Ryvyl Inc (RVYL) 2023 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the RYVYL first-quarter earnings conference call. (Operator Instructions) The earnings press release accompanying this conference call was issued at the close of the market today. The quarterly report, which includes the company's results and operations for the three months ended March 31, 2023, was filed with the SEC today.

下午好，女士們先生們，歡迎參加 RYVYL 第一季度收益電話會議。 （操作員說明）本次電話會議附帶的收益新聞稿是在今天收盤時發布的。該季度報告今天已向美國證券交易委員會提交，其中包括該公司截至 2023 年 3 月 31 日的三個月業績和運營情況。

On our call today are RYVYL Chairman, Ben Errez; Interim Chief Financial Officer, Mary Lay Hoitt; and Chief Operating Officer, Min Wei.

今天參加我們電話會議的有 RYVYL 主席 Ben Errez；臨時首席財務官 Mary Lay Hoitt；和首席運營官魏敏。

I'd like to remind everyone that statements made on today's call and webcast, including those regarding future financial results and industry prospects are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call.

我想提醒大家，今天的電話會議和網絡廣播中的陳述，包括有關未來財務業績和行業前景的陳述都是前瞻性的，可能會受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期結果存在重大差異通話中描述。

Please refer to the company's regulatory filings for a list of associated risks. A replay of this call and webcast will be available for the next 90 days on the company's website under the Events section.

請參閱該公司的監管文件，了解相關風險列表。未來 90 天內，將在公司網站的“活動”部分重播本次電話會議和網絡廣播。

At this time, I'd like to turn the call over to Ben Errez, the company's Chairman. Ben, the floor is yours.

現在，我想把電話轉給公司董事長本·埃雷茲 (Ben Errez)。本，地板是你的。

Thank you for joining us today. Further to the success of using AI in our previous call, this call is entirely edited and produced using this exciting technology. Our fiscal first quarter of 2023 was not without its challenges. Uncertainty surrounding the banking sector coupled with expectation for increased regulation of digital payments. In general, macroeconomic concerns were common themes yet RYVYL's financial performance has never been better as we delivered topline revenue of $11.3 million, the most in our company's history for the quarter, and growth of nearly 170% year over year.

感謝您今天加入我們。繼我們在之前的通話中成功使用人工智能之後，這次通話完全是使用這項令人興奮的技術進行編輯和製作的。我們的 2023 年第一財季並非沒有挑戰。銀行業的不確定性加上對數字支付監管加強的預期。總體而言，宏觀經濟擔憂是常見主題，但 RYVYL 的財務業績從未如此出色，我們實現了 1,130 萬美元的營收，這是我們公司本季度歷史上最高的收入，並且同比增長近 170%。

As I stated during our recent fourth-quarter conference call, we have concentrated our efforts on improving our bottom line, improving our processing efficiency, improving the workforce, and improving technology. All of these things work in concert. And consequently, we are seeing our operating margins increase while proud of our Q1 topline growth.

正如我在最近的第四季度電話會議上所說，我們集中精力提高利潤、提高加工效率、改善勞動力和改進技術。所有這些事情協同作用。因此，我們看到我們的營業利潤率有所增加，同時對我們第一季度的營收增長感到自豪。

Much of our time, energy and expenses for the quarter were related to completing the restatement of our financials, which we successfully completed. While Min will break down our various processing volume channel performance in a few minutes, with a high level, we processed $565 million during the quarter, removing non-income producing volumes proved to be material and causing an increase in operating margins and corporate efficiencies.

本季度我們的大部分時間、精力和費用都與完成財務重述有關，我們成功地完成了這一工作。雖然 Min 將在幾分鐘內詳細分析我們的各種處理量渠道績效，但我們在本季度處理了 5.65 億美元的高水平，消除了事實證明很重要的非收入產生量，並導致營業利潤和公司效率的提高。

Now to review some of our major strategic initiatives that are underway, the first of which is our plans to spin-off coyni, our stablecoin technology, subsequent to the end of Q1, we announced the initiation of this process as part of a broad value creation strategy. We have made great strides with our payment processing business. We believe now that we have identified the best path forward to create value for our shareholders through the spin-off of coyni as a public company towards establishing it as the premier stablecoin in the market.

現在回顧一下我們正在進行的一些主要戰略舉措，其中第一個是我們計劃在第一季度末分拆我們的穩定幣技術 Coyni，我們宣布啟動這一流程，作為廣泛價值的一部分創作策略。我們的支付處理業務取得了長足的進步。我們相信，現在我們已經確定了通過將 Coyni 分拆為上市公司，將其打造成市場上首屈一指的穩定幣，為股東創造價值的最佳途徑。

As a necessary step in that objective, we engaged Kingswood Capital Partners as our placement agent and adviser in connection with the spin-off and related public offering, which we expect to be in the range of $40 million with the Nasdaq uplist. Furthermore, we also acquired a public shell company to transfer coyni assets to in order to facilitate the transaction.

作為實現這一目標的必要步驟，我們聘請 Kingswood Capital Partners 作為我們的配售代理和顧問，負責分拆和相關公開發行，我們預計納斯達克上市公司的發行規模將達到 4,000 萬美元。此外，我們還收購了一家上市空殼公司，將coyni資產轉讓給該公司，以促進交易。

Strategic acquisitions and partnerships will also play a role in coyni's growth. And to that end, we are evaluating multiple opportunities. We'll provide more updates on this front as they come about. Ultimately, as a stand-alone entity, we expect the growth trajectory of coyni to unlock significant shareholder value, RYVYL, and its shareholders will benefit from the spin-off as we continue to plan to issue a Board approved special dividend upon completion of the spin-off.

戰略收購和合作夥伴關係也將在 coyni 的增長中發揮作用。為此，我們正在評估多種機會。我們將在這方面提供更多更新。最終，作為一個獨立實體，我們預計 coyni 的增長軌跡將釋放顯著的股東價值，RYVYL 及其股東將從分拆中受益，因為我們繼續計劃在完成分拆後發行董事會批准的特別股息分拆。

Turning now to our banking-as-a-service. We continue to gain momentum on this initiative in early 2023, with growing demand for the service. After signing six global financial institutions that are projected to process more than $100 million per month in transaction when fully ramped up.

現在轉向我們的銀行即服務。隨著對該服務的需求不斷增長，我們將在 2023 年初繼續推動這一舉措。與六家全球金融機構簽約後，預計在全面啟動後每月處理的交易量將超過 1 億美元。

We also recently announced a strategic partnership with Intercash, a Europe-based global payment solutions provider. Through the collaboration, business customers can now offer co-branded debit and prepaid cards to untapped consumer markets, leveraging RYVYL's new banking-as-a-service platform as the infrastructure. White label cards can be issued as virtual or physical, allowing businesses enhanced flexibility.

我們最近還宣布與歐洲全球支付解決方案提供商 Intercash 建立戰略合作夥伴關係。通過合作，企業客戶現在可以利用 RYVYL 的新銀行即服務平台作為基礎設施，向尚未開發的消費者市場提供聯合品牌借記卡和預付卡。白標卡可以虛擬或實體形式發行，從而增強企業的靈活性。

Intercash, which currently has over 1 million cards issued, has already initiated the first phase of the process by moving more than 50,000 cards to the RYVYL card program and plans to continue with the migration in phases based on card issuance.

Intercash 目前已發行超過 100 萬張卡，已啟動第一階段流程，將 50,000 多張卡轉移到 RYVYL 卡計劃，併計劃根據卡發行量繼續分階段遷移。

RYVYL's banking-as-a-service solution offers API integrations and foreign exchange capabilities in more than 40 different currencies with local settlements. The service authorizes transactions 24 hours per day on business days and enables payouts by way of approved methods such as real-time payment or direct deposits. In addition, the service allows for the ability to readily trace transactions and reduce fraud, all while maintaining strict compliance requirements.

RYVYL 的銀行即服務解決方案提供 API 集成和本地結算的 40 多種不同貨幣的外匯功能。該服務在工作日每天 24 小時授權交易，並允許通過實時支付或直接存款等批准的方式進行支付。此外，該服務還能夠輕鬆追踪交易並減少欺詐，同時保持嚴格的合規性要求。

By the end of the year, we expect to have a full global payments platform covering over 100 local currencies and local settlements. We believe banking-as-a-service is the future of global banking and we're excited to be an enabling service provider in this space that is rapidly emerging and reaching new customers every day.

到今年年底，我們預計將擁有一個涵蓋 100 多種本地貨幣和本地結算的完整全球支付平台。我們相信銀行即服務是全球銀行業的未來，我們很高興能夠成為這個迅速崛起並每天吸引新客戶的領域的服務提供商。

While we continue to see increased adoption of our solutions in American Samoa through our partnership with TBAS, which Min will provide an update on shortly. As a reminder, this is a great demonstration of our capabilities to create a closed loop ecosystem and modernize payments infrastructure. Our success on the island has helped generate interest from a variety of potential customers, including other islands, businesses, and governments around the world that we continue to explore collaboration opportunities with.

通過與 TBAS 的合作，我們繼續看到我們的解決方案在美屬薩摩亞得到越來越多的採用，Min 將很快提供最新情況。提醒一下，這很好地展示了我們創建閉環生態系統和現代化支付基礎設施的能力。我們在島上的成功引起了各種潛在客戶的興趣，包括我們繼續探索合作機會的世界各地的其他島嶼、企業和政府。

We see great potential stemming from the TBAS partnership, not only because we treated that as a digital transformation for banking services, but because the coyni platform can provide the foundation for us to convert payment services, expanding a massive universe of opportunity for us.

我們看到了 TBAS 合作夥伴關係的巨大潛力，不僅因為我們將其視為銀行服務的數字化轉型，還因為 coyni 平台可以為我們轉換支付服務提供基礎，為我們擴展了巨大的機會。

To sum up, we're very encouraged to deliver record Q1 topline results, yet we remain focused on executing towards the larger opportunity ahead of us in the lucrative digital payments landscape. We are thrilled with the expansion and higher margin acquiring processing volume, both internationally and domestically. We enjoyed the momentum in our banking-as-a-service solution and the initiation of coyni spin-off strategy. We remain confident we are on the path to create significant long-term value for our shareholders.

總而言之，我們非常高興能夠實現第一季度創紀錄的營收業績，但我們仍然專注於在利潤豐厚的數字支付領域抓住我們面前的更大機遇。我們對國際和國內收購加工量的擴張和更高的利潤感到興奮。我們享受銀行即服務解決方案和 coyni 分拆戰略啟動的勢頭。我們仍然相信，我們正在為股東創造顯著的長期價值。

And now to discuss the details of our financial results, I'd like to turn the call over to our Interim Chief Financial Officer, Mary Lay Hoitt. Mary, the floor is yours.

現在，為了討論我們財務業績的細節，我想將電話轉給我們的臨時首席財務官 Mary Lay Hoitt。瑪麗，地板是你的。

Thank you, Ben. As a note, I'll be referring to adjusted EBITDA and other non-GAAP measures. For the calculation of adjusted EBITDA and other non-GAAP measures, please refer to our 10-Q filing, which will be available on the company website under SEC filings.

謝謝你，本。作為說明，我將指的是調整後的 EBITDA 和其他非 GAAP 指標。有關調整後 EBITDA 和其他非 GAAP 指標的計算，請參閱我們的 10-Q 備案文件，該文件可在公司網站上的 SEC 備案文件中找到。

Now turning to the company's first-quarter 2023 financial results. Our gross revenue increased by $7.1 million or 169% to $11.3 million for the three months ended March 31, 2023, from $4.2 million for the three months ended March 31, 2022. The change in net revenue reflected the following: increases in processing volume in the three months ended March 31, 2023, compared to the three months ended March 31, 2022; increase in revenues from our acquired businesses, including Charge Savvy, RYVYL EU, and American Samoa.

現在轉向該公司 2023 年第一季度財務業績。截至 2023 年 3 月 31 日止三個月，我們的總收入增加了 710 萬美元，達到 1,130 萬美元，而截至 2022 年 3 月 31 日止三個月的總收入為 420 萬美元。淨收入的變化反映了以下因素：截至2023年3月31日的三個月與截至2022年3月31日的三個月相比；我們收購的業務（包括 Charge Savvy、RYVYL EU 和美屬薩摩亞）的收入增加。

Gross profit in the first quarter of 2023 was $5.1 million or 45.3% of total revenue compared to gross profit of $1.4 million or 33.3% of total revenue in the same quarter a year ago. The increase in gross profit was primarily due to increases in processing volume and processing volume margins in the three months ended March 31, 2023.

2023 年第一季度的毛利潤為 510 萬美元，佔總收入的 45.3%，而去年同期毛利潤為 140 萬美元，佔總收入的 33.3%。毛利潤的增加主要是由於截至2023年3月31日止三個月的加工量和加工量利潤率的增加。

Operating expenses had increased by $0.3 million or 3.4% to $8.8 million for the three months ended March 31, 2023 from $8.5 million for the three months ended March 31, 2022. The increase was due primarily to higher payroll and payroll tax expenses and external professional expenses for legal and accounting services for the financial restatements in 2022 annual reporting.

截至2023年3月31日止三個月的運營費用增加了30萬美元，即3.4%，從截至2022年3月31日止三個月的850萬美元增至880萬美元。增加的主要原因是工資和工資稅費用以及外部專業人員增加2022 年年度報告中財務重述的法律和會計服務費用。

In addition, we encountered legal proceedings for the three months ended March 31, 2023, offset by decreases in general and administrative, advertising and marketing, and stock-based compensation expenses.

此外，截至 2023 年 3 月 31 日的三個月，我們遇到了法律訴訟，但被一般和行政、廣告和營銷以及股票薪酬費用的減少所抵消。

Other expense decreased by $18 million or 80.0% to $4.3 million for the three months ended March 31, 2023 from $22.3 million for the three months ended March 31, 2022, changes in the fair value of derivative liability amounted to a charge of $7.7 million for the three months ended March 31, 2022, and a credit of $168,000 in the three months ended March 31, 2023. Interest expense decreased by $5 million, primarily related to the $100 million convertible note issued in November 2021.

其他費用從截至 2022 年 3 月 31 日止三個月的 2,230 萬美元減少 1,800 萬美元或 80.0% 至截至 2023 年 3 月 31 日止三個月的 430 萬美元，衍生負債公允價值變動為 770 萬美元的費用截至2022年3月31日止三個月，以及截至2023年3月31日止三個月貸方168,000美元。利息支出減少500萬美元，主要與2021年11月發行的1億美元可轉換票據有關。

Additionally, we incurred a charge of $4.1 million in the three months ended March 31, 2022 related to a loss on a partial extinguishment and conversion of debt. The company recorded a net loss in the first quarter of 2023 of $8 million or $0.15 per basic and diluted share compared to a net loss of $29.3 million or $0.72 per basic and diluted share in the same quarter a year ago.

此外，在截至 2022 年 3 月 31 日的三個月中，我們因部分債務清償和轉換損失而產生了 410 萬美元的費用。該公司 2023 年第一季度的淨虧損為 800 萬美元，即每股基本股和稀釋股 0.15 美元，而去年同期的淨虧損為 2930 萬美元，即每股基本股和稀釋股 0.72 美元。

The decrease in net loss was due to increased revenue, gross profit, and decrease other expenses, mostly related interest expense and changes in derivative liability in the three months ended March 31, 2022. We ended the quarter with cash, cash equivalents, and restricted cash of $57.1 million as of March 31, 2023.

淨虧損減少的原因是截至 2022 年 3 月 31 日的三個月內收入、毛利潤增加和其他費用減少，主要是相關利息費用和衍生品負債變化。本季度結束時，我們持有現金、現金等價物和受限資產。截至 2023 年 3 月 31 日，現金為 5710 萬美元。

I'll now turn the call over to Min Wei, our Chief Operating Officer, to provide a review of business operations and our outlook.

現在我將把電話轉給我們的首席運營官魏敏，以回顧我們的業務運營和我們的前景。

Thank you, Mary. We will walk through our processing volumes for the verticals we serve and discuss our 2023 outlook. Please note that all the figures are exclusive of the Sky Financial portfolio. Our first quarter processing volume across all channels hit $565 million, which is approximately 37% higher than our processing projection of $414 million for the quarter. This is about 12% higher than our Q4 2022 volume of $506 million and an increase of about 381% from our Q1 2022 volume.

謝謝你，瑪麗。我們將詳細介紹我們所服務的垂直行業的處理量，並討論 2023 年的展望。請注意，所有數據均不包括 Sky Financial 投資組合。我們第一季度所有渠道的處理量達到 5.65 億美元，比我們本季度預計的 4.14 億美元的處理量高出約 37%。這比 2022 年第四季度 5.06 億美元的銷量高出約 12%，比 2022 年第一季度的銷量增長約 381%。

Our Q1 acquiring business volume is $112 million, which is 14% higher than the Q4 $98 million volume and is 84% higher than the same period one year earlier. Q1 Charge Savvy processing of $66 million is about the same as the Q4 processing volume, while compared to the $57 million volume in Q1 2022, it is a 15% improvement.

我們第一季度的收購業務量為 1.12 億美元，比第四季度的 9800 萬美元增長了 14%，比去年同期增長了 84%。第一季度 Charge Savvy 處理量為 6600 萬美元，與第四季度的處理量大致相同，而與 2022 年第一季度的 5700 萬美元相比，提高了 15%。

For our FX and international payments portfolio, including Transact Europe, we processed $344 million in the first quarter compared to $315 million in business volume in Q4, an increase of 9%. We will report our banking-as-a-service offering performance in this category going forward as we expect to see more momentum in the global market.

對於我們的外彙和國際支付組合（包括 Transact Europe），我們在第一季度處理了 3.44 億美元的業務量，而第四季度的業務量為 3.15 億美元，增長了 9%。我們將報告我們在這一類別中的銀行即服務產品的表現，因為我們預計全球市場將出現更多勢頭。

For an update on American Samoa, we are now servicing over 280 merchants and expect to roll out the services to about 60% of the merchant base in Q2. In Q1, our processing volume was about $28 million, and our monthly volume has exceeded $10 million per month. This remains an important case study for us to drive our payments solutions into island ecosystems around the world.

關於美屬薩摩亞的最新情況，我們目前正在為 280 多家商戶提供服務，並預計在第二季度向約 60% 的商戶群體推出服務。第一季度，我們的處理量約為 2800 萬美元，每月處理量已超過 1000 萬美元。對於我們將支付解決方案推向世界各地的島嶼生態系統而言，這仍然是一個重要的案例研究。

To circle back to coyni, as Ben spoke to earlier, plans are underway to spin off this technology as a publicly traded company in order to fully unlock its value. We continue to make enhancement releases to improve merchant and customer experience. With the US regulation and digital banking changes and the increasing demand in the European market, we are adjusting our plan to roll out the coyni platform to support the EU and other international markets. More to follow in the next quarter.

回到 coyni，正如 Ben 之前所說，我們正在計劃將這項技術分拆為一家上市公司，以充分釋放其價值。我們繼續發布增強版本，以改善商家和客戶體驗。隨著美國監管和數字銀行的變化以及歐洲市場需求的不斷增長，我們正在調整推出coyni平台的計劃，以支持歐盟和其他國際市場。下個季度還會有更多內容。

Now I'd like to turn to our outlook for the second quarter. With respect to the processing volume in Q2, we are targeting to achieve $580 million to $610 million. Given the strong start to the year, with Q1 revenue of over $11 million and expectation for continued growth, we are comfortable with our 2023 revenue target from our existing and planned business expansion of $60 million. We expect Q2 revenue to be in the range of $12.5 million to $14 million.

現在我想談談我們對第二季度的展望。對於第二季度的處理量，我們的目標是實現 5.8 億至 6.1 億美元。鑑於今年開局強勁，第一季度收入超過 1100 萬美元，並且預計將持續增長，我們對現有和計劃業務擴張 6000 萬美元的 2023 年收入目標感到滿意。我們預計第二季度收入將在 1250 萬美元至 1400 萬美元之間。

Q3 and Q4 revenue outlook are estimated to be $15 million to $17 million and $19 million to $21 million, respectively. For adjusted pro forma EBITDA, our Q1 figure is a negative $3 million, which reflected over $2 million of one-off expenses associated with the financial restatement work outside legal expenses and R&D work. Our target for this year remains a positive $4 million, and our projection for Q2 is about the breakeven level, while the second half-year delivery is expected to take us to the finish line.

第三季度和第四季度的收入前景預計分別為 1500 萬至 1700 萬美元和 1900 萬至 2100 萬美元。對於調整後的預計 EBITDA，我們第一季度的數字為負 300 萬美元，這反映了與法律費用和研發工作之外的財務重述工作相關的超過 200 萬美元的一次性費用。我們今年的目標仍然是 400 萬美元，我們對第二季度的預測約為盈虧平衡水平，而下半年的交付預計將帶我們到達終點線。

Overall, we expect to meet our revenue commitment of $60 million, plus a positive $4 million adjusted EBITDA for the total 2023. This is to be achieved by our solid growth domestically in the US and in the international markets. In addition to the organic growth, we are on the path to increased values for our shareholders through our scheduled coyni spin-off plan.

總體而言，我們預計 2023 年全年將實現 6000 萬美元的收入承諾，加上 400 萬美元的調整後 EBITDA。這是通過我們在美國國內和國際市場的穩健增長來實現的。除了有機增長之外，我們還通過預定的 Coyni 分拆計劃為股東增加價值。

This concludes my remarks for the quarter. I'd like to now turn the call back over to Ben Errez, our Chairman, to begin our Q&A.

我對本季度的講話到此結束。我現在想將電話轉回給我們的主席 Ben Errez，以開始我們的問答。

Thank you, Min. Thank you all for your interest and commitment to RYVYL. We are grateful for your ongoing support.

謝謝你，敏。感謝大家對 RYVYL 的興趣和承諾。我們感謝您一直以來的支持。

And with that, I'd like to begin our Q&A session. Operator, please begin. Thank you so much.

接下來，我想開始我們的問答環節。接線員，請開始。太感謝了。

(Operator Instructions)

（操作員說明）

And while we hold for questions to come in, we have a few questions that were submitted prior to this call, and I'll review those. First question is for Min. Can you talk about sales hiring strategy and trends domestically and internationally for merchant acquiring?

雖然我們等待提問，但我們在這次電話會議之前提交了一些問題，我將審查這些問題。第一個問題是問 Min 的。您能談談國內外商戶收單的銷售招聘策略和趨勢嗎？

Thank you, Ben. For our domestic and international sales hiring strategy and plan, I'm pleased to report that we continue to enjoy high growth momentum from our ISO and partner network. As a matter fact, when we're looking at the merchant services space in the US, we have grown more than 150% in new merchant locations as of end of Q1 compared to the second half of last year.

謝謝你，本。對於我們的國內和國際銷售招聘策略和計劃，我很高興地報告，我們繼續享受 ISO 和合作夥伴網絡的高速增長勢頭。事實上，當我們審視美國的商戶服務領域時，截至第一季度末，與去年下半年相比，我們的新商戶數量增長了 150% 以上。

So really this is not just about hiring. We continue to grow and develop our ISO and partnership network. So we have the strong momentum in the state. And likewise, in the international markets, we have built further partnership, which we announced in Q1 of this year that we are enjoying momentum from the sales partnerships as well as PSPs in the European market. As a matter of fact, we are gaining double-digit new merchant location application growth since the end of last year.

所以實際上這不僅僅是招聘的問題。我們不斷發展和發展我們的 ISO 和合作夥伴網絡。所以我們國家有強勁的勢頭。同樣，在國際市場上，我們建立了進一步的合作夥伴關係，我們在今年第一季度宣布，我們正在享受歐洲市場銷售合作夥伴關係以及 PSP 的動力。事實上，自去年年底以來，我們的新商戶位置應用程序正在實現兩位數的增長。

So good question, though.

不過，這是個好問題。

Thank you, Min. The second question is also for you. With back-to-back quarters of higher margins, is it reasonable to expect that to continue at approximately this level moving forward?

謝謝你，敏。第二個問題也問你。由於連續幾個季度的利潤率較高，預計未來繼續保持在大約這個水平是否合理？

Well, definitely right. Part of stay management leadership's objective is to continue to grow the top line and keep the costs under control. I think the whole team did a fantastic job in closing last year, continuing on into Q1 this year. We definitely expect to continue to drive margin improvement going forward into Q2, Q3, Q4 this year. And as a matter of fact, that's our path to achieve the numbers for the top line and bottom line, as we mentioned earlier during the earnings call.

嗯，絕對正確。管理層領導層的部分目標是繼續增加收入並控製成本。我認為整個團隊在去年的收官工作中做得非常出色，今年將繼續到第一季度。我們肯定預計今年第二季度、第三季度和第四季度將繼續推動利潤率改善。事實上，正如我們之前在財報電話會議上提到的那樣，這就是我們實現營收和利潤的途徑。

Thank you, Min. I'm going to take the next question. Can you elaborate on the expected timeframe for coyni spin-off?

謝謝你，敏。我將回答下一個問題。您能否詳細說明一下 coyni 分拆的預期時間表？

So coyni spin-off is a process. It started with the acquisition of a launch vehicle to borrow a term from [Alfred] and Elon Musk. And they -- we have completed that. That launch vehicle was acquired. It is live. It is quoting. It did not yet begin the actual asset spin-off. But that launch vehicle is a live. It is fully compliant. Its financials are up to date. And it is out there for all to see.

所以coyni的分拆是一個過程。借用[阿爾弗雷德]和埃隆·馬斯克的術語，它從購買運載火箭開始。他們——我們已經完成了。該運載火箭已被收購。它是直播的。這是引用。它還沒有開始實際的資產分拆。但那艘運載火箭是活的。它完全符合要求。其財務狀況是最新的。它就在那裡，所有人都可以看到。

We have engaged our investment banker for a potential raise for the company at an estimated $200 million valuation with the raised goal of $40 million. We anticipate that to go through the next couple of quarters at least. In addition to that, that vehicle will enable the long-awaited dividend for the benefit of all of our shareholders. This remains a focus point for everybody, and we intend to accomplish that at some point this year as well.

我們已聘請投資銀行家為該公司進行潛在融資，估值預計為 2 億美元，融資目標為 4,000 萬美元。我們預計這種情況至少會持續到接下來的幾個季度。除此之外，該工具還將為我們所有股東帶來期待已久的股息。這仍然是每個人的關注點，我們也打算在今年的某個時候實現這一目標。

The next steps along these lines are the completion of the transfer of assets to the launch vehicle. This will happen shortly. Following that, we will file an application with the exchange -- for a name change, including the ticker change more appropriate for coyni. We will complete the inclusion of additional forms of revenues into that entity and begin the process of uplisting and associated raises. As I said, the whole process is estimated to take approximately six months.

接下來的步驟是完成資產向運載火箭的轉移。這很快就會發生。之後，我們將向交易所提交申請——更改名稱，包括更改更適合 coyni 的股票代碼。我們將完成將其他形式的收入納入該實體，並開始升級和相關融資的過程。正如我所說，整個過程預計需要大約六個月的時間。

Operator, back to you.

接線員，回到您身邊。

(Operator Instructions) Michael Donovan, H.C. Wainwright.

（操作員說明）Michael Donovan, H.C.溫賴特。

Thank you. Operator, this is Michael. I'm calling on behalf of Kevin Dede who's on the road right now. So you've mentioned an increase in processing volume and processing volume margins. Can you provide more color around margins and your pipeline for getting paid?

謝謝。接線員，我是邁克爾。我代表凱文·德德（Kevin Dede）打電話，他現在正在路上。所以你提到了處理量和處理量利潤的增加。您能否在利潤率和獲得報酬的渠道方面提供更多信息？

Yes. The -- Min, our Chief Operating, will take this question.

是的。我們的首席運營官 Min 將回答這個問題。

Yeah, thank you for the question. First of all, on the volume growth, right, the volume growth for processing is directly related to the number of new merchant locations. We are boarding. As I mentioned earlier, it is just amazing that with our direct and indirect sales efforts, we are able to increase the number of locations that we're processing for merchant services by more than 100%, between 100% to 150% since later part of last year.

是的，謝謝你的提問。首先，關於數量增長，對吧，加工量的增長與新商戶數量直接相關。我們正在登機。正如我之前提到的，令人驚奇的是，通過我們的直接和間接銷售努力，我們能夠將我們正在處理的商家服務地點數量增加 100% 以上，自後面部分起在 100% 到 150% 之間去年的。

So accordingly, the volume is going up. Now to answer your questions about the contribution margin from processing, what we do is we are in the platform business. So leveraging our blockchain ledger platform as we pour more volume through the ecosystem, we expect continuous improvement in terms of contribution margin because our people costs, certain costs we have running the business is not going to scale at the same speed as our revenue. Hopefully, that answers your questions.

因此，相應地，成交量也在上升。現在回答您有關加工邊際貢獻的問題，我們所做的是我們從事平台業務。因此，隨著我們在生態系統中投入更多的交易量，利用我們的區塊鏈分類賬平台，我們預計貢獻率將持續改善，因為我們的人員成本、我們運營業務的某些成本不會以與我們的收入相同的速度擴大。希望這能回答您的問題。

Thank you. I have a follow-on question of that. So in terms of margins and locations, how should we be thinking about these different locations as how they affect the margins?

謝謝。我有一個後續問題。那麼就利潤率和地點而言，我們應該如何考慮這些不同的地點對利潤率的影響？

Sure. The way we look at it, we typically communicate about our business by category, right? Merchant services is one, foreign exchange, international payment is one. So in the case of merchant services, when we look at the metrics or parametrics, as a matter fact, with what we have in the ecosystems that we have enough data point that, generally speaking, depends on the verticals that we service.

當然。從我們的角度來看，我們通常會按類別來交流我們的業務，對嗎？商戶服務是其一，外匯、國際支付是其一。因此，就商業服務而言，當我們查看指標或參數時，事實上，我們在生態系統中擁有足夠的數據點，一般來說，這取決於我們服務的垂直領域。

We have seen per location, per month, volume to range from $50,000 to $100,000 per month on an average basis. So as we continue to go to more merchant locations, you will scale up their weight. Hopefully, that addressed your question.

我們發現每個地點每月的交易量平均為每月 50,000 美元到 100,000 美元。因此，隨著我們繼續前往更多的商家地點，您將擴大他們的權重。希望這能解決您的問題。

For the international payments space, we've announced the strategic partnership with multiple financial institutions. Earlier this year, we expect to see the monthly volume ramping up to north of $100 million, incrementally 100 more -- north of $100 million a month. So that's probably not a way to look at it. So I would say those are the key two new revenue drivers we have. If you need further details with that, happy to elaborate.

在國際支付領域，我們宣布與多家金融機構建立戰略合作夥伴關係。今年早些時候，我們預計每月交易量將增至 1 億美元以上，並逐步增加 100 美元——每月超過 1 億美元。所以這可能不是看待它的方式。所以我想說，這是我們擁有的兩個關鍵的新收入驅動因素。如果您需要更多詳細信息，很樂意詳細說明。

Appreciate that. I mean that's very helpful. Another question, from your perspective, either you or Ben, for your perspective, how do you view the stablecoin ecosystem, both from a regulatory front and competitive front?

感謝。我的意思是這非常有幫助。另一個問題，從你的角度來看，無論是你還是Ben，從你的角度來看，你如何看待穩定幣生態系統，無論是從監管方面還是從競爭方面？

Thanks. So that's the question of the hour, right? I did the TV interview last week where I was asked the same question. And I guess the struggle remains the same. We definitely see divergence between onshore market and what happens around the world. We see challenges to the industry and the dollar in general happening around the globe. And we hope that the regulatory oversight locally and the people in the decision-making positions will step up to the plate and join the rest of the world in enabling this inevitable outcome in a safe and controlled manner for the US market.

謝謝。這就是當前的問題，對吧？我上週接受了電視採訪，也被問到了同樣的問題。我想鬥爭仍然是一樣的。我們確實看到了在岸市場與世界各地發生的情況之間的差異。我們看到全球範圍內該行業和美元普遍面臨挑戰。我們希望當地監管機構和決策層人士能夠挺身而出，與世界其他地區一道，以安全可控的方式為美國市場實現這一不可避免的結果。

In parallel, we plan and prepare for the possibility that this will not happen, and it will happen first and better in other markets. And you'll see that approach as safety first, let's call it, happening in other markets primarily in Europe. And this will be forthcoming in the business review for coyni.

與此同時，我們為這種情況不會發生的可能性進行計劃和準備，這種情況將首先在其他市場發生，而且會更好。您會發現這種方法是安全第一，我們可以稱之為安全第一，這種方法發生在其他市場（主要是歐洲）。這將在 coyni 的業務評論中公佈。

Thank you, Ben. One final question before I hop back in the queue. This was around your closed loop system that you have going on in American Samoa. So with the new partnership with Intercash, are you going to be tweaking this closed loop system for Europe or how are you thinking about this from a strategic perspective?

謝謝你，本。在我回到隊列之前還有最後一個問題。這是圍繞美屬薩摩亞的閉環系統進行的。那麼，通過與 Intercash 建立新的合作夥伴關係，您是否打算針對歐洲調整這個閉環系統，或者您如何從戰略角度考慮這一點？

That, again, falls under the jurisdiction of Min. So Min, back to you.

這又屬於 Min 的管轄範圍。那麼，敏，回到你身邊。

Yes, thanks for the question. I would say in the near term, it's really not impacting each other, right? So it was amazing that we're able to roll the solution to close to, I would say, by end of the quarter, close to 60%-plus of the merchant locations on the island. We continue to achieve amazing volume there. But the close of the ecosystem for the island is much hinged on our digital platform for payment processing, merchant acquiring.

是的，謝謝你的提問。我想說，短期內，確實不會互相影響，對嗎？因此，令人驚奇的是，到本季度末，我們能夠將解決方案推廣到接近島上 60% 以上的商戶地點。我們繼續在那裡取得驚人的銷量。但該島生態系統的封閉很大程度上取決於我們用於支付處理和商戶收單的數字平台。

And we do have a plan to roll it out into coyni and to further enhance the digital experience on the island in the coming few months, we are actually working very diligently with our partner TBAS, Territorial Bank of America Samoa, on that. But the partnership with Intercash is more on the issuing side. On the issuing side of the business, the most imminent opportunities in Europe, as well as in the US, that's targeted on certain demographics.

我們確實有計劃將其推廣到 coyni，並在未來幾個月內進一步增強島上的數字體驗，我們實際上正在與我們的合作夥伴 TBAS、薩摩亞美國領土銀行就此進行非常努力的合作。但與 Intercash 的合作更多是在發行方面。在業務的發行方面，歐洲和美國最緊迫的機會是針對某些人群的。

And I cannot share too much details until we get all of those penciled out. But we do see the potential of converting up to $1 million, potentially $1 million plus in Europe. And then we also have a plan to look at how to roll it out in the mainland of the United States to up to a few hundred thousand dollars -- a few hundred thousand cards.

在我們把所有這些都寫下來之前，我不能透露太多細節。但我們確實看到了轉換高達 100 萬美元的潛力，在歐洲可能會達到 100 萬美元以上。然後我們還有一個計劃，研究如何在美國大陸推出高達幾十萬美元的卡。

So it doesn't actually mean we charge by surely if we gain more momentum on the issuing side on Continental Europe and also in the US, we'll continue to explore how to expand the issuing program for American Samoa as well. But we are trying to in the near term focus on the better volumes on the Continental Europe and the US.

因此，這實際上並不意味著我們肯定會收取費用，如果我們在歐洲大陸和美國的發行方面獲得更多動力，我們將繼續探索如何擴大美屬薩摩亞的發行計劃。但我們近期正努力將重點放在歐洲大陸和美國的更好銷量上。

Okay, great. Very helpful. I appreciate them. Appreciate, Min.

好的，太好了。很有幫助。我很欣賞他們。欣賞，敏。

You're welcome and say hello to Kevin for us.

不客氣，代我們向凱文問好。

And there are no more questions from the phones. I would like to hand the call back over to Ben Errez for any closing remarks.

電話裡也沒有再問任何問題。我想將電話轉回給本·埃雷茲 (Ben Errez)，讓其發表結束語。

Thanks, Paul. So thank you all for submitting these thoughtful questions and your interest in RYVYL. I hope you enjoyed this production that was entirely edited and produced by AI. This has worked very well for us, and we will continue to use this technology in future calls. Operator, back to you to close the call.

謝謝，保羅。感謝大家提交這些深思熟慮的問題以及對 RYVYL 的興趣。希望您喜歡這部完全由人工智能編輯和製作的作品。這對我們來說非常有效，我們將在以後的通話中繼續使用這項技術。接線員，回复您以結束通話。

Thank you. This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

謝謝。今天的電話會議到此結束。您可以斷開線路。感謝您的參與並祝您度過愉快的一天。