectory endure for longer than a couple months before adjusting our forecast for the remainder of the year, especially considering the macroeconomic uncertainty.

您可能還記得，在 8 月的財報電話會議上，我們談到了第二季 TPV 成長比第一季加快了 3 個百分點，這有點出乎意料。因此，我們希望看到高成長勢頭能夠持續幾個月以上，然後再調整我們對今年剩餘時間的預測，尤其考慮到宏觀經濟的不確定性。

As I just walked through, Q3 TPV further accelerated by more than 3 points versus Q2, driven by a broad cross-section of our customers and use cases. About two-thirds of this underlying business outperformance was driven by lending including buy now, pay later and on-demand delivery. The growth in these two use cases meaningfully accelerated in Q3 versus Q2 as we continue to support our customers' business expansion.

正如我剛才所了解的，第三季總銷售額比第二季成長了 3 個百分點以上，這得益於我們廣泛的客戶群和用例。這項基礎業務超預期表現中，約三分之二是由貸款業務（包括先買後付和按需配送）推動的。隨著我們繼續支持客戶的業務擴張，這兩個用例的成長在第三季與第二季相比顯著加快。

Second, approximately 2.5 points of the outperformance was driven by unusual items that were unexpected. The large majority of this impact was driven by recovering fees from smaller customers who previously terminated their card programs. We have worked diligently to recover contractually obligated fees, and it just so happens that several of the larger efforts were resolved during Q3.

其次，約有 2.5 個百分點的超額收益是由一些意想不到的特殊項目所推動的。造成這種影響的絕大部分是由於向先前終止信用卡計劃的小客戶追回了費用。我們一直在努力追回合約規定的費用，而且恰好其中幾項較大的追討工作在第三季度得到了解決。

Third, approximately 1 point of the outperformance resulted from earning a network rebate from one of our network partners that we did not anticipate. Based on the Q3 results, we expect this will continue to be a benefit going forward. The final component of our outperformance was the strength of the TransactPay business, which contributed approximately 1 point more to our gross profit growth than expected. The TransactPay business was on a better trajectory in 2025 than we had expected, and our visibility was limited until we started to consolidate results following the July 31 closing.

第三，大約 1 個百分點的超額收益是由於我們從一個網路合作夥伴那裡獲得了一筆我們意想不到的網路回饋。根據第三季業績，我們預計這將繼續帶來益處。我們業績超預期的最後一個因素是 TransactPay 業務的強勁表現，它對我們的毛利成長貢獻比預期高出約 1 個百分點。TransactPay 業務在 2025 年的發展軌跡比我們預期的要好，但在 7 月 31 日交易結束後開始合併業績之前，我們的可見度有限。

As a reminder, we revised our accounting policy for estimating and recognizing card network incentives starting in Q2 of this year. We are now accruing incentives each quarter based on the forecasted annual contract year we expect to achieve, as opposed to booking the incentives each quarter as they are earned and move through the progressive tiers.

再次提醒，我們從今年第二季開始修訂了估算和確認卡片網路激勵的會計政策。我們現在根據預期實現的年度合約目標，按季度累積獎勵，而不是像以前那樣，在獎勵獲得並逐級晉升時才進行結算。

As a result, Q3 gross profit growth had a headwind of 1.4 points due to the difference in methodologies for the year-over-year comparison. Q3 adjusted operating expenses were $84 million, growing 4% year over year, which was on the lower end of our expectations. This was a timing shift of marketing initiatives from Q3 to Q4, which lowered Q3 growth by approximately 2 points. The addition of TransactPay contributed approximately 3 points to our year-over-year growth.

因此，由於與比比較方法不同，第三季毛利成長受到 1.4 個百分點的不利影響。第三季調整後營運支出為 8,400 萬美元，年增 4%，低於我們的預期。這是由於行銷活動的時間表從第三季度調整到了第四季度，導致第三季度的成長下降了約 2 個百分點。TransactPay 的加入使我們的年成長率提高了約 3 個百分點。

Q3 adjusted EBITDA was $30 million, reaching another all-time high in dollars for the second quarter in a row. This resulted in a margin of 19% as we continue to make significant progress on our path to profitability. Adjusted EBITDA margin based on gross profit, which was 26%, is the metric we look at internally to illustrate the profitability potential of our business.

第三季調整後 EBITDA 為 3,000 萬美元，連續第二季創下歷史新高。這使得我們的利潤率達到了 19%，我們在實現盈利的道路上繼續取得重大進展。以毛利為基礎的調整後 EBITDA 利潤率為 26%，這是我們內部用來說明我們業務獲利潛力的指標。

The Q3 GAAP net loss was $3.6 million, which included $8 million of interest income and a non-recurring litigation-related expense of $4.3 million. We ended the quarter with a little over $830 million of cash and short-term investments driven by strong operating cash flows. With the addition of TransactPay's $235 million of restricted cash this quarter, one thing to note on our balance sheet is the offsetting liability.

第三季 GAAP 淨虧損為 360 萬美元，其中包括 800 萬美元的利息收入和 430 萬美元的非經常性訴訟相關支出。受強勁的營運現金流推動，本季末我們持有略高於 8.3 億美元的現金和短期投資。由於本季 TransactPay 新增了 2.35 億美元的受限現金，我們資產負債表上的一個需要注意的問題是相應的負債。

TransactPay must comply with the regulatory safeguarding requirements associated with the EMI licenses, so we account for the customer funds they hold differently than our approach in other geographies, such as the US, where our program funding arrangements are structured more optimally.

TransactPay 必須遵守與 EMI 許可證相關的監管保障要求，因此我們對客戶資金的處理方式與我們在美國等其他地區的做法不同，因為在美國，我們的專案資金安排結構更加優化。

Our share repurchase activity remains ongoing as we continue to believe the current valuation does not fairly represent the company's value or the market opportunity ahead of us. In Q3, we repurchased 3.2 million shares at an average price of $6.12. For the year-to-date period ending September 30, 2025, we have repurchased 64.6 million shares at an average price of $4.53, which is a reduction of nearly 13% of the total issued and outstanding shares as of 2024 year end. As of September 30, we had 88 million remaining on our buyback authorization.

我們仍在繼續進行股票回購活動，因為我們仍然認為目前的估值並不能公平地反映公司的價值或我們未來的市場機會。第三季度，我們以平均每股 6.12 美元的價格回購了 320 萬股股票。截至 2025 年 9 月 30 日的年初至今，我們已以平均每股 4.53 美元的價格回購了 6,460 萬股股票，這比截至 2024 年底已發行和流通在外的股票總數減少了近 13%。截至9月30日，我們的股票回購授權還剩8,800萬。

Now let's transition to our expectations for the fourth quarter of 2025. Based on our Q3 results, we are raising our expectations for Q4 and the full year. We now expect Q4 2025 net revenue and gross profit growth to be at least 5 points higher and what we shared last quarter and adjusted EBITDA margin to be 2 points higher. Therefore, we now expect net revenue to grow between 22% and 24% in Q4 and approximately 22% for the full-year 2025.

現在讓我們來看看我們對 2025 年第四季的預期。根據我們第三季的業績，我們提高了對第四季和全年的預期。我們現在預計 2025 年第四季淨收入和毛利成長將提高至少 5 個百分點，而我們上個季度分享的數據以及調整後的 EBITDA 利潤率將提高 2 個百分點。因此，我們現在預計第四季淨收入將成長 22% 至 24%，2025 年全年淨收入將成長約 22%。

Gross profit growth is expected to be between 17% and 19% in Q4 and approximately 23% for the full-year 2025. The expected slowdown in gross profit growth from Q3 to Q4 of approximately 9 points is primarily driven by three factors. First, Q3 growth benefited by approximately 2.5 points from unusual items, mostly the recovery of contractually obligated fees.

預計第四季毛利成長率將在 17% 至 19% 之間，2025 年全年毛利成長率約為 23%。預計第三季至第四季毛利成長放緩約 9 個百分點，主要受以下三個因素影響。首先，第三季成長受惠於非經常性項目，約 2.5 個百分點，主要是收回合約規定的費用。

Second, the impact of our revised accounting policy for network incentives on the year-over-year comparison will be the most significant in Q4. We expect a drag of about 5.5 points on gross profit growth in Q4, which is approximately 4 points more drag than Q3. Third, as we've discussed all year, we are actively engaged in renewal discussions with two large customers. We expect one of those renewals to be in effect in Q4, resulting in a headwind of approximately 2 points.

其次，我們修訂後的網路激勵會計政策對年比比較的影響將在第四季最為顯著。我們預計第四季毛利潤成長將受到約 5.5 個百分點的拖累，比第三季拖累幅度大約高出 4 個百分點。第三，正如我們今年一直在討論的那樣，我們正在積極與兩家大客戶進行續約談判。我們預計其中一項續約將於第四季生效，這將導致約 2 個百分點的不利影響。

We expect Q4 adjusted operating expenses to grow in the mid-single digits, in line with what we shared last quarter, despite the timing shift of some marketing expenses from Q3 to Q4. Adjusted EBITDA margin is expected to be between 15% and 16% in Q4 and approximately 17% for the full-year 2025. This equates to a little over $100 million in adjusted EBITDA in 2025, which is more than 3 times higher than last year and nearly double what we anticipated at the start of 2025.

我們預計第四季度調整後的營運支出將以中等個位數成長，與我們上個季度公佈的數據一致，儘管部分行銷支出從第三季轉移到了第四季。預計第四季度調整後 EBITDA 利潤率將在 15% 至 16% 之間，2025 年全年約為 17%。這意味著到 2025 年，調整後的 EBITDA 將略高於 1 億美元，是去年的 3 倍多，幾乎是我們 2025 年初預期值的兩倍。

In conclusion, our incredible Q3 financial results not only led us to raise are full-year 2025 expectations for net revenue, gross profit, and adjusted EBITDA. But they also reflect the deepening of our customer relationships and expansion of our platform capabilities. The combination of strong gross profit growth, efficiency increases, and scale benefits are rapidly improving our profitability and foreshadowing the future earnings potential of the business. We expect to finish the year strong as we position the business for sustainable long-term success through multiple growth factors and increasing scale.

總之，我們令人矚目的第三季財務表現不僅促使我們提高了對 2025 年全年淨收入、毛利和調整後 EBITDA 的預期。但這同時也反映了我們客戶關係的加深和我們平台能力的擴展。強勁的毛利成長、效率提升和規模效益的結合，正在迅速提高我們的獲利能力，並預示著公司未來的獲利潛力。我們預計今年將取得強勁的業績，透過多種成長因素和不斷擴大的規模，為業務的可持續長期成功奠定基礎。

I will now turn it over to the operator for questions.

現在我將把電話交給接線員，回答問題。

Thank you. (Operator Instructions) Bryan Keane with Citi.

謝謝。（操作員說明）Bryan Keane，來自花旗銀行。

Hey, Mike, congrats on the very solid results. I guess my question is just trying to figure out new business, new ramping of contracts and what that pipeline looks like. It looks like a lot of the outperformance is just by the existing business. And then my follow up is just kind of thinking about going forward, does it make it tough to figure out how to guide and what the normalized growth rate of the company should be, given that you have areas like BNPL with such outsized growth is just hard to predict.

嘿，麥克，恭喜你取得了非常優異的成績。我想問的是，我想了解新業務、新合約的簽訂情況以及未來的發展方向。看起來大部分超額收益都來自現有業務。然後我的後續問題是，展望未來，考慮到像 BNPL 這樣成長如此迅猛的領域，很難預測，這是否會使確定公司的指導方向和正常成長率變得困難。

Thank you, Brian, for your question. So I would say first, when we are looking at the growth, We look at it, I guess, slightly different than the way you characterized it. We look at new business in terms of new programs. And within those new programs, how many of them are driven by existing customers versus new customers?

謝謝你的提問，布萊恩。所以我想說，首先，當我們看待成長時，我們看待它的方式，我想，可能與你所描述的方式略有不同。我們從新項目的角度看待新業務。在這些新專案中，有多少是由現有客戶推動的，又有多少是由新客戶推動的？

So you are right that many of the exciting growth areas of the business are coming from our existing customers. But most of that is being driven by new programs that they are launching with us, either new products or expanding into new geographies. And whenever they make those decisions, of course, we would like to have deeper relationships with them; but of course, they have other options. And so we still consider that great new business that drives growth.

所以你說得對，公司許多令人興奮的成長領域都來自我們現有的客戶。但其中大部分是由他們與我們合作推出的新項目所驅動的，無論是新產品還是拓展新地域。當然，無論他們做出什麼決定，我們都希望與他們建立更深厚的關係；但他們當然還有其他選擇。因此，我們仍然認為這是推動成長的偉大新業務。

This year, we've talked a lot about what we call our new cohort business, which are all programs that have launched since the start of 2024. And those are very much on track with what we started, what we believed at the start of the year, excluding the impact of Varo deciding to terminate. So our programs this year, again, programs that have launched since the start of 2024 are expected to contribute over $40 million of revenue in 2025, so that business is ramping well and we're excited to continue to see it ramp into next year.

今年，我們多次談到了我們所謂的新學員計畫業務，該計畫涵蓋了自 2024 年初以來啟動的所有計畫。除了 Varo 決定終止合作的影響之外，這些進展都與我們年初開始的計劃和信念非常吻合。因此，我們今年的項目，特別是自 2024 年初以來啟動的項目，預計將在 2025 年貢獻超過 4000 萬美元的收入，所以這項業務發展良好，我們很高興看到它在明年繼續發展壯大。

In terms of guiding, I think we do have a complex business, but I feel, generally speaking, we do forecast the business pretty well. I would say going into the holiday season in Q4, where buy now, pay later, the volume significantly ramps up, it is a little bit more difficult in Q4. And particularly with the uncertainty in the macroeconomic environment, it's a little bit tougher to tell. But we feel pretty good about our ability to project the business forward and we'll see as the quarter unfolds.

就指導業務而言，我認為我們的業務確實很複雜，但總的來說，我覺得我們對業務的預測相當準確。我認為，進入第四季度假日季，即「先買後付」的銷售旺季，銷量會大幅增長，因此第四季度的情況會稍微困難一些。尤其是在宏觀經濟環境不確定的情況下，就更難判斷了。但我們對預測業務未來發展的能力相當有信心，讓我們拭目以待本季的發展。

Got it. And then just as a follow up, it sounds like TransactPay has been key to kind of develop the European market. Is it just expansion from existing customers that they didn't kind of feel comfortable expanding until you had that solution? I'm just trying to figure out exactly how big that could be for you guys now that you have that asset under your belt?

知道了。另外，TransactPay 似乎在發展歐洲市場方面發揮了關鍵作用。是因為現有客戶在你提供解決方案之前，他們一直不太願意擴大業務？我只是想弄清楚，既然你們現在擁有了這項資產，這對你們來說究竟有多大意義？

Yes, so there's two sources of value, two primary sources of value for us with TransactPay. So one is that you mentioned is it does make it much easier for our customers to move to either side of the Atlantic. So either North American customers going to Europe or European customers coming to North America. And the reason for that is prior to TransactPay, we couldn't offer the same level of solution that we could in North America with the biggest difference being program management.

是的，所以 TransactPay 為我們帶來了兩個主要的價值來源。正如您所提到的，這確實讓我們的客戶更容易搬到大西洋兩岸。要嘛是北美顧客去歐洲消費，要嘛是歐洲顧客來北美消費。原因在於，在 TransactPay 出現之前，我們無法提供與北美同等水準的解決方案，最大的差異在於專案管理。

So when a US customer, for example, wanted to go to Europe, we'd be able to tell them, well, from a processing perspective, this will be pretty seamless on our platform. But there's a lot of things that you're going to have to find someone else to do for you in Europe that we take care of for you in the US. So that was not ideal for our customers. And so the TransactPay acquisition removes that barrier, where actually our offering now will be very similar and very seamless to expand going either direction across the Atlantic.

例如，當一位美國客戶想要前往歐洲時，我們可以告訴他們，從處理的角度來看，這將在我們的平台上非常順暢。但是，在歐洲有很多事情你需要找別人幫你做，而這些事情在美國我們會幫你處理。所以這對我們的客戶來說並不理想。因此，TransactPay 的收購消除了這一障礙，實際上，我們現在的產品將非常相似，並且可以輕鬆地跨越大西洋進行雙向擴展。

The other source of growth for TransactPay is incremental business. What we repeatedly have heard in the market and even what other ecosystem players tell us is the very large opportunities, the real enterprise customers want one partner, one platform to serve as both processing, program manager, and bring the EMI license.

TransactPay 的另一個成長來源是增量業務。我們在市場上反覆聽到的，甚至其他生態系統參與者也告訴我們的是，機會非常大，真正的企業客戶希望有一個合作夥伴、一個平台，既能作為處理商、專案經理，又能提供 EMI 許可證。

So there was a part of the market, which is really the bigger part of the market, the high end of the market, that we really couldn't play in before. And now with the TransactPay acquisition, we very much can play in that market, and our pipeline reflects that. So those are the two things that are quite exciting about the addition we're only three months in now, but we've hit the ground running since the close.

所以，市場中有一部分，實際上是市場中更大的一部分，即高端市場，我們以前真的無法涉足。現在，隨著 TransactPay 的收購，我們完全有能力在這個市場中發揮作用，我們的業務拓展計劃也反映了這一點。所以，這兩點對於我們新增的業務來說相當令人興奮。雖然現在才過了三個月，但自交易完成以來，我們已經迅速進入了正軌。

Okay, great. Congrats again.

好的，太好了。再次恭喜。

Thank you.

謝謝。

Timothy Chiodo, UBS.

提摩西‧奇奧多，瑞銀集團。

Great. Thank you for taking the question. I was hoping we could dig in a little bit more to the card-on-card relationship, so clearly it's expanding. 15 new markets, I believe, is the number that was put out there. This is the in-store relationship for the card, but also I understand that the Apple Pay portion would be applicable as well.

偉大的。感謝您回答這個問題。我原本希望我們能更深入地探討一下信用卡之間的交易關係，顯然這種關係正在擴展。我記得官方公佈的數字是新增了15個市場。這是該卡在店內使用的情況，但我了解到 Apple Pay 部分也適用。

I was hoping you could help us, one, just put a little bit more detail around the relationship, but also to the extent, even directionally, you could give us a sense on some of the numbers that we could start to put around this; meaning, we certainly have estimates around the number of cards that this could be, given there's a wait list in the US, and we could put some kind of an assumption around the markets in Europe.

我希望您能幫助我們，首先，更詳細地說明一下這種關係，其次，您能否在方向上給我們一些數字方面的參考，以便我們開始進行相關估算；也就是說，考慮到美國有候補名單，我們當然可以估計一下卡片的數量，並且我們可以對歐洲市場做出一些假設。

But volumes per card, what's a reasonable expectation relative to the, call it 2,000 or so per card that we see with the Affirm card, and then directionally if the yield on this business would be lower, higher, or about the same? That would be appreciated.

但是，就每張卡的交易量而言，相對於 Affirm 卡每張卡大約 2000 筆的交易量，合理的預期是多少？然後，從方向來看，這項業務的收益率是會更低、更高還是差不多？非常感謝。

All right, thanks, Tim. You threw a lot in there, so let me see how much I can cover.

好的，謝謝你，提姆。你提供的資訊很多，讓我看看我能涵蓋多少。

Yes, sorry about that.

是的，很抱歉。

No worries. I would expect nothing less. So yes, Klarna is a great partner of ours. They've been a customer for a very long time, certainly going back probably seven or eight years. And we continue to have a great relationship where we can enable innovation together. What's exciting about the expansion of the Visa Flexible Credential into 15 new markets is last October, we did a pretty significant migration for Klarna in Europe. It was in three countries, and we migrated over 5 million cards.

不用擔心。我對此毫不意外。是的，Klarna 是我們非常棒的合作夥伴。他們一直是我們的客戶，時間很長了，肯定可以追溯到七、八年前。我們一直保持著良好的合作關係，可以共同推動創新。Visa Flexible Credential 擴展到 15 個新市場令人興奮之處在於，去年 10 月，我們為 Klarna 在歐洲進行了相當重要的遷移。這項服務涵蓋三個國家，我們遷移了超過 500 萬張銀行卡。

And so, we've been operating with them in three markets, and now they're going to add 15 additional markets to that relationship. So we have, I guess, a good amount of information based on the three markets that we see today. But those were businesses that already existed before they got onto our platform, so it's a little bit different than in these new markets where they're starting with the first time of having a card solution.

因此，我們已經在三個市場與他們開展業務，現在他們將把合作關係擴展到另外 15 個市場。所以，我想，根據我們今天看到的這三個市場，我們已經掌握了相當多的資訊。但這些企業在加入我們的平台之前就已經存在了，所以這與這些新市場的情況略有不同，在這些新市場中，他們是第一次擁有銀行卡解決方案。

What I can tell you that we see in those three markets is the growth has been really strong. When you're doing a migration, you move a lot of the historical information from one platform to your own. And so we had a good sense of the trajectory of the business prior to it coming onto the Marqeta platform. What we're seeing in the quarter since that happened is a significant acceleration in that business.

我可以告訴大家的是，這三個市場的成長勢頭非常強勁。進行遷移時，你會將大量歷史資訊從一個平台轉移到你自己的平台。因此，在公司加入 Marqeta 平台之前，我們對公司的發展軌跡已經有了比較清楚的了解。自從那件事發生以來，我們在本季看到的是該業務的顯著加速成長。

And so part of that, of course, is Klarna gets all the credit there. They're executing really well and driving a lot of growth. But we'd like to hope that we at least have some hand in the capabilities of our platform and really making it easy and reliable for them to drive that kind of growth.

當然，其中一部分功勞要歸功於 Klarna。他們的執行力非常強，推動了業務的快速成長。但我們希望至少我們能夠參與到我們平台的功能開發中，真正讓他們能夠輕鬆可靠地推動這種成長。

We'll see how the new 15 markets go because we don't really have as good of a benchmark. As you said, in the US, they had wait lists and other things. I can't share those numbers. Maybe they would share them with you. The yield was your last question. I would say in general, Europe, the yields tend to be a little bit lower because just the economics in Europe are a little different. But they're still healthy yields for us to drive growth and also allows Klarna to be very competitive and offer a very effective value proposition for their end users.

我們將觀察這15個新市場的表現，因為我們目前還沒有很好的基準。正如你所說，在美國，他們有等候名單和其他一些規定。我無法透露這些數字。或許他們會與你分享。收益率是你最後一個問題。總的來說，歐洲的收益率往往略低一些，因為歐洲的經濟狀況略有不同。但這些收益仍然足以推動我們的成長，也使 Klarna 能夠保持強大的競爭力，並為最終用戶提供非常有效的價值主張。

Thank you, Mike. Appreciate that.

謝謝你，麥克。謝謝。

Thanks, Tim.

謝謝你，提姆。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Mike, thanks. Look, there was a lot in the call, but I want to just take a step back, and please look at the puts and takes of what you look at for 2025 and think about the trajectory of the business that you're on right now relative to what you'd expect and hope for going forward.

麥克，謝謝。你看，電話會議的內容很多，但我想退一步，請你看看你對 2025 年的展望，想想你目前所處的業務發展軌跡與你對未來的預期和希望之間的關係。

Anything anomalistic that we're seeing now on this trajectory that we should think is unsustainable -- or because the growth obviously has done very well this quarter. And I guess we're getting questions on how that can look into the end of the year and into next year already. So any early indication of what you're seeing in terms of just trends, and anything that may not be mentioned in two contracts that might be renegotiated or anything else you can call out? Thanks.

我們現在看到的這種發展軌跡上的任何異常情況，我們都應該認為是不可持續的——或者因為本季的成長顯然非常好。我想我們已經開始收到關於今年年底和明年情況如何的問題了。那麼，就目前觀察到的趨勢而言，您有什麼初步跡象表明是什麼？還有，是否有任何可能在兩份合約中沒有提及，但需要重新談判的內容，或者您​​還有其他什麼可以指出的？謝謝。

Sure. Yes, no, thanks, Darrin. I mean, there's no doubt that the trajectory of the business is stronger than we expected, just the TPV growth accelerating again for the second straight quarter. And as I mentioned, this is our fastest TPV growth in about six quarters. So clearly, things are on a good trajectory.

當然。好的，不用了，謝謝，達林。我的意思是，毫無疑問，業務發展軌跡比我們預期的要強勁，TPV成長連續第二季加速。正如我之前提到的，這是我們近六個季度以來最快的TPV成長速度。顯然，事情正朝著好的方向發展。

I would say, first, from -- I guess, the positive aspects that are driving this is, certainly, The buy now, pay later use case, and again, this combination of some geographic expansion, as well as these what we call pay-anywhere cards that the buy now, pay later companies offering a card that can be used anywhere a card is accepted to deliver the buy now, pay later use case are getting really strong adoption.

首先，我認為推動這一趨勢的積極因素當然是「先買後付」的使用場景，其次是地域擴張，以及我們所說的「萬能卡」的普及——「先買後付」公司提供的這種卡可以在任何接受銀行卡的地方使用，從而實現了「先買後付」的使用場景，並且這種卡正在得到非常廣泛的採用。

And our lead and leadership, I guess, with the Flexible Credential from Visa has been something that we're quite proud of as the first to enable that and that's leading to a lot of growth. Also, in SMB lending, that part of the market is also doing quite well. I didn't highlight that much, but that's another area. So everything in lending, I would say, is definitely performing better than we expected and driving better growth.

我想，我們與 Visa 合作推出的靈活憑證服務，作為第一家實現這一目標的公司，我們感到非常自豪，這也帶來了很大的成長。此外，中小企業貸款市場也表現得相當不錯。我沒有著重強調這一點，但那是另一個領域。因此，我認為貸款業務的方方面面都表現得比我們預期的要好，並推動了更好的成長。

And then the on-demand delivery, acceleration this quarter was a little bit of a surprise. Our customers continue to expand into new merchant kind of categories, I guess, as well as geographies, and that's driving strong growth. And then just in general, I would say the business is doing a little better. The things that can change are -- there are a few.

而本季按需配送的加速發展則有點出乎意料。我想，我們的客戶不斷拓展新的商家類型和地理範圍，這推動了強勁的成長。總的來說，我認為公司營運情況略有改善。可以改變的事情有——不多。

So one is we talked about the renewals at the start of the year, and as I just mentioned, one of them we expect to be in effect in Q4 and lower our growth by about 2 points in our gross profit growth by 2 points in Q4. That other renewal we do expect to get done in the early part of 2026. So what we said at the beginning of the year was we expected those two to be a combined 4 points of drag on growth. So the first one is coming out to what we expected to be about 2 points, we'll see. So we'll update you on those two. But that's one thing that's changing.

年初我們討論了續約事宜，正如我剛才提到的，其中一項續約預計將在第四季度生效，這將使我們第四季的毛利成長率下降約 2 個百分點。另一項續約我們預計將在 2026 年初完成。所以我們在年初就說過，我們預期這兩項因素加起來將對經濟成長造成 4 個百分點的拖累。所以第一局的結果和我們預期的差不多，大概是2分，我們拭目以待。我們會及時向您報告這兩項進展。但有一件事正在改變。

I think the -- the second thing I would highlight is we do now expect that Cash App is going to diversify some of their new issuance with Bancorp and use another processor. So it's the new issuance for now is our understanding. Even if they do all their new issuance starting January 1, which would be aggressive -- but if we just use that as an assumption, we think that would be about 2 points of drag on our growth in 2026. So that's something that we also expect to change.

我認為——我要強調的第二點是，我們現在預計 Cash App 將不再與 Bancorp 合作發行新卡，而是使用其他支付處理商。據我們了解，這是目前新發行的版本。即使他們從 1 月 1 日開始發行所有新債券（這確實很激進），但如果我們僅以此作為假設，我們認為這將使我們在 2026 年的增長受到大約 2 個百分點的拖累。所以這也是我們希望改變的面向。

And then the last thing I would just point out is in this quarter, we did have 2.5 points of sort of just kind of unusual items that we think are very unique to the quarter, and those wouldn't continue. So those are a few of the factors that are, I would say, we expect to change in '26, but we'll tell you more about that when we talk again in February.

最後我想指出的是，本季我們確實有 2.5 個百分點屬於比較特殊的項目，我們認為這些項目在本季非常獨特，而且這些項目不會繼續存在。所以，這些因素我們預計會在 2026 年發生變化，但我們會在 2 月再次與您討論時詳細說明。

All right. That's really helpful, Mike. I'll leave it there, just given how much you had to say. Appreciate it.

好的。這真的很有幫助，麥克。鑑於你剛才說了那麼多，我就說到這裡吧。謝謝。

Okay. Thanks, Darrin.

好的。謝謝你，達林。

Tien-Tsin Huang, JPMorgan.

黃天心，摩根大通。

Hi. Thanks. This is Connor on Tien-Tsin. Mike, I wanted to ask about Europe a little bit, and you talked about it still growing 100% plus or doubling. I'm curious if you could just talk about how sustainable you feel like that is. I think it's across a couple of use cases, and it seems like you've got a couple of clients doing particularly well, but maybe just talk about the sustainability of that, and make shifts or something within the use cases, maybe.

你好。謝謝。這是 Connor 在 Tien-Tsin。麥克，我想問歐洲的情況，你之前提到歐洲的經濟仍在以 100% 以上的速度成長，甚至翻了一番。我很好奇您能否談談您覺得這種方式的可持續性如何。我認為這個問題涉及幾個不同的使用場景，而且似乎有幾個客戶做得特別好，但也許應該討論一下這種做法的可持續性，並在這些使用場景中做出一些調整或其他改變。

Sure. Thanks, Connor. So yes, the international business is doing really well, and a lot of that is being fueled by Europe. Just so you have a sense, the international -- so our non-US business represents sort of a high-teens percentage of our TPV, and that's up 5 percentage points from Q3 of last year. So that very high growth rate is grabbing a bigger share of our business over time, and the Europe growth remains over 100%. That's probably not sustainable, obviously, as the base gets larger. But we've now done that for several consecutive quarters.

當然。謝謝你，康納。是的，國際業務發展得非常好，而這很大程度上是由歐洲推動的。為了讓大家有個概念，國際業務——也就是我們的非美國業務——占我們總交易額的十幾個百分點，比去年第三季成長了 5 個百分點。因此，這種極高的成長率隨著時間的推移在我們業務中所佔的份額越來越大，而歐洲的成長率仍然超過 100%。顯然，隨著使用者基數的擴大，這種做法可能無法持續。但我們已經連續幾季做到這一點了。

The use cases in Europe, what's great is it's very similar to our US business. We have very large customers who are growing quickly in needle banking, lending, and buy-now-pay-later, as well as in expense management. So all three of those areas are all growing over 100%. And are all of substantial size. I would say the only difference in Europe compared to the US is just the on-demand delivery business is much smaller. It is there, but it's not nearly as significant as it is in the US. So that's really the biggest difference.

歐洲的應用案例非常棒，因為它與我們在美國的業務非常相似。我們擁有規模非常大的客戶，他們在針頭銀行、貸款、先買後付以及費用管理領域發展迅速。所以這三個領域的成長率都超過了100%。而且它們個頭都相當大。我認為歐洲與美國唯一的區別在於，歐洲的按需配送業務規模要小得多。它確實存在，但遠不如在美國那麼重要。這就是最大的差別。

In terms of sustainability, I mean, again, 100% growth is probably maybe a little bit much to expect as the base just keeps getting bigger and bigger. But we do think that the TPV growth in Europe can continue to grow at a materially faster rate than the overall company.

就永續性而言，我的意思是，隨著基數不斷擴大，期望 100% 的成長可能有點過高了。但我們認為，TPV在歐洲的成長速度可以持續比公司整體成長速度快得多。

And that's because we've got now TransactPay coming into the fold, which again just makes our offering that much more compelling and allows us to seamlessly support customers who maybe want to move to Europe or European customers who want to move to North America. And it just allows us to compete in the premium market where the large enterprises play. So the big volumes that can be had are now available to us and we can be competitive for, which really wasn't the case.

這是因為 TransactPay 的加入，讓我們的產品更具吸引力，也讓我們能夠無縫地支援那些可能想移居歐洲的客戶，或是那些想移居北美的歐洲客戶。這使我們能夠在大企業主導的高端市場中競爭。因此，我們現在可以獲得大批量訂單，並且可以參與競爭，而以前的情況並非如此。

So what I would say is, in the coming quarters, our growth rate might slow a little, like dip below 100%, but still be very fast, much faster than the overall company. And then the plan would be, in a year or so, as some of these programs with the combination of Marqeta and TransactPay together start to come on board that that TPV growth could re-accelerate. So we think it's going to grow much faster than the overall business for at least the foreseeable future.

所以我想說的是，在接下來的幾個季度裡，我們的成長率可能會稍微放緩，例如跌破 100%，但仍然會非常快，比公司整體成長率快得多。然後，計劃是，在一年左右的時間裡，隨著 Marqeta 和 TransactPay 結合的一些項目開始投入使用，TPV 的增長可能會重新加速。因此我們認為，至少在可預見的未來，它的成長速度將遠遠超過整體業務的成長速度。

Perfect. Thank you. And maybe a follow up on just Flex Credential more broadly. I'm curious, you talked at some length about within BNPL, kind of the use case for Visa Flex Credential. Curious, outside of BNPL, are you seeing demand for it from any of your customers? What can you say about adoption curves if we exclude BNPL?

完美的。謝謝。或許還可以就 Flex Credential 進行更廣泛的後續探討。我很好奇，您詳細討論了在先買後付 (BNPL) 模式下，Visa Flex Credential 的應用場景。我很好奇，除了先買後付之外，您的客戶是否對其他服務有需求？如果我們排除先買後付（BNPL）模式，你對採用率曲線有什麼看法？

Yes, we are seeing a lot of interest in the Flexible Credential beyond just buy now, pay later. Because, really, the first use case was this combination of a debit credential with the ability to do essentially transaction-based lending or buy now, pay later lending. But what is coming from the networks that -- again, you could ask them for more detail. I don't want to steal their thunder. But we are going to move to a world where the Flexible Credential could be debit and more of a revolving credit instrument.

是的，我們看到人們對靈活憑證的興趣遠不止於先買後付。因為實際上，第一個應用場景是將借記憑證與基於交易的貸款或先買後付貸款的功能結合。但是，從這些網路中傳出的消息是什麼呢？ ——你可以問他們更多細節。我不想搶他們的風頭。但我們將邁向一個靈活憑證可以作為借記卡，更像是循環信用工具的世界。

And so then that now has a lot of applicability for people versus today if you we probably all have a credit card and a debit card in our wallet. In the future, you might be able to just have one card that allows you to pay now and pay later or revolve all in one credential. The discussions about that type of offering is we have a lot of those conversations given that we have the most experience with these Flexible Credentials. And so we have a lot of conversations about that.

因此，與今天相比，現在這種情況對人們來說有很多適用性，因為我們今天可能每個人的錢包裡都有一張信用卡和一張借記卡。未來，你或許只需一張卡就能實現先付款後付款或循環消費，所有功能都整合在一個憑證中。關於這類產品的討論，我們進行了許多此類對話，因為我們在靈活證書方面擁有最豐富的經驗。因此，我們經常就此進行討論。

The second area that I'd also say is right now it's the buy now, pay later companies who are at the forefront of using this Flexible Credential. But we also talk to other companies who want to have a debit offering where you might embed buy now, pay later that comes from one of these major buy now, pay later customers of ours. So we do think even the current use case can expand beyond just buy now, pay later companies but other issuers as well. And that would be both good for that issuer's value proposition as well as drive distribution for the buy now, pay later customers of ours.

我還要指出的第二個領域是，目前「先買後付」的公司正處於使用這種彈性憑證的最前線。但我們也與其他公司洽談，他們希望推出借記卡服務，其中可以嵌入「先買後付」功能，該功能來自我們眾多「先買後付」的主要客戶之一。因此，我們認為即使是目前的用例也可以擴展到不只是「先買後付」公司，還可以擴展到其他發卡機構。這既有利於提升發行方的價值主張，也有利於推動我們「先買後付」客戶的經銷。

Thanks, Mike.

謝謝你，麥克。

Craig Maurer, FT Partners.

Craig Maurer，FT Partners。

Hey, Mike, thanks for taking the questions. I wanted to ask, when we think about 2026, how does Cross River help with the backlog? Does it open you up to new potential in terms of growing that? And second, the renewal cadence, you obviously talked about bringing -- renewing two customers in fourth quarter and first quarter. How should we think about that going forward? And just lastly, how are the opportunities with American Express starting to shape up? Thanks.

嘿，麥克，謝謝你回答這些問題。我想問的是，當我們展望 2026 年時，Cross River 如何幫助解決積壓問題？它是否為你拓展這方面的潛在能力打開了大門？其次，關於續約節奏，您顯然提到了在第四季和第一季續簽兩名客戶。我們接下來該如何看待這個問題？最後，您認為美國運通提供的機會前景如何？謝謝。

Sure. Thanks, Craig. So yes, and just in terms of Cross River Bank, I mean, we're excited to start working with Cross River Bank. Again, we have a program that is going to go live in Q4 and launch, which we're excited about. And then early next year, we expect to also have Coastal Community Bank up and running.

當然。謝謝你，克雷格。是的，就 Cross River Bank 而言，我們非常高興能與 Cross River Bank 開始合作。我們還有一個項目將在第四季度上線並推出，我們對此感到非常興奮。然後，我們預計明年年初，沿海社區銀行也將投入營運。

The key thing is that when we were looking for new potential bank partners, we look for the combination of both with banks that had a lot of capabilities and technology, so they had made a lot of investments themselves, because those are then things that we can utilize seamlessly to deliver value for our customers. We wanted them to have, obviously, a strong regulatory compliance footing, and then we also wanted banks that could support a broad range of offerings.

關鍵在於，當我們尋找新的潛在銀行合作夥伴時，我們會尋找那些擁有強大能力和技術的銀行，因為它們本身也進行了大量投資，而這些資源我們可以無縫利用，為我們的客戶創造價值。我們當然希望他們擁有強大的監管合規基礎，此外，我們也希望銀行能夠支援廣泛的產品和服務。

What makes Marqeta unique is that we do all use cases across debit and credit, consumer and commercial, and so we really want partners who also have that breadth of offering. Cross River Bank, we feel like, is a great partner and we're excited to work with them as we go forward. It will be more and more part of the new business that we bring on board to our platform starting in Q4.

Marqeta 的獨特之處在於，我們涵蓋借記卡和信用卡、消費者和商業等所有應用場景，因此我們非常希望合作夥伴也能提供如此廣泛的產品和服務。我們認為 Cross River Bank 是一個很棒的合作夥伴，我們很高興能與他們攜手共進。從第四季度開始，它將成為我們平台上新增業務的越來越重要的一部分。

In terms of the renewal cadence, originally, we thought these two renewals would get done in the middle of 2025. And they've just taken longer. They're both going to get done before the current contract expires, so it's not like we're bringing it down to the wire here. They are just taking a little bit longer. They're bigger customers, larger relationships, and so there's just more to discuss. And we expect one in Q4 and then the other one in the early part of 2026. And once they're done, we'll give you updates.

就續約節奏而言，我們最初認為這兩項續約將在 2025 年年中完成。他們只是花的時間更長而已。這兩個項目都會在現有合約到期前完成，所以我們並沒有把事情拖到最後一刻。他們只是需要多花點時間。他們是更大的客戶，關係更密切，所以需要討論的內容也更多。我們預計其中一款產品將在第四季推出，另一款產品將在 2026 年初推出。一旦完成，我們會及時向您報告最新進展。

And then your last question on American Express. So there are several opportunities that we're talking to customers about -- with American Express. And we also are talking to American Express about unique things we could do together. So I would say we had a few things in mind when we started the integration, which is almost complete, and we do continue to partner together to capture some people who are trying to do unique things in the market where we both bring something unique to the table.

然後是你最後一個關於美國運通的問題。所以，我們正在與客戶探討幾個與美國運通合作的機會。我們也正在與美國運通公司探討我們可以共同開展哪些獨特的合作項目。所以我想說，我們在開始整合時就考慮了一些事情，整合工作現在幾乎完成了，我們確實在繼續合作，以吸引一些在市場上嘗試做獨特事情的人，因為我們雙方都能為市場帶來一些獨特的東西。

Okay, thank you.

好的，謝謝。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

Hey, good afternoon. Thanks for all the commentary here, Mike. I wanted to ask -- you talked about your ability to -- and opportunity you've had to ramp incremental markets with Klarna, et cetera. Can you talk about how that impacts your ability to add new markets for other partners, and things that you can do to accelerate that process operationally for them? It seems like that would be a good opportunity, especially as people look at different countries around the world where they may want to have presence.

嘿，下午好。謝謝你在這裡的所有評論，邁克。我想問一下——您談到了您有能力——以及您有機會透過 Klarna 等方式逐步拓展市場。您能否談談這會對您為其他合作夥伴開拓新市場的能力產生怎樣的影響，以及您可以採取哪些措施來加快他們在營運層面上的這一進程？這似乎是一個很好的機會，尤其是在人們關注世界各地可能想要拓展業務的國家的時候。

Totally agree, James. And we're doing this for a broad number of customers. Our view is that a lot of the fintech winners have been crowned, if you will, and many of them are becoming big businesses. And they're expanding in terms of both products and geographic reach, and we're really helping them do that.

完全同意，詹姆斯。我們這樣做是為了服務眾多客戶。我們認為，許多金融科技領域的贏家已經脫穎而出，而且其中許多正在發展成為大型企業。他們正在拓展產品線和地理覆蓋範圍，而我們也切實地幫助他們實現這一目標。

If we look at our top 10 customers, eight of them operate in more than one geography with us, which we would define as sort of US, Canada, Europe, Australia as sort of the primary geographies, I guess, in one or two countries in Latin America. So we already -- the majority of our largest customers operate in more than one of those on our platform, and I think it's around in the mid-teens of our top 20 customers are also in more than one market.

如果我們看一下我們的前 10 位客戶，其中 8 位與我們在多個地區開展業務，我們將其定義為美國、加拿大、歐洲、澳大利亞等主要地區，以及拉丁美洲的一兩個國家。所以，我們目前——我們的大多數最大客戶都在我們平台上的多個市場開展業務，而且我認為我們排名前 20 的客戶中，大約有十幾家也在多個市場開展業務。

So this is something we already do and have been doing for a while, but we think there's even more potential. Because in a lot of cases, these were maybe smaller efforts. But I think now, many of our customers are seeing traction and looking to invest in those markets as there just aren't nearly as many people chasing all the same opportunities as there was three, four years ago. And so that's creating opportunity, which is part of the reason, as we talked about earlier, for the TransactPay acquisition, is just to make our platform and our capabilities on a geographic basis much more consistent.

這是我們已經在做並且已經做了一段時間的事情，但我們認為它還有更大的潛力。因為在很多情況下，這些可能只是規模較小的努力。但我認為現在，我們的許多客戶都看到了市場的成長勢頭，並希望投資這些市場，因為與三、四年前相比，現在追逐同樣機會的人已經少了很多。因此，這就創造了機會，這也是我們之前討論過的收購 TransactPay 的部分原因，目的就是為了讓我們的平台和能力在地域上更加一致。

And when we look at the pipeline of who we talk to now in terms of new customers and new opportunities, this is one of the key criteria is when we're looking at who we should target is who are the companies that are already multinational and have the kind of scale that could take advantage of that unique capability that we have.

當我們審視目前與新客戶和新機會的洽談管道時，其中一個關鍵標準是，當我們考慮應該瞄準哪些目標客戶時，要看哪些公司已經是跨國公司，並且擁有能夠利用我們獨特能力的規模。

So the fact that we are 100% modern and operate at scale and can do all kinds of use cases across debit, credit, consumer, and commercial -- but that also that we're one stack. And so we make it very easy for you to move from market to market versus on many other competitor platforms that might be a whole different platform that requires a different integration. So this is an area that we're leaning in both with our existing customers as well as, if you were to see our pipeline, it includes a lot of companies who very quickly want to be in more than one market.

因此，我們100%現代化，規模化運營，能夠處理借記卡、信用卡、消費者和商業等各種用例——但同時我們也只有一個技術堆疊。因此，我們讓您能夠非常輕鬆地從一個市場遷移到另一個市場，而許多其他競爭對手的平台可能完全不同，需要不同的整合。所以，這是我們目前重點關注的領域，無論是對於我們現有的客戶，還是對於我們的潛在客戶，如果你看看我們的潛在客戶名單，你會發現其中有很多公司都希望很快進入多個市場。

Thanks so much.

非常感謝。

Thank you, James.

謝謝你，詹姆斯。

(Operator Instructions) Jamie Friedman, Susquehanna.

（操作說明）Jamie Friedman，薩斯奎哈納。

Hi. Thanks for taking my question. So I was wondering if you could share any perspective on the kind of respective revenue yields as some of the as there's relative growth in some. For example, you called out that revenue yield in Europe might typically be lower. How should we compare commercial, say, the expense management initiatives relative to consumer? Any perspective that you might have on revenue yield would be helpful.

你好。謝謝您回答我的問題。所以我想知道您是否可以分享您對各個業務板塊各自收益情況的看法，因為有些板塊相對增長。例如，您指出歐洲的收益率通常可能較低。我們該如何比較商業領域的費用管理措施與消費者領域的費用管理措施？您對收益率的任何見解都將不勝感激。

Sure. Yes, thanks for your question, Jamie. And I would say I'll talk about actually our gross profit take rates since we tend to focus on gross profit take rates. I would say the yields from use case to use case are not as different as you would think. I would say, generally, they're relatively consistent. What changes the actual yield in each kind of use case more has to do with the size of the customers that we have. So how big are the very largest customers in that space?

當然。是的，謝謝你的提問，傑米。我想談談我們的毛利潤率，因為我們往往更關注毛利率。我認為不同用例之間的收益差異並沒有你想像的那麼大。總的來說，我認為它們相對比較一致。影響每種使用場景實際產量的因素，更多取決於我們客戶群的規模。那麼，該領域最大的客戶規模有多大？

So when we compare our offerings or our gross profit take rate in the various segments, the differences more come from the sort of the weighting or the mix of the size of the customers in each as opposed to us fundamentally charging different amounts for different use cases. Because like in, for example, in our financial services in the neobanking, obviously, our largest customer, that predominantly -- their business is there, but we have a couple other quite significant customers. And so that one tends to be a little bit lower.

因此，當我們比較我們在各個細分市場的產品或毛利率時，差異更多地來自於每個細分市場中客戶規模的權重或組合，而不是我們對不同使用情況收取不同的費用。例如，在我們的金融服務領域，尤其是新銀行領域，顯然，我們最大的客戶——他們的業務主要集中在新銀行，但我們還有其他幾個非常重要的客戶。因此，那個數值往往會稍微低一些。

And I would say the same thing in expense management. We have two or three very large customers in that space, and so the gross profit take rate tends to be a little bit lower, versus in on-demand, delivery, and lending and buy now, pay later. It's a little bit more diversified customer base. There are a lot more customers who are contributing, and so the gross profit take rates are a little bit higher.

在費用管理方面，我也持同樣的觀點。我們在該領域有兩到三個非常大的客戶，因此毛利潤率往往比按需服務、配送、貸款和先買後付等模式要低一些。它的客戶群更加多元化一些。參與貢獻的客戶數量更多了，因此毛利率也略高一些。

The only other thing that I would just mention about this is one of the other things that I haven't mentioned when we talk about TransactPay is that traditionally, in Europe, our gross profit take rate was much lower because we were only providing processing, and we really didn't have much else to offer.

關於這一點，我唯一想補充的是，在談到 TransactPay 時，我還沒有提到另一件事，那就是傳統上，在歐洲，我們的毛利潤率要低得多，因為我們只提供支付處理服務，而沒有提供其他太多服務。

Versus now, we'll have processing and program management, including the license, all of which you can monetize. And then also, we're bringing a lot more of our value-added services to Europe, so we do expect that our gross profit take rates in Europe are going to improve over time, which will maybe also make the difference between, say, North America and Europe not as significant as it is today.

相較之下，我們將擁有處理和程序管理功能，包括許可證，所有這些都可以轉化為利潤。此外，我們正在將更多增值服務引入歐洲，因此我們預計我們在歐洲的毛利率會隨著時間的推移而提高，這或許也會使北美和歐洲之間的差距不像現在這麼顯著。

And that's a good follow up to my second one, Mike, which is about value-added services. I might have missed it this quarter. I felt like you had more about it in the script earlier in the year. So what is the narrative on value-added services? And I apologize if I missed it earlier.

麥克，這很好地銜接了​​我的第二個問題，第二個問題是關於增值服務的。我可能錯過了這一季。我覺得你年初寫的劇本裡應該要有更多關於這方面的內容。那麼，加值服務的發展趨勢是什麼？如果我之前錯過了，我深表歉意。

No, no, you didn't miss it. Yes, we didn't cover it much this quarter, but we spent a lot of time on it last quarter. We continue to expand our value-added services. If you really think back to two, three years ago, a lot of our engineering energy was going into scaling the business, right? A payment platform that has to work every time. There's a lot of effort that goes into it when your volume is growing at the rates our has over the last several years. That was a big part of our efforts.

不，不，你沒有錯過。是的，這季度我們沒有過多涉及，但上個季度我們花了很多時間在這上面。我們將持續拓展增值服務。如果你仔細回想一下兩三年前，我們當時投入了大量的工程精力來擴大業務規模，對吧？一個每次都必須正常運作的支付平台。當你的業務量像我們過去幾年那樣快速成長時，就需要投入大量的精力。那是我們努力的重要組成部分。

But I would say in the last 12 to 18 months, we've really sort of broken through that next level of scale. And it's allowed us to then divert some of our resources to adding more value-added services and making the offerings more robust. So some of the big areas I would say right now are related to things related to tokenization, as well as our risk products are both growing quite quickly.

但我認為在過去的 12 到 18 個月裡，我們已經真正突破了規模上的下一個階段。這樣一來，我們就可以把一些資源轉移到增加更多加值服務和增強產品功能。所以，我認為目前一些重要的領域與代幣化有關，而且我們的風險產品也正在快速成長。

So those are two areas that we're excited about. And then the new area that we just started launching this year is our ability to support people with the user experience, so a white-label app. A lot of the customers or a lot of prospects on our platform do want that full end-to-end solution. Because as we move into embedded finance, just remember that the way we at least define embedded finance is it's companies that their core business is outside of financial services.

所以，我們對這兩個領域都感到興奮。然後，我們今年剛開始推出的新領域是為用戶提供用戶體驗支援的能力，也就是白標應用程式。我們平台上的許多客戶或潛在客戶都想要完整的端到端解決方案。因為當我們談到嵌入式金融時，請記住，我們對嵌入式金融的定義是：它是指那些核心業務不在金融服務領域的公司。

So our traditional customer base in fintech, they wanted to own a lot of these things and build a lot of these things themselves. Versus in embedded finance, these customers have another core business. And they're really looking for a full end-to-end solution, which is why we've really been investing in this area, because we think the -- more and more of our business going forward will be full solution sets, including lots of different offerings from our platform to make it easier for them. It's relatively small right now but growing quickly and will become a bigger part of the story in the coming years.

因此，我們在金融科技領域的傳統客戶群希望擁有很多這些東西，並且自己建構很多這些東西。與嵌入式金融不同，這些客戶有另一個核心業務。他們真正需要的是完整的端到端解決方案，這也是我們一直在該領域投入大量資金的原因，因為我們認為，未來我們越來越多的業務將是完整的解決方案，包括我們平台上的各種不同產品，以方便他們使用。它目前規模相對較小，但發展迅速，未來幾年將成為故事中更重要的一部分。

Okay, thanks for the perspective.

好的，謝謝你的意見。

Thanks, Jimmy.

謝謝你，吉米。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路，祝您有美好的一天。