Payoneer Global Inc (PAYO) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Colby, and I will be your conference operator today. At this time, I'd like to welcome you to the Payoneer third quarter 2025 earnings call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。我叫科爾比，今天我將擔任你們的會議接線生。現在，我謹代表 Payoneer 宣布 2025 年第三季財報電話會議正式召開。（操作說明）

I would now like to turn the call over to Michelle Wang. Please go ahead.

現在我將把電話交給王美玲。請繼續。

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.

謝謝接線生。今天和我一起參加電話會議的有 Payoneer 的執行長 John Caplan 和 Payoneer 的財務長 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 the SEC, which are available in the Investor Relations section of payoneer.com.

在開始之前，我想提醒各位，今天的電話會議可能包含前瞻性陳述，這些陳述有風險和不確定性。如需了解更多信息，請參閱我們向美國證券交易委員會提交的文件，這些文件可在 payoneer.com 的投資者關係部分查閱。

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.

實際結果可能與我們今天所做的任何前瞻性聲明有重大差異。這些前瞻性陳述僅代表截至今日的觀點，除法律要求外，本公司不承擔任何更新這些陳述的義務或意圖。

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 materials, which are available on our website.

此外，今天的電話會議可能包含非GAAP指標。這些措施應作為GAAP財務指標的補充，而非替代。有關與最接近的 GAAP 指標的調節情況，請參閱我們網站上提供的今日收益資料。

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，我們已在 investor.payoneer.com 網站上發布了盈利報告補充資料，與盈利新聞稿一同發布。除非另有說明，本次電話會議中的所有比較均基於同比數據。

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

那麼，我把電話交給約翰開始吧。

Good morning, and welcome to Payoneer's Q3 2025 earnings call. Payoneer is a global payments and financial operating platform, built on durable infrastructure. Together, our technology, strategic relationships, and regulatory framework form the moat we've built over 20 years. Our mission is straightforward. We remove the friction between an entrepreneur's ambition and their achievement by delivering a secure, easy-to-use and trusted financial platform built for global commerce.

早安，歡迎參加 Payoneer 2025 年第三季財報電話會議。Payoneer是一個全球支付和金融營運平台，建立在穩固的基礎設施之上。我們的技術、策略關係和監管框架共同構成了我們20多年來建立的護城河。我們的使命很簡單。我們透過提供專為全球商業打造的安全、易用且值得信賴的金融平台，消除企業家抱負與其實現目標之間的摩擦。

Our strong Q3 and year-to-date results reflect consistent execution against our strategic priorities in a massive, fragmented cross-border payments market. Our results give us confidence in our long-term opportunity even as we navigate short-term volatility.

我們強勁的第三季和年初至今的業績反映了我們在龐大且分散的跨國支付市場中，始終如一地執行我們的策略重點。即使面臨短期波動，我們的業績也讓我們對長期發展機會充滿信心。

We are evolving our business to be on offense, as global trade evolves, supply chains adapt, and as innovations in money movement continue to gain momentum. I'll share our progress, where we're investing and how we're positioning Payoneer to win. Bea will then walk you through our financials and increase guidance for 2025.

隨著全球貿易的發展、供應鏈的調整以及資金流動創新的不斷推進，我們正在轉變業務模式，採取進攻姿態。我將分享我們的進展、我們的投資方向以及我們如何讓 Payoneer 取得成功。接下來，Bea 將帶您了解我們的財務狀況以及 2025 年的成長預期。

In the first quarter of 2023, when I became sole CEO, and Bea joined as CFO, Payoneer generated mid-single digit revenue growth ex-interest. Adjusted EBITDA ex-interest was negative. Our priority at the time as a new management team was on reigniting growth and resetting the business for durable profitability. 2.5 years later, we have delivered record Q3 results and are raising our 2025 guidance.

2023 年第一季度，我成為公司唯一的首席執行官，Bea 加入公司擔任首席財務官，Payoneer 的扣除利息後實現了中等個位數的收入增長。經調整後的EBITDA（不含利息）為負值。作為新管理團隊，我們當時的首要任務是重振成長，重塑業務，實現永續獲利。兩年半後，我們取得了創紀錄的第三季業績，並上調了2025年的業績預期。

Q3 revenue ex-interest was up 15%, and we have delivered seven consecutive quarters of mid-teens or greater growth, in line with or exceeding our stated targets. We've delivered six consecutive quarters of positive adjusted EBITDA ex-interest, including $12 million in Q3.

第三季不計利息收入成長15%，我們已連續七個季度實現兩位數或更高的成長，達到或超過了我們既定的目標。我們已經連續六個季度實現了調整後 EBITDA（不含利息）為正值，其中第三季為 1200 萬美元。

Our total adjusted EBITDA margin was north of 25% in 2024, as well as in the first three quarters of 2025. The strength and consistency of our results in an evolving macro backdrop underscores our successful execution, as we deliver for customers.

2024 年，我們的調整後 EBITDA 利潤率超過 25%，2025 年前三個季度也超過 25%。在不斷變化的宏觀環境下，我們業績的強勁性和穩定性凸顯了我們為客戶成功交付成果的能力。

So a few highlights. First, improved unit economics and higher quality customer portfolio. We are moving from casting a wide net to prioritizing quality. We define quality as larger, more complex customers with scale, ambition, and global reach. And we are focusing on industries and countries where we have the strongest product market fit.

以下是一些亮點。首先，提高單位經濟效益並提升顧客組合品質。我們正在從廣撒網轉向優先考慮品質。我們對優質客戶的定義是：規模更大、更複雜、更有規模、更有野心、更有全球影響力的客戶。我們專注於產品與市場契合度最高的產業與國家。

We are exiting customers that don't meet our risk tolerance or desired economics. We are driving meaningful ARPU growth, as we move upmarket, and as we deliver segment-specific pricing and product bundles.

我們正在終止與不符合我們風險承受能力或預期經濟效益的客戶合作。隨著我們向高端市場邁進，並提供針對特定細分市場的定價和產品組合，我們正在推動每位用戶平均收入 (ARPU) 的顯著成長。

ARPU has increased 65% since Q1 of 2023 from $286 to over $470. In our long-tail segment, we've raised prices and tightened product access and the cohort is now profitable. We are focusing our acquisition efforts, service model, and product roadmap to capture and serve larger customers, especially multi-entity customers.

自 2023 年第一季以來，ARPU 成長了 65%，從 286 美元增加到 470 美元以上。在我們的長尾細分市場中，我們提高了價格並收緊了產品獲取管道，現在該細分市場已經實現盈利。我們正集中精力進行收購、服務模式和產品路線圖建設，以獲取並服務更大的客戶，尤其是多實體客戶。

ICPs receiving over $250,000 a month in volume, represented nearly 30% of our Q3 revenue ex-interest, and are growing significantly faster than the rest of the customer portfolio. The higher quality of our customer portfolio is evident in our financial results.

每月交易額超過 25 萬美元的 ICP 占我們第三季扣除利息後收入的近 30%，且其成長速度明顯快於其他客戶。我們客戶群的高品質體現在我們的財務業績。

You'll note that total ICP counts have been roughly flat year-over-year, while we have delivered consistent mid-teens revenue growth ex-interest. Our focus on larger ICPs has driven higher average volume per ICP. We have improved our transaction costs and profitability dynamics even as our business expands to serve more complex use cases.

你會注意到，ICP 總數量與去年同期基本持平，而我們實現了持續的兩位數中段收入成長（不計利息）。我們專注於更大的ICP，從而提高了每個ICP的平均產量。即使我們的業務不斷擴展以服務更複雜的用例，我們也改善了交易成本和盈利能力。

Our diversified business mix and B2B expansion continue to drive growth. B2B revenue grew 27% in Q3, and now represents roughly 30% of revenue ex-interest, up from 20% in Q1 2023. Our platform solves for the complex AR and AP needs of global businesses. Our AP capabilities are built on infrastructure, licenses and compliance, trusted by large global enterprise partners, and we are making these capabilities available to global SMBs.

我們多元化的業務組合和B2B業務的擴張持續推動成長。第三季 B2B 營收成長了 27%，目前約佔扣除利息後營收的 30%，高於 2023 年第一季的 20%。我們的平台可以解決全球企業複雜的擴增實境和應用心理學需求。我們的 AP 功能建立在基礎設施、許可證和合規性之上，深受全球大型企業合作夥伴的信賴，我們將這些功能提供給全球中小企業。

In B2B, we are also focusing our acquisition efforts on larger customers. More than 50% of B2B revenue came from ICPs doing more than $250,000 per month in volume, and the average invoice size in our B2B franchise increased mid-teens percentage year-over-year.

在B2B領域，我們也正將客戶獲取重點放在規模較大的客戶身上。超過 50% 的 B2B 收入來自每月交易超過 25 萬美元的 ICP，我們 B2B 特許經營的平均發票金額同比增長了 15% 左右。

Third, our customers have shown that the ability to hold balances across currencies in their Payoneer account is a core Payoneer value proposition. And as such, the interest we earn on those balances represent a core component of our economics.

第三，我們的客戶已經證明，能夠在他們的 Payoneer 帳戶中持有不同貨幣餘額是 Payoneer 的核心價值主張。因此，我們從這些餘額中獲得的利息構成了我們經濟的核心組成部分。

Ending Q3, customers held over $7 billion on our platform, up 17% year-over-year for the second straight quarter. This demonstrates both the trust our customers have in our platform, and the accounts payable utilities that we provide. And together, this drives our revenue.

第三季末，客戶在我們平台上持有的資金超過 70 億美元，連續第二季年增 17%。這不僅體現了我們的客戶對我們平台的信任，也體現了我們提供的應付帳款服務的價值。而這兩者共同推動了我們的營收成長。

We monetize customer funds through interest income and transaction fees as funds leave the Payoneer account, either when a customer withdraws to their local bank account or spends via Payoneer's AP products. Customer funds have grown in excess of volume year-to-date and represent substantial future revenue as customers deploy their funds. We have protected a substantial portion of our interest income over the next three years through hedging programs, which Bea will discuss in more detail.

我們透過利息收入和交易手續費將客戶資金貨幣化，資金離開 Payoneer 帳戶時，無論是客戶提現到本地銀行帳戶還是透過 Payoneer 的 AP 產品消費，都會產生這部分資金。今年迄今為止，客戶資金的成長超過了交易量的成長，隨著客戶部署資金，未來將帶來可觀的收入。我們透過對沖計畫保護了未來三年內相當一部分利息收入，Bea 將在後續章節中對此進行更詳細的討論。

Our customers turn to Payoneer as they grow their businesses globally, and we are investing in our platform to deliver more value for them. We continue to drive multiproduct adoption as we increase the utility of the Payoneer account and move away from being a toll booth on the money highway.

隨著客戶在全球擴展業務，他們紛紛選擇 Payoneer，我們也增加對平台的投資，以期為他們創造更多價值。我們不斷推動多產品採用，同時提高 Payoneer 帳戶的實用性，並擺脫其作為資金流通收費站的角色。

Over 50% of Payoneer account spend is now coming from customers who use three or more AP products, up 200 basis points year-over-year. Customers are increasingly using Payoneer as their central account to manage their business network payments and shifting to our card to pay for cross-border expenses.

Payoneer 帳戶消費額的 50% 以上來自使用三種或三種以上 AP 產品的客戶，較去年同期成長 200 個基點。客戶越來越多地使用 Payoneer 作為其管理企業網路支付的中心帳戶，並轉向使用我們的卡支付跨境費用。

We are expanding the Payoneer account ecosystem and the services we provide to customers through strategic partnerships. Here's one example. We are partnering with a third-party lender to expand access to capital for our customers in a capital-efficient and tech-enabled way.

我們正在透過策略合作，擴展 Payoneer 帳戶生態系統並拓展我們為客戶提供的服務。舉個例子。我們正與第三方貸款機構合作，以高效利用資金和技術手段的方式，為我們的客戶擴大融資管道。

On stablecoins and blockchain, the rails are evolving, and we are evolving our platform to capture the opportunity. Just as when Payoneer started, global businesses need multicurrency wallets and interoperability between different currencies and stores of value.

在穩定幣和區塊鏈領域，基礎設施正在不斷發展，我們也不斷發展我們的平台以抓住這一機會。正如 Payoneer 創立之初一樣，全球企業需要多幣種錢包以及不同貨幣和價值儲存方式之間的互通性。

Our strategy is to orchestrate across payment schemes and rails, so cross-border businesses can focus on growth, without compromising on safety or convenience. We are making steady progress on these efforts. We are now using Citi's on-chain money movement capabilities to move hundreds of millions of dollars quarterly, allowing us to manage liquidity even more efficiently. For customers, we are working on offering stablecoin wallet functionality in 2026.

我們的策略是協調各種支付方案和支付管道，使跨國企業能夠專注於成長，同時又不影響安全性和便利性。我們在這些方面正穩步取得進展。我們現在利用花旗銀行的鏈上資金轉移能力，每季轉移數億美元，從而使我們能夠更有效地管理流動性。對於客戶，我們正在努力在 2026 年提供穩定幣錢包功能。

In summary, what you can expect from us going forward? One, relentless focus on profitable growth, guided by a refined portfolio segmentation across region, vertical, use case, product and unit economics. We do what's best for the long-term health of the business every single day; Two, expansion of core operating margin as we focus on unlocking the meaningful leverage we see in our business over the long term; Three, prudent capital allocation as we fund innovation, pursue selective M&A and return capital to shareholders via repurchases. We have nearly $500 million of cash and generated roughly $50 million of operating cash flow in Q3.

總而言之，您接下來可以對我們抱持怎樣的期待？第一，持續專注於獲利成長，以區域、垂直產業、用例、產品和單位經濟效益為指導，進行精細化的產品組合細分。我們每天都在做對公司長期健康發展最有利的事情；第二，我們專注於釋放公司長期發展中蘊含的顯著槓桿效應，從而擴大核心營運利潤率；第三，我們審慎地進行資本配置，為創新提供資金，進行選擇性併購，並透過股票回購向股東返還資本。我們擁有近 5 億美元的現金，並在第三季產生了約 5,000 萬美元的營運現金流。

In July, our Board approved a $300 million buyback, and we are executing with intent. We repurchased $45 million of shares in Q3. I'm proud of the progress the global Payoneer team has made this quarter and year-to-date to deliver for our customers. We remain confident in the secular drivers supporting our long-term opportunity, and believe our platform and competitive moat position us well to generate long-term, durable, profitable growth.

7 月份，我們的董事會批准了一項 3 億美元的股票回購計劃，我們正在有計劃地執行該計劃。我們在第三季回購了價值 4500 萬美元的股票。我為Payoneer全球團隊在本季和今年迄今為我們的客戶所取得的進展感到自豪。我們對支撐我們長期發展機會的長期驅動因素仍然充滿信心，並相信我們的平台和競爭優勢使我們能夠實現長期、持久、盈利的成長。

I'll now hand it over to Bea to walk through the numbers and our increased guidance for 2025.

現在我將把發言權交給比阿特麗斯，讓她來解讀這些數字以及我們對 2025 年的更高預期。

Thank you, John, and thank you to everyone for joining us. Payoneer delivered another strong quarter with record quarterly revenue, 15% revenue growth, excluding interest income, and adjusted EBITDA ahead of our medium-term targets.

謝謝你，約翰，也謝謝各位的到來。Payoneer 又迎來了一個強勁的季度，季度收入創歷史新高，不計利息收入，收入增長 15%，調整後 EBITDA 也超過了我們的中期目標。

In a dynamic global macroenvironment, we grew volumes, expanded ARPU, increased our SMB take rate and improved our core business profitability. We are increasing our full year 2025 guidance and are well positioned to capture the significant long-term opportunity ahead of us.

在全球宏觀環境瞬息萬變的背景下，我們實現了銷售成長、ARPU值提升、中小企業客戶轉換率提高以及核心業務獲利能力改善。我們提高了 2025 年全年業績預期，並已做好充分準備，把握未來巨大的長期機會。

Now turning to our third quarter results. We delivered revenue of $271 million, up 9% year-over-year and our highest ever quarterly revenue. Revenue excluding interest income reached $211 million, also a quarterly record and up 15% year-over-year.

現在來看我們第三季的業績。我們實現了 2.71 億美元的收入，年增 9%，創下有史以來最高的季度收入。不計利息收入，營收達到 2.11 億美元，同樣創下季度紀錄，年增 15%。

Our strong growth was driven by our B2B franchise, increasing adoption of our high-value products and services such as Checkout and Card and the ongoing implementation of our strategic pricing and fee initiatives.

我們的強勁成長得益於 B2B 業務的蓬勃發展，以及消費者對我們高價值產品和服務（如結帳和刷卡）的日益青睞，還有我們策略定價和收費方案的持續實施。

ARPU increased 15% in the quarter, and excluding interest income, was up 22%. Since Q1 2023, we had increased total ARPU by 65%. This is a direct result of our multifaceted growth strategy to move upmarket, drive cross-sell of our higher-yielding AP products, prioritize growth in our higher take rate geographies, increase the value of our SMB grade services by expanding our financial stack, and refine our pricing and monetization strategies to capture the value we provide to our customers.

本季每用戶平均收入成長了 15%，若不計利息收入，則成長了 22%。自 2023 年第一季以來，我們的總 ARPU 成長了 65%。這是我們多方面成長策略的直接結果，該策略旨在向高端市場邁進，推動高收益應付帳款產品的交叉銷售，優先發展高成交率地區的業務，透過擴展我們的金融技術棧來提高中小企業級服務的價值，並改善我們的定價和盈利策略，以獲取我們為客戶提供的價值。

Total volume was up 9% year-over-year. SMB volume grew 6% year-over-year with volume from SMBs that sell on marketplaces up 4%. Volume from B2B SMBs up 11% and Checkout volume up 46%, all consistent with the outlook we provided during our second quarter call in August.

總銷量較去年同期成長9%。中小企業銷量年增 6%，其中在市場平台銷售的中小企業銷量成長 4%。B2B 中小企業交易量成長 11%，結帳交易量成長 46%，皆與我們在 8 月第二季電話會議上提供的展望一致。

Enterprise payouts volume increased 19% year-over-year, above our expectations, primarily due to a strong demand in key travel routes we serve and the onboarding of a new enterprise customer.

企業支付額年增 19%，超出預期，主要原因是我們在服務的關鍵旅行路線上需求強勁，以及新企業客戶的加入。

Our Q3 take rate of 121 basis points was roughly flat on a year-over-year basis, despite a $6 million headwind from lower interest income. We continue to drive significant expansion in our SMB customer take rate, which increased 12 basis points over the prior year period, and 1 basis point sequentially.

儘管利息收入下降了 600 萬美元，但我們第三季的貸款發放率仍與去年同期基本持平，為 121 個基點。我們的中小企業客戶採納率持續大幅成長，比去年同期成長了 12 個基點，較上季成長了 1 個基點。

Customer funds held by Payoneer increased 17% year-over-year to $7.1 billion, partially offsetting the impact of lower rates on our interest income revenue. We generated interest income of $60 million in the quarter.

Payoneer 持有的客戶資金年增 17% 至 71 億美元，部分抵銷了利率下降對我們利息收入的影響。本季我們獲得了6000萬美元的利息收入。

Customer balances reflect the trust our customers place in our platform and the value they place on the utility we provide. They also represent future revenues that will be realized as customers utilize our AP products.

客戶餘額反映了客戶對我們平台的信任以及他們對我們所提供服務的重視程度。它們也代表著隨著客戶使用我們的 AP 產品而實現的未來收入。

The Payoneer account gives customers the ability to manage balances in multiple currencies and to choose how, when, and in which currencies to use those balances. These are important aspects of the value we provide to customers and our interest income revenue is a direct outcome of this.

Payoneer 帳戶讓客戶能夠管理多種貨幣的餘額，並選擇如何、何時以及以何種貨幣使用這些餘額。這些是我們為客戶提供的價值的重要方面，而我們的利息收入正是由此直接產生的。

As of September 30, we had reduced our sensitivity to fluctuations in short-term interest rates in relation to approximately $3.7 billion or roughly 52% 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%.

截至 9 月 30 日，我們已將約 37 億美元（約佔客戶資金的 52%）的資金對短期利率波動的敏感度降低。這包括約 18 億美元的客戶資金，這些資金投資於美國投資組合。國債、定期存款以及利率衍生性商品，這些資金約有 19 億美元，用於支持客戶餘額，從而為利率跌破 3% 提供保障。

Through these programs, we had secured approximately $120 million of 2026 interest income regardless of moves in short-term interest rates, approximately $80 million to $85 million in 2027 and 2028 and approximately $60 million in 2029. Additional amounts will be locked in based on ongoing reinvestment as the portfolio runs off, and these divisions provide a durable and sustainable revenue stream.

透過這些計劃，無論短期利率如何變動，我們都已確保了 2026 年約 1.2 億美元的利息收入，2027 年和 2028 年約 8,000 萬至 8,500 萬美元的利息收入，以及 2029 年約 6,000 萬美元的利息收入。隨著投資組合的持續再投資，將鎖定額外的資金，這些部門將提供持久且可持續的收入來源。

We continue to expect that customer balances should broadly grow in line with volumes overtime and that our unhedged balances will predominantly be subject to prevailing short-term interest rates, mainly in the US. We will continue to actively manage our hedging programs, while always prioritizing liquidity and security.

我們仍然預計，隨著時間的推移，客戶餘額將大致與交易量同步增長，而我們未對沖的餘額將主要受到現行短期利率的影響，主要在美國。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 $235 million increased 10%, primarily driven by increases in labor-related expenses, higher transaction costs, incentives and other spend designed to drive card adoption and usage and the effect of our Easylink acquisition in China and our workforce management acquisition.

總營運支出為 2.35 億美元，成長 10%，主要原因是勞動力相關支出增加、交易成本上升、激勵措施和其他旨在推動信用卡普及和使用的支出，以及我們在中國收購 Easylink 和收購勞動力管理業務的影響。

Transaction costs of $42 million increased 12%, the lower growth in revenue, excluding interest income. Transaction costs represented 15.7% of revenue, an increase of approximately 40 basis points from the prior year period, primarily due to lower interest income.

交易成本為 4,200 萬美元，成長了 12%，低於收入成長（不包括利息收入）。交易成本佔營收的 15.7%，比去年同期成長約 40 個基點，主要原因是利息收入下降。

Excluding interest income, transaction costs represented 20.1% of revenue, a decrease of around 70 basis points versus that prior year period, despite mix shift towards higher take rate, higher transaction cost products, driven by improved operational efficiency.

不計利息收入，交易成本佔收入的 20.1%，與上年同期相比下降了約 70 個基點，儘管由於營運效率的提高，產品組合轉向了更高的成交率、更高的交易成本產品。

We see transaction costs as a key aspect of our opportunity to continue to unlock operating leverage. When excluding interest income, transaction costs have been roughly stable over the past few years at approximately 20% of revenue, even as we shift towards higher-yielding products.

我們認為交易成本是我們持續釋放經營槓桿作用的關鍵因素。除去利息收入，過去幾年交易成本基本上保持穩定，約佔收入的 20%，即使我們轉向收益更高的產品。

We are optimizing our transaction cost economics by using our scale to negotiate with our partners by deepening our strategic relationships and partnerships, including those with Stripe and with Mastercard announced in August, by improving the efficiency of our money movement and Treasury operations. And over time, we expect through our ongoing blockchain-related initiatives.

我們正在透過利用自身規模優勢與合作夥伴進行談判，優化交易成本經濟效益，同時深化與 Stripe 和 Mastercard 等合作夥伴的策略關係和夥伴關係（包括 8 月宣布的合作），並提高資金流動和財務營運的效率。隨著時間的推移，我們期望透過我們持續進行的區塊鏈相關項目來實現這一目標。

As we continue to grow and scale our business, we are confident that the durable, highly profitable nature of our transaction-based revenues should enable us to continue expanding our core business profitability.

隨著我們業務的不斷發展壯大，我們相信，我們基於交易的收入具有持久性和高盈利性，這將使我們能夠繼續擴大核心業務的盈利能力。

Sales and marketing expense increased $7 million or 14%, primarily due to higher labor-related costs and increased incentives related to our Card offering. G&A expense increased $6 million or 22%, primarily due to higher labor-related costs, including from our workforce management and Easylink acquisition, higher facilities costs related to our offices in Israel and higher legal and consulting fees, including relating to our license application in India.

銷售和行銷費用增加了 700 萬美元，增幅達 14%，主要原因是勞動力成本上升以及與我們的信用卡產品相關的激勵措施增加。一般及行政費用增加了 600 萬美元，增幅達 22%，主要原因是勞動力相關成本增加（包括勞動力管理和收購 Easylink 的成本）、以色列辦事處相關設施成本增加以及法律和諮詢費用增加（包括與我們在印度的許可證申請相關的費用）。

R&D expense increased $5 million or 15%, primarily due to higher labor-related costs, while other operating expense decreased by $5 million or 10%, primarily due to lower IT and communication costs.

研發費用增加了 500 萬美元，增幅達 15%，主要原因是勞動力成本上升；而其他營運費用減少了 500 萬美元，降幅達 10%，主要原因是 IT 和通訊成本下降。

Adjusted EBITDA was $71 million, representing a 26% adjusted EBITDA margin in the quarter. We generated $12 million of adjusted EBITDA, excluding interest income. And year-to-date, we have generated approximately $27 million of adjusted EBITDA, excluding interest income, nearly double the amount we generated on a full year basis for 2024.

經調整後的 EBITDA 為 7,100 萬美元，本季經調整後的 EBITDA 利潤率為 26%。我們實現了 1200 萬美元的調整後 EBITDA（不包括利息收入）。今年迄今為止，我們已產生約 2,700 萬美元的調整後 EBITDA（不包括利息收入），幾乎是我們 2024 年全年產生的金額的兩倍。

We are unlocking leverage through growth, managing our transaction costs and being disciplined with OpEx. We believe we have a significant opportunity to continue to increase the profitability of our business.

我們正透過成長釋放槓桿效應，控制交易成本，並嚴格控制營運支出。我們相信，我們有很大的機會繼續提高公司的獲利能力。

Net income was $14 million compared to $42 million in the third quarter of last year. While income before income taxes grew 38% year-over-year, net income in the prior year period included a $19 million income tax benefit, largely derived from a federal tax deduction for 2024 and for the prior year for income earned from foreign customers, and lower foreign tax expense related to stock-based compensation.

淨收入為 1400 萬美元，而去年第三季為 4200 萬美元。雖然稅前收入年增 38%，但去年同期淨收入包含 1,900 萬美元的所得稅優惠，主要來自 2024 年和去年從外國客戶獲得的收入的聯邦稅收抵免，以及與股票選擇權相關的外國稅收支出減少。

Basic and diluted earnings per share were both $0.04, down from basic earnings of $0.12 and diluted earnings of $0.11 per share in the prior year period, largely due to the impact in the prior year period of the discrete income tax benefit just noted.

基本每股收益和稀釋每股收益均為 0.04 美元，低於上年同期基本每股收益 0.12 美元和稀釋每股收益 0.11 美元，這主要是由於去年同期受到上述一次性所得稅優惠的影響。

We ended the quarter with cash and cash equivalents of $479 million. Our operating cash flows continue to significantly exceed net income, allowing us to continue to invest for profitable growth and to return capital to shareholders.

本季末，我們持有現金及現金等價物 4.79 億美元。我們的經營現金流持續大幅超過淨利潤，使我們能夠繼續投資以實現獲利成長，並向股東返還資本。

During the quarter, we repurchased approximately 45 million of shares at a weighted average price of $6.73 and as of September 30, had approximately $273 million remaining on our current share repurchase authorization.

本季度，我們以每股 6.73 美元的加權平均價格回購了約 4,500 萬股股票，截至 9 月 30 日，我們目前的股票回購授權額度還剩下約 2.73 億美元。

Turning now to our increased 2025 guidance. We expect total revenue between $1,050 million and $1,070 million, an increase of $10 million at the midpoint relative to the guidance we issued in August. This includes interest income of $235 million and $815 million to $835 million of revenue, excluding interest income. We are increasing our expectations for interest income by $10 million to reflect robust growth in customer funds.

現在來看看我們上調後的 2025 年業績預期。我們預計總收入在 10.5 億美元至 10.7 億美元之間，比我們在 8 月發布的預期中位數增加了 1000 萬美元。這包括 2.35 億美元的利息收入和 8.15 億美元至 8.35 億美元的營業收入（不包括利息收入）。為反映客戶資金的強勁成長，我們將利息收入預期上調1,000萬美元。

In 2025, customer funds have grown significantly in excess of volume and above our expectations at 11% year-over-year in Q1 and 17% for both Q2 and Q3, reflecting the trust and value our customers place in our platform and partially offsetting the impact of lower interest rates.

2025 年，客戶資金成長顯著超過交易量，也超出了我們的預期，第一季年增 11%，第二季和第三季均年增 17%，這反映了客戶對我們平台的信任和重視，並部分抵銷了利率下降的影響。

We are reiterating our expectations for revenue, excluding interest income of $815 million to $835 million. This reflects the current macro and trade environment and our view of the range of outcomes that this environment could imply, especially as we enter the holiday spending season.

我們重申對營收的預期（不包括利息收入），為 8.15 億美元至 8.35 億美元。這反映了當前的宏觀經濟和貿易環境，以及我們對這種環境可能帶來的各種結果的看法，尤其是在我們即將進入假期消費季節。

For the fourth quarter, we expect marketplace volumes to be flat to up mid-single digits and B2B volumes to grow mid-teens. For the full year, we expect transaction costs as a percentage of revenue to be approximately 16%, a 50 basis point reduction compared to our prior guide, and a 200 basis point reduction versus the guidance we provided at the beginning of the year. We expect 2025 adjusted OpEx, which represents our guidance for revenue less adjusted EBITDA and transaction cost of approximately $618 million at the midpoint of our adjusted EBITDA guidance range.

我們預計第四季市場交易量將保持穩定或略有成長（個位數中段），B2B 交易量將成長（十幾個百分點中段）。我們預計全年交易成本佔收入的百分比約為 16%，比我們先前的預期降低了 50 個基點，比年初我們提供的預期降低了 200 個基點。我們預計 2025 年調整後的營運支出（即收入減去調整後的 EBITDA 和交易成本）約為 6.18 億美元，這是我們調整後 EBITDA 指引範圍的中點。

We are raising our expectations for adjusted EBITDA to be between $270 million and $275 million, representing a 26% margin at the midpoint. While we see a broad range of potential outcomes on the top line, we are focused on what we can control. We expect to continue to deliver growing profitability through optimizing our transaction cost economics and managing OpEx. Excluding interest income, we expect adjusted EBITDA of $38 million at the midpoint, almost 3 times the amount generated in 2024.

我們將調整後 EBITDA 的預期上調至 2.7 億美元至 2.75 億美元之間，中點利潤率為 26%。儘管我們看到業績方面存在各種可能的結果，但我們專注於我們能夠控制的事情。我們期望透過優化交易成本經濟效益和管理營運支出，繼續實現獲利能力的成長。不計利息收入，我們預期調整後的 EBITDA 中位數為 3,800 萬美元，幾乎是 2024 年產生的金額的 3 倍。

We are making meaningful progress in evolving our business to capture the significant long-term growth opportunity. Behind our strong headline results is a healthier, higher quality and more durable customer portfolio. We are capturing and growing our business with larger customers, improving our risk profile, unlocking robust operating leverage, making strategic investments, generating substantial cash flow and positioning the company to create long-term shareholder value.

我們在業務轉型方面取得了實質進展，以抓住巨大的長期成長機會。我們強勁的業績背後，是更健康、更高品質、更穩定的客戶群。我們正在透過與更大的客戶合作來拓展和發展業務，改善我們的風險狀況，釋放強大的營運槓桿，進行策略性投資，產生大量現金流，並使公司能夠創造長期股東價值。

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可能提出的任何問題。接線員，請接通線路。

(Operator Instructions)

（操作說明）

Mayank Tandon, Needham & Company.

Mayank Tandon，Needham & Company。

Thank you. Good morning congrats on the quarter. I know you're not going to probably give guidance for '26. But just as you think about the business momentum, John and Bea, I was curious if you could share any sort of insight into what your expectations might be for the sustainability of some of the key metrics around volume, take rate? And also if you could remind us of any sort of seasonal impact that we should factor in as we lay out our quarters for 2026?

謝謝。早安，恭喜你本季取得佳績。我知道你可能不會對 2026 年的情況給予指導。但就在你們思考業務發展勢頭的時候，約翰和比婭，我很好奇你們能否分享一下你們對銷量、成交率等一些關鍵指標的可持續性有何預期？另外，您能否提醒我們一下，在製定 2026 年季度計畫時，應該考慮哪些季節性因素的影響？

Sure, Mayank. So thanks for the question. Look, I think what we were looking to convey in the prepared remarks is really exactly to your point, the sustainability and the durability of the growth we're creating. The business performed very well in the third quarter, very much in line with the commentary that we provided in August.

當然可以，Mayank。謝謝你的提問。你看，我認為我們在準備好的演講稿中想要傳達的內容，實際上正是你所說的，即我們正在創造的成長的可持續性和持久性。公司第三季業績表現非常出色，與我們8月的預測非常吻合。

Our full year guidance, which we're raising, as we said, we're raising both revenue and adjusted EBITDA guidance is in line with the medium-term targets we communicated back in 2023, even with what I think everyone would acknowledge is a pretty dynamic macro.

正如我們所說，我們提高了全年業績預期，包括營收和調整後 EBITDA 預期，這與我們早在 2023 年提出的中期目標一致，即使考慮到目前宏觀經濟形勢相當不穩定，這一點大家應該都會認同。

So overall, business is performing really well, and performing really well in a sustainable way, right? ARPU has been consistently growing above 20%, for I think, now five quarters. We're continuing to deliver SMB take rate expansion from that multifaceted strategy that we outlined. We're really building, in our view, healthier, more durable and sustainable customer portfolio, and it's showing up in the metrics.

所以總的來說，公司業績非常好，而且是可持續地保持良好業績，對吧？ARPU（每位用戶平均營收）已連續五個季度維持 20% 以上的成長。我們將繼續透過我們制定的多方面策略來提高中小企業的市場份額。我們認為，我們正在建立一個更健康、更持久、更永續的客戶組合，而這也反映在各項指標中。

So overall, look, to your point, we're not giving guidance out to next year, but we see the business really performing well. We see a resilient business, a healthier business with a lot of momentum and opportunity in front of us.

所以總的來說，正如你所說，我們不會對明年的業績做出預測，但我們認為公司業務會表現得非常好。我們看到的是一個充滿韌性、發展勢頭強勁且充滿機會的更健康、更有活力的企業。

Yeah, I would just add to Bea's remarks that the strength in the portfolio as we move upmarket is evident. Those $250,000 a month customers that are growing exceptionally well, 30% of our Q3 revenue overall, 50% of the B2B revenue and the strength of that portfolio and the opportunity there is really bold.

是的，我只想補充Bea的觀點，隨著我們向高端市場轉型，投資組合的優勢顯而易見。這些每月消費 25 萬美元的客戶成長勢頭異常強勁，占我們第三季度總收入的 30%，佔 B2B 收入的 50%，該業務組合的實力和發展機會確實令人矚目。

And we're going after it, we're focused on it, we believe we have the product for those customers. And as the shape of the portfolio moves upmarket, the profitability dynamics are unlocked in our business. So we feel really good about where we are.

我們正在努力爭取，我們專注於此，我們相信我們擁有適合這些客戶的產品。隨著產品組合向高端市場轉型，我們業務的獲利潛力也隨之釋放。所以我們對目前的狀況感到非常滿意。

Got it. That's very helpful. And maybe if I could just follow up with a question, John, around sort of your investments in sales capacity. And I ask that in terms of as you diversify the business overtime from China into other markets, as you grow ICPs, as you look to cross-sell, upsell into your base, how is your go-to-market strategy changing, if at all, if you could share any insights into your investments in sales and your overall approach to attacking the market?

知道了。那很有幫助。約翰，我能否再問一個問題，關於您在銷售能力上的投資。我想問的是，隨著您逐步將業務從中國擴展到其他市場，隨著您不斷擴大理想客戶畫像 (ICP)，隨著您尋求交叉銷售和向上銷售，您的市場進入策略是否有所改變？您能否分享一些關於銷售投資和整體市場策略的見解？

Yeah, that's a great question and an exciting part of the evolution of Payoneer. The majority of our customers are acquired organically, as you know, right? They come through the application or through our website. And if we get millions of applications annually, so we sift through those to find lookalikes of our best customers. And then alongside of that, are partnerships we're putting in place with resellers, affiliates and others around the globe in the key hubs of activity for the multi-entity entrepreneurs of the globe. So this is, I think, a very exciting engine of our growth looking forward, because it helps us bring in bigger, higher-quality customers.

是的，這是一個很好的問題，也是 Payoneer 發展歷程中令人興奮的一部分。如您所知，我們的大部分客戶都是透過自然成長獲得的，對吧？他們透過應用程式或我們的網站報名。如果我們每年收到數百萬份申請，我們會篩選這些申請，找到與我們最佳客戶相似的申請人。同時，我們正在與全球各地的經銷商、附屬公司和其他合作夥伴建立合作關係，這些合作夥伴位於全球多實體企業家的主要活動中心。所以我認為這將是我們未來發展的一個非常令人興奮的引擎，因為它有助於我們吸引更大、更高品質的客戶。

And when you look deep into our portfolio, the volume retention, net revenue retention data of our largest customers is the best in the portfolio. And so moving to focus on acquiring those customers in the hubs around the world where they exist, gives us, I think, a leg up in the market. And we have obviously select paid acquisition and lead generation underway, but we are a loved and well-known brand that's trusted by partners. The brand scores we get are exceptionally good.

深入了解我們的產品組合後，你會發現我們最大客戶的銷售留存率和淨收入留存率數據在所有產品組合中都是最好的。因此，我認為，將重點放在世界各地客戶聚集的中心地帶獲取這些客戶，將使我們在市場上獲得優勢。我們顯然正在進行一些付費推廣和潛在客戶開發工作，但我們是一個深受合作夥伴喜愛和信賴的知名品牌。我們獲得的品牌評分非常出色。

And when we host events, hundreds or thousands of people come to learn about what Payoneer has to offer and why we're helping people bridge their ambition to their achievement. So we feel good about the go-to-market effort. We're focused on not total number of customers, but the quality of customers.

當我們舉辦活動時，成百上千的人會來了解 Payoneer 能提供什麼，以及為什麼我們幫助人們將抱負轉化為成就。因此，我們對市場推廣工作感到滿意。我們關注的不是客戶總數，而是客戶品質。

And we're moving the portfolio deliberately upmarket. You saw in our results the 10,000-plus customers, revenue was up 18%. Volume was up 7% despite the count coming down a bit. And that is deliberate effort on our part as we monetize intra-network volumes. We're $4 million a quarter of monetization there, which is the beginning of something we think very exciting and exit customers that don't fit our profitability and growth targets.

我們正在有意識地將投資組合轉移到高端市場。從我們的業績中可以看到，客戶數量超過 10,000 人，收入增加了 18%。儘管計數略有下降，但成交量仍增加了 7%。這是我們為實現網路內交易量貨幣化所做的刻意努力。我們每季從該領域獲得 400 萬美元的收益，我們認為這是一個非常令人興奮的開端，同時我們也將那些不符合我們獲利和成長目標的客戶退出市場。

Great thank you so much for taking my questions.

非常感謝您回答我的問題。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thank you. Good morning, John, Bea you guys talked about a dynamic macro. Maybe you could just drill down a little bit on what you're seeing with the SMBs on your platform? And how they're reacting to all these day-to-day fluctuations in policy?

謝謝。早安，約翰，比婭，你們之前討論過動態宏。或許您可以深入分析一下您在平台上觀察到的中小企業的情況？他們如何應對這些日常政策波動？

Yeah, thanks, Sanjay, for the question. Look, I think in terms of the Q3 performance of the business, which as we said, has been robust, it's very much in line not only with the medium-term targets, but with the commentary we shared back in August. Volume consistent with that commentary, revenue performance consistent with that commentary.

好的，謝謝桑傑的提問。我認為，就公司第三季的業績而言（正如我們所說，業績表現強勁），不僅與中期目標非常吻合，也與我們8月發表的評論相符。銷量與該評論一致，收入表現與該評論一致。

It's obviously difficult to quantify sort of what the tariff impact is and all of those moving parts from the volatile nature of the tariffs to how timing around shipping and stocking can impact. But we're likely seeing an impact on marketplace volumes from tariffs.

顯然，很難量化關稅的影響，因為關稅的波動性以及運輸和庫存時間等各種因素都會產生影響。但關稅可能會對市場交易量產生影響。

Certainly, our discussions with our customers in China suggests that there's an impact. Obviously, those customers are resilient, as we pointed out in the past, and they're deploying all manner of strategies to really sort of continue to grow their business, whether that's logistic strategies, globalization strategies, pricing and so on. So there are always many factors.

當然，我們與中國客戶的討論表明，這確實產生了影響。顯然，正如我們過去指出的那樣，這些客戶具有很強的適應能力，他們正在採取各種策略來真正繼續發展他們的業務，無論是物流策略、全球化策略、定價策略等等。所以總是有很多因素在運作。

Look, in October, we saw what I would call a modest softening in volumes versus our expectations. Obviously, October is not at all a good proxy for the e-com heavy, China heavy e-com season that's coming in November and December. Golden Week is in October. Obviously, that e-com holiday spending season is both China heavy and goods heavy.

你看，10 月的銷量與我們的預期相比略有下降。顯然，10 月的情況完全不能代表即將到來的 11 月和 12 月的電商旺季，尤其是以中國電商為主的旺季。黃金周在十月。顯然，這個電商假日消費季既以中國市場為主，又以商品銷售為主。

So we're seeing those tariff impacts get absorbed through the portfolio. It's in line, as I say, with sort of what we expected in Q3. And the guidance we've laid out for Q4 really sort of incorporates that broad range of outcomes from those potential sort of shifts and dislocations that we're seeing sort of, frankly, across trade routes and supply routes and so on.

因此，我們看到這些關稅影響正在透過投資組合被吸收。正如我所說，這與我們對第三季的預期基本一致。我們為第四季度製定的指導方針實際上包含了我們所看到的貿易路線和供應路線等方面的潛在變化和錯位所帶來的各種結果。

Okay. Helpful. And then, John, you talked about stablecoins and its availability on your platform in 2026. I'm just curious, like are your customers asking you for this technology? And maybe you could just talk a little bit about the evolution of your revenue model to the extent there is any if you provide this technology?

好的。很有幫助。然後，約翰，你談到了穩定幣及其在 2026 年於你的平台上的可用性。我只是好奇，你們的客戶是否有向你們提出這項技術的需求？如果您提供這項技術，或許可以稍微談談您的收入模式是否有演變？

Sure. I'll add some dimension and then Bea, please jump in. We see stablecoins as a really interesting long-term opportunity for Payoneer, and we're exploring it with intent. And similar to how we built the financial stack on our network of bank and payment providers over the last 20 years to facilitate the movement of money around the world, we really believe that tokenized assets and the distributed ledger technology could be another component of what we've already put in place and in the market. It's really the core essence of the value prop we provide to those entrepreneurs, is being able to operate in whatever currency they want to use to run their business.

當然。我來補充一些細節，然後Bea，請你加入。我們認為穩定幣對 Payoneer 來說是一個非常有趣的長期機遇，我們正在有意識地探索它。就像過去 20 年裡，我們建立了基於銀行和支付提供者網路的金融體系，以促進全球資金流動一樣，我們堅信代幣化資產和分散式帳本技術可以成為我們已經部署到市場中的另一個組成部分。我們為這些企業家提供的價值主張的核心本質，就是讓他們能夠使用任何他們想用來經營業務的貨幣。

But we all know that you can't buy a hammer in Ho Chi Minh City with an Argentinian peso today. So we need the world -- for the stablecoin technology and those rails to be turned into mainstream B2B use cases, companies like Payoneer are purpose-built to turn tradable assets into commercial assets.

但我們都知道，如今在胡志明市，你不可能用阿根廷比索買到一把鐵鎚。因此，我們需要世界——為了將穩定幣技術和相關基礎設施轉化為主流的 B2B 用例，像 Payoneer 這樣的公司就是專門為將可交易資產轉化為商業資產而建立的。

And we feel very excited about what our role in that can be. So we expect adoption corridors, use corridors, specific use cases to develop as our customers explore the impact in their own businesses and how it can both remove payment friction and create opportunity for them.

我們對自身在其中能夠發揮的作用感到非常興奮。因此，我們預計隨著客戶探索其對自身業務的影響，以及它如何消除支付摩擦並為他們創造機會，採用管道、使用管道和具體用例將會發展起來。

If we look at over five years, I'm excited about what that traction can mean and where Payoneer sits. I think people misunderstand how valuable the Payoneer platform is to turning the promise of stablecoins into a reality, and we are in a very disciplined, organized way pursuing it. But Bea, if you'd like to add, go ahead.

如果展望未來五年，我對這種成長動能以及 Payoneer 的發展前景感到興奮。我認為人們誤解了 Payoneer 平台對於將穩定幣的承諾變為現實的價值，而我們正在以非常嚴謹、有組織的方式追求這一目標。不過，Bea，如果你想補充的話，請便。

Yeah, I mean I think yes to all of that, I'd add a couple of sort of additional points. In terms of adoption, use case demand, I think there's sort of multiple lenses. One of them is certainly sort of a regional lens, as we think of regions that have potentially high inflation and stability locally. And who today use Payoneer and other such platforms to basically dollarize, right, to hold dollars as a hedge against local instability. The ability to hold dollars in a different or tokenized asset or in a different store of value is, by definition, valuable to them as well. So I think the stablecoin opportunity dovetails really nicely with the core utility or one of the core utilities that we already provide.

是的，我的意思是，我認為以上所有觀點都正確，我還要補充幾點。就採用情況和用例需求而言，我認為可以從多個角度來看。其中之一當然是一種區域視角，因為我們會考慮那些通貨膨脹可能很高但當地局勢穩定的地區。如今，許多人使用 Payoneer 和其他類似平台，基本上就是為了將資金兌換成美元，持有美元以對沖當地局勢的不穩定。從定義上講，能夠以不同的資產或代幣化資產或不同的價值儲存方式持有美元，對他們來說也是有價值的。所以我認為穩定幣的機會與我們已經提供的核心功能或其中一項核心功能非常契合。

And against the broader payment scheme sort of landscape as we see really more of a fragmented payment scheme, regional players, regional payment schemes coming up, increasingly mobile-first local schemes. Really, the name of the game in the cross-border space is to neatly, cleanly and efficiently orchestrate across all of those payment schemes, and stores of value like stablecoin are one such scheme, right?

而從更廣泛的支付方案格局來看，我們看到支付方案越來越分散，區域性參與者和區域性支付方案不斷湧現，行動優先的本地方案也日益增多。實際上，跨境支付領域的關鍵在於如何巧妙、清晰、有效率地協調所有支付方案，而穩定幣等價值儲存手段正是其中一種方案，對吧？

So we view it as very sort of tightly coupled to our money movement evolution and strategy overall. And we're seeing sort of use cases develop as customers, to John's point, really are able to explore the real-time benefits and programmability potentially around their own use cases and business in the corridors where it begins to become available.

因此，我們認為它與我們整體的資金流動演變和策略緊密相關。正如約翰所說，我們看到隨著客戶真正能夠探索即時優勢和可編程性，各種用例正在發展，這些優勢和可編程性可能圍繞著他們自己的用例和業務，在它開始可用的領域中發揮作用。

Trevor Williams, Jefferies.

特雷弗威廉斯，傑富瑞集團。

Hi guys, this is Ryan on for Trevor. Just wanted to ask on take rate. It looks like that's been pretty healthy here. Just wanted to see what you guys think about the sustainability of that take rate expansion, kind of break down what the core drivers have been in that strength thank you guys.

大家好，我是 Ryan，替 Trevor 為您報道。想問一下成交率。看起來這裡的情況相當不錯。想聽聽大家對這種收購率擴張的可持續性有何看法，能否分析一下推動這種成長的核心因素是什麼？謝謝大家。

Yeah, thanks for the question, Ryan. Look, we appreciate the call out, right. I think of the many metrics where we're seeing really sustainable performance, it's in the take rate dynamics, right. We've demonstrated the ability to continue to drive that take rate expansion in our SMB business. And excluding interest income, we've grown it by 12 basis points in the quarter, right.

謝謝你的提問，瑞恩。我們很感謝你的提醒，對吧。我認為，在眾多能夠體現真正永續表現的指標中，最顯著的就是成交率的動態變化，對吧。我們已經證明，我們有能力繼續推動中小企業業務的成交率成長。如果排除利息收入，我們本季成長了 12 個基點，對吧。

And there are numerous levers within that and numerous inputs. One is certainly the growth of our B2B business, which is outpacing the growth of the business as a whole. As John pointed out in his prepared remarks, that B2B revenue is about one-third now of our core revenue, and it grew 27%, right. So that's driving some of that uplift.

其中有很多控制點和輸入點。其中一個方面無疑是我們的 B2B 業務成長，其成長速度超過了整個業務的成長速度。正如約翰在事先準備好的演講稿中指出的那樣，B2B 收入現在約占我們核心收入的三分之一，並且增長了 27%，對吧。所以這在某種程度上推動了經濟成長。

Beyond that, product adoption, right, as we continue to drive adoption of our Card product, of Checkout, of our invoicing service within B2B of our workforce management product, that's also providing uplift. And then ultimately, also pricing, right, as we continue to refine and optimize our pricing strategy. So we're seeing take rate expansion across our business lines from our marketplace business to our B2B business.

除此之外，產品採用率也不斷提高，正如我們持續推動 B2B 領域的信用卡產品、結帳產品、發票服務以及勞動力管理產品一樣，這也帶來了提升。最終，價格也是我們不斷改善和優化定價策略的關鍵。因此，我們看到從市場業務到 B2B 業務，我們各個業務線的佣金率都在成長。

In B2B, look, we'll see some moderating of that increase going into Q4 as we lap workforce management, but still comfortably ahead of that volume across the book and really demonstrating that expanding value that we're providing to our customers and the take rate expansion that goes along with that.

在 B2B 領域，我們預計到第四季度，隨著勞動力管理業務的成長，這一增長速度會有所放緩，但整體業務量仍然遠超預期，這充分體現了我們為客戶提供的價值不斷擴大以及隨之而來的市場份額增長。

Understood. That all makes sense. And then just as a follow-up on B2B volume. I think the prior expectation had been to get to high teens B2B volume growth by 4Q. Just wanted to see if that was still the expectation. I mean, if so, I guess, what is the level of visibility? And what are the main drivers into that acceleration into 4Q?

明白了。這一切都說得通。然後，作為對 B2B 交易量的後續後續。我認為之前的預期是到第四季 B2B 交易量成長達到兩位數以上。只是想確認一下是否仍是這樣的預期。我的意思是，如果真是這樣，那麼可見度究竟如何？那麼，推動第四季加速成長的主要因素是什麼？

Thanks for the question. That is still the expectation. So the B2B business, as I said, performed in line in Q3. We grew volume 11%. We grew revenue 27%. Coming into the back half of the year, we expect that volume to increase mid-teens, and we expect the revenue to increase somewhere between 20% and 25%. So for the full year, the B2B business is going to generate approximately 25% year-over-year revenue growth. That's really robust growth in a sustainable and growing part of our business.

謝謝你的提問。人們仍然抱持這樣的期望。正如我所說，B2B業務在第三季表現符合預期。銷量成長了11%。我們營收成長了27%。進入下半年，我們預計銷售量將成長十幾個百分點，營收將成長 20% 至 25%。因此，全年來看，B2B業務將實現約25%的年成長。這是我們業務中一個可持續發展且不斷增長的領域實現了真正強勁的成長。

We have good visibility into that business. We obviously are, as John has noted, really moving upmarket and bringing in, acquiring and serving larger customers with more predictable business models. So we feel good about how that business is performing. We're making investments in that business, both in the go-to-market motions that serve it, as John has noted, with partners and affiliates, in the product roadmap that really sort of delivers that SMB-grade experience. And in the service model to make sure that we are driving the improving retention that we're seeing. So we feel really good about that business, it's moving upmarket, it's healthier, it's more profitable, and it's growing really nicely.

我們對這家企業的情況瞭如指掌。正如約翰所指出的那樣，我們顯然正在向高端市場邁進，透過更可預測的商業模式吸引、獲取和服務更大的客戶。所以我們對這家企業的經營狀況感到滿意。我們正在對這項業務進行投資，包括與合作夥伴和附屬公司合作進行市場推廣活動，正如約翰所指出的那樣，以及製定真正能夠提供中小企業級體驗的產品路線圖。在服務模式中，我們要確保能夠推動我們所看到的客戶留存率的提高。所以我們對這項業務感覺非常好，它正在向高端市場轉型，經營狀況更健康，盈利能力更強，而且發展勢頭良好。

Great thank you guys.

非常感謝！

Nate Svensson, Deutsche Bank.

內特‧斯文森，德意志銀行。

Hi guys, really nice to see the continued progress here. I guess, first, I wanted to ask on the growth in customer funds. Obviously, been really impressive, two quarters of 17% growth. And I think you've been pretty clear that this is a core part of the Payoneer value proposition. It sounded like going forward, you think balances will grow in line with overall volumes, but they've clearly been growing above that recently. So I'm maybe just wondering how much more room we have to run in this environment where maybe balances can continue to grow faster than volumes?

大家好，很高興看到這裡持續進展。我想，首先，我想問一下客戶資金的成長。顯然，業績非常亮眼，連續兩季成長了17%。我認為您已經非常明確地表明，這是 Payoneer 價值主張的核心部分。聽起來你認為未來餘額的成長將與整體交易量保持一致，但顯然最近餘額的成長速度已經超過了整體交易量。所以，我只是想知道，在這種餘額成長速度可能會持續超過交易量的環境下，我們還有多少發展空間？

And then qualitatively, I know you talked about things like trust in the platform, but maybe you can talk more specifically about what you're doing to drive or incentivize clients to keep more funds on the platform?

從定性角度來說，我知道您談到了對平台的信任等問題，但您能否更具體地說明您正在採取哪些措施來引導或激勵客戶將更多資金留在平台上？

Yeah, I appreciate the question, Nate. So look, historically, we've certainly called out that our expectation over sort of a long enough time horizon is that we're able to grow balances in line with volume into the platform. We've seen outperformance this year. There's likely many factors from some of that macro volatility, especially around the China corridors as well as relative weakness and volatility in the dollar that can impact kind of near-term usage behavior. So I think we're seeing sort of some of that in the kind of cyclicality that you see.

是的，感謝你的提問，內特。所以你看，從歷史角度來看，我們確實已經指出，我們預期在足夠長的時間範圍內，我們能夠使餘額隨著平台交易量的增加而增長。今年我們已經看到了優異的表現。宏觀經濟波動，尤其是中國週邊地區的波動，以及美元的相對疲軟和波動，都可能對短期使用行為產生影響。所以我認為，我們看到的這種週期性現象，某種程度上也反映了這一點。

Obviously, we love seeing that number grow, right, not only because it demonstrates to your point, the trust, but because it is future revenues in effect when the customers utilize those balances using one of our AP products, that's revenue that comes to us in future periods, future quarters. So we like to see this growth and obviously, we monetize it in the short term.

顯然，我們很樂意看到這個數字成長，對吧？這不僅證明了你所說的信任，而且因為當客戶使用我們的應付帳款產品之一來使用這些餘額時，實際上就意味著未來的收入，這些收入將在未來幾個季度到來。所以我們樂見這種增長，而且顯然，我們會在短期內將其變現。

What are we doing? Look, really, it's very much aligned to some of the themes we've shared. One, as we move upmarket and provide more utility, customers are increasingly using us as their sort of broad-based bank replacement for want of a better word, to hold multiple currencies across the sort of multiple entities to manage that.

我們在做什麼？你看，這其實與我們分享的一些主題非常契合。第一，隨著我們向高端市場邁進，提供更多實用功能，客戶越來越多地將我們視為他們廣泛的銀行替代品（暫且這麼說吧），以便在多個實體中持有多種貨幣並進行管理。

And they're keeping their funds as we see greater adoption of those sorts of products. They're keeping their funds on the platform for longer, and we will tend to see larger balances, not only corresponding to those larger customers, but as we see greater adoption of those products.

隨著這類產品的普及，他們也持續持有這些資金。他們將資金留在平台上的時間更長，我們往往會看到更大的餘額，這不僅與這些大客戶相對應，而且也與我們看到這些產品被更廣泛地採用相對應。

So overall, the inputs to that growing balance in addition to volume are moving upmarket towards those larger customers and adding more utility such that those customers really keep balances in order to utilize the cross-border AP capabilities that we're providing.

因此，總體而言，除了交易量之外，不斷增長的餘額的投入正在向高端市場轉移，轉向那些更大的客戶，並增加更多實用性，以便這些客戶能夠真正保持餘額，從而利用我們提供的跨境 AP 功能。

Yeah. I think Bea absolutely nailed it, but I would just add one point, which is that the perception of Payoneer has been it's an AR company. We're an AR company. And I think that's wrong. We are as much an AP company as we are an AR company today. We've made that transition really effectively.

是的。我覺得Bea說得完全正確，但我只想補充一點，那就是人們對Payoneer的印像一直是一家應收帳款公司。我們是AR公司。我認為這是錯誤的。如今，我們既是一家應付帳款公司，也是一家應收帳款公司。我們已經非常有效地完成了這項轉變。

The Card spend growing so nicely, the AP usage of -- the product attach of multiple AP products with our largest customers. And that pulls through, we see the net revenue retention of those customers really is exceptional.

信用卡消費成長良好，AP 使用情況－我們最大的客戶正在使用多種 AP 產品。事實證明，這些客戶的淨收入留存率確實非常出色。

And we are seeing customers take funds out of their local banks to put them into their Payoneer account, so that they can use our AP products. And that -- as that continues, the correlation between AR volume and total balances become -- spreads even wider. And so we would anticipate overtime that as we continue to drive excellent AP products and great cross-sell of those products, even more balanced activity.

我們看到客戶從當地銀行取出資金存入他們的 Payoneer 帳戶，以便使用我們的 AP 產品。隨著這種情況的持續，應收帳款量與總餘額之間的相關性會進一步擴大。因此，我們預計隨著時間的推移，隨著我們繼續推動優秀的 AP 產品和這些產品的出色交叉銷售，業務活動將更加平衡。

Super detail. I really appreciate that. For the follow-up, I did want to ask about trends in the Checkout business and maybe some future outlook there. Obviously, still growing really nicely in the high 40s, I think was in line with what you told us last quarter.

細節超棒。我非常感謝。作為後續問題，我想詢問一下收銀業務的發展趨勢以及未來的展望。顯然，仍然保持著非常好的成長勢頭，接近40%，我認為這與你上個季度告訴我們的情況一致。

Obviously, you couldn't sustain the levels of growth you had been seeing indefinitely, but would love to hear about maybe some of the tailwinds or headwinds in that business over the last 90 days. And then I think moving forward, I think historically, that business had maybe been more focused on sellers in particular geographies like Hong Kong. So I was just hoping you could talk about the growth or strategic initiatives you have lined up to expand that business in the future, whether that's internal investments, right partnership, anything else?

顯然，你不可能無限期地維持先前的成長水平，但我很想了解過去 90 天裡，這項業務面臨的一些順風或逆風。然後我認為，展望未來，從歷史上看，這項業務可能更側重於香港等特定地​​區的賣家。所以，我只是想請您談談您為未來拓展業務而製定的成長或策略舉措，無論是內部投資、合適的合作夥伴關係，還是其他任何方面？

Yeah, so let's -- first of all, thank you for asking. I think the Checkout team has done an awesome job at Payoneer, and so really proud of their efforts. We think that as Checkout transitions, we announced the Stripe partnership as we transition from our owned and operated solution to the partnership we have with Stripe, it will drive much better cost and yield dynamics in this business.

好的，那麼——首先，謝謝你的提問。我認為Payoneer的結帳團隊做得非常出色，我為他們的努力感到非常自豪。我們認為，隨著 Checkout 的轉型（我們宣布與 Stripe 建立合作夥伴關係，從我們自有營運的解決方案過渡到與 Stripe 的合作夥伴關係），這將為這項業務帶來更好的成本和收益動態。

But at the same time, top line growth will moderate in Q4 and into 2026 as we migrate there. What's most important about the Checkout business is that we provide a comprehensive solution for our customers for all of their GMV that they're doing globally, either with selling on a marketplace, selling B2B or selling direct-to-consumer, they're able to aggregate that AR into their Payoneer account and then obviously use the AP products that we were just sharing and so excited about.

但同時，隨著我們向新市場遷移，第四季及到 2026 年的營收成長將會放緩。結帳業務最重要的意義在於，我們為客戶提供了一個全面的解決方案，涵蓋他們在全球範圍內的所有 GMV，無論是透過市場銷售、B2B 銷售還是直接面向消費者銷售，他們都可以將這些應收帳款匯總到他們的 Payoneer 帳戶中，然後顯然可以使用我們剛分享的、我們非常興奮的應付帳款產品。

We have some good traction with APAC sellers. particularly in India and South Korea following the migration to Stripe, which really validates the core thesis we have, which was to switch to a great partner with solid technology that lets us globalize this franchise. And as you note, the growth rates year-over-year may be more modest, but the actual dollars in revenue will be more significant as we look out.

我們在亞太地區的賣家中取得了不錯的進展，尤其是在印度和韓國，這要歸功於他們遷移到 Stripe 平台。這充分驗證了我們的核心理念，即找到擁有強大技術的優秀合作夥伴，從​​而實現業務的全球化。正如你所指出的，年增速可能較為溫和，但從長遠來看，實際收入金額將更加顯著。

Thanks John.

謝謝你，約翰。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Hi, This is Daniel Krebs on for Darrin Peller. I wanted to ask about the focus on larger ICPs, and we're seeing ARPU that is rising very nicely. But I'm still struggling a bit to reconcile that goal with the large ICP customer growth numbers in 2025. And maybe a more direct way to ask this is, what percentage of those 47,000 large ICPs are not high quality and a focus for you? thanks.

大家好，我是丹尼爾·克雷布斯，替達林·佩勒為您報道。我想問一下關於提高 ICP 的關注度，我們看到 ARPU 正在穩步上升。但我仍然有點難以將這一目標與 2025 年 ICP 客戶數量的大幅增長相協調。或許更直接的問法是：這 47,000 個大型 ICP 中，有多少百分比不是高品質且不是您​​關注的重點？謝謝。

Yeah, great question, and thanks for asking. I think that if you look at the 10,000 plus cohort, let's actually go back. We introduced the ICP framework a couple of years ago, largely to dimensionalize the size of the portfolio at the long tail that was unprofitable. And we are pleased that the long tail of Payoneer is solidly profitable now.

是的，問得好，謝謝你的提問。我認為，如果我們看一下這 10,000 多人的群體，我們不妨回顧一下。幾年前，我們引入了 ICP 框架，主要是為了量化無利可圖的長尾投資組合的規模。我們很高興看到 Payoneer 的長尾用戶群現在已經實現了穩健的利潤。

And it was a definition that was, let's call it a broad pain push way of looking at customers, very small, sort of small and bigger. But it is less relevant a way to look at Payoneer overall and certainly how we're operating the business going forward.

而這種定義，我們不妨稱之為一種看待客戶的寬泛的痛點驅動方式，從非常小的客戶群，到規模較大的客戶群體，都包含在內。但這對於看待 Payoneer 的整體情況，以及我們未來如何經營業務而言，意義不大。

We are very focused on retaining, serving, adding high-value customers that are multi-entity that have the profitability and usage dynamics that mirrors our best customers, and that's where we're shifting our focus pretty intently. And we've discussed this a number of times as we've talked about the shape of the portfolio, how valuable it is for us to have product market fit at the top end. Those $250,000 a month customers are 30% of Q3 revenue, 50% of B2B revenue, more volume, more AP usage, and the best net revenue retention we have.

我們非常注重留住、服務和增加高價值的多實體客戶，這些客戶的獲利能力和使用動態與我們最好的客戶相似，這也是我們目前重點轉移的方向。當我們討論產品組合結構時，我們已經多次討論過這個問題，即在高端產品上實現產品市場契合度對我們來說有多重要。這些每月消費 25 萬美元的客戶佔第三季收入的 30%，B2B 收入的 50%，交易量更大，應付帳款使用量更高，而且是我們淨收入留存率最高的客戶。

Specifically, I would anticipate that 10,000-plus ICP count continues to decline as we scrub the portfolio, manage the -- who we add and who we retain and monetize the intra-network payments. The $4 million a quarter for those intra-network payments is new disclosure, and I think an exciting statement about how we are really fitting our pricing and our monetization to the needs of our customers and the profitability dynamics that we have. So we will continue to drive our focus upmarket, because that's the best way to deliver the profitable growth we're committed to.

具體來說，我預計隨著我們清理投資組合、管理新增和保留人員以及將網路內部支付貨幣化，超過 10,000 個 ICP 的數量將繼續下降。每季度 400 萬美元的網絡內支付額是新的披露信息，我認為這令人振奮，它表明了我們如何真正地根據客戶的需求和我們的盈利能力來調整定價和盈利模式。因此，我們將繼續把重心放在高端市場，因為這是實現我們承諾的獲利成長的最佳途徑。

Thanks John, helpful.

謝謝約翰，很有幫助。

You Bea.

你比阿。

Pete Christiansen, Citi.

Pete Christiansen，花旗集團。

Thank you. Good morning great to see rising solutions engagement, take rate expansion, and mix shift drive strong incremental margin gains quarter-over-quarter. Nice results there.

謝謝。早安，很高興看到解決方案參與度上升、採用率擴大和產品組合轉變推動了季度環比強勁的利潤增長。結果不錯。

I had two questions. First, I was wondering if you can give us an update on the Skuad acquisition you did last year and how that -- how you see that scaling over the platform and potentially driving new areas -- new vectors of growth?

我有兩個問題。首先，我想請您介紹去年收購 Skuad 的最新進展，以及您如何看待此次收購在平台上的規模化發展，並有可能推動新的領域——新的成長方向？

And then my second question back on the stablecoin topic, we couldn't agree with you more multicurrency wallet providers are certainly key enablers of stablecoins. Just curious from what you're seeing on the infrastructure side, whether it be perhaps things like the G7 stablecoin that's been proposed, SWIFT potentially working on so I think circles, Arc blockchain development. Just wondering if you're seeing any of these infrastructure developments as key events that could help improve or drive demand for Payoneer's users to increasingly adopt stablecoins? Thank you.

關於穩定幣的第二個問題，我們完全同意您的觀點，多幣種錢包提供者無疑是穩定幣的關鍵推動者。我只是好奇您在基礎設施方面看到了什麼，例如已經提出的 G7 穩定幣，SWIFT 可能正在開發的 Circles，以及 Arc 區塊鏈的開發。我想知道您是否認為這些基礎設施發展中的任何一項是能夠幫助改善或推動Payoneer用戶越來越多地採用穩定幣的關鍵事件？謝謝。

Sounds good. I'll take the workforce management. Bea will grab the stablecoin. So in workforce management, it's really nice to see that secular tailwind that are driving the employer of record solution growth, right. The more and more companies around the world are recognizing the 7.5 billion people on the planet, let's employ the best at the best price, and use companies like Payoneer to manage the complexity of the compliance heavy HR landscape to handle both managing those people and getting them paid.

聽起來不錯。我來負責勞動力管理。Bea將獲得穩定幣。因此，在勞動力管理領域，看到推動雇主解決方案成長的長期利好因素，真是令人欣慰，對吧。世界各地越來越多的公司意識到地球上有 75 億人口，讓我們以最優的價格僱用最優秀的人才，並利用像 Payoneer 這樣的公司來管理合規性要求高的複雜人力資源環境，從而管理這些人並支付他們的工資。

So our growth is really solid there. We're pleased with the progress. And obviously, we've seen the news around H-1B visas. And I think that bodes really well as it relates to the -- our EOR solution and what US. businesses want to do as they globalize their workforces.

所以，我們在那裡的成長非常穩健。我們對所取得的進展感到滿意。顯然，我們也看到了有關 H-1B 簽證的新聞。我認為這預示著一個好兆頭，因為這與我們的 EOR 解決方案以及美國企業在員工全球化過程中想要做的事情息息相關。

And then when you think about our workforce management business, it really expands our ecosystem of AP capabilities and broadens the core B2B value prop. So it's a small franchise for us, but it's growing really nicely. The contribution is solid.

再想想我們的勞動力管理業務，它確實擴展了我們的應付帳款能力生態系統，並拓寬了核心 B2B 價值主張。所以對我們來說，這只是個小加盟店，但發展勢頭非常好。貢獻紮實可靠。

The team is great and full of entrepreneurs that are hell bent on grabbing market share there. So we feel really good about the traction as we continue to step into that space in a deliberate focused way that's delivering take rate expansion in our B2B business, solid retention for us and an additional value prop for us to offer our customers. It's the early days, but these are good days for that business.

這個團隊很棒，裡面都是一心想搶佔市場份額的創業家。因此，我們對目前的進展感到非常滿意，因為我們正以審慎專注的方式繼續進入這個領域，這不僅提高了我們 B2B 業務的成交率，也為我們帶來了穩定的客戶留存率，並為我們向客戶提供了額外的價值主張。現在還處於早期階段，但對這項業務來說，這是個好時機。

Yeah, and look, on the stablecoin, look, it's super exciting, right? We see all of the items you mentioned, lots of innovation in the space. I think the regulatory clarity that the GENIUS Act brought was really helpful, obviously, in that sense, has provided real tailwinds to some of this innovation.

是啊，你看，穩定幣，你看，它超級令人興奮，對吧？我們看到了您提到的所有項目，這個領域有很多創新。我認為 GENIUS 法案帶來的監管清晰度確實很有幫助，顯然，從這個意義上講，它為一些創新提供了真正的幫助。

And I think we can expect to see a broad range of players in the space, both innovating around the infrastructure and beginning to integrate elements of that infrastructure into legacy financial systems, into other payment schemes, into payment orchestration platforms in ways small and big, right. We've done some of that already today. We've integrated some of Citibank's blockchain-based tokenized deposit technology to really enable some of those treasury management used cases that can benefit a business like ours, right.

我認為我們可以預見，該領域將出現各種各樣的參與者，他們既會圍繞基礎設施進行創新，也會開始以各種方式將該基礎設施的元素整合到傳統金融系統、其他支付方案和支付編排平台中，無論這些方式是大是小。我們今天已經完成了一些工作。我們已經整合了花旗銀行基於區塊鏈的代幣化存款技術，以真正實現一些能夠使像我們這樣的企業受益的資金管理用例，對吧。

So we're going to continue to innovate in that space, as John said in his prepared remarks, really evolving our money movement capabilities to provide that used case or to provide those capabilities to our customers. And ultimately, we see the value that a platform like ours brings to this is really in seamlessly connecting those digital currencies, those stores of value with the legacy payment rails, the legacy fiat rails and allowing customers whatever their used case is to be able to seamlessly move between those stores of value and those local rails to enable what they need in order to grow their business to transact and so on. And we're very well positioned given our best-in-class last mile infrastructure to be a part of solving for that challenge.

因此，我們將繼續在這個領域進行創新，正如約翰在準備好的演講稿中所說，真正發展我們的資金流動能力，以提供這種應用場景或為我們的客戶提供這些能力。最終，我們看到像我們這樣的平台所帶來的價值，在於能夠將這些數位貨幣、這些價值儲存方式與傳統的支付管道、傳統的法幣管道無縫連接起來，並允許客戶無論其使用場景如何，都能在這些價值存儲方式和這些本地渠道之間無縫轉換，從而滿足他們發展業務、進行交易等所需的需求。憑藉我們一流的最後一公里基礎設施，我們完全有能力參與解決這項挑戰。

So look, in short, we think it's super exciting. We follow the space carefully. We talk to a lot of players in the space, and we see it as an opportunity for continued innovation in our business and in general.

簡而言之，我們認為這非常令人興奮。我們仔細地沿著這條路線走。我們與該領域的許多參與者進行了交流，我們認為這是一個在我們的業務甚至整個領域持續創新的機會。

Thank you. That's super helpful.

謝謝。這太有幫助了。

Thank you.

謝謝。

Mike Grondahl, Northland Securities.

Mike Grondahl，北地證券。

Hey guys, two questions. One, you guys have done a lot on OpEx and margins. Anything that you're still targeting there for improvement? And then secondly, John, what are your two priorities going into year-end in 2026?

各位，我有兩個問題。第一，你們在營運支出和利潤率方面做了很多工作。您認為還有哪些方面需要改進？其次，約翰，到 2026 年底，你的兩個優先事項是什麼？

Sure. So let me take. And hey Mike how are you doing? Thanks for the question. So yes, look, we're really proud of the progress we have made in unlocking core profitability, right, meaning profitability, excluding interest income. At the midpoint, it will be up 3 times versus last year, and we've showed continued progress in unlocking that profitability, obviously, from growing the business organically and otherwise, but also from driving improvements. And we see -- and we called some of that out in the prepared remarks.

當然。讓我來吧。嘿，麥克，你好嗎？謝謝你的提問。所以，是的，你看，我們為在釋放核心盈利能力方面取得的進展感到非常自豪，對吧，這裡指的是盈利能力，不包括利息收入。到年中時，將比去年增長 3 倍，而且我們已經持續取得進展，提高了盈利能力，這顯然是透過業務的有機增長和其他方式實現的，但也得益於我們推動的改進。我們看到了——我們在準備好的演講稿中也提到了其中的一些問題。

We see continued runway both from improving transaction revenue economics in general. We talked at the last call around the pricing power we have, the strategic relationships we have with payment players in the space like Mastercard, like Stripe to continue to evolve the economics and evolve the profit dynamics of that business.

我們看到，隨著交易收入經濟效益的整體改善，成長空間將持續擴大。我們在上次電話會議上討論了我們擁有的定價權，以及我們與萬事達卡、Stripe 等支付領域的參與者建立的戰略關係，以繼續發展經濟效益並改變該業務的盈利模式。

And then on the OpEx line, lots of opportunity in that space to continue to align our service model towards those larger customers that we're serving to drive increased automation, to use AI within our back office, within our operations teams, within our risk management infrastructure to really continue to unlock profitability in that business going forward. So we see a lot of runway in short.

在營運支出方面，我們有很多機會繼續調整我們的服務模式，以更好地服務於我們正在服務的那些大型客戶，從而推動自動化程度的提高，在我們的後台、營運團隊和風險管理基礎設施中使用人工智慧，從而真正繼續釋放該業務未來的盈利能力。所以我們看到短跑道還有很多空間。

Yeah, and Mike, I would just say we are intensely determined to deliver the shareholder value that we are committed to creating. And we think we do that by moving our business upmarket, focusing on those multi-entity customers that are underserved by anybody else on the planet that we have the ability to deliver a high amount of value for. We have a brand that's trusted, the licenses that we need, the innovation happening in our money movement organization and a broad set of AP products that we're cross-selling effectively to those customers.

是的，麥克，我只想說，我們決心全力以赴，實現我們承諾創造的股東價值。我們認為，透過將業務推向高端市場，專注於那些地球上其他任何公司都無法充分服務的、我們有能力為其提供高價值的多實體客戶，我們就能做到這一點。我們擁有值得信賴的品牌、所需的授權、資金流動組織中的創新，以及一系列我們正在有效地交叉銷售給這些客戶的 AP 產品。

So the shape of our customer portfolio gets stronger and stronger, which drives the shape of our P&L to be more and more profitable. And doing those two things are really what motivates us every day to fight and continue to build what is an exceptional platform, a kickass team and a big opportunity. So we're really -- we're fired up about doing that through the end of the year. But I don't think that changes at year-end. It just motivates us to continue to execute at a really high level.

因此，我們的客戶組合結構越來越穩固，這也使得我們的損益表越來越獲利。正是這兩件事激勵我們每天奮鬥，繼續打造一個卓越的平台、一支超棒的團隊和一個巨大的機會。所以，我們真的——我們非常有熱情在年底前完成這項工作。但我認為這種情況在年底不會改變。這激勵我們繼續保持高水準的執行力。

Sounds very good hey thank you.

聽起來不錯，謝謝。

That concludes our question-and-answer session. I'd like to turn the conference back over to John Caplan, CEO, for closing remarks.

我們的問答環節到此結束。我謹將會議交還給執行長約翰·卡普蘭，請他作閉幕致詞。

Thanks everybody for your questions and participation today. We delivered record results in the third quarter, and we are executing with the kind of intense focus and discipline that great teams and great management teams come together to do.

感謝大家今天提出的問題與參與。我們在第三季取得了創紀錄的業績，我們正以優秀的團隊和優秀的管理團隊共同努力實現的那種高度專注和自律來執行。

I want to thank our team all over the world for their energy, their drive, their commitment to collaboration and delivering for our customers. We're excited about the opportunities ahead, and really look forward to speaking to everyone again in February as we talk about the future.

我要感謝我們世界各地的團隊成員，感謝他們的活力、幹勁、對協作的承諾以及為客戶創造價值的努力。我們對未來的機會感到興奮，並非常期待在二月再次與大家交流，探討未來。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。