Remitly Global Inc (RELY) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to Remitly's Third Quarter 2025 Earnings Call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的耐心等待，歡迎參加 Remitly 2025 年第三季財報電話會議。（操作說明）提醒各位，今天的節目正在錄製中。

And now, I'd like to introduce your host for today's program, Dave Beckel, Vice President, Investor Relations and Strategic Planning. Please go ahead, sir.

現在，我謹向大家介紹今天節目的主持人，戴夫·貝克爾，他是投資者關係和策略規劃副總裁。請繼續，先生。

Thank you. Good afternoon, and thank you for joining us for Remitly's Third Quarter 2025 Earnings Call. Joining me on the call today are Matt Oppenheimer, Co-Founder and Chief Executive Officer of Remitly; and Vikas Mehta, 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，感謝各位參加 Remitly 2025 年第三季財報電話會議。今天與我一起參加電話會議的有 Remitly 的聯合創始人兼執行長 Matt Oppenheimer 和財務長 Vikas Mehta。業績報告和管理層更多評論請參閱盈利報告和演示文稿，可在ir.remitly.com網站查閱。請注意，本次電話會議將在投資者關係網站同步進行網路直播。

Before we start, I would like to remind you that, we will 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，我想提醒各位，我們將根據聯邦證券法做出前瞻性聲明，包括但不限於有關 Remitly 未來財務業績以及管理層預期和計劃的聲明。這些陳述既不承諾也不保證，並且涉及風險和不確定性，可能導致實際結果與此處所述結果有重大差異。

You should not place undue reliance on any 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 in 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前瞻性陳述。有關可能影響業績的風險因素的更多信息，請參閱盈利報告和提交給美國證券交易委員會的文件。本次電話會議中所做的任何前瞻性陳述，包括對您問題的回答，均基於截至今日的當前預期，除法律要求外，Remitly 不承擔因新發展或其他原因而更新或修改這些陳述的義務。

The following presentation contains non-GAAP financial measures. We will reference non-GAAP operating expenses and adjusted EBITDA in this call. These metrics exclude items such as stock-based compensation, payroll taxes related to stock-based compensation, our pledge 1% contribution, integration, restructuring and other costs and other income and expense. For a reconciliation of non-GAAP financial measures to the most direct 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.

以下簡報包含非公認會計準則財務指標。在本次電話會議中，我們將提及非GAAP營運費用和調整後EBITDA。這些指標不包括股票選擇權激勵、與股票選擇權激勵相關的工資稅、我們承諾的 1% 貢獻、整合、重組和其他成本以及其他收入和支出等項目。有關非 GAAP 財務指標與最直接可比較 GAAP 指標的調整表，請參閱獲利新聞稿和獲利簡報附錄，這些文件可在我們網站的 IR 部分找到。

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

現在，我將把電話交給馬特開始通話。

Thank you, Dave, and welcome to Remitly. Thank you to everyone joining us for our third quarter earnings call. In Q3, we exceeded our guide, reflecting momentum from last quarter and the early benefits of our growth initiatives, further demonstrating the strength and durability of our business model.

謝謝你，戴夫，歡迎來到Remitly。感謝各位參加我們第三季財報電話會議。第三季度，我們超越了預期，這反映了上一季的良好勢頭以及我們成長計畫的早期成效，進一步證明了我們商業模式的實力和持久性。

Remitly is a structurally advantaged financial platform built for durable growth. Revenue growth of 25% and adjusted EBITDA margins of 15% reflects our disciplined execution and focus on sustainable profitable growth even as we continue to invest and expand.

Remitly是一個具有結構優勢的金融平台，旨在實現永續成長。營收成長 25%，調整後 EBITDA 利潤率達到 15%，這反映了我們嚴謹的執行力和對永續獲利成長的專注，即便我們仍在不斷投資和擴張。

Today, I will focus on how our third quarter success directly validates our ambition to expand from being a leader in money movement to capturing a larger portion of the $22 trillion total addressable market. Our performance in the third quarter reflects the value of trust as the engine and competitive advantage that secures our enduring relationship with the customer.

今天，我將重點介紹我們第三季的成功如何直接驗證了我們的雄心壯志，即從資金流動領域的領導者擴展到佔據 22 兆美元潛在市場中更大的份額。第三季的業績反映了信任的價值，信任是確保我們與客戶建立持久關係的引擎和競爭優勢。

At Remitly, trust means something very specific. It is about mastering the difficulty of delivering a seamless end-to-end experience at a fair customer-centric price with near-instant delivery and the protection provided by stringent risk management. We deliver trust by mastering complexity on the inside, so we can deliver radical simplicity on the outside. The underlying mechanics behind every transaction lead to that peace of mind.

在 Remitly，信任有著非常具體的意義。關鍵在於如何克服以下難題：以公平的以客戶為中心的價格，提供無縫的端到端體驗，實現近乎即時的交付，並透過嚴格的風險管理提供保障。我們透過掌控內在的複雜性來贏得信任，從而在外部實現極致的簡潔。每筆交易背後的基本機制都帶來這種安心感。

We are obsessed with eliminating the customer's core anxiety, delivery uncertainty. In the third quarter, our reliability metrics improved even further, 99.99% uptime across the app and web and speed metrics that underscore the value of instant delivery with over 94% of all transactions completed in under an hour and over 97% of transactions completed without customer support contact.

我們致力於消除客戶的核心焦慮—交貨的不確定性。第三季度，我們的可靠性指標進一步提高，應用程式和網站的正常運行時間達到 99.99%，速度指標也突顯了即時交付的價值，超過 94% 的交易在一小時內完成，超過 97% 的交易無需客戶支援聯繫即可完成。

Our platform is built on a powerful foundation with trust at its core. We want to communicate today how that platform is extending across two main fronts: new customer categories and new products as shown on slide 5. Specifically, I will share an update on our success with customer categories, including business and high amount senders. I will also provide an update on new products with an update on Remitly One, including Flex and stablecoin.

我們的平台建立在強大的基礎上，而信任是其核心。今天，我們想向大家介紹該平台是如何在兩個主要方面擴展的：新的客戶類別和新產品，如投影片 5 所示。具體來說，我將分享我們在客戶類別（包括企業客戶和大額匯款客戶）方面的成功情況。我也會介紹一些新產品，包括 Remitly One 的最新進展，例如 Flex 和穩定幣。

Moving to slide 6. Remitly Business continues to scale rapidly as we execute against a large opportunity. As we highlighted in Q2 with Remitly Business, we expanded our TAM more than tenfold from approximately $2 trillion to $22 trillion as we aim to serve millions of small businesses paying international contractors, vendors and employees.

切換到第6張投影片。隨著我們抓住一個巨大的機遇，Remitly Business 繼續快速成長。正如我們在第二季度 Remitly Business 中重點提到的那樣，我們的目標是為數百萬向國際承包商、供應商和員工支付款項的小型企業提供服務，因此我們將 TAM 擴大了十倍以上，從大約 2 兆美元擴大到 22 兆美元。

Following the successful launch in the US in Q2, we expanded into the UK and Canada, marking a major step in building a global small business payments platform. Our product allows small businesses to onboard, verify and send internationally in minutes. A seamless extension of the trusted experience we've built for consumers as we pursue a low-touch, product-led go-to-market approach for business customers, designed to drive efficient, scalable growth of this important customer category.

繼第二季在美國成功推出後，我們又擴展到英國和加拿大，這標誌著我們在建立全球小型企業支付平台方面邁出了重要一步。我們的產品可以讓小型企業在幾分鐘內完成註冊、驗證和國際匯款。我們為消費者打造的值得信賴的體驗，在為企業客戶追求低接觸、產品主導的市場推廣方式的同時，也實現了無縫延伸，旨在推動這一重要客戶群的高效、可擴展增長。

The number of total businesses using the Remitly platform grew sequentially this quarter to nearly 10,000 and average transaction sizes are roughly twice those of our core consumer category. We've continued to strengthen our trust and KYB engine, resulting in higher approval rates and lower onboarding friction for businesses, while keeping our platform secure and our customer experience world-class. As a direct result of these improvements, business send volume has nearly doubled on the platform sequentially.

本季使用 Remitly 平台的企業總數較上季成長至近 10,000 家，平均交易規模約為我們核心消費者類別的兩倍。我們不斷加強信任和 KYB 引擎，從而提高了審批率，降低了企業的入駐門檻，同時保持了平台的安全性和世界一流的客戶體驗。由於這些改進措施，平台上的企業發送量比上季幾乎翻了一番。

To show this, let me share Derek Jefferson's story. A Remitly user since 2019, who recently became a Remitly Business user. Derek runs a small business, HTDBComics, in the US, creating comic books that feature a superhero who protects the vulnerable. Derek leverages three consultants in Nigeria, who help him storyboard and illustrate the comic. Derek loves Remitly because our custom business experience makes it "super easy" to pay the team in Nigeria. Derek has already sent thousands of dollars across dozens of transactions in 2025.

為了說明這一點，讓我分享一下德瑞克‧傑佛遜的故事。自 2019 年起成為 Remitly 用戶，最近升級為 Remitly 企業用戶。德瑞克在美國經營一家名為 HTDBComics 的小公司，創作以保護弱勢群體的超級英雄為主角的漫畫書。德里克聘請了三位尼日利亞的顧問，幫助他繪製漫畫的故事板和插圖。Derek 喜歡 Remitly，因為我們客製化的業務體驗讓向尼日利亞團隊付款變得「超級簡單」。2025年，德里克已經透過數十筆交易匯出了數千美元。

Looking ahead, we are seeing exciting customer adoption, and we remain confident the Remitly Business will be a contributor to sustainable revenue growth, margin expansion and long-term shareholder value as it expands our reach from individuals to the millions of entrepreneurs and small companies powering the global economy.

展望未來，我們看到了令人興奮的客戶採納，我們仍然相信，隨著 Remitly 業務從個人擴展到推動全球經濟的數百萬企業家和小公司，它將為可持續的收入成長、利潤率擴張和長期股東價值做出貢獻。

Now on to high amount tenders on slide 7. Remitly's global payments platform has ably served both small and large transactions for years, but we have put additional focus on this growing category given our unique ability to serve these customers with a fast and affordable product.

接下來請看第7張投影片，了解大額招標項目。多年來，Remitly 的全球支付平台一直能夠很好地服務於大小交易，但鑑於我們擁有以快速且價格合理的產品服務這些客戶的獨特能力，我們更加關注這個不斷增長的類別。

Throughout Q3, we continued to expand send limits on our platform for certain US customers, now unlocking up to $100,000 per transfer. This targeted expansion enables a larger portion of our customer base to move more significant amounts seamlessly while maintaining our high standards for compliance and security.

第三季度，我們持續提高平台對部分美國客戶的匯款限額，現在每次匯款最高可達 10 萬美元。這次有針對性的擴張使我們更多的客戶群能夠無縫地轉移更大金額的資金，同時保持我們對合規性和安全性的高標準。

To accelerate awareness and adoption, we launched marketing campaigns in key high-volume send countries and in-app notifications targeted to high- amount senders. We also made deliberate strategic investments in pricing to attract and retain customers sending over $1,000 per transfer, within specific corridors like the US and Canada to India. These transactions led to over 40% year-over-year send volume growth for customers sending more than $1,000, an increase in mix from these customers of more than 200 basis points year-over-year.

為了加快認知度和採用率，我們在主要高流量發件國開展了行銷活動，並向高流量寄件者推播了應用程式內通知。我們還進行了有意識的策略性定價投資，以吸引和留住單筆匯款金額超過 1000 美元的客戶，尤其是在美國和加拿大向印度等特定匯款管道。這些交易使得單筆金額超過 1000 美元的客戶發送量同比增長超過 40%，這些客戶的佔比同比增長超過 200 個基點。

As we continue to remove friction, increase transparency and deliver best-in-class service for high-mount senders, we are positioning Remitly to become the most trusted global payments platform for high-value cross-border money movement, unlocking a massive underpenetrated opportunity that will continue to contribute to our growth.

隨著我們不斷消除摩擦、提高透明度並為大額匯款人提供一流的服務，我們將 Remitly 定位為最值得信賴的全球高價值跨境匯款支付平台，從而釋放巨大的未充分滲透市場機遇，並繼續為我們的成長做出貢獻。

Now shifting from new customer categories to new products. I'll start with an update on Remitly One on slide 8. Remitly One represents the next chapter in our product evolution from a transactional to a more long-term financial relationship.

現在，我們將關注點從新的客戶群轉移到新產品。我將從第 8 張投影片開始，介紹 Remitly One 的最新進展。Remitly One 代表了我們產品發展的下一個篇章，從交易型關係轉變為更長期的金融關係。

At our Reimagine event in September, we introduced Remitly One as a bold new way for the millions of people who live their financial lives across borders to move, manage and grow money in one trusted platform. Flex is our flexible funding solution that lets customers send now pay later, addressing a key customer pain point, timing mismatches between earnings and transfer needs, especially for those that are credit invisible.

在 9 月的 Reimagine 活動中，我們推出了 Remitly One，這是一種全新的方式，讓數百萬跨境進行金融活動的人們可以在一個值得信賴的平台上轉移、管理和增值資金。Flex 是我們靈活的資金解決方案，讓客戶可以先匯款後付款，解決了客戶的一個主要痛點，即收入和轉帳需求之間的時間不匹配，尤其適用於那些信用記錄不完整的人。

With over 100,000 active users at the end of Q3, this product is designed to bring liquidity to our customers underserved by the broader financial system. Our proprietary data allows us to identify a valuable category among our 8.9 million customers who demonstrate consistent and responsible financial behavior, enabling us to prudently match their liquidity access with their past cross-border payments behavior. Flex provides an essential safety net for time-sensitive payments like medical emergencies or tuition as well as a deeper long-term relationship with these customers.

截至第三季末，該產品擁有超過 10 萬活躍用戶，旨在為那些在更廣泛的金融體系中無法充分服務的客戶帶來流動性。我們擁有專有數據，能夠從 890 萬客戶中識別出一個有價值的類別，即那些表現出持續和負責任的財務行為的客戶，從而使我們能夠謹慎地將他們的流動性獲取與他們過去的跨境支付行為進行匹配。Flex 為醫療緊急情況或學費等有時效性的付款提供了重要的安全保障，並與這些客戶建立了更深的長期關係。

Remitly Wallet, which allows direct deposit and multicurrency balances and our digital debit card compatible with Apple Pay and Google Pay have shown healthy early adoption. These products expand engagement beyond send events and are expected to diversify revenue over time through interchange, while reinforcing our core value proposition. We continue to leverage stablecoins to enable growth in cross-border finance, seeing potential in three main areas: FX, treasury and cash management, improved disbursement rails and digital wallet features as shown on slide 9.

Remitly Wallet 支援直接存款和多幣種餘額，我們的數位金融卡相容於 Apple Pay 和 Google Pay，早期用戶反應良好。這些產品將互動範圍擴展到發送事件之外，並有望透過互動實現收入多元化，同時強化我們的核心價值主張。我們繼續利用穩定幣促進跨境金融的發展，在三個主要領域看到了潛力：外匯、資金和現金管理、改進的支付管道和數位錢包功能，如幻燈片 9 所示。

Within our treasury operations, we've tokenized portions of our US dollar liquidity to move funds across markets in near real time. This capability enhances our ability to fund operations globally, improves capital efficiency by reducing idle float and strengthens our FX treasury and cash management, all while maintaining the transparency and control expected from a regulated platform.

在我們的資金營運中，我們將部分美元流動性代幣化，以便近乎即時地在市場間轉移資金。這項能力增強了我們為全球營運提供資金的能力，透過減少閒置資金提高了資本效率，並加強了我們的外匯資金和現金管理，同時保持了受監管平台所應有的透明度和控制力。

On the customer side, stablecoins enable a hybrid network that combines our already scaled fiat infrastructure with blockchain interoperability. We initially launched USDC in the United States to rapidly build the foundational infrastructure and compliance framework for our wallet. And we have since integrated stablecoins into our payout network for disbursements in partnership with Bridge a Stripe company.

在客戶方面，穩定幣能夠實現混合網絡，將我們現有的法幣基礎設施與區塊鏈互通性結合。我們最初在美國推出 USDC，是為了快速建立我們錢包的基礎架構和合規框架。此後，我們與 Stripe 旗下的 Bridge 公司合作，將穩定幣整合到我們的支付網路中，用於資金發放。

Recently expanding this capability into two key volatile currency environments, Nigeria and Argentina, where customers seek stability and flexibility. Looking ahead, we are focused on enabling customers to manage and hold more stable digital currency balances within a Remitly wallet.

最近，我們將這項能力擴展到了尼日利亞和阿根廷這兩個貨幣波動較大的主要市場，這兩個市場的客戶都尋求穩定性和靈活性。展望未來，我們將致力於讓客戶能夠在 Remitly 錢包中管理並持有更穩定的數位貨幣餘額。

As we look ahead to 2026, we remain deeply optimistic about our position. We have built a formidable platform that still commands only a small share of a massive and growing market with significant upside ahead. Three key factors will drive our growth next year.

展望2026年，我們對自身的發展前景仍充滿信心。我們已經建立了一個強大的平台，但目前在這個龐大且不斷成長的市場中只佔很小的份額，未來還有很大的成長空間。明年，三大關鍵因素將推動我們的成長。

First, our new customer expansion efforts continue to unlock new corridors and customer categories such as Remitly Business customers, extending our reach and reinforcing our global network effects.

首先，我們不斷拓展新客戶，努力開拓新的管道和客戶類別，例如 Remitly Business 客戶，從而擴大我們的覆蓋範圍並加強我們的全球網路效應。

Second, our product portfolio expansion is gaining momentum as early successes with Flex and Remitly One lays the groundwork for broader offerings such as credit and multicurrency accounts for our nearly 8.9 million customers.

其次，隨著 Flex 和 Remitly One 的早期成功，我們的產品組合擴張正在加速推進，這為我們近 890 萬客戶提供更廣泛的產品（例如信用和多幣種帳戶）奠定了基礎。

And third, we are well positioned to benefit from a powerful shift from cash to digital remittances aided by the One Big Beautiful Bill going into effect on January 1, 2026, which imposes a 1% tax on cash and other physical remittance instruments that exempts digitally funded transactions. This legislation significantly amplifies the advantage of our digital-first model.

第三，我們已做好充分準備，從現金匯款向數位匯款的強勁轉變中受益。這得益於將於 2026 年 1 月 1 日生效的《一項偉大的法案》，該法案對現金和其他實物匯款工具徵收 1% 的稅，但數位資金交易除外。這項立法大大增強了我們數位化優先模式的優勢。

In closing, at Remitly, we start with the recognition that financial services do not naturally transcend orders, and we are designed to do exactly that. That is why we are built unlike other digital payment providers that create local market ecosystems and stitch them together.

最後，在 Remitly，我們首先認識到金融服務本身並不自然地超越訂單，而我們的設計目標正是如此。這就是為什麼我們的架構與其他數位支付提供者不同，它們創建本地市場生態系統並將它們連接起來。

Our borderless global network is a key component of our unique competitive advantage. Remitly now supports more than 5,300 corridors with more than 5.4 billion bank accounts and mobile wallets and over 490,000 cash pickup locations.

我們無國界的全球網絡是我們獨特競爭優勢的關鍵組成部分。Remitly 目前支援超過 5,300 條匯款通道，擁有超過 54 億個銀行帳戶和行動錢包，以及超過 49 萬個現金提取點。

Finally, we hope you will join us either virtually or in person at Remitly's first Investor Day since our IPO on December 9, 2025, where we will be sharing more of our long-term vision and detailed road map.

最後，我們希望您能以線上或線下方式參加 Remitly 自 IPO 以來的首次投資者日活動（2025 年 12 月 9 日），屆時我們將分享更多關於我們長期願景和詳細路線圖的資訊。

Now, I'll hand it over to Vikas to walk through our financial and operating highlights from the quarter.

現在，我將把發言權交給 Vikas，讓他來介紹我們本季的財務和營運亮點。

Thank you, Matt, and good afternoon, everyone. We delivered another strong quarter of profitable growth. As shown on slide 12, third quarter revenue was $419.5 million, up 25% year-over-year, and adjusted EBITDA was $61.2 million, representing a 15% margin. Despite facing the toughest comp for the year, results exceeded expectations with revenue and adjusted EBITDA both $7 million above the midpoint of our Q3 guidance. We continued our track record of GAAP profitability in Q3, reflecting disciplined execution across the business.

謝謝你，馬特，大家下午好。我們又實現了強勁的獲利成長。如投影片 12 所示，第三季營收為 4.195 億美元，年增 25%，調整後 EBITDA 為 6,120 萬美元，利潤率為 15%。儘管面臨今年最嚴峻的業績比較，但第三季營收和調整後 EBITDA 均比我們第三季預期中位數高出 700 萬美元，超出預期。第三季我們繼續維持了以 GAAP 計算的獲利記錄，這反映了公司各部門嚴謹的執行力。

Now, I will begin with an overview of our third quarter results and then share our outlook for the fourth quarter of 2025. As we did last year, we will also provide some early perspective on 2026.

現在，我將首先概述我們第三季的業績，然後分享我們對 2025 年第四季的展望。和去年一樣，我們也將對 2026 年做出一些初步展望。

Let me unpack the revenue growth drivers. Send volume grew 35% to $19.5 billion. Supporting this strong volume growth, send volume per active customers increased 11% year-over-year. This was driven by growth in both transactions per active and average transaction size as we continue to win share and gain traction with higher amount senders and business customers.

讓我來分析一下營收成長的驅動因素。發送量增加了 35%，達到 195 億美元。為支撐這項強勁的交易量成長，每位活躍客戶的發送量年增了 11%。這主要得益於活躍用戶交易量和平均交易額的成長，因為我們不斷贏得市場份額，並吸引更多大額匯款者和企業客戶。

Quarterly active customers increased 21% year-over-year to nearly 8.9 million, in line with expectations. Our retention levels continue to remain strong. Take rate was 2.15%, in line with expectations.

季度活躍用戶數年增 21%，達到近 890 萬，符合預期。我們的客戶留存率依然保持強勁。成交率為 2.15%，符合預期。

Now, let me dive deeper into our revenue outperformance from a geographic and new products perspective. From a Sand side, US revenue grew 28%, driven by continued share gains. Rest of the world grew 20% year-over-year, a sequential deceleration, reflecting the toughest comp of the year in Q3. Note, the rest of the world revenue grew 58% year-over-year in Q3 2024.

現在，讓我從地理和新產品的角度更深入地探討我們的營收超預期表現。從 Sand 的角度來看，美國收入成長了 28%，這主要得益於市場份額的持續成長。世界其他地區年增 20%，季增放緩，反映出第三季是今年同期基數最高的一年。請注意，2024 年第三季度，世界其他地區的營收年增 58%。

On the receive side, revenue from regions outside of India, the Philippines and Mexico grew 31% year-over-year. Similar to last quarter, our Mexico receive revenue growth outpaced overall revenue growth. We are continuing to outperform in the Mexico receive corridor, growing meaningfully faster in that corridor than the broader industry. Our outperformance showcases how our focus on localized innovation, including offering QR code-based cash pickup is driving share gains in Mexico.

在收入方面，來自印度、菲律賓和墨西哥以外地區的收入年增了 31%。與上季類似，我們在墨西哥的營收成長速度超過了整體營收成長速度。我們在墨西哥接收走廊繼續表現出色，在該走廊的成長速度明顯快於整個產業。我們的優異表現表明，我們對在地化創新的關注，包括提供基於二維碼的現金提取服務，正在推動我們在墨西哥的市場份額成長。

Before moving to a review of profitability, I'd like to highlight our progress with new customer categories and products. As Matt noted, we are seeing strong momentum with new customer categories. Enhancements to the Remitly Business platform and market expansion efforts drove a near doubling of business send volume sequentially in Q3, and new marketing campaigns and product enhancements targeting high amount senders resulted in 40% year-over-year send volume growth for customers sending more than $1,000 an increase in mix of more than 200 basis points.

在對盈利能力進行回顧之前，我想重點介紹我們在新客戶類別和產品方面的進展。正如 Matt 指出的那樣，我們看到新客戶群發展勢頭強勁。Remitly Business 平台的改進和市場擴張努力推動了第三季度企業匯款量環比增長近一倍，針對大額匯款人的新營銷活動和產品改進使得匯款額超過 1000 美元的客戶匯款量同比增長 40%，佔比增長超過 200 個基點。

I'll focus my commentary around product momentum on Flex, which continues to scale rapidly and is becoming an important driver of growth and engagement for Remitly. Flex is our flexible funding solution that lets customers send now, pay later with a no interest cash advance.

我將重點放在 Flex 的產品發展勢頭，Flex 繼續快速擴張，並正在成為 Remitly 成長和用戶參與的重要驅動力。Flex 是我們靈活的融資解決方案，讓客戶可以先付款後支付，無需支付利息即可獲得現金預支。

Remitly One members get access to funds, multiple withdrawals and repayment on their own schedule over 90 days. As Matt highlighted, we have over 100,000 active Flex users at the end of Q3. Flex revenue has also nearly doubled sequentially in Q3, supported by three monetization levers: instant funding fees from nonmembers, membership revenue and cross-border payment revenue as funds are exclusively used to send money. Early results show that Flex users transact more frequently, reinforcing its role in deepening customer relationships.

Remitly One 會員可在 90 天內按自己的時間表提取資金、多次提款和還款。正如 Matt 所強調的，截至第三季末，我們有超過 10 萬名活躍的 Flex 用戶。第三季度，Flex 的營收也較上季成長了近一倍，這得益於三種獲利手段：非會員的即時資金費用、會員收入和跨境支付收入（因為資金專門用於匯款）。初步結果顯示，Flex 用戶交易頻率更高，這進一步鞏固了 Flex 在加深客戶關係方面的作用。

On the cost side, Flex operates with minimal incremental cost to serve and early cohorts show strong repayment activity with provision for credit loss rates in line with expectations as we continue our measured rollout. While Flex is still nascent, membership cohorts have demonstrated strong unit economic progress.

在成本方面，Flex 的營運成本增量極低，早期用戶群表現出強勁的還款活動，信貸損失率準備金符合預期，我們將繼續穩步推進推廣。雖然 Flex 仍處於起步階段，但會員群體已展現出強勁的單位經濟效益。

Importantly, notional cost of capital is considered when measuring unit economics of the Flex product. Flex is designed to be capital efficient with high transaction volumes and minimal balance sheet exposure. Flex is offered primarily to existing customers with established cross-border payment history, giving us access to rich first-party data and control over customer receivables balance.

重要的是，在衡量 Flex 產品的單位經濟效益時，要考慮名目資本成本。Flex 的設計理念是有效利用資本，實現高交易量和最小的資產負債表風險敞口。Flex 主要針對具有既定跨境支付歷史的現有客戶提供，這使我們能夠獲取豐富的第一方資料並控制客戶的應收帳款餘額。

As a result, nearly 90% of our $20.8 million of outstanding receivables are current, which allows us to recycle capital efficiently. We expect loan balances growth to be measured, balancing a controlled and deliberate pace of expansion along with improving unit economics. As cohorts mature, we'll continue to scale Flex as a product that deepens customer engagement and expands our platform for future value-added services.

因此，我們 2,080 萬美元的未償應收帳款中，近 90% 為當前應收帳款，這使我們能夠有效地循環利用資金。我們預期貸款餘額成長將保持穩健，在控制和謹慎擴張步伐的同時，不斷改善單位經濟效益。隨著用戶群的成熟，我們將繼續擴大 Flex 的規模，使其成為一款能夠加深客戶參與度並擴展我們平台以提供未來加值服務的產品。

Turning to our focus on driving profitable growth on slide 13. Transaction expenses this quarter were $146.7 million and as a percentage of revenue were 35%. Excluding provision for transaction losses, other transaction expenses were $121.7 million, improving 38 basis points year-over-year as a percentage of revenue. The mix of digital receive transactions increased year-over-year by more than 200 basis points, continuing a trend that has been positive for our business and customers.

接下來，我們將重點討論如何推動獲利成長（第 13 頁）。本季交易費用為 1.467 億美元，佔營收的 35%。不計交易損失準備金，其他交易費用為 1.217 億美元，佔收入的百分比年減 38 個基點。數位收款交易佔比年成長超過 200 個基點，延續了這對我們的業務和客戶都十分有利的趨勢。

While early days, we have started leveraging stablecoins to unlock network efficiencies. Provision for transaction losses was $25 million or 12.8 basis points as a percentage of send volume, in line with our expectations.

雖然還處於早期階段，但我們已經開始利用穩定幣來提高網路效率。交易損失準備金為 2,500 萬美元，佔發送量的 12.8 個基點，符合我們的預期。

Our ongoing investments in AI-driven risk models enable us to proactively mitigate fraud trends while preserving the trusted seamless experience our customers expect. As I shared in prior quarters, revenue less transaction expense or RLTE expansion is an indicator of the long-term business model success.

我們持續投資於人工智慧驅動的風險模型，使我們能夠主動緩解詐欺趨勢，同時保持客戶所期望的值得信賴的無縫體驗。正如我在前幾季分享的那樣，收入減去交易費用或 RLTE 擴張是衡量長期商業模式成功與否的指標。

RLTE dollars grew 23.4% to $272.8 million, reflecting strong customer activity and economies of scale. RLTE as a percentage of revenue this quarter was 65%, consistent with what we have seen in the second quarter. We are focusing on long-term RLTE dollar growth as we continue to attract new customers, innovate with new use cases and scale.

RLTE 營收成長 23.4% 至 2.728 億美元，反映出強勁的客戶活動和規模經濟效益。本季 RLTE 佔營收的百分比為 65%，與第二季的情況一致。我們專注於 RLTE 的長期美元成長，同時不斷吸引新客戶，創新新的用例並擴大規模。

With that, let me walk you through the specific non-GAAP expense categories on slide 14. Marketing investments remain disciplined and growth focused. Marketing spend was $87.5 million, up 25% year-over-year and at 20.8% of revenue, which is consistent with what we had in the same quarter prior year.

接下來，我將帶您了解第 14 頁的特定非 GAAP 費用類別。行銷投資將保持謹慎，並以成長為導向。行銷支出為 8,750 萬美元，年增 25%，佔營收的 20.8%，與去年同期持平。

Q3 also marked the first quarter where we began comping the marketing efficiencies achieved in the second half of 2024. Marketing spend per active customer was $9.88, up 3% year-over-year, reflecting ongoing high ROI investments in growth initiatives. We continue to invest strategically behind high amount centers and business customers. Our LTV to CAC was about 6x, while the payback period remained under 12 months. As a reminder, marketing investments drive returns for many years beyond our initial investment given repeat behavior.

第三季也是我們開始將 2024 年下半年的行銷效率與第三季進行比較的第一季。每位活躍客戶的行銷支出為 9.88 美元，年增 3%，反映出公司在成長計畫方面持續進行高投資報酬率的投資。我們將繼續對高流量中心和企業客戶進行策略性投資。我們的客戶終身價值與客戶獲取成本之比約為 6 倍，而投資回收期則保持在 12 個月以內。需要提醒的是，鑑於消費者的重複行為，行銷投資帶來的回報可以持續多年，甚至超過我們最初的投資金額。

Customer support and operations expense was $25.9 million and as a percentage of revenue was 6.2%, improving 21 basis points year-over-year, continuing a trend we have seen over the past couple of years. Our AI-based virtual assistant and product improvements have enabled lower agent contact rates while maintaining strong customer satisfaction ratings.

客戶支援和營運費用為 2,590 萬美元，佔收入的 6.2%，年比改善 21 個基點，延續了過去幾年我們看到的趨勢。我們基於人工智慧的虛擬助理和產品改進降低了客服人員的聯繫頻率，同時保持了較高的客戶滿意度。

Technology and development expense was $55.4 million and as a percentage of revenue improved by 53 basis points year-over-year. Technology and development expenses grew 20% year-over-year as we become more efficient in managing our spend while delivering robust product innovation.

技術和開發費用為 5540 萬美元，佔收入的百分比比去年同期提高了 53 個基點。技術和研發費用年增 20%，因為我們在提高支出管理效率的同時，也實現了強勁的產品創新。

Our technology investments continue to deliver on the metrics that matter most. As Matt shared in Q3, over 94% of transactions were disbursed in under an R. More than 97% were completed without customer support contact, and our platform delivered 99.99% uptime. These results demonstrate the reliability and trust we are earning as we scale globally.

我們的技術投資持續在最重要的指標上取得成效。正如 Matt 在第三季分享的那樣，超過 94% 的交易在 1 小時內完成。超過 97% 的交易無需客戶支援聯繫即可完成，我們的平台正常運作時間達到 99.99%。這些結果表明，隨著我們在全球範圍內擴大規模，我們正在贏得可靠性和信任。

G&A expenses was $42.8 million, improving 35 basis points as a percentage of revenue year-over-year, reflecting continued leverage across the business. We are also investing in AI across the organization from writing code to writing documents to reimagining our internal operations and processes. For investors, that means we are building a smarter, more agile Remitly, one that scales faster, serves customers better and delivers long-term shareholder value.

一般及行政費用為 4,280 萬美元，佔收入的百分比年減 35 個基點，反映出公司持續的槓桿作用。我們也在整個組織內投資人工智慧，從編寫程式碼到編寫文檔，再到重新構想我們的內部營運和流程。對投資人而言，這意味著我們正在打造一個更聰明、更靈活的 Remitly，一個能夠更快擴展規模、更好地服務客戶並為股東創造長期價值的公司。

Overall, we continue to maintain rigorous discipline on hiring and non-headcount spend while investing in compliance, geographic expansion and AI tools. Strong revenue growth, combined with efficiency and discipline led to adjusted EBITDA of $61.2 million. Once again, we delivered a positive GAAP net income quarter with $8.8 million GAAP net income, a significant improvement compared to a $1.9 million net income in the third quarter of 2024.

總體而言，我們繼續嚴格控制招聘和非人力支出，同時投資於合規、地理擴張和人工智慧工具。強勁的收入成長，加上效率和紀律，使得調整後的 EBITDA 達到 6,120 萬美元。我們再次實現了正的 GAAP 淨利潤季度，GAAP 淨利潤為 880 萬美元，與 2024 年第三季度的 190 萬美元淨利潤相比，這是一個顯著的進步。

Stock-based compensation was $40 million and as a percentage of revenue was at 9.5%, approximately 214 basis points lower than the third quarter of 2024. In Q3, we repurchased $11.9 million of shares under our $200 million authorization, reflecting our confidence in Remitly's future and our commitment to building lasting value for both customers and shareholders.

股票選擇權費用為 4,000 萬美元，佔營收的 9.5%，比 2024 年第三季低約 214 個基點。第三季度，我們根據 2 億美元的授權回購了價值 1,190 萬美元的股票，這體現了我們對 Remitly 未來的信心，以及我們致力於為客戶和股東創造持久價值的承諾。

With that, I will move on to our outlook shown on slide 15. For the fourth quarter of 2025, we expect revenue of $426 million to $428 million or 21% to 22% growth. The majority of our revenue in 2025 comes from prior year cohorts, giving us greater visibility into the durability of our revenue growth. The expected trend in our revenue growth drivers remain consistent with recent quarters.

接下來，我將介紹投影片 15 所示的展望。我們預計 2025 年第四季營收將達到 4.26 億美元至 4.28 億美元，年增 21% 至 22%。我們 2025 年的大部分收入來自前幾年的客戶群，這讓我們對收入成長的可持續性有了更清晰的了解。我們的營收成長驅動因素的預期趨勢與最近幾季保持一致。

We anticipate send volume growth to exceed revenue growth and revenue growth to outpace quarterly active customer growth, driven by the continued momentum among business and high amount senders. Send volume per active customer is expected to grow in the mid-single digits, supported by higher transaction frequency. For the full year, we expect revenue between $1.619 billion and $1.621 billion, reflecting a growth rate of 28%.

我們預計，在企業用戶和大額寄件者持續成長的推動下，寄件量成長將超過營收成長，而營收成長也將超過季度活躍用戶成長。預計每位活躍客戶的發送量將以中等個位數成長，這得益於更高的交易頻率。我們預計全年營收將在 16.19 億美元至 16.21 億美元之間，成長率為 28%。

Now, let us pivot to profitability and expense guidance. Starting with transaction expenses. We expect Q4 transaction expenses as a percentage of revenue to be slightly higher than Q3. As a reminder, in Q4 of 2024, we had significantly low transaction losses at 9 basis points as a percentage of send volume.

現在，讓我們轉向獲利能力和費用指引。首先是交易費用。我們預計第四季交易費用佔收入的比例將略高於第三季。提醒一下，2024 年第四季度，我們的交易損失率非常低，僅佔發送量的 9 個基點。

For Q4, we expect transaction losses to remain consistent with Q3 2025. As always, these metrics may fluctuate quarter-to-quarter, and we remain disciplined in optimizing customer lifetime value while rigorously managing risk across our platform.

我們預計第四季的交易損失將與 2025 年第三季保持一致。與以往一樣，這些指標可能會逐季度波動，我們將始終堅持優化客戶終身價值，同時嚴格管理我們平台上的風險。

Shifting to marketing. We expect marketing investments in Q4 will continue to deliver strong ROI. We'll make these investments while prioritizing efficiency. Recall, we began delivering the meaningful marketing per QAU efficiencies in the second half of 2024. So, as we lap those improvements in the second half of 2025, we would expect marketing per QAU to grow by mid-single digits, especially as we support new product adoption.

轉向市場行銷。我們預計第四季度的行銷投資將繼續帶來強勁的投資報酬率。我們將進行這些投資，同時優先考慮效率。回想一下，我們從 2024 年下半年開始實現每 QAU 的有意義的行銷效率。因此，隨著我們在 2025 年下半年逐步實現這些改進，我們預計每 QAU 的行銷費用將以中位數個位數成長，尤其是在我們支援新產品推廣的情況下。

Putting this all together, we expect Q4 adjusted EBITDA to be between $50 million and $52 million, translating to 12% margins. For the full year, we expect adjusted EBITDA to be between $234 million and $236 million, representing an adjusted EBITDA margin of 15%. We expect to generate modest positive GAAP net income in the fourth quarter of 2025 as we plan to make growth-enhancing investments, improve adjusted EBITDA as well as manage dilution, net burn rate and stock compensation expense effectively.

綜合以上因素，我們預期第四季調整後 EBITDA 將在 5,000 萬美元至 5,200 萬美元之間，利潤率為 12%。我們預計全年調整後 EBITDA 將在 2.34 億美元至 2.36 億美元之間，調整後 EBITDA 利潤率為 15%。我們預計在 2025 年第四季實現適度的正 GAAP 淨利潤，因為我們計劃進行促進成長的投資，提高調整後的 EBITDA，並有效控制股權稀釋、淨消耗率和股票補償費用。

Now, let me share some early thoughts on 2026. There are a few puts and takes to consider at this stage. As Matt highlighted, on the positive side, the federal remittance tax on cash transfers, continued product innovation and early progress in new geographies should provide modest tailwind for the business.

現在，讓我分享一下我對2026年的一些初步想法。現階段有一些值得考慮的因素。正如 Matt 所強調的那樣，從積極的方面來看，聯邦匯款稅對現金轉帳的徵收、持續的產品創新以及在新地區的早期進展，應該會為公司帶來一定的順風。

While these growth tailwinds are still in the early innings and will not be major contributors next year, they are laying strong foundation for future growth. At the same time, the recent immigration headwinds in key send countries such as the US and Canada could potentially weigh on new customer acquisition.

雖然這些成長利好因素仍處於初期階段，明年不會成為主要貢獻因素，但它們正在為未來的成長奠定堅實的基礎。同時，美國和加拿大等主要移民輸出國近期出現的移民逆風可能會對新客戶的取得造成不利影響。

Taking all these factors into account, we currently expect the revenue growth to be in the high teens range for 2026. This remains an initial view and Q4 results will be important in shaping our formal guidance for next year. As always, we remain focused on balancing growth with disciplined execution under the same profitable growth framework that has guided us in the past.

綜合考慮所有這些因素，我們目前預計 2026 年的營收成長將達到 10% 以上。這仍是初步看法，第四季業績對於制定我們明年的正式業績指引至關重要。一如既往，我們將繼續秉持過去一直指導我們的獲利成長框架，專注於在穩健執行的同時實現成長。

To summarize, in Q3, we delivered strong results across our key financial metrics, achieving 25% revenue growth and 15% adjusted EBITDA margins. We also delivered another quarter of GAAP profitability, underscoring the strength and scalability of our model.

總而言之，第三季我們在關鍵財務指標方面取得了強勁的成績，實現了 25% 的營收成長和 15% 的調整後 EBITDA 利潤率。我們也實現了另一個季度的 GAAP 獲利，凸顯了我們模式的實力和可擴展性。

Looking ahead, we are excited to share more about our long-term business model, including the durability of our growth and margin profile at our first Investor Day in New York City on December 9. We remain confident in the long-term growth potential and disciplined in our capital allocation approach.

展望未來，我們很高興能在 12 月 9 日於紐約市舉行的首次投資者日上，與大家分享更多關於我們長期商業模式的信息，包括我們成長和利潤率的可持續性。我們對公司的長期成長潛力充滿信心，並堅持嚴謹的資本配置方法。

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

接下來，我和馬特將開始接受大家的提問。操作員？

(Operator Instructions)

（操作說明）

Tien-Tsin Huang, JP Morgan

黃天進，摩根大通

Took a lot of notes here. Just thinking about '26 and the high-teens outlook that you're initially setting here. I appreciate you called out some of the tailwinds, but it doesn't sound like you're assuming much contribution from some of the new products or maybe the tax tailwind, that kind of thing. Just want to better understand what you've assumed or have not assumed in the high teens outlook.

我在這裡記了很多筆記。想想 26 年以及你最初在這裡設定的十幾歲的展望。我很欣賞你指出了一些利好因素，但聽起來你似乎沒有預料到一些新產品或稅收優惠等因素會做出太大貢獻。我只是想更了解您在看待青少年高年級學生的觀點時都做了哪些假設，或者沒有做哪些假設。

Yes, Tien-Tsin, thank you for the question. I'd start with FY25 first because that sets a strong foundation for a strong FY26. And clearly, H1 as well as Q3 were strong proof points of our execution. As you saw, Q3 revenue grew 25% margin at 15% and strong performance trends across the board, whether it was send per QAU growth as well as send volume growth.

是的，田進，謝謝你的提問。我建議先從 2025 財年開始，因為這能為 2026 財年奠定堅實的基礎。顯然，H1 和 Q3 都強有力地證明了我們執行力的有效性。正如你所看到的，第三季度收入增長了 25%，利潤率為 15%，並且各個方面都呈現出強勁的業績趨勢，無論是每 QAU 發送量的增長還是發送量的增長。

As we look at FY26, we still have Q4 remaining, and that sets a strong foundation. But the early view that we have right now gives us a lot of optimism. It starts with the strong foundation and the durability of remittance business in general. Beyond that, we believe that remittance tax, which will take shape starting 2026 will be a net benefit for us. Again, early days, and we'll see how that progresses. But behind the scenes, our marketing efforts, our execution is tailored to take share more and more from the physical to the digital space.

展望 2026 財年，我們還有第四季度，這奠定了堅實的基礎。但我們目前所看到的初步情況讓我們感到非常樂觀。這首先要歸功於匯款業務本身的堅實基礎和持久性。除此之外，我們認為從 2026 年開始實施的匯款稅將為我們帶來淨收益。現在還處於早期階段，我們拭目以待。但實際上，我們的行銷努力和執行策略都在不斷調整，力求將越來越多的市場份額從實體空間轉移到數位空間。

Secondly, I would say the new products and customer categories, early days, but we are very excited about what we are seeing across the board, whether you look at the Remitly Business momentum, or you look at on the product side from a Flex perspective.

其次，我想說的是新產品和客戶類別，雖然還處於早期階段，但我們對目前看到的一切感到非常興奮，無論是從 Remitly 業務的發展勢頭來看，還是從 Flex 產品的角度來看。

Overall, we want to be prudent and thoughtful, especially with the restrictive immigration stance we have seen as well as just the broader macro uncertainties. And that's why sort of the early initial view we wanted to give you to just start thinking ahead. Overall, we remain very focused on balanced growth, profitability and investments. And most importantly, we want to deliver expanding margins as we go along. So overall, we feel great about the setup for FY26.

總的來說，我們希望謹慎周全，尤其是在我們看到的限制性移民政策以及更廣泛的宏觀不確定性的情況下。所以，我們希望透過這個初步的、初步的視角，讓大家開始思考未來。整體而言，我們仍然非常注重均衡成長、獲利能力和投資。最重要的是，我們希望逐步提高利潤率。總的來說，我們對2026財年的安排感到非常滿意。

Great. And maybe I'll just follow up on that since you mentioned it. Just thinking about incremental margins in the next several quarters, given what you've learned so far from the launch of the new products and some of the initiatives. Again, I know it's early, but just the discipline and the safeguards that you have in place to guide you to some level of incremental margin. Any thoughts on that?

偉大的。既然你提到了，那我或許應該跟進一下。考慮到您目前從新產品發布和一些舉措中學到的經驗，請考慮未來幾季的利潤成長。我知道現在還為時過早，但你所採取的紀律和保障措施能夠引導你逐步獲得一定的利潤空間。對此有什麼看法？

Yes. I would say that, we remain very balanced, as I said, with just an overall approach where we want to deploy capital very thoughtfully to drive growth, profitability and at the same time, investing in the future bets. And you've seen us execute in FY25 very, very thoughtfully where we have invested in these big bets. But at the same time, we have continued to leverage on the big expense categories and continue to drive margin expansion. So, our approach even going into FY26 will be similar, where we want to really drive productivity gains. We want to drive efficiencies while we prioritize the important bets.

是的。我想說，我們仍然保持著非常平衡的局面，正如我所說，我們採取的是一種整體方法，即非常謹慎地部署資本，以推動增長和盈利能力，同時投資於未來的發展機會。你們也看到了，我們在 2025 財年非常、非常謹慎地執行了這些大手筆的投資。但同時，我們繼續利用大額支出類別，並持續推動利潤率擴張。因此，即使進入 2026 財年，我們的方法也將類似，我們希望真正推動生產力的提升。我們希望在優先考慮重要項目的同時，提高效率。

Yes. And overall, Tien-Tsin, the only other thing I'd add is when you just think about the overall both '26 and long-term potential of the business, I think that the $22 trillion market share where we're less than 1%, huge opportunities there and especially as we expand and go kind of upmarket as we think about higher dollar senders, as we think about small businesses, we continue to win share as there's a shift that continues from cash-based remittance players to digital remittance players, and I think that will be aided by the remittance tax in 2026.

是的。總的來說，天心，我唯一要補充的是，當你考慮到2026年以及業務的長期潛力時，我認為在22萬億美元的市場份額中，我們佔比不到1%，這其中蘊藏著巨大的機會，尤其是在我們擴張並向高端市場發展，例如考慮大額匯款人和小企業客戶時，隨著現金匯款至202年市場的方式將有助於每年

And then, as we think about leverage on the bottom line and just increased velocity, I think that there's a lot of really reimagining what's possible at Remitly when it comes to leveraging tools like AI. So, as we go into '26, very excited. And obviously, we want to give an early view in terms of guidance. But when you think about the overall trajectory of the business, both on the top and bottom line, we're very optimistic and very excited about what's to come, and we're excited to talk more about that as well at our Investor Day in December.

然後，當我們思考如何利用人工智慧等工具來提高利潤和加快速度時，我認為在 Remitly，我們需要重新構想各種可能性。所以，展望2026年，我們非常興奮。顯然，我們希望儘早提供指導意見。但從整體業務發展軌跡來看，無論從營收或利潤來看，我們都非常樂觀，對未來充滿期待，我們也期待在 12 月的投資者日上與大家詳細討論這一點。

Gus Gala, Monness, Crespi, Hardt & Co.

Gus Gala、Monness、Crespi、Hardt & Co.

I want to go back to the incremental margin swing you're kind of pointing towards in 4Q. I guess that a lot of it is the marketing coming up. Can you help us think of the magnitude of it coming from more top funnel spending versus maybe CVCs at bottom funnel coming up? And then is that kind of high single-digit incremental margin? I'll ask it more point blank. Is that kind of the right bogey we should be thinking about in the first half '26, although growth we're thinking high-teens?

我想回到你提到的第四季利潤率的逐步下降的問題。我想這很大程度上與即將到來的市場行銷有關。您能否幫我們分析一下，如果增加漏斗頂端的支出，與漏斗底端的客戶創投相比，影響究竟有多大？那麼，這種高個位數增量利潤率是嗎？我直接問吧。這是否是我們在 2026 年上半年應該考慮的正確目標，儘管我們預計成長率將達到 10% 以上？

Yes. I think at a strategic level, when you look at the overall just flywheel of our business in terms of -- I think this is true of most payments businesses. But certainly, as we get more scale, the center of the flywheel that we've shared in the past and that we'll talk about more at Investor Day is ultimately adjusted free cash flow.

是的。我認為從策略層面來看，當你審視我們業務的整體飛輪效應時——我認為這對大多數支付業務都是如此。但可以肯定的是，隨著規模的擴大，我們過去分享過的飛輪的核心，以及我們將在投資者日上更多地討論的內容，最終都是調整後的自由現金流。

And when you think about it from an overall scale and growth standpoint, the flywheel is very much spinning. And so, we're able to not only be able to drive down costs, both variable costs and fixed costs, but we'll also be able to leverage the ability to drive more to the bottom line as we think about the investments we've made to build a brand that, obviously, if you look at last quarter, 8.9 million customers used our products. But if you look at the word-of-mouth effects, it gives us the ability, whether it's on the variable cost component and continuing to drive leverage there on the marketing component and being able to leverage the trusted brand and user base that we have.

從整體規模和成長的角度來看，飛輪正在高速運轉。因此，我們不僅能夠降低成本，包括可變成本和固定成本，而且我們還可以利用這種能力來提高利潤，因為我們考慮到了我們為打造品牌所做的投資，顯然，如果你看看上個季度，就會發現有 890 萬客戶使用了我們的產品。但如果你看看口碑效應，它賦予我們能力，無論是在可變成本方面，還是在行銷方面，都能繼續推動槓桿作用，並能夠利用我們擁有的值得信賴的品牌和用戶群。

And then obviously, as we think about just all of the investments that we're making to deliver both a fundamentally different way of completing international payments as well as a fundamentally different way to provide cross-border financial services. We're just getting a lot of leverage as we are accomplishing that very exciting vision.

然後，很顯然，當我們思考我們正在進行的所有投資時，我們既要提供一種截然不同的國際支付方式，又要提供一種截然不同的跨國金融服務方式。隨著我們逐步實現這個令人振奮的願景，我們正在獲得很大的優勢。

So, I'll let Vikas talk about more specifically how we think about expanding margins in '26. But the punchline from my standpoint is the flywheel is spinning with more scale. We generated a lot of cash this year. And as we head into next year, we have a lot of levers at our disposal to both grow on the top and bottom line.

那麼，接下來就讓 Vikas 更具體地談談我們如何考慮在 2026 年擴大利潤率。但從我的角度來看，關鍵在於飛輪正在以更大的規模旋轉。我們今年賺了很多錢。展望明年，我們有許多手段可以實現營收和利潤的雙重成長。

Yes. And just to follow up, I would say that Q4, Gus, as you think about it from a revenue perspective, the trends will be consistent with what we have seen in prior quarters. And what that means is that our send volume growth will continue to outpace revenue growth. If you look from a QAU perspective, especially as we mix shift into the high amount senders as well as business, every QAU will be driving a lot more from a send per QAU, which means that revenue growth will be greater than QAU growth. And again, we feel really great about our send per QAU trajectory.

是的。最後補充一點，Gus，從收入的角度來看，第四季度的趨勢將與我們前幾季看到的趨勢一致。這意味著我們的郵件發送量成長將持續超過收入成長。從 QAU 的角度來看，尤其是在我們將流量較大的發送者和企業用戶混合使用的情況下，每個 QAU 每次發送帶來的流量將更多，這意味著收入成長將大於 QAU 成長。再次強調，我們對每 QAU 軌跡的發送量感到非常滿意。

I'll just share a few stats of what we saw this quarter, for example, we saw a record send per QAU, right? Like really, really solid performance there. And this was backed by record average transaction size growth as well as the highest average transaction size we have seen in 10 quarters. In addition to that, we have seen record transaction per active customer. So, it's a lot of really good foundation there, and we continue in Q4 with a similar optimism. So, the revenue trends continue to be similar. And as you know, majority of our cohort revenue after first full year continues through. So, we feel good that once we have a strong foundation, it just drives continuous momentum.

我來分享本季我們看到的一些統計數據，例如，我們看到每個 QAU 的發送量創下了紀錄，對吧？表現真的非常出色。此外，平均交易規模也創下歷史新高，達到 10 季以來的最高平均交易規模。除此之外，我們也看到每位活躍客戶的交易量創下新高。所以，這方面已經打下了非常好的基礎，我們對第四季的前景也保持著類似的樂觀態度。因此，收入趨勢仍然類似。如您所知，我們大部分用戶在第一年結束後都會繼續獲得收入。所以，我們感到欣慰的是，一旦我們打下了堅實的基礎，它就能帶來持續的發展動能。

As you look at the expense side of the house, as Matt said, we'll continue to leverage technologies from AI to stablecoin to improve, call it, G&A leverage as well as transaction expense improvement. And as we do that, we will be very thoughtful about a very important aspect, which is investment, which builds our long-term shareholder value. So, it will just be a balance, as I said, and we remain very optimistic.

正如 Matt 所說，從支出方面來看，我們將繼續利用從人工智慧到穩定幣等技術來改善，或者說，改善一般及行政費用槓桿以及交易費用。在這樣做的時候，我們會非常認真地考慮一個非常重要的方面，那就是投資，投資能夠提升我們的長期股東價值。所以，正如我所說，這需要找到一個平衡點，我們仍然非常樂觀。

(Operator Instructions)

（操作說明）

Cris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

It seems like you've got a lot of opportunities. Can you just talk about how you balance investment going into new send markets versus kind of some of the newer initiatives that you're working on?

看來你有很多機會。您能否談談您是如何平衡對新興市場投資與您正在進行的一些新舉措之間的？

Yes. Thanks, Cris. Yes, I'll take that one. I think that the -- what I said a few quarters ago, which remains more true today than ever is we're a growth company with no shortage of growth opportunities. And so I think that the good news is that we get more efficient at a variety of different growth areas, whether that is continuing to launch and expand new markets, which we'll continue to do as we head into 2026, whether it's continuing to grow in our existing markets, of which there's very large opportunities there, whether it's continuing to grow in new segments or new customer categories like Remitly Business or high dollar senders.

是的。謝謝你，克里斯。是的，我要那個。我認為——我幾個季度前說過的話，現在比以往任何時候都更加正確——我們是一家成長型公司，不乏成長機會。因此，我認為好消息是，我們在各種不同的成長領域都變得更加高效，無論是繼續推出和拓展新市場（我們將在 2026 年繼續這樣做），還是繼續在我們現有的市場中發展（那裡有很多機會），亦或是繼續在新的細分市場或新的客戶類別（如 Remitly Business 或大額匯款人）中發展。

And then finally, when it comes to investing in new products to accomplish the vision around financial services that transcend borders. And what I'd say, Cris, is if you look over the last couple of years, we've invested in a much more extensible platform to do so. And so, I mentioned something called the North Star Architecture. that our technology team put together a couple of years ago now.

最後，當談到投資新產品以實現超越國界的金融服務願景時。克里斯，我想說的是，如果你回顧過去幾年，我們會發現我們為此投入了大量資源，打造了一個更具擴展性的平台。因此，我提到了我們技術團隊幾年前開發的「北極星架構」。

And then as we've been building and deploying code, both in our existing core remittance business as well as new products, we've had company-level goals where we have been basically driving endpoint compliance to the North Star Architecture. So, we've been able to deliver results for the business while making progress against this North Star Architecture. And what that means is that across those areas I mentioned, our existing markets, new markets, new customer categories and new products, it's just getting more efficient and more effective.

然後，隨著我們在現有核心匯款業務和新產品中建立和部署程式碼，我們制定了公司層面的目標，即推動終端符合北極星架構。因此，我們在朝著這個北極星架構不斷前進的同時，也為業務帶來了成果。這意味著，在我提到的這些領域，包括我們現有的市場、新市場、新的客戶群和新產品，我們的營運效率和效益都在不斷提高。

And then you layer on AI as a tool, which the company is very much embracing across all aspects. And it's not as much of an either/or component. It's more about where do we strategically focus within those four areas, and there's growth opportunities across all four.

然後，公司又將人工智慧作為一種工具加以運用，並在各方面都大力推廣人工智慧。而且它並非一個非此即彼的問題。更重要的是，我們應該在這四個領域中採取哪些策略重點，而這四個領域都存在著成長機會。

David Scharf from Citizens Capital Markets.

來自 Citizens Capital Markets 的 David Scharf。

Maybe just shifting to the new products and specifically Flex, which it seems like has quite a bit of early momentum based on the number of users that was about 100,000. I'm wondering, can you provide us with a sense for maybe at maturity, what the credit profile of this product is? I think you had mentioned 90% current, which I'm interpreting as a 10%, maybe 30-plus day delinquency rate early on.

或許應該轉向新產品，特別是 Flex，根據其約 10 萬用戶的數量來看，Flex 似乎已經取得了相當大的早期發展勢頭。我想問，能否大致介紹一下該產品到期時的信用狀況？我想你之前提到過 90% 的正常還款率，我的理解是早期會有 10% 的逾期率，可能超過 30 天。

Thank you, David. Let me start and Matt can add to that. So, I'll share the same excitement you did in terms of just overall momentum of the business, 100,000-plus active users, revenue almost doubling sequentially, as well as just a minimal incremental cost that this business needs from just getting to that next stage. So really great diversification opportunity for us as a company, and we are very excited about it. I'll just clarify a couple of things that helps you think better with regards to the aging as well as the balances.

謝謝你，大衛。我先開始，Matt可以補充。所以，我和你一樣，對公司的整體發展勢頭感到非常興奮，活躍用戶超過 10 萬，收入幾乎環比翻番，而且公司發展到下一階段所需的增量成本也極低。所以，這對我們公司來說是一個非常好的多角化發展機會，我們對此感到非常興奮。我只想澄清幾點，這有助於你更好地思考老化以及平衡的問題。

So, the first thing I'd say is that, the way the program works is send now, pay later, and there is a particular duration, whether for membership or for the non-membership. And based on what we have seen from the cohorts, we are very pleased with the cohort aging of receivables and that we have 90% current balance for members and nonmembers compared. And what we are particularly happy is that, there is negligible balance that remains over 90 days past due and that the charge-offs have been immaterial since the program's inception.

所以，我首先要說的是，該計劃的運作方式是先發送，後付款，並且有一個特定的期限，無論是會員還是非會員。根據我們從各組資料中看到的情況，我們對各組應收帳款帳齡非常滿意，會員和非會員的當前餘額均達到 90%。我們尤其感到高興的是，逾期超過 90 天的餘額微乎其微，而且自該計劃啟動以來，註銷金額也微不足道。

So, the way it works is slightly different than what you were narrating and the charge-off is call it, beyond 120 days. And the repayments that we have seen in that 0 to 30, 30 to 60, 60 to 90 have been very promising. And these details are available in 10-Q, so you can look into more detail there.

所以，它的運作方式與你所描述的略有不同，所謂的註銷是指超過 120 天的損失。我們看到，0 到 30 年、30 到 60 年、60 到 90 年的還款情況都非常令人鼓舞。這些細節在 10-Q 表格中有詳細說明，您可以查看更多相關資訊。

Yes. The only thing I'd add, David, is I think when you look at the overall Flex product, it's our flexible funding solution. Obviously, it's Send Now, Pay Later. And Remitly One members get access to funds like multiple withdrawals, repayment on their own terms and schedule. And it's adjacent to our core cross-border payments business. And you were right to call out that we now look at more than 100,000 active users as of September 30. So, we're really pleased with the progress there.

是的。David，我唯一要補充的是，我認為當你縱觀整個 Flex 產品時，它就是我們靈活的融資解決方案。顯然，這是先發貨後付款。Remitly One 會員可以享有多次提款、按自己的條件和時間表還款等資金服務。它與我們的核心跨境支付業務密切相關。您說得對，截至 9 月 30 日，我們的活躍用戶已超過 10 萬。所以，我們對那方面的進展非常滿意。

And I think the second point is providing liquidity to our customers and underwriting is complex. And so as CEO, the way to be successful in complex areas is having the right expertise on the team, and that's critical. And it's important to note we have decades of experience in the underwriting space from the Board level to the Flex leadership to the team broadly to help guide our strategic direction there. And we can leverage a lot of proprietary data from 8.9 million customers to where we're uniquely positioned to bridge the underwriting variance between customers that move to a new country and just don't have credit history but may have very high creditworthiness.

我認為第二點是為我們的客戶提供流動性，而承保是一個複雜的問題。因此，作為首席執行官，在複雜領域取得成功的關鍵在於團隊擁有合適的專業知識，這一點至關重要。值得注意的是，從董事會到 Flex 領導層，再到整個團隊，我們在承保領域擁有數十年的經驗，這有助於指導我們在該領域的策略方向。我們可以利用來自 890 萬客戶的大量專有數據，從而在承保方面佔據獨特優勢，幫助那些移居到新國家但沒有信用記錄但可能具有很高信用度的客戶。

And so, we're excited about the traction there. I think we'll go into more depth at Investor Day in December on this point. I would not impute the 10% that you mentioned to 10% losses. And I'd also keep in mind that, given the expertise that we have, given how it's adjacent to our payments business, we can very much throttle who we let into that, and we can be very selective in terms of making sure that we're offering that to creditworthy customers.

因此，我們對這方面的進展感到興奮。我認為我們會在12月的投資者日上更深入地探討這一點。我不會把您提到的10%歸因於10%的損失。我還要記住，鑑於我們擁有的專業知識，鑑於它與我們的支付業務密切相關，我們可以很好地控制哪些人可以參與其中，我們可以非常謹慎地選擇，確保我們只向信譽良好的客戶提供這項服務。

And so, a lot of levers at our disposal there, a lot of expertise. We'll go into more detail on Investor Day. But really excited about having 100,000 active users and really excited about the unit economics and overall creditworthiness that we're seeing of our customer base.

因此，我們有很多手段可以利用，也擁有許多專業知識。我們將在投資者日上詳細介紹。但對於擁有 10 萬活躍用戶，以及我們看到的客戶群的單位經濟效益和整體信用狀況，我們感到非常興奮。

Zoe Deng, KeyBanc Capital Markets.

Zoe Deng，KeyBanc Capital Markets。

This is on Zoe on for Alex. And could you talk a little bit about the economics of the business and how we compare to the high dollar centers as an example?

這是 Zoe 為 Alex 所做的。您能否談談貴公司的經濟效益，並以高消費中心為例，說明我們與這些中心相比有何不同？

Great. Okay. I think the question was related to Remitly Business and how that compares to high dollar senders. And so, I'm happy to go into that. I think that the interesting thing that I've mentioned, but just to reinforce is the fact that our product is very much extensible. So, we started the business serving kind of lower income, lower average transaction size customers.

偉大的。好的。我認為這個問題與 Remitly Business 有關，以及它與大額匯款服務相比如何。所以，我很樂意深入探討這個問題。我認為我剛才提到的一個有趣的事實，但我想再次強調，就是我們的產品具有很強的可擴展性。所以，我們最初的業務是服務收入較低、平均交易額較小的客戶。

And in order to do that, getting the unit economics, getting the variable cost down, getting the speed and reliability right is foundational. And so, if you kind of think about it from a classic innovators' dilemma standpoint, moving upmarket is easier for us. And so we have done that with both high dollar senders and with our Remitly Business product. But our structural advantage is on the lower end where we start in terms of micro businesses, in particular, because they have not been served by traditional financial institutions.

為了實現這一目標，首先要確保單位經濟效益，降低變動成本，並確保速度和可靠性。因此，如果你從經典的創新者困境的角度來看待這個問題，那麼對我們來說，進入高端市場就更容易了。因此，我們已經透過高額匯款人和我們的 Remitly Business 產品實現了這一點。但我們的結構性優勢體現在我們從微型企業起步的低端領域，特別是微型企業，因為它們沒有得到傳統金融機構的服務。

And if you look in Q3, we continued to strengthen our KYB or Know Your Business engine, resulting in higher approval rates. We also refined our risk and business verification checks to lower friction. And we've seen great customer momentum so far. The number of total businesses has grown sequentially to nearly 10,000 now active on the platform.

如果你看一下第三季度，我們會發現我們繼續加強了 KYB（了解你的企業）引擎，從而提高了審批通過率。我們也改進了風險和業務驗證檢查流程，以減少摩擦。目前我們已經看到了強勁的客戶成長動能。平台上的活躍企業總數已逐年成長，目前已接近 10,000 家。

And in terms of your question, how it compares to our other high-dollar senders and other individual P2P remittance transactions, the average transaction sizes are roughly twice those of our core consumer category. So, business send volume has nearly doubled on the platform sequentially. We also rolled out new markets to the UK and Canada specifically, and we are really excited about what's to come in the Remitly Business space. And as we say, Remitly, we're just getting started and certainly are in the business space.

至於您的問題，即它與我們其他大額匯款人和個人 P2P 匯款交易相比如何，平均交易規模大約是我們核心消費者類別的兩倍。因此，該平台上的企業發送量比上季幾乎翻了一番。我們也專門針對英國和加拿大市場推出了新服務，我們對 Remitly Business 的未來發展感到非常興奮。正如我們所說，Remitly 才剛起步，而且我們確實身處商業領域。

Zachary Gunn, FT Partners.

Zachary Gunn，FT Partners。

So just -- I want to go back to the guide a little bit, 4Q and the '26 commentary. You're talking about traction with new products and business. But on a net dollar basis, you're implying in 4Q, you're going to have the lowest dollar amount since, I think, 1Q24. Similarly, '26 implies a large step down in the amount of incremental dollars. So, what is decelerating or not performing that's causing the drag?

所以——我想稍微回顧一下指南，第四季和 2026 年的評論。你指的是新產品和業務的成長動能。但以淨美元計算，你的意思是說，第四季的美元金額將是自2024年第一季以來的最低水準。同樣，「26」意味著增量美元金額大幅下降。那麼，究竟是什麼部件減速或性能下降，導致了阻力呢？

And then similarly, I just want to ask on the take rate quickly because I understand it's being impacted by business and larger volume customers coming on. But maybe could you just comment on how much of the take rate compression this quarter was customer mix versus any impact from pricing investments or anything else?

同樣地，我也想快速問一下成交率，因為我知道它受到了業務成長和大量客戶的影響。但您能否就本季成交率下降的幅度，說明一下客戶結構變化的影響程度，以及定價投資或其他因素的影響程度？

Zach, I'll take that, and I'll start in the reverse order. Let me start with the second part of your question and then move to first. Look, if you think about the take rate part of your question, I would go back to what we have shared over the last, call it, four quarters, which is our North Star metric is the long-term RLTE or Revenue Less Transaction Expense dollars. And that's a much better indicator of our business.

札克，​​我接受這個任務，然後我以相反的順序開始。讓我先回答你問題的第二部分，然後再回答第一部分。你看，如果你考慮一下你問題中的「成交率」部分，我會回到我們過去四個季度分享的內容，那就是我們的北極星指標是長期 RLTE，即收入減去交易費用（美元）。這更能反映我們業務的狀況。

And the reason is, to some extent, all the things you mentioned, like take rate is impacted by a lot of different factors from transaction size to corridors to pay-in, payout types to customer segment mix.

原因在於，在某種程度上，你提到的所有因素，如手續費率，都會受到許多不同因素的影響，從交易規模到通道，再到支付方式、支付類型以及客戶群體組成。

And especially, as you may have seen, we have made a few important bets over here with Remitly Business with the high amount senders. And even as Matt was saying, the innovator's dilemma point, we have been able to be aggressive as we think about high amount senders. That's an area where, as we mentioned, we have been more experimental where we have made price investments. And there's nothing we have to lose over there because it's a new market for us.

尤其是，您可能已經看到了，我們與 Remitly Business 合作，對大額匯款用戶進行了一些重要的投資。正如 Matt 所說，創新者的困境在於，我們在考慮大額發送者時，我們能夠採取積極主動的態度。正如我們之前提到的，在這個領域，我們進行了更多實驗，也進行了一些價格上的投資。而且我們在那裡沒有什麼可失去的，因為那對我們來說是一個新市場。

So overall, we feel that long-term RLT dollars is a much better metric, and that's where, as you pointed, even though our gross take rate went down, our year-over-year RLT dollars grew over 23%.

因此，總的來說，我們認為長期 RLT 金額是一個更好的衡量標準，正如您所指出的，儘管我們的毛收入率下降了，但我們的 RLT 金額同比增長了 23% 以上。

Moving to your other question with regards to Q4 and FY26. I'd say a couple of additional comments in addition to what we had shared earlier. The first one I'd say is that H2, and we've talked about it before also, in general, it is a much tougher comp. And if you look at Q3, Q4 last year, we had very strong revenue growth. And that is a tough comp to go against. So that's one reason.

接下來回答您關於第四季和2026財年的另一個問題。除了我們之前分享的內容之外，我還想補充幾點。首先我想說的是 H2，我們之前也討論過，總的來說，這是一場難度更高的比賽。如果你看去年的第三季和第四季，我們的營收成長非常強勁。這是一個很難戰勝的對手。這是其中一個原因。

The second is, if you look at EBITDA and the expense side of the guide for Q4, Q4 is an important quarter. This is where we'll be making important marketing investments and setting up for a strong FY26. Again, we'll be measured, we'll be disciplined. But hopefully, that gives you some additional context.

第二點是，如果你看一下 4 季度的 EBITDA 和支出指引，你會發現 4 季度是一個重要的季度。我們將在這裡進行重要的行銷投資，為2026財年的強勁發展做好準備。我們會保持謹慎，保持自律。但願這能給你一些額外的背景資訊。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Matt Oppenheimer for any further remarks.

謝謝。今天的問答環節到此結束。我想把發言權交還給馬特·奧本海默，讓他再補充一些內容。

Great. Thanks, everybody. And I'll just close with a couple of comments. One, really looking forward to outlining our broader vision and telling you more about the progress in the business at our Investor Day in December. And then the second, as always, is that we always circle back to a customer story at the end. That's why we do what we do.

偉大的。謝謝大家。最後我再補充幾點。第一，我非常期待在 12 月的投資者日上，向大家闡述我們更廣闊的願景，並詳細介紹業務進展。其次，像往常一樣，我們總是在最後回到客戶故事。這就是我們做這件事的原因。

And today, I'll talk about a quote from Derek, who is fittingly a Remitly Business customer. Derek shared with us that Remitly became his go-to app. He said, "It's click, click and the money is arriving". We thank him for his loyalty and for trusting Remitly to get money to his business reliably and seamlessly. And thank you, everybody, for joining us. We appreciate your support. We're excited about the opportunities ahead and look forward to sharing our progress at Investor Day and beyond as we continue to execute on our vision to transform lives with trusted financial services that transcend borders.

今天，我要談談德瑞克的一句話，他剛好是 Remitly Business 的客戶。Derek 告訴我們，Remitly 成了他最常用的應用程式。他說：“咔噠咔噠兩聲，錢就到賬了。”我們感謝他的忠誠，感謝他信任 Remitly，讓我們能夠可靠、無縫地將資金匯入他的企業。謝謝大家的參與。感謝您的支持。我們對未來的機會感到興奮，並期待在投資者日及以後分享我們的進展，我們將繼續執行我們的願景，透過值得信賴的、超越國界的金融服務來改變人們的生活。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參加今天的會議。節目到此結束。您現在可以斷開連線了。再會。