Priority Technology Holdings Inc (PRTH) 2024 Q3 法說會逐字稿

Good day and welcome to the priority technology holdings third quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加優先科技控股 2024 年第三季財報電話會議。（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Chris Kettmann. Please go ahead.

我現在想把會議交給克里斯凱特曼。請繼續。

Good morning and thank you for joining us. With me today are Tom Priore, Chairman and Chief Executive Officer of Priority Technology Holdings, and Tim O'Leary, Chief Financial Officer.

早安，感謝您加入我們。今天與我在一起的有 Priority Technology Holdings 董事長兼執行長 Tom Priore 和財務長 Tim O'Leary。

Before giving our prepared remarks, I would like to remind all participants that our comments today will include forward-looking statements, which involve a number of risks and uncertainties that may cause actual results to differ materially from our forward-looking statements. The company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise. We provide a detailed discussion of the various risk factors in our SEC filings, and we encourage you to review these filings.

在發表我們準備好的演講之前，我想提醒所有參與者，我們今天的評論將包括前瞻性陳述，其中涉及許多風險和不確定性，可能導致實際結果與我們的前瞻性陳述有重大差異。本公司不承擔更新或修改前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。我們在 SEC 文件中詳細討論了各種風險因素，我們鼓勵您查看這些文件。

Additionally, we may refer to non-GAAP measures, including but not limited to EBITDA and adjusted EBITDA during the call. In addition, our non-GAAP performance and liquidity measures to the appropriate GAAP measures can be found in our press release and SEC filings available in the Investors section of our website.

此外，我們可能會在電話會議期間提及非 GAAP 衡量標準，包括但不限於 EBITDA 和調整後 EBITDA。此外，我們的非公認會計準則績效和流動性衡量標準與適當的公認會計準則衡量標準可在我們網站投資者部分提供的新聞稿和美國證券交易委員會文件中找到。

With that, I would like to turn the call over to our Chairman and CEO, Tom Priore.

說到這裡，我想將電話轉給我們的董事長兼執行長 Tom Priore。

Thank you, Chris, and thanks everyone for joining us for our third quarter 2024 earnings call. I'll begin today's call by highlighting the continued positive results and trends we're seeing throughout our business, and then Tim and I will provide an update on key developments within each segment and priority overall.

謝謝克里斯，也謝謝大家參加我們的 2024 年第三季財報電話會議。我將在今天的電話會議開始時強調我們在整個業務中看到的持續積極成果和趨勢，然後蒂姆和我將提供每個細分市場和總體優先事項的關鍵發展的最新信息。

As you saw in this morning's press release, in the third quarter we once again reported record financial results that were driven by the strength of our unified commerce platform that delivers sophisticated product solutions across our segments and dedicated business teams that are committed to our partner's success.

正如您在今天早上的新聞稿中看到的那樣，在第三季度，我們再次報告了創紀錄的財務業績，這得益於我們統一商務平台的實力，該平台在我們的各個細分市場提供複雜的產品解決方案，以及致力於我們合作夥伴成功的專業業務團隊。

Moving to Slide 3, in the third quarter we sustained our positive momentum throughout all three segments of the business, delivering consistently strong results in SMB acquiring, B2B payables, and enterprise payments. Our unified commerce platform that streamlines collecting, storing, lending, and sending money with solutions for acquiring payables and banking and creates revenue and operational success for businesses continues to resonate with our customers, which is reflected in our organic growth performance.

轉向投影片 3，第三季我們在所有三個業務領域都保持了積極的勢頭，在中小企業收購、B2B 應付帳款和企業支付方面取得了持續強勁的業績。我們的統一商務平台透過獲取應付帳款和銀行業務的解決方案簡化了收款、儲存、借貸和匯款流程，為企業創造收入和營運成功，繼續與我們的客戶產生共鳴，這反映在我們的有機增長業績中。

Our diverse business lines continue to benefit from historically elevated interest rates and to perform in evolving macroeconomic environments. As of the end of Q3, total customer accounts operating on our commerce platform exceed 1.1 million as we process nearly $127 billion in annual transaction volume during the prior 12-months while administrating over $1.1 billion in average daily account balances during the quarter.

我們多元化的業務線繼續受益於歷史上較高的利率，並在不斷變化的宏觀經濟環境中表現出色。截至第三季末，在我們的商務平台上營運的客戶帳戶總數超過110 萬個，因為我們在過去12 個月內處理了近1,270 億美元的年度交易量，同時在本季度管理超過11 億美元的日均帳戶餘額。

As you'll see on Slide 4, revenue of $227 million increased by more than 20% from the prior year. This led to a similar increase in adjusted gross profit to $86 million and a 22% improvement in adjusted EBITDA to $54.6 million. Adjusted gross profit margin of 37.9% decreased 40 basis points from the prior year quarter, but that is largely the result of the Plastiq acquisition during Q3. If you exclude the partial quarter impact, adjusted gross profit margins actually increased by 16 basis points from last year.

正如您將在幻燈片 4 中看到的，收入為 2.27 億美元，比前一年增長了 20% 以上。這導致調整後毛利類似增加至 8,600 萬美元，調整後 EBITDA 提高 22% 至 5,460 萬美元。調整後毛利率為 37.9%，較去年同期下降 40 個基點，但這主要是第三季收購 Plastiq 的結果。如果排除部分季度影響，調整後毛利率實際上比去年增長了16個基點。

Referring back to Slide 3, you may have noted that we continue to expect that robust growth and margin trends in our business channels will deliver full year revenue of $875 to $883 million, an increase of approximately 16% over 2023. More significantly, based on continued improvement in our operating margins, we're increasing our full year adjusted EBITDA guidance to $200 million to $204 million, an 18% to 21% increase over 2023.

回顧投影片 3，您可能已經注意到，我們仍然預期業務通路的強勁成長和利潤趨勢將帶來 875 美元至 8.83 億美元的全年收入，比 2023 年成長約 16%。更重要的是，基於我們營業利潤率的持續改善，我們將全年調整後 EBITDA 指引提高至 2 億至 2.04 億美元，比 2023 年成長 18% 至 21%。

Our improved guidance is informed by our strong year-to-date performance highlighted on Slide 5, reflecting 17% revenue growth to $652.6 million that drove more than 21% adjusted gross profit expansion to $244.1 million and 23% improvement in adjusted EBITDA to $152.5 million.

我們改進的指引是基於幻燈片5 中強調的年初至今的強勁業績，反映出收入增長17% 至6.526 億美元，帶動調整後毛利潤擴張超過21% 至2.441 億美元，調整後EBITDA 增長23% 至1.525 億美元。

Our growing partner base continues to see great value in our product and technology offering, and our diverse sales channel performance remains strong across the board. Now, for those of you who are new to the company, Slides 6 and 7 highlight the market orientation of the priority commerce engine that streamlines collecting, storing, lending and sending money and are requiring payables and banking solutions.

我們不斷壯大的合作夥伴群體繼續看到我們的產品和技術提供的巨大價值，並且我們多元化的銷售管道表現仍然全面強勁。現在，對於剛加入公司的人來說，幻燈片 6 和 7 重點介紹了優先商務引擎的市場導向，該引擎簡化了收款、儲存、借貸和匯款流程，並需要應付帳款和銀行解決方案。

The result is a personalized financial tool set that our customers can leverage how they like to accelerate their cash flow and optimize their working capital. Our customers in current market conditions reinforce our belief that systems facilitating payments and banking solutions to accept and distribute funds in multi-party environments will be critical as businesses put greater demand on software and payment solution providers to unlock value.

結果是一套個人化的金融工具，我們的客戶可以按照自己喜歡的方式利用它來加速現金流並優化營運資金。在當前市場條件下，我們的客戶強化了我們的信念：隨著企業對軟體和支付解決方案提供者釋放價值的需求越來越大，促進支付和銀行解決方案在多方環境中接受和分配資金的系統將至關重要。

We remain committed to meeting our customers where they are by refining the experience for our partners to make working with priorities seamless and easy. Our financial performance demonstrates that partners consistently choose the unified commerce applications and acquiring payables and banking that best fit their business or connect to our API to leverage these features in their own applications.

我們仍然致力於透過改善合作夥伴的體驗來滿足客戶的需求，使優先事項的工作變得無縫且輕鬆。我們的財務表現表明，合作夥伴始終選擇最適合其業務的統一商務應用程式和收購應付帳款和銀行業務，或連接到我們的 API 以在自己的應用程式中利用這些功能。

We remain intently focused on the continued innovation in our SaaS payments and banking solutions that are powered by the priority commerce engine and are eager to meet the evolving needs of our growing portfolio of customers and enterprise partners.

我們仍然專注於 SaaS 支付和銀行解決方案的持續創新，這些解決方案由優先商務引擎提供支持，並渴望滿足我們不斷增長的客戶和企業合作夥伴組合不斷變化的需求。

I would encourage you to play the short one to two minute videos embedded in Slides 6 and 7 in the product links to gain a full appreciation of the value and how they're being reflected to our growing customer base.

我鼓勵您播放產品連結中幻燈片 6 和 7 中嵌入的一到兩分鐘的簡短視頻，以充分了解其價值以及它們如何反映到我們不斷增長的客戶群中。

At this point, I'd like to hand it over to Tim who will provide further insights into our segment level performance during the quarter along with current trends in each that factor into our confidence to further increase our strong guidance for full year 2024.

此時，我想將其交給蒂姆，他將進一步深入了解我們本季的細分市場績效以及每個因素的當前趨勢，這些因素將增強我們對進一步增強對2024 年全年的強有力指導的信心。

Thank you, Tom, and good morning, everyone. As I review the third quarter results, please refer to the supplemental slides or the MD&A for further details. Our MD&A is included in the Form 10-Q that was filed with the SEC this morning and provides a discussion of our comparative third quarter results. A link to that filing can also be found on our website.

謝謝你，湯姆，大家早安。當我回顧第三季業績時，請參閱補充幻燈片或 MD&A 以了解更多詳細資訊。我們的 MD&A 包含在今天早上向 SEC 提交的 10-Q 表中，並討論了我們第三季度的比較結果。該文件的連結也可以在我們的網站上找到。

Consistent with the first half of this year, our financial performance in the third quarter was driven by the diverse mix of our business segments along with the continued strong growth in our higher margin operating segments with almost 59% of our adjusted gross profit coming from our B2B and enterprise segments.

與今年上半年一致，我們第三季的財務業績是由業務部門的多元化組合以及利潤率較高的營運部門的持續強勁增長推動的，調整後毛利潤的近 59% 來自我們的業務部門。 B2B 和企業細分市場。

The highly recurring nature of our business model also remains strong with 60% of adjusted gross profit in Q3 coming from monthly fees or revenues that are not dependent on transactions or bank card volume.

我們的業務模式的高度經常性質也依然強勁，第三季調整後毛利的 60% 來自不依賴交易或銀行卡交易量的月費或收入。

Staying on gross profit for a minute and to expand on Tom's comment regarding adjusted gross profit margins, the 40 basis points year-over-year decline in adjusted gross profit margins was driven by the mid-quarter acquisition of Plastiq in Q3 of last year.

繼續關注毛利，並進一步闡述 Tom 關於調整後毛利率的評論，調整後毛利率年減 40 個基點是由去年第三季中期收購 Plastiq 造成的。

If you exclude that impact, adjusted gross profit margins increased 16 basis points on a year-over-year basis. If you look at the trend since Q4 of 2023, which was our first full quarter of ownership of Plastiq, we've expanded adjusted gross profit margins by a total of 130 basis points with sequential improvement each quarter as a result of strong operating leverage.

如果排除此影響，調整後毛利率年增 16 個基點。如果你看一下自2023 年第四季以來的趨勢，這是我們擁有Plastiq 的第一個完整季度，我們的調整後毛利率總共擴大了130 個基點，並且由於強大的營運槓桿，每個季度都有連續改善。

We believe our organic growth rates also continue to outperform our industry peers. If you adjust for the impact of Plastiq, which had one month that was not part of our financial results in Q3 of last year, Priority had year-over-year organic growth of 16.8% for revenue, 17.3% for adjusted gross profit, and 18.6% for adjusted EBITDA.

我們相信我們的有機成長率也持續優於業界同業。如果您調整 Plastiq 的影響（該公司有一個月不屬於我們去年第三季的財務表現），那麼 Priority 的營收年比有機成長率為 16.8%，調整後毛利為 17.3%，調整後EBITDA 為18.6% 。

When you combine industry-leading growth rates with our highly recurring gross profit and the differentiated technology platform in the Priority commerce engine, hopefully you can understand why we're excited about our business and the value that has been built that Priority.

當您將業界領先的成長率與我們的高經常性毛利以及 Priority 商務引擎中的差異化技術平台結合起來時，希望您能夠理解為什麼我們對我們的業務以及 Priority 所建立的價值感到興奮。

I'll now move to Slide 9 in the segment level results for SMB, which generated Q3 revenue of $158.8 million, that is $18.5 million or 13.2% higher than the prior year's third quarter. For comparison purposes, if you recall our Q2 commentary, we referenced organic growth at 12.2% for SMB, excluding the impact of a certain large reseller.

現在，我將轉到幻燈片 9 中的 SMB 細分級別結果，第三季收入為 1.588 億美元，比去年第三季增加 1850 萬美元，即 13.2%。出於比較目的，如果您還記得我們第二季的評論，我們提到中小型企業的有機成長為 12.2%，排除了某個大型經銷商的​​影響。

Now that we've lapped the impact of that large reseller, our reported quarterly results show the ability to consistently and organically grow our top line at strong double-digit growth rates. Bank card dollar volume in SMB was $15.5 billion for the quarter, which increased almost 10% to $14.1 billion in the comparable quarter last year. Consistent with revenue growth, the growth in volume is entirely organic and reflective of the strength of our distribution channels and the breadth of our product offerings.

既然我們已經受到了該大型經銷商的​​影響，我們報告的季度業績表明我們有能力以強勁的兩位數增長率持續、有機地增長我們的收入。本季中小企業銀行卡金額為 155 億美元，比去年同期成長近 10%，達到 141 億美元。與收入成長一致，銷售量的成長完全是有機的，反映了我們分銷管道的實力和產品供應的廣度。

From a merchant standpoint, we averaged 178,000 accounts during the quarter, while new monthly boards averaged 3,400 during the quarter, which is lower than the 3,900 during the comparable quarter of last year. Adjusted gross profit in SMB for the third quarter was $35.6 million, which is up $1.1 million, or 3.3% from last year's third quarter. Gross margins of 22.4% in the quarter were down from 24.6% in last year's third quarter. Margins in the quarter were impacted by a combination of higher credit losses, maturation of prior portfolio purchases, and continued mix shift with our top resellers.

從商家的角度來看，我們本季平均有 178,000 個帳戶，而本季新月度董事會平均有 3,400 個帳戶，低於去年同期的 3,900 個。中小企業第三季調整後毛利為 3,560 萬美元，比去年第三季成長 110 萬美元，成長 3.3%。本季毛利率為 22.4%，低於去年第三季的 24.6%。本季的利潤率受到信貸損失增加、先前投資組合購買的成熟以及我們頂級經銷商的持續組合轉變等因素的影響。

Lastly, for SMB, segment-level quarterly adjusted EBITDA of $28.6 million was up 3.7% from the prior year's third quarter. Moving to B2B, revenue of $22.1 million was an increase of 58.3%, or $8.2 million from the prior year. Plastiq contributed $8 million of the increase during the quarter. Adjusted gross profit in B2B was $6.3 million, a $1.2 million, or 23.6% increase over Q3 of 2023 as a result of the Plastiq acquisition. For the quarter, gross margins were 28.5%, compared to 25.4% in the second quarter of 2024.

最後，對於中小企業來說，部門級季度調整後 EBITDA 為 2,860 萬美元，比去年第三季成長 3.7%。B2B 方面，營收為 2,210 萬美元，較上年成長 820 萬美元，成長 58.3%。Plastiq 在本季貢獻了 800 萬美元的成長。由於收購 Plastiq，B2B 調整後毛利為 630 萬美元，較 2023 年第三季增加 120 萬美元，即 23.6%。本季毛利率為 28.5%，而 2024 年第二季毛利率為 25.4%。

The over 300 basis points of sequential quarter margin expansion was largely due to improvements of Plastiq, including effective interchange management and lower credit losses. As a reminder, the sequential comparison is a more relevant metric until Q4 of this year, given the year-over-year comparison of margins is impacted by the timing of the Plastiq acquisition in Q3 last year, and GAAP reporting requirements for plastics revenue recognition, which has been discussed on prior earnings calls.

連續季度利潤率成長超過 300 個基點，主要歸功於 Plastiq 的改進，包括有效的互換管理和較低的信用損失。提醒一下，考慮到利潤率的同比比較受到去年第三季度收購 Plastiq 的時間以及塑料收入確認的 GAAP 報告要求的影響，順序比較在今年第四季度之前是一個更相關的指標，這已在之前的財報電話會議上討論過。

The B2B segment had $1.9 million of adjusted EBITDA in the quarter, compared to $1.4 million in Q3 of last year, and $1.5 million in Q2 of this year. Moving to the enterprise segment, Q3 revenue of $47.1 million was an increase of $11.9 million, or 33.9% from $35.2 million in the prior year.

B2B 部門本季調整後 EBITDA 為 190 萬美元，去年第三季為 140 萬美元，今年第二季為 150 萬美元。轉向企業部門，第三季營收為 4,710 萬美元，比上年同期的 3,520 萬美元增加了 1,190 萬美元，增幅為 33.9%。

Favorable trends from the past several quarters in new monthly enrollments and billed clients combined with an increase in the number of passport program managers, allowed us to continue to grow account balances, which more than offset the impact of the 50 basis point Fed rate cut in September.

過去幾季新增每月註冊人數和計費客戶的有利趨勢，加上護照專案經理數量的增加，使我們能夠繼續增加帳戶餘額，這遠遠抵消了聯準會降息 50 個基點的影響。

As a result of the strong revenue growth, adjusted gross profit for the enterprise segment increased by 34.5% to $44.1 million, while adjusted gross profit margins were 93.6% in the quarter, compared to 93.2% in the third quarter of 2023.

由於營收強勁成長，企業部門調整後毛利成長34.5%，達到4,410萬美元，本季調整後毛利率為93.6%，2023年第三季為93.2%。

Adjusted EBITDA for the quarter was $40.9 million, which is up 37.6% from last year's third quarter. Moving to consolidated operating expenses, salaries and benefits of $21.7 million increased by only $1.6 million, or 8%, compared to Q3 of last year, which was largely due to the addition of Plastiq in Q3 of 2023.

該季度調整後 EBITDA 為 4,090 萬美元，比去年第三季成長 37.6%。說到綜合營運費用，薪資和福利為 2,170 萬美元，與去年第三季相比僅增加了 160 萬美元，即 8%，這主要是由於 Plastiq 在 2023 年第三季的加入。

However, on a sequential quarterly basis, salaries and benefits was down by 400,000 due to our continued focus on expense discipline. SG&A of $12.4 million increased by less than $1 million from Q3 of 2023, and depreciation and amortization of $13.7 million for the quarter decreased by $3.5 million from last year and is $1.5 million lower than the G&A and Q2 of this year. Moving to the next slide, adjusted EBITDA for the quarter was $54.6 million, which is another new quarterly record for Priority, and was an increase of 21.5% from $45 million last year.

然而，由於我們繼續關注費用紀律，按季度計算，工資和福利下降了 40 萬美元。SG&A 為1,240 萬美元，比2023 年第三季增加了不到100 萬美元，本季折舊和攤銷為1,370 萬美元，比去年減少了350 萬美元，比今年的G&A 和第二季減少了150萬美元。轉到下一張投影片，該季度調整後的 EBITDA 為 5,460 萬美元，這是 Priority 的另一個季度新紀錄，比去年的 4,500 萬美元增長了 21.5%。

On an LTM basis, adjusted EBITDA was $197.2 million, which is an increase of almost $10 million from last quarter and almost $34 million since Q3 of last year. Interest expense of $23.2 million for the quarter increased by $3.2 million from Q3 2023 levels due to the acquisition-related debt increases during Q3 of last year, combined with the broader recapitalization effort we closed in Q2 of this year.

以 LTM 計算，調整後 EBITDA 為 1.972 億美元，比上季增加近 1,000 萬美元，自去年第三季以來增加近 3,400 萬美元。由於去年第三季與收購相關的債務增加，加上我們在今年第二季完成的更廣泛的資本重組工作，本季的利息支出為2,320 萬美元，較2023 年第三季的水準增加了320萬美元。

As seen on Page 14, we finished Q3 with $832.9 million of total debt and net debt of $791.8 million. From a liquidity standpoint, we ended the quarter with all $70 million of borrowing capacity available under a revolving credit facility and $41.1 million of unrestricted cash on the balance sheet.

如第 14 頁所示，第三季結束時，我們的總債務為 8.329 億美元，淨債務為 7.918 億美元。從流動性的角度來看，本季結束時，我們在循環信貸安排下擁有全部 7,000 萬美元的可用借款能力，資產負債表上有 4,110 萬美元的不受限制的現金。

Preferred stock on our balance sheet totaled $105.1 million at September 30th, net of $5.6 million of unaccreted discounts and issuance costs. The third quarter preferred dividend of $4.8 million included $2.9 million paid in cash and $1.9 million of a PIK component. The Q3 dividend was down from $8.4 million in Q2 and $11.8 million in Q1 of this year.

截至 9 月 30 日，我們資產負債表上的優先股總額為 1.051 億美元，扣除 560 萬美元的未提列折扣和發行成本。第三季優先股股息為 480 萬美元，其中包括 290 萬美元現金支付和 190 萬美元 PIK 成分。第三季股息低於第二季的 840 萬美元和今年第一季的 1,180 萬美元。

The lower quarterly dividend was the direct impact of the balance sheet recapitalization that we completed in May of this year, which allowed us to redeem approximately $170 million of the preferred stock. When combined with growth and profitability, the lower preferred dividend resulted in quarterly net income available to common shareholders of $0.07 per share.

季度股息較低是我們今年 5 月完成的資產負債表資本重組的直接影響，這使我們能夠贖回約 1.7 億美元的優先股。與成長和獲利能力相結合，較低的優先股股息導致普通股股東可獲得的季度淨利潤為每股 0.07 美元。

As mentioned on prior calls, we remain committed to evaluating opportunities to further optimize our balance sheet, which will have an incrementally positive impact on our net income available to common shareholders.

正如先前的電話會議中所提到的，我們仍然致力於評估進一步優化資產負債表的機會，這將對我們普通股股東的淨利潤產生逐步的積極影響。

Before turning the call back over to Tom for his closing comments, I'd like to further address our revised financial guidance for the full year. As Tom noted in his opening remarks, we have affirmed our revenue and adjusted gross profit guidance for the full year.

在將電話轉回給湯姆徵求總結意見之前，我想進一步討論我們修訂後的全年財務指引。正如湯姆在開場白中指出的那樣，我們已經確認了全年的收入並調整了毛利指導。

However, we are raising our adjusted EBITDA guidance range by $4 million to a new range of $200 million to $204 million. While increases in certain SOX compliance and cloud migration expenses have and will continue to provide a modest and expected headwind to adjusted EBITDA, we believe strong revenue growth combined with expense discipline will allow us to offset that headwind and outperform our previously provided adjusted EBITDA guidance.

然而，我們將調整後的 EBITDA 指引範圍提高了 400 萬美元，達到 2 億至 2.04 億美元的新範圍。雖然某些SOX 合規性和雲端遷移費用的增加已經並將繼續為調整後的EBITDA 帶來適度和預期的阻力，但我們相信強勁的收​​入成長加上費用紀律將使我們能夠抵消這種阻力，並超越我們先前提供的調整後EBITDA 指導。

With that, I'll turn the call back over to Tom for his closing comments.

至此，我會將電話轉回湯姆，讓他發表結束語。

Thank you, Tim. During the closing segment of our earnings call, I typically share statistics on the advancement of our product segments to reflect the bright future ahead for our platform.

謝謝你，提姆。在我們的財報電話會議的最後部分，我通常會分享有關我們產品領域進展的統計數據，以反映我們平台的光明未來。

Since our performance would seem to make that self-evident, I want to use this time to comment on a handful of our key decisions of the past that are reflected in the business segment and aggregate performance we shared, which reinforce how priorities position to continue to excel throughout the remainder of 2024 and beyond.

由於我們的業績似乎是不言而喻的，我想利用這段時間來評論我們過去的一些關鍵決策，這些決策反映在我們分享的業務部門和整體業績中，這些決策強化瞭如何繼續優先考慮在2024 年剩餘時間及以後表現優異。

Looking back to 2018, upon going public, we began diversifying our acquiring assets to add segments in e-commerce, real estate, construction, health care administration, among others, at attractive and I may say inexpensive low-risk entry points. And all of these assets were early in their transformation to digital.

回顧2018年，上市後，我們開始多元化收購資產，以有吸引力的、我可以說廉價的、低風險的切入點，增加電子商務、房地產、建築、醫療保健管理等領域的業務。所有這些資產都處於數位轉型的早期階段。

Simultaneously, we prudently and consistently built out our complete B2B payable suite, adding capabilities to the platform opportunistically, such as the recent acquisition of Plastiq, all while maintaining the profitability of the business segment.

同時，我們審慎、持續地建造了完整的 B2B 付費套件，並趁機為平台添加功能，例如最近收購 Plastiq，同時保持業務部門的盈利能力。

In 2020, despite the volatility of COVID, while others stood still, we transformed the significant gain from the RentPayment.com sale to complete our vision for unified commerce by adding Finxera's counter-cyclical ISV partnerships, while quickly refactoring the banking as a service stack for deployment across our platform.

2020 年，儘管新冠疫情波動較大，而其他公司卻停滯不前，我們透過增加Finxera 的反週期ISV 合作夥伴關係，將RentPayment.com 出售帶來的巨大收益轉化為完成我們統一商務的願景，同時快速將銀行業務重構為服務堆疊用於在我們的平台上進行部署。

And finally, last year, recognizing the opportunity to capitalize on customers' need for embedded and capture market share from vast counterparties we believe would falter, we accelerated our investment in the Priority Commerce Engine feature development, data scaling capacity and risk and compliance capabilities.

最後，去年，我們認識到有機會利用客戶對嵌入式的需求，並從我們認為會動搖的廣大交易對手那裡奪取市場份額，因此我們加快了對優先商務引擎功能開發、數據擴展能力以及風險和合規能力的投資。

Now I highlight all this to say that Priority has been built with foresight and planning. If you were to encapsulate it in one word, it would be intention. We relentlessly pursue knowledge that can help us see around corners and operate with a singular focus on creating reliable, consistent, long-term value for stakeholders.

現在我強調這一切是為了表明 Priority 是透過遠見和規劃建立的。如果用一個字概括的話，那就是意圖。我們不懈地追求知識，幫助我們洞察困境，並專注於為利害關係人創造可靠、一致、長期的價值。

By being ahead of market and macroeconomic trends positioning our business to capitalize on tailwinds to our thesis emerge, from 2018 to 2023, we've delivered compound annual adjusted EBITDA growth of 19.8% while reducing our debt to EBITDA ratio by over two turns.

透過領先於市場和宏觀經濟趨勢，使我們的業務能夠利用我們論文的順風車，從2018 年到2023 年，我們實現了19.8% 的複合年度調整後EBITDA 增長，同時將債務與EBITDA 比率降低了兩輪以上。

If we were to include our performance through 2024 using the $202 million midpoint of our guidance, our compound annual growth rate remains a consistent 19.56%. The numbers reflect that our tech-enabled service platform is delivering on the promise of a personalized financial tool set that can unlock value for partners, whether those are businesses enhancing their profitability through better cash flow visibility and working capital solutions to IFVs and FIs, adding our financial solutions to enhance their customer experience, retention and margin.

如果我們使用 2.02 億美元的指導中位數計算 2024 年的業績，我們的複合年增長率將保持穩定的 19.56%。這些數字反映出，我們的技術支援服務平台正在兌現個人化金融工具集的承諾，可以為合作夥伴釋放價值，無論這些企業是透過更好的現金流可見度以及IFV和FI的營運資金解決方案來提高獲利能力，並補充道我們的金融解決方案可增強客戶體驗、保留率和利潤。

Our resellers building their success by delivering our modern commerce solutions to their existing and growing portfolios. A success is evident in our top and bottom line financial performance and improving margins, which have meaningfully outpaced our peers for several quarters.

我們的經銷商透過向他們現有和不斷增長的產品組合提供我們的現代商務解決方案來取得成功。我們的頂線和底線財務表現以及不斷提高的利潤率是明顯的成功，這在幾個季度中明顯超過了我們的同行。

I offer these reflections, over our execution over the past several years to reinforce that Priority's technology operations and decision-making are built for the future. And we're accomplishing our mission to deliver a thriving ecosystem of financial solutions that accelerate revenue and optimize working capital for the businesses we serve.

我對過去幾年的執行情況進行了反思，以強調 Priority 的技術運作和決策是面向未來的。我們正在完成我們的使命，提供一個繁榮的金融解決方案生態系統，以加速我們所服務的企業的收入並優化營運資金。

We're delivering this message as we broaden the unified commerce conversation and it resonates with current and prospective customers alike. Before concluding, I want to thank my colleagues at Priority who continue to deliver results and for working incredibly hard to enhance our industry-leading offering every day.

我們在擴大統一商務對話的同時傳達了這個訊息，它引起了當前和潛在客戶的共鳴。在結束之前，我要感謝 Priority 的同事們，他們不斷交付成果，每天都非常努力地增強我們領先業界的產品。

Your commitment and dedication to continue to improve everything we do is clear, providing our customers a constant reminder that they made the right choice to partner with Priority.

您對繼續改進我們所做的一切的承諾和奉獻是明確的，不斷提醒我們的客戶，他們做出了與 Priority 合作的正確選擇。

And last, we continue to appreciate the ongoing support of our investors and analysts. And for those in attendance who are new to Priority, thank you for taking the time to participate in today's call and learn a bit more about us.

最後，我們持續感謝投資人和分析師的持續支持。對於那些剛接觸 Priority 的與會者，感謝您花時間參加今天的電話會議並進一步了解我們。

Operator, we'd now like to open the call for questions.

接線員，我們現在要開始提問。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員說明）

Tim Switzer, KBW.

蒂姆·斯維策，KBW。

Hey guys. Thank you for taking my questions. My first question is kind of on the developments this week with the election results and Trump coming into office. Does the change in administration and possibly the Rep sweep, change your outlook in any way, whether that's potential economic impacts or maybe something on the regulatory side?

嘿夥計們。感謝您回答我的問題。我的第一個問題是關於本週選舉結果和川普上任的事態發展。行政部門和可能的眾議員的變動是否會以任何方式改變您的看法，無論是潛在的經濟影響還是監管方面的影響？

It doesn't change our outlook. I'll just say, we felt like we were pretty well positioned for either outcome. We try to be very intentional about kind of what's developing in the macro environment and certainly the administration change would be a factor. If anything, I think there's some segments where we've been very focused on regulation that will very likely ease off of it. So sectors like debt resolution where we have participants that have integrated to us. We think we'll have further tailwind.

它不會改變我們的看法。我只想說，我們覺得我們對於這兩種結果都處於有利位置。我們試圖非常關注宏觀環境中正在發生的事情，當然政府更迭將是一個因素。如果有什麼不同的話，我認為我們一直非常關注監管的某些領域很可能會放鬆監管。因此，像債務解決這樣的領域，我們有已經融入我們的參與者。我們認為我們將有進一步的順風。

So, I would say, on balance, probably a bit to the upside. The things will be focused on more, but we've kind of built them already into our projections or what's going to be the impact on interest rates. That's probably the factor we'll be most focused on, but again, we've kind of managing things to the forward curve, so we feel like we're properly positioned.

所以，我想說，總的來說，可能有點上漲。這些事情將受到更多關注，但我們已經將它們納入我們的預測或對利率的影響。這可能是我們最關注的因素，但同樣，我們已經按照遠期曲線管理事情，所以我們覺得我們處於正確的位置。

Okay, great. And then as we look forward to 2025, what are some of the revenue drivers that could drive some upside or downside to your outlook there? You guys have mentioned different levers you could pull on Plastiq in the B2B segment. Just kind of curious on an update on those and what that means for 2025?

好的，太好了。然後，當我們展望 2025 年時，哪些收入驅動因素可能會對您的前景帶來一些上行或下行的影響？你們提到了在 B2B 領域可以利用 Plastiq 的不同槓桿。只是對這些方面的更新感到好奇，這對 2025 年意味著什麼？

Sure. Look, we've been very just prudent, I guess I would say, about the B2B segment. And we're seeing very high growth within that segment. We don't expect that to fall off anytime soon. So if anything, I would say that as we're looking further out, we've probably dialed that back. That's potential for upside as more and more adoption of working capital solutions. We're adding salespeople as well.

當然。我想我會說，對於 B2B 領域，我們一直非常謹慎。我們看到該領域的成長非常快。我們預計這種情況不會很快消失。因此，如果有什麼不同的話，我想說的是，隨著我們進一步放眼未來，我們可能已經取消了這一點。隨著越來越多的營運資金解決方案的採用，這具有潛在的上升空間。我們也在增加銷售人員。

So those aren't really built into our go-forward expectations. The biggest impact we think we can see is this continued convergence of call payments and banking, embedded finance. Different folks have different terminology for it. But we can implement those solutions that add meaningful incremental, all the revenue hits the bottom line, and we just don't have to expend additionally to capture those opportunities.

因此，這些並沒有真正納入我們的未來期望中。我們認為我們可以看到的最大影響是電話支付和銀行、嵌入式金融的持續整合。不同的人有不同的術語。但我們可以實施那些增加有意義增量的解決方案，所有收入都達到底線，我們不需要額外支出來抓住這些機會。

So to say, we're well positioned, we haven't built in that upside into our expectations. So that's where really all the major upside is, is this continued adoption of embedded finance that we've tended to underestimate within our models. And that's where you're seeing our guidance upward is a reflection of that, that we're just guiding up upward as it gets monetized and reflected in the income statement. Tim, anything you might add?

可以說，我們處於有利位置，但我們尚未將這一優勢納入我們的預期。因此，真正的主要優勢在於，我們在模型中往往低估了嵌入式金融的持續採用。這就是你看到的我們向上指導的反映，我們只是在貨幣化並反映在損益表中時向上指導。提姆，你還有什麼要補充的嗎？

I think it just echoes maybe some of my earlier comments on the prepared remarks around just the mix of the business and to Tom's point of increasing the guidance as we continue to see higher run rates in certain parts of the business and as B2B and enterprise continue to grow faster, those are higher margin segments, which is why you're seeing the EBITDA guidance move up.

我認為這可能只是呼應了我之前對圍繞業務組合準備的評論的一些評論，以及湯姆增加指導的觀點，因為我們繼續看到業務某些部分的運行率更高，並且隨著B2B 和企業的繼續發展為了更快地成長，這些是利潤率較高的細分市場，這就是為什麼您會看到 EBITDA 指導值上升。

So we're having more and more of our business be highly recurring and coming from other parts of our business than what used to be just the legacy SMB business as we continue to evolve the platform and the technology and move much more towards the unified commerce engine.

因此，隨著我們不斷發展平台和技術，並進一步走向統一商務，我們的業務越來越多地重複出現，並且來自我們業務的其他部分，而不僅僅是傳統的中小企業業務。

Tim, I'll make one other comment. And again, this is not built into our guidance or kind of how our outlook for 2025 because it would all be opportunistic. But there's segments that I would just define as large addressable TAM that are still early in the cycle where we think we have some unique assets. Real estate is a good example where we're doing some things in construction and property management on the Treasury side that is picking up momentum.

提姆，我要發表另一條評論。再說一次，這並沒有納入我們的指導或我們對 2025 年的展望中，因為這都是機會主義的。但我將某些細分市場定義為大型可​​尋址 TAM，這些細分市場仍處於週期的早期階段，我們認為我們擁有一些獨特的資產。房地產就是一個很好的例子，我們在財政部方面正在建築和物業管理方面做一些事情，這些事情的勢頭正在增強。

There's other segments that they're heavy utilization of payments. Payroll is a good example where we think there's opportunity, obviously, the largest expense of any business and we think we've got some differentiators because in that segment money transmission is becoming much more important to operators as regulators consider removing some of the latitude that payroll operators had in the past requiring them to be licensed.

還有其他一些領域，他們大量使用支付。薪資就是一個很好的例子，我們認為存在機會，顯然，這是任何企業中最大的支出，我們認為我們有一些差異化因素，因為在該領域，資金傳輸對營運商來說變得更加重要，因為監管機構考慮取消一些自由度薪資業者過去要求他們獲得許可。

So sectors like that, areas, banking as a service, you saw the FDIC regulation that came down recently that's requiring banks to be much more granular in their look through to account holders. There's opportunities for our technology there. So again, these are all, I'll just call it upside opportunities that they're already built into our capabilities, but we are in the early days of mining that we think have significant upside and as they manifest, we'll reflect them in the mix.

因此，諸如此類的行業、領域、銀行即服務，您會看到最近發布的聯邦存款保險公司 (FDIC) 法規，要求銀行更加細緻地審查帳戶持有人。我們的技術在那裡有機會。再說一次，這些就是全部，我稱之為上行機會，它們已經內置於我們的能力中，但我們正處於挖掘的早期階段，我們認為它們具有顯著的上行空間，當它們顯現時，我們將反映它們在混合中。

That was great, really helpful. Thank you, guys.

這太棒了，真的很有幫助。謝謝你們，夥計們。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，聯盟全球合作夥伴。

Great. Thanks so much. Great results. Organic growth in the enterprise segment continues to be solid. And if I'm looking at the numbers, the average monthly new enrollments re-accelerated in the September quarter compared to the June quarter. Has anything changed there? And is this a leading indicator to an accelerated pace of revenue growth for that segment? Just wondering how to think about that metric.

偉大的。非常感謝。很好的結果。企業部門的有機成長持續穩健。如果我看一下這些數字，與六月季度相比，九月季度的平均每月新註冊人數再次加速。那裡有什麼變化嗎？這是該領域營收成長速度加快的領先指標嗎？只是想知道如何考慮這個指標。

Hi, Brian. Nothing changed. I think we continue to see strong trends in that business with strong enrollments. There certainly is a little bit of seasonality to it from an enrollment standpoint. Generally you'll see a little bit lower enrollments around the holidays. I think the overall enrollment trend has been pretty consistent, but this is just year-over-year growth with our customers and their success in their market. So we'll continue to see those trends. Nothing abnormal that caused any changes there, just normal organic growth with our customer base.

嗨，布萊恩。一切都沒有改變。我認為我們繼續看到該業務的強勁趨勢和強勁的入學人數。從招生的角度來看，它肯定有一點季節性。一般來說，假期前後您會發現入學人數會稍微減少。我認為整體入學趨勢非常一致，但這只是我們的客戶及其在市場上取得的成功的逐年增長。所以我們將繼續看到這些趨勢。沒有任何異常導致那裡發生任何變化，只是我們客戶群的正常有機成長。

Then Tim, at the end of your comments, I thought there was a new piece of the script on strategically thinking about ways to deliver, didn't see it last quarter, maybe you've said that before. But my question is, EBITDA to cash flow conversion has been on the low end given your interest expense.

然後蒂姆，在你的評論結束時，我認為劇本中有一段關於戰略性思考交付方式的新內容，上個季度沒有看到，也許你以前說過。但我的問題是，考慮到利息支出，EBITDA 到現金流的轉換一直處於低端。

In the past you made some strategic decisions to generate cash, and now with CPX ramping but being a very small asset in a much larger company, I'm sure it's hard to generate the market value for what that is. I guess are there any thoughts or strategic decisions to reduce your leverage ratios outside of normal cash flow and quarterly payments?

過去，你會做出一些策略決策來產生現金，而現在，隨著CPX 的增加，但在一家大得多的公司中，它只是一項非常小的資產，我確信很難產生它的市場價值。我想除了正常現金流和季度付款之外，是否有任何想法或策略決策可以降低槓桿率？

We're always looking at opportunities, as you've seen and you've been around the company a long time. You've seen the team take action both on the buy side and the sell side and look to drive value for our shareholders, and we'll continue to do that. Nothing imminent. I think we're executing, we're growing EBITDA, we're improving cash flow. To your point, that's been one of our focus items this year.

我們一直在尋找機會，正如您所看到的，並且您已經在公司工作了很長時間。您已經看到團隊在買方和賣方方面都採取了行動，並希望為我們的股東創造價值，我們將繼續這樣做。沒有什麼迫在眉睫的事情。我認為我們正在執行，我們正在成長 EBITDA，我們正在改善現金流。就您而言，這是我們今年的重點項目之一。

Obviously we addressed part of the preferred equity earlier this year. That has a positive impact given we replaced the cash component of that preferred equity with a lower cost piece of secured debt. We'll continue to evaluate the capital markets and find opportunities to further optimize the balance sheet and lower our cost of capital, which will drive even more cash flow, as well as driving more income to the bottom line and ultimately more EPS for shareholders.

顯然，我們今年早些時候討論了部分優先股。鑑於我們以成本較低的擔保債務取代了優先股的現金部分，這產生了積極的影響。我們將繼續評估資本市場，尋找機會進一步優化資產負債表並降低資本成本，這將推動更多現金流，並推動更多收入達到底線，最終為股東帶來更多每股盈餘。

So nothing imminent from an asset sale buy side development that you're referencing, but we always look at those opportunities. If nothing else, we're always looking at the ways to drive shareholder value and being creative with the assets we have.

因此，您所提到的資產出售買方開發並沒有什麼迫在眉睫的事情，但我們一直在關注這些機會。如果不出意外的話，我們一直在尋找提高股東價值的方法，並利用我們擁有的資產發揮創意。

Great. Thank you.

偉大的。謝謝。

I would come back, pardon me for one sec, Brian, just coming back to your initial question on, hey, do we think we're going to see some -- is there anything that's changed in the enterprise segment? I would submit to you that with -- there were interesting changes in the credit repair space that are actually bullish for where we play. That's been a sector, the [CFPB] has really come down hard on.

我會回來，請原諒我一秒鐘，布萊恩，回到你最初的問題，嘿，我們認為我們會看到一些 - 企業領域有什麼變化嗎？我想向您提交的是，信用修復領域發生了有趣的變化，這實際上對我們的發展方向是有利的。這是一個受到 CFPB 嚴厲打擊的行業。

There's more customers who are on a consumer wellness journey that gravitates to our customer base, helping them actually resolve debts more actively, which I think is the right move. It was probably long overdue, but as that manifested, I do think that's permanent.

有更多的客戶正在進行消費者健康之旅，這吸引了我們的客戶群，幫助他們更積極地實際解決債務，我認為這是正確的舉動。這可能早就該發生了，但正如所表明的那樣，我確實認為這是永久性的。

So there's a, I'll just call the revenue opportunity in that segment has shifted. It's more attractive. It's going to present a broader pool of consumers that elect this route. And you're seeing that in a lift in our numbers and its consistency. And I don't think it reverts back in the future. So that does speak to kind of your earlier question of it's -- has anything changed? I would submit that's the piece that you'll see historically.

因此，我稱之為該細分市場的收入機會已經轉移。它更有吸引力。它將呈現出選擇這條路線的更廣泛的消費者群體。您可以從我們的數字及其一致性的提升中看到這一點。我不認為它會在未來恢復。所以這確實回答了你之前的問題——有什麼改變嗎？我認為這就是您將在歷史上看到的作品。

Great. I appreciate it.

偉大的。我很感激。

Jacob Stephan, Lake Street Capital Markets.

雅各史蒂芬，湖街資本市場。

Hey guys. Thanks for taking the questions. Congrats on the quarter. Just wanted to ask a question on kind of your sales efforts surrounding kind of the cross sale opportunity between enterprise and B2B. Maybe just any kind of color qualitatively quantitatively around kind of the cross sale success you guys have been having would be helpful?

嘿夥計們。感謝您提出問題。恭喜本季。只是想問一下您圍繞企業和 B2B 之間的交叉銷售機會進行的銷售工作。也許任何一種顏色從定性到定量，圍繞你們所取得的交叉銷售成功都會有所幫助？

Yes. I don't know we're at liberty to kind of share specifics as their individual enterprise partners that are contracting with us. But look, we're just -- the adoption of our thesis of, hey, payments and banking activity should happen in one place is, it's just resonating, and it's either being fully implemented at one time or it is being -- we are just winning because there's an eventuality to the customer that starts in payments wanting the other features and not wanting to have to do two to three connections.

是的。我不知道我們作為與我們簽約的個人企業合作夥伴是否可以自由地分享細節。但是看，我們只是 - 我們的論點的採用，嘿，支付和銀行活動應該發生在一個地方，它只是引起共鳴，並且它要么一次完全實施，要么正在 - 我們正在只是獲勝，因為客戶可能會在付款時想要其他功能，而不想進行兩到三個連接。

I'll give you just a couple hypothetical examples. Anyone who's a sports fan out there knows that there's a particularly a college sports fan, there's a lot going on in the name image likeness space, right, and (inaudible). That's a segment we built out custom applications. We're seeing larger ISVs and universities adopt our technology where now a student-athlete, not only gets an application with their training schedule and practice schedule and class schedule, but also an embedded wallet where any of their participation in collective income or NIL income sits or comes through us and enables them to manage that money.

我只會給你幾個假設的例子。任何一個體育迷都知道，有一個特別是大學體育迷，在名字圖像相似度空間中發生了很多事情，對吧，並且（聽不清楚）。這是我們建立自訂應用程式的部分。我們看到較大的ISV 和大學採用我們的技術，現在學生運動員不僅可以獲得包含訓練計劃、練習計劃和課程計劃的應用程序，而且還可以獲得一個嵌入式錢包，其中他們的任何參與集體收入或零收入坐在或透過我們，使他們能夠管理這筆錢。

That's an entirely new market where we're kind of leading that effort. And that's one example, whether it's insurance segments and that ranges from everything from veterinary to PNC where not only do I want to where I would normally send out an ACH to an insured party, instead when they come in and buy insurance I can set them up with a wallet, fund that wallet and they'll spend and come off debit card for whatever their coverage is. Those are becoming just modern experiences that consumers are really comfortable to expect, but insurers want to deliver.

這是一個全新的市場，我們正在引領這項努力。這就是一個例子，無論是保險領域，範圍從獸醫到 PNC，我不僅想要通常向被保險方發送 ACH 的地方，而且當他們進來購買保險時，我可以設置它們有了一個錢包，為該錢包提供資金，他們就會消費並從借記卡中扣除其承保範圍。這些正在成為消費者真正願意期待的現代體驗，但保險公司卻希望提供這種體驗。

So those are just a few examples of kind of where back in the day it might just be a simple payment, transaction of money moving to now it makes its way to a bank container that has a lot of other features associated with it. And that's where we're seeing the evolution, examples like that.

因此，這些只是一些例子，過去可能只是簡單的支付、貨幣交易，現在它進入了具有許多其他相關功能的銀行容器。這就是我們看到的演變，類似的例子。

Okay, that's interesting. Thank you. And then, just wanted to ask a question on the guidance. I think when you look at kind of sequentially Q3 to Q4, Q4 is typically your strongest quarter, but the midpoint implies maybe only just a slight sequential uptick into Q4 for revenue, maybe kind of help us understand some of your assumptions that you made on the revenue guidance?

好吧，這很有趣。謝謝。然後，只是想問一個有關指導的問題。我認為，當您按順序查看第三季度到第四季度時，第四季度通常是您最強勁的季度，但中點意味著第四季度的收入可能只是略有連續上升，也許可以幫助我們理解您所做的一些假設收入指導？

Sure, yes, I think we look at the trends in the business and certainly look across all the various segments and what we're seeing, and I think we're still looking at very solid year-over-year growth. If you look at our Q4 guidance, if you back into that number from the full year guidance, so still very nice double digits, top line, strong organic growth, and then continue to expand the overall margins and improving EBITDA at the bottom line.

當然，是的，我認為我們會關注業務趨勢，當然也會關注所有不同的細分市場和我們所看到的情況，而且我認為我們仍然會看到非常穩健的同比增長。如果你看一下我們的第四季度指導，如果你從全年指導中回顧這個數字，那麼仍然非常好的兩位數，頂線，強勁的有機增長，然後繼續擴大整體利潤率並提高底線的EBITDA 。

Sequentially, it looks a little flatter. I think we're always going to take a relatively conservative view, and to Tom's point, some of these newer initiatives could be further upside, but not really fully reflected in the financials just yet. And I think we're also looking at expected rate declines. Obviously, we'll see what the Fed does this afternoon, but if you look at the probabilities out there from a curve standpoint, it would certainly imply a 25 basis point cut today, and we've seen a little bit of a shift in what the market thinks the Fed will do in December.

漸漸地，它看起來有點扁平了。我認為我們總是會採取相對保守的觀點，就湯姆的觀點而言，其中一些新舉措可能會進一步上漲，但尚未真正完全反映在財務數據中。我認為我們也在考慮預期的利率下降。顯然，我們將看到聯準會今天下午會做什麼，但如果你從曲線的角度來看那裡的機率，這肯定意味著今天會降息 25 個基點，而且我們已經看到了一些變化市場認為美聯儲12 月將採取什麼行動。

We'll see if that continues to evolve over the next month or so, but that certainly has an impact as well, as you think about just the revenue and EBITDA in our business has less of an impact on cash flow, given we're effectively hedged between the floating rate income we generate on our permissible investments and the floating rate interest we pay on our debt, as well as the preferred equity, so the cash flow impact is minimal, but interest rates will certainly have an impact on the revenue and EBITDA in the quarter.

我們將看看這種情況是否會在下個月左右繼續發展，但這肯定也會產生影響，因為你只考慮我們業務中的收入和 EBITDA 對現金流的影響較小，因為我們允許的投資產生的浮動利率收入和我們為債務以及優先股支付的浮動利率利息之間進行了有效對沖，因此現金流影響很小，但利率肯定會對收入產生影響以及本季​​度的 EBITDA。

Okay, great. Thank you. I'll turn it over.

好的，太好了。謝謝。我會把它翻過來。

Hal Goetsch, Loop Capital.

哈爾·格奇（Hal Goetsch），Loop Capital。

Hey, a quick question on Plastiq, it seems to me, it was an $8 million addition to revenue. You announced that acquisition in Q2 last year, it closed in Q3. Like can you give us a feel for like maybe what the run rate is on the last most recent month or the September monthly rate, it seems to be giving some momentum and I'd like to get a little bit more color on what that momentum is?

嘿，關於 Plastiq 的一個簡單問題，在我看來，這增加了 800 萬美元的收入。你們在去年第二季宣布了收購，並在第三季完成了收購。您能否讓我們了解一下最近一個月的運行率或 9 月的月度率，它似乎提供了一些動力，我想對這種動力有更多的了解是？

Sure. Hi, Hal. I'm not sure what company they announced for you, but we know who you're with. Yes. No, good question. I think the acquisition closed August 1st of last year, right? So we had two months in the third quarter last year, obviously a full three months this year. So that's a large portion of that $8 million of grow over that we reference in the growth in the business. But for the quarter, the Plastiq business, it performed well. I think it's continuing to grow. We're seeing that business, it's doing $6 million, $7 million of revenue a month right now and growing.

當然。嗨，哈爾。我不確定他們為你宣布了哪家公司，但我們知道你和誰在一起。是的。不，好問題。我記得收購是在去年 8 月 1 日完成的，對吧？所以去年第三季我們有兩個月的時間，今年顯然是整整三個月。因此，這占我們參考的業務成長 800 萬美元成長的很大一部分。但就本季而言，Plastiq 業務表現良好。我認為它還在繼續增長。我們看到該業務現在每個月的收入為 600 萬美元、700 萬美元，並且還在持續成長。

We've continued to maintain very strong profitability in that business. Obviously when we acquired it, it was losing money and burning cash. We bought the assets out of bankruptcy, very quickly integrated it into the broader Priority enterprise as well as into Priority payables. So we've taken out a lot of the costs. We've integrated that business both from a technology standpoint as well as even the team. So I think we're very happy with where it sits today from a profitability standpoint. We're going to continue to drive the top line, combining it with CPX and offering a fully rounded out Priority payable solution will help take it to the next level, but that's still early in the stages of going to market as a unified solution, but that's in process now.

我們在該業務中繼續保持非常強勁的獲利能力。顯然，當我們收購它時，它正在虧損並燒錢。我們購買了破產後的資產，很快就將其整合到更廣泛的優先企業以及優先應付帳款中。所以我們省去了很多成本。我們從技術甚至團隊的角度整合了該業務。因此，我認為從獲利能力的角度來看，我們對其目前的狀況感到非常滿意。我們將繼續推動收入成長，將其與 CPX 相結合並提供全面的優先應付解決方案將有助於將其提升到一個新的水平，但這仍處於作為統一解決方案進入市場的早期階段，但現在正在進行中。

Clark Orsky, Obra Capital.

克拉克·奧爾斯基，奧布拉資本。

Yes, hi. Thanks for taking the question. Just I'm curious in SMB, the numbers are pretty strong. I'm just curious what you see from a competitive standpoint in that market?

是的，嗨。感謝您提出問題。只是我對中小企業感到好奇，數字相當強勁。我只是好奇您從該市場的競爭角度看到了什麼？

Yes, sure. And it's nice to be introduced. Yes, the SMB segment, we're pretty confident that we continue to grab market share from some of the peers. We're continually winning on the reseller side. So what I think is been the driver of our consistent growth is -- we've had long standing resellers that, they trust us to guide them toward the future. So we're seeing lift by bringing products like our Priority capital is one good example, right? Banking, passport banking. So the adoption of those products into our existing merchant base is accelerating.

是的，當然。很高興被介紹。是的，在中小企業領域，我們非常有信心繼續從一些同行那裡奪取市場份額。我們在經銷商方面不斷獲勝。因此，我認為我們持續成長的驅動力是——我們擁有長期的經銷商，他們相信我們能夠引導他們走向未來。因此，我們透過引入諸如優先資本之類的產品而看到了提升，這就是一個很好的例子，對吧？銀行業務，護照銀行業務。因此，我們現有的商業基礎正在加速採用這些產品。

The other component of that is the traditional community in merchant acquiring is recognizing, Hey, I'm not set up well for this future of commerce that customers are looking for things that are more bundled. Software that will not only handle my accounts receivable, right, my card transaction volume coming in, but where I can quickly disposition that cash flow into working capital to pay vendors, and have options there. Well, our technology enables all that.

其中的另一個組成部分是傳統的商家收單社群正在認識到，嘿，我還沒有為客戶正在尋找更捆綁的東西的商業未來做好準備。軟體不僅可以處理我的應收帳款，對吧，我的卡交易量，而且我可以快速將現金流處理成營運資金來支付供應商，並在那裡有選擇。嗯，我們的技術使這一切成為可能。

So, we've picked up some really nice franchise opportunities. We've seen good adoption of our MX merchant point-of-sale, that's lifted in the coming in this last quarter after kind of a beta through the first six, eight months of the year. So that's been the driver. And the nice thing is we're early days in that expansion of our POS tools. So, we think that'll be a catalyst for growth.

所以，我們已經獲得了一些非常好的特許經營機會。我們已經看到我們的 MX 商家銷售點得到了很好的採用，在今年前六、八個月進行了測試之後，這一點在上個季度有所提升。所以這就是司機。令人高興的是，我們正處於 POS 工具擴展的早期階段。因此，我們認為這將成為成長的催化劑。

And then our ability to capture not just that AR bank card crossing volume in, but the storage of that money in our passport banking, and then the ability to use those funds to pay bills and manage excess working capital all in one place, it really gives us the ability and our partners to earn in three ways as opposed to one. So that's where the market's headed. We think we're among the leaders of it, and if not the leader. And we anticipate that's how we have to drive margin growth.

然後我們不僅能夠捕獲 AR 銀行卡交叉量，還能夠捕獲這些錢在我們的護照銀行中的存儲，然後能夠使用這些資金支付賬單並管理多餘的營運資金，這一切都在一個地方，這真的使我們和我們的合作夥伴能夠以三種方式而不是一種方式賺錢。這就是市場的發展方向。我們認為我們即使不是領導者，也是其中的領導者之一。我們預計這就是我們推動利潤成長的方式。

Yes, thank you for all the detail. That's super helpful. Any competitor in particular that you run up against in the market, WorldPay was spun out, (inaudible) quite active, I don't know if there's anyone out there, call out is doing a particularly good job or bad job?

是的，謝謝您提供的所有細節。這非常有幫助。特別是你在市場上遇到的任何競爭對手，WorldPay 都被分拆出來了，（聽不清楚）相當活躍，我不知道是否有人在那裡，大聲疾呼做得特別好或做得特別差？

I don't think we want to get into talking about competitors directly on the call. I think our performance hopefully speaks for itself. I think if we look at the data that's out there in the industry and you look at just some of the Visa and MasterCard level data, our bank card volume growth is roughly double what you're seeing for other similar position businesses and even some of the larger ones. So I feel like our performance is speaking for itself relative to the growth we're experiencing. But we'll let the other competitors speak about their own business.

我認為我們不想在電話會議上直接談論競爭對手。我認為我們的表現有望說明一切。我認為，如果我們查看行業中的數據，並且僅查看一些 Visa 和 MasterCard 級別的數據，我們的銀行卡數量增長大約是其他類似位置企業甚至某些企業的兩倍。所以我覺得我們的業績相對於我們正在經歷的成長來說是不言而喻的。但我們會讓其他競爭對手談論他們自己的業務。

This concludes our question-and-answer session. I would like to turn the conference back over to Tom Priore for any closing remarks.

我們的問答環節到此結束。我想將會議轉回湯姆·普賴雷 (Tom Priore) 發表閉幕詞。

All right, well, thank you for all the questions. And I appreciate everyone taking the time to learn about our plans for the future as well as evaluate our performance in the current quarter. So hope everyone is going into the holidays, fantastic Thanksgiving and Holiday Season. And we'll look forward to speaking to everybody as we wrap up, what we anticipate will be, you know, consistent 2024. Thank you.

好吧，謝謝你提出的所有問題。我感謝大家花時間了解我們未來的計劃並評估我們本季的業績。所以希望每個人都能進入假期，美好的感恩節和假期。我們期待在結束時與大家交談，我們預計 2024 年將保持一致。謝謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。