Paymentus Holdings Inc (PAY) 2024 Q3 法說會逐字稿

Good day and welcome to the third quarter 2024 Paymentus' earnings conference call.

美好的一天，歡迎參加 Paymentus 2024 年第三季財報電話會議。

This call is being recorded.

此通話正在錄音。

(Operator Instructions) At this time, I will now turn the call over to David Hanover, Investor Relations.

（操作員指示）此時，我將把電話轉給投資者關係部的 David Hanover。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

Good afternoon.

午安.

Welcome and thank you for joining the webcast to review our third quarter 2024 results.

歡迎並感謝您參加網路廣播，回顧我們 2024 年第三季的業績。

Our earnings release documents are available on the investor relations section of the paymentus.com website.

我們的收益發布文件可在 paymentus.com 網站的投資者關係部分取得。

They include the earnings presentation that we'll make reference to during this webcast.

其中包括我們將在本次網路廣播中參考的收益演示。

This webcast is being recorded.

該網路廣播正在錄製中。

I hope everyone's had a chance to review those documents.

我希望每個人都有機會查看這些文件。

Our founder and CEO, Dushyant Sharma will make some opening comments before Sanjay Kalra, our CFO discusses the details of the quarter in our guidance.

我們的創辦人兼執行長 Dushyant Sharma 將在財務長 Sanjay Kalra 討論我們的指導中的本季度細節之前發表一些開場評論。

Following our prepared remarks, we'll take questions.

在我們準備好的發言之後，我們將回答問題。

Let me just remind you that we may make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and we refer to non-GAAP financial measures during the webcast.

我只是提醒您，我們可能會做出 1995 年《私人證券訴訟改革法案》含義範圍內的前瞻性陳述，並且我們在網絡廣播中參考非 GAAP 財務指標。

Forward-looking statements are based on management's current expectations and assumptions that are subject to risks and uncertainties.

前瞻性陳述是基於管理階層目前的預期和假設，這些預期和假設受到風險和不確定性的影響。

Factors that may cause our actual results to materially differ from expectations are detailed in our earnings materials and our SEC filings that are available on the website.

可能導致我們的實際結果與預期存在重大差異的因素已在我們網站上提供的盈利材料和 SEC 文件中詳細說明。

Information about non-GAAP financial measures including reconciliations to US GAAP can also be found in our earnings materials that are available on the website.

有關非公認會計原則財務指標的信息，包括與美國公認會計原則的調節，也可以在我們網站上提供的收益資料中找到。

With that, I'd like to turn the webcast over to Dushyant Sharma.

說到這裡，我想將網路廣播轉交給 Dushyant Sharma。

Dushyant?

杜希揚特？

Thanks, David.

謝謝，大衛。

We had a phenomenal third quarter and overall full year 2024 is shaping up to be a great year.

我們的第三季表現非常出色，整體而言 2024 年全年將是美好的一年。

As a result of our substantial progress, we are raising our full-year 2024 guidance.

由於我們取得了實質進展，我們正在上調 2024 年全年指引。

And before I go into the details for the quarter and talk about our exciting future, I want to remind you that our long term CAGR targets for our primary matrix are 20% top line revenue growth and 20% to 30% adjusted EBITDA growth.

在詳細介紹本季並談論我們令人興奮的未來之前，我想提醒您，我們主要矩陣的長期複合年增長率目標是 20% 的營收成長和 20% 至 30% 的調整後 EBITDA 成長。

These targets remain unchanged even accounting for our outperformance during the third quarter.

即使考慮到我們第三季的優異表現，這些目標仍然保持不變。

Going forward, we will refer to these targets as our CAGR model.

展望未來，我們將把這些目標稱為我們的複合年增長率模型。

Our CAGR model is related to our primary matrix only and should not be confused with our secondary matrix which are contribution profit and OpEx.

我們的複合年增長率模型僅與我們的主要矩陣相關，不應與我們的次要矩陣（即貢獻利潤和營運支出）混淆。

As we have done quite effectively in the past, we will continue to calibrate CP and OpEx as necessary to achieve our CAGR model due to the very strong operating leverage that is inherent to our business model.

正如我們過去做得相當有效的那樣，由於我們的業務模式固有的非常強大的營運槓桿，我們將繼續根據需要調整CP和營運支出，以實現我們的複合年增長率模型。

Let me now provide our third quarter financial summary.

現在讓我提供我們第三季的財務摘要。

In the third quarter, revenue grew 51.9% year over year.

第三季營收年增51.9%。

At the same time, contribution profit increased by 30.1% to $80 million.

同時，貢獻利潤成長了30.1%，達到8,000萬美元。

Due to our solid execution and calibrating our secondary matrix of CP and OpEx, our adjusted EBITDA grew 58.2% to $24.6 million.

由於我們紮實的執行力以及對 CP 和 OpEx 二級矩陣的調整，我們調整後的 EBITDA 成長了 58.2%，達到 2,460 萬美元。

And as a result, on a Rule of 40 scale, we saw a sequential increase in the quarter to 61%.

結果，按照 40 法則，我們看到本季環比成長至 61%。

Given our third quarter results and expectations for the full year 2024, as you can see, our performance is well ahead of our CAGR model.

正如您所看到的，鑑於我們第三季的業績和對 2024 年全年的預期，我們的業績遠遠領先於我們的 CAGR 模型。

Our excellent growth rate during the quarter and how 2024 is shaping up is one of the many exciting dimensions of our business.

我們本季優異的成長率以及 2024 年的發展是我們業務眾多令人興奮的方面之一。

Another important dimension is the durability of our CAGR model which we also feel great about.

另一個重要的維度是我們的 CAGR 車型的耐用性，我們也對此感到非常滿意。

Let me now double click on our business strategy a bit.

現在讓我雙擊一下我們的業務策略。

As you are looking at our numbers, please note that there is a specific business strategy that is in play here.

當您查看我們的數據時，請注意，這裡有一個特定的業務策略正在發揮作用。

We want to increase and capture more market share and over time, we want the interchange economy and associated life cycle to flow through our P&L even though interchange today only serves as a cost center for us.

我們希望增加並佔領更多的市場份額，隨著時間的推移，我們希望交換經濟和相關的生命週期能夠貫穿我們的損益表，儘管今天的交換只是我們的成本中心。

This strategy adds to the scale and with this level of scale.

這項策略擴大了規模，並擴大了規模。

It creates tremendous opportunities for modernization and cost reduction.

它為現代化和降低成本創造了巨大的機會。

Therefore, longer term, we will work to expand our margins by pursuing products and solutions that offer the ability to convert part of the interchange from a cost center to a revenue center.

因此，從長遠來看，我們將努力透過尋求能夠將部分交換從成本中心轉變為收入中心的產品和解決方案來擴大利潤。

In other words, we view today's interchange expense as possible term from a margin expansion standpoint.

換句話說，從利潤擴張的角度來看，我們認為今天的交換費用是可能的。

To clarify, I'm talking about our longer term strategy here.

為了澄清這一點，我在這裡談論的是我們的長期策略。

As currently, we are mainly focused on market capture.

目前，我們主要關注市場佔領。

For market capture in a responsible manner where new deals are accretive in both the immediate term and the long term.

以負責任的方式佔領市場，使新交易在短期和長期內都具有增值作用。

And indeed, we are capturing market share at a faster pace than ever before as a public company.

事實上，作為一家上市公司，我們正在以比以往更快的速度佔領市場份額。

It's even more impressive when you look at our scale and see 50% plus top line growth.

當您查看我們的規模並看到 50% 以上的收入成長時，您會更加印象深刻。

On to our booking activities now, booking for this quarter and this year are strong.

現在就我們的預訂活動而言，本季和今年的預訂量都很強勁。

Our momentum continues to validate our platform and the IP and ecosystem mode combined with an excellent and efficient go-to-market strategy of delivering long term profitable growth.

我們的動力持續驗證我們的平台、智慧財產權和生態系統模式，並結合卓越、高效的上市策略，實現長期獲利成長。

To provide further detail on bookings, we signed several clients across various industries contributing to our continued momentum.

為了提供有關預訂的更多詳細信息，我們與各個行業的幾家客戶簽約，為我們的持續發展勢頭做出了貢獻。

These included diverse clients in verticals such as insurance, government services, municipalities, utilities, education, telecommunications, banks, credit unions, and property management, among others.

其中包括保險、政府服務、市政、公用事業、教育、電信、銀行、信用合作社和物業管理等垂直領域的不同客戶。

These bookings position us quite well for 2025 and beyond.

這些預訂使我們在 2025 年及以後處於有利地位。

Due to the multiyear nature of these agreements.

由於這些協議具有多年性質。

On to onboarding activities now.

現在開始入職活動。

We are onboarding revenue at a faster pace than ever before as is evident from the top-line growth rate.

從營收成長率可以明顯看出，我們的營收成長速度比以往任何時候都快。

Our success here resulted in onboarding a cohort of large clients in the third quarter that were originally slated to go live in 2025.

我們在這方面取得的成功導致在第三季吸引了一群大客戶，這些客戶原本計劃在 2025 年上線。

This means we can expect to enjoy the full-year benefit from this cohort of go-lives throughout all of 2025 versus only a portion of this contribution, which is what we had originally modeled.

這意味著我們可以期望在 2025 年全年享受這批上線帶來的全年收益，而不是我們最初模型中的貢獻的一部分。

Bringing on this cohort of large clients earlier also brings other strategic benefits to us.

儘早吸引這群大客戶也為我們帶來了其他策略利益。

These include giving us more ammunition for our marketing activities is strengthening our IT and ecosystem enabling further economies of scale and longer term, increasing our margin expansion opportunity.

其中包括為我們的行銷活動提供更多彈藥，加強我們的 IT 和生態系統，從而進一步實現規模經濟和長期效益，增加我們的利潤擴張機會。

We believe this onboarding performance has reduced our risk towards 2025 execution.

我們相信這種入職表現降低了我們 2025 年執行的風險。

And therefore, as we initiate budget planning for 2025 we are very pleased to take a bit of a head start towards achieving our CAGR-model.

因此，當我們啟動 2025 年預算規劃時，我們很高興能夠在實現複合年增長率模型方面領先一步。

As we have demonstrated throughout the last seven quarters, we will continue to methodically calibrate our secondary metrics using our operating leverage to achieve our desired CAGR model, despite the variability that is inherent to contribution, profit from quarter to quarter or even year to year.

正如我們在過去七個季度所證明的那樣，我們將繼續利用我們的營運槓桿有條不紊地校準我們的次要指標，以實現我們期望的複合年增長率模型，儘管每個季度甚至每年的貢獻、利潤存在固有的變化。

With that, let me turn it over to Sanjay to review our financial results in greater detail.

接下來，讓我將其交給 Sanjay，以更詳細地審查我們的財務表現。

Sanjay?

桑傑？

Thanks, Dushyant and thank you all for joining us today.

謝謝杜希揚特，也謝謝大家今天加入我們。

Before I discuss our quarterly results and outlook, I'd like to remind everyone that the financial results I'll be referring to include non-GAAP financial measures.

在討論我們的季度業績和前景之前，我想提醒大家，我所指的財務表現包括非公認會計準則財務指標。

As David mentioned earlier, our Q3 press release and earnings presentation includes reconciliations of the non-GAAP financial measures discussed on this call to their corresponding GAAP measures.

正如大衛先前所提到的，我們的第三季新聞稿和收益報告包括本次電話會議中討論的非公認會計原則財務指標與其相應的公認會計原則指標的調節表。

Both of these are available on our website.

這兩個都可以在我們的網站上找到。

Turning to slide 5, our third quarter, 2024 results demonstrate another quarter where we exceeded the top end of our guidance range.

轉向投影片 5，我們 2024 年第三季的業績表明，我們又一個季度超出了指導範圍的上限。

These results demonstrate the overall strength of our business model and our team's proven ability to execute.

這些結果證明了我們業務模式的整體實力以及我們團隊經過驗證的執行能力。

Our third quarter results included revenue of $231.6 million, up 51.9% year over year.

我們第三季的業績包括營收 2.316 億美元，年增 51.9%。

Contribution profit of $80 million an increase of 30.1% and adjusted EBITDA of $24.6 million, up 58.2%.

貢獻利潤為 8,000 萬美元，成長 30.1%，調整後 EBITDA 為 2,460 萬美元，成長 58.2%。

We also continue to experience strong customer activity and demand.

我們也持續感受到強勁的客戶活動和需求。

This drove robust bookings and allowed us to exit the quarter with a significant backlog.

這推動了強勁的預訂，並使我們能夠以大量積壓結束本季。

Based on our excellent quarterly performance, the positive business trends Dushyant mentioned earlier, our expectations for the remainder of 2024 and forward visibility, we are raising our full year 2024 revenue contribution profit and adjusted EBITDA guidance which I will discuss in more detail shortly.

基於我們出色的季度業績、Dushyant 之前提到的積極業務趨勢、我們對2024 年剩餘時間的預期以及前瞻性能見度，我們正在提高2024 年全年收入貢獻利潤和調整後的EBITDA 指導，我將很快對此進行更詳細的討論。

Now, let's review our third-quarter financials in more detail.

現在，讓我們更詳細地回顧一下我們第三季的財務狀況。

As mentioned, Q3 revenue was 231.6 million.

如前所述，第三季營收為 2.316 億美元。

Up 51.9% year over year.

較去年同期成長51.9%。

This growth which was ahead of our original expectations was driven by three key factors.

這一增長超出了我們最初的預期，這是由三個關鍵因素推動的。

First increased same store sales from existing builders.

首先增加現有建商的同店銷售。

Second, the successful launch of new builders as anticipated and third, early launch of some large enterprise customers which we originally expected to launch in early 2025.

其次，新建構器的成功推出符合預期；第三，我們原本預計在 2025 年初推出的一些大型企業客戶的提前推出。

These early launches were a result of continued improvement in implementation pace due mainly to our team's hard work and strong client engagement.

這些早期發布是實施速度持續提高的結果，這主要歸功於我們團隊的辛勤工作和客戶的大力參與。

Additionally, the number of transactions Paymentus processed grew to 155.3 million in the quarter, up 34.6% year over year.

此外，Paymentus 本季處理的交易數量增至 1.553 億筆，年增 34.6%。

Our average price per transaction increased during the third quarter to $1.49 up from $1.32 last year.

第三季度，我們的每筆交易平均價格從去年的 1.32 美元增加到 1.49 美元。

This was mainly due to the Builder Max or more specifically by the early launch of large enterprise billers, I mentioned earlier that had a higher average payment amount.

這主要是由於 Builder Max，或更具體地說，是由於大型企業計費器的早期推出，我之前提到過，它們的平均付款金額較高。

Third quarter, 2024 contribution profit increased to $80 million, up 30.1% year over year.

2024年第三季貢獻獲利增至8,000萬美元，年增30.1%。

The contribution profit increase was also higher than expected and reflects increased transactions from existing billers.

貢獻利潤的成長也高於預期，反映了現有記帳人的交易量增加。

The launch of new billers, and the mix of billers launched.

推出新的計費器，並推出計費器組合。

Contribution margin was 34.5% for the third quarter compared to 40.3% in the prior year period, as we continue to add large high volume enterprise billers to our customer base.

第三季的貢獻利潤率為 34.5%，而去年同期為 40.3%，因為我們繼續為我們的客戶群增加大量的企業帳單。

This 5.8% margin reduction was almost entirely offset by 5.7% operating expense margin reduction year over year.

5.8% 的利潤率下降幾乎完全被營運費用利潤率年減 5.7% 所抵銷。

And then combined with the economies of scale resulted in an improved adjusted EBITDA margin.

再加上規模經濟，調整後的 EBITDA 利潤率得到改善。

This is consistent with our overall growth strategy focusing on profitability, which I will elaborate on shortly.

這與我們注重獲利能力的整體成長策略是一致的，我很快就會詳細闡述這項策略。

Contribution profit per transaction for the quarter was $0.52 similar to $0.53 in the prior year period, demonstrating our ability to capture market share with comparable contribution profit per transaction.

本季每筆交易的貢獻利潤為 0.52 美元，與去年同期的 0.53 美元相似，這表明我們有能力以可比的每筆交易貢獻利潤佔領市場份額。

During the third quarter, we saw transaction growth in closer proximity to contribution profit growth.

在第三季度，我們看到交易成長更接近貢獻利潤成長。

In prior quarters, we've seen transaction growth at times closer to revenue growth and at other times closer to contribution profit growth.

在前幾個季度，我們看到交易成長有時接近收入成長，有時接近貢獻利潤成長。

This is because we are capturing more market share and winning larger clients.

這是因為我們正在佔領更多的市場份額並贏得更大的客戶。

Because we are adding more of these larger clients to our customer base, we expect pricing and contribution profit to vary quarter to quarter as we continue to grow and diversify our client base.

由於我們正在將更多的大型客戶添加到我們的客戶群中，因此隨著我們客戶群的不斷增長和多元化，我們預計定價和貢獻利潤將逐季變化。

Please note that as a result of the quality of our services and solutions and client-centric approach, these larger clients are paying a similar or even increased average selling prices than they are accustomed to with other providers.

請注意，由於我們的服務和解決方案的品質以及以客戶為中心的方法，這些大客戶支付的平均售價與他們習慣的其他提供者相似甚至更高。

Given the growth areas, Dushyant highlighted earlier, we believe long term the growth rate for both revenue and contribution profit will converge in a closer range, also taking into account the inherent operating leverage as we have in our business model.

Dushyant 早些時候強調，考慮到成長領域，我們相信從長遠來看，收入和貢獻利潤的成長率將在更接近的範圍內收斂，同時考慮到我們業務模式中固有的營運槓桿。

As you noted in the past variables that are outside our control, such as an increase in the average payment amount or changes in the payment mix can substantially affect the contribution profit on a quarter-to-quarter basis.

正如您過去所指出的，我們無法控制的變量，例如平均付款金額的增加或付款組合的變化，可能會對每季的貢獻利潤產生重大影響。

And therefore we treat this as a secondary metric while our gross revenue and adjusted EBITDA remain primary metrics and focus areas on how we drive our business strategies.

因此，我們將其視為次要指標，而我們的總收入和調整後的 EBITDA 仍然是主要指標，重點關注我們如何推動業務策略。

Third quarter adjusted gross profit was $66.2 million, up 29.1% year over year.

第三季調整後毛利為 6,620 萬美元，年增 29.1%。

Third quarter, non-GAAP operating expenses were flat sequentially and increased 16.9% year over year to $44.3 million.

第三季度，非 GAAP 營運費用較上季持平，年增 16.9% 至 4,430 萬美元。

The increase was primarily due to higher sales and marketing expenses as well as research and development expenses.

這一增長主要是由於銷售和行銷費用以及研發費用增加。

The increases in both of these areas was mainly driven by increased hiring, which we've talked about previously as we enhance our existing technical strengths.

這兩個領域的成長主要是由招募增加所推動的，我們之前在增強現有技術實力時已經討論過這一點。

This year over year increase in expense was consistent with our expectations.

費用同比增長符合我們的預期。

Third quarter, non-GAAP net income was $19.6 million or $0.15 per share compared to non-GAAP net income of $10.9 million or $0.09 per share in the prior year period.

第三季度，非 GAAP 淨利潤為 1,960 萬美元，即每股 0.15 美元，而去年同期非 GAAP 淨利潤為 1,090 萬美元，即每股 0.09 美元。

Third quarter adjusted EBITDA was $24.6 million, up 58.2% compared to $15.5 million in the prior year period.

第三季調整後 EBITDA 為 2,460 萬美元，較上年同期的 1,550 萬美元成長 58.2%。

Adjusted EBITDA also represented 30.7% of contribution profit for the quarter compared to 25.3% last year.

調整後 EBITDA 也佔本季貢獻利潤的 30.7%，去年為 25.3%。

This strong adjusted EBITDA performance was due to the same combination of positive factors I talked about earlier, all of which came together in the quarter.

這種強勁的調整後 EBITDA 表現是由於我之前談到的積極因素的組合，所有這些積極因素都在本季度集中在一起。

We believe the stronger adjusted EBITDA margin demonstrates the inherent operating leverage we have in the business and our proven ability to adapt to changing market conditions as we continue to grow.

我們相信，更強勁的調整後 EBITDA 利潤率證明了我們在業務中擁有的固有營運槓桿，以及我們在持續成長過程中適應不斷變化的市場條件的能力。

Interest income from our bank deposits was $2.3 million during the third quarter compared to $1.9 million in the prior year period.

第三季我們的銀行存款利息收入為 230 萬美元，去年同期為 190 萬美元。

This year-over-year improvement was a result of an increased average cash balance and effective cash management.

這一同比改善是平均現金餘額增加和有效現金管理的結果。

Related to our performance, we once again exceeded the Rule of 40 for the quarter coming in at 61% compared to 58% last quarter and 46% in the prior year period.

與我們的業績相關，我們本季再次超出了 40 法則，達到 61%，而上季為 58%，去年同期為 46%。

This marks our sixth consecutive quarter exceeding the Rule of 40.

這標誌著我們連續第六個季度超過 40 規則。

Now I'll discuss our balance sheet and liquidity position on slide 6.

現在我將在投影片 6 上討論我們的資產負債表和流動性狀況。

We ended the third quarter 2024 with total cash of $190.8 million compared to $192.9 million.

截至 2024 年第三季末，我們的現金總額為 1.908 億美元，而去年同期為 1.929 億美元。

At the end of last quarter.

上個季度末。

The $2.1 million degrees is primarily comprised of $6.7 million of cash generated from operations offset by $8.8 million used in investing activities primarily for capitalized software.

210 萬美元的學位費用主要包括營運產生的 670 萬美元現金，以及主要用於資本化軟體投資活動的 880 萬美元。

The net cash generated from operations of $6.7 million consists of $26.5 million cash generated from operations, net of investments in working capital of $19.8 million.

營運產生的現金淨額為 670 萬美元，其中營運產生的現金為 2,650 萬美元，扣除營運資本投資 1,980 萬美元。

Our day sales outstanding at the end of the third quarter was 44 days compared to 42 days last quarter.

第三季末我們的日銷售額為 44 天，而上季為 42 天。

Working capital in the end of the third quarter was approximately $245.8 million, an increase of approximately $16.2 million from the end of the second quarter.

第三季末營運資金約2.458億美元，較第二季末增加約1,620萬美元。

We had $127.6 million diluted shares outstanding during the third quarter, essentially flat from $127.3 million diluted shares outstanding during the second quarter.

第三季稀釋後已發行股票為 1.276 億美元，與第二季稀釋後已發行股票 1.273 億美元基本持平。

Now I turn to our non-GAAP guidance for the fourth quarter and full year on slide 7.

現在我轉向投影片 7 上第四季和全年的非 GAAP 指引。

Before discussing guidance, I want to mention that we are continuing to follow the same prudent approach to guidance that we have followed since last year.

在討論指導之前，我想提一下，我們將繼續遵循去年以來所遵循的審慎指導方針。

For the fourth quarter of 2024, we expect revenues to be in the range of 215 million to 220 million, representing 31.8% year over year growth at the mid-point and 33.3% at the high end.

2024年第四季，我們預計營收將在2.15億至2.2億之間，中點年增31.8%，高階成長33.3%。

This growth rate is an improvement from prior year's fourth quarter growth rate of 24.7%.

這一成長率比去年第四季 24.7% 的成長率有所提高。

Contribution profit to range from $79 million to $81 million which represents 20.7% year over year growth at the mid-point and 22.2% at the high end, in line with the prior year's fourth quarter growth rate of 22.7%, and adjusted EBITDA of $22 million to $24 million representing growth of 15.6% year over year at the mid-point and 20.6% at the high end.

貢獻利潤範圍為 7,900 萬美元至 8,100 萬美元，中間年增 20.7%，高端年增 22.2%，與去年第四季 22.7% 的成長率一致，調整後 EBITDA 為 22 美元百萬至2,400 萬美元，中點年成長15.6%，高端年增20.6%。

This represents a 28.8% margin at the mid-point and 29.6% margin at the high end comparable to prior year fourth quarter adjusted EBITDA margin of 30%.

這意味著中點利潤率為 28.8%，高端利潤率為 29.6%，與去年第四季調整後 EBITDA 利潤率 30% 相當。

Along with our guidance, I also want to provide further insight related to our outlook for contribution profit growth rates and adjusted EBITDA margin.

除了我們的指導之外，我還想提供與我們的貢獻利潤增長率和調整後 EBITDA 利潤率前景相關的進一步見解。

As our business grows, we are receiving greater inbound interest from larger enterprise customers.

隨著我們業務的成長，大型企業客戶對我們的興趣越來越大。

Not unexpectedly, these customers often request volume discounts which we are open to where the deal economics support it.

不出所料，這些客戶經常要求批量折扣，只要交易經濟支持，我們就會接受。

In addition, our tremendous operating leverage allows us to attract and book these larger customers.

此外，我們龐大的營運槓桿使我們能夠吸引和預訂這些大客戶。

Said differently, volume discounts for larger customers are typically more than offset by strong incremental adjusted EBITDA as we just saw in Q3.

換句話說，正如我們在第三季度看到的那樣，大客戶的批量折扣通常會被強勁的增量調整後 EBITDA 所抵消。

This increases our efficiency as our onboarding time per pillar is declining while average customer size is simultaneously increasing.

這提高了我們的效率，因為每個支柱的入職時間正在減少，而平均客戶規模卻在同時增加。

Furthermore, we have the ability to recalibrate OpEx spending related to contribution profit in order to reach a desired, adjusted EBITDA.

此外，我們有能力重新調整與貢獻利潤相關的營運支出支出，以達到預期的、調整後的 EBITDA。

For reference, our incremental adjusted EBITDA margin for the third quarter 2024 was 49.2% relative to adjusted EBITDA margin of 30.7%.

作為參考，我們 2024 年第三季的增量調整後 EBITDA 利潤率為 49.2%，而調整後 EBITDA 利潤率為 30.7%。

Based on our results and progress we have already made in three quarters of 2024 and our expectations for the remainder of the year.

根據我們在 2024 年三個季度取得的成果和進展以及我們對今年剩餘時間的預期。

For the full year 2024 we now expect revenue in the range of $829 million to $834 million, up 7.3% from the mid-point of our previous guidance.

對於 2024 年全年，我們目前預計收入在 8.29 億美元至 8.34 億美元之間，比我們先前指導的中位數成長 7.3%。

The updated guidance now represents 35.3% growth at the mid-point, an improvement from the prior year growth rate of 23.6%.

更新後的指引目前中位數成長 35.3%，較上年 23.6% 的成長率有所提高。

Contribution profit in the range of $305 million to $307 million, up 3.6% at the mid-point versus previous guidance.

貢獻利潤在 3.05 億美元至 3.07 億美元之間，比先前的指引中位數成長 3.6%。

This updated guidance now represents 27% growth at the mid-point, an improvement from the prior year growth rate of 19.7%.

更新後的指導現在代表中間值成長 27%，比上一年 19.7% 的成長率有所提高。

Adjusted EBITDA range from $89 million to $91 million, representing an 8.4% increase at the mid-point versus our previous guidance.

調整後 EBITDA 範圍為 8,900 萬美元至 9,100 萬美元，與我們先前的指引相比，中間值成長 8.4%。

The updated guidance represents a 54.9% increase at the mid-point.

更新後的指引中位數成長了 54.9%。

This represents a 29.4% margin on contribution profit at mid-point, an improvement from 24.1% in the prior year.

這意味著中點貢獻利潤率為 29.4%，比前一年的 24.1% 有所改善。

This annual guidance implies a rule, on a Rule of 40 scale 56% to 57% at mid-point and high end respectively, an improvement from the scale of 44 we achieved in 2023.

本年度指引暗示了一條規則，即 40 規則的中位數和高端分別為 56% 至 57%，比我們在 2023 年實現的 44 規則有所改進。

In closing, we reported another quarter of excellent results.

最後，我們報告了又一個季度的出色業績。

In the third quarter of 2024 we continue to build on solid momentum from the second quarter resulting in strong revenue, adjusted EBITDA, and bookings growth.

2024 年第三季度，我們繼續在第二季度的堅實勢頭基礎上，實現強勁的收入、調整後 EBITDA 和預訂成長。

Additionally, we ended the quarter with earlier implementations of larger clients and a sizable backlog.

此外，我們在本季結束時也提前實施了較大客戶和大量積壓訂單。

Due to all of this, we have considerable visibility and believe we are well positioned for the rest of 2024 as well as for 2025.

由於所有這些，我們擁有相當大的知名度，並相信我們在 2024 年剩餘時間以及 2025 年處於有利地位。

Thank you everyone for your attention today and now I'll turn it back to Dushyant for final remarks before we open up the call for questions.

感謝大家今天的關注，現在我將在我們開始提問之前將其轉回 Dushyant 進行最後發言。

Thanks, Sanjay.

謝謝，桑傑。

It's indeed humbling to see that we were raised full year 2024 guidance.

看到我們提出 2024 年全年指導，確實令人感到謙卑。

When compared to our results from the full year 2021, the year of our IPO, we have more than doubled our business in three years and it's quite exciting actually.

與我們 2021 年（IPO 當年）全年的業績相比，我們的業務在三年內增長了一倍多，這實際上相當令人興奮。

In summary, we reported another quarter of strong financial results that exceeded our expectations.

總之，我們報告了另一個季度強勁的財務業績，超出了我們的預期。

We feel good about the long-term durability of our CAGR model.

我們對 CAGR 車型的長期耐用性感到滿意。

We serve a large growing and non-discretionary market, the combination of our platform and the IP and ecosystem allows us the benefits of a strong and differentiated competitive moat.

我們服務於一個龐大的不斷增長的非全權委託市場，我們的平台與知識產權和生態系統的結合使我們能夠獲得強大且差異化的競爭護城河。

In addition, we are looking to continue to build on our success to increase our TAM using our innovative DNA.

此外，我們希望在成功的基礎上繼續利用我們的創新 DNA 來提高 TAM。

In short, we as investors own a very special business here.

簡而言之，我們作為投資者在這裡擁有一項非常特殊的業務。

I want to take this portion to thank my team who worked tirelessly to deliver these great results and create long term shareholder value.

我想藉此感謝我的團隊，他們不懈努力，取得了這些出色的成果，並創造了長期的股東價值。

With that, I'll open up the line for questions.

這樣，我將開通提問熱線。

(Operator Instructions) Dave Koning, Baird.

（操作員說明）Dave Koning，Baird。

Yeah.

是的。

Hey guys, congrats.

嘿夥計們，恭喜。

This is one of the biggest beats I think I've seen in 20 years.

這是我 20 年來見過的最大的節奏之一。

So congrats on that.

所以恭喜你。

And I guess, yeah, I guess first of all, maybe you could talk a little bit more about kind of that, that mix of network fees.

我想，是的，我想首先，也許你可以多談談網路費用的組合。

I know network fees, 65.5% of gross revenue.

我知道網路費用佔總收入的65.5%。

So higher than usual, obviously, gross revenue beat by a ton.

顯然，總收入比平常高很多。

But maybe talk about that.

但也許可以談談這個。

And then why in Q4?

那為什麼是在第四季呢？

I think they're expected to go back down to 63%.

我認為他們預計會回落至 63%。

Just maybe talk a little bit about those dynamics.

也許只是談談這些動態。

Dave, thank you very much.

戴夫，非常感謝你。

A great question.

這是一個很好的問題。

In terms of network fees, what we really saw in Q3 was we onboarded some large enterprise customers, as you mentioned.

在網路費用方面，正如您所提到的，我們在第三季真正看到的是我們吸引了一些大型企業客戶。

And those large enterprise customers actually had a higher network fees to begin with.

而那些大企業客戶實際上一開始的網路費用就更高。

And they were used to paying that fees to the previous service provider.

他們習慣於向以前的服務提供者支付費用。

And when they onboarded, we onboarded them at similar pricing and similar cost structure or better pricing.

當他們加入時，我們以相似的定價和相似的成本結構或更優惠的價格加入他們。

But the network fees were higher.

但網路費用較高。

As a result, the contribution margin you see is a little softer this quarter, but this is I think a perfect quarter to demonstrate that despite the margin going down, you end up at a Rule of 61 and you end up at a contribution profit growth year over year of 30% and a perfect way to see how we calibrated OpEX and gross margin.

因此，本季度您看到的貢獻邊際有點疲軟，但我認為這是一個完美的季度，可以證明儘管邊際收益下降，但您最終會達到 61 規則，最終實現貢獻利潤增長同比增長30%，這是了解我們如何校準營運支出和毛利率的完美方式。

But to your specific question, the network fees itself is high for the enterprise customers.

但就你的具體問題而言，對於企業客戶來說，網路費用本身就很高。

And yes David, Dushyant mentioned in his prepared remarks in our long-term strategy, we have an opportunity to see how we can convert a piece of this interchange into a tamper and rather than being a call center, it could even be a revenue center for us.

是的，大衛，杜希揚特在我們的長期策略中他準備好的演講中提到，我們有機會看看如何將這個交換的一部分轉換成篡改器，它甚至可以成為一個收入中心，而不是一個呼叫中心對我們來說。

So we are working on those initiatives.

因此，我們正在致力於這些措施。

And although that's a long-term strategy and I don't want to digress from your question, but network fees is high.

雖然這是一個長期策略，而且我不想偏離你的問題，但網路費用很高。

But at the same time, the contribution profit per transaction did not get impacted.

但同時，每筆交易的貢獻利潤並未受到影響。

As you saw 0.52 versus 0.53, not at all a big impact given the scale we achieved in this quarter.

正如您所看到的 0.52 與 0.53 相比，考慮到我們在本季度實現的規模，根本沒有太大影響。

And then to the second question of Q4, I would say it's been seven quarters.

然後是第四季的第二個問題，我想說已經過了七個季度。

I would say, how we are guiding, we have a very disciplined, a very thoughtful approach to our guidance.

我想說的是，我們的指導方式是一種非常有紀律、非常周到的指導方式。

We consider all the risks and opportunities, assign them probabilities on what guidance makes sense.

我們考慮所有風險和機遇，根據指導的合理性分配機率。

So with this approach, we remain, we want to remain grounded, we want to consider all the possible risks, but we want to come out strong.

因此，透過這種方法，我們仍然希望保持腳踏實地，我們希望考慮所有可能的風險，但我們希望表現得堅強。

And I think that Q4 is not really as different than you are seeing in Q3.

我認為第四季與第三季並沒有真正不同。

And there's a seasonality aspect as well.

還有季節性方面。

So I think we are pretty comfortable in how the year is shaping up and overall the entire matrix for the full year is shaping up great as well.

因此，我認為我們對今年的發展感到非常滿意，並且總體而言，全年的整個矩陣也發展得很好。

Got you now.

現在得到你了。

Thanks guys.

謝謝你們。

That's helpful.

這很有幫助。

Maybe just a quick follow up.

也許只是快速跟進。

Really my second question is going to be around what you mentioned, the TAM, kind of a new TAM of the network fees, I assume almost all the network fees are interchanged.

實際上，我的第二個問題是圍繞著你提到的 TAM，一種新的網路費用 TAM，我假設幾乎所有網路費用都是互換的。

You've over doubled those network fees.

您已將這些網路費用增加了一倍以上。

So the TAM is actually exploding right in the last few years.

所以 TAM 在過去幾年其實是爆炸性成長。

So maybe can you talk a little bit about how you could convert that into like revenue?

那麼也許您可以談談如何將其轉化為類似的收入嗎？

I think this is a very interesting dynamic actually, if I may take a step back and see how we see our business differently than the traditional payment processing business is the way I would see them and what you would look at them as well.

我認為這實際上是一個非常有趣的動態，如果我可以退後一步，看看我們如何看待我們的業務與傳統支付處理業務的不同，這就是我看待它們的方式以及您也會看待它們的方式。

So the way it used to be is that a traditional payment processor will just charge a flat fee for a transaction, but there's a few pennies or what have you a few basis points and then they will literally pass through the entire interchange to the customer.

因此，過去的方式是，傳統的支付處理商只會對交易收取固定費用，但有幾美分或有幾個基點，然後它們實際上會透過整個交換過程傳遞給客戶。

They did not have any control over the behavior of the customer as to which payment modality or form of payment the customer will be using to make a payment, nor did they have the pricing structures which were actually conducive to be able to have the global view of the overall transaction revenue versus the internal cost payment of incurs in terms of the network fees.

他們無法控制客戶的行為，即客戶將使用哪種支付方式或付款方式進行付款，也沒有實際上有利於獲得全球視野的定價結構總交易收入與網絡費用方面的內部成本支付之比。

So we have been busy thinking about how can we convert the network fees into revenue and we have some thoughts which will be shared in due course.

所以我們一直在忙著思考如何將網路費用轉化為收入，我們有一些想法會在適當的時候分享。

But that's one of the exciting part of our business is where we feel like that.

但這也是我們業務中令人興奮的部分之一，就是我們有這樣的感覺。

The way more, more opportunities we have in terms of loading, if I may use the word, quote and unquote, loading on the interchange expense on our platform, the easier it is for us to track exactly what the user behaviors are, how they're making a payment, what type of cars are being used and what type of opportunities we can create to convert those into more meaningful, profitable instruments for us.

我們在加載方面擁有的機會越多，如果我可以使用“引用”和“取消引用”這個詞，在我們的平台上加載交換費用，我們就越容易準確跟踪用戶的行為是什麼，他們是如何行為的。

So we'll talk more about that, but that's a little bit more on the longer term side.

所以我們會更多地討論這個問題，但這是從長遠來看的。

Got you.

明白你了。

Thanks, guys.

謝謝，夥計們。

Great job.

幹得好。

Thank you.

謝謝。

Thank you for your question.

謝謝你的提問。

Tien-Tsin, JPMorgan.

天進，摩根大通。

Thanks.

謝謝。

Good afternoon.

午安.

Really great quarter, good explanations here.

真的很棒的季度，這裡有很好的解釋。

Just thinking about the faster go live of larger clients.

只是考慮大客戶的上線速度更快。

Is that a structural change?

這是結構性變化嗎？

Are you doing more to improve the onboarding process from a technology standpoint?

從技術角度來看，您是否正在採取更多措施來改進入職流程？

Just trying to understand that if this is a new trend to consider?

只是想了解這是否是一個值得考慮的新趨勢？

Actually, it is a combination of multiple factors.

實際上，這是多種因素綜合作用的結果。

If you recall, we have shared in the past that I think the pandemic did impact our ability to onboard and frankly in some ways, also bring on new clients, the larger new clients into our bookings pipeline as well, just because boardrooms were closed.

如果你還記得的話，我們過去曾說過，我認為這種流行病確實影響了我們的入職能力，坦白說，在某些方面，也影響了我們吸引新客戶、更大的新客戶進入我們的預訂管道，只是因為董事會會議室關閉了。

And so that combined with our ability to interact with our clients in the life setting, but also taking very introspective view of where the breakage points are, what we could do better to improve our own onboarding processes, which we were actually excellent at when we were -- before we were onboarding some of the more complicated and sophisticated workflows onto our platform.

因此，結合我們在生活環境中與客戶互動的能力，同時也對斷裂點進行非常內省的審視，我們可以更好地改進我們自己的入職流程，而當我們這樣做時，我們實際上非常擅長這一點。

And we follow the same principle of innovating through learning from our customer interactions.

我們遵循同樣的原則，透過從客戶互動中學習來進行創新。

And so we are making some changes in that technologically as well.

因此，我們也在技術上做出了一些改變。

So combination of in-person interactions, post-pandemic conditions, but also the instrumentation from our perspective, technologically making advancements there is making a big change.

因此，將面對面的互動、疫情後的情況以及從我們的角度來看的儀器、技術進步相結合，正在發生巨大的變化。

Okay.

好的。

Good, good to know that.

很好，很高興知道這一點。

It's a combo of things.

這是多種事物的組合。

Just thinking about the fourth quarter and the guide to appreciate the philosophy around guidance, but just want to make sure fourth quarter contribution profit, you're calling it to be stable.

只是考慮第四季度和指導，以欣賞圍繞指導的理念，但只想確保第四季度的利潤貢獻，你稱之為穩定。

History sets us up quite a bit in the fourth quarter, I think due to seasonality.

我認為由於季節性因素，歷史在第四季度給我們帶來了很大的影響。

But why would might this year be different?

但為什麼今年會有所不同呢？

So Tien-Tsin, great question.

田進，好問題。

In Q4, what we are seeing is these new large enterprise customers we onboarded in Q3, and again, they happen sooner than originally anticipated, they are large to the extent that we don't really have a very good handle on the seasonality aspect.

在第四季度，我們看到的是我們在第三季度加入的這些新的大型企業客戶，而且它們的發生比最初預期的要早，它們的規模很大，以至於我們對季節性方面沒有很好的把握。

And unless we spend like few quarters with them, we will have to wait and see how those trends continue.

除非我們與他們共度幾個季度，否則我們將不得不等待，看看這些趨勢將如何持續。

So we did not exactly bake the queue for continuation of the entirety of that cohort of customers, a portion we paid, but not all.

因此，我們並沒有完全為整個客戶群的延續而烘烤隊列，我們支付了一部分，但不是全部。

We have to wait and watch how those trends will play.

我們必須等待並觀察這些趨勢將如何發展。

So we've taken a very prudent approach in how this may play out when we come to Q4 guidance.

因此，當我們制定第四季度指導時，我們對如何發揮作用採取了非常謹慎的方法。

So we want to just stay focused on execution and remain grounded when we come to guidance, especially for one quarter.

因此，我們希望繼續專注於執行，並在製定指導時保持腳踏實地，尤其是一個季度的指導意見。

I think the whole year is shaping well, but we feel very good about where we are.

我認為全年的情況都很好，但我們對自己所處的位置感覺很好。

Great.

偉大的。

Well done.

幹得好。

Thank you so much.

太感謝了。

Thank you, Tien-Tsin.

謝謝你，田津。

Thank you for your question.

謝謝你的提問。

John Davis, Raymond James.

約翰戴維斯、雷蒙詹姆斯。

Hey, good afternoon, guys.

嘿，下午好，夥計們。

Dushyant, just I want to touch a little bit on the revenue growth acceleration this year.

Dushyant，我想簡單談談今年營收成長的加速情況。

I think the mid-point of the guidance is about 1200 basis point acceleration versus last year.

我認為指導的中點是比去年加速約 1200 個基點。

Do you dimensionalize that for us and how we should think about share gains versus pricing versus same source sales or anything else to call out and anything you would caution us about kind of taking that forward into the 2025?

您是否為我們詳細說明了這一點，以及我們應該如何考慮份額收益、定價、同源銷售或其他需要注意的事項，以及您會警告我們如何將其推進到 2025 年？

Yeah, I would say, I think 2025 we are still in the budgeting process, but that's one of the reasons why actually prepared remarks I wanted to make sure that we talk about the long term model to make sure that that's, that's pretty clear that we are not changing the model itself.

是的，我想說，我認為2025 年我們仍在預算過程中，但這就是為什麼我實際上準備了評論的原因之一，我想確保我們談論長期模型，以確保這一點，這是非常清楚的我們不會改變模型本身。

In terms of this year.

就今年而言。

A lot of things have come together.

很多事情都結合在一起了。

Our -- the pricing, I think pricing was -- all those changes are behind us at this point.

我們的定價，我認為定價是，所有這些變化現在都已經過去了。

So this is more about capturing market share, signing deals which are sophisticated, large enterprise clients, implementing them, and frankly in some ways earlier than we were anticipating.

因此，這更多的是關於佔領市場份額、簽署複雜的大型企業客戶協議、實施這些協議，坦白說，在某些方面比我們預期的要早。

So combination of all of that is what is leading to it.

所以所有這些的結合就是導致它的原因。

Sanjay, you want to add?

桑傑，你想補充嗎？

Yeah.

是的。

I'll add that, this year has been really a good year right from the start.

我要補充一點，今年從一開始就是非常好的一年。

Starting Q1, Q2, Q3, we've been seeing continuous trends of improvement in implementation, improvement in the bookings.

從第一季、第二季、第三季開始，我們看到實施和預訂量持續改善的趨勢。

Our exit backlogs at the end of every quarter are very good, giving us a lot of comfort for not only the next quarter or next two quarters, but I would say four or five quarters out, we got a very good visibility.

我們每個季度末的出口積壓都非常好，這不僅給我們下一個季度或接下來的兩個季度帶來了很大的安慰，而且我想說，在四五個季度之後，我們獲得了非常好的能見度。

The momentum is very high and that speaks to why the 24 growth has happened in a phenomenal fashion.

勢頭非常強勁，這說明了為什麼 24 日會出現驚人的增長。

But to your other piece of the question, I would say that when it comes to 2025 and if you're seeking any color on modeling, the best thing we can provide at this time is that we are currently in the process of setting our 2025 budgets and we are not giving any guidance today for 2025.

但對於你的另一個問題，我想說的是，當談到 2025 年時，如果你正在尋求建模方面的任何色彩，我們目前可以提供的最好的東西是我們目前正在設定 2025 年預算，我們今天不會給出2025 年的任何指導。

However, for modeling purposes, we recommend assuming that we will follow the same prudent and disciplined approach we have used over the past seven quarters.

然而，出於建模目的，我們建議假設我們將遵循過去七個季度所使用的同樣審慎和紀律的方法。

So that would imply as a starting point using similar growth rates we used in our initial 2024 guide which we gave in March earlier this year to the prior year numbers.

因此，這意味著我們將使用我們在最初的 2024 年指南中使用的類似成長率作為起點，該指南是我們在今年 3 月早些時候給出的上一年數據。

I would like to just remind everyone that our business is doing very, very well.

我想提醒大家，我們的業務做得非常非常好。

We have a very good pipeline.

我們有非常好的管道。

The bookings and backlog are very healthy and we have a very strong balance sheet, a very liquid balance sheet, in terms of working capital to deploy cash as and when we need, which we are actually used to our advantage even in the current quarter.

預訂和積壓訂單非常健康，我們擁有非常強大的資產負債表，流動性非常強的資產負債表，在我們需要時部署現金的營運資金方面，即使在本季度，我們實際上也利用了我們的優勢。

Okay, great.

好的，太好了。

And then, Sanjay, I think you mentioned, roughly 50% incremental margins.

然後，Sanjay，我想你提到過，大約 50% 的增量利潤。

This quarter, I think for the full year, even our margins will be just shy of 30% based off of the mid-point of your guide.

我認為，本季全年，我們的利潤率也將略低於你們指南中位數的 30%。

So how should we think about, I know it can vary quarter to quarter year to year.

那我們應該如何考慮，我知道每年每季都會有所不同。

But how should we think about the long term margin potential of this business if we were to look out over the next several years?

但是，如果我們要展望未來幾年，我們該如何考慮這項業務的長期利潤潛力呢？

And we've expanded margins very nicely, looks like over 500 basis points this year.

我們的利潤率擴大得非常好，今年看起來超過了 500 個基點。

If you go back ever since you've gone public, it's been a very nice improvement in profitability.

如果你從上市後回去，你會發現獲利能力有了很大的提升。

We see some payments companies with 40%, 50% margin.

我們看到一些支付公司的利潤率為40%、50%。

Just curious kind of how you think about not the terminal value or not the terminal margins, but how should we think about margins and where they can get over a medium-term period?

只是好奇你如何看待最終價值或最終利潤，但我們應該如何考慮利潤以及它們在中期可以達到什麼水平？

You know, I'm not looking for an explicit three-year guide or anything like that.

你知道，我並不是在尋找明確的三年指南或類似的東西。

But just help us think about the profitability and scalability of this business.

但請幫我們考慮一下這項業務的獲利能力和可擴展性。

Yes, John, great question.

是的，約翰，好問題。

And we think about that as well as we do our model for a couple of quarters or outer periods.

我們會考慮這一點，並在幾個季度或外部時期建立我們的模型。

I think the right way to think about our business is that business is humming in all the directions, the momentum is very high.

我認為看待我們業務的正確方法是，業務向各個方向蓬勃發展，勢頭非常強勁。

And our growth strategy is not just purely growth but has a strong partnership with profitability.

我們的成長策略不僅僅是純粹的成長，而是與獲利能力建立牢固的夥伴關係。

So profitable growth is our mode of operation which is just very clear from the numbers.

因此，獲利成長是我們的營運模式，從數字中可以清楚看出這一點。

Like, is there a room for opportunity to grow better?

例如，是否有更好成長的機會？

Definitely there is.

肯定有。

As we grow, as we scale, we should expect economies of scale to help us.

隨著我們的成長、規模的擴大，我們應該預期規模經濟能幫助我們。

We should expect the opportunities that Dushyant mentioned in the outer term to help us as well.

我們應該期待杜希揚特在外部條款中提到的機會也能幫助我們。

And our pricing and all is working really well.

我們的定價和一切都運作得非常好。

We are in the mode of capturing the market.

我們正處於佔領市場的模式中。

And during that process, we could have many opportunities which could give us better margins.

在這個過程中，我們可以有很多機會，可以為我們帶來更好的利潤。

But at the same time, I just want to be very careful that our long-term expectations and hopes and desires for the business are not confused with the way we should model the business.

但同時，我只是想非常小心，我們對業務的長期期望、希望和願望不要與我們應該建立業務模型的方式混淆。

We want to have a very straight head and remain grounded in how we set the numbers and how we set expectations.

我們希望保持清醒的頭腦，並在如何設定數字和如何設定期望方面保持腳踏實地。

And again, staying disciplined in that fashion has helped us as a company, especially in the last year, we have seen.

再說一遍，保持這種方式的紀律對我們公司有幫助，尤其是在去年，我們已經看到。

I would not like to distort that model.

我不想扭曲這個模型。

So I would suggest, having a Rule of 61 is something which we are really proud of.

所以我建議，擁有 61 條規則是我們真正感到自豪的事情。

But is it going to continue?

但這種情況還會持續嗎？

Can I say that for sure?

我可以肯定地說嗎？

No.

不。

I don't think I would like to say that.

我想我不想這麼說。

But there are risks and opportunities outside of our control and it goes back to how much profit will it be.

但風險和機會是我們無法控制的，這取決於利潤的多寡。

I think longer term seeing that this business can get better is a good expectation, but I would not model it that way and take it easy over the time.

我認為從長遠來看，看到這項業務能夠變得更好是一個很好的期望，但我不會以這種方式建模並隨著時間的推移而放鬆。

I think we are doing really well and I will not speak more than this, but I think the business is just doing well.

我認為我們做得非常好，我不會說更多，但我認為業務做得很好。

And John, this is Dushyant.

約翰，這是杜希揚特。

If I may add, our strategy is truly to create a perpetual growth engine here.

如果我可以補充一點，我們的策略確實是在這裡創造一個永久的成長引擎。

And from that perspective, we are always making as Sanjay talked about, there is tremendous partnership between revenue and the profitability.

從這個角度來看，正如桑傑所說，我們總是在收入和獲利能力之間建立巨大的夥伴關係。

But at the same time, our goal is to deliver long term shareholder returns by continuing to grow the business.

但同時，我們的目標是透過持續發展業務來為股東帶來長期回報。

So we'll continue to make strategic investment as well.

所以我們也會繼續進行策略性投資。

Okay, I appreciate the call.

好的，我很感謝您的來電。

Thanks guys.

謝謝你們。

Thank you.

謝謝。

Thank you for your question.

謝謝你的提問。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

Guys, thank you.

夥計們，謝謝你們。

And nice job on the quarter.

本季的工作做得很好。

I think you touched on how there's incremental larger customers that you see on boarding coming up, not just in addition to the ones you brought on early.

我認為您談到如何在登機時看到越來越多的大客戶，而不僅僅是除了您早期引入的客戶之外。

So maybe just help us understand if there's any type of inflection in demand or more of a recognition of your offering that, you're seeing resonate even more in a more pronounced manner today than maybe you were.

因此，也許只是幫助我們了解需求是否有任何類型的變化，或者是否對您的產品有更多的認可，您今天看到的共鳴比以前更明顯。

Let's call it a year ago just because the pace of ads and the pace of acceleration was pretty notable as, I know others have called that also.

讓我們稱之為一年前，只是因為廣告的步伐和加速的步伐非常引人注目，我知道其他人也這麼稱呼。

So I think we'll just start there guys.

所以我想我們就從這裡開始吧。

Thanks.

謝謝。

Thank you, Darrin.

謝謝你，達林。

Actually, this is part of our -- if you recall during the IPO, we talked about Horizon 1 strategy, the Horizon 2, and Horizon 3, there was some sort of basically a trans-inflection point from going from big market to higher end customers and so on.

實際上，這是我們的一部分——如果你還記得在 IPO 期間，我們談到了地平線 1 策略、地平線 2 和地平線 3，從大市場到高端市場，基本上存在某種跨拐點客戶等。

What we are realizing now is we are sort of redefining the higher end of the market.

我們現在意識到我們正在重新定義高端市場。

We used to think that higher end could be a few million-dollar deals.

我們曾經認為高端可能是數百萬美元的交易。

And then you start to see the opportunities to even do better than that.

然後你開始看到做得更好的機會。

Just because the level of complexity that exists from payment inflows and outflows for a given organization, that has now outweighed an organization's own ability for their own engineers to handle.

僅僅因為給定組織的付款流入和流出所存在的複雜程度，現在已經超過了組織自己的工程師處理的能力。

So we used to think of this as replacing the legacy providers only because of the advancement of the capabilities, the Paymentus platform, and the ecosystem provides.

因此，我們過去認為這只是因為功能、Paymentus 平台和生態系統提供的進步而取代傳統提供者。

Now we think of this as a re-engineering of the entire customer journey and frankly the payment journey for the customers, vendors, and all in all, participants in the ecosystem to become a target for Paymentus.

現在我們認為這是對整個客戶旅程的重新設計，坦白說，是對客戶、供應商以及生態系統中的參與者的支付旅程的重新設計，成為 Paymentus 的目標。

So that's what is happening and you are seeing in the verticals we talk about.

這就是正在發生的事情，你在我們談論的垂直領域中看到了這一點。

You will see some decent verticals you are seeing success like we didn't think that we will be successful this early in education vertical, for example, and other verticals we talk about as well in our bookings profile even this quarter.

您會看到一些不錯的垂直領域取得了成功，例如，我們認為我們不會在教育垂直領域這麼早就取得成功，甚至在本季度我們的預訂資料中也會討論其他垂直領域。

So what we are seeing is that our platform is universally scalable to any vertical.

所以我們看到的是我們的平台可以普遍擴展到任何垂直領域。

No vertical is too far from us.

沒有任何垂直領域離我們太遠。

No customer is too large for us.

對我們來說，沒有什麼客戶是太大的。

No workflow is too complex for us and no customer is too small for us.

對我們來說，沒有太複雜的工作流程，也沒有太小的客戶。

So we feel like this is a pretty broad opportunity we are setting and that's why I keep actually saying that we got something special here, the way the DNA of the company and the way we are designing our business.

所以我們覺得這是我們正在設置的一個相當廣泛的機會，這就是為什麼我一直說我們在這裡有一些特別的東西，公司的 DNA 以及我們設計業務的方式。

So I'm excited about it and I look forward to sharing more and more as we continue to develop our strategy.

所以我對此感到很興奮，並期待在我們繼續制定策略的過程中分享越來越多的信息。

And guys, I know the IPNs have been helpful in terms of reselling and just go to market, but maybe just help me understand a really what the latest is with your partners on that front.

夥計們，我知道 IPN 在轉售和進入市場方面很有幫助，但也許只是幫助我了解你們的合作夥伴在這方面的最新動態。

But more importantly, just your overall go-to-market approach given how much scale you've had, just how much larger you've become now?

但更重要的是，考慮到您的規模有多大，您現在的規模有多大？

Especially, when you add on these verticals, how we should think about your ability to address each one of them from a go to market standpoint?

特別是，當您添加這些垂直領域時，我們應該如何考慮您從進入市場的角度解決每個垂直領域的能力？

Thanks again, guys.

再次感謝你們。

Yeah, I think, thank you.

是的，我想，謝謝。

IPN actually continues to be a multi-sided network from banks and credit unions to our clients on the billing side.

IPN 實際上仍然是一個從銀行和信用合作社到計費方客戶的多邊網路。

And now to your point now that we are signing billing companies at a faster click, the companies that they are large and diverse in the verticals, the IPN itself becomes very valuable long term asset for all participants, whether it is for a billing company who wants to reach to all their customers across all dimensions of interactions or the originating partners who want to reach in a modern way to any of the payees if you will for on behalf of their customers.

現在就你的觀點而言，我們正在以更快的點擊速度簽署計​​費公司，這些公司在垂直領域規模龐大且多樣化，IPN 本身對於所有參與者來說都成為非常有價值的長期資產，無論是對於希望在所有互動維度上接觸到所有客戶，或希望以現代方式接觸到任何收款人的原始合作夥伴（如果您願意代表他們的客戶）。

So we think our IPN will continue to be a competitive mode for us.

所以我們認為我們的 IPN 將繼續成為我們的一種競爭模式。

And since it is our proprietary network designed by us, thought through by us, and managed by us, we believe it is a long-term competitive mode for the company.

而由於這是我們自己設計、我們思考、我們管理的專有網絡，我們相信這是公司的長期競爭模式。

Yeah, makes sense, guys.

是的，有道理，夥計們。

Thank you.

謝謝。

Thank you, Darrin.

謝謝你，達林。

Thank you for your question.

謝謝你的提問。

Matt O'Neill, FT Partners.

馬特‧歐尼爾，《金融時報》合夥人。

Yeah, hi, good evening, gentlemen.

是的，嗨，晚上好，先生們。

Thanks for taking my question.

感謝您提出我的問題。

I think, you know, I know a lot of different questions have been asked around the out performance in the quarter, but given the magnitude of it, I think investor was like, you don't want to understand where things may be sort of occurring in nature and where things may have kind of come through on a more one-time basis.

我認為，我知道圍繞本季度的表現提出了很多不同的問題，但考慮到其規模，我認為投資者會想，你不想了解事情可能會發生什麼發生在自然界中，並且事情可能是一次性發生的。

So given how much visibility you have when you see the core business, would it be possible to parse in some way the benefit in the quarter from things like pricing for sales implementations coming on faster?

因此，考慮到您在看到核心業務時擁有多少可見性，是否有可能以某種方式解析本季從更快的銷售實施定價等方面帶來的好處？

And to that last point, I believe last quarter was a record for implementation coming on with this quarter, maybe even getting another record.

就最後一點而言，我相信上個季度的實施記錄是本季的實施記錄，甚至可能再創紀錄。

Thank you.

謝謝。

Matt, great question.

馬特，好問題。

Thank you for asking.

謝謝你的詢問。

I say that in the past, we have not broken down the vectors in terms of quantitative aspect that how much each vector contributes for revenue growth or CP growth or I think I would like to stay consistent with that kind of a discussion.

我想說的是，在過去，我們並沒有從數量方面對向量進行細分，即每個向量對收入增長或CP增長的貢獻有多大，或者我想我想與這種討論保持一致。

I think we like to discuss these things more qualitatively than quantitatively, but I understand that growth is significant in the quarter and I would like to provide some minimal color.

我認為我們更喜歡定性而不是定量地討論這些事情，但我知道本季的成長非常顯著，我想提供一些最小的顏色。

I would say that large implementations which happened in the quarter, it's a cohort of implementations.

我想說的是，本季發生了大規模的實施，這是一組實施。

So it's not just one or two implementations.

所以這不僅僅是一兩個實現。

And they all happen at different points in time in the quarter, some in first month, some in second month, some in third month.

它們都發生在季度的不同時間點，有的在第一個月，有的在第二個月，有的在第三個月。

And they were originally planned to happen in 2025.

它們原計劃在 2025 年發生。

So what that does for us is it kind of derisks the 2025 expectation from these customers.

因此，這對我們來說意味著降低了這些客戶對 2025 年的期望。

And in 2024, we got is basically an upside.

到 2024 年，我們基本上得到了好處。

So if you want to call that as non-recurring, maybe it will fit the definition of non-recurring in Q4.

因此，如果您想將其稱為非經常性，也許它符合第四季度中非經常性的定義。

But from our perspective, the recurring revenue from these customers is now secured instead of being at risk for next year.

但從我們的角度來看，這些客戶的經常性收入現在是有保障的，而不是明年面臨風險。

The impact on the quarter definitely I cannot quantify, but I like to quantify that the impact of these cohort of customers going live early is approximately 500 basis points growth on our annual adjusted EBITDA margin dollars growth.

我絕對無法量化對本季的影響，但我喜歡量化這些提前上線的客戶群對我們的年度調整後 EBITDA 利潤率成長約 500 個基點的影響。

So you're seeing around 55% I think growth year over year for full year and I would say 500 basis points come from these.

所以你會看到大約 55%，我認為全年同比增長，我想說 500 個基點來自這些。

I think that's the relevant information I can share, but at the same time, like same store sales, yes, it is getting better over time.

我認為這是我可以分享的相關信息，但與此同時，就像同店銷售一樣，是的，隨著時間的推移，情況正在變得更好。

The trends when I look at for the last seven, eight quarters, the trends are just getting better for same store sales.

當我觀察過去七、八個季度的趨勢時，同店銷售的趨勢正在變得更好。

And that's primarily because the kind of customers we are getting or booking or going live are from not only the verticals we are getting focused on, but also the kind of customers we are getting, they are themselves in a growth stage.

這主要是因為我們獲得、預訂或上線的客戶類型不僅來自我們關注的垂直行業，而且來自我們獲得的客戶類型，他們本身正處於成長階段。

So we are inherent beneficiary of their growth.

因此，我們是他們成長的固有受益者。

The same store sales is getting better and overall the transaction growth is speaking for our growth in any direction, you think of.

同店銷售越來越好，整體交易成長說明了我們在任何方向上的成長，你能想到的。

I hope that provides some decent perspective for the quarter.

我希望這能為本季提供一些不錯的前景。

Yeah, that was extremely helpful.

是的，這非常有幫助。

I appreciate it.

我很感激。

And I would agree, it's not that non-recurring by definition, but I appreciate how you articulated those points.

我同意，這並不是定義上的非重複性，但我很欣賞你如何闡明這些觀點。

Thanks so much.

非常感謝。

Sure.

當然。

Thanks, Matt.

謝謝，馬特。

Thank you for your question.

謝謝你的提問。

Andrew Bauch, Wells Fargo.

安德魯·鮑赫，富國銀行。

Hey, good evening, guys.

嘿，晚上好，夥計們。

And thanks for taking the question.

感謝您提出問題。

Just wanted to drill into painting a picture on what these larger customers look like.

只是想深入了解這些大客戶的情況。

I mean, could you give us a framework with how to think about how big they actually are?

我的意思是，你能給我們一個框架來思考它們實際上有多大嗎？

Meaning, size of potential TAM relative to a simple biller or the run of the biller in your current base.

意思是，潛在 TAM 的規模相對於簡單記帳者或目前基地中記帳者的運作情況。

And perhaps like how much of the backlog is comprised by these, this cohort of quote-unquote, large billers?

或許，這些積壓的訂單有多少是由這群引用不引用的大帳單人組成的？

I think I would say as I was trying to refer earlier, Andrew that from our vantage point, I think we ourselves are getting increasingly more excited about the TAM.

我想我會說，正如我之前試圖提到的，安德魯，從我們的角度來看，我認為我們自己對 TAM 越來越興奮。

The TAM itself is growing beyond like you said, run-of-the-mill billers.

TAM 本身的發展已經超出了您所說的普通記帳機構的範圍。

Now that we are seeing and we are able to prove in practice, not only by being able to convince a large enterprise, a household name we all would have heard of and won't fit into a traditional biller category.

現在我們已經看到並且能夠在實踐中證明，不僅能夠說服一家大企業，這是我們都聽說過的家喻戶曉的名字，不適合傳統的賬單類別。

They would be -- they look at our platform from being able to convince them that Paymentus is the rightful home for them for the long term and then being able to prove thereby implementing their complex workflows both inbound and outbound in many cases.

他們會——他們關注我們的平台，因為能夠讓他們相信 Paymentus 是他們長期的合法家園，然後能夠證明，從而在許多情況下實現他們複雜的入站和出站工作流程。

It is actually quite remarkable journey.

這實際上是一次非常了不起的旅程。

So it is very exciting for us.

所以這對我們來說非常令人興奮。

In terms of the backlog, I think not providing a very detailed color on the backlog.

就積壓而言，我認為沒有在積壓上提供非常詳細的顏色。

The backlog remains strong and it is mix of just like our current platform is current on-board customer basis, it remains very similar that we are -- it's a mix of small, large, mid-size, different vertical customers, and so is the pipeline.

積壓訂單仍然強勁，就像我們目前的平台是當前的船上客戶基礎一樣，它仍然與我們非常相似——它是小型、大型、中型、不同垂直客戶的組合，所以管道。

Dushyant, I appreciate the comments that the business is now doubled from the IPO three years ago and thinking about this business over the next three years, not asking you if we can anticipate another double, but how would you anticipate the use cases of the platform to evolve?

Dushyant，我很欣賞這樣的評論，即該業務現在比三年前的IPO 翻了一番，並在未來三年內思考這項業務，不是問您是否可以預期再次翻倍，而是問您如何預期該平台的用例進化？

I mean, with the dual-sided nature of the business, we always thought that, that payout would be a natural extension to what level of service that you could provide to your customers.

我的意思是，由於業務的雙面性質，我們始終認為，付款將是您可以為客戶提供的服務水準的自然延伸。

But any other high level thought that maybe the longer term opportunities that you're investing in today, that we may not see in the numbers for a couple of years to come?

但任何其他高層認為，也許您今天投資的長期機會，我們可能在未來幾年內看不到？

And I would say, that's a great question, Andrew.

我想說，這是一個很好的問題，安德魯。

And I think probably summarizes in your question, there is summarizes in some ways, the DNA and the innovative framework for the company.

我想你的問題可能總結了，在某些方面總結了公司的DNA和創新框架。

So as you said, paying is what we do great, payments, inbound payments.

正如你所說，支付是我們最擅長的事情，支付，入站支付。

Payout is a natural extension, but payouts, is not just what you would think from the vendor's perspective, you're talking about all types of payouts.

付款是一個自然的延伸，但付款不僅僅是您從供應商的角度思考的，您正在談論所有類型的付款。

So Paymentus' current platform today allows you to have the entire, if I may use the word ensemble of all workflows, whether it is between an employee and an employer, whether it is between a customer and a billing company, whether it's a bank and a customer, whether it is between an enterprise to a vendor, all of those capabilities we actually have been building on.

因此，Paymentus 目前的平台允許您擁有整個（如果我可以使用所有工作流程的整體）這個詞，無論是在員工和雇主之間，無論是在客戶和計費公司之間，無論是在銀行還是銀行之間。

And so a few years out, they don't show up in the numbers just because of size and scale.

因此幾年後，它們不會僅僅因為規模和規模而出現在數字中。

I'm knocking on wood here, size and scale we have built right now, but they will start to show up later on.

我在這裡敲木頭，我們現在已經建造了尺寸和規模，但它們稍後會開始出現。

And last but not the least, that is one of the reasons what is exciting for us in being able to eventually long term monetize the interchange into a revenue center from what appears as a cost center only today.

最後但並非最不重要的一點是，這就是我們感到興奮的原因之一，因為我們能夠最終將交換從今天看似的成本中心轉變為收入中心。

Pretty exciting.

相當令人興奮。

Thank you, Dushyant.

謝謝你，杜希揚特。

Thank you, Andrew.

謝謝你，安德魯。

Thank you for your question.

謝謝你的提問。

There are no additional questions waiting at this time.

目前沒有其他問題等待。

So I'll pass the call back to the management team for any closing remarks.

因此，我會將電話轉回管理團隊，以便其發表結束語。

Well, thank you.

嗯，謝謝。

Thank you so much.

太感謝了。

Everyone for joining today.

今天大家都來參加。

Have a great day.

祝你有美好的一天。

Bye-bye.

再見。

That concludes the conference call.

電話會議到此結束。

Thank you for your participation and you may disconnect your line.

感謝您的參與，您可以斷開線路。