Payoneer Global Inc (PAYO) 2023 Q2 法說會逐字稿

Good morning. Thank you for standing by. Welcome to Payoneer Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Michelle Wang, Payoneer, VP of Investor Relations.

早安.感謝您的支持。歡迎參加 Payoneer 2023 年第二季財報電話會議。 （操作員指示）提醒一下，本次電話會議正在錄音。現在我想將電話轉給 Payoneer 投資者關係副總裁 Michelle Wang。

Thank you, operator, with me on today's call are Payoneer's Chief Executive Officer, John Caplan; and Tenure's Chief Financial Officer, B. Ordonez. Before we begin, I'd like to remind you that today's call may contain forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including those set forth in our filings with that, which are available in the Investor Relations section of payoneer.com. Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only as of today, and the company does not assume any obligation or intend to update them, except as required by law.

謝謝接線員，今天與我一起參加電話會議的還有 Payoneer 的執行長 John Caplan；以及 Tenure 的財務長 B. Ordonez。在我們開始之前，我想提醒您，今天的電話會議可能包含前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響，包括我們提交的文件中所述風險和不確定性，這些文件可在 payoneer.com 的投資者關係部分查閱。實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。這些前瞻性陳述僅代表今天的觀點，除非法律要求，否則公司不承擔任何義務或打算更新這些陳述。

In addition, today's call may include non-GAAP measures. These measures should be considered in addition to and not instead of GAAP financial measures. Reconciliation to the nearest GAAP financial can be found in today's earnings press release, which is available on our website. Additionally, please note we have posted an earnings presentation supplement alongside our earnings press release on investor.payoneer.com. With that, I'd like to turn the call over to John to begin.

此外，今天的電話會議可能包括非公認會計準則衡量指標。這些措施應被視為 GAAP 財務措施的補充，而不是替代。您可以在今天的收益新聞稿中找到與最接近的 GAAP 財務狀況的對賬，該新聞稿可在我們的網站上找到。此外，請注意，我們在 investor.payoneer.com 上發布了收益報告補充資料以及收益新聞稿。現在，我想把電話交給約翰開始。

Good morning, and thank you all for joining us today to discuss our second quarter 2023 results. On today's call, I will discuss our business results, including a progress report on our strategic priorities. Steve will then cover our second quarter financial results and updated 2023 guidance. Global commerce, the export of goods and services is more prevalent, digital and borderless than ever. In a recent survey of thousands of global SMBs, we learned that they expect that by 2025, they will double their rate of revenue growth, with nearly 2/3 of those revenues coming from outside their domestic market. At the same time, they plan for nearly half of their vendors to be abroad as well.

早安，感謝大家今天加入我們討論 2023 年第二季的業績。在今天的電話會議上，我將討論我們的業務成果，包括我們的策略重點的進度報告。隨後，史蒂夫將介紹我們的第二季財務表現和 2023 年更新後的指引。全球貿易、商品和服務的出口比以往任何時候都更加普遍、數位化和無國界。在最近對數千家全球中小企業進行的調查中，我們了解到，他們預計到 2025 年，他們的收入成長率將翻一番，其中近三分之二的收入來自國內市場以外。同時，他們也計劃將近一半的供應商設在國外。

These businesses must manage accounts receivable and payable flows across multiple countries, currencies and jurisdictions. Only Payoneer offers them the ability to do so in one centrally managed account that enables them to transact globally. Payoneer generated 40% year-over-year revenue growth in the second quarter. We diversified towards higher take rate geographies, acquired more ICPs, increased our revenue from non-ICPs and earned interest income from customer balances held on our network. Adjusted EBITDA of $56 million, nearly quadrupled year-over-year and represented a 27% adjusted EBITDA margin. We once again grew revenue in each of our 6 regions by 25% or greater year-over-year. In China, we generated over 50% year-over-year revenue growth in Q2, driven by net customer growth, increasing ARPU and improving trends with large e-commerce marketplaces.

這些企業必須管理跨多個國家、​​貨幣和司法管轄區的應收帳款和應付帳款流動。只有 Payoneer 能夠讓他們透過一個集中管理的帳戶進行此類操作，從而實現全球交易。 Payoneer 第二季度營收年增 40%。我們向更高收費率的地區進行多元化發展，收購了更多的 ICP，增加了來自非 ICP 的收入，並從我們網路上的客戶餘額中賺取了利息收入。調整後的 EBITDA 為 5,600 萬美元，較去年同期成長近四倍，調整後的 EBITDA 利潤率為 27%。我們 6 個地區的營收再次較去年同期成長 25% 或更多。在中國，我們第二季的營收年增超過 50%，這得益於淨客戶成長、ARPU 增加以及大型電子商務市場趨勢的改善。

China remains a large market for us, and while we are focused on capturing the enormous promise of other emerging, fast-growing markets, we anticipate that China will continue to be a major contributor to our business for the long term. China is the world's largest exporter and second largest importer behind the U.S. We intend to maintain and expand our strong position in that market. That is why we announced this morning that we have signed an agreement to acquire a licensed China-based payment service provider. The acquisition is subject to regulatory approval and customary closing conditions.

中國仍然是我們的一個巨大市場，雖然我們專注於抓住其他新興、快速成長市場的巨大潛力，但我們預計中國將長期繼續成為我們業務的主要貢獻者。中國是世界最大出口國和僅次於美國的第二大進口國。我們打算保持並擴大我們在該市場的強勢地位。這就是我們今天早上宣布簽署協議收購一家中國持牌支付服務提供商的原因。此次收購需獲得監管部門的批准並滿足慣例成交條件。

Once closed, we expect it will strengthen our regulatory infrastructure and position us to better serve our customers with enhanced and localized products and services and acquire new customer segments that we are not serving today. We look forward to working with our stakeholders in China to facilitate the closing of the transaction over the next few quarters. While our B2B payments volume declined 2% year-over-year, B2B volume grew 12% year-over-year, excluding the proactive customer terminations we made last year. We have strong traction for our B2B business in service-oriented markets such as APAC, EMEA and Latin America.

一旦完成，我們預計它將加強我們的監管基礎設施，並使我們能夠透過增強和本地化的產品和服務更好地服務我們的客戶，並獲得我們目前尚未服務的新客戶群。我們期待與中國的利益相關者合作，推動未來幾季內完成交易。雖然我們的 B2B 支付量比去年同期下降了 2%，但 B2B 交易量比去年同期成長了 12%，這還不包括我們去年主動終止的客戶交易。我們的 B2B 業務在亞太地區、歐洲、中東和非洲地區以及拉丁美洲等服務導向市場具有強大的吸引力。

We are driving the fastest customer growth in these regions, and in total, across the 3 B2B volumes grew by 29% year-over-year. We are excited about the growth opportunities within B2B. For example, we generated 45% year-over-year volume growth in SEMEA. We are successfully acquiring customers in the IT programming and services sector. Growth is driven by India and the UAE and is due to both increasing wallet share with customers and early momentum acquiring larger customers. We are also supporting new industry verticals in B2B. For example, within Europe, we recently began serving agricultural exporters representing $30 billion of potential annual volume. We continue to invest and focus our product road map to better serve the more complex needs of this customer segment and to position Payoneer to win in B2B over the long term.

我們正在推動這些地區客戶成長速度最快，整體而言，這 3 個地區的 B2B 交易量比去年同期成長了 29%。我們對 B2B 領域的成長機會感到非常興奮。例如，我們在 SEMEA 的銷量年增了 45%。我們正在成功地獲得 IT 程式設計和服務領域的客戶。成長主要由印度和阿聯酋推動，這得益於客戶錢包份額的增加以及早期獲得更大客戶的勢頭。我們也支持 B2B 領域的新垂直產業。例如，在歐洲，我們最近開始為年潛在出口額達 300 億美元的農業出口商提供服務。我們將繼續投資並關注我們的產品路線圖，以更好地滿足這群客戶群更複雜的需求，並使 Payoneer 在 B2B 領域長期獲勝。

Let's turn now to our progress in acquiring our ideal customer profile. Ana grew total active ICPs by 6% year-over-year in the second quarter. Our region, we saw a 13% growth in each of APAC, EMEA and Latin America. Total ICP growth was 12%, excluding Europe, where we continue to see the impact of the war in Ukraine on year-over-year growth rates. We grew our largest ICPs or those who do more than $10,000 a month on average in volume by 18% once again. This segment represents approximately 10% of our overall ICPs and it contributes to over 50% of total Payoneer revenues.

現在讓我們來看看我們獲取理想客戶資料的進展。 Ana 第二季的活躍 ICP 總量年增了 6%。在我們的地區，亞太地區、歐洲、中東和非洲地區以及拉丁美洲分別實現了 13% 的成長。除歐洲外，ICP 整體成長率為 12%，我們繼續看到烏克蘭戰爭對歐洲年成長率的影響。我們最大的 ICP（即每月平均交易量超過 10,000 美元的 ICP）再次增加了 18%。該部分約占我們整體 ICP 的 10%，並貢獻了 Payoneer 總收入的 50% 以上。

In addition to ICP acquisition, we have experiment underway to increase ICP ARPU. Near term, we continue to drive strong adoption of our virtual commercial card, which is a roughly 2.5% take rate. 4% of our customers use their Payoneer virtual commercial card in the second quarter, up 100% versus a year ago. We are also adjusting pricing across different customer segments and routes, and we continue to grow and scale our working capital business. We increased originations from first-time users by 80% in Q2 as we expanded our coverage of eligible customers. Longer term, ARPU will be driven by increased product penetration and an overall mix shift towards our larger customers.

除了 ICP 收購之外，我們也正在進行提高 ICP ARPU 的實驗。短期內，我們將繼續大力推動虛擬商業卡的普及，採用率約為 2.5%。 4% 的客戶在第二季使用了 Payoneer 虛擬商業卡，比去年同期成長了 100%。我們也正在調整不同客戶群和路線的定價，並繼續發展和擴大我們的營運資金業務。由於我們擴大了合格客戶的覆蓋範圍，第二季首次用戶的發起量增加了 80%。從長期來看，ARPU 將受到產品滲透率提高和整體產品結構轉變為大客戶的推動。

We continue to make progress on our multiyear platform transformation. We remain focused on developing our scaled, cloud-based platform, including our new onboarding functionality. In the last 90 days, I'm pleased that we are accelerating our launch of new product features as we make it even easier and faster for our customers to send and receive payments. We have improved functionality around scheduling payments. We are now providing our U.S. B2B customers with real-time availability of funds via open banking integration. For our commercial card, we have increased functionality around spending limits and monitoring.

我們在多年的平台轉型上持續取得進展。我們將繼續專注於開發我們的規模化、基於雲端的平台，包括我們的新入職功能。在過去的 90 天裡，我很高興我們正在加快推出新的產品功能，使我們的客戶能夠更輕鬆、更快速地發送和接收付款。我們改進了有關安排付款的功能。我們現在透過開放銀行整合為美國 B2B 客戶提供即時資金可用性。對於我們的商業卡，我們增加了消費限額和監控功能。

This will make it easier for customers who issue multiple cards within their organization to track their expenses, and we believe will lead to greater usage and increased customer penetration over time. More broadly, for our working capital business, we announced last week the acquisition of SPOT, a real-time data platform. We will use this technology to enhance our underwriting capabilities to reduce risk and drive origination volumes, and in our merchant services business, we released a new merchant of record service for an initial group of good selling ICPs.

這將使在其組織內發行多張卡片的客戶更容易追蹤他們的支出，並且我們相信隨著時間的推移將帶來更大的使用率和更高的客戶滲透率。更廣泛地說，對於我們的營運資本業務，我們上週宣布收購即時數據平台 SPOT。我們將利用這項技術來增強我們的承保能力，以降低風險並推動發起量，在我們的商家服務業務中，我們為第一批暢銷的 ICP 發布了一項新的商家記錄服務。

This functionality delivers material uplift in acceptance rates for our customers selling goods cross-border while capturing significant greater yield and therefore, economics on volumes processed for Payoneer. The Payoneer team is focused. We are executing against the strategic priority we articulated at the beginning of the year. We are enhancing our customer value proposition and accelerating core growth. We are investing in strategic long-term initiatives that we believe will deliver durable, profitable growth. I'll now hand it over to B to discuss financial results and forward guidance in more detail.

此功能可大幅提高我們跨國銷售商品的客戶的接受率，同時獲得更高的收益，進而提高 Payoneer 處理量的經濟效益。 Payoneer 團隊非常專注。我們正在按照年初闡明的戰略重點執行。我們正在增強客戶價值主張並加速核心成長。我們正在投資長期策略計劃，我們相信這些計劃將帶來持久的獲利成長。現在我將把時間交給 B，更詳細地討論財務結果和前瞻性指引。

Thank you, John, and thank you to everyone for joining us. In the second quarter, Payoneer delivered strong top line growth and record quarterly revenue. We significantly expanded profitability and delivered a 27% adjusted EBITDA margin. We are executing on our strategy and are confident in our ability to deliver going forward. Q3 revenue increased 40% year-over-year to $207 million. We drove increased adoption of higher margin products, improved monetization of certain customer segments and delivered impressive growth in key B2B regions. We also continue to acquire ICPs and earned interest income from customer funds entrusted with us. Revenue and ICP growth continue to be impacted by our closure of payments into Russia at the end of 2022. Q2 volume increased 8% year-over-year to $15.8 billion. Volume growth was led by continued strong growth in travel spend and improving trends with our largest e-commerce marketplaces.

謝謝你，約翰，也謝謝大家的參與。第二季度，Payoneer 實現了強勁的營收成長並創下季度營收紀錄。我們大幅提高了獲利能力，實現了 27% 的調整後 EBITDA 利潤率。我們正在執行我們的策略，並對我們未來實現目標的能力充滿信心。第三季營收年增40%至2.07億美元。我們推動了高利潤產品的採用，提高了某些客戶群的貨幣化，並在關鍵的 B2B 地區實現了令人矚目的成長。我們也繼續收購ICP並從委託給我們的客戶資金中獲得利息收入。由於我們在 2022 年底關閉了對俄羅斯的支付業務，收入和 ICP 成長繼續受到影響。第二季交易量較去年同期成長 8%，達到 158 億美元。銷售成長主要得益於旅遊支出的持續強勁成長以及我們最大的電子商務市場的改善趨勢。

Our Q2 take rate was 131 basis points, up 30 basis points compared to 101 basis points in the second quarter of last year and 122 basis points in Q1. We drove take rate expansion by increasing adoption of commercial card and checkout products, earning higher interest income on customer funds and improving monetization of certain customer segments. Customer funds held by Payoneer increased 8% year-over-year to $5.5 billion. Sequentially, customer funds increased 1%. Customer balances are growing broadly in line with volume and in line with our seasonal and other expectations. As we have noted, our customers keep balances with us because they value the ability to manage their foreign currency needs, hold balances in USD and pay local and overseas vendors from a single account. 85% of our customers hold on our network more than 1 month's worth of average usage and over 1/3 of our customers hold more than 3 months' worth of their average usage.

我們的第二季利率為 131 個基點，較去年第二季的 101 個基點和第一季的 122 個基點上升了 30 個基點。我們透過增加商業卡和結帳產品的採用、從客戶資金中賺取更高的利息收入以及提高某些客戶群體的貨幣化來推動利率擴張。 Payoneer持有的客戶資金年增8%，達到55億美元。客戶資金連續增加1%。客戶餘額的成長與交易量以及我們的季節性和其他預期基本一致。正如我們所注意到的，我們的客戶在我們這裡保留餘額，因為他們重視管理外幣需求、持有美元餘額以及透過單一帳戶向本地和海外供應商付款的能力。 85％的客戶在我們的網路上持有超過1個月的平均使用量，超過1/3的客戶持有超過3個月的平均使用量。

Over 80% of customer funds continue to be in interest-bearing accounts, and we earned $55 million of interest income from customer fund balances in the second quarter. We continue to evaluate ways to manage the duration of our portfolio in a risk-appropriate manner to ensure greater consistency of interest income through different interest rate cycles. We're exploring, investing a portion of our customer funds in U.S. treasuries with up to a 3-year maturity and currently anticipate having this new program in place by the end of 2023. Our outlook anticipates that interest rates in the U.S. were more than 75% of our balances are held will remain relatively elevated. Our expectation, consistent with consensus views is that normalized medium- to long-term interest rates will be in the range of 2% to 3%. In that context, we anticipate that interest income will continue to be a meaningful contributor to our core revenue in the next several years.

超過 80% 的客戶資金繼續存放在有利息的帳戶中，第二季我們從客戶基金餘額中獲得了 5,500 萬美元的利息收入。我們將繼續評估以適當風險的方式管理投資組合久期的方法，以確保在不同的利率週期內實現更大的利息收入一致性。我們正在探索將部分客戶資金投資於期限最長為 3 年的美國國債，目前預計這項新計畫將於 2023 年底實施。我們預計，美國持有的 75% 以上餘額的利率將保持相對高位。我們的預期與普遍觀點一致，即正常化的中長期利率將在 2% 至 3% 的範圍內。在此背景下，我們預計未來幾年利息收入將繼續成為我們核心收入的重要貢獻者。

We are utilizing revenues from interest income to make investments to drive future growth while also returning capital to investors via our stock repurchase plan. For 2023, we are anticipating that approximately 25% of interest income earned will be used to fund investments in our platform and infrastructure. Our investments position us to deliver additional features more quickly, while longer term, we expect our investments will unlock greater efficiency and scale. We are well positioned to continue to utilize this revenue stream to make additional investments in our platform in future years.

我們利用利息收入進行投資，以推動未來成長，同時透過股票回購計畫向投資者返還資本。到 2023 年，我們預計約 25% 的利息收入將用於資助我們平台和基礎設施的投資。我們的投資使我們能夠更快地提供更多功能，而從長遠來看，我們預計我們的投資將帶來更高的效率和規模。我們已做好準備，在未來幾年繼續利用這個收入來源對我們的平台進行額外投資。

For 2023, we expect to utilize approximately 25% of revenues generated from interest income to return capital to shareholders via our stock repurchase plan. This will substantially offset dilution from our stock-based equity compensation program. As we have noted, interest income earned will drive a meaningful and, in our view, enduring uplift to adjusted EBITDA in 2023 and beyond. 2 transaction costs were $28 million and increased 9% year-over-year. This represented 13.8% of revenue, a significant improvement from 17.7% in the prior year period.

到 2023 年，我們預計將利用利息收入產生的約 25% 透過股票回購計畫向股東返還資本。這將大大抵消我們基於股票的股權補償計劃的稀釋。正如我們所指出的，所賺取的利息收入將在 2023 年及以後推動調整後的 EBITDA 實現有意義的、且在我們看來持久的提升。 2交易成本為2800萬美元，年增9%。這佔營收的 13.8%，較去年同期的 17.7% 有顯著提高。

Transaction costs as a percentage of revenue are lower due to higher interest income as well as our ongoing focus on driving operational efficiencies. We have recognized over $3 million in savings year-to-date by leveraging our scale with existing bank providers and onboarding new providers. revenue less transaction costs increased 46% year-over-year to $178 million. Our total operating expenses, including transaction costs of $173 million were up 15% or $23 million year-over-year, primarily due to higher sales and marketing costs. We continue to invest in our go-to-market efforts. On a year-over-year basis, sales and marketing expenses increased nearly $12 million, representing half of the increase in total operating expenses.

由於利息收入增加以及我們持續注重提高營運效率，交易成本佔收入的百分比較低。透過與現有銀行供應商合作並吸收新供應商，我們今年迄今已節省了 300 多萬美元。營收減去交易成本年增46%至1.78億美元。我們的總營運費用（包括 1.73 億美元的交易成本）年增 15% 或 2,300 萬美元，主要原因是銷售和行銷成本增加。我們將繼續投資於我們的市場推廣工作。與去年同期相比，銷售和行銷費用增加了近1,200萬美元，佔總營運費用增幅的一半。

Higher sales and marketing costs reflected increasing partner commissions and higher labor costs related to hiring over the past 12 months. It also included growth in direct marketing spend related to driving increased penetration of our card offering. As we announced last quarter, we are taking a disciplined approach to operating our business in order to drive greater efficiency while ensuring we continue to invest to drive long-term and sustainable revenue growth.

銷售和行銷成本的增加反映了過去 12 個月合作夥伴佣金的增加以及與招聘相關的勞動力成本的增加。它還包括與推動我們的信用卡產品滲透率提高相關的直接行銷支出的成長。正如我們在上個季度宣布的那樣，我們正在採取嚴謹的方式來經營我們的業務，以提高效率，同時確保我們繼續投資以推動長期和可持續的收入成長。

Operating expenses, excluding transaction costs, were down 3% sequentially, primarily from lower expense related to recent head count reductions. Streamlining the organization will enable us to increase the speed of decision-making and execution while we continue to allocate resources and invest in strategic growth areas. Q2 adjusted EBITDA was $56 million compared to roughly $15 million in the second quarter of last year and $39 million in the first quarter of this year. This represents a 27% adjusted EBITDA margin, up from 10% a year ago.

不包括交易成本的營運費用較上季下降 3%，主要由於近期裁員導致的費用降低。精簡組織將使我們能夠提高決策和執行的速度，同時我們繼續分配資源並投資於策略成長領域。第二季調整後的 EBITDA 為 5,600 萬美元，而去年第二季約為 1,500 萬美元，今年第一季為 3,900 萬美元。這意味著調整後的 EBITDA 利潤率為 27%，高於一年前的 10%。

Q2 net income was $46 million compared to net income of $4 million in the second quarter of last year due to basic and diluted earnings per share was $0.12. Net income for the quarter included a $14 million gain from change in fair value of our public warrants and an $11 million benefit to our provision for income taxes. In Q2, we concluded that the valuation allowance on our deferred tax assets in the U.S. is no longer necessary, and as a result, recognize the benefit of those deferred tax assets on our balance sheet and in our tax provision. We ended the quarter with cash and cash equivalents of $581 million, up $89 million or 18% year-over-year.

第二季淨收入為 4,600 萬美元，而去年第二季淨收入為 400 萬美元，原因是基本和稀釋每股收益為 0.12 美元。本季淨收入包括我們公開認股權證公允價值變動產生的 1,400 萬美元收益和我們所得稅準備金產生的 1,100 萬美元收益。在第二季度，我們得出結論，我們在美國遞延所得稅資產的估值準備金不再必要，因此，在我們的資產負債表和稅務準備金中確認了這些遞延所得稅資產的收益。截至本季末，我們的現金和現金等價物為 5.81 億美元，比去年同期增加 8,900 萬美元，增幅為 18%。

Our business continues to generate positive free cash flows and our free cash flow conversion is well above 100% year-to-date. As John discussed earlier, we recently announced agreements to acquire a licensed China-based payment service provider and an Israeli-based real-time data platform. Both are aligned with our strategy to serve customers locally and to accelerate our product road map via M&A. We anticipate the China-based company acquisition will close in 2024, subject to the receipt of local regulatory approvals. We expect that the China-based company transaction will be funded with cash on hand. The data platform acquisition was completed at announcement last week and was funded with cash on hand. We anticipate that the pro forma impact of the acquisitions will not be material to our ongoing financial results. We have been actively returning capital to shareholders. Since the inception of our share buyback program in May, we have repurchased approximately $20 million of Payne shares at a weighted average cost of $4.68 per share.

我們的業務持續產生正的自由現金流，今年迄今我們的自由現金流轉換率遠高於 100%。正如約翰之前所討論的，我們最近宣布了收購一家獲得許可的中國支付服務提供商和以色列即時數據平台的協議。兩者都符合我們的策略，即為本地客戶提供服務並透過併購加速我們的產品路線圖。我們預計，該中國公司收購將於 2024 年完成，但需獲得當地監管機構的批准。我們預計這家中國公司的交易將以現金支付。數據平台收購已於上周宣布完成，資金來自現有現金。我們預計，此次收購的預計影響不會對我們目前的財務業績產生重大影響。我們一直積極地向股東返還資本。自 5 月啟動股票回購計畫以來，我們已回購了約 2,000 萬美元的 Payne 股票，加權平均成本為每股 4.68 美元。

Turning to our outlook. We are once again raising our revenue and adjusted EBITDA guidance for 2023. For the full year, we expect revenues to be between $820 million and $830 million, transaction cost as a percentage of revenue to be approximately 15.5% and adjusted EBITDA to be between $160 million and $170 million. Revenue trends improved throughout the second quarter. We saw stronger exit rate dynamics with our largest e-commerce marketplaces, expect a further ramp-up of various manitization initiatives underway and expect $210 million of interest income for the full year. In B2B, we expect growth to reaccelerate in the second half of 2023.

轉向我們的展望。我們再次上調了 2023 年的營收和調整後 EBITDA 預期。就全年而言，我們預計營收在 8.2 億美元至 8.3 億美元之間，交易成本佔營收的百分比約為 15.5%，調整後 EBITDA 在 1.6 億美元至 1.7 億美元之間。整個第二季的收入趨勢有所改善。我們看到最大的電子商務市場的退出率動態更加強勁，預計正在進行的各種金融化措施將進一步增加，預計全年利息收入將達到 2.1 億美元。在 B2B 領域，我們預計成長將在 2023 年下半年重新加速。

As John mentioned earlier, we are seeing solid customer acquisition trends and are excited about continuing to capture market share in key high-growth service-oriented markets. In APAC, SEMEA and Latin America, our B2B business is compelling product market fit and strong and sustained customer acquisition, volume and revenue growth. These 3 regions make up over 40% of total B2B volumes and over half of B2B revenues. In these critical high-growth regions, the number of transactions per customer have remained stable year-over-year, while the average invoice size increased mid-single digits on a year-over-year basis.

正如約翰之前提到的，我們看到了穩固的客戶獲取趨勢，並對繼續在關鍵的高成長服務型市場中佔領市場份額感到興奮。在亞太地區、東南非洲和拉丁美洲，我們的 B2B 業務具有引人注目的產品市場契合度以及強勁且持續的客戶獲取、銷售和收入成長。這三個地區佔 B2B 總交易量的 40% 以上，佔 B2B 收入的一半以上。在這些關鍵的高成長地區，每位客戶的交易數量較去年同期保持穩定，而平均發票金額則較去年同期成長中個位數。

We continue to focus on operating efficiency in order to maximize resources available for high-growth areas of our business and for opportunities to deepen our competitive moats. We expect cash OpEx less transaction costs to be $525 million to $535 million for 2023. Cash OpEx represents our guidance for revenue less adjusted EBITDA. This is $15 million lower than our prior guidance, reflecting the impact of recent head count reductions and a greater degree of operating discipline. We expect most of this benefit to be recognized in our sales and marketing and other operating expense line items.

我們持續專注於營運效率，以便最大限度地利用資源用於我們業務的高成長領域，並尋找機會深化我們的競爭優勢。我們預計 2023 年的現金營運支出減去交易成本將達到 5.25 億至 5.35 億美元。現金營運支出代表我們對收入減去調整後 EBITDA 的指導。這比我們之前的預期低 1500 萬美元，反映了近期裁員和更高程度的營運紀律的影響。我們預計大部分收益將體現在我們的銷售和行銷以及其他營運費用項目中。

As we mentioned at the beginning of the year, we incurred significant onboarding and support costs relating to customers who do not ultimately meet our ideal customer profile. We continue to work on and roll out initiatives to drive these costs down and to improve the economic profile of these non-IPPs, and are seeing encouraging results. We are experimenting with pricing strategies for non ICPs. In the second quarter, we began rolling out feeds to increase our monetization and expect these initiatives to continue through the back half of the year.

正如我們在年初提到的那樣，我們為那些最終不符合我們理想客戶形象的客戶承擔了大量的入職和支援成本。我們將繼續努力並推出措施來降低這些成本並改善這些非獨立發電廠的經濟狀況，並看到了令人鼓舞的成果。我們正在試驗非 ICP 的定價策略。在第二季度，我們開始推出資訊流來提高我們的貨幣化程度，並預計這些措施將持續到今年下半年。

Last quarter, we launched a machine learning model to better filter out applicants who will likely never become IP. Based on an initial test population, we have already seen the model reject approximately 10% of applications that we would otherwise have processed. We will continue to refine and expand rollout in the months ahead. Our latest guidance for 2023 adjusted EBITDA is between $160 million and $170 million. This guidance reflects a more than threefold increase in adjusted EBITDA versus 2022 and a 20% adjusted EBITDA margin for 2023. In conclusion, Payoneer's second quarter results demonstrate our steady execution against our strategic priorities, and we're pleased to see that our focus on operating efficiency is paying off with higher adjusted EBITDA margin. We're excited to welcome you to our first Investor Day in New York City on September 21, and where we will dive deeper into our business and reintroduce Payoneer to the investment community. We are now happy to answer any questions you might have. Operator, please open on.

上個季度，我們推出了一個機器學習模型，以便更好地篩選出那些可能永遠不會成為 IP 的申請人。根據初步測試人群，我們已經看到該模型拒絕了我們原本會處理的大約 10% 的申請。我們將在未來幾個月繼續完善和擴大推廣。我們對 2023 年調整後 EBITDA 的最新預測是在 1.6 億美元至 1.7 億美元之間。該指引反映出調整後的 EBITDA 較 2022 年成長了兩倍多，2023 年調整後的 EBITDA 利潤率達到了 20%。總而言之，Payoneer 第二季的業績證明了我們穩步執行策略重點，我們很高興看到，我們對營運效率的關注正在帶來回報，調整後的 EBITDA 利潤率有所提高。我們很高興歡迎您參加我們於 9 月 21 日在紐約舉行的首屆投資者日，屆時我們將深入探討我們的業務，並向投資界重新介紹 Payoneer。我們現在很樂意回答您可能遇到的任何問題。接線員，請開通。

(Operator Instructions) Our first question today is from the line of Darrin Peller, Wolfe Research.

（操作員指示）我們今天的第一個問題來自 Wolfe Research 的 Darrin Peller。

Wolfe Nice quarter, maybe just start off a bit of a financial question, just driving the core take rate, it looks like if you try to back out the float side, the float income side, the yield date improved, I think, by about 5 or 6 basis point 1, so if you could just help us understand the magnets impact -- how much of it is really just the pricing power you're putting forth in the business that we've touched on before, commercial card adoption or anything else you can help us understand the bridge.

沃爾夫 不錯的季度，也許只是開始問一些財務問題，只是推動核心利率，看起來如果你試圖退出浮動方，浮動收入方，收益率日期改善了，我認為，大約 5 或 6 個基點 1，所以如果你可以幫助我們了解磁鐵的影響 - 其中有多少實際上只是你在我們之前提到過的業務中提出的定價權，商業卡幫助我們採用任何其他橋樑的東西。

Yes. Thanks for the question, Dan. Yes, as you noted, over the long term, we do expect take rates to trend upwards from increased adoption of our high-value products. In the quarter specifically, certainly pricing, we talked a little bit during the prepared remarks. Some of the speeds we launched around non-ICP customers, improved monetization and ARPU for that segment. We've also driven card adoption and have been directing some of our direct marketing spend to that and to that effort, so we saw a nice uptake overall in adoption in cars, and overall, in some of our other areas, B2B is certainly growing from a revenue perspective and that growth is outpacing core growth. So that's also factored into that overall take rate expansion.

是的。謝謝你的提問，丹。是的，正如您所說，從長遠來看，隨著我們高價值產品的採用率不斷提高，我們確實預期接受率將呈上升趨勢。具體來說，在本季度，當然是定價問題，我們在準備好的發言中談了一些。我們針對非 ICP 客戶推出的一些速度提高了該細分市場的貨幣化和 ARPU。我們也推動了銀行卡的普及，並將部分直接行銷支出用於此，因此，我們看到汽車行業的銀行卡普及率總體呈良好增長，總體而言，在我們的其他一些領域，從收入角度來看，B2B 業務肯定在增長，而且這種增長速度超過了核心業務的增長。所以這也被考慮到了整體利率的擴張。

Okay. So sustainably -- I mean, sustainability-wise, it seems like there's nothing about it, that's sort of onetime in nature?

好的。那麼可持續性——我的意思是，從可持續性的角度來看，這似乎沒有什麼，這在本質上是一次性的？

No. Look, I think we've highlighted in our prepared remarks that fees and pricing strategy more generally is something that we're focused on, and we would expect to see and have plans to roll out additional fees and changes in pricing through the back half of the year, really, again, focused on that non-ICP cohort, and in general, as we say, while we might see quarter-to-quarter fluctuations as we drive more adoption within our high-value products, the working capital, our checkout business, our B2B business and reaccelerate that growth in B2B in the back half of the year and beyond, we would expect uplift in that take rate overall.

不，聽著，我想我們已經在準備好的評論中強調過，費用和定價策略通常是我們關注的重點，我們預計會看到併計劃在下半年推出額外的費用和定價變化，真的，再次關注非 ICP 群體，總的來說，正如我們所說，雖然我們可能會看到季度波動，因為我們在高價值產品、營運資金、結帳業務、B2B 業務中推動更多的成長，我們預期整體接受率會有所提升。

John, that's really great. John, just very quickly, when we think about buying trends in the business around and really just what you're doing to transform the culture around operating efficiencies being more just leaner broadly, which you're obviously showing in the numbers. How has the response been internally from a cultural standpoint in terms of keeping talent, attracting talent? Anything changing on that front? Or is it -- just maybe you could touch on that and I'll leave it there.

約翰，這真是太棒了。約翰，簡單說一下，當我們思考購買業務趨勢時，您實際上正在做什麼來改變圍繞營運效率的文化，使其更加精簡，這一點您顯然已經在數字中體現出來了。從文化角度來看，在留住人才、吸引人才方面，內部的反應如何？這方面有什麼變化嗎？或者是——也許你可以談這一點，然後我就不再提了。

Yes. Thanks, Darrin. It's a great question. The team at Payoneer is extraordinary and global and working hard to deliver strong results and improved and increasing velocity of product and technical releases to serve our customers, so I'm proud and encouraged by the work our organization is doing. We -- it is never easy to part with colleagues that are hard-working and care about the organization, and I think our team handled that well, and we are improving the speed of decision-making and the pace of our operation globally, and I'm super encouraged by the progress the team is making.

是的。謝謝，達林。這是一個很好的問題。 Payoneer 團隊非常出色，而且遍布全球，他們努力工作，取得了出色的成果，並不斷提高產品和技術發布的速度來服務我們的客戶，因此，我為我們組織所做的工作感到自豪和鼓舞。我們——與勤奮工作並關心組織的同事分開從來都不是一件容易的事，我認為我們的團隊處理得很好，我們正在提高決策速度和全球運營速度，團隊所取得的進步讓我感到非常鼓舞。

Our next question today is from the line of Mark Paraskevopoulos of Marktfeld.

我們今天的下一個問題來自馬克特菲爾德的馬克·帕拉斯凱沃普洛斯 (Mark Paraskevopoulos)。

Yes, and nice quarter. If you could talk a little bit about what remains in terms of the pieces of the strategic plan that still need to be implemented, what the time frame is with regard to that implementation? And how should we think about the timing of the full impact of those initiatives?

是的，很不錯。您能否稍微談談戰略計畫中還有哪些部分需要實施，以及實施的時間框架是什麼？我們該如何看待這些措施全面發揮影響力的時機？

Yes. I think -- Mark, John here. Thanks for the question. The Payoneer organization is intensely focused on durable profitable growth and providing -- delivering the suite of financial services to our emerging market SMBs for all of their cross-border needs, and what our research showed us that we did around SMBs, 3,500 SMB service saw that there is an intense focus on growing exports among SMBs in emerging markets as well as growing international vendors to optimize their expenses, so we are very focused first on ICP growth, both retention and engagement and acquisition of ICPs and high-value ICPs. You saw the 18% growth in our ICP is doing over $10,000 a month.

是的。我認為－－我是馬克，約翰。謝謝你的提問。 Payoneer 組織高度重視持久的盈利增長，並向我們的新興市場中小企業提供全套金融服務，滿足其所有跨境需求，我們的研究表明，我們圍繞中小企業開展的工作，為 3,500 家中小企業提供服務，我們發現，新興市場中小企業非常注重增加出口，同時增加國際供應商以優化其開支，因此，我們首先保留 ICP 的風險您看到了，我們的 ICP 成長了 18%，每月收入超過 10,000 美元。

I'm encouraged that that's the second quarter in a row. We have strong revenue growth among ICPs, and we've talked about that. The tech modernization effort that's underway is picking up steam, and we're excited about the progress we're making there. In terms of the long-term multi-quarter evolution of Payoneer, there is a significant global opportunity for our financial operating account for our customers, and we are penetrating them with both the services we have to offer today and developing new services that we believe can capture even greater percentage of their total accounts receivable and their total accounts payable, so we're making great progress and excited about the future in front of us.

我很高興這是連續第二季實現這一目標。我們的 ICP 收入成長強勁，我們已經討論過這一點。正在進行的技術現代化工作正在加速進行，我們對所取得的進展感到非常興奮。就 Payoneer 的長期多季度發展而言，我們為客戶提供的財務營運帳戶面臨著巨大的全球機遇，我們正在透過我們今天提供的服務滲透到他們當中，並開發新的服務，我們相信這些新服務可以佔據他們總應收帳款和總應付帳款的更大比例，因此，我們正在取得巨大進步，並對眼前的未來感到興奮。

And -- just one more question. The upcoming Investor Day on September 21 seems to be a greater note than the typical company's Investor Day, just given the extent of the transformation that you were seeking to execute. Can you give us a bit of a preview in terms of what that day will evolve what you're ultimately seeking to accomplish with it?

還有──還有一個問題。考慮到您所尋求實施的轉型程度，即將到來的 9 月 21 日投資者日似乎比一般公司的投資者日更引人注目。您能否向我們稍微預測一下那一天將會如何發展以及您最終希望實現什麼目標？

So yes, I'll start, and then I'll pass it to be. We're really excited about September 21, welcoming current shareholders for new and potential shareholders to be introduced to the exciting things happening at Payoneer, exciting strategic opportunities we see market developments. We see Adam Cohen and our go-to-market momentum, a soft Ronan and the platform modernization. A lot has evolved at paying your since our IPO in June of 2021, and be and I and our executive team are excited to share. But B, anything you'd like to add?

是的，我會開始，然後我會把它傳遞下去。我們非常高興 9 月 21 日到來，歡迎現有股東、新股東和潛在股東了解 Payoneer 正在發生的令人興奮的事情、我們看到的令人興奮的策略機會和市場發展。我們看到了亞當科恩 (Adam Cohen) 和我們的市場走向勢頭，軟羅南 (Ronan) 和平台現代化。自 2021 年 6 月首次公開募股以來，我們的支付方式發生了很大變化，我和我們的執行團隊很高興與大家分享。但是 B，您還有什麼要補充的嗎？

Yes, Look, I think you covered it, John. We're certainly excited. We think that it's a great opportunity for us to introduce reintroduce the Payoneer story to the investment community. We're evolving the strategy, as John has described, was super excited about the opportunity ahead of us. We have a lot of new members in our team who are excited to share their vision from a go-to-market perspective, from a platform perspective, so we view it as a great opportunity to sort of reset and reintroduce the story, introduce our execs, frankly, simplify the story a little bit and share sort of where we see the business going over the next several years.

是的，看，我想你已經涵蓋了這一點，約翰。我們當然很興奮。我們認為這是一個向投資界重新介紹 Payoneer 故事的絕佳機會。我們正在製定策略，正如約翰所描述的，我們對眼前的機會感到非常興奮。我們團隊中有很多新成員，他們很高興從市場進入的角度、從平台的角度分享他們的願景，因此，我們認為這是一個很好的機會來重新設定和重新介紹故事，介紹我們的高管，坦率地說，簡化故事，並分享我們對未來幾年業務發展方向的看法。

Our next question is from the line of Will Nance of Goldman Sachs.

我們的下一個問題來自高盛的威爾·南斯。

I'll echo the other comments on a very next quarter. Look, I think you guys commented on some of the re-inflection on some of the e-commerce marketplaces on the platform. I think that drives us what we've heard from other e-commerce players. I wanted to actually ask about one of the more kind of opaque vertical that you guys have, which is sort of the non-marketplace cross-border e-commerce types of platforms that you guys serve? We kind of know what the trends are in B to B on the marketplace side. What are you guys seeing outside and more of the kind of cross-border SMB e-commerce types of merchants? How have volumes trended there? And then kind of what are your expectations going forward?

我將在下個季度回應其他評論。聽著，我認為你們對平台上一些電子商務市場的重新轉變發表了評論。我認為這促使我們從其他電子商務參與者那裡聽到了這些消息。我實際上想問一下你們所擁有的一種比較不透明的垂直領域，也就是你們所服務的非市場跨境電子商務類型的平台？我們大概知道市場方面 B2B 的趨勢是什麼。你們在外面看到更多的是那種跨境 SMB 電子商務類型的商家嗎？那裡的交易量趨勢如何？那麼，您對未來的期望是什麼？

Yes. Thanks for the question, Will. I'll look to address that. Look, in terms of what we're seeing, which obviously informs our guidance and the assumptions that underpin that, look, overall in our business, what we're assuming and what we're seeing, it's high single-digit aggregate volume growth with higher volume growth in some of those regions where we're seeing an accelerated pace of growth. As you've noted, e-commerce has rebounded pretty nicely over the last several months, and so we're assuming and indeed seeing high single to low double-digit growth from an e-com volume perspective. In other parts of our business that are sort of less e-com-focused potentially, certainly, we've highlighted and we're expecting a B2B acceleration in the back half of the year, in part from sort of the new verticals that we're launching, our focus on those service-oriented regions, also the lapping of those terminations that we've talked about. We're assuming again strong and increased growth in travel spend, not a huge part of the volume pie for us overall, but driving significant uplift.

是的。謝謝你的提問，威爾。我會設法解決這個問題。就我們所看到的情況而言，這顯然為我們的指導和支撐這些指導和假設提供了信息，從整體上看，在我們的業務中，我們所假設的和我們所看到的是，總體銷量呈高個位數增長，而且在我們看到增長速度加快的一些地區，銷量增長更快。正如您所注意到的，電子商務在過去幾個月中已經出現了相當強勁的反彈，因此從電子商務交易量的角度來看，我們假設並且確實看到了高個位數到低兩位數的增長。在我們業務的其他部分，可能不太關注電子商務，當然，我們已經強調過，我們預計今年下半年 B2B 業務將加速發展，部分原因是我們推出的新垂直領域，我們對那些面向服務的領域的關注，以及我們所談論的那些終端的重疊。我們再次預期旅遊支出將出現強勁成長，雖然這對我們來說整體上不佔很大份額，但卻能帶來顯著的成長。

Some of those other areas, look, from a freelance platform perspective, we're assuming -- seeing and assuming which aligns and is consistent with those public companies as well, low to mid-single-digit volume growth from those Freelance platforms, and that probably sort of covers the pie kind of from a volume and vertical perspective. But overall, like I say, we're sort of baking in pretty strong volume dynamics. We saw nice revenue trends in Q2 in terms of the acceleration, pretty decent exit dynamics. In April, our revenue was roughly flat. In May, it was up mid-single digits, and we exited with June revenue up about 10%. So that's all baked into sort of our assumptions to how we see the rest of the year panning out.

從自由職業平台的角度來看，我們假設其他一些領域也與那些上市公司保持一致，這些自由職業平台的交易量將呈現低到中等個位數的增長，從交易量和垂直角度來看，這可能涵蓋了整個市場。但總體而言，就像我說的，我們正在形成相當強勁的成交量動態。我們看到第二季的營收趨勢良好，加速成長，退出動力相當不錯。四月份，我們的收入基本上持平。五月，收入上漲了中個位數，六月收入上漲了約 10%。所以這一切都融入了我們對今年剩餘時間走勢的假設。

Got it. That's super helpful, and maybe just to double click on that last point that you made. I mean we were calculating the guidance implying roughly 10% kind of revenue ex float growth in the back half of the year. That doesn't sound too far off from some of those high single-digit volume metrics, but you're calling out a lot of pricing benefits. So I guess I'm just curious the degree to which further pricing actions are incorporated in the back half of the year guide and kind of maybe the delta between revenue and volume that you're expecting?

知道了。這非常有幫助，也許只需雙擊您提出的最後一點。我的意思是，我們計算的指導值暗示下半年浮動收入將成長約 10%。這聽起來與一些高個位數的成交量指標相差不遠，但你卻提到了許多定價優勢。所以我想我只是好奇下半年指南中納入了多少進一步的定價行動，以及您預期的收入和銷售之間的差異程度？

Yes. Look, your math is spot on, roughly 10% revenue growth in the back half of the year. A few things to get us there, one I've already noted, we're assuming a broad acceleration in B2B volumes as we lap those tougher Q3 comps and accelerate in some of the exciting new verticals that John talked about. Our revenue growth in B2B has been strong. It's outpacing core growth. We're seeing those strong exit dynamics, as I said, we're seeing the strong e-commerce and travel. We are, and we've highlighted that we're implementing additional measures to drive improved monetization in ICT, and then I think the final leg is sort of continuing to drive. We've seen good results thus far continue to drive penetration in our card offering in the back half of the year, continued growth in our checkout merchant services business. That's really what bridges us from the strong exit dynamics that we saw from Q2 into the back half of the year.

是的。瞧，你的計算很準確，下半年的營收成長大約是 10%。有幾件事可以幫助我們實現這一目標，其中一件事我已經提到了，我們假設 B2B 交易量將全面加速，因為我們要應對那些更艱難的第三季度競爭，並在 John 談到的一些令人興奮的新垂直領域加速發展。我們的 B2B 收入成長強勁。其成長速度超過了核心成長速度。正如我所說，我們看到了強勁的退出動力，我們看到了強勁的電子商務和旅遊業。我們正在這樣做，我們已經強調，我們正在實施額外措施來推動 ICT 貨幣化的提高，然後我認為最後一步就是繼續推動。到目前為止，我們已經看到了良好的業績，繼續推動我們下半年信用卡業務的滲透率，並持續推動我們的結帳商家服務業務的成長。這實際上是我們從第二季度看到的強勁退出勢頭延續到今年下半年的原因。

Our next question today is from the line of Trevor Williams of Jefferies.

我們今天的下一個問題來自 Jefferies 的 Trevor Williams。

Great. John, I wanted to go back to the acquisition in China. It sounds like there's now a pretty firm commitment to China staying an important region for you guys. But based on the comments you made, maybe it sounds like the hope is the shift what the composition of that customer base looks like over time. So if you could elaborate a bit on that and then maybe how you'd expect the mix of business in China to evolve over the medium term?

偉大的。約翰，我想回到中國收購。聽起來現在你們已經堅定地承諾中國將繼續成為你們的重要地區。但根據您所做的評論，也許聽起來希望是隨著時間的推移客戶群的組成會發生轉變。那麼，您能否就此進行一些詳細說明，然後您認為中國的業務組合在中期內將如何發展？

Sure. Thanks for the question. As you know, China is a large market for Payoneer and this transaction really reinforces our long-term commitment to our customers in that country. We made the strategic decision to transition from operating as a foreign entity in China to becoming a local financial service provider. The advantages we anticipate to operate in this way as a local licensed entity will expand our service capabilities to provide outbound money flows, such as those for the travel industry and to support RMB globalization. We will be able to serve customers locally via on-the-ground operations, technology and R&D as well as partnerships and integrations with more local tools and fundamentally improve our cost structure and improve FX margins, and I think from a broader strategic framework, it fits into our broader strategy to continue to invest in our regulatory licensing framework and operate even more locally around the globe.

當然。謝謝你的提問。眾所周知，中國是Payoneer的一個巨大的市場，而這筆交易確實加強了我們對中國客戶的長期承諾。我們做出了策略決策，從在中國營運的外商實體轉型為本地金融服務提供者。我們預計，作為本地持牌實體以這種方式運作將帶來優勢，擴大我們的服務能力，以提供出境資金流動，例如旅遊業的資金流動，並支持人民幣全球化。我們將能夠透過實地營運、技術和研發以及與更多本地工具的合作和整合為本地客戶提供服務，從根本上改善我們的成本結構並提高外匯利潤率，我認為從更廣泛的戰略框架來看，它符合我們更廣泛的戰略，即繼續投資於我們的監管許可框架並在全球範圍內開展更多本地化運營。

We're now adding China to the other major jurisdictions, including the U.S., Europe, U.K., Australia, Japan and Hong Kong, and as we've shared, we've recently received our major payment institution license from the monetary authority in Singapore, and earlier this year, received our electric money institution license in the U.K. I think all of this plays into our deep focus to continue to capture opportunities for emerging market SMBs, and as it relates to China specifically in the mix of customers, we are not focused on the B2B in China near term, right? As the decision we made, and we've articulated, we're very focused in the high-growth opportunities in CEMEA, APAC and LatAm and saw 29% growth in those markets. We continue to see a significant and big e-commerce opportunity in China and as the largest exporter, 1/3 of global exports are coming -- cross-border e-commerce exports are coming from China. We are a leader there, and we'll continue to be a leader there.

我們現在將中國加入其他主要司法管轄區中，包括美國、歐洲、英國、澳洲、日本和香港。正如我們所分享的，我們最近從新加坡金融管理局獲得了主要支付機構許可證，今年早些時候，我們在英國獲得了電子貨幣機構許可證。我認為這一切都促使我們深入關注繼續抓住新興市場中小企業的機會，因為它與中國的客戶組合特別相關，我們近期不會專注於中國的 B2B 業務，對嗎？正如我們所做的決定和所表達的那樣，我們非常關注 CEMEA、APAC 和 LatAm 的高成長機會，並且在這些市場實現了 29% 的成長率。我們繼續看到中國巨大的電子商務機遇，作為最大的出口國，全球 1/3 的出口來自——跨境電子商務出口來自中國。我們是那裡的領導者，我們將繼續在那裡保持領先地位。

Got it. Okay, and then maybe to put a finer point on the expectation for the B2B volume to accelerate in the back half, your comps do get much easier just with what you're lapping in 3Q. But any way you could dimensionalize how much of the acceleration is just contribution and lapping the merchant cleanup versus some kind of underlying acceleration with some of the other initiatives you guys have talked about.

知道了。好的，然後也許可以更準確地指出 B2B 交易量在下半年加速的預期，僅憑您在第三季度取得的成績，您的比較就會變得容易得多。但無論如何，你可以將加速的程度量化為貢獻和商家清理，以及你們談到的其他一些舉措所帶來的某種潛在的加速。

Yes, I'm happy to take that. Look, I think it's helpful as we think about the dynamics in that business to disaggregate a little bit, as John sort of just highlighted between China and rest of world, just to give sort of some sense, China volume as a percentage of B2B in Q2 was roughly 20%. That sort of reflects sort of a shift in emphasis towards those higher-growth regions where we see really compelling product market fit to serve service-oriented business in what I'll call sort of that rest of world bucket, which is primarily, although not exclusively, sort of a service-oriented business, so while we will get the benefit of lapping those Q3 2022 terminations, we are seeing really strong growth in those other regions.

是的，我很樂意接受。你看，我認為當我們思考這個行業的動態時，稍微分解一下是有幫助的，正如約翰剛才強調的中國和世界其他地區的情況，只是為了給出一些概念，中國在第二季度佔 B2B 交易量的百分比約為 20%。這在某種程度上反映了我們將重點轉向那些高成長地區，在這些地區，我們看到了真正引人注目的產品市場，適合服務於我所說的世界其他地區的服務型企業，這些企業主要（但不完全）是服務型企業，因此，雖然我們將從 2022 年第三季度的終止中獲益，但我們也看到其他地區的增長非常強勁。

John just highlighted, APAC EMEA, LatAm, we saw 29% volume growth year-over-year in those regions. In Europe, we're seeing sort of fairly stable growth. Ukraine is an important B2B market for us, remarkably resilient local community. We're seeing some headwinds, but we're also seeing sort of pickup in those new verticals we've highlighted. So overall, we're really excited in that sort of 80% of the business that makes up the non-China business to be able to continue to build on those strong volume trends and the strong exit dynamics.

約翰剛剛強調，亞太地區、歐洲、中東和非洲地區、拉丁美洲，這些地區的銷量較去年同期成長了 29%。在歐洲，我們看到了相當穩定的成長。烏克蘭是我們重要的 B2B 市場，當地社區具有極強的韌性。我們看到了一些阻力，但我們也看到我們所強調的那些新垂直領域有所回升。因此，總體而言，我們對佔中國以外業務 80% 的業務感到非常興奮，能夠繼續保持強勁的銷售趨勢和強勁的退出動力。

Our next question today is from the line of Bob Napoli of William Blair.

我們今天的下一個問題來自威廉布萊爾的鮑勃納波利。

Just on the acquisitions -- I mean the license in China, the spot, I guess, underwriting Israel technology. Just any more color on what you expect that to contribute. I mean it sounds like little revenue out front, but the underwriting technology for working capital, are we going to see an acceleration in working capital. So just any comments around those acquisitions and what you expect -- what we should expect to see from an economic standpoint.

僅就收購而言——我指的是中國的許可證，我想是承銷以色列技術。只是對您期望其做出的貢獻有更多的說明。我的意思是，這聽起來像是前面提到的收入很少，但是營運資本的核保技術，我們是否會看到營運資本的加速成長。因此，只是針對這些收購的任何評論以及您的期望——從經濟角度我們應該期待看到什麼。

Sure. Thanks for the question, Bob. Look, as we noted in our prepared remarks, on a pro forma basis, we don't expect either acquisitions can materially impact our financial statements, and specific to the spot acquisition, which is the working capital, look, we continue to believe lending is a super interesting opportunity for us, one way we really do have sort of the opportunity to provide capital much more efficiently and where we see that the SMBs that we serve are poorly served, frankly, and underserved by traditional players, so we continue to explore ways to meaningfully grow that. We've seen a nice trend in our working capital business. Originations are up roughly 18%, and the Span acquisition is part of that overall acceleration strategy.

當然。謝謝你的提問，鮑伯。正如我們在準備好的評論中所指出的，在備考基礎上，我們預計任何一項收購都不會對我們的財務報表產生重大影響，具體到現貨收購，也就是營運資金，我們仍然相信貸款對我們來說是一個非常有趣的機會，是我們確實有機會更有效地提供資金的一種方式，而且我們看到，我們服務的中小企業服務有意義，坦率地說，所以我們繼續探索的服務方面也很差，所以我們的服務有意義，坦率地說，所以我們繼續探索服務的方法也很差，所以我們的服務方面也有意義，坦率地說，所以我們的服務方面也很差地發展服務我們的營運資金業務呈現出良好的趨勢。發起量成長了約 18%，而 Span 的收購是整體加速策略的一部分。

It's basically a data platform that harvests a wide range of both proprietary as well as publicly available data points and applied machine learning tools to help us drive better underwriting. What should that do to the business? Look, it allows us to better manage risk and the losses associated with that underwriting risk, and it should provide us a better way of targeting customers and then in turn provide an uplift to the amount of origination that we can drive. So look, we're excited. We think it's a long-term opportunity for Payoneer this is a part of that strategy and in line with what we've talked about, which is to use M&A to really accelerate our product road map.

它本質上是一個數據平台，收集廣泛的專有和公開數據點和應用機器學習工具，以幫助我們實現更好的承保。這對企業有何影響？你看，它使我們能夠更好地管理風險以及與承保風險相關的損失，並且它應該為我們提供一種更好的方式來定位客戶，然後反過來提高我們可以推動的起源數量。所以你看，我們很興奮。我們認為這對 Payoneer 來說是一個長期機會，這是該策略的一部分，並且符合我們所談論的，即利用併購來真正加速我們的產品路線圖。

Great, and then the ICPs, can you remind us what the economics of an ICP are versus non-ICP and the -- what your expectations are for growth of ICT...

太好了，然後是 ICP，您能否提醒我們 ICP 與非 ICP 相比的經濟狀況如何，以及您對 ICT 成長的期望是什麼…

Sure, Bob. Good question here, so an ICP is defined as a customer that's had $500 or more of average volume for each of the prior 12 months or $6,000 in total volume. The ICP population, we saw really strong growth in the quarter, up in APAC, 13%; EMEA, 13%; LatAm, 13%, this ICPs globally over $10,000, up 18%, so we are seeing really good and healthy ICP growth. We would expect to see fluctuations quarter-over-quarter depending on specific geographic or other factors, but we are focused on both growing the number of ICPs year-on-year as well as the quality and volume of each ICP.

當然，鮑伯。這是一個好問題，ICP 的定義是過去 12 個月中平均每個交易量達到或超過 500 美元或總交易量達到或超過 6,000 美元的客戶。就 ICP 人口而言，我們看到本季成長非常強勁，亞太地區成長了 13%；歐洲、中東和非洲地區，13%；拉丁美洲成長了 13%，全球 ICP 超過 10,000 美元，成長了 18%，因此我們看到了真正良好且健康的 ICP 成長。我們預計季度環比會出現波動，具體取決於特定的地理或其他因素，但我們專注於逐年增加 ICP 數量以及每個 ICP 的品質和數量。

Our next question is from the line of Sanjay Sakhrani of KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

I think you've answered a lot of questions about the second half outlook and your expectations. But I'm curious, if we take a step back and think about the 20% revenue growth expectations, can you just talk about how we get there over the next several years? Perhaps you can disaggregate some of the drivers of that? And I know, B, you talked about float-income being a material contributor for the next few years. Could you just talk about how that plays into that?

我想你已經回答了很多關於下半年前景和期望的問題。但我很好奇，如果我們退一步考慮一下 20% 的營收成長預期，您能否談談我們在未來幾年如何實現這一目標？也許您可以分解出其中的一些驅動因素？我知道，B，您說過浮動收入將成為未來幾年的重要貢獻者。您能談談這是如何發生的嗎？

Sure, Sanjay, thanks for the question. Look, as we said, we view flowed income as core revenue and a core sort of result, if you like, of the utility and value we provide to customers. But we totally sort of understand and we do kind of disaggregate as we look at the various levels of the business. Look, as we said the back half of this year, the guidance roughly 10% growth in terms of our core revenue, and we're looking to continue to drive that reacceleration of growth, if you like, within that kind of core revenue through some of the things and initiatives that John has touched on, so driving more ICP acquisition, a focus from a go-to-market perspective on ICP acquisition in that 100K-plus which is a significant driver of revenue growth from us or of the total revenue line and a broad reacceleration of our B2B business.

當然，桑傑，謝謝你的提問。正如我們所說，我們將流動收入視為核心收入和核心結果，如果你願意的話，它是我們為客戶提供的效用和價值。但我們完全理解，並且在觀察業務的各個層面時，我們確實進行了分解。正如我們在今年下半年所說的那樣，我們的核心收入預計將增長約 10%，並且我們希望透過約翰提到的一些事情和舉措，繼續推動核心收入的增長，從而推動更多的 ICP 收購，從市場進入的角度關注 10 萬以上的 ICP 收購，這是我們收入增長或總收入增長的重要驅動力，也是我們 B2B 業務的重要驅動力。

In the back half of the year and going into 2024 as well. So the other aspect, again, is ICP is one sort of aspect of that formula. The other one is ARPU, which we've also touched on in our prepared remarks and really driving more kind of adoption and cross-selling of those high-value products that we've talked about, including checkout, which gives us, as we've talked about in past calls, another avenue to bring AR and other volume into the network, which we can then monetize in other ways.

今年下半年以及 2024 年也是如此。因此，另一方面，ICP 是該公式的一個面向。另一個是 ARPU，我們在準備好的發言中也提到過，它真正推動了我們所討論的那些高價值產品的更多採用和交叉銷售，包括結帳，正如我們在過去的電話會議中所討論的那樣，這為我們提供了另一條將 AR 和其他容量引入網絡的途徑，然後我們可以通過其他方式將其貨幣化。

So that's how we're thinking of sort of the drivers and levers that begin to reaccelerate our growth in sort of core revenue. From an interest income perspective, look, again, as we've said, and our peers have made similar comments in the market, it seems clear that the U.S. economy, at least, all commentary would indicate can support higher interest rates for the medium to longer term than perhaps we would have anticipated a few short years ago. So our outlook and our sort of prognosis, if you like, is that interest rates will stay in that 2% to 3% range for the medium to long term, and given our continued balance growth and given the continued utility that we build into our product, we highlighted some really interesting customer behavior kind of metrics around the usage that customers make of our network, the whole balances. We think that interest income is going to continue to be a very meaningful driver of revenue for us in the long term.

這就是我們所考慮的能夠重新加速核心收入成長的驅動因素和槓桿。從利息收入的角度來看，正如我們所說的，我們的同行在市場上也發表了類似的評論，很明顯，至少所有評論都表明，美國經濟可以支持中長期更高的利率，這可能比我們幾年前預期的要高。因此，我們的展望和預測是，中長期內利率將保持在 2% 至 3% 的範圍內，考慮到我們餘額的持續增長以及我們在產品中構建的持續效用，我們強調了一些非常有趣的客戶行為指標，這些指標圍繞著客戶對我們網絡和整個餘額的使用情況。我們認為，從長遠來看，利息收入將繼續成為我們收入的一個非常重要的推動力。

Okay. Great, and John, obviously, you've done some deals here that are complementary and additive to what you're already doing. I'm curious what the pipeline looks like here? And should we expect more deals going forward? Or do you think we digest what we have right now?

好的。太好了，約翰，顯然，你在這裡做了一些交易，這些交易對你正在做的事情是互補和補充。我很好奇這裡的管道是什麼樣子的？我們是否應該期待未來會有更多的交易？或者您認為我們能消化現在所擁有的東西嗎？

Yes. The -- thank you for the question. We continue to evaluate potential M&A opportunities, specifically product extensions where we can leverage our existing reach and customer base to continue to drive ARPU and engagement among our customers to deepen our regional footprint in our highest growth markets and where appropriate to extend our existing licensing framework. As you know, we have over $500 million of corporate cash on the balance sheet, and we believe we can optimize the use of that capital to accelerate our revenue growth going forward to continue to deliver long-term value to our shareholders. So the M&A activity is active, but nothing to report in addition to what we've shared already.

是的。感謝您的提問。我們將繼續評估潛在的併購機會，特別是產品擴展，我們可以利用現有的覆蓋範圍和客戶群來繼續推動 ARPU 和客戶參與度，以深化我們在最高成長市場的區域影響力，並在適當的情況下擴展我們現有的授權框架。如您所知，我們的資產負債表上有超過 5 億美元的公司現金，我們相信我們可以優化這些資本的使用，以加速未來的收入成長，從而繼續為股東帶來長期價值。因此，併購活動很活躍，但除了我們已經分享的內容之外，沒有什麼可報告的。

Next question today is from the line of Josh Siegler of Cantor Fitzgerald.

今天的下一個問題來自 Cantor Fitzgerald 的 Josh Siegler。

Congrats on the strong execution this quarter. I would like to start by diving a little deeper into the strong customer acquisition, specifically the ICPs. I'm curious what gives you confidence that this trend will continue in the back half of 23?

恭喜本季的出色執行。首先，我想更深入地探討一下強大的客戶獲取能力，特別是 ICP。我很好奇，是什麼讓您有信心這種趨勢將在 23 年下半年繼續下去？

Yes, thanks for the question, Josh. I think the key part about our -- the ICP execution is, one, we have a great product. We have a terrific team and a focused go-to-market effort and a series of exceptional partnerships and relationships globally that enable us to continue to provide unique value to emerging market, high-growth small businesses that where exports are a critical part of their revenue growth and where global vendors are essential for them to optimize the margins in their business, so our execution is strong. We're really focused on specific countries, territories and opportunities and the team is executing well. So I suspect there will be fluctuations quarter-to-quarter. It won't be a straight line up, although I would certainly like it to be, I think it's reasonable that there will be fluctuations, but the team is exceptionally focused and we have a great product and we're out there communicating with people.

是的，謝謝你的提問，喬希。我認為我們 ICP 執行的關鍵部分是，首先，我們有一個很棒的產品。我們擁有一支出色的團隊和專注的市場推廣工作，以及一系列全球卓越的合作夥伴關係和關係，這使我們能夠繼續為新興市場、高成長小型企業提供獨特的價值，出口是這些企業收入成長的關鍵部分，全球供應商對於他們優化業務利潤率至關重要，因此我們的執行力很強。我們真正關注的是特定的國家、地區和機會，而且團隊表現良好。所以我懷疑季度與季度之間會出現波動。這不會是一條直線，儘管我當然希望如此，但我認為出現波動是合理的，但團隊非常專注，我們有一個很棒的產品，我們正在與人們溝通。

Got it. Appreciate that, and then focusing on geographies. I know we talked a little bit about China. But I'm curious if you can elaborate a little more on what some of the main B2B headwinds were in some of your other core markets such as North America and Europe. How do you expect those trends to play out throughout the rest of the year? And what would really result in a reversal for the B2B service side in those geographies??

知道了。欣賞這一點，然後專注於地理。我知道我們談論了一些有關中國的事情。但我很好奇，您是否可以更詳細地說明一下北美和歐洲等其他一些核心市場面臨的一些主要 B2B 阻力。您預計這些趨勢在今年剩餘時間內會如何發展？那麼什麼會真正導致這些地區的 B2B 服務方面發生逆轉呢？

Yes. Thanks for the question, John. Look, sorry, Josh. As we said, outside of China, we actually saw strong year-over-year volume growth. Certainly, we see some headwinds to the growth. We still grew in absolute terms from Europe, Ukraine is an important part of that market. As I noted, it's been a remarkably resilient market for us, and we continue to gain traction there. One of the new verticals we launched is actually specific to Ukraine. We'll target it to Ukraine. But overall, outside of China, really, we've continued to show strong acquisition, relatively strong retention as well and good volume growth year-over-year, and we expect those trends to continue through the back half of the year.

是的。謝謝你的提問，約翰。瞧，對不起，喬希。正如我們所說，在中國以外，我們的銷售實際上實現了強勁的同比增長。當然，我們看到成長面臨一些阻力。從絕對值來看，我們在歐洲仍然有成長，烏克蘭是該市場的重要組成部分。正如我所指出的，對我們來說，這是一個極具彈性的市場，我們在那裡繼續獲得發展動力。我們推出的新垂直市場之一實際上是專門針對烏克蘭的。我們將把目標瞄準烏克蘭。但總體而言，在中國以外，我們確實繼續表現出強勁的收購、相對強勁的保留以及良好的銷量同比增長，我們預計這些趨勢將持續到今年下半年。

Our next question is from the line of Ashwin Shirvaikar of Citi.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

Good quarter here. I guess let me go back to adjusted EBITDA margins longer term expectation. You have a 20% plus goal, you're already at 20% just assume midpoints of your expectations for this year for adjusted EBITDA and revenues, so the question is sustainability. I mean how tight can you manage the various cost lines in the longer term? And with the way you changes that you're making and how you operate and so on, should we expect that you have sort of sustainably crossed over into the 20%-plus range here?

這裡是個好地方。我想讓我回到調整後的 EBITDA 利潤率的長期預期。您的目標是 20% 以上，您已經達到 20%，只需假設今年調整後的 EBITDA 和收入預期的中點，那麼問題就在於永續性。我的意思是，從長遠來看，你能多嚴格地管理各種成本線？透過您所做的改變以及營運方式等等，我們是否應該預期您能夠持續跨越到 20% 以上的範圍？

Sure. Thanks for the question. Look, we've delivered in Q2 meaningful expansion in our EBITDA from expense discipline and also from growing our top line as well. We also delivered EBITDA profitability, albeit fractionally ex interest income. As I noted, I won't repeat, we do expect obviously that flow income will be a sustainable part of the core revenue going forward. As we look through the back half of the year and beyond, look, our guidance does assume an uptick in the back half of the year in terms of OpEx. That reflects continued hiring in our R&D organization. We've highlighted that we're going to continue to invest in the business.

當然。謝謝你的提問。你看，我們在第二季度透過嚴格控制費用和增加營業收入實現了 EBITDA 的顯著成長。我們也實現了 EBITDA 獲利，儘管扣除利息收入後獲利幅度很小。正如我所指出的，我不會重複，我們確實預期流量收入將成為未來核心收入的可持續組成部分。當我們展望下半年及以後時，我們可以看到，我們的指導確實假設下半年的營運支出會上升。這反映了我們研發部門的持續招募。我們已經強調我們將繼續對該業務進行投資。

Invest in our go-to-market efforts, invest in our platform. We still expect, as we said in Q1 to exit this year with lower head count than we entered the year coming out of 2022, and as you know, look, we're focused on driving greater expense discipline. It's reflected in the higher guidance that we delivered today in terms of our EBITDA guidance. So we are continuing to focus on what we can control in driving ICP acquisition and increasing ARPU, while at the same time investing in our platform and infrastructure to drive overall operating efficiency within the business. We see significant leverage that we can drive from technology, automation and some of the other initiatives that are in flight in our organization.

投資我們的市場開拓努力，投資我們的平台。正如我們在第一季所說的那樣，我們仍然預計，到 2022 年結束時，員工人數將低於年初，而且如您所知，我們專注於推動更嚴格的費用紀律。這反映在我們今天發布的 EBITDA 指引的更高指引中。因此，我們將繼續專注於我們能夠控制的推動 ICP 獲取和提高 ARPU 的方法，同時投資我們的平台和基礎設施，以提高業務的整體營運效率。我們看到，我們可以從技術、自動化和我們組織正在進行的一些其他舉措中獲得巨大的優勢。

Understood, and then if I can get some input with regards to sort of the partnerships that you have and the desire to keep expanding your ecosystem of partnerships. What are some of the qualifying factors, capabilities and so on that you look for as you do that, are we going to, for the most stick with wallet partnerships, local bank partnerships? Or is it greater than that? If you could sort of delve deeper into that would be really helpful.

明白了，然後如果我可以就你們現有的合作夥伴關係以及繼續擴大合作夥伴生態系統的願望獲得一些意見。在這樣做時，您會尋找哪些資格因素、能力等等，我們是否會最堅持與錢包合作夥伴、本地銀行合作？或比這更大？如果您能深入研究一下，那將會非常有幫助。

Yes, I'll start and then maybe, b, I'll pass it over to you. I think there's -- the ecosystem that we participate in includes areas where our customers are distributing their goods or services around the globe, so the big market -- the big goods and services marketplace is where we are a preferred solution for our customers to receive their accounts receivable -- we have an exceptional set of ecosystem relationships with local banks and digital and local Neo banks, as you refer to. Additionally, we continue to penetrate and develop relationships with ERP and accounting and software providers, and we've announced and shared some of those in the past, so I'm encouraged by the progress we make as a preferred partner to those people in the SMB ecosystem globally recognize that SMBs want to use the Payoneer account for their accounts receivable and accounts payable activity, and therefore, we represent an easy to work with collaborative partner to engage with.

是的，我先開始，然後也許，b，我會把它交給你。我認為——我們參與的生態系統包括我們的客戶在全球範圍內分銷他們的商品或服務的地區，所以在這個大市場——大型商品和服務市場中，我們是客戶接收應收帳款的首選解決方案——正如您所說，我們與當地銀行、數位銀行和當地 Neo 銀行建立了一套特殊的生態系統關係。此外，我們繼續滲透和發展與 ERP 和會計及軟體供應商的關係，我們過去已經宣布和分享了其中的一些，因此，作為全球 SMB 生態系統中人們的首選合作夥伴，我們取得的進展令我感到鼓舞，認識到 SMB 希望使用 Payoneer 帳戶進行應收賬款和應付賬款活動，因此，我們代表著一個易於合作的合作夥伴。

But be, if there's anything you'd like to add, I'll pass it to you. No, look, I think you covered it well, specific to sort of the reference to banks. Look, we've built over many years, an infrastructure of relationships with close to or more than 10 banks and other partners, and that's what allows us to support cross-border movement of value across literally thousands of routes, so it's a complex infrastructure. We think it's a competitive month for us. We work very hard at it. We evaluate it. We add providers as we scale, and we've been able to very successfully drive down costs and improve service as a result, so it's a key part, as John noted, of the ecosystem.

但是，如果您想添加任何內容，我會傳達給您。不，看，我認為你已經很好地涵蓋了這一點，具體到對銀行的提及。你看，我們多年來與近 10 家或多家銀行和其他合作夥伴建立了關係基礎設施，這使我們能夠支持數千條路線的跨境價值流動，所以這是一個複雜的基礎設施。我們認為這對我們來說是一個競爭激烈的月份。我們對此非常努力。我們對其進行評估。我們在擴大規模的同時增加了供應商，並且成功地降低了成本並改善了服務，因此，正如約翰所說，這是生態系統的關鍵部分。

We have no further time for any questions today, so it would be my pleasure to hand back to John Caplan for any closing remarks.

今天我們沒有時間回答任何問題，因此我很樂意將發言交還給約翰·卡普蘭 (John Caplan) 做最後發言。

Thank you, everybody, thank you for your questions, thank you to our global customers, our global employees and global shareholders for joining the call this morning, I'm incredibly excited about Payoneer's opportunity to help the world's doers grow their businesses and tap into the opportunities of the global economy. We appreciate our shareholders' continued support, and thank you for joining us this morning.

謝謝大家，謝謝大家的提問，感謝我們全球的客戶、全球的員工和全球的股東今天上午參加電話會議，我對 Payoneer 有機會幫助世界各地的實干家發展業務並挖掘全球經濟的機遇感到無比興奮。我們感謝股東們的持續支持，也感謝您今天早上的到來。

Thank you, everyone, this concludes Payoneer's Second Quarter 2023 Earnings Conference Call. You may now disconnect your lines.

謝謝大家，Payoneer 2023 年第二季財報電話會議到此結束。現在您可以斷開線路了。