Riskified Ltd (RSKD) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Riskified's second quarter 2024 earnings call. (Operator Instructions)

女士們先生們，謝謝你們的支持。歡迎參加 Riskified 的 2024 年第二季財報電話會議。（操作員說明）

Please be advised that today's conference is being recorded. I would like now to turn the conference over to Chett Mandel, Head of Investor Relations. Please go ahead.

請注意，今天的會議正在錄製中。現在我想將會議交給投資者關係主管 Cheett Mandel。請繼續。

Good morning, and thank you for joining us today. My name is Chett Mandel, Risk of Head of Investor Relations. We are hosting today's call to discuss Riskified's financial results for the second quarter of 2024.

早安，感謝您今天加入我們。我叫切特‧曼德爾 (Chett Mandel)，風險部投資人關係主管。我們今天召開電話會議，討論 Riskified 2024 年第二季的財務表現。

Participating on today's call are Eido Gal, Riskified's Co-Founder and Chief Executive Officer; and Aglika Dotcheva, Riskified's Chief Financial Officer.

參加今天電話會議的有 Riskified 共同創辦人兼執行長 Eido Gal；以及 Riskified 財務長 Aglika Dotcheva。

We released our results for the second quarter of 2024 earlier today. Our earnings materials, including a replay of today's webcast will be available on our Investor Relations website at ir.riskified.com.

我們今天早些時候發布了 2024 年第二季的業績。我們的獲利資料，包括今天網路廣播的重播，將在我們的投資者關係網站 ir.riskified.com 上提供。

Certain statements made on the call today will be forward-looking statements related to our operating performance, business and financial goals, outlook as to revenues, gross profit margin, adjusted EBITDA profitability, adjusted EBITDA margins and expectations as to positive cash flows, which reflect management's best judgment based on currently available information and are not guarantees of future performance.

在今天的電話會議上所做的某些陳述將是與我們的經營業績、業務和財務目標、收入前景、毛利率、調整後EBITDA 盈利能力、調整後EBITDA 利潤率以及對正現金流的預期相關的前瞻性陳述，這些陳述反映了管理階層根據目前可獲得的資訊做出的最佳判斷，並不是對未來績效的保證。

We intend all forward-looking statements to be covered by the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our expectations as of the date of this call, and except as required by law, we undertake no obligation to revise this information as a result of new developments that may occur after the time of this call. These forward-looking statements involve risks, uncertainties and other factors some of which are beyond our control that could cause actual results to differ materially from our expectations.

我們希望所有前瞻性聲明均受 1995 年《私人證券訴訟改革法案》中包含的安全港條款的約束。這些前瞻性陳述反映了我們截至本次電話會議之日的預期，除非法律要求，否則我們不承擔因本次電話會議後可能發生的新事態發展而修改此資訊的義務。這些前瞻性陳述涉及風險、不確定性和其他因素，其中一些因素超出了我們的控制範圍，可能導致實際結果與我們的預期有重大差異。

You should not put undue reliance on any forward-looking statements. Please refer to our annual report on Form 20-F for the year ended December 31, 2023, in subsequent reports we file or furnish with the SEC for more information on the specific factors that could cause actual results to differ materially from our expectations.

您不應過度依賴任何前瞻性陳述。請參閱我們截至2023 年12 月31 日止年度的20-F 表格年度報告，以及我們向SEC 提交或提供的後續報告，以了解有關可能導致實際結果與我們的預期存在重大差異的具體因素的更多資訊.

Additionally, we will discuss certain non-GAAP financial measures and key performance indicators on the call. Reconciliation to the most directly comparable GAAP financial measures are available in our earnings release issued earlier today and also furnished with the SEC on Form 6-K and in the appendix of our Investor Relations presentation, all of which are posted on our Investor Relations website.

此外，我們將在電話會議上討論某些非公認會計準則財務指標和關鍵績效指標。我們今天稍早發布的收益報告中提供了與最直接可比較的GAAP 財務指標的對賬，並向SEC 提供了表格6-K 以及我們投資者關係演示文稿的附錄，所有這些都發佈在我們的投資者關係網站上。

I will now turn the call over to Eido.

我現在將把電話轉給 Eido。

Thanks, Chett, and hello, everyone. I am encouraged by our execution during the first six months of the year. We are growing profitably on an adjusted EBITDA basis and believe that we are investing in the right people, products, and projects to execute for the benefit of our merchants and our shareholders. I remain positive about the trajectory of the company.

謝謝，切特，大家好。我對今年前六個月的執行情況感到鼓舞。我們在調整後的 EBITDA 基礎上實現獲利成長，並相信我們正在投資合適的人員、產品和專案來執行，以造福我們的商家和股東。我對公司的發展軌跡仍然持樂觀態度。

Once again, our revenue growth during the second quarter was primarily driven by the execution of our go-to-market strategy, which contributed to 8% year-over-year growth. For the first half of 2024, our revenue increased by 10% and our GMV grew 15% year-over-year. Our technology, platform, and differentiated merchant capabilities are resonating within our large addressable market.

我們第二季的收入成長再次主要是由我們的市場進入策略的執行所推動的，該策略促成了 8% 的同比增長。2024年上半年，我們的營收年增10%，GMV年增15%。我們的技術、平台和差異化的商家能力在我們龐大的潛在市場中引起共鳴。

Our competitive win rates remained high during the quarter, and our industry and geographic expansion efforts, combined with our product platform sales motion, are contributing to a solid pipeline of merchant activity. We had improved performance sequentially with our non-charge back wins, and we expect a strong end of the year with further multiproduct adoption.

本季我們的競爭獲勝率仍然很高，我們的產業和地理擴張努力，加上我們的產品平台銷售活動，正在為穩定的商家活動做出貢獻。透過非退款的勝利，我們的業績連續提高，我們預計隨著多產品的進一步採用，今年年底將表現強勁。

As we think through the back half of the year, we've begun to see some softness in the third quarter, and are anticipating softer third and fourth quarters, largely due to certain macro headwinds, including worsening consumer spending trends. This is primarily impacting our high-end fashion, tickets and travel, and home industries.

回顧今年下半年，我們開始看到第三季出現一些疲軟，並預期第三季和第四季會出現疲軟，這主要是由於某些宏觀阻力，包括消費者支出趨勢惡化。這主要影響我們的高端時尚、票務和旅遊以及家居產業。

That being said, we anticipate a strong second half of new business activity, which should help to partially offset these macro headwinds. We expect the benefit of this anticipated new business activity to primarily flow through in the fourth quarter. Aglika will walk you through the impact of these factors on our 2024 guidance.

話雖如此，我們預計下半年新業務活動將強勁，這應有助於部分抵消這些宏觀阻力。我們預計這項預期新業務活動的效益將主要在第四季度體現。Aglika 將引導您了解這些因素對我們 2024 年指導的影響。

We are managing our operational levers to optimize our gross profit and adjusted EBITDA performance across all types of growth environments. Our non-GAAP gross profit growth of 11% in the second quarter and 14% in the first half of the year, remains strong and continue to outpace our revenue growth.

我們正在管理我們的營運槓桿，以在所有類型的成長環境中優化我們的毛利和調整後的 EBITDA 績效。我們第二季的非公認會計原則毛利成長 11%，上半年成長 14%，仍然強勁，並繼續超過我們的收入成長。

Combined with ongoing expense discipline, we continue to bring our top line growth to the bottom line. Over each of the last three quarters, we have improved our year-over-year adjusted EBITDA margin by nearly 1,000 basis points on average and we anticipate generating further adjusted EBITDA margin expansion in the back half of the year.

結合持續的費用紀律，我們持續將營收成長推向利潤。在過去三個季度中，我們的調整後 EBITDA 利潤率年平均提高了近 1,000 個基點，我們預計下半年調整後 EBITDA 利潤率將進一步擴大。

However, we are not just focused on maximizing short-term leverage in the business. We maintain a long-term view on how to improve our technology, how to expand our TAM and market share, and how to convert our single-product merchants to multi-product users. We believe that the best way to accomplish these goals is by building a market-leading platform of products that helps to solve real problems for our merchants at all levels of the transaction funnel, and to continue penetrating the large e-commerce wide space in front of us by aligning our go-to-market sales motion to offer and cross-sell this platform.

然而，我們不僅僅專注於最大化業務的短期槓桿。我們對如何改進我們的技術，如何擴大我們的TAM和市場份額，以及如何將我們的單一產品商家轉變為多產品用戶保持著長遠的眼光。我們相信，實現這些目標的最佳途徑是建立一個市場領先的產品平台，幫助我們的商家解決交易管道各個層面的實際問題，並繼續滲透前面的大電子商務廣闊空間。行動來提供和交叉銷售這個平台。

On the chargeback guarantee front, our ability to customize unique merchant-specific models to guarantee the highest degree of performance and specificity is why we believe our merchants receive great performance and value. In one recent head-to-head pilot with a newly onboarded multibillion GMV merchant we were able to reduce the merchant's fraud cost by more than 20% while simultaneously boosting their approval rate by over 3% when compared to their incumbent solution provided by one of our key competitors.

在退款保證方面，我們有能力定制獨特的商家特定模型，以確保最高程度的性能和特異性，這就是我們相信我們的商家可以獲得出色性能和價值的原因。在最近與新加入的GMV 數十億商家進行的一項頭對頭試點中，與其中一家公司提供的現有解決方案相比，我們能夠將商家的詐欺成本降低20% 以上，同時將他們的認可率提高3% 以上。

This is not an isolated example. Several other recent head-to-head pilots, we were able to outperform both the merchants' internal teams and other newer generation competitors by delivering superior performance for the merchant. We believe that these types of results drive expansion opportunities for Riskified. Overall, these data-led proof points are a testament to the power of our machine learning factory and the main reason we win in competitive deals.

這並不是一個孤立的例子。在最近的其他幾個正面交鋒試點中，我們能夠透過為商家提供卓越的效能來超越商家的內部團隊和其他新一代競爭對手。我們相信這些類型的表現將為 Riskified 帶來擴張機會。總的來說，這些以數據為主導的證據證明了我們機器學習工廠的力量，也是我們在競爭性交易中獲勝的主要原因。

To further broaden our product offerings, we continue to augment our integrations and data sharing capabilities with major global issuing banks. These integrations and partnerships involve sharing enriched order information and other Riskified signals with issuing banks in order to enhance our merchants authorization rates on e-commerce transactions reviewed by risk aside.

為了進一步擴大我們的產品範圍，我們繼續增強與全球主要發行銀行的整合和資料共享能力。這些整合和合作夥伴關係涉及與發卡銀行共享豐富的訂單資訊和其他風險訊號，以提高我們的商家對經風險審查的電子商務交易的授權率。

This feature comes baked into chargeback guarantee and has the ability to meaningfully increase bank authorization rates. Eligible chargeback guarantee merchants can see an increased authorization lift exceeding 100 basis points on segments where Riskified has the ability to influence the issuer's decision.

此功能已融入退款保證中，並且能夠顯著提高銀行授權率。在 Riskified 有能力影響發卡機構決策的細分領域，符合資格的退款擔保商家可以看到超過 100 個基點的授權提升。

We believe that our privileged access to merchant data puts us in a unique position to further collaborate between parties in the payment ecosystem to help our e-commerce merchants grow. I believe that our focus on evolving and investing wisely in our R&D is leading to an overall improvement in our technology offering. This improvement, in part, was seen in strong performance for our merchants, while we simultaneously were able to achieve a 54% gross profit margin in the first half of the year.

我們相信，我們對商家資料的特權存取使我們處於獨特的地位，可以在支付生態系統中的各方之間進一步合作，幫助我們的電子商務商家發展。我相信，我們對研發的不斷發展和明智投資的關注正在導致我們技術產品的全面改進。這種改善在一定程度上體現在我們商家的強勁業績，同時我們在上半年實現了 54% 的毛利率。

I am pleased that we were able to flow this strong margin performance for the annual range which resulted in an improvement to our adjusted EBITDA guidance for the second consecutive quarter.

我很高興我們能夠在年度範圍內實現如此強勁的利潤率表現，這導致我們連續第二個季度調整後的 EBITDA 指導有所改善。

Overall, I remain optimistic about our positioning despite the challenging macro environment. We have great demand for our product and by strengthening our machine learning advantage to solve additional use cases beyond chargeback fraud. I am confident that our durable business will continue to perform for merchants and our shareholders.

整體而言，儘管宏觀環境充滿挑戰，但我對我們的定位仍持樂觀態度。我們的產品需求量很大，透過加強我們的機器學習優勢，可以解決退款詐欺以外的其他用例。我相信，我們持久的業務將繼續為商家和股東帶來效益。

Now over to Aglika.

現在轉到阿格利卡。

Thank you, Eido, team and everyone, for joining today's call. Our GMV for the second quarter was $35 billion, reflecting a 13% increase year-over-year. We achieved second quarter revenue of $78.7 million, up 8% year-over-year. Our GMV and revenue growth during the quarter was primarily driven by continued new merchant and upsell activity.

感謝 Eido、團隊和所有人參加今天的電話會議。我們第二季的 GMV 為 350 億美元，較去年同期成長 13%。我們第二季的營收為 7,870 萬美元，年增 8%。我們本季的 GMV 和營收成長主要是由持續的新商家和追加銷售活動所推動的。

In the second quarter, our home category grew 21% year-over-year. we anticipate a different comparison period in the second half of the year as we have now fully left a large upsell one during the second quarter of 2023. Our general vertical, which includes both food and general retail merchants grew 7% in the second quarter, primarily driven by growth in our foods of vertical, offset by weakness in our general retail subvertical.

第二季度，我們的家居品類比年增 21%。我們預計下半年會出現一個不同的比較期，因為我們現在已經在 2023 年第二季完成了大規模的追加銷售。我們的整體垂直業務（包括食品和一般零售商）在第二季度增長了 7%，這主要是由食品垂直行業的增長推動的，但被我們一般零售子行業的疲軟所抵消。

In addition, we saw over 40% growth in our payments and money transfer category, driven predominantly by new business activity, a key area of expansion. Fashion and luxury category grew by 5% in the second quarter, up from low single digits in the first quarter, primarily due to new business activity and growth in the fast fashion merchants. This growth was partially offset by continued same-store sales pressures within our high-end fashion subvertical, consistent with the first quarter.

此外，我們的支付和匯款類別成長了 40% 以上，這主要是由新業務活動（這是擴張的關鍵領域）推動的。時尚和奢侈品類別在第二季成長了 5%，高於第一季的低個位數成長，這主要是由於新的業務活動和快時尚商家的成長。這一成長被我們高端時尚顛覆領域持續的同店銷售壓力所部分抵消，與第一季一致。

We now expect the same-store sales pressures to continue in the back half of the year across all geographies. This is consistent with the outlook of many of our luxury merchants and broader market commentary regarding discretionary spending.

我們現在預計今年下半年所有地區的同店銷售壓力將持續下去。這與我們許多奢侈品商家的前景以及更廣泛的市場對可自由支配支出的評論是一致的。

In addition, our tickets and travel vertical grew 8% in the second quarter, primarily due to new business activity. We're now expecting softer trends in this category in the second half of the year. In particular, we're anticipating lower travel volumes from our EMEA merchants and, as a result, currently expect our overall EMEA region to be relatively flat for the year.

此外，我們的機票和旅遊垂直業務在第二季度成長了 8%，這主要歸功於新的業務活動。我們現在預計今年下半年該類別的趨勢將趨於疲軟。特別是，我們預計歐洲、中東和非洲地區商家的旅行量將會減少，因此，目前預計今年歐洲、中東和非洲地區的整體旅行量將相對持平。

The United States, which is our largest region, grew by 11% during the second quarter and APAC grew approximately 35%. The other Americas, which represent Canada and Latin America, were approximately 9% primarily due to new and upsell activity. I continue to be excited about our growth in other Americas and APAC regions, which were fueled by market share gains achieved through the addition of new logos.

美國是我們最大的地區，第二季成長了 11%，亞太地區成長了約 35%。其他美洲（包括加拿大和拉丁美洲）的比例約為 9%，主要是由於新產品和追加銷售活動。我仍然對我們在其他美洲和亞太地區的成長感到興奮，這些成長得益於透過添加新商標所獲得的市場份額。

We highlighted a large new logo win in Japan in our press release in the fashion category during the quarter. This is an exciting cornerstone merchant, which we're hoping helps unlock further growth in the region.

我們在本季時尚類別的新聞稿中強調了新標誌在日本的重大勝利。這是一個令人興奮的基石商人，我們希望它有助於推動該地區的進一步成長。

Moving to the discussion of our gross profit margin, operating expenses, and adjusted EBITDA. Unless otherwise noted, I will be referencing non-GAAP financial measures. We have provided a reconciliation of GAAP to non-GAAP financial measures in our earnings release.

接下來討論我們的毛利率、營運費用和調整後的 EBITDA。除非另有說明，我將參考非公認會計準則財務指標。我們在收益報告中提供了 GAAP 與非 GAAP 財務指標的調整表。

Moving on to gross profit margin. Our gross profit margin of 53% was up from 52% in the second quarter of the prior year. We continue to benefit from improvements in our overall core machine learning models and the positive impact of new product revenue, offset by the impact of ramping of significant new merchants and quarterly variability in our revenue mix.

轉向毛利率。我們的毛利率為 53%，高於去年第二季的 52%。我們繼續受益於整體核心機器學習模型的改進和新產品收入的正面影響，但被重要新商家增加和收入組合季度變化的影響所抵消。

As a reminder, I encourage you to continue analyzing our gross margin on an annual basis. Given individual quarters can provide due to many factors, including the ramping of new merchants and the risk profile of transactions approved. That being said, I do want to note that our first half gross profit margin was approximately 54%, the highest half year period since our IPO. This was driven by a truly collaborative effort across the organization.

提醒一下，我鼓勵您繼續每年分析我們的毛利率。由於許多因素，包括新商家的增加和批准交易的風險狀況，個別季度可以提供。話雖這麼說，我確實想指出，我們上半年的毛利率約為 54%，是我們 IPO 以來的最高半年水準。這是由整個組織真正的協作努力所推動的。

As a result of our strong start to the year, we're now targeting a gross profit margin between 52.5% to 53.5% for the full year, up from our previous range of 52% to 53%. Directionally, for modeling purposes, we expect our Q3 gross profit margin to be approximately 50%, and we continue to expect Q4 margin to be above the range.

由於今年開局強勁，我們目前的目標是全年毛利率在 52.5% 至 53.5% 之間，高於先前的 52% 至 53%。從方向上來說，出於建模目的，我們預計第三季的毛利率約為 50%，並且我們繼續預計第四季度的毛利率將高於該範圍。

Moving to our operating expenses. We continue to manage the business in a focused and disciplined manner. Total operating expenses were $39.3 million for the second quarter, representing a year-over-year decline of 7%. We saw year-over-year declines in each of our R&D, sales and marketing, and G&A operating expenses. Our operating expenses, as a percentage of revenue, declined from 58% in the prior year period to 50% in the second quarter of 2024, reflecting ongoing leverage in the business model.

轉向我們的營運費用。我們繼續以專注和紀律的方式管理業務。第二季總營運費用為 3,930 萬美元，年減 7%。我們的研發、銷售和行銷以及一般行政費用均較去年同期下降。我們的營運支出佔收入的百分比從去年同期的 58% 下降至 2024 年第二季的 50%，反映了業務模式的持續槓桿作用。

To highlight how much progress we have made in only a few short years this percentage in the second quarter of 2022 was 75%. For the second half of the year, we now expect approximately $39 million in quarterly expenses due to a focus on ongoing savings. We achieved positive adjusted EBITDA of $2.3 million in Q2 of '24 as compared to negative $4.6 million in Q2 of '23, representing the eighth consecutive quarter of year-over-year improvement.

為了強調我們在短短幾年內取得的進展，2022 年第二季的這一百分比為 75%。由於重點關注持續節省，我們現在預計下半年的季度支出約為 3,900 萬美元。我們在 24 年第二季度實現了 230 萬美元的正調整 EBITDA，而在 23 年第二季度實現了負 460 萬美元，這是連續第八個季度同比改善。

This quarter's positive adjusted EBITDA represents year-over-year adjusted EBITDA margin improvement of approximately 930 basis points on top of the 1,100 basis points improvements achieved in both Q4 of '23 and Q1 of '24. We have been generating ongoing margin expansion through the continued growth of the business while managing expenses and we're focused on flowing this leverage to the bottom line.

本季的正調整 EBITDA 意味著調整後 EBITDA 利潤率較去年同期提高了約 930 個基點，而 23 年第四季和 24 年第一季實現了 1,100 個基點的提高。我們一直在透過業務的持續成長來實現利潤率的持續成長，同時管理費用，並且我們致力於將這種槓桿作用轉化為利潤。

Moving to the balance sheet. We ended the first quarter with approximately $422 million of cash deposits and investments on the balance sheet and we carry zero debt. In the second quarter, we repurchased 6.8 million shares for a total price of approximately $39 million. As a result, our total shares outstanding has decreased sequentially by approximately 4 million shares from the first quarter.

轉向資產負債表。第一季結束時，我們的資產負債表上有約 4.22 億美元的現金存款和投資，而且我們的債務為零。第二季度，我們回購了 680 萬股股票，總價約 3,900 萬美元。因此，我們的流通股總數較第一季連續減少約 400 萬股。

As a result of our ongoing commitment to dilution management as well as anticipated repurchasing activity in the second half of the year, we expect our yearend share count to decline year-over-year. We continue to believe that our strong balance sheet and liquidity position are underappreciated assets. We will continue to be thoughtful in how we utilize our capital to drive shareholder value.

由於我們持續致力於稀釋管理以及預計下半年的回購活動，我們預計年末股票數量將年減。我們仍然認為，我們強勁的資產負債表和流動性狀況是被低估的資產。我們將繼續深思熟慮如何利用我們的資本來推動股東價值。

In addition, we continue to maintain a very healthy cash flow model and achieved free cash flow of $4.1 million in the second quarter. We continue to expect approximately $30 million of positive free cash flow in 2024.

此外，我們繼續保持非常健康的現金流模型，第二季實現了 410 萬美元的自由現金流。我們仍預期 2024 年將出現約 3,000 萬美元的正自由現金流。

Now turning to our outlook. We're updating our 2024 guidance that we previously shared on our Q1 call. As we mentioned, we're expecting headwinds in our high-end fashion tickets and travel and home verticals to persist, which we expect will negatively impact our second half revenue. As a result, we now anticipate revenue between $320 million and $325 million for the full year 2024 or $322.5 million at the midpoint.

現在轉向我們的展望。我們正在更新先前在第一季電話會議上分享的 2024 年指南。正如我們所提到的，我們預計高端時尚門票以及旅行和家居垂直領域的逆風將持續存在，我們預計這將對我們下半年的收入產生負面影響。因此，我們現在預計 2024 年全年營收將在 3.2 億至 3.25 億美元之間，中間值為 3.225 億美元。

As Eido mentioned, we remain optimistic that an anticipated strong second half of new logo activity should result in an acceleration of growth in the fourth quarter. After previously factoring in some level of macroeconomic recovery in the back half of the year into our guidance, we no longer are including this recovery in our current assumptions at the new midpoint. As always, we will continue to monitor the performance and health of our merchants, consumer spending and the broader e-commerce landscape and the impact on our results.

正如 Eido 所提到的，我們仍然樂觀地認為下半年新標誌活動的強勁預期將導致第四季度的成長加速。在先前將今年下半年一定程度的宏觀經濟復甦納入我們的指引後，我們不再將這種復甦納入我們當前新中點的假設中。一如既往，我們將繼續監控商家的業績和健康狀況、消費者支出和更廣泛的電子商務環境以及對我們業績的影響。

Moving to our adjusted EBITDA outlook. As a result of our disciplined approach to managing the business and improved gross margin outlook, we now believe that our full year adjusted EBITDA will be between $13 million and $19 million, or $16 million to the midpoint. This represents an improvement of 7% from our range provided on our Q1 call in May and 19% from our initial guidance given on our Q4 '23 earnings call in March. The new midpoint of our adjusted EBITDA guide represents additional margin expansion of approximately 800 basis points from the prior year, demonstrating leverage in the business model.

轉向我們調整後的 EBITDA 前景。由於我們嚴格的業務管理方法和毛利率前景的改善，我們現在相信全年調整後的 EBITDA 將在 1,300 萬美元至 1,900 萬美元之間，或中點 1,600 萬美元。這比我們在 5 月第一季電話會議上提供的範圍提高了 7%，比我們在 3 月 23 年第四季財報電話會議上給出的初步指導提高了 19%。我們調整後的 EBITDA 指南的新中點代表利潤率比上一年增加了約 800 個基點，展示了業務模式的槓桿作用。

Overall, I'm encouraged by the first half of the year. I believe that our leading product platform and disciplined approach in managing the business will allow us to continue to progress towards our long-term goals while delivering value to our merchants and to our shareholders.

總的來說，我對今年上半年感到鼓舞。我相信，我們領先的產品平台和嚴格的業務管理方法將使我們能夠繼續朝著我們的長期目標前進，同時為我們的商家和股東創造價值。

Operator, we're ready to take the first question, please.

接線員，我們準備好回答第一個問題了。

(Operator Instructions)

（操作員說明）

And the first question will come from [Ramsey El-Assal] with Barclays.

第一個問題將來自巴克萊銀行的[Ramsey El-Assal]。

This is [Owen] on for Ramsey. Wanted to check in on the CrowdStrike outage earlier in July, the networks had called that out as having an impact on Q3. I wanted to see if -- and if your merchants had any technical issues. Now you largely operate on AWS, but any kind of insight there on the impact on Q3 expectations might be helpful.

這是拉姆齊的[歐文]。想要檢查 7 月初的 CrowdStrike 中斷情況，該網路稱其對第三季產生了影響。我想看看你們的商家是否有任何技術問題。現在，您主要在 AWS 上運營，但任何有關對第三季度預期影響的見解都可能會有所幫助。

Yes. Thank you for the question. There's no impact on Riskified or anything related to that we understand from our merchants related to the general CrowdStrike issue.

是的。謝謝你的提問。據我們從商家處了解的與一般 CrowdStrike 問題相關的 Riskified 或任何相關內容，這不會受到影響。

Great. That's good to hear. And just a quick follow-up for me. Just on the kind of more platform approach. It seems like you're making good progress on the cross-sell some of those new products. Just wondering if you could give us an update on the penetration rate potentially of your kind of current client base and some of the kind of longer runway you expect to have there? Any insight there would be helpful.

偉大的。很高興聽到這個消息。對我來說只是一個快速跟進。只是採用更多平台的方法。看來您在交叉銷售其中一些新產品方面取得了良好進展。只是想知道您是否可以向我們提供有關您當前客戶群的潛在滲透率以及您期望在那裡擁有的某種較長跑道的最新資訊？任何見解都會有幫助。

Sure. Happy to share an update there. I'll say, look, as kind of CEO, what gets me most energized is just speaking to our clients, seeing how they react to some of these newer additions and stuff we have in the pipeline and also the ROI and the value that it solves them.

當然。很高興在那裡分享更新。我會說，作為首席執行官，最讓我充滿活力的就是與我們的客戶交談，看看他們對我們正在開發的一些新產品和產品有何反應，以及投資回報率和它的價值解決了他們。

I think just from a numbers perspective, what we shared in the previous quarter, we've seen sequential improvements then, but we're still in that zone of kind of 0.5% improvement to the gross profit margin kind of 3x growth. We do have a fairly strong pipeline heading into the back half of the year. So I do expect a good end of the year on the new product side.

我認為，僅從數位角度來看，我們在上一季分享的內容中，我們已經看到了連續改善，但我們仍處於毛利率 3 倍增長的 0.5% 改善區域。我們確實有相當強大的管道進入今年下半年。因此，我確實希望新產品在今年底能有一個好的表現。

Ryan Tomasello with KBW.

KBW 的瑞安·托馬塞洛。

Agli, regarding the outlook, I was hoping you can put a finer point around what level of net dollar retention the current guidance reflects versus the original expectations at the beginning of the year? And if you can say how that breakdown looks between what you saw in the first half of the year in terms of net dollar retention versus what you're now looking for in the second half of the year?

Agli，關於前景，我希望您能更詳細地說明當前指導反映的淨美元保留水準與年初的原始預期相比是多少？如果您能說出您在今年上半年看到的淨美元保留率與您現在在下半年看到的情況之間的細分情況如何？

Yes, of course, thank you for the question. So, well, it's an annual number. At this point, it's not really a guide, but let me give you some direction. So we've previously shared at our Q1 earnings call that we've seen some trends leading to a lower dollar retention than what we saw last year, and we expect it to be closer to 100 and the 105.

是的，當然，謝謝你的提問。所以，這是一個年度數字。在這一點上，它並不是真正的指南，但讓我給你一些指導。因此，我們之前在第一季財報電話會議上表示，我們已經看到一些趨勢導緻美元保留率低於去年，我們預計它將接近 100 和 105。

Now because of the macro factors that we shared in our message just earlier, I think that a few percentage points below 100% is probably a fair assumption. And to give you an understanding of what are the main drivers, I would say that number one is really the removal of the recovery trends that we were baking in our numbers, and we just don't see that happening anymore.

現在，由於我們之前在訊息中分享的宏觀因素，我認為低於 100% 幾個百分點可能是一個合理的假設。為了讓您了解主要驅動因素是什麼，我想說的第一點實際上是消除我們在數據中烘焙的復甦趨勢，但我們只是不再看到這種情況發生。

So now at the midpoint, we don't expect any recovery numbers in the back half of the year, and we expect the back half to be kind of similar to the first half of the year.

因此，現在到了中期，我們預計下半年不會有任何復甦數據，我們預計下半年將與上半年相似。

The second factor is probably our annual dollar retention rate. Again, we look at it annually. Just again, it's not a guidance, but to give you some perspective, I think that I'm seeing just slight uptick in loss volume. I do expect it to be very much still in the range of just last year. Last year at 98%, maybe I do expect to be closer to 97% this year.

第二個因素可能是我們的年度美元保留率。同樣，我們每年都會審視它。再說一次，這不是一個指導，但為了給你一些觀點，我認為我看到損失量略有上升。我確實預計它仍將保持在去年的範圍內。去年是 98%，也許我預計今年會更接近 97%。

And the last factor that might be impacting our meltdown retention rate actually is a positive one. This year, we've seen a lot more new revenue coming from new logos, which is great, which is something that we've been working to, internally, to create the right incentive structure to accomplish that and really focusing on increasing our market share and penetrating in different industries. But that has impacted the little bit of the upsell and just the -- some effects on the net dollar retention. So overall, I think this is like a very positive factor overall, but it does impact the net dollar retention.

最後一個可能影響我們的熔毀保留率的因素實際上是正面的。今年，我們看到更多的新收入來自新徽標，這很棒，這是我們內部一直致力於創建正確的激勵結構來實現這一目標的事情，並真正專注於擴大我們的市場不同行業的分享和滲透。但這影響了一點點的追加銷售，並且只是對淨美元保留產生了一些影響。總的來說，我認為這總體上是一個非常積極的因素，但它確實影響了淨美元保留。

Great. I appreciate all that color. And then to Eido, one for you. As you continue to make progress building out the platform offering beyond just the chargeback guarantee. Can you say how the sales and go-to-market strategy is evolving at all to help support that initiative.

偉大的。我很欣賞所有這些顏色。然後是 Eido，一個適合您的。隨著您繼續取得進展，建立平台提供的不僅僅是退款保證。您能否介紹一下銷售和進入市場策略是如何演變的以幫助支持該計劃？

Agli, I think, just alluded to a new incentive structure around new logos. Last quarter, you called out some of these key stand-alone wins outside the chargeback guarantee and policy to protect and dispute resolved. Is there a lot of focus that you're putting on the sales force to emphasize those types of standalone deals? Just trying to understand how the go-to-market strategy is evolving here in light of the platform evolution.

我認為，阿格利只是暗示了圍繞新標誌的新激勵結構。上個季度，您在退款保證和政策保護和解決爭議之外提出了一些關鍵的獨立勝利。您是否對銷售人員投入了大量精力來強調這些類型的獨立交易？只是想了解進入市場策略是如何根據平台的演變而演變的。

Sure. That's a great question. I would say that at the start of the year, we definitely wanted to put a bigger focus on new logos to have more revenue come from new logos than from us. So we think that's important just from a market land share perspective, and we're happy to see some of the results there.

當然。這是一個很好的問題。我想說，在今年年初，我們肯定希望更加關注新徽標，以便從新徽標獲得比我們更多的收入。因此，我們認為從市場土地份額的角度來看這很重要，我們很高興看到其中的一些結果。

I think that our platform approach enables us to sell to more stakeholders and solve more ROI. And the value that we see there it's kind of higher win rates and competitive cycles. It means that, like you mentioned, we can sell into merchants that maybe are not looking for a chargeback solution right now, but they are interested in some of the other parts. But really, what we're seeing is more and more new deals are taking multiple parts of the platform.

我認為我們的平台方法使我們能夠向更多利益相關者銷售產品並解決更多投資回報率。我們在那裡看到的價值是更高的獲勝率和競爭週期。這意味著，就像您提到的那樣，我們可以向目前可能不尋求退款解決方案但對其他一些部分感興趣的商家進行銷售。但實際上，我們看到越來越多的新交易正在佔據該平台的多個部分。

I think we highlighted that large ticketing merchant that also started with dispute resolved. That large marquee client in Japan is actually starting with two products, but already signed for the third one to go live with that early next year. So it's definitely helping there as well.

我想我們強調了那個大型票務商也以解決爭議開始。日本的大客戶實際上從兩款產品開始，但已經簽署了第三款產品的合同，將於明年初投入使用。所以它肯定也有幫助。

Cris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

Great. You talked about accelerating growth in the fourth quarter. Is there any way to think about or put a framework around 2025 given the new sales activity?

偉大的。您談到了第四季的加速成長。鑑於新的銷售活動，是否有辦法考慮或製定 2025 年左右的框架？

I think it might be still a bit too early for us to really think through and model out '25. I think the acceleration we're seeing into the fourth quarter is just based on some of the new business activity and the growth in those areas that are helping accelerate there.

我認為對我們來說，真正思考並製定 25 年的模型可能還為時過早。我認為我們在第四季度看到的加速只是基於一些新的業務活動以及那些有助於加速的領域的成長。

But just to recap kind of what we mentioned, based on some of the earnings from some of the clients, the public clients that we work with, everyone is kind of expecting a slower back half of the year, especially around fashion, travel, sneakers, the home category, and we've been seeing that quarter-to-date is small, right? So that's kind of creating that lower outlook for the back half, within the fourth quarter based on some of those go lives that are already happening right now. And the third, that's going to offset some of the consumer spending weakness.

但回顧一下我們提到的，根據一些客戶、我們合作的公共客戶的一些收入，每個人都預計下半年會放緩，尤其是在時尚、旅行、運動鞋方面，家居類別，我們已經看到季度至今的規模很小，對吧？因此，根據目前已經發生的一些情況，第四季後半段的前景將會較低。第三，這將抵銷部分消費者支出的疲軟。

Great. Okay. And then it's great to see the continued expansion of margins, are you still comfortable with your 2026 EBITDA margin target of 15% to 20%? And can you just remind us of the road map to get there?

偉大的。好的。然後很高興看到利潤率持續擴大，您仍然對 2026 年 15% 至 20% 的 EBITDA 利潤率目標感到滿意嗎？您能提醒我們到達那裡的路線圖嗎？

Yes, sure. We're still thoroughly in line and very confident in those midterm targets. Like we mentioned, we have various levers that we understand how to pull in order to reach there and the results of this quarter in the guide standing still squarely 100%.

是的，當然。我們對這些中期目標仍然完全一致並且非常有信心。正如我們所提到的，我們有各種槓桿，我們知道如何拉動才能達到這一目標，並且指南中本季的結果 100% 保持不變。

Terry Tillman, Truist.

特里‧蒂爾曼，真理主義者。

Terry Tillman

特里·蒂爾曼

Yes. Maybe just the first question relates to -- if we just take the challenges within the installed base same-store sales activity aside and just the macro assumptions in the second half of the year, you are talking about new sales, there were upselling activity being resilient or relatively strong.

是的。也許第一個問題涉及 - 如果我們只考慮已安裝基礎同店銷售活動中的挑戰，僅考慮下半年的宏觀假設，那麼您談論的是新銷售，有追加銷售活動有彈性或相對較強。

I'm just curious what you've been doing internally more recently or over the intermediate term to enhance go-to-market, so whether it's field sales or marketing, branding. What are some of the things that you've been doing that you could call out to us that maybe could continue to drive this new business success going forward? And then I have a follow-up.

我只是好奇你最近或在中期在內部做了什麼來加強進入市場，無論是現場銷售還是行銷、品牌推廣。您一直在做的哪些事情可以向我們提出，這些事情也許可以繼續推動這項新業務的成功？然後我有一個後續行動。

I think it's a team effort, right? It's having the best product that allows you to show in POCs that you're the most accurate solution. It's having a differentiated product that has certain components around policy and disputes that are not available at competitors, but it's also having the best sales force that's able to explain and sell them the best way, the right marketing collaterals, the right training. So in that sense, it takes a village, and I think we continuously try to have better execution across all aspects.

我認為這是團隊的努力，對嗎？它擁有最好的產品，可以讓您在 POC 中展示您是最準確的解決方案。它擁有差異化的產品，其中包含競爭對手所不具備的有關政策和爭議的某些組成部分，但它也擁有能夠以最佳方式解釋和銷售產品的最佳銷售隊伍、正確的營銷資料和正確的培訓。所以從這個意義上說，這需要一個村莊，我認為我們不斷努力在各方面都有更好的執行力。

Yes. And maybe just a follow-up question. The concept of the growth reacceleration, I think you talked about it in the fourth quarter just based on the book of business you're signing and it's starting to roll out.

是的。也許只是一個後續問題。成長重新加速的概念，我認為您在第四季度只是根據您正在簽署的業務手冊談到了它，並且它已經開始推出。

I'm assuming you're probably not getting a whole full fourth quarter revenue contribution from some of this new business activity recently or in the near term, but maybe you could comment on that. And then the second part of that is, going forward, assuming there's not a marked decline from currently what you're assuming in the macro, do you think at some point you could grow through the same-store sales issues, and that could actually help growth reaccelerate just because of the broad book of business that you're bringing on?

我假設您最近或短期內可能無法從某些新業務活動中獲得完整的第四季度收入貢獻，但也許您可以對此發表評論。然後第二部分是，展望未來，假設與當前宏觀假設相比沒有明顯下降，您認為在某個時候您可以透過同店銷售問題實現成長嗎？

Yes, we're definitely happy with the diversity of the book of business. Even in some of the categories that we have a relatively high concentration in the category, it's across a wide range of merchants across a very wide range of geographies. And you're right to point out that right now, the macro is creating year-over-year declines. And even if we continue to see the current environment at some point, we would anticipate to stop seeing that type of decline in fact positively impact us.

是的，我們對商業書籍的多樣性非常滿意。即使在一些我們集中度相對較高的品類中，它也涵蓋了非常廣泛的地域的眾多商家。您正確地指出，目前宏觀經濟正在造成年減。即使我們在某個時候繼續看到當前的環境，我們也預計不會看到這種類型的下降實際上對我們產生積極影響。

Timothy Chiodo, UBS.

提摩西‧奇奧多，瑞銀集團。

Great. A few years ago, with the PSD2 in Europe and the liability shift that was created there, it did create some headwinds, and we'll [lap] that it's less of a toxin point these days. But at the time, there were certainly some transaction exceptions that you could still work on the transaction. You could still get the chargeback, the full chargeback liability products sold to the customer. There were also some other ways that you could support the merchants, whether it be policy abuse or other products.

偉大的。幾年前，隨著歐洲的 PSD2 以及在那裡產生的責任轉移，它確實造成了一些阻力，而且我們現在會發現它不再是一個毒點。但當時肯定存在一些事務異常，您仍然可以處理事務。您仍然可以獲得退款，即出售給客戶的全額退款責任產品。還有一些其他方式可以支持商家，無論是政策濫用或其他產品。

And at the time, there was also some thought of potentially been working with issuers, some of which sounds like you're doing now I wanted to shift that same framework or discussion around Apple Pay, Google Pay and other wallets that come with a similar liability shift.

當時，也有人考慮可能與發行人合作，其中一些聽起來就像你現在正在做的那樣，我想圍繞 Apple Pay、Google Pay 和其他具有類似功能的錢包轉移相同的框架或討論責任轉移。

And just to talk about some of the other things you could do with merchants as more and more volume shift to Apple Pay and Google Pay. Is it fair to assume that in some cases, that kind of takes those transactions out of the TAM for chargeback guarantee? And are there still ways that you could work with the merchants on Apple Pay and Google Pay transactions?

隨著越來越多的交易量轉向 Apple Pay 和 Google Pay，您可以與商家一起做一些其他事情。假設在某些情況下，這會將這些交易從 TAM 中剔除以獲得退款保證，這是否公平？還有什麼方法可以與商家合作處理 Apple Pay 和 Google Pay 交易？

Thanks for that question. Happy to explain. We definitely see Apple Pay within our merchants and the amount varies by the category. So for example, when you think about the food category, that's been very resilient and growing for us, probably have a higher concentration of Apple pay transactions relative to other industries like luxury fashion. The way we think about it is, hey, there's not always a guarantee or liability shift in those instances.

謝謝你提出這個問題。很樂意解釋。我們肯定會在我們的商家中看到 Apple Pay，而且金額因類別而異。例如，當你想到食品類別時，你會發現它對我們來說非常有彈性並且不斷增長，相對於奢侈品時尚等其他行業，蘋果支付交易的集中度可能更高。我們的想法是，嘿，在這些情況下並不總是有保證或責任轉移。

For example, if at the merchant initiated a transaction, there's no liability shift. If you have various geographies or you've seen certain limits, then there's no liability shift. And because of that, some of our merchants would prefer to send us those transactions for the guarantee. And some of our merchants would prefer to send us those transactions under what we call a scoring a non-guaranteed model.

例如，如果商家發起交易，則不存在責任轉移。如果您有不同的地理位置或您看到了某些限制，那麼就沒有責任轉移。正因為如此，我們的一些商家更願意向我們發送這些交易以獲得保證。我們的一些商家更願意在我們所謂的評分非保證模型下向我們發送這些交易。

We're very open to both of them. There's less of an impact on the total revenue for us in these scenarios. And let me give you a concrete example that happened a few weeks ago, right? We were in contract negotiations with the merchant and we would either offer them a blended risk-adjusted fee of 30 basis points for all the volume, including Apple Pay or there was an alternative offer that said a risk-adjusted fee of 35 basis points, right, for all of the credit card volume with a fixed fee of $0.10 for kind of, call it, Apple Pay transactions.

我們對他們倆都非常開放。在這些情況下，對我們總收入的影響較小。讓我舉一個幾週前發生的具體例子吧？我們正在與商家進行合約談判，我們要么向他們提供所有交易量 30 個基點的混合風險調整費用，包括 Apple Pay，要么提供另一種報價，即 35 個基點的風險調整費用，是的，對於所有信用卡交易量，固定費用為0.10 美元，稱為Apple Pay 交易。

So because our pricing is risk adjusted, we would assume that the comparable of Apple pay's included or not nets out to something very, very similar, which is very different than the PSD2 example, which created a loss in volume. On the market side, look, when we think about e-commerce, travel, remittance delivery ride hailing, that's probably an $8 trillion market today.

因此，由於我們的定價是經過風險調整的，因此我們假設 Apple Pay 包含或不包含在內的可比較結果非常非常相似，這與 PSD2 範例非常不同，PSD2 範例造成了銷售損失。在市場方面，當我們考慮電子商務、旅遊、匯款、叫車服務時，今天的市場可能達到 8 兆美元。

Obviously, you need to haircut some of those numbers to get to our true TAM. But you are right that the chargeback guarantee aspect of that is going to be a few trillion in volume. And there are a few hundred billion, maybe like low trillions right now. that's in alternative forms of payments where the liability might sit differently. So that's our overall approach there.

顯然，您需要削減其中一些數字才能獲得真正的 TAM。但你是對的，退款保證方面的數量將達到數兆美元。現在有幾千億，也許只有幾兆。這是一種替代付款方式，其責任可能會有所不同。這就是我們的整體方法。

Okay. That's really helpful context on the Apple Pay also the example that you gave. The next question is more of an industry question. Just given the data that you have and my understanding is the integrations are extremely thorough with your merchants, and therefore you get to see a lot of information that may be other others in the payments ecosystem don't see. But this topic or category of auto fill platforms, whether it be PayPal's Fastlane or Stride Bank or the shop anywhere offering, it's gaining attention within the investment community.

好的。這是關於 Apple Pay 的非常有用的背景，也是您給出的範例。下一個問題更多的是行業問題。根據您所掌握的數據，我的理解是與您的商家的整合非常徹底，因此您可以看到支付生態系統中其他人可能看不到的大量資訊。但這個主題或類別的自動填充平台，無論是 PayPal 的 Fastlane 或 Stride Bank 還是 Shop Anywhere 提供的服務，都在投資界引起了關注。

And what do you see from your seat if you had any thoughts on either uptick or advantage or conversion or if there's any liability shift that's involved with any of those offerings?

如果您對成長、優勢或轉換有任何想法，或者是否存在與這些產品相關的任何責任轉移，您從您的座位上會看到什麼？

I'm sorry, I would have to say that I'm generally familiar but it's definitely not something that I have kind of any numbers or analysis that I feel comfortable in sharing right now just without digging a bit deeper into that.

抱歉，我必須說我總體上很熟悉，但這絕對不是我現在可以輕鬆分享的任何數據或分析，只是沒有深入挖掘。

Reggie Smith, JPM.

雷吉·史密斯，JPM。

Congrats on the Japan retailer win. I guess this is going to be probably a tough question, but I'm curious if you can intextualize or quantify provide a little more color around your implementation pipeline, I guess, for the back half of the year, this year versus last year? And maybe talk about that like on the volume -- expected volume basis. Just curious, we're trying to better understand like what the growth stats kind of look like. So any color you could provide there would be helpful.

恭喜日本零售商獲勝。我想這可能是一個棘手的問題，但我很好奇你是否可以在你的實施管道中具體化或量化提供更多的色彩，我想，今年下半年，今年與去年相比？也許可以談論一下數量——預期數量的基礎。只是好奇，我們試著更了解成長統計數據是什麼樣的。因此，您可以提供的任何顏色都會有所幫助。

I think the trend is definitely seeing more diversification across products and geographies which, again as anticipated. makes sense. We have more mature products we have more success and better presentation in some of the newer geographies and more marquee clients using Japan as an example being able to onboard one of those top 10 merchants. That's an extremely well-known brand really helps us in the domestic Japan market to have more success there.

我認為趨勢肯定是產品和地理更加多樣化，這也正如預期的那樣。有道理。我們擁有更成熟的產品，在一些較新的地區和更多的大客戶（以日本為例）取得了更大的成功和更好的展示，能夠成為十大商家之一。這是一個非常知名的品牌，確實幫助我們在日本國內市場取得了更大的成功。

So I'm seeing that. I think Agli mentioned that we're seeing more new business wins, new logo activity as compared to upsell. So that was a big focus for us. So that's definitely something that you can feel within the pipeline. And I think that's kind of good color and how I would characterize it.

所以我看到了這一點。我認為阿格利提到，與追加銷售相比，我們看到了更多的新業務勝利、新標誌活動。所以這是我們的一個重點。所以這絕對是你可以在管道中感受到的東西。我認為這是一種很好的顏色，也是我描述它的方式。

Yes. And I guess following up on that, I mean, when I think about the holiday season, I generally think and I could be solely on base here that merchants don't want to do much before the holidays. These signings that you're talking about, are they expected to be implemented in the back half of this year? Or is that more of a 2025 type thing?

是的。我想接下來，我的意思是，當我想到假期時，我通常認為並且我可能完全有理由認為商家不想在假期前做太多事情。你說的這些簽約，預計今年下半年都會落實嗎？或者這更像是 2025 年的事？

We do only have a robust pipeline that we anticipate to go live between now and the end of the year. You're right that definitely some merchants, especially ones that have seasonality built into them. They have code freezes at some point, and that's taken into account. Other merchants by the way, in different categories are less impacted by that.

我們只有一個強大的管道，預計從現在到今年年底將投入使用。你是對的，肯定有一些商家，尤其是那些有季節性的商家。他們的代碼有時會凍結，這一點已被考慮在內。順便說一句，不同類別的其他商家受此影響較小。

And then one last question, maybe you can help me understand, looking at the comparisons from last year, you're stepping into optically easier compares in the back half of the year. I can appreciate that the macro is getting sensitive, but maybe help us kind of put all of that together.

最後一個問題，也許你可以幫助我理解，看看去年的比較，你將在今年下半年進入視覺上更容易的比較。我可以理解宏觀變得越來越敏感，但也許可以幫助我們將所有這些放在一起。

My math and then maybe some noise in here is that the sequential compare for growth in the back half of the year is probably 10 points easier. So I'm just trying to square that. I know we had the Beyonce and Taylor Swift thing last year. What more can you kind of tell us in terms of comparison to square those numbers a little bit. That's all I have.

我的數學計算以及這裡可能存在的一些噪音是，今年下半年的成長順序比較可能會容易 10 個百分點。所以我只是想解決這個問題。我知道去年我們有碧昂絲和泰勒絲的事。在比較方面，除了對這些數字平方一點之外，您還可以告訴我們什麼。這就是我所擁有的一切。

Yes, sure. So if I think about -- you're right, the back half of the year last year, we saw some softness already started to cut through the margin especially in high fashion, just fashion and the overall holiday seasons were more muted. So it should be a better and easier comparable this year. And maybe the other factor as well is like the home industry last year at the home industry, we were kind of going through a very large upsell.

是的，當然。因此，如果我想一想，你是對的，去年下半年，我們看到一些疲軟已經開始削弱利潤，特別是在高級時裝領域，只是時裝和整體假期季節更加平靜。所以今年應該會是更好、更容易比較的情況。也許另一個因素就像去年的家居產業一樣，我們經歷了非常大的追加銷售。

So home was very strong. But in Q4, specifically, home doesn't have like this uptick as in some of the other industry. So potentially, they should be easier as well. in terms of effect on Q4.

所以家的力量非常強大。但具體來說，在第四季度，家居產業並沒有像其他一些產業那樣出現這種成長。因此，它們也可能應該更容易。就對第四季的影響而言。

(inaudible) with DA Davidson.

（聽不清楚）與 DA Davidson。

Appreciate the update around the new logo trends. So I wanted to understand some of the feedback you got from the Ascend conference this year if that translated to any of the new business momentum you noted this quarter.

感謝有關新徽標趨勢的更新。因此，我想了解您從今年的 Ascend 會議上獲得的一些反饋是否轉化為您在本季度注意到的任何新業務動力。

Sure. So let me just recap what Ascend is in case not everyone is familiar. It's the annual risk of user conference. We just had it this past quarter. best Ascend we've ever had, more merchants, more prospects, more industry partners. And the feedback was really outstanding though. It was a great learning experience, a networking experience for our merchants, for us, it was a great way to receive some of this feedback.

當然。因此，讓我回顧一下 Ascend 是什麼，以防每個人都熟悉。就是一年一度的用戶大會風險。我們上個季度剛經歷過。我們擁有過的最好的登高，更多的商家，更多的前景，更多的產業夥伴。不過，回饋確實非常出色。對於我們的商家和我們來說，這是一次很棒的學習經歷，一個網路體驗，這是接收一些回饋的好方法。

And it definitely was a catalyst for a lot of new business conversations. I think people away -- people came out with a different appreciation on the depth and scope of the offering and the ultimate value. So we do see -- create ROI for them. We look forward to continuing with this event and other regional events in the future.

這無疑是許多新業務對話的催化劑。我認為人們對產品的深度和範圍以及最終價值有著不同的欣賞。所以我們確實看到——為他們創造投資報酬率。我們期待未來繼續舉辦這項活動和其他區域活動。

And then, I guess, lastly, you mentioned, I think it was Agli who mentioned you're excited about some of the Americas and the APAC growth where the company is gaining share. Could you maybe explain what you mean by gaining share? I mean, who -- is this coming from green sheet opportunities from homegrown solutions? Or this is more competitive displacement?

然後，我想，最後，你提到，我認為是 Agli 提到你對公司在美洲和亞太地區的一些成長感到興奮，因為這些地區的公司正在獲得份額。您能否解釋一下「獲得份額」是什麼意思？我的意思是，這是誰——這是來自本土解決方案的綠片機會嗎？或者說這是更具競爭力的位移？

I'd say that I'm very happy with some of the growth that we've seen in this region. So again, these are kind of smaller categories compared to some of the US region, which is the largest category for us. But being able to show distraction and continued growth is something that is significant.

我想說，我對我們在該地區看到的一些增長感到非常滿意。同樣，與美國某些地區相比，這些類別規模較小，而美國地區是我們最大的類別。但能夠表現出分散注意力和持續成長是很重要的。

And I would just highlight, I think there might be some slight nuances between geographies and who the exact competitor set is, but the overall thesis is the same. We work with large enterprises. Large enterprises have internal teams to manage this process. These internal teams use a variety of solutions, some of them more modern, some of them kind of more legacy. And we see that across all geographies.

我想強調的是，我認為地理位置和確切的競爭對手群體之間可能存在一些細微差別，但總體論文是相同的。我們與大型企業合作。大型企業有內部團隊來管理此流程。這些內部團隊使用各種解決方案，其中一些更現代，一些更傳統。我們在所有地區都看到了這一點。

Clarke Jeffries, Piper Sandler.

克拉克·傑弗里斯，派珀·桑德勒。

Clarke Jeffries

克拉克·傑弗里斯

AnalystFirst question is clarification, given the disparity and the growth rates that you're seeing in the region, I wanted to clarify the softness that you saw in Q3 and the sort of reflected change in the full year guidance. Were there specific regions that stuck out in terms of softness? Is it heavily weighted to, say, North America or a certain region or was there assumption change across all regions in the back half? And then one follow-up.

分析師的第一個問題是澄清，考慮到您在該地區看到的差異和成長率，我想澄清您在第三季度看到的疲軟以及全年指導中反映的變化。是否有特定區域的柔軟度表現突出？例如，它是否對北美或某個地區的權重很大，或者後半段所有地區的假設是否發生了變化？然後是一個後續行動。

Thank you for the question. So I would say that we called out EMEA as being softer. We kind of like previously projected that it's going to grow widely now, we project that it's going to be kind of flattish for the year. And the primary reason for this category compared to -- for this deal compared to other geos, is really the weighting of the industry. So some of the merchants there.

謝謝你的提問。所以我想說，我們認為歐洲、中東和非洲地區比較溫和。我們有點像之前預測的那樣，它現在將廣泛增長，我們預計今年的成長將持平。與其他地區相比，這一類別的主要原因實際上是該行業的權重。所以那裡的一些商人。

We do have a composition of merchants in EMEA, with a high weighting from fashion, from travel. And these are the categories that I called out as being softer and impacting kind of the numbers.

我們在歐洲、中東和非洲地區確實有一批商人，其中時尚和旅遊的權重很高。這些是我所說的比較溫和且有影響力的類別。

Perfect. And then a follow-up is just some of those product announcements that came out of Ascend policy decisions and Decision Studio. Could we get the timing of GA, if they're not already GA and maybe some of the benefits of that more self-serve functionality and how explicit were some of these product innovations from the sort of recommendation of customers or you sort of pushing the envelope of where you want to take the solution long term?

完美的。接下來是 Ascend 政策決策和 Decision Studio 發布的一些產品公告。我們能否了解 GA 的時間（如果它們還沒有 GA），也許還有更多自助服務功能的一些好處，以及來自客戶推薦或您推動的某些產品創新的明確程度。信封？

No, no problem. So the policy state that you're mentioning is part of our overall policy product, which enables merchants to individually tailor their policy decisions, but also leverage some of our network and machine learning capabilities in order to do that. That product has not been kind of officially as GA yet, but we're definitely looking for based on the feedback to release it to.

不，沒問題。因此，您提到的政策狀態是我們整體政策產品的一部分，它使商家能夠單獨定制他們的政策決策，但也可以利用我們的一些網路和機器學習功能來做到這一點。該產品尚未正式發佈為 GA，但我們肯定會根據反饋尋找發布該產品的目標。

And some of the other parts that we have launched, I think we mentioned on the release today, the Operate Enhance, the value that we've been seeing there. We also mentioned that in Ascend, which is where we can package and churn rich information with the card issuing bank, seeing over 100 basis points in improvement on participating merchants and banks. So there's definitely kind of a mix there of stuff that's already been released and providing value and stuff that's coming up soon.

我想我們在今天的發布中提到了我們推出的其他一些部分，即操作增強，我們在那裡看到了價值。我們也提到，在 Ascend 中，我們可以與發卡銀行打包和攪動豐富的訊息，看到參與商家和銀行的改進超過 100 個基點。因此，肯定存在已經發布並提供價值的內容和即將推出的內容的混合。

I show no further questions at this time. I would now like to turn the call back to Eido Gal for closing remarks.

我目前沒有提出任何進一步的問題。現在我想將電話轉回給 Eido Gal，讓其致閉幕詞。

Thank you, everyone, for joining our call. We look forward to updating you in the quarters ahead.

謝謝大家加入我們的電話會議。我們期待在未來幾季向您通報最新情況。

This does conclude today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。