WEX Inc (WEX) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome everyone to WEX Incorporated third-quarter 2024 earnings conference call. (Operator Instructions)

女士們先生們，謝謝你們的支持。我叫克里斯塔，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 WEX Incorporated 2024 年第三季財報電話會議。（操作員說明）

I will now like to turn the conference over to Steve Elder, Senior Vice President, Investor Relations. You may begin.

我現在將會議交給投資者關係高級副總裁 Steve Elder。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.

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。

The company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis due to the uncertainty and the indeterminate amount of certain elements that are included in reported GAAP earnings. I would also like to remind you that we will discuss forward-looking statements under the Private Securities Litigation Reform Act of 1995.

由於報告的 GAAP 收益中包含的某些要素的不確定性和數量不確定，該公司提供基於 GAAP 基礎的收入指導和基於非 GAAP 基礎的收益指導。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。

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.

由於各種因素的影響，實際結果可能與這些前瞻性陳述有重大差異，包括我們的新聞稿中討論的因素以及我們提交的截至2023 年12 月31 日的10-K 表格年度報告中確定的風險因素。

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.

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.

謝謝你，史蒂夫，大家早安。我們感謝您今天加入我們。

I'd like to start with a quick financial overview of results, which Jagtar will discuss in more detail. And then I will turn to our approach to growing the business and progressing against our ambition.

我想先對結果進行快速的財務概述，捷豹將對此進行更詳細的討論。然後我將談談我們發展業務和實現我們的雄心壯志的方法。

We continue to deliver growth and strong profitability in the third quarter driven by healthy sales, high customer retention, and expanding margins. We've also leveraged our strong cash flow generation to deliver on our disciplined capital allocation strategy including $544 million spent on share purchases through the end of the third quarter.

在健康的銷售、高客戶保留率和不斷擴大的利潤率的推動下，我們在第三季度繼續實現成長和強勁的獲利能力。我們也利用強大的現金流產生能力來實施嚴格的資本配置策略，包括截至第三季末用於股票購買的 5.44 億美元。

For the third quarter, revenue came in at $665 million, a 2% increase compared to the same period last year; and adjusted net income per diluted share was $4.35, a 7% increase compared to the prior year quarter. Excluding the impact of fluctuations in fuel prices and foreign exchange rates, Q3 revenue and adjusted EPS growth would have been 5% and 14% respectively.

第三季營收為6.65億美元，較去年同期成長2%；調整後每股攤薄淨利潤為 4.35 美元，比去年同期成長 7%。剔除燃油價格和匯率波動的影響，第三季營收和調整後每股盈餘成長將分別為5%和14%。

While we maintain the momentum in delivering revenue growth, strong profitability, and thoughtful capital allocation, our results did fall short of our expectations primarily driven by two factors that occurred within our mobility segment. The largest impact was macro related. The substantial decline in fuel prices this quarter paired with some broader softness and same store sales.

雖然我們保持了收入成長、強勁獲利能力和深思熟慮的資本配置的勢頭，但我們的業績確實未達到我們的預期，這主要是由我們的行動領域內發生的兩個因素驅動的。最大的影響與宏觀有關。本季燃油價格大幅下跌，伴隨著更廣泛的疲軟和同店銷售。

In addition, isolated operational issues were identified while optimizing our pricing structure, resulting in an unplanned charge that impacted this quarter. Even with some headwinds this quarter, the mobility segment delivered underlying revenue growth of 8% compared to last year, excluding the impact of lower fuel prices and foreign exchange rates. This is higher than the growth rate in Q2.

此外，在優化我們的定價結構時發現了孤立的營運問題，導致計劃外費用影響了本季。儘管本季存在一些不利因素，但排除燃油價格和外匯匯率下跌的影響，行動行程業務的基本收入與去年相比仍成長了 8%。這高於第二季度的成長率。

While confident in our growth over the long term, we are reducing our outlook for the remainder of 2024 to reflect our Q3 results in the anticipation of an ongoing impact from lower fuel prices and softness in same store sales, all of which Jagtar will discuss during his remarks.

儘管對我們的長期成長充滿信心，但我們正在降低對 2024 年剩餘時間的展望，以反映我們第三季度的業績，因為預計燃油價格下降和同店銷售疲軟將產生持續影響，所有這些 Jagtar 將在他的言論。

Let me turn now to the four things we focus on to drive growth in the business. The first three are the core pieces that drive top-line growth: new business sales, customer retention and management, and growth of our base business. The final piece is cost management and capital allocation, which allows us to turn incremental revenue dollars into higher earnings while also investing in the business.

現在讓我談談我們專注的四件事推動業務成長的事情。前三個是推動營收成長的核心部分：新業務銷售、客戶保留和管理以及基礎業務的成長。最後一部分是成本管理和資本分配，這使我們能夠將增量收入轉化為更高的收益，同時也投資於業務。

I will start by reviewing the top-line growth initiatives for each of our segments and then turn to cost management and capital allocation. From a new business perspective, I'm pleased that we've continued to generate new signings in the core business in line with our expectations. At the same time, we're investing in and driving a number of new initiatives that we expect will further enhance our growth profile, going forward. Let me hit on some of these.

我將首先回顧我們每個部門的營收成長計劃，然後轉向成本管理和資本分配。從新的業務角度來看，我很高興我們在核心業務上繼續簽下新的球員，符合我們的預期。同時，我們正在投資並推動一系列新舉措，我們預計這些舉措將進一步增強我們未來的成長前景。讓我來談談其中的一些。

In our mobility segment, we have focused on incremental investments in sales and marketing, especially digital marketing, to drive new signings. Through infrastructure investments that include enhanced analytics, we've improved our capabilities to allocate our sales and marketing investments to the highest-yielding channels, which we expect will continue to drive results over time.

在我們的行動業務領域，我們專注於銷售和行銷（尤其是數位行銷）的增量投資，以推動新簽約。透過包括增強分析在內的基礎設施投資，我們提高了將銷售和行銷投資分配到收益最高的管道的能力，我們預計隨著時間的推移，這將繼續推動業績成長。

In addition to these go-to-market investments, we're also investing to expand the book of offerings to our customers to increase share of wallet. That includes the acquisition of Payzer but also new product offerings. To that end, I'd like to update you on our new mobile app, 10-4 by WEX. This offering is designed to serve independent over-the-road truckers, who have historically been an untapped segment of the market for WEX.

除了這些上市投資之外，我們還進行投資以擴大向客戶提供的產品範圍，以增加客戶的錢包份額。這包括收購 Payzer 以及新產品。為此，我想向您介紹我們新的行動應用程式 10-4 by WEX 的最新情況。該產品旨在為獨立的公路卡車司機提供服務，這些司機歷來是 WEX 尚未開發的市場部分。

Because of our scale and expertise, we've long been able to negotiate and pass along significant fuel discounts to our customers. Whoever independent truckers who were traditionally unable to unlock these discounts because they could not qualify for credit, with 10-4 by WEX, we're excited to provide independent owner operators in small companies with access to these discounts using their current debit or credit cards through the app. We're proud this will expand WEX's core offerings to this new segment.

由於我們的規模和專業知識，我們長期以來一直能夠與客戶協商並向客戶提供大幅燃油折扣。對於那些傳統上因為沒有資格獲得信貸而無法解鎖這些折扣的獨立卡車司機，透過WEX 的10-4，我們很高興為小公司的獨立業主經營者提供使用其當前借記卡或信用卡獲得這些折扣的機會通過應用程式。我們很自豪這會將 WEX 的核心產品擴展到這個新領域。

Additionally, we're making strong progress in EV and hybrid solutions as we address the needs of our mobility customers by supporting their transitions to mixed fleets. We believe that the transition to electric vehicles will take many years to play out and that we are well positioned to capitalize on it.

此外，我們在電動車和混合動力解決方案方面取得了巨大進展，透過支援移動客戶向混合車隊的過渡來滿足他們的需求。我們相信，向電動車的過渡需要很多年的時間才能實現，而我們已經做好了充分利用這一轉變的準備。

During the quarter, we commissioned a report completed by Frost & Sullivan, which concluded that 80% of fleet managers interviewed globally intend for EVs to make up at least a quarter of their fleet by 2030. EVs are inherently more complex to operate today, so we view this as a significant opportunity for WEX as the transition occurs.

本季度，我們委託 Frost & Sullivan 完成了一份報告，該報告得出的結論是，全球受訪的車隊經理中有 80% 打算到 2030 年讓電動車佔其車隊的至少四分之一。如今，電動車的操作本質上更加複雜，因此我們認為，隨著轉型的發生，這對 WEX 來說是一個重大機會。

The public sector shows significant interest in adopting EV Solutions. And we have more than two-thirds of US states on our platform today using our traditional Fleet Card product. Since we spoke last quarter, we continue to see our solutions resonate in the market and we are on track to hit our 2024 growth goals.

公共部門對採用電動車解決方案表現出濃厚的興趣。如今，美國超過三分之二的州在我們的平台上使用我們傳統的車隊卡產品。自從上個季度討論以來，我們繼續看到我們的解決方案在市場上引起共鳴，並且我們有望實現 2024 年的成長目標。

I'd also be remiss if I didn't mention Payzer, which we acquired late last year to gain access to our near adjacent markets and field service management. We're focused on scaling the Payzer sales efforts along with cross selling the product into our existing customer base. It remains on track to contribute 2% to the mobility segment revenue growth rate this year.

如果我沒有提到 Payzer，那就是我的失職了。我們專注於擴大 Payzer 的銷售力度，並將產品交叉銷售給我們現有的客戶群。今年該公司仍有望為行動出行領域的營收成長率貢獻 2%。

Turning to our corporate payment segment, strategic investments have enabled us to offer scalable and efficient solutions that meet the complex demands of global businesses. To that end, we signed several new and expanded relationships to the customers during the quarter, including Artsyl. who offers an accounts payable automation technology platform among the other products. We've also renewed our contracts with Webjet and WebBeds in Australia.

談到我們的企業支付領域，策略性投資使我們能夠提供可擴展且高效的解決方案，以滿足全球企業的複雜需求。為此，我們在本季度與客戶簽署了幾項新的和擴大的合作關係，其中包括 Artsyl。該公司在其他產品中提供應付帳款自動化技術平台。我們也與澳洲的 Webjet 和 WebBeds 續簽了合約。

We empower our customers with leading card product options, helping them unlock growth potential. In Q3, we expanded our offerings in the APAC region. We continue to add new product types globally, further building on what we believe is the widest range in variety of virtual cards.

我們為客戶提供領先的卡產品選擇，幫助他們釋放成長潛力。第三季度，我們擴大了在亞太地區的產品範圍。我們繼續在全球範圍內添加新的產品類型，進一步建立我們認為最廣泛的虛擬卡種類。

We believe this business is built for long-term growth, supported by industry-leading offerings and strong client relationships that open new opportunities and enhance our market position and benefits. Growth rates in the number of new accounts were consistent with past quarter and we are pleased with our line of sight into what we expect to be a healthy open enrollment season.

我們相信，這項業務是為了長期成長而建立的，並得到業界領先的產品和強大的客戶關係的支持，從而開闢新的機會並增強我們的市場地位和利益。新帳戶數量的成長率與上一季一致，我們對我們對健康開放註冊季節的預期感到滿意。

Next, I'll discuss customer retention. For WEX, the customer is the center of everything we do and we have enviable customer retention rates. To maintain and enhance this strength, we built a sophisticated approach to tracking and managing customer sentiment through a consistent quarterly NPS survey that incorporates customer feedback. The feedback we've received from customers from these surveys reflects the strength of our products and people, including remarks on our smooth onboarding process, fraud controls, easy to use platforms, and strong customer relationship management.

接下來，我將討論客戶保留。對 WEX 來說，客戶是我們一切工作的中心，我們擁有令人羨慕的客戶保留率。為了保持和增強這一優勢，我們建立了一種複雜的方法，透過包含客戶回饋的一致季度 NPS 調查來追蹤和管理客戶情緒。我們從這些調查中收到的客戶回饋反映了我們產品和人員的實力，包括對我們順利的入職流程、詐欺控制、易於使用的平台和強大的客戶關係管理的評論。

The feedback also further informs our future product road maps and allows us to identify opportunities to improve the customer experience going forward. For example, as a result of customer input, we were able to enhance claims processing in our benefits business. We modernize the solution to reduce processing time while increasing information clarity and minimizing errors.

這些回饋還進一步為我們未來的產品路線圖提供訊息，並使我們能夠找到改善未來客戶體驗的機會。例如，根據客戶的意見，我們能夠加強福利業務的索賠處理。我們對解決方案進行現代化改造，以減少處理時間，同時提高資訊清晰度並最大限度地減少錯誤。

Now turning to management growth of our customer base, we look at this through the lens of both pricing and volume growth. Our goal is not only to retain our customer base but also to focus on growing with our existing customers through both pricing and volume initiatives.

現在轉向我們客戶群的管理成長，我們從定價和銷售成長的角度來看這個問題。我們的目標不僅是保留我們的客戶群，而且還致力於透過定價和銷售計劃與現有客戶一起成長。

This year, our results have been a bit mixed. In our mobility segment, we've seen a very positive impact from pricing initiatives we rolled out this year. While we were affected in the quarter by macro headwinds for sales, as I mentioned earlier, our strategy is working. We're retaining these customers and as their mobility needs increase, we'll grow with them.

今年，我們的結果有點好壞參半。在我們的行動領域，我們看到今年推出的定價措施產生了非常正面的影響。正如我之前提到的，雖然我們在本季受到銷售宏觀逆風的影響，但我們的策略正在發揮作用。我們正在留住這些客戶，隨著他們的行動需求的增加，我們將與他們一起成長。

For example, during Q3, the over-the-road industry continued to experience a lower volume of goods moved compared to last year as reported by the Cass Freight Index. Even with this backdrop, we saw modest growth in payment processing gallon volumes in our over-the-road business year over year. We view our positive results as a bright spot relative to the overall over-the-road market.

例如，根據卡斯貨運指數的報告，第三季度，公路業的貨物運輸量繼續低於去年。即使在這種背景下，我們的陸上業務支付處理加侖量仍逐年小幅成長。我們將我們的正面成果視為相對於整體公路市場的一個亮點。

In our corporate payment segment, this was the first full quarter impacted by the transition of a large, online travel agency customer to a new model, which has progressed largely in line with our expectations. This change is creating some short-term noise in this segment. The total transaction volumes processed on our platform, including those generating fees rather than interchange revenue, increased by 6% year over year. This volume growth highlights the strength of our offerings and reinforces our expectations for future growth, once the transition period passes. As a reminder, we expect to continue seeing the impact of this transition over the next three to four quarters.

在我們的企業支付領域，這是受大型線上旅行社客戶轉型為新模式影響的第一個完整季度，該模式的進展基本上符合我們的預期。這一變化正在該領域產生一些短期噪音。我們平台上處理的總交易量（包括產生費用而非交換收入的交易量）年增 6%。這項銷售成長凸顯了我們產品的實力，並增強了我們對過渡期過後未來成長的預期。提醒一下，我們預計在未來三到四個季度將繼續看到這一轉變的影響。

Finally, in our benefits segment, according to the 2024 Devenir mid-year report, WEX is the fifth largest HSA custodian in the market and is a technology partner to seven of the list Top 10. We're encouraged by the strong contributions we're seeing from our referral partners to giving us further confidence in the upcoming open enrollment season.

最後，在我們的福利領域，根據 2024 年 Devenir 年中報告，WEX 是市場上第五大 HSA 託管商，並且是榜單前 10 名中的 7 家的技術合作夥伴。我們看到推薦合作夥伴的巨大貢獻讓我們深受鼓舞，這讓我們對即將到來的公開招生季節更加充滿信心。

Longer term, we are actively involved in industry-wide efforts to educate consumers about the benefits of HSAs, including participation in National HSA Awareness Day on October 15.

從長遠來看，我們積極參與全行業的努力，向消費者宣傳 HSA 的好處，包括參加 10 月 15 日的全國 HSA 意識日。

Now, I'd like to wrap up with cost management and capital allocation. As you know, last quarter, we shared that we had realized annual run rate cost savings that exceeded our $100 billion target. As of the end of the third quarter, we've now realized approximately $110 million in annual savings on a run rate basis.

現在，我想結束成本管理和資本分配。如您所知，上個季度，我們表示我們已實現年度運行成本節省，超過了 1000 億美元的目標。截至第三季末，按運行率計算，我們已實現年度節省約 1.1 億美元。

We've utilized about half of the realized savings to strategically reinvest in initiatives that drive long-term growth while simultaneously delivering enhanced profitability for our business. Disciplined capital allocation that includes investments in our business remains an important driver in achieving our long-term targets and is evaluated alongside accretive M&A and share repurchases.

我們已利用約一半已實現的節省來策略性地再投資於推動長期成長的舉措，同時為我們的業務帶來更高的獲利能力。包括對我們業務的投資在內的嚴格資本配置仍然是實現我們長期目標的重要驅動力，並與增值併購和股票回購一起進行評估。

We're encouraged by the progress we've made against our artificial intelligence initiatives which have started to positively impact key areas of our operations, enhancing efficiency and security across our platforms. AI is not just a tool for operational excellence but a strategic opportunity that we believe will increasingly become a differentiator for us in the market.

我們對人工智慧計畫所取得的進展感到鼓舞，這些計畫已開始對我們營運的關鍵領域產生積極影響，提高我們平台的效率和安全性。人工智慧不僅是卓越營運的工具，而且是一個策略機遇，我們相信它將日益成為我們在市場上的差異化因素。

We are particularly excited about the application of AI to enhance the end user experience in our benefit segment. We recently began piloting our Benefit Assistant offering, an AI-powered resource, that we believe will dramatically improve employees understanding selection and use of their benefits. The ability of AI to process vast amounts of data means that Benefit Assistant will be able to provide easy to access, accurate, and personalized support to employees navigating the often-complex process of choosing and assessing benefits.

我們對人工智慧的應用來增強我們福利領域的最終用戶體驗感到特別興奮。我們最近開始試用我們的福利助理產品，這是一種由人工智慧驅動的資源，我們相信這將大大提高員工對福利選擇和使用的理解。人工智慧處理大量數據的能力意味著福利助理將能夠為員工提供易於存取、準確和個人化的支持，幫助他們處理通常複雜的選擇和評估福利的過程。

AI is positively impacting both productivity and scale, and ultimately, reduces our cost to serve customers and employees. In addition, future product development around AI will enable us to retain and expand with existing customers as well as win new customers. Efforts like our Benefit Assistant and employee self-service AI tools are just two of many examples.

人工智慧對生產力和規模產生積極影響，並最終降低我們服務客戶和員工的成本。此外，未來圍繞人工智慧的產品開發將使我們能夠保留和擴大現有客戶，並贏得新客戶。我們的福利助理和員工自助服務人工智慧工具只是眾多例子中的兩個。

Finally, to underscore our commitment to driving shareholder value, our Board recently increased its share repurchase program authorization by $1 billion. And we have brought our share count to the lowest level in nearly a decade. Since our share count was last below 40 million in 2016, revenue has grown more than 200% and adjusted net income has increased nearly 450%. Together, this reflects our proactive capital management strategy and demonstrates our growth and profitability in the dynamic market.

最後，為了強調我們對推動股東價值的承諾，我們的董事會最近將其股票回購計畫授權增加了 10 億美元。我們的股票數量已降至近十年來的最低水準。自 2016 年我們的股票數量上次低於 4000 萬股以來，收入增長了 200% 以上，調整後淨利潤增長了近 450%。總之，這反映了我們積極主動的資本管理策略，並展示了我們在動態市場中的成長和獲利能力。

Our focus on share repurchases has reduced outstanding shares by 12% since the first quarter of 2022, further highlighting our commitment to enhancing returns and creating value for our stockholders.

自 2022 年第一季以來，我們對股票回購的關注已使流通股減少了 12%，進一步凸顯了我們對提高回報和為股東創造價值的承諾。

In closing, before I turn the call over to Jagtar, I want to re-emphasize my confidence in the future trajectory of WEX. While we revised our guidance for the full year 2024, I believe we have the right initiatives in place throughout the organization to drive strong performance over the long term. Across the enterprise, we're focused on winning new business, retaining and growing our existing customers, and driving productivity in our cost structure.

最後，在將電話轉給 Jagtar 之前，我想再次強調我對 WEX 未來發展軌蹟的信心。雖然我們修改了 2024 年全年的指導方針，但我相信我們在整個組織中採取了正確的舉措來推動長期的強勁業績。在整個企業中，我們專注於贏得新業務、保留和發展現有客戶以及提高成本結構的生產力。

Underpinned by our solid balance sheet with low leverage, we will make the necessary investments in the business to position us for sustained growth while remaining committed to creating value to our shareholders.

在我們穩健的資產負債表和低槓桿的支撐下，我們將對業務進行必要的投資，以實現持續成長，同時繼續致力於為股東創造價值。

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

就這樣。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. As Melissa mentioned earlier, our third-quarter results fell short of our prior guidance for revenue and adjusted EPS. I'll walk through the details shortly but this was largely related to noise in the mobility segment from macro trends including declining PPG and same-store sales, along with an isolated, unplanned charge to finance the revenue.

謝謝，梅麗莎，大家早安。正如梅麗莎之前提到的，我們第三季的業績未達到我們先前對收入和調整後每股收益的指導。我很快就會詳細介紹細節，但這很大程度上與宏觀趨勢中行動領域的噪音有關，包括 PPG 和同店銷售額的下降，以及為收入融資的孤立的、計劃外的費用。

On balance, it is important to note that we achieved record high Q3 revenue and adjusted EPS continue to show strong growth. We had solid underlying growth rates in both mobility and benefit segments. I was especially pleased with mobility, which accelerated its growth rate from the prior quarter.

總的來說，值得注意的是，我們第三季營收創下歷史新高，調整後每股盈餘持續呈現強勁成長。我們在流動性和福利領域都有穩定的潛在成長率。我對行動性特別滿意，它比上一季加快了成長率。

Further, our cash generation remains quite strong as evidenced by the significant allocation of capital to share buybacks this quarter while maintaining leverage at the bottom end of our range.

此外，我們的現金產生能力仍然相當強勁，本季大量資本分配用於股票回購，同時將槓桿率維持在我們範圍的底部，就證明了這一點。

Now, let's start with the details of the quarter results. For the third quarter, total revenue was $665.5 million, a 2% increase over Q3 2023 with more than 80% of revenue for the quarter recurring in nature. As I mentioned earlier, we had solid growth rates in both mobility and benefit segments. As a reminder, we define recurring revenue as payment processing and account servicing revenue, revenue from our factoring business, income from custodial HSA cash assets, transaction processing fees, and other smaller items. In total, adjusted operating income margin for the company was 44%, which is up from 41.8% last year. Segment margins increased in both mobility and benefits compared to the prior year.

現在，讓我們從季度業績的詳細資訊開始。第三季總營收為 6.655 億美元，比 2023 年第三季成長 2%，該季超過 80% 的營收屬於經常性營收。正如我之前提到的，我們在流動性和福利領域都實現了穩健的成長。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 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 44%，高於去年的 41.8%。與前一年相比，流動性和效益方面的部門利潤率均有所增加。

From an earnings perspective, on a GAAP basis, we had net income of $102.9 million in Q3 or $2.52 per diluted share. Non-GAAP adjusted net income was $177.5 million or $4.35 per diluted share, which is an increase of 7% over last year and includes a negative impact from lower fuel prices of approximately $0.33 per share after taxes.

從獲利角度來看，以 GAAP 計算，我們第三季的淨利潤為 1.029 億美元，即稀釋後每股收益 2.52 美元。非 GAAP 調整後淨利潤為 1.775 億美元，即稀釋後每股收益 4.35 美元，比去年增長 7%，包括稅後每股約 0.33 美元的燃油價格下降帶來的負面影響。

Now let's move to segment results starting with mobility. Mobility revenue for the quarter was $357.2 million, a 2% increase from the prior year. As we expected, normalizing for the change in fuel prices and FX rates, the revenue growth rate in Q3 accelerated compared to Q2 and has increased each quarter for this year.

現在讓我們從行動性開始對結果進行細分。該季度的行動收入為 3.572 億美元，比上年增長 2%。正如我們預期的那樣，在燃料價格和匯率變化正常化的情況下，第三季的營收成長速度較第二季加快，今年每季都有所成長。

Fuel prices have retreated 13% compared to last year with the domestic average fuel pricing in Q3 of $3.45 versus $3.97 in 2023. The Q3 average fuel price was $0.20 lower in our third-quarter guidance and reduced revenue by approximately $8 million compared to our guidance.

與去年相比，燃油價格下降了 13%，第三季國內平均燃油價格為 3.45 美元，而 2023 年為 3.97 美元。第三季平均燃油價格比我們的第三季指引低 0.20 美元，與我們的指引相比，收入減少了約 800 萬美元。

Payment processing transactions increased 1.3% year over year. Local customers in the US increased 1.6% compared to last year. And over-the-road payment processing transactions were up 0.4% versus zero year ago levels. While these were lighter than anticipated, we are pleased to see ongoing growth in our markets.

支付處理交易量較去年同期成長 1.3%。美國本地客戶較去年成長1.6%。公路支付處理交易量比零年前的水準增加了 0.4%。雖然這些數字比預期要輕，但我們很高興看到市場的持續成長。

The OTR market remains soft as evidenced by the Cass Freight Index. But our solid execution has allowed us to continue to grow year over year despite these headwinds. Now let me take a moment to touch on the volume performance in the mobility segment relative to our expectations. First, I will start by saying that there have not been material changes to either new sales or retention rates with our mobility customers. If anything, those metrics have improved year over year.

卡斯貨運指數證明，OTR 市場依然疲軟。但我們紮實的執行力使我們能夠在面臨這些逆風的情況下繼續逐年增長。現在讓我花點時間談談行動領域相對於我們預期的銷售表現。首先，我首先要說的是，我們的行動客戶的新銷售或保留率都沒有重大變化。如果有什麼不同的話，那就是這些指標逐年有所改善。

However, our existing local fleet customer base bought fewer gallons per business day than they did last year, which was not anticipated. We began to notice a deceleration in August which extended into September. To date, in October, we have not seen further deterioration. So while the softness has continued, we are monitoring it with an expectation of stabilization.

然而，我們現有的當地車隊客戶群每個工作日購買的加侖數比去年少，這是出乎意料的。我們開始注意到八月的減速一直延續到九月。到目前為止，十月份，我們還沒有看到進一步的惡化。因此，儘管疲軟仍在繼續，但我們正在對其進行監控，並期望其趨於穩定。

In the past, when we have seen changes like this, they have been associated with macro factors. That would seem to be the case here as well as the volume slowdown was broad across our industry segments and across geographies. However, the volume softness happened quickly and there have not been broader indications of an economic slowdown.

過去我們看到這樣的變化，都是跟宏觀因素有關的。這裡的情況似乎就是如此，而且我們的行業領域和地區的銷量普遍放緩。然而，成交量疲軟發生得很快，並且沒有更廣泛的經濟放緩跡象。

We are assuming the expected base volume softness will continue into Q4 at the same rate we exited Q3. And this assumption has been incorporated into the guidance we will discuss later. Clearly, this is a trend we are watching closely.

我們假設預期的基數疲軟將以與第三季退出時相同的速度持續到第四季。這個假設已經被納入我們稍後討論的指南中。顯然，這是我們正在密切關注的趨勢。

Next, let's turn to late fees. The net late fee rate increased 1 basis point versus the prior year. Finance fee revenue decreased $7 million or 9% due primarily to the lower fuel prices and the isolated unplanned charge mentioned earlier. Without these items, finance fees would have been up significantly as a result of pricing changes. The net interchange rate in the mobility segment was 1.38%, which is up 20 basis points over our 2023 net interchange 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。財務費用收入減少 700 萬美元，即 9%，主要是由於燃料價格下降以及前面提到的個別計劃外費用。如果沒有這些項目，財務費用將會因定價變動而大幅上漲。移動出行領域的淨兌換率為 1.38%，比 2023 年的淨兌換率上升 20 個基點。

The increase primarily reflects higher rates earned from merchant contract renewals at favorable terms and lower fuel prices with some smaller items also helping. Compared to Q2, this rate is up 9 basis points, largely due to higher pricing and an isolated unplanned item reducing the prior quarter. The mobility segment adjusted operating income margin for the quarter was 46.8% up from 45.6% in Q3 2023. The increase in margin is due to lower expenses as a result of our cost savings program as well as lower credit losses partially offset by lower fuel prices.

這一增長主要反映了以優惠條件續約商業合約所獲得的更高利率以及較低的燃油價格，一些較小的項目也有所幫助。與第二季度相比，這一比率上升了 9 個基點，這主要是由於定價上漲和一個孤立的計劃外項目比上一季減少。本季行動業務調整後營業利潤率為 46.8%，高於 2023 年第三季的 45.6%。利潤率的增加是由於我們的成本節約計劃導致費用減少以及信貸損失的減少被較低的燃油價格部分抵消。

Moving on, credit losses decreased $4 million in the mobility segment versus last year. And we're below the guidance range at 6 basis points of spend volume compared to 7 basis points last year. We were pleased to see loss rates continue to perform significantly better than we expected in our Q3 guidance. Lower charge-offs during the quarter led to lower expenses and were one of the primary reasons we were able to reduce much of the impact of the revenue shortfall to our EPS guidance.

接下來，行動領域的信貸損失比去年減少了 400 萬美元。我們的支出量低於指導範圍 6 個基點，而去年為 7 個基點。我們很高興看到損失率繼續明顯好於我們在第三季指引中的預期。本季沖銷減少導致費用減少，這是我們能夠減少收入短缺對每股盈餘指引的影響的主要原因之一。

Turning now to corporate payments, total segment revenue for the quarter decreased 6% to $126.9 billion. Purchase volume issued by WEX was $23.4 billion, which is a decrease of 16% versus last year, largely due to a model change for a large OTA customer.

現在轉向企業支付，該季度的總收入下降 6% 至 1,269 億美元。WEX發行的採購額為234億美元，較去年下降16%，主要是由於大型OTA客戶的模型變更。

The net interchange rate in the segment was flat sequentially. Note that the model change that I mentioned is creating some noise in the segment. It is important to note that the underlying total dollar amount of all transactions processing on our platform for this segment, including those where we earn a fee rather than an interchange revenue, increased 6% compared to the prior year. The sustained volume growth points to the strength of our offerings and our expectations of future growth, once we are past the short-term transition dynamics. The corporate payments segment delivered an adjusted operating income margin of 56.4% down from 61.3% in Q3 last year.

該部門的淨匯率環比持平。請注意，我提到的模型變更在該細分市場中產生了一些噪音。值得注意的是，我們平台上處理的該細分市場所有交易的基礎總金額（包括我們賺取費用而不是交換收入的交易）與前一年相比增加了 6%。一旦我們度過了短期轉型動態，銷售的持續成長顯示了我們產品的實力以及我們對未來成長的預期。企業支付部門調整後營業利益率為 56.4%，低於去年第三季的 61.3%。

Finally, let's look at the benefit segment. We again achieved strong results in this segment with Q3 revenue of $181.5 million which is an increase of $15.4 million or 9% over the prior year. Average SaaS accounts grew 2% in Q3 versus the prior year to 20.3 million, consistent with Q2. The core market dynamics of this business are strong as exemplified by the underlying SaaS account growth, excluding the declines in Medicare Advantage accounts, which was 7% year over year, also consistent with Q2. Segment purchase volume increased by 9.6% compared to the prior year quarter. We realized approximately $54 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.

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，第三季營收為 1.815 億美元，比上年增加 1,540 萬美元，即 9%。第三季平均 SaaS 帳戶與上年同期相比成長 2%，達到 2,030 萬個，與第二季一致。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 帳戶的下降（年減 7%），也與第二季一致。與去年同期相比，分部採購量增加了 9.6%。我們從 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 5,400 萬美元的收入，而去年為 4,200 萬美元。

The average interest rate earned on these balances increased from 4.4% last year to 5% this year. We believe this rate will be relatively stable for the next several years because 80% of our HSA-related investments are deployed in laddered fixed rate investments that we believe protect future revenue from interest rate changes.

這些餘額的平均利率從去年的 4.4% 增加到今年的 5%。我們相信這一利率在未來幾年將相對穩定，因為我們 80% 的 HSA 相關投資部署在階梯式固定利率投資中，我們相信這可以保護未來收入免受利率變化的影響。

We expect interest rate impacts in the remaining portfolio, which includes short-term deposits at third-party banks, will be partially offset by the reinvestment of lower yielding fixed rate investments at higher rates as they mature. To summarize, the revenue from our benefit segment is protected from the full impact of changes in interest rates. And as we've discussed previously, our overall balance sheet hedge guards the company from macroeconomic interest rate movements but purely impacting overall earnings.

我們預計，剩餘投資組合（包括第三方銀行的短期存款）的利率影響將被收益率較低的固定利率投資在到期後以較高利率進行再投資所部分抵銷。總而言之，我們的福利部門的收入不受利率變動的全面影響。正如我們之前討論的，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的影響，但純粹影響整體收益。

Turning now to margin, the benefit segment adjusted operating income margin was 43.2% compared to 35.4% in 2023. The increase in margin versus last year is driven by the high flowthrough of custodial income.

現在轉向利潤率，福利部門調整後營業利益率為 43.2%，而 2023 年為 35.4%。與去年相比，利潤率的成長是由託管收入的高流動性所推動的。

Now, I will provide an update of the balance sheet and our liquidity position. We remain in a healthy financial position and ended the quarter with $535 million in cash. We had $606 million of available borrowing capacity and corporate cash of $123 million as defined under the company's present agreement at quarter end.

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 5.35 億美元。截至季末，我們擁有 6.06 億美元的可用借款能力和 1.23 億美元的公司現金（根據公司目前協議的定義）。

The total outstanding balance on our revolving line of credit and term loans was $3.2 billion. The leverage ratio, as defined in the credit agreement, stands at 2.6 times. which is at the low end of our long-term target of 2.5 to 3.5 times. Our ability to invest in the business and return capital to shareholders while maintaining conservative debt levels puts us in an enviable position.

我們的循環信貸額度和定期貸款的未償餘額總額為 32 億美元。信貸協議中定義的槓桿率為2.6倍。這是我們2.5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，這使我們處於令人羨慕的地位。

Next, I would like to turn to cash flow. WEX generates a significant amount of cash each year. Using our definition, year-to-date adjusted free cash flow was $393 million through September. You will note that there is an additional line item on our reconciliation to GAAP operating cash flow. The underlying assumption in our historical calculation was that the net activity of deposits at WEX Bank is offset by the combination of changes in accounts payable, accounts receivable, and investments. In simpler terms, the assumption was that the working capital change at WEX Bank was immaterial.

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，截至 9 月份，年初至今的調整後自由現金流為 3.93 億美元。您會注意到，我們對 GAAP 營運現金流量的調整中有一個額外的行項目。我們歷史計算中的基本假設是，WEX 銀行的存款淨活動被應付帳款、應收帳款和投資的變動組合所抵銷。簡單來說，我們的假設是 WEX 銀行的營運資金變動並不重要。

As we are seeing more significant changes in this working capital that we have historically, we feel this change presents our adjusted free cash flow metric more accurately. Our primary discretionary use of cash so far this year has been to repurchase shares.

由於我們看到歷史上的營運資本發生了更重大的變化，我們認為這項變更更準確地反映了我們調整後的自由現金流量指標。今年到目前為止，我們對現金的主要酌情使用是回購股票。

We repurchased 544 million of our own shares during the first nine months of 2024 including $370 million spent during Q3. We expect the final share settlement on our previously announced ASR will occur in the next week and will result in an additional reduction in share count.

2024 年前 9 個月，我們回購了 5.44 億股自己的股票，其中第三季花了 3.7 億美元。我們預計我們先前宣布的 ASR 的最終股份結算將在下週進行，並將導致股份數量進一步減少。

We believe in the long-term business momentum of life. Since reinitiating our share repurchases in 2022 and including only the shares already received under the ASR subject to final settlement, we have acquired approximately 6.1 million shares at a cost of $1.1 billion, which equates to an average cost of approximately $175 per share. This has reduced our share count by 12%.

我們相信長期的商業動力。自 2022 年重新啟動股票回購以來，我們已以 11 億美元的成本收購了約 610 萬股股票，相當於每股平均成本約為 175 美元。這使我們的股份數量減少了 12%。

Looking forward, we remain committed to managing capital allocation between organic investment M&A and returning excess capital to shareholders. Finally, let's move to revenue and earnings guides for the fourth quarter and full year. We expect many of the trends from the third quarter to continue and we are revising our 2024 guidance primarily to reflect what we have been seeing in the most (technical difficulty)

展望未來，我們仍致力於管理有機投資併購之間的資本配置，並將多餘資本回饋給股東。最後，讓我們看看第四季和全年的收入和獲利指南。我們預計第三季的許多趨勢將持續下去，我們正在修訂 2024 年指導，主要是為了反映我們在最嚴重的情況下所看到的情況（技術難度）

Starting with the fourth quarter, we expect to report revenue in the range of $630 million to $640 million. We expect ANI EPS to be between $3.51 and $3.61 per diluted share. For the full year, we expect to report revenue in the range of $2.62 million to $2.63 billion.

從第四季開始，我們預計營收將在 6.3 億美元至 6.4 億美元之間。我們預計 ANI 攤薄後每股收益將在 3.51 美元至 3.61 美元之間。我們預計全年營收將在 262 萬美元至 26.3 億美元之間。

We expect ANI EPS to be between $15.21 and $15.31 per diluted share. For the full year, the midpoint of these updated ranges represent a decrease of $73 million in revenue and $0.92 of EPS compared to the midpoint of our previous guidance, that the decrease includes the impact of actual Q3 results as well as a reduction to our Q4 guidance related to macro factors in the mobility segment with a smaller impact and benefits. Let me start with the macro factors and the assumptions we've made around them.

我們預計 ANI 攤薄後每股收益將在 15.21 美元至 15.31 美元之間。就全年而言，這些更新範圍的中點代表與我們先前指導的中點相比，收入減少了7300 萬美元，每股收益減少了0.92 美元，這一減少包括第三季度實際業績的影響以及第四季的減少與流動性領域宏觀因素相關的指導，影響和效益較小。讓我從宏觀因素以及我們圍繞這些因素所做的假設開始。

Fuel prices have moved significantly lower since the end of July. Compared to our previous guidance at $3.61 for the year, the new average price of $3.48 represents a decrease in revenue of $22 million and $0.34 of EPS, a portion of which was recognized in Q3. In addition, interest rates have also moved lower.

自七月底以來，燃油價格大幅下跌。與我們之前的全年指導價 3.61 美元相比，新的平均價格為 3.48 美元，意味著收入減少了 2,200 萬美元，每股收益減少了 0.34 美元，其中一部分已在第三季度確認。此外，利率也有所下降。

We have incorporated the current rate curve into our updated guidance, anticipating two more cuts to interest rates this year, which is reducing anticipated revenue in Q4 by approximately $5 billion. I want to stress that the revenue reduction for lower interest rates is not impacting our earnings guide, given the overall balance sheet hedged that I have discussed previously.

我們已將目前利率曲線納入更新後的指引中，預計今年還會再降息兩次，這將使第四季的預期收入減少約 50 億美元。我想強調的是，考慮到我之前討論過的整體資產負債表對沖，利率降低帶來的收入減少不會影響我們的獲利指南。

Next, we are reducing our volume expectations for both mobility and benefits segments. This reduction in volume expectations does not reflect any change in our expectation of longer-term opportunity for these businesses, but rather the shorter-term impacts of recent trends. In mobility, as I mentioned earlier, we have recently seen fewer transactions from our existing base of customers, which we are assuming will persist through the fourth quarter.

接下來，我們將降低對流動性和福利領域的銷售預期。銷售預期的下降並不反映我們對這些業務的長期機會的預期發生任何變化，而是反映了近期趨勢的短期影響。在移動性方面，正如我之前提到的，我們最近發現現有客戶群的交易減少，我們假設這種情況將持續到第四季度。

In addition, we are reducing late fee revenue outlook as instances of late fees have underperformed our expectations. With these changes, we now expect mobility segment growth to be between 6% and 7% for the year adjusted for the changes in fuel prices. In the benefit segment, we are seeing a delay of some expected new revenue. While new signings are on track for the year, they did not happen as early in the year as expected, which would have allowed for revenue to be recognized for mid-year onboarding.

此外，我們正在降低滯納金收入前景，因為滯納金的情況低於我們的預期。透過這些變化，我們現在預計，根據燃料價格變化調整後，今年移動出行領域的成長率將在 6% 至 7% 之間。在福利領域，我們看到一些預期的新收入出現延遲。雖然今年新簽約的進展順利，但他們並沒有像預期的那樣早發生，這本來可以在年中入職時確認收入。

As a result, we expect to be closer to the low end of our original 2024 revenue growth range of 10% to 15% for the year. As Melissa mentioned earlier, while we updated our Q4 and full-year guidance, we are focused on executing our strategy for the long term and look forward to providing additional updates as we head into 2025.

因此，我們預計 2024 年營收成長將接近原定 10% 至 15% 的低端。正如梅麗莎之前提到的，雖然我們更新了第四季度和全年指引，但我們專注於執行我們的長期策略，並期待在進入 2025 年時提供更多更新。

With that operator, please open the line for questions.

請透過該接線生撥打電話提問。

(Operator Instructions) David Koning, Baird.

（操作員說明）David Koning，Baird。

Yeah. Hey, guys. Thanks for taking my question. And maybe, first of all, on the mobility segment, the processing rate, the interchange rate was high, as you mentioned. Is that sustainable -- sustainably high? And then also in this segment, how big in dollars was that reversal -- the finance fee reversal? And does that come back basically in Q4?

是的。嘿，夥計們。感謝您提出我的問題。也許，首先，在行動領域，處理率、交換率很高，正如您所提到的。這是可持續的－可持續的高水準嗎？然後，在這個細分市場中，財務費用逆轉（以美元計算）有多大？這會在第四季基本恢復嗎？

Hey, David. This is Jagtar. So on the interchange rate, we did have a nice pick up this quarter. You know, a couple of factors there. One was fuel prices helping the rate. And then the other one was the pricing increases that we've implemented over the last year. So the pricing increases obviously will be sustainable. The fuel prices will do what fuel prices do. But if they stay at, where they've been recently, we should see the rates stay comparable. On the revenue item that you mentioned, it was about a $10 million impact to the mobility segment.

嘿，大衛。這是捷達。因此，就匯率而言，本季我們確實取得了不錯的進展。你知道，有幾個因素。其中之一是燃油價格上漲。另一個是我們去年實施的價格上漲。因此，價格上漲顯然是可持續的。燃油價格將隨燃油價格的變化而變化。但如果他們留在最近去過的地方，我們應該會看到利率保持可比性。就您提到的收入項目而言，這對行動出行領域的影響約為 1000 萬美元。

Okay, great. And --

好的，太好了。和--

You asked about whether or not we see a benefit going forward, and it's -- so think of that as a reversal in the past of some of the late fees that we had calculated. So we had gone through, as you might imagine, the pricing optimization work that we've done over a long period of time creates a lot of complexity. And some of the nuance calculations that we had, we've got back and audited the changes that we've made and we found some issues to some of those very nuanced calculations with a very isolated number of customers and then corrected that.

你問我們是否看到了未來的好處，所以可以將其視為過去我們計算的一些滯納金的逆轉。因此，正如您可能想像的那樣，我們在很長一段時間內完成的定價優化工作造成了很大的複雜性。我們進行了一些細微的計算，我們已經回來並審查了我們所做的更改，我們發現了一些非常細微的計算與非常孤立的客戶數量的一些問題，然後進行了糾正。

And so going forward, we should be at just a normal rate going forward and we'll continue to use pricing optimization is one of the levers for us. So it's one of the focus items for us.

因此，展望未來，我們應該以正常的速度前進，我們將繼續使用定價優化作為我們的槓桿之一。所以這是我們的重點項目之一。

Got you. Thanks. And then just as a follow up on the corporate segment, I know you said before the big client leaving. I think you said 1% revenue headwind to next year. If I just look at this quarter, normally, you grow high singles and instead you declined high single, that GAAP is about a 3% to total revenue. So is the large client totally out already? And then what's kind of that excess GAAP? Is that smaller OTAs and stuff like that?

明白你了。謝謝。然後，作為企業部門的後續行動，我知道你在大客戶離開之前說過。我想你說的是明年 1% 的收入逆風。如果我只看這個季度，通常情況下，你會成長高單曲，相反，你會下降高單曲，GAAP 大約佔總收入的 3%。那麼大客戶已經完全出局了嗎？那麼超額 GAAP 是什麼呢？是較小的 OTA 之類的嗎？

Yeah, there's a number of things that are impacting us this year. No, field prices, I'm not sure if it is. You were talking about that. Field prices have been a pretty big macro headwind for us this year, and we're anticipating it to be in the fourth quarter as well.

是的，今年有很多事情影響著我們。不是，是現場價格，我不確定是不是。你正在談論那個。今年，油田價格對我們來說是一個相當大的宏觀阻力，我們預計第四季也會出現這種情況。

And on top of that, we've had this one customer that's made their migration. We've seen -- in the quarter, it came through materially as we expected, just a pitch faster than we expected. But it was pretty much in line. And we do expect that. We've seen that really go through the first full quarter, the third quarter has more seasonality associated with it too because travel spend tends to be higher in that quarter. So there'll be some lumpiness of how that comes through in each of the quarters.

最重要的是，我們已經有一位客戶完成了遷移。我們已經看到，在本季度，它的實質進展符合我們的預期，只是比我們預期的要快一些。但這幾乎是一致的。我們確實希望如此。我們已經看到，在第一個完整季度中，第三季也有更多的季節性，因為該季度的旅行支出往往更高。因此，每季的情況都會有些混亂。

And then the last thing, as Jagtar talked about the same-store sales softness, that has had an impact in this quarter and our expectation is it will in the next quarter as well.

最後一件事，正如 Jagtar 談到的同店銷售疲軟，這對本季產生了影響，我們預計也會在下個季度產生影響。

Nik Cremo, UBS Equities.

Nik Cremo，瑞銀股。

Good morning, and thanks for taking my question. First, just on the benefit segment. Can you just discuss how the pipeline is looking as we had an open enrollment season and just some of the puts and takes as we head into 2025. I know that Jagar just mentioned that there was some delays in expected revenue. It just kind of -- like what level of staff accounts is needed for this business to accelerate closer to the longer-term range in 2025? Thank you.

早安，感謝您提出我的問題。首先，僅就福利部分而言。您能否簡單討論一下我們的開放招生季以及進入 2025 年時的一些調整和調整，渠道的情況如何。我知道 Jagar 剛剛提到預期收入有一些延遲。就像該業務需要什麼水準的員工帳戶才能加速接近 2025 年的長期範圍？謝謝。

Yeah, so we feel actually really good about open enrollment season. As we've gone through the course of the year, bookings have been higher year over year. In 2023, at the end of the year, we talked a lot about the fact that we saw some non-decisions. That seems to have reversed so far in 2024. So the impact that Jagtar was mentioning was the fact that we had some contracts that were actually right on the finish line, and they ended up getting deferred in terms of timing of implementation.

是的，所以我們對開放招生季感覺非常好。隨著這一年的過去，預訂量逐年增加。2023 年，在年底，我們談論了很多關於我們看到一些未做出決定的事實。到 2024 年為止，這種情況似乎發生了逆轉。因此，捷格塔提到的影響是，我們有一些合約實際上就在終點線上，但最終在實施時間方面被推遲了。

So we're not getting some of the benefit in revenue this year that we had anticipated. But in terms of bookings and how we're progressing into next year, we feel really good. Devenir has talked about HSA growth being around 5%, and we certainly expect that we're going to beat that market growth rate.

因此，今年我們沒有獲得預期的營收收益。但就預訂情況以及明年的進度而言，我們感覺非常好。Devenir 談到 HSA 成長率約為 5%，我們當然預期我們將超過該市場成長率。

Great. Thanks for all the --

偉大的。感謝所有的--

Nik, I just point out that if you look at our SaaS account growth, while you see the 2% reported if you remove the one Medicare Advantage customer that we've talked about previously, account growth is in the 7% range. So certainly, ahead of that Devenir number.

Nik，我只是指出，如果您查看我們的 SaaS 帳戶增長情況，如果刪除我們之前討論過的一位 Medicare Advantage 客戶，您會看到報告的 2%，而帳戶增長則在 7% 的範圍內。所以當然，在德維尼爾數字之前。

Andrew Bauch, Wells Fargo.

安德魯·鮑赫，富國銀行。

Hey, guys. Thanks for taking the question. I just wanted to look at the corporate payments business once again. I know, Melissa, you called out that 6% growth rate that would exclude the impact of the large customer transition. And thinking about the longer term, we've always kind of thought this business was a mid-teens grower and with the 6% out there and kind of pointing to that as a sign of growth. Should we be thinking the longer-term growth rates of that business?

嘿，夥計們。感謝您提出問題。我只是想再看看企業支付業務。我知道，梅麗莎，您提到 6% 的成長率可以排除大型客戶轉型的影響。從長遠來看，我們一直認為該業務的成長速度在十幾歲左右，並且有 6% 的成長，這表明這是成長的標誌。我們是否應該考慮該業務的長期成長率？

Yeah. When we think about the business, we've talked about it being a 10% to 15% grower, longer term. The benefits business -- I'm sorry, the travel customer base grew 7% in the quarter. So we saw a little bit more softness outside of travel. We talked about two things that are impacting that segment right now. Obviously, this migration of the large, online travel agency has a pretty big impact on the segment and will over the next three or four quarters. We do expect that you would see that migrate back to a normal growth rate within the travel marketplace. And we have hundreds of customers in that space and feel really good about our ability to grow with them as well as add new areas of spend into that customer segmentation.

是的。當我們考慮這項業務時，我們談到它的長期成長速度為 10% 到 15%。福利業務－抱歉，本季旅行客戶群成長了 7%。因此，我們在旅行之外看到了更多的柔軟性。我們討論了目前正在影響該細分市場的兩件事。顯然，大型線上旅行社的遷移對該細分市場產生了相當大的影響，並將在未來三到四個季度內產生影響。我們確實希望您會看到旅遊市場恢復正常成長率。我們在這個領域擁有數百名客戶，我們對與他們一起成長以及在該客戶細分中增加新的支出領域的能力感到非常滿意。

And then on the rest of our corporate payments business, we have seen some mix that happened within the third quarter and some pull back on spend, just kind of generally. In the marketplace, it's not a large number but that's impacting us a little bit. But in order for us to hit that 10% to 15% growth rate, we're very focused on growing outside of travel as well at a higher rate, then the travel business will grow.

然後，在我們的其他企業支付業務中，我們看到第三季發生了一些混合情況，並且總體上有些支出有所縮減。在市場上，這個數字並不大，但對我們有一點影響。但為了讓我們達到 10% 到 15% 的成長率，我們非常注重旅遊以外的業務的成長，並以更高的速度成長，然後旅遊業務就會成長。

Understood. And then if I could follow up on mobility? For the last year, we've been going through this digestion (technical difficulty) do you think about 2025, what inning (technical difficulty)

明白了。然後我是否可以跟進活動能力？去年我們一直在經歷這個消化（技術難度）你覺得2025年，是什麼局？（技術難度）

You're cutting. Sorry. You're cutting. Can you just repeat the question, please?

你正在切割。對不起。你正在切割。請您重複一下這個問題好嗎？

Yeah. When you think about mobility, where do you think we are in this cycle the draw down on excess capacity and when do we kind of stabilize as we think about 2025?

是的。當您考慮流動性時，您認為我們在這個循環中處於什麼階段，即過剩產能的減少以及我們何時才能在 2025 年達到穩定？

Yeah, within the over-the-road marketplace, which is -- when you're talking about excess capacity, we've been in a freight recession for a very long period of time. If we're looking at that customer base, now talking to that customer base, I think there's continues to be hope that that's going to reverse at some point in time. And certainly, if you look back in history, that's -- that things do revert back to the mean. But we are not anticipating that that's going to happen within the third quarter.

是的，在公路市場中，當你談論產能過剩時，我們已經在很長一段時間內處於貨運衰退之中。如果我們關注該客戶群，現在與該客戶群交談，我認為人們仍然希望這種情況會在某個時間點發生逆轉。當然，如果你回顧歷史，事情確實會回歸到平均。但我們預計這不會在第三季發生。

And in fact, we saw a little bit more softness even in that customer base year over year in same-store sales. So I'd say if anything, we've seen a little bit more weakness. It's not as pronounced as what we saw within the local part of the marketplace, but certainly, impacting that segment as well.

事實上，即使在同店銷售的客戶群中，我們也看到了同比的疲軟。所以我想說的是，我們看到了更多的弱點。它不像我們在當地市場中看到的那麼明顯，但肯定也會影響該細分市場。

Dan Dolev, Mizuho.

丹‧多列夫，瑞穗。

Hey, guys. Thanks for taking my question. Can we talk a little bit about pricing in mobility in terms of -- you think about gallons? They're basically, I'd say, flattish year over year in '24. So an organic growth is about 5%. Can we talk about the impact of pricing and what you think about that into the future? And then I have a quick follow up. Thank you.

嘿，夥計們。感謝您提出我的問題。我們可以談談流動性的定價嗎——你想想加侖？我想說，24 年的情況基本上與去年同期持平。所以有機成長約 5%。我們可以談談定價的影響以及您對未來的看法嗎？然後我會進行快速跟進。謝謝。

Yeah, so Dan, yeah, I think you hit it. Like pricing had a pretty significant impact this year on the order of $40 million to $50 million. Obviously, we are obviously constantly looking at how do we optimize pricing which we've been doing for the last year. Some of what we implemented this year, we expect sort of roll forward into next year in the $10 million to $20 million range, once you analyze this year's impacts. And then, we are continuing to look at pricing opportunities but nothing that we've decided to implement at this point.

是的，所以丹，是的，我認為你成功了。今年，同類定價產生了相當大的影響，影響金額約 4,000 萬至 5,000 萬美元。顯然，我們顯然一直在研究如何優化去年我們一直在做的定價。一旦分析了今年的影響，我們今年實施的一些措施預計將在 1,000 萬至 2,000 萬美元範圍內延續到明年。然後，我們將繼續尋找定價機會，但目前我們尚未決定實施任何措施。

Got it. And then quick follow-up on the buybacks. Given where the stock is, any change to the buyback cadence?

知道了。然後快速跟進回購狀況。考慮到股票的狀況，回購節奏有什麼改變嗎？

So just buybacks, in general, we're pleased to bring the share count down to the lowest point that it's been in a decade. Outstanding shares are down 12% from Q1 2022. So right now, share repurchases are a really attractive use of capital. And our recent actions and activity in this space reflect our confidence around WEX's long-term intrinsic value. So we're aware of the opportunity of buying back stock. We've been very aggressive about doing so. The Board just increased the authorization; supported that as well.

因此，總的來說，就回購而言，我們很高興將股票數量降至十年來的最低點。流通股較 2022 年第一季下降 12%。因此，目前，股票回購是一種非常有吸引力的資本用途。我們最近在這一領域的行動和活動反映了我們對 WEX 長期內在價值的信心。所以我們意識到回購股票的機會。我們一直非常積極地這樣做。董事會剛剛增加了授權；也支持這一點。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

Hi, good morning. Thanks for taking my questions. I wanted to go back to the corporate payments segment momentarily. Can you just walk through the impact from the large -- I guess, booking the large customer in that segment? Is -- and I guess the real question is, is the impact now in the numbers this quarter? Like should we expect that account services revenue to be around this level and like the decline in payment processing at this level or will the impact grow from here?

嗨，早安。感謝您回答我的問題。我想暫時回到企業支付領域。您能否簡單介紹一下大客戶的影響力－我想是預訂該細分市場的大客戶？我想真正的問題是，影響是否反映在本季的數字上？例如我們是否應該期望帳戶服務收入在這個水準附近，以及支付處理在這個水準上的下降，或者影響會從這裡開始擴大嗎？

Yeah, Mihir, at a high level, the large OTA customer is continuing to transition volume to the new model. So we expect this to grow further in the fourth quarter and then get to the new levels next year. We've talked in the past that this transition will be about a 1% impact to 2025. So you're going to see that kind of grow as you go into the fourth quarter and then hit that level as we get into next year.

是的，Mihir，在較高層面上，大型 OTA 客戶正在繼續將銷售轉移到新模型。因此，我們預計這一數字將在第四季度進一步增長，然後在明年達到新的水平。我們過去曾談到，這項轉變將對 2025 年產生約 1% 的影響。因此，當進入第四季度時，您將看到這種增長，然後在進入明年時達到該水平。

The only they will offset that is seasonality. So Q3 is just got higher spend volume than the fourth quarter. So as Jagtar saying, the penetration will -- should. We expect to increase to this new model that they -- but historically, there's less spend volume in the fourth quarter.

他們唯一能抵銷的就是季節性。因此，第三季的支出量比第四季更高。正如 Jagtar 所說，滲透將會——應該。我們預計他們會增加這種新模式——但從歷史上看，第四季的支出量會減少。

Got it. And the full-year guidance for the segment is unchanged. I think it was 2%-ish you had said last time.

知道了。該部門的全年指引保持不變。我想你上次說的是 2% 左右。

Yeah, we're still in that range. A little softness in corporate payments but still in that range.

是的，我們仍然在這個範圍內。企業支付略有疲軟，但仍在該範圍內。

Got it. And then switching to the mobility segment. Just a two-part question there just on the -- one is on just the fuel price impact. Did I hear you right? You said $0.34 of the EPS decline is coming from the fuel prices being lower.

知道了。然後切換到移動部分。這是一個由兩部分組成的問題，其中之一是關於燃油價格的影響。我沒聽錯吧？您說每股收益下降 0.34 美元是由於燃油價格下降。

Yes.

是的。

So I guess, also on that, it used to be $0.10 of EPS is $0.20 -- $0.10 of fuel prices is $0.20 of EPS. This seems much larger than that. What is --

所以我想，同樣在這一點上，過去 0.10 美元的每股收益是 0.20 美元——0.10 美元的燃油價格是 0.20 美元的每股收益。這看起來比那個大得多。什麼是--

Let me clarify. The $0.30 is the fuel -- average fuel price decline in the fourth quarter versus -- from our revised guidance versus where we were previously assuming. The EPS impact of that is about $0.23. So it's in line with the rule of thumb we've given.

讓我澄清一下。0.30 美元是燃料——第四季度平均燃料價格下降——與我們修訂後的指導相比，我們先前的假設。其對 EPS 的影響約為 0.23 美元。所以它符合我們給的經驗法則。

Okay. And then the same-store sales softness, your assumption is just stability and pricing from here. You're like -- you're not assuming any more weakness or acceleration? Is that the right way to think about that?

好的。然後是同店銷售疲軟，您的假設只是穩定性和定價。你就像——你不再假設任何弱點或加速？這是正確的思考方式嗎？

We're taking where we were in September and assuming that for the fourth quarter.

我們採用 9 月份的情況並假設第四季度也是如此。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼 (Sanjay Sakhrani)，KBW。

Thanks. Good morning. Maybe just to go back on the weakness in the spending habits and mobility, sounded like historically, that's been a leading indicator on the macro. Melissa, can you just give us a little bit more detail? You know, how you see that unfolding? Do you think it's a sign of broader things to come?

謝謝。早安.也許只是回顧一下消費習慣和流動性的疲軟，聽起來就像歷史上的那樣，這是宏觀經濟的領先指標。梅麗莎，你能為我們提供更多細節嗎？你知道，你如何看待這種情況的發展？您認為這是未來更廣泛事物的徵兆嗎？

So if you look across the local business -- just as a reminder, these are people that are using our products to make delivery calls and sales calls and so it's business activity driven within our base. What we have seen is that if you look across the portfolio, seven of the top eight industry groups declined 3% to 5% year over year. Those declines were broad based, and actually, I think the only thing that grew with the government, industry code.

因此，如果您縱觀當地企業，請注意，這些人正在使用我們的產品進行送貨電話和銷售電話，因此這是我們基地內驅動的業務活動。我們看到的是，如果你縱觀整個投資組合，排名前八的行業集團中有七個同比下降了 3% 至 5%。這些下降是廣泛的，實際上，我認為唯一隨著政府和行業規範的增長而增長。

This happened very recently. So it started in August, as Jagtar said, and accelerated a little bit in September and then it leveled off in October. But what we know -- when we cut the data based on geography, industry type, a fleet size, that it's very consistent across the portfolio. We've also reached out and talked to customers and we called hundreds of customers just to get a sense of what they're feeling. And their most prevalent answer was that just their needs were lower.

這是最近發生的事情。因此，正如 Jagtar 所說，它從 8 月開始，並在 9 月加速了一點，然後在 10 月趨於平穩。但我們知道，當我們根據地理位置、產業類型、機隊規模來削減數據時，整個投資組合中的數據非常一致。我們也聯繫了客戶並與他們交談，我們打電話給數百名客戶只是為了了解他們的感受。他們最普遍的回答是，只是他們的需求降低了。

So I think that what we're hearing from our customers is maybe more about uncertainty with elections coming up and not knowing what's going to happen with interest rates and so we're not sure if it's just like a short-term pull back. And we've assumed the same level of activity would happen in the fourth quarter. It's just an assumption right now.

因此，我認為我們從客戶那裡聽到的可能更多是關於即將到來的選舉的不確定性，並且不知道利率會發生什麼，所以我們不確定這是否只是短期回調。我們假設第四季會發生相同程度的活動。現在這只是一個假設。

So we're not trying to call it into some macro indicator for the future but it is what we're seeing right now and it's what we're anticipating happening in the fourth quarter.

因此，我們並不是試圖將其稱為未來的宏觀指標，但這就是我們現在所看到的，也是我們預期第四季發生的情況。

Okay, great. And then, maybe just following up on corporate payments and the OTA stuff, seems like that large OTA is progressing as planned, maybe a little bit quicker, but ultimately, that impact will stay with us until next year -- most of next year. Is there anything else that we need to be concerned about? I know there's been like chatter of the other large OTA renewal. Any changes in strategy there? I'm just trying to think about what else we need to be prepared for the OTA segment, going forward? Thanks.

好的，太好了。然後，也許只是跟進企業支付和 OTA 的事情，大型 OTA 似乎正在按計劃進展，也許更快一點，但最終，這種影響將持續到明年——明年的大部分時間。還有什麼我們需要關心的嗎？我知道人們一直在談論其他大型 OTA 更新。那裡的策略有什麼改變嗎？我只是在思考，未來我們還需要為 OTA 領域做好哪些準備？謝謝。

We're really focused around making sure that we're continuing to work with our existing customer base, but also, looking for new areas of spend within those customers. We've talked about the fact that we had seen weakness in airline spend. It's an area of focus. We continue to see that as an area of weakness within the portfolio. So I think we're looking at areas that can create some opportunity for us both in terms of acceptance globally and new types of spend that occur with those customers.

我們真正關注的是確保我們繼續與現有客戶群合作，同時也在這些客戶中尋找新的支出領域。我們已經討論過我們看到航空公司支出疲軟的事實。這是一個重點領域。我們仍然認為這是投資組合中的一個弱點。因此，我認為我們正在尋找可以為我們創造一些機會的領域，無論是在全球接受度方面還是在這些客戶發生的新型支出方面。

And then, we feel really good about the product road maps that we have within our bed of payments product, even outside of travel and what opportunities that's going to create for us in the future.

然後，我們對我們的支付產品中的產品路線圖感到非常滿意，甚至在旅行之外，以及它將在未來為我們創造什麼機會。

And just to clarify like, do we -- is there another large renewal that we need to think about in 2025?

只是想澄清一下，我們是否需要在 2025 年考慮另一個重大更新？

I would say we have customers that are renewing all the time. There's not anything that I would call out at this point in time.

我想說我們的客戶一直在更新。目前我沒有什麼要指出的。

Yeah, we've talked in the last call about the volume between the first half and the second half with some of our OTAs managing spend but we're not expecting -- at this point, we're not concerned about any renewals for next year.

是的，我們在上次電話會議中討論了上半年和下半年之間的交易量以及我們的一些OTA 管理支出的情況，但我們並沒有預料到- 在這一點上，我們不擔心接下來的任何續訂年。

Nate Svensson, Deutsche Bank.

內特‧斯文森，德意志銀行。

Hi, thanks for the question. So sorry to again ask about corporate payments. So I did want to clarify on the large travel client. So I think, previously you talked about 30% of the volumes being taken in house in 3Q. Sounds like based on Melissa's comments that came in a pitch above.

你好，謝謝你的提問。很抱歉再次詢問有關公司付款的問題。所以我確實想澄清一下大型旅遊客戶的情況。所以我認為，您之前談到了第三季 30% 的銷售量。聽起來像是基於梅麗莎在上面的評論。

So any change the prior outlook you had talked about, I think, sort of 40% of volumes going over in 4Q and maintaining around that level for next year. And then the follow-up kind of outside that large OTA client. I think, last quarter, we had talked about things like weakness in airline, some larger customers splitting volumes across providers. And then I know you had lowered your outlook for the remainder of the year on volumes on the 2Q call. So just any update on those other things outside the large OTA impacted results.

因此，我認為，如果您之前談到的前景發生任何變化，第四季度的銷量就會增加 40%，並在明年保持在該水平附近。然後是大型 OTA 用戶端以外的後續活動。我認為，上個季度，我們討論了航空公司的疲軟、一些較大的客戶將銷售分配給提供者等問題。然後我知道您已經降低了今年剩餘時間對第二季度電話會議交易量的預期。因此，大型 OTA 以外的其他事項的任何更新都會影響結果。

Yeah. So large OTA is happening materially as planned. It will increase penetration a little bit in the next quarter. But again, seasonality will buffer some of that. So I would say it's moving again a little bit faster than what we had projected. But frankly, it's the minor of this conversation.

是的。如此大規模的 OTA 正在按計劃進行。下個季度滲透率將略有提高。但同樣，季節性因素將緩衝其中一些。所以我想說，它的發展速度再次比我們預期的要快一些。但坦白說，這只是這次談話的次要內容。

The second part of your question around as we progress into next year, we're again working with them, but I would say the expectation right now is what happens in the fourth quarter that that should largely move through next year. And then you're just more about the creating the anniversary of the transition.

你問題的第二部分是，隨著我們進入明年，我們將再次與他們合作，但我想說，現在的預期是第四季度會發生什麼，這應該會在很大程度上延續到明年。然後你就更專注於創建過渡週年紀念日。

Got it, got it. And then

明白了，明白了。進而

And the rest of the spend volume, yeah, if you go through the rest of the portfolio, we said that two-thirds of our revenue comes from these smaller online travel agencies. We've seen very similar trends to what we had expected. So we continue to see some acceptance issues with low-cost air carriers in Europe. The merchants are talking to those low-cost air carriers. And so that could create an opportunity for us in the future.

其餘的支出量，是的，如果你瀏覽一下投資組合的其餘部分，我們會說我們三分之二的收入來自這些較小的線上旅行社。我們看到的趨勢與我們的預期非常相似。因此，我們繼續看到歐洲低成本航空公司存在一些接受度問題。商家正在與那些廉價航空公司洽談。這可以為我們未來創造機會。

But we have an expectation right now that that's going to continue. The volume overall with those customers are a little bit lighter than the volume that we see with the larger customers. And a large part of that is travel-related spend. So I'd say, generally, it's coming in really pretty much is as what we had expected last quarter.

但我們現在預計這種情況將會持續下去。這些客戶的整體交易量比我們看到的大客戶的交易量要少一些。其中很大一部分是與旅行相關的支出。所以我想說，總的來說，它的表現與我們上季的預期非常接近。

Got it. Thanks, Melissa. And then, I guess just for my follow up, credit losses, I guess, came in better than expected in the quarter. We also had a really strong 2Q on much lower charge-off rates. So I guess two quarters outperformance, despite some softness you talked about in your existing book of business there. Looking at the 4Q guide does imply a material step up sequentially in credit losses.

知道了。謝謝，梅麗莎。然後，我想就我的後續行動而言，我想本季的信貸損失比預期要好。我們的第二季業績也非常強勁，沖銷率也低得多。因此，我認為儘管您在現有的業務手冊中提到了一些疲軟的情況，但我認為兩個季度的表現仍然出色。從第四季指南來看，確實意味著信貸損失將連續大幅上升。

So just wondering if there's anything specific -- like I know you talked about the macro factors but anything you're seeing across your book of business that is driving that or maybe it's just prudence or conservatism, however, you want to phrase it on your part.

所以只是想知道是否有什麼具體的事情——就像我知道你談到了宏觀因素，但你在你的業務手冊中看到的任何推動這一因素的東西，或者可能只是謹慎或保守主義，但是，你想在你的業務中表達它部分。

Yeah, I'd say so we've had really good performance and charge-offs. This quarter was one of our lowest charge-off. I think as we look to next quarter, there wasn't a specific item it was looking at, where our receivable balances are, as well as we got the benefit and say, this past quarter of the reserve balances coming down, which we don't expect to repeat next quarter. So factoring that all in is where we ended up on the guide on credit losses.

是的，我想說的是，我們的表現和沖銷都非常好。本季是我們沖銷率最低的季度之一。我認為，當我們展望下個季度時，沒有一個具體的項目正在考慮，我們的應收帳款餘額在哪裡，以及我們得到的好處，比如說，上個季度的準備金餘額下降了，我們不這樣做預計下季不會重演。因此，將所有因素考慮在內，我們最終得出了信用損失指南。

Ramsey El-Assal, Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

Hi. Thanks for taking my question. In the benefits segment, I think, Jagtar mentioned a delay of some new revenue because of like later client onboarding. Does that mean that that revenue will kind of spool up and flow into Q1? Is it just sort of pushed back a bit? Or should I read it differently?

你好。感謝您提出我的問題。我認為，在福利部分，捷達提到了一些新收入的延遲，因為客戶加入較晚。這是否意味著該收入將加速流入第一季？是不是只是稍微延後了一點？或者我應該以不同的方式閱讀它？

No, that's right. So if you look at the bookings number that we had anticipated for the year, so we still believe we're going to have the same bookings number. It's just the timing of that. We had a couple of contracts that were just at the final stages that we hadn't expected to be implemented. And that got deferred in terms of implementation, but we don't expect it has any impact in terms of total bookings.

不，沒錯。因此，如果您查看我們今年預期的預訂數量，我們仍然相信我們將擁有相同的預訂數量。這只是時機。我們有幾份合約正處於最後階段，但我們並沒有預期會實施。這在實施方面被推遲了，但我們預計它不會對總預訂量產生任何影響。

Okay. And then lastly for me, I think, there were some extra bill days in the quarter and I'm just thinking through next quarter and/or any impact that those extra bill days might have had this quarter. Is that something that moved the needle a bit or am I overthinking it?

好的。最後對我來說，我認為本季有一些額外的帳單日，我只是在考慮下個季度和/或這些額外的帳單日可能對本季產生的任何影響。是這件事讓事情發生了一些變化，還是我想太多了？

Yeah, and Ramsey, I am assuming you're talking about the mobility segment. We did have a couple extra fueling days this quarter. A couple extra fueling days, so about 3% more fueling days this quarter versus last year. Whereas next quarter, it's basically flat year over year.

是的，拉姆齊，我假設您正在談論行動領域。本季我們確實有幾天額外的加油日。額外的加油天數，因此本季的加油天數比去年增加了約 3%。而下個季度，則與去年同期基本持平。

Andrew Jeffrey, William Blair.

安德魯傑弗裡，威廉布萊爾。

Hi, good morning. I appreciate you taking the question. Jagtar, sorry if I'm being a little remedial here. I'm just trying to understand the earnings guidance reduction, if roughly a third of it, give or take, is from fuel. What's the balance?

嗨，早安。我很感謝你提出這個問題。Jagtar，抱歉，如果我在這裡有點補救的話。我只是想了解盈利指導的減少，如果其中大約三分之一（無論多少）來自燃料。餘額是多少？

Yeah. So if you look about -- if you look at the fourth quarter, it was about a, call it, $45 million reduction versus the prior guidance, $15 million to $20 million of that was split between fuel being the majority of interest rate. And just a reminder that interest rate while it impacts revenue doesn't flow through EPS largely.

是的。因此，如果你看看第四季度，你會發現，與先前的指導相比，減少了 4500 萬美元，其中 1500 萬至 2000 萬美元被分配給燃料，即大部分利率。只是提醒一下，利率雖然會影響收入，但不會在很大程度上流經每股盈餘。

But $15 million to $20 million is called macro fuel and fuel prices and rates. The next one is, call it, $10 million to $11 million was mobility softness that we had talked about. And what we were seeing on same-store sales and late fees. And the last piece of it is the benefits item that we talked about. And that's in the $5 million to $10 million range.

但 1500 萬至 2000 萬美元稱為宏觀燃料和燃料價格及費率。下一個是，1000 萬到 1100 萬美元是我們討論過的流動性軟弱。以及我們在同店銷售和滯納金方面看到的情況。最後一部分是我們談到的福利項目。價格在 500 萬美元到 1000 萬美元之間。

Okay. And how does that all drop to the bottom line? Because it seems like there's various -- varying impacts. I guess, that's what I'm trying to isolate. Is that (multiple speakers)

好的。這一切是如何下降到底線的呢？因為似乎存在著各種不同的影響。我想，這就是我想要隔離的。是那個（多個發言者）

Sure. So if you start at the top where I talked about the $15 million to $20 million from fuel and rate, the rate part doesn't fall to the bottom line. So that $15 million to $20 million would fall predominantly from fuel at about $0.23 that I said earlier in the call. And then the remaining $25 million falls to EPS with about $0.50, right?

當然。因此，如果你從我談到的 1500 萬至 2000 萬美元的燃料和費率的頂部開始，費率部分不會落入底線。因此，正如我之前在電話會議中所說，1500 萬至 2000 萬美元將主要來自燃油，價格約為 0.23 美元。然後剩下的 2500 萬美元將轉為 EPS，大約為 0.50 美元，對嗎？

And then the last item is what's happening in credit losses. And so we -- you can look at what we've assumed for credit losses in the fourth quarter. And that's the last negative on the guide. We're just seeing slightly higher credit losses.

最後一項是信用損失的情況。所以我們——你可以看看我們對第四季度信貸損失的假設。這是指南上的最後一個負面內容。我們只是看到信貸損失略有增加。

And just to elaborate on the credit loss, what's causality there? Is it just purely macro or is it transitory or is this a higher level of credit losses?

詳細說明一下信用損失，其中的因果關係是什麼？這只是純粹的宏觀還是暫時的，還是更高水準的信用損失？

I wouldn't say it's a higher level. It's really looking at -- we've generally been trending pretty positive in credit losses. We got some nice benefit in the third quarter as I said earlier from -- to bring down the reserve from the good charge-offs that we were seeing in the third quarter, not expecting -- we're not going to get that repeat in the reserve balance in the fourth quarter. So as a result, charge-offs will be higher. Sorry, the credit loss provision will be higher than we saw in the third quarter.

我不會說這是更高的水平。確實，我們的信貸損失總體上呈現相當正面的趨勢。正如我之前所說，我們在第三季度獲得了一些不錯的收益——從我們在第三季度看到的良好沖銷中降低準備金，而不是預期——我們不會在第四季度準備金餘額。因此，沖銷費用將會更高。抱歉，信用損失準備金將高於第三季的水平。

Oh, okay. And if I can just follow up, I mean, this is stuff that I would have expected, you'd be able to see earlier in the year. I'm just a little surprised that it crops up here right at the end. How do you think about that and sort of visibility in your business overall, I suppose?

哦好的。如果我能跟進，我的意思是，這是我所期望的，你可以在今年早些時候看到。我只是有點驚訝它最後突然出現在這裡。我想，您如何看待這一點以及您整體業務的可見性？

Well, if you take them individually, field prices is something we give out a metric. It did change almost immediately after we gave earnings last time. But I think that's a broadly known number. The softness really came out in August, accelerated in September. And again, it's leveled up in October.

好吧，如果你單獨考慮它們，那麼現場價格就是我們給出的一個指標。在我們上次公佈財報後，情況幾乎立即發生了變化。但我認為這是一個廣為人知的數字。疲軟在八月才真正顯現出來，並在九月加速。十月它再次升級。

So it is unusual. And if you look at our volume numbers, we're normally actually very accurate in terms of estimating what's happening with volume within our mobility business. And so, this is an unusual movement that we've seen.

所以這是不尋常的。如果你看一下我們的銷量數字，我們通常會非常準確地估計我們的行動業務中的銷量情況。因此，這是我們所看到的不尋常的運動。

And then, in terms of the push and signing those contracts, we're literally at the very end stage. And so we had anticipated that that would move into onboarding like it normally would. And it just didn't this time. So I think about our ability to understand the business. In a normal environment, I feel like it's actually quite high. And if you look back at our history, we've been pretty accurate at this, but clearly, we've been off a lot this quarter.

然後，就推動和簽署這些合約而言，我們確實處於最後階段。因此，我們預計這會像平常一樣進入入職階段。只是這次沒有。所以我會考慮我們理解業務的能力。在正常環境下，我覺得其實還蠻高的。如果你回顧我們的歷史，我們在這方面做得相當準確，但顯然，本季我們已經偏離了很多。

Ladies and gentlemen, that does conclusede our question-and-answer session. And I will now turn the call back over to Steve Elder for closing remarks.

女士們先生們，我們的問答環節到此結束。現在，我將把電話轉回給史蒂夫·埃爾德 (Steve Elder)，讓其致閉幕詞。

Yeah, just really briefly, just thanking everyone for their time this morning and we'll look forward to speaking again with our year-end earnings.

是的，非常簡短，感謝大家今天早上抽出時間，我們期待再次談論我們的年終收益。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation and you may now disconnect.

女士們先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。