Remitly Global, Inc. (RELY) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Remitly Q1 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, David Beckel. Please go ahead.

各位好，感謝您耐心等候。歡迎參加 Remitly 2026 年第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者 David Beckel。請開始。

Good afternoon, and thank you for joining us for Remitly's first-quarter 2026 earnings call. Joining me on the call today are Sebastian Gunningham, Chief Executive Officer of Remitly; and Vikas Mehta, Chief Financial Officer.

各位下午好，感謝您參加 Remitly 2026 年第一季財報電話會議。今天與我一同出席的還有 Remitly 執行長 Sebastian Gunningham，以及財務長 Vikas Mehta。

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.

業績結果與更多管理層評論已刊載於財報新聞稿與簡報投影片，可於 ir.remitly.com 查閱。請注意，本次電話會議也將在投資人關係網站同步網路直播。

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.

在開始之前，我想提醒各位，我們將在聯邦證券法所定義的範圍內作出前瞻性陳述，包括但不限於關於 Remitly 未來財務結果以及管理層預期與計畫的陳述。

These statements are neither promises nor guarantees and can involve risks and uncertainties that may cause actual results to vary materially from those presented here. You should not place undue reliance on any forward-looking statements.

這些陳述既非承諾亦非保證，且可能涉及風險與不確定性，導致實際結果與此處所呈現者出現重大差異。您不應過度依賴任何前瞻性陳述。

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.

有關可能影響業績結果之風險因素的更多資訊，請參閱財報新聞稿與向 SEC 提交的文件。本次電話會議中所作的任何前瞻性陳述（包括對您提問的回覆）均以今日之現行預期為基礎；除法律要求外，Remitly 不承擔因新進展或其他原因而更新或修訂該等陳述之義務。

The following presentation contains non-GAAP financial measures. We will reference non-GAAP operating expenses, adjusted EBITDA and free cash flow in this call. For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP metric, please see the earnings press release in the appendix to the earnings presentation, which are available on the IR section of our website.

以下簡報包含非 GAAP 財務衡量指標。我們將在本次電話會議中提及非 GAAP 營業費用、調整後 EBITDA 與自由現金流。關於非 GAAP 財務衡量指標與最直接可比 GAAP 指標之調節，請參閱財報簡報附錄中的財報新聞稿；上述資料可於我們網站的投資人關係（IR）專區取得。

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

現在，我將把電話會議交給 Sebastian 開始。

Thank you, everyone, for joining our first quarter 2026 earnings call. Q1 was another exceptional quarter for Remitly. We delivered record revenue and adjusted EBITDA, both above the high end of our guidance ranges and another quarter of record adjusted EBITDA margin and net income. And adjusted EBITDA exceeded $100 million for the first time. These results reflect three durable characteristics of our business.

感謝各位參加我們 2026 年第一季財報電話會議。第一季對 Remitly 而言又是極為出色的一季。我們創下營收與調整後 EBITDA 的新高，兩者皆高於我們指引區間的上緣，並再次創下調整後 EBITDA 利潤率與淨利的新高。此外，調整後 EBITDA 也首次突破 1 億美元。這些成果反映了我們業務的三項持久特質。

First, a resilient business model, which led to another quarter of share gains; second, growing contributions from new businesses and categories; and third, continued expense and capital allocation discipline. Each of these durable characteristics continue to compound, giving me great confidence in our ability to generate sustainable long-term growth in revenue, profits and free cash flow. That confidence was reflected in nearly a four-fold increase in the pace of share repurchased this quarter.

第一，具韌性的商業模式，帶動我們再度取得市占率提升；第二，新業務與新類別的貢獻持續增加；第三，費用與資本配置紀律持續落實。這三項持久特質持續疊加，讓我對我們創造可持續的長期營收、獲利與自由現金流成長能力充滿信心。這份信心也反映在本季庫藏股回購速度幾乎提升至四倍。

I want to use my time today to reflect on what I've learned in my first 90 days, discuss our evolving approach to delivering customer value through new products and offerings, and expand how we plan to use AI to drive growth and continued operating efficiencies.

今天我想利用時間回顧我上任前 90 天的學習，說明我們透過新產品與新服務交付客戶價值的演進方向，並進一步闡述我們計畫如何運用 AI 來推動成長與持續提升營運效率。

In my first 90 days as CEO, I've been very focused on gaining a deeper understanding of the business. I traveled to a number of our global offices, spent time with teams on the ground, and conducted internal deep dives spanning product, engineering, marketing, finance, and operations. I also spent time talking directly with our customers to understand firsthand what they value most of our product.

在我擔任執行長的前 90 天，我非常專注於更深入理解這項業務。我走訪了多個全球辦公室，與第一線團隊共事，並進行涵蓋產品、工程、行銷、財務與營運的內部深度檢視。我也花時間直接與客戶對談，第一手了解他們最重視我們產品的哪些價值。

It's been an intense 90 days. My goal was straightforward. Understand what is working, what can work better, and learn as much as I can about the people and the culture that built this great company. I've also made some important people, product, and operational changes that are quickly helping accelerate the trajectory of the business.

這是非常密集的 90 天。我的目標很明確：了解哪些做得好、哪些可以做得更好，並盡可能多地認識打造這家優秀公司的員工與文化。我也做出了一些重要的人才、產品與營運調整，正快速協助加速業務發展軌跡。

From this period of listening and learning, a clear set of operating priorities has emerged. I have already begun putting them into action. We rely on smaller teams to drive ownership and autonomy. We will distinguish clearly between our core remittance business and newer growth initiatives, allowing each to operate with the speed, focus and rigor as required by their stage of maturity.

透過這段傾聽與學習的期間，一套清晰的營運優先事項已浮現，我也已開始付諸行動。我們依靠較小的團隊來推動責任歸屬與自主性。我們將清楚區分核心匯款業務與較新的成長計畫，使各自能依其成熟度階段，以所需的速度、專注度與嚴謹度運作。

We will adopt a disciplined approach to building products, starting with customer needs and working backwards. We will embed AI across everything we do, and we've designed the company so that speed is the default.

我們將採取有紀律的產品打造方法，從客戶需求出發並反向推導。我們會把 AI 內嵌到我們所做的一切之中，並且我們已將公司設計成以速度為預設。

My time with employees and customers also reinforced three things I believed about Remitly before joining. First, the culture is genuinely distinctive. There is a missionary energy here and a sincere belief that moving money across borders should be reliable, fast and fair, especially for a community that has historically been overcharged and underserved.

我與員工與客戶相處的時間，也再次印證了我在加入 Remitly 之前對公司的三項看法。第一，我們的文化確實與眾不同。這裡有一種使命感的能量，並真誠相信跨境匯款應該可靠、快速且公平，尤其是對一個歷來被收取過高費用且服務不足的社群而言。

What sustains that culture is the caliber of the people who carry it. Across every function and every country, I visited, I encounter talented, deeply committed individuals who bring real energy and care to this mission every day. That culture and those people are a real competitive asset, and I intend to protect and amplify both.

支撐這種文化的是承載它的人才素質。在我走訪的每個職能與每個國家，我都遇到才華洋溢、投入且承諾深厚的夥伴，他們每天都以真正的熱情與關懷投入這項使命。這種文化與這些人才是重要的競爭資產，我也打算保護並放大兩者。

Second, our core strengths, trust, network breadth, and operating scale, put us in a strong position to continue gaining share and growing our offerings to better serve the cross-border needs of our customers. My conversations with customers reinforced that trust is the most consequential of these strengths. These are people sending money for life-changing events, supporting family members, covering medical bills, building a future from a distance.

第二，我們的核心優勢——信任、網路覆蓋廣度與營運規模——使我們處於有利位置，能持續提升市占並擴展產品服務，更好地滿足客戶的跨境需求。我與客戶的對話也再次強化：在這些優勢之中，信任最為關鍵。這些人匯款是為了改變人生的重要事件：支援家人、支付醫療費用、在遠方打造未來。

For them, knowing the money will arrive reliably, quickly and fairly is paramount. And if things do go wrong, it is important that they know there is an instant 24/7 global structure in place to fix it.

對他們而言，最重要的是確信款項能可靠、快速且公平地送達。而一旦真的出現問題，他們也需要知道我們有一套即時的 24/7 全球架構可以處理並修復。

As financial services become increasingly automated and digitized, trust becomes more valuable, not less. Our disbursement network, customer support excellence, and compliance capabilities create a trust and safety advantage, a durable, hard-to-replicate edge that protects our customers in every corner of the world and strengthens our global platform.

隨著金融服務愈來愈自動化與數位化，信任的價值只會更高，而不是更低。我們的撥款網路、卓越的客戶支援，以及合規能力，形成信任與安全方面的優勢——一種持久且難以複製的護城河，能在世界各個角落保護客戶並強化我們的全球平台。

Third, I believe AI and stablecoins will accelerate our growth and not just incrementally. Companies like Remitly with trusted customer relationships, complex regulatory dependencies and a proprietary network infrastructure will be great beneficiaries of AI tailwinds.

第三，我相信 AI 與穩定幣將加速我們的成長，而且不只是小幅度的提升。像 Remitly 這樣擁有受信任的客戶關係、複雜的監管依賴，以及專有網路基礎設施的公司，將會是 AI 順風的重大受益者。

The company now knows I'm somewhat obsessed with this newly found intelligence into our business. As I will explain, we are moving quickly to ensure we take full advantage of AI to move faster, lower costs, improve product quality, and compress product development timelines.

公司現在也知道，我對把這種新出現的智慧導入我們的業務有點著迷。如我將說明的，我們正快速行動，確保能充分利用 AI 來提升速度、降低成本、改善產品品質，並壓縮產品開發時程。

Stablecoins are a different kind of opportunity, not a universal solution, but a targeted one. In corridors where they offer a clear cost or speed advantage, stablecoins gives us another tool to reduce FX costs, improve settlement speed and efficiency, and deliver better outcomes for our customers.

穩定幣則是另一種機會：不是普遍適用的解方，而是具針對性的解方。在那些能帶來明確成本或速度優勢的匯款走廊中，穩定幣為我們提供另一項工具，以降低外匯（FX）成本、提升結算速度與效率，並為客戶帶來更好的結果。

With that as context, let me turn to how I'm thinking about the opportunity ahead and why I believe we are only beginning to scratch the surface.

在此背景之下，讓我談談我如何看待前方的機會，以及為何我相信我們才剛開始觸及其表面。

When I joined Remitly, I was asked whether I plan to change Remitly's strategy as the new CEO. The answer is no. The vision, the customers we serve, the focus on cost, speed of delivery, and trust are right, and they will not change.

當我加入 Remitly 時，有人問我作為新任執行長是否計畫改變 Remitly 的策略。答案是否定的。我們的願景、所服務的客戶、對成本、交付速度與信任的聚焦都是正確的，而且不會改變。

Where I differ is the pace with which we can achieve our vision and execute our strategy. I have full confidence Remitly will be a large, more diverse provider of cross-border financial services and the most important app for those that send or receive money internationally.

我不同之處在於：我們能以多快的速度實現願景並執行策略。我完全有信心，Remitly 將成為一家規模更大、更多元的跨境金融服務提供者，並成為國際匯款收付款人最重要的 App。

To explain why, let me share a framework I've used internally. I think about our opportunity as a four-by-four matrix. Four customer categories on one axis, and the four primary ways we can deliver value to those customers on the other.

為了說明原因，我想分享一個我在內部使用的框架。我把我們的機會視為一個 4×4 矩陣：一個軸是四類客戶，另一個軸是我們能為這些客戶交付價值的四種主要方式。

The four categories are, one, our core senders at our established base who send money for critical non-discretionary reasons; two, highly valued senders, a fast-growing category with significant untapped share for Remitly; three, businesses, a massive and underserved carrier for which we are seeing rapid traction even with the very early feature set for this customer; and the fourth category is receivers, the 30-plus million people around the world who receive money through Remitly, most of whom are not senders today.

這四類客戶分別是：第一，我們既有基礎中的核心匯款人，他們因關鍵且非可自由支配的原因匯款；第二，高價值匯款人，這是一個快速成長的類別，對 Remitly 而言仍有大量尚未開發的市占空間；第三，企業客戶，這是一個規模龐大且服務不足的族群，即使我們目前提供給該客群的功能組合仍非常早期，也已看到快速的牽引力；第四類是收款人，也就是全球超過 3,000 萬名透過 Remitly 收款的人，其中多數目前並非匯款人。

For each of these customers, we are grouping four categories of product offerings. Broadly defined around spending money, borrowing money, spending money and saving money. At the intersection of the four customer and product categories are many unique opportunities to serve our customers with products they need to live their cross-border financial lives. Each customer category and product offering reinforces the others, drawing on shared infrastructure and data to create compounding benefits as we scale.

針對每一類客戶，我們將產品服務歸納為四大類。大致可定義為：花錢、借錢、花錢與存錢。在四類客戶與四類產品的交會處，存在許多獨特機會，讓我們以客戶在跨境金融生活中所需的產品來服務他們。每一類客戶與每一項產品服務都會相互強化，並利用共享的基礎設施與資料，隨著我們擴張規模而創造疊加效益。

[Core Send] comprises the vast majority of our revenue today and is the base from which all our offerings are built, leveraging 14 years of experience, network debt and optimized cost structure as well as a DNA of trust and speed that is difficult to replicate.

「[Core Send]」目前構成我們絕大部分的營收，亦是我們所有產品與服務的基礎；我們憑藉 14 年的經驗、網路累積效應與最佳化的成本結構，以及難以複製的「信任與速度」DNA。

Everything outside of Core Send we think of as growth accelerators. Our borrow, spend, and save products fuel the flywheel around sending money by addressing a broad set of cross-border financial needs. A more complete financial services experience, in turn, drives improved loyalty, higher remittance volumes, and diversifies our revenue sources.

我們將 Core Send 以外的一切視為成長加速器。我們的借貸、消費與儲蓄產品，透過滿足廣泛的跨境金融需求，為匯款生態的飛輪提供動能。更完整的金融服務體驗，反過來將提升客戶忠誠度、提高匯款量，並使我們的營收來源更多元化。

This matrix is not a change, but a refinement of the strategy we presented at Investor Day. It provides a blueprint for execution and a disciplined lens for prioritization. We will go deep where the opportunity is largest and where we have the clearest right to win. And when I look at where we stand today, we have honestly only just started addressing a handful of these opportunities.

這個矩陣並非改變，而是對我們在投資人日所提出策略的精煉。它提供一份執行藍圖，以及用於優先排序的紀律性視角。我們會在機會最大、且我們最具明確勝出權利的領域深耕。而就我對我們目前所處位置的觀察，我們坦白說才剛開始著手其中少數幾項機會。

I'll provide a brief update on recent progress and initiatives across each of our key near-term opportunities, starting with Core Send.

我將就我們各項近期關鍵機會的最新進展與計畫做簡要更新，先從 Core Send 開始。

In Core Send, we improved our distribution through new or expanded integration with WhatsApp and ChatGPT and deepened our network reach across every region we serve, improving reliability, speed, and access for customers around the world.

在 Core Send 方面，我們透過與 WhatsApp 與 ChatGPT 的新增或擴大整合，提升了我們的分銷能力，並在我們服務的每個地區深化網路覆蓋，進一步提升全球客戶的可靠性、速度與可及性。

On the receive side, in Latin America, we integrated Bre-B, Colombia Central Bank backed Instant Payment Rail and added Banco Bolivariano as a direct bank partner in Ecuador.

在收款端方面，在拉丁美洲，我們整合了 Bre-B（由哥倫比亞央行支持的即時支付軌道），並在厄瓜多新增 Banco Bolivariano 作為直接銀行合作夥伴。

In Asia, we added KBZPay in Myanmar, Rocket in Bangladesh, and Coins.ph in the Philippines, extending our reach to 10s of millions of users with near-instant fiat and stablecoin wallet-based payouts. And in Africa and the Middle East. We launched new received markets, including the UAE, bringing total received countries to 170.

在亞洲，我們新增了緬甸的 KBZPay、孟加拉的 Rocket，以及菲律賓的 Coins.ph，將我們的觸及範圍擴展至數千萬用戶，提供近乎即時的法幣與穩定幣錢包式撥款。在非洲與中東方面，我們推出新的收款市場，包括阿聯酋，使收款國家總數達到 170 個。

On the send side, we enabled Discover Card Acceptance and launched access to FedNow and RTP in the US, allowing customers to fund transactions instantly from bank accounts while lowering our costs.

在匯出端方面，我們啟用 Discover 卡受理，並在美國推出 FedNow 與 RTP 的接入，讓客戶可從銀行帳戶即時為交易入金，同時降低我們的成本。

Underpinning all of this, continued innovation in our payments and fraud systems drove record card acceptance and authorization rates globally in Q1, reinforcing network strength while improving speed, reliability and the customer experience.

支撐上述一切的是，我們在支付與反詐欺系統上的持續創新，推動我們在第一季於全球創下卡片受理率與授權率的新高，在強化網路實力的同時，也提升了速度、可靠性與客戶體驗。

In the near term, we are focused on using AI to deliver real-time, automated pricing across our 5,000-plus corridors, enabling regional leaders to capture incremental demand by delivering more customer value.

短期內，我們聚焦運用 AI 在 5,000 多條匯款走廊上提供即時、自動化定價，讓各區域負責人能透過提供更高的客戶價值來捕捉增量需求。

We will also apply AI across the Remitly experience to improve the moments that matter most to customers, how long that transfer takes to arrive, how they pay, and how we keep them coming back. And we will accelerate the pace of geographic expansion, bringing our leading digital remittance experience to some of the largest, fastest-growing send-and-receive countries in the world.

我們也將在 Remitly 體驗的各個環節導入 AI，以改善對客戶最重要的關鍵時刻：匯款多久能到、如何付款，以及我們如何讓他們持續回流。我們也將加速地理擴張步伐，把我們領先的數位匯款體驗帶到全球一些規模最大、成長最快的匯出與收款國家。

This quarter, we updated our definition of high-value senders to include only those who send $5,000 or more in a single transaction, which better aligns our strategy, focus, and resources with the specific needs of these who send higher transaction amounts.

本季，我們更新了對高價值匯款人的定義，僅納入單筆交易匯出 5,000 美元或以上的客戶，這能使我們的策略、重點與資源配置更貼合這些高額交易匯款人的特定需求。

This customer needs a high-touch, certainty-first experience. And when we earn their trust, they generate substantially more value per customer than our Core Senders.

這類客戶需要高接觸、以確定性優先的體驗。而當我們贏得他們的信任時，他們為每位客戶帶來的價值將顯著高於我們的 Core Send 客群。

In Q1, we continue to remove friction and improve the experience for these customers by increasing send limits with network partners and simplifying the onboarding experience. Our near-term focus for this category is to streamline pay-in methods and improve our risk assessment process while better targeting and addressing the specific and diverse needs of customers within this category.

在第一季，我們持續透過提高與網路合作夥伴的匯出上限、並簡化註冊導入流程，來降低摩擦並改善這些客戶的體驗。此類別的短期重點是：精簡入金（pay-in）方式、改善風險評估流程，同時更精準地鎖定並滿足此類別內客戶的特定且多元需求。

Our business offering continues to scale, growing volumes 30% quarter-over-quarter ahead of expectations. In Q1, we launched our business receiver product in five new countries, allowing freelancers and contractors in parts of Latin America and Asia to request and receive payments from clients in 26 countries around the world.

我們的企業服務持續擴張，交易量季增 30%，優於預期。第一季，我們在另外五個國家推出企業收款產品，讓拉丁美洲與亞洲部分地區的自由工作者與承包商，能向全球 26 個國家的客戶請款並收款。

We also launched a new feature that allows businesses to initiate the payment process by sending a link to the recipient's e-mail or phone, eliminating cumbersome data management and trust issues that often cause friction for small businesses.

我們也推出一項新功能，讓企業可透過寄送連結至收款人的電子郵件或手機來啟動付款流程，免除繁瑣的資料管理與信任疑慮，而這些問題往往會為小型企業帶來摩擦。

Our near-term focus for our business offering is continued improvements on the onboarding experience, geographic expansion, and a steady drumbeat of features that appeal uniquely to small and medium-sized businesses sending money internationally.

我們企業服務的短期重點是：持續改善註冊導入體驗、擴大地理覆蓋，以及穩定推出一系列特別吸引中小企業跨境匯款需求的功能。

Our receiver strategy targets the more than 100 million people in the world who receive money in one currency and spend in another. Last month, we recorded our first receiver transaction following the launch of our receiver and request product in six countries, creating a new source of cross-border volume in countries where we already have a strong send presence.

我們的收款人策略鎖定全球超過 1 億名「以一種貨幣收款、以另一種貨幣消費」的人群。上個月，在我們於六個國家推出收款與請款產品後，我們記錄到第一筆收款人交易，於我們原本就具備強勁匯出端佈局的國家中，創造新的跨境交易量來源。

With this launch, we also introduced a wallet that enables receivers to hold funds in USD or USDC stablecoins and withdrawals to local bank accounts, mobile wallets or cash pickup locations. Our near-term focus for receivers is country expansion and enabling widespread access to stablecoin across our wallet offerings.

隨著此次推出，我們也導入一個錢包，使收款人可持有美元或 USDC 穩定幣，並可提領至本地銀行帳戶、行動錢包或現金提領據點。我們在收款人方面的短期重點是擴展國家覆蓋，並在我們的錢包產品中推動穩定幣的廣泛可用性。

Moving to Borrow, Spend and Save. Last year, we announced a range of products aimed at supporting these use cases, send now pay later for our customers' liquidity needs and wallet and card for sending, spending and saving money with benefits.

接著談 Borrow、Spend 與 Save。去年，我們宣布一系列產品以支援這些使用情境：針對客戶流動性需求的「先匯後付」（send now pay later），以及用於匯款、消費與儲蓄並附帶福利的錢包與卡片。

We have seen strong traction with these offerings as we continue to build, test and iterate with revenue more than doubling year-over-year. Building on these learnings and experience. This quarter, we will expand our offering for customers who have a need to send out pay later, spend and save.

隨著我們持續建置、測試並迭代，這些產品展現強勁動能，相關營收年增超過一倍。在這些學習與經驗的基礎上，本季我們將擴大面向有「先匯後付」、消費與儲蓄需求客戶的產品供給。

For a low monthly fee plan, these customers will receive access to a global debit card to spend, a wallet to save, a short-term line of credit offered by a bank partner for remittances and benefits to reward loyalty, remittance use and the timely payment of credit balances.

在低月費方案下，這些客戶將可使用：用於消費的全球簽帳金融卡、用於儲蓄的錢包、由銀行合作夥伴提供且用於匯款的短期信用額度，以及用以獎勵忠誠度、匯款使用與按時償還信用餘額的回饋福利。

We believe there is a strong preference among customers with short-term liquidity needs for a card-based experience where loyalty and rewards are a central feature. This will be the first of our Remitly card offerings that target specific use cases, addressing the unique needs of a broad cross-section of our customers.

我們相信，對於有短期流動性需求的客戶而言，他們明顯偏好以卡片為核心、且將忠誠與獎勵作為主要特色的體驗。這將是我們首個針對特定使用情境的 Remitly 卡片產品，旨在滿足廣泛客群中不同客戶的獨特需求。

We have a long list of ideas for our card platform beyond send now, pay later that we plan to execute over the coming quarters. Our goal is to make the Remitly card the most versatile and best debit card in the world for the 300 million international migrants and 80-plus million small businesses worldwide.

除了「先匯後付」之外，我們對卡片平台還有一長串構想，並計畫在未來幾季逐步落地。我們的目標是，讓 Remitly 卡成為全球 3 億名國際移民與全球 8,000 多萬家中小企業最通用、也最好的簽帳金融卡。

Our strategy is simple, expand the value and capabilities we deliver to the broad range of people and businesses sending money globally. Investors should expect a meaningful acceleration in the pace of product enhancements as we expand our offerings. Guided by the operating principles we have put in place around clear ownership, distributed accountability, and a bias for speed.

我們的策略很簡單：擴大我們為全球匯款的個人與企業所提供的價值與能力。隨著我們擴展產品供給，投資人應可期待產品強化的節奏將顯著加快。我們將以既定的營運原則為指引：明確的責任歸屬、分散式問責，以及速度優先的取向。

Finally, I want to touch on the benefits we expect to derive from AI. Over the past several months, many of our peers have reported significant AI-driven gains in productivity and cost efficiencies. The pace of AI advancement is real and the impact is substantial. Remitly is fully part of the shift and I will lead that effort aggressively. We have organized our thinking around three types of AI benefits.

最後，我想談談我們預期從 AI 中獲得的效益。過去幾個月，許多同業已回報顯著的 AI 驅動生產力提升與成本效率改善。AI 的進展速度確實存在，影響也相當可觀。Remitly 也完全投入這波轉變，而我將積極主導這項工作。我們將 AI 的效益歸納為三種類型。

The first is the cost benefit, which drives greater operating efficiency and long-term cost savings. We've gone methodically through the organization function by function to identify where we can use AI going forward to drive efficiency gains while maintaining or improving productivity.

第一是成本效益，可帶來更高的營運效率與長期成本節省。我們已按部就班地逐一檢視各部門職能，找出未來可運用 AI 以提升效率、同時維持或提升生產力的領域。

Through this process, we have identified opportunities to streamline our organization, building on the more than 250 headcount reductions and over 50 roles redeployed through efficiency gains year-to-date. That is a deliberate choice, grounded in our confidence that the AI-driven efficiencies can allow us to do the same work, and in most cases more work, with the leaner organization.

透過這個流程，我們已辨識出精簡組織的機會；截至目前為止，我們已在效率提升的基礎上完成超過 250 人的編制縮減，並將 50 多個職務重新部署。這是經過深思熟慮的選擇，基於我們對 AI 驅動效率的信心：在更精實的組織下，我們仍能完成相同的工作，且多數情況下能完成更多工作。

The second benefit of AI is speed, which helps unlock a faster operating cycle. Throughout our product and engineering teams, a new profile of skill set is emerging that combines product design, engineering depth, and AI fluency in one person. We are calling them knowledge development engineers, and they are helping us disrupt the decades-long bottlenecks of product ideation, building, testing, and launching from months and years to days.

第二項 AI 效益是速度，有助於解鎖更快的營運週期。在我們的產品與工程團隊中，一種新的技能組合輪廓正在浮現：將產品設計、深厚工程能力與 AI 熟練度集於一身。我們稱他們為「知識開發工程師」（knowledge development engineers），他們正協助我們打破產品構想、建置、測試與上線這些長達數十年的瓶頸，將週期從數月乃至數年縮短至數天。

I would note that eliminating one bottleneck quickly reveals the next. So as a company, we are actively rethinking every step in the process to deliver products that move seamlessly from idea to customer value to deliver exceptional products and services. The speed AI benefit is harder to quantify than the cost benefit, but we believe its potential compounding effect on our ability to build ship and iterate will be an enormous structural tailwind.

我也要指出，當一個瓶頸被快速消除後，下一個瓶頸很快就會浮現。因此，作為一家公司，我們正積極重新思考流程中的每一步，讓產品能從想法順暢地轉化為客戶價值，並交付卓越的產品與服務。AI 的速度效益比成本效益更難量化，但我們相信，它對我們建置、交付與迭代能力的複利式影響，將成為巨大的結構性順風。

The third and most consequential benefit of AI in the long run is the trust benefit. For our customers, trust means safety and comfort, speed and fair pricing. And a high-quality person to talk to when things go wrong. AI can improve our ability to deliver it on all three.

第三項、也是長期最關鍵的 AI 效益，是信任效益。對客戶而言，信任意味著安全與安心、速度與公平定價，以及在出問題時能與一位高品質的人員對話。AI 能提升我們在這三方面的交付能力。

Take localization at scale. With AI giving us a broader and deeper understanding of our customers, we can now tailor the experience across every corridor with a level of personalization that wasn't previously possible. That relevance builds trust, and trust underpins everything we do.

以規模化方式推進在地化。AI 讓我們對客戶有更廣、更深的理解，我們如今能在每一條匯款走廊上量身打造體驗，達到過去無法實現的個人化程度。這種相關性建立信任，而信任是我們一切工作的基礎。

Three to four years from now, I believe this company will generate significantly more revenue with roughly the same number of people. The AI benefits is how I believe we will generate investment capacity to get there, and we intend to put a large portion of that capacity back into growth.

我相信三到四年後，這家公司將在人數大致相同的情況下，創造顯著更多的營收。AI 的效益將使我們具備達成目標所需的投資能力，而我們打算把其中很大一部分能力再投入到成長之中。

Let me close with this. Q1 was an exceptional start of the year, record results above guidance, and a business that continues to demonstrate its resilience and its upside. But what energizes me most is not what is behind us. It is what lies ahead. We have a core business that is growing and improving. We have a strong portfolio of growth accelerators that are at the very early stages of what they can become.

最後我想用這段話作結。第一季是非常出色的年度開局，業績創新高且高於指引，業務也持續展現其韌性與上行空間。但最讓我振奮的不是我們已走過的路，而是前方的道路。我們的核心業務正在成長並持續改善。我們也擁有一個強大的成長加速器組合，而它們仍處於非常早期的階段，未來可成長的空間很大。

The early benefits of AI are beginning to create real, measurable capacity for investment. And we have a team and a culture, I believe, is among the most mission-driven I have encountered in my career.

AI 的早期效益正開始為投資創造真實且可衡量的產能。我也相信，我們的團隊與文化是我職涯中所遇過最具使命感的之一。

I want to thank every member of the Remitly team. The execution, the energy, and the commitment to our customers that shows up every day are what makes these results possible. And I want to thank our investors for their continued confidence and trust in this company.

我要感謝 Remitly 團隊的每一位成員。每天展現的執行力、活力，以及對客戶的承諾，正是讓這些成果成為可能的原因。我也要感謝投資人持續對本公司抱持信心並給予信任。

With that, I will turn the call over to Vikas.

接下來，我把電話會議交給 Vikas。

Thank you, Sebastian, and good afternoon, everyone. We delivered another quarter of profitable growth and strong free cash flow, reflecting continued share gains and solid execution. First quarter revenue was $453 million, up 25% year-over-year and $16 million above the midpoint of our guidance.

謝謝你，Sebastian，各位下午好。我們再度交出一季獲利成長與強勁自由現金流的成績，反映市占持續提升與穩健執行。第一季營收為 4.53 億美元，年增 25%，並較我們指引中點高出 1,600 萬美元。

Revenue outperformance this quarter was driven by a number of factors. Recent regulatory changes in the United States drove an increase in customers' use of digital remittances, resulting in record new customer acquisitions.

本季營收優於預期是由多項因素帶動。美國近期的監管變動推升客戶使用數位匯款的比例，帶來創紀錄的新客戶獲取。

We also benefited from elevated demand associated with higher tax refunds in the US and favorable market conditions in key corridors. Adjusted EBITDA was $102 million, $19 million above the midpoint of our guidance. Adjusted EBITDA outperformance was driven by higher-than-expected revenue, lower-than-expected transaction losses. And short-term falls in hiring following in-quarter headcount reductions.

我們也受惠於美國較高退稅所帶動的需求提升，以及主要匯款走廊的有利市場環境。調整後 EBITDA 為 1.02 億美元，較我們指引中點高出 1,900 萬美元。調整後 EBITDA 的超預期主要來自高於預期的營收、低於預期的交易損失，以及在季內人力縮減後短期內招聘放緩。

Now, let me share an overview of our first quarter results and then provide our outlook for the second quarter of 2026 and our updated guidance for the full year. Unpacking revenue growth drivers for Q1, send volume grew 37% to $22.1 billion, supporting this strong volume growth.

接下來我將概述第一季業績，並提供 2026 年第二季展望以及更新後的全年指引。拆解第一季營收成長動能，匯出金額（send volume）成長 37% 至 221 億美元，支撐了這波強勁的量增。

Send volume per active customer increased to nearly $2,300 or 14% year-over-year growth, a record on both an absolute and percentage growth basis. This was driven by growth in both transactions per active customers and record growth in average transaction size as we continue to win share and gain traction with high-value senders and business customers.

每位活躍客戶的匯出金額提升至接近 2,300 美元，年增 14%，無論絕對值或成長率皆創新高。這主要由每位活躍客戶的交易筆數成長，以及平均交易金額創紀錄成長所帶動；我們持續提升市占，並在高價值匯款者與企業客戶方面取得進展。

Quarterly active customers grew 20% year-over-year to over 9.6 million ahead of our expectations. QAU growth accelerated quarter-over-quarter, reflecting the shift in offline-to-online conversions associated with recent regulatory changes in the United States.

季度活躍客戶（QAU）年增 20% 至超過 960 萬，優於我們預期。QAU 成長較前一季加速，反映美國近期監管變動帶動線下轉線上的轉換。

Our Skip the Line campaign, highlighting the lower cost and convenience of digital remittances, has been effective in attracting new customers seeking alternatives to traditional cash-based remittance methods. QAU growth was further supported by improved retention, reflecting enhancements in the core product to improve speed, reliability, and the overall customer experience.

我們的「Skip the Line」行銷活動強調數位匯款的低成本與便利性，已有效吸引尋求傳統現金匯款替代方案的新客戶。QAU 成長也進一步受惠於留存率改善，反映我們在核心產品上的強化，以提升速度、可靠性與整體客戶體驗。

As expected, volume and revenue exceeded QAU growth, as we saw a greater mix of send volume from high-value senders and businesses. Our peak rate this quarter was 2.05%, in line with expectations. The year-over-year change was driven primarily by growth in volume from high-value senders and business customers. As well as a higher digital payout mix, which improved by more than 250 basis points year-over-year.

如預期，匯量與營收的成長超過 QAU 成長，因為我們看到來自高價值匯款者與企業的匯出金額占比提高。本季峰值費率（peak rate）為 2.05%，符合預期。年對年變動主要由高價值匯款者與企業客戶的匯量成長所驅動，此外數位入帳（digital payout）組合也提升，年對年改善超過 250 個基點。

As I have discussed in previous quarters, take rate is heavily influenced by mix, so it is not a great metric for analyzing our underlying business performance. We believe RLTE dollar growth and RLTE per active user are more indicative of our success than take rate when analyzing our performance.

如我在前幾季所提到，費率（take rate）高度受組合影響，因此並不是分析我們底層業務表現的理想指標。我們認為，在分析表現時，RLTE 金額成長與每位活躍用戶的 RLTE 更能反映我們的成功，而非 take rate。

Now let me dive deeper into our revenue performance from a geographic and new products perspective. From a send perspective, US revenue grew 25%, driven by continued share gains. The rest of the world grew 31% year-over-year, showcasing the geographic diversification of our business.

接下來我將從地理區域與新產品角度，更深入說明我們的營收表現。從匯出端來看，美國營收成長 25%，主要由市占持續提升帶動。世界其他地區年增 31%，展現我們業務的地理多元化。

Our broad footprint means no single corridor disproportionately dictates our outcomes. Notable highlights from the rest of the world this quarter include continued strength in the UAE, where we saw meaningful increase in activity.

我們廣泛的布局意味著沒有任何單一匯款走廊會不成比例地左右我們的結果。本季世界其他地區的亮點包括阿聯酋（UAE）持續強勁，我們看到活動量明顯增加。

Send volumes in the UAE rose over 150% year-over-year, due in part to a short-term surge in volumes during a period of heightened regional uncertainty.

阿聯酋的匯出金額年增超過 150%，部分原因是在區域不確定性升高的一段期間出現短期匯量激增。

On the received side, revenue from transactions to regions outside of India, the Philippines and Mexico grew faster than the overall revenue growth and now comprise over half of our revenue mix, further diversifying our business.

從收款端來看，匯往印度、菲律賓與墨西哥以外地區的交易所帶來的營收，成長速度快於整體營收成長，且目前已占我們營收組合的一半以上，進一步分散我們的業務。

I'll now move to discuss the performance of our growth accelerators. As a reminder, growth accelerators include all customer categories and offerings outside of Core Send.

接下來我將討論成長加速器的表現。提醒一下，成長加速器包含核心匯款（Core Send）以外的所有客戶類別與產品/服務。

Now let me dive deeper into a few notable highlights for Q1. As Sebastian shared earlier this quarter, we are simplifying our structure for defining customers based on average transaction size. High-value senders are now those who spend a transaction of $5,000 or more. This change reflects a refined focus on customer whose needs are specific to larger transaction amounts.

現在我更深入分享第一季幾個值得注意的亮點。如 Sebastian 先前在本季提到，我們正簡化以平均交易金額來定義客戶的架構。高價值匯款者現在定義為單筆交易金額達 5,000 美元或以上者。此變更反映我們更聚焦於需求特別偏向較大交易金額的客戶。

In Q1, high-value standards volume grew 73% year-over-year, reflecting a 220-basis point year-over-year increase in mix. We continue to see outsized growth from high-value senders as we improve the customer experience and expand and refine our targeting of this customer category, and we will continue to build on this momentum with product enhancements that further reduce friction and cater to the specific needs of these senders.

第一季，高價值匯款者的匯出金額年增 73%，反映組合占比年對年提升 220 個基點。隨著我們改善客戶體驗、擴大並精準化對此客群的鎖定，我們持續看到高價值匯款者帶來超額成長；我們也將透過產品強化延續這股動能，進一步降低摩擦並滿足這些匯款者的特定需求。

Remitly business continues to scale ahead of expectations. We ended Q1 with over 20,000 Remitly business users and more than 30% quarter-over-quarter growth in business send volume. Send volume and RLT contribution for business customer was more than two times higher than our core during the quarter.

Remitly Business 的規模化持續超出預期。第一季末，我們擁有超過 20,000 名 Remitly Business 用戶，企業匯出金額較前一季成長超過 30%。本季企業客戶的匯出金額與 RLT 貢獻均超過核心業務的兩倍。

We launched our receiver product this quarter, enabling direct access to the more than 30 million individuals and businesses who receive funds today from Remitly senders, but are not yet themselves Remitly customers. While nascent, we are very optimistic about this new offering.

本季我們推出收款人產品（receiver product），讓目前由 Remitly 匯款者匯入資金、但尚未成為 Remitly 客戶的超過 3,000 萬名個人與企業收款人，能夠直接使用我們的服務。雖然仍在起步階段，但我們對這項新產品非常樂觀。

Now moving to borrow, spend and sales initiatives. Revenue from these offerings more than doubled in Q1. This quarter, we are expanding our send now, pay later offering, the comprehensive and simpler card-based experience for customers who have a need to send now, pay later, spend and save.

接著談借貸、消費與銷售（borrow, spend and sales）計畫。這些產品/服務的營收在第一季較去年同期增加一倍以上。本季我們正在擴展「先匯後付」（send now, pay later）方案，為有先匯後付、消費與儲蓄需求的客戶提供更完整且更簡化的卡片式體驗。

This evolved offering will provide customers with a global debit card, a wallet, a short-term credit line for remittances funded by a banking partner, and rewards for timely payments, all for a low monthly plan fee.

這項升級後的方案將為客戶提供全球簽帳金融卡、錢包、由銀行合作夥伴提供資金支持的匯款短期信用額度，以及按時還款獎勵，並僅收取低月費方案費用。

As with prior send now, pay later offerings, this product will be made available only to existing Remitly customers with demonstrated repayment behavior. Unit economics for this product are expected to be strong as it will generate plan and interchange fees and float income.

與先前的「先匯後付」方案相同，此產品僅提供給既有 Remitly 客戶，且需具備已證明的還款行為。預期此產品的單位經濟效益將相當強勁，因其可帶來方案費、交換手續費（interchange fees）以及浮存收益（float income）。

The short-term loans will be issued by a bank partner and the lines of credit tend to perform better than non-recourse advances.

短期貸款將由銀行合作夥伴發放，而信用額度的表現通常優於無追索權的預支款（non-recourse advances）。

Moving forward, we expect the majority of growth in our send now, pay later borrowing solution to come from this card-based format. Continue to expect revenues from new products as we previously defined to more than double this year.

展望未來，我們預期「先匯後付」借貸解決方案的大部分成長將來自這種卡片式形式。我們也仍預期，按我們先前定義的新產品營收今年將增加一倍以上。

High-value spenders are expected to be additive to prior expected growth ranges associated with new products. Now including high-value senders, revenue from all growth accelerators is expected to be around 5% of total revenue in 2026 and exceed 10% of total revenue by 2028. These growth accelerators address customer needs that are adjacent to core senders, providing an efficient means of diversifying our business revenue base while driving cost synergies from the shared use of our technology.

高價值消費者（high-value spenders）預期將在先前對新產品相關成長區間的預期之上帶來額外貢獻。如今將高價值匯款者納入後，預期所有成長加速器的營收在 2026 年約占總營收 5%，並在 2028 年超過總營收 10%。這些成長加速器滿足與核心匯款者相鄰的客戶需求，透過共享我們的技術來帶動成本綜效，並以高效率方式分散我們的營收基礎。

Turning to our focus on driving profitable growth on slide 13. As I noted earlier, revenue-less transaction expenses, or RLTE, is a useful indicator of our business model's long-term success. RLTE dollars grew 28% to $308 million, outfacing revenue growth and reflecting strong customer activity, improved partner economics, routing optimization and economies of scale.

接著看我們在第 13 頁投影片中推動獲利成長的重點。如我先前所述，扣除營收的交易費用（revenue-less transaction expenses，RLTE）是衡量我們商業模式長期成功的有用指標。RLTE 金額成長 28% 至 3.08 億美元，增速高於營收成長，反映強勁的客戶活動、合作夥伴經濟性改善、路由最佳化以及規模經濟。

RLTE as a percentage of revenue this quarter was 68%, improving 156 basis points year-over-year. We remain focused on long-term RLTE dollar growth as we continue to attract new customers, innovate with new products and scale.

本季 RLTE 佔營收比重為 68%，年增改善 156 個基點。我們仍聚焦於 RLTE 金額的長期成長，持續吸引新客戶、以新產品創新並擴大規模。

Transaction expenses this quarter were $145 million and as a percentage of revenue was 32%. Excluding provisions for transaction losses, other transaction expenses were $124 million, improving 114 basis points year-over-year as a percentage of revenue and reflecting improved network economics.

本季交易費用為 1.45 億美元，佔營收比重為 32%。若排除交易損失準備金，其他交易費用為 1.24 億美元，佔營收比重年增改善 114 個基點，反映網路經濟性改善。

Provisions for transaction losses was $21 million or 9.3 basis points as a percentage of send volume better than our expectations as we continue to benefit from efficiencies afforded by the AI-driven fraud prevention and detection model we deployed late last year.

交易損失準備金為 2,100 萬美元，或以匯款發送量（send volume）計為 9.3 個基點，優於我們的預期；我們持續受惠於去年底部署的 AI 驅動詐欺防制與偵測模型所帶來的效率。

With that, let me walk you through the specific non-GAAP expense categories. Notably, we delivered leverage across all expense categories once again in Q1. In Q1, we reduced our corporate workforce by more than 10% as a part of a broader effort to sharpen our organizational focus and drive efficiencies across the business.

接下來我將帶各位檢視各項特定的非 GAAP 費用類別。值得注意的是，我們在第一季再次於所有費用類別實現槓桿效益。第一季，我們將公司人力縮減超過 10%，作為更廣泛行動的一部分，以強化組織聚焦並推動全公司效率提升。

These were not easy decisions, but were necessary to ensure we continue driving operating efficiencies as we scale our growth accelerators.

這些並非容易的決定，但為了在擴大成長加速器規模的同時，持續推動營運效率，這些措施是必要的。

Marketing investments remain disciplined and growth-focused. We spent $82 million on marketing in Q1, up 20.7% year-over-year. As a percentage of revenue, marketing expense was 18.2%, improving more than 67 basis points year-over-year due to continued efficiencies.

行銷投資仍維持紀律並以成長為導向。我們第一季行銷支出為 8,200 萬美元，年增 20.7%。以營收比重計，行銷費用為 18.2%，在持續效率提升下，年增改善超過 67 個基點。

Marketing spend per active customer was $8.56, up 0.7% year-over-year, in line with our expectations. This quarter, we launched a Skip the Line campaign, a strategic initiative targeting offline senders in the US who historically relied on in-person cash agents to send money to Latin America.

每位活躍客戶的行銷支出為 8.56 美元，年增 0.7%，符合我們的預期。本季我們推出「Skip the Line」活動，這是一項策略性計畫，鎖定美國線下匯款者；這些客戶過去多仰賴實體現金代理點將款項匯往拉丁美洲。

By meeting these customers where they already are, whether on WhatsApp or on billboards in their neighborhoods, we were able to drive meaningful growth in new customer acquisition from a category that is difficult to reach. Campaign results across our targets show strong lift in Remitly awareness, consideration and intent to try.

透過在客戶既有的場域與其接觸——無論是在 WhatsApp 上，或是在其社區的看板廣告——我們得以在一個難以觸及的族群中，推動新客獲取的顯著成長。活動在各項目標上的結果顯示，Remitly 的品牌認知、考慮度與嘗試意願皆有強勁提升。

Our lifetime value to customer acquisition cost ratio was about six times, while our payback period remained under 12 months. Continued efficiencies reflect growth in customer acquisition through unpaid channels and word of mouth. As a reminder, our marketing investments drive returns for many years beyond our initial investment, given our growing days of repeat users.

我們的客戶終身價值（LTV）對客戶取得成本（CAC）比率約為 6 倍，而回收期仍低於 12 個月。持續的效率提升反映出透過非付費渠道與口碑帶來的獲客成長。提醒一下，隨著重複使用者天數增加，我們的行銷投資在初始投入後仍可在多年期間持續帶來回報。

Customer support and operations expense was $25 million and as a percentage of revenue was 5.5%, improving 69 basis points year-over-year and continuing a multi-year trend of steady operating leverage.

客戶支援與營運費用為 2,500 萬美元，佔營收比重為 5.5%，年增改善 69 個基點，延續多年來穩定的營運槓桿趨勢。

Today, over 97% of transactions are completed without any agent contact, a remarkable milestone that reflects both the reliability of our service and the sophistication of our AI-driven support capabilities. Where customers do need help, our AI-based assistance are meaningfully reducing the need for human intervention, and early customer satisfaction scores tell an encouraging story with AI-led interactions performing as well as human-agent interactions.

目前，超過 97% 的交易可在無需任何客服人員介入的情況下完成，這是一個顯著的里程碑，反映我們服務的可靠性以及 AI 驅動支援能力的成熟度。當客戶確實需要協助時，我們的 AI 輔助服務正大幅降低對人工介入的需求；而早期的客戶滿意度分數也傳遞出令人鼓舞的訊息：由 AI 主導的互動表現可與真人客服互動相當。

Technology and development expense was $58 million and as a percentage of revenue was 12.7%, improving by 127 basis points year-over-year. Technology and development expenses grew 14% year-over-year, meaningfully below the pace of our revenue growth. We are beginning to see the benefits from embedding agentic AI deeply into our engineering and product development teams.

技術與開發費用為 5,800 萬美元，佔營收比重為 12.7%，年增改善 127 個基點。技術與開發費用年增 14%，顯著低於營收成長速度。我們開始看到將代理式 AI（agentic AI）深度嵌入工程與產品開發團隊所帶來的效益。

Our engineers are using AI-assisted code generation and automated testing to compress development cycles, ship faster and reduce the cost per feature delivered. We are still in the early innings and expect AI to be a durable contributor to technology-related operating leverage going forward.

我們的工程師正使用 AI 輔助程式碼生成與自動化測試來壓縮開發週期、更快交付並降低每項功能交付成本。我們仍處於早期階段，並預期 AI 將在未來持續成為技術相關營運槓桿的長期貢獻者。

G&A expense was $41 million, growing only 2% year-over-year, our lowest growth rate if ever as a public company. We delivered significant leverage, 209 basis points as a percentage of revenue year-over-year, reflecting deliberate and disciplined attention to our cost structure.

一般及行政（G&A）費用為 4,100 萬美元，年增僅 2%，為我們成為上市公司以來最低的成長率。我們實現了顯著的槓桿效益，以營收比重計年增改善 209 個基點，反映我們對成本結構的審慎與紀律性管理。

In total, expense efficiencies this quarter reflect both benefits of operating leverage and a pause in hiring as we optimize our organization to better enable Sebastian's operating principles.

整體而言，本季費用效率同時反映營運槓桿帶來的效益，以及在我們優化組織、以更好落實 Sebastian 營運原則之際，暫緩招募所帶來的影響。

Moving forward, we expect AI benefits to contribute significantly to the funding of our growth accelerators. Strong revenue growth, combined with efficiency and discipline, led to adjusted EBITDA of $102 million. We also delivered $49 million of GAAP net income, more than 300% growth compared to $11 million of net income in the first quarter of 2025.

展望未來，我們預期 AI 帶來的效益將對成長加速器的資金來源做出重大貢獻。強勁的營收成長結合效率與紀律，使調整後 EBITDA 達 1.02 億美元。我們也實現 4,900 萬美元的 GAAP 淨利，較 2025 年第一季 1,100 萬美元的淨利成長逾 300%。

As we noted at Investor Day, our North Star is driving free cash flow growth while managing dilution, and Q1 demonstrated continued progress on both fronts. Free cash flow grew to over $70 million in Q1. The difference between adjusted EBITDA and free cash flow is explained by working capital expenditure and restructuring payments.

如同我們在投資人日所提到的，我們的北極星指標是在管理稀釋的同時推動自由現金流成長，而第一季在兩方面都展現持續進展。第一季自由現金流成長至超過 7,000 萬美元。調整後 EBITDA 與自由現金流之間的差異，主要由營運資金支出與重整支付所解釋。

Outstanding shares were 210 million down quarter-over-quarter for the first time in our company's history, reflecting our disciplined approach to dilution management, including an elevated base of share repurchase activity. Stock-based compensation was down 23% year-over-year coming in at 6.1% of revenue, approximately 382 basis points lower than the first quarter of 2025. This benefit was partially aided by four features associated with headcount reductions in Q1.

流通在外股數為 2.10 億股，為公司史上首次季減，反映我們在稀釋管理上的紀律作法，包括提高股票回購活動的基礎水準。以股票為基礎的薪酬年減 23%，佔營收比重為 6.1%，較 2025 年第一季低約 382 個基點。此項效益部分受惠於第一季人力縮減相關的四項因素。

For all of 2026, we expect stock-based compensation to increase in absolute terms year-over-year. But decreased as a percentage of revenue as grants associated with recent leadership changes are partially offset by higher forfeitures.

就 2026 全年而言，我們預期以股票為基礎的薪酬在絕對金額上將較去年增加，但佔營收比重將下降，因近期領導層變動相關的授予，將部分被較高的沒收（forfeitures）所抵銷。

Q2 stock-based compensation will be elevated, reflecting both hiring activity that shifted out of Q1 and challenging year-over-year comparisons as forfeitures in prior year were concentrated low.

第二季以股票為基礎的薪酬將偏高，反映部分招募活動由第一季遞延至第二季，以及在年對年比較上較具挑戰性，因前一年沒收集中度較低。

We were meaningfully more active in repurchase of shares in Q1, opportunistically buying back $44 million or 2.8 million shares, nearly double the shares we repurchased since launching the program in the second-half of last year. This reflects conviction in our long-term growth opportunities and a view that share repurchases are an attractive use of capital. We'll continue to be disciplined and opportunistic in how we deploy capital toward buybacks.

第一季我們在股票回購上明顯更為積極，伺機回購 4,400 萬美元或 280 萬股，幾乎是自去年下半年啟動計畫以來回購股數的兩倍。這反映我們對長期成長機會的信心，以及我們認為股票回購是具吸引力的資本運用方式。我們將持續以紀律且伺機的方式，將資本配置於回購。

We ended the quarter with around $650 million of cash. As a reminder, cash and access to liquidity are strategic assets in scaled global money movement businesses like ours. This quarter, cash on hand, along with our revolving credit facility were optimally used to fund customer transactions and satisfy regulatory safeguarding requirements across thousands of corridors and regulatory jurisdictions.

本季末我們持有約 6.5 億美元現金。提醒一下，對於像我們這樣具規模的全球資金移轉業務而言，現金與流動性取得能力是策略性資產。本季，手上現金加上循環信用額度（revolving credit facility）被最佳化運用，以支應客戶交易並滿足跨越數千條匯款走廊與監管法域的法規資金保全（safeguarding）要求。

Our top priority for free cash flow after inorganic investments and customer pre-funding requirements remains the repurchase of shares. With that, I'll move to our outlook.

在扣除非有機投資與客戶預先資金需求後，我們自由現金流的首要用途仍是股票回購。接下來我將談我們的展望。

For the second quarter of 2026, we expect revenue of $483 million to $485 million, or 17% to 18% growth. Second quarter growth reflects the shifting in timing of Ramadan and Easter to earlier in the year, elevated US tax refunds, benefiting sand volumes in Q1 and increase in volumes late in Q1 associated with geopolitical events and tougher bonds.

對於 2026 年第二季，我們預期營收為 4.83 億至 4.85 億美元，或成長 17% 至 18%。第二季成長反映齋戒月與復活節時點較往年提前、美國退稅金額偏高，使第一季匯款發送量（send volumes）受惠，以及第一季末因地緣政治事件與更嚴峻的債券市場（tougher bonds）而帶動的量能增加。

We continue to see strong momentum in our core, and we expect a continued shift towards digital remittances, share gains and the scaling of our growth accelerators to contribute to total company revenue growth of around 20% in the second-half of the year, an increase relative to prior expectations.

我們持續看到核心業務的強勁動能，並預期數位匯款的持續轉移、市佔提升，以及成長加速器的規模化，將在下半年共同推動公司整體營收成長約 20%，較先前預期上修。

Breaking down our revenue growth expectations, in Q2, we anticipate send volume growth to exceed revenue growth and revenue growth to be in line with quarterly active customer growth. Send volume per active customer is expected to grow in the mid to high-single-digit range, supported by a shift in mix toward high-value centers and businesses.

進一步拆解我們對營收成長的預期，在第二季，我們預期匯款發送量成長將高於營收成長，而營收成長將與季度活躍客戶（QAU）成長大致一致。預期每位活躍客戶的匯款發送量將以中到高個位數成長，主要受產品組合轉向高價值中心與企業客戶所支撐。

For the full year, we expect revenue between $1.96 billion and $1.975 billion, reflecting a growth rate of 20% to 21%. As noted, we expect growth to accelerate in the second-half of the year, reflecting strong demand in our core and additional contributions from our growth accelerators.

就全年而言，我們預期營收介於 19.6 億至 19.75 億美元，對應 20% 至 21% 的成長率。如前所述，我們預期下半年成長將加速，反映核心業務的強勁需求以及成長加速器的額外貢獻。

Now, let us pivot to profitability and expense guidance, starting with RLTE, we expect Q2 RLTE margins to be modestly higher year-over-year, driven primarily by normalization of transaction losses. As a reminder, Q2 of last year was impacted by an outsized transaction loss stemming from a sophisticated fraud back in May. For the full year, we expect RLTE margins to be broadly in line with 2025 on a normalized basis.

接著我們轉向獲利能力與費用指引，先從 RLTE 開始：我們預期第二季 RLTE 利潤率將較去年同期小幅提高，主要由交易損失正常化所驅動。提醒一下，去年第二季受到 5 月一宗高複雜度詐欺事件導致的異常交易損失影響。就全年而言，在正常化基礎下，我們預期 RLTE 利潤率將大致與 2025 年持平。

As always, transaction loss rate may fluctuate quarter-to-quarter, and we remain disciplined about optimizing customer lifetime value while rigorously managing risks across our platform.

一如既往，交易損失率可能在各季之間波動；我們仍將在嚴格管理平台風險的同時，保持紀律以最佳化客戶終身價值。

Shifting to marketing, we expect continued marketing efficiencies in 2026 as we prioritized high ROI marketing opportunities. For Q2, we expect marketing spend per QAU to be slightly higher year-over-year as we engage customers around the timing of the World Cup, expanding our Skip the Line campaign to select countries and launch brand marketing in the UAE.

轉到行銷方面，隨著我們優先投入高投資報酬率（ROI）的行銷機會，我們預期 2026 年將持續出現行銷效率提升。就第二季而言，隨著我們配合世界盃時點與客戶互動、將「Skip the Line」活動擴展至部分國家，並在阿聯酋推出品牌行銷，我們預期每位 QAU 的行銷支出將較去年同期略高。

Putting this all together, we expect Q2 adjusted EBITDA to be between $86 million and $88 million, translating to an adjusted EBITDA margin around 18%, an expansion of around 250 basis points year-over-year.

綜合以上，我們預期第二季調整後 EBITDA 將介於 8,600 萬至 8,800 萬美元之間，換算為調整後 EBITDA 利潤率約 18%，較去年同期擴張約 250 個基點。

For the full year, we expect adjusted EBITDA to be between $370 million and $385 million, representing an adjusted EBITDA margin of around 19%, also an expansion of around 250 basis points year-over-year. This improved EBITDA outlook reflects a more favorable outlook of revenue and our commitment and ability to balance growth and profitability, leveraging the benefits of AI, and we continue to invest in driving top-line growth.

就全年而言，我們預期調整後 EBITDA 將介於 3.70 億至 3.85 億美元之間，代表調整後 EBITDA 利潤率約 19%，同樣較去年同期擴張約 250 個基點。這項改善的 EBITDA 展望反映了更有利的營收前景，以及我們在運用 AI 帶來效益的同時，致力並有能力在成長與獲利之間取得平衡；我們也將持續投資以推動營收成長。

Our outlook also assumes normal levels of transaction losses for the remainder of the year. We expect to generate positive GAAP net income each quarter of this year and strong year-over-year growth in GAAP net income and free cash flows.

我們的展望亦假設今年剩餘期間的交易損失維持正常水準。我們預期今年每一季都能產生正向的 GAAP 淨利，並在 GAAP 淨利與自由現金流方面實現強勁的年增成長。

To summarize, in Q1, we delivered another quarter of exceptional results across our key financial metrics, achieving 25% revenue growth and 22% adjusted EBITDA margins. We also delivered record GAAP profitability and strong free cash flow, underscoring the power and scalability of our business model.

總結來說，在第一季，我們在關鍵財務指標上再度交出卓越成果，達成營收成長 25% 與調整後 EBITDA 利潤率 22%。我們也創下 GAAP 獲利新高並產生強勁自由現金流，凸顯我們商業模式的威力與可擴展性。

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

接下來，Sebastian 和我將開放電話會議供各位提問。接線員？

(Operator Instructions)

（接線員指示）

Tien-Tsin Huang, JPMorgan.

Tien-Tsin Huang，摩根大通。

Hi, thanks a lot. Nice results here. I want to -- if you don't mind, because I know you went through this in the guidance, but maybe can drill down a little bit more in the upside factors in the quarter, the thinking for the second quarter and the balance of the year. There's a lot of moving pieces with the tax refunds being higher and the remittance tax, and you talked about some of the geopolitical, the favorable market conditions and whatnot.

嗨，謝謝。這次結果很不錯。我想——如果你不介意的話，因為我知道你們在財測指引中已經談過，但也許可以再更深入拆解一下本季的上行因素、對第二季的思考，以及對全年其餘期間的看法。稅務退稅較高、匯款稅等有很多變動因素，你們也提到一些地緣政治、有利的市場狀況等等。

So how does this impact your thinking on seasonal trending for the second quarter and second-half, what new risk might there be here versus upside opportunity that may have been different than, say, 90 days ago?

那麼，這些因素如何影響你們對第二季與下半年季節性走勢的判斷？相較於例如 90 天前，現在可能出現哪些新的風險，或有哪些上行機會？

First of all, thank you for the question. And as I shared on the call, Q1 was an exceptional quarter. Really strong highlights across the board, all the way from record new customer acquisition to record send per quarterly active users.

首先，謝謝你的提問。正如我在電話會議中分享的，第一季是非常出色的一季。我們在各方面都有非常亮眼的表現，從新客獲取創新高，到每位季度活躍用戶的匯款金額（send）創新高。

Some of the highlights in the quarter included just the positive impact that we got from remittance tax and the shift from offline to online customers that aided our record new customer acquisitions. In addition to that, the higher US tax refunds as we have seen, especially in the core sender segment, this is a really positive impact that we saw. Again, a lot of it is art and science, but clearly there was some correlation there, especially in the late March timeframe.

本季的一些亮點包括：匯款稅帶來的正面影響，以及客戶從線下轉向線上，進而推動我們的新客獲取創下紀錄。此外，如我們所見，美國退稅金額較高，特別是在核心匯款人（sender）族群，這帶來非常正面的影響。同樣地，這其中既有藝術也有科學，但很明顯存在一些關聯性，尤其是在三月下旬的時間點。

Beyond that, as we highlighted holiday timing, both Easter as well as Ramadan moved up a couple of weeks earlier in the year, which gave us a positive overall Q1 shape.

除此之外，如我們所強調的，假期時點也有影響，復活節與齋戒月（Ramadan）都比往年提前了約兩週，讓我們第一季整體的季節形狀（shape）更為有利。

Finally, as we noted, the global uncertainty with regards to geopolitics, especially in the Middle East corridors, created an upside on the UAE volumes, which grew north of 150%. So overall, really strong quarter. And as Q1 becomes the foundation for full year. And with the record new customer acquisition, that creates a nice follow-through in our quarters.

最後，如我們所提到的，全球在地緣政治方面的不確定性，特別是中東走廊，帶動阿聯酋（UAE）交易量的上行，成長超過 150%。整體而言，這是一個非常強勁的季度。而第一季也成為全年表現的基礎；在新客獲取創紀錄的情況下，也為後續季度帶來良好的延續效應。

As we highlighted, the full year guidance is north of 20%, which means that in second half of the year, there is a re-acceleration that happens. And especially this is driven by both the strength in our core business as well as propelled by the growth accelerators Sebastian talked about.

如我們所強調，全年指引在 20% 以上，這意味著下半年將出現再加速。這主要由核心業務的強勁表現所驅動，同時也受到 Sebastian 所談到的成長加速器推動。

So overall, we remain very confident as we start the year and just the overall business model that we have, which drives predictability, resilience, as well as diversification, gives us more and more confidence.

整體而言，隨著我們展開新的一年，我們對自身以及整體商業模式仍然非常有信心；該模式帶來可預測性、韌性與多元化，讓我們愈來愈有信心。

Ramsey El-Assal, Cantor Fitzgerald.

Ramsey El-Assal，Cantor Fitzgerald。

Hi, thanks so much for taking my question tonight. I wanted to ask about your M&A approach. It seems like in the last several quarters, the kind of growth vectors in your business have just exploded just in terms of product proliferation, monetizable services. Is that changing the way you're looking at M&A to so many more opportunities to sort of accelerate these different growth paths through M&A?

嗨，謝謝今晚讓我提問。我想請教你們的併購（M&A）策略。看起來在過去幾個季度，你們業務的成長向量在產品擴張、可變現服務等方面大幅增加。這是否改變了你們看待併購的方式——也就是透過併購來加速這些不同成長路徑的機會變得更多？

And then also, if you could just clarify one point, the cost on Tien-Tsin's last question, how should we think about that 1% cash remittance impact, which has been positive, trending through the rest of the year. Is it something that you guys are counting on or is it something that you're seeing now or you're not sure you'll continue to see? Just a finer point on that, too.

另外也請你們澄清一點：關於 Tien-Tsin 上一題提到的成本——我們該如何看待那 1% 的現金匯款影響？它一直是正向的，並可能延續到今年其餘時間。這是你們已經納入預期、會仰賴的因素，還是你們只是目前觀察到但不確定是否會持續？也請就這點再更細緻說明。

So let me take the acquisition question. Clearly as we see all the growth in these new customer categories, the high-value senders, the business senders and the receivers, the volume, we are starting to analyze acquisitions a little bit different. As we have not been a very acquisitive company. We are starting the process to understand what does it mean to have this kind of growth in these categories and where can we accelerate that.

我先回答併購的問題。很明顯地，當我們看到這些新客戶類別的成長——高價值匯款人、商業匯款人以及收款人——以及交易量的成長時，我們開始以不同方式來分析併購。由於我們過去並不是一家非常積極併購的公司，我們正開始理解：在這些類別出現這樣的成長意味著什麼，以及我們可以在哪些地方加速。

On the core business, as of right now, standing here today, I don't see anything obvious on the horizon. But we're building up the muscle to learn how to do this, and I anticipate that sometime in the future we will probably be able to answer this question more specifically.

就核心業務而言，以目前此時此刻來看，我沒有看到地平線上有任何明顯的標的。但我們正在建立能力（muscle）來學習如何做這件事，我預期未來某個時間點，我們可能可以更具體地回答這個問題。

On the 1%, we don't have any science behind the 1%. We've got a lot of anecdotes, and we saw this in Q1. I suspect it's probably going to continue for the remainder of the year. It's hard to tell whether we captured a lot of it now or a lot of it is coming. There still is a fairly large group of people that transact in cash. I think it's inevitable that this will continue. Maybe it will take a couple of years. Maybe it will take the remainder of this year.

至於那 1%，我們沒有任何科學方法可以精準解釋這 1%。我們有很多軼事（anecdotes），而且我們在第一季確實看到了。我猜測它很可能會在今年剩餘期間持續。不過很難判斷我們現在是否已經捕捉到其中大部分，或是還有很大一部分尚未到來。仍然有相當大的一群人以現金進行交易。我認為這種趨勢持續是不可避免的。也許會需要幾年，也許會在今年剩餘時間內發生。

But as I said, we take it as an article of faith that it was one of the tailwinds to our business, and we expect it to continue for the rest of the year.

但如我所說，我們把它視為一種信念（article of faith），認為它是推動我們業務的一股順風，我們也預期它會在今年其餘時間持續。

And just to add a point or two to Sebastian's thoughts, we'll continue to invest in the Skip the Line campaign. We have seen a lot of success coming through that.

另外補充一兩點呼應 Sebastian 的看法：我們會持續投資「Skip the Line」行銷活動，我們已看到它帶來很多成功成果。

And secondly, the product enhancements, we want to meet where the customers are. As we shared earlier in the quarter, we came out with enhancements to WhatsApp. We launched a ChatGPT integration. So we feel that by creating strong product enhancements, we can continue to drive the offline to online shift.

第二，產品強化方面，我們希望在客戶所在之處與他們相遇。正如我們先前在本季分享的，我們針對 WhatsApp 推出了功能強化，也上線了 ChatGPT 整合。因此我們認為，透過打造強而有力的產品強化，我們可以持續推動客戶從線下轉向線上。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

All right. Hey, guys. Thanks. Look, I want to back out. If we take out of the equation, the, let's call it the remittance tax, the Mideast impact, or the even tax refund, just anything that might be shorter term and not a business model opportunity for you guys. When I think of the sustainable drivers of upside, the growth accelerators effectively, help us understand where they came in versus your prior expectations. I mean, if you looked at high-value centers or business or receivers or even some of the borrow and spend and save areas, I'm curious to know where they're trending versus what you initially thought.

好。嗨，各位，謝謝。我想退一步看：如果把匯款稅、中東影響，甚至退稅等因素先排除——也就是任何可能較短期、而非你們商業模式機會的因素——當我思考可持續的上行驅動因素，也就是成長加速器時，請幫我們理解它們相較於你們先前預期的表現如何。我的意思是，如果看高價值匯款人、商業客戶、收款人，甚至借貸（borrow）、消費（spend）與儲蓄（save）等領域，我很好奇它們目前的趨勢相較於你們最初的想法如何。

And then maybe a little more on go-to-market around high-value centers and business, just because it seems like such a great -- I mean, it's really contributing to the volume growth rate. And I know it's an area of real focus for you guys. So I'm curious where you see that going from here in terms of your ability to invest in it and ensure that it stays a key contributor?

另外也想多了解一下針對高價值匯款人與商業客戶的市場進入（go-to-market）策略，因為看起來這是一個很棒的——我的意思是，它確實對交易量成長率貢獻很大。我知道這也是你們非常聚焦的領域。所以我想了解，從現在開始你們如何看待它的發展：你們投資的能力，以及如何確保它能持續成為關鍵貢獻來源？

Yeah, so I'll make the comment that, first of all, these are not segments that we invented. As we looked at all the data and we looked at the customers coming to Remitly, we started to see this high value, greater than $5,000 transactions, $10,000, $50,000.

是的，我先評論一下：首先，這些並不是我們憑空創造出來的細分市場。當我們檢視所有數據、觀察來到 Remitly 的客戶時，我們開始看到這些高價值交易——超過 5,000 美元、10,000 美元、50,000 美元的交易。

And so it was customers finding us and starting to use the platform. And so we've done, this is not, we have a lot of ideas to make the product that much better. So without much investment, we started, we see a lot of growth in this area and it's overachieved all our plans so far.

因此，是客戶找到我們並開始使用平台。我們也確實有很多想法可以把產品做得更好。所以在沒有太多投資的情況下，我們就看到這個領域有很大的成長，而且到目前為止它的表現超出我們所有計畫。

As of right now, we've now dedicated a full team. We have a full engineering team, so we're launching new features for that customer daily at this point. The business, the same thing happened. We started to see small businesses using the middle infrastructure. As if you're a small business in the U.S, it's very painful to move money across the world.

截至目前，我們已經配置了一支完整團隊。我們有完整的工程團隊，因此此刻我們幾乎每天都在為這類客戶推出新功能。商業客戶也是同樣的情況。我們開始看到小型企業使用這套中介基礎設施。對於美國的小型企業而言，把資金跨境匯到世界各地是非常痛苦的。

And so we've done the same thing. That business continues to overachieve our plans. We've now dedicated a team. We have a full engineering team. We have a new that's a different go-to-market model. We have more partnerships. So we are also seeing week-to-week improvements. And as that's a very large market. We don't you don't need to be you don't need to win that much to make it a pretty big business.

因此我們也做了同樣的事情。那項業務持續超出我們的計畫。我們現在已經成立了一個專責團隊。我們有一個完整的工程團隊。我們也有一個新的、不同的上市推廣（go-to-market）模式。我們有更多的合作夥伴關係。所以我們也看到每週都有改善。而且那是一個非常大的市場。你不需要——你不需要贏很多，就能把它做成一個相當大的業務。

I was in Manila last week and I was talking to a group of freelancers and this is a very active group of people who are requesting money to be paid from the US, the virtual assistants, virtual salespeople and this is happening all over the world, so we see a lot of traction there.

我上週在馬尼拉，和一群自由工作者聊過；這是一個非常活躍的族群，他們要求從美國收款——像是虛擬助理、虛擬業務人員——而且這種情況正在全球各地發生，所以我們在那裡看到很強的動能。

And then the final category is a little bit more unknown, that's these 30 million customers around the world who receive money from Remitly, we've launched our first set of products. It's very early days. It's not contributing much yet.

然後最後一個類別比較未知：也就是全球約 3,000 萬名從 Remitly 收款的客戶。我們已推出第一批產品。現在還非常早期，對貢獻目前還不大。

We think it's a big opportunity, but that we have to navigate our way through that, see what the right products are. So over achievement in high-value senders, and we're doubling down on that. Over achievement on the business side, and we're doubling down with that. And on the receiver side, seems a very exciting market, TBD.

我們認為這是一個很大的機會，但我們必須在其中摸索前進，看看哪些才是正確的產品。所以，高價值匯款人（high-value senders）方面超出預期，我們會加碼投入；企業端方面也超出預期，我們同樣會加碼投入；而收款端看起來是個非常令人興奮的市場，仍有待確認（TBD）。

Chris Kennedy, William Blair.

Chris Kennedy，William Blair。

Good afternoon. Thanks for taking the question. Just wanted to follow-up on the Remitly, the business initiative. Clearly, it's outperforming your expectations. Is there any way to frame kind of how that business is ramping relative to the high-value send initiative that was launched maybe 18 months ago? Thanks for taking the question.

下午好。謝謝讓我提問。我想追問一下 Remitly 的企業端（business）計畫。顯然它的表現超出你們的預期。能否用某種方式說明，這項業務的爬坡速度相對於大約 18 個月前推出的高價值匯款人計畫是如何？謝謝讓我提問。

Yeah, I think the high-value sender is an extension of our core sender market. So if you look at the product needs of that sender, it's a close cousin to all the needs of the core sender. The business send is different, has different requirements, they need bulk send, they need different integrations to their ERPs and payment systems, so it's a bit of a different customer, so it's a little bit of an unfair comparison because the go-to-market is going to be different and we've seen the over achievement without much go-to-market investment yet.

是的，我認為高價值匯款人是我們核心匯款人市場的延伸。所以如果你看那類匯款人的產品需求，它和核心匯款人的需求非常接近。企業匯款（business send）則不同，有不同的需求：他們需要批量匯款（bulk send），需要與他們的 ERP 與支付系統做不同的整合，所以客戶類型有點不同。因此這樣比較其實不太公平，因為上市推廣（go-to-market）會不同；而我們在幾乎還沒有投入太多 go-to-market 資源的情況下，就已經看到超出預期的表現。

And so I'd say that if you were to look at the numbers, it's probably pretty -- it's a pretty similar ramp of growth between the high-value senders and the business senders, but quite different potential as to what we need to do to continue to accelerate that growth.

所以我會說，如果你看數字，兩者的成長爬坡可能相當——高價值匯款人與企業匯款人的成長爬坡相當類似——但要持續加速成長，我們需要做的事情在潛力與路徑上會很不一樣。

Aditya Buddhavarapu.

Aditya Buddhavarapu。

Can you just give me an update on the rollout of the bullet card? The US was a close-class market, but any -- and maybe the rollout into other markets during 2026.

你能否更新一下 Bullet Card 的推出進度？美國是一個封閉式（close-class）的市場，但是否——以及在 2026 年是否會擴展到其他市場？

And also maybe somewhat related to that, the [Vashtan] plan focusing on the card as the main channel for the send-out product, what did you see which maybe you take that route?

另外可能也有點相關，[Vashtan] 的計畫把卡片作為 send-out 產品的主要通路；你們看到了什麼，讓你們選擇走這條路？

Yes, well, first I'll start, but for the last year, we've been experimenting with this send now, pay later idea, which is a short-term liquidity loan, and we've had a very strong signal. So this is a killer idea, we think, and we're going to customers have told us that the use of a card is extremely valuable, so we're wrapping up a number of ideas under this card construct which obviously are going to help the economics and allows us to really simplify how we go to market with this.

是的。首先我先說，過去一年我們一直在試驗「先匯後付」（send now, pay later）的概念，也就是一種短期流動性貸款，而我們得到非常強的訊號。我們認為這是一個殺手級（killer）的想法；而客戶也告訴我們，使用卡片非常有價值。因此我們把多個想法整合在這個卡片架構之下，這顯然會改善經濟性，也讓我們能真正簡化 go-to-market 的方式。

Remember that the send now, pay later is an invite only, the customers already sent once on Remitly, we know some stuff, so we think it's a very interesting product, the signals of all the testing of last year are very good. And so we see that launch as quite a lot of potential. We've obviously got a long list of things that we're going to add to a card to make it to make customers use it and loyalty and you can imagine all the things that we can add to a card.

請記得，「先匯後付」是邀請制（invite only），客戶已經在 Remitly 匯過至少一次，我們也掌握一些資訊，所以我們認為這是一個非常有趣的產品；去年所有測試的訊號都非常好。因此我們認為這次推出有相當大的潛力。我們當然也有一長串要加到卡片上的功能，讓客戶願意使用、提升忠誠度——你可以想像我們能在卡片上加入的各種東西。

It is US-focused first, we're doing it with the bank partnership, but our ambition is to make this global. But as of right now, we're going to go for the next few quarters with a US launch only.

它會先以美國為主，我們會透過銀行合作夥伴來做，但我們的企圖是把它做成全球化。不過就目前而言，接下來幾個季度我們會先只在美國推出。

David Scharf, Citizens Capital Markets.

David Scharf，Citizens Capital Markets。

Hi, this is Zach on for David. Thanks for taking our questions and congratulations on another strong quarter. I wanted to dig in a little bit on the mix with the high-value senders. So, obviously, as it's ramping up, it sounds like over 10% of revenue by 2028. I want to see if there's any kind of commentary or anything to kind of highlight in terms of how that shift will impact any kind of geographic mix or concentration or any expectations for loss rates versus the kind of core senders book?

嗨，我是代替 David 的 Zach。謝謝回答我們的問題，也恭喜又一個強勁的季度。我想更深入了解高價值匯款人的組合占比。顯然隨著它加速成長，聽起來到 2028 年會占營收超過 10%。我想看看你們是否能評論或強調一下：這樣的轉變會如何影響地理組合或集中度？以及相較於核心匯款人組合（book），對損失率（loss rates）的預期會如何？

Yeah, thank you for the question. As we highlighted, we're very excited about the high-value standards customer category. And as we highlighted, this used to be part of just our Core Send, but we are increasing our focus, putting a dedicated organizational structure and muscle behind it, putting a product thought process as well as marketing focus around it and as we do that, we see the potential is massive, right? So we're super excited for the potential here.

是的，謝謝你的問題。如同我們強調的，我們對高價值匯款人這個客群類別感到非常興奮。也如同我們提到的，這以前只是我們核心匯款（Core Send）的一部分，但我們正在提高聚焦：建立專責的組織架構與資源投入，同時在產品思維與行銷聚焦上加強；而當我們這麼做時，我們看到的潛力是巨大的。所以我們對這裡的潛力非常興奮。

Even as we do that, in parallel, we are seeing very strong performance. As you saw this quarter, the high-value senders volume grew 73%. And as we look at a lot of product enhancements, increasing our send limits. We feel that the volume, especially on the, call it 10,000 plus, 25,000 plus, 50,000 plus, a lot of those are really big greenfield opportunities for us where we can start attracting more and more customers.

同時，我們也看到非常強勁的表現。正如你在本季看到的，高價值匯款人的交易量成長了 73%。而當我們檢視許多產品強化、提高匯款上限時，我們認為交易量——尤其是可稱為 10,000 以上、25,000 以上、50,000 以上的區間——其中很多對我們而言都是非常大的綠地（greenfield）機會，我們可以開始吸引越來越多客戶。

If you even think about our marketing message, that is more generic and as we try to make it more targeted and focused towards these customers. We feel the awareness as well as the overall service that we provide should resonate really well.

如果你再想想我們的行銷訊息，目前比較偏一般化；當我們嘗試讓它更針對、更加聚焦於這些客戶時，我們認為品牌認知以及我們提供的整體服務會非常有共鳴。

So very excited about it. The availability is across the globe, same as what our core center availability is. So from a mix, from targeting the customers, we believe that it should be a global adoption and global growth, and that makes it even more exciting for us.

所以我們非常興奮。其可用性是全球性的，和我們核心匯款端的可用性相同。因此從組合、從客戶鎖定來看，我們相信會是全球採用與全球成長，這也讓我們更覺得令人振奮。

[Zoe Din], KeyBank Capital Markets.

[Zoe Din]，KeyBank Capital Markets。

Hi, this is Zoe on behalf of Alex Markgraff. Thank you for taking my question. And I was wondering if you could provide more context on Remitly in ChatGPT, any financial consideration in it? And also a question on WhatsApp expansion. How can we assume Remitly to expand on this? Obviously, there's more geo coverage, but since there's also an opportunity on the receipt side partnership as well.

嗨，我是 Zoe，代表 Alex Markgraff。謝謝讓我提問。我想請問你們能否提供更多關於 Remitly 在 ChatGPT 上的背景脈絡？其中是否有任何財務上的考量？另外也想問 WhatsApp 擴張：我們應該如何看待 Remitly 在這方面的擴展？顯然地理覆蓋會更多，但由於收款端也有合作機會。

Yes, thank you. Good question. So no financial interchange with ChatGPT. These are early days. We're clearly entering a time where customers are probably going to interface with all their financial services with different interfaces and be it WhatsApp and WeChat and ChatGPT, all the LLMs and the chats and eventually agents also.

是的，謝謝，問題很好。與 ChatGPT 沒有任何財務上的交換（financial interchange）。這些都還在早期。我們顯然正進入一個時代：客戶可能會透過不同的介面來使用他們所有的金融服務——不論是 WhatsApp、WeChat、ChatGPT、所有的大型語言模型（LLMs）與聊天介面，最終也會有代理（agents）。

So we have a lot of experiments going on. We've announced WhatsApp integration, which allows customers to interact directly with Remitly through WhatsApp.

所以我們正在進行很多實驗。我們已宣布 WhatsApp 整合，讓客戶可以直接透過 WhatsApp 與 Remitly 互動。

ChatGPT is an early experiment. We see some use there and it's growing day by day. I follow that every day. And we have a long list of ideas to make sure that all the Remitly infrastructure and all the benefits of the cost efficiencies, the speed and the service behind moving money is available and relevant if these evolutions in how people interface with money movement changes.

ChatGPT 是一個早期實驗。我們看到一些使用量，而且每天都在成長。我每天都在追蹤。我們也有一長串想法，確保 Remitly 的所有基礎設施，以及在資本效率、速度與匯款服務背後的所有優勢，在人們與資金移動互動方式演進、改變時，仍然可用且具相關性。

So early days, good signal so far, and we'll keep you posted on what the next set of ideas are.

所以目前還在早期，但到目前為止訊號不錯；我們也會持續向各位更新下一批想法是什麼。

Thank you. This concludes the question-and-answer session. Thank you for participating in today's conference (inaudible) You may now disconnect.

謝謝。問答環節到此結束。感謝各位參與今天的電話會議（聽不清）。您現在可以中斷連線。