Payoneer Global Inc (PAYO) 2024 Q3 法說會逐字稿

Good morning.

早安.

Thank you for standing by.

謝謝你的支持。

Welcome to Payoneer's third-quarter 2024 earnings conference call.

歡迎參加 Payoneer 2024 年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to turn the call over to Michelle Wang, Payoneer's VP of Investor Relations.

我現在想將電話轉給 Payoneer 投資者關係副總裁 Michelle Wang。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

With me on today's call are Payoneer's Chief Executive Officer, John Caplan and Payoneer's Chief Financial Officer, Bea Ordonez.

與我一起參加今天電話會議的有 Payoneer 執行長 John Caplan 和 Payoneer 財務長 Bea Ordonez。

Before we begin, I'd like to remind you that today's call may contain forward-looking statements, which are subject to risks and uncertainties.

在開始之前，我想提醒您，今天的電話會議可能包含前瞻性陳述，這些陳述有風險和不確定性。

For more information, please refer to our filings with the SEC, which are available in the Investor Relations section of payoneer.com.

欲了解更多信息，請參閱我們向 SEC 提交的文件，這些文件可在 payoneer.com 的投資者關係部分找到。

Actual results may differ materially from any forward-looking statements we make today.

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。

These forward-looking statements speak only as of today, and the company does not assume any obligation or intent to update them, except as required by law.

這些前瞻性陳述僅代表今天的情況，本公司不承擔任何更新這些前瞻性聲明的義務或意圖，除非法律要求。

In addition, today's call may include non-GAAP measures.

此外，今天的電話會議可能包括非公認會計準則措施。

These measures should be considered in addition to and not instead of GAAP financial measures.

這些措施應作為公認會計準則財務措施的補充而非替代。

Reconciliation to the nearest GAAP measure can be found in today's earnings press release, which is available on our website.

您可以在今天的收益新聞稿中找到與最接近的公認會計原則（GAAP）衡量標準的對賬，該新聞稿可在我們的網站上找到。

Additionally, please note we have posted an earnings presentation supplement alongside our earnings press release on investor.payoneer.com.

此外，請注意，我們已在 Investor.payoneer.com 上發布了收益演示補充資料以及收益新聞稿。

All comparisons made on today's call are on a year-over-year basis, unless otherwise noted.

除非另有說明，今天電話會議上進行的所有比較都是按年比較。

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

接下來，我想將電話轉給約翰開始。

Good morning, everyone, and thank you for joining us today.

大家早安，感謝您今天加入我們。

Payoneer once again delivered a record-breaking quarter in both volume and revenue.

Payoneer 在數量和收入方面再次創下了季度記錄。

We are systematically building a full-service financial platform for the cross-border needs of small and medium-sized businesses around the globe.

我們正在有系統地建構滿足全球中小企業跨境需求的全方位服務金融平台。

We are committed and making significant progress.

我們致力於並取得重大進展。

In 2024, Payoneer has entered a meaningful second curve of profitable growth as evidenced by our financial performance over the past three quarters.

2024 年，Payoneer 已進入有意義的第二個獲利成長曲線，過去三個季度的財務表現證明了這一點。

Our momentum is no accident.

我們的勢頭絕非偶然。

It's the result of a strong management team, effective strategic capital allocation and the disciplined execution of our global team, who are all aligned on driving sustainable and profitable growth.

這是強大的管理團隊、有效的策略資本配置以及我們全球團隊嚴格執行的結果，他們都致力於推動永續和獲利的成長。

In Q3, we delivered exceptional results.

在第三季度，我們取得了出色的業績。

ICP growth increased for the fourth consecutive quarter, up 11%, with strength in APAC, LatAm, and China.

ICP 成長連續第四個季度成長，增幅達 11%，其中亞太地區、拉丁美洲和中國表現強勁。

ARPU, excluding interest income, increased by 20% marking the fifth straight quarter of accelerating growth.

ARPU（不含利息收入）成長了 20%，標誌著連續第五個季度加速成長。

We're onboarding larger customers, cross-selling products like cards, and optimizing our pricing strategy.

我們正在吸引更大的客戶，交叉銷售卡片等產品，並優化我們的定價策略。

Total volume growth accelerated for a seventh consecutive quarter to 25%.

總銷量連續第七個季度成長加速至 25%。

We drove strong performance across our business, including with our SMBs that sell on marketplaces, B2B, merchant services, and enterprise payouts.

我們在整個業務領域取得了強勁的業績，包括在市場、B2B、商業服務和企業支付上銷售的中小型企業。

Total revenue grew by 19%.

總收入成長了 19%。

And when excluding interest income, revenue grows by 24% highlighting accelerating momentum versus the first half of the year.

剔除利息收入後，營收成長了 24%，凸顯了與上半年相比加速成長的動能。

Adjusted EBITDA reached $69 million with a 28% margin, underscoring our operational discipline.

調整後 EBITDA 達到 6,900 萬美元，利潤率為 28%，凸顯了我們的營運紀律。

Payoneer is a profitable, high-growth company.

Payoneer 是一家獲利、高成長的公司。

Since the beginning of 2023 and excluding interest income, we have accelerated revenue growth from the low-single digits to 24% in Q3.

自 2023 年初以來，剔除利息收入，我們在第三季將營收成長從低個位數加速至 24%。

We have also turned adjusted EBITDA, net of interest income, positive for the first three quarters of this year.

今年前三個季度，我們的調整後 EBITDA（扣除利息收入）也已轉為正數。

Our B2B business is the growth engine driving Payoneer forward as we served and capture the multitrillion dollar cross-border B2B market.

我們的 B2B 業務是推動 Payoneer 前進的成長引擎，我們服務並佔領了數萬億美元的跨境 B2B 市場。

In Q3, B2B volume grew by 57%.

第三季度，B2B 交易量成長了 57%。

We have generated 44% B2B growth for the first three quarters of 2024 compared to single-digit growth in 2023.

與 2023 年的個位數成長相比，我們 2024 年前三個季度的 B2B 成長了 44%。

B2B represents nearly 1/4 of our Q3 revenue, excluding interest income and contributed to over 40% of the year-over-year growth in revenue, excluding interest income.

B2B 占我們第三季收入（不包括利息收入）的近 1/4，並貢獻了超過 40% 的收入同比增長（不包括利息收入）。

Within our B2B business, we're acquiring larger customers and expanding average transaction sizes.

在我們的 B2B 業務中，我們正在獲取更大的客戶並擴大平均交易規模。

B2B volume growth came from our successful acquisition of larger SMBs as we realigned our go-to-market strategy, focused on high-potential clients, and amplified our affiliate and partner network.

B2B 銷售的成長來自於我們成功收購了大型中小企業，因為我們重新調整了市場策略，專注於高潛力客戶，並擴大了我們的附屬機構和合作夥伴網路。

Let's look at a few examples of how our B2B customers are using Payoneer, a travel management company in Asia, operating across multiple countries and currencies relies on Payoneer to streamline treasury functions.

讓我們來看幾個例子，了解我們的 B2B 客戶如何使用 Payoneer，這是一家亞洲旅行管理公司，在多個國家/地區開展業務，貨幣依賴 Payoneer 來簡化財務職能。

This is simplifying their accounts receivable processes improving efficiency and reducing costs.

這簡化了他們的應收帳款流程，提高了效率並降低了成本。

Our virtual assistant business process outsourcer, serving US clients with contractors in the Philippines.

我們的虛擬助理業務流程外包商，為美國客戶和菲律賓的承包商提供服務。

They centralize millions of dollars in monthly payments into their Payoneer account, consolidating collections and payouts without the need for local bank accounts.

他們將每月數百萬美元的付款集中到 Payoneer 帳戶中，無需本地銀行帳戶即可整合收款和付款。

These are just two of the millions of SMBs worldwide that have cross-border financial needs, but traditional and local banks have underserved.

這些只是全球數以百萬計有跨境金融需求的中小企業中的兩個，但傳統銀行和本地銀行卻未能提供足夠的服務。

Payoneer is stepping in to fill this gap faster, more efficiently, and with greater focus than traditional legacy institutions.

Payoneer 正在介入，比傳統的傳統機構更快、更有效率、更專注地填補這一空白。

We are empowering businesses to manage their global, multicurrency payments seamlessly and to scale worldwide.

我們正在幫助企業無縫管理其全球多幣種支付並在全球擴展。

Our customer portfolio continues to evolve with ICPs now comprising 28% of our overall base, up from 25% at the start of 2023.

我們的客戶組合不斷發展，ICP 目前占我們整體客戶群的 28%，高於 2023 年初的 25%。

And within our ICPs, we continue to sharpen our focus on larger customers and those with more complex needs. $10,000-plus ICPs represent approximately 85% of our SMB volume, and we have grown both volume and revenue from $10,000-plus ICPs by over 25% in Q3 of this year.

在我們的 ICP 範圍內，我們持續加強對大客戶和具有更複雜需求的客戶的關注。價值超過 10,000 美元的 ICP 約占我們中小型企業交易量的 85%，今年第三季度，價值超過 10,000 美元的 ICP 的交易量和收入增長了 25% 以上。

We're focused on a critical and underserved part of the payments ecosystem, SMBs, cross-border trade, B2B transaction, and em10erging markets.

我們專注於支付生態系統、中小企業、跨境貿易、B2B 交易和新興市場中關鍵且服務不足的部分。

We are positioned to capture this multitrillion dollar opportunity with our regulatory infrastructure, banking partnerships, brand strength, and strategic alliances, all of which is supported by a strong culture of collaboration, execution, and service.

我們有能力利用我們的監管基礎設施、銀行合作夥伴關係、品牌實力和策略聯盟來抓住這一價值數萬億美元的機會，所有這些都得到強大的協作、執行和服務文化的支持。

Our success hinges on our relentless daily execution, expansion of our financial stack, modernization of our platform and focus on our compliance and regulatory moat.

我們的成功取決於我們不懈的日常執行、財務堆疊的擴展、平台的現代化以及對合規和監管護城河的關注。

We will also work to build, partner with or acquire the products and services we need to drive acquisition, grow ARPU, and improve stickiness and retention.

我們還將努力建立、合作或收購我們所需的產品和服務，以推動收購、增加 ARPU 並提高黏性和保留率。

As we do so, we will continuously review our products and programs to ensure they align with our long-term goals.

在此過程中，我們將不斷審查我們的產品和計劃，以確保它們符合我們的長期目標。

We expect this will enable us to allocate capital in the most effective way to generate value over the long term for our shareholders.

我們預計這將使我們能夠以最有效的方式分配資本，為股東創造長期價值。

We believe the road ahead holds even greater value creation.

我們相信前方的道路可以創造更大的價值。

Small businesses drive the global economy, creating jobs and enabling innovation.

小型企業推動全球經濟，創造就業機會並促進創新。

For these businesses, exports are a growth engine.

對這些企業來說，出口就是成長引擎。

Payoneer's helping SMBs, especially in emerging markets, tap into the global economy by simplifying cross-border financial management.

Payoneer 透過簡化跨國財務管理，幫助中小企業（尤其是新興市場的中小企業）融入全球經濟。

We empower these SMBs to reach new markets, reach new customers, engage new suppliers; and enable them to expand, thrive, and contribute to a growing global economy.

我們幫助這些中小型企業進入新市場、接觸新客戶、吸引新供應商；使他們能夠擴張、繁榮並為不斷增長的全球經濟做出貢獻。

At Payoneer, trade is more than just flows of money.

在 Payoneer，貿易不僅僅是資金流動。

It's a catalyst for growth, collaboration, opportunity and prosperity.

它是成長、合作、機會和繁榮的催化劑。

Payoneer is proud to support SMBs and foster economic growth worldwide.

Payoneer 很榮幸能夠支持中小企業並促進全球經濟成長。

All of this is possible.

這一切都是可能的。

All of our momentum is because of our team's relentless energy, disciplined execution, and dedication to our customers.

我們所有的動力都源自於團隊的不懈活力、嚴格的執行力以及對客戶的奉獻。

They are the driving force behind our pursuit of the profitable growth opportunities that lie ahead.

他們是我們追求未來獲利成長機會的驅動力。

With that, I'll pass it over to Bea to dive deeper into our specific financial results and increased guidance for 2024.

接下來，我將把它交給 Bea，讓其更深入地了解我們的具體財務表現和 2024 年的更高指導。

Thank you.

謝謝。

Thank you, John, and thank you to everyone for joining us.

謝謝你，約翰，也謝謝大家加入我們。

We continued our strong momentum in the third quarter and generated record quarterly volume, record quarterly revenue, and strong profitability.

我們在第三季度繼續保持強勁勢頭，創造了創紀錄的季度銷售、創紀錄的季度收入和強勁的獲利能力。

We are building the financial stack of choice for SMBs looking to grow globally, and our financial results demonstrate we are winning share in this multitrillion dollar market.

我們正在為尋求全球成長的中小企業建立首選的金融堆棧，我們的財務表現表明我們正在這個數萬億美元的市場中贏得份額。

We grew third quarter volume by 25% which drove revenue, excluding interest income growth of 24%.

我們第三季的銷量成長了 25%，這推動了營收成長（不包括利息收入成長 24%）。

We are delivering top-line growth alongside continued expense discipline and achieved a 28% adjusted EBITDA margin.

我們在持續嚴格支出的同時實現了營收成長，並實現了 28% 的調整後 EBITDA 利潤率。

Notably, we delivered another consecutive quarter of positive adjusted EBITDA even when you exclude interest income.

值得注意的是，即使排除利息收入，我們又連續一個季度實現了調整後 EBITDA 為正值。

Record quarterly revenue of $248 million was up 19%.

創紀錄的季度營收達 2.48 億美元，成長 19%。

Growth was driven by accelerating B2B growth, strong marketplace growth, continued adoption of our card product, the impact of our pricing initiatives, and an 11% increase in our ICPs.

成長的推動因素包括 B2B 加速成長、市場強勁成長、卡片產品的持續採用、定價舉措的影響以及 ICP 成長 11%。

Revenue growth also continues to benefit from higher interest income, largely a result of a 13% increase in customer funds held on our platform.

收入成長也繼續受益於利息收入的增加，這主要是由於我們平台上持有的客戶資金增加了 13%。

Volume growth of 25% reflected broad-based strength across the platform. 17% growth from SMBs that sell on marketplaces reflected continued robust volume growth from our large Chinese e-com sellers supported by stable macro conditions and consumer spending trends on the large marketplaces our customers sell on.

25% 的銷售成長反映了整個平台的廣泛實力。在市場上銷售的中小企業 17% 的成長反映出，在穩定的宏觀環境和客戶銷售的大型市場上的消費者支出趨勢的支持下，我們的大型中國電子商務賣家的銷售持續強勁增長。

Our B2B business delivered 57% volume growth accelerating from 40% growth last quarter.

我們的 B2B 業務銷量成長了 57%，較上季的 40% 有所加快。

As John highlighted, our B2B results were a result of continued strong customer acquisition and benefited from our focus on larger B2B customers.

正如約翰所強調的那樣，我們的 B2B 業績是持續強勁的客戶獲取的結果，並受益於我們對大型 B2B 客戶的關注。

We generated 142% volume growth in merchant services and 29% volume growth in enterprise payouts.

我們的商業服務量增加了 142%，企業支出量增加了 29%。

Our Q3 take rate of 122 basis points decreased 5 basis points, primarily due to the impact of slowing interest income growth.

我們第三季的利率為 122 個基點，下降了 5 個基點，主要是由於利息收入成長放緩的影響。

Our SMB customer take rate of 109 basis points increased 2 basis points, driven by accelerating growth in our B2B business, continued penetration of our card offering, and the impact of our pricing initiatives.

在我們的 B2B 業務加速成長、我們的卡片產品的持續滲透以及我們的定價舉措的影響的推動下，我們的 SMB 客戶使用率為 109 個基點，增加了 2 個基點。

Customer funds held by Payoneer increased 13% to $6.1 billion.

Payoneer 持有的客戶資金增加了 13%，達到 61 億美元。

Customers value on multicurrency capabilities and the ability to hold balances in stable currencies such as the US dollar is a core value proposition.

顧客看重多貨幣功能以及以美元等穩定貨幣持有餘額的能力是核心價值主張。

We continue to steadily grow customer funds, which drove an 8% increase in our interest income to $65 million for Q3, even as average interest rates were relatively flat year over year.

我們繼續穩定成長客戶資金，這使得我們第三季的利息收入成長了 8%，達到 6,500 萬美元，儘管平均利率比去年同期相對持平。

We are taking active steps to reduce our sensitivity to interest rate movements as the US Federal Reserve begins its rate-cutting cycle.

隨著聯準會開始降息週期，我們正在採取積極措施降低對利率變動的敏感度。

We have continued to execute on programs to mitigate our exposure to interest rate volatility.

我們繼續執行減輕利率波動風險的計畫。

And as of November 1, we have approximately one-third of our customer funds invested in US treasury bonds and term bank deposits with a weighted average duration of approximately two years and an average yield of approximately 4.5%.

截至11月1日，我們約有三分之一的客戶資金投資於美國國債和定期銀行存款，加權平均期限約為兩年，平均收益率約為4.5%。

We have also purchased derivatives on approximately one-third of our customer funds, providing a floor against interest rate declines below 3%.

我們也購買了約三分之一客戶資金的衍生性商品，為利率下降至 3% 以下提供了底線。

These instruments provide a minimum interest revenue stream on the principal covered even in the event of a decrease in short-term interest rates below 3% over the next three to five years.

即使未來三到五年短期利率降至 3% 以下，這些工具也能根據所涵蓋的本金提供最低利息收入流。

As of November 1, the remaining one-third of customer funds are floating and subject predominantly to prevailing short-term interest rates in the US.

截至 11 月 1 日，剩餘三分之一的客戶資金處於浮動狀態，主要受美國現行短期利率影響。

We will continue to actively and prudently manage this revenue stream and expect to fine tune our programs based on our ongoing assessment of market conditions.

我們將繼續積極謹慎地管理此收入來源，並期望根據對市場狀況的持續評估來調整我們的計劃。

Total operating expenses of $213 million were up 19%, driven primarily by higher transaction costs from the 25% increase in volume in the quarter and increased R&D, depreciation and amortization, and M&A-related expenses.

總營運費用為 2.13 億美元，成長 19%，這主要是由於本季銷售成長 25% 帶來的交易成本上升以及研發、折舊和攤銷以及併購相關費用的增加。

Transaction costs of $38 million increased 25%, in line with volume growth.

交易成本為 3,800 萬美元，與交易量成長一致，增加了 25%。

The increase was driven primarily by higher banking processor fees, which increased 20% and higher chargebacks and operational losses.

這一增長主要是由於銀行處理費增加了 20%，以及退款和營運損失增加。

Transaction costs represented 15.3% of revenue a 70-basis point increase from the prior year period.

交易成本佔營收的 15.3%，較上年同期增加 70 個基點。

Sales and marketing expense increased $4 million or 7%, driven by higher spend primarily related to incentive programs to drive card growth.

銷售和行銷費用增加了 400 萬美元，即 7%，主要是由於與推動信用卡成長的激勵計劃相關的支出增加。

G&A expense was up $5 million or 18%, primarily due to higher labor and consulting costs as well as M&A-related expenses, which are excluded from our adjusted results.

G&A 費用增加了 500 萬美元，即 18%，主要是由於勞動力和諮詢成本以及併購相關費用增加，這些費用不包括在我們調整後的業績中。

Other operating expense increased $5 million or 11%, driven by increased IT costs and regulatory reserves, partially offset by lower labor and consulting expense.

由於 IT 成本和監管儲備增加，其他營運費用增加了 500 萬美元，即 11%，但部分被勞動力和諮詢費用的減少所抵消。

R&D expense was up $8 million or 28%, reflecting higher labor-related costs from higher headcount, which is up over 20%.

研發費用增加了 800 萬美元，即 28%，反映出員工數量增加導致勞動力相關成本增加，增加超過 20%。

Approximately one-third of the increased headcount is related to our acquisition of Skuad in August.

大約三分之一的員工增加與我們 8 月收購 Skuad 有關。

Adjusted EBITDA of $69 million was up 19% and reflected a 28% adjusted EBITDA margin.

調整後 EBITDA 為 6,900 萬美元，成長 19%，反映調整後 EBITDA 利潤率為 28%。

Net income was $42 million compared to $13 million in Q3 of last year.

淨利潤為 4200 萬美元，而去年第三季為 1300 萬美元。

The year-over-year increase reflects operating results as well as a $19 million tax benefit largely derived from a deduction on the US tax law from income earned from foreign customers and lower foreign tax expense related to stock-based compensation.

同比增長反映了經營業績以及 1,900 萬美元的稅收優惠，這主要來自根據美國稅法從外國客戶賺取的收入的扣除以及與股票薪酬相關的外國稅收費用的降低。

Q3 basic earnings per share was $0.12 and diluted earnings per share was $0.11.

第三季基本每股收益為 0.12 美元，稀釋每股收益為 0.11 美元。

We ended the quarter with cash and cash equivalents of $534 million.

本季結束時，我們的現金和現金等價物為 5.34 億美元。

Our acquisition of Skuad represented a use of cash of approximately $61 million in the third quarter.

我們對 Skuad 的收購意味著第三季使用了約 6,100 萬美元的現金。

We also repurchased and redeemed our outstanding public warrants for approximately $21 million.

我們也以約 2,100 萬美元的價格回購並贖回了未償還的公共認股權證。

And finally, we repurchased $21 million of shares during the quarter, which was lower sequentially as we had to pull share repurchases during the warrant tender period.

最後，我們在本季回購了 2,100 萬美元的股票，這一數字較上一季有所下降，因為我們不得不在認股權證投標期間取消股票回購。

For the first nine months of 2024, we have repurchased a total of $119 million worth of shares at a weighted average price of $5.16 per share.

2024 年前 9 個月，我們以每股 5.16 美元的加權平均價格回購了價值總計 1.19 億美元的股票。

This is in excess of our target of doubling our share repurchases in 2024 when compared to 2023.

這超出了我們在 2024 年將股票回購數量比 2023 年增加一倍的目標。

As a reminder, we continue to work towards the closing of our acquisition of a licensed Chinese payment service provider, which is subject to regulatory approval and customary closing conditions.

謹此提醒，我們將繼續努力完成對一家持牌中國支付服務提供商的收購，該收購須獲得監管部門的批准並滿足慣例成交條件。

We anticipate closing the acquisition in the first half of 2025.

我們預計將於 2025 年上半年完成收購。

Moving now to our 2024 guidance.

現在轉向我們的 2024 年指導。

We are raising our guidance for both revenue and adjusted EBITDA by $30 million to reflect our strong third-quarter results and continued momentum heading into the final quarter of the year.

我們將收入和調整後 EBITDA 的指導上調了 3000 萬美元，以反映我們強勁的第三季度業績以及進入今年最後季度的持續勢頭。

For the full year, we expect revenues to be between $950 million and $960 million.

我們預計全年收入將在 9.5 億美元至 9.6 億美元之間。

This includes revenue, excluding interest income of $700 million to $710 million, and $250 million of interest income for the year.

這包括收入（不包括 7 億至 7.1 億美元的利息收入）以及當年 2.5 億美元的利息收入。

We are raising our expectations for revenue, excluding interest income by $20 million, which implies full year growth of approximately 17% at the midpoint.

我們將不包括利息收入的收入預期提高了 2,000 萬美元，這意味著全年中點成長率約為 17%。

This is more than triple the growth rate of 2023 and ahead of the mid-teens target we set at our Investor Day.

這是 2023 年成長率的三倍多，超過了我們在投資者日設定的 15% 左右的目標。

We continue to expect fourth quarter revenues excluding interest to grow mid-teens and believe this is an appropriate exit run rate as we look to 2025.

我們繼續預期第四季度扣除利息的收入將增長到 15% 左右，並相信在我們展望 2025 年時，這是一個合適的退出運行率。

We remain committed to delivering on our medium-term target of mid-teens growth next year.

我們仍然致力於實現明年青少年成長的中期目標。

We are increasing our interest income revenue expectations by $10 million for the year to $250 million.

我們將今年的利息收入預期增加 1,000 萬美元，達到 2.5 億美元。

This reflects third-quarter outperformance and our latest expectations on interest rates and balanced growth.

這反映了第三季的優異表現以及我們對利率和平衡成長的最新預期。

As we look to 2025, we'd expect our interest income to decline year over year.

展望 2025 年，我們預期利息收入將逐年下降。

The market currently expects average rates to come down from over 5% in 2024 to approximately 3.7% in 2025.

市場目前預計平均利率將從2024年的5%以上下降至2025年的約3.7%。

We'd expect to partially offset the impact of lower rates with balanced growth and with our program to extend the duration of our customer funds.

我們希望透過平衡成長和延長客戶資金期限的計劃來部分抵消利率下降的影響。

We expect transaction costs as a percentage of revenue to be approximately 16% for the year versus our prior expectation of 16.5%.

我們預計今年交易成本佔收入的比例約為 16%，而我們先前的預期為 16.5%。

This implies a rate of 18.3% for the fourth quarter, stepping up from the first three quarters of the year due to both seasonality including related to our merchant services business, as well as the continued mix shift more broadly towards higher take rate but also higher transaction cost business lines and products.

這意味著第四季度的成長率為18.3%，較今年前三個季度有所上升，原因包括與我們的商業服務業務相關的季節性因素，以及持續的組合轉向更廣泛的更高的採用率，但也更高交易成本業務線和產品。

Given these business dynamics as well as lower interest income expectations for 2025, we'd expect our fourth quarter transaction costs as a percentage of revenue to be an appropriate exit run rate heading into 2025.

考慮到這些業務動態以及 2025 年較低的利息收入預期，我們預計第四季度的交易成本將佔收入的百分比將是進入 2025 年的適當退出運行率。

We are increasing our adjusted EBITDA guidance by $30 million to $255 million to $265 million.

我們將調整後的 EBITDA 指引值提高了 3,000 萬美元，至 2.55 億美元至 2.65 億美元。

This represents an adjusted EBITDA margin of approximately 27% at the midpoint for the full year, also ahead of our medium-term targets.

這意味著全年中點調整後的 EBITDA 利潤率約為 27%，也高於我們的中期目標。

Our guidance for cash OpEx plus anticipated transaction cost remains unchanged at approximately $540 million.

我們對現金營運支出加上預期交易成本的指引保持在約 5.4 億美元不變。

Cash OpEx represents our guidance for revenue less adjusted EBITDA.

現金營運支出代表我們對收入減去調整後 EBITDA 的指導。

Our third-quarter performance demonstrates strong execution of our strategy, which centers on growing and retaining ICPs, boosting adoption of our financial solutions, and investing in our financial stack to drive both top-line growth and improved operational efficiency.

我們第三季的業績證明了我們策略的強有力執行，該策略的重點是發展和保留 ICP、促進我們的金融解決方案的採用以及投資我們的金融堆疊以推動收入成長和提高營運效率。

We remain committed to driving innovation and delivering long-term value for our customers, shareholders, and employees.

我們仍然致力於推動創新，為客戶、股東和員工提供長期價值。

We are now happy to answer any questions you may have.

我們現在很樂意回答您的任何問題。

Operator, please open the line.

接線員，請開通線路。

(Operator Instructions) Sanjay Sakhrani, KBW.

（操作員說明）Sanjay Sakhrani，KBW。

So the B2B SMB trends continue to show pretty strong trend this year.

因此，今年 B2B 中小企業趨勢繼續表現出相當強勁的趨勢。

I know comps are helping at the margins, but what surprised you the most to the upside as we progress through the year?

我知道比較在利潤方面有所幫助，但是隨著我們今年的進展，最令您驚訝的是什麼？

Thanks for the question.

謝謝你的提問。

And we've had a tremendous performance by the team really across the company on B2B.

我們整個公司的團隊在 B2B 方面都取得了巨大的表現。

If we look at the last five quarters, Q2 of 2023 was a negative year-over-year 2% quarter.

如果我們看看過去五個季度，2023 年第二季度年減 2%。

Q2 of 2024 was a 40% growth quarter and Q3 of 2024 was a 57% growth quarter.

2024 年第二季成長 40%，2024 年第三季成長 57%。

Every region in the company exceeded our 25% B2B volume growth target in the third quarter.

第三季度，該公司每個地區的 B2B 銷售成長目標均超過了 25%。

And I think the acceleration really is grounded in our -- the strategic initiatives the company has taken, targeted acquisition, expansion into new verticals, and improvements in our customer experience across the Board.

我認為這種加速確實是基於我們公司採取的策略性舉措、有針對性的收購、擴展到新的垂直領域以及全面改善我們的客戶體驗。

When I look at the product market fit we have for both goods businesses, particularly in China and services companies globally in LatAm, APAC, EMEA, and Europe, we are seeing really solid penetration, particularly of larger ICPs, those even greater than $250,000 a month in average volume.

當我審視我們的商品業務的產品市場契合度時，特別是在中國，以及在拉丁美洲、亞太地區、歐洲、中東和非洲和歐洲的全球服務公司，我們看到了真正的滲透力，特別是大型ICP，這些業務甚至超過250,000 美元/年月平均交易量。

And we're really seeing solid and strong performance across the Board.

我們確實看到了整個董事會的穩健和強勁的表現。

We had guided at the beginning of the year to 25% growth for the B2B business which was, let's call it, brave at the time we made that statement.

我們在年初指導 B2B 業務成長 25%，在我們發表這項聲明時，我們可以稱之為勇敢的。

We delivered solid growth.

我們實現了穩健的成長。

We upped that guidance to 30% and we have confidence that our B2B business will continue to grow faster than the overall business and is a really massive long-term opportunity that we are in the position to capture globally.

我們將該指引提高到 30%，我們相信我們的 B2B 業務將繼續比整體業務增長得更快，並且這是我們能夠在全球範圍內抓住的一個真正巨大的長期機會。

So we feel confident in where we are proud of the execution of the team and believe we're at the beginning of the growth curve of our B2B business.

因此，我們對團隊的執行力感到自豪，並相信我們正處於 B2B 業務成長曲線的開端。

Thank you.

謝謝。

It has been great execution.

這是偉大的執行。

And I guess I have a follow up for Bea, maybe two sort of model questions.

我想我還有 Bea 的後續問題，也許是兩類模型問題。

You're forecasting a deceleration in 4Q in revenues

您預測第四季營收將放緩

[ex-float].

[前浮動]。

Could you just talk about those underlying assumptions?

您能談談這些基本假設嗎？

And then the gross profit outlook implies transaction costs will be higher in 4Q.

然後毛利前景意味著第四季的交易成本將會更高。

Maybe you could just talk about what's driving that step up.

也許你可以談談是什麼推動了這項進步。

I know there's some seasonality there, but this seems a little bit more than that.

我知道那裡有一些季節性，但這似乎有點多了。

No, thanks for the question, Sanjay.

不，謝謝你的提問，桑傑。

Yeah, look, as you're calling out our guidance for '24, which again implies a 20% year-over-year normalized core revenue growth at the midpoint, does imply a step down on deceleration in Q4 from roughly 22% core revenue growth year to date to mid-teens.

是的，你看，當你提到我們對24 年的指導時，這再次意味著中點正常化核心收入同比增長20%，這確實意味著第四季度核心收入增速從大約22% 的增速有所放緩今年迄今成長到十幾歲左右。

Now look, that's super consistent with everything we've said throughout the year in terms of the exit rate that we were looking to hit and very much in line with the medium-term targets that we set at Investor Day back in September 2023.

現在看，這與我們全年所說的關於我們希望達到的退出率的一切都非常一致，並且與我們在 2023 年 9 月投資者日設定的中期目標非常一致。

We think, as we said on the call, that it's an appropriate exit run rate as we head into 2025, again, aligned with those medium-term targets.

正如我們在電話會議上所說，我們認為，隨著我們進入 2025 年，這是一個適當的退出運行率，再次與這些中期目標保持一致。

But we're going to continue to call out that we think prudence is appropriate as we sit here.

但我們將繼續指出，當我們坐在這裡時，我們認為謹慎是適當的。

This continued macro uncertainty, including, of course, from the US election as well as broader geopolitical tensions, and that could drive some softening in consumer spending in the last quarter of the year.

這種持續的宏觀不確定性，當然包括來自美國大選以及更廣泛的地緣政治緊張局勢，這可能會導致今年最後一個季度的消費者支出有所疲軟。

And as you called out really on your question around B2B, we do have tougher comps as we head into Q4.

正如您在 B2B 問題上所提出的那樣，當我們進入第四季度時，我們確實有更艱難的競爭。

You'll recall that in 2023, we saw actually a pretty strong holiday season from an e-comm perspective.

您可能還記得，從電子商務的角度來看，2023 年我們實際上看到了一個相當強勁的假期季節。

But look, overall, mid-teens we're really excited to have outperformed year to date.

但總體而言，我們很高興今年迄今的表現超出了預期。

Mid-teens is a really strong, robust performance in Q4.

第四季的表現非常強勁。

There is certainly room to outperform, if the macro remains stable and robust as it has today.

如果宏觀經濟像今天一樣保持穩定和強勁，那麼肯定有跑贏大盤的空間。

And October has remained in line, right?

十月仍然保持一致，對嗎？

So that's sort of how we're seeing the quarter playing out.

這就是我們對本季的情況的看法。

To your question on the acceleration, look, again, we've been proactively calling out that step up in transaction costs.

對於你關於加速的問題，請注意，我們一直在積極呼籲交易成本的提高。

Certainly, we see a seasonal step up generally speaking in Q4 just from business mix shift to lower take rate e-com business, larger China sellers, the MRS effect, or merchant services.

當然，我們在第四季度看到了季節性的成長，從業務組合轉向較低的電子商務業務、更大的中國賣家、MRS 效應或商業服務。

So we've been proactively calling out that mix shift that's going to just pick up those transaction costs.

因此，我們一直在積極呼籲進行混合轉變，這只會增加這些交易成本。

We're also going to see the beginning of the impact from interest income beginning to step down as interest rates come down.

隨著利率下降，我們也將看到利息收入的影響開始減弱。

And again, we called out in our prepared remarks -- but we think that is a good run rate getting into -- heading into 2025.

我們在準備好的演講中再次指出，進入 2025 年，我們認為這是一個良好的運行率。

Thank you.

謝謝。

Good results.

良好的結果。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Hey.

嘿。

Appreciate you guys taking the question.

感謝你們提出這個問題。

I wanted to ask on the marketplace payouts business.

我想詢問有關市場支付業務的問題。

So that business has performed quite nicely going in the high-teens this quarter.

因此，該業務本季的表現相當不錯。

And I just wanted to kind of understand how you guys would kind of frame the journey.

我只是想了解你們會如何建構這段旅程。

I know there was a period of time, where you had exited some customer relationships and the overall e-commerce business is growing slower.

我知道有一段時間，您已經退出了一些客戶關係，並且整體電子商務業務成長緩慢。

These numbers seem to very clearly suggest market share gains against a TAM that's probably more low double digits.

這些數字似乎非常清楚地表明，與可能更低的兩位數的 TAM 相比，市場佔有率有所增長。

So just how do you think about the sustainability of the market share gains that you are putting up?

那麼，您如何看待您所取得的市場佔有率成長的可持續性？

Is there an element of sort of catch-up period from the prior couple of years?

與前幾年相比，是否存在某種追趕期的因素？

And just how long do you think you can sustain growing above the market TAM, just given acknowledging that you guys are the market leader there?

只要承認你們是那裡的市場領導者，你們認為你們能夠維持高於市場 TAM 的成長多久？

Yeah.

是的。

Thanks, Will, for the question.

謝謝威爾提出這個問題。

On the e-commerce and marketplace businesses, the team globally has done an exceptional job, both here in the United States working with Amazon, Walmart, Etsy, eBay, and others as well as our colleagues in China and around the world in providing cross-selling of our cards products to our Chinese customers taking share from our competitors for customers that have multiple PSP relationships, the 17% volume growth in Q3 really led by broad-based strength in the business across the Board.

在電子商務和市場業務方面，我們的全球團隊做得非常出色，無論是在美國還是與亞馬遜、沃爾瑪、Etsy、eBay 等公司以及我們在中國和世界各地的同事合作，提供跨領域的服務。向中國客戶銷售我們的卡產品，從擁有多個PSP 關係的客戶的競爭對手手中奪取市場份額，第三季度17% 的銷量增長實際上是由全面業務的廣泛實力帶動的。

We are winning share in China, both in the acquisition of new e-com sellers as well as increasing wallet share with the customers that we have.

我們正在中國贏得市場份額，無論是收購新的電子商務賣家，還是增加我們現有客戶的錢包份額。

We continue to expand our marketplace ecosystem.

我們繼續擴大我們的市場生態系統。

And I think that's a very important part of the flywheel at Payoneer is that our marketplace business will grow as our B2B business continues to grow even into broader, bigger addressable opportunities.

我認為 Payoneer 飛輪的一個非常重要的部分是，隨著我們的 B2B 業務不斷發展，甚至形成更廣泛、更大的潛在機會，我們的市場業務也將成長。

We have a program, as you know, and we call it the Green Channel, where we help e-commerce sellers get access to and distribution on multiple marketplaces.

如您所知，我們有一個計劃，我們稱之為綠色通道，我們幫助電子商務賣家進入多個市場並在多個市場上進行分銷。

That's the partnership between Payoneer and our customers to help them drive their growth, so they can participate in cross-border trade.

這是 Payoneer 與我們的客戶之間的合​​作夥伴關係，旨在幫助他們推動成長，以便他們能夠參與跨境貿易。

We are, as you note, focused on adding new marketplace relationships.

正如您所指出的，我們專注於增加新的市場關係。

We are -- we believe we're in a strong position to do so and we'll continue to add.

我們相信我們有能力做到這一點，並且我們將繼續增加。

I think Bea spoke nicely about how the consumer has behaved.

我認為 Bea 很好地描述了消費者的行為。

And as the consumers spends money and is engaged in the fourth quarter in a strong way, Payoneer will outperform on the marketplace line.

隨著消費者在第四季度的消費和參與度強勁，Payoneer 將在市場上表現出色。

That's great.

那太棒了。

I appreciate that.

我很欣賞這一點。

And then just maybe another question, obviously, just topical today as we are kind of sitting here watching the election.

顯然，這可能是另一個問題，這只是今天的話題，因為我們坐在這裡觀看選舉。

We've gotten some questions on just the exposure to Chinese goods sellers.

我們收到了一些關於中國商品賣家的風險敞口的問題。

And I know we've spoken about before, but maybe just with a broader audience, how do you think about the transition mechanism of potential US tariffs?

我知道我們之前已經談過，但也許只是針對更廣泛的受眾，您如何看待美國潛在關稅的過渡機制？

I know you've lived through this before.

我知道你以前經歷過這種事。

So maybe if you could talk through what the experience was and kind of help people understand -- how that does or doesn't impact the business.

因此，也許你可以談談這次經歷，並幫助人們理解——這對業務有何影響。

Yeah, thanks for the question.

是的，謝謝你的提問。

And I, like 78 million other Americans, voted in the election and anybody listening and I hope you do too.

我和其他 7,800 萬美國人一樣，在選舉中投票，所有聽的人也都投票了，我希望你們也這麼做。

Our economy is exceptionally resilient.

我們的經濟具有異常的彈性。

And whoever the next administration is, I hope they can put in place policies that support the economy, consumers, and jobs.

無論下一屆政府是誰，我希望他們能夠制定支持經濟、消費者和就業的政策。

A strong US economy is good for the world and certainly good for global SMBs.

強勁的美國經濟有利於世界，當然也有利於全球中小企業。

Specific to my experience with tariffs in the past, should that come to pass.

根據我過去在關稅方面的經驗，如果這真的發生的話。

An iPhone case that retails for $20 at a store on Main Street in America is manufactured for guessing at $0.14. So a tariff on a $0.14 good generally is absorbed through the supply chain pretty effectively.

在美國大街一家商店零售價為 20 美元的 iPhone 手機殼，其生產成本猜測為 0.14 美元。因此，0.14 美元商品的關稅通常可以透過供應鏈非常有效地吸收。

And in the past, in my experience, when I worked at Alibaba group at alibaba.com, we saw exceptional growth in our exports business in Alibaba despite or maybe even because of tariffs that were put in place.

過去，根據我的經驗，當我在阿里巴巴集團的 alibaba.com 工作時，儘管甚至可能因為關稅的實施，我們在阿里巴巴的出口業務仍然出現了異常增長。

So we are focused on providing value to our SMBs.

因此，我們專注於為中小型企業提供價值。

We're comfortable with our position in the market, our ability to take share in the market and we are very confident that our diverse business, right?

我們對我們在市場中的地位、我們在市場中佔據份額的能力感到滿意，並且我們對我們的多元化業務非常有信心，對嗎？

We do business in 190 countries with customers in Argentina and Morocco and Turkey and Brazil and India and just about every country or territory, any of us could name.

我們在 190 個國家/地區開展業務，客戶遍布阿根廷、摩洛哥、土耳其、巴西和印度，以及幾乎所有我們能說出名字的國家或地區。

And services businesses are driving the growth of our B2B business, as you know.

如您所知，服務業務正在推動我們 B2B 業務的成長。

So Payoneer is exceptionally resilient.

因此 Payoneer 具有非凡的彈性。

We're diverse and global.

我們多元化且全球化。

Our customers and SMBs are resilient, and we feel very well positioned.

我們的客戶和中小企業具有彈性，我們感覺自己處於有利地位。

And for the absence of doubt, I think people know this, but it's important that I mentioned, we are -- our customers we serve are not in verticals related to national security priorities, precious metals, semiconductors, steel, and other things.

毫無疑問，我認為人們都知道這一點，但重要的是我提到過，我們服務的客戶不屬於與國家安全優先事項、貴金屬、半導體、鋼鐵和其他事物相關的垂直行業。

We're in the fun part of the economy around iPhone cases and yoga pants and that's doing just fine in the goods business.

我們正處於圍繞 iPhone 手機殼和瑜伽褲的經濟中有趣的部分，這在商品業務中表現得很好。

And in services, it's the BPOs in the Philippines and the software developers in Latin America.

在服務領域，是菲律賓的 BPO 和拉丁美洲的軟體開發商。

It's the businesses that are really driving globalization in the global economy.

真正推動全球經濟全球化的是企業。

Those are people who turn to Payoneer as their trusted global financial services partner, and we're really well positioned.

這些人將 Payoneer 作為值得信賴的全球金融服務合作夥伴，而我們確實處於有利地位。

And as I said, I hope folks get out in both.

正如我所說，我希望人們能夠兩者兼而有之。

That's great, John.

太好了，約翰。

Thanks for going through that.

感謝您經歷過這一切。

Appreciate it, and nice job today.

感謝它，今天幹得好。

Mayank Tandon, Needham.

馬雅克坦登，尼達姆。

Congrats John and Bea on the quarter.

恭喜約翰和比亞在本季取得好成績。

I wanted to turn to the investments in sales and marketing, John and Bea, if you could speak to that in terms of where your headcount is at today in terms of sales.

我想談談銷售和行銷方面的投資，John 和 Bea，如果您能從目前銷售方面的員工人數來談談這一點。

And as you target larger ICPs, what is sort of the initiative to ramp up your sales engine?

當您瞄準更大的 ICP 時，需要採取哪些舉措來增強您的銷售引擎？

And just in general, your marketing approach as you go after bigger ICPs?

總的來說，當您追求更大的 ICP 時，您的行銷方法是什麼？

Thanks, Mike.

謝謝，麥克。

The -- one of the things that's been exceptional in our execution and go-to-market is we tiered in prioritized countries.

我們在執行和進入市場方面的出色之處之一是我們在優先國家/地區進行了分級。

First thing, our go-to-market team did it, they prior -- this year as we set out to prioritize specific countries, we set out to prioritize specific verticals, and we incentivize and compensate our sales organization around the acquisition and retention of high-value ICPs.

首先，我們的市場推廣團隊做到了，他們之前就做過了——今年，當我們著手優先考慮特定國家/地區時，我們著手優先考慮特定垂直領域，並且我們圍繞收購和保留客戶來激勵和補償我們的銷售組織高價值 ICP。

And a year ago, that was $10,000 plus, then it was $50,000 plus.

一年前，這個數字是 10,000 美元以上，然後是 50,000 美元以上。

And as I mentioned earlier, we are adding customers that are $250,000 plus a month of accounts receivable.

正如我之前提到的，我們新增的客戶金額為 250,000 美元，外加每月應收帳款。

I think that speaks to the strength of our sales organization, the power of our marketing team, the brand we have built.

我認為這說明了我們銷售組織的實力、行銷團隊的力量以及我們建立的品牌。

And to your point about headcount, our headcount and go-to-market has actually been relatively stable year over year.

就您對員工人數的觀點而言，我們的員工人數和進入市場實際上逐年相對穩定。

We're adding headcount in high opportunity areas and we're taking friction out of our system across the organization.

我們正在增加高機會領域的員工人數，並消除整個組織系統中的摩擦。

We're reducing what I'll think of as middle management layer.

我們正在減少我所認為的中階管理階層。

So there's more people, who are with directly responsible KPIs to drive customer acquisition and cross-sell in our CSM organization.

因此，我們的 CSM 組織中有更多的人直接負責 KPI，以推動客戶獲取和交叉銷售。

And I think the strength of our cards product is -- demonstrates our cross-sell opportunity.

我認為我們的卡片產品的優勢在於——展示了我們的交叉銷售機會。

And shareholders will hear us talk in 2025, about the cross-sell effort as it relates to workforce management and the Skuad acquisition.

股東們將在 2025 年聽到我們談論與勞動力管理和 Skuad 收購相關的交叉銷售工作。

We are very excited about the opportunity to offer high-value ICPs, not just an AR solution for their direct-to-consumer or B2B marketplace sales, not just an AP solution for their spend management as it relates to buying ads on Facebook or elsewhere or intranetwork payments to other Payoneer customers, which is a robust part of our business, but actually helping them manage the workforce management and payroll needs of their contractors and employees around the globe.

我們非常高興有機會提供高價值ICP，不僅僅是針對其直接面向消費者或B2B 市場銷售的AR 解決方案，也不僅僅是針對其支出管理的AP 解決方案，因為這與在Facebook 或其他地方購買廣告相關或向其他 Payoneer 客戶進行網路內付款，這是我們業務的重要組成部分，但實際上幫助他們管理全球承包商和員工的勞動力管理和薪資需求。

Our customers have multi-entities around the world.

我們的客戶在世界各地擁有多個實體。

They have employees around the world are contractors, and they're increasingly turning to Payoneer and will in 2025 and beyond as the globalization in a box, the one-stop solution for those needs and our go-to-market engine, our distribution engine, is the superpower of the firm.

他們在世界各地都有承包商，他們越來越多地轉向 Payoneer，並將在 2025 年及以後成為全球化的盒子、滿足這些需求的一站式解決方案以及我們的上市引擎、分銷引擎，是公司的超能力。

We have great people, a unique offering, a powerful brand, a regulatory framework that enables an expanding, growing SMB around the world to get the growth they need.

我們擁有優秀的人才、獨特的產品、強大的品牌和監管框架，使世界各地不斷擴大、成長的中小企業能夠獲得所需的成長。

That's very helpful color.

這是非常有用的顏色。

And then if I could just turn back to the model, do you gave us plenty of framework to think about 2025.

然後，如果我可以回到這個模型，您是否為我們提供了足夠的框架來思考 2025 年？

But just given the outperformance this year, if you were to outperform your expectations in 2025, where do you think that comes from?

但考慮到今年的優異表現，如果你在 2025 年要超越你的預期，你認為這來自哪裡？

Is that going to be driven by continued momentum on B2B?

這是否會受到 B2B 持續成長勢頭的推動？

Do you think marketplaces can outperform the way it did this year relative to your initial guidance?

相對於您最初的指導，您認為市場今年的表現是否會更好？

Just what are the levers throughout performance as we think about 2025?

展望 2025 年，整個業績的槓桿是什麼？

Yeah, look, I think it's a great question, right?

是的，聽著，我認為這是一個很好的問題，對吧？

So we called out that we think the mid-teens exit rate is an appropriate run rate.

因此，我們指出，我們認為十幾歲左右的退出率是合適的運行率。

But we've also said consistently most of that's in line with medium-term targets and that we think there's room to outperform.

但我們也一直表示，其中大部分符合中期目標，我們認為還有超越大盤的空間。

What can drive that outperformance?

是什麼推動了這種出色的表現？

Look, first and foremost, certainly a robust and stable macro.

首先，也是最重要的，當然也是一個強大而穩定的宏觀。

We're seeing that today.

我們今天看到了這一點。

We've seen it through October, but that can certainly help continued performance in B2B.

我們已經看到了整個 10 月的情況，但這肯定有助於 B2B 業務的持續表現。

Look, as John said in his answer, we're executing on the strategy, we're seeing really strong acquisition, we're seeing improving retention and we're focused on larger customers.

看，正如約翰在回答中所說，我們正在執行該策略，我們看到了非常強勁的收購，我們看到了保留率的提高，並且我們專注於更大的客戶。

And that's driving that outsized performance.

這推動了超強的性能。

Look, as we go into 2025, obviously, as we've called out tougher comps, we think 25% volume growth, 25% plus for '25 or so 2025 in our B2B business is a good target for us to push against.

看起來，當我們進入2025 年時，顯然，隨著我們提出了更嚴格的競爭，我們認為25% 的銷量增長，到2025 年左右25% 以上，我們的B2B 業務是我們要努力實現的一個很好的目標。

And that's, again, in line with what we said at Investor Day, and we think it is a strong sort of performance with room to outperform, right, as we continue to execute?

這再次與我們在投資者日所說的一致，我們認為，隨著我們繼續執行，這是一種強勁的表現，有超越大市的空間，對嗎？

In terms of marketplace, as we said sort of to the e-com question, 2023, we've seen that we are outperforming those underlying marketplaces, delivering that strong mid-teens growth in volume.

就市場而言，正如我們在 2023 年電子商務問題中所說的那樣，我們已經看到我們的表現優於這些基礎市場，實現了強勁的 10 左右的銷售成長。

That's really ahead of where you would say sort of looking through at the read-throughs on some of these e-com marketplaces ahead of where they're performing.

這確實領先於您所說的在某些電子商務市場的表現之前瀏覽它們的通讀內容。

If we can continue to drive that through the strong acquisition and retention, then we think we can outperform that.

如果我們能夠透過強大的收購和保留繼續推動這一目標，那麼我們認為我們可以超越這一點。

So look, I think there are multiple levers, which is a great place to be, strong fundamentals in the business, and we're looking forward to 2025.

所以看，我認為有多種槓桿，這是一個很好的地方，業務基本面強勁，我們期待 2025 年。

Great to hear it.

很高興聽到這個消息。

Thank you so much.

太感謝了。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

Nice job on the quarter.

本季工作做得很好。

Maybe we just start off with the pricing road map and the opportunities.

也許我們只是從定價路線圖和機會開始。

Just remind us where you guys are in terms of the opportunity to monetize different parts of the business, which you've been on a good path around.

請提醒我們，你們在將業務的不同部分貨幣化的機會方面處於什麼位置，你們在這方面一直走得很好。

And I guess as a follow up on that point, though, I mean, when do you think we can expect to see the pricing applications start to really benefit revenue yield, so I mean I know they were -- if you take float out of the equation, they were still down, I think, about 6 bps year over year.

我想作為這一點的後續行動，我的意思是，你認為我們什麼時候可以期望看到定價應用程序開始真正有利於收入收益，所以我的意思是我知道它們是 - 如果你把浮動從等式中，我認為它們仍同比下降約6 個基點。

So just curious where you see it kind of playing out where it has more material of an impact on the numbers going forward?

所以只是好奇你認為它在哪裡對未來的數字產生更多實質影響？

Yeah.

是的。

Thanks, Darrin.

謝謝，達林。

Thanks for the question.

謝謝你的提問。

Look, we continue to execute on the pricing strategy that we outlined throughout 2023.

看，我們將繼續執行 2023 年制定的定價策略。

As we called out in the past, 2023 was really about improving monetization on non-ICPs.

正如我們過去所呼籲的那樣，2023 年實際上是提高非 ICP 的貨幣化水準。

We've done that very successfully.

我們已經非常成功地做到了這一點。

And also done it relative to sort of aspects of the revenue monetization in terms of our FX products in terms of how we monetize particular corridors, and in terms of how we look at customers, segments, and corridors to be much more nuanced in how we think about pricing.

並且也與我們的外匯產品的收入貨幣化的某些方面相關，包括我們如何將特定走廊貨幣化，以及我們如何看待客戶、細分市場和走廊，以便更細緻地了解我們如何考慮定價。

So we're continuing to execute.

所以我們正在繼續執行。

We launched our Lite account in late 2023.

我們於 2023 年底推出了 Lite 帳戶。

We've continued to roll that out through our distribution partners throughout 2024.

我們將在 2024 年繼續透過我們的分銷合作夥伴推出這項服務。

And as we've called out, we expect to generate roughly $45 million of uplift in 2024 from those pricing initiatives, of which $20 million is incremental.

正如我們所指出的，我們預計這些定價措施將在 2024 年帶來約 4,500 萬美元的成長，其中 2,000 萬美元是增量。

In terms of the take rate dynamics, we'll continue to execute on that.

就採取率動態而言，我們將繼續執行這一點。

We've highlighted that sort of longer-term unlock that can drive share of wallet gains, improve penetration as we head into '25 and beyond.

我們強調了這種長期解鎖可以推動錢包收益份額，並在我們進入 25 世紀及以後時提高滲透率。

In terms of the take rate, look, I think it's one of the many levers that is driving improvement in that take rate.

就採用率而言，我認為這是推動採用率提高的眾多槓桿之一。

Our SMB take rate year over year is up 2 basis points ex interest, it's up more than that.

我們的 SMB 利率年增了 2 個基點（除息），漲幅還不止於此。

That's a factor of that pricing, impact as well as the mix shift to those higher take rate businesses and higher take rate products.

這是定價、影響以及向更高利用率業務和更高利用率產品的組合轉變的一個因素。

So overall, we see pricing as an important sort of arrow in the quiver, so to speak, to continue to improve the economics in our business, to drive improved penetration and capture of the market, and to really drive stable and even improving take rate trends.

因此，總體而言，我們將定價視為箭袋中的重要箭頭，可以說，繼續改善我們業務的經濟性，推動提高滲透率和佔領市場，並真正推動穩定甚至提高的採用率趨勢。

Okay.

好的。

That's helpful.

這很有幫助。

And guys, just focusing for a second more on ICPs.

各位，請再關註一下 ICP。

It looks like the growth overall on the larger side was about 2%.

看起來整體成長幅度約 2%。

I think it was 6% last quarter.

我認為上個季度是 6%。

Overall, obviously, you're continuing to grow the underlying KPI as well.

總體而言，顯然，您也在繼續提高基礎 KPI。

But just, can you give us a little bit more color on maybe the TAM you see to penetrate for large ICPs.

但是，您能給我們更多關於您看到的可滲透大型 ICP 的 TAM 的資訊嗎？

What's the long-term customer growth for these large ICPs, whether it's any sense of whether it's mid-single digit, all the way up to low double, it's hard to really tell where you see the opportunity on that front?

這些大型 ICP 的長期客戶成長是多少，是否有任何意義，是否是中個位數，一直到低雙位數，很難真正說出您在哪裡看到了這方面的機會？

Yeah, it's a great question, Darrin.

是的，這是一個很好的問題，達林。

We are very comfortable with our $10,000-plus ICP growth.

我們對 10,000 美元以上的 ICP 成長感到非常滿意。

When we introduced the ICP framework, it was a blunt force instrument to help people understand and create a rubric for people to understand our business.

當我們引入 ICP 框架時，它是幫助人們理解並創建一個規則以幫助人們了解我們業務的鈍器。

As you'll recall, 1.5 million customers below the definition, 0.5 million customers, fitting the definition.

您可能還記得，有 150 萬客戶低於定義，有 50 萬客戶符合定義。

We introduced $500 to $10,000 and $10,000-plus -- we shared on the call today, the $10,000 represents 80% plus of the volume.

我們推出了 500 美元到 10,000 美元以及 10,000 美元以上的產品——我們在今天的電話會議上分享，10,000 美元代表了交易量的 80% 以上。

We are clearly driving our product strategy, our acquisition strategy, our retention work on those high-value $10,000-plus ICPs.

顯然，我們正在推動我們的產品策略、收購策略以及對價值超過 10,000 美元的高價值 ICP 的保留工作。

And we really think the ICP definition has helped crystallize the opportunity for shareholders, employees across partners across the board, just about our focus on who our customer is, the value we can provide for them.

我們確實認為 ICP 定義有助於明確股東、合作夥伴員工的機會，我們關注的是我們的客戶是誰，我們可以為他們提供的價值。

As you mentioned, the growth has slowed to 6% to 2%, but we've accelerated our volume and revenue growth of the $10,000-plus segment.

正如您所提到的，成長已放緩至 6% 至 2%，但我們加快了 10,000 美元以上細分市場的銷售和收入成長。

Volume growth for $10,000-plus ICPs accelerated from 10% a year ago to 26% in Q3, revenue growth for $10,000-plus ICPs from 7% a year ago to 31% in Q3.

10,000 美元以上 ICP 的銷售成長從一年前的 10% 加速至第三季的 26%，10,000 美元以上 ICP 的營收成長從一年前的 7% 升至第三季的 31%。

So when I look ahead, the size of the opportunity is tremendous.

因此，當我展望未來時，機會是巨大的。

There are many, many, many businesses around the globe that need a Payoneer solution.

全球有許多的企業需要 Payoneer 解決方案。

We are in a deliberate and focused way penetrating geographies, industries, networks of ICPs.

我們正在以一種深思熟慮和專注的方式滲透 ICP 的地理、行業和網絡。

And you will see that, and as we've talked about that in the past, there are tens of millions of SMBs that need a Payoneer solution.

您將會看到，正如我們過去所討論的那樣，有數千萬家中小型企業需要 Payoneer 解決方案。

We are less focused waking up this morning on driving absolute customer count, than making sure we have the volume and revenue dynamics from the customers we have, providing the service to them and unlocking the growth ahead of us.

今天早上醒來，我們不再專注於推動絕對客戶數量，而是確保我們擁有客戶的數量和收入動態，為他們提供服務並釋放我們面前的成長。

So I won't give you a number in terms of what I think the growth rate will be looking forward.

因此，我不會向您提供我認為的未來成長率的數字。

I am confident that it will grow in a strong way and we have a product set and a team focused on monetizing those customers.

我相信它會強勁成長，我們擁有一套產品和一支專注於透過這些客戶獲利的團隊。

So you will see growth in the years ahead.

因此，您將在未來幾年看到成長。

Very helpful, guys.

非常有幫助，夥計們。

Thank you.

謝謝。

Mike Grondahl, Northland Securities.

麥克‧格隆達爾，北國證券。

On the pricing initiatives, is there a lot left there or a little left there?

在定價舉措方面，是還剩下很多還是還剩下一點？

And then secondly, I think you described your go-to-market and your priorities in the ICP area.

其次，我認為您描述了您的市場走向以及您在 ICP 領域的優先事項。

Could you talk a little bit about how you're focused on cross-sell in getting multiple products into some of your larger ICP hands?

您能否談談您如何專注於交叉銷售，以將多種產品納入您的一些較大的 ICP 手中？

Is it the same process?

是同樣的過程嗎？

Or is there a kind of a unique process for that?

或是有獨特的流程？

I'll take -- and thanks for the question.

我會接受——謝謝你的提問。

Look, I'll take the pricing.

你看，我來定價。

Look, I love the framing.

看，我喜歡這個框架。

Is there a lot or a little.

是有很多還是有一點。

I think we'll say that it continues to be in our view a long-term driver of future performance, right?

我想我們會說，我們認為它仍然是未來業績的長期驅動力，對吧？

So we've called out very explicit numbers in terms of what we generated in '23 and what we've generated in '24.

因此，我們根據 23 年和 24 年產生的數據給出了非常明確的數字。

I think that the broader point is around sort of the more customer-based segmentation approach, one that is designed to focus on product bundling, on driving share of wallet and improved engagement and adoption of the products and using pricing as a lever to do that.

我認為更廣泛的一點是圍繞著一種更基於客戶的細分方法，該方法旨在專注於產品捆綁、提高錢包份額、提高產品的參與度和採用率，並使用定價作為槓桿來實現這一目標。

With all that said, look, there's more opportunity for sure, right?

話雖如此，你看，肯定還有更多機會，對吧？

We've launched the Lite account.

我們已經推出了 Lite 帳號。

As we've said, that covers predominantly freelancers and gig workers, and we're launching probably early next year what we called the Pro account, which is targeted at larger sort of SMBs and smaller entrepreneurs.

正如我們所說，這主要涵蓋自由工作者和零工，我們可能會在明年初推出所謂的專業帳戶，該帳戶針對的是大型中小型企業和小型企業家。

And we think that, that will generate some meaningful uplift, right?

我們認為，這將產生一些有意義的提升，對嗎？

We think we can monetize upgrade fees.

我們認為我們可以將升級費用貨幣化。

We may introduce forms of usage fees.

我們可能會引入使用費的形式。

But overall, I think, again, it's a long-term driver of improved monetization and frankly, improved capture of the market, and that's how we're viewing it.

但總的來說，我再次認為，這是改善貨幣化的長期驅動力，坦白說，改善市場佔有率，這就是我們的看法。

And I'll just add to Bea's answer.

我將補充 Bea 的答案。

As we think about cross-sell, there's really two separate motions underway.

當我們考慮交叉銷售時，實際上有兩個獨立的動議正在進行中。

One is what we call the high-touch motion, where we have CSMs globally, whose responsibility is to match our product set to the needs of our high-value ICPs.

一是我們所謂的高接觸性行動，我們在全球擁有 CSM，其職責是將我們的產品集與高價值 ICP 的需求相匹配。

And you're seeing that pull through in the performance of our card, right?

您已經看到了我們卡片的性能表現，對吧？

Our card growth in Q3 was north of 40% quarter over quarter.

第三季我們的信用卡成長率較上季成長超過 40%。

And it's -- the 4 quarters prior, growth was between 31% and 33% for the cards product.

在前 4 個季度，卡片產品的成長率在 31% 到 33% 之間。

We will -- you'll see the high-touch cross-sell occur with our workforce management products.

我們將—您將看到我們的勞動力管理產品發生高接觸交叉銷售。

As we introduced the ability to help our customers manage their contractors, employees around the work.

正如我們介紹的那樣，能夠幫助我們的客戶管理他們的承包商、員工的工作。

But at scale, it's the product itself, and Bea, it highlights the bundles, the Lite account, which is in distribution as we -- which limits features for sort of the lower end of our customer portfolio.

但從規模上看，這是產品本身，而 Bea 則強調了捆綁包、Lite 帳戶，該帳戶與我們一樣進行分銷，這限制了我們客戶組合中低端的功能。

The Pro account or platinum account or others will enable bundles of products so that the right product that is in front of each of our customers from when they join or as they log into their Payoneer account and see access to those features.

專業帳戶或白金帳戶或其他帳戶將啟用產品捆綁，以便我們的每位客戶在加入或登入 Payoneer 帳戶並查看對這些功能的存取權時，就會看到正確的產品。

So we feel good about our ability to drive ARPU through the cross-sell motions we have in place.

因此，我們對透過現有的交叉銷售活動推動 ARPU 的能力感到滿意。

Got it.

知道了。

Okay, thank you.

好的，謝謝。

Trevor Williams, Jefferies.

特雷弗威廉斯，杰弗里斯。

Great.

偉大的。

Thanks a lot.

多謝。

I wanted to go back to the ARPU growth.

我想回到 ARPU 成長。

I think it was up 20% or so in the quarter, John, I think I heard you say.

我想這個季度上漲了 20% 左右，約翰，我想我聽到你說過。

If you could just give us a sense for how much of that ARPU growth is coming from mix, cross-sell, pricing, your view on the sustainability of that level of growth?

如果您能讓我們了解 ARPU 成長有多少來自混合、交叉銷售、定價，您對這種成長水準的可持續性有何看法？

And I know there's been a few questions on pricing already, but if there's any update you can give specifically on the intranetwork flows and that rollout would be great?

我知道已經存在一些關於定價的問題，但是如果您可以具體提供有關網絡內流量的任何更新，那麼推出會很棒嗎？

So when we think about ARPU performance across the organization, we really have a number of activities underway.

因此，當我們考慮整個組織的 ARPU 績效時，我們確實正在進行許多活動。

One is making -- acquiring high-value customers that bring a lot of volume into the organization by design drives up the ARPU for those folks.

一是創造－獲取高價值客戶，透過設計為組織帶來大量流量，進而提高這些人的 ARPU。

And when we look at our largest customers, those greater than $20,000 -- $250,000 a month in volume, we've seen very strong ARPU growth for that cohort.

當我們關注最大的客戶（每月交易量超過 20,000 美元至 250,000 美元）時，我們發現該群體的 ARPU 成長非常強勁。

And for -- across the Board, seeing that kind of result, both driven by pricing, cross-sell, self-loading, self-funding their accounts so they can -- customers can use our AP products, more bespoke, route-specific fee initiatives, we are on a march frankly, not just acquire high-value customers, provide them the service they need, but be paid appropriately for the value we provide for them.

對於——全面看到這種結果，無論是由定價、交叉銷售、自行加載、自籌資金驅動他們的帳戶，這樣他們就可以——客戶可以使用我們的 AP 產品，更加定制、針對特定路線對於收費舉措，坦白說，我們正在前進，不僅僅是獲取高價值客戶，為他們提供他們需要的服務，而是為我們為他們提供的價值獲得適當的報酬。

And that's pulling through pricing, larger customers, card, cross-sell, workforce management cross-sell, and other tuck-in acquisitions that we'll add to expand our product suite to offer more value to our customers.

這包括定價、大客戶、卡片、交叉銷售、勞動力管理交叉銷售以及其他我們將添加的收購，以擴展我們的產品套件，為我們的客戶提供更多價值。

(multiple speakers) And just on the intranetwork.

（多位發言者）並且僅在內部網路上。

Yes, on the intranetwork question.

是的，關於內部網路問題。

Look, we've continued to run the pilot.

看，我們繼續進行試點。

It's been a meaningful pilot through our ecosystem really through the back half of the year.

今年下半年，這對我們的生態系統來說是一次有意義的試點。

And we're doing A/B testing across significant corridors.

我們正在對重要的走廊進行 A/B 測試。

Again, look, and we've highlighted in prior calls, there's multiple use cases that are tied to those intranetwork flows from sort of quasi payroll to true AP to sort of internal treasury type functions for larger SMBs.

再說一遍，我們在之前的電話會議中強調過，有多個用例與那些網路內流相關，從準工資單到真正的 AP，再到大型中小型企業的內部金庫類型功能。

So we felt it was super important to really carefully measure the impact of that pricing, look at how flows behave, look at customer behavior.

因此，我們認為非常重要的是要真正仔細地衡量定價的影響，觀察流量的表現，並觀察客戶的行為。

At the end of the day, as we've highlighted, look, we've built in a very real sense, a two-sided network, and the $11 billion to $12 billion of trailing 12-month intranetwork flows are a real powerful proof point around that.

歸根結底，正如我們所強調的，看，我們已經建立了一個非常真實的雙邊網絡，並且 110 億至 120 億美元的追踪 12 個月內網流量是一個真正有力的證明圍繞這一點。

So we continue to believe that as part of a broader monetization strategy, the intranetwork flows can be a powerful driver to that.

因此，我們仍然相信，作為更廣泛的貨幣化策略的一部分，網路內流量可以成為這項策略的強大驅動力。

Okay.

好的。

Got you.

明白你了。

And then on float and margins in '25, Bea, I think on the float income, I heard you say down year over year in '25.

然後是關於 25 年的浮動收入和利潤率，Bea，我想關於浮動收入，我聽到你說 25 年逐年下降。

Just based on the curve, if there's anything more specific in terms of order of magnitude as you sit here today?

僅根據曲線，您今天坐在這裡的數量級是否有更具體的資訊？

And then with that in mind, I mean, how you feel about the visibility of the mid-20s EBITDA margins next year.

考慮到這一點，我的意思是，您對明年 20 多歲的 EBITDA 利潤率的可見性有何看法。

I think I heard the comment on -- you already had positive EBITDA contribution from the ex-float revenue, but just any more detail on kind of where you would expect that incremental ex-float margin expansion to come from would be great.

我想我聽到了這樣的評論——您已經從除浮動收入中獲得了積極的 EBITDA 貢獻，但如果您期望更多的除浮動利潤擴張來自何處的詳細信息，那就太好了。

Yeah, absolutely.

是的，絕對是。

Look, on float income, as we said, stepping down.

看，浮動收入，正如我們所說，下台。

I don't think that would be any surprise to anyone.

我認為這不會讓任何人感到驚訝。

We've noted that rate expectations look like they stepped down at least based on the curve right now to roughly an average of 3.5%, 3.7%.

我們注意到，根據目前的曲線，利率預期似乎已下調至平均 3.5%、3.7% 左右。

Again, they've been a bit choppy, but that's probably a reasonable number to model.

同樣，它們有點不穩定，但這可能是一個合理的建模數字。

We expect to offset a portion of that rate decline with balanced growth.

我們預計透過平衡成長來抵消部分利率下降。

We've been able to grow balances on our platform consistently, including the 13% uptick in the current quarter, and we provided pretty detailed commentary on the call, of course, around our program to extend duration.

我們平台上的餘額持續成長，包括本季成長 13%，當然，我們在電話會議上提供了非常詳細的評論，圍繞著我們延長持續時間的計劃。

We've done that on roughly a third of the portfolio.

我們已經對大約三分之一的投資組合做到了這一點。

We've extended duration on a third roughly two years with a weighted average yield of 4.5%.

我們將期限延長了三分之一，大約兩年，加權平均收益率為 4.5%。

We've put in place interest rate flows on roughly a third of that portfolio.

我們已經為該投資組合的大約三分之一設定了利率流動。

So we've taken really meaningful steps to reduce our sensitivity to interest rate movements, and we'll continue to optimize that program.

因此，我們已經採取了真正有意義的措施來降低我們對利率變動的敏感性，並且我們將繼續優化該計劃。

So look a step down based on rates will get partially offset from those from those initiatives to extend duration and so on.

因此，基於利率的下調將部分抵銷那些延長期限等措施的影響。

As we look to margin in 2025, look, we feel very good about hitting our medium-term adjusted EBITDA margin target.

當我們展望 2025 年的利潤率時，我們對實現中期調整後 EBITDA 利潤率目標感到非常滿意。

The ones we talked about at Investor Day at 25%.

我們在投資者日討論的 25% 的利率。

We're going to drive core revenue growth.

我們將推動核心營收成長。

As we said, we think an appropriate run rate is in line with our Q4 exit rate.

正如我們所說，我們認為適當的運行率與我們第四季度的退出率一致。

And we'll continue to be disciplined operators.

我們將繼續成為遵守紀律的運營商。

I think we've demonstrated the ability to do that.

我認為我們已經證明了我們有能力做到這一點。

So overall, it's a huge opportunity.

所以總的來說，這是一個巨大的機會。

As we've said, we're investing to capture the TAM we think we can hit our medium-term targets, and we're excited by the momentum in the business.

正如我們所說，我們正在投資以獲取 TAM，我們認為我們可以實現中期目標，我們對業務的勢頭感到興奮。

Great.

偉大的。

Thanks again.

再次感謝。

Cris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

Great.

偉大的。

Thanks for squeezing me in here.

謝謝你把我擠在這裡。

John, you mentioned or talked about Skuad, I just wanted to get a little bit more color on what the opportunity is there and how you're thinking about that as we enter 2025?

約翰，您提到或談到了 Skuad，我只是想更多地了解存在哪些機會，以及在我們進入 2025 年時您對此有何看法？

Yes, it's really super exciting, Cris.

是的，這真的非常令人興奮，克里斯。

We are on track with the integration.

我們正步入整合的正軌。

The team -- the Skuad team and the Payoneer team are quickly becoming one team.

Skuad 團隊和 Payoneer 團隊正在迅速合而為一。

The product integration, the first phase of it is actually completed.

產品集成，第一階段實際上已經完成。

We closed the acquisition in early August.

我們在八月初完成了收購。

I'm excited about the first 90 days and the progress we've made.

我對前 90 天以及我們所取得的進展感到興奮。

And we are beginning the cross-sell activity focusing on opportunity areas with our existing customers, with our existing go-to-market organization.

我們正開始與現有客戶和現有的行銷組織進行交叉銷售活動，並專注於機會領域。

We're seeing response from our customers as it relates to the sales cycle and learning about the time it takes to both introduce the product and get to a closed deal with our customers.

我們看到了客戶對銷售週期的反應，並了解了介紹產品和與客戶達成交易所需的時間。

And we feel very good about Payoneer's opportunity to not just be an infrastructure provider as we were historically, but more and more branded solution for the full financial needs of cross-border SMBs.

我們對 Payoneer 的機會感到非常高興，它不僅像我們歷史上那樣成為基礎設施提供商，而且成為越來越多的品牌解決方案，以滿足跨境中小型企業的全面財務需求。

And that opportunity is tremendous.

這個機會是巨大的。

And as Bea said, we are executing very effectively against capturing it.

正如 Bea 所說，我們正在非常有效地執行捕獲它的任務。

Got it.

知道了。

And then just quick update on the M&A environment as you continue to add more products to your platform.

然後，隨著您繼續為平台添加更多產品，快速更新併購環境。

Thanks for the taking the questions.

感謝您接受提問。

Yes, it's an important question.

是的，這是一個重要的問題。

We are excited about tuck-in acquisitions to extend our product capability to drive the cross-sell utility for our customers and ARPU for our shareholders.

我們很高興能夠透過收購來擴展我們的產品能力，從而為我們的客戶提高交叉銷售效用，並為我們的股東提高 ARPU。

And so the work the team is doing, identifying targets, discussing the fit culturally product, is deep and underway.

因此，團隊正在做的工作，確定目標，討論適合文化的產品，正在深入進行中。

We've shared our philosophy, which is grow ARPU, extend our footprint in high important markets, drive our licensing, and that is I think key part of the road map ahead is growth via M&A, and we will do that in 2025 and beyond.

我們分享了我們的理念，即提高 ARPU、擴大我們在重要市場的足跡、推動我們的授權，我認為未來路線圖的關鍵部分是透過併購實現成長，我們將在 2025 年及以後做到這一點。

Thank you.

謝謝。

We have no further questions.

我們沒有其他問題了。

And so I'll hand the call back to John for closing remarks.

因此，我會將電話轉回約翰，讓他作結束語。

I want to thank everybody for joining us today.

我要感謝大家今天加入我們。

I think we had a record turnout here on the call, and it's exciting to share the incredible progress of Payoneer employees in over 28 countries.

我認為這次電話會議的參與人數創歷史新高，很高興能夠分享 Payoneer 員工在超過 28 個國家/地區取得的令人難以置信的進步。

We are diverse global organization moving at the pace of global trade to provide value to SMBs that are competing on the global landscape.

我們是一個多元化的全球組織，緊跟全球貿易的步伐，為在全球格局中競爭的中小企業提供價值。

It's been great results for the first three quarters of 2024 and we are focused on continuing our momentum.

2024 年前三個季度取得了出色的成果，我們致力於繼續保持這一勢頭。

Thanks, everybody.

謝謝大家。

Thank you, everyone, for joining us today.

謝謝大家今天加入我們。

This concludes our call, and you may now disconnect.

我們的通話到此結束，您現在可以斷開連線了。