WEX Inc (WEX) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Kayla, and I will be your conference operator today. At this time, I would like to welcome everyone to the WEX Q2 2024 earnings call. (Operator Instructions)

謝謝你的支持。我叫凱拉，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 WEX 2024 年第二季財報電話會議。（操作員說明）

I would now like to turn the call over to Steve Elder, Senior Vice President of Investor Relations. You may begin.

我現在想將電話轉給投資者關係高級副總裁史蒂夫埃爾德。你可以開始了。

Thank you, operator, and good morning, everyone. With me today is Melissa Smith, our Chair and CEO; and Jagtar Narula, our CFO. The press release we issued earlier this morning and a slide deck to walk through our prepared remarks have been posted to the Investor Relations section of our website at wexinc.com. A copy of the release has also been included in an 8-K we filed with the SEC earlier this morning.

謝謝接線員，大家早安。今天和我在一起的是我們的主席兼執行長 Melissa Smith；以及我們的財務長 Jagtar Narula。我們今天早上早些時候發布的新聞稿以及演示我們準備好的言論的幻燈片已發佈到我們網站 wexinc.com 的投資者關係部分。新聞稿的副本也包含在我們今天早上向 SEC 提交的 8-K 中。

As a reminder, we will be discussing non-GAAP metrics, specifically adjusted net income, which we sometimes refer to as ANI, adjusted operating income, and related margin, as well as adjusted free cash flow during our call. Please see Exhibit 1 of the press release for an explanation and reconciliation of these non-GAAP measures. The company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis due to the uncertainty and the indeterminant amount of certain elements that are included in reported GAAP earnings.

提醒一下，我們將在電話會議期間討論非 GAAP 指標，特別是調整後淨利潤（我們有時稱為 ANI）、調整後營業收入和相關利潤率，以及調整後自由現金流。請參閱新聞稿的附件 1，以了解這些非公認會計原則措施的解釋和調節。由於報告的 GAAP 收益中包含的某些要素的不確定性和不確定性，該公司提供了基於 GAAP 基礎的收入指導和基於非 GAAP 基礎的收益指導。

I would also like to remind you that we will discuss forward-looking statements under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements as a result of various factors. Including those discussed in our press release and the risk factors identified in our annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 23, 2024, and subsequent SEC filings. While we may update forward-looking statements in the future, we disclaim any obligations to do so. You should not place undue reliance on these forward-looking statements, all of which speak only as of today.

我還想提醒您，我們將根據 1995 年《私人證券訴訟改革法案》討論前瞻性陳述。由於各種因素，實際結果可能與前瞻性陳述有重大差異。包括我們的新聞稿中討論的內容以及我們於 2024 年 2 月 23 日向 SEC 提交的截至 2023 年 12 月 31 日的 10-K 表格年度報告以及隨後向 SEC 提交的文件中確定的風險因素。雖然我們將來可能會更新前瞻性陳述，但我們不承擔任何這樣做的義務。您不應過度依賴這些前瞻性陳述，所有這些陳述僅代表今天的情況。

With that, I'll turn the call over to Melissa.

這樣，我會將電話轉給梅莉莎。

Thank you, Steve, and good morning, everyone. We appreciate you joining us today. This quarter, we delivered record quarterly revenue of $673 million, representing an 8% year-over-year increase for the same period last year. Excluding the impact of fluctuations in fuel prices and foreign exchange rates, Q2 revenue grew 9% year over year. Total volume processed across the organization in the second quarter grew 9% year over year to $60 billion, driven by the growth in all three segments. Our Q2 adjusted net income per diluted share was $3.91, an increase of 8% compared to the same quarter last year, driven by quarterly revenue growth, expanding margins, and share repurchases. Excluding the impact of fluctuations in fuel prices and foreign exchange rates, adjusted EPS grew 10% year over year. Overall, our top-line results fell short of our expectations.

謝謝你，史蒂夫，大家早安。我們感謝您今天加入我們。本季度，我們實現創紀錄的季度營收 6.73 億美元，年增 8%。剔除燃油價格和匯率波動的影響，第二季營收年增9%。在所有三個部門成長的推動下，第二季整個組織的總處理量年增 9%，達到 600 億美元。在季度營收成長、利潤率擴大和股票回購的推動下，第二季調整後每股攤薄淨利潤為 3.91 美元，比去年同期成長 8%。剔除燃油價格和匯率波動的影響，調整後每股盈餘較去年同期成長10%。整體而言，我們的營收結果未達到我們的預期。

That being said, we delivered another quarter of record revenue, and our adjusted EPS came in above the top end of our guidance range. Given volume trends we are seeing primarily in the travel business, we are reducing our outlook for the remainder of the year, which Jagtar will detail shortly.

話雖如此，我們的收入又創下了一個季度的紀錄，調整後的每股收益高於我們的指導範圍的上限。鑑於我們主要在旅遊業務中看到的銷售趨勢，我們正在降低對今年剩餘時間的預期，捷格很快就會詳細說明這一點。

We have strong conviction in our growth strategy and are continuing to deliver against our operational efficiency targets that drives commercial reinvestment and expansion. We remain well-positioned to deliver strong financial results over the long term across a variety of economic conditions.

我們對我們的成長策略堅信不疑，並將繼續實現推動商業再投資和擴張的營運效率目標。我們仍然處於有利地位，可以在各種經濟條件下實現長期強勁的財務表現。

Now, let's turn to our segment performance, beginning with mobility. The segment revenue growth in visibility was 5.7% and including a headwind of 1.7% due to lower fuel prices. The addition of new customers resulted in 3% growth in the number of vehicles on our platform versus the same quarter last year. This, coupled with pricing actions drove an increase in the quarterly revenue growth rate.

現在，讓我們來看看我們的細分市場表現，首先是移動性。該部門的可見度收入增長了 5.7%，其中包括由於燃油價格下降而帶來的 1.7% 的逆風。新客戶的增加導致我們平台上的車輛數量比去年同期增加了 3%。再加上定價行動，推動了季度營收成長率的上升。

In mobility, we continue to strengthen our leadership position. Beyond our intention to continue growing in our core markets, we are focusing on near adjacencies that can help our customers simplify the business of running their business, which in turn further drives our growth.

在流動性方面，我們繼續鞏固我們的領導地位。除了我們在核心市場繼續成長的意圖之外，我們還專注於可以幫助我們的客戶簡化業務營運的鄰近地區，從而進一步推動我們的成長。

On the OTR side of the mobility segment, we're pleased by important renewals and business expansion with Snyder, Werner Enterprises, and TransAm Trucking. We continue to closely track the trucking industry as it works its way through the macroeconomic cycle. While customer sentiment is turning towards being a little light at the end of the tunnel, results remain mixed in the great market.

在行動旅遊領域的 OTR 方面，我們對與 Snyder、Werner Enterprises 和 TransAm Trucking 的重要續約和業務擴張感到高興。我們將繼續密切追蹤卡車運輸業在宏觀經濟週期中的發展。儘管客戶情緒在隧道盡頭變得有些光明，但大市場的結果仍然好壞參半。

While we weathered the cycle with the industry, WEX remains steadfast in its service to the trucking industry with innovative products. We understand this industry's challenges, particularly those in the independent owner-operator segment in small fleets. For them, access to discounts at truck stops remains a challenge.

雖然我們與行業一起度過了這個週期，但 WEX 仍然堅定不移地透過創新產品為卡車運輸業提供服務。我們了解這個行業的挑戰，特別是小型車隊的獨立業主營運商領域的挑戰。對他們來說，在卡車停靠站獲得折扣仍然是一個挑戰。

In Q2, we launched the pilot for a unique solution to address this challenge. Tailored for truckers, 10-4 BY WEX enables independent owner-operators and small businesses to save money on their largest expenses and brings a mobile-first experience that provides secure transactions at the pump. We're pleased with our pilot results thus far and expect to soon make this app widely available.

在第二季度，我們啟動了針對這項挑戰的獨特解決方案的試點。10-4 BY WEX 專為卡車司機量身定制，使獨立業主經營者和小型企業能夠節省最大的開支，並帶來移動優先的體驗，在加油站提供安全交易。我們對迄今為止的試點結果感到滿意，並希望很快就能廣泛使用該應用程式。

I want to briefly touch on Payzer, which we acquired in Q4 last year to give us access to our near-adjacent markets and field service management. Payzer remains on track to contribute 2% to the mobility segment revenue this year. We remain focused on scaling the Payzer sales efforts, along with cross-selling the product into our existing customer base.

我想簡單介紹一下 Payzer，我們在去年第四季度收購了該公司，使我們能夠進入鄰近的市場並進行現場服務管理。Payzer 今年仍有望為行動部門營收貢獻 2%。我們仍然專注於擴大 Payzer 的銷售力度，並將產品交叉銷售給我們現有的客戶群。

Turning now to our benefits segment, we continue to see strong growth of HSA accounts on our platform. As of this quarter, we now serve 8.2 million HSA accounts representing 8.3% growth versus the prior-year quarter. We are pleased with benefit wins and renewals across American Benefit Administrators, Enterprise Group Planning, and Admin America.

現在轉向我們的福利部分，我們繼續看到我們平台上的 HSA 帳戶強勁增長。截至本季度，我們現在為 820 萬個 HSA 帳戶提供服務，比去年同期成長 8.3%。我們對 American Benefit Administrators、Enterprise Group Planning 和 Admin America 的福利贏得和續訂感到高興。

Compared to where we were at this point last year, we are particularly encouraged by the strong contributions we're seeing from our referral partners. Our pipeline and close rates are more robust than this time last year. While there's still a lot to be done as we turn to the second half of the year, we're seeing good trends that bode well for next year's performance.

與去年同期相比，我們看到推薦合作夥伴的巨大貢獻讓我們感到特別鼓舞。我們的管道和成交率比去年同期更加強勁。儘管進入下半年仍有許多工作要做，但我們看到了良好的趨勢，這預示著明年的業績。

Finally, in our corporate payments segment, purchase volume increased 12% compared to the same quarter a year ago. We're pleased to have signed a number of expansions and new relationships with customers including fintech companies, upgrades, Jack Henry, and Allied Payment Network this quarter. We believe this business is well-positioned to the long term with one of the most competitive offerings in the industry, underpinned by a best-in-class virtual card solution and strong long-term client relationships. We are a preferred payment solution provider for our partners who trust WEX for our reliability and our ability to simplify complex transactions on a global scale.

最後，在我們的企業支付領域，購買量與去年同期相比成長了 12%。我們很高興本季與金融科技公司、upgrades、Jack Henry 和 Allied Payment Network 等客戶簽署了多項擴展協議並建立了新的關係。我們相信，該業務長期處於有利地位，擁有業內最具競爭力的產品之一，並以一流的虛擬卡解決方案和強大的長期客戶關係為基礎。我們是合作夥伴的首選支付解決方案提供商，他們信任 WEX 的可靠性以及在全球範圍內簡化複雜交易的能力。

Now, let's review our progress on key strategic initiatives through the first half of 2024. As I mentioned earlier, we are expanding our position as a market leader by meeting our customers where they are with new innovative solutions. I want to highlight the progress we are making against our EV solutions, focused on enabling mixed fleet of the future as well as the application of artificial intelligence to drive both customer value and enhance WEX's business model.

現在，讓我們回顧一下 2024 年上半年關鍵策略措施的進展。正如我之前提到的，我們正在透過新的創新解決方案來滿足客戶的需求，從而擴大我們作為市場領導者的地位。我想強調我們在電動車解決方案方面取得的進展，重點是實現未來的混合車隊以及人工智慧的應用，以推動客戶價值並增強 WEX 的業務模式。

On the commercial EV front, we're alive and in the market with our public charging solutions as well as our home charging solutions focused on employee reimbursement. We also expect to roll out our captive charging solution for depot or private infrastructure charging later this year. With these three solutions released, we'll continue to develop further solutions with our customers that we believe will resonate with the unique needs of commercial fleet operators.

在商用電動車方面，我們憑藉公共充電解決方案以及專注於員工報銷的家庭充電解決方案活躍在市場上。我們也預計在今年稍後推出用於停車場或私人基礎設施充電的自備充電解決方案。隨著這三個解決方案的發布，我們將繼續與客戶一起開發更多解決方案，我們相信這些解決方案將與商業車隊營運商的獨特需求產生共鳴。

The revenue per vehicle that we are earning with our EV solutions is currently in line with our overall average revenue per vehicle, and we are confident that it will become greater as we introduce additional products and functionality. We are seeing the largest in our mixed fleet solutions from our government and enterprise customers, and we are on track with our current-year EV growth goals, in addition to having a current pipeline of more than 50,000 potential EV vehicles.

目前，我們透過電動車解決方案獲得的每輛車收入與我們每輛車的整體平均收入一致，我們相信，隨著我們推出更多產品和功能，這一收入將會變得更大。我們看到政府和企業客戶提供了最大的混合車隊解決方案，除了目前擁有超過 50,000 輛潛在電動車的管道外，我們正在實現今年的電動車成長目標。

We believe the majority of our customers will operate in a mixed fleet world for the foreseeable future. Our strength in both fuel and EV solutions, coupled with our seamless integration into customer systems, uniquely position us to help them navigate this complexity and maximize their operational efficiency.

我們相信，在可預見的未來，我們的大多數客戶將在混合機隊世界中運作。我們在燃料和電動車解決方案方面的優勢，加上我們與客戶系統的無縫集成，使我們處於獨特的地位，可以幫助他們應對這種複雜性並最大限度地提高營運效率。

We also maintained our practice of embracing digital transformation and harnessing cutting-edge technologies to revolutionize our operations through strategic investments in artificial intelligence. Our efforts are already yielding results, helping us drive both model efficiency and unique customer value.

我們也保持了擁抱數位轉型的做法，透過對人工智慧的策略性投資，利用尖端技術徹底改變我們的營運。我們的努力已經取得成果，幫助我們提高模型效率和獨特的客戶價值。

On the efficiency front, we attribute our trending improvements on credit losses in part to enhanced AI tooling, allowing us to better adjudicate credit, review credit line increases, and spot abnormal behavior that can be indicative of a pending loss event. Looking ahead, we're excited to keep leveraging AI capabilities in order to transform our customer experiences with specific focus on enhancing our customer service operations and risk functions. This tech forward approach continues to uncover new efficiencies that translate directly to our bottom line, supporting our profitability both in the near and long term.

在效率方面，我們將信用損失的趨勢改善部分歸功於增強的人工智慧工具，使我們能夠更好地裁決信用、審查信用額度的增加，並發現可能表明未決損失事件的異常行為。展望未來，我們很高興繼續利用人工智慧功能來改變我們的客戶體驗，特別關注增強我們的客戶服務營運和風險功能。這種技術前沿方法不斷發現新的效率，直接轉化為我們的利潤，支持我們的近期和長期獲利能力。

Moving on to our operational improvement initiatives. I am pleased to report significant progress through the first half of 2024 towards our $100 million annual cost saving target that we announced last year. As of the end of the second quarter, we've realized approximately $106 million in cost savings on a run rate basis, exceeding our full-year goal. We expect to deliver more efficiency in the second half of the year.

繼續我們的營運改善計劃。我很高興地報告，到 2024 年上半年，我們在實現去年宣布的 1 億美元年度成本節約目標方面取得了重大進展。截至第二季末，我們已實現按運行率計算的成本節省約 1.06 億美元，超出了我們的全年目標。我們預計下半年將實現更高的效率。

Consistent with our previously stated strategy, about half of these savings are being strategically reinvested to drive long-term growth. With a focus on our commercial teams, differentiating our technical infrastructure, and enhancing our risk management capabilities. These investments are yielding positive results, improving our operational efficiency, and positioning us for sustained growth regardless of market dynamics. We remain committed to balancing cost optimization with strategic reinvestment to ensure WEX's continued success in innovation leadership.

與我們先前製定的策略一致，其中約一半的節省將進行策略性再投資，以推動長期成長。專注於我們的商業團隊，使我們的技術基礎設施與眾不同，並增強我們的風險管理能力。這些投資正在產生積極的成果，提高了我們的營運效率，並使我們無論市場動態如何都能實現持續成長。我們仍然致力於平衡成本優化與策略再投資，以確保 WEX 在創新領導地位方面持續取得成功。

During the quarter, we also realigned the responsibilities of certain executive leadership team members to streamline the structure of our business and best position us to achieve our long-term strategic objectives and growth ambitions. As a result, Carlos Carriedo is now Head of Americas Payments and Mobility; Jay Dearborn is now Head of International; and Robert Deshaies is now the Head of Benefits. These realigned roles will ensure our customers remain at the center of everything we do while honing our focus and accelerating innovation to drive long-term success.

在本季度，我們也重新調整了某些執行領導團隊成員的職責，以簡化我們的業務結構，並使我們能夠最好地實現我們的長期策略目標和成長目標。因此，Carlos Carriedo 現任美洲支付和行動業務主管；傑‧迪爾伯恩 (Jay Dearborn) 現任國際部主管；羅伯特‧德賽 (Robert Deshaies) 現任福利主管。這些重新調整的角色將確保我們的客戶仍然是我們所做的一切的中心，同時磨練我們的重點並加速創新以推動長期成功。

As I conclude my prepared remarks, I'd like to reiterate that while we posted strong results, we are not satisfied with this level of growth. That said, WEX's strong market position and our ability to deliver consistently strong financial results even in challenging economic conditions gives me great confidence in the overall resiliency of our business model and our ability to generate strong performance in any environment. That confidence is further underlined by our performance over the past decade, where we have grown revenue at a compounded annual growth rate of 13.5%, despite effects of a global pandemic or any passing fuel price volatility, more than tripled our earnings per share, and generated nearly $4 billion in adjusted free cash flow.

在結束我準備好的演講時，我想重申，雖然我們取得了強勁的業績，但我們對這種成長水平並不滿意。也就是說，WEX 強大的市場地位以及我們即使在充滿挑戰的經濟條件下也能持續提供強勁財務業績的能力，讓我對我們業務模式的整體彈性以及我們在任何環境下創造強勁業績的能力充滿信心。我們過去十年的業績進一步強調了這種信心，儘管受到全球大流行或任何過去的燃油價格波動的影響，我們的收入仍以13.5% 的複合年增長率增長，每股收益增長了兩倍多，產生了近 40 億美元的調整後自由現金流。

In this market environment, we believe that buying back our own shares continues to represent a compelling value. To that end, we bought approximately $100 million during Q2 and an additional $70 million during the month of July. In the near future, we expect to enter into an accelerated share repurchase agreement to purchase an additional $300 million in WEX common stock. Jagtar will discuss this more shortly. This decision reflects our commitment to our shareholders as well as our confidence in WEX's intrinsic value and growth potential.

在這種市場環境下，我們相信回購自己的股票仍然具有令人信服的價值。為此，我們在第二季購買了大約 1 億美元，並在 7 月額外購買了 7,000 萬美元。在不久的將來，我們預計將簽訂加速股票回購協議，額外購買 3 億美元的 WEX 普通股。Jagtar 很快就會討論這個問題。這項決定反映了我們對股東的承諾以及我們對 WEX 內在價值和成長潛力的信心。

Furthermore, our solid balance sheet, strong cash generation, and low leverage ratio afford us the flexibility to pursue strategic growth investments while accelerating share repurchases. This approach allows us to reinvest in our future growth while simultaneously driving immediate value to our shareholders through opportunistic share repurchases. I remain confident that our strong market position, strategic growth initiatives, and culture of innovation have positioned WEX for sustainable long-term success.

此外，我們穩健的資產負債表、強勁的現金產生能力和低槓桿率使我們能夠靈活地進行策略性成長投資，同時加速股票回購。這種方法使我們能夠對未來的成長進行再投資，同時透過機會性股票回購為股東帶來直接價值。我仍然相信，我們強大的市場地位、策略性成長計劃和創新文化使 WEX 能夠取得可持續的長期成功。

With that, I'll turn it over to Jagtar to walk you through this quarter's financial performance in more detail. Jagtar?

接下來，我將把它交給 Jagtar，讓您更詳細地了解本季的財務表現。捷豹？

Thanks, Melissa, and good morning, everyone. Our second-quarter results fell a bit short of our guidance for revenue, while adjusted EPS came in above the top end of our range. While we are not satisfied with these results on revenue, they do represent a record high, and we are also seeing a number of positive trends. As expected, mobility revenue growth accelerated from last quarter. And our benefits segment revenue growth is also in line with our expectations. These strong positives were offset by softness in travel-related volumes, which we expect to persist for the remainder of the year. Our adjusted EPS results were the highest we have ever reported for the second quarter of the year and show continued execution against our strategic initiatives even in the face of a year-over-year decline in fuel prices.

謝謝，梅麗莎，大家早安。我們第二季的業績略低於我們的營收指引，而調整後的每股盈餘則高於我們範圍的上限。雖然我們對這些收入結果並不滿意，但它們確實創下了歷史新高，而且我們也看到了一些正面的趨勢。如預期，行動收入成長較上季加速。我們的福利部門收入成長也符合我們的預期。這些強勁的正面因素被旅遊相關交易量的疲軟所抵消，我們預計這種情況將持續到今年剩餘時間。我們的調整後每股收益是我們今年第二季報告中最高的，這表明即使在燃油價格同比下降的情況下，我們仍繼續執行我們的策略性舉措。

Now, let's start with the details of the quarter results. For the second quarter, total revenue was $673.5 million, an 8% increase over Q2 2023, with more than 80% of revenue for the quarter recurring in nature. We had solid growth rates in each of the segments. As a reminder, we define recurring revenue as payment processing and account servicing revenue, revenue from our factoring business, income from custodian HSA cash assets, transaction processing fees, and other smaller items. In total, adjusted operating income margin for the company was 40.7%, which is up from 40.3% last year. Segment margins increased in both corporate payments and benefits compared to the prior year.

現在，讓我們從季度業績的詳細資訊開始。第二季總營收為 6.735 億美元，比 2023 年第二季成長 8%，該季超過 80% 的營收屬於經常性營收。我們在每個細分市場都有穩健的成長率。提醒一下，我們將經常性收入定義為支付處理和帳戶服務收入、保理業務收入、託管人 HSA 現金資產收入、交易處理費和其他較小項目的收入。整體而言，公司調整後營業利益率為 40.7%，高於去年的 40.3%。與前一年相比，公司付款和福利的部門利潤率均有所增加。

From an earnings perspective, on a GAAP basis, we had net income of $77 million in Q2, or $1.83 per share. Non-GAAP adjusted net income was $164 million or $3.91 per diluted share, which is an increase of 8% over last year.

從收益角度來看，以 GAAP 計算，我們第二季的淨利潤為 7,700 萬美元，即每股 1.83 美元。非 GAAP 調整後淨利潤為 1.64 億美元，即稀釋後每股收益 3.91 美元，比去年增長 8%。

Now, let's move on to segment results, starting with mobility. Mobility revenue for the quarter was $359.6 million, a 6% increase in the prior year. Fuel prices are strong, but have retreated 2% compared to the last year with a domestic average fuel price in Q2 of $3.62 versus $3.68 in 2023. The Q2 fuel price was slightly lower than our guidance but did not have a significant impact on revenue versus our expectation. As we expected, normalizing for the change in fuel prices, the revenue growth rate in Q2 accelerated compared to Q1. We remain on track to deliver full-year segment revenue growth at the high end of our long-term range when taking into account changes in fuel prices.

現在，讓我們繼續細分結果，從移動性開始。該季度的行動收入為 3.596 億美元，比上年增長 6%。燃油價格堅挺，但與去年相比下降了 2%，第二季度國內平均燃油價格為 3.62 美元，而 2023 年為 3.68 美元。第二季燃油價格略低於我們的指導，但與我們的預期相比，並未對收入產生重大影響。正如我們預期，在燃料價格變動正常化的情況下，第二季的營收成長速度較第一季有所加快。考慮到燃油價格的變化，我們仍有望在長期區間的高端實現全年部門收入成長。

Payment processing transactions increased 2% year over year, which was in line with our expectations. Local customers in the US increased 1.5% compared to last year. And over-the-road, payment processing transactions were up 2.2% versus year-ago level. This is the first quarter since Q1 of 2023 that payment processing transactions have increased, reflecting the anticipated stabilization following the credit policy changes we made a year ago.

支付處理交易量年增 2%，符合我們的預期。美國本地客戶較去年成長1.5%。此外，支付處理交易量較去年同期成長 2.2%。這是自 2023 年第一季以來支付處理交易量增加的第一個季度，反映出我們一年前做出信貸政策調整後的預期穩定。

Next, let's turn to late fees. The net late fee rate increased 1 basis point versus the prior year. Finance fee revenue increased $1 million or 2%. As expected, the late fee rate and related revenue have stabilized compared to last year as we lap the credit policy changes made a year ago. The slight increase in revenue is primarily due to the amount earned on each late rate.

接下來，讓我們來談談滯納金。淨滯納金率比前一年增加 1 個基點。財務費用收入增加 100 萬美元，即 2%。正如預期的那樣，隨著我們接受一年前的信貸政策變化，滯納金率和相關收入與去年相比已經穩定。收入的小幅增長主要是由於每次逾期費率賺取的金額。

The net interchange rate in mobility segment was 1.29%, which is up 4 basis points over our 2023 net interchange rate. The increase reflects continued benefits for the interest rate escalator clauses contained in various merchant contracts, the rate benefit from lower domestic fuel prices, and higher rates earned from merchant contract renewals at favorable terms. Compared to Q1, this rate is down slightly due to the mix of diesel gallons and a one-time item reducing the current quarter. The mobility segment adjusted operating income margin for the quarter was 42.9%, down from 44.2% in Q2 2023. The decline in fuel price this year is the primary reason for the lower margins.

移動出行領域的淨兌換率為 1.29%，比 2023 年的淨兌換率上升 4 個基點。這一增長反映了各種商業合約中包含的利率自動扶梯條款的持續收益、國內燃油價格下降帶來的利率收益以及以優惠條件續簽商業合約所獲得的更高利率。與第一季相比，由於本季柴油加侖和一次性項目減少，這一比率略有下降。本季行動業務調整後營業利潤率為 42.9%，低於 2023 年第二季的 44.2%。今年燃油價格下跌是利潤率下降的主要原因。

Moving on, credit losses decreased $3 million in the mobility segment versus last year and were below the guidance range at 14 basis points of purchase volume compared to 15 basis points last year. Loss rates were significantly better than what was expected in our Q2 guidance. Charge-offs during the quarter were also better than expected, particularly in OTR customer base, leading to the lower expense. Compared to last year, loss rates are similar as we have now lapped the credit policy changes made a year ago.

接下來，行動領域的信貸損失比去年減少了 300 萬美元，採購量比去年的 15 個基點低了 14 個基點，低於指導範圍。損失率明顯優於我們第二季指引中的預期。本季的沖銷情況也優於預期，尤其是 OTR 客戶群，導致費用下降。與去年相比，損失率相似，因為我們現在已經接受了一年前的信貸政策變化。

Turning now to corporate payments. Total segment revenue for the quarter increased 10% to $134.1 million. Purchase volume issued by WEX was $25.8 billion, which is an increase of 12% versus last year. The net interchange rate in the segment was up 2 basis points sequentially. Booking.com did begin testing the new process this quarter. Approximately $1 billion of volume was processed under the new in-sourcing arrangement, but this did not have a material impact on revenue and the interchange rate in Q2 compared to our guidance.

現在轉向企業支付。該季度的部門總收入成長了 10%，達到 1.341 億美元。WEX發行量為258億美元，較去年成長12%。該部門的淨兌換率連續上升 2 個基點。Booking.com確實在本季開始測試新流程。新的內包安排下處理了大約 10 億美元的交易量，但這與我們的指導方針相比，並沒有對第二季度的收入和匯率產生重大影響。

Consumer travel demand was softer than we expected in the quarter, primarily with our smaller OTA customers. Travel-related customer purchase volume grew 12% compared to last year, which is done significantly from the growth rates we have seen recently. This is due to the transition of Booking.com volume, softness with smaller OTAs, and lower-than-expected growth in airline-related spend. The interchange rate for the travel-related customers is up 1 basis point from Q1 due to the timing of incentive recognition.

本季消費者旅遊需求低於我們的預期，主要是我們規模較小的 OTA 客戶。與去年相比，與旅行相關的客戶購買量成長了 12%，這與我們最近看到的成長率相比顯著增加。這是由於 Booking.com 業務量的轉變、較小型 OTA 的疲軟以及航空公司相關支出的成長低於預期。由於獎勵確認的時間安排，旅行相關客戶的兌換率比第一季上升了 1 個基點。

Our non-travel customer revenue was up 11%, driven by a 13% increase in purchase volume and net interchange rate for non-travel customers was up 11 basis points sequentially. Direct sales in the US continued to perform above expectations in Q2. We continue to optimize the time it takes to onboard a new customer as well as the supplier enablement process we use to grow these programs. The corporate payments segment delivered an adjusted operating income margin of 55.5%, up from 54.4% in Q2 last year, driven by sustained acceleration in volume.

在購買量成長 13% 的推動下，我們的非旅遊客戶收入成長了 11%，且非旅遊客戶的淨兌換率較上季成長了 11 個基點。第二季美國直銷業績持續高於預期。我們繼續優化吸引新客戶所需的時間以及我們用於發展這些計劃的供應商支援流程。在業務量持續加速的推動下，企業支付業務調整後營業利益率為 55.5%，高於去年第二季的 54.4%。

Finally, let's look at the benefits segment. We again achieved strong results in this segment with Q2 revenue of $179.8 million, which is an increase of $20.6 million or 13% over the prior year. SaaS accounts grew 3% in Q2 versus the prior year to $20 million. The core market dynamics of this business are strong as exemplified by underlying SaaS account growth, excluding the declines in Medicare Advantage accounts, which was 7% year over year.

最後，讓我們看看福利部分。我們在這一領域再次取得了強勁的業績，第二季度營收為 1.798 億美元，比上年增加 2,060 萬美元，即 13%。第二季 SaaS 帳戶與前一年相比成長了 3%，達到 2,000 萬美元。該業務的核心市場動力強勁，基礎 SaaS 帳戶成長就是例證，不包括 Medicare Advantage 帳戶年減 7% 的下降。

Benefits segment purchase volume increased 9%, leading to a 6% increase in payment processing revenue. We also realized approximately $52 million in revenue from the custodial HSA cash deposits that were invested by WEX Bank and from funds held at third-party banks compared to $42 million last year. The average interest rate earned on these balances increased from 4.4% last year to 4.9% this year. We believe this rate will be relatively stable for the next few years because 75% of our HSA-related investments are deployed in laddered fixed rate investments that protect future revenue from interest rate changes.

福利部門採購量增加 9%，導致支付處理收入增加 6%。我們也從 WEX 銀行投資的託管 HSA 現金存款和第三方銀行持有的資金中實現了約 5,200 萬美元的收入，而去年為 4,200 萬美元。這些餘額的平均利率從去年的 4.4% 增加到今年的 4.9%。我們相信這一利率在未來幾年將相對穩定，因為我們 75% 的 HSA 相關投資部署在階梯式固定利率投資中，以保護未來收入免受利率變化的影響。

Interest rate impacts in the remaining portfolio, which includes short-term deposits held at third-party banks, will be balanced by the reinvestment of lower-yielding fixed-rate invested at higher rates as they mature. To summarize, the revenue from our benefits business is well shielded from changes in interest rates, and as we've discussed previously, our overall balance sheet hedge protects the company from macroeconomic interest rate movement is materially impacting overall earnings.

其餘投資組合（包括在第三方銀行持有的短期存款）的利率影響將透過在到期時以較高利率投資的低收益固定利率再投資來平衡。總而言之，我們的福利業務收入很好地免受利率變化的影響，正如我們之前討論的那樣，我們的整體資產負債表對沖保護公司免受宏觀經濟利率變動對整體收益產生重大影響的影響。

Now, turning to margins. The benefits segment adjusted operating income margin was 39.6% compared to 37.2% in 2023. The increase in margin versus last year is driven by the high flow through of historical income.

現在，轉向邊緣。福利部門調整後營業利益率為 39.6%，而 2023 年為 37.2%。與去年相比，利潤率的成長是由歷史收入的高流量所推動的。

Now, I will provide an update on the balance sheet and our liquidity position. We remain in a healthy financial position and ended the quarter with $683 million of cash. We have $804 million of available borrowing capacity and corporate cash of $143 million as defined under the company's credit agreement at quarter end. The total outstanding balance of our revolving line of credit and term loans was $3 billion. The leverage ratio, as defined in the credit agreement, stands at 2.5 times and which is at the low end of our long-term target of 2.5 times to 3.5 times. Our ability to invest in the business and return capital to shareholders while also maintaining conservative debt level puts us in an end of the position.

現在，我將提供資產負債表和流動性狀況的最新資訊。我們保持健康的財務狀況，本季末現金為 6.83 億美元。根據公司季末信貸協議的定義，我們擁有 8.04 億美元的可用借款能力和 1.43 億美元的公司現金。我們的循環信貸額度和定期貸款的未償餘額總額為 30 億美元。信貸協議中定義的槓桿率為2.5倍，處於我們2.5倍至3.5倍長期目標的低端。我們有能力投資業務並向股東返還資本，同時保持保守的債務水平，這使我們處於困境。

Next, I would like to turn to cash flow. WEX generates a significant amount of cash each year. Using our definition, quarterly adjusted free cash flow was $161 million in Q2. Our primary discretionary use of cash so far this year has been to repurchase shares. We repurchased $174 million of our own shares in the first half of the year including $100 million during Q2. In addition, we have purchased an additional $70 million of our common stock during July. We believe in the long-term business momentum of WEX.

接下來，我想談談現金流。WEX 每年產生大量現金。根據我們的定義，第二季季度調整後自由現金流為 1.61 億美元。今年到目前為止，我們對現金的主要酌情使用是回購股票。今年上半年，我們回購了 1.74 億美元的自有股票，其中第二季回購了 1 億美元。此外，我們還在 7 月額外購買了 7,000 萬美元的普通股。我們相信 WEX 的長期業務動能。

Earlier, Melissa illustrated the solid revenue and earnings growth the company has seen over the last decade. The business drivers of the company have remained solid, and we believe the stock price is a compelling value at recent levels. As a result, we also expect to enter into an accelerated share repurchase agreement in the near future to repurchase at least an additional $300 million of our common stock. We expect to receive approximately 80% of these shares upfront with final settlement expected to recur in the fourth quarter of 2024.

早些時候，梅麗莎闡述了該公司在過去十年中實現的穩健的收入和盈利增長。該公司的業務驅動力仍然強勁，我們相信股價在近期水準上具有令人信服的價值。因此，我們也預計在不久的將來簽訂一項加速股票回購協議，以額外回購至少 3 億美元的普通股。我們預計將預先獲得這些股份的約 80%，最終結算預計將在 2024 年第四季進行。

At our present share price, this equates to approximately 4% of our outstanding shares. And when combined with a $70 million of shares already repurchased in July, represents almost 5% of shares outstanding. Since reinitiating our share repurchase in 2022, we have acquired approximately 4.8 million shares at a cost of $830 million, which equates to an average cost of $173 per share.

以我們目前的股價計算，這相當於我們已發行股票的約 4%。加上 7 月回購的價值 7,000 萬美元的股票，幾乎佔已發行股票的 5%。自 2022 年重新啟動股票回購以來，我們已以 8.3 億美元的成本收購了約 480 萬股股票，相當於每股平均成本 173 美元。

Since April of 2022, we have reduced our share count by more than 7%. We believe our expected continued strong revenue and adjusted net income growth, combined with a prudent capital allocation plan, is a very compelling story for our shareholders. Looking forward, we remain committed to managing capital allocation between organic investment, M&A, and returning capital to shareholders.

自 2022 年 4 月以來，我們已減少了超過 7% 的股份數量。我們相信，我們預期的持續強勁收入和調整後淨利潤成長，加上審慎的資本配置計劃，對我們的股東來說是一個非常引人注目的故事。展望未來，我們仍致力於管理有機投資、併購和向股東返還資本之間的資本配置。

Finally, let's move to revenue and earnings guidance for the third quarter and full year. We expect many of the trends from the second quarter to continue, and we are updating our 2024 guidance primarily to reflect trends in the corporate payments segment. Starting with the third quarter, we expect to report revenue in the range of $688 million to $698 million. We expect ANI EPS to be between $4.42 and $4.52 per diluted share. For the full year, we expect to report revenue in the range of $2.68 billion to $2.72 billion. We expect ANI EPS to be between $15.98 and $16.38 per diluted share.

最後，讓我們談談第三季和全年的收入和獲利指引。我們預計第二季的許多趨勢將持續下去，我們正在更新 2024 年指導，主要是為了反映企業支付領域的趨勢。從第三季開始，我們預計營收將在 6.88 億美元至 6.98 億美元之間。我們預計 ANI 攤薄後每股收益將在 4.42 美元至 4.52 美元之間。我們預計全年營收將在 26.8 億美元至 27.2 億美元之間。我們預計 ANI 攤薄後每股收益將在 15.98 美元至 16.38 美元之間。

For the full year, the midpoint of these updated ranges represent a decrease of $50 million in revenue, including the Q2 shortfall and $0.17 of EPS compared to the midpoint of our previous guidance. Although there are small moving parts in the mobility and benefits segment, the decrease in revenue guidance is primarily related to the corporate payments segment.

就全年而言，這些更新範圍的中點代表收入減少了 5000 萬美元，包括第二季度的缺口和與我們之前指導的中點相比的 EPS 0.17 美元。儘管流動性和福利領域有一些小的變動部分，但收入指引的下降主要與企業支付領域有關。

Overall, we are pleased with the non-travel portion of the segment, which further accelerated in the second quarter. However, we are reducing travel customer purchase volume expectations for the second half of the year as we anticipate the softness we saw in Q2 among our smaller OTAs will continue for the remainder of the year.

總體而言，我們對該細分市場的非旅遊部分感到滿意，該部分在第二季度進一步加速。然而，我們正在降低旅行客戶對下半年的購買量預期，因為我們預計規模較小的 OTA 在第二季度看到的疲軟狀態將在今年剩餘時間內持續下去。

In addition, we are seeing second-half purchase volume weakness in some large customers with multiple payment options. Some of these customers gave us a high share of wallet over the last 12 months but are balancing out their spend in the second half of the year. We do not believe these short-term spending decisions reflect any longer-term impact to our volume of business with these customers, and we remain confident in our ability to grow the market.

此外，我們發現一些具有多種付款方式的大客戶下半年採購量疲軟。其中一些客戶在過去 12 個月中為我們提供了很高的錢包份額，但在下半年平衡了他們的支出。我們認為這些短期支出決策不會對我們與這些客戶的業務量產生任何長期影響，我們對發展市場的能力仍然充滿信心。

Note that these changes also have an impact on the amount of network incentives that we expect to earn this year, which is reflected in our revised guidance. Much of the decline in revenue expectations is being offset by lower expected credit losses in the mobility segment, a variety of strategic cost-cutting measures and the share buybacks that I discussed.

請注意，這些變更也會對我們預計今年獲得的網路激勵金額產生影響，這反映在我們修訂後的指導中。收入預期的大部分下降被行動領域預期信貸損失的降低、各種策略成本削減措施和我討論的股票回購所抵消。

Finally, one other quick modeling note. We expect Q3 revenue in mobility to be relatively strong as there are two more business days in the current year versus last year.

最後，另一篇快速建模筆記。我們預計第三季行動業務收入將相對強勁，因為今年比去年多了兩個工作天。

With that, operator, please open the line for questions.

那麼，接線員，請開通提問線路。

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

（操作員指令）Tien-Tsin Huang，摩根大通。

Thanks so much. Good morning. I wanted to ask just maybe if you can give a little bit more detail on your -- on what you're seeing on the ground on the fleet side. I think you mentioned the market is mixed, but like at the end of the tunnel, what's driving that end of the tunnel comment there? Thank you.

非常感謝。早安.我想問一下您是否可以提供更多有關您在艦隊方面所看到的情況的詳細資訊。我想你提到市場是好壞參半的，但就像在隧道的盡頭，是什麼推動了隧道盡頭的評論？謝謝。

Yeah, sure, Tien-Tsin. A couple of things. We are out talking to customers, they're starting to be a little bit more bullish. I'd say it's still mixed. We're also seeing within the portfolio itself, same-store sales were flat in the quarter, which is a good sign for that segment of our business. And so some of this data driven, some of it's more anecdotal from commentary we're hearing from the field.

是的，當然，田津。有幾件事。我們正在與客戶交談，他們開始變得更加樂觀了。我想說它仍然是混合的。我們也看到，在產品組合本身中，本季同店銷售額持平，這對我們該業務領域來說是一個好兆頭。因此，其中一些是數據驅動的，其中一些更多的是我們從現場聽到的評論中的軼事。

Got you. And then on the travel side, I heard the OTAs on the smaller side driving some of the weakness. Any comments on geography? Because I think Asia was believed to be weaker coming out of Visa. And any updated thinking internal around booking and the impact and when that will show up starting in the fourth quarter?

明白你了。然後在旅行方面，我聽說規模較小的 OTA 正在推動一些弱點。有沒有關於地理的評論？因為我認為亞洲因維薩而變得更弱。關於預訂和影響的內部思考有什麼更新嗎？

Yeah, look, why don't I start? And I think Jagtar, you probably want to add on to this. If I look at the mix within our portfolio itself, what we saw was stronger growth in the US and still actually decent growth in Europe but more muted growth in Europe within our portfolio. We also saw that the average transaction size has continued to go up. It was up 5% year over year. And so, you continue to see some pricing leverage that's happening across the portfolio.

是啊，看，我為什麼不開始呢？我認為 Jagtar，你可能想補充這一點。如果我看看我們的投資組合本身的組合，我們看到的是美國的成長更為強勁，歐洲的成長實際上仍然不錯，但我們的投資組合中歐洲的成長更為溫和。我們也看到平均交易規模持續上升。較去年同期成長 5%。因此，您將繼續看到整個投資組合中存在一些定價槓桿。

Yeah, I'll talk about Booking. So Tien-Tsin, we saw Booking has started their transition to the new model. We saw about $1 billion flow through the new model in Q2, which was kind of relatively immaterial. We expect that to accelerate in Q3 and Q4. We expect roughly 30% of their volumes to flow through in the new model in Q3, growing to about 40% in Q4.

是的，我會談談預訂。所以Tien-Tsin，我們看到Booking已經開始向新模式過渡。我們在第二季度看到新模型的流量約為 10 億美元，這相對來說是無關緊要的。我們預計第三季和第四季將加速。我們預計第三季新型號的銷量將達到約 30%，第四季將成長至 40% 左右。

Great, thank you.

太好了，謝謝。

And just to kind of reiterate from the impact to next year, we've talked about it having an incremental 1% impact to total revenue for the company that's still -- we're reiterating that. That's still what we believe.

只是為了重申對明年的影響，我們已經討論過它對公司總收入的增量影響為 1%，但我們仍在重申這一點。我們仍然相信這一點。

Very good, thank you.

非常好，謝謝。

Andrew Jeffrey, William Blair.

安德魯傑弗裡，威廉布萊爾。

Hi, good morning. Appreciate you taking the question. Melissa, Jagtar, I wonder if you could unpack the comment around travel or OTA customer wallet share a little bit because I know one of the potential offsets longer term in Booking is the thought around being able to capture additional wallet share, but it sounds like maybe in the near term as volume comes off, some customers are maybe spreading spend around. I just wanted to understand that dynamic a little bit.

嗨，早安。感謝您提出問題。Melissa、Jagtar，我想知道您是否可以稍微解釋一下有關旅行或 OTA 客戶錢包份額的評論，因為我知道 Booking 的長期潛在抵消之一是圍繞能夠獲取額外錢包份額的想法，但這聽起來像是也許在短期內，隨著銷售量的下降，一些客戶可能會分散支出。我只是想稍微了解一下這種動態。

There's a bunch of things that are happening within the portfolio. And I guess let me start probably, just addressing that question, and Jagtar, you may want to add on to that.

投資組合中正在發生很多事情。我想讓我開始吧，只是解決這個問題，捷達，你可能想補充一下。

Within our travel customer portfolio, many of the online travel agencies use multiple providers and they do that for business updates new purposes, and they split volume across. What Jagtar mentioned in his comments is that we've got a little bit more lumpiness and how that volume is coming through right now. So we've got the advantage of that in the first half of this year. And we think that we're going to see the disadvantage of that, which is going to affect comparability of year-over-year performance in the second half of the year is not something that's new.

在我們的旅遊客戶組合中，許多線上旅行社使用多個提供者，他們這樣做是為了業務更新新目的，並且他們將業務量分開。賈格塔在他的評論中提到的是，我們的情況變得更加混亂，以及目前的銷售情況如何。因此，我們在今年上半年就獲得了這個優勢。我們認為我們將看到這樣做的缺點，這將影響下半年業績的可比性，這並不是什麼新鮮事。

And then on top of that, we are seeing really great spend volume with the large OTAs, the growth have been really strong from we're getting the advantage still of this move into the merchant model. And so the growth that we're seeing with the larger European OTAs. We're certainly getting an advantage of that. And that's being offset by weakness that we're seeing with the smaller, online travel agencies, which are really just returning to more normal growth patterns.

最重要的是，我們看到大型 OTA 的支出量非常大，成長非常強勁，因為我們仍然獲得了進入商業模式的優勢。因此，我們看到了歐洲較大的線上旅行社的成長。我們當然正在利用這一點。這被我們看到的小型線上旅行社的疲軟所抵消，這些旅行社實際上只是恢復了更正常的成長模式。

And then Jagtar talked about the fact that we're also seeing softness with airline spend, which for us is in Europe. And it tends to be online travel agencies that are using our product for low-cost air carriers within European market.

然後捷達談到了這樣一個事實，即我們也看到了航空公司支出的疲軟，對我們來說這是在歐洲。在歐洲市場的低成本航空承運商中，往往是線上旅行社使用我們的產品。

Andrew, the only thing I'd add to that -- sorry, I was just going to say the only thing I'd add to that, so as Melissa mentioned, the share of wallet item predominantly in some of our larger OTA customers. Our expectations with these customers, this is really a calendarization in 2024, where we saw them spend more with us in the first half and maybe a little less with us in the back half, but then we expect volumes to return as we look out in the future. So I really view that, that kind of share of wallet item is a timing item.

安德魯，我唯一要補充的一點是——抱歉，我只想說我唯一要補充的一點，正如梅麗莎提到的，錢包項目的份額主要集中在我們一些較大的 OTA 客戶中。我們對這些客戶的期望，這實際上是2024 年的日曆，我們看到他們上半年在我們身上花費更多，下半年在我們身上花費可能會少一些，但隨後我們預計隨著我們的觀察，銷量會回升未來。所以我真的認為，錢包項目的這種份額是一個計時項目。

Okay, that's helpful color. And I just wanted to get a little more color on benefits, where it looks like HSA accounts are returning to growth. Should we expect the combination of new wins onboarding, lapping the Medicare Advantage losses and perhaps a better open enrollment season to reaccelerate HSA growth, especially as we look out into next year?

好吧，這個顏色很有用。我只是想對福利有更多的了解，看起來 HSA 帳戶正在恢復成長。我們是否應該期待新的入職勝利、彌補醫療保險優勢的損失以及可能更好的開放註冊季節的結合，以重新加速 HSA 的增長，特別是當我們展望明年時？

We're seeing right now because you're going to go through those drivers, we're seeing an increase. We talked about 8% growth in HSA accounts year over year. So far in the sales season, we're definitely seeing more momentum and close greater higher pipelines look really strong. The majority of sales happen in the second half of the year, so we still have more work to do. But we are feeling pretty good about what's happening across the portfolio and how that's going to line up for next year's growth.

我們現在看到，因為您將經歷這些驅動程序，所以我們看到了成長。我們談到 HSA 帳戶年增 8%。到目前為止，在銷售季節，我們肯定會看到更多的動力，並且關閉更大的更高的管道看起來非常強勁。大部分銷售發生在下半年，因此我們還有更多工作要做。但我們對整個投資組合所發生的事情以及這將如何適應明年的成長感到非常滿意。

Yeah, Andrew, I would say what we've closed so far this year at this point in the year versus where we were at this point of the year last year, we are ahead. So that's a good sign of validating our expectations.

是的，安德魯，我想說的是，與去年這個時候相比，我們今年到目前為止已經完成的工作，我們處於領先地位。所以這是驗證我們期望的好兆頭。

Appreciate it. Thank you.

欣賞它。謝謝。

Nate Svensson, Deutsche Bank.

內特‧斯文森，德意志銀行。

Hi, thanks for the question. I just wanted to ask on corporate payments and the outlook for the full year. So I think previously, you had talked about both revenue growth and volume growth being in the high-single digits. Obviously, it sounds like that's coming down. So I just wanted to clarify, the revenue guides coming down by $50 million. It sounds like a vast majority of that is in corporate payments. So I just wanted to clarify the math there. And then any nuances or updates on the cadence through the year. I think, Jagtar, the last call, you talked about year-over-year growth decelerating through the year. So I just wanted to see if there's any updates to the thing in there.

你好，謝謝你的提問。我只是想問企業付款和全年展望。所以我認為之前，您曾談到收入成長和銷售成長都處於高個位數。顯然，這聽起來像是正在下降。所以我只是想澄清一下，收入指南下降了 5000 萬美元。聽起來絕大多數是企業支付。所以我只是想澄清那裡的數學。然後是全年節奏的任何細微差別或更新。我想，捷達，在最後一次電話會議中，您談到了全年同比增長放緩。所以我只是想看看裡面的東西是否有任何更新。

Yeah. So I would say, at the beginning of the year, we were guiding to high-single-digits growth. I'd say corporate payments. Now, we're expecting low-single-digit growth with this guidance change. I think in response to your question, it might be useful for me to dive into a little bit more detail on the guidance change.

是的。所以我想說，在今年年初，我們的目標是實現高個位數成長。我想說的是企業付款。現在，我們預期這項指引的變化將帶來低個位數的成長。我認為在回答你的問題時，我更深入地了解指導變更的細節可能會很有用。

Let me start with what isn't changing in the guidance. So our benefits business continues to track to the growth rates we expected that we guided to at the beginning of the year, and that business is doing well. Mobility, as we expected accelerated in Q2, and it's still exactly what we expected and we've guided to.

讓我從指南中沒有改變的內容開始。因此，我們的福利業務繼續按照我們年初預期的成長率前進，而且業務表現良好。正如我們預期的那樣，移動性在第二季加速，而且仍然完全符合我們的預期和指導。

Likewise, I would say, in Q2, the non-travel corporate -- a portion of our corporate payments business, we also saw revenue acceleration. And so we're quite pleased with that business as well. So really, where we're making the guidance change is call it the 10% to 15% of the company revenue that's on the travel business.

同樣，我想說，在第二季度，非旅遊企業——我們企業支付業務的一部分，我們也看到了收入加速成長。因此我們對這項業務也非常滿意。事實上，我們正​​在對指導進行調整，將其稱為公司收入的 10% 到 15% 來自旅遊業務。

So I want to point out that the travel, the guidance change isn't related to any customer attrition. We continue to have good relationships with our customers and find value in our solutions. So really, where the guidance changes, one, we saw a slight impact from the Booking's announcement we made last quarter. The transition is going well, as I said earlier, but it's got a little bit faster than we expected, and that's had some impact to our expectations for the year. I'd say that's about a $5 million impact in the overall guidance change.

所以我想指出的是，旅行、指南的變化與任何客戶流失無關。我們繼續與客戶保持良好的關係，並在我們的解決方案中發現價值。因此，實際上，在指南發生變化的地方，第一，我們看到 Booking 上季度發布的公告產生了輕微影響。正如我之前所說，過渡進展順利，但比我們預期的要快一些，這對我們今年的預期產生了一些影響。我想說，整體指導變化的影響約為 500 萬美元。

The other big piece is the large customers that Melissa talked about, what we're really seeing there is the timing impacts. So we saw the benefit of that in the first half of the year and expect some deceleration from them in the second half of the year.

另一個重要部分是梅麗莎談到的大客戶，我們真正看到的是時間影響。因此，我們在上半年看到了這樣做的好處，並預計下半年會出現一些減速。

And then it's the smaller OTAs where we're seeing softness. Part of the softness, I think Melissa mentioned, is related to the virtual card acceptance, especially among certain airlines, predominantly in Europe. But we're also seeing, right overall volume growth outside of the airlines with the smaller OTA has come in lower than our expectations. So we expect that to continue for the balance of the year. And then that finally, that flows into our incentive fee recognition program. So we're seeing some softness, but we remain confident in our relationships with the customers. And so overall, as I said earlier, about 2% this year is what we're expecting for growth, low-single digits.

然後我們看到較小的 OTA 表現疲軟。我認為梅麗莎提到，疲軟的部分原因與虛擬卡的接受程度有關，特別是在某些航空公司（主要是歐洲）。但我們也看到，除 OTA 規模較小的航空公司外，整體銷售成長低於我們的預期。因此，我們預計這種情況將持續到今年剩餘時間。最後，這將流入我們的激勵費用認可計劃。因此，我們看到了一些疲軟的情況，但我們對與客戶的關係仍然充滿信心。因此，總體而言，正如我之前所說，我們預計今年的成長約為 2%，較低的個位數。

That is great color. I appreciate all the detail there. Another one kind of on the outlook for the rest of the year. So it's nice to see another quarter of solid operating margin expansion, and you talked about sort of the cost saving efficiencies that you've realized being sort of ahead of plan year to date. So just wondering on your thoughts on your ability to continue expanding margins in the back half of this year, particularly given that you're lapping some really strong margin expansion from the back half of 2020 -- sorry, 2023. So anything we should keep in mind for our models with regards to the cadence or the magnitude of margin expansion in the back half? Thank you.

那是很棒的顏色。我很欣賞那裡的所有細節。另一種是關於今年剩餘時間的前景。因此，很高興看到另一個季度營業利潤率實現穩健成長，您談到了成本節約效率，您已經意識到，今年迄今為止，這有點提前於計劃。因此，我想知道您對今年下半年繼續擴大利潤率的能力有何看法，特別是考慮到您從 2020 年下半年（對不起，2023 年）開始將實現一些非常強勁的利潤率擴張。那麼，對於我們的模型，關於後半段的節奏或利潤擴張的幅度，我們應該記住什麼？謝謝。

Yeah. I would say we continue to focus on cost containment, I'd call it. So we were at a roughly $106 million run rate on the cost-saving initiative exiting Q2. We think we'll add on the order of another $10 million on that run rate as we go through the year. So that will add incrementally to margins as we go through the year.

是的。我想說，我們將繼續關注成本控制，我稱之為。因此，第二季的成本節約計畫的運作費用約為 1.06 億美元。我們認為，今年我們將在運行費率上再增加 1,000 萬美元。因此，隨著這一年的推移，這將逐步增加利潤。

One of the things that we said in the last call that we had front loaded some of the reinvestment. And so that's why you're seeing more pickup in the second half of the year.

我們在上次電話會議中說過的一件事是，我們已經預先加載了一些再投資。這就是為什麼你會在今年下半年看到更多的回升。

Thanks. Appreciate the color.

謝謝。欣賞顏色。

Nik Cremo, UBS.

尼克·克雷莫，瑞銀集團。

Good morning. Thanks for taking my questions. First, I just wanted to follow up on the benefits segment. Could you just provide what your expectations are for SaaS account growth for the next two quarters that's embedded? Is it 10% to 15% 2024 segment revenue guide, rates aside? And then does that give you line of sight for this business to reaccelerate back into the longer-term target range of 15% to 20% in 2025? Thank you.

早安.感謝您回答我的問題。首先，我只想跟進福利部分。您能否提供您對未來兩個季度嵌入式 SaaS 帳戶成長的預期？拋開費率不談，2024 年分部收入指引是否為 10% 至 15%？那麼這是否能讓您看到該業務在 2025 年重新加速回到 15% 至 20% 的長期目標範圍？謝謝。

We talked about the fact that we're going to -- that we had 8% HSA growth in the quarter. As you go through the course of the year, we will continue through our sales cycles. A lot of the implementations happen at the beginning of next year. There's typically the very end of this year is when you start to see in more of a search from a growth perspective. And so I'd say that right now, what we're doing is more lining up the business in order to get prepared for the enrollment season and next year.

我們談到了這樣一個事實：我們將在本季度實現 8% 的 HSA 成長。當您度過這一年時，我們將繼續我們的銷售週期。許多實施都是在明年初進行的。通常在今年年底，你會開始更多地從成長的角度進行搜尋。所以我想說，現在我們正在做的是更多地安排業務，以便為招生季節和明年做好準備。

And when we think about the business, what we want to make sure that we're doing is that we're signing more than our fair share in terms of new customers. We will get a benefit of the custodial counts, which is a relatively new source of revenue for us. We now also are getting the benefit of some of the compliance tools that we picked up with the census. You saw that, that actually come through more in the first quarter. A little bit lumpy. And when that comes through, so it accelerates growth in the first quarter in particular. And so we feel like we actually have a lot of tools right now to continue to build upon this business and to make sure that we are outgrowing the market.

當我們考慮業務時，我們想要確保我們正在做的是，我們簽署的新客戶數量超過了我們應得的份額。我們將從保管計數中受益，這對我們來說是一個相對較新的收入來源。我們現在也受益於我們在人口普查中獲得的一些合規工具。你看到了，第一季實際上發生了更多事情。有點凹凸不平。當這一點實現時，尤其會加速第一季的成長。因此，我們覺得我們現在實際上擁有許多工具來繼續發展這項業務，並確保我們的成長速度超過市場。

And in terms of SaaS account growth, we're expecting a slight acceleration as we go through the year. We did about before the Medicare Advantage item, we did about 3% SaaS account growth in Q2. And we're expecting, call it, mid-single digits in the second half.

就 SaaS 帳戶成長而言，我們預計今年會略有加速。在 Medicare Advantage 專案之前，我們在第二季的 SaaS 帳戶成長了約 3%。我們預計下半年的業績將達到中個位數。

Got it. Thanks for all the additional color. And then for my follow-up on the corporate payments segment focusing on the non-travel portion. It was great to see the yield improved 11 basis points sequentially, a much stronger than expected. You could just provide details on what sort of the improvement and that should be kind of like the new baseline rate for this segment? And then also, we just noticed that the volume on the non-travel side appeared to be down about high-single digits quarter over quarter. So curious, what was going on there? Thank you.

知道了。感謝所有額外的顏色。然後是我對企業支付領域的後續關注，重點關注非旅行部分。很高興看到收益率連續上升 11 個基點，遠強於預期。您可以提供有關哪種改進的詳細信息，以及該改進應該類似於該細分市場的新基準嗎？此外，我們剛剛注意到非旅行方面的交易量似乎逐季度下降了約高個位數。很好奇，那裡發生了什麼事？謝謝。

Yeah. So the rate in the volume is actually the same item, which was related to a little bit of mix. We have a particularly large customer that's at a low rate that processed a little bit less in the second half. I expect them to do more later in the year. But that mix effect helped the rate in the second quarter.

是的。所以卷中的比率其實是同一個項目，這和一點點的混合有關。我們有一個特別大的客戶，其利用率較低，下半年的處理量略有減少。我預計他們會在今年晚些時候做更多的事情。但這種混合效應有助於第二季的成長率。

When we look at the back half of the year, overall, we're expecting our take rates to roughly match the first half of the year to be roughly flat. Will be -- some timing, Q3 will be a little lower. Q4 will be a little higher. But overall, on average, we expect about the same second half that we did first half.

當我們回顧今年下半年時，總體而言，我們預計我們的轉換率將與上半年大致持平。在某些時候，第三季會稍微低一點。第四季會高一點。但總體而言，平均而言，我們預計下半年與上半年的情況大致相同。

Other things that were in that mix that we were particularly proud of is the direct segment. Jagtar talked about the fact that we've continued to build into that sales force, and it has continued to deliver. We had 25% growth year over year in the quarter. That part of the business is a place that we're going to continue to build into.

在這個組合中，我們特別引以為傲的其他事情是直接細分市場。Jagtar 談到了這樣一個事實，即我們一直在繼續建立銷售隊伍，而且它也一直在交付成果。本季我們的年成長率為 25%。這部分業務是我們將繼續發展的地方。

So the numbers you see the continued progress on the direct side of the business. Thank you.

因此，您可以從數字中看到直接業務方面的持續進展。謝謝。

Andrew Bauch Wells Fargo.

安德魯·鮑赫·富國銀行。

Hey, thanks for taking the question. Nice to see the cost savings plan get into place. And you talked about reinvesting half of that back in the business, things like commercial team, tech upgrades. But maybe if you could put a finer point on -- are these reinvestments segment directed? How do you kind of anticipate the commercial team starting to contribute to growth? And anything else you can provide on that reinvestment strategy?

嘿，謝謝你提出問題。很高興看到成本節約計畫落實到位。您談到將其中一半重新投資於業務，例如商業團隊、技術升級。但也許你可以說得更詳細一點——這些再投資部分是定向的嗎？您如何看待商業團隊開始為成長做出貢獻？關於再投資策略您還能提供什麼其他資訊嗎？

So when we look at those categories, as we're going through and thinking where we want to allocate our reinvestment, we're looking across the company at places that we think are going to drive the highest return. Jagtar and his team has done a great job working with the rest of the business. And so it's really spread throughout. It's not directed in any one particular area. I'd say that we have been focused in marketing engine with our mobility business. We've been ramping sales within corporate payments. And so it's kind of really spread across.

因此，當我們審視這些類別時，當我們仔細考慮並思考我們想要在哪裡分配再投資時，我們會在整個公司範圍內尋找我們認為將帶來最高回報的領域。Jagtar 和他的團隊在與其他業務部門的合作中表現出色。所以它確實傳播到了各處。它不針對任何某一特定領域。我想說的是，我們一直專注於行動業務的行銷引擎。我們一直在提高企業支付領域的銷售額。所以它真的很傳播。

Likewise, the tech side, it's really spread across all three lines of business as well in terms of that information.

同樣，在技術方面，它確實分佈在所有三個業務領域以及資訊方面。

Got it. And then after this buyback, maybe we could just get a refresh on your capital allocation strategy and how you're thinking about longer-term structure, maybe a little bit more in detail?

知道了。在這次回購之後，也許我們可以重新了解您的資本配置策略以及您如何考慮長期結構，也許更詳細一點？

I wouldn't say that anything is really changed. When we think about capital allocation, we care deeply about organic growth, and so that's the first place we spend quite a bit of time and thought. And we have been ramping both our tech and product teams over the last couple of years. It's a place that we think is really important to the long-term growth of the company.

我不會說有什麼真的改變了。當我們考慮資本配置時，我們非常關心有機成長，因此這是我們首先花費大量時間和思考的地方。在過去的幾年裡，我們一直在增強我們的技術和產品團隊。我們認為這是一個對公司長期發展非常重要的地方。

We still have in our framework 2% to 3% growth from M&A. And then opportunistically, we're going to buy back stock, and we are very bullish on the long term of the company and feel like that is not represented in our stock price. And so we've been really aggressive about share buyback. We bought back $174 million at the first part of the year and then another $70 million in July. And now, on top of that, we're talking about the $300 million accelerated repurchase program. And so it's a place that we feel provides a good return for our shareholders and just shows the confidence we have in our ability to continue to grow the company.

我們的框架中仍有 2% 至 3% 的併購成長。然後機會主義地，我們將回購股票，我們非常看好公司的長期發展，並且感覺這並沒有反映在我們的股價中。因此，我們在股票回購方面一直非常積極。我們在今年上半年回購了 1.74 億美元，然後在 7 月回購了 7,000 萬美元。現在，除此之外，我們正在討論 3 億美元的加速回購計畫。因此，我們認為這是一個為我們的股東提供良好回報的地方，並且表明我們對繼續發展公司的能力充滿信心。

Great. Thanks for the update, Melissa.

偉大的。感謝您的更新，梅麗莎。

Ramsey El-Assal, Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

Hi, thanks for taking my question. I wanted to ask about a comment that you made most in the prepared remarks around new adjacencies in mobility. And I know Payzer sounds like you're executing on that very well. Are you seeing -- maybe you could elaborate that a little bit for us? And are you seeing other similar opportunities? I know that sort of field services? Are there other adjacencies that we could expect you to kind of move into?

您好，感謝您提出我的問題。我想問一下您在準備好的有關移動性新鄰接的評論中發表最多的評論。我知道 Payzer 聽起來你在這方面執行得很好。您看到了嗎——也許您可以為我們詳細說明一下？您還看到其他類似的機會嗎？我知道那種現場服務嗎？我們可以期望您進入其他鄰近地區嗎？

Yeah. We're thinking about this in two different ways. First, are the things our customers very naturally need. So we've launched a product into the marketplace for our North American fleet customers that allows expanded acceptance so that they can buy other things that are generally maintenance related for their vehicle, but just expanding their ability to purchase in a controlled manner.

是的。我們正在以兩種不同的方式思考這個問題。首先，是我們的客戶自然需要的東西。因此，我們向北美車隊客戶推出了一款產品，可以擴大接受度，以便他們可以購買通常與車輛維護相關的其他物品，但只是擴大了他們以受控方式購買的能力。

EV, I would put in that same category. We've got this migration that's going into a mixed fleet environment. And so we've extended products in that area. The 10-4 products that I talked about on the call, it's thinking about the over-the-road customer in a segment that we're not participating in now, which are over offers, the really small segment of the marketplace that will have more credit constraints associated with that. But having offerings to that customer set that draws them in to start using our products. And as they get bigger, then they can advance into some of the existing products that we have now. And so we're looking across the portfolio at customer needs that we feel like are unmet in places that we feel like we can actually build out the offerings in order to provide even more value to our customers.

電動車，我會放在同一類別。我們已經完成了進入混合車隊環境的遷移。因此我們在該領域擴展了產品。我在電話中談到的 10-4 產品，它考慮的是我們現在沒有參與的細分市場中的公路客戶，這些客戶是超額優惠的，是市場中非常小的一部分。信貸限制。但向客戶提供的產品吸引他們開始使用我們的產品。隨著它們變得更大，它們就可以進入我們現在擁有的一些現有產品。因此，我們正在整個產品組合中尋找我們認為尚未滿足的客戶需求，我們認為我們實際上可以建立產品，以便為客戶提供更多價值。

And then I would say Payzer's kind of a step beyond that, where we're looking at a place where we can even more deeply expand vertical capability within our customer segment. And so, that for me is a little bit more of a test, and we continue to learn as we go through that process where the real near adjacencies are clear customer-driven needs.

然後我想說，Payzer 超越了這一點，我們正在尋找一個可以更深入擴展我們客戶群內垂直能力的地方。因此，這對我來說更像是一個測試，我們在經歷這個過程的過程中不斷學習，其中真正的鄰近關係是明確的客戶驅動需求。

Okay. And my follow-up is on electric vehicles. And the 50,000-vehicle pipeline you mentioned was a larger number than I anticipated. So I guess, the question there is, what is the size of the pipeline relative to the number of electric vehicles that are in your fleet today? What's there today? How fast do you convert the 50,000. And are they incremental vehicles or do you see this more as like sort of a swap out fossil fuel for electric?

好的。我的後續行動是電動車。你提到的5萬輛汽車的儲備量比我預期的要多。所以我想，問題是，與目前車隊中電動車的數量相比，管道的規模是多少？今天有什麼？50,000 的兌換速度有多快？它們是增量車輛還是您認為這更像是將化石燃料換成電力？

So we have hundreds now. So it is significantly larger than the existing customer segment that we have right now; they're using the products. The way that I think about this, I think that the news is people are hearing consumer demand dwindle has had very little impact of our experience here where -- from a commercial perspective, the places that we've seen in demand or government fleets, very largest fleets that have ESG commitments that they've made into the marketplace. And then there's a bunch of others that are testing because they really want to understand the total cost of ownership. They believe that this is going to happen. It's just a question of timing, and so they want to get better educated across that.

所以我們現在有數百個。因此，它比我們現在擁有的現有客戶群要大得多；他們正在使用這些產品。我思考這個問題的方式，我認為新聞是人們聽到消費者需求減少，這對我們在這裡的經驗影響很小——從商業角度來看，我們在需求或政府車隊中看到的地方，最大的車隊已在市場上做出了ESG 承諾。還有很多其他人正在進行測試，因為他們確實想了解整體擁有成本。他們相信這將會發生。這只是一個時間問題，所以他們希望在這方面得到更好的教育。

And with the government fleet in particular, we do business with the federal government, but also over half of the states in the United States. So we have a very close relationship and are in a position to help them through this migration, and they're going to be the leading side of that. So it is a pretty big ramp. And we've said all along that we don't know when this is going to happen, but we know that we need to be very well-positioned for when it does, and we feel like that's where we are right now.

特別是對於政府機隊，我們不僅與聯邦政府開展業務，而且還與美國一半以上的州開展業務。因此，我們有著非常密切的關係，並且能夠幫助他們完成這次遷移，他們將成為這次遷移的主導方。所以這是一個相當大的坡道。我們一直說，我們不知道這種情況何時會發生，但我們知道，當它發生時，我們需要做好充分的準備，我們覺得這就是我們現在所處的位置。

Perfect. Thank you.

完美的。謝謝。

And the next question comes from Sanjay Sakhrani. Your line is open.

下一個問題來自 Sanjay Sakhrani。您的線路已開通。

Thank you. I want to drill down a little bit more on the weakness in travel and just the sensitivities. I guess this weakness on the smaller OTAs, what's the risk it trickles up, like is there any relation in that? And then what are you guys assuming for the second half, like where is there risk to whatever your assumption is?

謝謝。我想更深入地探討旅行中的弱點和敏感度。我猜想小型 OTA 的弱點是什麼，它帶來的風險是什麼，這之間有什麼關係嗎？那你們對下半年的假設是什麼，例如無論你的假設是什麼，風險在哪裡？

Sanjay, I'll start. So two-thirds of the revenue in our travel segment, and again, Jagtar said the travel part of our business is between, it was 12% in the second quarter. It's relatively a small part of the business. But two-thirds of that revenue is comprised of the smaller online travel agencies. And if you look in the mix of that customer base, what you're seeing is airline spend was negative 7%. And in the second quarter, so you saw this really deceleration that's been happening specifically with airline, which is in part because of acceptance issues and in part because there just is more softness right now; it's normalizing.

桑傑，我要開始了。因此，我們的旅行部門收入的三分之二，捷達再次表示，我們業務的旅行部分在第二季為 12%。這只是業務的一小部分。但其中三分之二的收入來自規模較小的線上旅行社。如果您查看該客戶群的組合，您會發現航空公司的支出為負 7%。在第二季度，你看到航空公司確實出現了減速，部分原因是接受度問題，部分原因是現在更加疲軟；它正在正常化。

And then if you look across the rest of the portfolio, I would say it's growing at a normal market rate. And so, when we think about the business long term, we think about the fact that we do business with hundreds of online travel agencies. We represent what's happening across the marketplace. And so we should return spend volumes on an annual basis to a normal market rate trend. And so we feel pretty confident in how this will play out over time.

然後，如果你看看投資組合的其餘部分，我會說它正在以正常的市場速度成長。因此，當我們從長遠角度考慮業務時，我們會考慮我們與數百家線上旅行社開展業務的事實。我們代表整個市場正在發生的事情。因此，我們應該將每年的支出量恢復到正常的市場利率趨勢。因此，我們對隨著時間的推移將如何發展充滿信心。

The anomalies that we're seeing with the small online travel agencies in air is not represented, and it's not what we're doing with the larger travel agencies almost all hotels spend, that we're doing with the larger travel agencies. So that airline issue, we don't think we'll bleed through. It's actually shouldn't read through.

我們在空中小型線上旅行社中看到的異常情況並沒有得到體現，而且這也不是我們對大型旅行社所做的事情，幾乎所有酒店都在花費，我們對大型旅行社所做的事情。因此，我們認為航空公司問題不會被解決。其實不該讀完。

Sanjay, in terms of extensions, we've factored in kind of what we know today, and we feel pretty good about. So if I look at what we've assumed for volumes in the second half, inclusive of kind of booking volume as well that are transitioning to the new model, but total volumes travel. We're expecting to be flat in the second half to last year. Because of the weakness we're seeing as well as kind of the timing considerations on the larger OTAs.

Sanjay，就擴展而言，我們已經考慮了我們今天所知道的內容，我們感覺非常好。因此，如果我看看我們對下半年銷售的假設，包括正在過渡到新模式的預訂量，但旅行總量。我們預計下半年將與去年持平。由於我們所看到的弱點以及大型 OTA 的時間安排考慮。

So flat, if you look at the same point last year, volumes were growing in the 40% range. So this is a moderation in travel volume growth. So we feel like we've taken kind of a very realistic approach here. And then outside the travel/non-travel, we're kind of expecting a continuation of the trends that we saw in the first half in the latest quarter. So we feel really good about that.

如此平穩，如果你看看去年的同一點，銷量成長在 40% 的範圍內。因此，這是出行量成長的放緩。所以我們覺得我們在這裡採取了一個非常現實的方法。然後，在旅行/非旅行之外，我們預計上一季的趨勢將會延續。所以我們對此感覺非常好。

Okay. Just a follow-up question, Jagtar, on the interest rate sensitivity. I mean, they're talking about lower rates. I'm just curious how that factors in for you guys on a go-forward basis? You talked about sort of stability or being well hedged in the healthcare side, just broadly speaking, and then I think I heard you mention the interest rate escalators. How do those work win-rates decline?

好的。Jagtar，我想問一個關於利率敏感性的後續問題。我的意思是，他們正在談論更低的利率。我只是好奇這對你們今後的發展有何影響？從廣義上講，您談到了醫療保健方面的穩定性或良好對沖，然後我想我聽到您提到了利率自動扶梯。這些工作的勝率是如何下降的？

Yeah. So roughly the way I think about it is a 100-basis-point change in rates flows through our P&L at about $35 million on the revenue side. About half of that, call it $15 million-ish, would be on the mobility segment. So every 100-basis-point change would be, call it, a $15 million impact to mobility.

是的。因此，我的大致想法是，我們的損益表中的利率變化了 100 個基點，收入方面約為 3500 萬美元。其中大約一半，即 1500 萬美元左右，將用於移動出行領域。因此，每 100 個基點的變化都會對流動性產生 1500 萬美元的影響。

Okay, great. Thank you.

好的，太好了。謝謝。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

Good morning. Thanks for taking my question. Maybe I wanted to start a little bit with the expense leverage in the business. Obviously, just executed on your $100 million cost-saving initiative. But I was curious, as you get a little bit slower, top line here this quarter with the corporate payments guide down. How should we be thinking about expense reductions? Would you need to do additional ones to get -- to maintain margin? Or is this just you think very temporary and nothing needs to be done?

早安.感謝您提出我的問題。也許我想從業務中的費用槓桿開始。顯然，您剛剛執行了 1 億美元的成本節約計劃。但我很好奇，因為隨著企業支付指南的下降，本季的營收成長有點慢。我們該如何考慮削減開支？您是否需要採取額外措施來維持利潤？或者這只是您認為非常暫時的並且無需採取任何措施？

So are you referring to the guide, what we actually have in the guide or --

那麼您指的是指南，我們指南中實際包含的內容還是--

Well, both, I guess, like, I'm trying to understand, one, the expense leverage in the business. And secondly, are you assuming incremental expense actions in the back half?

嗯，我想，我想了解，第一，業務中的費用槓桿。其次，您是否假設下半年會採取增量支出行動？

So the way that we're thinking about cost structure is a couple of ways. We have a long-term growth algorithm. And so as we -- because we grow, it's a little bit easier in a way to manage costs because you can actually just make sure that you're scaling up costs appropriately. And so we feel very confident long term, our ability to continue to scale depending on what's happening from a growth perspective.

因此，我們考慮成本結構的方式有很多。我們有一個長期成長演算法。因此，隨著我們的成長，在某種程度上管理成本會變得更容易，因為您實際上可以確保適當地擴大成本。因此，從長遠來看，我們非常有信心，我們有能力根據成長的角度繼續擴大規模。

We've also -- I think of it as a flywheel. There's a couple of flywheels that are going right now. There's a flywheel around cost savings, which have been driven across the company, looking at places that we can use technology in order to create efficiencies. I don't see that, that's going to stop. That level of discipline is something we want to continue to do.

我們也——我認為它是一個飛輪。現在有幾個飛輪正在轉動。整個公司都在推動成本節約的飛輪，尋找我們可以使用科技來提高效率的地方。我不明白，這會停止。我們希望繼續保持這種程度的紀律。

And then the second flywheel for us is AI, which we feel like we've seen meaningful results from that already, and it's a levered that we're continuing to lean into because we think that, that has an ability to also continue to significantly alter cost structure. So those are places that when I think about this at more of a strategic level that we are continuing to emphasize going forward.

對我們來說，第二個飛輪是人工智慧，我們覺得我們已經從中看到了有意義的結果，這是我們正在繼續傾斜的槓桿，因為我們認為它有能力繼續顯著地發展改變成本結構。因此，當我從策略層面考慮時，我們將繼續強調這些地方。

Yeah. I'll just add sort of specific to the guide on a very tactical level. We baked in cost savings in the second half of the year, just pulling levers on headcount growth, vendor spend and the like to the tune of about $10 million to $15 million. So that was a direct response to the weakness we saw in travel. We looked at what cost levers we could pull. But over the long term, I think our cost actions would be at the more strategic level than Melissa talked about.

是的。我只是在戰術層面上為指南添加一些具體內容。我們在下半年節省了成本，光是人員成長、供應商支出等手段就節省了約 1,000 萬至 1,500 萬美元。這是對我們在旅遊業中看到的弱點的直接反應。我們研究了可以採用哪些成本槓桿。但從長遠來看，我認為我們的成本行動將比梅麗莎所說的更具策略性。

Okay. No, that's helpful. Maybe just switching, I wanted to go back to the question around capital allocation, maybe specifically on M&A. In that, what does the pipeline look like right now, are there particular businesses or like in segments, I assume benefits, corporate payments? Is that where we should be where you're thinking about more for M&A? Or is it I guess maybe you tell us like how are you thinking about M&A right now?

好的。不，這很有幫助。也許只是切換，我想回到關於資本配置的問題，也許特別是關於併購。在那方面，現在的管道是什麼樣的，是否有特定的業務或類似的細分市場，我假設有福利，公司付款？這就是我們應該考慮更多併購的地方嗎？或者我想您可能會告訴我們您現在如何考慮併購？

Yeah. The pipeline continues to be across the portfolio. We've been less likely to do scale plays, which we have done historically, and we've been using that money more for share buyback. But in terms of geographic expansion, product expansion, smaller scale players, those are places that we continue to be interested and continue to work through our pipeline as well. So I feel like we're in a maturing cycle right now, where multiples are starting to make a little bit more sense in the marketplace, and we've been really pretty thoughtful about making sure that we're maintaining financial discipline, too.

是的。該管道繼續遍及整個產品組合。我們不太可能進行規模化投資，而我們過去一直這樣做，而且我們一直將這些資金更多地用於股票回購。但就地域擴張、產品擴張、規模較小的參與者而言，這些都是我們繼續感興趣的領域，並繼續透過我們的管道開展工作。所以我覺得我們現在正處於一個成熟的周期，市盈率開始在市場上變得更有意義，我們也非常認真地確保我們也維持財務紀律。

Okay. Thanks for taking my questions.

好的。感謝您回答我的問題。

And I will now turn the call back over to Steve Elder.

我現在將把電話轉回給史蒂夫·埃爾德。

Thank you, Kayla. Just wanted to thank everyone once again for joining us this quarter. And we'll look forward to speaking with you again at the end of the third quarter.

謝謝你，凱拉。只是想再次感謝大家本季加入我們。我們期待在第三季末再次與您交談。

And this concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。