Paysafe Ltd (PSFE) 2026 Q1 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Paysafe first quarter 2026 earnings conference call. (Operator Instructions) 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.

各位女士、先生，大家好，歡迎參加 Paysafe 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在我很榮幸介紹今天的主持人：投資人關係主管 Kirsten Nielsen。請開始。

Thank you, and welcome to Paysafe's earnings conference call for the first quarter of 2026. Joining me today are Bruce Lowthers, Chief Executive Officer; and John Crawford, Chief Financial Officer.

謝謝，歡迎各位參加 Paysafe 2026 年第一季財報電話會議。今天與我一同出席的有執行長 Bruce Lowthers，以及財務長 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 may cause actual results to differ materially from those forward-looking statements. You should not place undue reliance on these statements. Forward-looking statements during this call speak only as of the date of this call, and we undertake no obligation to update them.

在開始之前提醒各位，本次電話會議將包含前瞻性陳述，並應結合我們的財報新聞稿以及公司最近一期向 SEC 提交之報告中的警示性陳述一併閱讀。這些陳述反映管理層目前的假設與預期，並可能受到多項因素影響，導致實際結果與前瞻性陳述存在重大差異。您不應過度依賴這些陳述。本次電話會議中的前瞻性陳述僅截至本次會議日期有效，我們不承擔更新之義務。

Today's presentation also contains non-GAAP financial measures. You can find additional information about these measures and reconciliations to the most directly comparable GAAP financial measures in today's press release and in the appendix of this presentation, which are available in the Investor Relations section of our website.

今天的簡報亦包含非 GAAP 財務衡量指標。您可在今日新聞稿以及本簡報附錄中找到關於這些指標的更多資訊，以及與最直接可比之 GAAP 財務衡量指標的調節表；上述資料可於我們網站的投資人關係專區取得。

With that, I'll turn the call over to Bruce.

接下來我把電話交給 Bruce。

Thank you, and good morning, everyone. Thank you for joining us today. We started off 2026 with a strong revenue growth of 10%, adjusted EBITDA growth of 4% and 21% growth in adjusted EPS. We generated $67 million in unlevered free cash flow in the first quarter, an increase of 17%, while improving our net leverage ratio to 5.2 times. Our strong top line performance included strong sports betting growth during the NFL playoffs, some outperformance of the consumer business, where active users reached 7.9 million, an increase of 9% year-over-year. Growth also benefited from favorable FX and another licensing deal to monetize our data.

謝謝，各位早安。感謝各位今天加入我們。我們以強勁表現開啟 2026 年：營收成長 10%，調整後 EBITDA 成長 4%，調整後 EPS 成長 21%。第一季我們產生 6,700 萬美元的無槓桿自由現金流，成長 17%，同時將淨槓桿比率改善至 5.2 倍。我們強勁的營收表現包括：NFL 季後賽期間體育博彩的強勁成長、消費者業務的部分超預期表現（活躍用戶達 790 萬，年增 9%）。成長亦受惠於有利的匯率，以及另一項授權交易以將我們的數據變現。

In Q1, our operating expenses grew 6% versus the prior year, excluding bad debt, largely due to FX. We also increased our investment in data infrastructure to support our AI initiatives and data business as well as increased our marketing investment to accelerate growth. Additionally, we had increase in credit losses while converting to a new risk management platform. We believe these losses were contained over the course of a few weeks beginning in March and shouldn't have an impact on the business going forward as our models continue to mature.

第一季在排除壞帳後，我們的營運費用較去年同期成長 6%，主要由匯率因素所致。我們也增加對數據基礎設施的投資，以支持我們的 AI 計畫與數據業務，同時提高行銷投入以加速成長。此外，在轉換至新的風險管理平台期間，我們的信用損失有所增加。我們認為這些損失自 3 月起在數週內已受到控制，且隨著模型持續成熟，未來不應對業務造成影響。

Later, John will discuss the revenue cadence and margin considerations for the year. But overall, we're pleased to start off on such a strong note. Our internal model for the year remains intact, supporting our confidence to reaffirm our growth outlook for 2026. I would also like to add another key indicator for the year for shareholders to focus on is our net leverage ratio, which should have a meaningful impact on our valuation over the next 24 months.

稍後 John 將說明今年的營收節奏與利潤率考量。但整體而言，我們很高興以如此強勁的態勢開局。我們對全年內部模型的假設仍然成立，支持我們有信心重申 2026 年的成長展望。我也想補充，股東今年可關注的另一項關鍵指標是我們的淨槓桿比率，未來 24 個月應會對我們的估值產生顯著影響。

First, I'll share a few highlights on our strategic progress for the quarter, starting with slide 4. On the consumer side, we had a strong quarter with notable strength from Latin America across gaming and e-commerce. Our PaysafeWallet solution continued to see strong adoption across Europe. We're currently live in 18 countries with new countries expected to launch later this year.

首先，我將分享本季策略進展的幾項重點，從第 4 頁開始。在消費者端，我們本季表現強勁，拉丁美洲在遊戲與電商方面展現明顯動能。我們的 PaysafeWallet 解決方案在歐洲持續獲得強勁採用。目前我們已在 18 個國家上線，預計今年稍晚將推出更多國家。

Paysafe continues to advance our digital-first support model as a driver of customer experience and operating efficiency, and our virtual assistants play a key role in delivering intelligent always-on support. In Q1, nearly 60% of all consumer contacts were resolved through digital assistance channels, representing a 25% increase compared to Q1 of 2025.

Paysafe 持續推進以數位優先的支援模式，作為提升客戶體驗與營運效率的驅動力，而我們的虛擬助理在提供智慧化、全天候支援方面扮演關鍵角色。第一季，近 60% 的消費者聯繫需求透過數位協助渠道獲得解決，較 2025 年第一季增加 25%。

Turning to the merchant side. E-commerce growth was 17% in the first quarter, led by iGaming, which grew 28%. The SMB business grew 2% in Q1, reflecting a modest improvement in attrition. Lastly, we continue to position Paysafe to support new AI native commerce channels from conversational interfaces to autonomous purchasing.

接著看商戶端。第一季電商成長 17%，其中 iGaming 領先，成長 28%。中小企業（SMB）業務第一季成長 2%，反映客戶流失率略有改善。最後，我們持續讓 Paysafe 具備支援新型 AI 原生商務渠道的能力，從對話式介面到自主購買皆涵蓋在內。

In Q1, we partnered with one of our enterprise clients, Norwegian Air, to demonstrate end-to-end agentic payment capabilities aligned with emerging industry protocols from partners, Visa and Mastercard. With one integration, Paysafe can enable merchants to offer AI-powered commerce across ChatGPT, Claude and Gemini, along with their own portal and apps. The merchant stays in control, plugging in through standard SDK while Paysafe handles the payment infrastructure.

第一季，我們與一家企業客戶挪威航空（Norwegian Air）合作，展示端到端的代理式（agentic）支付能力，並與合作夥伴 Visa 與 Mastercard 的新興產業協議保持一致。透過一次整合，Paysafe 可讓商戶在 ChatGPT、Claude 與 Gemini 上提供 AI 驅動的商務體驗，同時也支援其自有入口網站與 App。商戶仍可保持掌控，透過標準 SDK 進行串接，而 Paysafe 負責支付基礎設施。

Any AI assistant can use it, built on open standard MCP and Google's AP2 protocol. While still early, we see agentic commerce as a meaningful evolution and how transactions originate, and we are positioning Paysafe to participate at scale.

任何 AI 助理都可以使用，建立於開放標準 MCP 與 Google 的 AP2 協議之上。雖然仍處於早期階段，我們認為代理式商務將是交易發起方式的一項重要演進，我們正讓 Paysafe 具備以規模參與其中的能力。

It's also worth highlighting that our revenue per FTE increased 13% from a year ago normalized for FX. This is a strong testament to the hard work we've already done around productivity, resource allocation and building foundational intelligent systems.

同時也值得強調的是，在以匯率因素標準化後，我們每位全職員工（FTE）的營收較一年前提升 13%。這有力證明我們在生產力、資源配置以及建立基礎智慧系統方面已完成的努力成果。

Now let's double-click on the growth drivers for the quarter, starting with Latin America on slide 5. Paysafe offers a comprehensive network of alternative and local payment methods in Latin America. As the region's traditional cash culture rapidly evolves, digital wallets and account-to-account payments are becoming increasingly popular. Our refreshed consumer strategy is fueling user engagement, strengthened by targeted marketing and collaborative programs with key merchants.

現在讓我們更深入檢視本季的成長驅動因素，從第 5 頁的拉丁美洲開始。Paysafe 在拉丁美洲提供完整的替代性與本地支付方式網路。隨著該地區傳統現金文化快速演變，數位錢包與帳戶對帳戶（A2A）支付正日益普及。我們更新的消費者策略正推動用戶互動提升，並透過精準行銷與與關鍵商戶的合作計畫進一步強化。

Our product strategy also continues to evolve with the unique needs of local consumers with ongoing enhancements to our product lineup, including PagoEfectivo Wallet, which launched last year, bringing together our trusted local brand and Paysafe's wallet platform to deliver a streamlined user-friendly experience.

我們的產品策略也持續因應當地消費者的獨特需求而演進，並持續強化產品組合；其中包括去年推出的 PagoEfectivo Wallet，結合我們值得信賴的在地品牌與 Paysafe 的錢包平台，提供更精簡且友善的使用者體驗。

Lastly, our enterprise sales initiatives have been highly successful in driving strong cross-selling in the region. Our typical consumer in Latin America enjoys online gambling, video gaming and esports. They need fast, secure and affordable cash to digital solutions, along with quick access to their winnings. We also serve everyday consumers involved in e-commerce from paying bills to enjoying entertainment services, many of whom prefer cash or nonbank payment options.

最後，我們的企業銷售計畫在推動該地區強勁交叉銷售方面非常成功。拉丁美洲的典型消費者喜愛線上博弈、電玩遊戲與電子競技。他們需要快速、安全且負擔得起的現金轉數位解決方案，以及能迅速取得其獲利的方式。我們也服務參與電商的日常消費者，從繳費到享受娛樂服務皆涵蓋，其中許多人偏好現金或非銀行支付選項。

Additionally, a large portion of our customers regularly send and receive remittances and engage in peer-to-peer transactions. While Q1 benefited from a favorable comparison to the previous year, we anticipate strong double-digit growth throughout 2026 as we continue to build momentum with our product innovations and go-to-market strategies.

此外，我們相當大一部分客戶會定期匯出與收取匯款，並進行點對點（P2P）交易。雖然第一季受惠於相較去年同期較有利的比較基期，我們預期 2026 年全年將維持強勁的雙位數成長，因為我們持續透過產品創新與市場推進策略累積動能。

Moving to slide 6. Paysafe has a rich 30-year history built through acquisitions, but our story as a unified brand truly commenced in early 2024. Over the past two years, we have executed a multidimensional transformation, clarifying who we are and the value we deliver to our customers. This was a deliberate shift from a fragmented, siloed approach to a focused intentional model, aligning our brand, product and go-to-market around a cohesive narrative.

接下來看第 6 頁投影片。Paysafe 擁有透過併購建立的豐富 30 年歷史，但我們作為一個統一品牌的故事，真正始於 2024 年初。在過去兩年中，我們推動了一項多面向的轉型，釐清我們是誰，以及我們為客戶帶來的價值。這是一項刻意的轉變，從分散、各自為政的做法，轉向聚焦且有意圖的模式，讓我們的品牌、產品與上市策略圍繞一致的敘事而對齊。

Today, the alignment of our marketing and product strategy is delivering measurable commercial outcomes, particularly in our growth markets. In regions where we are making targeted investments, we are seeing strong performance across consumers, campaigns and countries. We are building a repeatable, scalable model that positions us to accelerate growth even further across our priority markets.

如今，我們的行銷與產品策略的對齊，正帶來可衡量的商業成果，尤其是在我們的成長市場。在我們進行重點投資的地區，我們在消費者、行銷活動與各國市場上都看到強勁表現。我們正在打造一個可重複、可擴展的模式，使我們能在優先市場進一步加速成長。

We are seeing this in Latin America, where active users reached 3.3 million in Q1, the highest level to date. This combination of local relevance, clear positioning and targeted consumer activation is driving engagement reinforced through co-marketing programs with merchants. We're seeing it with our core wallet and cash solutions in high potential regions such as Spain and France, where our brand and product, and customer position align most strongly.

我們在拉丁美洲看到了這一點，第一季活躍用戶達到 330 萬，創下歷史新高。在地相關性、清晰定位與針對性的消費者啟動相結合，正透過與商戶的聯合行銷計畫強化互動與參與度。在西班牙與法國等高潛力地區，我們也在核心錢包與現金解決方案上看到同樣成果，這些地區我們的品牌、產品與客戶定位最為一致。

That same approach extends to PaysafeWallet, which has had its strongest month on record in March. We believe this momentum represents the early stages of a much larger growth opportunity across the experience economy. AI is also a key driver of change in our marketing model, enabling us to scale through automated segmentation, smarter targeting and a more personalized customer experiences while increasing execution speed.

同樣的方法也延伸到 PaysafeWallet，其在 3 月創下有史以來最強勁的單月表現。我們相信，這股動能代表在體驗經濟中更大成長機會的早期階段。AI 也是我們行銷模式變革的關鍵驅動力，透過自動化分群、更智慧的鎖定，以及更個人化的客戶體驗，讓我們得以擴大規模，同時提升執行速度。

Turning to slide 7. iGaming continued to be a significant growth driver this quarter with global revenue increasing 20% year-over-year with strong growth across both segments in our core regions. We experienced robust activity during the NFL playoffs with outstanding operational performance during the Super Bowl and March Madness.

接下來看第 7 頁投影片。本季 iGaming 仍是重要的成長動能，全球營收年增 20%，在我們核心地區的兩個業務分部皆呈現強勁成長。我們在 NFL 季後賽期間活動熱絡，並在超級盃與三月瘋（March Madness）期間展現卓越的營運表現。

Additionally, we announced a new partnerships with MoonPay, enabling players to seamlessly deposit stablecoins and cryptocurrencies with iGaming and daily fantasy sports brands in the US Five operator pilots are currently underway, positioning us to meet evolving market demand. We also a strong quarter for new bookings, securing agreements with both new and existing merchants. We extended our partnerships with US clients such as Hard Rock and Golden Nugget to support their expansion into Canada, and we signed a new agreement with Cheddr, a popular platform for sports and culture predictions in North America.

此外，我們宣布與 MoonPay 建立新的合作夥伴關係，使玩家能在美國的 iGaming 與每日夢幻體育品牌中，無縫以穩定幣與加密貨幣進行存款。目前已有五家營運商試點正在進行中，使我們能滿足不斷演變的市場需求。我們在新簽約方面也有強勁的一季，與新舊商戶皆簽訂協議。我們延長了與 Hard Rock、Golden Nugget 等美國客戶的合作，以支持其拓展至加拿大；同時也與 Cheddr 簽署新協議，Cheddr 是北美一個受歡迎的體育與文化預測平台。

In the broader entertainment sector, Paysafe has become a headline sponsor for BIG CLAN, Germany's largest esports organization, and will also sponsor Red Bull's Fortnite and EA SPORTS FC tournaments in 2026. These high-profile events and partnership attract top content creators and elite competitive players supporting premium brand visibility for Paysafe's Digital Wallets solutions at the forefront of entertainment.

在更廣泛的娛樂產業中，Paysafe 已成為德國最大電競組織 BIG CLAN 的冠名贊助商，並將於 2026 年贊助 Red Bull 的《Fortnite》與 EA SPORTS FC 錦標賽。這些高知名度的活動與合作夥伴關係吸引頂尖內容創作者與菁英競技選手，為 Paysafe 的數位錢包解決方案帶來優質的品牌能見度，使其站在娛樂產業的最前線。

I will wrap up here. As you can see, we've had a very active quarter with a strong start to 2026 with impressive growth across revenue, cash flow and EPS. We're making good progress with our product initiatives, supported by our maturing sales motion and marketing investments.

我在此做個總結。如各位所見，我們本季非常活躍，2026 年開局強勁，在營收、現金流與每股盈餘（EPS）方面皆有亮眼成長。在日益成熟的銷售動能與行銷投資支持下，我們的產品計畫也取得良好進展。

With that, I will turn it over to John.

接下來我把時間交給 John。

Thank you, Bruce. Let's move to slide 9 for a summary of our first quarter results. Revenue for Q1 was $442.7 million, an increase of 10% on a reported basis, with organic growth of 8% as the remaining impact from last year's business disposal was more than offset by a tailwind from FX. Our first quarter results also benefited from another licensing data deal, which contributed $7 million. So the underlying organic growth was approximately 6%, normalizing for that.

謝謝你，Bruce。我們看第 9 頁投影片，總結第一季的業績。第一季營收為 4.427 億美元，按報告基礎年增 10%，有機成長 8%；去年處分業務的剩餘影響，已被外匯帶來的順風所抵銷且有餘。我們第一季的結果也受惠於另一筆授權資料交易，貢獻 700 萬美元。因此，若將該因素正常化，基礎有機成長約為 6%。

Across our top 20 countries, we saw growth of 13% in the first quarter, and we've consistently seen growth ranging from high single digits to low double digits over the past four quarters across these core markets. Adjusted EBITDA increased 4% to $99.2 million in the first quarter, and adjusted EBITDA margin declined 130 basis points. This reflects an increase in marketing and IT investment of $6 million as well as an increase in credit loss expense of $10 million, which was partly offset by the benefit of the data deal.

在我們前 20 大國家中，第一季成長 13%；過去四個季度在這些核心市場，我們持續看到從高個位數到低雙位數的成長。第一季調整後 EBITDA 年增 4% 至 9,920 萬美元，而調整後 EBITDA 利潤率下滑 130 個基點。這反映行銷與 IT 投資增加 600 萬美元，以及信用損失費用增加 1,000 萬美元；其中部分由資料交易帶來的效益所抵銷。

Turning to cash flow. We generated $67 million in unlevered free cash flow in Q1, an increase of 17% year-over-year, with a 67% conversion of adjusted EBITDA, in line with our target range and a solid improvement versus the prior year quarter. On an LTM basis, unlevered free cash flow was $307 million, reflecting 71% conversion.

接下來談現金流。第一季我們產生 6,700 萬美元的無槓桿自由現金流，年增 17%；調整後 EBITDA 的轉換率為 67%，符合我們的目標區間，且相較去年同期有明顯改善。以過去十二個月（LTM）計算，無槓桿自由現金流為 3.07 億美元，轉換率為 71%。

Adjusted net income for the first quarter was $21 million and adjusted EPS was $0.41, an increase of 21%, reflecting our reduced share count. Overall, relative to our expectations for the quarter, the top line came in ahead and adjusted EBITDA was in line but at a lower margin.

第一季調整後淨利為 2,100 萬美元，調整後每股盈餘（EPS）為 0.41 美元，年增 21%，反映我們股數減少。整體而言，相較於我們對本季的預期，營收表現優於預期，而調整後 EBITDA 符合預期，但利潤率較低。

Turning to the segment results on slide 10. Starting with Digital Wallets, volume in Q1 was $7.1 billion, an increase of 19% or 9% constant currency. Revenue from Digital Wallets increased 15% to $216.3 million with organic growth of 7%, as three-month actives increased 9% year-over-year, led by strong growth in Latin America.

接下來看第 10 頁投影片的分部業績。先從數位錢包（Digital Wallets）開始，第一季交易量為 71 億美元，年增 19%，或以固定匯率計年增 9%。數位錢包營收年增 15% 至 2.163 億美元，有機成長 7%；三個月活躍用戶年增 9%，主要由拉丁美洲的強勁成長帶動。

Transactions per active user was flat year-on-year, and average revenue per user increased 6%, helped by FX, with both metrics influenced by the regional and product mix, including the strong growth from LatAm. Adjusted EBITDA for Digital Wallets was $94.9 million, up 15% year-over-year with 4% constant currency growth. Adjusted EBITDA margin for the segment was 43.9%, down only 10 basis points despite higher investments in consumer marketing.

每位活躍用戶的交易次數與去年同期持平；每位用戶平均營收年增 6%，受外匯因素助益。兩項指標皆受到地區與產品組合影響，包括拉丁美洲的強勁成長。數位錢包分部的調整後 EBITDA 為 9,490 萬美元，年增 15%，以固定匯率計成長 4%。該分部調整後 EBITDA 利潤率為 43.9%，儘管消費者行銷投資增加，仍僅下滑 10 個基點。

Turning to the Merchant segment results. Volume increased 9% to $37.2 billion, resulting in organic revenue growth of 9% or approximately 5%, excluding the data deal. Normalizing for the benefit of the data deal, we saw a decline in the underlying gross margin in Merchant Solutions due to business mix, reflecting stronger growth from the low-margin ISO channel. Given these puts and takes, the adjusted EBITDA for the segment was $28.1 million, down from $29.4 million in Q1 of last year.

接下來看商戶（Merchant）分部業績。交易量年增 9% 至 372 億美元，帶動有機營收成長 9%；若排除資料交易，約為 5%。若將資料交易帶來的效益正常化，我們看到 Merchant Solutions 的基礎毛利率因業務組合而下滑，反映低毛利的 ISO 通路成長更強。綜合上述增減因素，該分部調整後 EBITDA 為 2,810 萬美元，低於去年第一季的 2,940 萬美元。

Turning to slide 11 for a summary of debt and leverage. At the end of the quarter, total debt was just under $2.5 billion, down $122 million versus Q4 as we repaid more than $100 million during the quarter and saw a modest benefit from FX. Our net leverage ratio was 5.2 times at quarter end compared to 5.5 times at Q4. We repurchased 588,000 shares in January, which was a rollover from a December order.

接下來看第 11 頁投影片，總結債務與槓桿。截至本季末，總債務略低於 25 億美元，較第四季減少 1.22 億美元，因我們本季償還超過 1 億美元，並獲得外匯帶來的小幅助益。季末淨槓桿比率為 5.2 倍，較第四季的 5.5 倍下降。我們在 1 月回購 588,000 股，這是延續自 12 月的一筆回購指令。

And while we continue to think our shares are undervalued, reducing leverage is our priority this year, supported by our expected growth in adjusted EBITDA and strong cash flow generation.

雖然我們仍認為公司股價被低估，但在我們預期調整後 EBITDA 成長與強勁現金流創造的支持下，今年的首要任務是降低槓桿。

Turning now to our full year outlook on slide 12. We are reaffirming 2026 guidance for revenue growth, adjusted EBITDA and adjusted earnings per share. As for the cadence, in the second quarter, we currently expect growth to be moderately below our full year guidance range to approximately 4%. Considering, in Q1, we had the licensing deal, a strong tailwind from FX and seasonally high volumes from the NFL postseason and March Madness. This brings our first half growth expectation to 7%.

接下來看投影片 12 的全年展望。我們重申 2026 年營收成長、調整後 EBITDA 與調整後每股盈餘的指引。就節奏而言，我們目前預期第二季的成長將略低於全年指引區間，約為 4%。考量到第一季有授權交易、匯率帶來的強勁順風，以及 NFL 季後賽與三月瘋（March Madness）帶來的季節性高量。因此，我們對上半年成長的預期為 7%。

We expect a seasonally strong Q4 in both segments, further supported by the investments we're making in marketing on the consumer side. We expect operating expenses to be weighted to the first half, including an increase of $14 million year-over-year related to marketing and IT investments. Given the $10 million increase in credit losses experienced in Q1, we expect adjusted EBITDA generated in the first half to be roughly flat year-over-year, while our second half expectation remains ahead of consensus.

我們預期第四季在兩個業務部門都將呈現季節性強勁表現，並且會進一步受惠於我們在消費者端行銷上的投資。我們預期營運費用將偏重於上半年，其中包含與行銷與 IT 投資相關、年增 1,400 萬美元的增加。鑑於第一季信用損失增加 1,000 萬美元，我們預期上半年產生的調整後 EBITDA 將大致與去年同期持平，而我們對下半年的預期仍高於市場共識。

Putting that together, for the full year, we continue to expect revenue and adjusted EBITDA to grow in the range of 5% to 8% while driving double-digit growth in adjusted EPS.

綜合以上，我們全年仍預期營收與調整後 EBITDA 將成長 5% 至 8%，同時推動調整後每股盈餘達到雙位數成長。

Now I'll turn the call back to Bruce for closing remarks.

接下來我把電話交回給 Bruce 做結語。

Thank you, John. We're pleased with our start to 2026 and are building on that with clear priorities to sharpen execution, drive product momentum through our vitality index and further reduce leverage. Before we begin our Q&A, I'd like to welcome Ignacio Caride to our Board. Ignacio brings decades of experience in digital platforms, omnichannel retail and payments, along with a deep knowledge of Latin America.

謝謝你，John。我們對 2026 年的良好開局感到滿意，並在此基礎上，透過明確的優先事項來強化執行力、藉由我們的活力指數（vitality index）推動產品動能，並進一步降低槓桿。在開始問答之前，我想歡迎 Ignacio Caride 加入我們的董事會。Ignacio 在數位平台、全通路零售與支付領域擁有數十年的經驗，並對拉丁美洲有深厚的了解。

We're excited to partner with him as we move forward and a sincere thank you to Eli Nagler, who has transitioned to a Board observer position. We've been very fortunate to have Eli's support and leadership during his many years of service to Paysafe. As you may have seen, we've announced several Board changes this year. As a result, the Board now includes 9 independent directors out of 12 total.

我們很期待在未來與他合作；也誠摯感謝 Eli Nagler，他已轉任董事會觀察員。在 Eli 多年服務 Paysafe 的期間，我們非常幸運能獲得他的支持與領導。如各位可能已看到的，我們今年已宣布多項董事會變動。因此，目前董事會 12 位成員中有 9 位為獨立董事。

While CVC and Blackstone remain significant shareholders and continue to support our strategic direction, we see this progression to greater independence as a step toward a governance structure more typical for a US public company.

雖然 CVC 與 Blackstone 仍是重要股東並持續支持我們的策略方向，但我們認為朝向更高獨立性的進展，是邁向更符合美國上市公司典型治理架構的一步。

Now let's begin the Q&A session.

現在我們開始問答環節。

(Operator Instructions)

（接線員指示）

Jamie Friedman, SIG.

Jamie Friedman，SIG。

It's Jamie at Susquehanna. So congratulations on the numbers. I wanted to get your perspective on how we should be thinking about the EBITDA margin in Merchant Solutions. I know you articulated some of this on the call, but how we should be thinking about mix and the impact on margins? And then how we should be thinking about the Merchant segment margins cadence for the rest of the year?

我是 Susquehanna 的 Jamie。先恭喜你們的數字表現。我想請教你們對商戶解決方案（Merchant Solutions）EBITDA 利潤率應如何看待的觀點。我知道你們在電話會議中已提到一些，但我們應如何看待組合（mix）以及其對利潤率的影響？另外，我們應如何看待今年剩餘期間商戶部門利潤率的節奏？

Great. Jamie, I'm going to let John walk you through that. And John, over to you.

好的。Jamie，我請 John 帶你梳理一下。John，交給你。

Sure. Thank you. So I think we expect the margins to be slowly improving through the year. And by slowly, I really mean in Q3 and Q4. Q2 is most likely going to look similar to Q1, but we expect to be in the upper teens, potentially higher than that by the end of the year.

好的。謝謝。我認為我們預期利潤率會在今年逐步改善。所謂逐步，主要是指第三季與第四季。第二季很可能看起來與第一季相近，但我們預期到年底會落在十幾個百分點的高端，甚至可能更高。

And that's driven, as you mentioned and we mentioned on the call earlier, the mix side with the ISO channel outperforming early this year. And then as we get the -- our various pieces of the direct channel on better track in the second half, that should drive the margins up.

而這主要是由你提到、我們先前在電話會議也提過的因素所驅動：在組合面，ISO 通路今年初表現優於預期。接著，當我們在下半年讓直銷通路的各個環節回到更好的軌道上，應該就會推升利潤率。

Okay. No, that makes sense. And then -- in terms of the iGaming, I realize you called out that it's seasonally strong, especially in the fourth quarter. Is it super seasonal even though because there's seemingly a lot of gaming that others are talking about like Visa coming in the second half?

了解。嗯，這樣就說得通。另外，關於 iGaming，我知道你們提到它具有季節性強勁特徵，尤其是在第四季。但它真的那麼季節性嗎？畢竟看起來有很多博彩相關動能，其他人也在談，例如 Visa 會在下半年進來之類的。

Yes. On the seasonality of the gaming, obviously, Q1 is a big quarter for us with the playoffs, NFL playoffs and Super Bowl. And then really at Q4, you look at the back half of the year, there's just a tremendous amount of sporting activities as you're rolling into Q4. So those really have been historically the seasonality of the iGaming. Q2 is kind of muted, but Q1 and Q4 are usually the big quarters on a seasonality basis.

是的。就博彩的季節性而言，第一季對我們來說通常是大季，因為有季後賽、NFL 季後賽以及超級盃。而到了第四季，從下半年來看，進入第四季時體育賽事活動量非常龐大。因此，這些一直以來就是 iGaming 歷史上的季節性特徵。第二季相對偏淡，但以季節性來看，第一季與第四季通常是大季。

Matthew Inglis, RBC Capital Markets.

Matthew Inglis，RBC Capital Markets。

This is Matthew Inglis on for Dan Perlin. So for the LatAm business, the World Cup is obviously a huge opportunity to acquire customers. I know you mentioned increased marketing spend and co-marketing with your merchant partners. But wondering if you can unpack a little more of the customer acquisition strategy leading up to the World Cup and I guess, just your expectations.

我是 Matthew Inglis，代 Dan Perlin 提問。就拉丁美洲業務而言，世界盃顯然是獲取客戶的巨大機會。我知道你們提到會增加行銷支出，並與商戶合作夥伴進行共同推廣。但想請你們再多拆解一些在世界盃前的獲客策略，以及你們的預期。

Yes. So when we look at the World Cup, it's an interesting dynamic. It gets a lot of airtime. For us, when we look at the Digital Wallets segment of the World Cup when we held it last, there wasn't a material impact on the digital wallet side. This time through, we've been relatively conservative in our forecasting of the impact of the digital wallet. We have a couple of different dynamics.

好的。當我們看世界盃時，這是一個有趣的動態。它會獲得大量曝光。就我們而言，上一次舉辦世界盃時，從數位錢包業務來看，對數位錢包端並沒有實質性的影響。這一次，我們在預測數位錢包受影響的程度上相對保守。我們有幾個不同的因素。

One, Matthew, you just mentioned is LatAm. We have a much stronger business in LatAm. So not really sure what the real impact is going to be, but we have a very active marketing campaign, both in LatAm and in North America. There is a campaign that we're doing really for the very first time that we're hoping to build off of the popularity of World Cup on our consumer acquisition. And our initial campaigns have been very successful, but building around World Cup is something that will be new for us. So we've kind of remained conservative in our forecasting of that.

第一個，Matthew，你剛提到的是拉丁美洲。我們在拉丁美洲的業務更強。因此實際影響會有多大我們也不太確定，但我們在拉丁美洲與北美都有非常積極的行銷活動。我們正在進行一個幾乎是首次推出的活動，希望能借助世界盃的熱度來推動消費者獲取。我們初期的活動非常成功，但圍繞世界盃來打造行銷對我們而言將是新的嘗試。因此我們在這方面的預測仍偏保守。

But I think for us, as we look at it, we'll have a little bit of probably pop there in LatAm. And certainly, on our merchant acquiring side in North America because such a big component this time is in the US, we may have some opportunity there as well. If you recall, the last time, it was in a time zone that was very difficult. There wasn't a lot of visibility in the US So this is really geared in a better way for us. But as I said, we've been conservative in our modeling because we really haven't experienced it at the size and scale that we are today.

不過我認為，從我們的角度來看，拉丁美洲那邊可能會有一些小幅的拉升。而且在北美的商戶收單端，由於這次很大一部分賽事在美國舉行，我們也可能有一些機會。如果你還記得，上一次是在一個時區非常不利的情況下舉辦。在美國的能見度不高，所以這次對我們來說在安排上更有利。但如我所說，我們在模型上仍採取保守態度，因為以我們今天的規模與量級，過去並沒有經歷過這樣的情況。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

This is Paul Obrecht on for Darrin. Bruce, can you provide a bit more color on the momentum you're seeing with PaysafeWallet in Europe? I mean what's really resonating with consumers there? And how are they engaging with it?

我是 Paul Obrecht，代替 Darrin 發言。Bruce，你能否就你在歐洲看到的 PaysafeWallet 動能多補充一些細節？我是說，那邊真正引起消費者共鳴的是什麼？他們又是如何使用並與之互動的？

Yes, Paul, great question. We've really taken a very active stance with our marketing team on consumer acquisition there. So I think that for us has really driven quite a bit. We've had really strong campaigns in Spain and France most recently. So as we continue to, one, get more sophisticated in our marketing campaigns. For example, on a lead generation basis, we're very active in using bots to drive leads. We have thousands of bots a day out optimizing our lead generation. We've really transformed the way we go after consumer acquisition.

是的，Paul，問得很好。我們的行銷團隊在那邊的消費者獲取上，確實採取了非常積極的策略。所以我認為這對我們帶動了相當多的成效。我們最近在西班牙和法國做了非常強勢的活動。因此，隨著我們持續在第一、讓行銷活動變得更成熟精細。例如，在名單開發（lead generation）方面，我們非常積極地使用機器人來推動潛在客戶名單。我們每天有數千個機器人在外面優化我們的名單開發。我們確實徹底改變了我們進行消費者獲取的方式。

I would also say that the PaysafeWallet is providing a great vehicle for us. We see really nice double-digit growth with the PaysafeWallet. And that creates a nice onboarding into our ecosystem from PaysafeCard. So I think we have a lot of things that are coming together, creating good opportunities. And probably the big historical difference for us is really the active engagement of our marketing team on consumer acquisition.

我也會說，PaysafeWallet 對我們而言是一個很好的載體。我們看到 PaysafeWallet 有非常不錯的兩位數成長。而這也為我們從 PaysafeCard 導入到我們生態系提供了很好的上線（onboarding）途徑。所以我認為有很多事情正在匯聚，創造出良好的機會。而對我們來說，歷史上最大的差異，可能就是我們行銷團隊在消費者獲取上的積極投入。

We are much more aggressive about consumer acquisition today than we ever have been, but we're doing it in a very calculated and methodical way to make sure that we're maximizing the impact of the dollars that we spend.

我們現在在消費者獲取上比以往任何時候都更積極，但我們是以非常審慎、精密且有方法的方式來做，以確保我們花出去的每一塊錢都能把影響力最大化。

I think when you look at our marketing spend versus others, our marketing spend on a consumer basis is still well below the average as a percentage of revenue. But we -- for us, it's been a substantial increase as we've kind of looked at it on a historical basis. So we're really being very precise about the way we're doing it. And so far, our marketing team has really had a lot of success getting this turned around for us.

我認為，若把我們的行銷支出與其他公司相比，我們在消費者端的行銷支出占營收比重仍遠低於平均水準。但對我們而言，若以歷史角度來看，這已是相當可觀的增加。因此我們在執行方式上非常精準。到目前為止，我們的行銷團隊在讓這件事扭轉局面方面確實取得了很大的成功。

The one thing I would add, too, in terms of engagement, we're pleased so far to see -- even though the business is relatively small compared to our core wallets business, the transactions per active user actually are very similar to the Skrill and NETELLER users, which we're excited as it shows real engagement and activity with the product.

另外我也想補充一點，就互動度而言，我們目前很高興看到——即使這項業務相較於我們核心錢包業務規模仍然較小，但每位活躍用戶的交易筆數其實與 Skrill 和 NETELLER 用戶非常相近；這讓我們很振奮，因為這顯示產品確實有很強的互動與使用活躍度。

Great. That's really helpful color. And then as a follow-up, it's great to see SMB revenue growth improved to 2% year-over-year. Can you just touch on the drivers here and your expectations for SMB for the remainder of the year?

很好。這些補充資訊非常有幫助。接著追問一下，很高興看到 SMB 營收年增改善到 2%。你能談談背後的驅動因素，以及你對今年剩餘期間 SMB 的預期嗎？

And then, John, I think in a previous question, you noted your expectation for better performance on the direct side in the second half. What's really needed to achieve this?

另外，John，我想在先前的一個問題中，你提到你預期下半年直銷端（direct side）的表現會更好。要達成這點，真正需要的是什麼？

Do you want to, John, jump in on?

John，你要不要先補充一下？

I'll start with the numbers piece first. I think, Paul, we're not expecting significant contribution from the SMB piece through the year. Our expectations of that business are better than Q1, but not dramatically better. We think it's going to sort of work its way through the year to a couple of points better than maybe where we were in Q1, but that -- we don't have that penciled in for a significant uplift through the year.

我先從數字的部分開始。Paul，我們不預期 SMB 這塊在今年會有顯著的貢獻。我們對這項業務的預期會比第一季好，但不會大幅好轉。我們認為它會在今年逐步改善，可能比第一季的水準好個幾個百分點，但——我們並沒有把它在今年視為會帶來顯著拉升的因素。

I think the other thing we just point out is we did have better than expected or lower-than-expected attrition in our book. We have not really modeled that in for a full year. So we're very optimistic that we've made a lot of changes about trying to mitigate the attrition that we've had. And hopefully, this is an ongoing rate that we can kind of hang around, but we didn't model that in, in our forecasting at this point. So we'll see how Q2 unfolds and move forward with that.

另外我們想指出的是，我們的客戶組合（book）流失率（attrition）優於預期，或說低於預期。我們並沒有把這點納入全年模型。因此我們對於已做出許多改變、以降低過去的流失率這件事感到非常樂觀。希望這能成為我們可以維持的持續水準，但目前在預測中我們尚未把它納入。所以我們會看看第二季的發展，再據此往前推進。

Timothy Chiodo, UBS.

Timothy Chiodo，瑞銀（UBS）。

I want to start with an update on Clover. So it was about a year ago or so that you announced an expanded partnership around value-added services and Clover Capital. It's been some time. And I was hoping you could just give us a status update on how that's going in terms of the incremental sales of those services that are sort of an add-on to the core payments business. And then I'll have a brief follow-up.

我想先從 Clover 的最新進展開始。大約一年前左右，你們宣布擴大在加值服務與 Clover Capital 方面的合作夥伴關係。已經過了一段時間。我想請你們更新一下目前進展如何，特別是這些作為核心支付業務附加項的服務，其增量銷售情況。接著我會有一個簡短的追問。

Yes. Tim, thanks for the question. We still see really strength with our Clover offering. We feel that it's a very strong offering in the marketplace. For us, it's something that we've poured a lot of energy into in the last year. We still see double-digit growth on the consumer -- on the merchant acquisition side of Clover. So we feel very good about the product offering.

好的。Tim，謝謝你的提問。我們仍然看到 Clover 產品非常強勁的表現。我們認為它在市場上是一個非常有競爭力的方案。對我們來說，這是過去一年投入了大量心力的項目。我們在 Clover 的商戶獲取端仍看到兩位數成長。因此我們對這個產品方案感到非常有信心。

I think it's getting honed a little bit more. Obviously, it does very well in the restaurant vertical. And now in the services verticals, we're starting to see a lot of success there with it as well. So I still feel like it's a great product that is serving us well and serving our merchants well.

我認為它也正在變得更精準、更到位。很明顯地，它在餐飲垂直領域表現非常好。而現在在服務業垂直領域，我們也開始看到它取得很多成功。所以我仍然覺得這是一個很棒的產品，對我們很有幫助，也很好地服務了我們的商戶。

Excellent. And the follow-up was, and I apologize juggling a few earnings this morning, but did you give any additional context or just the mechanics around the large data sale? In other words, what type of customer would be purchasing data in that manner? And how common are these or recurring/nonrecurring? Obviously, it's nonrecurring, but maybe these could happen more often?

很好。追問一下，抱歉我今天早上同時在看幾家公司的財報，但你們是否有就那筆大型資料銷售提供更多背景或運作機制的說明？換句話說，會以那種方式購買資料的客戶類型是什麼？這類交易有多常見，或是屬於經常性/非經常性？顯然它是非經常性的，但也許未來可能更常發生？

Yes. I got you.

是的。我明白你的意思。

I don't know what the right word.

我不確定用什麼詞最恰當。

Sorry?

抱歉？

I was saying I'm not sure what the right word is recurring, nonrecurring, but kind of once in a while.

我是說，我不確定「經常性、非經常性」哪個詞更對，但大概就是偶爾會發生那種。

Yes. No worries at all, Tim. So look, for us, as I mentioned in the last quarter, this is a business we're building. We feel that this is going to be something that will continue to build quarter-to-quarter. We expect sales throughout the year. We've modeled that for ourselves. As our pipeline continues to build, we think it will be a steady state for us as we move forward.

是的。Tim，完全不用擔心。所以你看，對我們而言，正如我在上一季提到的，這是一項我們正在建立中的業務。我們認為這會是一個能夠逐季持續累積的項目。我們預期全年都會有銷售。我們也已在內部模型中納入這點。隨著我們的管線持續擴大，我們認為未來推進時，這會成為我們的一個穩定常態。

Now it's early, like any new product that comes to market. So it's probably a little bit lumpy here in the beginning, but we expect that there'll be deals throughout the year and have a pipeline that suggests that we'll be able to do that. So we feel very good about this is a new way for us to monetize the investment we've made in our IT infrastructure.

現在還很早，就像任何剛上市的新產品一樣。所以在一開始可能會有些起伏不平，但我們預期全年都會有交易，且我們的管線顯示我們能夠做到這點。因此我們對此感到非常樂觀，這是我們將在 IT 基礎設施上所做投資變現的一種新方式。

So people talk a lot about AI and the things that people are doing there. We really, over the last couple of years, have invested heavily in our data infrastructure. This has allowed us, one, to monetize through sales of data, and there are all kinds of uses for that. But the data that we sell is anonymized data. So this is not something that is traceable back to a particular merchant or consumer. These things are really being used on fraud modeling and the like.

所以大家談了很多 AI 以及人們在那方面所做的事情。而我們在過去幾年確實在資料基礎設施上投入了大量資源。這讓我們能夠，第一，透過資料銷售來變現，而且其用途非常多元。但我們出售的資料是匿名化資料。因此這不是能追溯到特定商戶或消費者的東西。這些資料實際上被用於詐欺建模等用途。

So when we look at our IT infrastructure around data, today, when you look at our organization, we have over 150 data engineers that we didn't have just a couple of years ago. And so we've really transformed our foundational data layer, and we think that does a couple of things. One, gives us some revenue opportunities; and two, it's driving a tremendous amount of efficiencies for us, whether it be on the marketing side about lead generation, whether it be in our attrition management and the algorithms we use now to predict merchants as they're moving forward. It can be in our client services.

因此當我們看我們圍繞資料的 IT 基礎設施時，以今天來看，放眼整個組織，我們有超過 150 位資料工程師，而在幾年前我們並沒有這些人力。所以我們確實改造了我們的基礎資料層，我們認為這帶來幾件事。第一，帶來一些營收機會；第二，為我們帶來大量效率提升，不論是在行銷端的潛在客戶開發，或是在流失管理，以及我們現在用來預測商戶後續走向的演算法。也可以體現在我們的客戶服務上。

And so, we had 60% of our volume being handled by technology that our data engineers had created for us. So I feel very good about the investment. I think it's been a huge payback for us here early on in our kind of transformation over the last couple of years.

因此，我們有 60% 的交易量是由我們的資料工程師為我們打造的技術所處理。所以我對這項投資感到非常滿意。我認為在過去幾年我們這種轉型的早期階段，它已為我們帶來非常巨大的回報。

(Operator Instructions)

(接線員指示)

Andrew Harte, BTIG.

Andrew Harte，BTIG。

Bruce, that was really helpful color on the data licensing deal. I guess just a quick follow-up on that. Was that win included in full year guidance at the beginning of the year? I know we reiterated guidance, but just want to understand if that data licensing deal had any impact. I guess, really getting at how expectations for the back half of the year have potentially changed at all in overall visibility.

Bruce，關於資料授權交易的說明非常有幫助。我想就此快速追問一下。年初給出的全年財測指引是否已完整納入這筆得標？我知道你們重申了指引，但我想了解這筆資料授權交易是否帶來任何影響。我真正想問的是：對於下半年，在整體能見度上，預期是否有任何可能的變化？

Andrew, we had data in our guidance throughout the year. So I think from our standpoint, there's really -- the way we looked at it, there was nothing new here. We had data incorporated in -- if anything, I would say it was probably just a little bit bigger than we anticipated in Q1, but we had data deals in our model throughout the year. So no real change from our perspective.

Andrew，我們全年指引中一直都有把資料相關收入納入。所以從我們的角度來看，這裡其實——我們的看法是，沒有任何新的東西。我們在模型中一直把資料納入——如果要說的話，我會說第一季可能比我們原先預期稍微大一些，但我們全年模型中一直都有資料交易。所以從我們的角度來看沒有實質變化。

Okay. Very helpful. And then in iGaming, I would love to just kind of hear what the early adoption of Pay with Crypto has looked like. Anything you'd highlight with your MoonPay partnership and what adoption has been like since the launch?

好的。非常有幫助。另外在 iGaming 方面，我很想聽聽 Pay with Crypto 的早期採用情況如何。你們與 MoonPay 的合作有什麼值得強調的？自推出以來的採用情況如何？

I apologize, Andrew, I missed the Pay with Crypto.

抱歉，Andrew，我漏聽了 Pay with Crypto。

Pay with Crypto?

Pay with Crypto？

Yes. So look, the Pay with Crypto, we feel very bullish about it. It's really kind of in a pilot mode at this point. We've got about 5 merchants that we're really working with right now. We expect to be able to roll that out throughout the year. I think the key here on the crypto piece is really just being aware of what our consumers want to do and how they want to spend their money and us providing the mechanism for them to spend the money the way they want to spend their money, and where they want to spend the money.

是的。所以你看，對於 Pay with Crypto，我們非常看多。目前它其實還處於試點模式。我們現在大約與 5 家商戶密切合作。我們預期能在今年內逐步推廣上線。我認為加密貨幣這一塊的關鍵，主要是了解我們的消費者想做什麼、想如何花錢，並由我們提供機制，讓他們能以自己想要的方式、在自己想要的地方花錢。

And so, when you look at the survey that we did, there was really an interest in paying with crypto. I think it was 83% of our survey respondents had expressed interest in it. So there was really a strong interest in it. So, for us, we look at it as really just another LPM that we're providing that consumers want, and now connecting it up to our merchants so that they can buy their video game or buy their -- place their sports bet, just trying to be there for the way they want to execute their transactions.

因此，從我們做的調查來看，確實對用加密貨幣支付有興趣。我記得有 83% 的受訪者表示有興趣。所以興趣非常強烈。因此對我們而言，我們把它視為我們提供的另一種 LPM（本地支付方式），是消費者想要的；而現在把它與我們的商戶端連接起來，讓他們可以買電玩遊戲或——下注體育博彩，只是希望能在他們想要執行交易的方式上提供支援。

Ladies and gentlemen, this concludes the question-and-answer session. I would now like to hand the conference over to Bruce Lowthers, Chief Executive Officer, for closing comments.

各位女士、先生，問答環節到此結束。現在我想把電話會議交回給執行長 Bruce Lowthers 作結語。

Thank you very much. I just want to thank the team at Paysafe for all the work for the quarter. Overall, I think the theme, really strong quarter for us to start the year, which has us feeling optimistic about the year. We're very focused on executing the year. Biggest priorities, obviously, our continued execution, paydown of our debt, really continuing to optimize our leverage free cash flow. And that's the theme for 2026. So thank you very much for joining us today, and we look forward to connecting again soon.

非常感謝。我只想感謝 Paysafe 團隊在本季所做的一切努力。整體而言，我認為主軸是：我們以非常強勁的一季開啟今年，這讓我們對今年感到樂觀。我們非常專注於把今年執行到位。最大的優先事項，顯然是持續落實執行、償還債務，並持續優化我們的槓桿與自由現金流。而這就是 2026 年的主題。非常感謝各位今天加入，我們期待很快再次交流。

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

各位女士、先生，Paysafe 的電話會議現在結束。感謝各位的參與。您現在可以掛斷電話。