Paymentus Holdings Inc (PAY) 2025 Q3 法說會逐字稿

Good day, and welcome to the third-quarter 2025 Paymentus earnings conference call. This call is being recorded. (Operator Instructions) At this time, I will now turn the call over to David Hanover, Investor Relations. Please go ahead.

大家好，歡迎參加 Paymentus 2025 年第三季財報電話會議。本次通話正在錄音。（操作員指示）現在，我將把電話轉交給投資者關係部門的戴維·漢諾威。請繼續。

Thank you, operator. Good afternoon. Welcome and thank you for joining the webcast to review our third-quarter 2025 results. Our earnings release stocks are available on the Investor Relations section of the paymentus.com website. They include their earnings presentation that will make reference to during this webcast. This webcast is being recorded.

謝謝接線生。午安.歡迎並感謝您參加本次網路直播，共同回顧我們 2025 年第三季的業績。我們的獲利發布股票資訊可在 paymentus.com 網站的投資者關係部分查看。其中包括他們將在本次網路直播中提及的收益報告。本次網路直播正在錄製。

I hope everyone's had a chance to review those documents. Our founder and CEO, Dushyant Sharma, will make some opening comments before Sanjay Kalra, our CFO, discusses the details of the third quarter and our guidance. Following our prepared remarks, we'll take questions.

我希望大家都有機會審閱這些文件。我們的創辦人兼執行長杜尚特·夏爾馬將發表一些開場白，之後我們的財務長桑傑·卡爾拉將討論第三季度的詳細情況和我們的業績指引。在我們發言完畢後，我們將回答問題。

I remind you t hat we may make forward-looking statements within the meeting of the Private Securities Litigation Reform Act of 1995, and we refer to non-GAAP financial measures during the webcast. Forward-looking statements are based on management's current expectations and assumptions that are subject to the risk and uncertainties. Factors that may cause actual results to differ materially from expectations or detailed in our earnings materials and our SEC filings that are available both on the SECs and our websites. Information about non-GAAP financial measures including reconciliation to US GAAP can also be found in earning materials that are available on the website.

我在此提醒各位，我們可能會在1995年私人證券訴訟改革法案的會議上發表前瞻性聲明，並且我們在網絡直播期間會提及非GAAP財務指標。前瞻性陳述是基於管理階層目前的預期和假設，但存在風險和不確定性。可能導致實際結果與預期或我們在盈利材料和美國證券交易委員會文件中詳細列出的預期結果存在重大差異的因素，這些材料和文件均可在美國證券交易委員會和我們的網站上查閱。有關非GAAP財務指標（包括與美國GAAP的調節表）的資訊也可以在網站上提供的獲利資料中找到。

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

接下來，我將把電話交給杜象特·夏爾馬。杜尚特？

Thanks, David. I'm excited to report that Paymentus delivered another strong quarter with the results exceeding our expectations in all key areas of our business and delivering exceptional year-over-year growth.

謝謝你，大衛。我很高興地宣布，Paymentus 又迎來了一個強勁的季度，其業績在所有關鍵業務領域均超出預期，並實現了卓越的同比增長。

This outperformance is especially satisfying given the backdrop of our strong performance in the third quarter of last year. In addition, we had a phenomenal quarter of onboarding activities and we ended the quarter with substantial bookings and a strong backlog giving us visibility and further confidence not only for the balance of 2025, but also for 2026.

考慮到我們去年第三季的強勁表現，這次的優異成績尤其令人滿意。此外，我們本季在客戶導入活動方面取得了巨大成功，本季末我們獲得了大量的預訂和強勁的積壓訂單，這不僅讓我們對 2025 年剩餘時間，而且對 2026 年都有了更清晰的認識和更大的信心。

As I mentioned in the past, this high level of visibility enables our management team to focus on creating long-term shareholder value by combining innovation with our steadfast execution. We believe This quarter's results are a great illustration of how we are still able to manage and calibrate our business to meet or exceed our long-term CAGR model of 20% top-line growth and 20% to 30% adjusted EBITDA dollar growth, despite variability of secondary metrics from quarter to quarter.

正如我之前提到的，這種高度的透明度使我們的管理團隊能夠專注於透過將創新與我們堅定不移的執行力相結合來創造長期股東價值。我們相信，本季度的業績很好地說明了，儘管次要指標每個季度都有波動，但我們仍然能夠管理和調整業務，以達到或超過我們長期複合年增長率模型，即營收成長 20%，調整後 EBITDA 美元增長 20% 至 30%。

For example, during the third quarter, as our customer mix is shifting more towards enterprise and larger mid-market clients, our revenue and contribution profit per transaction grew significantly. This also helped demonstrate our vertical expansion strategy that led to higher incremental revenue and contribution profit per transaction. And when you combine this with the tremendous operating leverage we enjoy in the business, in Q3, we were able to achieve a strong top-line growth and a record quarterly adjusted EBITDA margin along with an incremental adjusted EBITDA margin in excess of 60%.

例如，在第三季度，隨著我們的客戶結構更多地轉向企業和大型中端市場客戶，我們的收入和每筆交易的貢獻利潤顯著增長。這也有助於證明我們的垂直擴張策略能夠帶來更高的增量收入和每筆交易的貢獻利潤。再加上我們在業務中享有的巨大經營槓桿，我們在第三季度實現了強勁的營收成長和創紀錄的季度調整後 EBITDA 利潤率，以及超過 60% 的增量調整後 EBITDA 利潤率。

Related to this, it's also important to remember that we remain in market capture mode as we increase our market penetration and enter new verticals because we see a tremendous opportunity to gain share in what is an enormous stamp We also find ourselves in a very fortunate situation where some of the trends in the industry that we were anticipating are actually coming together.

與此相關的是，我們仍然需要記住，隨著我們不斷提高市場滲透率並進入新的垂直領域，我們仍然處於市場佔領模式，因為我們看到了在這個巨大的市場中獲得份額的巨大機會。我們也發現自己處於一個非常幸運的境地，我們預期的一些行業趨勢實際上正在匯聚在一起。

For example, we recently onboarded a large B2B client, and this B2B use case is in a vertical that was new to us. On our platform, they're performing very well. Even though it is early in the full year cycle, we are already seeing significant outperformance beyond our internal modeling. Our go-to-market strategy of being vertical agnostic matched by our vertical agnostic platform engineering is proving to be very sound.

例如，我們最近迎來了一位大型 B2B 客戶，而這個 B2B 用例屬於我們之前從未涉足的垂直領域。在我們的平台上，它們的表現非常出色。儘管現在才剛進入全年周期，但我們已經看到實際表現明顯優於我們的內部模型。我們採取的與垂直行業無關的市場進入策略，以及與之相匹配的與垂直行業無關的平台工程，已被證明是非常合理的。

Likewise, our approach of supporting bidirectional payment rails is also proving to be a good decision and is delivering results. Our clients are choosing us for outbound payments in addition to implementing us as a central nervous system for revenue receipts. Therefore, this opens up further TAM for Paymentus with existing and prospective clients.

同樣，我們支持雙向支付管道的做法也被證明是一個正確的決定，並且正在發揮作用。除了將我們作為收入接收的中樞神經系統之外，我們的客戶還選擇我們作為對外支付的管道。因此，這為 Paymentus 在現有客戶和潛在客戶方面開闢了更大的潛在市場。

And as I've also shared previously, even the AI and agenting commerce progress is moving the industry in our direction. The platform capabilities we have been building over the years are going to catalyze even further opportunities for time expansion in existing and prospective client base in coming years. Another exciting and high-potential area of our business is the opportunity to monetize interchange in outer years. Interchange cost we incur today is big and is getting bigger as we scale.

正如我之前分享過的，即使是人工智慧和代理商務的發展也在推動產業朝著我們設想的方向前進。我們多年來建構的平台能力將在未來幾年為現有和潛在客戶群帶來更多拓展時間的機會。我們業務的另一個令人興奮且極具潛力的領域是，有機會將遠期交換費貨幣化。我們目前產生的交換成本很大，而且隨著規模的擴大，交換成本還會越來越大。

To us, that represents an incremental untapped total addressable market, and a powerful level to drive meaningful adjusted EBITDA and EPS expansion in outer years. In other words, as I look ahead at the next five years, we are feeling great about the foundation we have built and continue to build for an exciting future.

對我們來說，這代表著一個尚未開發的潛在市場，以及在未來幾年推動調整後 EBITDA 和 EPS 實現顯著成長的強大動力。換句話說，展望未來五年，我們對已經建立並將繼續為令人興奮的未來奠定的基礎感到非常滿意。

With that, let's review our third quarter results. Revenue was $310.7 million, an increase of 34.2% year-over-year, largely driven by increased number of billers and higher transaction values. Contribution profit was $98.3 million, up 22.8% year over year. Adjusted EBITDA, which continues to be a primary financial metric for us, was $35.9 million, a 45.9% year-over-year increase, and representing a record 36.5% adjusted EBITDA margin. Once again, the majority of our year-over-year growth in contribution profit fell to our bottom line.

接下來，讓我們回顧一下第三季的業績。營收為 3.107 億美元，年增 34.2%，主要得益於帳單支付方數量增加和交易額提高。貢獻利潤為9830萬美元，年增22.8%。經過調整的 EBITDA 仍是我們的主要財務指標，為 3,590 萬美元，較去年同期成長 45.9%，經調整的 EBITDA 利潤率達到創紀錄的 36.5%。再一次，我們年度利潤成長的大部分都體現在了淨利潤上。

Also, we exceeded the Rule of 40 for the quarter, coming in at 59. This reflects our team's solid execution and our focus on delivering high-quality earnings together with sustained revenue growth.

此外，本季我們超過了 40 的規則，達到了 59。這體現了我們團隊紮實的執行力，以及我們致力於實現高品質獲利和持續收入成長的決心。

Now I'll review our third quarter business highlights and accomplishments. Regarding bookings, we continue to be pleased with the pace of bookings we have achieved year-to-date. Similar to previous quarters, in Q3, we once again saw particular strength in the large enterprise and larger end of mid-market segment. It's spread across a broad vertical base.

現在我將回顧我們第三季的業務亮點和成就。關於預訂情況，我們對今年迄今的預訂進度感到滿意。與前幾季類似，第三季我們再次看到大型企業和中階市場較大部分錶現尤為強勁。它分佈在一個寬闊的垂直基底上。

We also continue to show the diversity and wide appeal of our platform by signing clients in several industry verticals, including insurance, government agencies, utilities, telecom, property management, consumer finance, banking, credit unions, and educational institutions among others.

我們也透過與保險、政府機構、公用事業、電信、物業管理、消費金融、銀行、信用社和教育機構等多個行業的客戶簽約，繼續展現我們平台的多元化和廣泛吸引力。

Complementing our direct go-to-market strategy during the quarter, we continued to leverage our partnership ecosystem. This quarter, we added new channel partners to our portfolio, including government agencies, telecommunications, and property management industries.

本季度，為了配合我們的直接市場推廣策略，我們繼續利用我們的合作夥伴生態系統。本季度，我們新增了多家通路合作夥伴，包括政府機構、電信業和物業管理業。

At the same time, during the quarter, we onboarded several large enterprises. Onboarding our substantial backlog remains a key priority for us. And our onboarding enhancements, incremental investments, as well as improving face-to-face client engagement are driving these successful efforts. In the third quarter, we onboarded clients throughout multiple verticals, including insurance, government agencies, utilities, banking, credit unions, telecommunications, financial services, property management, education, and healthcare.

同時，本季我們也引進了幾家大型企業。處理我們大量積壓訂單仍然是我們的首要任務。我們透過改善客戶入職流程、增加投資以及提升與客戶的面對面互動，推動了這些成功措施的實現。第三季度，我們拓展了多個垂直領域的客戶，包括保險、政府機構、公用事業、銀行、信用社、電信、金融服務、物業管理、教育和醫療保健。

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

現在，我把麥克風交給桑傑，讓他更詳細地回顧我們的財務表現。

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

謝謝杜尚特，也謝謝各位今天蒞臨。

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. As David mentioned earlier, our Q3 press release and earnings presentation includes reconciliations of these non-GAAP financial measures to their corresponding GAAP measures. Both of these are available on our website.

在討論我們的季度業績和展望之前，我想提醒大家，我將要提到的財務表現包括非GAAP財務指標。正如大衛之前提到的，我們的第三季新聞稿和收益報告包含了這些非GAAP財務指標與其對應的GAAP指標的調節表。這兩款產品都可以在我們的網站上找到。

Turning to slide 5, building on our momentum in the first half of the year, our third quarter 2025 results once again exceeded the top end of our guidance range for all three of our key financial metrics. These results continue to highlight the overall strength of our business model and our team's proven ability to consistently meet and exceed our expectations. Our third quarter results included revenue of $310.7 million, up 34.2% year over year, contribution profit of $98.3 million, up 22.8%, and adjusted EBITDA of $35.9 million, up 45.9%.

翻到第 5 張投影片，延續上半年的良好勢頭，我們 2025 年第三季的業績再次超過了我們所有三個關鍵財務指標的預期上限。這些結果繼續凸顯了我們商業模式的整體優勢，以及我們團隊持續達到並超越預期目標的卓越能力。第三季業績包括營收 3.107 億美元，年增 34.2%；貢獻利潤 9,830 萬美元，年增 22.8%；調整後 EBITDA 為 3,590 萬美元，年增 45.9%。

We also continue to experience strong customer activity and demand, which fuels bookings and allowed us to exit the quarter with a considerable backlog. Based on our year-to-date results, our expectations for the remainder of 2025 and strong forward visibility, we are once again raising our full-year 2025 revenue, contribution profit, and adjusted EBITDA guidance, which I'll discuss in more detail shortly.

我們也持續感受到強勁的客戶活躍度和需求，這推動了預訂量的成長，並使我們能夠在本季末累積相當可觀的訂單積壓。根據我們今年迄今為止的業績、對 2025 年剩餘時間的預期以及強勁的未來前景，我們再次上調了 2025 年全年收入、貢獻利潤和調整後 EBITDA 的預期，我稍後會詳細討論。

Now, let's review our third quarter financials in more detail. As mentioned, Q3 revenue was $310.7 million, a 34.2% increase. This growth was driven by four key factors.

現在，讓我們更詳細地回顧一下第三季的財務狀況。如前所述，第三季營收為 3.107 億美元，成長 34.2%。這一增長主要受四個關鍵因素驅動。

First, the successful launch of new billers as anticipated. Second, increased same-store sales from existing billers. Third, the early launch of several large enterprise customers during the third quarter of 2025, which we had originally expected to launch in early 2026. These early launches were a result of our continued focus and improvement in implementation pace due mainly to our team's hard work and strong client engagement and sports higher activity in our Instant Payment Network, or IPN.

首先，新計費器如預期般成功上線。其次，現有客戶的同店銷售額有所成長。第三，我們原計劃在 2026 年初推出的幾款大型企業客戶產品，在 2025 年第三季提前上市。這些早期推出的產品是我們持續專注並不斷改善實施速度的結果，這主要歸功於我們團隊的辛勤工作和強大的客戶參與，以及我們即時支付網路（IPN）的更高活躍度。

Additionally, the number of transactions we processed increased to $182.3 million this quarter, up 17.4% year over year. Our average price per transaction increased to $1.70 during the third quarter, up from $1.49 in the same period last year. This 14.1% increase was mainly due to the biller mix and the launch of new billers in the quarter.

此外，本季我們處理的交易筆數增至 1.823 億美元，年增 17.4%。第三季度，我們的平均每筆交易價格上漲至 1.70 美元，高於去年同期的 1.49 美元。這一14.1%的成長主要是由於帳單支付方式的變化以及本季新帳單支付方式的推出。

Third-quarter 2025 contribution profit increased to $98.3 million. up 22.8% year over year. This growth exceeded the transaction growth as the new billers launched in the quarter generated a higher contribution profit per transaction. Contribution profit per transaction for the quarter was $0.54, a 3.8% improvement from $0.52 in the prior year period. We believe this highlights our ability to capture market share with improving overall profitability.

2025年第三季貢獻獲利增至9,830萬美元，較去年同期成長22.8%。由於本季新推出的帳單服務商每筆交易產生的利潤更高，因此該成長超過了交易量成長。本季每筆交易的貢獻利潤為 0.54 美元，比去年同期的 0.52 美元增加了 3.8%。我們相信這凸顯了我們透過提高整體獲利能力來獲取市場份額的能力。

Contribution margin was 31.6% for the third quarter, a 2.9% reduction compared to 34.5% in the prior year period, reflecting the continued addition of large, high-volume enterprise customers. In spite of that, we generated record adjusted EBITDA margins of 36.5% as both our contribution profit per transaction and operating expense margin year over year improved by 3.8% and 3.6% respectively. Furthermore, our improved contribution profit per transaction together with our strong operating leverage also generated a record incremental adjusted EBITDA margin of 61.7%. These results are consistent with our overall growth strategy focusing on profitability, which I will elaborate on shortly.

第三季貢獻毛利率為 31.6%，較上年同期的 34.5% 下降 2.9%，反映出大型、高交易量企業客戶的持續增加。儘管如此，我們的調整後 EBITDA 利潤率仍創下 36.5% 的歷史新高，因為我們的每筆交易貢獻利潤和營業費用利潤率同比分別提高了 3.8% 和 3.6%。此外，我們每筆交易的貢獻利潤提高，加上我們強大的經營槓桿，也帶來了創紀錄的增量調整 EBITDA 利潤率 61.7%。這些結果與我們以獲利為重點的整體成長策略一致，我稍後會詳細說明。

As we continue to grow and diversify our client base and add more of these large clients to the mix, we expect pricing and contribution profit to vary quarter to quarter. It's important to note, these larger clients are paying us similar or even increased average selling prices than they are accustomed to with other providers. We believe they value the quality of our services and the solutions we provide, which ultimately saves them money and enables them to provide better services to their customers.

隨著我們不斷發展壯大客戶群，並不斷增加大型客戶，我們預期定價和利潤貢獻會逐季波動。值得注意的是，這些大客戶支付給我們的平均售價與他們以往從其他供應商獲得的售價相似，甚至更高。我們相信他們重視我們服務的品質和我們提供的解決方案，最終可以為他們節省資金，並使他們能夠為客戶提供更好的服務。

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

鑑於杜尚特先前強調的成長領域，我們認為從長遠來看，收入和貢獻利潤的成長率將趨於接近，同時考慮到我們商業模式中固有的經營槓桿作用。

As we have discussed 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. That is why 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.

正如我們過去所討論過的，一些我們無法控制的變量，例如平均支付金額的增加或支付組合的變化，可能會對季度間的貢獻利潤產生重大影響。因此，我們將此視為次要指標，而我們的總收入和調整後 EBITDA 仍然是主要指標，也是我們推動業務策略的重點領域。

Moving down the P&L, third quarter adjusted gross profit was $81.1 million up 22.5% year over year. Third quarter non-GAAP operating expenses were relatively flat on a sequential basis and increased 8.6% year over year to $48.1 million. The increase was primarily due to increased hiring and agency fees for business from our resellers and partners in order to convert our strong pipeline into bookings, and an increase in the research and development expenses to enhance our technical strengths.

從損益表來看，第三季調整後毛利為 8,110 萬美元，年增 22.5%。第三季非GAAP營運費用較上季基本持平，年增8.6%至4,810萬美元。成長的主要原因是，為了將我們強大的潛在客戶轉化為實際訂單，我們增加了招聘費用和代理費，以及為了增強我們的技術實力，研發費用也增加了。

We expect to make similar investments throughout the remainder of the year as we continue to execute our go-to-market strategy. These assumptions are already incorporated into our guidance, which I'll review shortly. This year-over-year expense increase was consistent with our expectations.

我們預計在今年剩餘時間內將進行類似的投資，以繼續執行我們的市場推廣策略。這些假設已經納入我們的指導原則中，我稍後會再講解。這項年度支出成長與我們的預期相符。

Third quarter non-GAAP net income was $22.6 million, or $0.17 per share compared to non-GAAP net income of $14.7 million or $0.12 per share in the prior year period.

第三季非GAAP淨利為2,260萬美元，即每股0.17美元，而上年同期非GAAP淨利為1,470萬美元，即每股0.12美元。

Third quarter adjusted EBITDA was $35.9 million, up 45.9% compared to $24.6 million in the prior year period. Adjusted EBITDA also represented 36.5% of contribution profit for the quarter compared to 30.7% last year. This record adjusted EBITDA performance was driven by the same combination of positive factors I talked about earlier. 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. As I mentioned previously, record incremental adjusted EBITDA margin was 61.7% in the quarter.

第三季調整後 EBITDA 為 3,590 萬美元，比上年同期的 2,460 萬美元成長 45.9%。調整後的 EBITDA 也佔本季貢獻利潤的 36.5%，去年同期為 30.7%。這項創紀錄的調整後 EBITDA 業績是由我之前提到的那些正面因素共同推動的。我們相信，調整後的 EBITDA 利潤率的提高表明了我們業務中固有的經營槓桿作用，以及我們適應不斷變化的市場環境並持續增長的成熟能力。正如我之前提到的，本季新增調整後 EBITDA 利潤率創歷史新高，達到 61.7%。

Interest income from our bank deposits was $2.6 million during the third quarter compared to $2.3 million in the prior year period. This year-over-year improvement was a result of an increased average cash balance and effective cash management.

第三季度，我們銀行存款的利息收入為 260 萬美元，而去年同期為 230 萬美元。這一同比改善是由於平均現金餘額增加和有效的現金管理。

Related to our performance, we once again exceeded the Rule of 40 for the quarter, coming in at 59, compared to 5 last quarter, and 61% in the prior year period. This marks our 10th consecutive quarter, exceeding the Rule of 40.

就我們的業績而言，本季我們再次超過了 40 法則，達到 59，而上一季為 5，去年同期為 61%。這標誌著我們連續第十個季度超過了40法則的預期。

Now, I'll discuss our balance sheet and liquidity on slide 6. We ended the third quarter 2025 with a total cash of $291.5 million, compared to $270 million at the end of last quarter. The $21.5 million increase is primarily comprised of $35.1 million of cash used, cash generated from operations offset by $10.1 million used in the investing activities, primarily for capitalized software, and $3.4 million spent in the net settlement of employee RSUs.

接下來，我將在第 6 張投影片上討論我們的資產負債表和流動性。截至 2025 年第三季末，我們的現金總額為 2.915 億美元，而上一季末為 2.7 億美元。增加的 2,150 萬美元主要包括 3,510 萬美元的現金支出，以及營運活動產生的現金，但其中 1,010 萬美元用於投資活動（主要用於資本化軟體），另有 340 萬美元用於員工限制性股票單位的淨結算。

Our daily sales outstanding at the end of third quarter was 31 days, consistent with last quarter. It is noteworthy that while revenues have increased 34.2% this year, our DSO has remained flat sequentially, and declined by approximately 30% year over year, which we believe implies that our working capital cycle, which is already operating efficiently, has further improved.

第三季末，我們的日均應收帳款週轉天數為 31 天，與上一季持平。值得注意的是，雖然今年的營收成長了 34.2%，但我們的應收帳款週轉天數 (DSO) 環比持平，同比下降了約 30%，我們認為這意味著我們原本就運行高效的營運資金周期得到了進一步改善。

Working capital at the end of third quarter was approximately $321.4 million, an increase of approximately 8.1% from the end of the second quarter. We had 129.2 million value-added shares outstanding during the third quarter, essentially flat from 129 million diluted shares outstanding during the second quarter.

第三季末的營運資金約為 3.214 億美元，比第二季末成長約 8.1%。第三季度，我們擁有 1.292 億股增值股份，與第二季 1.29 億股稀釋後股份基本持平。

Now I turn to our non-GAAP guidance for the fourth quarter and full year 2025 on slide 7. Before discussing guidance, I want to mention that we are continuing to follow the same prudent approach to guidance that we have followed over the past two plus years.

現在，我將在第 7 頁介紹我們對 2025 年第四季和全年的非 GAAP 業績指引。在討論指導意見之前，我想提一下，我們將繼續遵循過去兩年多來一直奉行的謹慎的指導方針。

For the fourth quarter 2025, we expect revenues to be in the range of $307 million to $312 million, representing 20% year-over-year growth at the midpoint and 21% at the high end.

我們預計 2025 年第四季的營收將在 3.07 億美元至 3.12 億美元之間，其中數值表示年增 20%，最高值表示年增 21%。

Contribution profit to range from $99 million to $101 million, which represents 16% year-over-year growth at the midpoint and 17.2% at the high end.

貢獻利潤預計在 9,900 萬美元至 1.01 億美元之間，其中值表示同比增長 16%，最高值表示同比增長 17.2%。

Adjusted EBITDA of $34 million to $36 million, representing growth of 28.2% year over year at the midpoint and 31.9% at the high end. This represents a 35% margin at the midpoint and 35.6% margin at the high end. As a reminder, our fourth quarter guidance is raised from the implied guidance we gave during our last earnings call by approximately $17 million on revenue and $3 million each on contribution profit and adjusted EBITDA.

調整後 EBITDA 為 3,400 萬美元至 3,600 萬美元，以中間值計算年增 28.2%，以最高值計算年增 31.9%。這意味著中間價位的利潤率為 35%，高端價位的利潤率為 35.6%。再次提醒大家，我們第四季的業績預期比上次財報電話會議上給出的隱含預期上調了約 1700 萬美元的收入，以及約 300 萬美元的貢獻利潤和調整後 EBITDA。

Along with our guidance, I also want to reiterate some items I have noted on past calls related to our outlook for contribution profit growth rates and adjusted EBITDA margin. As our business grows, we are receiving greater inbound interest from larger enterprise customers. Not surprisingly, these customers often request volume discounts, which we are open to where the deal economics support it.

除了我們的指導意見外，我還想重申一些我在先前的電話會議中提到的事項，這些事項與我們對貢獻利潤增長率和調整後 EBITDA 利潤率的展望有關。隨著業務的成長，我們收到了越來越多來自大型企業客戶的諮詢。不出所料，這些客戶經常要求批量折扣，如果交易經濟效益允許，我們也會考慮。

Additionally, our substantial operating leverage allows us to attract and book these larger customers. Said differently, volume discounts for large customers are typically more than offset by strong incremental adjusted EBITDA, as we saw in the third quarter. This increases our efficiency, as our onboarding time per biller is declining while our average customer size is simultaneously increasing. Furthermore, we have the ability to recalibrate OpEx spending relative to contribution profit in order to reach a desired adjusted EBITDA. For reference, our incremental adjusted EBITDA margin for the third quarter 2025 was 61.7% relative to adjusted EBITDA margin of 36.5%.

此外，我們強大的經營槓桿使我們能夠吸引和預訂這些大客戶。換句話說，大客戶的批量折扣通常會被強勁的增量調整 EBITDA 所抵消，正如我們在第三季度看到的那樣。這提高了我們的效率，因為每個帳單使用者的入職時間正在減少，而我們的平均客戶規模卻在同時增加。此外，我們有能力根據貢獻利潤重新調整營運支出，以達到預期的調整後 EBITDA。作為參考，我們 2025 年第三季的增量調整 EBITDA 利潤率為 61.7%，而調整 EBITDA 利潤率為 36.5%。

Based on our results and progress we have already made year-to-date in 2025 and our expectations for the remainder of the year, for the full year 2025, we now expect revenues in the range of $1.173 billion to $1.178 billion, up 4.3% from the midpoint of our previous guidance. The updated guidance now represents 34.9% annual growth at the midpoint.

根據我們 2025 年至今取得的業績和進展，以及我們對今年剩餘時間的預期，我們現在預計 2025 年全年收入將在 11.73 億美元至 11.78 億美元之間，比我們之前預期的中點增長 4.3%。更新後的預期中位數為年增率 34.9%。

Contribution profit in the range of $378 million to $380 million, up 2.2% at midpoint versus prior guidance. This updated guidance now represents 21.5% annual growth at the midpoint.

貢獻利潤預計在 3.78 億美元至 3.8 億美元之間，較先前預期的中位數成長 2.2%。更新後的預期中位數為年增率 21.5%。

Adjusted EBITDA to range from $132 million to $134 million, representing a 6.4% increase at the midpoint versus our previous guidance. The updated guidance now represents a 41.2% annual growth at the midpoint. This represents a 35.1% marginal contribution profit at midpoint and improvement from 30.2% in the prior year.

調整後 EBITDA 預計在 1.32 億美元至 1.34 億美元之間，中位數較我們先前的預期成長 6.4%。更新後的預期顯示，年增長率中位數為 41.2%。這相當於年中邊際貢獻利潤率為 35.1%，比上年的 30.2% 有所提升。

On the Rule of 40 scale, this annual guidance implies a score in the range of 56 to 57.

根據 40 法則，這項年度指導意味著得分在 56 到 57 分之間。

In closing, we reported another quarter of excellent results, despite a tough comparable. In the third quarter, 2025, we continue to build on our solid momentum from the first half of the year, resulting in strong revenue, record adjusted EBITDA, solid bookings, and a sizable backlog. Due to all of this, we have considerable visibility and believe we are well positioned for the rest of 2025, as well as for 2026.

最後，儘管今年同期業績較為艱難，但我們依然取得了另一個季度的優異成績。2025 年第三季度，我們繼續保持上半年強勁的成長勢頭，實現了強勁的收入、創紀錄的調整後 EBITDA、穩健的訂單量和可觀的積壓訂單。鑑於上述種種因素，我們擁有相當清晰的視野，並相信我們已經為 2025 年剩餘時間以及 2026 年做好了充分準備。

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.

謝謝大家今天的關注，現在我把時間交還給杜尚特，請他做最後的總結發言，之後我們將開始提問環節。

Thanks, Sanjay.

謝謝你，桑傑。

In summary, our third quarter was another period where we achieved results that exceeded our expectations, including strong, durable revenue and adjusted EBITDA growth, despite a tough year-over-year comp. We exited the quarter with a strong bookings and backlog which gives us great visibility and confidence in our outlook, not only for the rest of 2025, but we are also feeling good about our prospects for 2026 and beyond.

總而言之，儘管年比基數較高，但我們第三季的業績再次超出預期，包括強勁、持續的營收和調整後 EBITDA 成長。本季末，我們的預訂量和積壓訂單量都很強勁，這讓我們對前景有了清晰的了解和信心，不僅是對 2025 年剩餘時間，而且我們對 2026 年及以後的前景也感到樂觀。

As I shared earlier, when we factor in our current scale of install base of 2000-plus clients, including some of the household names, tens of millions of users, including businesses who pay their bills using our platform, our innovative DNA, along with our ever-growing platform footprint and ecosystem, we feel good about our long-term moat, especially as we champion the change of capitalizing conversion of legacy infrastructure, both in-house and outsourced, to Paymentus.

正如我之前分享的，考慮到我們目前擁有超過 2000 家客戶的龐大安裝基礎（其中包括一些家喻戶曉的公司）、數千萬用戶（包括使用我們平台支付賬單的企業）、我們創新的基因，以及我們不斷增長的平台覆蓋範圍和生態系統，我們對我們的長期護城河倡導將內部和外包us 的基礎設施轉換為內部和交付的傳統基礎設施。

With that, I want to thank our entire team for all their efforts and dedication to our success. That concludes our prepared remarks. I'll now open the line up for questions.

在此，我要感謝我們整個團隊為我們的成功所付出的努力和奉獻。我們的發言稿到此結束。現在開始接受提問。

(Operator Instructions) John Davis, Raymond James.

（操作說明）約翰戴維斯，雷蒙德詹姆斯。

Hey. Good afternoon, guys. Dushyant, I wanted to start with the comments around onboarding a new B2B customer in a new vertical. Obviously, the B2B market's huge. Just some context about how this relationship and kind of ultimate signing developed. Do you have many more B2B opportunities in the pipe? And just maybe some broader comments about that opportunity for Paymentus.

嘿。下午好，各位。Dushyant，我想先談談如何將新的 B2B 客戶引入新的垂直領域。顯然，B2B市場規模龐大。簡單介紹一下這段關係以及最終簽約是如何發展的。您還有很多正在籌備中的B2B合作機會嗎？或許還可以就Paymentus的這一機遇發表一些更廣泛的評論。

Yeah, thank you, John. So B2B is a functional area we had developed some time ago on our platform. And as we have shared in the past, we support a lot of complex workflows for a lot of clients. And almost all of our clients who are on our business, they serve consumers as well as businesses. So by default, almost every business we have on our platform, we are receiving payments from both of those cohorts.

謝謝你，約翰。B2B 是我們先前在平台上開發的功能領域。正如我們過去分享過的，我們為許多客戶提供許多複雜的工作流程支援。幾乎所有與我們合作的客戶，都同時服務消費者和企業。因此，預設情況下，我們平台上的幾乎所有企業都會收到來自這兩個群體的付款。

With B2B, specifically, we felt that if we can extend the capability and add some more workflows to our platform, this could be very attractive just for the B2B segment specifically. Those clients are only dealing with B2B. This is one of many other opportunities we have on our platform.

具體到 B2B 領域，我們認為，如果我們能夠擴展平台的功能並添加更多工作流程，那麼這對 B2B 領域來說將非常有吸引力。這些客戶只從事B2B業務。這是我們平台上眾多機會之一。

This one specifically was in a vertical we were not targeting, but the client showed interest in our platform. And the reason I wanted to highlight this was that this is exactly the reason why we are taking a very horizontal approach to our platform, the way we have engineered, that we are able to get into different verticals by just having great storytellers who can explain the simplicity that can be gained by moving to our platform, so this is a sizable opportunity.

雖然這個客戶所在的垂直領域並非我們重點關注的領域，但他們對我們的平台表現出了興趣。我之所以要強調這一點，正是因為我們採取了非常橫向的平台建設方式，我們透過優秀的說故事者來解釋遷移到我們平台所帶來的便利，從而能夠進入不同的垂直領域，這是一個巨大的機會。

And as we onboarded them on our platform, one of the trends we started to see was that the customers were using more of the services than even we were anticipating. And now it's even a larger client than we were thinking about. So we are excited about this opportunity and we feel like that we can do better in that vertical as well, and actually methodically target that as opposed to sporadically. So that's where the excitement is coming in as well.

隨著我們逐步將他們引入我們的平台，我們開始發現的一個趨勢是，客戶使用的服務比我們預期的還要多。現在，這個客戶比我們預想的還要大。所以我們對這個機會感到興奮，我們覺得我們在這個垂直領域也能做得更好，並且能夠有條不紊地瞄準這個領域，而不是零星地進行。所以，興奮之處也正來自於此。

So in some ways, my point was that the way we had designed our platform and the strategy, but also the thoughts we had or the vision we had about our our business and where the industry will go, that rather than very niche-y, if you will, it will start to move towards the horizontal platforms is coming to fruition.

所以在某種程度上，我的觀點是，我們設計的平台和策略，以及我們對業務和產業發展方向的想法或願景——與其說是非常小眾的，不如說它將開始向橫向平台發展——正在逐步實現。

Okay, great. And this is a follow-up. Sanjay, I appreciate your comments around volume discounts. But I think one of the most surprising things to me is you've clearly -- having success moving up market, moving in new verticals, and yes, that comes with higher card mix, higher kind of gross revenue per transaction.

好的，太好了。這是後續報道。Sanjay，感謝你對批量折扣的評論。但我認為最令我驚訝的是，你們顯然在向高端市場擴張、進入新的垂直領域方面取得了成功，是的，這帶來了更高的信用卡組合，更高的每筆交易毛收入。

But what's more interesting is even contribution profit per transaction is up, I think, about 4% year over year, despite moving up market. Just want to understand what's driving that or maybe moving some verticals that maybe have a little bit better pricing as you kind of mix away from utilities? Or are you adding kind of more bells and whistles products and services that are driving a higher contribution profit per transaction? Just would love to get some more commentary on that.

但更有趣的是，儘管市場定位有所提升，但每筆交易的貢獻利潤似乎也比去年同期成長了約 4%。我只是想了解是什麼因素導致了這種情況，或者是否是因為在逐漸減少公用事業相關業務的同時，某些垂直行業的價格可能會更好一些？或者，您增加了一些花哨的產品和服務，從而提高了每筆交易的利潤？很想聽聽大家對此的更多評論。

Thanks, John. This is a very interesting question. We are very excited about the contribution profit per transaction getting up higher year over year, around 3.8%. The biggest reason, if I have to point out, number one, is our platform and the value of our platform is resonating. The success which we have had while marching upwards on a market share gain every year, that's resonating really well. And resonating well not only with the verticals where we really have a strong success, like utilities, for example. And as you know, utilities are 50% of our revenue.

謝謝你，約翰。這是一個非常有趣的問題。我們很高興看到每筆交易的貢獻利潤年增了約 3.8%。如果非要指出最重要的原因，那就是我們的平台，而我們平台的價值正在引起共鳴。我們每年都在市場份額增長，並且取得了成功，這引起了很好的反響。而且不僅與我們真正取得巨大成功的垂直行業（例如公用事業）產生了良好的共鳴。如您所知，公用事業收入占我們收入的 50%。

But all the other verticals, we are now taking the step into a higher level, or I would say, a different level or different segment of customers within those verticals. And that's giving us an edge of better pricing. And we are fortunate enough to generate better contribution profit as well.

但對於其他所有垂直領域，我們現在正邁向一個更高的層次，或者我應該說，邁向這些垂直領域內不同的層次或不同的客戶群。這讓我們在定價方面具有優勢。而且我們很幸運，還能獲得更高的利潤分成。

And as you rightly pointed out, the revenue per transaction could be higher, but it also depends on the interchange cost or the mix of the card payments for the new customers we acquire. And that's one of the reasons for variability quarter over quarter. But at the same time, contribution profit per transaction growing up actually indicates that the new implementations which went live in the third quarter were at a materially higher contribution profit per transaction. And that is a great encouragement for our team, for our sales team, who are marching on the path to convert the large pipeline we have in front of us to convert to bookings.

正如您所指出的，每筆交易的收入可能會更高，但這也要取決於交換費或我們新客戶的銀行卡支付組合。這就是季度間業績波動的原因之一。但同時，每筆交易的貢獻利潤成長實際上表明，第三季上線的新實施方案的每筆交易貢獻利潤要高得多。這對我們的團隊，尤其是我們的銷售團隊來說，是莫大的鼓舞，他們正努力將我們面前大量的潛在客戶轉化為實際訂單。

And as you know, once you get -- as Dushyant pointed out, we have some household names as well. You have one, then you have second. And then when you have the second, you have third, and fourth and so on. And we are seeing that kind of traction and success in almost every vertical where we are penetrating.

正如你所知，一旦你——正如杜尚特指出的那樣，我們也有一些家喻戶曉的名字。你先有一個，然後你又有第二個。然後有了第二個，就有了第三個，第四個，以此類推。我們在幾乎所有涉足的垂直領域都看到了這種發展勢頭和成功。

So we are very proud of the accomplishment on contribution profit per transaction. And in the end, the answer is the value of our platform is just resonating with everyone. We go and demonstrate our product.

因此，我們對每筆交易的貢獻利潤所取得的成就感到非常自豪。歸根究底，答案是：我們平台的價值引起了所有人的共鳴。我們去現場展示我們的產品。

Okay. Appreciate all the color. Thanks, guys. Thank you.

好的。欣賞這繽紛的色彩。謝謝各位。謝謝。

Tien-Tsin Huang, JPMorgan.

黃天心，摩根大通。

Thank you. Great results. I want to ask around visibility, if that's okay? Just your visibility today, looking ahead to next year, how would you compare it to the same time last year when you were looking ahead?

謝謝。效果顯著。我想問一下關於可見性的問題，可以嗎？就您目前的視野而言，展望明年，您覺得與去年同期展望明年時相比如何？

If I recall, there were a lot of questions around enterprise and how those were board and flow through and payment mix. Do you feel like your visibility is better and how is it different?

如果我沒記錯的話，當時有很多關於企業的問題，像是董事會、資金流動和支付組合等。你覺得你的視野更好了嗎？有什麼不同？

Thanks for the question. We find ourselves in the exact situation at this time of this year as we were last year, same time. So visibility is very high. We've got a great backlog in front of us, which our implementation team is busy executing. We've got a great pipeline in front of us, which our sales team is busy converting to bookings.

謝謝你的提問。今年這個時候，我們發現自己處境與去年同期完全相同。所以能見度非常高。我們面前積壓了大量項目，我們的實施團隊正在忙著執行。我們面前有非常好的潛在客戶群，我們的銷售團隊正在努力將其轉換為實際訂單。

And what we have also seen is, the past implementations in the last four quarters, which we have delivered, the kind of the quality customers we are having now, they, themselves are growing. And that's helping us achieve a better execution or better growth, i.e., the good same-store sales we are seeing. So overall, in all directions, the trends have been very positive. Our visibility is very high.

我們也看到，在過去四個季度中，我們交付的那些高品質的客戶，他們本身也在不斷發展壯大。這有助於我們實現更好的執行或更好的成長，即我們看到的良好的同店銷售業績。總的來說，各個方面的趨勢都非常正面。我們的知名度非常高。

At the same time, if I just may digress into, we are not guiding at this time for 2026, but at the same time, I understand there might be a desire to understand how should we model the next year. I would say to model the next year, it will be reasonable to use the similar growth rates at midpoint and high end what we gave during the initial guidance we gave for 2025 using '24 basis.

同時，恕我插一句，我們目前還沒有對 2026 年做出預測，但同時，我也理解大家可能希望了解我們該如何預測明年。我認為，為了對明年進行建模，可以合理地採用與我們最初對 2025 年的指導意見中採用的 ​​2024 年基準類似的成長率的中點和高點。

You could use the same midpoint of '25 we gave and apply similar growth rates at midpoint and high end. I think that will be a similar approach and will be reasonable, which kind of indicates the visibility we have for our business and the growth prospects.

你可以使用我們給的 '25' 這個中點，並應用類似的中點和高端成長率。我認為這將是一個類似的、合理的方法，這在某種程度上表明了我們對自身業務和成長前景的清晰認識。

Perfect. Thanks for sharing that. That's very reasonable. Great.

完美的。謝謝分享。這非常合理。偉大的。

So let me ask on -- just my quick follow-up, just on the enterprise pipeline, both of you expressed that as being very strong. Any change in the type of or who you might be replacing and what systems the incumbent might be looking to be replaced by with Paymentus? I'm just curious if there's any shift in pattern there. Thank you. So who are you replacing potentially with these deals? Thank you, Dushyant.

那麼，讓我再問一下——我只是想快速跟進一下，關於企業管道，你們兩位都表示這方面非常強勁。Paymentus 是否有任何關於系統類型或替換物件方面的變化？現有系統可能希望被哪些系統取代？我只是好奇那裡的模式是否有任何變化。謝謝。那麼，這些交易可能會取代哪些人呢？謝謝你，杜尚特。

Thank you, Tien-Tsin. Actually, what's driving a lot of excitement for us is that there was a time we-- and all of us in the industry thought, including all the legacy providers, that there is some segment of the market which is totally out of reach just because they're too large.

謝謝你，田進。事實上，讓我們感到非常興奮的是，曾經有一段時間，我們——以及業內所有人，包括所有傳統供應商——都認為，市場中存在一些完全遙不可及的領域，僅僅因為它們規模太大。

And the reason for that was, this cohort of clients, they are looking for, number one, they're looking for control. And they also are looking for very specific bespoke configurations and workflows, which they believe that only they can develop. It's not easy to develop on a third-party platform. And I would say the third would be the scale.

原因在於，這群客戶首先追求的是控制權。他們還在尋找非常具體的客製化配置和工作流程，他們認為只有他們才能開發這些配置和工作流程。在第三方平台上進行開發並不容易。我認為第三個因素是規模。

As Paymentus has started to reach a decent-sized scale, if I may say it that way, and we are a billion-dollar company at this point and generating cash, your profitable company, strong balance sheet. All of those things are important to a large company, combined with the fact that these clients are able to take a look at -- previously we used to sit, in some ways, the opposite side of the table to their technology leadership team, CIOs, CTOs, who now think of us as a partner in solving key business issues related to payment and customer experiences.

Paymentus 已經發展到相當可觀的規模（如果我這麼說的話），我們現在是一家市值十億美元的公司，並且能夠產生現金流，是一家盈利的公司，擁有強勁的資產負債表。所有這些對於一家大公司來說都很重要，再加上這些客戶能夠審視——以前我們在某種程度上與他們的技術領導團隊、首席資訊長、首席技術官坐在桌子的對面，而現在他們把我們視為解決與支付和客戶體驗相關的關鍵業務問題的合作夥伴。

So from that perspective, that cohort is very exciting to us because some of these in-house solutions are now finding a great home in Paymentus. Number one, they believe that this is the type of platform they cannot build themselves, regardless of how many floors of programmers they have. On top of that, the type of business configurations and the business rules and the complexity they desire for our platform to be able to configure, we already do support. Third, the type of control they're looking for, we have built our platform with those capabilities as well.

所以從這個角度來看，這群員工讓我們非常興奮，因為他們的一些內部解決方案現在在 Paymentus 找到了很好的歸宿。第一，他們認為無論他們有多少層樓的程式設計師，他們自己都無法建立這種類型的平台。除此之外，他們希望我們的平台能夠配置的業務配置類型、業務規則和複雜性，我們目前都已提供支援。第三，他們所尋求的控制類型，我們的平台也具備這些功能。

So as a result, that cohort is actually very exciting, along with, I would say, the legacy service provider. There's no specific one who we are targeting. Our goal is, how do we modernize whatever is out there? And we are getting into clients where they have a combination of many solutions; some of them in-house, and some of them from third parties, in many cases, multiple.

因此，這一群體實際上非常令人興奮，而且我認為，傳統的服務提供者也是如此。我們沒有特定的目標。我們的目標是，如何使現有的一切現代化？我們正在接觸的客戶中，他們擁有多種解決方案的組合；有些是內部解決方案，有些是第三方解決方案，在許多情況下，是多種解決方案的組合。

Got it. Thank you so much. Well done.

知道了。太感謝了。做得好。

Thank you.

謝謝。

(Operator Instructions) Craig Mauer, FT Partners.

（操作說明）Craig Mauer，FT Partners。

Yeah, hi. Thanks for taking the question. You listed four key factors earlier in the call that drove the increase in revenue. Can you provide perhaps some sizing in terms of the impact each of these had? And do you expect these benefits to continue into fourth quarter, and perhaps early parts of next year? Thanks.

嗨，你好。感謝您回答這個問題。您在先前的電話會議中列出了推動收入成長的四個關鍵因素。您能否提供一些關於這些因素各自影響程度的量化數據？您預計這些益處會持續到第四季度，甚至明年年初嗎？謝謝。

Yeah, we don't generally provide a quantitative breakup of the four factors. Historically, we haven't done. What we can do is we can help you prioritize, and they were listed in the order of priority, I would say.

是的，我們通常不會提供這四個因素的量化細分數據。從歷史上看，我們並沒有這樣做。我們可以幫助你確定優先事項，而且我認為它們已經按照優先順序排列好了。

The first one was successful launch of new billers. That's the largest component of the growth. And the second component of growth comes from the same store sales. And third component is the early launch of large enterprise customers during the third quarter. And fourth is our IPN network, which is doing really well. So in these four categories would be the ones and in the order of priority, I would say.

第一件事是成功推出新的計費系統。這是成長的最大組成部分。成長的第二個組成部分來自同店銷售額。第三個組成部分是第三季提前推出大型企業客戶產品。第四點是我們的IPN網絡，它運作得非常好。所以，這四類就是我要說的，按優先順序排列。

And to your second part of the question, yes, we expect all these four to continue in Q4 as well as in the outer year, also in 2026. And these four are actually our growth vectors since the past few quarters and they have been performing really well, and all four of them have done well quarter over quarter as well as sequentially.

至於你問題的第二部分，是的，我們預計這四項活動將在第四季度以及更遠的年份（即 2026 年）繼續進行。這四項業務實際上是我們近幾個季度以來的成長動力，它們的表現都非常出色，而且這四項業務的季度環比和環比表現都很好。

So there could be times when seasonality plays a role and a second factor may become third or the third may become fourth, but overall, that has been our trend and we are glad it's continuing in the same way and we feel very good about it.

所以，有時季節性因素可能會起作用，第二個因素可能會變成第三個因素，第三個因素可能會變成第四個因素，但總的來說，這就是我們的趨勢，我們很高興它繼續以同樣的方式發展，我們對此感到非常滿意。

Okay, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

John Davis, Raymond James.

約翰戴維斯，雷蒙德詹姆斯。

Hey, and just one quick follow-up. It looks like free cash flow conversion trailing four quarters is a little over 140%. Maybe just the sustainability of that and what's driving that pretty incredible free cash flow conversion over the last year?

嘿，還有一個後續問題。過去四個季度的自由現金流轉換率似乎略高於 140%。或許關鍵在於這種模式的可持續性，以及是什麼因素推動了過去一年如此驚人的自由現金流轉換率？

Yeah, thanks, John. Cash flow has been really the strength of the business, and it actually stems from the fact that our incremental adjusted EBITDA margin is very high. And that's just a reflection of that in our cash flows. And you're right, in the last four quarters, it has been more than 100% cumulatively. We are very glad that in Q3 itself, it came very similar to what we saw in Q2.

謝謝你，約翰。現金流一直是公司真正的優勢所在，這其實源自於我們增量調整 EBITDA 利潤率非常高。而這正好反映了我們現金流的狀況。你說得對，過去四個季度累計成長超過 100%。我們非常高興地看到，第三季的情況與第二季非常相似。

So the one way to like how to forecast it going forward will be if you exclude the working capital piece, which could be plus or minus couple of million dollars a quarter, and which is always temporary as you know it, if it goes in it comes out in a couple of quarters, so if you exclude the working capital -- I can give you a model on how to forecast our cash flows you can start with adjusted EBITDA dollars, adjust that for income taxes we have provided 25% non-GAAP tax rate for taxes, and then adjust that for interest income. That's approximately $2.5 million a quarter or $3 million a quarter, depending on the interest rates. And adjust that for the GAAP software expense, which is approximately trending at $9 million a quarter as well.

因此，預測未來走勢的一個方法是排除營運資本部分，該部分每季度可能會上下浮動數百萬美元，而且如您所知，它總是暫時的，如果流入，幾個季度後就會流出。所以，如果排除營運資本——我可以給您一個預測現金流的模型，您可以從調整後的 EBITDA 美元開始，根據我們提供的 25% 非 GAAP 稅率調整所得稅，然後再根據利息收入進行調整。根據利率的不同，這大約是每季 250 萬美元或 300 萬美元。此外，還要根據 GAAP 軟體費用進行調整，該費用目前也約為每季 900 萬美元。

So using those trends, you can expect the free cash flow and maybe make your model of free cash flow more accurate than using a percentage of the last four quarters. And overall, we expect free cash flow to be generated every quarter. And overall for the whole last year, if we go back 12 months, we have generated $100 million-plus cash in the last four quarters. So we feel very good. It's a cash-rich business and it stems from the fact that operating leverage on the business is very high, and majority of the contribution profit dollars fall to the bottom line.

因此，利用這些趨勢，您可以預測自由現金流，並可能使您的自由現金流模型比使用過去四個季度的百分比更準確。總體而言，我們預計每季都會產生自由現金流。總的來說，如果回顧過去 12 個月，在過去的四個季度裡，我們總共創造了超過 1 億美元的現金流。我們感覺非常好。這是一個現金充裕的企業，這是因為該企業的經營槓桿非常高，大部分利潤都計入了淨利。

And at the same time, I would say one key factor which has held in the last few quarters, I would say at least last two quarters, is our improvement of DSO, which has given us more cash. We are getting very high-quality billers or customers in our customer base. Not a lot of follow-ups are needed, but the invoice and the cash comes in on time.

同時，我認為過去幾個季度，至少是過去兩個季度以來一直保持穩定的一個關鍵因素是我們的應收帳款週轉天數 (DSO) 的改善，這為我們帶來了更多現金。我們的客戶群中湧現了許多高品質的帳單處理商或客戶。不需要太多後續跟進，發票和款項都能準時到達。

So that's one more advantage we are seeing of our business running, not only smoothly in terms of revenues and profitability, but also getting the quality of the customers, which helps improve our balance sheet and gives us the ability to have significant cash, which opens a lot of opportunities for us to make right investments for the investors. So we feel very good about the free cash flow generation, and I think that's one of the strengths of our company today.

因此，我們看到業務運營的另一個優勢是，不僅在收入和盈利能力方面進展順利，而且還獲得了高品質的客戶，這有助於改善我們的資產負債表，並使我們能夠擁有大量現金，這為我們向投資者進行正確的投資創造了許多機會。因此，我們對自由現金流的產生感到非常滿意，我認為這是我們公司目前的優勢之一。

Okay. Appreciate all the color. Thanks, guys.

好的。欣賞這繽紛的色彩。謝謝各位。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Hey, thanks for taking the question. Just one here on the topic of agentic commerce. You know, I know a lot of value profit payments revolves around kind of meeting the consumer where they're at, when they're ready to make that payment, and making it as easy as possible. Probably agentic commerce has been getting a lot of attention from investors recently. I know you guys have always been close to the Braintree and PayPal. They've got this new partnership with OpenAI.

嘿，謝謝你回答這個問題。這裡就代理商業這個主題舉個例子。我知道，很多有價值的利潤支付都圍繞著如何滿足消費者的需求，在他們準備付款的時候，盡可能地簡化付款流程。最近，代理型商務可能受到了投資者的廣泛關注。我知道你們一直與 Braintree 和 PayPal 關係密切。他們與 OpenAI 建立了新的合作關係。

So just wondering how you guys are thinking about just the technical hurdles of making it easier for consumers to pay their bills, potentially in a more agentic way? And just where you think that, where are you on the roadmap, and how long do you think that extends until it sort of hits the market and it's a reality for consumers?

所以我想知道你們是如何考慮如何克服技術上的障礙，讓消費者更容易支付帳單，並有可能以更聰明的方式進行支付？那麼，您認為目前產品處於什麼階段呢？在產品路線圖上，您認為還需要多長時間才能真正進入市場，成為消費者的現實選擇？

Thank you for the question, Bill. I think we have been, AI has been a big piece of our strategy for many years and we have been actually working towards this day in some ways. And part of the commentary in my prepared remarks was around the very same point that we find ourselves in a very fortunate situation that we believe that this day will come and we are preparing the company for it, making a lot of investments towards that model.

謝謝你的提問，比爾。我認為我們一直以來都是人工智慧的重要組成部分，多年來，人工智慧一直是我們策略的重要組成部分，而且在某些方面，我們實際上一直朝著這個方向努力。我事先準備好的發言稿中也有一部分評論圍繞著這一點，那就是我們發現自己處於一個非常幸運的境地，我們相信這一天終會到來，我們正在為此做好準備，並為此模式進行了大量投資。

I think we will play a big role in AI and agentic world, not only in bill payments, but overall service commerce. And what I mean by service commerce is, taking this opportunity to just explain that if you think about retail commerce, which is getting highly commoditized, as you can see, everyone is focused on trying to get the checkout as quickly as possible so that the sale is made. The service world is very different. The work actually starts after a sale is made.

我認為我們將在人工智慧和智慧體領域發揮重要作用，不僅在帳單支付方面，而且在整個服務商業領域。我所說的服務型商業，藉此機會解釋一下，如果你想想零售業，它正變得越來越商品化，正如你所看到的，每個人都專注於盡快完成結帳，以便完成銷售。服務業的情況截然不同。實際上，工作是在銷售完成後才開始的。

Imagine a scenario where a utility gets a customer or the insurance company gets a customer. The work starts after that. So getting the customer is the beginning of the relationship, but then the pursuit is to never lose that customer, continue to provide good quality service to the customer, being responsive to the customer, being always improving or removing all the unwieldy processes in such a way that you can actually service those customers at a high quality without incurring a lot of cost.

想像這樣的場景：一家公用事業公司獲得了一位客戶，或是一家保險公司獲得了一位客戶。工作隨後開始。因此，獲得客戶是建立關係的開始，但接下來的追求是永遠不要失去客戶，繼續為客戶提供優質服務，積極響應客戶的需求，不斷改進或消除所有繁瑣的流程，從而能夠以高品質的服務為客戶提供服務，而無需花費太多成本。

All of those things actually come together in a way that we believe that Paymentus will play and actually is uniquely positioned to play a big and central role in creating, in some ways, a paradigm shift in the world of service commerce using bill payment platform we have already created, which is actually designed to be a service commerce platform.

所有這些因素結合起來，我們相信 Paymentus 將發揮重要作用，並且實際上具有獨特的優勢，能夠利用我們已經創建的帳單支付平台（該平臺本身就是一個服務商務平台），在某種程度上，在服務商務領域創造範式轉移。

In the long run, in coming years, you will see increasing adoption of our platform in broader workflows, and agentic service commerce will be a key part of it. So that's all I could share right now, but we'll talk more about it in subsequent quarters.

從長遠來看，在未來的幾年裡，您將會看到我們的平台在更廣泛的工作流程中越來越廣泛的採用，而代理服務商務將是其中的關鍵部分。目前我只能透露這麼多，但我們會在接下來的幾季中詳細討論這個問題。

Awesome. Appreciate you taking the question. Nice results.

驚人的。感謝您回答這個問題。結果不錯。

Thank you.

謝謝。

At this time, I'd like to pass the conference back over to Dushyant for closing remarks.

此時，我想把會議交還給杜尚特，請他作閉幕致詞。

Well, thank you so much, everyone. Really appreciate your time. Have a great day. Thank you.

非常感謝大家。非常感謝您抽出時間。祝你有美好的一天。謝謝。

Thank you. Bye-bye.

謝謝。再見。

That will conclude today's conference call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您今天餘下的時間愉快。