Payoneer Global Inc (PAYO) 2025 Q1 法說會逐字稿

Good morning and thank you for standing by. Welcome to the Payoneer's first-quarter 2025 earnings conference call. (Operator Instructions)

早安，感謝您的支持。歡迎參加 Payoneer 2025 年第一季財報電話會議。（操作員指示）

As a reminder, this conference call is being recorded. I would now like to turn the call over to Michelle Wang, Payoneer's VP of Investor Relations.

提醒一下，本次電話會議正在錄音。現在我想將電話轉給 Payoneer 投資者關係副總裁 Michelle Wang。

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

謝謝您，接線生。和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 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. For more information, please refer to our filings with SEC, which are available in the Investor Relations section of payoneer.com.

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。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 make today. 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. In addition, today's call may include non-GAAP measures. These measures should be considered in addition to and not instead of GAAP financial measures. Reconciliation to the nearest GAAP measure can be found in today's earnings press release, which is available on our website.

實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。這些前瞻性陳述僅代表今天的觀點，除非法律要求，否則本公司不承擔更新這些前瞻性聲明的任何義務或意圖。此外，今天的電話會議可能包括非公認會計準則衡量指標。這些措施應被視為 GAAP 財務措施的補充，而不是替代。您可以在今天的收益新聞稿中找到與最接近的 GAAP 指標的對賬，該新聞稿可在我們的網站上找到。

Additionally, please note that we've 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，我們已在 investor.payoneer.com 上發布了盈利新聞稿和盈利報告補充資料。除非另有說明，否則今天電話會議上進行的所有比較均為同比數據。

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

現在，我想把電話交給約翰開始。

Good morning, everyone, and thank you for joining us. Payoneer has a long-term opportunity to become the essential partner for cross-border SMBs to help connect them to the global economy. Today, I'll share how we're leveraging our core assets to build momentum and navigate the rapidly changing trade landscape. We will then walk through our first-quarter financial results and provide context on our 2025 outlook.

大家早安，感謝大家的收看。Payoneer 擁有長期機會成為跨國中小企業的重要合作夥伴，幫助他們接軌全球經濟。今天，我將分享我們如何利用核心資產來累積動力並應對快速變化的貿易格局。然後，我們將介紹第一季的財務業績並提供 2025 年展望的背景。

We serve nearly 2 million entrepreneurs and SMBs, including over 0.5 million who fit our ideal customer profile. Our customers are engaged in cross-border trade, operating in more than 190 countries and territories, and selling to a wide range of end markets.

我們為近 200 萬名企業家和中小企業提供服務，其中超過 50 萬人符合我們理想客戶形象。我們的客戶從事跨境貿易，業務遍及 190 多個國家和地區，產品銷往廣泛的終端市場。

They provide marketing, IT, customer support, and other services to a diverse set of global industries and countries. They also sell a broad set of goods wholesale, through marketplaces, and direct to everyday consumers around the world. Through their multicurrency Payoneer account, our customers manage their cross-border accounts receivable and accounts payable, including using our card and workforce management products. We call this the Payoneer financial stack.

他們為全球各種行業和國家提供行銷、IT、客戶支援和其他服務。他們也透過市場批發各種商品，並直接向世界各地的日常消費者銷售。透過多幣種 Payoneer 帳戶，我們的客戶可以管理其跨境應收帳款和應付帳款，包括使用我們的卡片和勞動力管理產品。我們稱之為 Payoneer 財務堆疊。

Around that stack, we have built a significant moat over the past 20 years, licenses across key markets from China to Europe to the US. We have expertise in local markets and robust infrastructure aligned with local regulatory needs. Enduring partnerships with leading freelance, travel, content, and e-commerce goods marketplaces. A robust and resilient infrastructure of global bank and PSP relationships that enable connectivity across 7,000 payment corridors. Employees on the ground in over 35 countries and a scalable support model that serves our nearly 2 million customers.

圍繞著這個體系，我們在過去 20 年裡建立了強大的護城河，並在從中國到歐洲再到美國的主要市場獲得了許可。我們擁有本地市場的專業知識以及符合本地監管需求的強大基礎設施。與領先的自由職業、旅遊、內容和電子商務商品市場建立持久的合作夥伴關係。由全球銀行和 PSP 關係組成的強大且有彈性的基礎設施，可實現 7,000 個支付通道的連接。我們在 35 多個國家/地區擁有本地員工，並採用可擴展的支援模式為近 200 萬名客戶提供服務。

2024 was a record year for Payoneer, and we have carried that strength into our Q1 2025 results. Revenue grew 16% year over year, excluding interest income, ahead of our stated medium-term targets. Our B2B business continues to grow significantly. B2B revenue increased 37%, driven by growth in APAC, EMEA, and Latin America. We see strong demand and product market fit in these service-focused markets.

2024 年是 Payoneer 創紀錄的一年，我們將這一優勢延續到了 2025 年第一季的業績。不包括利息收入，收入年增 16%，超出了我們既定的中期目標。我們的 B2B 業務持續大幅成長。受亞太地區、歐洲、中東和非洲地區以及拉丁美洲的成長推動，B2B 收入成長了 37%。我們看到這些以服務為中心的市場有著強勁的需求和產品市場契合度。

Adjusted EBITDA was $65 million, with a 27% margin. Excluding interest income, Q1 was our highest adjusted EBITDA quarter in nearly three years and was the fourth consecutive quarter of profitability net of interest. We continue to focus our efforts on quality customers. We've been actively shifting our customer portfolio and targeting the highest value segments by industry, region, size, and product need.

調整後的 EBITDA 為 6,500 萬美元，利潤率為 27%。不計利息收入，第一季是我們近三年來調整後 EBITDA 最高的一個季度，也是連續第四個季度扣除利息後獲利。我們將繼續致力於優質客戶。我們一直在積極轉變我們的客戶組合，並根據行業、地區、規模和產品需求瞄準最高價值的細分市場。

At the same time, we are cross selling more of our products and expanding our relationships with our customers. Our results reflect our strategy. We're growing volume and revenue with our $10,000-plus ICPs. $10,000-plus ICP volume was up 8% in Q1, while revenue was up 18%.

同時，我們正在交叉銷售更多產品並擴大與客戶的關係。我們的成果反映了我們的策略。我們的 10,000 美元以上的 ICP 交易量和收入都在增長。第一季度，10,000 美元以上的 ICP 交易量增加了 8%，而營收成長了 18%。

Our ARPU growth, excluding interest income, accelerated for the seventh straight quarter, reaching 22% growth year over year. This is the direct result of our customer mix shift and successful cross-sell of more products and services.

我們的 ARPU 成長（不包括利息收入）連續第七個季度加速，較去年同期成長 22%。這是我們的客戶結構轉變和成功交叉銷售更多產品和服務的直接結果。

Our results reflect the value we're delivering to our customers as they continue to scale and grow their cross-border businesses. Global trade is being reshaped. For businesses around the world, this is a challenging and clarifying moment, like the first few months of COVID were five years ago.

我們的業績反映了我們在客戶不斷擴大和發展跨國業務的過程中為他們提供的價值。全球貿易正在重塑。對於世界各地的企業來說，這是一個充滿挑戰和澄清的時刻，就像五年前新冠疫情爆發的頭幾個月一樣。

We've spent the past few weeks listening to our customers. Our conversations give us more conviction about what we're building and how we're building it here at Payoneer. One customer said to me, the changing macro environment fuels innovation and reinvention, and I'm glad I have Payoneer supporting me as I expand my business to more countries.

過去幾週我們一直在傾聽客戶的意見。我們的對話讓我們更加確信我們在 Payoneer 正在建立什麼以及如何建構它。一位客戶對我說，不斷變化的宏觀環境推動了創新和再造，我很高興在將業務拓展到更多國家時得到 Payoneer 的支持。

Our customers are nimble and rapidly adapting to change. Last month at Payoneer's 20th anniversary, we brought together 20 customers from around the world. Here's what they told us. They're increasingly diversifying both where they sell and how they source material and talent. Many are more focused on Europe, Southeast Asia, Latin America, and Australia.

我們的客戶思維敏捷，能夠快速適應變化。上個月，在 Payoneer 成立 20 週年之際，我們匯集了來自世界各地的 20 位客戶。以下是他們告訴我們的內容。他們的銷售地點以及材料和人才來源的方式都日益多樣化。許多人更關注歐洲、東南亞、拉丁美洲和澳洲。

As they pivot, the Payoneer account becomes even more useful. They're building distributed teams around the world in order to benefit from global talent capabilities. As they do, they're turning to Payoneer's account payable capabilities, including our workforce management product.

隨著他們的轉變，Payoneer 帳戶變得更加有用。他們正在世界各地建立分散式團隊，以便從全球人才能力中受益。同時，他們開始使用 Payoneer 的應付帳款功能，包括我們的勞動力管理產品。

Payoneer is built to support them. We see this current disruption as a meaningful long-term opportunity because Payoneer isn't just built for the old model of trade. We're positioned for the new one. And as value chains diversify, we are positioned to benefit.

Payoneer 就是為了支持他們而建立的。我們認為當前的這種顛覆是一個有意義的長期機遇，因為 Payoneer 不僅僅是為舊的貿易模式而建立的。我們已經為新的目標做好了準備。隨著價值鏈的多樣化，我們將從中受益。

First, we combine local presence with global scale. Our teams are on the ground in the world's most entrepreneurial regions. In Q1, our APAC and Latin America customer regions each grew revenue over 20%. Together, they represent about a third of our firm's total revenue with an average take rate of approximately 2% to 3%.

首先，我們將本地影響力與全球規模結合。我們的團隊遍佈世界上最具創業精神的地區。第一季度，我們的亞太地區和拉丁美洲客戶區域的營收均成長了 20% 以上。它們合計占我們公司總收入的三分之一左右，平均收入分成率約為 2% 至 3%。

These are regions where we expect continued tailwind as trade routes shift and businesses expand their global footprints. We have over a 0.5 million ICPs that are roughly that are roughly evenly distributed across our five regions. Approximately 40% of our revenue comes from helping customers sell to non-US markets. We are well positioned to grow with our customers as they diversify the regions they sell to.

隨著貿易路線的轉變和企業全球影響力的擴大，我們預計這些地區將繼續保持順風勢頭。我們擁有超過 50 萬個 ICP，大致均勻分佈在我們的五個地區。我們約 40% 的收入來自幫助客戶向美國以外市場銷售產品。隨著客戶銷售區域多元化，我們有能力與客戶共同成長。

Second, our global regulatory footprint. We've recently closed our acquisition of a licensed China-based payment provider, becoming only the third foreign player licensed in China. China is an important market for us. About a third of our revenue comes from China-based exporters, while only 20% of our overall annual revenue is tied directly to the US to China trade corridor. China exports to over 120 countries, and as our Chinese customers drive their goods distribution to more markets around the world, including Europe, Latin America, Southeast Asia, we will help them diversify and we will grow with them.

第二，我們的全球監管足跡。我們最近完成了對一家獲得中國許可的支付提供者的收購，成為在中國獲得許可的第三家外國支付提供者。中國對我們來說是一個重要的市場。我們約有三分之一的收入來自中國出口商，而我們年度總收入中只有 20% 與中美貿易走廊直接相關。中國出口到120多個國家，隨著我們的中國客戶將他們的商品分銷到包括歐洲、拉丁美洲、東南亞在內的全球更多市場，我們將幫助他們實現多元化，並與他們共同成長。

We also applied for a cross-border payment aggregator license in India, the fastest-growing top five economy in the world. They're a country that stands to benefit from this new trade landscape. We are also actively pursuing licenses in Canada, Israel, and beyond. We're investing in the future of trade, global, regulated, diverse, and powered by entrepreneurs and cross-border SMBs.

我們也在全球成長最快的五大經濟體印度申請了跨境支付聚合商許可證。他們是一個將從這新的貿易格局中受益的國家。我們也正在積極爭取加拿大、以色列及其他地區的許可。我們正在投資貿易的未來，全球化、受監管、多元化，並由企業家和跨境中小企業推動。

Third, trade is increasingly services based. Our customers include service providers such as BPOs, software developers, marketing firms, and remote workers on marketplaces. Outsourcing and remote work will continue, especially in uncertain times, as companies look to grow and to optimize their own P&Ls. We are well-positioned, including our new workforce management solution, to help customers capitalizing on this trend.

第三，貿易日益以服務為主。我們的客戶包括 BPO、軟體開發商、行銷公司和市場上的遠距工作者等服務提供者。外包和遠距工作將繼續下去，尤其是在不確定的時期，因為公司尋求發展並優化自己的損益表。我們擁有良好的定位，包括我們新的勞動力管理解決方案，可以幫助客戶利用這一趨勢。

Payoneer has weathered uncertainty before, and we've come out stronger. This is another moment to turn change and disruption into opportunity. We're staying close to our customers. We're staying disciplined in our execution, and we're moving fast to seize new opportunities in emerging markets. By doing just that, we believe we can create long-term value for shareholders, and we continue to play a vital role in the global economy.

Payoneer 以前曾經歷過不確定性，現在我們變得更強大。這是將變化和混亂轉化為機會的另一個時刻。我們與客戶保持密切聯繫。我們在執行上保持紀律，並迅速採取行動抓住新興市場的新機會。透過這樣做，我們相信我們可以為股東創造長期價值，並繼續在全球經濟中發揮至關重要的作用。

With that, I'll turn it over to Bea to take you through the numbers and our outlook for the year.

接下來，我將讓 Bea 向您介紹這些數字以及我們對今年的展望。

Thank you, John, and thank you to everyone for joining us. Payoneer delivered another strong quarter with revenue and profitability ahead of our medium-term targets. We achieved growth in revenue, excluding interest income, of 16%, and generated $65 million in adjusted EBITDA, representing a 27% adjusted EBITDA margin. These results demonstrate the value we offer to our customers and the strength of our execution.

謝謝你，約翰，也謝謝大家的參與。Payoneer 又一個季度表現強勁，營收和獲利均超出我們的中期目標。我們的營收（不包括利息收入）成長了 16%，調整後的 EBITDA 為 6,500 萬美元，調整後的 EBITDA 利潤率為 27%。這些結果證明了我們為客戶提供的價值以及我們的執行力。

Now turning to our first-quarter results, we delivered revenue of $247 million, up 8% year over year. Revenue, excluding interest income, grew 16% year over year, driven by strong growth in our B2B franchise, increasing adoption of our high-value products and services, including our checkout and card products, and the impact of our monetization initiatives. Volume was up 7%, with growth rates normalizing, consistent with the trends we described when we reported our fourth quarter results in February.

現在來看看我們的第一季業績，我們的營收為 2.47 億美元，年增 8%。不包括利息收入在內的收入年增 16%，這得益於我們 B2B 特許經營的強勁增長、我們高價值產品和服務（包括我們的結帳和卡產品）的採用率不斷提高，以及我們的貨幣化舉措的影響。銷量成長了 7%，成長率趨於正常化，與我們 2 月報告第四季業績時描述的趨勢一致。

SMB volume grew 7% year over year, with volume from SMBs that sell on marketplaces up 3%, volume from B2B SMBs up 21%, and merchant services volume up 88%. Volume from SMBs that sell on marketplaces were impacted by a number of factors, including marketplace-driven changes in the timing of certain large holiday volume payouts, including from Amazon, as well as other marketplaces.

中小企業交易量較去年同期成長 7%，其中在市場銷售的中小企業交易量成長 3%，B2B 中小企業交易量成長 21%，商家服務交易量成長 88%。在市場上銷售的中小企業的交易量受到多種因素的影響，包括市場驅動的某些大型假日交易量支付時間的變化，包括來自亞馬遜以及其他市場的支付時間的變化。

For the 2024 holiday season, these payout volumes occurred in late December 2024, compared to early January typically. Adjusting for this effect, we estimate that in the first quarter of 2025, volume from SMBs that sell on marketplaces would have grown roughly 10% year over year.

對於 2024 年假期，這些支出發生在 2024 年 12 月下旬，而通常發生在 1 月初。經過這項影響的調整，我們估計，到 2025 年第一季度，在市場上銷售的中小企業的銷量將年增約 10%。

Our Q1 take rate of 125 basis points increased one basis point on a year-over-year basis, and 9 basis points sequentially, driven by take rate expansion in all of our SMB customer segments, and outrunning the impact of lower interest income.

我們第一季的接受率為 125 個基點，比去年同期增加了 1 個基點，比上一季度增加了 9 個基點，這得益於我們所有中小企業客戶群的接受率擴大，並且超過了利息收入下降的影響。

On a year-over-year basis, we drove significant expansion in our SMB customer take rate, in line with our stated strategy, and reflecting the value we offer to our customers. Our SMB customer take rate was up 11 basis points year over year, and 10 basis points sequentially, driven by continued growth in our higher yielding B2B franchise, continued adoption of our high value products, especially our card product, the ongoing impact of our various pricing initiatives, as well as the impact of our workforce management acquisition.

與去年同期相比，我們推動了中小企業客戶接受率的大幅成長，這符合我們既定的策略，也反映了我們為客戶提供的價值。我們的中小企業客戶接受率年增 11 個基點，環比增長 10 個基點，這得益於我們高收益 B2B 特許經營的持續增長、我們高價值產品（尤其是我們的信用卡產品）的持續採用、我們各種定價舉措的持續影響以及我們勞動力管理收購的影響。

Customer funds held by Payoneer increased 11% year over year to $6.6 billion, which helped partially offset the impact of lower rates on our interest income revenue. Customers value our multi-currency capabilities, and the ability to hold balances in the currencies in which they do business, and in stable currencies, is a core value proposition.

Payoneer 持有的客戶資金年增 11%，達到 66 億美元，這部分抵銷了利率降低對我們利息收入的影響。客戶重視我們的多幣種能力，而能夠以他們開展業務的貨幣和穩定的貨幣持有餘額是一項核心價值主張。

We offer customers the ability to do business in a range of currencies and jurisdictions, and we are well positioned to help customers as they adapt and shift their businesses towards new trade corridors. We continue to steadily grow customer funds, and generated interest income of $58 million in Q1, even as average interest rates declined year over year.

我們為客戶提供在多種貨幣和司法管轄區開展業務的能力，並且我們有能力幫助客戶適應和轉移他們的業務到新的貿易走廊。我們繼續穩步增加客戶資金，儘管平均利率同比下降，但第一季仍產生了 5,800 萬美元的利息收入。

As of March 31, we had reduced our sensitivity to fluctuations in short-term interest rates in relation to approximately $3.7 billion, or roughly 56% of customer funds. This consists of approximately $1.8 billion of assets underlying customer funds that are invested in a portfolio of US Treasury securities and term-based deposits, as well as interest rate derivatives on approximately $1.9 billion of funds underlying customer balances, providing a floor against interest rate declines below 3%. We will continue to actively manage our hedging programs while always prioritizing liquidity and security.

截至 3 月 31 日，我們已降低對約 37 億美元（約佔客戶資金的 56%）短期利率波動的敏感度。其中包括投資於美國國債和定期存款組合的客戶資金基礎資產約 18 億美元，以及客戶餘額基礎資金約 19 億美元利率衍生品，為利率跌至 3% 以下提供底線。我們將繼續積極管理我們的對沖計劃，同時始終優先考慮流動性和安全性。

Total operating expenses of $217 million increased 14%, primarily driven by higher transaction costs, labor-related expenses, consultancy fees, and the impact of cashback incentive programs designed to drive adoption of our card product.

總營運費用為 2.17 億美元，成長了 14%，主要原因是交易成本、勞動力相關費用、諮詢費增加，以及旨在推動我們卡產品採用的現金回饋激勵計畫的影響。

Transaction costs of $39 million increased 16%, driven by growth in higher transaction cost products and business lines, including B2B, merchant services, and our card product. Transaction costs represented 16% of revenue, an increase of approximately 110 basis points from the prior year period, primarily due to lower interest income. Excluding interest income, transaction costs represented 20.9% of revenue, consistent with the prior year period.

交易成本為 3,900 萬美元，成長了 16%，這得益於交易成本較高的產品和業務線的成長，包括 B2B、商家服務和我們的卡片產品。交易成本佔收入的 16%，比去年同期增加約 110 個基點，主要原因是利息收入減少。不含利息收入，交易成本佔收入的 20.9%，與去年同期持平。

Sales and marketing expense was up $5 million, or 10% year over year, driven primarily by higher labor-related costs, including from our workforce management acquisition and increased spend on card incentives. Other operating expenses were up $1.4 million, or 3%, primarily due to higher IT and communication costs.

銷售和行銷費用增加了 500 萬美元，比去年同期增加了 10%，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和卡獎勵支出的增加。其他營運費用增加了 140 萬美元，即 3%，主要原因是 IT 和通訊成本增加。

R&D expense increased $5 million, or 16%, mainly due to higher labor-related costs, primarily related to our workforce management acquisition, as well as consulting expenses and several one-time items. G&A expense increased $6 million, or 24%, primarily due to higher labor-related costs and higher consulting fees related to several discrete projects.

研發費用增加了 500 萬美元，即 16%，主要是由於勞動力相關成本增加，主要與我們的勞動力管理收購有關，以及諮詢費用和一些一次性項目。一般及行政費用增加了 600 萬美元，即 24%，主要是由於與幾個獨立項目相關的勞動力相關成本和諮詢費用增加。

Adjusted EBITDA was $65 million, consistent with the prior year period. This represents a 27% adjusted EBITDA margin in the quarter, despite a decline of $7 million in our interest income, and is the fourth consecutive quarter of positive adjusted EBITDA, excluding interest income. Net income was $21 million, compared to $29 million in the first quarter of last year.

調整後的 EBITDA 為 6,500 萬美元，與去年同期持平。儘管我們的利息收入下降了 700 萬美元，但本季調整後的 EBITDA 利潤率仍達到 27%，並且是連續第四季度調整後的 EBITDA（不包括利息收入）為正。淨收入為 2,100 萬美元，而去年第一季為 2,900 萬美元。

Q1 basic and diluted earnings per share were $0.06 and $0.05, respectively. We ended the quarter with cash and cash equivalents of $524 million. During the quarter, we repurchased approximately $17 million of shares, with approximately $87 million remaining on our current repurchase authorization.

第一季基本每股收益和稀釋每股收益分別為 0.06 美元和 0.05 美元。本季結束時，我們的現金和現金等價物為 5.24 億美元。本季度，我們回購了約 1,700 萬美元的股票，目前的回購授權剩餘約 8,700 萬美元。

As John discussed, our long-term thesis has not changed. We continue to believe that over the long term, the digitization of commerce, globalization of the services economy, and the growth and diversification of global trade will continue.

正如約翰所討論的，我們的長期論點並沒有改變。我們始終相信，從長遠來看，商業的數位化、服務經濟的全球化以及全球貿易的成長和多樣化將會持續下去。

SMBs are by nature resilient and continue to adapt and thrive. We are proactively positioning ourselves to help our customers navigate the current environment by connecting them to new markets, working to expand our regulatory infrastructure and our marketplace ecosystem and local capabilities, and by continuing to invest in expanding our financial stack to better serve their needs.

中小企業天生具有韌性，能夠不斷適應並蓬勃發展。我們正在積極定位自己，透過將客戶連接到新市場，努力擴展我們的監管基礎設施和市場生態系統和本地能力，並繼續投資擴展我們的金融堆疊以更好地滿足他們的需求，來幫助我們的客戶應對當前環境。

That said, recent developments related to tariffs and global trade have shifted the immediate landscape and near term, there is a high degree of uncertainty around the global macroeconomic and trade policy environment, which is dynamic and evolving. As a result, we are suspending our previously issued full year 2025 guidance.

儘管如此，最近與關稅和全球貿易有關的發展已經改變了當前的形勢，短期內，全球宏觀經濟和貿易政策環境存在高度不確定性，而且這種環境是動態的和不斷變化的。因此，我們暫停先前發布的 2025 年全年指引。

We expect that if the existing global tariff regime remains in place, there will be a potentially significant negative impact on our future financial performance. Through early May, we have not seen a slowdown in volumes or revenue.

我們預計，如果現有的全球關稅制度持續存在，可能會對我們未來的財務表現產生重大負面影響。截至五月初，我們尚未看到銷售或收入的放緩。

Given our April performance and our understanding of customer inventories that are already in the US, we expect growth in the second quarter to be broadly in line with our stated medium-term targets. Therefore, we expect any potential impact from tariffs to be primarily in the second half of the year.

鑑於我們四月份的業績以及我們對美國現有客戶庫存的了解，我們預計第二季的成長將與我們所述的中期目標大致一致。因此，我們預計關稅的潛在影響將主要出現在下半年。

To provide further color, our business is highly diverse across geographies and customers. Our over 0.5 million ICPs are roughly evenly distributed across our five regions and sell a diverse range of products and services to businesses and consumers all around the world. In 2024, customers in China represented roughly a third of our revenue.

為了提供進一步的色彩，我們的業務在不同地區和客戶之間具有高度的多樣性。我們的超過 50 萬個 ICP 大致平均分佈在我們的五個地區，並向世界各地的企業和消費者銷售各種各樣的產品和服務。2024年，中國客戶約占我們收入的三分之一。

However, only 60% of our China revenue or roughly 20% of our total revenue came from Chinese customers selling to the US. The balance of our China revenue was generated from Chinese customers selling into non-US markets, including in Europe, the UK, Australia, and Japan.

然而，我們在中國的收入中只有 60% 或總收入的約 20% 來自中國客戶向美國銷售產品。我們在中國的收入餘額來自中國客戶向美國以外市場的銷售，包括歐洲、英國、澳洲和日本。

As noted, given the wide range of potential economic and trade policy scenarios, we do not believe we can reliably forecast our full year 2025 performance at this time. There is a lot we don't know about how the environment will evolve and there is a very broad range of potential outcomes.

如上所述，鑑於潛在的經濟和貿易政策情境範圍廣泛，我們認為目前無法可靠地預測 2025 年全年的表現。我們對環境將如何演變還有很多未知之處，而且潛在的結果範圍非常廣泛。

With that said, based on what we know today, assuming the existing tariff regime remains in place and making broad assumptions related to potential impacts and customer, business and consumer behavior, our current estimate is that we could see a headwind to our full-year 2025 revenue in the region of $50 million.

話雖如此，根據我們目前所了解的情況，假設現有的關稅制度保持不變，並對潛在影響以及客戶、企業和消費者行為做出廣泛的假設，我們目前的估計是，我們可能會看到 2025 年全年收入面臨 5000 萬美元左右的阻力。

Again, the environment is, to say the least, dynamic and evolving and our estimation is based on a broad set of assumptions related to how our customers might be impacted, how consumer and business behavior might evolve, as well as other factors that could impact our business more generally.

再次強調，環境至少是動態且不斷發展的，我們的估計是基於一系列廣泛的假設，這些假設涉及我們的客戶可能受到的影響、消費者和商業行為可能如何發展，以及可能更普遍地影響我們業務的其他因素。

Despite this potential for volatility in the near term, we remain focused on our long term opportunity. We will be disciplined operators, continue to monitor the macro and trade policy environment as it evolves, work to support our customers as they pivot and expand and appropriately align our investment and costs to the size of the business opportunity.

儘管短期內可能出現波動，但我們仍將專注於長期機會。我們將嚴格遵守紀律，持續監控宏觀和貿易政策環境的變化，努力支持客戶的轉型和擴張，並根據商業機會的規模適當調整我們的投資和成本。

Our first-quarter results reflect strong execution of our strategy and continued discipline. During this period of heightened economic uncertainty, our focus is on supporting our customers, further diversifying our business and investing in our core capabilities. We remain confident in our long term opportunity and our ability to capture it and deliver value for our shareholders, customers and employees. We are now happy to answer any questions you may have.

我們第一季的業績反映了我們策略的強大執行和持續的紀律。在經濟不確定性加劇的時期，我們的重點是支持客戶、進一步實現業務多元化並投資核心能力。我們對我們的長期機會以及抓住機會並為股東、客戶和員工創造價值的能力充滿信心。我們現在很樂意回答您的任何問題。

Operator, please open the line.

接線員，請接通線路。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

This is Daniel Krebs on for Darren. I was wondering if you could speak to the customer reception to various price increases we noticed in March and wondering how confident you feel in your pricing power at this time. If you could maybe talk to your previous guidance around $30 million in pricing upwards in 2025. Thank you.

我是 Daniel Krebs，代替 Darren 發言。我想知道您是否可以談談我們在三月註意到的客戶對各種價格上漲的接受情況，並想知道您對目前的定價能力有多大信心。您能否談談您之前的指導價格，即 2025 年的價格上漲約 3000 萬美元。謝謝。

Hey, Daniel, thanks for the question. I mean, look, our pricing strategy at this time hasn't changed. We talked about it historically as being more customer segment focused, really looking at bundling the value we offer our customers, adjusting our pricing to the competitive environment.

嘿，丹尼爾，謝謝你的提問。我的意思是，看，我們目前的定價策略沒有改變。我們過去認為，我們應該更加關注客戶細分，真正專注於捆綁我們為客戶提供的價值，並根據競爭環境調整我們的定價。

We're going to continue to do that. We're not making any changes today. We're really focused in the current environment, obviously, given the macro uncertainty that we talked about in our prepared remarks on serving our customers and on aligning the value that we give them to our pricing and to our overall strategy and on supporting those customers.

我們將繼續這樣做。我們今天不做任何改變。顯然，考慮到我們在準備好的發言中談到的宏觀不確定性，我們確實專注於當前環境，致力於服務我們的客戶，將我們給予他們的價值與我們的定價和整體策略相結合，並支持這些客戶。

We're not seeing any particular pressure. The $30 million we outlined was obviously sort of in that pre-tariff environment, but we haven't changed how we're looking at pricing as of now.

我們沒有看到任何特別的壓力。我們列出的 3000 萬美元顯然是在關稅之前的環境下制定的，但截至目前，我們還沒有改變對定價的看法。

Okay, great. Thank you. And if I can follow up, if we can maybe zoom out a bit, if you could put a finer point, now having been in business for over 20 years, how have customer onboardings and retention trended over past cycles throughout your history? Thank you.

好的，太好了。謝謝。如果我可以跟進的話，如果我們可以稍微縮小一點，如果您可以更詳細地說明一下，那麼現在已經營業 20 多年了，在整個歷史中，客戶入職和保留在過去的周期中趨勢如何？謝謝。

Thanks for the question. It's an important area for us, which is in focusing our customer support organization, our go-to-market organization, and our cross-sell efforts on providing a full suite of financial products for our large ICP customers.

謝謝你的提問。這對我們來說是一個重要的領域，我們將集中客戶支援組織、行銷組織和交叉銷售工作，為我們的大型 ICP 客戶提供全套金融產品。

And what we see in our data is that our net revenue retention is strongest among our largest customers and continues to be. And retention is an increasing focus for our global organization. We've put in place a series of tools to help us both better measure retention and activate programs locally to drive improved retention. We've seen successful results driving retention with our B2B customers, cross-selling card products globally to them, cross-selling our workforce management products.

我們從數據中看到，我們的淨收入保留率在我們最大的客戶中最高，並將繼續保持這種狀態。對於我們的全球組織來說，保留越來越成為關注的焦點。我們已經建立了一系列工具來幫助我們更好地衡量保留率並在本地啟動程序以提高保留率。我們已經看到了成功的成果，推動了我們的 B2B 客戶保留、在全球範圍內向他們交叉銷售卡片產品、交叉銷售我們的勞動力管理產品。

And while we think we're early in the overall retention journey for Payoneer, the indication of our progress is strong.

儘管我們認為 Payoneer 的整體留存之旅才剛開始，但我們取得的進展十分強勁。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Appreciate you taking all the questions and appreciate all the helpful disclosures and trying to size up the impact of the trade environment. I wanted to maybe come back to the $50 million number. I thought that was very helpful. If I'm doing the math right, it seems like it equates to roughly a kind of 10% run rate revenue impact if we just look at this -- half a year's revenue roughly.

感謝您回答所有問題，感謝所有有益的披露並試圖評估貿易環境的影響。我可能想回到 5000 萬美元這個數字。我認為這非常有幫助。如果我沒算錯的話，如果我們只看這個的話，這似乎相當於大約 10% 的運行率收入影響——大約是半年的收入。

So I guess just any color on kind of how you arrived at that figure just to kind of help people kind of dimensionalize some of the moving pieces that you guys are thinking about. And then as it relates to pulling the guide, if you could just maybe talk through some of the considerations around pulling the guidance versus maybe just flowing through the $50 million into the guide.

所以我想，你得出這個數字的方式只是為了幫助人們將你們正在思考的一些移動部分具體化。然後，關於撤回指南，您是否可以談談撤回指南的一些考慮因素，而不是僅僅將 5000 萬美元投入指南。

How are you thinking about some of the range of outcomes here? And maybe what should we be looking at externally to measure the health of the e-comm corridor? Would that be something like port shipments into the US? I know there's a lot there, but thanks for taking the question.

您如何看待這裡的一些結果？也許我們應該從外部觀察什麼來衡量電子商務走廊的健康狀況？這是否類似於透過港口運送到美國？我知道還有很多問題，但還是感謝您回答這個問題。

Thanks, Will. Appreciate the thoughtful question. Look, we worked really hard to provide that incremental disclosure. We felt it was important to provide additional color to really allow investors in the sell side to model the potential exposure and the impact. We shouldn't view it, or you shouldn't view it, as implicit guidance.

謝謝，威爾。感謝這個深思熟慮的問題。瞧，我們確實非常努力地提供這種漸進式披露。我們認為提供額外的資訊非常重要，這樣賣方投資者才能真正模擬潛在的風險敞口和影響。我們不應該將其視為隱性指導，或者你也不應該將其視為隱性指導。

So your question around what was our philosophy around the guidance, sizing that exposure, don't view that as implicit guidance. As we said on the call, obviously, there's a lot of uncertainty, and obviously, there's a very broad range of outcomes here. So we based our sizing of that exposure on a lot of assumptions, and I can run through some of them, and a lot of second and third order impacts that are frankly very hard to quantify. It goes without saying that the supply chains are super interconnected. So there could be downside to that $50 million number. There could also be upside.

因此，您對我們對指導的理念是什麼、如何確定風險敞口的問題，請不要將其視為隱含的指導。正如我們在電話中所說的那樣，顯然存在許多不確定性，而且顯然，這裡的結果範圍很廣泛。因此，我們根據許多假設來確定風險敞口的規模，我可以列舉其中的一些假設，以及許多坦率地說很難量化的二階和三階影響。毋庸置疑，供應鏈是高度互聯的。因此 5,000 萬美元這個數字可能還有下降空間。也可能存在上行空間。

Again, very broad range of outcomes, and obviously, the environment is super dynamic. But to share really just some of the assumptions and how we thought about it, look, we looked at how we think CN -- our China sellers, will respond to this, right?

再次，結果範圍非常廣泛，而且顯然環境非常動態。但實際上，我們只是分享一些假設以及我們對此的看法，看，我們研究了我們認為 CN——我們的中國賣家會如何回應這個問題，對嗎？

We talked to a lot of those sellers, and we made assumption as to whether some of those sellers may exit, may pivot their business to other market, et cetera. We looked at how we think marketplace volumes might be impacted from higher prices, and we baked in assumptions there. We looked at how we thought services businesses might be impacted, how that volume might be impacted by softer business spending. We thought about how we might see card usage impact from lower ad spend, right? So that's just the flavor of the analysis.

我們與許多賣家進行了交談，並假設其中一些賣家是否會退出，是否會將業務轉向其他市場等等。我們研究了價格上漲對市場交易量的影響，並在此基礎上做出了假設。我們研究了服務業可能受到怎樣的影響，以及服務業的規模可能因企業支出疲軟而受到怎樣的影響。我們考慮過廣告支出減少會如何影響信用卡使用情況，對嗎？這只是分析的重點。

Again, super evolving situation. We're not assuming, to the other number we put out there in terms of sort of framing our business, that 20% total revenue number that is directly tied to the China-US corridor. We don't assume that that goes to zero. That's not what we hear from our customers. So we baked in a lot of sort of assumptions into that. We, again, think there's a broad range of outcomes and wanted to share that additional color.

再次，情況發生了超級變化。我們並沒有假設，就我們業務框架而言，我們提出的另一個數字是與中美走廊直接相關的 20% 總收入數字。我們並不認為它會變成零。我們從客戶那裡聽到的可不是這樣的。因此，我們在其中融入了許多假設。我們再次認為會有廣泛的結果，並希望分享額外的色彩。

No, it's great. I appreciate all the disclosures this morning. And then maybe if I can just sneak in another question here. Well, actually, just to clarify, does the 20% number include float revenues?

不，很棒。我感謝今天上午披露的所有資訊。然後也許我可以在這裡偷偷問另一個問題。嗯，實際上，只是為了澄清一下，20％這個數字是否包括浮動收入？

And then I actually had a different question on just the take rate expansion that we saw across the business this morning. If you could dimensionalize or maybe provide some color on just the breakdown between sort of pricing actions that you guys have taken versus the mixed dynamics and some of the higher take rate corridors that John alluded to in the script, that'd be helpful too. Appreciate it. Thanks for the questions today.

然後我實際上對今天早上我們在整個業務中看到的接受率擴張有一個不同的問題。如果您能夠對您所採取的定價行動與混合動態以及約翰在腳本中提到的一些較高接受率區間之間的差異進行維度化或提供一些細節，那也會有所幫助。非常感謝。感謝您今天的提問。

No problem, Will. Yes, the 20% that we size does include float revenue. On the take rate question, look, we're really happy that we've been able to consistently grow SMB take rates. We've seen that for multiple consecutive quarters now. And we're doing that by increasing the value that we provide to our SMBs by activating them more quickly, by cross selling more effectively, by growing our B2B franchise, by really driving adoption of our card product. Yes, from pricing initiatives, from our workforce management acquisition.

沒問題，威爾。是的，我們估算的 20% 確實包括浮動收入。關於接受率問題，我們真的很高興能夠持續提高中小企業的接受率。我們已經連續多個季度看到這種情況。為了實現這一目標，我們透過更快地激活中小企業、更有效地交叉銷售、擴大我們的 B2B 特許經營權、真正推動我們的卡產品的採用來增加我們為中小企業提供的價值。是的，從定價舉措，從我們的勞動力管理收購。

So it's what you're really seeing in that number is kind of the fruits of that strategy of really expanding the value and the utility that we provide to our customers.

所以，你在這個數字中看到的其實是我們真正擴大為客戶提供的價值和效用的策略的成果。

To give you sort of a little more visibility on that, look from a marketplace perspective. So SMB selling on marketplaces, we saw that take rate expand by four basis points year over year. That's a mixture of both geo mix shift to higher take rate regions, as well as pricing, but probably the biggest driver there is continued card adoption.

為了讓您對此有更清晰的了解，請從市場的角度來看待這一點。因此，我們發現中小企業在市場上銷售的利率年增了 4 個基點。這是地理分佈向更高接受率地區轉變以及定價的綜合作用，但可能最大的驅動力是信用卡的持續普及。

In that B2B franchise, we saw really, really strong take rate expansion, 22 basis points year over year, partly a factor of slower growth in China and therefore mixed shift into those higher growth, higher take rate regions like LatAm.

在 B2B 特許經營中，我們看到了非常非常強勁的接受率擴張，同比增長 22 個基點，部分原因是中國經濟增長放緩，因此混合轉向拉丁美洲等更高增長、更高接受率的地區。

And also pricing actions, as we've really sort of figured the right product market fit, pricing dynamics in those markets. So again, really consistent take rate expansion. And we expect to continue to drive modest, to the question we had at the top of the hour, modest take rate expansion, and that revenue should outpace volumes over time.

還有定價行動，因為我們已經真正找到了適合的產品市場以及這些市場的定價動態。因此，再次強調，利率確實持續擴張。我們預計將繼續推動適度擴張，正如我們在一開始時提出的問題一樣，適度擴張利率，隨著時間的推移，收入應該超過交易量。

Trevor Williams, Jefferies.

崔佛威廉斯 (Trevor Williams)，傑富瑞 (Jefferies)。

If I could ask another on the China exposure, so the 20% of revenue you're calling out China into the US, can you give us a sense for what the underlying mix looks like there by merchant size, type, category? I mean, I think in the past you guys have talked about the average merchant in China being bigger than the average overall pay in your merchant, but any more detail just on an underlying merchant mix within that number would be helpful. Thanks.

如果我可以問另一個關於中國業務的問題，那麼你所說的 20% 的收入來自中國，你能否給我們介紹一下那裡商家規模、類型和類別的基本結構是怎樣的？我的意思是，我認為過去你們曾討論過中國的平均商家數量大於商家的平均總體薪酬，但任何有關該數字中潛在商家組合的更多細節都會有所幫助。謝謝。

Yeah, happy to take the question. So look, I think you've called out some of the answer in your question. It's a very broad community there. So we support a very broad and diverse range of sellers in China that are selling both a diverse set of goods across multiple platforms and also are diverse in terms of their size.

是的，很高興回答這個問題。所以看，我認為你已經在問題中給了部分答案。那裡的社區非常廣泛。因此，我們支持中國非常廣泛且多樣化的賣家，他們在多個平台上銷售多樣化的商品，而且規模也多種多樣。

And in talking to our customers and really looking at that underlying data as well, we do expect that those larger sellers will tend to be more tariff resilient, for want of a better word. They will tend to have more branded goods in their inventory, have more pricing power more broadly.

在與我們的客戶交談並真正查看基礎數據時，我們確實預計那些較大的賣家將傾向於更具關稅彈性，因為缺乏更好的詞彙。他們的庫存中往往會有更多品牌商品，擁有更廣泛的定價權。

So we do expect that those merchants will be more resilient and be able to really sort of pass some of those pricing changes through and be able to continue to sell actively into that US market, while smaller sellers might be expected to exit.

因此，我們確實預期這些商家將更具彈性，能夠真正地將一些價格變化傳遞下去，並能夠繼續積極地向美國市場銷售，而較小的賣家可能會退出。

And to your point, we think our portfolio is more weighted towards those larger sellers overall. But again, diverse set of sellers that will not be universally impacted and a diverse set of goods and SKUs, if you like, that are being sold that again will not be universally impacted.

正如您所說，我們認為我們的投資組合總體上更偏向於那些較大的賣家。但同樣，多樣化的賣家不會受到普遍影響，而且，如果你願意的話，多樣化的商品和 SKU 也不會受到普遍影響。

Yeah, and I just want to add that to amplify Bea's point about how well positioned the China sellers can be, and particularly the larger sellers. They have integrated business models where they both design and manufacture products and strong competitive moats in their businesses, and they've invested heavily in winning the buy box and building relationships with their distribution in the US. And in our qualitative conversations with them, you hear them refer to how important it is to maintain their distribution into the US as an important key distribution channel for them.

是的，我只是想補充一點，以強調 Bea 的觀點，即中國賣家，尤其是大型賣家，可以佔據多麼有利的地位。他們擁有綜合的商業模式，既設計和製造產品，又在業務中擁有強大的競爭護城河，並且他們投入巨資贏得購買框並與美國分銷商建立關係。在我們與他們的定性對話中，您會聽到他們提到維持美國分銷管道作為其重要關鍵分銷管道的重要性。

Additionally, at Payoneer, we're working hard with our customers to help them expand their distribution around the globe, into Europe, into other regions of the world, where this forcing function of the current tariff environment is driving innovation and increased distribution for our customers into other markets around the world.

此外，在 Payoneer，我們正在與客戶努力合作，幫助他們擴大全球分銷範圍，進入歐洲和世界其他地區，當前關稅環境的強製作用正在推動創新，並擴大我們的客戶在全球其他市場的分銷範圍。

And I believe long term we will see more corridors, more distribution for Chinese sellers across the globe. 85% of China's exports go to markets other than the United States, and the forcing function of the tariff environment, I believe, will drive increased distribution. Thanks for the question, Trevor.

我相信，從長遠來看，我們將看到更多的管道，為中國賣家在全球範圍內提供更多的分銷管道。 85%的中國出口產品銷往美國以外的市場，我相信，關稅環境的強製作用將推動分銷的增加。謝謝你的提問，特雷弗。

No, that's super helpful. And then my follow-up is kind of along those lines. So once we get through kind of the near-term disruption from all of this, I mean, how do you guys -- how are you guys viewing this as a potential accelerant for share gains where merchants that are going to need to explore selling more into other corridors and just how well you think you guys are to kind of accumulate share gains with merchant ads kind of once we get through the near-term disruption? Thanks.

不，這非常有幫助。然後我的後續行動也大致如此。因此，一旦我們度過了所有這些短期幹擾，我的意思是，你們如何看待這作為市場份額增長的潛在加速器，商家需要探索在其他渠道銷售更多產品，以及一旦我們度過了這些短期幹擾，你們認為你們在通過商家廣告積累市場份額方面表現如何？謝謝。

Yes. Yeah. So I mean, if you think about how dynamic the environment is, sellers are, what sellers are doing is depending on their size, scale, product category they're in, and where they currently sell to. So what sellers are focused on is optimizing their supply chains, adjusting their logistics infrastructure, addressing pricing as be just referred to, thinking about what their product mix should be and what the return on ad spend is for when they're buying volume or buying traffic. But particularly as it relates to expanding to other markets, we see them focus on Europe, Australia, Canada, and Latin America.

是的。是的。所以我的意思是，如果你考慮環境的動態，賣家的行為取決於他們的規模、範圍、他們所處的產品類別以及他們目前的銷售地點。因此，賣家關注的是優化他們的供應鏈，調整他們的物流基礎設施，解決剛才提到的定價問題，思考他們的產品組合應該是什麼，以及當他們購買數量或購買流量時，廣告支出的回報率是多少。但特別是在擴展到其他市場時，我們看到他們將重點放在歐洲、澳洲、加拿大和拉丁美洲。

And we have a program called the Green Channel Program in China, which helps introduce high quality, high volume branded sellers to the world's marketplaces. And sellers are excited by that program as are marketplaces around the globe. And we can help them do that.

我們在中國有一個名為「綠色通道計畫」的項目，該項目旨在幫助將高品質、高銷量的品牌賣家引入全球市場。賣家和全球各地的市場都對該計劃感到興奮。我們可以幫助他們做到這一點。

So China to the rest of the world is a significant opportunity. And at 20 years of building relationships with global marketplaces, our reputation and relationships with the world's marketplaces is strong and getting stronger. And now that we have completed the acquisition of our license in China, we've spoken frequently about how important that is being regulated in China, trusted in China to help Chinese merchants sell to the world is a significant long-term opportunity for us.

因此，中國對世界其他國家來說是一個重大機會。經過 20 年與全球市場建立關係的努力，我們的聲譽和與世界市場的關係日益牢固。現在我們已經完成了在中國的許可證獲取，我們經常談到在中國受到監管的重要性，在中國獲得信任對於幫助中國商家向世界銷售產品至關重要，這對我們來說是一個重要的長期機會。

Cris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

Thanks for all the detail and thanks for taking the question. The ex float EBITDA, you continue to make good progress on that. Can you just talk about the levers that you have to maintain the recent momentum in a potentially more difficult environment?

感謝您提供的所有詳細信息，也感謝您回答這個問題。除浮動息稅折舊攤提前利潤 (EBITDA)，您在這方面繼續取得良好進展。您能否談談在可能更困難的環境中保持近期勢頭的槓桿作用？

Yeah, thanks for the question, Cris. So look at, yes, I think we've, we're obviously very pleased that we've been able to increase profitability of the core business over the last several quarters. And we continue to have, we look at the business in the aggregate, we'll continue to be disciplined operators and really very carefully scrutinize the expense base and ongoing investments that we're making.

是的，謝謝你的提問，克里斯。所以看看，是的，我認為我們顯然非常高興我們能夠在過去幾季中提高核心業務的獲利能力。我們將繼續從整體上看待業務，繼續嚴格遵守紀律，非常仔細地審查我們的費用基礎和持續投資。

To John's point, we view a really strong long-term opportunity here. And we also have levers over discretionary spend and indeed over variable spend that really tracks closer to transaction volumes more generally.

正如約翰所說，我們認為這是一個非常強勁的長期機會。而且，我們還可以控制可自由支配的支出，實際上，變動支出也更接近交易量。

So we do expect that we have levers in terms of really optimizing as we see the situation develop, as we see what the impact might be in the back half of the year, we believe, and we know that we have levers to really optimize appropriately in terms of maintaining sort of good operating margin overall as we continue through the cycle.

因此，我們確實期望，隨著情況的發展，隨著我們看到下半年可能產生的影響，我們擁有真正優化的槓桿，我們相信，並且我們知道，我們擁有真正適當優化的槓桿，以在整個週期中保持良好的整體營業利潤率。

Okay, understood. Thank you. And then, John, you talked about the opportunity in workforce management. Can you just kind of talk about kind of what your strategy is there and what the opportunity is for Payoneer?

好的，明白了。謝謝。然後，約翰，你談到了勞動力管理的機會。您能否簡單談談您的策略是什麼以及 Payoneer 有哪些機會？

Yeah, I'm really pleased about the progress the team's making globally on workforce management. You know, we are hearing from our customers that they are increasingly focused on having global teams support their global sales and global sourcing. So driven by our customer need and the dynamic, I think, macro environment, there's more momentum towards global workforces than ever before.

是的，我對團隊在全球範圍內勞動力管理方面取得的進展感到非常高興。您知道，我們從客戶那裡聽說，他們越來越注重讓全球團隊支持他們的全球銷售和全球採購。因此，我認為，在客戶需求和動態宏觀環境的推動下，全球勞動力的成長勢頭比以往任何時候都要強勁。

We've now rebranded Skuad to Payoneer Workforce Management. It expands our ecosystem, the potential for partnerships, and broadens our B2B offering, I think, significantly. We're seeing strong growth. We're able to leverage our US distribution and US relationships to successfully sell the products.

我們現已將 Skuad 更名為 Payoneer Workforce Management。我認為，它擴大了我們的生態系統、合作夥伴的潛力，並顯著擴大了我們的 B2B 產品範圍。我們看到了強勁的成長。我們能夠利用我們的美國分銷管道和美國關係來成功銷售產品。

We are passing the $1 million of new incremental AAR from newly signed deals, which is a nice milestone the US team has achieved, and we remain very excited about the long-term opportunity for our workforce management initiatives.

我們正在透過新簽署的協議實現 100 萬美元的新增量 AAR，這是美國團隊取得的一個很好的里程碑，我們對我們的勞動力管理計劃的長期機會感到非常興奮。

And I think it validates the financial stack fully. As a global brand regulated, trusted by entrepreneurs around the world, helping them manage their global workforces is just another notch on our belt in our expansion of our strategy globally.

我認為它充分驗證了財務堆疊。作為一個受到全球企業家監管和信賴的全球品牌，幫助他們管理全球勞動力只是我們在全球策略擴展過程中的另一項成就。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

I have one question on tariffs and one on another topic. Just on tariffs, thank you so much for all the detail. I know there's so many balls in the air here, but just to clarify, there's obviously lots of geographies where there's tariffs being discussed. And just on the margin, it seems like there might be an increase across the board. I'm just curious, in that situation where maybe there's this 10% increase across the board, do you feel like there's any significant impact there, or is it just more the more onerous scenarios specific to China?

我有一個關於關稅的問題，還有一個關於另一個主題的問題。僅就關稅而言，非常感謝您提供的所有詳細資訊。我知道這裡有很多事情需要解決，但需要澄清的是，顯然有很多地區正在討論關稅問題。僅從邊際來看，似乎可能會出現全面增長。我只是好奇，在可能全盤上漲 10% 的情況下，您覺得會有什麼重大影響，還是這只是針對中國的特殊情況，更為繁重？

Yeah, thanks for the question, Sanjay. Look, the impact of the exposure we cite is really based on the current tariff regime, so the very heavy tariffs on China and the existing tariffs, rest of world. And I talked through some of the assumptions there. As John has indicated, some merchants will benefit, but for sure there will be impacts elsewhere. And they're very hard to predict.

是的，謝謝你的提問，桑傑。你看，我們所引用的暴露影響實際上是基於當前的關稅制度，即對中國徵收非常高的關稅，以及對世界其他地區徵收現有的關稅。我在那裡談論了一些假設。正如約翰所指出的，有些商家會受益，但肯定會在其他地方受到影響。而且它們很難預測。

And to your question, there's a very broad range of outcomes. You know, at a very low level, would I anticipate that those sorts of tariffs have a material impact? No. We've commonly talked about how tariffs at that level get absorbed in the supply chain and are not impactful overall.

對於您的問題，結果有很多種。您知道，在非常低的水平上，我是否預期這些關稅會產生實質影響？不。我們經常談論的是，該級別的關稅是如何被供應鏈吸收的，並且不會對整體產生影響。

But again, I think we're going to need to see how this all plays out and really continue to sort of model and scenario plan as we've been doing and course correct. We remain super focused on the long-term opportunity, super focused on supporting our sellers, and really see that we can add value and grow into this changing environment.

但我再次認為，我們需要觀察這一切將如何發展，並真正繼續按照我們一直在做的模型和情境計劃，並糾正路線。我們仍然高度關注長期機遇，高度關注支持我們的賣家，並且真正看到我們可以在這個不斷變化的環境中增加價值並成長。

Got it. Just one more on tariffs, one other question, I'm sorry. Did you guys see any evidence of pull forward in the months leading up to May? And then just on ICPs, that number actually declined sequentially. So I'm just curious, is there anything there that surprised you in terms of your penetration or anything changed? Thanks.

知道了。關於關稅，我還有一個問題，抱歉。你們有沒有看到五月前幾個月出現提前跡象？而就 ICP 而言，這一數字實際上是連續下降的。所以我很好奇，就你們的滲透力或變化而言，有什麼令你們感到驚訝的嗎？謝謝。

Yeah, thanks. Look, it's hard to say. We've read a lot of the same sort of reporting that you have around pull forward. Q1 from a volume perspective, especially marketplace volume, was kind of noisy as we called out in the prepared remarks in terms of changes to payout cycles. They were also implicit impacts from the wildfires in LA and other noise that I think makes it hard to tease out whether there was a pull forward or not. So unsatisfying answer, but I think the answer is hard to say perhaps.

是的，謝謝。瞧，這很難說。我們讀過很多與您關於「向前推進」類似的報道。從交易量角度來看，第一季尤其是市場交易量有點混亂，正如我們在準備好的評論中提到的支付週期的變化。洛杉磯的野火和其他噪音也產生了隱性影響，我認為這讓我們很難判斷是否有事先的影響。答案實在令人不滿意，但我認為答案也許很難說。

As we look into Q2, certainly we've seen no impact to date from volume. April has shown stable trends in what we're seeing across the portfolio and into, I guess we're almost halfway into May now. And so as we called out in our prepared remarks, at this point, we expect Q2 to be broadly in line with our stated medium term targets and we'll continue to monitor and update.

當我們觀察第二季時，我們確實沒有看到迄今為止銷售的影響。從我們看到的整個投資組合來看，四月的趨勢已經穩定，我想現在已經快到五月中旬了。正如我們在準備好的發言中所說的那樣，目前，我們預計第二季將與我們所述的中期目標大致一致，我們將繼續監測和更新。

And quickly on the ICPs, the ICP definition when we introduced it and volume as sort of the governor is a blunt force instrument, but it's not actually how we're managing the business today. We're very focused on managing the business to maximize profitable revenue growth as opposed to quantity of individual ICPs.

簡單談談 ICP，當我們引入 ICP 定義時，將交易量作為調控器是一種僵硬的工具，但這實際上並不是我們今天管理業務的方式。我們非常注重管理業務，以最大限度地提高獲利收入成長，而不是單一 ICP 的數量。

And I've shared, I think, a number of times our focus on moving towards larger and larger customers, and that shows up in the numbers. Volume growth from $10,000-plus ICPs was 8%. Revenue growth from that cohort as we've driven pricing and cross-sell of products was up 18%. And we continue to focus on quality customers globally and define quality as geographic, industry, product mix, and product adoption is enabling us to focus our go-to-market efforts, our product teams efforts on adding the right customers into the mix to help us continue to drive our growth.

我想，我已經多次分享過，我們的重點是爭取越來越大的客戶，而這在數字上有所體現。10,000 美元以上的 ICP 交易量增加了 8%。由於我們推動了產品定價和交叉銷售，該群體的收入增加了 18%。我們將繼續專注於全球優質客戶，並將品質定義為地理、行業、產品組合和產品採用，這使我們能夠專注於市場推廣工作，我們的產品團隊致力於將合適的客戶添加到組合中，以幫助我們繼續推動成長。

I believe that's the last question. So thank you everybody for your questions today and for your participation this morning. As Bea and I shared, we are confident in the long-term opportunity for our company and focused on delivering value for our customers and our shareholders. We look forward to our next discussion next quarter. Thanks, everyone.

我認為這是最後一個問題。感謝大家今天的提問和今天早上的參與。正如 Bea 和我所分享的，我們對公司的長期機會充滿信心，並專注於為我們的客戶和股東創造價值。我們期待下個季度的下一次討論。謝謝大家。

Thank you, everyone, for joining us today. This concludes our call and you may now disconnect your Thank you, everyone, for joining us today. This concludes our call and you may now disconnect your lines.

感謝大家今天加入我們。我們的通話到此結束，您現在可以掛斷電話了。感謝大家今天加入我們。我們的通話到此結束，您可以掛斷電話了。