Remitly Global Inc (RELY) 2024 Q3 法說會逐字稿

Hello, and welcome to Remitly's third quarter 2024 Earnings Conference Call. (Operator Instructions)

您好，歡迎參加 Remitly 2024 年第三季財報電話會議。（操作員說明）

It is now my pleasure to introduce Vice President of Investor Relations, Stephen Shulstein.

現在我很高興向大家介紹投資者關係副總裁史蒂芬舒爾斯坦（Stephen Shulstein）。

Thank you. Good afternoon, and thank you for joining us for Remitly's Third Quarter 2024 Earnings Call. Joining me on the call today are Matt Oppenheimer, Co-Founder and Chief Executive Officer of Remitly; and Vikas Mehta, our Chief Financial Officer. Results and additional management commentary are available in the earnings release and presentation slides, which can be found at ir.remitly.com. Please note that this call will be simultaneously webcast on the Investor Relations website.

謝謝。下午好，感謝您參加我們的 Remitly 2024 年第三季財報電話會議。今天加入我的電話會議的是 Remitly 聯合創辦人兼執行長 Matt Oppenheimer；以及我們的財務長 Vikas Mehta。結果和其他管理層評論可在收益發布和演示幻燈片中找到，這些幻燈片可以在 ir.remitly.com 上找到。請注意，本次電話會議將同時在投資者關係網站上進行網路直播。

Before we start, I would like to remind you that we'll be making forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding Remitly's future financial results and management's expectations and plans. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to vary materially from those presented here.

在開始之前，我想提醒您，我們將做出聯邦證券法含義內的前瞻性聲明，包括但不限於有關 Remitly 未來財務業績以及管理層的預期和計劃的聲明。這些陳述既不是承諾也不是保證，並且涉及風險和不確定性，可能導致實際結果與此處提供的結果有重大差異。

You should not place undue reliance on any of these forward-looking statements. Please refer to the earnings release and SEC filings for more information regarding the risk factors that may affect results. Any forward-looking statements made on this conference call, including responses to your questions, are based on current expectations as of today and Remitly assumes no obligation to update or revise them, whether as a result of new developments or otherwise, except as required by law.

您不應過度依賴任何這些前瞻性陳述。請參閱收益報告和 SEC 文件，以了解有關可能影響結果的風險因素的更多資​​訊。本次電話會議中所做的任何前瞻性陳述（包括對您的問題的答复）均基於截至今天的當前預期，Remitly 不承擔更新或修改這些陳述的義務，無論是由於新的發展還是其他原因，除非法律。

The following presentation contains non-GAAP financial measures. We will reference non-GAAP operating expenses and adjusted EBITDA on this call. These metrics exclude items such as stock-based compensation, acquisition, integration, restructuring and other costs and foreign exchange gain or loss. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP metric, please see the earnings press release and the appendix to the earnings presentation, which are available on the IR section of our website.

以下演示包含非公認會計準則財務指標。我們將在本次電話會議上參考非 GAAP 營運費用和調整後 EBITDA。這些指標不包括股票薪酬、收購、整合、重組和其他成本以及外匯損益等項目。有關這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的調節，請參閱收益新聞稿和收益示範附錄，這些內容可在我們網站的 IR 部分找到。

Now I will turn the call over to Matt to begin.

現在我將把電話轉給馬特開始。

Thank you all for joining us today to discuss Remitly's latest quarterly results. We delivered yet another quarter of strong performance. Q3 was exceptionally strong across the board. We exceeded expectations, both on the top and bottom line, as you can see on slide 4.

感謝大家今天加入我們討論 Remitly 的最新季度業績。我們又一個季度表現強勁。第三季的整體表現異常強勁。正如您在幻燈片 4 中看到的那樣，我們在營收和利潤方面都超出了預期。

We acquired a record number of new customers year-over-year. Revenue growth accelerated to 39%. We delivered record adjusted EBITDA of $46.7 million and adjusted EBITDA margin expanded to nearly 14%, getting us beyond the Rule of 50, as defined by the sum of revenue growth and adjusted EBITDA margin.

我們每年獲得的新客戶數量創歷史新高。收入成長加速至39%。我們的調整後 EBITDA 達到創紀錄的 4,670 萬美元，調整後 EBITDA 利潤率擴大到近 14%，使我們超越了 50 規則（由收入增長和調整後 EBITDA 利潤率之和定義）。

To put it in perspective, adjusted EBITDA this quarter was more than what we earned in the entire first half of this year and more than the adjusted EBITDA we delivered in all of 2023. This shows the strength of our business model and ability to drive profitable growth. With that backdrop, let me share my thoughts on Remitly's unique and sustainable growth strategy.

從長遠來看，本季調整後的 EBITDA 超過了我們今年整個上半年的收入，也超過了我們 2023 年全年的調整後 EBITDA。這顯示了我們商業模式的實力和推動獲利成長的能力。在此背景下，讓我分享一下我對 Remitly 獨特且永續成長策略的看法。

Growth is the top priority. We are a growth company and we are just getting started. The massive market we serve, the unique customers we cater to and the structural advantages to innovate, disrupt and win share give me confidence in our growth algorithm.

成長是首要任務。我們是一家成長型公司，而且才剛起步。我們服務的龐大市場、我們迎合的獨特客戶以及創新、顛覆和贏得份額的結構優勢讓我對我們的成長演算法充滿信心。

Let me unpack this. First, let me talk about our market opportunity. We have a very large addressable market of consumer cross-border payments of almost $2 trillion in a highly fragmented space, as you can see on Slide 5. We have won share every year since our founding and we are still only approximately 3% penetrated.

讓我拆開這個。首先我來談談我們的市場機會。正如您在幻燈片 5 中看到的那樣，我們在高度分散的空間中擁有近 2 兆美元的巨大潛在消費者跨境支付市場。自成立以來，我們每年都在贏得市場份額，但滲透率仍然只有 3% 左右。

Send volume grew more than 40% in the third quarter, over 5x the market growth rate. The fragmentation works to our advantage as we are the only scaled digital player with more than $1 billion in trailing 12-month revenue and growing 30% plus.

第三季發送量成長超過 40%，是市場成長率的 5 倍以上。這種分散化對我們有利，因為我們是唯一一家過去 12 個月收入超過 10 億美元且成長 30% 以上的規模化數位公司。

Remitly's positioning as a digital-first provider has allowed us to sustainably outgrow the market along with improving economies of scale. The challenge is less about identifying where to grow, but more around strategically prioritizing investments across the near-, medium-, and long-term horizons.

Remitly 作為數位優先提供者的定位使我們能夠持續超越市場並提高規模經濟。挑戰不在於確定成長點，而在於在近期、中期和長期範圍內策略性地確定投資的優先順序。

We have multiple growth vectors, whether it is acquiring new customers in existing regions, expanding to new corridors, or extending into adjacent and novel use cases. We will continue to explore and diversify into segments like seafarers, high-dollar transaction centers, and microbusinesses. The prospect of serving unmet needs of existing and potential customers is very exciting.

我們有多種成長向量，無論是在現有地區獲取新客戶、擴展到新的走廊，或是擴展到鄰近的新穎用例。我們將繼續探索海員、高額交易中心和微型企業等細分市場並實現多元化。滿足現有和潛在客戶未滿足的需求的前景非常令人興奮。

Our large market opportunity includes growth opportunities in both new and existing send and receive geographies. We expect a significant majority of near-term growth to come from existing regions we serve, while entering new geographies creates growth opportunities for the medium term and long term. We will use the same disciplined corridor expansion strategy and the targeted approach that has served us so well to date when we enter these new regions.

我們龐大的市場機會包括新的和現有的發送和接收地區的成長機會。我們預計近期成長的絕大部分將來自我們服務的現有地區，而進入新的地區則為中長期創造成長機會。當我們進入這些新地區時，我們將使用迄今為止為我們提供良好服務的同樣嚴格的走廊擴張策略和有針對性的方法。

Second, let me share more about our customers. We enable seamless cross-border payments, helping people send money to their friends and family generally in their home country. This growing segment of nearly 300 million people has distinct needs that existing financial service providers do not cater to in a customer-centric way. We create trust by ensuring that the funds are delivered to the right person, at the right time, in the right place, at a fair and transparent price.

其次，讓我分享更多有關我們客戶的資訊。我們實現無縫跨境支付，幫助人們向本國的朋友和家人匯款。這個不斷增長的近 3 億人口有著獨特的需求，而現有的金融服務提供者無法以以客戶為中心的方式滿足這些需求。我們透過確保資金在正確的時間、正確的地點以公平透明的價格交付給正確的人來建立信任。

For example, one of our customers, Sagrario, who lives in Los Angeles with her husband and mother-in-law, uses Remitly to send money to Mexico to support her siblings and her husband's family members. Prior to using Remitly, Sagrario sent money in person through a different company paying high fees for each transfer.

例如，我們的一位客戶 Sagrario 與丈夫和婆婆住在洛杉磯，她使用 Remitly 匯款到墨西哥，以支持她的兄弟姐妹和丈夫的家人。在使用 Remitly 之前，Sagrario 透過另一家公司親自匯款，每次轉帳均需支付高額費用。

She was nervous about sending money online at first. Prior to sending with the app, she thought it would take at least a day or two for the money to arrive. Upon starting to use Remitly, she was amazed at the cash pickup and bank account options. Her first time transferring, she explained how cool when the money was available for pickup instantly.

起初她對網路匯款感到緊張。在使用應用程式發送之前，她認為至少需要一兩天才能收到錢。開始使用 Remitly 後，她對現金提取和銀行帳戶選項感到驚訝。第一次轉帳時，她解釋說，當錢可以立即領取時，這是多麼酷。

And she told us about her experience with a sense of pride, confidence and amazement. Immediately afterward, she told 5 of her friends about Remitly. Sagrario first signed up for Remitly in 2020. Since then, she has sent money 40 times, totaling nearly $6,000. Sagrario loves how fast Remitly is and that she doesn't have to leave her house to send. We focus on all the things that make a difference for Sagrario, including speed, reliability and great customer support when needed.

她帶著自豪、自信和驚訝的心情向我們講述了她的經歷。緊接著，她向她的 5 個朋友講述了 Remitly。Sagrario 於 2020 年首次簽約 Remitly。此後，她已匯款40次，總計近6,000美元。Sagrario 喜歡 Remitly 的速度，而且她不必離開家就能發送。我們專注於對 Sagrario 產生影響的所有因素，包括速度、可靠性以及在需要時提供出色的客戶支援。

Our success validates the focus on absolute trust, simplicity and convenience, all accompanied by a transparent, competitive and fair price. This focus helps drive so many of our customers to consistently send with Remitly over many years. Sagrario's story of working hard to support her family in Mexico reminds us why our vision to transform lives with trusted financial services that transcends borders is so crucial.

我們的成功證明了我們對絕對信任、簡單性和便利性的關注，並伴隨著透明、有競爭力和公平的價格。這種關注有助於推動我們的許多客戶多年來始終使用 Remitly 發送。薩格拉里奧 (Sagrario) 努力工作養家糊口的故事提醒我們，為什麼透過值得信賴的跨國金融服務改變生活的願景如此重要。

Third, I'll discuss structural advantages as a digital business. These advantages apply across every aspect of our business, including marketing, technology platform and our global network, ultimately driving low-friction customer experiences. Let me touch on some of these examples.

第三，我將討論數位業務的結構優勢。這些優勢適用於我們業務的各個方面，包括行銷、技術平台和全球網絡，最終推動低摩擦的客戶體驗。讓我談談其中的一些例子。

One of the distinct benefits of a digital business is that we get smarter with every click, every customer call and every transaction. We add to the rich data-driven insights we have on the end-to-end customer experience, which enables us to develop a real-time view of customer behavior. This powers innovation as product teams get a deeper sense of customer needs. Deeper understanding of customer behavior helps us continuously improve the efficiencies and effectiveness across every part of the business.

數位業務的顯著優勢之一是，我們透過每次點擊、每次客戶通話和每次交易而變得更加聰明。我們在端到端客戶體驗方面添加了豐富的數據驅動見解，這使我們能夠即時了解客戶行為。隨著產品團隊更深入了解客戶需求，這將推動創新。更深入了解客戶行為有助於我們持續提高業務各部分的效率和效能。

For example, our business teams regularly run experiments and A/B tests and our data analysts spend a tremendous amount of time analyzing customer cohorts, demand curves and customer actions. This data powers marketing teams to build high ROI marketing campaigns, as you can see on Slide 6.

例如，我們的業務團隊定期進行實驗和 A/B 測試，我們的資料分析師花費大量時間分析客戶群、需求曲線和客戶行為。這些數據幫助行銷團隊進行高投資報酬率的行銷活動，如投影片 6 所示。

Confidence in our marketing investment is the result of durable customer behavior and over 10 years of historical data and behavior that we continue to observe. For example, a significant majority of trailing 12-month revenue comes from customers acquired in prior periods. This focus for marketing investments remains on ensuring we optimize lifetime value to customer acquisition cost. Our average payback period remains well below 12 months. This gives us high confidence in deploying marketing investments.

我們對行銷投資的信心來自於持久的客戶行為以及我們持續觀察的 10 多年歷史數據和行為。例如，過去 12 個月的收入大部分來自前期獲得的客戶。行銷投資的重點仍然是確保我們優化客戶獲取成本的終身價值。我們的平均投資回收期仍遠低於 12 個月。這讓我們對部署行銷投資充滿信心。

Importantly, we also continue to benefit from word of mouth and increased brand awareness as our product delivers a unique experience and our marketing continues to resonate with existing and potential customers. We believe that everything should be made as simple as possible for our customers, irrespective of how complex cross-border payments are on the back end.

重要的是，我們也繼續受益於口碑和品牌知名度的提高，因為我們的產品提供了獨特的體驗，我們的行銷繼續與現有和潛在客戶產生共鳴。我們相信，無論後端跨境支付有多複雜，一切都應該對我們的客戶來說盡可能簡單。

Cross-border payments are very complicated due to many hurdles, including regulatory compliance, localized payment collection, disbursement and risk management. This becomes even more difficult when we do it at a global scale while solving for local intricacies. We serve people in 30 send countries, to send money to more than 170 receive countries and support more than 5,100 corridors. The ability to abstract complexity and provide a simple yet localized experience for our customers is our strength.

由於存在監管合規、在地化收款、支付和風險管理等諸多障礙，跨境支付非常複雜。當我們在全球範圍內解決局部複雜問題時，這變得更加困難。我們為 30 個匯款國家的人們提供服務，向 170 多個收款國家/地區匯款，並支援 5,100 多個走廊。我們的優勢在於能夠抽象化複雜性並為客戶提供簡單而在地化的體驗。

Now turning to the structural advantage through our technology platform. The technology platform we have built allows us to iterate and introduce new services and features quickly and efficiently. We keep security and reliability as design principles while developing core infrastructure.

現在透過我們的技術平台轉向結構優勢。我們建構的技術平台使我們能夠快速且有效率地迭代和引入新的服務和功能。我們在開發核心基礎設施時將安全性和可靠性作為設計原則。

We take pride in the 99.93% platform availability and uptime that we have delivered year-to-date and strive for nothing less than 100%. This is highly relevant given the importance of trust and the time-sensitive nature of cross-border payments. The customer experience continues to improve, as you can see on Slide 7.

我們對今年迄今實現的 99.93% 的平台可用性和正常運行時間感到自豪，並爭取達到 100%。考慮到信任的重要性和跨境支付的時間敏感性，這一點非常重要。正如您在投影片 7 中看到的那樣，客戶體驗持續改善。

Let's move to our global network advantage. We built a global payment acceptance network and supplemented it with a broad and high-quality retail distribution network. To put this in context, we support more than 5 billion bank accounts and mobile wallets, and 470,000 cash pickup options alongside home delivery in certain countries. We continue to add relevant payment options that provide great customer experiences and help drive down unit costs. Examples of this in the quarter include expanding Interac in Canada and launching faster bank-linked payment methods in the U.S.

讓我們轉向我們的全球網路優勢。我們建立了全球支付受理網絡，並輔以廣泛、高品質的零售分銷網絡。綜上所述，我們在某些​​國家支援超過 50 億個銀行帳戶和行動錢包，以及 470,000 種現金提款選項以及送貨上門服務。我們不斷添加相關的付款選項，以提供出色的客戶體驗並幫助降低單位成本。本季的例子包括在加拿大擴展 Interac 以及在美國推出更快的銀行關聯支付方式。

Faster bank-linked payments allow customers to fund transactions from their bank accounts with faster delivery times similar to card payments. This makes our product attractive across use cases while increasing conversion rates and lowering variable costs.

更快的銀行關聯支付使客戶可以透過其銀行帳戶為交易提供資金，並且交付時間與卡片支付類似。這使得我們的產品在各種用例中都具有吸引力，同時提高轉換率並降低可變成本。

On the disbursement side, we continue to make progress on implementing high-quality direct integrations. This increases transaction speeds, improves customer experience and lowers costs. For example, in Africa, we partnered directly with relevant mobile wallets such as M-PESA, MTN and Airtel. And in Bangladesh, we partnered directly with Nagad.

在支付方面，我們在實施高品質直接整合方面持續取得進展。這提高了交易速度，改善了客戶體驗並降低了成本。例如，在非洲，我們直接與M-PESA、MTN和Airtel等相關行動錢包合作。在孟加拉國，我們直接與 Nagad 合作。

Finally, low-friction customer experiences have built high trust. For customers who want to contact us, we redesigned the Remitly Health Center and launched a new AI-powered virtual assistant that can resolve an issue 4 times faster than when interacting with associates.

最後，低摩擦的客戶體驗建立了高度的信任。對於想要聯繫我們的客戶，我們重新設計了 Remitly Health Center，並推出了新的人工智慧虛擬助理，解決問題的速度比與員工互動時快 4 倍。

Data feeds into our AI virtual assistant to simplify customer support and improve customer satisfaction and retention. We recently introduced Spanish and French language capabilities to the virtual assistant and we are increasing the use cases the assistant can address.

資料輸入我們的人工智慧虛擬助手，以簡化客戶支援並提高客戶滿意度和保留率。我們最近為虛擬助理引入了西班牙語和法語功能，並且我們正在增加助理可以解決的用例。

In the third quarter, we saw the highest ever percentage of transactions dispersed in less than an hour and a record percentage of transactions proceeding without a customer support contact. This all results in a great customer experience as reflected in Remitly app ratings of 4.9 and 4.8 out of 5 on the Apple and Android app stores respectively.

在第三季度，我們看到了有史以來最高的交易在不到一個小時內分散的百分比，以及創紀錄的在沒有客戶支援聯繫的情況下進行的交易的百分比。這一切都帶來了出色的客戶體驗，Remitly 應用程式在 Apple 和 Android 應用程式商店的評分分別為 4.9 和 4.8（滿分為 5 分）。

In addition, our Trustpilot scores are the highest among money transfer service companies in the U.S. and among the best in other regions. We are committed to simply being the best provider in every corridor we serve and continuously improving in every aspect so we can deliver on promises, win trust and grow.

此外，我們的 Trustpilot 分數在美國匯款服務公司中最高，在其他地區也名列前茅。我們致力於成為我們所服務的每個走廊中最好的提供者，並在各個方面不斷改進，以便我們能夠兌現承諾、贏得信任並實現發展。

In summary, our large market opportunity, ability to serve customers and structural advantages make me confident about the future. As I wrap up, let me share a few thoughts on our outlook. For the full year 2024, we are raising both revenue and adjusted EBITDA outlook, reflecting the strong performance we delivered in the third quarter.

綜上所述，我們龐大的市場機會、服務客戶的能力和結構優勢讓我對未來充滿信心。在結束演講時，讓我分享一些關於我們的前景的想法。對於 2024 年全年，我們提高了營收和調整後 EBITDA 前景，反映了我們在第三季交付的強勁業績。

For 2025, it's early, but I can tell you that we are already hard at work building a comprehensive plan. Given durable revenue, we have high confidence in our top line results. The leadership team and I are planning our objectives and key results for the next year. This will guide our strategic priorities and focus areas.

2025 年雖然還為時過早，但我可以告訴大家，我們已經在努力製定全面的計劃。鑑於持久的收入，我們對我們的營收結果充滿信心。我和領導團隊正在規劃明年的目標和主要成果。這將指導我們的策略重點和重點領域。

In the next earnings call, I will further detail our strategy, growth priorities and how we will achieve durable, profitable growth and provide more detailed guidance on what you can expect us to deliver in 2025.

在下一次財報電話會議中，我將進一步詳細介紹我們的策略、成長優先事項以及我們將如何實現持久、盈利的成長，並就您期望我們在 2025 年實現的目標提供更詳細的指導。

With customer centricity at its core, our business model feeds momentum from one part into another and this creates a virtuous cycle that keeps reinforcing itself. We are reimagining cross-border payments where customers like Sagrario can send their hard-earned money home to family in a simple and instant way.

以客戶為中心，我們的商業模式將動力從一個部分輸送到另一個部分，從而形成一個不斷自我強化的良性循環。我們正在重新構想跨境支付，讓像 Sagrario 這樣的客戶能夠以簡單、即時的方式將辛苦賺來的錢寄回家給家人。

Before I hand it to Vikas, let me share how excited I am to welcome him to Remitly as the Chief Financial Officer. Vikas has decades of experience in senior finance roles at Fortune 500 companies, and I have already learned a great deal from him. In his first 60 days, Vikas prioritized investor engagement and has already done an extensive investor listening tour. I have no doubt he will drive profitable growth through financial discipline and prudent resource allocation.

在將其交給 Vikas 之前，請允許我分享一下我是多麼興奮地歡迎他加入 Remitly 擔任財務長。Vikas 擁有數十年在財富 500 強公司擔任高階財務職位的經驗，我從他身上學到了很多東西。在上任的前 60 天裡，維卡斯優先考慮了投資者的參與，並已經進行了廣泛的投資者傾聽之旅。我毫不懷疑他將透過財務紀律和審慎的資源配置來推動獲利成長。

With that, and with thanks, I'll turn the call over to Vikas.

說到這裡，並表示感謝，我會將電話轉給維卡斯。

Thank you, Matt, and good afternoon, everyone. We delivered a strong quarter of growth acceleration and expanded profitability margins while driving continued share gains. As you can see on Slide 9, third quarter revenue was $336.5 million, up 39% year-over-year. And adjusted EBITDA was $46.7 million, delivering a nearly 14% adjusted EBITDA margin. Results exceeded our expectations, both on the top line and bottom line.

謝謝你，馬特，大家下午好。我們實現了強勁的季度成長加速和利潤率擴大，同時推動了股票的持續成長。正如您在幻燈片 9 中看到的，第三季營收為 3.365 億美元，年增 39%。調整後 EBITDA 為 4,670 萬美元，調整後 EBITDA 利潤率接近 14%。無論是營收還是利潤，結果都超出了我們的預期。

Let me unpack growth, profitability and then share our outlook for Q4 and early thoughts on FY '25. As you know, revenue is a function of active customers, their average send volume and gross take rate as defined by revenue compared to send volume. Active customers, as represented by quarterly active customers, increased 35% year-over-year to 7.3 million.

讓我來闡述成長、獲利能力，然後分享我們對第四季的展望以及對 25 財年的早期想法。如您所知，收入是活躍客戶、平均發送量和總接受率的函數，定義為收入與發送量的比較。以季度活躍客戶為代表的活躍客戶年增 35%，達到 730 萬人。

Powering this strong quarterly active customer growth was continued retention and record number of new customers acquired in the quarter. As Matt emphasized earlier, we are a growth company and new customers are a vital pillar of our growth strategy.

季度活躍客戶的強勁成長得益於本季新客戶的持續保留和創紀錄的數量。正如馬特之前強調的那樣，我們是一家成長型公司，新客戶是我們成長策略的重要支柱。

Send volume grew 42% to $14.5 billion and outgrew the pace of active customer growth driven by higher frequency of transactions. Send volume per active customer increased 5% and was the highest we have seen in the last 9 quarters. In some corridors, we saw higher send volume as a result of a stronger U.S. dollar. Consistent with our expectations going into the quarter and sequential trend, gross take rate was 2.32%.

發送量增加了 42%，達到 145 億美元，超過了交易頻率提高推動的活躍客戶成長速度。每個活躍客戶的發送量增加了 5%，是過去 9 個季度以來的最高水準。在一些走廊，由於美元走強，我們看到發送量增加。總成交率為 2.32%，與我們對本季的預期和連續趨勢一致。

A key dimension of our growth is geographic scale. The focus on expanding globally, both for send and receive countries has driven a geographically broad-based growth profile. From a send country perspective, we saw acceleration in the US revenue with 36% year-over-year growth. Rest of world revenue growth also accelerated to 58% year-over-year.

我們成長的一個關鍵維度是地理規模。發送國和接收國對全球擴張的關注推動了地域廣泛的成長。從發送國的角度來看，我們看到美國收入加速成長，年增 36%。世界其他地區的收入年增率也加速至 58%。

On the receive side, we continue to diversify as revenue from regions outside of India, the Philippines and Mexico increased to over 50% of total revenue this quarter.

在接收方面，我們持續多元化，本季來自印度、菲律賓和墨西哥以外地區的收入增加至總收入的 50% 以上。

Turning to our focus on driving profitable growth on Slide 10. Transaction expenses this quarter were $115.6 million and as a percentage of revenue, were 34.3%, improving over 110 basis points year-over-year. Excluding provision for transaction losses, other transaction expenses were $98.9 million and improved approximately 240 basis points, driven mostly by improvements related to increasing scale with both pay-in and disbursement partners.

轉向幻燈片 10 上我們對推動獲利成長的關注。本季交易費用為 1.156 億美元，佔營收的百分比為 34.3%，年增 110 個基點。不包括交易損失準備金，其他交易費用為 9,890 萬美元，減少了約 240 個基點，這主要是由於與付款和支付合作夥伴擴大規模相關的改善所致。

The mix of digital-received transactions increased by more than 420 basis points year-over-year in the third quarter. As Matt highlighted, we continue to add relevant pay-in options, including faster bank payments that attract new customers and improve our cost structure.

第三季數位接收交易量較去年同期成長超過 420 個基點。正如馬特所強調的那樣，我們繼續增加相關的付款選項，包括更快的銀行付款，以吸引新客戶並改善我們的成本結構。

Provision for transaction losses increased to $16.6 million and as a percentage of spend volume, was 11.5 basis points, down sequentially and slightly better than the expectations we shared earlier.

交易損失撥備增加至 1,660 萬美元，佔支出量的百分比為 11.5 個基點，較上季下降，略優於我們先前分享的預期。

Transaction losses can be volatile from quarter-to-quarter and we will remain focused on optimizing customer lifetime value. Before I dive deeper into operating expenses, let me share thoughts on a key performance indicator for our business. We believe revenue less transaction expense or RLTE, is an indicator of long-term business model success. It reflects both the market share gains as well as economies of scale. This quarter, RLTE grew 42% to $221 million, outpacing revenue growth.

交易損失可能會隨著季度的變化而波動，我們將繼續專注於優化客戶生命週期價值。在深入探討營運費用之前，讓我先分享一下對我們業務關鍵績效指標的想法。我們相信收入減去交易費用或 RLTE 是長期商業模式成功的指標。它既反映了市場份額的成長，也反映了規模經濟。本季度，RLTE 成長 42%，達到 2.21 億美元，超過營收成長。

With that, let me walk you through the specific non-GAAP expense categories. Marketing spend was $70.3 million and as a percentage of revenue, was 20.9%, improving more than 260 basis points year-over-year. As we build long-term trusted customer relationships through our performance marketing and brand spend, we believe marketing spend per quarterly active customer is helpful in evaluating marketing ROI.

接下來，讓我帶您了解特定的非公認會計原則費用類別。行銷支出為 7,030 萬美元，佔收入的百分比為 20.9%，較去年同期提高超過 260 個基點。當我們透過績效行銷和品牌支出建立長期值得信賴的客戶關係時，我們相信每季活躍客戶的行銷支出有助於評估行銷投資報酬率。

In Q3, marketing spend per quarterly active customer was $9.61 and declined 8.5% year-over-year. This was driven by efficiency in lower-funnel marketing and benefited from optimized local digital marketing, targeted campaigns, word of mouth and high brand awareness. We optimized both performance and upper-funnel marketing, driving record new customers and higher transaction intensity.

第三季度，每季活躍客戶的行銷支出為 9.61 美元，年減 8.5%。這是由低端通路行銷的效率所推動的，並受益於優化的本地數位行銷、有針對性的活動、口碑和高品牌知名度。我們優化了績效和漏斗上層行銷，推動了創紀錄的新客戶和更高的交易強度。

Customer support and operations expense was $21.5 million and as a percentage of revenue, was 6.4%, improving more than 190 basis points on a year-over-year basis, continuing a trend that we have seen over the past few quarters. The AI-based virtual assistant continues to drive down agent contact rates.

客戶支援和營運費用為 2,150 萬美元，佔收入的百分比為 6.4%，年比提高超過 190 個基點，延續了我們在過去幾個季度看到的趨勢。基於人工智慧的虛擬助理繼續降低座席聯繫率。

Technology and development expense was $46.6 million and improved by more than 130 basis points as a percentage of revenue year-over-year. Technology investments are enabling improved speed and fewer defects across the transaction life cycle.

技術和開發費用為 4,660 萬美元，佔收入的百分比年增了 130 個基點以上。技術投資正在提高整個交易生命週期的速度並減少缺陷。

G&A expense was $35.7 million and as a percentage of revenue, improved more than 250 basis points year-over-year as we benefited from continued discipline on hiring and non-headcount spend. We are implementing additional automation and AI tools to help drive even more efficiencies.

G&A 費用為 3,570 萬美元，佔收入的百分比同比提高了 250 個基點以上，這得益於我們對招聘和非員工支出的持續約束。我們正在實施額外的自動化和人工智慧工具，以幫助提高效率。

Overall, strong revenue growth, combined with efficiency and discipline across all operating expense categories led to adjusted EBITDA of $46.7 million. Net income this quarter was $1.9 million compared with a $35.7 million net loss in the third quarter of 2023.

總體而言，強勁的收入成長，加上所有營運費用類別的效率和紀律，調整後的 EBITDA 達到 4,670 萬美元。本季淨利為 190 萬美元，而 2023 年第三季淨虧損為 3,570 萬美元。

Net income in the quarter included stock-based compensation of $39.3 million. As a percentage of revenue, stock-based compensation was 11.7% or approximately 50 basis points lower than the most recent quarter, making it the fourth decline on a sequential basis. This reflects a continued focus on moderating headcount growth rates and changes in mix of equity and cash for new hires.

該季度的淨利潤包括 3,930 萬美元的股票薪酬。股票薪資佔收入的百分比為 11.7%，比最近一個季度下降了約 50 個基點，這是連續第四次下降。這反映出我們持續關注緩和員工成長率以及新進員工股權和現金組合的變化。

It is important to note that while stock-based compensation is recognized ratably over the time of grant, vesting schedules for new employees are generally over a four-year period and back-end loaded, aligning with the long-term investor interest in managing dilution over time.

值得注意的是，雖然基於股票的薪酬在授予時按比例確認，但新員工的歸屬時間表通常為期四年，並在後端加載，這與管理稀釋的長期投資者利益相一致隨著時間的推移。

We have heard your feedback and we will provide quarterly guidance going forward. This additional guidance should help reduce volatility around quarterly results, especially related to seasonality.

我們已聽取您的回饋，並將在未來提供季度指導。這項額外指引應有助於減少季度業績的波動，尤其是與季節性相關的波動。

Now with that, moving to our outlook on slide 11. We expect the fourth quarter to reflect typical seasonal patterns due to the holiday season and as a result, expect a sequential change in quarterly active customers to be modestly higher than what we saw in the third quarter. We model FX tailwinds, which pulled forward some demand in the third quarter to moderate in the fourth quarter.

現在，轉向幻燈片 11 中的展望。我們預計第四季度將反映由於假期季節而產生的典型季節性模式，因此，預計季度活躍客戶的環比變化將略高於我們在第三季度看到的水平。我們對外匯順風進行了建模，這將第三季的部分需求拉高到第四季的溫和程度。

With respect to gross take rate, we expect a sequential decline primarily as a result of mix. We expect revenue to be between $338 million and $342 million, a growth rate of approximately 28% to 29%. In line with that, we are raising full year revenue guidance by $12 million at the midpoint to between $1.25 billion and $1.254 billion. Zooming out, expected revenue in the second half of 2024 is significantly above the expectations we laid out last quarter.

就總轉換率而言，我們預期環比下降主要是由於混合因素造成的。我們預計營收將在 3.38 億美元至 3.42 億美元之間，成長率約為 28% 至 29%。與此一致，我們將全年營收指引中位數上調 1,200 萬美元，達到 12.5 億至 12.54 億美元之間。縮小範圍來看，2024 年下半年的預期營收明顯高於我們上季的預期。

Shifting to our adjusted EBITDA outlook. As a reminder, Q4 is a seasonally high marketing investment quarter as we lean into new customer acquisition with both performance marketing and targeted brand campaigns, which we fully expect to set us up for a strong 2025 from a growth perspective.

轉向我們調整後的 EBITDA 前景。提醒一下，第四季度是季節性行銷投資較高的季度，因為我們傾向於透過績效行銷和有針對性的品牌活動來獲取新客戶，我們完全期望從成長的角度來看，這將為我們在2025 年實現強勁的成長奠定基礎。

From a transaction loss perspective, we expect a similar level of transaction loss as a percentage of send volume in Q4 that we have seen over the past two quarters. We expect Q4 adjusted EBITDA to be between $17 million and $21 million. Similar to revenue, adjusted EBITDA performance in the back half of the year is significantly higher than what we had expected when we gave our outlook last quarter. As a result, we are increasing the full year adjusted EBITDA outlook by $15 million at the midpoint to a range of $108 million to $112 million.

從交易損失的角度來看，我們預期第四季度的交易損失佔發送量的百分比與過去兩個季度的情況類似。我們預計第四季度調整後 EBITDA 將在 1700 萬美元至 2100 萬美元之間。與營收類似，下半年調整後的 EBITDA 表現明顯高於我們上季展望時的預期。因此，我們將全年調整後 EBITDA 前景中位數上調了 1,500 萬美元，達到 1.08 億至 1.12 億美元的範圍。

Now let me share early thoughts on 2025. Due to our unique product and trusted experience, we have deep loyalty within our customer base, which creates durability in revenue and gives us confidence in predicting the future of business. As we look at customer cohorts, past trends and take a prudent view, we expect a low to mid-20%s revenue growth rate for 2025. Also note that thus far in 2024, we have benefited from FX tailwinds in key corridors. While we could continue to benefit, we are not assuming this tailwind in 2025. Finally, this is an early view and Q4 is a crucial quarter that will shape formal guidance for the next year.

現在讓我分享一下對 2025 年的初步想法。由於我們獨特的產品和值得信賴的經驗，我們在客戶群中擁有深厚的忠誠度，這創造了收入的持久性，並使我們有信心預測業務的未來。當我們審視客戶群、過去的趨勢並採取謹慎的態度時，我們預計 2025 年收入成長率將在 20% 左右。另請注意，2024 年迄今為止，我們已受益於關鍵走廊的外匯順風。雖然我們可以繼續受益，但我們並不認為 2025 年會出現這種順風。最後，這是一個早期的觀點，第四季是一個關鍵的季度，將形成明年的正式指導。

To summarize, the strong revenue growth and adjusted EBITDA margin expansion this quarter reflects the hard work across every team to drive growth while maintaining disciplined cost management. As we look to the future, we remain focused on our vision to transform lives with trusted financial services that transcend borders.

總而言之，本季強勁的營收成長和調整後的 EBITDA 利潤率擴張反映了每個團隊在保持嚴格的成本管理的同時推動成長的辛勤工作。展望未來，我們仍然專注於透過超越國界的值得信賴的金融服務改變生活的願景。

With that, Matt and I will open up the call for your questions. Operator?

接下來，馬特和我將開始電話詢問您的問題。操作員？

(Operator Instructions)

（操作員說明）

Andrew Schmidt with Citi.

花旗銀行的安德魯·施密特。

Maybe just dig into the third quarter performance. Obviously, great, great results here. Could you just talk a little bit about just whether there was anything else other than currency that might have influenced results or caused a onetime effect? It seems like a very, very robust result. And the fourth quarter, it seems like you're obviously not assuming that momentum continues, maybe a prudent starting assumption. But if you could dig in there, that would be helpful.

也許只是深入研究第三季的表現。顯然，這裡的結果非常非常好。能否簡單談談除了貨幣之外是否還有其他因素可能影響結果或造成一次性影響？這看起來是一個非常非常穩健的結果。第四季度，你似乎顯然沒有假設這種勢頭會持續下去，這也許是一個謹慎的起始假設。但如果你能深入其中，將會很有幫助。

Thank you, Andrew. This is Vikas. Let me take that. First of all, we are really pleased with the exceptional results that we saw in Q3. As you saw, we exceeded both internal and external expectations. We had record new customers. We had volume that grew 42%, which is the highest that we have seen in 8 quarters. And that was backed by average send volume that grew by 5%, which was the highest we have seen in 9 quarters. So a lot of really, really high benchmark steps that we were able to establish this quarter.

謝謝你，安德魯。這是維卡斯。讓我來吧。首先，我們對第三季取得的出色成果感到非常滿意。正如您所看到的，我們超越了內部和外部的期望。我們的新客戶創歷史新高。我們的銷量成長了 42%，這是 8 個季度以來的最高水準。平均發送量增加了 5%，這是我們 9 個季度以來的最高水準。因此，我們本季能夠建立許多非常非常高的基準步驟。

We did see some FX tailwinds, especially with the strength in the U.S. corridors. And as we look at Q4, as you rightly pointed, while some of those tailwinds could continue, we thought it prudent not to include or bake them in into our Q4 outlook. Overall, we believe Q4 is a really crucial quarter as it sets us up for a strong 2025. And in addition, finishing the year strong is 100% focus for us at this point. And in fact, we've been off to a good start in Q4, in line with our expectations. So overall, an exceptional Q3 and a good start to Q4.

我們確實看到了一些外匯順風，尤其是在美國走廊走強的情況下。當我們審視第四季度時，正如您正確指出的那樣，雖然其中一些有利因素可能會持續，但我們認為謹慎的做法是不將它們納入或納入我們的第四季度展望中。總體而言，我們認為第四季度是一個非常關鍵的季度，因為它為我們邁向強勁的 2025 年奠定了基礎。此外，目前我們 100% 的重點是以強勁的勢頭結束這一年。事實上，我們在第四季有了一個良好的開端，符合我們的預期。總的來說，第三季表現出色，第四季開局良好。

And the only thing I'd add there, in addition to saying, again, just huge welcome there, Vikas. He's already added so much value across the business. But Q3 was strong. I mean you look at the 39% revenue growth at our scale and size. But ultimately, it's underpinned in how strong our product is and continues to be. And I think sometimes when we talk about word of mouth, some folks can equate that to marketing efforts and that certainly has an impact.

我唯一要補充的是，除了再次表示熱烈歡迎，維卡斯。他已經為整個企業增加了很多價值。但第三季表現強勁。我的意思是，你看看我們的規模和規模，收入成長了 39%。但最終，它的基礎是我們產品的強度和持續的實力。我認為有時當我們談論口碑時，有些人可能會將其等同於行銷努力，這肯定會產生影響。

But the foundation is the product, at our scale and size, just continues to get better and that results in outperformance in terms of growth compared to the rest of the market. You saw that in Q3. You see that Q4 quarter-to-date. I'm incredibly excited about the plans that we're already laying out for '25 to continue that kind of self-reinforcing loop that I've mentioned we're calling internally the flywheel that we may share more about in the future. But it's customers like Sagrario that are coming back again and again because the product just continues to be superior given some of the structural advantages that we have and the product and experience we deliver.

但基礎是我們的產品，按照我們的規模和規模，不斷變得更好，與市場其他公司相比，這導致我們在成長方面表現出色。你在第三季度看到了這一點。您可以看到第四季度至今的情況。我對我們已經為25 年制定的計劃感到非常興奮，以繼續這種自我強化的循環，我已經提到過，我們在內部將其稱為“飛輪”，我們將來可能會分享更多有關飛輪的資訊.但像 Sagrario 這樣的客戶會一次又一次地回來，因為考慮到我們擁有的一些結構優勢以及我們提供的產品和經驗，我們的產品始終保持卓越。

Andrew Bauch with Wells Fargo.

安德魯·鮑赫與富國銀行。

Maybe if you could just give us some of the building blocks on that 2025 guide. It's really helpful to have the low to mid-20%s, but some of the fundamental assumptions that are going in there. I know you mentioned there were certain tailwinds in select corridors that are expected to ease. So maybe if you can give a little bit more detail there.

也許您能為我們提供 2025 年指南的一些建構模組。擁有 20% 的中低水準確實很有幫助，但其中也有一些基本假設。我知道您提到某些走廊存在某些不利因素，預計這些不利因素會有所緩解。所以也許你可以在那裡提供更多細節。

Yes. Andrew, this is Vikas. Thank you for your question. And as you think about FY 2025, first of all, this is an early view. Keep in mind that we wanted to -- given the view that we have from cohorts give you an early signal, so you can start thinking about that. Just one stat similar to what Matt had shared earlier, we retained majority of the revenue after cohorts first full year on the platform and that gives us confidence to be able to provide that early signal.

是的。安德魯，這是維卡斯。謝謝你的提問。當你思考 2025 財年時，首先，這是一個早期的觀點。請記住，鑑於我們從同類群體中得到的觀點，我們希望給您一個早期信號，以便您可以開始考慮這一點。與馬特之前分享的數據類似，我們在平台上的第一個完整年度後保留了大部分收入，這讓我們有信心提供早期訊號。

In addition, I would say that, as I did my listening tour, that was a frequent ask to be able to provide a little bit of an early view into things as well as give indications in terms of where the business is headed. So that was the genesis there.

此外，我想說的是，當我進行聆聽之旅時，我經常要求能夠提供一些對事物的早期看法，並就業務的發展方向給出指示。這就是那裡的起源。

As you think about FY '25 and what we shared, keep in mind a few things. The first is we saw FX tailwinds in 2024 year-to-date. And similar to what we shared for Q4, we are not assuming those FX tailwinds to continue. We could benefit from them, but from a prudence perspective, we thought it was best not to bake them in.

當您思考 25 財年以及我們分享的內容時，請記住一些事情。首先，我們在 2024 年迄今看到了外匯順風。與我們在第四季度分享的內容類似，我們不認為這些外匯順風會持續下去。我們可以從中受益，但從謹慎的角度來看，我們認為最好不要將它們納入其中。

Secondly, we believe that our quarterly active customers, the growth that we have seen on a sequential basis, we expect that to continue in 2025 as well. And finally, I'd say we believe that the volume growth will outperform revenue similar to what you have seen thus far in 2024. So overall, similar trends to 2024 from those growth algorithm perspective.

其次，我們相信我們的季度活躍客戶數量環比增長，我們預計這種情況也將在 2025 年持續下去。最後，我想說的是，我們相信銷售成長將超過收入成長，類似於 2024 年迄今為止的情況。整體而言，從成長演算法的角度來看，趨勢與 2024 年類似。

Finally, I'd say that we are hyper-focused on Q4. Q4 is a crucial quarter that sets us up for a successful 2025. So we'll be executing relentlessly on that and that will define the formal guide that we'll provide in the next quarter.

最後，我想說我們非常關注第四季。第四季是讓我們在 2025 年取得成功的關鍵季度。因此，我們將不懈地執行這一點，這將定義我們將在下一季提供的正式指南。

Yes. And I'd just add, this morning, I was reviewing some of our company level goals for 2025. And I am incredibly excited given the foundation that we've set in '24 plus how that just kind of fuels our product to be able to continue to improve in '25 as well as be able to get a lot of the other engines running in terms of marketing at the right efficiency.

是的。我想補充一點，今天早上，我正在檢視 2025 年公司層級的一些目標。考慮到我們在 24 年奠定的基礎以及這如何推動我們的產品能夠在 25 年繼續改進以及能夠讓許多其他引擎運行，我感到非常興奮以適當的效率進行行銷。

I'm looking beyond '25 already, to be honest. And if you zoom out both historically and looking forward, historically, you go back to 2020, we were just over $250 million in revenue. And so you look this year, we've guided to already over $1.25 billion. If you look at the early, early numbers that we're giving on '25 and then I'm thinking about how do we continue to go after the $3.3 trillion, if you look at what it will be by 2030, it's exciting.

老實說，我已經把目光投向25歲以後了。如果你縮小歷史和展望未來，從歷史上看，你回到 2020 年，我們的收入剛好超過 2.5 億美元。所以你看，今年我們的指導已經超過 12.5 億美元。如果你看看我們在 25 年給出的早期數字，然後我在想我們如何繼續追求 3.3 兆美元，如果你看看到 2030 年會是多少，這是令人興奮的。

And I think we're uniquely positioned to do it, as I said in my opening remarks and there's just this self-reinforcing component to it in addition to solid execution that we need to continue to deliver that's going to take us to really accomplishing our vision of really transforming the lives of customers around the globe by reinventing cross-border financial services. So excited about what's to come, Andrew. Appreciate the question.

我認為我們擁有獨特的優勢來做到這一點，正如我在開場白中所說，除了我們需要繼續提供的可靠執行力之外，還有這種自我強化的成分，這將帶我們真正實現我們的目標透過重塑跨境金融服務來真正改變全球客戶的生活的願景。對即將發生的事情感到非常興奮，安德魯。感謝這個問題。

Ramsey El-Assal with Barclays.

巴克萊銀行的拉姆齊·阿薩爾。

Super impressive results this quarter. I was wondering if you could comment on operating leverage. And I guess, specifically in the quarter and specifically marketing came in better than our expectations, probably better than the street as well. What marketing efficiencies are you seeing? And I guess, can you comment on whether you expect the sort of favorable trends to continue next quarter and beyond?

本季的業績非常令人印象深刻。我想知道您是否可以對營運槓桿發表評論。我想，特別是在本季度，特別是行銷效果比我們的預期好，可能也比街頭更好。您看到的行銷效率如何？我想，您能否評論一下您是否預計這種有利趨勢會在下個季度及以後持續下去？

Yes. I'm happy to take that and start, Ramsey. I think I'm really pleased with how we continue to deliver on the marketing front. And I think, as I said earlier, the foundational component of that is the fact that our product continues to deliver. And I'll go back to the Sagrario example. After she used our product, she shared it with 5 friends. She has been retained, obviously, since 2020 when we added her as a customer. She is one of now over 7 million customers that uses our platform. And so the marketing dollars we're spending continue to enable us to add record number of new customers.

是的。我很高興接受並開始，拉姆齊。我想我對我們在行銷方面繼續提供服務的方式感到非常滿意。我認為，正如我之前所說，其基本要素是我們的產品持續交付。我將回到 Sagrario 的例子。她使用我們的產品後，分享給了 5 位朋友。顯然，自 2020 年我們將她加入為客戶以來，她就一直被保留。她是目前使用我們平台的超過 700 萬客戶之一。因此，我們花費的行銷資金繼續使我們能夠增加創紀錄的新客戶數量。

But what I'm excited about when you look at the trend is the amount of marketing that's required is -- can potentially moderate given the fact that our product and our brand continues to deliver in a differentiated and unique way. And so excited about marketing as our business is based on trust, will always be a component of marketing. And I think we have a really scientific way of actually delivering those marketing dollars where we can measure them and where there's a real unit economic focus when you think about customer acquisition cost and lifetime value.

但當你看到這一趨勢時，令我興奮的是，考慮到我們的產品和品牌繼續以差異化和獨特的方式提供服務，所需的行銷量可能會有所緩和。對行銷如此興奮，因為我們的業務建立在信任的基礎上，這將永遠是行銷的一個組成部分。我認為我們有一種真正科學的方法來實際交付這些行銷資金，我們可以衡量它們，並且當您考慮客戶獲取成本和終身價值時，我們會專注於真正的單位經濟重點。

But the thing I'm even more excited about is the unique brand we have built. That has a lot of value and that brand has been built by brand marketing, of course. But foundationally, that word of mouth and brand has been built by just continuing to deliver a superior product.

但更讓我興奮的是我們建立的獨特品牌。這具有很大的價值，當然，該品牌是透過品牌行銷建立的。但從根本上來說，口碑和品牌是透過持續提供優質產品而建立的。

Vikas, anything you'd add?

維卡斯，你還有什麼要補充的嗎？

Yes. No, I'd just dovetail on top of that to say that we've really benefited from product improvements that reduce friction and drive word of mouth. And one specific example I'd share is seafarers. We talked a lot about that in the last quarter. And we expanded seafarers in Europe, Great Britain, Australia, Singapore and we saw record new customer acquisition growth there.

是的。不，我只是想補充一下，我們確實從減少摩擦和提高口碑的產品改進中受益。我想分享的一個具體例子是海員。我們在上個季度對此進行了很多討論。我們在歐洲、英國、澳洲、新加坡擴大了海員數量，並在那裡看到了創紀錄的新客戶成長。

The key point there was that 70% of those new seafarers acquired in Q3 came from organic and unpaid channels or referral channels. That again goes back to that product-driven word of mouth that helps us succeed and the flywheel that it drives into motion.

關鍵的一點是，第三季招募的新海員中有 70% 來自有機和無薪管道或推薦管道。這再次回到了幫助我們成功的產品驅動的口碑以及它驅動的飛輪。

Will Nance with Goldman Sachs.

威爾·南斯 (Will Nance) 就職於高盛。

Great to see the strong results and momentum in the business today. I wanted to ask a couple of -- one of your competitors mentioned a couple of macro impacts in the month of October, particularly it sounded like maybe seeing some of these FX-related tailwinds in the business subside in October in the U.S.-Mexico corridor as weather -- as well as some disruptions in kind of Central America. So from your commentary, it kind of sounded like you guys are not seeing that, but just wanted to check and see if you guys have observed any notable patterns there?

很高興看到今天業務的強勁業績和勢頭。我想問幾個問題——你們的一位競爭對手提到了 10 月份的一些宏觀影響，特別是聽起來可能會看到 10 月份美國-墨西哥走廊業務中的一些與外匯相關的順風車消退。天氣——以及中美洲的一些幹擾。所以從你們的評論來看，聽起來你們好像沒有看到這一點，但只是想檢查一下你們是否觀察到了任何值得注意的模式？

Yes. Thanks, Will. Overall, really pleased with the performance, specifically since you mentioned Mexico that we're seeing so far in Q4. We continue to take share and significantly outgrow the market. And we continue to see strong behavior metrics with send per active growing year-on-year thus far in Q4. And so while it's still early in the quarter, we're pacing in line with our initial expectations for the region and customer behavior remains resilient.

是的。謝謝，威爾。總的來說，對錶現非常滿意，特別是自從您提到我們在第四季度到目前為止所看到的墨西哥以來。我們繼續佔據市場份額並顯著超越市場。我們繼續看到第四季度迄今為止強勁的行為指標，每個活躍用戶的發送量比去年同期成長。因此，儘管現在還處於本季初期，但我們的步伐符合我們對該地區的初步預期，而且客戶行為仍然具有彈性。

Got it. That's great to hear. And then just I'll try another one on marketing as we look ahead into the fourth quarter. I think last year, we saw a pretty substantial step-up in marketing from the prior run rate in the fourth quarter. And plus or minus, it sort of bounced around in this $70 million range since then. I mean, is that the right cadence where you kind of strike a new level for marketing in the fourth quarter for the following year? And just any thoughts on kind of how to think about the sequential step-up there?

知道了。很高興聽到這個消息。然後，當我們展望第四季時，我將嘗試另一種行銷方式。我認為去年，我們在第四季的行銷速度上看到了相當大的進步。從那時起，無論正負，它都在 7000 萬美元的範圍內波動。我的意思是，這是否是您在下一年第四季達到行銷新水平的正確節奏？關於如何思考順序升級有什麼想法嗎？

Yes. Thanks, Will. Let me take this. This is Vikas. A few things there. First of all, Q4 is definitely a crucial quarter given the customer acquisition opportunity in the holiday season. As Matt mentioned earlier, we are hyper-focused on marketing ROI. So we want to drive growth, but do it in a way that is very prudent.

是的。謝謝，威爾。讓我拿著這個。這是維卡斯。那裡有一些東西。首先，考慮到假期季節的獲客機會，第四季絕對是關鍵的季度。正如馬特之前提到的，我們非常關注行銷投資報酬率。因此，我們希望推動成長，但要以非常謹慎的方式進行。

And as we think about that, we feel -- for Q4, we believe we'll have a moderation in year-over-year spend growth. If you look from a sequential perspective, we believe that the dollars that we'll spend will sequentially increase. But overall, if you think about the marketing ROI or the marketing per quarterly active customer will be lower year-over-year, similar to what you saw in Q3.

當我們思考這一點時，我們認為第四季的支出年增率將會放緩。如果從連續的角度來看，我們相信我們將花費的美元將會連續增加。但總體而言，如果您考慮行銷投資報酬率或每季活躍客戶的行銷將年減，與您在第三季看到的情況類似。

Ultimately, we are focused on the marginal ROI when it comes to marketing. And given the 3% approximate share that we have, we believe there's a massive growth opportunity and we'll be seizing that opportunity in Q4 as well.

最終，在行銷方面，我們關注的是邊際投資報酬率。鑑於我們擁有 3% 的大約份額，我們相信存在巨大的成長機會，我們也將在第四季度抓住這個機會。

Tien-Tsin Huang with JPMorgan.

摩根大通的黃天欽。

Great results here. On the fourth quarter outlook, I know you mentioned seasonal considerations and the take rate sequential decline due to mix. But just thinking about why this fourth quarter from a seasonal pattern perspective would be different than the past because it feels like it's pretty conservative in terms of the outlook. I know third quarter was quite strong. Perhaps there was some pull forward with the strong dollar, but just trying to better understand the thinking on 4Q.

這裡的結果很好。關於第四季度的展望，我知道您提到了季節性因素以及由於混合而導致的採取率連續下降。但想想為什麼從季節性模式的角度來看，第四季會與過去不同，因為就前景而言，感覺相當保守。我知道第三季相當強勁。也許強勢美元帶來了一些推動，但只是想更好地理解第四季度的想法。

Yes. Tien-Tsin, thank you for the question. This is Vikas. I think the -- I'll try to help you think through the algorithm there, if you think about quarterly active customer, the average send per customer and then the gross take rate. So if you think from that perspective, as we have shared from a quarterly active customer perspective, we believe Q4 is a crucial quarter and we'll have a sequential improvement, while modest from a additional quarterly active customer being higher compared to Q3.

是的。田進，謝謝你的提問。這是維卡斯。我認為，如果您考慮季度活躍客戶、每個客戶的平均發送量以及總接受率，我將盡力幫助您思考那裡的演算法。因此，如果您從這個角度思考，正如我們從季度活躍客戶的角度分享的那樣，我們認為第四季度是關鍵的季度，我們將取得連續的改進，但與第三季度相比，額外的季度活躍客戶數量較高，因此幅度不大。

So that's one. The second is send volume per customer. We believe that will be in line with what we saw in last Q4 from a dollar perspective. And finally, from a gross take rate perspective, we believe that it will be sequentially softer, but it is more or less in line with what you have seen over the past couple of quarters.

這就是其中之一。第二個是每個客戶的發送量。我們相信，從美元角度來看，這將與我們在上個季度看到的情況一致。最後，從總轉換率的角度來看，我們認為它會依次走軟，但或多或​​少與您在過去幾季所看到的情況一致。

And again, I want to note that if you think about the last point, which is the take rate, we have shared that -- before also that it's not the best indicator because it is influenced by transaction size, FX, corridors, payment mechanisms, et cetera, beyond price optimization. So that's how you can think about the growth algorithm for Q4.

再次，我想指出，如果你考慮最後一點，即採用率，我們之前也說過，它不是最好的指標，因為它受到交易規模、外匯、走廊、支付機制的影響等等，超越價格優化。這就是您如何思考第四季度的成長演算法。

Overall, we continue to be very excited about the shape of the business. And as I shared earlier, Q4 is off to a good start and in line with our expectations.

整體而言，我們仍然對業務的形態感到非常興奮。正如我之前分享的，第四季有一個好的開端，符合我們的預期。

David Scharf with Citizens JMP.

David Scharf 與 Citizens JMP。

Most have been answered, but one, just housekeeping, maybe I missed this. Have you quantified what the year-to-date FX impact has been on revenue growth as you define the FX tailwind? Just to give us some context for what's being conservatively left out of next year.

大多數已得到答复，但有一個，只是客房服務，也許我錯過了這一點。在定義外匯順風時，您是否量化了年初至今外匯對收入成長的影響？只是為了給我們一些明年保守地排除在外的背景資訊。

Yes. So David, this is Vikas. Thank you for the question. And on one hand, it is difficult to quantify FX impact, as you can imagine. So it's hard to put a number to that. That said, we see spikes and we see positive momentum, especially that correlates with some of the sort of strengthening of currencies, especially U.S. dollars. So that gives us enough indication in terms of the direction.

是的。大衛，這是維卡斯。謝謝你的提問。一方面，正如您可以想像的那樣，很難量化外匯影響。所以很難給一個數字。也就是說，我們看到了飆升，看到了積極的勢頭，尤其是與某些貨幣（尤其是美元）走強相關的勢頭。這給了我們足夠的方向指示。

That said, it's hard to parse it out compared to a lot of other factors which could be playing in, whether it is specific holidays or specific days where we typically see volume to improve. So that's point one.

也就是說，與許多其他可能發揮作用的因素相比，無論是特定的假期還是我們通常會看到交易量改善的特定日期，都很難解析它。這就是第一點。

The second is, as we think about out quarters, we generally try to be more prudent and don't factor that in. Now keep in mind that can go both ways. It can be a tailwind or a headwind. So with prudence, we try to not bake it in and we focus on what we can control, which is providing a great low-friction experience for our customers.

第二個是，當我們考慮季度時，我們通常會更加謹慎，不會考慮到這一點。現在請記住，這可以是雙向的。它可能是順風，也可能是逆風。因此，出於謹慎的考慮，我們盡量不去烘烤它，而是專注於我們可以控制的事情，這為我們的客戶提供了良好的低摩擦體驗。

Rufus Hone with BMO Capital Markets.

BMO 資本市場的 Rufus Hone。

Great to see the GAAP profitability this quarter. I wanted to get your thoughts on the longer-term EBITDA margin. Obviously a good uptick in margins this quarter, but really appreciate your comments around the improving marketing efficiency and the organic word-of-mouth traction. But how are you thinking about the pace of EBITDA margin expansion in 2025 and beyond?

很高興看到本季的 GAAP 獲利能力。我想了解您對長期 EBITDA 利潤率的看法。顯然，本季的利潤率大幅上升，但非常感謝您對提高行銷效率和有機口碑吸引力的評論。但您如何看待 2025 年及以後 EBITDA 利潤率擴張的速度？

Yes. Thanks, Rufus. I'll start with this one. I think that when you look at -- we talk about scale and that kind of self-reinforcing flywheel from a product standpoint, the thing having run this business now for close to 14 years is that we fundamentally are a digital payments business. And as digital payment businesses get more scale, there's a lot of leverage across each aspect of the P&L, whether that's transaction costs we've talked about, you mentioned marketing, you look at CS and how that's continued to leverage G&A and tech and dev, you need to make enough investments there to accomplish our vision as well as continue to drive other aspects of the P&L.

是的。謝謝，魯弗斯。我將從這個開始。我認為，當你看到——我們從產品的角度談論規模和那種自我強化的飛輪時，我們已經經營這項業務近 14 年了，從根本上來說，我們是一家數位支付企業。隨著數位支付業務規模不斷擴大，損益表的各個方面都有很大的槓桿作用，無論是我們討論過的交易成本、您提到的營銷、客戶服務，還是如何繼續利用 G&A、技術和開發，您需要在那裡進行足夠的投資來實現我們的願景，並繼續推動損益表的其他方面。

But you go through each of those. And what excites me is that -- obviously, we're excited we had our first profitable quarter in Q3. But that is because of this flywheel that is happening from more of a scale perspective as a digital payments business and really excited about the optionality that that gives us not only for '25, but the long-term margins that this business can deliver in the coming years.

但你會經歷每一個。令我興奮的是——顯然，我們很高興在第三季度實現了第一個盈利季度。但這是因為這個飛輪是從更大的數位支付業務的規模角度發生的，我們對它不僅為我們提供了 25 年的選擇性，而且還為該業務在 2019 年提供的長期利潤感到非常興奮。未來幾年。

Anything you'd add there?

您有什麼要補充的嗎？

No. I'd just reinforce what you said earlier in the prepared remarks. Look, first of all, we are a growth company. We have a very small share in a massive, massive market. We'll continue to invest and with a view to drive long-term shareholder value. We did that this quarter, as you saw, in terms of just making the right bets as well as driving the right profitable growth.

不。我只是想強調一下您之前在準備好的發言中所說的話。首先，我們是一家成長型公司。我們在一個巨大的市場中只佔很小的份額。我們將繼續投資，以推動長期股東價值。正如您所看到的，我們本季做到了這一點，即做出正確的押注並推動正確的利潤成長。

And finally, we'll drive disciplined capital allocation, which was reflected in our 14% EBITDA margin this quarter. So we'll keep those principles front and center. We don't have anything specific to share on the EBITDA margin goals for FY '25 at this point of time, but we hope the principles and learnings that we've had give you confidence in our ability to drive the flywheel in the virtuous cycle that Matt shared earlier.

最後，我們將推動嚴格的資本配置，這反映在本季 14% 的 EBITDA 利潤率上。因此，我們將把這些原則放在首位。目前，我們沒有任何關於 25 財年 EBITDA 利潤率目標的具體資訊可供分享，但我們希望我們所掌握的原則和經驗教訓能讓您對我們在良性循環中驅動飛輪的能力充滿信心馬特之前分享的。

Chris Kennedy with William Blair.

克里斯·甘迺迪與威廉·布萊爾。

It's clear you guys have a lot of growth levers. Can you just talk about how you allocate capital between your growing established markets, your emerging markets and then entering new geographies?

很明顯你們有很多成長槓桿。您能否談談您如何在不斷發展的成熟市場、新興市場以及進入新地區之間分配資本？

Yes. Yes. Happy to take that one. And you're right. I think that there's a lot of companies where there's a question of, hey, how do we grow or where do we grow? For us, as I mentioned in my opening remarks, the challenge is less about identifying where to grow and more about strategically allocating.

是的。是的。很高興接受那個。你是對的。我認為有很多公司都存在這樣的問題，嘿，我們如何成長或在哪裡成長？對我們來說，正如我在開場白中提到的，挑戰不在於確定成長點，而在於策略分配。

And to your point, if you look at a lot of our near-term growth, it is in existing markets. We are a small percentage of a very large and growing market and we continue to outperform overall market growth. And so that's what -- what's nice is if you look at the coming quarters, it's existing markets we can continue to expand in. I will tell you, again, going back to the business review that I was doing this morning, we continue to -- we plan to continue to add markets as we go into '25.

就您而言，如果您看看我們的近期成長，您會發現它是在現有市場中。我們只佔一個非常大且不斷成長的市場的一小部分，我們的表現將繼續跑贏整個市場的成長。因此，如果你看看未來幾季，我們可以繼續拓展現有市場，這是件好事。我會再次告訴你，回到我今天早上所做的業務審查，我們繼續 - 我們計劃在進入 25 年後繼續增加市場。

There are some large regions that we can continue to serve. And I'm pleased with some of the markets that we just launched a few quarters ago because we're seeing encouraging growth from a new customer acquisition standpoint, which is the leading indicator of [NCAs] or quarterly active users and ultimately revenue. And so excited about the new markets we've just launched and are about to launch.

有一些大的地區我們可以繼續服務。我對我們幾個季度前剛推出的一些市場感到滿意，因為從新客戶獲取的角度來看，我們看到了令人鼓舞的增長，這是 [NCA] 或季度活躍用戶和最終收入的領先指標。我們對我們剛剛推出和即將推出的新市場感到非常興奮。

And then the last that I'd mention in terms of where to invest is there's lots of opportunities when it comes to whether it's expanding to microbusiness send, other segments that we can serve and so very excited about that.

最後我要提到的投資方向是，無論是否擴展到微企業發送、我們可以服務的其他細分市場，都有很多機會，對此感到非常興奮。

And the one last data I'll share just to reinforce the new market point. Really good progress, I mentioned, in UAE, but also Sub-Saharan Africa, which includes markets like Nigeria, Ghana, Kenya, Tanzania. And that grew 50% year-over-year in terms of quarterly active users. And so it gives you a little bit of a sense of the kind of growth we're seeing both in existing new markets as well as new segments that we're working on.

我將分享的最後一個數據只是為了強化新的市場觀點。我提到，在阿聯酋以及撒哈拉以南非洲地區，包括尼日利亞、加納、肯亞、坦尚尼亞等市場，都取得了非常好的進展。就季度活躍用戶而言，年增 50%。因此，它讓您對我們在現有新市場以及我們正在開發的新細分市場中看到的成長有一點了解。

And our next question comes from the line of Darrin Peller with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的達林‧佩勒 (Darrin Peller)。

Nice quarter. And it looks to us a little bit, and I'm curious if you can comment on this, but like the magnitude of the beat in the third quarter was somewhat giving you guys some room, because I know the previous view was EBITDA would be sort of spread out evenly over the first -- the second half quarters. And now you had a nice beat in Q3 and yet from a Q4 standpoint, it looks like EBITDA obviously steps down from a growth rate standpoint quite a bit.

不錯的季度。對我們來說有點，我很好奇你是否能對此發表評論，但就像第三季度的節拍幅度在某種程度上給了你們一些空間，因為我知道之前的觀點是 EBITDA 是在前半季度和後半季中分佈均勻。現在第三季取得了不錯的成績，但從第四季的角度來看，從成長率的角度來看，EBITDA 顯然下降了很多。

And so I'm just kind of curious if you're just spending -- you're utilizing the beat to spend more on marketing to set up well for 2025, which is great if that's the case, just as an investment in the business. And maybe just kind of a quick follow-up would be on the opportunity around gross -- I'll just ask it all at once -- opportunity around gross margins, especially as we look more -- if there's just more room and white space on the current corridors for bank integrations and some of the items you've done so far, setting aside fraud loss variability, I guess, also. But if you could just comment on both of those, that would be great.

所以我有點好奇你是否只是在花錢——你正在利用這一時機在行銷上花更多錢，為 2025 年做好準備，如果是這樣的話那就太好了，就像對業務的投資一樣。也許只是快速跟進毛利率周圍的機會 - 我會立即問一下 - 毛利率周圍的機會，特別是當我們看更多時 - 如果有更多的空間和空白空間關於當前銀行整合的走廊以及您迄今為止所做的一些項目，我想，還排除了詐欺損失的可變性。但如果你能對這兩個問題發表評論，那就太好了。

Yes. Thank you, Darrin. Let me take the first part of it, and Matt can share thoughts on the second one. So as you think about our EBITDA guide, you may want to think about broadly as a second half increase in the guide. So we -- as you know, we increased the guide by $15 million, which is a sizable increase compared to what we have done before.

是的。謝謝你，達林。讓我來談談第一部分，馬特可以分享對第二部分的想法。因此，當您考慮我們的 EBITDA 指南時，您可能需要廣泛地考慮指南下半年的成長。如您所知，我們將指南增加了 1500 萬美元，與我們之前所做的相比，這是一個相當大的增長。

And we saw strong growth drive really meaningful expansion in margin from a Q3 perspective. As I shared earlier, we have a lot of growth opportunities. And we will continue to invest. We'll invest in innovation. We'll invest in marketing. Q4, as you said exactly, it's a crucial, crucial quarter and we want to make sure that we retain some optionality there to drive high net customer additions, which set us up really well for FY '25.

從第三季的角度來看，我們看到強勁的成長推動了利潤率的真正有意義的擴張。正如我之前分享的，我們有很多成長機會。我們將繼續投資。我們將投資於創新。我們將投資行銷。第四季度，正如您所說，這是一個至關重要的季度，我們希望確保保留一些選擇性，以推動高淨客戶增加，這為我們在 25 財年奠定了良好的基礎。

And finally, we believe that from a revenue perspective, given the FX movements, it could move either way and retaining some prudence there was something that we thought would be the right thing to do. So from an EBITDA perspective, again, I think our business model is really strong. And given the economies of scale that we get, it really makes us feel very confident in the overall expansion from a margin perspective.

最後，我們認為，從收入的角度來看，考慮到外匯走勢，它可能會朝任何方向移動，並保持一定的審慎態度，我們認為這是正確的做法。因此，從 EBITDA 的角度來看，我再次認為我們的商業模式非常強大。考慮到我們所獲得的規模經濟，從利潤角度來看，這確實讓我們對整體擴張充滿信心。

Yes. Thanks, Vikas. The only thing I'll add, Darrin, is to your point about some of the transaction expense. First, I'm happy Vikas mentioned RLTE. That is a metric that we'll be talking about in the future. And while there'll be some quarter-to-quarter variation of that, if you look at the long-term trend, we have both unique ability to drive down transaction costs because of our scale, whether that's paying partners, disbursement partners, data that can feed into our systems to manage transaction loss, but also because of the digitization and decreased cost and improve speed of payment methods on both the acceptance and the disbursement side.

是的。謝謝，維卡斯。達林，我唯一要補充的是關於一些交易費用的觀點。首先，我很高興 Vikas 提到了 RLTE。這是我們將來會討論的指標。雖然每個季度都會有一些變化，但如果你看看長期趨勢，我們都有獨特的能力來降低交易成本，因為我們的規模，無論是支付合作夥伴、支付合作夥伴、數據它可以輸入我們的系統來管理交易損失，而且還因為數位化和成本降低以及接受和支付方面支付方式的速度提高。

On the latter, we need to make sure that we're balancing how much we capture as a business and let flow to the P&L versus how much we pass along to customers due to the digitization front. But if you look at it, we have a unique ability to manage transaction expense that gives us a lot of optionality and ultimately will help us drive growth in RLTE, which is more closely correlated with LTV than a metric like revenue. And so RLTE is something that we're going to continue to talk about and manage closely and excited about the optionality that movements in transaction expense gives us there.

對於後者，我們需要確保平衡我們作為企業捕獲並流入損益表的數量與由於數位化前沿而傳遞給客戶的數量。但如果你仔細觀察一下，你會發現我們擁有管理交易費用的獨特能力，這為我們提供了許多選擇餘地，最終將幫助我們推動RLTE 的成長，與收入等指標相比，RLTE 與LTV 的相關性更為密切。因此，我們將繼續討論並密切管理 RLTE，並對交易費用的變化給我們帶來的可選性感到興奮。

Alex Markgraff with KBCM.

亞歷克斯·馬克格拉夫 (Alex Markgraff) 與 KBCM。

Vikas, one for you, on the metric that you had mentioned, the marketing expense per quarterly active. Just sort of curious from your seats why that's the right metric to think about with, I guess, the underlying question, just looking to better understand how much of that marketing expense is going towards new customers versus existing customer retention?

Vikas，一個適合你的，按照你提到的指標，每季活躍的行銷費用。只是有點好奇，為什麼這是一個正確的衡量標準來考慮根本問題，只是想更好地了解行銷費用中有多少用於新客戶與現有客戶保留？

Yes. Thank you. Thank you, Alex. I really appreciate the question. First of all, similar to the earlier comments, we deeply care about the marketing efficiency and the ROI. Given the amount of data that we have from just the 10-plus years of serving customers, we feel that the data-driven insights can be extremely helpful for us, to not only engage and improve the activity levels, but also acquire new customers.

是的。謝謝。謝謝你，亞歷克斯。我真的很感激這個問題。首先，與先前的評論類似，我們非常關心行銷效率和投資報酬率。考慮到我們在 10 多年的客戶服務中所獲得的數據量，我們認為數據驅動的見解對我們非常有幫助，不僅可以吸引和提高活動水平，還可以獲得新客戶。

So while performance marketing is driving the new customer adds, the upper funnel spend from brand, et cetera, tends to help drive activity across both new as well as existing. And we believe that marketing per quarterly active customer is a composite way to evaluate efficiency both across the adoption as well as the engagement.

因此，雖然績效行銷正在推動新客戶的增加，但品牌等的上層漏斗支出往往有助於推動新客戶和現有客戶的活動。我們相信，每季活躍客戶的行銷是評估採用率和參與度效率的綜合方法。

Behind the scene, I'd say that the LTV to CAC and the payback periods are extremely important for us to drive channel ROI and specific decisions there. And as we shared earlier, our payback periods are really very solid and continue to improve as well. So from a marketing per quarterly active customer perspective, we feel it's a great composite metric. A majority of our spend continues to drive new acquisitions. That said the higher frequency that we can drive from brand halo is very important for us.

在幕後，我想說的是，LTV 到 CAC 和投資回收期對於我們推動通路投資回報率和具體決策非常重要。正如我們之前分享的那樣，我們的投資回收期確實非常穩定，並且還在不斷改善。因此，從每季活躍客戶行銷的角度來看，我們認為這是一個很好的綜合指標。我們的大部分支出繼續推動新的收購。也就是說，我們能夠從品牌光環中獲得更高的頻率對我們來說非常重要。

Gus Gala with [MCH & Company].

格斯·加拉與[MCH & 公司]。

I had one -- a couple. So as the base diversifies, the core is now 50% non-India, Philippines, Mexico. Are you seeing performance marketing efficiencies from targeting those geos? And then the second part is, how do you think of the, I don't know, the RLTE growth and contribution margin of these newer corridors versus the core corridors, if you will?

我有一個——一對。因此，隨著基地的多元化，核心現在 50% 不是印度、菲律賓、墨西哥。您是否看到針對這些地理位置的效果行銷效率？然後第二部分是，我不知道，您如何看待這些較新走廊與核心走廊的 RLTE 增長和貢獻邊際（如果您願意的話）？

Yes. I'd say, Gus, on the first point in terms of marketing efficiency, we have a playbook that we've rolled out across beyond those three. We're in 170 receive corridors. And so I'm glad that we highlighted in the script that the business continues to diversify, but this is not something that's new for us. We've been marketing a playbook across a lot of corridors. And you see that in the marketing efficiency ultimately as you see in the P&L. And so feeling good about the marketing playbook and expanding well beyond those 3 corridors.

是的。我想說，格斯，關於行銷效率的第一點，我們有一個劇本，我們已經推出了超越這三個劇本的劇本。我們在 170 接待走廊。因此，我很高興我們在劇本中強調了業務繼續多元化，但這對我們來說並不是什麼新鮮事。我們一直在很多走廊上推銷一本劇本。正如您在損益表中看到的那樣，您最終會在行銷效率中看到這一點。因此，我們對行銷策略感到滿意，並遠遠超出了這 3 個走廊。

Zachary Gunn with FT Partners.

扎卡里·古恩 (Zachary Gunn) 與《金融時報》合作夥伴。

So great to hear you talk about RLTE. And I know you discussed an RLTE dollars that going up. But I think across the industry, there's a view that over the long term that the margin has to come down just due to pricing. But given all the drivers you discussed of being able to drive efficiency and transaction expense, can you just help us understand long term, how we should think about the direction of that margin? And then just have a follow-up after that.

很高興聽到您談論 RLTE。我知道您討論了 RLTE 美元的上漲。但我認為整個產業都認為，從長遠來看，利潤率必須因為定價而下降。但是考慮到您討論的所有能夠提高效率和交易費用的驅動因素，您能否幫助我們了解長期來看，我們應該如何考慮該利潤的方向？然後再進行跟進。

Yes. Yes, happy to take that, and it helps -- also give me an opportunity to answer the second part of Gus' question. I think that the RLTE dollars is what we care about the most. And I think that, as I mentioned earlier, there's reasons that we can manage transaction expense over time. There's going to be digitization, which is great because it makes the cost for remittances come down.

是的。是的，很高興接受這一點，這很有幫助——也讓我有機會回答格斯問題的第二部分。我認為 RLTE 資金是我們最關心的。我認為，正如我之前提到的，我們有理由隨著時間的推移管理交易費用。將會出現數位化，這很棒，因為它降低了匯款成本。

And it's not only digitization, but I expect the cost to collect funds to continue to come down. You may have seen that we helped with a bill that was just announced called the Affordable Remittance Act that would give non-bank highly-regulated financial institutions and specifically remittance companies access to FedNow as one example. That would bring down our pay-in costs, and therefore, bring down our transaction expense.

這不僅是數位化，而且我預計籌集資金的成本將繼續下降。您可能已經看到，我們幫助制定了一項剛剛宣布的名為《平價匯款法案》的法案，該法案將給予非銀行嚴格監管的金融機構，特別是匯款公司使用 FedNow 的權限。這將降低我們的支付成本，從而降低我們的交易費用。

And as we do that, we need to constantly decide how much we pass along to customers and how much we let flow to our transaction margin. And what we will do when we look at each one of those decisions, many of which we can uniquely deliver because with more scale, we can get access to greater just leverage and lower cost, we will look at what are the cumulative RLTE dollars more than the percentage.

當我們這樣做時，我們需要不斷決定我們向客戶傳遞多少資金以及我們讓多少資金流入我們的交易保證金。當我們考慮每項決策時，我們將做什麼，其中許多決策是我們可以獨特提供的，因為隨著規模的擴大，我們可以獲得更大的公正槓桿和更低的成本，我們將看看累積的RLTE 美元是多少比百分比。

That being said, I would expect stability to modestly increase over time. And I would expect some variability quarter-to-quarter as we optimize that. And so RLTE, I think, is something that ultimately, again, equates to LTV and we feel really good about the levers that we can control to drive that, which is both activity of customers and the price that we're charging customers.

話雖這麼說，我預計穩定性會隨著時間的推移而適度增加。我預計隨著我們的優化，每個季度都會出現一些變化。因此，我認為 RLTE 最終再次等同於 LTV，我們對我們可以控制來推動這一目標的槓桿感到非常滿意，這既是客戶的活動，也是我們向客戶收取的價格。

Matt Oppenheimer for closing remarks.

馬特·奧本海默致閉幕詞。

Great. Thank you, everyone, for your thoughtful questions. And we want to, again, bring it back to a customer Sagrario, who said this about her experience with Remitly. "I am very happy. It makes my life easier in terms of sending money and the exchange rate is good." We thank her for her loyalty since 2020 and for recommending Remitly to friends and family.

偉大的。謝謝大家提出的深思熟慮的問題。我們想再次將其帶回給客戶 Sagrario，她談到了她在 Remitly 的體驗。“我很高興。這讓我的匯款生活變得更輕鬆，而且匯率也很好。我們感謝她自 2020 年以來的忠誠並向朋友和家人推薦 Remitly。

And I just want to thank everybody for joining us. We appreciate your support. As you've heard from this call, we are incredibly excited about the opportunities ahead and look forward to sharing our progress as we continue to execute on our vision of transforming lives with trusted financial services that transcend borders.

我只想感謝大家加入我們。我們感謝您的支持。正如您在這次電話會議中聽到的那樣，我們對未來的機會感到非常興奮，並期待分享我們的進展，因為我們將繼續執行我們的願景，即透過超越國界的值得信賴的金融服務來改變生活。

Ladies and gentlemen, thank you for participating. This does conclude today's program and you may now disconnect.

女士們、先生們，感謝您的參與。今天的節目到此結束，您現在可以斷開連線了。