Payoneer Global Inc (PAYO) 2024 Q4 法說會逐字稿

Good morning.

早安.

Thank you for standing by.

感謝您的支持。

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.

（操作員指示）提醒一下，本次電話會議正在錄音。

I would now like to turn the call over to Caius Slater, Payoneer's Director of Investor Relations.

現在，我想將電話轉給 Payoneer 投資者關係總監 Caius Slater。

Thank you, operator.

謝謝您，接線生。

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

與我一起參加今天電話會議的還有 Payoneer 執行長 John Caplan 和 Payoneer 財務長 Beatrice 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，這些陳述受風險和不確定性的影響。

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，請參閱我們向美國證券交易委員會 (SEC) 提交的文件，該文件可在 Payoneer.com 的投資者關係部分找到。

Actual results may differ materially from any forward-looking statements we made 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 intend to update them except as required by law.

這些前瞻性陳述僅代表今天的觀點，除法律要求外，本公司不承擔任何義務或打算更新這些前瞻性陳述。

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指標。

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

這些指標應被視為 GAAP 財務指標的補充，而不是替代。

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 GAAP 指標的對賬，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. All comparisons made on today's call are on a year-over-year basis unless otherwise noted.

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。除非另有說明，今天電話會議上進行的所有比較都是按同比進行的。

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

現在，我想把電話轉給約翰開始。

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

大家早安，感謝大家今天的參與。

Payoneer had a standout Q4 and a record breaking 2024.

Payoneer 在第四季度表現出色，並在 2024 年創下了紀錄。

We hit new highs in volume, revenue, and profitability because we are executing with focus and precision.

由於我們專注且精準地執行，我們在銷售、收入和獲利能力方面都創下了新高。

Our strategy to build a global financial stack for SMBs is working.

我們為中小企業建立全球金融堆疊的策略正在發揮作用。

Our mission is clear to connect the world's underserved businesses to a rising global economy while delivering sustainable, profitable growth and shareholder value.

我們的使命很明確，就是將世界上服務不足的企業與不斷崛起的全球經濟聯繫起來，同時實現可持續的、盈利的成長和股東價值。

At our investor day in September 2023, we laid out a simple plan, become the leading payments and financial services provider to cross border SMBs.

在2023年9月的投資者日上，我們制定了一個簡單的計劃，成為跨境中小企業領先的支付和金融服務提供者。

We're doing exactly that, leveraging Payoneer's key strengths, our strong team, broad ecosystem, regulatory infrastructure, trusted brand, and a diverse global customer base.

我們正是這樣做的，利用 Payoneer 的核心優勢、我們強大的團隊、廣泛的生態系統、監管基礎設施、值得信賴的品牌和多樣化的全球客戶群。

Traditional banks underserve SMBs operating across borders, and we don't. 2024 was a breakthrough year for Payoneer.

傳統銀行對跨境營運的中小企業服務不足，但我們沒有。 2024年對Payoneer來說是突破的一年。

We sharpened our ICP strategy, prioritized our largest customers and AP products, and accelerated both growth and profitability.

我們完善了 ICP 策略，優先考慮最大客戶和 AP 產品，加快成長和獲利。

The results, they speak for themselves.

結果不言而喻。

Revenue growth excluding interest income accelerated from 5% in 2023 to 20% in 2024.

不包括利息收入的收入成長率將從 2023 年的 5% 加速到 2024 年的 20%。

B2B volume grew 42% year-over-year, far ahead of our initial target of 25% and significantly outpacing our 2023 performance.

B2B 交易量年增 42%，遠超過我們最初 25% 的目標，並大大超過我們 2023 年的業績。

ARPU, excluding interest income, grew 21% year over year, marking six consecutive quarters of acceleration.

不包括利息收入的ARPU年增21％，連續六季加速。

Customer adoption of three or more AP products reached 53% of our total usage in Q4 of 2024, a 30% increase over Q1 of 2022.

2024 年第四季度，使用三種或三種以上 AP 產品的客戶占我們總使用量的 53%，比 2022 年第一季成長了 30%。

Card usage grew 36% year-over-year with broad-based growth across all regions.

信用卡使用量年增 36%，所有地區均呈現普遍成長。

10-K plus ICPs grew volumes 21% year-over-year.

10-K 以上的 ICP 數量年增了 21%。

Key product launches included the light account, ERP integrations, and the Green Channel portal in China, helping our customers there increase their access to global demand.

主要產品發布包括輕帳戶、ERP 整合和中國綠色通道門戶，幫助我們的客戶擴大其對全球需求的獲取。

We expanded our financial stack with the acquisition of squad, positioning us to capture share in global workforce management.

我們透過收購 Squad 擴大了我們的財務堆疊，從而佔據了全球勞動力管理的份額。

We were disciplined about our costs for example, Payoneer headcount has been largely flat for two years.

我們對成本非常嚴格，例如，Payoneer 的員工人數兩年來基本上沒有變化。

We delivered three consecutive quarters of positive adjusted EBITDA excluding interest income.

我們連續三個季度實現了不包括利息收入的正調整後 EBITDA。

We're scaling efficiently and profitably.

我們正在高效且有利地擴大規模。

Our execution is strong, and we've exceeded our September 2023 Investor Day targets.

我們的執行力很強，已經超額完成了 2023 年 9 月投資者日的目標。

These results demonstrate our scalable, increasingly profitable model and the strength of our execution.

這些結果證明了我們的可擴展、不斷增加的獲利模式以及我們的執行力。

We are in the early stages of a multi-year value creation journey.

我們正處於多年價值創造之旅的早期階段。

The trade, technology, and financial landscape is shifting, and we are in the prime position to capitalize on it.

貿易、科技和金融格局正在發生變化，我們處於利用這項變化的最佳位置。

Here's where we're focused.

這就是我們的重點。

We intend to deliver sustained growth and profitability, further refining our ICP strategy, enhancing acquisition efficiency, increasing cross sale, improving retention, and optimizing pricing.

我們旨在實現持續的成長和獲利，進一步完善我們的 ICP 策略，提高收購效率，增加交叉銷售，提高保留率並優化定價。

We will continue to implement our platform modernization and expansion.

我們將繼續實施我們的平台現代化和擴展。

We will build, buy, and partner with an ecosystem of products simplifying our UX and advancing our regulatory infrastructure all to provide the financial stack our customers need.

我們將建立、購買和合作一個產品生態系統，簡化我們的用戶體驗並推進我們的監管基礎設施，以提供我們的客戶所需的金融堆疊。

We plan to close our acquisition in China.

我們計劃完成在中國的收購。

We shared a few weeks ago that we have secured the regulatory approvals required to proceed with our acquisition of a licensed payment service provider and are working towards closing in the first half of this year.

我們幾週前曾表示，我們已獲得收購持牌支付服務提供者所需的監管批准，並計劃在今年上半年完成收購。

We will continue to review and optimize capital allocation.

我們將繼續審查並優化資本配置。

We are balancing growth investments with returns to shareholders to drive long-term value.

我們平衡成長投資與股東回報，以實現長期價值。

As we look ahead to our 20th anniversary this April.

我們期待今年四月迎來二十週年紀念日。

We are committed to unlocking the multi-trillion dollar cross-border SMB payments opportunity.

我們致力於釋放數萬億美元的跨境中小企業支付機會。

The Payoneer brand is strong, recognized, and trusted with our strong team, clear strategy, consistent results, and improving profitability, we are taking share in cross-border B2B payments and creating value for our shareholders.

Payoneer 品牌強大、知名且值得信賴，憑藉我們強大的團隊、清晰的策略、一致的成果和不斷提高的獲利能力，我們在跨境 B2B 支付領域佔據一席之地，並為股東創造價值。

With that, I'll turn it over to Beatrice, to walk you through the financial details and our 2025 guidance.

接下來，我將把主題交給 Beatrice，向她介紹財務細節和我們 2025 年的指引。

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

謝謝你，約翰，也謝謝大家的參與。

Payoneer had a record breaking 2024.

Payoneer 創下了 2024 年的紀錄。

We delivered volume growth of 21%, growth in revenue excluding interest income of 20%, and generated $271 million of adjusted EBITDA, representing a 28% adjusted EBITDA margin for the year.

我們的銷售量成長了 21%，不包括利息收入的收入成長了 20%，並產生了 2.71 億美元的調整後 EBITDA，相當於全年調整後的 EBITDA 利潤率為 28%。

These results are a testament to the unique value proposition we offer to our customers, SMBs, and entrepreneurs looking to access the opportunities of an increasingly digital global economy.

這些結果證明了我們為尋求日益數位化的全球經濟機會的客戶、中小企業和企業家提供的獨特價值主張。

Now turning to our fourth quarter results.

現在來談談我們的第四季業績。

We delivered another quarter of record revenue at $262 million, up 17%.

我們本季的營收再創紀錄，達到 2.62 億美元，成長 17%。

Growth was driven by robust performance in our marketplace business, continued strength in our B2B franchise, increased adoption of our checkout capabilities, and card product, as well as the impact of our pricing and offering strategy.

成長的動力來自於我們市場業務的強勁表現、B2B特許經營的持續強勁成長、結帳功能和卡片產品的普及、以及我們的定價和產品策略的影響。

Volume growth of 18% reflected broad-based outperformance across our ecosystem.

18% 的銷售成長反映了我們整個生態系統的廣泛優異表現。

SMB volumes grew 18% year-over-year.

中小企業交易量較去年同期成長18%。

Volume from SMBs that sell on marketplaces was up 14%.

在市場上銷售的中小企業的銷量成長了 14%。

We grew volumes from SMBs that sell B2B by 37%.

我們的 B2B 中小企業銷量成長了 37%。

Merchant services volume continued to grow by more than 100% year-over-year.

商家服務量較去年同期持續成長100%以上。

Our Q4 take rate of 116 basis points decreased 2 basis points on a year-over-year basis and 6 basis points sequentially, primarily driven by lower interest income.

我們第四季的利率為 116 個基點，較去年同期下降 2 個基點，較上季下降 6 個基點，主要原因是利息收入下降。

On a year-over-year basis, we were able to drive expansion in our SMB customer take rate reflecting the incremental value we are delivering to our customers.

與去年同期相比，我們能夠推動中小企業客戶的接受率擴張，這反映了我們為客戶提供的增量價值。

Our SMB customer take rate was up 9 basis points year-over-year and flat sequentially despite a seasonal makeshift towards larger e-com sellers, driven by continued growth in our B2B franchise, the ongoing impact of our various pricing initiatives, continued adoption of our high value products, especially our card product, as well as the impact of our workforce management acquisition.

儘管出現了向大型電子商務賣家轉變的季節性趨勢，但我們的中小企業客戶接受率同比增長了 9 個基點，與上一季度持平，這得益於我們 B2B 特許經營權的持續增長、我們各種定價舉措的持續影響、我們高價值產品（尤其是我們的信用卡產品）的持續採用，以及我們勞動力管理收購的影響。

Customer funds held by Payoneer increased 9% year-over-year to $7 billion.

Payoneer持有的客戶資金年增9%，達到70億美元。

Customers value our multi-currency capabilities and the ability to hold balances in stable currencies is a core value proposition.

客戶重視我們的多幣種能力，而持有穩定貨幣餘額的能力是我們的核心價值主張。

We continue to steadily grow customer funds and generated interest income of $61 million in Q4 even as average interest rates declined year-over-year.

儘管平均利率同比下降，但我們仍繼續穩定增加客戶資金，並在第四季度產生了 6,100 萬美元的利息收入。

As described on our third quarter call in 2024, we implemented a number of actions to reduce our sensitivity to short-term interest rate fluctuations.

正如我們在 2024 年第三季電話會議上所述，我們實施了一系列措施來降低我們對短期利率波動的敏感度。

As of December 31, we had approximately $1.8 billion of assets underlying customer funds invested in a portfolio of US treasury securities and term-based deposits.

截至 12 月 31 日，我們擁有約 18 億美元的客戶資金基礎資產，投資於美國國債和定期存款的投資組合。

The weighted average yield on this portfolio is approximately 4.4%, with a weighted average duration of approximately 2 years.

此投資組合的加權平均收益率約為 4.4%，加權平均期限約為 2 年。

We have purchased interest rate derivatives on approximately $1.9 billion of funds underlying our customer balances, providing a floor against interest rate declines below 3%.

我們已購買了約 19 億美元客戶餘額相關資金的利率衍生品，為利率跌至 3% 以下提供了底線。

Approximately 50% of the assets underlying customer balances are short-term, highly liquid, and thus subject to floating rates, predominantly to short-term interest rates in the US.

客戶餘額中所含資產中約有 50% 是短期資產，流動性強，因此受浮動利率影響，主要是美國的短期利率。

We will continue to actively manage our hedging programs.

我們將繼續積極管理我們的對沖計劃。

Total operating expenses of $233 million increased 17%, primarily driven by labor-related expenses, higher transaction costs, consultancy fees, and the impact of seasonal cashback incentive programs designed to drive adoption of our card product.

總營運費用為 2.33 億美元，成長了 17%，主要原因是勞動力相關費用、更高的交易成本、諮詢費以及旨在推動我們卡產品採用的季節性現金返還激勵計劃的影響。

Total operating expenses included approximately $70 million of one-time and seasonal items, including adjustments to full year bonus and benefits accruals in line with our strong 2024 performance, one-time investments in certain platform and infrastructure initiatives, and a donation to the Payoneer foundation, among other items.

總營運費用包括約 7000 萬美元的一次性和季節性項目，包括根據我們 2024 年強勁的業績對全年獎金和福利應計進行的調整、對某些平台和基礎設施計劃的一次性投資以及對 Payoneer 基金會的捐款等。

Transaction costs of $43 million increased 19%, broadly in line with volume growth of 18%, even as we saw mixed shift into higher transaction cost products and business lines, including our B2B, merchant services, and our card product.

交易成本為 4,300 萬美元，成長了 19%，與交易量 18% 的增幅大致一致，儘管我們看到混合轉向交易成本更高的產品和業務線，包括我們的 B2B、商家服務和我們的卡產品。

Transaction costs represented 16.5% of revenue, an increase of 30 basis points from the prior year period.

交易成本佔收入的16.5％，比去年同期增加了30個基點。

Sales and marketing expense was up $7 million or 14% year-over-year, driven by higher labor-related costs, including from our workforce management acquisition, increased spend on card incentives, especially in China, and higher partner commissions.

銷售和行銷費用比去年同期增加了 700 萬美元，增幅為 14%，這主要是由於勞動力相關成本的增加（包括我們的勞動力管理收購）、信用卡激勵支出的增加（尤其是在中國）以及合作夥伴佣金的增加。

Other operating expenses were up $3 million or 9%, driven by higher IT and communication costs and higher consulting fees.

其他營運費用上漲 300 萬美元，或 9%，原因是 IT 和通訊成本以及諮詢費用增加。

R&D expense increased $5 million or 15%, reflecting higher labor-related costs from higher headcount, which increased approximately 25% year-over-year, including from our workforce management acquisition, as well as higher bonus and employee benefit accruals in line with our 2024 performance.

研發費用增加了 500 萬美元，即 15%，反映了員工人數增加導致的勞動力相關成本增加，同比增長約 25%，其中包括我們收購勞動力管理部門，以及與我們 2024 年業績一致的更高的獎金和員工福利應計費用。

GNA expense increased $6 million or 23%, again primarily due to higher bonus accruals, as well as certain non-recurring consulting fees and the impact of our donation to the Payoneer foundation.

GNA 支出增加了 600 萬美元，即 23%，這同樣主要是由於獎金提列增加，以及某些非經常性諮詢費和我們對 Payoneer 基金會捐款的影響。

Adjusted EBITDA was $63 million compared to $52 million in the prior year period.

調整後 EBITDA 為 6,300 萬美元，去年同期為 5,200 萬美元。

This represents a 24% adjusted EBITDA margin in the quarter and it's the third consecutive quarter of positive adjusted e-bidder excluding interest income.

這意味著本季調整後的 EBITDA 利潤率為 24%，也是連續第三個季度調整後的電子競標者（不包括利息收入）實現正成長。

For the full year we achieved $14 million of positive adjusted EBITDA excluding interest income versus an adjusted EBITDA loss excluding interest income of $25 million in 2023.

全年我們實現了 1,400 萬美元的正調整後 EBITDA（不包括利息收入），而 2023 年不包括利息收入的調整後 EBITDA 虧損為 2,500 萬美元。

Net income was $18 million compared to $27 million in the fourth quarter of last year.

淨收入為 1800 萬美元，而去年第四季為 2700 萬美元。

Q4 basic and deluded earnings per share was $0.05. We ended the quarter with cash and cash equivalents of $497 million.

Q4 每股基本和預計收益為 0.05 美元。截至本季末，我們的現金和現金等價物為 4.97 億美元。

During the quarter we purchased approximately $180 million worth of shares, and for 2024 we repurchased a total of $137 million worth of shares at a weighted average price of approximately $550 and exceeded our target of doubling our share repurchases in 2024 versus 2023.

在本季度，我們購買了價值約 1.8 億美元的股票，而到 2024 年，我們以約 550 美元的加權平均價格回購了總計價值 1.37 億美元的股票，並超過了我們在 2024 年與 2023 年相比將股票回購量翻一番的目標。

As discussed on our third quarter call during 2024, we also repurchased and redeemed all $25 million outstanding public warrants for $21 million.

正如我們在 2024 年第三季電話會議上所討論的那樣，我們還以 2,100 萬美元的價格回購並贖回了所有 2,500 萬美元的未償還公共認股權證。

Turning now to our 2025 guidance, for full year 2025, we expect revenues to be between $1,040 million and $1050 million.

現在談到我們的 2025 年指引，我們預計 2025 年全年營收將在 10.4 億美元至 10.5 億美元之間。

This includes $215 million of interest income and $825 million to $835 million of revenue excluding interest income.

其中包括 2.15 億美元的利息收入和 8.25 億至 8.35 億美元的不含利息收入的收入。

The midpoint of our guidance implies 15% growth in revenue excluding interest income in line with medium term targets we shared at our investor day in late 2023.

我們的指引中點意味著不包括利息收入在內的收入將成長 15%，這與我們在 2023 年底投資者日上分享的中期目標一致。

We expect revenue excluding interest income to grow at a faster rate than volume in line with our stated strategy to expand ARPU from faster growth in our higher yielding B2B business and ongoing penetration of high yield products like our card offering as well as from the continued rollout of our pricing and offering strategy.

我們預計，不包括利息收入在內的收入成長速度將高於銷售成長速度，這符合我們既定的策略，即透過更高收益的B2B業務的更快成長、信用卡等高收益產品的持續滲透以及我們持續推出的定價和產品策略來擴大ARPU。

We expect to generate $215 million of interest income for the year based on probability weighted market interest rate expectations, our expectations for balanced growth, and the impact of our investment program.

根據機率加權市場利率預期、我們對平衡成長的預期以及我們的投資計畫的影響，我們預計今年將產生 2.15 億美元的利息收入。

We expect transaction costs as a percentage of revenue to be approximately 18%, up from 15.6% in 2024 from the impact of declining interest rates and in line with ongoing growth in our higher cost B2B, checkout and card offerings.

我們預計交易成本佔收入的百分比將從 2024 年的 15.6% 上升至約 18%，這得益於利率下降的影響，並且與我們成本較高的 B2B、結帳和卡產品的持續增長保持一致。

We expect 2025 adjusted OpEx less transaction costs of approximately $595 million, which represents 7% growth over 2024.

我們預計 2025 年調整後的營運支出減去交易成本約為 5.95 億美元，比 2024 年成長 7%。

Adjusted OpEx represents our guidance for revenue less adjusted million.

調整後的營運支出代表我們對收入的指導減去調整後的百萬。

We expect adjusted EBITDA to be between $255 million and 265 million, representing an adjusted e-bidder margin of approximately 25% at the midpoint.

我們預計調整後的 EBITDA 在 2.55 億美元至 2.65 億美元之間，中間值代表調整後的電子競標者利潤率約為 25%。

Again, in line with the medium-term targets we set at our 2023 Investor Day.

再次，這與我們在 2023 年投資者日設定的中期目標一致。

When excluding interest income, our guidance implies adjusted e-bidder of between $40 million and $50 million, over 3 times higher than in 2024, and showing increasing profitability in our core business.

不包括利息收入，我們的指引意味著調整後的電子競標者收入將在 4000 萬美元至 5000 萬美元之間，比 2024 年高出 3 倍多，並且表明我們核心業務的盈利能力不斷提高。

Our 2024 results reflect strong momentum across our business and demonstrate the size of our opportunity and the strength of our execution.

我們的 2024 年業績反映了我們整個業務的強勁勢頭，並證明了我們機會的規模和執行力的實力。

We delivered meaningful growth in our B2B business, demonstrating strong product-market fit with service-oriented SMBs in emerging markets.

我們的B2B業務實現了有意義的成長，展現了與新興市場中服務型中小企業強大的產品市場契合度。

We grew ICPs and the volume from our larger ICPs, delivered increased ARPU, and generated positive adjusted EBITDA excluding interest income.

我們擴大了 ICP 規模，並增加了大型 ICP 的交易量，提高了 ARPU，並產生了不包括利息收入的正調整後 EBITDA。

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

我們始終致力於推動創新並為我們的客戶、股東和員工提供長期價值。

We are now happy to answer any questions you may have, operator, please open the line.

我們現在很樂意回答您的任何問題，接線員，請接通電話。

(Operator Instructions) Sanjay Sakhrani, KBW.

(操作員指示) Sanjay Sakhrani，KBW。

Thank you.

謝謝。

Good morning.

早安.

I was wondering if we just think about the macro assumptions that underpin your views.

我想知道我們是否只考慮支撐您觀點的宏觀假設。

Could you just talk about what you factored in and sort of what, sort of the upside downside cases are inside the guide.

您能否談談您考慮了哪些因素，以及指南中有哪些優缺點情況？

Hey Sanjay, it's been nice to hear from you.

嘿，桑傑，很高興收到你的來信。

So look, in terms of our guidance philosophy, there's been no change there.

所以，就我們的指導理念而言，沒有任何改變。

Our guidance reflects how we expect the business to perform, the environment in which we operate, models and assumptions that are anchored to those key metrics that we seeing in our business as well as how we expect marketplaces and other part of the of the ecosystem to perform.

我們的指引反映了我們對業務表現的預期、我們營運的環境、基於我們在業務中看到的關鍵指標的模型和假設，以及我們對市場和生態系統其他部分錶現的預期。

So we're not looking to be conservative.

因此我們不想走保守路線。

We feel our guidance is pragmatic, appropriate, consistent.

我們認為我們的指導是務實、恰當、一致的。

We talked in our prepared remarks around the assumptions there.

我們在準備好的發言中討論了這些假設。

The main assumptions really are around marketplace volume and B2B volume as well as take rate dynamics, which we're happy to dive into.

主要的假設實際上是圍繞市場規模和 B2B 規模以及接受率動態，我們很樂意深入研究這些假設。

But on that marketplace volume, we assume in our guidance that those growth rates normalize to high single digits from the mid-teens that we saw in 2024.

但就市場規模而言，我們在指導中假設，成長率將從 2024 年的十幾歲正常化為高個位數。

And we assume that B2B growth continues to come in at about 25%.

我們預計 B2B 成長率將繼續保持在 25% 左右。

That steps down off of the record year in 2024, but it's consistent with the dynamics we're seeing in our business right now.

雖然這一數字較 2024 年的創紀錄水準有所下降，但與我們目前業務中的動態一致。

And so look, taken together in the aggregate that all points to volume growth for our SMB business.

所以，從整體來看，所有因素都顯示我們的中小企業業務量將會成長。

And in general, in that low double-digit range.

整體來說，都處於兩位數的低位範圍內。

And as we said again in our prepared remarks, we expect revenue to grow faster than volume based on take rate dynamics that we are seeing within our business.

正如我們在準備好的評論中再次說過的那樣，根據我們在業務中看到的接受率動態，我們預計收入成長速度將快於銷售成長速度。

A modest take rate expansion and that all gets us to that that revenue guide, right?

適度的利率擴張就能讓我們達到那份收入指南，對嗎？

We're coming off of a record year, as we said.

正如我們所說，我們剛剛度過了創紀錄的一年。

We have really good momentum.

我們的勢頭非常好。

We're hitting those medium-term targets that we set in late 2023, and we feel confident about our guide with all of the assumptions baked in.

我們正在實現 2023 年底設定的中期目標，我們對我們的指南充滿信心，因為它考慮到了所有假設。

Thank you.

謝謝。

I mean, I guess maybe just a quick follow up on that just, there's a lot of chatter around tariffs, China, et cetera.

我的意思是，我想也許只是對此進行快速跟進，關於關稅、中國等等的討論很多。

On that macro point, anything that you guys have factored in or contemplating as we think about the discussions of tariffs around the world.

關於這個宏觀問題，當我們思考世界各地的關稅討論時，你們有考慮過或考慮過什麼嗎？

And then specific, I'll take you up on the take rate pricing and ARPU is obviously a key strategic point that you guys outlined.

然後具體來說，我將向您介紹收取率定價，而 ARPU 顯然是你們概述的關鍵策略點。

Just as we move forward and we think about ARPU optimization, where are the opportunities and you know what inning are we in and just maybe you can talk about the execution over 2025.

當我們繼續前進並思考 ARPU 優化時，機會在哪裡，您知道我們處於什麼局面，也許您可以談談 2025 年的執行情況。

Thank you.

謝謝。

Yeah, happy to do that.

是的，很高興這麼做。

So look, maybe I'll take the take rate question first.

所以看，也許我會先回答接受率的問題。

Look, I think we feel really good about the fact that we demonstrated the ability to grow take rate in our SMB business exter interest income, right?

看，我認為我們對我們展示了提高中小企業業務外部利息收入的接受率的能力感到非常高興，對嗎？

That was something that we tracked and talked about all through 2024.

這是我們在整個 2024 年一直追蹤和討論的事情。

We grew at 4 basis points in one basis point in Q2, 2 in Q3, and in Q4, we delivered 9 basis points of take grade expansion, right?

我們在第二季度實現了 4 個基點的成長，在第三季度實現了 2 個基點的成長，而在第四季度，我們實現了 9 個基點的擴大，對嗎？

And we were flat quarter over quarter where usually we see that sequential decline.

與通常出現的連續下降相比，我們的季度業績持平。

So we're seeing really nice take grade expansion which, to your question is very aligned with our overall sort of growth strategy.

因此，我們看到了非常好的等級擴展，對於您的問題來說，這與我們的整體成長策略非常一致。

And as we look to that guidance in '25, we expect our SMB customer take rate to continue to modestly expand.

當我們展望25年的指引時，我們預期中小企業客戶的接受率將持續適度擴大。

That's what we're factoring in, modestly for us means, in that 1, 2, 3 basis point range.

這就是我們所考慮的因素，對我們來說，適度的考慮意味著在 1、2、3 個基點的範圍內。

And the drivers are the drivers that we've been consistently talking through all along.

這些驅動因素正是我們一直以來所談論的。

One, we're going to continue to drive accelerated growth in our B2B when compared to our core business, our marketplace business.

首先，與我們的核心業務即市場業務相比，我們將繼續推動 B2B 業務的加速成長。

And reminding that the take rate on that business is roughly 1.5 times that marketplace business.

需要提醒的是，該業務的收費率約為市場業務的 1.5 倍。

We're going to continue to cross sell our higher value products, things like card and check out.

我們將繼續交叉銷售我們的更高價值的產品，例如卡片和結帳。

We delivered record performance in our card product, up 36%, record spend on our cards.

我們的信用卡產品表現創下了歷史新高，成長了 36%，信用卡消費金額也創下了歷史新高。

We're going to continue to deliver on the financial strategy that we talked about, so our workforce management acquisition continuing to sell our checkout capabilities and then finally pricing.

我們將繼續執行我們所談論的財務策略，因此我們的勞動力管理收購將繼續銷售我們的結帳功能，最後定價。

This has been, as Sanjay, a journey for us.

對我們桑傑來說，這是一趟旅程。

We're continuing to iterate there, and we see continued value that we're going to unlock with that.

我們會繼續在那裡進行迭代，並且我們看到我們將由此釋放的持續價值。

So overall, all of those, and I could go on, all of those factors give us a high degree of conviction in our strategy overall and our continued ability to expand take rate as we move through '25.

所以總的來說，所有這些，而且我還可以繼續說下去，所有這些因素都讓我們對我們的整體策略以及我們在25年繼續擴大接受率的能力充滿信心。

I'll take the tariffs as you threw that one in there as well.

我會接受你提到的關稅。

So look, -- we talked a little bit about the guidance philosophy and all of the assumptions baked in.

所以看，——我們談了一點指導理念和其中的所有假設。

I'm not going to share here an explicit assumption modeled in our guidance for trade policy.

我不會在這裡分享我們在貿易政策指導中建立的明確假設。

There's obviously a very broad range of potential outcomes.

顯然，可能出現的結果種類繁多。

Obviously, the situation is evolving.

顯然，情況正在改變。

And evolving quite quickly.

而且發展相當快。

I think what we would say is consistent with what we've said historically, our business is really diversified, right?

我想我們所說的與我們過去所說的話是一致的，我們的業務確實是多樣化的，對嗎？

It's diversified across geographies, across trade routes, across goods and services.

其多元化程度跨越地域、貿易路線、商品和服務。

Look, just as an example, and we've talked about it before, 80% of our B2B business is services, right?

舉個例子，我們之前談過，我們 80% 的 B2B 業務是服務，對嗎？

So again, very broad range of outcomes, but our business has proven itself to be resilient.

因此，結果範圍非常廣泛，但我們的業務已證明其具有韌性。

In the face of similar trade policy sort of challenges historically.

從歷史上看，我們也面臨類似的貿易政策挑戰。

So we're monitoring closely over the medium to longer term, I think it actually creates an opportunity.

因此，我們正在密切關注中長期情況，我認為這實際上創造了一個機會。

In the near term, we'll continue to monitor and in most moderate tariff scenarios, which I think is what most observers expect at this point, we don't expect any material impact to our business while we of course acknowledge uncertainty.

短期內，我們將繼續監測，在大多數溫和的關稅情景下，我認為這是大多數觀察家目前的預期，我們預計不會對我們的業務產生任何重大影響，當然我們也承認存在不確定性。

So that's really how we're thinking about that over the long-term.

所以這就是我們的長期思考。

Thank you.

謝謝。

Nate Svensson, Deutsche Bank.

德意志銀行的 Nate Svensson。

Hi, thanks for the question.

你好，謝謝你的提問。

Wanted to ask about revenue ex interest income, obviously exited the year at a really healthy 26% year-over-year clip.

想問一下扣除利息收入後的收入，顯然今年的年增長率達到了 26%，這是一個非常健康的成長。

And I know you're expecting a bit of a step down in 25% to 15%.

我知道您預計降幅會從 25% 降至 15%。

So if you could talk about some of the drivers of that

所以如果你能談談其中的一些驅動因素

[desal].

[脫鹽]。

I know you just talked about marketplace and B2B volumes, but anything beyond that.

我知道您剛才談到了市場和 B2B 量，但除此之外還有什麼呢？

And then any comments on the cadence of that [desal] through the year, should it be a steady desal or any sort of step functions in any of the quarters or other timing issues to call out?

然後，您對全年海水淡化節奏有何評論？

Yeah, thanks for the question, Nate, and welcome.

是的，謝謝你的提問，Nate，歡迎你。

So look we're calling at the midpoint for 15% year-over-year core revenue, guidance.

因此，我們預計核心收入將年增 15%。

That is definitely a step down from '24, which was again a record year for us, right?

這肯定比 24 年有所下降，而 24 年對我們來說又是創紀錄的一年，對吧？

And we called out throughout '24, as that a lot of the outperformance came from two factors, right?

我們在整個 24 年都呼籲，因為很多優異的表現來自兩個因素，對嗎？

Outsize performance in our B2B business and marketplaces coming in with much stronger volume performance than we or frankly anybody anticipated, right.

我們的 B2B 業務和市場表現非常出色，銷售表現比我們或坦白說任何人預期的都要強勁得多，對吧。

So as I think back to this time a year ago, we baked in high single digit growth.

因此，當我回想起一年前的這個時候時，我們實現了高個位數的成長。

In our marketplace business, there was a lot of talk of a recession in 2024, and marketplaces ended up delivering for us 15%, give or take, mid-teens volume growth that drove some of that uplift.

在我們的市場業務中，有許多關於 2024 年經濟衰退的討論，而市場最終為我們帶來了約 15% 的中十幾歲的交易量成長，推動了部分成長。

While our B2B business, look, we were super happy with how quickly we were able to accelerate growth.

而對於我們的 B2B 業務，我們對能夠如此快速地加速成長感到非常高興。

As we look into 2025, we're expecting a normalization right in those e-com marketplace volume behaviors back to that high single digit that's very consistent frankly with what we're seeing in the tail end of '24 and what we're beginning to see in January and February we're very comfortable at that level.

展望 2025 年，我們預計電子商務市場交易量行為將恢復正常，回到高個位數，坦白說，這與我們在 24 年末看到的情況非常一致，而且我們在 1 月和 2 月開始看到的情況也非常一致，我們對這個水平感到非常滿意。

That to me is sort of a reversion to what you would expect longer term trends should be from a growth perspective.

對我來說，這有點回歸到從成長角度預期的長期趨勢。

And we are confident that we're going to deliver 25% volume growth in our B2B business.

我們有信心實現 B2B 業務量 25% 的成長。

So again, a little bit of a step down, but with tougher comps and a growing baseline, I think to be expected.

所以，再次，雖然稍微退後了一點，但隨著競爭更加激烈以及基線不斷增長，我認為這是可以預料到的。

So you take those two things combined again, low double digit volume growth overall, I think that that's a good measure of sort of where we can expect to be for 2025.

因此，如果將這兩件事結合起來，整體而言，銷售成長率將保持在兩位數以下，我認為這可以很好地衡量我們 2025 年的預期水準。

Accelerated versus that level revenue growth, meaning higher revenue growth versus that volume from all the take rate sort of implications that we just talked about.

與該水準的收入成長相比，收入成長加速，意味著與我們剛才談到的所有接受率影響相比，收入成長更高。

And in terms of quarterly cadence, look, we're not assuming some sort of big ramp up through the back half of the year.

就季度節奏而言，我們並不認為今年下半年會大幅成長。

Mid-teens in Q1 and Q2 stepping up modestly 1% or 2% points, give or take.

第一季和第二季的成長率分別約為 1% 或 2%。

It's not, we don't need a massive acceleration or ramp up to hit this target.

事實並非如此，我們不需要大規模的加速或提升來實現這一目標。

We're very comfortable with how the business is operating mid-teens in the first couple of quarters and accelerating modestly and seasonally in the back half is how you should think about it.

我們對前幾個季度業務運營的狀況感到非常滿意，而下半年業務將溫和且季節性地加速，這是您應該考慮的情況。

That's really great detail, and I think you used the word pragmatic to describe the guide earlier.

這確實是非常棒的細節，而且我認為您之前使用了實用這個詞來描述該指南。

So it's good to hear that.

我很高興聽到這個消息。

So for the follow up, it was nice to see a return to some sequential growth in that cohort of ICPs doing, greater than $10,000 per month.

因此，就後續行動而言，很高興看到這批 ICP 的收入恢復到連續增長，每月超過 10,000 美元。

And I know you've been, more on growing volume for ICP, but I think it'd be great to hear how you're thinking about the pace of ICP ads in '25, maybe across both the size bucket and by region, and then similarly how you're thinking about growing that volume per ICP, capturing more share of wallets, et cetera.

我知道您一直在談論 ICP 數量增長，但我認為很想听聽您對 25 年 ICP 廣告速度的看法，也許是按規模和地區劃分的，然後同樣地，您如何考慮增加每個 ICP 的數量，佔據更多的錢包份額，等等。

That's a great question.

這是一個很好的問題。

And I'll take that one, but first, some context, if you think about where the firm was 2023, we delivered $585 million of revenue on a normalized basis, taking out some one-time fees, and the core business lost approximately $20 million.

我會接受這一點，但首先，讓我們來了解一下背景，如果你想想公司 2023 年的狀況，我們在正常基礎上實現了 5.85 億美元的收入，扣除一些一次性費用，核心業務損失了約 2000 萬美元。

We're guiding for '25 at $830 million of revenue and about $40 million of core EBITDA.

我們預計25年的營收為8.3億美元，核心EBITDA約為4000萬美元。

When you think about where we were in September of 2023 coming off 5% growth, delivering the 2024, 20% growth, I think speaks to the extraordinary execution of our team and the macro factors that propelled the business forward.

當您想到我們在 2023 年 9 月實現了 5% 的成長，並實現 2024 年 20% 的成長時，我認為這說明了我們團隊的非凡執行力和推動業務向前發展的宏觀因素。

And our plan for 2025 is to continue to execute and drive the controllable factors of our business and benefit from macro dynamics as they present tailwinds for us.

我們的 2025 年計畫是繼續執行和推動我們業務的可控因素，並從宏觀動態中受益，因為它們為我們帶來了順風。

When you think about the ICP framework specifically, we introduced ICPs because it was important to clarify internally and frankly for the market that our largest customers contribute the most amount of our volume, the most amount of our revenue, need the full financial stack, and are asking Payoneer to solve the multi-currency, multi geography challenges that S&Ps face all over the globe.

當你具體考慮 ICP 框架時，我們引入 ICP 是因為從內部和市場角度明確這一點很重要：我們最大的客戶貢獻了我們大部分的交易量和大部分的收入，需要完整的財務堆棧，並要求 Payoneer 解決標準普爾在全球範圍內面臨的多幣種、多地域挑戰。

So our formula for growth is ICP times ARPU minus cost to serve.

因此我們的成長公式是 ICP 乘以 ARPU 減去服務成本。

So we're obviously unlocking leverage in 2025 with the 4X growth in our core adjusted EBITDA.

因此，我們顯然會在 2025 年釋放槓桿，核心調整後 EBITDA 將成長 4 倍。

We're driving our poo growth with our large customers and we're acquiring larger and larger ICPs.

我們正透過大客戶推動業務成長，並收購越來越大的 ICP。

We have yet to disclose net revenue retention numbers for cohorts of our customers, but if you look at the 10-K plus ICPs, the largest of those of that segment of that group have the strongest logo, volume, and revenue retention numbers.

我們尚未披露客戶群的淨收入保留數字，但如果你看一下 10-K 以上的 ICP，該群體中該部分中最大的 ICP 擁有最強大的徽標、數量和收入保留數字。

So we are allocating our resources to drive profitable growth, not ICP metrics. and that's, I think, very important for folks to understand that the levers we turn are driving that.

因此，我們分配資源來推動獲利成長，而不是 ICP 指標。我認為，讓人們了解我們推動這項進程的槓桿非常重要。

So when you think about the components of our food growth, be mentioned some of them 36% growth in our card products, exceptional results.

因此，當您考慮我們食品成長的組成部分時，其中值得一提的是，我們的信用卡產品成長了 36％，這是非凡的成績。

The strength of our checkout products, over 100% growth there.

我們的結帳產品實力雄厚，成長率超過 100%。

Our B2B growth at 42%.

我們的B2B成長率為42%。

When we guided in 2023, we were coming off single digit, low single digit sort of growth, and we got it at 25% and our team executed the hell out of it and knocked the cover off the ball, and we drove that business.

當我們在 2023 年設定目標時，我們的成長速度只是個位數，低個位數，而我們實現了 25% 的成長，我們的團隊拼盡全力，取得了巨大的成功，我們推動了這項業務。

And we have the kind of confidence that a growth company at over a $1 billion of revenue has to deliver extraordinary results and profitability.

我們有信心，一家收入超過 10 億美元的成長型公司一定會取得非凡的業績和獲利能力。

So you will see through 2025 as acquire more high value larger ICPs because Adam Cohen and our go to market organizations having extraordinary success doing it.

因此，您將看到到 2025 年，我們將獲得更多高價值的大型 ICP，因為 Adam Cohen 和我們的市場組織在這方面取得了非凡的成功。

Oren Ringler and our product organization, our platform team is making it easier for us to onboard customers at scale.

Oren Ringler 和我們的產品組織、我們的平台團隊正在幫助我們更輕鬆地大規模吸收客戶。

So that we don't need to add incremental headcount or cost to drive the scale of our of our platform.

這樣，我們就不需要增加員工數量或成本來擴大我們平台的規模。

So in every measure when we look at the business and the arc of the of the business we're building, we have a strong team, exceptional opportunity given the competitive landscape, the proven ability to add ICPs and monetize them.

因此，當我們審視業務以及我們正在建立的業務弧線時，從各個方面來看，我們都擁有強大的團隊、在競爭環境下擁有的絕佳機會、以及增加 ICP 並將其貨幣化的成熟能力。

So across the board we feel great about where we are.

因此，總體而言，我們對目前的狀況感到非常滿意。

I will note in the supplement we shared, there's, I think it's on slide, I don't know, 10 or so.

我會在我們分享的補充資料中註明，我想它在幻燈片上，我不知道，大約 10 張。

We share ICPs around the world and you see the growth in ICPs in our highest take rate regions continues to outpace the rest of the firm.

我們在全球範圍內共享 ICP，您會發現我們最高接受率地區的 ICP 成長速度持續超過公司的其他部分。

So we are all of our resources are lined up to drive profitable growth and shareholder value.

因此，我們調動所有資源來推動獲利成長和股東價值。

John and B, I appreciate the detailed answers.

John 和 B，我很感謝你們詳細的回答。

Thanks.

謝謝。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Hey guys, good morning.

大家早安。

Congrats on finishing the year strong.

恭喜您順利結束這一年。

I wanted to maybe talk through the B2B dynamics.

我想談談 B2B 動態。

I guess that you guys are seeing in the first quarter and expecting for the full year.

我想你們已經看到第一季的情況，並對全年情況進行了預期。

I totally hear you.

我完全理解你的意思。

The outlook is for the 25%, you guys have been pretty clear on that since the investor day that that is the long-term expectation.

前景是 25%，從投資者日開始，你們就已經很清楚這一點，這是長期預期。

Can you talk about, I mean, given everything that you have done on the go to market side and I know you guys are proud of the efficiencies and the focus that you guys have been able to generate there.

你能談談嗎，我的意思是，考慮到你們在行銷方面所做的一切，我知道你們對你們在那裡所產生的效率和專注度感到自豪。

What would it take to generate, further outperformance over and above that 25% level, do we have some level of large numbers this year, or do you think there are some opportunities to continue that outperformance as we as we get through 2025?

要達到超過 25% 水準的進一步優異表現需要什麼？

Hey, Will, great question.

嘿，威爾，這個問題問得好。

Thank you for raising it.

謝謝你提出這個問題。

Yes, we have, we exceeded $10 billion of B2B volume in 2024, which is an extraordinary achievement by our team.

是的，我們在 2024 年的 B2B 交易量超過了 100 億美元，這是我們團隊的非凡成就。

And we're very proud of the momentum and traction that we had.

我們對我們的勢頭和牽引力感到非常自豪。

And when you think about the percentage of our volume growth coming from B2B, it continues to grow, which is, I think, very important for the long term for shareholders to consider long-term because the full financial stack, 100% of the AR and 100% of the AP of our customers, makes us a stronger, more valuable business for everyone.

當您想到我們的銷售成長百分比來自 B2B 時，您會發現這個百分比還在持續成長，我認為這對股東的長期考慮非常重要，因為完整的財務堆疊、客戶 100% 的應收款和 100% 的應付款項使我們成為更強大、對每個人都更有價值的企業。

The B2B opportunity is enormous, it's a large market.

B2B 機會巨大，這是一個巨大的市場。

Our acquisition in that market has been exceptionally strong.

我們在該市場的收購表現異常強勁。

We only know one pace, which is full pace, right?

我們只知道一種步伐，那就是全步伐，對嗎？

Our team is focused on acquiring customers, serving those customers.

我們的團隊專注於吸引客戶、服務客戶。

So we seek to outperform because that's we're always seeking to outperform, and our business is so diversified that when you think about the regions the globe whether it's in APAC or Latin America or China or across Europe, you can see that customers need the multi-currency solution that we provide.

因此，我們力求表現出色，因為我們始終在尋求表現出色，而且我們的業務非常多樣化，當您考慮全球各個地區時，無論是亞太地區、拉丁美洲、中國還是整個歐洲，您都會看到客戶需要我們提供的多幣種解決方案。

So I think when we, -- when I look at the growth by region, I'll just share some of the growth by region stats we saw a lot of our growth in Latin America 80% of it coming from B2B in EMEA 88% in APAC 37%.

因此，我認為，當我查看按地區劃分的成長情況時，我只想分享一些按地區劃分的成長統計數據，我們看到我們的大部分成長來自拉丁美洲，其中 80% 來自 EMEA 的 B2B，88% 來自 APAC，37%。

So the power of our B2B franchise is penetrating the markets where we do business, and we all know that SMBs are not well served, particularly the SMBs that are multi-entity are not well served by their local domestic banks.

因此，我們的 B2B 特許經營權的力量正在滲透到我們開展業務的市場，我們都知道中小企業沒有得到很好的服務，特別是多實體的中小企業沒有得到當地國內銀行的良好服務。

And we are by competing with them, providing a much superior solution.

我們透過與他們競爭，提供了更優質的解決方案。

So I believe there is an upside for us to capture and when we look at the financial stack and the acquisition of our workforce management product, there is some upside potential as we see the cross sell and integration of that of that platform.

因此，我相信我們可以抓住上行空間，當我們審視財務堆疊和勞動力管理產品的收購時，我們看到該平台的交叉銷售和整合，因此存在一些上行潛力。

Got it.

知道了。

Awesome.

驚人的。

That's super helpful.

這非常有幫助。

And then just maybe if you could speak a little bit to the process around the acquisition in mainland China.

那麼，能否簡單談談在中國大陸的收購流程呢？

Could you just give an update or any additional thoughts for what you shared previously on the opportunities there?

您能否就之前分享的有關那裡的機會提供最新消息或任何其他想法？

I know there's been a lot of share gains even without that acquisition in the Chinese corridor, just wondering how you view, I guess one of the competitive dynamics of the Chinese corridor and what sort of unlock that that deal represents.

我知道即使沒有那次收購，中國走廊的份額也已經大幅增長，只是想知道您如何看待中國走廊的競爭動態之一，以及這筆交易代表著什麼樣的釋放。

I mean, we announced that deal and we shared a few weeks ago or a week ago that we we've received all regulatory approvals and now can move towards closing in the first half.

我的意思是，我們宣布了這筆交易，並且在幾週或一周前我們就說過，我們已經收到了所有監管部門的批准，現在可以在上半年完成交易。

The advantages that we anticipate from that transaction are very straightforward.

我們從這筆交易中預期獲得的優勢非常直接。

We have first, we're regulated and trusted by governments around the globe, and that's essential to provide a global solution for global SMBs.

首先，我們受到全球各國政府的監管和信任，這對於為全球中小企業提供全球解決方案至關重要。

We will be one of a very small handful of NASDAQ listed firms with this privilege, and we respect it, I'll be in China in a couple of weeks looking forward to seeing our customers there and working with our customers.

我們將成為極少數享有這項特權的納斯達克上市公司之一，我們尊重這項特權，幾週後我將前往中國，期待在那裡見到我們的客戶並與我們的客戶合作。

First and foremost, It's an opportunity to continue to take share in the China market because our solutions are superior to the local providers, our global network, our green channel initiatives which enable, help us, help our customers expand their distributions in regions around the globe.

首先，這是一個繼續佔領中國市場份額的機會，因為我們的解決方案優於本地供應商，我們的全球網路、綠色通路計畫使我們能夠幫助我們的客戶在全球各地擴大分銷。

And specifically, to the acquisition, there are opportunities for us to explore capabilities to provide outbound money flows.

具體來說，對於此次收購，我們有機會探索提供對外資金流動的能力。

There are opportunities for us to provide.

我們可以提供機會。

On the ground operations with technology and R&D which will accelerate our development and product roadmap serving those customers and will certainly improve cost structure.

利用技術和研發進行實地營運將加速我們為這些客戶提供服務的發展和產品路線圖，並且肯定會改善成本結構。

And if you think you and I talked about this in the past, yeah, just one note we've talked about in the past, we continue to prioritize.

如果你認為你和我過去談論過這個問題，是的，我們過去談論過的一點是，我們會繼續優先考慮這個問題。

Expanding our regulatory footprint because that provides an exceptional mode around the Payoneer franchise for our shareholders.

擴大我們的監管範圍，因為這為我們的股東提供了一個圍繞 Payoneer 特許經營的特殊模式。

No, that's certainly differentiated in the payment space.

不，這在支付領域肯定是有區別的。

I appreciate you taking the questions.

感謝您回答這些問題。

You bet.

當然。

Cris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Good morning.

早安.

Thanks for taking the questions.

感謝您回答這些問題。

It's good to see the continued progress in core EBITDA.

很高興看到核心 EBITDA 持續進步。

Is there any way to think about the long-term margin for that metric?

有沒有什麼方法可以考慮這個指標的長期利潤？

I think guidance calls for about 5% in 2025?

我認為指導要求到 2025 年增長率約為 5%？

Hey Chris, thanks for the question.

嘿克里斯，謝謝你的提問。

Hope all is well.

希望一切順利。

Look, -- we're really proud of the leverage we've been able to unlock in the business and that we're driving increasing profitability in that core business, as you said.

看，正如您所說，我們真的為我們能夠在業務中釋放的槓桿作用感到自豪，並且我們正在推動核心業務的盈利能力不斷提高。

Look again, to provide some context as John did in 2023, the core business lost $25 million and even as interest rates now decline.

再看一遍，提供一些背景信息，就像約翰在 2023 年所做的那樣，核心業務損失了 2500 萬美元，即使現在利率下降。

We look at that core profitability for 2025, we're going to deliver at the midpoint in excess of $40 million of adjusted EBITDA, right?

我們來看看 2025 年的核心獲利能力，我們將在中點實現超過 4000 萬美元的調整後 EBITDA，對嗎？

That's 3X what we did last year.

這是我們去年產量的三倍。

So we, and I've made this sort of observation in the past, even as we have mixed shifted our business into more geographies, added regulatory and licensed.

因此，我們（包括我）過去也做過這樣的觀察，即使我們已將業務轉移到更多地區，增加了監管和許可。

Infrastructure which adds complexity.

增加了複雜性的基礎設施。

And yes, adds to our more added more complicated products and expanded our more even as we've done all of those things we've been able to do it more efficiently to serve our customers more efficiently and we've driven leverage in the business, right, and delivered improving profitability.

是的，這增加了我們更多更複雜的產品，並擴展了我們的產品範圍，即使我們已經完成了所有這些事情，我們也能夠更有效地完成工作，更有效地為我們的客戶提供服務，並且我們已經推動了業務的槓桿作用，並提高了盈利能力。

We think we can continue to do that.

我們認為我們可以繼續這樣做。

Set a target back in 2023 of 25% adjusted EBITDA.

將 2023 年調整後 EBITDA 的目標設定為 25%。

And we were agnostic to how interest rates would move, right?

我們不清楚利率將如何變動，對嗎？

So that's 25% adjusted EBITDA inclusive even as we face some of those headwinds.

因此，即使我們面臨一些阻力，調整後的 EBITDA 仍達到 25%。

We're going to hit that.

我們會實現這個目標的。

We feel confident that we will hit that in '25, and we think that that is a good long-term target for us as well.

我們有信心在2025年實現這一目標，我們認為這對我們而言也是一個很好的長期目標。

And there's upside there, right?

這還有好處，對吧？

Look as we look.

看看我們看看。

To our platform investments, as John has said, as we look to the capabilities that can come from AI and some of the innovation that we're driving in our platform related to AI capabilities in our customer journey function and in other areas.

對於我們的平台投資，正如約翰所說，我們著眼於人工智慧帶來的能力，以及我們在平台上推動的一些創新，這些創新與客戶旅程功能和其他領域的人工智慧能力有關。

We think over time we can unlock further leverage.

我們認為隨著時間的推移，我們可以釋放更多的槓桿作用。

For now, 25% were very comfortable with that target and with hitting that target in '25.

目前，25% 的人對這一目標感到非常滿意，並希望在 2025 年實現這一目標。

Great, thanks for that.

太好了，謝謝。

And John, you alluded to it earlier and I think last quarter you talked about those ICPs generating over 250,000 of monthly volume.

約翰，您之前提到過這一點，我記得上個季度您談到那些 ICP 的月交易量超過 250,000。

Can you just give any additional color on that cohort what that looks like?

您能否對該群體進一步說明其樣貌？

Yeah, they're freaking awesome and they're happy with our product.

是的，他們非常棒，並且對我們的產品很滿意。

And it's exciting to serve them because when you meet with them, what you see is these are, -- real scale businesses underserved by the traditional banking system.

為他們提供服務是令人興奮的，因為當你與他們見面時，你會看到，這些都是傳統銀行系統服務不足的真正規模的企業。

So as I mentioned, we see great net revenue retention with them strong logo retention with them and our go to market team is being very effective at identifying high value customers.

正如我所提到的那樣，我們看到了他們出色的淨收入保留率和強大的品牌保留率，而且我們的市場團隊在識別高價值客戶方面非常有效。

So whether it's marketing services companies in Dubai or business process outsourcers in the Philippines or iPhone case exporters and traders coming out of China, it's pretty exciting to see the Payoneer global brand strong regulatory framework serving an upmarket cohort of customers very effectively.

因此，無論是杜拜的行銷服務公司、菲律賓的業務流程外包商，還是來自中國的 iPhone 手機殼出口商和貿易商，看到 Payoneer 全球品牌強大的監管框架非常有效地服務於高端客戶群，都是非常令人興奮的。

Got it.

知道了。

Thanks for taking the questions.

感謝您回答這些問題。

Spencer James, Jefferies.

史賓塞‧詹姆斯（Spencer James），傑富瑞（Jefferies）。

Hi, this is Spencer James on for Trevor Williams.

大家好，我是 Trevor Williams 的 Spencer James。

Thank you for taking the question.

感謝您回答這個問題。

I wanted to ask maybe a follow up to Sanjay's earlier question on tariff risk to pay an heir and maybe put a finer point specifically around efforts to close the de minimis loophole for goods shipped to the US.

我想問一下桑傑之前關於支付繼承人的關稅風險的後續問題，並具體圍繞如何努力彌補運往美國的商品的最低限度漏洞提出更具體的觀點。

I was wondering if you could maybe comment on how, you expect the impact of this rule to affect different sellers across your base for it to go into effect.

我想知道您是否可以評論一下，您預計這條規則的生效將如何影響您所在地區的不同賣家。

Look, I mean that's a super specific question, and I think we can say very confidently that the de minimis rule is not impactful for us.

看，我的意思是這是一個非常具體的問題，我認為我們可以非常自信地說，最低限度規則對我們沒有影響。

Less than 3% of our volume is our estimate, right?

我們估計銷量不到 3%，對嗎？

It's not always straightforward to see, but 3% of our volume directionally is coming in under that de minimis exception.

雖然並不總是很容易看出來，但我們 3% 的交易量是按照這一最低限度例外情況進行的。

And so we're very comfortable that we are of our China volume, just to be clear is coming in under that exception, so we're very comfortable that we're not significantly impacted there.

因此，我們對我們的中國業務量感到非常滿意，需要明確的是，我們的業務量是屬於這一例外情況，因此我們非常放心，我們在中國沒有受到重大影響。

I think that the more important point, look, we could sort of iterate through and speculate through many, many sort of policy changes in directions.

我認為更重要的一點是，我們可以透過多種方向的政策變化來迭代和推測。

The important point is really the one that I'll reiterate in terms of the question that Sanjay, asked is that our business is diversified across.

關於桑傑提出的問題，我要重申的重點是，我們的業務是多元化的。

Goods, services, trade routes, and has proven itself to be resilient, right.

商品、服務、貿易路線，已經證明了自己具有彈性，對吧。

And we continue to see that our sellers are resilient.

我們繼續看到我們的賣家具有韌性。

We have a global network that enables 7,000 trade routes.

我們的全球網路覆蓋 7,000 條貿易路線。

And so while we're monitoring it closely and there's obviously uncertainty, we feel good that our business is resilient, that our customers are resilient.

因此，雖然我們正在密切關注，而且顯然存在不確定性，但我們對我們的業務具有彈性感到高興，我們的客戶也具有彈性。

And that we're very comfortable with our overall directionality and the momentum that we have in the business.

我們對我們的整體方向和業務發展勢頭非常滿意。

Ultimately, we're building for long term value creation, right?

歸根究底，我們是為了創造長期價值而進行的建設，對嗎？

Great, thank you for that.

太好了，謝謝你。

I appreciate it and as a quick follow up, one quick modeling question.

我很感激你，作為一個快速的後續問題，一個簡單的建模問題。

Could you add any color on the cadence of adjusted EBITDA throughout the year by quarter.

您能否按季度對全年調整後的 EBITDA 的節奏進行詳細說明？

Yes, for sure.

是的，當然。

So look we talked a little bit about the core revenue cadence in that mid-teen and just stepping up very modestly over the course of the year.

所以，我們討論了一下核心收入的節奏，也就是十幾歲時的收入，以及一年內收入的適度成長。

Transaction costs we called out in our guidance.

我們在指導中提到了交易成本。

We expect them to be at 18% of total revenue again stepping up over the course of the year.

我們預計，今年這些收入佔總收入的比重將再次上升至 18%。

And again, from mixed shift and declining interest rates in the back half of the year.

另外，今年下半年還出現了混合轉變和利率下降的情況。

So directionally if you're starting more or less aligned with that Q4 exit rate and stepping up to around that 18% or 19% that's how we see transaction costs behaving over the course of the year.

因此，從方向上看，如果您一開始或多或少與第四季度的退出率保持一致，並逐步提高到 18％ 或 19％ 左右，那麼我們就會看到交易成本在全年的表現。

Adjusted OpEx relatively flat for those first two quarters or so, stepping up modestly in Q3, stepping up again in Q4 from seasonal impacts, but more or less if you assume a pretty consistent 24%, 25% adjusted EBITDA margin overall over the course of the four quarters, you're very much aligned with the expectations we have for the business.

調整後的營運支出在前兩個季度左右相對持平，在第三季度略有上升，在第四季度因季節性影響而再次上升，但或或多或少，如果你假設四個季度內調整後的 EBITDA 利潤率總體上保持相當穩定的 24%、25%，那麼這與我們對業務的預期非常一致。

Great, thank you for taking the questions.

太好了，謝謝您回答這些問題。

Daniel Krebs, Wolf Research.

丹尼爾‧克雷布斯 (Daniel Krebs)，沃爾夫研究公司。

Hi, thank you.

你好，謝謝。

I wanted to ask again on ICP segmentation.

我想再次詢問有關 ICP 分割的問題。

Could you maybe discuss what you view as the max potential size for a customer, we talk about the increased focus on the larger ICPs, the 250K cohort.

您能否討論一下您認為客戶的最大潛在規模，我們討論的是更加關注更大的 ICP，即 250K 群體。

At what point does the customer become potentially too large in terms of a product market fit?

就產品市場契合度而言，客戶在什麼時候可能變得太大？

Thank you.

謝謝。

Hey Daniel, great question.

嘿，丹尼爾，這個問題問得好。

We actually haven't seen it.

我們實際上還沒有看到它。

We have some very large ICPs in the book that have been loyal multi-year Payoneer customers.

我們名單上的一些非常大的 ICP 都是 Payoneer 多年的忠實客戶。

So we actually haven't popped out.

所以我們其實還沒有出去。

We do have efficiency that's focused and service level that's focused and unit economic focus.

我們確實注重效率、注重服務水準和注重單位經濟。

So what we are is continuing to build a platform that enables serving global cross border SMBs in a self-serve way, that full financial stack as well as the high service on the ground acquisition of ICPs and CSM support of those ICPs.

因此，我們正在繼續建立一個平台，以自助的方式為全球跨境中小企業提供服務，提供完整的財務堆疊以及對 ICP 進行實地收購的高品質服務以及對這些 ICP 進行 CSM 支援。

So that we're able to capture all of the cross-border volumes that we seek to add some context, if you think about it, we're building a global financial stack that our customers don't have access to without us, right?

為了能夠捕捉所有我們尋求添加背景的跨境交易量，如果你想想的話，我們正在建立一個全球金融堆棧，如果沒有我們，我們的客戶就無法訪問它，對嗎？

There isn't a cross-border multi-currency, multi-entity, high growth emerging markets, SMB, B2B payments focused platform other than Payoneer.

除了 Payoneer 之外，沒有其他專注於跨國多幣種、多實體、高成長新興市場、SMB、B2B 支付的平台。

So when we look about the complex needs those customers have and the attached rates of our AP products being the highest with our largest customers, we see real opportunity to continue to serve the fat middle of our customer base and the high value, high volume customers at the top.

因此，當我們考慮到這些客戶的複雜需求，以及我們 AP 產品的附加費率對我們最大客戶而言最高時，我們看到了繼續服務於我們客戶群中的中產階級和頂端高價值、大批量客戶的真正機會。

That's great thank you.

非常好，謝謝。

If I could follow up on intranetwork flows, could you perhaps give us an update on the size of intranetwork flows in 2024 and any update on the monetization efforts there?

如果我可以跟進網路內流量，您能否向我們介紹一下 2024 年網路內流量的規模以及那裡的貨幣化努力的最新情況？

Thank you.

謝謝。

Yeah, thanks for the question.

是的，謝謝你的提問。

Look, I'll talk a little more broadly really around our pricing and offering strategy because I think it's a really important thing for us to sort of talk through.

看，我會更廣泛地談論我們的定價和供應策略，因為我認為這對我們來說是一件非常重要的事情。

So look, we've talked in the past about our ongoing strategy to really move from a one size fits all approach to pricing to one that's segmented and customer centric.

所以，我們過去曾經談論過我們的持續策略，即從一刀切的定價方式轉變為細分的、以客戶為中心的定價方式。

And it is anchored not just to pricing, right, but to sort of the bundling and offering strategy that goes along with it.

它不僅與定價有關，還與與之相伴的捆綁和提供策略有關。

So we've spent a lot of time starting really in 2023 defining our customer personas, understanding their use cases, and aligning our product bundling and pricing to those personas, right.

因此，從 2023 年開始，我們花了很多時間定義我們的客戶角色，了解他們的用例，並根據這些角色調整我們的產品捆綁和定價。

Very much a shift away from that, one size fits all, you withdraw cash in geography

這與之前的做法大相徑庭，一刀切，按地域提取現金

[a, you pay why?]

[a,你付錢幹嘛?]

So thinking through that journey in 2023 we executed on low hanging fruit largely to improve monetization of non-ICPs, and we generated $25 million in uplift on a $600 million base.

因此，考慮到 2023 年的這一歷程，我們主要執行了一些容易實現的目標，以提高非 ICP 的貨幣化，並且在 6 億美元的基礎上產生了 2,500 萬美元的成長。

In '24, we continued to invest in that infrastructure.

2024年，我們繼續對該基礎設施進行投資。

We continued to roll out our light account.

我們繼續推出輕量帳戶。

We continued FX optimization measures.

我們繼續實施外匯優化措施。

We developed and refined our views on a pro and premium offering for those larger SMBs that John was just talking about.

我們制定並完善了針對約翰剛才談到的大型中小企業提供專業和優質產品的觀點。

And yes, we did research on use cases and testing of intranetwork fees and in 2024.

是的，我們對 2024 年的用例和網內費用測試進行了研究。

In addition to the uplift we had from the prior year, we generated about $30 million of uplift on a $721 million base.

除了前一年的成長之外，我們還在 7.21 億美元的基礎上創造了約 3,000 萬美元的成長。

So as we look out to 2025, we're continuing with that differentiated offering and pricing approach with that segment based. light pro premium approach, broader functionality for larger customers, annual fees for some of those larger customers, upgrade fees for some of those products and services.

因此，展望 2025 年，我們將繼續採用基於該細分市場的差異化產品和定價方式。輕量級專業高級方法，為大客戶提供更廣泛的功能，對部分大客戶收取年費，對部分產品和服務收取升級費。

Continuing to optimize ours continues to be an opportunity for us, rolling out those intranetwork prices and testing those fees or continuing to roll out those fees.

繼續優化我們的服務對我們來說仍然是一個機會，推出這些網內價格並測試這些費用或繼續推出這些費用。

And we're expecting and have included in our guidance roughly $30 million in uplift from those initiatives.

我們預計這些舉措將帶來約 3000 萬美元的收入提升，並且已將其納入我們的預期。

So again, it's been a multi-quarter journey for us.

所以，對我們來說，這又是一段跨越多個季度的旅程。

It's a meaningful long-term opportunity to really do a whole bunch of things, right, to drive more engagement and cross-sell in how we think about how we bundle to improve monetization.

這是一個有意義的長期機會，可以真正做很多事情，對吧，推動更多的參與和交叉銷售，思考如何捆綁以提高貨幣化。

To add, SAS type or recurring type revenues in terms of those account fees as we sort of flux into those premium and products and to overall reduce the complexity and cost to serve by really making the Offerings that we make available to our customers fit for purpose and fit for size.

另外，隨著我們逐漸轉向這些優質產品和產品，這些帳戶費用將產生 SAS 類型或經常性收入，透過真正使我們向客戶提供的產品適合用途和規模，整體上降低了服務的複雜性和服務成本。

So intranetwork is a big part of that, right, about $11.5 billion directionally in 2024 in intranetwork flows.

因此，網路內部網路是其中很重要的一部分，2024 年網路內部網路流量的方向性約為 115 億美元。

We think that's a really powerful proof point of the two-sided network that we've created and of the value that it has to companies and to individuals and others that are operating in that ecosystem.

我們認為這是我們創建的雙邊網路以及它對公司、個人和在該生態系統中運營的其他人的價值的有力證明。

We've made strides to monetize that and we're continuing to do that as part of that broader pricing and offering strategy.

我們已經取得了長足進步以實現這一目標，並且我們將繼續將其作為更廣泛的定價和提供策略的一部分。

Thank you.

謝謝。

We have no further questions, and so I'll hand the call back to the management team for any closing remarks.

我們沒有其他問題了，因此我將把電話交回給管理團隊，以便他們做最後發言。

Thanks everybody for joining us today.

感謝大家今天的參加。

We have had an extraordinary 2024, a standout Q4, and we're confident in our team, the size of our opportunity, the power of our brand, the moat around the firm, and the response from our customers.

我們度過了非凡的 2024 年，取得了出色的第四季度業績，我們對我們的團隊、我們的機會規模、我們品牌的力量、公司的護城河以及我們客戶的反應充滿信心。

So probably the final thing I want to say is thank you to our shareholders for your support and to our team for their incredible hard work.

所以，我最後想說的是感謝我們的股東的支持以及我們團隊的辛勤工作。

Thank you everyone for joining us today.

感謝大家今天的參加。

This concludes our call, and you may now disconnect your lines.

我們的通話到此結束，您可以掛斷電話了。