Paysafe Ltd (PSFE) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Paysafe third quarter 2025 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Paysafe 2025 年第三季財報電話會議和網路直播。（操作說明）提醒各位，本次會議正在錄音。

It's now my pleasure to turn the call over to Kirsten Nielsen, Head of Investor Relations. Kirsten, please go ahead.

現在我很高興將電話轉交給投資人關係主管克斯汀尼爾森。克爾斯滕，請繼續。

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

謝謝，歡迎參加 Paysafe 2025 年第三季財報電話會議。今天與我一同出席的有執行長布魯斯·洛瑟斯和財務長約翰·克勞福德。

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. Forward-looking statements speak only as of the date of this call, and we undertake no obligation to update them.

在開始之前，提醒大家本次電話會議將包含前瞻性陳述，應結合我們盈利報告和公司最新提交給美國證券交易委員會（SEC）的報告中的警示性聲明進行考慮。這些聲明反映了管理階層目前的假設和預期，但實際結果可能與這些前瞻性聲明有重大差異，具體情況可能因多種因素而異。你不應該過度依賴這些說法。前瞻性陳述僅代表截至本次電話會議之日的信息，我們不承擔更新這些陳述的義務。

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 on the Investor Relations section of our website.

今天的簡報還包含非GAAP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 指標的更多信息，以及在相關情況下與最直接可比較的 GAAP 指標的調節表，這些資料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.

現在我把電話交給布魯斯。

Good morning, and thank you for joining us today. Paysafe delivered accelerated financial results in the third quarter, including 6% organic revenue growth, 7% adjusted EBITDA growth and 37% adjusted EPS growth. Growth from our existing customers or same-store sales contributed 5% to growth, while contribution from new sales and product accelerated to double digits and the overall attrition level was stable around 11%. We returned another $20 million to shareholders by repurchasing 1.5 million shares during the third quarter, bringing our year-to-date total to $50 million as our shares remain significantly undervalued, and we remain confident in Paysafe's long-term strategy and growth potential.

早安，感謝各位今天收看我們的節目。Paysafe 第三季財務表現加速成長，包括 6% 的有機收入成長、7% 的調整後 EBITDA 成長和 37% 的調整後每股盈餘成長。現有客戶或同店銷售的成長貢獻了 5% 的成長，而新銷售和新產品的貢獻加速至兩位數，整體流失率穩定在 11% 左右。第三季度，我們透過回購 150 萬股股票，向股東返還了 2,000 萬美元，使我們今年迄今的返還總額達到 5,000 萬美元。由於我們的股票仍然被嚴重低估，我們對 Paysafe 的長期策略和成長潛力仍然充滿信心。

To that effect, our Board has authorized an additional $70 million to our existing share repurchase program. While we're pleased with our third quarter and year-to-date progress, we continue to see outperformance of our lower-margin product and sales channels. Our updated 2025 outlook reflects our current business dynamics and a longer timeline for the delivery of key product initiatives as we navigate the complex ecosystem required to bring innovative new solutions to the market. We'll discuss both of these areas in more detail throughout the call.

為此，董事會已批准向現有的股票回購計畫追加 7,000 萬美元。雖然我們對第三季和年初至今的進展感到滿意，但我們仍然看到低利潤產品和銷售管道的表現優於其他管道。我們更新後的 2025 年展望反映了我們當前的業務動態，以及在將創新解決方案推向市場所需的複雜生態系統中，關鍵產品計劃交付的更長時間表。我們將在通話過程中更詳細地討論這兩個方面。

So, let's start with our regional performance on slide 4. Our largest market, North America, grew 8% in the third quarter, excluding the divestiture. This was driven by approximately 50% growth from iGaming, while SMB grew 4%. Europe is our next largest market, which also grew 8% normalizing for FX. Latin America was roughly flat in Q3, and this was mainly related to a large customer contract renewal in the prior year. As we lap that impact in Q4, we're seeing a normalized growth rate of 10%.

那麼，讓我們從第 4 張投影片上的區域表現開始。不計剝離業務的影響，我們最大的市場北美在第三季成長了 8%。其中，iGaming 的成長約佔 50%，而中小企業成長了 4%。歐洲是我們第二大市場，經匯率正常化後也成長了 8%。拉丁美洲第三季整體表現平穩，這主要與前一年的大客戶合約續約有關。隨著第四季度該因素的影響逐漸消退，我們看到正常成長率為 10%。

In the noncore Rest of World countries, we saw a double-digit decline attributable to our Skrill and Neteller wallets. Here, the market landscape is unfavorable, and this region has come down from 5% of total revenue three years ago to 3% of revenue today as a function of both macro dynamics and our own actions to trim this exposure over the years. So this gives you a sense of the puts and takes from a regional perspective, including a very strong organic growth from our largest core markets that represent about 90% of our revenue.

在非核心的「世界其他地區」國家，由於 Skrill 和 Neteller 錢包的使用，我們看到了兩位數的下降。這裡的市場環境不利，由於宏觀經濟動態以及我們多年來為減少這部分業務敞口而採取的措施，該地區的業務收入佔比已從三年前的總收入的 5% 下降到如今的 3%。因此，這可以從區域角度了解我們的投入和收穫，包括我們最大的核心市場（約占我們收入的 90%）的強勁內生成長。

Turning to slide 5. I'd like to highlight some of our recent client wins, starting with iGaming. In the third quarter, we signed an agreement with BetMGM to provide payments for their online players in Ontario, where Paysafe already maintains a strong market presence. They were looking for a new partner who could deliver high approval rates with stronger customer support and reliability. What's awesome about this deal is that BetMGM is one of the largest merchants in North America that Paysafe did not have integrated, so we're thrilled to partner with them in Ontario. It's also worth highlighting that Paysafe is very well-positioned in the up-and-coming predictions market, where Paysafe is in active discussions with several key players.

翻到第5張投影片。我想重點介紹我們最近贏得的一些客戶，首先是 iGaming 行業。第三季度，我們與 BetMGM 簽署了一項協議，為其在安大略省的線上玩家提供支付服務，Paysafe 在安大略省已經擁有強大的市場地位。他們正在尋找一位能夠提供更高審批率、更強客戶支援和更高可靠性的新合作夥伴。這項合作最棒的地方在於，BetMGM 是北美最大的商家之一，而 Paysafe 之前並沒有與 BetMGM 進行系統集成，因此我們很高興能與他們合作，在安大略省開展業務。值得一提的是，Paysafe 在新興的預測市場中佔據了非常有利的地位，目前 Paysafe 正在與該市場的幾家主要參與者進行積極的談判。

As one example, we're expanding our partnership with Underdog to support their growth in the predictions market across 16 states. This win reflects our strong customer relationship and our ability to support our clients' growth aspirations by launching in new jurisdictions at speed. We also signed agreements with new international iGaming operators such as Stake.com to provide eCash digital wallet solutions and our local APMs across Latin America and Europe for pay-ins and payouts. We are also expanding our relationship with Betano to offer eCash solutions in support of their recent launch in Belgium. Outside of iGaming, we continue to make progress expanding our pipeline and winning deals in other core verticals.

例如，我們正在擴大與 Underdog 的合作關係，以支持他們在 16 個州的預測市場中成長。此次成功體現了我們與客戶的牢固關係，以及我們透過快速進入新市場來支持客戶成長目標的能力。我們也與 Stake.com 等新的國際 iGaming 營運商簽署了協議，提供 eCash 數位錢包解決方案，並在拉丁美洲和歐洲提供本地 APM，用於充值和提現。我們也正在擴大與 Betano 的合作關係，以提供電子現金解決方案，支持他們最近在比利時的推出。除了 iGaming 領域之外，我們在其他核心垂直領域也持續取得進展，拓展業務管道並贏得交易。

For several years, Paysafe has been a trusted partner of CampMinder, a leading ISV whose technology powers thousands of camps and recreational organizations. We are now taking our joint success across borders, expanding with them into Canada.

多年來，Paysafe 一直是 CampMinder 的可靠合作夥伴，CampMinder 是一家領先的獨立軟體開發商，其技術為數千個營地和娛樂組織提供支援。現在，我們將共同的成功帶到國外，與他們一起拓展到加拿大。

Lastly, in the fintech space, we signed a new client agreement with Paysagi in Europe. By integrating with Paysafe's acquiring platform, Paysagi can now offer their global online merchants instant access to major payment methods. Collectively, these are great examples of how our operational improvements, sales team investment and product focus is enabling us to expand our TAM and growth opportunities across new and existing clients.

最後，在金融科技領域，我們與歐洲的 Paysagi 簽署了一項新的客戶協議。透過與 Paysafe 的收單平台集成，Paysagi 現在可以為其全球線上商家提供對主要支付方式的即時存取。總而言之，這些都是很好的例子，說明我們的營運改善、銷售團隊投入和產品重點如何使我們能夠擴大目標市場規模，並為新舊客戶創造成長機會。

Turning to slide 6. Across enterprise-level merchants, our growth in e-commerce continues to be very strong, exceeding 20% in the third quarter, driven by iGaming growth of more than 50%. Total e-commerce growth moderated compared to more than 30% in recent quarters due to softer performance across other verticals concentrated within lower-tier merchants, mainly in noncore areas. Importantly, we booked over 100 enterprise-level deals in Q3, an increase of 25% compared to last year, along with double-digit growth in the annual contract value of those bookings. We also continue to see higher quality deals, which supports continued revenue growth, along with the durability and diversity of our merchant base.

翻到第6張投影片。在企業級商家方面，我們的電子商務成長動能依然強勁，第三季成長超過 20%，這主要得益於 iGaming 業務超過 50% 的成長。由於其他垂直領域（主要集中在非核心領域的低層商家）表現疲軟，電子商務整體成長率較前幾季的 30% 以上放緩。重要的是，我們在第三季度簽訂了 100 多筆企業級交易，比去年同期增長了 25%，而且這些交易的年度合約價值也實現了兩位數的增長。我們也不斷看到更高品質的交易，這有助於收入的持續成長，同時也保證了我們商家基礎的持久性和多樣性。

We believe our e-commerce business remains on track to reach approximately $200 million in revenue this year, reflecting a three year CAGR of 29%. On the SMB side, after driving 6% new mid-growth in Q2, we accelerated new mid-growth to more than 20% in Q3, led by our direct sales channel, along with positive growth in SMB revenue and revenue per merchant. We also saw a strong acceleration with our new mid acquisition for Clover in Q3, up 49% from Q3 2024, a very impressive result with great progress from the team. We're excited to build on this momentum as we look ahead to 2026.

我們相信，今年我們的電子商務業務仍有望實現約 2 億美元的收入，三年複合年增長率為 29%。在中小企業方面，在第二季推動 6% 的新中型企業成長之後，我們在第三季加速了新中型企業成長，成長超過 20%，這主要得益於我們的直銷管道，以及中小企業收入和每商家收入的積極成長。我們也看到，Clover 在第三季的新中期收購也實現了強勁成長，比 2024 年第三季成長了 49%，這是一個非常令人印象深刻的結果，團隊取得了巨大的進步。展望2026年，我們很高興能夠在此基礎上繼續發展。

Even with the strong execution on the direct side of the business, our overall revenue mix has shifted to the lower-margin ISO business as we continue to deliver double-digit revenue growth from this third-party channel in Q3 and year-to-date. We continue to focus on optimizing our SMB portfolio but given the comparative size and the growth profiles of the portfolios, we expect pressure on the total segment margin as we continue to ramp up our direct efforts.

即使在業務的直接方面執行力強勁，我們的整體收入結構也已轉向利潤率較低的 ISO 業務，因為我們在第三季和今年迄今繼續從該第三方管道實現兩位數的收入成長。我們將繼續專注於優化我們的中小企業投資組合，但鑑於投資組合的相對規模和成長情況，隨著我們繼續增加直接投入，我們預計整體細分市場利潤率將面臨壓力。

Let's turn to slide 7. To take this a step further and discuss our focus areas to optimize the SMB portfolio. As we've shared before, our merchant solutions segment today is comprised of three business lines: e-commerce, which serves our larger enterprise merchants, SMB direct sales and SMB sales through ISOs. When you look at the aggregate of our e-com and SMB direct sales, which go to market under the Paysafe brand compared to the third-party ISO channel, the direct revenue streams are not outpacing the stronger ISO growth, which now represents more than one-third of the merchant solutions segment, up 5 percentage-points from two years ago. ISO book has an EBITDA margin profile in the single digits, the direct channels across SMB and e-comm have attractive EBITDA margins in the mid-20s range on average.

讓我們翻到第7張投影片。為了更進一步探討我們優化中小企業產品組合的重點領域。正如我們之前分享過的，我們目前的商家解決方案部門由三個業務線組成：電子商務（服務於我們的大型企業商家）、中小企業直接銷售和透過獨立銷售機構 (ISO) 進行的中小企業銷售。如果將我們透過 Paysafe 品牌進入市場的電子商務和中小企業直接銷售總額與第三方 ISO 管道進行比較，就會發現直接收入流並沒有超過更強勁的 ISO 增長，ISO 目前佔商家解決方案領域的三分之一以上，比兩年前增長了 5 個百分點。ISO 書籍的 EBITDA 利潤率僅為個位數，而面向中小企業和電子商務的直接管道的 EBITDA 利潤率平均在 20% 左右，頗具吸引力。

So, while we were focused on the right things to improve our growth profile of the segment, we were frankly too optimistic in our assumption around shifting this mix dynamic in 2025. However, as I mentioned on the prior slide, we drove an acceleration in new SMB mid-growth in Q3, up more than 20% from last year, led by the direct channel. We'll build on this momentum in new merchant acquisition and continue to implement the improvement plans underway, including new SMB leadership and the expansion of our agent programs where we have seen an increase in demand from single agents who want to sell under the Paysafe brand.

因此，儘管我們專注於正確的事情來改善該細分市場的成長狀況，但坦白說，我們對 2025 年改變這種組合動態的假設過於樂觀了。然而，正如我在上一張幻燈片中提到的，在直接管道的帶動下，我們在第三季度推動了中小企業中期增長的加速，比去年增長了 20% 以上。我們將繼續保持這一發展勢頭，拓展新的商戶，並繼續實施正在進行的改進計劃，包括新的中小企業領導層和擴大我們的代理商計劃，因為我們看到希望以 Paysafe 品牌銷售產品的個體代理商的需求有所增加。

Finally, we continue to roll out value-added services with plans to bring several new products throughout 2026. This represents the marketplace that Paysafe will support as part of a fully integrated and streamlined onboarding experience for value adds that help our customers manage their businesses.

最後，我們將繼續推出加值服務，並計劃在 2026 年推出幾款新產品。這代表了 Paysafe 將支援的市場，作為完全整合和簡化的客戶入駐體驗的一部分，提供增值服務，幫助我們的客戶管理他們的業務。

Shifting gears to digital wallets on slide 8. To put it simply, the digital wallets remains a work in progress. Starting with the positives, we're seeing strong consumer engagement related to eCash product initiatives as we continue to cross-sell and shift towards online account-based distribution. In October, our account and card product surpassed 500,000 registrations, a major milestone that reflects the team's drive and stronger consumer engagement. In just over two years since introducing the product, we've reached a scale that took even some of the leading digital banks nearly two years despite their broader offerings and massive marketing budgets. And this was achieved through targeted regions across Europe. So, we still see opportunity for further geographic expansion.

第 8 張投影片將話題轉向數位錢包。簡而言之，數位錢包仍處於發展完善階段。先說積極的方面，我們看到消費者對電子現金產品計劃的參與度很高，因為我們繼續進行交叉銷售並轉向基於線上帳戶的分銷。10 月份，我們的帳戶和卡片產品註冊量突破 50 萬，這是一個重要的里程碑，反映了團隊的幹勁和消費者參與度的提高。自產品推出以來，短短兩年多時間，我們就達到了這樣的規模，而一些領先的數位銀行儘管擁有更廣泛的產品和服務以及龐大的營銷預算，卻花了近兩年時間才達到同樣的規模。這是透過針對歐洲各地的特定區域來實現的。因此，我們仍然看到進一步地域擴張的機會。

Next, our digital banking partnerships continue to ramp up and deliver growth across Europe, including our recent launch with BBVA to offer their consumers seamless cash solutions to deposit and withdraw to and from their bank accounts at any of our point-of-sale partners locations in Germany. Additionally, we see strong demand for Paysafe's suite of local payment solutions in Latin America, including double-digit volume growth from PagoEfectivo and SafetyPay in Q3 and year-to-date. The rollout of our new PagoEfectivo wallet in Peru is progressing very nicely. And in the third quarter, we launched our iOS app, along with product enhancements that have helped drive onboarding efficiency and build trust across merchants and consumers.

接下來，我們的數位銀行合作夥伴關係繼續加強，並在歐洲各地實現成長，包括我們最近與 BBVA 合作推出的服務，為其客戶提供無縫的現金解決方案，讓他們可以在我們在德國的任何銷售點合作夥伴處存取款。此外，我們看到 Paysafe 的本地支付解決方案套件在拉丁美洲的需求強勁，其中 PagoEfectivo 和 SafetyPay 在第三季和今年迄今為止的交易量均實現了兩位數的成長。我們在秘魯推出的全新 PagoEfectivo 皮夾進展非常順利。第三季度，我們推出了 iOS 應用，並進行了產品改進，有助於提高用戶註冊效率，並在商家和消費者之間建立信任。

These are the key areas and products collectively driving strong double-digit revenue growth, while classic wallets is not accelerating to the level we have planned for in 2025 as weakness in the rest of the world partly offsets strong progress in Europe. At the same time, some of our new product initiatives, such as our business wallet are taking longer to deliver and gain momentum than we planned. This is a function of a complex ecosystem across the regulatory, risk and banking needs required to develop innovative new products and supporting infrastructure to bring merchants and consumers together in a seamless experience.

這些關鍵領域和產品共同推動了兩位數的強勁收入成長，而經典錢包的成長速度並未達到我們計劃在 2025 年達到的水平，因為世界其他地區的疲軟在一定程度上抵消了歐洲的強勁進展。同時，我們的一些新產品計劃，例如我們的企業錢包，其交付和發展勢頭比我們計劃的要慢。這是監管、風險和銀行業務等複雜生態系統的功能，這些需求是為了開發創新產品和配套基礎設施，從而將商家和消費者無縫連接起來。

The inertia across these legacy systems has resulted in some delay in execution of our product road maps. While implementing and integrating these new models is complex, our customer pipeline remains strong, and we identify more and more money movement opportunities where the wallet helps solve the unique challenges and opportunities our clients face.

由於這些遺留系統的慣性，導致我們的產品路線圖執行出現了一些延誤。儘管實施和整合這些新模式很複雜，但我們的客戶管道仍然強勁，而且我們發現越來越多的資金流動機會，在這些機會中，電子錢包可以幫助解決客戶面臨的獨特挑戰和機會。

To wrap up, before I hand the call over to John, I want to reiterate that we delivered strong results in Q3, and our sales team is becoming more productive, driving higher bookings and quality of revenue through our operational transformation, we now have a strong platform to build upon and launch new products and services.

最後，在把電話交給約翰之前，我想重申一下，我們在第三季度取得了強勁的業績，我們的銷售團隊正在變得更加高效，透過我們的營運轉型，推動了更高的訂單量和收入質量，我們現在擁有一個強大的平台來發展和推出新產品和服務。

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

接下來，我將請約翰審閱財務表現和展望。

Thank you, Bruce. Let's move to slide 10 for a summary of our third quarter results. On a reported basis, revenue increased by 2% to $433.8 million. Organic revenue growth was 6% for the quarter, reflecting continued double-digit growth from e-commerce, 4% growth from SMB and 4% organic growth from digital wallets and excludes the impacts from the divestiture, foreign exchange and interest. While this marks an increase in reported and organic revenue growth from the first half, this was slightly below our expectations in terms of the overall revenue performance as well as business mix.

謝謝你，布魯斯。讓我們翻到第 10 張投影片，總結一下我們第三季的業績。據報告，營收成長 2%，達到 4.338 億美元。本季有機收入成長 6%，反映了電子商務持續兩位數成長、中小企業成長 4% 以及數位錢包有機成長 4%，但不包括資產剝離、外匯和利息的影響。雖然這標誌著報告收入和有機收入成長較上半年增加，但就整體收入表現和業務組合而言，這略低於我們的預期。

As Bruce mentioned, reflects a moderation of e-commerce growth and lower-than-expected growth in the second half from digital wallets. Adjusted EBITDA increased 7% to $126.6 million. Our third quarter results benefited from a licensing deal, which contributed approximately $10 million to revenue and adjusted EBITDA, offsetting the headwind from ongoing business mix and the divestiture, which has less impact in the second half. As a result, adjusted EBITDA margin was 29.2%, up 160 basis points year over year. Given what we're continuing to see at the gross margin level for both segments, we don't expect EBITDA margins to be at this level in Q4. We expect adjusted EBITDA margins closer to 23% in Q4 and about 25% for the full year.

正如布魯斯所提到的，這反映出電子商務成長放緩，以及下半年數位錢包的成長低於預期。調整後 EBITDA 成長 7% 至 1.266 億美元。第三季業績受益於一項許可協議，該協議為收入和調整後 EBITDA 貢獻了約 1000 萬美元，抵消了持續業務組合和資產剝離的不利影響，而資產剝離在下半年的影響較小。因此，調整後的 EBITDA 利潤率為 29.2%，較去年同期成長 160 個基點。鑑於我們目前在兩個業務部門的毛利率水準上看到的狀況，我們預計第四季度 EBITDA 利潤率不會達到這個水準。我們預計第四季度調整後 EBITDA 利潤率將接近 23%，全年約 25%。

Turning to cash flow. We generated $83.6 million in unlevered free cash flow in the quarter with a 66% conversion of adjusted EBITDA, down from 76% in the prior year, mainly reflecting one-off tax refunds, which benefited the prior year and the timing of a large receivable. Normalizing for this, conversion would have been above 70%. On an LTM basis, unlevered free cash flow was $265 million, reflecting 62% conversion. We expect Q4 to be within or slightly above our targeted range of 65% to 70%.

接下來談談現金流。本季我們產生了 8,360 萬美元的非槓桿自由現金流，調整後 EBITDA 轉換率為 66%，低於去年的 76%，主要反映了上一年受益的一次性退稅和一筆大額應收帳款的到帳時間。考慮到這一點，轉換率本應超過 70%。以過去 12 個月計算，未槓桿自由現金流為 2.65 億美元，轉換率為 62%。我們預計第四季將達到或略高於我們設定的目標範圍 65% 至 70%。

Adjusted net income was $40.3 million or $0.70 per share compared to $0.51 in Q3 of last year, driven by higher adjusted EBITDA, lower interest expense, a lower effective tax rate and a reduction in share count. While lower than the prior year quarter, the third quarter did include a US BEAT tax expense, which drove the tax rate higher in the third quarter relative to the first half of this year and our full year expectation. Current expectation is that the full year effective tax rate will be in the range of 27% to 28%.

調整後的淨收入為 4,030 萬美元，即每股 0.70 美元，而去年第三季為每股 0.51 美元，這主要得益於經調整後的 EBITDA 增加、利息支出減少、實際稅率降低以及股份數量減少。雖然低於去年同期，但第三季確實包含了美國 BEAT 稅項支出，這使得第三季的稅率高於今年上半年和我們全年的預期。目前預計全年實際稅率將在 27% 至 28% 之間。

GAAP net loss for the third quarter was $87.7 million, reflecting a charge to income tax expense of $81 million due to the recognition of an additional valuation allowance against the company's US deferred tax assets due to the enactment of the One Big Beautiful Bill Act as previewed last quarter. As a reminder, this is a noncash expense that does not impact the company's current or future cash tax payments.

第三季 GAAP 淨虧損為 8,770 萬美元，其中包括因《一項偉大的美麗法案》的頒布（正如上個季度預告的那樣）而對公司美國遞延所得稅資產確認額外估值準備金，導致所得稅費用增加 8,100 萬美元。再次提醒，這是一項非現金支出，不會影響公司當前或未來的現金稅款支付。

Turning to slide 11 for a breakdown of our revenue growth drivers year-to-date. Revenue attrition continues to trend in the 11% to 12% range. The growth contribution from existing customers is now 10% year-to-date, which includes client onboarded in 2024, which naturally moderates as the year progresses and we annualize the start dates of client onboards. Contribution from new sales and new product initiatives accelerated to a double-digit growth in Q3, leading to 7% year-to-date.

請翻到第 11 頁，查看我們今年迄今的營收成長驅動因素分析。營收流失率持續維持在 11% 至 12% 的範圍內。現有客戶的成長貢獻率目前為 10%，其中包括 2024 年加入的客戶，隨著時間的推移，這一比例自然會放緩，因為我們將客戶加入的起始日期按年計算。第三季度，新銷售和新產品計畫的貢獻加速成長，達到兩位數，年初至今成長7%。

Moving to slide 12 to discuss the merchant segment results. Merchant solutions volume increased 9% to $34.9 billion, resulting in organic revenue growth of 7%, led by double-digit growth from e-commerce, including robust processing volumes with the start of the US football season. The second biggest growth driver in the quarter was the license deal. And while we're excited to have proven we can monetize data, underlying growth from processing was just around 5% in the quarter when normalizing for various one-timers in both periods.

接下來請看第 12 張投影片，討論商家細分市場的結果。商家解決方案交易金額成長 9% 至 349 億美元，有機收入成長 7%，其中電子商務實現了兩位數成長，包括隨著美國橄欖球賽季開始而強勁的交易量。本季第二大成長動力來自授權協議。雖然我們很高興證明我們能夠將資料貨幣化，但如果將兩個時期內的各種一次性因素進行標準化，則本季資料處理帶來的潛在成長僅為 5% 左右。

We expect to see a higher growth rate in Q4, supported by the mid production over the last several months. Adjusted EBITDA for the merchant solutions segment was $47.8 million with an adjusted EBITDA margin of 20.6%. There continues to be some noise here but looking past the impact of the benefit from the licensing deal, adjusted EBITDA margin was stable sequentially with Q2. Again, the main driver this year is the mix dynamic due to the success within our ISO channel, which continues to outpace the growth of higher-margin direct channels in merchant solutions, as Bruce discussed earlier.

我們預計第四季成長率將更高，這得益於過去幾個月的中等產量。商家解決方案部門的調整後 EBITDA 為 4,780 萬美元，調整後 EBITDA 利潤率為 20.6%。雖然這裡仍然存在一些噪音，但撇開許可協議帶來的好處不談，調整後的 EBITDA 利潤率與第二季度相比保持穩定。今年的主要驅動因素仍然是組合動態，這得益於我們在 ISO 管道的成功，正如 Bruce 之前討論的那樣，該管道的成長速度繼續超過利潤更高的商家解決方案直接管道的成長速度。

Turning to the digital wallet segment on slide 13. Volume from digital wallets increased 13% to $6.7 billion or 8% on a constant currency basis. Revenue from digital wallets was $205.7 million, an increase of 8% or 4% on an organic basis. Our three month actives were 7.1 million, stable compared to last year. Organic growth was supported by increasing consumer engagement related to our eCash product initiatives, expansion of Paysafe's digital banking partnerships across Europe as well as demand for our suite of local payment solutions in Latin America, particularly across iGaming and payment service providers.

接下來請看第 13 頁的數位錢包部分。數位錢包交易量成長 13% 至 67 億美元，以固定匯率計算成長 8%。數位錢包收入為 2.057 億美元，成長 8%，有機成長 4%。我們三個月的活躍用戶數為710萬，與去年同期相比保持穩定。有機成長得益於消費者對我們電子現金產品計劃的參與度不斷提高、Paysafe 在歐洲的數位銀行合作夥伴關係不斷擴大，以及拉丁美洲（尤其是 iGaming 和支付服務提供商）對我們一系列本地支付解決方案的需求不斷增長。

Adjusted EBITDA for the digital wallet segment was $93.4 million, an increase of 11% compared to last year, reflecting revenue growth and lower SG&A expense. Gross margin for the segment was stable sequentially at roughly 71% and down 120 basis points versus last year due to lower interest revenue, which accounted for 50 basis points as well as business mix reflected by higher relative growth from eCash products.

數位錢包業務的調整後 EBITDA 為 9,340 萬美元，比去年增長 11%，反映了收入成長和銷售、一般及行政費用的降低。該業務板塊的毛利率環比穩定在 71% 左右，較去年下降 120 個基點，原因是利息收入下降了 50 個基點，以及電子現金產品相對增長幅度較大的業務組合變化。

Turning to slide 14 for an update on leverage and capital allocation. At the end of the quarter, total debt was $2.5 billion and net leverage improved to 5.2 times. Compared to where we started the year, the stronger euro has increased our euro debt balances by more than $140 million when translated back to US dollars. Divestiture has been the other key driver of this temporary increase in our net leverage, but this is the last quarter that we will have that headwind to our LTM adjusted EBITDA metric.

請翻到第 14 張投影片，了解槓桿和資本配置的最新情況。截至季末，總負債為 25 億美元，淨槓桿比率改善至 5.2 倍。與年初相比，歐元走強使我們的歐元債務餘額（折算成美元）增加了超過 1.4 億美元。資產剝離是導致我們淨槓桿率暫時上升的另一個主要因素，但這是我們 LTM 調整後 EBITDA 指標面臨這種不利因素的最後一個季度。

Lastly, while we remain keen to delever, share repurchases have remained very attractive. We repurchased 1.5 million shares during the third quarter at an average price of $13.62 per share, bringing our year-to-date total to 3.6 million shares or $50 million. As Bruce noted earlier, our Board has authorized an additional $70 million for share repurchases.

最後，儘管我們仍然熱衷於去槓桿化，但股票回購仍然非常有吸引力。第三季度，我們以每股 13.62 美元的平均價格回購了 150 萬股股票，使我們今年迄今的回購總數達到 360 萬股，即 5,000 萬美元。正如布魯斯之前提到的，我們的董事會已批准額外撥款 7000 萬美元用於股票回購。

Finally, turning to slide 15. Bruce discussed at the start of the call, we're updating our 2025 outlook based on our year-to-date results and our expectations for the remainder of the year. Our reported growth in the second half benefits from the stronger euro and a much smaller impact from the business disposition, we now expect full year organic growth in the range of 5% to 6%. On the left-hand chart, you can see on a rounded basis, the revenue growth drivers are largely consistent with what we shared for our original guidance, reflect a slightly lower contribution across existing clients, new sales and product initiatives. This puts our current expectation of full year revenue at the low end of our prior range or slightly below based on the updated midpoint.

最後，請看第15張投影片。布魯斯在電話會議開始時談到，我們將根據今年迄今為止的業績和對今年剩餘時間的預期來更新我們的 2025 年展望。下半年報告的成長得益於歐元走強和業務處置影響較小，我們現在預計全年有機成長率將在 5% 至 6% 之間。從左側圖表可以看出，總體而言，收入成長驅動因素與我們最初給出的指導基本一致，反映出現有客戶、新銷售和產品計劃的貢獻略有下降。根據更新後的中點數值，我們目前對全年收入的預期處於先前預期範圍的下限或略低於該範圍。

Key areas to point out versus our original expectation are as follows: one, slower growth from the digital wallet segment, particularly our classic wallet; two, a slower planned rollout of new wallet solutions; and three, lower-than-expected e-com growth, which saw a moderation in growth in Q3, although still very strong at over 20%.

與我們最初的預期相比，需要指出的關鍵領域如下：一、數位錢包領域的成長放緩，尤其是我們的經典錢包；二、新錢包解決方案的計劃推出速度放緩；三、電子商務增長低於預期，第三季度增長有所放緩，但仍然非常強勁，超過 20%。

As a reminder, these business lines contribute the highest gross margins, so these relatively small top line changes result in a less favorable business mix across both segments. Final driver is the continued strong performance from our ISO channel in merchant solutions, which has the lowest gross margins. Translating this to EBITDA and margin, you can see the impact is largely a gross margin headwind, while operating expense as a percentage of revenue are lower compared to 2024 as we continue to aggressively manage our cost base. Overall, this is not where we plan to be from a margin perspective, nor does it reflect the potential of our business model and the operating leverage that we can deliver.

需要提醒的是，這些業務線貢獻了最高的毛利率，因此這些相對較小的營收變化會導致兩個業務板塊的業務組合變得不太有利。最終的驅動因素是我們 ISO 通路在商家解決方案領域的持續強勁表現，而該通路的毛利率最低。將此轉化為 EBITDA 和利潤率，可以看出其影響主要體現在毛利率的不利影響上，而營運費用佔收入的百分比與 2024 年相比有所下降，因為我們繼續積極控製成本基礎。總的來說，從利潤率的角度來看，這並不是我們計劃達到的目標，也沒有反映出我們商業模式的潛力以及我們能夠實現的營運槓桿作用。

You'll see our full year guidance summarized on slide 16, reflecting 5% to 6% organic growth, adjusted EBITDA growth of 4% to 5%, excluding the business disposition, resulting in adjusted EPS in the range of $1.83 to $1.88. Looking ahead to 2026, on a preliminary basis, we expect organic revenue growth to be in the mid- to high single digits range and adjusted EBITDA to increase high single digits versus 2025. We'll be finalizing our financial planning process over the next few months to refine this outlook further and discuss on our year-end earnings call as usual.

您可以在第16頁投影片中看到我們全年的業績指引摘要，其中反映了5%至6%的內生成長，不計業務處置的影響，調整後EBITDA成長4%至5%，從而得出調整後每股收益在1.83美元至1.88美元之間。展望2026年，初步來看，我們預期內生收入成長將達到中高個位數，調整後EBITDA將較2025年達到高個位數成長。接下來的幾個月，我們將完善財務規劃流程，進一步完善這項展望，並像往常一樣在年終收益電話會議上進行討論。

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

接下來，我將把發言權交給布魯斯，請他做最後的總結發言。

Thank you, John. To wrap up, I'd like to reiterate that we are on track to deliver a third consecutive year of organic revenue growth. And importantly, with the transformation that we have driven over the last three years, we are seeing real improvements in how we operate. While we're not seeing the EBITDA expansion that we initially planned for the year, we remain focused on driving stronger operating leverage and expect to deliver higher adjusted EBITDA growth in 2026 and beyond. I'm more confident than ever that Paysafe is more agile and adaptable business today with higher quality revenue streams well positioned for long-term success.

謝謝你，約翰。最後，我想重申，我們預計將連續第三年實現有機收入成長。更重要的是，透過過去三年我們推動的變革，我們的營運方式正在發生真正的改善。雖然我們今年的 EBITDA 成長沒有達到預期目標，但我們仍然專注於提高營運槓桿，並預計在 2026 年及以後實現更高的調整後 EBITDA 成長。我比以往任何時候都更加確信，Paysafe 如今是一家更加靈活、適應性更強的企業，擁有更高品質的收入來源，為長期成功奠定了良好的基礎。

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

現在我們開始問答環節。

(Operator Instructions)

（操作說明）

Trevor Williams, Jefferies.

特雷弗威廉斯，傑富瑞集團。

I just want to go back to some of the dynamics within the SMB book. On the direct side, we can see the mid-growth acceleration. It sounds like attrition has been stable. So, Bruce, it would be helpful to hear kind of what else you need for that direct channel growth to get pulled up, whether that's just the time with the mid-growth needing to compound and we'll see that just naturally get pulled up over time? Or anything else initiatives-wise that you would point us to for kind of what the levers are needed to get that growth rate up?

我只想回顧一下中小企業那本書中的一些動態。從直接方面來看，我們可以看到中期成長加速。聽起來人員流失率一直很穩定。所以，布魯斯，如果能聽聽你還需要什麼才能推動直接渠道增長就太好了，是不是只需要中等增長期的複利效應，然後我們就能眼睜睜地看著它隨著時間的推移自然而然地增長起來？或者，在提高成長率方面，您還有其他建議嗎？

Yeah. Trevor, thank you for the question. Look, the SMB, as we've talked about before on the direct side, it's just going to take time. You can see, as you just articulated, nice acceleration of new mid acquisition. We've got the attrition stabilizing, but it just will take time to kind of get that to build. It's a big book. So each of these SMB mids are very small in a revenue stream, talking about $200 to $300 a month in revenue stream. So it takes a lot of them. So it takes some time to build that up. But we feel very good about what we're doing there.

是的。特雷弗，謝謝你的提問。你看，對於中小企業來說，正如我們之前直接討論過的那樣，這需要時間。正如你剛才所說，可以看到新收購中期業務的良好加速成長。我們已經控制住了人員損耗，但要真正穩定下來還需要時間。這是一本很厚的書。因此，這些中小企業每家的收入都很小，每月收入約為 200 到 300 美元之間。所以需要很多這樣的人。所以這需要一些時間來建立。但我們對我們在那裡所做的事情感到非常滿意。

We see a nice acceleration of our Clover product that we resell on Fiserv's behalf. So a nice uptick there. And that really opens the door for ancillary services or value-added services that should help improve even further the attrition rate because once an SMB client has not only processing, but these other services around it like lending, like payroll, these things really increase the stickiness of the client.

我們看到我們代表 Fiserv 轉售的 Clover 產品銷售出現了良好的成長。所以這方面出現了一個不錯的成長。這確實為輔助服務或加值服務打開了大門，這些服務應該有助於進一步降低客戶流失率，因為一旦中小企業客戶不僅擁有處理服務，還擁有貸款、薪資等其他服務，這些服務就能真正提高客戶的黏性。

So I think we have what we need. We need to just keep doing what we're doing and keep accelerating the sales team productivity per rep, which I think we've got underway. We've really found a rhythm with the marketing and sales team. And now it's just going to take a little time to build up those billable mids to get the growth rate back up.

所以我覺得我們已經具備了所需的條件。我們只需要繼續維持目前的做法，並不斷提高銷售團隊每個銷售代表的生產力，我認為我們已經開始朝著這個方向努力了。我們和行銷及銷售團隊的合作節奏已經非常默契了。現在只需要花點時間來累積這些可計費的中階客戶，就能讓成長率恢復正常。

And then just on the e-commerce deceleration, it sounds like it was mostly in noncore verticals, but any more detail there would be helpful. And I don't know if you guys could share how the quarter-to-date trends look relative to the 20% growth from Q3.

至於電子商務成長放緩的問題，聽起來主要發生在非核心垂直領域，但如果能提供更多細節就更好了。我不知道你們能否分享一下，與第三季 20% 的成長相比，本季迄今的趨勢情況如何。

Yeah. So, on the -- you're absolutely right. So I want to be very clear, the e-com iGaming piece is still rocking along north of 50% growth rate. It's really the noncore piece. And candidly, coming into even the last day of the quarter, we thought we were rocking along pretty well.

是的。所以，關於這一點——你完全正確。所以我想非常明確地指出，電子商務 iGaming 業務仍然保持強勁成長勢頭，成長率超過 50%。這其實是無關緊要的部分。坦白說，即使到了季度最後一天，我們仍然認為我們進展得相當順利。

We had a last-minute client that had to shut down that caused several million-dollar write-down in Q3. So that business is one that is a little more interesting than the iGaming, the e-com core business. So this is -- for us, we're in kind of a lower-tier market, a lot of kind of travel or things that are more higher risk MCC codes. And so those things sometimes are a little difficult to bank. Even if you have existing clients that are with the bank as they try to expand, sometimes the banks aren't open to the additional risk and then you've got to find other places for them to bank.

我們有一個客戶臨時倒閉，導致第三季損失了數百萬美元。所以這項業務比 iGaming 和電子商務核心業務更有趣一些。所以對我們來說，我們處於一個較低層級的市場，許多旅遊相關業務都涉及風險較高的MCC代碼。所以，有些事情很難預料。即使你有一些現有客戶，他們仍然選擇在銀行擴張，但有時銀行不願意承擔額外的風險，這時你就必須為他們尋找其他銀行。

And so, we've had a little bit of challenge with that with some of those MCC codes, and we're working our way through that. The nice part is we continue to sell the deals. We've now got to figure out how to keep the deals once they start ramping up.

所以，我們在處理某些 MCC 程式碼時遇到了一些挑戰，我們正在努力解決這些問題。好消息是我們還能繼續促成這些交易。現在我們必須想辦法在交易開始逐步推進後維持這些交易。

(Operator Instructions)

（操作說明）

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

This is Paul O'Brecht on for Darrin. Bruce, you talked about the longer timeline for delivery of new products, including the wallet initiatives. Just curious if you could provide a bit more color on really what changed during the quarter relative to your prior expectations.

這是保羅‧奧布雷希特替達林解說。Bruce，你談到了新產品（包括錢包計劃）交付的較長時間。我很好奇您能否詳細說明一下，與您之前的預期相比，本季究竟發生了哪些變化。

Yeah. So, Paul, thank you. As we looked at the quarter coming in, we felt pretty good. We had -- as we said in the last call, we had sold a number of deals. We thought they were progressing. Sometimes just with these deals, as we're talking about white label wallet solutions, we're kind of going into different markets. And sometimes as we're expanding those markets, these are things that are new to us, getting our regulators, getting our banks kind of aligned on these new risk opportunities.

是的。保羅，謝謝你。當我們展望即將到來的季度時，我們感覺相當不錯。正如我們在上次電話會議中所說，我們已經完成了一些交易。我們以為他們有進展了。有時，僅僅透過這些交易，就像我們談論白標錢包解決方案一樣，我們就會進入不同的市場。有時，當我們拓展這些市場時，會遇到一些我們從未遇到過的情況，例如需要讓監管機構和銀行就這些新的風險機會達成協議。

Sometimes it takes a little longer. The analogy we have here is where the fintech ecosystem is this big boulder. And as we move into some of these newer spaces, pushing that boulder uphill takes a little bit longer than we anticipated. So overall, we have good demand for our solutions. The clients are staying with us working through these issues. So, we feel good that ultimately, it will come. It's just coming slower than we anticipated.

有時需要更長時間。我們這裡可以用金融科技生態系統作為比喻，把它比喻成一塊巨石。當我們進入一些新的領域時，把巨石推上山坡所需的時間比我們預期的要長一些。總的來說，我們的解決方案需求良好。客戶們目前仍和我們在一起，共同解決這些問題。所以，我們感到欣慰，相信它最終會到來。只是進度比我們預期的要慢一些。

And then, John, I know you talked about the stronger euro leading to the increase in the leverage along with the divestiture. I know you're also balancing buybacks, but just curious if you have any updated views on what delevering could look like over the medium to long-term.

約翰，我知道你談到了歐元走強導致槓桿率上升以及資產剝離。我知道你們也在權衡股票回購，但我只是好奇你們對中長期去槓桿化過程是否有任何最新的看法。

Yeah. I think that over the medium-term, we're still focused on getting leverage below 4. It's going to take a little longer than we expected, probably obvious based on where we are today, but we expect to finish this year probably around the leverage that we're at today in the low 5s and then continue to delever through both paying back and growing EBITDA in '26 and '27 with the objective to get to 3.5, but it's probably going to be 2027 to get to that 3.5 level.

是的。我認為，從中長期來看，我們仍然專注於將槓桿率降至 4 以下。這可能比我們預期的要花更長的時間，從我們目前的處境來看，這或許顯而易見，但我們預計今年年底槓桿率可能會維持在目前的 5 倍左右，然後通過在 2026 年和 2027 年償還債務和提高 EBITDA 來繼續降低槓桿率，目標是達到 3.5 倍，但可能要達到 2027 倍的水平。

(Operator Instructions)

（操作說明）

We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

我們的問答環節結束了。我想把發言權交還給各位，請大家補充或作總結發言。

Thank you. I appreciate everybody dialing in. Again, we felt we had a very good quarter for Q3, continuing to make progress in our transformation. We really like the growth drivers that are emerging. Obviously, e-com continues to be 20% grower. We continue to see on enterprise-wide more value-added services, more products starting to come to market, which we're excited about. Still remain very excited about Account & Card and our geo expansion in LatAm. So, a lot of good things coming to market. So, thank you very much. We appreciate everyone dialing in this morning and thank you to the team for all the work that you're doing to drive transformation.

謝謝。感謝大家的撥入。我們再次認為第三季表現非常出色，轉型工作也持續取得進展。我們非常看好正在湧現的成長動力。顯然，電子商務持續保持20%的成長速度。我們持續看到企業範圍內出現更多加值服務，更多產品開始進入市場，這讓我們感到非常興奮。我仍然對帳戶和卡片業務以及我們在拉丁美洲的地理擴張感到非常興奮。所以，市場上即將出現很多好東西。非常感謝。感謝今天早上所有撥入電話的人，也感謝團隊為推動改變所做的一切努力。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。現在您可以斷開線路了，祝您有美好的一天。感謝您今天的參與。