Paysafe Ltd (PSFE) 2025 Q2 法說會逐字稿

Ladies and gentlemen, greetings and welcome to the Paysafe second-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，大家好，歡迎參加 Paysafe 2025 年第二季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host for today, Kirsten Nielsen, Head of Investor Relations. Please go ahead.

提醒一下，本次會議正在錄製中。現在我很高興向大家介紹今天的主持人、投資者關係主管 Kirsten Nielsen。請繼續。

Thank you and welcome to Paysafe's earnings conference call for the second quarter of 2025. Joining me today are Bruce Lowthers, Chief Executive Officer, and John Crawford, Chief Financial Officer.

感謝您並歡迎參加 Paysafe 2025 年第二季財報電話會議。今天與我一起出席的還有執行長布魯斯·洛瑟斯 (Bruce Lowthers) 和財務長約翰·克勞福德 (John Crawford)。

Before we begin, a reminder that this call will contain forward-looking statements and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent SEC reports. These statements reflect management's current assumptions and expectations and are subject to factors that could cause actual results to differ materially from those forward-looking statements. You should not place undue reliance on these statements.

在我們開始之前，需要提醒的是，本次電話會議將包含前瞻性陳述，並應與我們的收益報告和公司最新的 SEC 報告中包含的警示性聲明一起考慮。這些聲明反映了管理階層目前的假設和預期，並受可能導致實際結果與前瞻性聲明有重大差異的因素的影響。您不應過度依賴這些聲明。

Forward-looking statements speak only as of the date of this call, and we undertake no obligation to update them. Today's presentation also contains non-GAAP financial measures. You can find additional information about non-GAAP measures and where relevant reconciliations to the most directly comparable GAAP measures in today's press release and in the appendix of this presentation, which are available in the Investor Relations section of our website.

前瞻性陳述僅代表本次電話會議之日的觀點，我們不承擔更新這些陳述的義務。現今的簡報還包含非公認會計準則財務指標。您可以在今天的新聞稿和本簡報的附錄中找到有關非 GAAP 指標的更多資訊以及與最直接可比較的 GAAP 指標的相關調節，這些資訊可在我們網站的「投資者關係」部分找到。

Now I'll turn the call over to Bruce.

現在我將把電話轉給布魯斯。

Good morning and thank you for joining us today. We have continued to build operational momentum on this quarter, so let's turn to our financial results. Another good quarter with revenue adjusted EBITDA, adjusted EPS all in line with our expectations. We delivered 5% organic revenue growth and strong adjusted EBITDA growth of 12% when excluding the divested direct marketing business.

早安，感謝您今天加入我們。本季我們繼續保持營運勢頭，因此讓我們來看看我們的財務表現。又一個良好的季度，營收調整後的 EBITDA、調整後的 EPS 均符合我們的預期。若不計剝離的直銷業務，我們的有機收入成長了 5%，調整後 EBITDA 成長強勁，達到 12%。

The results reflect continued execution on our strategic priorities and growth across all major product lines. Additionally, we saw continued strong performance from existing customers and increase in growth contribution from new customer wins along with the launch of innovative new products.

結果反映了我們策略重點的持續執行以及所有主要產品線的成長。此外，我們看到現有客戶持續表現強勁，新客戶贏得的成長貢獻以及創新新產品的推出也不斷增加。

We returned $20 million to shareholders in the quarter by repurchasing nearly 1.5 million shares, up from $613,000 in Q1, and we continue to repurchase shares here in the third quarter as our shares, in our opinion, remain significantly undervalued and provide a unique opportunity for us that we cannot ignore.

我們在本季透過回購近 150 萬股股票向股東返還了 2,000 萬美元，高於第一季的 613,000 美元，我們在第三季繼續回購股票，因為我們認為我們的股票仍然被嚴重低估並為我們提供了一個不容忽視的獨特機會。

With the second half underway, we continue to expect an acceleration of top line growth, especially in the fourth quarter as we deliver on our existing contracts, execute on our sales pipeline, and drive revenue from product initiatives that are already in the market. Collectively, this remains on track to drive stronger growth and marginal improvement in the second half.

隨著下半年的到來，我們繼續預計營收成長將加速，特別是在第四季度，因為我們將履行現有合同，執行銷售管道，並透過已上市的產品計劃來增加收入。總體而言，這仍將推動下半年更強勁的成長和邊際改善。

Compared to this time last year, our enterprise level deals and the annual contract value of those bookings are up more than 20% year-to-date, with a healthy backlog of signed business across the gaming and fintech sectors, including digital asset and [Paysafe] merchants scheduled to go live in the near term, which further supports our confidence in the full year outlook.

與去年同期相比，我們的企業級交易和這些訂單的年度合約價值今年迄今已增長了 20% 以上，遊戲和金融科技領域已簽約業務積壓量充足，包括計劃在近期上線的數位資產和 [Paysafe] 商家，這進一步增強了我們對全年前景的信心。

Turning to slide 4. I'll share an update on our product priorities starting with the recent launch of our PagoEfectivo wallet in Peru. While it's early days, we're pleased with the initial reception of nearly 40,000 signups and a strong volume of repeat users. We also see sustained high volumes of website and app store visits and believe we have a strong foundation to build future engagement and growth.

翻到幻燈片 4。我將分享我們產品重點的最新情況，從最近在秘魯推出的 PagoEfectivo 錢包開始。雖然還處於早期階段，但我們對最初收到的近 40,000 個註冊用戶和大量重複用戶感到高興。我們也看到網站和應用程式商店的訪問量持續居高不下，並相信我們擁有建立未來參與度和成長的堅實基礎。

But more importantly, this demonstrates our ability to leverage Paysafe's wallet platform to deliver tailored solutions that meet consumers' local payment needs. This is something we plan to replicate in other markets globally as Paysafe identifies opportunities to bring value to consumers and differentiate ourselves in the market.

但更重要的是，這表明我們有能力利用 Paysafe 的錢包平台提供滿足消費者本地支付需求的客製化解決方案。我們計劃在全球其他市場複製這一做法，因為 Paysafe 發現了為消費者帶來價值並在市場中脫穎而出的機會。

Next, our Skrill digital wallet continues to evolve towards being an entertainment destination with products that enhance engagement and loyalty. Our new free-to-play feature allows users to predict the outcomes of live football matches, creating a fun and engaging experience. We also recently launched our new Sports Corner, which highlights the latest match statistics and live odds from real betting operators. By embedding this key step of the sports betting flow, we allow users to complete many of their main actions within the wallet, increasing the probability of completing a transaction.

接下來，我們的 Skrill 數位錢包將繼續朝著娛樂目的地的方向發展，提供能夠增強參與度和忠誠度的產品。我們新的免費遊戲功能允許用戶預測現場足球比賽的結果，創造有趣且引人入勝的體驗。我們最近還推出了新的體育角，重點介紹來自真實博彩運營商的最新比賽統計數據和即時賠率。透過嵌入體育博彩流程的這一關鍵步驟，我們允許用戶在錢包內完成許多主要操作，從而增加了完成交易的可能性。

We are seeing strong active user engagement with these new features, placing consumers at the heart of the action. With respect to our e-cash solutions, we continue to demonstrate the success of our online channel with continued product enhancements and regional expansion. This shift towards online account-based distribution has seen revenue growth to 37% year-to-date, supporting engagement and recurring activity by users with a digital footprint.

我們看到用戶積極參與這些新功能，將消費者置於行動的中心。關於我們的電子現金解決方案，我們繼續透過持續的產品改進和區域擴展來展示我們線上管道的成功。這種向基於線上帳戶的分銷的轉變已經使年初至今的收入增長了 37%，支持了具有數位足蹟的用戶的參與和重複活動。

While revenue contribution is relatively small at $22 million in the first half, our own online store is now our largest distributor. Lastly, in Q2, we signed BBVA, a major Spanish bank that is expanding operations into Germany. Through this partnership, we are enabling BBVA's consumers to seamlessly deposit and withdraw cash to and from their bank accounts at any of our point-of-sale partner locations in the region. This further expands our reach through partnerships with leading mobile and retail banks similar to our recent collaborations to provide digital cash solutions to Revolut and Deutsche Bank, among others.

雖然上半年的收入貢獻相對較小，為 2,200 萬美元，但我們自己的網路商店現在是我們最大的經銷商。最後，在第二季度，我們與西班牙對外銀行 (BBVA) 簽約，該銀行是一家正在將業務擴展到德國的西班牙大型銀行。透過此次合作，我們使 BBVA 的消費者能夠在該地區的任何銷售點合作夥伴處無縫地向其銀行帳戶存入和提取現金。透過與領先的行動和零售銀行的合作，我們進一步擴大了業務範圍，類似於我們最近與 Revolut 和德意志銀行等銀行的合作，為它們提供數位現金解決方案。

While there is a lot more happening across both merchant and consumer portfolio, this gives you some of the highlights of our current product initiatives that are already in the market. This represents a cultural shift in the organization, bringing us closer to our mid-term goal to drive 10% to 12% annual revenue contribution from products released in the last three years.

雖然商家和消費者產品組合中還有很多事情發生，但這為您提供了我們目前已經在市場上銷售的產品計劃的一些亮點。這代表著組織文化的轉變，使我們更接近中期目標，即推動過去三年發布的產品為年收入貢獻 10% 至 12%。

Turning to slide 5. We continue to be very pleased with the progress on our enterprise side of the sales organization and pipeline. Our growth in e-commerce continues to be very strong, exceeding 30% in the second quarter, and broad-based across iGaming and other verticals.

翻到幻燈片 5。我們對企業銷售組織和通路的進展感到非常滿意。我們在電子商務領域的成長持續強勁，第二季度成長超過 30%，並且廣泛覆蓋 iGaming 和其他垂直領域。

The quality of our e-com and enterprise bookings continues to improve and is driving higher quality revenue growth overall, including high single digit growth from our top 20 countries with positive momentum across Europe, which saw double digit regional growth for the first time in years.

我們的電子商務和企業預訂品質持續提高，並推動了整體更高品質的收入成長，包括前 20 個國家的高個位數成長和整個歐洲的積極勢頭，歐洲多年來首次實現了兩位數的區域成長。

On the SMB side, we discussed on prior calls that we have some more work to do as we rebalance and optimize the SMB team and go-to-market channels. While attrition is slightly elevated from where we want it to be, we're encouraged by our new mid-growth this quarter, which was up 6% across the SMB portfolio, including growth from the direct channel.

在中小企業方面，我們在之前的電話會議上討論過，在重新平衡和優化中小企業團隊和上市管道時，我們還有很多工作要做。雖然員工流失率比我們預期的略高，但我們對本季新的中期成長感到鼓舞，中小企業投資組合成長了 6%，其中包括直接管道的成長。

We continue to implement more efficient marketing programs to drive sales qualified leads with better close rates while at the same time focusing on the retention of high-value accounts. Lastly, we remain very excited about our expanded partnership with Fiserv, where we've already seen a promising response to our Clover initiatives.

我們將繼續實施更有效率的行銷計劃，以更高的成交率推動合格的銷售線索，同時注重高價值帳戶的保留。最後，我們對與 Fiserv 擴大的合作夥伴關係感到非常興奮，我們已經看到對我們的 Clover 計劃的良好反響。

To wrap up, we're seeing solid progress towards our priorities to drive new product growth, ramp up the sales organization, leverage key partnerships, and drive greater scale and efficiency across the Paysafe network.

總而言之，我們在推動新產品成長、擴大銷售組織、利用關鍵合作夥伴關係以及提高 Paysafe 網路的規模和效率等優先事項上取得了堅實進展。

With that, I'll ask John to review the financial results and outlook.

有了這些，我會請約翰回顧財務結果和前景。

Thank you, Bruce. Let's move to slide 7 for a summary of our second quarter results. On a reported basis, revenue declined by 3% to $428.2 million. Organic revenue growth was 5% for the quarter in line with our expectations. Organic growth reflects continued double digit growth from e-commerce, 1% growth from SMB, and 3% organic growth from digital wallets, and it excludes the impacts from the divestiture, foreign exchange, and interest.

謝謝你，布魯斯。讓我們轉到投影片 7 來查看我們第二季業績的摘要。據報道，收入下降 3% 至 4.282 億美元。本季有機收入成長率為 5%，符合我們的預期。有機成長反映了電子商務持續兩位數的成長、中小企業 1% 的成長以及數位錢包 3% 的有機成長，並且不包括資產剝離、外匯和利息的影響。

Adjusted EBITDA was $105 million and adjusted EBITDA margin was 24.8%, up 80 basis points compared to the first quarter. When we exclude the impact of the divestiture, our gross margin declined 160 basis points, driven by two ongoing factors lower interest revenue, which accounts for 40 basis points of the decline, and the remainder reflecting business mix.

調整後 EBITDA 為 1.05 億美元，調整後 EBITDA 利潤率為 24.8%，較第一季上升 80 個基點。當我們排除資產剝離的影響時，我們的毛利率下降了 160 個基點，這主要受兩個持續因素的影響：利息收入下降（佔下降的 40 個基點），其餘部分則反映了業務組合。

As we've discussed on prior calls, the shift in mix is mainly driven by higher ISO channel growth within our immerchant solution segment. This was partially offset by a decline in SG&A reflecting our continued cost discipline and the non-recurring pieces of last year's investments. Excluding the contribution of the divestiture and prior year EBITDA, adjusted EBITDA growth would be 12% with marginal expansion of 130 basis points.

正如我們在先前的電話會議中討論過的，產品組合的變化主要是由我們沉浸式解決方案領域內更高的 ISO 管道成長所推動的。這被銷售、一般及行政費用的下降部分抵消，反映了我們持續的成本控制和去年投資的非經常性部分。不計資產剝離和上一年 EBITDA 的貢獻，調整後的 EBITDA 成長率將達到 12%，邊際擴張 130 個基點。

Turning to cash flow, we generated $54 million in unlevered free cash flow in the quarter with a 51% conversion of adjusted EBITDA compared to 59% in the second quarter of last year, reflecting unfavorable FX movement on cash held in foreign accounts. Without the FX intact, our conversion would have been 60% for the quarter. On an LTM basis, unlevered free cash flow was $272 million, reflecting 64% conversion, and we expect the full year to be in line with our target range of 65% to 70%.

談到現金流，本季我們產生了 5,400 萬美元的無槓桿自由現金流，調整後 EBITDA 轉換率為 51%，而去年第二季為 59%，這反映了外匯帳戶中現金的不利匯率變動。如果沒有外匯保持不變，我們本季的轉換率將達到 60%。以 LTM 計算，無槓桿自由現金流為 2.72 億美元，反映出 64% 的轉換率，我們預計全年將符合我們的目標範圍 65% 至 70%。

Adjusted net income was $27.6 million or $0.46 per share compared to $0.59 in the second quarter of last year as the prior year period included $25 million of EBITDA from the divested business as noted in our press release. The GAAP net loss of $50 million for the quarter included a $31 million valuation allowance on our UK deferred tax assets as we no longer meet the accounting recognition threshold.

調整後淨收入為 2,760 萬美元，即每股 0.46 美元，而去年第二季為 0.59 美元，因為正如我們的新聞稿中所述，去年同期包括剝離業務的 2,500 萬美元 EBITDA。本季 GAAP 淨虧損 5,000 萬美元，其中包括我們英國遞延稅務資產的 3,100 萬美元估值準備金，因為我們不再滿足會計確認門檻。

Additionally, we are evaluating the US tax implications of the One Big Beautiful Bill Act and expect it will result in a full valuation allowance against our US deferred tax assets in the third quarter of this year. I'll point out that these are non-cash expenses driven by accounting recognition requirements that have no impact on our cash taxes.

此外，我們正在評估《一項偉大的美麗法案》對美國稅收的影響，並預計它將在今年第三季對我們的美國遞延稅項資產進行全額估值準備。我要指出的是，這些是會計確認要求驅動的非現金支出，對我們的現金稅沒有影響。

Turning to slide 8 for a breakdown of our revenue growth drivers year-to-date. Revenue attrition was 12% for the first half, which reflects modest improvement from Q1 to Q2, but remains slightly above our expectations. Existing customer growth was strong at 13%, which includes clients onboarded in 2024 and will naturally moderate as the year progresses and we annualize the start dates of client on boards. The growth contribution from new customers and new product initiatives improved to 6% in Q2, resulting in a 4% contribution to growth for the first half of the year.

請翻到第 8 張投影片，了解今年迄今為止我們收入成長動力的細目分類。上半年營收損失為 12%，反映出第二季較第一季略有改善，但仍略高於我們的預期。現有客戶成長率強勁，達到 13%，其中包括 2024 年加入的客戶，隨著時間的推移以及我們將客戶加入日期按年計算，現有客戶成長率將自然放緩。新客戶和新產品計劃對第二季的成長貢獻提高至 6%，從而對上半年的成長貢獻達到 4%。

Turning to slide 9 to discuss the merchant segment results. Merchant solutions volume increased by 9% to $35.7 billion, reflecting strong growth in e-commerce and resulting in organic revenue growth of 6%. As a reminder, e-commerce verticals such as iGaming reflect a higher gross margin profile compared to SMB, but a lower take rate, which is predominantly why volume growth outpaced revenue growth for the segment.

翻到第 9 張投影片討論商家細分結果。商家解決方案交易量成長 9%，達到 357 億美元，反映了電子商務的強勁成長，並帶來 6% 的有機收入成長。需要提醒的是，與中小企業相比，iGaming 等電子商務垂直行業的毛利率更高，但佣金率較低，這主要是因為該行業的銷售增長超過了收入增長。

Adjusted EBITDA for the segment was $39.7 million with an adjusted EBITDA margin of 17.1%. There's a lot of noise here, but looking past the impact of the divestiture, the main driver is the mixed headwind due to stronger performance in our ISO channel relative to SMB Direct. SG&A for the segment declined sequentially from the elevated level in Q1 and compared to the prior year reflecting a lower level of investments and improved productivity. Excluding the divested business, adjusted EBITDA margin for merchant solutions would have improved 280 basis points year-over-year.

該部門調整後的 EBITDA 為 3,970 萬美元，調整後的 EBITDA 利潤率為 17.1%。這裡有許多噪音，但縱觀資產剝離的影響，主要驅動因素是由於我們的 ISO 管道相對於 SMB Direct 表現更強勁而產生的混合逆風。該部門的銷售、一般及行政費用較第一季的高點水準連續下降，與去年同期相比也出現下降，這反映了投資水準的降低和生產力的提高。不計剝離的業務，商家解決方案的調整後 EBITDA 利潤率將年增 280 個基點。

Turning to the digital wallet segment on slide 10. Revenue from digital wallets was $201.2 million, an increase of 3% on an organic basis, despite a lower level of sports betting events compared to the second quarter season last year. Our three month actives were $7.2 million, up 3% compared to last year, reflecting growth from LatAm actives, our new collaborations with retail banking merchants, and growth in our classic digital wallets supported by strong consumer acquisition activity and marketing campaigns to re-engage users.

前往第 10 張投影片上的數位錢包部分。儘管與去年第二季相比體育博彩賽事數量有所減少，但數位錢包收入仍達到 2.012 億美元，有機成長 3%。我們三個月的活躍金額為 720 萬美元，比去年增長 3%，反映了拉丁美洲活躍金額的增長、我們與零售銀行商家的新合作，以及在強勁的消費者獲取活動和重新吸引用戶的營銷活動的支持下，我們的經典數位錢包的增長。

Adjusted EBITDA for the digital wallet segment was $82.7 million, which was flat compared to last year, including a $4 million headwind from lower interest revenue and also reflecting business mix due to high growth in the NRE cash products. Segment SG&A was higher in the quarter as well, due largely to increased marketing to support our launch of the Pago Efectivo wallet and foreign exchange impacts.

數位錢包部門的調整後 EBITDA 為 8,270 萬美元，與去年持平，其中包括利息收入下降帶來的 400 萬美元的阻力，同時也反映了 NRE 現金產品高成長導致的業務組合。本季分部銷售、一般及行政開支也有所增加，這主要歸因於為支持我們推出 Pago Efectivo 錢包而增加的營銷費用以及外匯影響。

Turning to slide 11 for an update on leverage and capital allocation. At the end of the quarter, total debt was $2.6 billion and net leverage increased to 5.4 times as the stronger euro at the end of June increased our euro debt balances by more than $100 million when translated back to US dollars.

翻到第 11 張投影片來了解有關槓桿和資本配置的最新情況。截至本季末，總債務為 26 億美元，淨槓桿率增至 5.4 倍，因為 6 月底歐元走強，以美元計算，我們的歐元債務餘額增加了 1 億多美元。

The divestiture is the biggest driver of this temporary increase in our net leverage, and we expect to start growing over that impact to our LTM EBITDA metric in the back half. I'll point out that this impact on the debt balance due to FX does not impact our interest expense, which was $34.5 million in Q2, down 7% compared to the second quarter of last year. Our current interest rate is 5% and down 80 basis points year-over-year.

資產剝離是我們淨槓桿暫時上升的最大驅動因素，我們預計下半年對 LTM EBITDA 指標的影響將開始加劇。我要指出的是，外匯對債務餘額的影響不會影響我們的利息支出，第二季的利息支出為 3,450 萬美元，與去年第二季相比下降了 7%。我們目前的利率為5%，較去年同期下降了80個基點。

Lastly, we purchased 1.5 million shares during the second quarter at an average price of $13.41 per share and an additional 1.5 million shares to date during the third quarter, bringing our year-to-date total to 3.6 million shares. While we are keen to de-lever, the low prices in our stock have been too attractive to ignore.

最後，我們在第二季以平均每股 13.41 美元的價格購買了 150 萬股，並在第三季又買進了 150 萬股，使我們年初至今的總持股達到 360 萬股。雖然我們熱衷於降低槓桿率，但我們股票的低價實在太有吸引力了，不容忽視。

Finally, turning to slide 12. We're reaffirming our 2025 outlook based on our year-to-date results and what we expect for the remainder of the year. We continue to expect organic growth in the second half to accelerate to the range of 8% to 10%, with the fourth quarter expected to be our strongest quarter for reported growth, organic growth, and margin performance.

最後，翻到第 12 張投影片。根據今年迄今的業績以及對今年剩餘時間的預期，我們重申了對 2025 年的展望。我們繼續預計下半年有機成長將加速至 8% 至 10% 的範圍內，預計第四季度將成為我們報告成長、有機成長和利潤率表現最強勁的季度。

The drivers are consistent with what we shared on our last call. We expect to do roughly 1% point better on existing customer growth, bringing that to approximately 9%. And while attrition is tracking less favorable at 12%. We continue to expect our new customer and NPI growth to contribute roughly 10%. As Bruce discussed earlier, our product initiatives remain on track, and our anticipated new customer growth is supported by strong growth across our enterprise deals and ACV.

這些驅動因素與我們上次通話時分享的內容一致。我們預計現有客戶成長率將提高約 1%，達到約 9%。而員工流動率則不太樂觀，為 12%。我們繼續預期新客戶和新產品導入 (NPI) 成長將貢獻約 10%。正如布魯斯之前所討論的，我們的產品計劃仍在按計劃進行，我們預期的新客戶增長受到企業交易和 ACV 強勁增長的支持。

We also have a healthy book of business currently in client delivery that is scheduled to go live here in the second half. As such, we remain confident in our full year guidance, which you'll see reiterated on slide 13. Reflecting 7% organic growth at the midpoint of the range and adjusted EBITDA growth in the low to mid 10s when normalizing for the impact of the business disposal.

目前，我們也擁有良好的客戶交付業務，並計劃於下半年上線。因此，我們仍然對全年指引充滿信心，您將在第 13 張投影片上看到我們重申這一點。反映出該範圍中點的 7% 有機成長率，以及在業務處置影響正常化後 10% 出頭至中段的調整後 EBITDA 成長率。

Lastly, our margin profile is expected to improve in the second half, supported by overall growth and operating leverage, along with a slight mixed improvement at the segment level where we expect a stronger contribution from digital wallets in the second half as well as marginal improvement in the merchant solution segment, with an expectation that our initiatives to improve growth and channel mix will lead to an increase in gross margins in the second half.

最後，預計下半年我們的利潤率狀況將有所改善，這得益於整體成長和營運槓桿，同時各分部也會出現小幅改善。我們預計下半年數位錢包的貢獻將更加強勁，商家解決方案分部也將略有改善。我們預計，改善成長和通路組合的舉措將導致下半年毛利率上升。

With that, I will turn it over to Bruce for final remarks.

接下來，我將把發言權交給布魯斯，請他做最後的發言。

Thank you, John. I'd like to close by thanking our teammates for their continued commitment to our customers, which led to Paysafe being recognized as one of the world's top fintech companies for 2025 by CNBC and Statista for the third year in a row. Their hard work and focus have resulted in our improved execution across the company, setting us up to deliver our third consecutive year of organic revenue growth. While helping to shape the future of payments for the experience economy.

謝謝你，約翰。最後，我要感謝我們的隊友對客戶的持續承諾，這使得 Paysafe 連續第三年被 CNBC 和 Statista 評為 2025 年全球頂級金融科技公司之一。他們的辛勤工作和專注使我們整個公司的執行力得到提高，並使我們連續第三年實現有機收入成長。同時幫助塑造體驗經濟支付的未來。

Now, let's begin the Q&A session.

現在，我們開始問答環節。

(Operator Instructions)

（操作員指示）

Timothy Chiodo, UBS.

瑞銀的提摩西·奇奧多。

Hi, good morning. This is Jing Zhang on for Tim. I wanted to touch on your partnership expansion with Fiserv. So last quarter, you highlighted Clover Capital. So two areas of questions. Number one is this Clover reach directly to your end merchants for their new capital extensions? And if so, how has adoption been trending with your customer base?

嗨，早安。這是張靜為 Tim 主持的節目。我想談談您與 Fiserv 的合作夥伴關係的擴展。上個季度，您重點介紹了 Clover Capital。所以有兩個問題。第一，Clover 是否能直接聯繫到您的最終商家，為他們提供新的資本擴展？如果是的話，您的客戶群採用的趨勢如何？

Yeah, thank you and good morning. I appreciate the question. So, yes, in regard to Clover and our partnership there, The Clover Capital will be available through the business wallet, and so it'll reaches directly out to the consumer. So just for clarity, it'll be a Clover wallet, and so it'll be in essence, a white label wallet for Clover that goes to their customer base. We will have a version that goes to our customer base as well, but yes, all the ancillary services will be available to merchants via the wallet.

是的，謝謝你，早安。我很感謝你提出這個問題。是的，關於 Clover 和我們的合作關係，Clover Capital 將透過商業錢包提供，因此它將直接接觸到消費者。因此，為了清楚起見，它將是一個 Clover 錢包，因此從本質上講，它將是 Clover 面向其客戶群的白標錢包。我們也會有一個面向客戶群的版本，但是是的，所有輔助服務都將透過錢包提供給商家。

Yes. I think the initial, in regard to the initial adoption, it's very early days and so we're pleased with the initial uptake on the product. Capital has been working well and I think -- but it's very early, but we're very pleased with the response from our merchants at this point.

是的。我認為，就最初的採用而言，還處於早期階段，因此我們對產品的初步採用感到滿意。我認為，資本運作良好——儘管現在還為時過早，但我們對目前商家的反應感到非常滿意。

Got it, thank you, Bruce. I believe that your offering of capital you mentioned is through a partnership with [Solaris] so also curious about the trend on that front and also unit economics compared to other vast offerings that you have and also maybe compared to the Clover Capital offering.

明白了，謝謝你，布魯斯。我相信您提到的資本提供是透過與 [Solaris] 合作進行的，因此我也很好奇這方面的趨勢，以及與您提供的其他大量產品相比的單位經濟學，也可能與 Clover Capital 產品相比。

Yeah. The economics are very similar on both sides of the product offering, whether it's Clover Capital or our direct capital line. So really there's no risk that we're assuming as part of the business. It's in essence a referral fee on each of the capital deals, the lending deals that we do. So economics very similar, uptake is very, very similar on both sides of the portfolio, whether it's direct through us or on the Clover side.

是的。無論是 Clover Capital 還是我們的直接資本線，產品提供的雙方的經濟狀況都非常相似。因此，我們實際上在業務中並不承擔任何風險。本質上，它是我們對每筆資本交易和貸款交易收取的介紹費。因此，經濟狀況非常相似，投資組合雙方的吸收量非常非常相似，無論是直接通過我們還是透過 Clover 方面。

Understood. Thank you so much for taking the question.

明白了。非常感謝您回答這個問題。

Trevor Williams, Jeffries.

特雷弗威廉斯，杰弗里斯。

Great, thanks very much. I just wanted to start with the bridge to the rest of the full year, the organic acceleration over the next two quarters and the step up and margin expansion. It sounds like it's mostly from the enterprise deals in the pipeline, but if you could just expand on the main drivers there and just how you would frame the level of visibility overall. Thanks again.

太好了，非常感謝。我只是想從今年剩餘時間的橋樑開始，接下來的兩個季度的有機加速以及利潤率的提升和擴大。聽起來這主要來自於正在進行的企業交易，但如果您可以詳細說明其中的主要驅動因素以及如何建立整體的可見度水平。再次感謝。

John, you want to jump in on the walk, or -- I can give you some just anecdotal. So look, I think the vast majority of the back half of the year has already been sold in various states of implementation or just ramping up. So we believe we have very good visibility into the back half of the year. We see continued improvement and attrition, we see that working in our favor as we get into July. We expect that to continue in the back half of the year, so that's going to add a little bit to growth. John, you want to add anything?

約翰，你想加入進來嗎？或者——我可以跟你講一些軼事。所以，我認為下半年的絕大部分產品已經以各種實施狀態或剛開始銷售。因此，我們相信，我們對今年下半年的前景有良好的預見性。我們看到了持續的改善和減少，我們看到，隨著進入七月，這對我們有利。我們預計這種情況將在今年下半年持續下去，因此這將對成長起到一點推動作用。約翰，你想補充什麼嗎？

The only thing I would add then is that likewise I think for the remarks we made earlier then also drives the margin expansion in the back half of the year. And it's really both the contribution from the wallet side of the business as well as improvement. The merchant segment where we see the both the gross profit and EBITDA margins improving in Q3 and Q4 to drive the margin improvement.

我唯一想補充的是，同樣我認為我們之前所做的評論也推動了下半年利潤率的擴大。這其實既是業務錢包方面的貢獻，也是業務改善。在商家細分市場中，我們看到第三季和第四季的毛利和 EBITDA 利潤率均有所提高，從而推動了利潤率的提高。

So again, I just recap, we've got improvement and attrition that we can see and it's already visible. We have really strong pipeline and execution against the pipeline that we've sold in the first half of the year that will rotate into revenue in the back half of the year.

所以，我再次重申一下，我們已經看到了進步和減少，而這些已經是顯而易見的了。我們擁有非常強大的通路和執行力，上半年銷售的管道將在下半年轉化為收入。

We have continued improvement or expansion in our new products as those continue to roll out across the back half of the year as well. So the vast majority of the back half of the year has been sold and it's now just a kind of implementation and ramping up is how I would classify it. We still have some work to do. There's not -- we're not sitting here saying, okay, we're done for the year, we still have work to do, but we feel very confident about what we've sold and the momentum of what we have coming out of the first half of the year.

我們的新產品也將繼續改進或擴展，因為這些產品也將在今年下半年持續推出。因此，下半年的絕大部分產品已經售出，現在只是一種實施，我將其歸類為加速銷售。我們還有一些工作要做。我們不會坐在這裡說，好吧，我們今年的工作已經完成了，我們還有工作要做，但我們對我們已經銷售的產品以及今年上半年的發展勢頭非常有信心。

Okay, got it. That's very clear. Thanks, guys. And then just for my follow up, I wanted to ask on the e-commerce business, iGaming has been a consistent call out from you guys forever, but it also sounded like you're seeing strength in some of the other verticals within the portfolio is where (inaudible) if you could just expand on those, maybe where you're seeing kind of accelerated bookings momentum, would be helpful as well. Thanks.

好的，明白了。這非常清楚。謝謝大家。然後，為了跟進，我想問電子商務業務，iGaming 一直是你們一貫強調的重點，但聽起來你們也看到了投資組合中其他一些垂直領域的實力，（聽不清楚）如果你能擴展一下這些領域，也許你看到的加速預訂勢頭也會有所幫助。謝謝。

Yeah. I think that's a fair call out. I think when we look at the overall portfolio, as we said, we've got just north of 30% year-over-year growth. The gaming business, as you said, we've called out has been pretty consistent over 50% growth for the last couple of years, at least in the last two years. What has been nice starting in this year is you're really starting to see significant movement in the other verticals within e-commerce.

是的。我認為這是一個公平的呼籲。我認為，當我們審視整體投資組合時，正如我們所說，我們的同比增長率略高於 30%。正如您所說，我們所說的遊戲業務在過去幾年中一直保持著 50% 以上的穩定成長，至少在過去兩年中是如此。今年開始的好消息是，你確實開始看到電子商務其他垂直領域出現重大進展。

Chris Peterson's team has done a great job kind of expanding that. And we see now in Q2 we had double digit mid-teen growth in the -- in that side of the house as well. So we're really ramping on that. We're pressing hard on that. We expect that to continue as we move forward into the back half of the year.

克里斯彼得森 (Chris Peterson) 的團隊在擴展這一領域方面做得非常出色。我們現在看到，在第二季度，我們的房屋那一側也實現了兩位數的中十幾歲的增長。所以我們確實正在加大力度。我們正在大力推動此事。我們預計，進入下半年，這種勢頭將持續下去。

Okay. Thanks very much. Appreciate it.

好的。非常感謝。非常感謝。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Guys, thanks. Bruce, I know you guys were -- hey, how are you? You were talking about the growth of SMB MIDs obviously looking good, but I know you also call that attrition being a little bit higher. So maybe just give us a sense of the puts and takes on what's going well there versus what you can do to really what you're doing to improve the attrition that I think you already alluded to.

夥計們，謝謝。布魯斯，我知道你們──嘿，你們好嗎？您談到 SMB MID 的成長顯然看起來不錯，但我知道您也認為損耗率有點高。因此，也許只是讓我們了解那裡進展順利的投入和產出，以及您真正可以做些什麼來改善我認為您已經提到的人員流失問題。

And then maybe a little bit more color on the split between Direct and ISO growth within SMB and any efforts you're going through to improve the Direct side.

然後，也許可以更詳細地說明 SMB 內部 Direct 和 ISO 成長之間的區別，以及您為改善 Direct 所做的任何努力。

Yeah. Happy to do that. So let me -- I'll tackle the attrition first, and so the attrition has been something we've really focused on. I think when we set out the guide for the year, we were really hoping to be down and around 11% for the year on attrition. We started out the year on a company-wide basis around 12%. We moved to 11% in (inaudible) and we feel pretty good about where we're sitting.

是的。很高興這樣做。因此，讓我——我將首先解決人員流失問題，因此人員流失一直是我們真正關注的問題。我認為，當我們制定年度指導方針時，我們確實希望全年的人員流失率下降到 11% 左右。今年年初，我們全公司的利潤率約為 12%。我們的 (聽不清楚) 比例上升到了 11%，我們對目前的狀況感到十分滿意。

We've implemented a series of new technologies and the way we look at attrition and we have a data team that now has the ability to kind of predict key indicators on attrition and so that's allowing us to move through that. I would also point out on our attrition has been a natural, something that we've seen because we've been driving some of our merchants and business off over the last couple of years as we've pruned our portfolio.

我們實施了一系列新技術，改變了我們看待人員流失的方式，我們有一個數據團隊，現在有能力預測人員流失的關鍵指標，這使我們能夠解決這個問題。我還要指出的是，我們的人員流失是自然現象，這是我們已經看到的現象，因為過去幾年來，隨著我們精簡產品組合，一些商家和業務已經流失。

We're kind of coming to the end of that, so you're seeing a natural decline in attrition, and it's really evident in our digital wallet segments. You've seen a couple of points of improvement on that side. So this is moving just as we thought it would, and we feel very good and confident about the attrition continuing to mitigate as we move down through the rest of the year.

我們即將走到這一步，所以你會看到員工流動率自然下降，這在我們的數位錢包領域表現得非常明顯。您已經看到這方面的幾個改進點。所以，一切正如我們想像的那樣，我們感到非常高興和有信心，隨著今年剩餘時間的推進，人員流失率將繼續下降。

On the SMB and Enterprise. Enterprise is a covered -- really strong growth in the Enterprise side, both on the gaming side and our other channels on e-commerce. So I feel very good about that side of the business. I think the big turnaround on SMB this quarter has been really fantastic. I think Rob Gatto and his team have done a nice job of getting us back on track. I think as we came into the back half of last year, we had some SMB mid-production challenges, and we've kind of turned that corner.

關於 SMB 和企業。企業業務涵蓋了——企業方面成長非常強勁，包括遊戲方面和電子商務的其他管道。所以我對於這方面的業務感覺非常好。我認為本季中小企業的大幅轉變確實令人鼓舞。我認為 Rob Gatto 和他的團隊做得很好，讓我們重回正軌。我認為，當我們進入去年下半年時，我們遇到了一些 SMB 中期生產挑戰，而我們已經扭轉了這一局面。

So we had really nice growth, probably the best quarter we've had, and probably a year and a half from a mid production, we return back to a positive mid production and feel very good about going into the back half of the year. We do have a little bit of an easy growover on the back half of the year from a mid-production standpoint. So I would anticipate seeing a double digit mid-pro production growth profile as we go through the back half of the year just based on the steady state of what we did in July.

因此，我們實現了非常好的成長，這可能是我們經歷過的最好的一個季度，而且距離中期生產大概有一年半的時間了，我們又回到了積極的中期生產狀態，對進入下半年感到非常滿意。從中期生產的角度來看，我們下半年確實有一點輕鬆的成長。因此，僅基於我們 7 月的穩定表現，我預計下半年中期專業生產將呈現兩位數的成長動能。

We had a very strong July mid production and we'll continue to see that as we go through the back half of the year. Again we have a great product with Clover that is really helping us in that market. We feel very good about our partnership with Fiserv, and I think overall, we've got a lot of those issues resolved and we're moving in a very positive direction.

我們七月中旬的產量非常強勁，下半年我們將繼續看到這一勢頭。我們再次推出了一款出色的產品——Clover，它確實為我們在該市場提供了幫助。我們對與 Fiserv 的合作感到非常滿意，我認為總體而言，我們已經解決了很多問題，並且正在朝著非常積極的方向發展。

And that's -- Bruce, that's Direct also? I know the ISO that you call out being strong (multiple speakers)

那是——布魯斯，那也是 Direct 嗎？我知道你所說的 ISO 很強大（多位發言者）

Yeah. On a Direct basis, we had 7% growth on a Direct basis in Q2 on our mid production.

是的。從直接基礎來看，我們第二季的中期產量直接成長了 7%。

Great and then just quickly on July and August, any sense you can give us for a minute on what you're seeing right now in the market?

太好了，然後快速談談七月和八月，您能否簡要介紹一下您目前在市場上看到的情況？

In July and August? That's probably getting a little out in front, but I've already, I guess, commented a little bit that July looked pretty solid for us. Feel very good about July, really strong mid production. Nothing unusual in July. It was just a solid month in July, so I feel very good about --

七月和八月？這可能有點誇張，但我想，我已經稍微評論過了，七月對我們來說看起來相當穩固。對七月感覺非常好，中期生產確實強勁。七月沒什麼異常。七月是一個充實的月份，所以我對此感覺很好--

(inaudible)

（聽不清楚）

Yes. Good volumes, yeah, just a solid month in July.

是的。是的，交易量不錯，七月的交易量很穩定。

Okay, very good. Thanks guys.

好的，非常好。謝謝大家。

Andrew Harte, BTIG.

BTIG 的 Andrew Harte。

Hey, thank you so much. Good morning. Thanks for the question. Just one for me. Can you talk a bit about the ramp and the direct sales team that we've been talking about the last couple quarters? Are they all on board now? And then if they are, how close do you feel they are to becoming fully productive to the level you'd like to see?

嘿，非常感謝。早安.謝謝你的提問。對我來說只有一個。您能否談談我們過去幾季一直在談論的成長和直銷團隊的情況？他們現在都上船了嗎？如果是的話，您認為他們距離實現您希望看到的完全生產力水平還有多遠？

Yeah, Andrew, great question. So when I look at our sales team, we're up about 56% from where we were in Q2 '23. So the team has definitely grown quite a bit. Productivity is very good. When we look at the productivity per rep, Enterprise is -- remain constant. So even though we've added a bunch of people there, there's very steady production across that group.

是的，安德魯，這個問題問得好。因此，當我查看我們的銷售團隊時，我們發現我們的銷售額比 2023 年第二季成長了約 56%。所以團隊確實成長了很多。生產效率非常好。當我們查看每個代表的生產力時，企業是保持不變的。因此，儘管我們增加了一批員工，但整個團隊的生產力仍然非常穩定。

When you look at our SMB group, it's kind of a story of two different. We had an in-market group and our normal telesales group. The telesales group has performed very well. Actually, their production per rep has increased. The in-market has been weaker as we try to work through that. So we've made some adjustments. Rob's doing a great job kind of adjusting the group there on the in-market piece, but overall Enterprise is executing at a high level. The direct telesales organization is doing exceptionally well, and we got a little bit of work still to clean up on the in-market piece.

當你看看我們的 SMB 集團時，你會發現這是一個不同的故事。我們有一個市場團隊和正常的電話銷售團隊。電話銷售團隊的表現非常出色。實際上，他們每次的產量都有所增加。當我們試圖解決這個問題時，市場表現卻一直較弱。因此我們做了一些調整。羅佈在調整市場部分的團隊方面做得很好，但總體而言，企業執行得非常好。直銷電話組織做得非常好，我們還需要做一些工作來清理市場部分。

Thanks, Bruce.

謝謝，布魯斯。

Matthew Inglis, RBC Capital Markets.

馬修‧英格利斯 (Matthew Inglis)，加拿大皇家銀行資本市場 (RBC Capital Markets)。

Hey, good morning. This is Matthew Inglis (inaudible) at RBC. Hey, good morning. So on the SMB sales side, in the past we've talked about expanding into additional states and verticals. Can you give us a sense for the progression there and is this something that could be maybe meaningful to growth in 2026?

嘿，早安。我是 RBC 的 Matthew Inglis（聽不清楚）。嘿，早安。因此，在中小企業銷售方面，我們過去曾討論過擴展到其他州和垂直行業。您能否向我們介紹一下那裡的進展？這是否可能對 2026 年的成長產生重要影響？

And I apologize that the question was SMB verticals. Oh, states, sorry, yeah --

很抱歉，這個問題是關於 SMB 垂直行業的。哦，各州，對不起，是的--

Yeah, (inaudible) expanding into additional states and verticals, yeah.

是的，（聽不清楚）擴展到其他州和垂直行業，是的。

Yeah. So,good progress there I think as we expanded the sales team we targeted different states. I don't have the stats in front of me on state productivity. But overall we're seeing good production across the board on the SMB side. As I just alluded to, our Direct telesales team is is actually positive productivity per rep year-over-year. So really seeing nice activity there.

是的。所以，我認為，隨著我們擴大銷售團隊，我們瞄準了不同的州，取得了良好的進展。我面前沒有關於國家生產力的統計數據。但總體而言，我們看到中小企業的全面生產表現良好。正如我剛才提到的，我們的直銷電話銷售團隊的每位銷售代表的生產力實際上逐年呈現正成長。所以確實看到了那裡不錯的活動。

I would call out as well that our marketing team is really doing a great job. We've brought a lot of science to what we're doing about the lead generation. They've done a very nice job really improving the efficiency of the sales cycle. So overall I feel like we're trending in a very positive direction on the SMB side.

我還要說的是，我們的行銷團隊確實做得非常出色。我們在潛在客戶開發工作中運用了大量的科學知識。他們確實做得非常出色，並提高了銷售週期的效率。所以總的來說，我覺得我們在 SMB 方面正朝著非常正面的方向發展。

Got it, thanks. And then on the Pago Efectivo wallet, can you maybe give us a deeper sense for where you're seeing traction? I remember there was kind of the gaming angle and the more general use case for it. What's kind of driving success at the moment and what's your strategy and maybe the cadence from this point to ramping it?

明白了，謝謝。然後關於 Pago Efectivo 錢包，您能否讓我們更深入地了解您看到的吸引力在哪裡？我記得它有某種遊戲角度和更普遍的用例。目前推動成功的因素是什麼？您的策略是什麼？從現在開始，您的節奏如何？

Yeah, the Pago Efectivo wallet was really an exceptional launch process. It's -- again, our team down in Latin America, just Peru, just did a great job with it. Our marketing team, exceptional job with the launch. It's really something that we're building off of an existing portfolio of customers. 81% of the customers we surveyed said they would use our wallet. We're seeing a really nice adoption here in the first 40, 50 days, which we put in the prepared remarks.

是的，Pago Efectivo 錢包的發布過程確實非常出色。再說一次，我們在拉丁美洲（尤其是秘魯）的團隊在這方面做得非常出色。我們的行銷團隊在此次發表會上表現出色。這實際上是我們根據現有客戶組合建立的產品。我們調查的 81％ 的客戶表示他們會使用我們的錢包。我們在前 40 到 50 天看到了非常好的採用，我們在準備好的評論中提到了這一點。

So we feel very good about kind of the progress there. There's still a long way to go. We're still rolling it out, increasing acceptance, but overall, we see some really nice things that are emerging. We see an increase in the number of transactions from our existing Pago customers as they move into the wallet, so their number of transactions per month is more than doubled. So we feel very good about the potential there as that continues to roll out.

因此，我們對那裡的進展感到非常滿意。還有很長的路要走。我們仍在推廣它，提高接受度，但總的來說，我們看到一些非常好的事情正在出現。我們發現，隨著現有 Pago 客戶的錢包使用率不斷提高，他們的交易數量也隨之增加，每月交易數量增加了一倍以上。因此，隨著這一領域的不斷拓展，我們對那裡的潛力感到非常樂觀。

But overall, I think the launch has been exceeded our expectations and the teams have really done an outstanding job getting that product launched. Now it's just going to be making sure that we drive acceptance across the market. Both the gaming piece is an obvious piece, but broadening that out across the Peru market is really going to be important and we feel like we're in a good position to do that. Really solid effort by the team there.

但總的來說，我認為此次發布超出了我們的預期，團隊在推出該產品方面確實做得非常出色。現在我們只需要確保獲得整個市場的認可。遊戲部分是顯而易見的部分，但將其擴展到秘魯市場確實非常重要，我們覺得我們處於有利地位來做到這一點。那裡的團隊確實付出了巨大的努力。

Great thanks so much guys.

太好了，非常感謝大家。

(Operator Instructions)

（操作員指示）

Aditya Buddhavarapu, Bank of America.

Aditya Buddhavarapu，美國銀行。

Hi, Bruce, John, this is Aditya from Bank of America. Thanks for taking my question. Just to follow up on e-commerce, so I think you, pointed out the strong traction you're seeing across field. Just keen to understand how that e-commerce growth is split across different geographies as well, but also -- or also different regions, but also just trying to see how much that is coming from the market versus maybe some share gains that you're seeing in your verticals?

嗨，布魯斯、約翰，我是美國銀行的阿迪亞。感謝您回答我的問題。只是為了跟進電子商務，所以我認為你指出了你在整個領域看到的強大吸引力。只是想了解電子商務的成長是如何在不同地區或不同區域之間分配的，但也只是想看看其中有多少來自市場，以及您在垂直領域看到的一些份額成長？

Yeah, so thank you and good morning. It's a great question. The -- what we are seeing out of that vertical is a little bit of geographic expansion. We talked a little bit about Europe and the growth of the European region. Part of that growth is really being fueled by cross-sell opportunities that we've had with e-commerce into our European customers. And so that's really helping fuel some of that e-com growth outside of the gaming vertical.

是的，謝謝你，早安。這是一個很好的問題。我們從這個垂直領域看到的是一點點的地理擴張。我們談論了一些關於歐洲和歐洲地區的發展。這一成長部分實際上是得益於我們透過電子商務向歐洲客戶提供的交叉銷售機會。這確實有助於推動遊戲垂直領域之外的電子商務成長。

So we feel very good about the opportunities that we've had there in Europe. Obviously that group operates on a global basis. I wouldn't say there's one particular market that jumps out more than the other. I think that that team is now has a product that they have the ability to go sell on a broad scale basis. We're finding our footing on how to sell it, and I would expect to see continued growth in that side of the business as we move forward.

因此，我們對在歐洲獲得的機會感到非常高興。顯然，該組織是在全球範圍內開展活動的。我不會說有某個市場比另一個市場更引人注目。我認為該團隊現在擁有一款能夠大規模銷售的產品。我們正在尋找如何銷售它的立足點，並且我希望隨著我們前進，看到該業務的持續成長。

Got it. And if you could just also talk about the competitive dynamics you're seeing in the commerce space in your [keyboards] and maybe the region as well.

知道了。您還可以談談您在 [鍵盤] 商業領域以及該地區看到的競爭動態嗎？

I apologize. I missed the -- Can you just repeat that? I apologize, I missed the beginning of the question.

我很抱歉。我錯過了——你能再說一次嗎？抱歉，我錯過了問題的開頭。

Apologies. If you could just expand on the comparative dynamics you're seeing in e-commerce as well, maybe in your keyboard and regions.

抱歉。如果您可以擴展您在電子商務中看到的比較動態，也許是在您的鍵盤和區域中。

Sure. Okay, I think all of these markets and e-commerce are highly competitive. I think that -- for us, we have such a small market share. There's tremendous opportunity to continue to grow even if we're coming in second or third in a particular e-com opportunity, we're getting volume that we didn't have before because our product is getting better and our team is getting more adapted at selling it. So there's tremendous growth opportunities for us for the foreseeable future in this.

當然。好的，我認為所有這些市場和電子商務競爭都非常激烈。我認為——對我們來說，我們的市場佔有率很小。即使我們在某個電子商務機會中排在第二或第三位，我們也擁有巨大的繼續成長的機會，因為我們的產品越來越好，我們的團隊也越來越適應銷售，所以我們獲得了以前沒有的銷售量。因此，在可預見的未來，我們將面臨巨大的成長機會。

We [won] against anybody. There's lots of competition out there, but we feel pretty good, especially the closer you move towards video gaming and gambling, we do exceptionally well. And now as we broaden out our product set, we'll be moving into some of the other verticals where we feel we can compete.

我們戰勝了任何人。雖然競爭非常激烈，但我們感覺非常好，尤其是越接近電玩和賭博，我們做得就越好。現在，隨著我們擴大產品範圍，我們將進入一些我們認為可以競爭的其他垂直領域。

Focusing on complex transactions like the things that are complex we do exceptionally well with because of the foundations that we have around risk management, regulatory environments, those things are things that help us stand out and perform very well.

我們專注於複雜的交易，例如那些我們處理起來非常出色的複雜事務，因為我們在風險管理、監管環境方面擁有良好的基礎，這些都有助於我們脫穎而出，表現出色。

Got it. And just maybe a question on [growth] of basic currency, or stablecoins, again that's been top of mind for a lot of people. How do you see that fitting into your digital wallet business, in terms of maybe making international options for consumers to hold those in those wallets? Do you think that's something which could be [national] feature on your offering?

知道了。也許只是關於基本貨幣或穩定幣的[成長]的問題，這也是許多人最關心的問題。您認為這與您的數位錢包業務有何關聯？或許可以提供消費者在國際上持有這些錢包的選擇？您認為這可以成為您所提供的[國家]特色嗎？

So the stablecoin question I guess is probably the one that everybody's been talking about. We've been using stablecoin for a number of years, drive revenue from stablecoin for a number of years. Predominantly is a mechanism moving from crypto to fiat to crypto, but I think the use cases are really something that are just in the beginning stages of exploring, right? So what we see is more use cases around treasury functions, but our business is not really cross border into third-world markets, that's not really what we do.

因此，我猜穩定幣問題可能是每個人都在談論的問題。我們已經使用穩定幣很多年了，並且透過穩定幣獲得了不少收入。主要是從加密貨幣到法定貨幣再到加密貨幣的機制，但我認為用例實際上還處於探索的初始階段，對嗎？因此，我們看到的更多用例是圍繞財務職能，但我們的業務實際上並不是跨國進入第三世界市場，這不是我們真正在做的事情。

So it's really about the expansion of other use cases for stablecoin. And like everybody else, we're looking at those. Right now, it's -- for the way we look at it, it's a decent tool, but you could liken it to prepaid without acceptance. And we're trying to figure out how do we leverage our distribution network to leverage that technology more. But I don't know that we're as caught up on the hype. We've been using it for a number of years, as I said, don't see that as a dramatic change to where we are today.

所以這實際上是關於穩定幣其他用例的擴展。和其他人一樣，我們也在關注這些。現在，從我們的角度來看，它是一個不錯的工具，但你可以把它比作沒有接受的預付。我們正在嘗試弄清楚如何利用我們的分銷網絡來更好地利用該技術。但我不知道我們是否被這種炒作所迷惑。正如我所說，我們已經使用它很多年了，並不認為這與我們現在的狀況相比有巨大的變化。

Understood. Thank you very much.

明白了。非常感謝。

Thank you. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Bruce Lowthers, Chief Executive Officer, for closing comments.

謝謝。女士們、先生們，由於沒有其他問題，我現在想將會議交給執行長布魯斯·洛瑟斯 (Bruce Lowthers) 進行總結發言。

Well, thank you very much. I really appreciate everybody joining us here today. Again, I want to thank our team here at Paysafe for all their continued work, hard work, as we are driving forward through the year. So thank you all and look forward to speaking with everyone again next quarter. Have a great day.

嗯，非常感謝。我非常感謝今天與我們一起參加的各位。再次，我要感謝 Paysafe 團隊在我們今年的前進過程中所做的持續努力和辛勤工作。謝謝大家，期待下季再次與大家交談。祝你有美好的一天。

Thank you. Ladies and gentlemen, the conference of Paycafe has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，Paycafe 會議現已結束。感謝您的參與。現在您可以斷開線路了。