Paymentus Holdings Inc (PAY) 2026 Q1 法說會逐字稿

Good day, and welcome to the first-quarter 2026 Paymentus earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，歡迎參加 Paymentus 2026 年第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker, Mr. David Hanover, Investor Relations. Please go ahead.

現在我想把會議交給今天的發言人，投資人關係部的 David Hanover 先生。請開始。

Thank you, operator. Good afternoon. Welcome, and thank you for joining the webcast to review our first quarter 2026 results. Our earnings release documents are available on the Investor Relations section of the paymentus.com website. They include the earnings presentation that we'll make reference to during this webcast. This webcast is being recorded.

謝謝，接線員。各位下午好。歡迎各位，並感謝加入本次網路直播，一同回顧我們 2026 年第一季的業績表現。我們的財報新聞稿文件可於 paymentus.com 網站的投資人關係專區取得，其中包含我們在本次直播中將引用的財報簡報。本次網路直播將被錄音。

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

希望大家都已經有機會檢視這些文件。我們的創辦人暨執行長 Dushyant Sharma 將先做開場致詞，接著由我們的財務長 Sanjay Kalra 說明第一季的細節以及我們的財測指引。在我們的預備發言之後，我們將進行問答。

Let me just remind you that we will 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 this webcast. Forward-looking statements are based on management's current expectations and assumptions that are subject to risks and uncertainties.

提醒各位，我們在本次網路直播中將依據《1995 年私人證券訴訟改革法》之定義發表前瞻性陳述，並將引用非 GAAP 財務衡量指標。前瞻性陳述係基於管理階層目前的預期與假設，並可能受到風險與不確定性影響。

Factors that may cause our actual results to differ materially from expectations are detailed in our earnings materials and in our SEC filings that are available on both the SEC and our website. Information about non-GAAP financials, including reconciliations to US GAAP, can also be found in our earnings materials that are available on the website.

可能導致我們實際結果與預期出現重大差異的因素，已在我們的財報資料以及提交給美國證券交易委員會（SEC）的文件中詳述，這些文件可於 SEC 與我們的網站查閱。關於非 GAAP 財務資訊（包含與美國 GAAP 的調節表），亦可在網站上的財報資料中找到。

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

接下來，我想把網路直播交給 Dushyant Sharma。Dushyant？

Thanks, David. We had a tremendous start of 2026 with record revenue and strong growth, exceeding our CAGR model across all key metrics. We believe these results underscore the durability and long-term growth potential of our business model. That strength is driven by our platform, our ecosystem, our expertise and scale, our quality of service with support, security, availability and compliance frameworks, along with a broad and continuously evolving innovation framework.

謝謝，David。我們在 2026 年有一個非常出色的開局，營收創下新高且成長強勁，在所有關鍵指標上都超越了我們的 CAGR 模型。我們相信，這些結果凸顯了我們商業模式的韌性與長期成長潛力。這股強勁動能來自於我們的平台、我們的生態系、我們的專業與規模、我們在支援、安全、可用性與合規框架下的服務品質，以及廣泛且持續演進的創新框架。

In addition to our very strong financial results, we also announced an important product launch today that we believe will transform how service providers interact with their customers.

除了非常亮眼的財務表現之外，我們今天也宣布了一項重要的產品上市，我們相信這將改變服務供應商與其客戶互動的方式。

Today's agenda will proceed as follows. First, I'll provide a brief overview of our results. Sanjay will then provide a detailed financial review and discuss our outlook. And I'll then come back and discuss the strategic product announcement we have made today. We'll then answer any questions.

今天的議程如下：首先，我將簡要概述我們的業績。接著 Sanjay 將進行更詳細的財務回顧並討論我們的展望。然後我會再回來說明我們今天所做的策略性產品公告。最後我們將回答各位的問題。

Let me start with financial highlights as shown on slide 3. First quarter revenue was a record $358.4 million, an increase of 30.2% year-over-year. At the same time, contribution profit was $109.7 million, up 25.2% year-over-year. Adjusted EBITDA was a record $42.4 million in the quarter, representing 41.5% growth year-over-year and a 38.7% margin.

我先從投影片 3 的財務重點開始。第一季營收創新高，達 3.584 億美元，年增 30.2%。同時，貢獻毛利（contribution profit）為 1.097 億美元，年增 25.2%。本季調整後 EBITDA 亦創新高，達 4,240 萬美元，年增 41.5%，利潤率為 38.7%。

Once again, a majority of our year-over-year growth in contribution profit fell to our bottom line. And we exceeded the Rule of 40 for the quarter again, coming in at 64% versus 61% in Q4. This reflects our team's solid execution and our focus on delivering consistent revenue growth alongside high-quality earnings. These results are exciting for multiple reasons.

再次強調，我們貢獻毛利的年增幅度有大部分直接反映到最終獲利。此外，我們本季再次超越「40 法則」（Rule of 40），達到 64%，高於第四季的 61%。這反映出團隊穩健的執行力，以及我們在維持穩定營收成長的同時，專注於提供高品質獲利的策略。這些成果在多個層面都令人振奮。

Let me speak to two that will likely be on top of mind. First, they speak to the vertical diversification and our enhanced pricing strategy over the years, whereby the impact of elevated energy price index on our numbers has been materially reduced.

我想談兩點，這兩點很可能是大家最關心的。第一，這些成果顯示出我們在垂直產業多元化以及多年來強化的定價策略方面的成效，使得能源價格指數上升對我們數字的影響已顯著降低。

Second, as we have shared in the past, we operate on a true fiscal year horizon. Therefore, this outperformance is not just about one quarter. It actually gives us confidence and additional visibility for the rest of the year. And when combined with our backlog and bookings, we are also feeling good about 2027 with our additional visibility.

第二，如同我們過去分享的，我們是以完整會計年度的視角來經營。因此，這次的超預期表現不僅僅是一季的結果；它實際上讓我們對今年剩餘期間更有信心並提升能見度。再加上我們的待履行訂單（backlog）與接單（bookings），我們對 2027 年也因能見度提升而感到樂觀。

Now on to our business results on slide 4. We continued our strong momentum in the first quarter with robust bookings and a very substantial pipeline. We also continue to expand and diversify our customer base by signing new clients in several industry verticals, including utilities, insurance, telecommunications, government agencies, property management, consumer finance, banking, education and health care. Complementing this, we signed channel partners in education and telecommunications verticals. And likewise, onboarding of our substantial backlog remains a priority for us.

接著看投影片 4 的業務成果。我們在第一季延續強勁動能，接單表現穩健，且銷售管線非常可觀。我們也持續透過在多個產業垂直領域簽下新客戶來擴大並多元化客戶基礎，包括公用事業、保險、電信、政府機關、物業管理、消費金融、銀行、教育與醫療保健。同時，我們也在教育與電信垂直領域簽下通路合作夥伴。此外，推進我們龐大待履行訂單的上線導入仍是我們的優先事項。

Our team continues to demonstrate solid execution when it comes to onboarding activities. We also saw better-than-expected seasonal performance in the first quarter, largely from the large cohort of new customers that we added in the second half of last year. In addition, during the first quarter, we onboarded clients throughout multiple verticals, including utilities, consumer finance, government agencies, telecommunications, banking, insurance and education.

在客戶上線導入方面，我們的團隊持續展現穩健的執行力。我們也看到第一季的季節性表現優於預期，主要來自於去年下半年新增的大批新客戶。此外，在第一季期間，我們也在多個垂直領域完成客戶導入，包括公用事業、消費金融、政府機關、電信、銀行、保險與教育。

With that, I'll turn it over to Sanjay to review our financial results in more detail.

接下來我把時間交給 Sanjay，請他更詳細地回顧我們的財務結果。

Thanks, Dushyant, and thank you all for joining us today. Before I discuss our first-quarter results and outlook, I'd like to remind everyone that the financial results I'll be referring to include non-GAAP financial measures. Our Q1 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.

謝謝你，Dushyant，也感謝各位今天加入。在我討論第一季業績與展望之前，先提醒大家，我將引用的財務結果包含非 GAAP 財務衡量指標。我們的第一季新聞稿與財報簡報中，包含這些非 GAAP 指標與其對應 GAAP 指標的調節表。兩者皆可於我們網站取得。

Turning to slide 5. We delivered a strong start to the year with the first quarter results that came in much stronger than we had anticipated, driven by higher transaction activity from both new and existing billers. This helped drive strong double-digit growth for revenue, contribution profit and adjusted EBITDA. This, combined with our strong bookings, sizable backlog and strong pipeline at quarter end supports our positive outlook for 2026.

請看投影片 5。我們以強勁的第一季表現為今年開出好彩頭，實際結果遠優於我們原先預期，主要由新舊帳單業者（billers）更高的交易活動所帶動。這推動了營收、貢獻毛利與調整後 EBITDA 的強勁雙位數成長。再加上我們強勁的接單、可觀的待履行訂單，以及季末強勁的銷售管線，支撐我們對 2026 年的正向展望。

Our first quarter 2026 results included revenue of $358.4 million, contribution profit of $109.7 million and adjusted EBITDA of $42.4 million. On a Rule of 40 basis, we came in at 64%, which we consider a solid result and a record for the company. We are encouraged by this achievement, especially given the macro backdrop we are operating in.

我們 2026 年第一季的結果包括：營收 3.584 億美元、貢獻毛利 1.097 億美元，以及調整後 EBITDA 4,240 萬美元。以 40 法則（Rule of 40）衡量，我們達到 64%，我們認為這是穩健的成果，也是公司紀錄新高。我們對此成就感到鼓舞，尤其是在目前所處的總體環境背景下。

I'd like to also call out that we saw a sequential acceleration in the year-over-year growth rate for the number of transactions, revenue and contribution profit despite tough year-over-year comps and a challenging macroeconomic environment. Moreover, the sequential growth rate we saw for all of these three metrics in Q1 was greater than the sequential growth rate we saw during the same period last year.

我也想特別指出，儘管去年同期比較基期偏高且總體經濟環境具挑戰性，我們在交易筆數、營收與貢獻毛利的年增率仍出現逐季加速。此外，我們在第一季看到的這三項指標的季增率，也高於去年同一期間的季增率。

Simply put, both our annual and sequential growth rates accelerated in Q1 2026, boosting our confidence for the full year 2026 outlook. I'll discuss the drivers of our outperformance and strong business momentum behind them shortly. These strong results also enabled us to once again exit the quarter with a much stronger cash position and gave us the flexibility to allocate capital with a continuous focus on longer-term growth, which also contributed to robust bookings.

簡而言之，我們在 2026 年第一季的年度成長率與季成長率皆加速，提升了我們對 2026 全年展望的信心。我稍後將說明超預期表現的驅動因素，以及其背後強勁的業務動能。這些強勁成果也使我們再次在季末擁有更強勁的現金部位，並讓我們能更有彈性地配置資本，同時持續聚焦於較長期的成長；這也促成了穩健的接單表現。

Now let's review our first quarter financials in more detail. As I mentioned earlier, first quarter 2026 revenue was $358.4 million, up 30.2% year-over-year. This growth was largely driven by the launch of new billers over the past year as well as increased same-store sales from existing billers. We also processed a higher number of transactions during the first quarter, reaching $203.4 million, up 17.4% year-over-year.

現在讓我們更詳細地回顧第一季財務表現。如我先前提到的，2026 年第一季營收為 3.584 億美元，年增 30.2%。這項成長主要由過去一年新帳單業者的上線，以及既有帳單業者的同店銷售成長所帶動。我們在第一季也處理了更多交易筆數，達到 2.034 億筆，年增 17.4%。

Our average revenue per transaction increased by approximately 11% to $1.76 in the first quarter compared to $1.59 in the prior year period, continuing our robust trend of double-digit annual growth rate of revenue per transaction over the past seven quarters. This was mainly due to the biller mix or more specifically the large enterprise billers that we launched during the second half of 2025 with higher average payment amounts.

與去年同期的 1.59 美元相比，我們第一季每筆交易的平均營收約成長 11% 至 1.76 美元，延續過去七個季度每筆交易營收維持雙位數年增率的強勁趨勢。這主要是由於收款方（biller）組合的變化，或更具體而言，是因為我們在 2025 年下半年上線的大型企業收款方，其平均付款金額較高。

The first quarter guidance we previously provided did consider some of the anticipated upside from large enterprise accounts. But as you can see, it still exceeded our expectations. First quarter 2026 contribution profit increased to $109.7 million, up 25.2% year-over-year. This increase also reflected the launch of new billers and higher transactions from existing billers.

我們先前提供的第一季指引已納入部分來自大型企業客戶的預期上行空間。但如各位所見，實際表現仍超出我們的預期。2026 年第一季貢獻利潤（contribution profit）增至 1.097 億美元，年增 25.2%。此成長亦反映新收款方的上線，以及既有收款方交易量的提升。

Contribution margin was 30.6% for the first quarter compared to 31.8% in the prior year period. The year-over-year reduction reflects the increased mix of large, high-volume enterprise billers in our growing customer base. This change in contribution margin was largely offset by a year-over-year reduction in operating expense margin, which resulted in a record adjusted EBITDA margin of 38.7%. This is consistent with our continued focus on profitability.

第一季貢獻毛利率（contribution margin）為 30.6%，去年同期為 31.8%。年減主要反映在我們持續成長的客戶基礎中，大型、高交易量的企業收款方占比提高。貢獻毛利率的變動大致被營業費用率（operating expense margin）年減所抵銷，進而帶動調整後 EBITDA 利潤率創下 38.7% 的新高。這與我們持續聚焦獲利能力的方向一致。

Contribution profit per transaction for the quarter was $0.54, an improvement from $0.51 from prior year period, demonstrating our ability to expand market share without sacrificing comparable contribution profit per transaction. As we have noted before, variables that are outside of our control, such as an increase in average payment amount or changes in the payment mix can affect contribution profit on a quarter-to-quarter basis. And therefore, we treat this as a secondary metric, while our gross revenue and adjusted EBITDA remain primary metrics for us.

本季每筆交易的貢獻利潤為 0.54 美元，較去年同期的 0.51 美元有所改善，顯示我們在擴大市占的同時，仍能維持可比的每筆交易貢獻利潤。如同我們先前所提及，某些非我們可控的變數，例如平均付款金額上升或付款組合變化，可能使貢獻利潤在季度間波動。因此，我們將其視為次要指標，而總營收與調整後 EBITDA 仍是我們的主要衡量指標。

First quarter 2026 adjusted gross profit was $92.4 million, up 27.3% year-over-year and ahead of our contribution profit growth rate as we achieve operational economies of scale. As we anticipated, the first quarter 2026 non-GAAP operating expenses increased 16.3% year-over-year to $53 million. This increase was primarily due to higher sales and marketing expenses.

2026 年第一季調整後毛利（adjusted gross profit）為 9,240 萬美元，年增 27.3%，且因我們達成營運規模經濟，其增速高於貢獻利潤的成長率。如我們所預期，2026 年第一季非 GAAP 營業費用增加 16.3% 至 5,300 萬美元。此增加主要來自較高的銷售與行銷費用。

You may notice our OpEx year-over-year growth rate increased this past quarter. This is a positive leading indicator for our business as it means we are aggressively converting our substantial pipeline to bookings. We expect to make similar investments throughout the year as we continue to execute our go-to-market strategy, calibrate operating expenses with contribution profit expansion and deploy our growing cash balance to support further organic growth. These expectations are already incorporated into our guidance, which I'll review in more detail shortly.

各位可能注意到，我們本季營業費用（OpEx）的年增率有所提高。這對我們的業務而言是一項正向的領先指標，因為這代表我們正積極將龐大的商機管線轉化為訂單（bookings）。我們預期全年將進行類似投資，持續執行我們的市場進入策略（go-to-market strategy）、使營業費用與貢獻利潤擴張相匹配，並運用日益增加的現金餘額以支持進一步的內生成長。這些預期已納入我們的指引中，我稍後會更詳細說明。

First quarter 2026 non-GAAP net income was $26.9 million or $0.21 per share compared to non-GAAP net income of $17.6 million or $0.14 per share in the prior year period, reflecting an annual EPS growth rate of 50%. This EPS incorporates a non-GAAP tax rate of 25%, which is based on our current expectation of our long-term projected tax rate and is also reflected in our 2026 guidance.

2026 年第一季非 GAAP 淨利為 2,690 萬美元（每股 0.21 美元），相較去年同期非 GAAP 淨利 1,760 萬美元（每股 0.14 美元），反映每股盈餘（EPS）年增率為 50%。此 EPS 採用 25% 的非 GAAP 稅率，係基於我們目前對長期預估稅率的判斷，並同樣反映在我們 2026 年指引中。

First quarter 2026 adjusted EBITDA increased 41.5% to $42.4 million compared to $30 million in the prior year period. Adjusted EBITDA also represented a record 38.7% of contribution profit, an annual improvement of 450 basis points compared to 34.2% in the prior year period. We believe the stronger adjusted EBITDA margin demonstrates the inherent operating leverage we have in the business.

2026 年第一季調整後 EBITDA 年增 41.5% 至 4,240 萬美元，去年同期為 3,000 萬美元。調整後 EBITDA 亦占貢獻利潤的 38.7%，創下新高，較去年同期的 34.2% 年增 450 個基點。我們認為，更強勁的調整後 EBITDA 利潤率展現了我們業務內在的營運槓桿。

Please note, our incremental adjusted EBITDA margin was approximately 56%. Related to this, once again, we also exceeded the Rule of 40 for the quarter, coming in at 64%, a record.

請注意，我們的增量調整後 EBITDA 利潤率約為 56%。此外，我們本季再次超越「40 法則」（Rule of 40），達到 64%，創下紀錄。

Now I'll discuss our balance sheet and liquidity position on slide 6. We ended the first quarter with total cash and cash equivalents of $342.1 million compared to $324.5 million at the end of 2025. The $17.6 million sequential increase was primarily comprised of $30.5 million of cash generated from operations, partially offset by $9.4 million used in investing activities, primarily for capitalized software and $3.3 million spent in net settlement of employee RSUs. The company does not have any debt.

接下來我將在第 6 張投影片說明我們的資產負債表與流動性狀況。我們第一季末的現金及約當現金總額為 3.421 億美元，相較 2025 年底的 3.245 億美元。序列增加的 1,760 萬美元主要由營運活動產生的 3,050 萬美元現金所構成，部分被投資活動使用的 940 萬美元所抵銷（主要用於資本化軟體），以及用於員工限制型股票單位（RSU）淨結算的 330 萬美元支出所抵銷。本公司沒有任何負債。

Free cash flow generated during the quarter was $20.9 million. This was primarily driven by strong adjusted EBITDA in the quarter, offset by investments in working capital, primarily in accounts receivable. Driving organic growth continues to be our primary focus. Having said that, our strong cash position enables us to maintain financial flexibility to keep room for working capital investments as we scale.

本季產生的自由現金流為 2,090 萬美元。主要由本季強勁的調整後 EBITDA 所帶動，但部分被營運資金投資所抵銷，主要是在應收帳款方面。推動內生成長仍是我們的首要重點。話雖如此，我們強勁的現金部位使我們能維持財務彈性，在擴張規模的同時保留營運資金投資空間。

In addition, our ample liquidity allows us to explore attractive M&A opportunities that may arise in order to expand our growth prospects. Our days sales outstanding at the end of the first quarter was 29, comparable to 28 days at the end of the prior quarter and much better than our expected range. Working capital at the end of the first quarter was approximately $365.4 million, an increase of approximately 6.7% sequentially. We had 129.3 million diluted shares outstanding during the first quarter, pretty much comparable to the prior quarter.

此外，我們充裕的流動性也使我們能探索可能出現的具吸引力的併購（M&A）機會，以擴大成長前景。第一季末的應收帳款週轉天數（DSO）為 29 天，與上一季末的 28 天相近，且明顯優於我們的預期區間。第一季末營運資金約為 3.654 億美元，較上一季序列增加約 6.7%。第一季稀釋後流通股數為 1.293 億股，與上一季大致相當。

Now I'll turn to slide 7 to discuss our second quarter and full-year 2026 raised guidance for revenue, contribution profit and adjusted EBITDA. Before discussing full year guidance, I want to mention that we are continuing to follow the same prudent approach to guidance that we have followed for the past three years, which has proven to be successful for us.

接下來我將切換到第 7 張投影片，說明我們上調後的 2026 年第二季與全年營收、貢獻利潤及調整後 EBITDA 指引。在討論全年指引之前，我想先提到，我們仍持續採用過去三年一貫的審慎指引方法，而這已被證明對我們相當成功。

As shown on the slide, for Q2 '26, we expect revenues in the range of $340 million to $350 million, contribution profit in the range of $108 million to $111 million and adjusted EBITDA in the range of $38 million to $40 million. On a Rule of 40 basis for the second quarter of 2026, our guidance implies a range of 51% to 55%. For the full year 2026, we now expect revenue in the range of $1.425 billion to $1.440 billion, an increase of 2.3% from midpoint of our previous guidance. This guidance now represents a 19.7% annual growth at midpoint and 20.4% annual growth at the high end.

如投影片所示，針對 2026 年第二季（Q2 '26），我們預期營收介於 3.40 億至 3.50 億美元，貢獻利潤介於 1.08 億至 1.11 億美元，調整後 EBITDA 介於 3,800 萬至 4,000 萬美元。以 2026 年第二季的「40 法則」（Rule of 40）衡量，我們的指引隱含區間為 51% 至 55%。針對 2026 全年，我們目前預期營收介於 14.25 億至 14.40 億美元，較先前指引中點上調 2.3%。此指引在中點代表 19.7% 的年成長，在高端代表 20.4% 的年成長。

Contribution profit in the range of $450 million to $457 million, up 1.5% from midpoint of our previous guidance and now representing 17.4% annual growth at midpoint and 18.3% annual growth at the high end. Adjusted EBITDA in the range of $165 million to $172 million, up 4% from midpoint of our previous guidance and now representing 22.6% annual growth at the midpoint and 25.2% annual growth at the high end. And a non-GAAP tax rate of 25%. On a Rule of 40 basis, our guidance implies a range of 53% to 56% for the full year 2026.

貢獻利潤介於 4.50 億至 4.57 億美元，較先前指引中點上調 1.5%，目前在中點代表 17.4% 的年成長，在高端代表 18.3% 的年成長。調整後 EBITDA 介於 1.65 億至 1.72 億美元，較先前指引中點上調 4%，目前在中點代表 22.6% 的年成長，在高端代表 25.2% 的年成長。以及 25% 的非 GAAP 稅率。以「40 法則」（Rule of 40）衡量，我們的全年 2026 指引隱含區間為 53% 至 56%。

During our past few earnings calls, we provided long-term growth targets for both revenue and adjusted EBITDA, our two primary financial metrics. We stated that our goal was to grow revenue at approximately 20% and grow adjusted EBITDA between 20% to 30%. The full year updated 2026 guidance range we have provided today reflects the expected achievement of these long-term targets.

在過去幾次財報電話會議中，我們針對營收與調整後 EBITDA 這兩項主要財務指標提供了長期成長目標。我們表示目標是讓營收約成長 20%，並使調整後 EBITDA 成長介於 20% 至 30%。我們今天提供的 2026 全年更新指引區間，反映了預期可達成這些長期目標。

In summary, we are very pleased with our strong start to 2026, reflecting the continued momentum we've shown across the past several quarters. During this time, we have consistently demonstrated our ability to generate profitable growth. This enabled us to end the first quarter with a substantial backlog and pipeline. Given our solid footing and strong visibility, we continue to believe we are well positioned for further growth in 2026 and beyond.

總結而言，我們對 2026 年強勁的開局感到非常滿意，這反映了我們在過去數個季度持續展現的動能。在此期間，我們一貫證明了我們有能力實現具獲利性的成長。這使我們在第一季結束時擁有可觀的在手訂單（backlog）與商機管道（pipeline）。鑑於我們穩固的基礎與高度能見度，我們仍然相信，我們已為 2026 年及其後的進一步成長做好充分準備。

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.

感謝各位今天的聆聽。接下來在我們開放提問之前，我將把時間交回給 Dushyant 作最後的結語。

Thanks, Sanjay. After seeing the impact of our state-of-the-art platform and the ecosystem on the broader service economy, we find ourselves at an exciting juncture similar to what we experienced at our inception. As we looked at the economy broadly, we realized that almost all investments in commerce have gone towards product or retail commerce with a focus on how to sell more to customers and having them check out quickly. This product commerce paradigm is also retrofitted in service commerce, which at its core is not transactional, but instead relational. This mismatched paradigm has led service commerce to lag behind as enterprises spend millions of dollars on a myriad of mismatched components and tools.

謝謝你，Sanjay。在看到我們最先進的平台與生態系對更廣泛服務經濟所帶來的影響後，我們發現自己正處於一個令人振奮的關鍵時刻，類似於我們創立之初所經歷的階段。當我們從更宏觀的角度觀察經濟時，我們意識到幾乎所有對商業（commerce）的投資都流向了產品或零售商業，重點在於如何向客戶賣得更多，以及讓客戶更快完成結帳。這種產品商業的典範也被套用到服務商業上，但服務商業的核心並非交易導向，而是關係導向。這種不匹配的典範導致服務商業落後，企業不得不花費數百萬美元在各式各樣不相容的元件與工具上。

At Paymentus, we realized that to truly solve the issue, we needed to bring about a paradigm shift with a full stack purpose-built AI native platform with service native components. Even before our IPO, employing our proactive thinking, we wanted to make sure that we not only build a platform with full stack components, but also, we incorporated AI which we even knew then would become mainstream.

在 Paymentus，我們意識到要真正解決這個問題，我們需要透過一個全堆疊、為目的打造（purpose-built）、AI 原生（AI native）的平台，並搭配服務原生（service native）元件，來帶來典範轉移。甚至在我們 IPO 之前，基於我們的前瞻思維，我們就希望確保不僅打造一個具備全堆疊元件的平台，同時也納入 AI——即使在當時我們就已知道 AI 將成為主流。

Additionally, we also knew that we would need to seek patent protection on all major components, thereby creating a long-term moat and ecosystem. In line with all what I've just talked about, today, we announced that we are establishing a new category, AI native service commerce, where every service interaction becomes intelligent, secure and outcome-driven.

此外，我們也知道需要為所有主要元件尋求專利保護，從而建立長期護城河與生態系。基於我剛才所談的一切，我們今天宣布正在建立一個新類別：AI 原生服務商業（AI native service commerce），在這個類別中，每一次服務互動都將變得智慧、安全，並以成果為導向。

And as you can see from slide 9, there are three key gaps in service commerce. First, there is no native payment method that preserves the service provider customer relationship and identity. Second, static service and transactional documents must become intelligent and interactive. Third, there is a lack of intelligent orchestration across fragmented systems. To address all these three pain points, as you can see on slide 10, we have created a new paradigm called Billeo that has four key components, all of which have been patented.

如投影片第 9 頁所示，服務商業存在三個關鍵缺口。第一，缺乏能保留服務提供者與客戶關係及身分識別的原生支付方式。第二，靜態的服務與交易文件必須變得智慧且可互動。第三，跨越碎片化系統之間缺乏智慧編排（orchestration）。為了解決這三個痛點，如投影片第 10 頁所示，我們創造了一個名為 Billeo 的新典範，包含四個關鍵元件，且全部已取得專利。

First is BillWallet, a purpose-built digital wallet designed specifically for bill and service payments. Unlike traditional retail wallets that store cards for onetime purchases, BillWallet establishes a persistent, secure relationship identity between the customer and service provider, linking accounts, service relationships and payment credentials into a unified layer. BillWallet is designed to reduce time to complete a payment by approximately 75% and to work across all dimensions, agentic, digital, social, physical and vocal.

第一個是 BillWallet，這是一款專為帳單與服務支付而設計的目的型數位錢包。不同於傳統零售錢包僅儲存卡片以供一次性購買，BillWallet 在客戶與服務提供者之間建立持續且安全的關係身分（relationship identity），將帳戶、服務關係與支付憑證連結到一個統一層。BillWallet 的設計目標是將完成支付所需時間縮短約 75%，並可在所有維度運作：代理式（agentic）、數位、社群、實體與語音。

Second, Billeo, which transforms static bills, invoices and statements into intelligent interactive experiences. Billeo enables consumers to understand charges, resolve issues and take actions directly within the document itself.

第二個是 Billeo，它將靜態的帳單、發票與對帳單轉化為智慧且可互動的體驗。Billeo 讓消費者能理解費用、解決問題，並直接在文件本身內採取行動。

And third, AI360, an AI-based integration orchestration and data intelligence framework that powers both Billeo and BillWallet and enables systems to automatically interpret, connect and operate across disparate data sources. AI360 also provides data visualization and business intelligence capabilities, replacing third-party BI tools.

第三個是 AI360，這是一個以 AI 為基礎的整合編排與資料智慧框架，為 Billeo 與 BillWallet 提供動力，並使系統能自動解讀、連結並在不同資料來源之間運作。AI360 也提供資料視覺化與商業智慧（BI）能力，可取代第三方 BI 工具。

Fourth, all interactions are secured through Paymentus's patented PCI-compliant secure service framework, which we believe will ensure end-to-end protection trust and compliance across every single -- every service interaction and payment flow.

第四，所有互動都透過 Paymentus 具專利且符合 PCI 規範的安全服務框架加以保護；我們相信這將確保端到端的保護、信任與合規，涵蓋每一個——每一次服務互動與支付流程。

Putting this all in context, in the past, we have mentioned the exciting opportunity to monetize interchange in the outer years. By design, the interchange cost we incur today is big and getting bigger as we scale. To us, that represents an incremental untapped TAM, total addressable market. Additionally, we have also shared that with the advent of generative and Agentic AI, the industry is predictably moving in our direction and has opened up opportunities far beyond bill payments with our existing and prospective clients, users of our platform and in all of our current and prospective verticals.

把這些放在脈絡中來看，過去我們曾提到在較後期年度將交換費（interchange）變現的令人振奮機會。按設計，我們今天承擔的交換費成本很大，且隨著我們擴張而持續增加。對我們而言，這代表一個額外、尚未開發的 TAM（總可服務市場，total addressable market）。此外，我們也分享過，隨著生成式與代理式 AI（Agentic AI）的到來，產業正可預期地朝我們的方向發展，並在帳單支付之外，為我們與現有及潛在客戶、平台使用者，以及我們所有現有與潛在垂直領域，開啟了遠超以往的機會。

Let me discuss both in detail. BillWallet is an IPN native wallet, purpose-built for bill payments and service commerce. As a result of BillWallet, a customer visiting their insurance company's website can complete their premium payment in seconds rather than minutes with their BillWallet ID. We believe that BillWallet will also significantly improve security and reduce fraud, whether the interaction takes place through an agent in a self-driven card, wearable technology or any other traditional self-service or assisted channels. It's also intended to work well in a physical context.

我將把這兩點都詳細說明。BillWallet 是一個 IPN 原生錢包，專為帳單支付與服務商業而打造。因此，造訪其保險公司網站的客戶，可以使用 BillWallet ID 在幾秒內完成保費支付，而不是花上幾分鐘。我們相信，無論互動是透過客服人員、以自助方式使用卡片、穿戴式裝置，或任何其他傳統自助或輔助通路進行，BillWallet 都能顯著提升安全性並降低詐欺。它也旨在能在實體情境中良好運作。

For example, at a government or utility walk-in center, a customer can pay their bill simply by providing the BillWallet ID. No card swipe, no manual entry, no POS terminals. This establishes a new paradigm for service commerce away from the retail commerce paradigm. We believe that this will result in a massive improvement in convenience, speed and security and also create a more direct link between service providers and their customers.

例如，在政府或公用事業的臨櫃服務中心，客戶只需提供 BillWallet ID 就能支付帳單。不需要刷卡、不需要手動輸入、也不需要 POS 終端機。這建立了一個脫離零售商業典範的服務商業新典範。我們相信，這將在便利性、速度與安全性方面帶來巨大提升，並且也能在服務提供者與其客戶之間建立更直接的連結。

As BillWallet scales in the next several years, we also intend for it to include native funding capabilities. enabling us to participate in interchange economics while increasing transaction frequency and depth of engagement for our clients. And BillWallet works in all aspects of the service economy, B2C and B2B.

隨著 BillWallet 在未來幾年擴大規模，我們也計畫讓它納入原生資金來源（funding）能力，使我們能參與交換費經濟（interchange economics），同時提高交易頻率並加深客戶的互動深度。而且 BillWallet 可在服務經濟的各個面向運作，涵蓋 B2C 與 B2B。

Let me now discuss early success. As you know, we reported that in December 2025, users on our platform numbered 53 million, which we believe represents approximately 40% of US households and possibly businesses. Out of that customer base, we have made BillWallet available to a mere fraction of our end user base, but across various cities. Early BillWallet results are very impressive.

接下來我談談早期成果。如各位所知，我們曾報告截至 2025 年 12 月，我們平台上的使用者數為 5,300 萬，我們相信這約占美國家庭的 40%，也可能包含企業。在這個客群中，我們僅向終端使用者的一小部分開放 BillWallet，但涵蓋多個城市。BillWallet 的早期結果非常亮眼。

Within a few quarters, we have already enrolled 100,000 users across more than 1,000 cities with a very high conversion rate and no marketing spend. I mean not a single dollar of marketing from Paymentus. We believe that these results speak to the pervasive nature of our platform, the power of the network effect and the ease of use, unlocking an additional dimension to the durability and profitability of our longer-term growth algorithm. After seeing this early success, we are getting increasingly excited about exploring how BillWallet can be fully rolled out over the next several years.

在短短幾個季度內，我們已在超過 1,000 個城市招募了 100,000 名使用者，轉換率非常高，而且沒有任何行銷支出。我的意思是，Paymentus 一毛錢行銷費都沒有。我們相信，這些結果反映了我們平台的普及性、網路效應的力量與易用性，並為我們長期成長演算法的耐久性與獲利性解鎖了額外維度。看到這樣的早期成功後，我們對於未來幾年如何全面推廣 BillWallet 愈發感到興奮。

In addition, we recognized years ago that with the advent of AI, actual service documents like policies, bills, invoices and other transactional documents such as bank, credit card, loyalty or mutual fund statements themselves must evolve to become more intelligent. As a result, we patented our technology called Billeo that transforms traditional bills, invoices and statements into AI-powered interactive experiences.

此外，我們多年前就意識到，隨著 AI 的到來，實際的服務文件（如保單、帳單、發票）以及其他交易文件（如銀行、信用卡、點數回饋或共同基金對帳單）本身都必須演進得更智慧。因此，我們為名為 Billeo 的技術申請了專利，它能將傳統帳單、發票與對帳單轉化為 AI 驅動的互動式體驗。

With Billeo, a utility customer can simply ask Billeo, why is my water bill higher this month? Or a customer can interact with any other BillWallet and Billeo-powered enabled service provider, such as a plumbing or HVAC service provider and automatically schedule a visit and pay for it in advance based on rules set by the user or a customer can interact with their Billeo-powered mutual fund statement and ask why their portfolio returns are trending lower than the indexes.

透過 Billeo，公用事業客戶可以直接詢問 Billeo：「為什麼我這個月的水費比較高？」或者，客戶也可以與任何其他由 BillWallet 與 Billeo 驅動、已啟用的服務提供者互動，例如水電維修或 HVAC 服務提供者，並依據使用者設定的規則自動安排到府服務並預先付款；或者，客戶可以與其 Billeo 驅動的共同基金對帳單互動，詢問為何其投資組合報酬率走勢低於指數。

Billeo is designed to answer, resolve and execute, eliminating friction, driving faster payments and reducing support costs for billers and other service providers. Billeo is also a full stack service commerce platform. And with the help of the wallet, it has the potential to transform legacy websites into multimodal Billeo sites, potentially ending the era of retail paradigm-based old school portals and replacing them with secure, interactive and agentic video sites.

Billeo 的設計目標是回答、解決並執行，消除摩擦、推動更快速的付款，並降低帳單業者與其他服務提供者的支援成本。Billeo 也是一個全堆疊的服務商業平台。在錢包的協助下，它有潛力將傳統網站轉型為多模態的 Billeo 網站，可能終結以零售典範為基礎的老式入口網站時代，並以安全、可互動且具代理式能力的影音網站取而代之。

Once a customer is recognized using BillWallet, the entire Billeo-enabled website is hyper-personalized and the payment can be made, but more importantly, many questions can be asked and answered whether the interaction is from your car, your personal agent, wearable technology or any other traditional mainstream channels such as your computer or mobile phone.

一旦使用 BillWallet 辨識出客戶，整個支援 Billeo 的網站就會高度個人化，並且可以完成付款；但更重要的是，無論互動是來自您的車上、您的個人代理人、穿戴式科技，或任何其他傳統主流管道（例如您的電腦或手機），都可以提出並獲得解答的各種問題。

These are not just patents, but rather families of patents. All patent families referenced have granted patents in the US and some international jurisdictions with additional patent applications pending in domestic and many major international markets. And as exciting as the depth and breadth of our further expanded moat is with our patent families, we want investors to know that this success is not an accident.

這些不只是單一專利，而是專利家族。我們所提及的所有專利家族，均已在美國及部分國際司法管轄區取得核准專利，並且在國內及多個主要國際市場仍有其他專利申請在審理中。儘管我們專利家族所形成、進一步擴大的護城河之深度與廣度令人振奮，我們也希望投資人了解，這項成功並非偶然。

We have a carefully crafted business strategy executed over the past several years, emanating from our mindset that the proverbial technological puck will be at a specific place in the future, and we want to take full advantage of it. We believe this strategy will augment our already very strong growth algorithm, further helping Paymentus attain its goal of becoming a multibillion-dollar business and ensuring that our efforts are patent protected so that our customers, our partners, our employees and, of course, our investors are able to enjoy the benefit of their trust in Paymentus.

我們在過去數年執行了一套精心打造的商業策略，其出發點來自我們的思維：俗話說的科技「冰球」在未來會落在某個特定位置，而我們希望充分把握。我們相信，這項策略將強化我們本已非常強勁的成長演算法，進一步協助 Paymentus 達成成為數十億美元規模企業的目標，並確保我們的努力受到專利保護，讓我們的客戶、合作夥伴、員工，當然也包括投資人，都能享有他們對 Paymentus 信任所帶來的回報。

That concludes our prepared remarks. I'll now open up the line for questions.

以上是我們準備好的發言。接下來我將開放提問。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

Madison Suhr, Raymond James.

Madison Suhr，Raymond James。

Hey, good afternoon, guys. I wanted to start on the new AI product announcements. I really appreciate all the color around the technology, but I was hoping you could also provide a little more details on the economics. Do you expect any differences in gross or contribution dollars per transaction in the near term? Longer term, does this open up Paymentus to other revenue opportunities kind of outside of the traditional per transaction model?

嗨，大家午安。我想先從新的 AI 產品公告談起。我非常感謝你們對技術面的詳細說明，但我也希望你們能再提供一些經濟效益方面的細節。短期內，你們是否預期每筆交易的毛利或貢獻毛利（contribution dollars）會有任何差異？長期來看，這是否會為 Paymentus 帶來一些不同於傳統按交易計費模式之外的其他營收機會？

The revenue opportunities, yes, let me start with that, but not necessarily outside the transaction model. As we have shared previously, our pay per use pricing and success-based pricing model actually has withstood the test of time. In our view, it is further validated with the advent of AI as the world moves towards pay per use models. Our approach here remains the same, where we want to offer more to our clients, and as they achieve success in reducing their cost to serve and improve their end user experience, we participate in those economies and as a result, get the benefit. We plan to still remain in consumption-based model. I think our clients love that model.

關於營收機會，是的，我先從這點開始，但不一定是在交易模式之外。如同我們先前分享過的，我們的按使用付費（pay per use）定價與以成功為基礎的定價模式，其實經得起時間考驗。在我們看來，隨著 AI 的出現、全球朝向按使用付費模式發展，這個模式反而進一步獲得驗證。我們在這裡的做法仍然相同：我們希望為客戶提供更多價值，而當他們在降低服務成本並改善終端使用者體驗方面取得成功時，我們會參與這些經濟效益，並因此受益。我們仍計畫維持以使用量為基礎（consumption-based）的模式。我認為我們的客戶很喜歡這個模式。

They can clearly understand exactly how where the success is and exactly what the success KPIs are and how Paymentus will get paid. It does open up opportunities with tremendous if you think about the combination of. Our approach to this is we are offering, we're changing the paradigm of service economy. If we were successful in getting the scale the way we expect to, hopefully in years to come, Paymentus will not only be able to provide total service platform. I'm just trying to think about exactly how I can describe quickly.

他們可以非常清楚地理解成功發生在哪裡、成功的 KPI 是什麼，以及 Paymentus 將如何獲得報酬。這也確實開啟了巨大的機會，如果你去想像這種組合的話。我們的做法是：我們正在改變服務經濟的典範。如果我們能如預期般成功擴大規模，希望在未來幾年，Paymentus 不僅能提供完整的服務平台。我正在思考要如何用最簡短的方式描述。

If you think about, in my examples I gave, if I'm using a, if my, BillWallet, Billeo app, I should be able to do almost anything with it related to my service providers. For example, a schedule, ask a question, say, Hey, my hot water heater is not working. Can you schedule someone to come in and take a look at it? And that could include a payment transaction as well. All of those things could be factored in, using our model. In terms of the gross and net, long term, our, the direct strategy here at play is to be able to convert the interchange expense into interchange revenue. We believe BillWallet and Billeo will play a big role in that.

如果你想想我舉的例子，若我使用 BillWallet、Billeo 應用程式，我應該幾乎能用它完成所有與我的服務供應商相關的事情。比如安排時程、提問，或說：「嘿，我的熱水器壞了。你能安排人來看看嗎？」而這也可能包含一筆付款交易。所有這些事情都可以在我們的模式下被納入考量。至於毛利與淨利，長期來看，我們在此直接採取的策略，是把交換費用（interchange expense）轉化為交換收入（interchange revenue）。我們相信 BillWallet 和 Billeo 將在其中扮演重要角色。

If I may just add, Madison Suhr, I think your question also wanted to cover any near-term impacts. I would say in the near term, we remain committed to our scaler model, which you have described, which means top line to grow 20% annually and bottom line between 20% and 30%, and throughout a progression throughout the quarters in the year. As you've seen from our past performance, we remain committed to deliver not only the scaler model, but deliver better results and operating leverage on the business shines and has been shining since past few quarters. We remain committed. In the near term, there should be no significant impacts here. But especially over the longer term, as Dushyant described, we are going to get better, much better than where we are today. Thank you.

如果我可以補充一下，Madison Suhr，我想你的問題也涵蓋了短期影響。我會說短期內，我們仍致力於你所描述的 scaler 模型，也就是營收端每年成長 20%，獲利端成長 20% 到 30%，並且在一年內各季度呈現逐步推進。從我們過去的表現你也看得到，我們不僅致力於達成 scaler 模型，也致力於交出更好的成果；而營運槓桿在過去幾個季度一直很亮眼、也持續發揮。我們仍然承諾。短期內不會有任何重大影響。但特別是長期來看，如同 Dushyant 所描述的，我們會變得更好，遠比今天更好。謝謝。

Okay. Awesome for that. Sanjay, just a quick follow-up on free cash flow. Obviously, it was down a little bit year-over-year. I understand the dynamics with working capital when do you expect some of that to kind of normalize? Maybe any color that you're willing to share on free cash flow expectations for the full year.

好的。太棒了。Sanjay，我再追問一個關於自由現金流的問題。很明顯它年對年略有下降。我理解營運資金的動態；你預期其中一些何時會回到較正常的水準？另外，你是否願意分享一下全年自由現金流的預期？

Sure, Madison. In Q1, actually working capital is down compared to last year in the same in Q1, and that's primarily working capital, as you correctly pointed out. If you look at our accounts receivable balance itself, we put in around $15 million into working capital. Last year in Q1, we actually extracted around $19 million or $20 million from working capital. That slip itself is like $35 million. So apples-to-apples, if the working capital position was exactly the same, I think our free cash flow would be more than $50 million in the quarter. That said, working capital is very, very much temporary, as you know, so it could come back either in Q2 or Q3, but definitely within the year. We are navigating our way to capture the market at a very good pace, and we do get customers.

當然，Madison。第一季其實相較去年同一季，自由現金流下降主要是因為營運資金，如你所正確指出的。如果你看我們的應收帳款餘額本身，我們大約投入了 1,500 萬美元到營運資金。去年第一季，我們其實從營運資金中釋放了大約 1,900 萬或 2,000 萬美元。這個落差本身大約是 3,500 萬美元。所以若以同口徑比較，假設營運資金狀況完全相同，我認為我們該季的自由現金流會超過 5,000 萬美元。話雖如此，營運資金如你所知非常、非常具有暫時性，因此可能在第二季或第三季回來，但肯定會在今年之內回補。我們正以非常好的速度推進以掌握市場，我們也確實獲得客戶。

At times they get implemented more later towards the later part of the quarter versus the beginning part of the quarter, that just creates a temporary difference, which dissipates over time and definitely over one or two quarters. We feel very good about where the business is progressing. All the working capital is in very good shape. I would rather say instead of focusing on free cash flow, the right way to understand our business, given the pace of march is at a very high pace, look at what the total working capital is increasing. I pointed in my prepared remarks that working capital is up, I think more than 6% year-over-year. Cash is just, either it's in cash or accounts receivable. Both are very good. In fact, a DSO of 29 days or 28 days is pretty awesome.

有時候客戶的導入會在季度後段才完成，而不是在季度初，這就會造成暫時性的差異；但這種差異會隨時間消散，並且肯定會在一到兩個季度內消失。我們對業務進展非常有信心。所有營運資金狀況都非常良好。我反而會說，與其聚焦在自由現金流，考量到我們推進速度非常快，理解我們業務的正確方式是看整體營運資金增加了多少。我在準備好的發言中提到，營運資金年對年增加，我想超過 6%。現金只是以不同形式存在：不是現金就是應收帳款。兩者都很好。事實上，29 天或 28 天的 DSO 非常出色。

It's much better than our model, which actually dictates 32 days or so. We feel very good, not at all concerned. In fact, we feel very bullish about the free cashflow for the full year. Last year we generated around $125 million. This year, well, we don't guide for cashflow ever, but I think as we are marching on the same path, except for working capital adjustments, which could be temporarily here or there, I think we are on the same path or better than last year.

這比我們的模型（其實大約是 32 天左右）還要好很多。我們感覺非常好，完全不擔心。事實上，我們對全年自由現金流非常樂觀。去年我們產生了大約 1.25 億美元。今年呢，我們從不對現金流提供指引，但我認為只要我們沿著相同路徑前進，除了營運資金調整可能在短期內這裡或那裡波動之外，我想我們會走在與去年相同的軌道上，甚至更好。

Awesome. Thank you so much for the color, guys.

太棒了。非常感謝你們的補充說明。

Thank you.

謝謝。

David Koning, Baird.

David Koning，Baird。

Yeah, hey guys, thanks so much. Great job. I guess my first question, the economics of the wallet, I think it's kind of the Paymentus trifecta here because if I load $1,000 every month, first of all, you get flow revenue. Now you're sitting on a nice customer balance. Secondly, if I make payments out of that, you get to keep the debit interchange instead of paying it out, as you mentioned. Then thirdly, I think you would get the non-regulated debit interchange 'cause you're not an issuer really or sub-$10 billion issuer. There's 3 kind of nice combinations of economics it seems in my view. Am I getting that right?

是的，嗨，各位，謝謝你們。做得很棒。我想我的第一個問題是，關於錢包的經濟效益，我覺得這有點像 Paymentus 的「三重奏」。因為如果我每個月儲值 1,000 美元，第一，你們會有資金流入帶來的收入（flow revenue），而且你們手上會有一個不錯的客戶餘額。第二，如果我用那個餘額去付款，如你們提到的，你們可以保留簽帳金融卡的交換收入（debit interchange），而不是把它付出去。第三，我認為你們還能拿到不受監管的簽帳金融卡交換收入，因為你們並不算真正的發卡機構，或不是資產低於 100 億美元的發卡機構。從我看來，這三種經濟效益的組合都很不錯。我理解得對嗎？

Yes. I think, that is part, that's part of the strategy, but not immediate, but that's where we are marching towards. There are other options as well. We recall we may also have as we said, the BillWallet is an IPN-native instrument, so we will also open it up potentially for to be as a network play player in this. Also there are fees coming from our clients for the services we are providing them. So BillWallet becomes part of that.

是的。我認為那是策略的一部分，但不是立即的，而是我們正在朝那個方向邁進。也還有其他選項。我們回想一下，正如我們所說，BillWallet 是一個 IPN 原生的工具，因此我們也可能把它開放出來，讓它在這件事上成為一個網路型的參與者。此外，我們也會從客戶那裡就我們提供的服務收取費用。所以 BillWallet 也會成為其中的一部分。

Yeah. No, that's great to hear. Then, I guess secondly, when I just look at the cadence of revenue through the year, Q2 typically is up sequentially in contribution profit. This year you're guiding to flat. Is that related to fuel? Maybe talk a little bit about fuel prices, et cetera, and how that's impacting numbers.

是的。不，這很高興聽到。那我想第二點，當我看你們全年營收的節奏時，Q2 通常在貢獻毛利上會較前一季成長。今年你們卻指引為持平。這和燃料有關嗎？能否談談燃料價格等等，以及它如何影響數字。

Sure. David, I think there are two pieces here. Let me first talk about the Q2 guidance, then I'll go to the energy prices. In terms of Q2 guidance, there's seasonality in the business, as you would have observed from the past few years. The seasonality of government billers affects, in Q2, generally we guide little lower than Q1, because we don't know how the seasonality will play shape. It could be similar to Q1 revenue or maybe slightly higher as well if all things come in the right path. At the same time, we have just onboarded a lot of large enterprise customers recently, some in Q1 as well and some in the past few quarters or said in second half of last year.

當然。David，我認為這裡有兩個部分。我先談 Q2 指引，然後再談能源價格。就 Q2 指引而言，業務存在季節性，正如你從過去幾年所觀察到的。政府帳單業者的季節性會影響 Q2；一般而言，我們會指引比 Q1 略低一些，因為我們不知道季節性會如何發展。若各項條件都走在正確路徑上，可能會與 Q1 營收相近，或甚至略高。同時，我們最近也剛上線了許多大型企業客戶，有些在 Q1，也有些在過去幾季，或者說在去年下半年。

We really want to have a full year's history to forecast it accurately. We take a prudent approach when we come up with our forecast which helps us come up with the guidance for next quarter. I think prudence prevails on our thought process when we think about our future. That's one reason where you see a modest softness coming in Q2 compared to Q1. At the same time, that falls through to the bottom line as well. That's one part of it. Going back to the energy prices, I think, delivering a 25% growth in Q1 itself when energy prices are in news every day, I think it's pretty interesting to see.

我們確實希望有完整一年的歷史資料，才能更精準地預測。我們在制定預測時採取審慎的做法，這也幫助我們形成下一季的指引。我認為在思考未來時，我們的思維以審慎為主。這也是你看到 Q2 相較 Q1 有些許走弱的原因之一。同時，這也會反映到獲利端。這是其中一部分。回到能源價格，我認為在能源價格每天都上新聞的情況下，Q1 仍能交出 25% 的成長，我覺得這相當有意思。

You know, one thing, is that as we have marched on our market capture more since past many years at a very good pace, we have seen a vertical diversification.

你知道，有一點是，隨著我們在過去多年以非常好的速度持續推進市場滲透，我們看到了產業別的多元化。

Our enhanced pricing strategy over the years has really helped us reduce the impact of the elevated energy price index into our numbers. Overall, even though energy prices impact only our utility business, but that too, only a subsector or a very small segment of our utility business. It has just, I won't say it has fully dissipated over time, but as we have scaled, it has definitely lost its relevance and materiality to us. I think it has just faded over time in our view. Even though it's only like 6%, I think CPI index improved in Q1 year-over-year.

我們多年來強化的定價策略，確實幫助我們降低了能源價格指數偏高對我們數字的影響。整體而言，雖然能源價格只影響我們的公用事業業務，但即便如此，也只是公用事業業務中的一個次領域或非常小的一段。它並不是說隨時間完全消散，但隨著我們規模擴大，它對我們的重要性與重大性確實降低了。我認為在我們看來，它隨時間已逐漸淡化。即使只有大約 6%，我認為 CPI 指數在 Q1 年對年是改善的。

In the past years during COVID days, I think we took a pill for that problem, and I think we have kind of solved it, not fully, but solved it to the extent that even a significant impact on energy prices has a modest impact on our business. Our prudent guidance methodology already captures it. We have not been surprised by this at all since last many quarters. We hope we will not be. Given the prudence, given the modest impact it has, the diversification we have, and enhanced pricing strategies, we are optimistic with our billers.

在過去幾年 COVID 期間，我想我們為這個問題吞下了一顆藥，而我們也算是把它解決了——不算完全，但至少解決到即便能源價格有顯著波動，對我們業務的影響也只是溫和。我們審慎的指引方法已經把它納入考量。過去很多季我們完全沒有因此感到意外，我們也希望未來不會。基於審慎、其影響有限、我們的多元化，以及強化的定價策略，我們對我們的帳單業者客戶仍然樂觀。

Yeah. Great. Thanks. Great job, guys.

好的。太棒了。謝謝。各位做得很好。

Thank you.

謝謝。

Steven Wahrhaftig, Wedbush Securities.

Steven Wahrhaftig，Wedbush Securities。

Hey, good evening, guys. Congrats on the great quarter. I have 2 questions if I may. First, I just wanted to get a little bit more color on the AI-native Service Commerce platform that you guys launched. Got a lot of color around the pricing of the strategy, but can you talk a little bit about what's specifically in the pipeline for this product in the year? Can you talk about if there's any inclusion of revenue coming from this cohort in 2026, or is it strictly in 2027 and beyond? Can you talk about the ramp of this AI-driven cohort moving forward?

嗨，晚安，各位。恭喜這一季表現很棒。如果可以的話我有兩個問題。第一，我想更了解你們推出的 AI 原生 Service Commerce 平台。你們已經對策略的定價提供了很多細節，但能否談談今年這個產品具體有哪些在管線中的項目？能否談談 2026 年是否會有來自這個客群的營收貢獻，還是嚴格來說要到 2027 年及以後？也請談談這個 AI 驅動客群接下來的爬坡情況。

As I mentioned that this is it will again be a transactional model, and our goal remains primarily to capture as many of the transactions for a given customer. This would be applicable to all of our existing and prospective customers as well. The goal here really is to continue to build momentum using the patented technology we have created here by getting our customers to move away from the retail commerce based paradigm to the service-native paradigm. That would take time because there's still a lot of install base. What we are actually going to see is, which we are already seeing, the continued momentum in market capture.

如我提到的，這仍然會是一個交易型模式，而我們的主要目標仍是為單一客戶盡可能捕捉更多交易。這也適用於我們所有既有與潛在客戶。這裡的目標，確實是持續運用我們在此打造的專利技術來累積動能，讓客戶從以零售商務為基礎的典範，轉向以服務為原生的典範。這需要時間，因為仍有大量既有安裝基礎。我們實際上將會看到——而我們也已經正在看到——市場滲透持續增強的動能。

That's what the strategy is about. If you think about if I could summarize the strategy in two phases, or two parallel streams of. Stream number one is evangelize the marketplace with new paradigms so that more and more customers can sign up with Paymentus. The second right behind that is monetize the transactions differently than they have been historically monetized.

這就是這個策略的重點。如果要我把策略總結成兩個階段，或兩條並行的主線：第一條主線是向市場宣導新的典範，讓越來越多客戶與 Paymentus 簽約。緊接在後的第二條主線，是以不同於過去的方式將交易變現。

That's why it was very important for us to have actually patent protection on all this, because we knew that, after analyzing billions of transactions, and frankly, in some ways, as we were preparing for IPO, I was very focused and the team was very focused on making sure that we are able to create value, shareholder value for our public shareholders, as well as, we were ramping up to be a public company. These are some of the things we were working on at that time. We are very thankful that the market has moved in our direction. This is a long-term play for us. We are not counting anything in 2026 from it other than the fact that our momentum, market momentum will continue to be validated.

這也是為什麼我們必須為這一切取得專利保護，因為我們知道，在分析了數十億筆交易之後，而且坦白說，在某些方面，當我們在準備 IPO 時，我非常專注、團隊也非常專注於確保我們能夠為公開市場股東創造價值、股東價值，同時我們也在加速成為一家上市公司。這些就是我們當時在做的一些事情。我們非常感謝市場朝著對我們有利的方向發展。這對我們而言是一個長期布局。我們不會把 2026 年的任何貢獻算進去，除了我們的動能、我們的市場動能將持續被驗證這一點。

We are feeling good about 2027 in some ways as a result of the momentum we have in the market and the bookings we have had.

由於我們在市場上的動能以及我們取得的訂單（bookings），我們在某些方面對 2027 年感覺不錯。

All right, got it. Thank you for the color. Sanjay, just one for you. Specifically tied to the full-year guidance, specifically for revenue. I mean, you basically had a $20 million beat in Q1 by basically raising the midpoint of the full-year guidance by about $30 million. So it really is implying a stronger back half of the year, and that includes the strong bookings and backlog. What's really holding you back from going after a larger full year '26 guidance raise? Is it just the fact that you're being a little more conservative, or is there something tied to onboarding timelines?

好，了解。謝謝你的補充說明。Sanjay，我再問你一個，特別是關於全年指引，尤其是營收。我的意思是，你們在 Q1 大約超出 2,000 萬美元，但全年指引的中位數只上調了大約 3,000 萬美元。所以這其實暗示下半年會更強，而這也包含強勁的 bookings 和 backlog。到底是什麼讓你們沒有把 2026 全年指引上調得更大？只是因為你們更保守，還是有什麼與上線導入時程相關的因素？

Then also the same thing for the Rule of 40 profile, because you came in at about 65% this quarter, and you're guiding for about 51% to 55% next, or for full year '26. Can you just break that down for me a little bit? Thank you so much.

另外，Rule of 40 的輪廓也是同樣的問題，因為你們這一季大約是 65%，但你們對下一季或 2026 全年的指引大約是 51% 到 55%。你能幫我稍微拆解一下嗎？非常感謝。

Yes, Steven, I'll say that since past three years, we are following a consistent methodology for guidance, which definitely is dominated by prudence. You answered the question in your question itself. Yes, the prudence prevails, and we remain very cautious in terms of what's coming. We want to deliver. We don't want to count the chickens before they hatch, that has been consistent how we have delivered as well as how we have guided. The business is very good. I would say the pipeline is very encouraging. We are enthused by the bookings we are having, the diversified portfolio, the diversified verticals we are operating in, and the kind of household names we are getting into, our biller base.

是的，Steven。我會說，過去三年以來，我們一直遵循一致的指引方法論，而這確實以審慎為主導。你在問題裡其實已經回答了。是的，審慎占上風，我們對未來仍然非常謹慎。我們希望能交付成果。我們不想在小雞孵化前就先數小雞——這一直是我們交付以及提供指引的一貫方式。業務非常好。我會說，管線非常令人鼓舞。我們對目前取得的 bookings、我們多元化的產品組合、我們所處的多元產業垂直領域，以及我們正在納入的那些家喻戶曉的客戶名稱、我們的帳單業者基礎，都感到振奮。

We've got a lot of Fortune 500 companies as well. We feel very good about where the business is not only going to be in '26 but even outer years. The comment we made regarding 2027 at the beginning of 2026 stems from the fact that our renewal rates are very strong. Our customer contracts are for longer periods of time. It is now actually giving us visibility more for 2027 as well. Said differently, previously we had visibility of say, 5 quarters. Now I think we have it for 6 quarters or so. I think we are feeling very good about in '26 and definitely a big part of '27 as well.

我們也有很多《財富》500 大公司客戶。我們對業務的走向感到非常樂觀，不僅是到 2026 年，甚至更長遠的年度也是如此。我們在 2026 年初提到 2027 年的評論，源自於我們的續約率非常強勁。我們的客戶合約期限更長。這其實也讓我們對 2027 年有了更多能見度。換句話說，以前我們可能只有大約 5 個季度的能見度；現在我認為大概有 6 個季度左右。我們對 2026 年的表現感到非常有信心，而 2027 年也肯定會涵蓋很大一部分。

If I may also actually just add a quick point there. The reason we are prudent in our guidance principles is actually for the purpose of creating long-term shareholder value. Because you can erode value faster than you can build it by being somewhat irresponsible in guidance. You have to make sure that you're paving the road, paving a smooth road for successful execution of a very thoughtful strategy by having guidance principles. It takes a lot of discipline to be candid. I mean, just like every other company, we would love to be able to pound our chest going in, but that's easier, far easier to do than to deliver good numbers.

如果可以的話，我也想在這裡補充一點。我們在指引原則上保持審慎，其實是為了創造長期股東價值。因為在指引上稍微不負責任，就可能比建立價值更快地侵蝕價值。你必須確保透過指引原則把路鋪好、鋪平，為一個深思熟慮的策略成功落地執行鋪設順暢道路。坦白說，這需要很大的紀律。我的意思是，就像其他公司一樣，我們也很希望在一開始就大肆宣揚，但那比交出好看的數字要容易得多、也容易太多了。

We believe that our interest is to create long-term shareholder value by creating a smooth road for execution, by having a guidance philosophy which is prudent but very aggressive execution behind it, and not create a noisy environment where folks cannot figure out exactly how to think about the company or the management team or the philosophy of where the business is headed. We think this approach works better for the long-term shareholder value creation.

我們相信，我們的利益在於透過打造一條順暢的執行道路來創造長期股東價值：採取審慎的指引哲學，但背後以非常積極的執行力支撐；同時不要製造一個嘈雜的環境，讓大家無法清楚理解該如何看待公司、管理團隊，或業務發展方向的理念。我們認為這種做法更有利於長期股東價值的創造。

Okay, got it. Appreciate the time, guys. Thank you so much.

好的，了解了。感謝你們撥冗。非常謝謝。

Thank you.

謝謝。

Darrin Peller, Wolfe Research.

Wolfe Research 的 Darrin Peller。

Hey guys, this is Josefina Ruggieri on for Darren Peller. Thank you for taking my question. Just quickly wanted to ask, on your new products, Billeo and BillWallet, do these products change who you compete against? Are there any incumbents that we should think about? Then overall, have you noticed any changes in the competitive landscape recently? Thanks.

嗨各位，我是代替 Darren Peller 的 Josefina Ruggieri。謝謝你們回答我的問題。我想快速問一下，關於你們的新產品 Billeo 和 BillWallet，這些產品是否會改變你們的競爭對手？有沒有我們應該關注的既有業者？另外整體而言，你們最近是否注意到競爭格局有任何變化？謝謝。

Sorry, you broke up. I just need to clarify what the question was. No, I think we are excited about where we are headed. The market is moving in our direction, as you can see that we were actually prepared, and it's years in the making. It was not, we woke up one morning, and we saw a lot of press releases on AI, so Paymentus is going to go ahead and put ours in the mix as well. That's not Paymentus. That's not who we are. It has taken us years to get to this point.

抱歉，你剛剛訊號斷斷續續。我需要先確認一下問題是什麼。不過，我認為我們對未來的方向感到很振奮。市場正在朝著對我們有利的方向發展；如你所見，我們其實早就準備好了，而且這是多年累積的成果。並不是某天早上醒來看到一堆 AI 的新聞稿，就說 Paymentus 也要把自己的東西加進去。那不是 Paymentus。那不是我們的作風。我們花了好幾年才走到今天這一步。

We wanted to create a long-term value and long-term competitive moat for our investors, but more importantly for our customers, so that they can see that this is an innovative company, a champion who is willing to take the industry status quo after disrupting, if I may say it this way, after disrupting the bill payment world. When we started, banks used to have majority, maybe 75%, 80% of the payments, and they are down to now 20%, 25% of that, primarily because of the model we have championed here.

我們希望為投資人創造長期價值與長期的競爭護城河，但更重要的是為我們的客戶，讓他們看到這是一家創新公司，是一個願意挑戰產業現狀的領導者——如果我可以這麼說，在我們顛覆帳單支付世界之後，仍願意持續挑戰現狀。當我們剛開始時，銀行過去掌握了大多數支付，可能是 75%、80%；而現在已降到 20%、25%，主要就是因為我們在這裡所倡導的模式。

We believe, under pressure, the trends accelerate, and as the trends are accelerating, in some ways in our favor, you will see a little bit more momentum here, as the time goes by. We have got our company ready for this. We wanted our investors, our partners, our customers, and our employees to benefit from the thoughtful and innovative execution, up to this point and from here on out.

我們相信，在壓力之下，趨勢會加速；而當趨勢加速、在某些方面對我們更有利時，隨著時間推進，你會看到更多動能。我們已經讓公司為此做好準備。我們希望投資人、合作夥伴、客戶以及員工，都能從我們到目前為止、以及未來持續的深思熟慮且創新的執行中受益。

Thanks. One quick follow-up. When we think about your go forward focus verticals, does utilities kind of still remain on the top of that list? Whether do you think are going to contribute to this kind of new AI-centric model? Thank you.

謝謝。再追問一個很快的問題。當我們思考你們未來聚焦的垂直領域時，公用事業（utilities）是否仍然會排在最前面？你認為哪些領域會對這種以 AI 為核心的新模式有所貢獻？謝謝。

Utilities will remain a key vertical for us, of course. It is the most complex, most sophisticated vertical, especially at the large scale, because of how much efficiencies utilities were forced to drive out of the paper process. It was not easy to be able to drive more value for utilities customers. We had to be really good to be able to do that. Now as you can see from our prepared remarks, we are signing customers in all of the verticals. Our goal really is to go through a household and a business bills and take a look at all the bills they have and start making markets in each of those.

公用事業當然仍會是我們的關鍵垂直領域。它是最複雜、最成熟的垂直領域，尤其是在大規模情境下，因為公用事業被迫從紙本流程中擠出大量效率。要為公用事業客戶創造更多價值並不容易；我們必須非常出色才能做到。現在如你從我們事先準備的發言中所見，我們正在所有垂直領域簽下客戶。我們的目標其實是把一個家庭與一家企業的各種帳單都檢視一遍，看看他們有哪些帳單，並開始在每一個帳單類別中建立市場。

Make sure that, in each of those markets we are in, we are capturing more and more of the transactions using the new paradigm of Service Commerce using Billeo.

並確保在我們所進入的每一個市場中，透過 Billeo 所帶來的「服務商務（Service Commerce）」新典範，持續掌握越來越多的交易量。

Awesome. Thank you, guys.

太棒了。謝謝你們。

Thank you.

謝謝。

Tien-Tsin, Huang, JPMorgan.

摩根大通（JPMorgan）的 Tien-Tsin Huang。

Hi, hope you can hear me. I'm at the airport here. Good results. I hope this isn't a redundant question. Just, Dushyant Sharma, I wanted to ask also on Leo and BillWallet, just to clarify, will you be managing the BillWallet ID, and is the idea to distribute it through consumer service providers? I know subscription payments is really important. I'm asking because I'm thinking about in an agent world, who would wear the risk? I know that's a big debate on the agent side. I think subscription payments could be a big part of that, if you follow my question. Thank you.

嗨，希望你們聽得到。我現在在機場。成績很好。我希望這不是重複的問題。Dushyant Sharma，我也想問一下關於 Leo 和 BillWallet，想再確認：BillWallet 的 ID 會由你們來管理嗎？概念是透過面向消費者的服務供應商來分發嗎？我知道訂閱式付款非常重要。我之所以問，是因為我在想在代理（agent）世界裡，風險會由誰承擔？我知道在代理端這是一個很大的爭論點。如果你理解我的問題，我認為訂閱式付款可能會是其中很大的一部分。謝謝。

Yeah. Our approach engine is actually here. We are of the opinion that any technology, any service that is distancing the customers away from their own customers. Any service provider getting disintermediated from their own customers is not going to last too long. It's not going to work out. Paymentus' approach to BillWallet is, regardless of the channel, the mode of communication, the interaction and so on, the BillWallet will allow the customers or the service providers to have direct re-relationship with their end user customers. That is part of our goal, and that is what we have done.

是的。我們的做法其實就在這裡。我們認為，任何技術、任何服務，如果把服務供應商與他們自己的客戶拉開距離——也就是讓服務供應商被自己的客戶去中介化（disintermediated）——那就不會持續太久，也不會成功。Paymentus 對 BillWallet 的做法是：不論通路、溝通模式、互動方式等等，BillWallet 都能讓客戶（也就是服務供應商）與其終端用戶客戶建立直接的關係。這是我們目標的一部分，而這也是我們已經做到的。

Part of the benefit of BillWallet approach is not the way traditional, may I say this word, traditional retail-centric wallets have been created. Here, the approach we have taken is that the billers themselves, the service providers themselves set the rules for identity. How they identify their own customers is set by the billers themselves, and that's how they authenticate the user. BillWallet enables that in all of the channels, whether you are using your intelligent glasses or you're using your car. Whatever the mode of communication is, interaction is, you're using it through BillWallet.

BillWallet 這種做法的部分好處在於，它不是以傳統——我可以用這個詞嗎——傳統以零售為中心的錢包那種方式建立的。我們採取的方式是，由收款方（billers）本身、也就是服務供應商本身來制定身分識別的規則：他們如何辨識自己的客戶，由收款方自行決定，並以此來驗證使用者。BillWallet 讓這件事能在所有通路中實現：不論你是用智慧眼鏡，或是用車子。不管溝通模式、互動方式是什麼，你都是透過 BillWallet 來使用。

Understood. Yes, so the wearing of the wristband, just in the agent example I gave, Dushyant, that would be borne then by Paymentus, given how you just described it?

了解。是的，所以在我剛剛舉的代理例子裡，配戴手環這件事，Dushyant，依照你剛才的描述，那成本/風險會由 Paymentus 來承擔嗎？

Actually it would be in some ways, yes. In some ways it would be actually between us and our clients.

其實在某些方面，是的。在某些方面，會是由我們和我們的客戶之間共同承擔。

Right. In terms of, right, who you're working with. I'm sure that will be arranged. Okay. More to talk about it. It's interesting. I'll -- I think it's ambitious and it makes a lot of sense given the network you built. Can I just ask one quick follow-up? I know it's the third question. Sanjay, you mentioned seasonal impact in terms of the upside for the quarter. Can you just clarify that? I heard the answer on the energy prices, but just thinking about the quarter itself and what the seasonal impact was, if any, that surprised you.

對，就看你們合作的對象。我相信那會被安排好。好的，之後再多聊。這很有意思。我——我覺得這很有企圖心，而且考量到你們建立的網路，這也很合理。我可以再追問一個很快的問題嗎？我知道這是第三個問題了。Sanjay，你提到本季上行（upside）有季節性影響。你能再釐清一下嗎？我有聽到你對能源價格的回答，但我在想就這一季本身而言，季節性影響是什麼（如果有的話），以及是否有任何讓你意外的地方。

Well, the impact is modest. I think if you look at our guidance, on the high end for Q2, it's approximately 2% or so soft. That's primarily, as I said, prudence prevails, but at the same time, seasonality of government billers is a part of it. We need to experience the full-year turnaround of new large billers which were implemented in second half of 2025. So all these three factors in a combination as of now is giving a small modest softness in Q2 compared to Q1.

嗯，影響不大。我認為如果你看我們的指引，在第二季高端，大約有 2% 左右的些許疲軟。這主要是，如我所說，審慎為上，但同時政府帳單業者的季節性也是其中一部分。我們需要經歷在 2025 年下半年導入的新大型帳單業者的全年回轉。因此，這三個因素目前合併起來，使得第二季相較第一季出現小幅、溫和的疲軟。

Understood. Well done. Great result. Thank you.

了解。做得很好。成果很棒。謝謝。

Thank you.

謝謝。

Will Nance, Goldman Sachs.

Will Nance，高盛。

Hey, thank you for taking the question. If I could just follow up on the Wallet product. I was wondering if you could just talk about distribution there and how to incentivize adoption by consumers over time. Like, how do you think about, like, the marketing required to incentivize consumers to adopt a new Wallet partnership, given the competitive nature of the Wallet landscape?

嗨，謝謝讓我提問。我想就 Wallet 產品追問一下。我想請你談談那邊的通路/分發，以及如何隨時間推進來激勵消費者採用。像是，在錢包市場競爭激烈的情況下，你們如何看待為了促使消費者採用新的 Wallet 合作夥伴所需的行銷投入？

Yeah. I think from our perspective, I think the simplicity of how much time saving and the simplicity it brings about to the end customers, what we have observed with a very small fraction of our customer base we launched it to, their conversion rate was pretty high. We didn't have to spend a lot of money in marketing and in fact, any money in marketing. We think that is the scale and the system and the platform we have built and the ecosystem we have built at this stage is pretty pervasive at this point. That itself would play a big role.

是的。我想從我們的角度來看，關鍵在於它為終端客戶帶來的省時程度與使用上的簡便性。我們觀察到，在我們只對非常小一部分客戶群推出時，他們的轉換率就相當高。我們不需要在行銷上花很多錢，事實上，行銷一毛錢都沒花。我們認為，這是因為我們在此階段所建立的規模、系統與平台，以及我們打造的生態系，已經相當普及；這本身就會扮演很重要的角色。

We will right now our focus is the technological advantage as a key reason for our customers to sign up. I don't want to remember how to log in and where do I go and how do I find my information if I'm talking to a service provider. Can I just use BillWallet ID to do that? I think it's that. That's why Paymentus was important, and that's why we wanted to make sure that would remain one of the key themes. We will create other incentives within the BillWallet itself for repeated use, of course.

我們目前的重點是以技術優勢作為客戶註冊的關鍵原因。我不想記得要怎麼登入、要去哪裡、以及在我和服務提供者溝通時要如何找到我的資訊。我能不能直接用 BillWallet ID 來做到？我想就是這樣。這也是為什麼 Paymentus 很重要，也是為什麼我們希望確保這會持續是其中一個關鍵主題。當然，我們也會在 BillWallet 本身建立其他激勵機制，以促進重複使用。

Got it. Appreciate that. If I could just go back to the commentary around energy prices. I was wondering if you could just remind us again what fundamentally changed about the enhanced approach to pricing that you guys adopted several years ago. You know, are contracts that automatically reprice in the face of higher energy costs and larger ticket sizes? You know, what is the actual mechanism that has reduced the exposure within the utilities vertical? Then secondarily, I was wondering if you could just give us maybe a sense, high level, like how much the utilities vertical has declined as a percentage of total over the last three or four years.

了解。感謝說明。如果我可以回到你們對能源價格的評論，我想請你再提醒我們一次：你們幾年前採用的強化定價方法，根本上改變了什麼？例如，合約是否會在能源成本上升、以及單筆金額變大時自動重新定價？實際上，是什麼機制降低了你們在公用事業垂直領域的曝險？其次，我也想請你從高層次分享一下，過去三到四年公用事業垂直領域占總體的比例大概下降了多少。

Yes. Let me start with the pricing strategy. I think you rightly called it out that in some cases it's auto-priced, based on average payment amount due to inflation is changing and so is the pricing. Our pricing is changing with that. That is one part. We have also been able to move customers to different pricing models, which are actually favorable to customers, favorable to us as well.

好的。我先從定價策略開始。我想你說得沒錯，在某些情況下是自動定價，因為平均應付付款金額會因通膨而變動，因此定價也會跟著變。我們的定價會隨之調整。這是一部分。另外，我們也能把客戶移轉到不同的定價模式，這些模式其實對客戶有利，對我們也同樣有利。

Without going into the specifics of any of that, but I would just say it also was factoring in exactly the same situation which we were dealing with several years ago, where we did have the ability to change the pricing, but it was a little bit more later in the process than it is now. Those are the pricing model changes. Also on top of that, in the last remaining cohort where there is still some as Sanjay mentioned, that there's a little bit, some immaterial impact, where there we have regular meetings with the clients to discuss all of the impact there and readjust pricings.

不深入任何細節，但我會說，這也把我們幾年前面臨的同樣情境納入考量。當時我們確實有能力調整定價，但在流程上會比現在更晚一些才調整。這些就是定價模式的改變。此外，在最後仍然存在的一小群（如 Sanjay 提到的）仍有些許、但不具重大性的影響；對於那部分，我們會定期與客戶開會討論所有影響，並重新調整定價。

We're just a proactive company than now than we used to be. As I said, the pricing models themselves have been adjusted. Sanjay?

我們現在比以前更主動。如我所說，定價模式本身已經調整過了。Sanjay？

I think it's one part of the question, Will, was how is utilities as a percentage of revenue? Traditionally it has been higher than 50%, but we are like close to little more, actually less than 50%. Still a substantial piece of our revenues. I think overall, as the pricing models have evolved, we are not seeing any impact of energy prices. So I would not -- so even though utilities is 50% of our business, but I would not equate that in any way, shape, or form, the 50% of the revenues of Paymentus is at risk with the energy pricing. That is not the type of business we are running or what I would want to run. That's not the case. What's happening instead is a much smaller percentage.

Will，我想你問題的一部分是：公用事業占營收的比例是多少？傳統上一直高於 50%，但我們現在大概接近、略低於 50%。它仍然是我們營收中相當重要的一塊。我認為整體而言，隨著定價模式演進，我們沒有看到能源價格帶來任何影響。所以我不會——即便公用事業占我們業務的 50%，我也不會以任何方式把它等同於 Paymentus 50% 的營收會因能源定價而處於風險之中。那不是我們在經營的業務型態，也不是我想經營的型態。實際發生的是影響只落在更小的比例上。

Yes, exactly. As I said earlier, I think in one of the questions, a small subset of utilities business is the one where there might be a modest impact. Overall it's immaterial for us now.

是的，完全正確。如我先前所說，我想在其中一個問題裡提到，可能會有溫和影響的是公用事業業務中的一小部分。整體而言，對我們現在來說並不重大。

Thanks for all the details.

謝謝所有細節。

(Operator Instructions)

（接線員指示）

Craig Maurer, FT Partners.

Craig Maurer，FT Partners。

Hi, thanks for taking the question. I just wanted to quickly get your take on the acquisition of KUBRA by Repay and how you think that might change the competitive dynamics in the space?

嗨，謝謝讓我提問。我想快速請教你對 Repay 收購 KUBRA 的看法，以及你認為這可能會如何改變這個領域的競爭態勢？

Actually KUBRA has been around for a long period of time. We know KUBRA for a long period of time. We know Repay as well. From our perspective, as we have shared, the market has been moving in our direction, we're excited about it. We believe the customers and the prospects finally know where the innovations are coming from in this and who's taking the approach very seriously. I think we're very excited about our business. No concerns or anything from that perspective. We wish them very well, just like any other competitor. We wish everyone the best.

其實 KUBRA 已經存在很長一段時間了。我們也認識 KUBRA 很久了。我們也了解 Repay。從我們的角度來看，正如我們分享過的，市場一直在朝對我們有利的方向發展，我們對此感到興奮。我們相信客戶與潛在客戶終於知道這個領域的創新來自哪裡，也知道誰在非常認真地採取這種做法。我想我們對自己的業務非常有信心。從那個角度來看沒有任何擔憂或類似情況。我們也祝他們一切順利，就像對任何其他競爭對手一樣。我們祝大家都一切順利。

Thank you. I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. Sharma for any closing remarks.

謝謝。目前我看到隊列中沒有其他問題。我現在想把電話交回給 Sharma 先生，請他做任何結語。

Well, thank you so much, everyone. I really appreciate the opportunity to speak with you. Have a great day. Thank you.

好的，非常感謝各位。我非常感謝有機會與各位交流。祝各位有美好的一天。謝謝。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝各位參與。您現在可以掛線。