Riskified Ltd (RSKD) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Riskified first quarter 2026 earnings call. (Operator Instructions) Please be advised that, today's conference is being recorded. I would like now to turn the conference over to [Cody Slach], Investor Relations for Riskified. Please go ahead.

各位女士、先生，感謝您耐心等候，歡迎參加 Riskified 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 Riskified 投資人關係部的 [Cody Slach]。請開始。

Good morning, and thank you for joining us today. We are hosting today's call to discuss Riskified's financial results for the first quarter of 2026. Participating on today's call are Eido Gal, Riskified's Co-Founder and Chief Executive Officer; and Aglika Dotcheva, Riskified's Chief Financial Officer. We released our results for the first quarter of 2026 earlier today. Our earnings materials, including a replay of today's webcast will be available on our Investor Relations website at ir.riskified.com.

各位早安，感謝您今天加入我們。我們舉辦今天的電話會議，旨在討論 Riskified 2026 年第一季的財務結果。今天參與會議的有 Riskified 共同創辦人兼執行長 Eido Gal，以及 Riskified 財務長 Aglika Dotcheva。我們已於今日稍早公布 2026 年第一季的業績。我們的財報資料（包含今日網路直播的重播）將可於我們的投資人關係網站 ir.riskified.com 取得。

Certain statements made on the call today will be forward-looking statements related to, without limitation, our operating performance, business and financial goals, outlook as to revenues, gross profit, pipeline generation, pipeline conversion, adjusted EBITDA profitability and adjusted EBITDA margins, which reflect management's best judgment based on currently available information and are not guarantees of future performance.

今天電話會議中所作的某些陳述將屬於前瞻性陳述，涉及但不限於我們的營運表現、業務與財務目標、對營收、毛利、商機管道（pipeline）生成、商機管道轉換、調整後 EBITDA 獲利能力以及調整後 EBITDA 利潤率的展望；這些內容反映管理層基於目前可得資訊所作的最佳判斷，並不保證未來表現。

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.

我們意圖使所有前瞻性陳述均受 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所載之安全港條款保護。這些前瞻性陳述反映我們截至本次電話會議日期的預期；除法律要求外，對於在本次電話會議之後可能發生的新發展所導致的資訊更新，我們不承擔修訂義務。

Please refer to our Annual Report on Form 20-F for the year ended December 31, 2025, and 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.

有關可能導致實際結果與我們預期存在重大差異之特定因素的更多資訊，請參閱我們截至 2025 年 12 月 31 日止年度的 Form 20-F 年度報告，以及我們其後向美國證券交易委員會（SEC）提交或提供的報告。

Additionally, we will discuss certain non-GAAP financial measures and key performance indicators on the call. Reconciliations 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，我們將在本次電話會議中討論若干非 GAAP 財務衡量指標與關鍵績效指標。與最直接可比的 GAAP 財務衡量指標之調節表，已載於我們今日稍早發布的財報新聞稿中，並已以 Form 6-K 形式向 SEC 提供，同時也收錄於我們投資人關係簡報的附錄；上述資料均已發布於我們的投資人關係網站。

I will now turn the call over to Eido.

現在我把電話會議交給 Eido。

Thanks, Cody, and hello, everyone. We're off to a strong start in '26 to date, and I'm pleased with the momentum we've been seeing across the business. Our performance this quarter was largely the product of disciplined execution across three fronts: converting the growing pipeline into new business at high rates, deepening our platform relationships with existing merchants, (technical difficulty) across new verticals and payment methods.

謝謝你，Cody，大家好。截至目前，2026 年我們有一個強勁的開局，我對我們在整體業務上所展現的動能感到欣慰。本季的表現主要來自於我們在三個面向的紀律性執行：以高轉換率將持續成長的商機管道轉化為新業務、加深與既有商戶的平台合作關係、（技術問題）拓展至新的垂直領域與支付方式。

In the first quarter, we delivered non-GAAP gross profit of $46.3 million and revenue of $88.3 million, up 13% and 7% year-over-year, respectively, along with adjusted EBITDA of $6.2 million, a 370% increase from the prior year. Allow me to highlight the key areas of execution that drove our results this quarter.

第一季，我們實現非 GAAP 毛利 4,630 萬美元、營收 8,830 萬美元，分別年增 13% 與 7%，同時調整後 EBITDA 為 620 萬美元，較去年同期成長 370%。接下來我將重點說明本季推動我們成果的關鍵執行領域。

Our pipeline grew substantially year-over-year with the US being the largest contributor, alongside continued momentum in international markets such as Japan and LatAm. From an industry perspective, we saw healthy activity, particularly in new emerging categories in our travel sub vertical. Travel was also supported by our recently announced partnership with Outpayce from Amadeus, which deepened our go-to-market reach into airlines globally and contributed to pipeline growth.

我們的商機管道較去年同期大幅成長，其中美國是最大貢獻來源，同時在日本與拉丁美洲等國際市場也持續展現動能。從產業角度來看，我們看到健康的活動量，尤其是在我們旅遊次垂直領域中新興類別的表現。旅遊業務亦受惠於我們近期宣布與 Amadeus 旗下 Outpayce 的合作夥伴關係，該合作加深了我們面向全球航空公司的市場推進（go-to-market）觸及範圍，並帶動商機管道成長。

Our competitive win rates in the first quarter remained above 75%, a testament to the strength and differentiation of our platform. 5 of our top 10 new logos won in Q1 were headquartered outside of the United States, with those five wins spanning three verticals: General, Home and Tickets & Travel.

第一季我們的競爭性贏單率仍維持在 75% 以上，這證明了我們平台的實力與差異化優勢。第一季贏得的前 10 大新客戶（logo）中，有 5 家總部位於美國以外；這 5 個贏單橫跨三個垂直領域：綜合、家居，以及票券與旅遊。

We believe that the momentum built in Q1 reinforces our ability to convert our pipeline into paying merchants at high rates in the quarters to come. Over the course of the first quarter, our committed revenue position for '26 and beyond strengthened, reflecting the durable long-term relationships we continue to build with our merchants.

我們認為，第一季所建立的動能強化了我們在未來幾季以高比率將商機管道轉化為付費商戶的能力。在第一季期間，我們 2026 年及之後的已承諾營收部位進一步增強，反映出我們持續與商戶建立的長期穩固關係。

Moving to product. We have seen strong demand for ACH fraud intelligence for merchants, supporting our thesis that our fraud platform applies across the full spectrum of digital transactions, not just traditional card payments. We positioned ourselves to capture that demand by investing in building ACH-specific models and bespoke features over the past few years, and that investment is now contributing meaningfully to incremental gross profit this quarter. Three of our top 10 deals this quarter were in the ACH space, featuring our largest new logo win.

接著談產品。我們看到商戶對 ACH 詐欺情資（fraud intelligence）的需求強勁，支持我們的論點：我們的反詐平台適用於數位交易的完整光譜，而不僅限於傳統的卡片支付。過去幾年我們投入建置 ACH 專用模型與客製化功能，使我們得以掌握這股需求，而這項投資如今在本季對增量毛利做出了顯著貢獻。本季前 10 大交易中有 3 筆來自 ACH 領域，其中包含我們最大的新客戶贏單。

Each new ACH transaction we process deepens our data advantage, sharpening our models and reinforcing the flywheel effect that compounds performance improvements over time. As noncard payment methods continue to proliferate, we believe we are well positioned to protect merchants no matter how consumers choose to pay. We expect this to be a growing theme throughout '26 as recently onboarded merchants in this category continue to ramp.

我們每處理一筆新的 ACH 交易，都會加深我們的資料優勢，讓模型更精準，並強化隨時間累積、持續放大效能改善的飛輪效應。隨著非卡支付方式持續普及，我們相信無論消費者選擇何種支付方式，我們都具備良好定位來保護商戶。我們預期，隨著近期在此類別上線的商戶持續放量，這將成為 2026 年全年的一個成長主題。

We have also seen traction in our nonpayment fraud products, demonstrating that our platform is gaining momentum beyond our core chargeback guarantee offering. The number of merchants who are using more than one product grew approximately 50% year-over-year, and these accounts now drive over 30% of our revenue base. Multiproduct merchants also generally carry a stronger margin profile.

我們也在非支付詐欺產品上看到進展，顯示我們的平台正逐步在核心的拒付擔保（chargeback guarantee）方案之外取得動能。使用超過一項產品的商戶數量年增約 50%，而這些帳戶目前貢獻我們超過 30% 的營收基礎。多產品商戶通常也具備更強的利潤率結構。

During the quarter, we also released our first stand-alone identity data product. Allow me to explain. One of our most unique assets is our graph database of hundreds of millions of identities with billions of nodes. This graph is built from the global data of hundreds of the world's largest e-commerce merchants. We cluster, tag and update this graph in real time and leverage it to power our product suite and AI models.

本季期間，我們也發布了第一個獨立的身分資料產品。容我說明。我們最獨特的資產之一，是由數億個身分（identities）與數十億個節點所構成的圖形資料庫（graph database）。此圖譜由全球數百家世界最大電商商戶的資料所建立。我們即時對該圖譜進行聚類、標記與更新，並用以驅動我們的產品組合與 AI 模型。

Now for the first time, we are making this data available to our merchants to leverage in real time across the entire customer journey. Our first use case involves identity intelligence integrated directly into service workflows, including CRM and service consoles.

如今我們首次將這些資料提供給商戶，使其能在整個客戶旅程中即時運用。我們的第一個使用情境，是將身分情資（identity intelligence）直接整合進服務工作流程中，包括 CRM 與客服工作台（service consoles）。

Agents receive a real-time risk score the moment a customer contacts them, enabling them to fast track loyal members and apply the right friction to serial of users. Merchants using this capability have seen an up to a 30% reduction in complaint rates and in several cases, a seven-figure reduction in refund and return costs.

客服人員在客戶聯繫的當下即可收到即時風險分數，使其能快速通行忠誠會員，並對連續性（慣犯）使用者施加適當的摩擦（驗證強度）。使用此能力的商戶已看到客訴率最多可降低 30%，且在若干案例中，退款與退貨成本降低達百萬美元等級。

Our recently announced partnership with Rue Gilt Groupe, where we are integrated directly into their Zendesk service console is the clearest proof point of this in action. We are still in the early stages, and we look forward to sharing more as this matures, but the pipeline and merchant conversations it has generated so far give us confidence this represents a meaningful expansion of our addressable opportunity.

我們近期宣布與 Rue Gilt Groupe 的合作夥伴關係（我們已直接整合至其 Zendesk 客服工作台）是此方案落地運作的最明確佐證。我們仍處於早期階段，並期待隨著成熟度提升分享更多進展；但迄今由此帶來的商機管道與商戶對話，讓我們有信心這代表我們可服務市場機會的一項重要擴張。

We recently hosted Ascend 26 North America, the first stop in our global event series for e-commerce risk management leaders. Among hundreds of large enterprise e-commerce leaders representing more than $1.1 trillion in total processing volume, we introduced Riskified ARIA, our AI Risk Intelligence Analyst.

我們近期在北美舉辦了 Ascend 26，這是我們面向電商風險管理領導者的全球活動系列的第一站。在數百位大型企業電商領導者（合計處理量超過 1.1 兆美元）與會之際，我們推出了 Riskified ARIA——我們的 AI 風險智慧分析師。

Leveraging ARIA, merchants can use simple conversational language to instantly zoom in on transaction level explainability, visualize specific performance trends or isolate specific risk indicators. ARIA serves as an always-on risk analyst that provides risk intelligence and insight across every touch point of the buyer journey in plain language and in seconds.

運用 ARIA，商家可用簡單的對話式語言，即時聚焦到交易層級的可解釋性、視覺化特定績效趨勢，或隔離特定風險指標。ARIA 作為一名全天候的風險分析師，以淺白語言在數秒內，於買家旅程的每個接觸點提供風險情報與洞察。

On our prior earnings call, we shared that we were seeing general purpose LLMs being used for discovery purposes and not checkout, while merchants were focusing on native LLMs designed to handle the full shopping journey.

在我們先前的財報電話會議中，我們分享過：我們看到通用型 LLM 多用於探索（discovery）而非結帳（checkout），而商家則聚焦於能處理完整購物旅程的原生 LLM。

One quarter on, that remains the case. While still nascent, we now have merchants leveraging Riskified as the identity and risk intelligence layer that makes those interactions both safe and economically viable. The dialogue with merchants on this topic has continued to deepen, and we see it as a growing driver of pipeline and strategic engagement heading into the rest of '26.

一個季度過去，情況仍然如此。雖然仍處於早期階段，但我們現在已有商家將 Riskified 作為身分與風險智慧層，使這些互動同時兼具安全性與經濟可行性。我們與商家在此議題上的對話持續深化，我們也將其視為推動 '26 年剩餘期間管線與策略性合作的日益重要動能。

Moving to distribution. We've started expanding our reach through new channels. This quarter, we've launched dispute resolve for Shopify, expanding our reach directly into a large and growing merchant ecosystem.

接著談分銷。我們已開始透過新通路擴大觸及範圍。本季度，我們為 Shopify 推出爭議解決（dispute resolve），將我們的觸角直接延伸至一個龐大且持續成長的商家生態系。

We also announced our partnership with Radial, one of North America's largest e-commerce solutions and omnichannel fulfillment providers, embedding our fraud and risk intelligence at the intersection of payment processing and fulfillment. This reflects our broader strategy to make our platform easily accessible for everyone.

我們也宣布與 Radial 合作；Radial 是北美最大的電商解決方案與全通路履約服務供應商之一，我們將詐欺與風險智慧嵌入於支付處理與履約的交會點。這反映了我們更廣泛的策略：讓每個人都能輕鬆使用我們的平台。

I'm excited by the increasing velocity of our product releases enabled by Agentic coding tools. We believe that our deep integrations and network data allow us to provide an expanding set of services and that what we are building across products, channels, payment methods and geographies is showing up where it matters in pipeline growth, high win rates and an addressable market that we believe continues to expand. We enter the rest of '26 with confidence in our growth trajectory.

我對於在 Agentic 程式開發工具的助力下，我們產品發布速度持續提升感到振奮。我們相信，深度整合與網路數據使我們能提供不斷擴展的服務組合；而我們在產品、通路、支付方式與地理區域上的建設，正體現在最關鍵之處：管線成長、高勝率，以及我們認為仍在擴大的可服務市場。我們帶著對成長軌跡的信心進入 '26 年的剩餘期間。

I will now turn it over to Agi for a deeper dive into our financial results.

接下來我將把時間交給 Agi，請她更深入說明我們的財務結果。

Thank you, Eido, team and everyone, for joining today's call. Unless otherwise noted, this discussion will reference non-GAAP financial measures. We have provided a reconciliation of GAAP to non-GAAP financial measures in our earnings release.

謝謝你，Eido、團隊以及各位參與今天的電話會議。除非另有說明，本段討論將引用非 GAAP 財務衡量指標。我們已在財報新聞稿中提供 GAAP 與非 GAAP 財務衡量指標的調節表。

Our GMV for the first quarter was $37.2 billion, reflecting a 9% increase year-over-year. We achieved first quarter revenue of $88.3 million, up 7% year-over-year. Our GMV and revenue growth during this quarter was primarily driven by continued new merchant and upsell activity. Our first quarter billings grew 11% compared to reported revenue growth of 7%, a gap that is among the widest we have seen in several years.

第一季的 GMV 為 372 億美元，年增 9%。第一季營收為 8,830 萬美元，年增 7%。本季 GMV 與營收成長主要由持續的新商家導入與加購（upsell）活動所帶動。第一季帳單金額（billings）年增 11%，相較於營收年增 7% 的表現，兩者差距為我們數年來所見最大之一。

This reflects the timing of revenue recognition under our guarantee accounting framework, and we expect this variance to narrow as we move throughout the year with billings and revenue growth converging on a full year basis, consistent with prior years.

這反映了在我們的保證（guarantee）會計架構下，收入認列時點的影響；我們預期隨著年度推進，該差異將縮小，帳單金額與營收成長將在全年基礎上趨於一致，與過往年度一致。

Billings growth in the first quarter was broad-based across nearly all of our categories, led by Tickets & Travel and Money Transfer and Payments. Tickets & Travel grew approximately 18% year-over-year, driven by upsell activity across both the verticals and continued same-store sales momentum in travel.

第一季帳單金額成長在幾乎所有類別均呈現廣泛分布，其中以票券與旅遊（Tickets & Travel）以及匯款與支付（Money Transfer and Payments）領先。票券與旅遊年增約 18%，主要由跨兩個垂直領域的加購活動，以及旅遊同店銷售動能持續所帶動。

Notably, tickets and live events returned to positive growth after several quarters of contraction, and we expect it to remain a positive contributor throughout the year. Our Money Transfer and Payments category grew 30% year-over-year, driven by strong upsell activity with existing merchants. These gains were partially offset by softness in our fashion and luxury vertical concentrated in APAC, driven primarily by a strong prior year comparable period.

值得注意的是，票券與現場活動在連續數季下滑後重回正成長，我們預期其將在全年持續成為正向貢獻者。匯款與支付類別年增 30%，主要由既有商家的強勁加購活動帶動。上述成長部分被亞太地區（APAC）較為集中的時尚與奢侈品垂直領域走弱所抵銷，主要原因是去年同期基期較高。

Looking ahead, we expect our Tickets & Travel, Money Transfer and Payments and Fashion & Luxury categories to collectively approximate 75% of total billings for the year. Within that, we expect Tickets & Travel and Money Transfer and Payments to sustain strong growth throughout 2026, while we expect fashion and luxury to revert to growth as the year progresses.

展望未來，我們預期票券與旅遊、匯款與支付，以及時尚與奢侈品三大類別合計將約占全年總帳單金額的 75%。其中，我們預期票券與旅遊以及匯款與支付在 2026 年將維持強勁成長；而時尚與奢侈品則預期將隨著年度推進恢復成長。

Turning to our regional performance, bidding through across all regions during the first quarter, driven by a combination of new logo wins and upsell activity. The United States, our largest region, grew 10% year-over-year, returning to positive growth.

接著看區域表現，第一季帳單金額在所有地區均有成長，主要由新客戶（new logo）贏單與加購活動共同帶動。美國作為我們最大的地區，年增 10%，重回正成長。

APAC grew 15% and is expected to accelerate as the year progresses. Other Americas grew approximately 11% and EMEA delivered approximately 11% growth, supported by same-store sales performance in the Tickets & Travel vertical.

亞太地區年增 15%，且預期將隨著年度推進而加速。其他美洲地區年增約 11%；EMEA 亦實現約 11% 成長，主要受票券與旅遊垂直領域的同店銷售表現支撐。

We believe that our broad-based growth across geographies reflects ongoing market share gains globally. Our gross profit for the first quarter was $46.3 million, reflecting a 13% increase year-over-year. The growth was primarily driven by the contribution of new business onboarded over the past year. This was further supported by improved performance across our existing merchant base, with particular strength in our Money Transfer and Payments category, reflecting ongoing enhancements to our core machine learning model.

我們相信，跨地理區域的廣泛成長反映了我們在全球持續提升市占。第一季毛利為 4,630 萬美元，年增 13%。成長主要由過去一年導入的新業務貢獻所帶動。此外，既有商家基礎的表現改善亦提供支撐，其中匯款與支付類別尤為強勁，反映我們對核心機器學習模型的持續強化。

Nonpayment front products contributed incrementally, reflecting the continued broadening of our platform, as did ACH, where expanding merchant demand is deepening the contribution of our fraud capabilities across a growing set of payment flows. As a result of our solid first quarter, we now expect our gross profit growth range to be between 8% to 12% for the full year. At the midpoint, this implies quarterly growth generally around 10%. In addition, we estimate that each quarter in 2026 will approximate the same percentage of the total as they did in 2025.

非支付前端產品亦帶來增量貢獻，反映我們平台持續擴展；ACH 亦是如此，隨著商家需求擴大，我們的詐欺能力在日益多元的支付流程中貢獻更深。基於第一季的穩健表現，我們目前預期全年毛利成長區間為 8% 至 12%。以中位數計算，意味著季度成長通常約為 10%。此外，我們估計 2026 年各季度占全年總量的比例，將大致與 2025 年相同。

Moving to expenses. We continue to manage the business in a focused and disciplined manner. Total non-GAAP operating expenses were $40.1 million for the first quarter. Our non-GAAP operating expenses as a percentage of revenue declined year-over-year from 48% in Q1 of 2025 to 45% in Q1 of 2026, and on a constant currency basis to 42%, reflecting ongoing leverage in the business model.

接著談費用。我們持續以聚焦且自律的方式管理業務。第一季非 GAAP 營運費用總額為 4,010 萬美元。非 GAAP 營運費用占營收比重年減，從 2025 年第一季的 48% 降至 2026 年第一季的 45%；若以固定匯率（constant currency）計算則為 42%，反映商業模式持續產生槓桿效益。

This came in below our anticipated range of $41 million to $42 million per quarter, driven by the timing of certain expenses that shifted into the second quarter. As a result, we expect the second quarter to be approximately $43 million.

該數字低於我們原先預期的每季 4,100 萬至 4,200 萬美元區間，主要因部分費用的認列時點延後至第二季。因此，我們預期第二季約為 4,300 萬美元。

For the second half of the year, we continue to expect quarterly expenses to approximate between $42 million to $43 million, consistent with our prior guidance. We achieved adjusted EBITDA of $6.2 million in the first quarter, up 370% from $1.7 million in Q1 of 2025, reflecting the continuing leverage in our cost structure as the business scales.

對於下半年，我們仍預期季度費用約介於 4,200 萬至 4,300 萬美元之間，與先前指引一致。第一季調整後 EBITDA 為 620 萬美元，較 2025 年第一季的 170 萬美元成長 370%，反映隨著業務規模擴大，我們成本結構的槓桿效益持續提升。

On a GAAP basis, we reported a net loss of $4.4 million in the first quarter of 2026 compared to a net loss of $13.9 million in Q1 of 2025, an improvement of 68% year-over-year, primarily reflecting lower share-based compensation expense and ongoing discipline in our overall compensation program. I'm encouraged about this progress and our continued execution as we continue taking steps to narrow the gap towards GAAP profitability.

按 GAAP 基礎計算，我們在 2026 年第一季報告淨虧損 440 萬美元，相較於 2025 年第一季淨虧損 1,390 萬美元，年增改善 68%，主要反映較低的股份基礎薪酬費用，以及我們在整體薪酬計畫上持續的紀律性管理。我對這項進展以及我們持續落實執行感到鼓舞，因為我們持續採取措施，縮小與 GAAP 獲利之間的差距。

Moving to the balance sheet. We ended the first quarter with approximately $276 million of cash, deposits and investments, and continue to carry zero debt. In addition, we continue to maintain a healthy cash flow model.

接著看資產負債表。第一季結束時，我們持有約 2.76 億美元的現金、存款與投資，並持續維持零負債。此外，我們也持續維持健康的現金流模型。

In the first quarter, we achieved free cash flow of $9 million. We expect approximately $40 million of positive free cash flow in 2026. During Q1 of 2026, we repurchased approximately 6.2 million shares at an average price per share of $4.44 for total consideration of $27.5 million, which contributed to a reduction of 3% in total shares outstanding.

第一季我們達成 900 萬美元的自由現金流。我們預期 2026 年將有約 4,000 萬美元的正向自由現金流。在 2026 年第一季期間，我們以每股平均 4.44 美元回購約 620 萬股，總對價 2,750 萬美元，促使流通在外總股數減少 3%。

Since the inception of our buyback program in the fourth quarter of 2023, we have repurchased approximately 58.2 million shares for a total price of $287 million, which helped contribute to a 19% reduction in total shares outstanding over that period.

自我們於 2023 年第四季啟動回購計畫以來，我們已回購約 5,820 萬股，總金額 2.87 億美元，並在該期間協助推動流通在外總股數減少 19%。

We believe that our strong balance sheet and liquidity position are strategic assets that provide us with the flexibility to navigate a range of operating environments. We intend to remain disciplined and thoughtful in how we deploy capital to create long-term shareholder value.

我們相信，強健的資產負債表與流動性部位是策略性資產，能讓我們具備彈性以因應各種營運環境。我們將持續以嚴謹且審慎的方式配置資本，以創造長期股東價值。

And now turning to our outlook. As a result of our first quarter performance, we are raising the low end of our full year guidance range across both metrics. We now anticipate full year revenue to be between $376 million and $384 million or $380 million to the midpoint. This reflects the flow-through of our first quarter revenue performance as well as an incremental rate to our outlook based on the momentum we're seeing in the business. We anticipate all of the quarters in 2026 to reflect a similar percentage of the total revenue as they did in 2025.

接著談我們的展望。基於第一季的表現，我們上調全年指引區間在兩項指標上的下緣。我們目前預期全年營收介於 3.76 億至 3.84 億美元之間，中點為 3.80 億美元。這反映第一季營收表現的延續效應，以及基於我們在業務動能上所見而對展望做出的額外上修。我們預期 2026 年各季占全年總營收的比例，將與 2025 年相近。

We currently expect adjusted EBITDA to be between $28 million and $34 million or $31 million to the midpoint, up from our prior range of $26 million to $34 million. The primary factors that may determine where we fall within each range are consistent with what we shared last quarter, the timing of new merchant go-lives and existing merchant upsells, our success in retaining our merchants and the broader macro environment.

我們目前預期調整後 EBITDA 介於 2,800 萬至 3,400 萬美元之間，中點為 3,100 萬美元，高於先前的 2,600 萬至 3,400 萬美元區間。決定我們落在各區間何處的主要因素，與我們上季分享的一致，包括新商戶上線與既有商戶加購的時點、我們留住商戶的成效，以及更廣泛的總體環境。

We're pleased with how the year has started. Gross profit grew 13%. We raised the low end of our full year guidance on both revenue and adjusted EBITDA, and we continue to generate meaningful free cash flow. We remain focused on our execution and believe we are well positioned to continue driving profitable growth.

我們對今年的開局感到滿意。毛利成長 13%。我們上調全年營收與調整後 EBITDA 指引的下緣，並持續產生可觀的自由現金流。我們仍專注於執行，並相信我們已具備良好條件，持續推動具獲利性的成長。

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，請。

(Operator Instructions)

(接線員指示)

Terrell Tillman, Truist.

Terrell Tillman，Truist。

Connor Passarella on for Terrell. Eido, you highlighted the success in ACH-related use cases this quarter, including your largest new logo win. Can you help us understand how materially ACH and other alternative payment methods expand the long-term addressable market for Riskified? And as you move deeper into those workflows, how does the competitive landscape differ versus traditional markets you served?

我是代 Terrell 發問的 Connor Passarella。Eido，你提到本季在 ACH 相關使用情境上取得成功，包括你們最大的新客戶（new logo）贏單。你能否協助我們理解，ACH 與其他替代性支付方式在多大程度上擴大了 Riskified 的長期可服務市場（TAM）？以及當你們更深入這些工作流程時，相較於你們過去服務的傳統市場，競爭格局有何不同？

Sure, Connor. Thanks for the question. The way I would view it is that merchants are looking at an increasingly complex landscape. They need to be able to support both ACH, both digital wallets, both stablecoins, obviously, credit card transactions, other smaller localized payment methods. They need to be able to secure accounts that have stored financials. So there's a lot of dispersion kind of risk vectors that they're looking to solve. And I think that they're looking at, hey, how do we kind of consolidate and create a single best-in-breed vendor that can help us across these various channels.

當然，Connor。謝謝你的問題。我的看法是，商戶正面對日益複雜的環境。他們需要能同時支援 ACH、數位錢包、穩定幣，當然也包括信用卡交易，以及其他較小的在地化支付方式。他們也需要能保護那些儲存了金融資訊的帳戶。因此，他們要解決的風險向量相當分散。我認為他們在思考的是：我們如何整合，並建立一個單一、同級最佳（best-in-breed）的供應商，能在這些不同通路上協助我們。

And we've really seen a lot of success kind of this wider platform that helps solve multiple payment use cases be successful. So in that sense, we actually see ACH and digital payments and some of these other things that I mentioned, they just help us with all payment methods, right? Because there's both some interaction between the types of fraud and that kind of focus on single vendor capabilities.

而我們確實看到，這種更廣泛的平台能解決多種支付使用情境，並取得很大成功。因此從這個角度來看，我們其實把 ACH、數位支付以及我提到的其他項目，視為能幫助我們涵蓋所有支付方式，對吧？因為不同詐欺類型之間存在互動，同時也凸顯了單一供應商能力的重要性。

Great. That's helpful. And then just as a follow-up, you partnered with Shopify for a number of years. And this quarter, you expanded that relationship with the launch of Dispute Resolve for those merchants. As you deepen the integration within the Shopify ecosystem, do you see the partnership becoming a more meaningful growth driver over time from both a customer acquisition and multiproduct adoption standpoint?

很好。這很有幫助。接著追問一下，你們與 Shopify 合作多年。而本季你們透過為這些商戶推出 Dispute Resolve，擴大了這段合作關係。隨著你們在 Shopify 生態系中加深整合，你是否看到這項合作在時間推進下，從客戶獲取與多產品採用兩個面向，成為更重要的成長驅動力？

I think taking a step back, we've always been very focused on our direct-to-merchant enterprise sales motion. And the reason being some of the configurations and the modeling and the operational environment required to successfully deploy leverage Riskified. And over the past few quarters, as we've been working on it, we've developed what we view to be a best-in-breed reseller and kind of rethought about the distribution channel. And for us, it's kind of making sure that the Riskified platform is easily available to anyone everywhere.

我想先退一步說明，我們一直非常專注於直接面向商戶的企業級銷售模式。原因在於，要成功部署並運用 Riskified，需要一些設定、建模以及營運環境。而在過去幾季，隨著我們持續投入，我們打造出我們認為同級最佳的經銷（reseller）模式，並重新思考了分銷通路。對我們而言，重點是確保 Riskified 平台能讓任何人在任何地方都能輕鬆取得。

So as part of this strategy, kind of revamping both the capabilities on Shopify, but also thinking about -- we announced the partnership with Radial, which has wider platform components. We announced a deeper integration with Outpayce, Amadeus to enable more travel merchants. So I think it's kind of revamping the distribution channel to make it easier for merchants globally to consume Riskified.

因此，作為這項策略的一部分，我們一方面強化 Shopify 上的能力，同時也在思考——我們宣布與 Radial 的合作，其包含更廣泛的平台組件。我們也宣布與 Outpayce、Amadeus 更深度整合，以支援更多旅遊商戶。所以我認為，這是在重塑分銷通路，讓全球商戶更容易採用 Riskified。

(Operator Instructions)

(接線員指示)

Ryan Tomasello, KBW.

Ryan Tomasello，KBW。

This is Huan Chong on for Ryan. So nice to see that 50% growth in merchants using more than one solution. Could you maybe share an update on what you're assuming for ancillary non-chargeback product revenue for the year? I think previously, you called out $15 million to $20 million in 2026.

我是代 Ryan 發問的 Huan Chong。很高興看到使用超過一項解決方案的商戶成長 50%。你能否分享一下，你們對今年附加的、非拒付（non-chargeback）產品營收的假設更新？我記得你們先前提到 2026 年為 1,500 萬到 2,000 萬美元。

Yes. And we definitely still feel we're still on track to achieve that target. We're very happy with the growth in the kind of multiproduct adoption. It's predominantly being driven by policy and dispute. We see kind of better satisfaction with multiproduct merchants. We see better incremental gross profit, better overall retention. So we think that the strategy is working well.

是的。我們確實仍然認為有望達成該目標。我們對多產品採用的成長非常滿意。這主要由 policy 與 dispute 所帶動。我們看到多產品商戶的滿意度更高。我們看到更好的增量毛利、更佳的整體留存。因此我們認為這項策略運作良好。

Great. And also, thanks for sharing details on the new product enhancement. Could you maybe share a sense of how ARIA and the identity database risk scoring tool will be monetized and maybe help us size that opportunity?

太好了。另外，也感謝你分享新產品強化的細節。你能否分享一下 ARIA 和身分資料庫風險評分工具將如何變現，並且或許幫助我們評估這個機會的規模？

Of course. So let me also just recap what ARIA is, right? Let's say you're a fraud manager and you see a dip in approval rates overnight and your CEO is calling you and asking, hey, what happened? You can now, in simple text say, hey, why did my approval rate drop by 2% last night? And you would get a clear explanation. There was a fraud ring with so and so characteristics. You can continue to dive deeper into this fraud ring. And what's unique about this is that both has our network data to allow you to create better insights for your business.

當然。那我也先簡單回顧一下 ARIA 是什麼，好嗎？假設你是詐欺管理人員，發現核准率一夜之間下滑，而你的 CEO 打電話來問你：嘿，發生什麼事？你現在可以用簡單的文字問：嘿，為什麼我昨晚的核准率下降了 2%？你就會得到清楚的解釋。例如：出現了一個具有某些特徵的詐欺集團。你還可以繼續更深入地探查這個詐欺集團。而其獨特之處在於，它同時結合了我們的網路資料，讓你能為你的業務產生更好的洞察。

But we've also structured the data in a way that things, like what's an approval rate, what's a fraud ring, it actually makes sense. You can interact with that. And it's been a very clear merchant demand and ask. And right now, we're rolling it out and it's available to every single Riskified customer and the feedback so far has been tremendous on that. So that's on Riskified ARIA.

但我們也以一種讓資料更有意義的方式來結構化，例如什麼是核准率、什麼是詐欺集團，這些概念都能對得上。你可以與之互動。而且這一直是商戶非常明確的需求與要求。目前我們正在推廣上線，所有 Riskified 客戶都可使用，迄今收到的回饋非常好。以上是關於 Riskified ARIA。

On the Riskified identity, we've spent a lot of time building our graph database over the past few years. And the graph database separate from linking, what's unique about it is it can do linking and can do multi-hops. And really, this is a way for us to understand identities better and understand is this a reshipper? Is this a shared address with multiple identities and it can create these various identities in real time. And that's very helpful and important for us as we're powering some of the features and the capabilities of products like Policy Protect, right? What's the return ratio of this identity, what's the abuse ratio.

至於 Riskified Identity，我們在過去幾年投入大量時間建置我們的圖形資料庫。這個圖形資料庫不同於單純的關聯（linking），其獨特之處在於它既能做關聯，也能做多跳（multi-hop）關聯。而這確實是一種讓我們更好理解身分的方式，並判斷這是否為轉運者（reshipper）。是否為多個身分共用的地址，並且能即時建立這些不同的身分關係。這對我們非常有幫助也很重要，因為它正在支撐像 Policy Protect 這類產品的一些功能與能力。例如：這個身分的退貨比率是多少、濫用比率是多少。

And as we've continued to develop the identity graph and have kind of hundreds and millions of customers there, billions of nodes, we've started thinking how can we expand this? What other value points can this identity graph create to merchants and in consultation with them, one thing that kept coming up is, hey, we have these customer service agents. When they get requests and call-ins, it would be incredibly helpful, if they have some of this identity data in their various consoles.

隨著我們持續發展身分圖譜，並且其中已有數億名客戶、數十億個節點，我們開始思考要如何擴展它。這個身分圖譜還能為商戶創造哪些其他價值點？在與他們的諮詢過程中，有一件事反覆被提到：嘿，我們有這些客服人員。當他們接到請求與來電時，如果能在各種工作台（console）中看到部分身分資料，將會非常有幫助。

So our release right now with Rue Gilt Groupe is around their Zendesk console. And now when you call in, agents automatically have Riskified Identity data embedded in that console to make smarter decisions, specifically around returns and refunds right now. But we do see multiple use cases for this moving forward that we believe we will be able to price and have a good revenue contribution from.

因此，我們目前與 Rue Gilt Groupe 的發布是圍繞他們的 Zendesk 工作台。現在當你來電時，客服人員會在該工作台中自動看到嵌入的 Riskified Identity 資料，以做出更明智的決策，尤其是目前針對退貨與退款。但我們確實看到未來有多種使用情境，我們相信能為此定價，並帶來良好的營收貢獻。

Clark Wright, D.A. Davidson.

Clark Wright，D.A. Davidson。

First one on my end. As you accelerate the pace of platform innovation and see a ramp in multiproduct adoption, are you beginning to expand beyond the traditional fraud departments and unlock new budgets within organizations?

我這邊第一個問題。隨著你們加快平台創新的步伐，並看到多產品採用率提升，你們是否開始擴展到傳統詐欺部門之外，並在組織內解鎖新的預算？

I mean I think the Rue Guilt Groupe example that I just shared is great because this one is more focused on customer experience and customer support and less directly on fraud. So we are seeing an expansion in those areas. Obviously, the work that we're doing on identity and AI, there's much more engineering and technology orientation than just traditional fraud and payments. So we are starting to touch additional points in the organization. That's a good point.

我的意思是，我剛分享的 Rue Gilt Groupe 例子就很棒，因為這個更聚焦在客戶體驗與客戶支援，而不是直接聚焦在詐欺。所以我們確實看到在那些領域的擴展。當然，我們在身分與 AI 上所做的工作，相較於傳統詐欺與支付，更偏向工程與技術導向。因此我們開始觸及組織內更多的環節。這點說得很好。

Got it. And then just wanted to talk about more of the open framework that you talked about in your prepared remarks, with the data graph and being -- opening that database up. What is the strategy there? And longer term, what do you see as kind of the access? Is it primarily just through agents being able to leverage the data that you already have? Or is it through another means? And how does that -- you plan on monetizing that capability?

了解。接著我想談談你在事先準備的講稿中提到的更開放的框架，包含資料圖譜以及——開放那個資料庫。那裡的策略是什麼？以及長期來看，你們認為存取方式大概會是什麼樣子？主要是透過代理（agents）去運用你們既有的資料嗎？還是會透過其他方式？以及你們打算如何將那項能力變現？

Sure. So what's unique about the data that we have? We have incredibly rich transactional lifetime data from the time you're browsing on a website from the time you're checking out, from post order flows around returns and refunds. So it's a very rich level of data, with very high level of granularity. And we have it across a network of our largest e-commerce enterprise merchants globally. And not only that we now also have this kind of great relations graph database that we discussed. So it's a very rich updated set of data.

好的。那我們擁有的資料有何獨特之處？我們有非常豐富的交易全生命週期資料，從你在網站上瀏覽開始、到結帳、到下單後關於退貨與退款的流程。所以這是一個非常豐富、粒度非常細的資料層級。而且我們在全球最大的電商企業級商戶網路中都擁有這些資料。不僅如此，我們現在也有剛才討論的那個很棒的關係圖形資料庫。因此這是一套非常豐富且持續更新的資料集。

That data can be consumed by third-party services in the kind of merchant native AI examples. This is the data that's being queried where the native AI agent is trying to decide, hey, should I approve a payment, should I initiate a refund for this customer? So that's one example. Another example could be the CRM system or the customer support system that's ingesting this data, so that's a CX agent, whether that's a live agent or kind of an AI agentic agent is kind of decide the point from our perspective. And we do anticipate being able to monetize this.

這些資料可以被第三方服務所使用，例如商戶原生 AI 的案例。當原生 AI 代理在判斷：嘿，我是否應該核准一筆付款、是否應該為這位客戶啟動退款時，它查詢的就是這些資料。這是一個例子。另一個例子可能是 CRM 系統或客服支援系統匯入這些資料；那就是一個 CX 代理，無論是真人客服或某種 AI 代理式（agentic）的代理，從我們的角度來看都是在做決策。而我們確實預期能將此變現。

And I am showing no further questions in the queue at this time. I would now like to turn the call back over to the Riskified team for closing remarks.

目前我看到佇列中沒有其他問題。我現在把電話交回 Riskified 團隊做結語。

Okay. Thank you, everyone, for joining our Q1 call. We look forward to updating you in the quarters ahead.

好的。感謝各位參加我們的第一季電話會議。我們期待在接下來的季度向各位更新進展。

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

今天的電話會議到此結束。感謝各位參與，現在可以掛線。