WEX Inc (WEX) 2024 Q4 法說會逐字稿

Hello, and welcome to the WEX fourth-quarter and full year 2024 earnings call. (Operator Instructions)I would now like to turn the conference over to Steve Elder, Senior Vice President of Investor Relations. You may begin.

您好，歡迎參加 WEX 2024 年第四季和全年財報電話會議。(操作員指示)現在，我想將會議交給投資者關係高級副總裁史蒂夫·埃爾德 (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.

謝謝接線員，大家早安。今天與我在一起的是我們的董事長兼執行長梅麗莎史密斯 (Melissa Smith)；以及我們的財務長 Jagtar Narula。

Our press release we issued yesterday afternoon in a slide deck to walk through our prepared remarks have been posted to the Investor Relations section of our website at wexinc.com. For this quarter, we have also posted supplemental materials, which include detail around our performance to assist investors with understanding our results. A copy of the press release and supplemental materials have been included in an 8-K we filed with the SEC yesterday afternoon.

我們昨天下午在幻燈片中發布的新聞稿介紹了我們準備好的發言，目前該新聞稿已發佈到我們網站 wexinc.com 的投資者關係部分。本季度，我們還發布了補充資料，其中包括我們業績的詳細信息，以幫助投資者了解我們的業績。我們昨天下午向美國證券交易委員會提交的 8-K 文件中包含了新聞稿和補充資料的副本。

As a reminder, we will be discussing non-GAAP metrics, specifically adjusted net income, which we sometimes refer to as ANI, adjusted net income per diluted share, 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，我們將在電話會議中討論非 GAAP 指標，特別是調整後的淨收入（我們有時將其稱為 ANI）、調整後的每股攤薄淨收入、調整後的營業收入和相關利潤率以及調整後的自由現金流。請參閱新聞稿附件 1，以了解這些非 GAAP 指標的解釋和調整。

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.

由於報告的 GAAP 收益中包含的某些因素存在不確定性且數量不確定，因此公司根據 GAAP 提供收入預測，並根據非 GAAP 提供獲利預測。

I would also like to remind you that we will discuss forward-looking statements on 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 supplemental materials and the risk factors identified in our most recently filed annual report on Form 10-K and our subsequent quarterly reports on Form 10-Q and other SEC filings.

我還想提醒您，我們將討論有關 1995 年《私人證券訴訟改革法案》的前瞻性陳述。由於各種因素，實際結果可能與這些前瞻性聲明有重大差異，包括我們在新聞稿和補充資料中討論的因素以及我們最近提交的 10-K 表年度報告和隨後的 10-Q 表季度報告和其他 SEC 文件中確定的風險因素。

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.

雖然我們可能會在未來更新前瞻性陳述，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，因為它們僅代表今天的觀點。

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

說完這些，我將把電話轉給梅麗莎。

Thank you, Steve. Good morning, everyone. We appreciate you joining us today. Before we dive into our results, I want to highlight a new resource we've introduced for investors.

謝謝你，史蒂夫。大家早安。感謝您今天加入我們。在深入討論我們的結果之前，我想先強調一下我們為投資者推出的一項新資源。

As Steve mentioned, we posted a supplemental material document in the IR section of our website and filed it with the SEC yesterday after market close. This document consolidates key quarterly disclosures and commentary, providing details to better understand and analyze our performance while allowing us to focus this call on strategic and forward-looking priorities.

正如史蒂夫所提到的，我們在網站的 IR 部分發布了一份補充資料文件，並在昨天關閉後將其提交給了美國證券交易委員會 (SEC)。本文件整合了關鍵的季度揭露和評論，提供了詳細資訊以便更好地理解和分析我們的業績，同時使我們能夠將本次電話會議的重點放在策略性和前瞻性的優先事項上。

We plan to provide these supplemental materials quarterly moving forward. We encourage you to review the document at your convenience. With that, let's move into our quarterly and full-year performance.

我們計劃今後每季提供這些補充資料。我們鼓勵您在方便的時候查看該文件。接下來，讓我們來看看我們的季度和全年業績。

Let me start with the full year results. Revenue of $2.6 billion for the year, with a record high and grew 3% compared to the prior year. Despite a headwind of 3% from fuel prices and foreign exchange rate. Adjusted net income per share grew 3% year over year. Excluding the impact of lower fuel prices and foreign exchange rate differences, revenue grew 6% and adjusted net income per share grew 11% year over year.

讓我先介紹一下全年業績。全年營收26億美元，創歷史新高，較上年成長3%。儘管燃料價格和外匯匯率帶來 3% 的阻力。調整後每股淨利年增3%。除去燃油價格下跌和外匯匯率差異的影響，營收成長6%，調整後每股淨收益較去年同期成長11%。

Now, turning to fourth-quarter results. We delivered revenue of $637 million for the quarter, a decrease of 4% year over year. Excluding the impact of fluctuations in fuel prices and foreign exchange rate, Q4 revenue was flat with the prior year. Adjusted net income per diluted share was $3.57, a decrease of 6.5% compared to the same quarter last year. Excluding the impact of fluctuations in fuel prices and foreign exchange rate, Q4 adjusted EPS grew 5%.

現在，談談第四季的業績。本季度，我們實現營收 6.37 億美元，年減 4%。除去燃料價格和外匯匯率波動的影響，第四季營收與前一年持平。調整後每股攤薄淨利為 3.57 美元，較去年同期下降 6.5%。排除燃料價格和外匯匯率波動的影響，第四季調整後每股盈餘成長 5%。

Second, if you step back from our reported results, I'm excited to take some time to discuss actions we've recently been undertaking to accelerate growth. I'll also share our perspective on where the business stands today and where we're headed over the next few years.

其次，如果您回顧我們的報告結果，我很高興花一些時間來討論我們最近為加速成長而採取的行動。我也會分享我們對當前業務狀況以及未來幾年發展方向的看法。

Since our founding, we've been helping customers and partners of all sizes simplify the business of running their businesses, giving them the ability to streamline operations and optimize workflows so they can focus on what matters most. With WEX, customers grow their business, save time, and build confidence. With worldwide business spend net rate in the trillions of dollars, combined with continued technology innovation and a relentless focus by businesses on efficiency, we are in an exciting segment of the economy with strong growth prospects.

自成立以來，我們一直致力於幫助各種規模的客戶和合作夥伴簡化業務運營，使他們能夠精簡營運並優化工作流程，從而專注於最重要的事情。透過 WEX，客戶可以拓展業務、節省時間並建立信心。全球商業淨支出達數兆美元，加上持續的技術創新和企業對效率的不懈關注，我們正處於經濟中一個令人興奮的領域，擁有強勁的成長前景。

Furthermore, in addition to the strong secular tailwinds, WEX, at its core, is a great business. We have a long trajectory of growth, exceptional margins, and we generate strong cash flow. Underpinning our business is an impressive set of technology assets. However, our growth has slowed in recent quarters, certainly macro factors such as fuel prices, FX rate, and the trucking recession in our mobility business have negatively affected our growth.

此外，除了強勁的長期順風之外，WEX 的核心業務也是一項偉大的業務。我們擁有長期的成長軌跡、卓越的利潤率，並且能夠產生強勁的現金流。我們的業務背後是一套令人印象深刻的技術資產。然而，最近幾季我們的成長有所放緩，燃料價格、外匯匯率以及行動業務的卡車運輸衰退等宏觀因素肯定對我們的成長產生了負面影響。

And we also saw pressure from one-off factors such as such as the contract renegotiations with a large travel customer in the loss of a Medicare Advantage customer in the Benefits segment. While these external factors impede our near-term growth rate, we would be remiss to ignore the factors that were within our control.

我們也看到了來自一次性因素的壓力，例如與大型旅遊客戶重新談判合同，以及福利部門失去醫療保險優勢客戶。雖然這些外部因素阻礙了我們近期的成長率，但忽略我們可控制的因素就太失職了。

We have deeply examined the reasons why recent performance has fallen short of our target. One conclusion from this review is that our portfolio software assets and payment processing capabilities and untapped potential where we can accelerate growth. This is especially true in the Corporate Payments segment, where we have experienced more volatility in growth.

我們深入分析了近期業績未達到目標的原因。這次審查得出的一個結論是，我們的投資組合軟體資產和支付處理能力以及尚未開發的潛力，我們可以加速成長。在企業支付領域尤其如此，我們經歷了更大的成長波動。

By pressing the untapped potential with increased and targeted investments, we believe there is tremendous opportunity to strengthen our competitive position and accelerate our revenue for us moving forward. We also believe that by our healthy investment in a highly effective sales and marketing organization, the size of the markets we sell into presents an opportunity to do more. And we're addressing this with renewed energy and additional investments.

我們相信，透過增加和有針對性的投資來挖掘尚未開發的潛力，我們將有巨大的機會加強我們的競爭地位，並加速我們未來的收入成長。我們也相信，透過對高效銷售和行銷組織的合理投資，我們銷售的市場規模將為我們帶來更多機會。我們正在以新的活力和額外的投資來解決這個問題。

As a result, we have already begun adding additional sales and marketing resources to (technical difficulty) both strategic and our high growth potential. In all segments, the payback period are two years or fewer and there was a strong and LTV to CAC. To be clear, this growth acceleration action stems from our views that are currently reported growth rate do not match the scale of our ambition, the capabilities of our team, or the opportunity in front of us. This is a very important issue to me, personally.

因此，我們已經開始增加額外的銷售和行銷資源，以應對策略和高成長潛力（技術難題）。在所有細分市場中，投資回收期均為兩年或更短，且 LTV 與 CAC 之間存在較高的比率。需要明確的是，這項加速成長的行動源自於我們認為目前報告的成長率與我們的抱負規模、我們團隊的能力或我們面前的機會不符。對我個人來說這是一個非常重要的問題。

With that said, we're adjusting our long-term organic revenue growth targets from 8% to 12% to the 5% to 10% range to reflect updated market insight. In addition, as a result of the change in our organic revenue growth target, we are also updating our long-term adjusted earnings per share target to a range of 10% to 15%. We believe these updated long-term ranges consider the current pace and trajectory of the markets we operate in, while also reflecting our opportunity to remain highly competitive with our product offerings.

話雖如此，我們將長期有機收入成長目標從 8% 到 12% 調整到 5% 到 10% 的範圍，以反映最新的市場洞察。此外，由於我們的有機收入成長目標的變化，我們也將長期調整後每股盈餘目標更新為 10% 至 15% 的範圍。我們相信，這些更新的長期範圍考慮了我們營運所在市場的當前速度和軌跡，同時也反映了我們保持產品高度競爭力的機會。

Recognizing that will take a bit of time for our investments in product and sales to bear fruit, we expect our reported results will be below the updated target this year. I'll walk you through some of the additional investments we're making to accelerate our growth, many of which are fully underway.

我們認識到，我們在產品和銷售方面的投資需要一段時間才能產生成果，因此我們預計今年的報告結果將低於更新後的目標。我將向你們介紹我們為加速成長而進行的一些額外投資，其中許多投資已經在全面進行中。

Let's discuss the details of these initiatives by segment. In Mobility, we're very competitively positioned with strong [modes]. We have a closed loop network in the US covering more than 90% of all fuel locations and 80% of all charging locations. We own the entire technology stack and we have WEX Bank as an integrated engine to handle all of the funding and compliance associated with the issuing.

讓我們按部分來討論一下這些舉措的細節。在行動領域，我們擁有強大的競爭力[模式]。我們在美國擁有一個閉環網絡，覆蓋超過 90％ 的加油站和 80％ 的充電站。我們擁有整個技術堆疊，並且擁有 WEX Bank 作為整合引擎來處理與發行相關的所有資金和合規事務。

We also have a strong market share with broader distribution capabilities. We expect to see continued growth as our solutions expand deeper into the market. We're also focused on new product initiatives that we believe can help infuse growth in this segment over time.

我們還擁有強大的市場份額和更廣泛的分銷能力。隨著我們的解決方案在市場上進一步深入，我們預計還將看到持續的成長。我們也專注於新產品計劃，我們相信這些計劃可以幫助隨著時間的推移促進該領域的成長。

10-4 BY WEX, which serve independent owner operators and our Fleet Plus offering, which provides extended network perspective beyond fuel to local fleets are two of our most exciting new products. We also expect the migration to EVs to present opportunities to enhance our unit economics within our customer base, recognizing that the transition to EVs will take place over an extended timeline.

10-4 BY WEX 為獨立業主營運商提供服務，而我們的 Fleet Plus 產品為當地車隊提供除燃料之外的擴展網路視角，這是我們最令人興奮的兩種新產品。我們也預計，向電動車的轉變將為提升我們客戶群的單位經濟效益提供機會，同時認識到向電動車的轉變將需要較長的時間。

In addition, we've gained valuable insights from our experience with Payzer. While this asset has met the expectations we shared last year, we believe it has the opportunity to contribute even more. Over the past year, we've gained deeper customer insights, enhanced sales tools, and sharpened our cross-sell and go-to-market strategies to deliver effective and scalable growth in 2025.

此外，我們從與 Payzer 合作的經驗中獲得了寶貴的見解。雖然這項資產已經滿足了我們去年的預期，但我們相信它有機會做出更大的貢獻。在過去的一年裡，我們獲得了更深入的客戶洞察，增強了銷售工具，並完善了交叉銷售和市場進入策略，以在 2025 年實現有效且可擴展的成長。

Turning to our Benefits segment. In 2024, we experienced a moderation in growth, largely reflecting an industry by leveling the adoption curve for HSA eligible plan enrollment. Despite this broader trend, our robust portfolio of assets, including benefit administration, consumer-driven benefit offerings, and HSA custodial services positions us for market-leading performance while we continue to invest in strengthening our competitive position. We see a significant opportunity to unlock the next phase of growth for releasing new products and capabilities to drive greater engagement with consumers and employers.

轉向我們的福利部分。2024 年，我們的成長將有所放緩，這在很大程度上反映了業界透過拉平 HSA 合格計畫註冊的採用曲線而實現的成長。儘管存在這種大趨勢，但我們強大的資產組合（包括福利管理、消費者驅動的福利產品和 HSA 託管服務）使我們處於市場領先地位，同時我們將繼續投資以加強我們的競爭地位。我們看到了釋放下一階段成長潛力的巨大機遇，即發布新產品、新功能，以加強與消費者和雇主的互動。

For example, in the record keeper of these HSAs, we can utilize our vast data set to create more scaler support, helping employees better understand, utilize, and contribute to their account. By applying advanced technology like AI to our rich data assets, we [help] our consumers to make more informed benefit decisions, which in turn can drive higher participation, greater funding levels, and stronger outcomes for employers, employees, and WEX. We're actively investing in ways to capitalize on these opportunities and we're optimistic that these efforts will accelerate growth over time in this segment.

例如，在這些 HSA 的記錄保管員中，我們可以利用我們龐大的資料集來創建更多的擴展支持，幫助員工更好地了解、利用和貢獻他們的帳戶。透過將人工智慧等先進技術應用於我們豐富的數據資產，我們[幫助]我們的消費者做出更明智的福利決策，從而可以推動更高的參與度、更高的資金水平以及雇主、僱員和 WEX 的更佳成果。我們正在積極投資以利用這些機會，我們樂觀地認為這些努力將隨著時間的推移加速該領域的成長。

Now, let's turn to the Corporate Payments segment. This is the smallest of our three segments and growth was lower than historic trends in 2024 and we expect we'll remain lower in 2025. It's also segment with a large addressable market where we have a lot of the right assets to win. While acknowledging this volatile performance, I'll spend a few minutes looking forward at our growth expectations.

現在，讓我們轉向企業支付部分。這是我們三個部門中最小的一個，2024 年的成長率低於歷史趨勢，我們預計 2025 年的成長仍將保持較低水準。這也是一個擁有巨大潛在市場的領域，我們擁有大量合適的資產來贏得這個市場。在承認這種不穩定的表現的同時，我會花幾分鐘來展望一下我們的成長預期。

To begin, there are two key solutions that drive this segment's revenue. The first solution is our embedded payments offering, which began by serving the travel industry, has now leveraged its capability to support a broad range of industries requiring an integrated scalable payment solution. The unique combination of WEX Bank and our technology platform enables a one-stop seamless payment experience with WEX handling the full spectrum of card management, banking services, compliance, and settlement.

首先，有兩個關鍵解決方案推動了該部門的收入。第一個解決方案是我們的嵌入式支付產品，該產品最初服務於旅遊業，現在已經利用其功能來支援需要整合可擴展支付解決方案的廣泛行業。WEX Bank 和我們的技術平台的獨特組合實現了一站式無縫支付體驗，其中 WEX 可處理全方位的卡片管理、銀行服務、合規和結算。

We've been making targeted investments to broaden our corporate card capabilities, provide customers with greater flexibility in funding their accounts, and enable broaden issuance and settlement in local currencies. We believe these advances allow us to expand both with existing customers as well as increase our competitiveness in acquiring new business.

我們一直在進行有針對性的投資，以擴大我們的公司卡功能，為客戶提供更大的帳戶融資靈活性，並實現擴大當地貨幣的發行和結算。我們相信這些進步不僅能讓我們擴大現有客戶群，也能增強我們獲取新業務的競爭力。

Last quarter, we signed several new customers and grew our sales presence in order to accelerate customer acquisition for this product suite. Overtime, we anticipate our investments in our embedded payments products will deliver a substantial boost for our market share and transaction volume. While net interchange rates for this product will likely continue to decline as our customers and volumes grow, our scale, cost structure, and resulting economic model ensure that revenue growth will remain highly accretive to our overall margins.

上個季度，我們簽約了幾位新客戶並擴大了銷售業務，以加速該產品套件的客戶獲取。隨著時間的推移，我們預期對嵌入式支付產品的投資將大幅提升我們的市場佔有率和交易量。雖然隨著我們客戶和銷售量的成長，該產品的淨交換率可能會持續下降，但我們的規模、成本結構和由此產生的經濟模型確保收入成長仍將高度促進我們的整體利潤率。

We also plan to leverage many of these same technology enhancements to improve the software product portfolio and our (inaudible) business. With these products, we'll provide a software solution to mid-market corporation sort of looking digitize their AP payments. Since this solution is sold directly to the end customer rather than the white labeled or wholesale to other providers, it possesses a higher [net interest] rate than what we receive from our embedded payments offering.

我們還計劃利用許多相同的技術增強來改進軟體產品組合和我們的（聽不清楚）業務。透過這些產品，我們將為尋求數位化 AP 支付的中型企業提供軟體解決方案。由於該解決方案直接銷售給最終客戶，而不是白標或批發給其他供應商，因此它擁有比我們從嵌入式支付產品中獲得的更高的[淨利率]。

The white space for this market is substantial, and we see an enormous opportunity for growth. Further, our investment in product development will maintain and enhance the strong growth this product has already achieved. Purchase volumes for this product is increased by more than 100% from 2022 through 2024, although off a relatively small base. The returns we achieved on our sales investments here are high and very predictable, and we're looking forward to making this a more meaningful portion of the WEX story in the coming quarters.

這個市場的空白空間很大，我們看到了巨大的成長機會。此外，我們對產品開發的投資將維持並提高該產品已實現的強勁成長。儘管基數相對較小，但從 2022 年到 2024 年，該產品的購買量將增加 100% 以上。我們在這裡的銷售投資所獲得的回報很高且非常可預測，我們期待在未來幾季使其成為 WEX 故事中更有意義的一部分。

Our Corporate Payments suite has many embedded in rack solution leverages a unified infrastructure that allows us to have the scale and economic model to possibly pursue wholesale volume while also selling high margin business. With both wholesale and retail capabilities, we are well positioned within our industry. Taken as a whole, we expect Corporate Payments revenue to contract slightly in 2025 due to foreign exchange rate and one-time headwinds that we've previously discussed.

我們的企業支付套件有許多嵌入式機架解決方案，利用統一的基礎設施，使我們能夠擁有規模和經濟模型，從而可能追求批發量，同時還能銷售高利潤業務。憑藉批發和零售能力，我們在行業中佔據有利地位。總體而言，我們預計，由於外匯匯率和我們之前討論過的一次性不利因素，企業支付收入將在 2025 年略有萎縮。

We anticipate the decline will be in the first half of 2025, followed by returned to growth in the back half of the year. In 2026, we expect to reaccelerate growth as we lap these headwinds and continue to build momentum in its debt repayments and rapid pace.

我們預計下降將發生在 2025 年上半年，隨後在下半年恢復成長。2026 年，我們預計將克服這些不利因素，重新加速成長，並繼續保持債務償還和快速發展的勢頭。

Pulling this all together across our three segments, we've identified several key opportunities in our product portfolio where we can continue to elevate our capabilities and drive impactful outcome. As I mentioned a few moments ago, the process to make this a reality is already in flight, and we look forward to the benefit of bringing these new solutions in the market. We have the talent internally to build these products, and we are always on the lookout for assets we believe could accelerate our strategic objective.

結合我們三個部門的共同努力，我們在產品組合中確定了幾個關鍵機遇，我們可以繼續提升我們的能力並推動產生有影響力的成果。正如我剛才提到的，實現這一目標的進程已經在進行中，我們期待將這些新解決方案推向市場。我們擁有內部人才來製造這些產品，我們一直在尋找我們認為可以加速我們策略目標的資產。

The underlayer of this growth acceleration process is related to our go-to-market investments. Our solution providing exceptional value to customers is shown by our enviable retention rates. As a result, these concluded WEX has an opportunity to further enhance our growth momentum by ensuring we're getting our solutions in front of more potential customers in converting them to WEX clients.

這一成長加速過程的底層與我們的市場進入投資有關。我們令人羨慕的保留率證明了我們解決方案為客戶提供了卓越的價值。因此，這些結論表明，WEX 有機會進一步增強我們的成長勢頭，確保將我們的解決方案呈現給更多潛在客戶，並將他們轉化為 WEX 客戶。

Accordingly, we'll be stepping these efforts up to half have more feet on the street to sell the portfolio a soft (inaudible) and assets that we're enhancing. While these investments will impact our short-term profitability, as you will see in our 2025 guidance, we're highly confident that over a two-year horizon, that we'll deliver strong return and position us for reacceleration during 2026, driving growth aligned with our refreshed long-term target.

因此，我們將加強這些努力，讓更多的人親自到華爾街推銷投資組合中的軟（聽不清楚）和我們正在增強的資產。雖然這些投資會影響我們的短期獲利能力，但正如您將在我們的 2025 年指引中所看到的那樣，我們非常有信心，在兩年內，我們將實現強勁的回報，並為我們在 2026 年重新加速做好準備，推動與我們更新的長期目標一致的增長。

In closing, before I turn the call over to Jagtar, I want to reemphasize my confidence in the trajectory of WEX. We have significant business tailwinds as a result of the robust market sectors in which WEX operates. I also 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 on or cost structure.

最後，在我將電話轉給 Jagtar 之前，我想再次強調我對 WEX 發展軌蹟的信心。由於 WEX 營運所在的市場領域強勁，我們的業務獲得了顯著的順風。我還相信，我們整個組織已經採取了正確的舉措，以推動長期強勁的業績。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生產力或成本結構。

We continue to enhance and optimize our solutions in our portfolio while we invest in capturing new business. These exciting investments and growth opportunities are underpinned by a business with a solid balance sheet, low leverage, strong cash generation, exceptional margins, enviable customer retention, and continued growth. We believe these characteristics are a recipe for shareholder and value creation, and we remain committed to making that happen.

我們在投資開拓新業務的同時，也不斷增強和優化我們產品組合中的解決方案。這些令人興奮的投資和成長機會由擁有穩健資產負債表、低槓桿、強勁現金產生能力、卓越利潤率、令人羨慕的客戶保留率和持續成長的企業所支撐。我們相信這些特點是創造股東和價值的秘訣，我們將繼續致力於實現這一目標。

With that, I'll turn it over to Jagtar to walk you through our financial performance and 2025 guidance in more detail.

接下來，我將把主題轉到 Jagtar 上，讓他更詳細地向您介紹我們的財務表現和 2025 年指引。

Thank you, Melissa, and good morning, everyone.

謝謝你，梅麗莎，大家早安。

As Melissa mentioned, we started with the new format of this quarter, in which we published supplemental materials yesterday afternoon that contains more information about our reported results and relevant KPIs, which we believe we've addressed on this call to assist investors with better understanding in analyzing our results.

正如梅麗莎所提到的，我們開始採用本季度的新格式，昨天下午我們發布了補充材料，其中包含有關我們報告的結果和相關 KPI 的更多信息，我們相信我們在這次電話會議上已經解決了這些問題，以幫助投資者更好地理解和分析我們的結果。

Consequently, and in an effort to shift the focus of these earnings calls for our most strategic items, I'll keep my remarks brief. Total revenue in the quarter was $636.5 million, which was down 4% versus last year. The impact of foreign exchange rates and lower fuel prices reduced revenue growth by 4.2% year over year.

因此，為了將這些收益電話會議的重點轉移到我們最具策略性的項目上，我的演講將簡短一些。本季總營收為 6.365 億美元，較去年同期下降 4%。受外匯匯率和燃油價格下跌的影響，營收成長較去年同期下降了 4.2%。

Revenue was slightly ahead of the midpoint of the guidance range we provided last quarter. Adjusted earnings per share was $3.57, down 6.5% year over year, including reduction of 12% from lower fuel prices and foreign exchange rates. Adjusted EPS was also slightly ahead of the midpoint of the guidance we provided in October.

收入略高於我們上季度提供的指導範圍的中點。調整後每股收益為 3.57 美元，較上年下降 6.5%，其中燃油價格和外匯匯率下降導致每股收益減少 12%。調整後的每股盈餘也略高於我們十月份提供的預期中位數。

In our Mobility segment, revenue declined 1.4% during Q4, which includes an unfavorable impact of 7.6% due to fuel prices and foreign exchange rates. With softness in same-store sales that we've called out last quarter persisting again this quarter, we've improved compared to Q3.

在我們的行動旅遊部門，第四季收入下降了 1.4%，其中包括燃料價格和外匯匯率造成的 7.6% 的不利影響。我們上個季度指出的同店銷售疲軟在本季再次持續，但與第三季相比有所改善。

Our payment processing rate of 1.36% was up approximately 10 basis points year over year, primarily due to the pricing initiatives we discussed all year. There was also some benefit in our payment processing rates from lower fuel prices, which was partially offset by the lower interest rates In our benefits segment, total revenues of $186.9 million rose 4.9% on a year-over-year basis.

我們的支付處理率為 1.36%，比去年同期上漲了約 10 個基點，這主要歸功於我們全年討論的定價措施。燃料價格降低也為我們的支付處理率帶來了一定的好處，但這被較低的利率部分抵消了。

The decline in growth rate from the first half of this year was due to lapping the [Sensus acquisition], which closed on September 1, 2023. (inaudible) growth of 2.5% was in line with recent industry trends was adjustment for the loss of a Medicare Advantage customer at the beginning of the year. This is the final quarter that this will be an issue.

今年上半年成長率的下降是由於 [Sensus 收購] 的影響，該收購於 2023 年 9 月 1 日完成。這是這個問題出現的最後一個季度。

Custodian investment revenue, which represents the interest we have in our cash balances we hold for custodial clients, whereas 17.9% and was nearly $210 million for the full year. Despite the fact that Fed lowered interest rates late last year, this interest income line has remained fairly steady since nearly 80% of investments in deposits are fixed rate instruments.

託管投資收入代表我們為託管客戶持有的現金餘額的利息，而全年成長率為 17.9%，接近 2.1 億美元。儘管聯準會去年底降低了利率，但由於近 80% 的存款投資都是固定利率工具，因此該利息收入線仍保持相當穩定。

Turning to our corporate payments segment, revenues of $104.3 million declined 22.7% year over year, which was in line with our expectations. First, there are several moving pieces in this segment throughout this quarter. First, purchase volume declined on a year-over-year basis in large part because with contract renegotiation that we have discussed in prior quarters, which has progressed in line with our expectations.

談到我們的企業支付部門，收入 1.043 億美元，年減 22.7%，符合我們的預期。首先，本季該領域有幾個活動的部分。首先，採購量較去年同期下降，很大程度上是因為我們在前幾個季度討論過的合約重新談判，其進展符合我們的預期。

Second, two larger customers had temporary volume reductions in the fourth quarter, which were largely in line with expectations. In both cases, annual volumes increased what Q4 would go. We feel confident in the value of our offering and our competitive position with customers.

其次，兩家較大的客戶在第四季暫時減少了銷量，這基本上符合預期。在這兩種情況下，年銷量都比第四季有所增加。我們對我們的產品價值和我們在客戶中的競爭地位充滿信心。

In fact, we recently signed a contract extension with (inaudible). So we've pointed out that the volumes would swing from quarter to quarter.

事實上，我們最近與（聽不清楚）。因此，我們指出，交易量會在每季之間波動。

Third, the prior year benefited from a drop of approximately $8 billion for incentives. We received the schemes, which did not repeat this year.

第三，上一年受益於約 80 億美元的激勵措施減少。我們收到了這些方案，今年沒有重複。

Finally, on the positive note, I'd like to call out the direct purchase volume, which includes our AP automation solutions, grew more than 25% from Q4 2023 to Q4 2024. This is one of the key focus areas that Melissa discussed earlier where we plan to invest more in the future.

最後，從積極的一面來看，我想指出的是，包括我們的 AP 自動化解決方案在內的直接購買量從 2023 年第四季到 2024 年第四季成長了 25% 以上。這是梅麗莎之前討論的重點領域之一，我們計劃在未來加大投入。

Let me transition now to the balance sheet. Our balance sheet remains strong. Our leverage ratio of 2.6 times was once again at the low end of our long-term range of 2.5 times to 3.5 times. This gives us important flexibility in how we optimize our capital structure.

現在讓我轉到資產負債表。我們的資產負債表依然強勁。我們的槓桿率為 2.6 倍，再次處於 2.5 倍至 3.5 倍的長期範圍的低端。這為我們優化資本結構提供了重要的彈性。

During the fourth quarter, we returned $106 million to investors and we spent the additional $40 million with share repurchases in January. We remain open to both share repurchases and strategic M&A and we'll consistently approach all of our options with an eye towards generating the greatest long-term return for our shareholders.

在第四季度，我們向投資者返還了 1.06 億美元，並在 1 月透過股票回購額外花費了 4,000 萬美元。我們對股票回購和策略併購持開放態度，並將始終如一地考慮所有選擇，著眼於為股東創造最大的長期回報。

Turning now to guidance. Like Melissa mentioned, as part of the growth acceleration actions, we are making significant investments in new product development and in sales marketing. We will pay for some of these increased investments through efficiency measures and temporary cost actions across the business, but the amount of incremental investment we're making will exceed the cost reduction measures.

現在轉向指導。正如梅麗莎所提到的，作為加速成長行動的一部分，我們正在對新產品開發和銷售行銷進行大量投資。我們將透過整個業務範圍內的效率措施和臨時成本行動來支付部分增加的投資，但我們所做的增量投資金額將超過成本削減措施。

As a result, you should see an approximate $25 million increase to our sales and marketing expenses in addition to the national expense growth in the business. Melissa also mentioned that we are adjusting our long-term organic revenue targets that had previously been in the 8% to 12% range to a more sustainable price of 10% range.

因此，除了全國業務費用的成長之外，您還會看到我們的銷售和行銷費用將增加約 2500 萬美元。Melissa 也提到，我們正在將長期有機收入目標從先前的 8% 到 12% 調整為更永續的 10% 左右。

Additionally, we are updating our long-term adjusted earnings per share target to a range of 10% to 15%. These ranges exclude the impact of the changes in fuel price, foreign exchange rates and interest rates as well as any potential acquisitions. We view this range as in line with the market growth of the segments and products we've completed. We expect 2025 will be below this revised long-term range as we ramp up our investments and focus on our new product initiatives.

此外，我們將長期調整後每股盈餘目標更新為 10% 至 15% 的範圍。這些範圍不包括燃料價格、外匯匯率和利率變化以及任何潛在收購的影響。我們認為該範圍與我們已完成的細分市場和產品的市場成長一致。我們預計，隨著我們加強投資並專注於新產品計劃，2025 年的銷售額將低於這項修訂後的長期範圍。

Now, let's move to 2025 revenues and earnings guidance for the first quarter and the full year. Starting with the first quarter, we expect to report revenue in the range of $625 million to $640 million. We expected adjusted net income EPS to be between $3.35 and $3.50 per diluted share. For the full year, we expect to report revenue in the range of $2.6 billion to $2.66 billion. We expect adjusted net income EPS to be between $14.65 and $15.25 per diluted share.

現在，讓我們來看看2025年第一季和全年的營收和獲利預測。從第一季開始，我們預計營收將在 6.25 億美元至 6.4 億美元之間。我們預計調整後的每股淨收入將在 3.35 美元至 3.50 美元之間。我們預計全年收入將在 26 億美元至 26.6 億美元之間。我們預計調整後的每股淨收入將在 14.65 美元至 15.25 美元之間。

There are many assumptions that go into guidance at the beginning of the year, which we have included in our supplemental materials. In closing, we're enthusiastic about the changes we're making. While we expect our near-term revenue and earnings growth will be below the long-term aspirations we have for WEX, we strongly believe that these investments will help WEX realize its full potential, generating long-term returns as they take hold.

年初的指導中包含了許多假設，我們已將其納入補充資料中。最後，我們對所進行的改變充滿熱情。雖然我們預計近期收入和獲利成長將低於我們對 WEX 的長期期望，但我們堅信這些投資將幫助 WEX 充分發揮其潛力，並在紮根後產生長期回報。

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

接線員，請打開熱線來回答問題。

Sanjay Sakhrani, KBW.

桑傑薩克拉尼（Sanjay Sakhrani），KBW。

Thank you. Good morning. I guess I'm just trying to get a little bit more color on the long-term outlook change. Melissa, maybe you could just build up a little bit by segment what your new expectations are by segment? And then do you feel like early in the long term, our target range, you could do better than what you're expecting post this year? If you could just talk about.

謝謝。早安.我想我只是想對長期前景的變化有更多的了解。梅麗莎，也許您可以按部分細分一下，您對每個部分的新期望是什麼？那麼您是否覺得從長遠來看，在我們的目標範圍內，您可以做得比今年之後的預期更好？如果你可以談論一下。

Sure. So actually, just to be direct, we set the 8% to 12% organic guide when that was proper at the time. And the context of the market has changed, I'd say primarily in two areas. First, within travel, we have seen great penetration within our travel customer base and the return to normal within our travel customer base, which still represents a large part of corporate payments. We feel like that has more normalized.

當然。因此實際上，直接來說，我們在當時合適的時候設定了 8% 到 12% 的有機指導值。市場環境已經發生了變化，我認為主要在兩個方面。首先，在旅遊領域，我們看到旅遊客戶群的滲透率大幅提升，旅遊客戶群也恢復正常，這仍然佔企業支付的很大一部分。我們覺得這已經更正常化了。

And then secondly, which is more important within our benefits space, there has been adoption of HSAs as more companies have adopted consumer-directed healthcare plans and so the growth of HSA at a market level has decreased and still growing. But at a lower rate and our custodial products, which we've had really great benefit of, has seen much more penetration within our portfolio.

其次，在我們的福利領域更重要的是，隨著越來越多的公司採用消費者導向的醫療保健計劃，HSA 也被採用，因此 HSA 在市場層面的成長已經下降並且仍然在成長。但在較低的利率下，我們從中獲益良多的託管產品在我們的投資組合中的滲透率也大幅提高。

We expect in the mid term that our benefits growth rate would more closely tie to accounts than it has historically. So those are really the two primary drivers that are having us look at our long-term growth targets and reset them to the 5% to 10%. From a segment perspective, just to answer that question, we're not seeing material differences across the different segments.

我們預計，中期來看，我們的福利成長率將比過去更緊密地與帳戶掛鉤。因此，這實際上是兩個主要驅動因素，促使我們審視長期成長目標並將其重新設定為 5% 到 10%。從細分市場的角度來看，為了回答這個問題，我們沒有看到不同細分市場之間有實質差異。

And so we are not giving out long-term growth targets for the individual segments.

因此，我們不會給出各部門的長期成長目標。

Okay. And then you talked a little bit about the portfolio of software assets that have untapped growth potential and I think direct corporate payments. But that was the area that has the most promise. Maybe just talk about where exactly you're going to compete as we think about the size of the market, who your competitors would be, how easy is it to win against those competitors, because I know you mentioned the payback period, it's two years or shorter.

好的。然後您談到了具有尚未開發的成長潛力的軟體資產組合，以及我認為的直接企業支付。但這卻是最有前景的領域。也許我們只需談談你究竟要在哪裡競爭，因為我們考慮的是市場規模、你的競爭對手是誰、戰勝這些競爭對手有多容易，因為我知道你提到了投資回收期，它是兩年或更短。

I mean, how do we get comfortable with that? Thanks.

我的意思是，我們怎麼能適應這一點？謝謝。

Yes. And actually, I'd say it a little bit differently. When we look across portfolio, we see opportunity across each of the segments. We're adding in sales and marketing investments across all three segments, benefits, our small business offerings within our mobility products. We're having corporate payments. Corporate payments, specifically, type of a double click on. We do see an opportunity there that we've had the most amount of volatility in our earnings growth there. We're just double-clicking on it.

是的。事實上，我的說法略有不同。當我們審視整個投資組合時，我們會看到每個部分都有機會。我們在所有三個領域、福利以及我們的行動產品中的小型企業產品中增加了銷售和行銷投資。我們正在進行公司付款。企業支付，具體來說，是雙擊的類型。我們確實看到了那裡的機會，我們的獲利成長在那裡經歷了最大的波動。我們只需雙擊它即可。

There's two different parts of our products that -- our embedded payment products that is built off a world-class virtual card issuing capability. We're operating at scale. We actually just rolled out a new product offering called flexible funding, which enables our customers to maximize that working capital and really excited about this. We've rolled it out in Europe. We are in a pilot stage in the United States.

我們的產品有兩個不同的部分——我們的嵌入式支付產品建立在世界一流的虛擬卡發行能力之上。我們正在大規模運作。實際上，我們剛剛推出了一款名為靈活融資的新產品，它使我們的客戶能夠最大限度地利用營運資金，我們對此感到非常興奮。我們已經在歐洲推出它了。我們在美國處於試點階段。

We have signed several new customers in the fourth quarter of 2024. So those will get implemented throughout the course of 2025. And so we look at our ability to play in that space. We'd just broaden the aperture from travel customers to look across many different segments that where they need to facilitate the payments.

我們在 2024 年第四季簽約了幾位新客戶。這些措施將在 2025 年期間實施。因此，我們看看我們在這個領域發揮的能力。我們只是將視野從旅遊客戶擴大到需要便利支付的許多不同領域。

On the AP side, we've been really focused around improving stickiness and the customer experience and we'll continue into enhance the products that we have there. We have had great success, no doubt. Jagtar talked about over 20% growth in spend volume with our AP direct product in the fourth quarter. And so now that we've had some time behind us, we've been able to see the returns.

在 AP 方面，我們一直致力於提高黏性和客戶體驗，並將繼續增強我們在那裡的產品。毫無疑問，我們取得了巨大的成功。Jagtar 表示，第四季我們的 AP 直接產品的支出額成長了 20% 以上。現在我們已經度過了一些時間，並且能夠看到回報。

We're adding more salespeople into that product offering. It's really geared towards the mid market. And so both of those offerings, we feel very confident in and we're just continuing to build our capability and building our sales momentum there.

我們正在增加更多銷售人員來提供該產品。它確實面向中端市場。因此，我們對這兩種產品都非常有信心，而且我們將繼續在那裡增強我們的能力並增強我們的銷售勢頭。

Can I just take in one last one? I'm just looking at page or slide 17 in the supplemental slides that you guys gave and talked about the one-time items sort of contributing to 5% of the ANI decline. I was under the impression that like some of that you guys were able to offset.

我可以再看最後一個嗎？我只是看了你們提供的補充幻燈片的第 17 頁，其中討論了導致 ANI 下降 5% 的一次性項目。我的印像是你們能夠抵消其中的一些。

Jagtar, maybe you could just talk about that? Did something change in terms of that? Because I know that sort of one-time -- because of that large customer term change, but maybe you should talk about that? I'm sorry if I misunderstood --

Jagtar，你能不能談談這個？就此而言有什麼改變嗎？因為我知道那種一次性的——因為那個大的客戶條款發生了變化，但也許你應該談談這個？如果我誤解了，我很抱歉--

Yeah, Sanjay, I think you hit it right. So this really refers to that onetime customer change. So we highlighted here from both the revenue impact and EPS impact of as a stand-alone basis. Obviously, we're taking some cost actions to help with that, which shows up a little bit of an underlying growth of EPS column.

是的，桑傑，我認為你說對了。所以這實際上指的是一次性的客戶改變。因此，我們在這裡重點強調了收入影響和每股盈餘影響。顯然，我們正在採取一些成本措施來幫助解決這個問題，這顯示出 EPS 欄的潛在成長。

I'll just remind you that that business is a highly scalable business. So the cost or impact was a tough one to bear, but it shows up in that column.

我只是想提醒你，這項業務是一項高度可擴展的業務。因此，其成本或影響是難以承受的，但它會顯示在那個欄位中。

Got it. Thank you.

知道了。謝謝。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Hey, guys. Thanks for taking my question. I really appreciate it. A question and a quick follow-up. So just in terms of -- Melissa, in terms of the macro, I believe that last quarter you called out that customers were buying fewer gallons per business day, which has been associated in the past with the slowdown in macro and I didn't hear it from, but I think you were talking about the trucking recession.

嘿，大家好。感謝您回答我的問題。我非常感激。一個問題和一個快速的跟進。所以就宏觀角度而言，梅麗莎，我相信上個季度你提到客戶每個工作日購買的加侖數減少了，這在過去與宏觀經濟放緩有關，我沒有聽說過，但我認為你談論的是卡車運輸業的衰退。

Can you maybe help us like explain or explain to us like what is actually going on out there? And is there any leading indicator here or hopefully not, in terms of the overall macro and then I have a quick follow-up. Thank you.

您能幫我們解釋一下或向我們解釋一下那裡到底發生了什麼事嗎？就整體宏觀而言，這裡是否存在任何領先指標，或者希望沒有，然後我會快速跟進。謝謝。

So when we measure same-store sales, we're measuring two different things: the economic impact from the businesses having less or more demand of fuel; and then secondly, impacts of fuel efficiency. So we measure attritions separately, just to be clear about that. What we saw in the fourth quarter of 2024 is that we were trending back to more historical norms. It was negative 2.8% across our North American fleet business.

因此，當我們衡量同店銷售額時，我們衡量的是兩個不同的因素：企業對燃料需求的減少或增加所帶來的經濟影響；其次，燃油效率的影響。因此，為了更清楚地了解這一點，我們對人員流失進行了單獨衡量。我們在 2024 年第四季看到的情況是，我們正趨向於回歸更歷史正常的水平。我們北美船隊業務的虧損為2.8%。

To put that in perspective, it normally -- we think of it as GDP growth offset fuel efficiency. And so it tends to hover around zero, sometimes slightly less than that. So Q3 seems to be more of an outlier and we're returning to normal standards. On the over-the-road business, we were negative 1% in the fourth quarter. So that also showed a little bit of sequential improvements.

從這個角度來看，我們通常認為這是 GDP 成長抵消了燃料效率。因此它往往在零附近徘徊，有時甚至略低於零。因此，第三季似乎更像是異常值，我們正在恢復正常標準。在公路運輸業務方面，我們第四季的虧損為負 1%。所以這也顯示出了一些連續的改進。

Got it. So seems like good news. And then a question or follow-up is, can you maybe highlight some of the returns you're getting on the sales and marketing investments and how should we think about that? Thank you.

知道了。這似乎是個好消息。然後一個問題或後續問題是，您能否強調一下您在銷售和行銷投資中獲得的一些回報以及我們應該如何看待這一點？謝謝。

Yes, I'll start and I'm sure Jagtar will jump in here. From a sales perspective, we feel really good about the returns. In each of our segments, the returns are under two years. And if we step back and look at different mechanisms to accelerate growth, this is one that we feel very confident in and I'd love for you to talk a little bit more about the --

是的，我先開始，我相信 Jagtar 會加入進來。從銷售角度來看，我們對回報感到非常滿意。在我們每個部門，回報期都在兩年以下。如果我們退一步來看看加速成長的不同機制，我們對這個機制非常有信心，我希望你能多談談--

Yeah, let me talk about the returns and how we've thought about it. So I think lowest to highest, the key point to those is that -- and we see this across multiple areas of our business. For every dollar we invest, we would expect a return on dollar in two years or less in some cases. And so if you take that and you take kind of our very high retention rate, we have retention rates (inaudible). As Melissa talked about in our script, it's kind of an enviable position.

是的，讓我談談回報以及我們對此的看法。所以我認為從最低到最高，關鍵點是——我們在業務的多個領域都看到了這一點。對於我們投資的每一美元，我們期望在兩年甚至更短的時間內獲得回報。所以如果你接受這一點，並且接受我們非常高的留存率，我們就有留存率（聽不清楚）。正如梅麗莎在我們的劇本中所說的那樣，這是一個令人羨慕的職位。

That would imply a lifetime rate for our customers in the 15- to 20-year range. So lifetime value on that is pretty high, relative to $1 invested. And so as a result of that, the returns on that are very strong. And so as part of (inaudible) and the growth of the company because, we'll just put forward by that is really to add. And we just had a question for sales market with potential to realize the returns.

這意味著我們的客戶的終身利率在 15 至 20 年範圍內。因此相對於投資 1 美元而言，其終身價值相當高。因此，其回報非常豐厚。因此，作為（聽不清楚）和公司成長的一部分，我們只是提出這一點來補充。我們只是對具有實現回報潛力的銷售市場有一個疑問。

Appreciate it. Thank you.

非常感謝。謝謝。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Yes. Hey, guys. Thank you. I guess my first question, corporate yields have been up on purchase volume the last couple of quarters. I believe it has to do with the change in [NIM]. Some of those volumes get recognized, the revenue method, do you expect that through this year it should continue to be up a couple of bps year over year and maybe just describe that a little bit?

是的。嘿，大家好。謝謝。我的第一個問題是，過去幾個季度，企業收益率隨著購買量而上升。我認為這與[尼姆]。其中一些金額已被確認，即透過收入法，您是否預計今年它將繼續比去年同期上漲幾個基點，也許可以稍微描述一下？

Yeah, we would expect the purchase -- the rate to be for 2025, to be somewhat comparable to 2024. We think from an overall standpoint, the total rate will be roughly flat year over year across both travel and a non-travel segment. We're getting some benefit from that customer transition as you pointed out that.

是的，我們預計 2025 年的購買率將與 2024 年的購買率大致相當。我們認為，從整體角度來看，旅遊和非旅遊領域的整體費率將與去年同期大致相同。正如您所指出的，我們從客戶轉型中獲得了一些好處。

Okay, and then I guess my follow-up. HSA accounts, I know this year was down from the loss of some accounts in that anniversary, so I think you only grew 3% accounts. The prior three years were all kind of 11%, 12%. Are you saying now kind of somewhere in between the next few years, not quite as elevated as in the past because we've hit penetrate in but obviously better than the last year? Like how should we think of that?

好的，然後我想我的後續行動。HSA 帳戶，我知道今年由於週年紀念日丟失了一些帳戶，所以我認為您的帳戶只增長了 3%。前三年的比例均為 11%、12%。您是說現在處於未來幾年之間的某個時間點，沒有過去那麼高，因為我們已經達到了滲透率，但顯然比去年好？例如，我們該如何看待這個問題？

So the latest [Debona] report, which is trucks market growth, was putting market growth in mid-single digits, and so there has been this deacceleration around account growth that's happened over the years. A couple of years ago, we had rolled out our new custodian product, and we've gotten a lot of benefit of that. Over the last two years, I think their business grew from about $500 million to $700 million over $700 million over the last couple of years, over 40% growth.

因此，最新的 [Debona] 報告，即卡車市場成長，將市場成長率定為中等個位數，因此多年來帳戶成長一直處於減速狀態。幾年前，我們推出了新的託管產品，並從中獲益良多。在過去的兩年裡，我認為他們的業務從約 5 億美元成長到了 7 億美元，成長了 40% 以上。

And that's been driven both by good account growth but also this big adoption from a custodian perspective. And so as the market rate has slowed, that's why we're saying that we expect to see more moderation and growth in the segment in the midterm.

這是由良好的帳戶增長和託管人角度的大規模採用共同推動的。因此，隨著市場利率放緩，我們預計中期該領域將出現更多放緩和成長。

Thank you.

謝謝。

Andrew Jeffrey, William Blair.

安德魯傑弗瑞、威廉布萊爾。

Hi, good morning. I appreciate you taking the questions. Melissa, I mean, I guess, a couple of high-level questions, specifically as it pertains to travel and benefits, I guess starting with travel, what gives you the confidence that volumes come back? It seems like this business has been moving away from WEX for the last couple of years just from the standpoint of you -- you talked about two specific customers but broadly, the market seems to be getting more competitive and new entrants.

嗨，早安。感謝您回答這些問題。梅麗莎，我想問幾個高層次的問題，特別是關於旅行和福利的問題，首先從旅行開始，什麼讓您有信心銷量會回升？從您的角度來看，過去幾年這項業務似乎一直在遠離 WEX——您談到了兩個特定的客戶，但從總體上看，市場似乎變得越來越有競爭力，也有更多的新進者。

And it seems that your customers are more willing to multi-source. So why should we have confidence that volumes do come back and that just isn't a slippery slope?

而且看起來您的客戶更願意採用多源採購。那麼，為什麼我們應該相信產量確實會回升，而且這不是一個滑坡趨勢呢？

So if I think about the volume itself, we've actually seen volume growth across the population, and I would say from a multi-sourcing perspective, that's been true for many years. I don't feel like that actually is a new trend. This transition that's happening with one online travel customer, that is the first time that we've seen that. We do believe that's unique because of the banking licenses that are required and the scale that's required to do that.

因此，如果我考慮數量本身，我們實際上已經看到整個人口的數量增長，而且我想從多來源的角度來看，這種情況已經持續了很多年。我不覺得這其實是一種新趨勢。這種轉變發生在一位線上旅遊客戶身上，這是我們第一次見到這種情況。我們確實認為這是獨一無二的，因為需要銀行執照，而且需要規模。

And so from a confidence perspective, we have a lot of conversations with our customers. We feel good about where we sit contractually with them and we do anticipate the growth of that part of the business to be more like what you expect to see at the travel market itself to grow, and we've embedded that in our long-term guide.

因此，從信心角度來看，我們與客戶進行了許多對話。我們對與他們的合約感到滿意，我們確實預計這部分業務的成長將更像您期望看到的旅遊市場本身的成長，並且我們已將其嵌入我們的長期指南中。

Okay, so it's a market growth expectation. And then in benefits, I certainly appreciate the sort of the maturation of that market, what's -- so again, I'm just trying to understand where how you grow faster than the market, I guess, would be the question. It seems like it's very much a tied to market growth and from that standpoint, how is it distinctive and is it a business that perhaps shouldn't be part of WEX anymore?

好的，這是一個市場成長預期。然後在收益方面，我當然很欣賞該市場的成熟度，所以再次重申，我只是想了解您如何能夠比市場增長得更快，我想，這將是一個問題。它似乎與市場成長密切相關，從這個角度來看，它有何獨特之處？

So let me actually be clear. One of our objective functions is always to outgrow the markets that we're in, and that's something from a sales and marketing perspective. We're highly focused on that. Travel would be a little bit unique in the fact that we are more penetrated within that part of the population, but outside of that, and including benefits, our expectation is that we will outgrow the account growth.

所以讓我真正說清楚。我們的目標之一始終是超越我們所處的市場，這是從銷售和行銷的角度來看。我們高度關注這一點。旅行有點獨特，因為我們在那部分人群中滲透得更深，但除此之外，包括福利在內，我們預計我們的成長將超過帳戶成長。

And you would see that through all the different revenue levers that we have. So staff account growth is one piece, but purchase volume is typically running ahead of that. Where we are the custodian, you're actually bringing incremental revenue associated with that. We're still saying that that puts that part of the business doesn't -- isn't materially different than that 5% to 10% long-term growth rate that we have for the whole company, so we're not distinguishing the individual segments.

您可以透過我們擁有的各種不同的收入槓桿來看到這一點。因此，員工帳戶成長是一方面，但購買量通常領先於此成長。當我們作為託管人時，您實際上會帶來與此相關的增量收入。我們仍然認為，這部分業務與整個公司 5% 到 10% 的長期成長率並無實質差異，因此我們不會區分各個部分。

Okay, if I could sneak just one. Last one into Jagtar just for clarification, the one-time items to Sanjay's question, is that $0.05? All this large OTA or is there anything else in there?

好吧，如果我能偷偷溜走一個的話。最後一個關於 Jagtar 的問題只是為了澄清，對於 Sanjay 的問題，一次性物品是 0.05 美元嗎？所有這些大型 OTA 或其中還有其他東西嗎？

It's all the large OTA.

都是大型的OTA。

Okay, thanks.

好的，謝謝。

John Davis, Raymond James.

約翰戴維斯、雷蒙詹姆斯。

Hey, good morning. Jagtar, just on margins, I think the guide implies somewhere around down 300 basis points year over year. Maybe talk a little bit about what you would expect in longer term, understanding this year is impacted by lower fuel prices, the one-time customer, -- or sorry, the one-time items, and the investments, but how we think about the longer-term operating leverage embedded in the business?

嘿，早安。Jagtar，僅就利潤率而言，我認為指南暗示利潤率同比下降約 300 個基點。也許可以談談您對長期的期望，您知道今年受到燃油價格下跌、一次性客戶（或抱歉，是一次性專案和投資）的影響，但我們如何看待業務中蘊含的長期營運槓桿？

Yeah, so our intention is with the revenue and EPS growth, the long-term revenue and EPS growth that Melissa talked about, that margins would start to create upward over time. Obviously, it's down a little bit in 2025 from the investments we're making. We're doing what we can from a cost containment standpoint to fund those investments and find balance. We're finding some sort of one-time savings.

是的，所以我們的目的是隨著收入和每股盈餘的成長，也就是梅莉莎所說的長期收入和每股盈餘的成長，利潤率會隨著時間的推移開始上升。顯然，到 2025 年，這一數字會比我們目前的投資略有下降。我們正在從成本控制的角度盡力為這些投資提供資金並找到平衡。我們正在尋找某種一次性的節省。

In 2025, that'll impact margins a little bit in '26, but we still expect it to be fairly manageable and then going forward, we expect margins to start to increase.

在 2025 年，這將對 2026 年的利潤率產生一定影響，但我們仍預計它將相當可控，然後展望未來，我們預計利潤率將開始增加。

Okay. And then, Melissa, just bigger picture, diving into corporate payments, if you break out travel and non-travel, we talked a lot about travel. The non-travel piece used to grow healthy double-digits, mid-teens, but more recently than growing slower. With investments, like where do you think you can get or what's the goal on the non-travel piece? And where can that growth get to?

好的。然後，梅麗莎，從更大的角度來看，深入到企業支付，如果分開旅行和非旅行，我們談了很多關於旅行的問題。非旅遊部分的成長速度曾經達到健康的兩位數，即十幾歲的中段，但最近增長速度開始放緩。透過投資，您認為您可以獲得什麼收益，或非旅行部分的目標是什麼？那麼這種成長能達到什麼程度呢？

So we have two goals. One is related to having more of the business be direct, and we talked about the fact that we're going to increase volumes with our embedded payment business. It's got great scale that drives wonderful margin expansion. The direct business itself gives us the opportunity to own all of the economics.

所以我們有兩個目標。一是讓更多的業務變得直接，我們談到了透過嵌入式支付業務來增加業務量。其巨大的規模推動了利潤率的大幅提升。直接業務本身使我們有機會掌握所有的經濟。

And so from a rate perspective, we like what that does to the portfolio. And so we're focused on both increasing the overall growth rate but also the rate and the blended rate that gets affected by that. I think from a long-term perspective, again we're saying the segment, individual segments, we're saying, are similar, at least in the midterm to that 5% to 10% growth rate.

因此，從利率角度來看，我們喜歡這對投資組合的影響。因此，我們不僅注重提高整體成長率，也注重提高受其影響的混合成長率。我認為從長期來看，我們再次指出各個細分市場、各個細分市場的成長率是相似的，至少在中期是如此，達到 5% 到 10% 的成長率。

Our expectation obviously is that the travel part of that segment will grow slower than the rest. And again, we're really excited about the products we have in the marketplace, what we've seen for contract signings, we think we'll end the year with a lot of good momentum as we lapse this customer migration for online travel agency and so we're excited about where we're going with this product.

我們顯然預計該領域的旅遊部分成長速度將低於其他部分。再次，我們對我們在市場上推出的產品感到非常興奮，從合約簽署情況來看，我們認為，隨著線上旅行社的客戶遷移，我們將以良好的勢頭結束今年，因此我們對這款產品的發展方向感到非常興奮。

Thanks.

謝謝。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Hi, thanks for taking my question. Could you give us a bit more color on the nature of the volume reductions of the two large customers? Are those in travel and sort of what is the kind of context or backstory there?

你好，謝謝你回答我的問題。您能否向我們詳細介紹一下這兩家大客戶減產的具體情況？這些都是旅行嗎？

Sure. We actually had talked about this when we provided guidance. We had one within travel, one outside of travel that are both embedded payment customers that temporarily had volume reductions. Then if you kind of like step back within this part of the business, these customers are engaging with us in things that are mission critical to their business, so it is not uncommon for them to have multiple providers, and that's been true for many years.

當然。我們在提供指導的時候實際上已經討論過這個問題。我們有一個旅行內部客戶，一個旅行外部客戶，它們都是嵌入式支付客戶，但業務量都暫時減少了。然後，如果你回顧一下這部分業務，這些客戶正在與我們合作開展對他們的業務至關重要的事情，因此他們擁有多個供應商的情況並不罕見，而且這種情況已經持續了很多年。

Sometimes they move volume around in order to hit minimum commitments so that they can reach thresholds on incentives and we saw that happened in the fourth quarter, again with one in travel and one outside of travel. The one that's outside of travel is the customer who just renewed their contract. One in travel, that customer actually grew over the course of the year, but it was pretty lumpy, and we're working them to try to have that be less lumpy in 2025.

有時他們會調整交易量以達到最低承諾，這樣他們就可以達到激勵措施的門檻，我們看到這種情況發生在第四季度，一次是旅行領域，一次是旅行領域之外。旅行以外的客戶是剛續約的客戶。在旅遊業方面，客戶數量實際上在一年內有所增長，但波動幅度較大，我們正在努力爭取在 2025 年減少波動。

Got it. Okay, that makes a ton of sense. And then just a follow-up from me, I guess as you move to re-accelerate growth with the plan you laid out, how should we think about M&A fitting into that strategy? Is there a way to accelerate your path with M&A? And I guess the flip side of that question is, have you, given the segment level volatility, have you reconsidered shedding any assets or streamlining, simplifying the business?

知道了。好的，這很有道理。然後我要繼續問，我想，當您按照制定的計劃重新加速成長時，我們應該如何看待併購適應這項策略？有沒有辦法加速你的併購進程？我想這個問題的另一面是，考慮到細分市場的波動性，您是否重新考慮剝離資產或精簡業務？

That'd be great if you could respond. I'd appreciate it.

如果您能回覆的話就太好了。我將非常感激。

Yeah, sure. Both good questions. In terms of -- I'll answer the second one first. We're always stepping back and looking at the business itself. The embedded payments products and AP products, which house both our travel customers and our non-travel customers, all sit on the same technology stack. It's a very integrated offering and it gives us the scale in order to play even more effectively outside of travel. So think of that as taking all the product advantages that we have and the scale advantages that we have and applying them outside of travel.

是的，當然。這兩個問題都是很好的問題。就——我先回答第二個問題。我們總是退後一步，審視業務本身。嵌入式支付產品和 AP 產品適用於我們的旅遊客戶和非旅遊客戶，它們都採用相同的技術堆疊。這是一項高度全面的服務，它為我們提供了規模，使我們可以在旅行之外更有效地開展業務。所以，我們可以把這視為利用我們所有的產品優勢和規模優勢，並將其應用於旅遊業之外。

And so it really is a very integrated thesis. So as we think about the business, the ability to make sure that we're leveraging the scale across and utilizing our technology and our product capability across is something that we've been very focused on over the last several years. And we feel like we're actually seeing the benefits of that coming through, albeit small amounts, this year, and it's something that we feel like we can build momentum on as we go throughout the course of the year.

所以這確實是一個非常全面的論文。因此，當我們考慮業務時，確保我們能夠充分利用規模並利用我們的技術和產品能力的能力是過去幾年我們一直非常關注的事情。我們覺得，今年我們確實看到了這種做法帶來的好處，儘管好處很少，但我們認為，我們可以在這一年中不斷累積動力。

Got it, thank you. I also wanted to applaud the release of numbers the night before and all the additional disclosure. I think that's a smart way to do it and we appreciate that.

知道了，謝謝。我還想對前一天晚上公佈的數字以及所有額外的披露表示讚賞。我認為這是一個聰明的做法，我們對此表示讚賞。

Thank you.

謝謝。

Thank you.

謝謝。

Tien-Tsin Huang, JP Morgan.

摩根大通 (JP Morgan) 的黃天津 (Tien-Tsin Huang) 。

Tengion.

緊張。

Perhaps your line is unmuted?

也許您的線路已取消靜音？

I just want to ask on this decision to invest more in sales because I feel like your new logos and your signings over the last several years has actually been quite good, if I think back. So I don't want to label it as underinvesting in sales. So is this really more of a pivot to go more direct, more down market, maybe more into software? I'm just trying to better characterize it beyond just investing more in sales, because again, I don't feel like you've underinvested in sales, but tell me if I'm wrong there.

我只是想問一下關於這個在銷售上投入更多資金的決定，因為我覺得如果回想起來，過去幾年裡你們的新標誌和簽約實際上相當不錯。所以我不想把它貼上銷售投資不足的標籤。那麼，這是否真的是一個轉向更直接、更低端市場、甚至更進軍軟體領域的轉變呢？我只是試著更好地描述它，而不僅僅是在銷售上投入更多，因為再說一次，我覺得你在銷售上投資不足，但如果我錯了，請告訴我。

Now, when we look at the growth of business, we've had really strong results historically. You're right in sales and marketing. It's one of the places that I would say is a core strength of ours. We have a really strong customer retention rates, as Jagtar said. What we've experienced has been a slowdown more in that same-store sales kind of across for different reasons across categories.

現在，當我們回顧業務成長時，從歷史上看，我們取得了非常強勁的業績。在銷售和行銷方面您說得對。我想說這是我們的核心優勢之一。正如 Jagtar 所說，我們的客戶保留率非常高。我們所經歷的是由於不同類別的商品出於不同原因而導致的同店銷售額的放緩。

And so it's caused us to step back and say we have really great sales momentum and have tremendous returns. We think that we can just -- we can do more and we've had experience of that. We have a high level of confidence in that, so it's causing us just to sit back and reflect and add more into both our sales and marketing capability really again across all of our different segments.

因此，這讓我們退一步來說，我們擁有非常好的銷售動能並獲得了巨大的回報。我們認為我們可以——我們可以做得更多，而且我們有這方面的經驗。我們對此非常有信心，因此，我們只需坐下來反思，並在所有不同領域進一步增強我們的銷售和行銷能力。

Got it. And then within mobility, I know that the outlook is different than what you've laid out in the midterm, and I know you're not updating the segment, but I presume the underlying drivers are still the same. And is there a different opinion now from you on the EV transition, for example, and how that might impact your mid-term outlook?

知道了。然後在移動領域，我知道前景與你在中期所闡述的不同，我也知道你沒有更新該部分，但我認為潛在的驅動因素仍然相同。例如，您現在對電動車轉型有何不同看法？

We're very bullish about the EV transition. What we've learned so far in the marketplace is the products that we have are resonating. We know that we have an ability to charge more because the value proposition gets more complicated. And so if anything, each year we get more excited about that opportunity. We think that's going to take time, though, to actually transition into our base, which is why we don't see that having a big impact in the midterm, but we do think it will have an impact over time.

我們對電動車轉型非常樂觀。到目前為止，我們已經在市場上了解到我們的產品正在引起共鳴。我們知道，由於價值主張變得更加複雜，我們有能力收取更高的費用。因此，如果有任何變化的話，每年我們都會更加興奮於這個機會。然而，我們認為這實際上需要時間才能過渡到我們的基礎，這就是為什麼我們認為它不會在中期產生重大影響，但我們確實認為它會隨著時間的推移而產生影響。

And then on top of that, I would say historically the driver has been vehicle growth or transaction growth, I guess translated differently. And we have seen that be a little bit more muted for a bunch of reasons, the trucking recession is one of them. We have been very disciplined around pricing. We expect to continue to be disciplined around pricing as we go through 2025.

除此之外，我想說，從歷史上看，驅動因素一直是車輛成長或交易成長，我想翻譯的方式不同。我們看到，由於多種原因，這種成長放緩，卡車運輸業的衰退就是其中之一。我們對定價一向非常嚴格。我們預計在 2025 年期間將繼續嚴格控制定價。

What we're saying is that on top of that, we're adding in more marketing capability because we're seeing really strong returns from our direct channels in particular. And that's going to take some time to show return, but we have really good evidence that sits behind that. And we have products that we've rolled out that will take some time to create adoption, but it's another area that over time, we feel very confident that we're going to see new sources of revenue.

我們所說的是，除此之外，我們還在增強行銷能力，因為我們看到直接管道的回報非常強勁。雖然這需要一些時間才能顯現回報，但我們有確實充分的證據證明這一點。我們推出的產品需要一些時間來獲得認可，但隨著時間的推移，我們非常有信心看到新的收入來源。

And I feel much more confident now about Payzer, as an example. We've learned a lot over the course of the last year. There's really been great insights that have us alter our marketing and engagement, our engagement strategies, our incentives. And you can see the benefits of that coming through now. And all of these things are relatively small in size, but will accumulate as you go through the course of the year and give us confidence as we go through the next several years.

舉例來說，我現在對 Payzer 更有信心了。過去的一年我們學到了很多。確實有一些很棒的見解讓我們改變了我們的行銷和參與、我們的參與策略和我們的激勵措施。現在您就可以看到它帶來的好處。所有這些事情從規模上看起來相對較小，但會隨著時間的推移而不斷積累，並在接下來的幾年裡給予我們信心。

Thank you, Melissa.

謝謝你，梅麗莎。

Andrew Valle, Wells Fargo.

富國銀行的安德魯‧瓦萊 (Andrew Valle)。

Hey, thanks for taking the question. Just wanted to dovetail on the investments in 2025 and check my math on this. The 5%, I believe that implies $40 million in total, and then you carved out the $25 million for sales and marketing. Does that mean that the remainder $15 million is attributable to product? And does that have the same LTV to CAC as the sales and marketing does? Or should we like expect the returns to be predominantly just on the $25 million? And just on a point of clarification, is that return on revenue or EBIT?

嘿，謝謝你回答這個問題。只是想與 2025 年的投資相吻合，並檢查我的計算結果。我相信 5% 意味著總計 4000 萬美元，然後你又拿出 2500 萬美元用於銷售和行銷。這是否意味著剩餘的 1500 萬美元歸因於產品？且其 LTV 與 CAC 的比例是否與銷售和行銷相同？或者我們應該預期回報主要僅在於 2500 萬美元？需要澄清的是，這是收入報酬率還是息稅前利潤？

So, Andrew, let me start. So the LTV/CAC returns I talked about were specifically on the sales and marketing investments we're making. You're correct, there's another kind of $15 million to $20 million that's showing up as depreciation of products investments that we're making. So just to clarify, we tend to capitalize new products and investments that we're making, and those new products were started over the past year or so. And so we're seeing the depreciation show up. We would expect the returns on those investments to show up from the sales of new products and those are embedded into the sales outlook that we've given.

那麼，安德魯，讓我開始吧。因此，我談到的 LTV/CAC 回報具體來自於我們所做的銷售和行銷投資。您說得對，還有另外 1500 萬到 2000 萬美元顯示為我們正在進行的產品折舊投資。因此需要澄清的是，我們傾向於將我們正在生產的新產品和投資資本化，而這些新產品是在過去一年左右開始推出的。因此我們看到了貶值的出現。我們期望這些投資的回報能夠體現在新產品的銷售中，而這些回報已經融入我們給予的銷售前景中。

And then it's EBIT, right? The return?

然後就是息稅前利潤 (EBIT)，對嗎？回報呢？

Yes, so the return that I talked about on the LTV to CAC, that would be margin return, right. So yes, that would flow through EBIT, correct.

是的，所以我談到的 LTV 與 CAC 的回報就是利潤回報，對吧。是的，這將流入息稅前利潤 (EBIT)，正確。

And then on the follow-up, I appreciate that we're not giving segment-level growth rates here, but I'm getting from investors, is there -- is the rationale around that just a lack of visibility in the near term on where these things go? I mean, all of us kind of know the market drivers and the general growth rates of each sector, but trying to get better confidence in your sense of visibility for each of these lines.

然後，在後續問題上，我很感激我們在這裡沒有給出細分市場的增長率，但是我從投資者那裡了解到，這樣做的原因是否只是短期內缺乏對這些事情走向的可見性？我的意思是，我們所有人都知道市場驅動因素和每個領域的整體成長率，但我們試圖對每條線路的可見度更有信心。

I would say differently, I think that the segment growth rates itself, at least in the midterm, we don't see deviating materially from the company's growth rates. And for different reasons, if you go through each of them, and let me talk about each of them for a moment.

我想說的是，我認為，至少在中期內，該部門的成長率本身不會與公司的成長率有實質偏差。並且出於不同的原因，如果你仔細研究它們，那麼讓我分別談談。

Within mobility, historically we've talked about it being 48%. So again, not materially different than the long-term range for the company level. Within corporate payments, we have reached this point of saturation within the travel part of the portfolio where we again, we expect to be growing, similar to a market growth rate. We see a lot of opportunity when you get outside of travel, but it's a smaller part of the portfolio, so it's going to take some time for that to accumulate up into having a more meaningful impact in the segment.

在移動性方面，我們歷史上討論的比例是 48%。因此，這與公司層面的長期範圍沒有實質差異。在企業支付領域，我們的旅遊業務已達到飽和點，我們預計該部分業務將再次實現成長，類似於市場成長率。我們看到，旅遊業以外的領域也存在著許多機遇，但這只是我們投資組合中較小的一部分，因此需要花一些時間才能累積起來，對該領域產生更有意義的影響。

So we do think that that segment growth rate will increase over time. But if I give you a midterm, I would say I wouldn't make it materially different than the 5% to 10%. And then on the benefits segment, we're seeing this continued growth. We love this part of the business. It's got great macros and (technical difficulty) behind it, but account growth at a macro level is slowing and because we've seen such good penetration of our custodial assets, that we expect that in again the midterm, that that part of the business should be growing closer to account growth.

因此我們確實認為該細分市場的成長率將隨著時間的推移而增加。但如果我給你一次期中考試，我會說我不會讓它與 5% 到 10% 有實質的不同。在福利部分，我們看到這種持續的成長。我們熱愛業務的這一部分。它背後有很好的宏觀和（技術難度），但宏觀層面的帳戶成長正在放緩，而且由於我們看到託管資產的滲透率如此之高，我們預計在中期，這部分業務應該會更接近帳戶成長。

And so again, not materially different than that 5% to 10% rate. Now, in each of these areas, we're increasing product innovation in our mobility business, putting more into marketing in our benefits business. We have some wonderful data assets and we're really focused on engagement and how we can use those assets. Applying AI to create different product experiences and so we're very bullish about that part of the business and what we can do over time to affect the growth rate there.

因此，這與 5% 到 10% 的利率沒有實質差異。現在，在每個領域，我們都在加大行動業務的產品創新，並在福利業務的營銷中投入更多資金。我們擁有一些優質的數據資產，我們真正關注的是參與度以及如何使用這些資產。應用人工智慧來創造不同的產品體驗，因此我們非常看好該部分業務，也看好我們可以隨著時間的推移做些什麼來影響該部分的成長率。

And then in corporate payments, again, huge TAM. We feel like we have some really great right to win and we're building our product capability but also adding in sales capability and so in each of the areas we feel like this growth acceleration plan that we're focusing on. But in this midterm, we're saying we don't expect to see significant deviations within each of the segments to our overall corporate growth rate.

然後在企業支付方面，再次出現了龐大的TAM。我們覺得我們真的有很大權利去贏得勝利，我們正在建立我們的產品能力，同時也在增加銷售能力，所以在每個領域，我們都覺得這是我們關注的成長加速計畫。但在本次中期選舉中，我們預期各部門的整體公司成長率不會有顯著偏差。

That's great. I appreciate the additional color, Melissa.

那太棒了。我很欣賞額外的顏色，梅麗莎。

Daniel Krebs, Wolfe Research.

丹尼爾‧克雷布斯（Daniel Krebs），沃爾夫研究公司。

Hi, thank you for taking the question. Just again on the direct AP side, maybe if you could help define for us the target customer size you're looking at within the midmarket, whether or not these are domestic or international businesses? And what industry vertical you currently have exposure to here as we kind of lay out the competitive landscape? Thank you.

你好，謝謝你回答這個問題。再次回到直接 AP 方面，您能否幫助我們定義您在中端市場中關注的目標客戶規模，無論這些是國內業務還是國際業務？當我們闡述競爭格局時，您目前涉及哪些垂直產業？謝謝。

Sure. So in the mid-market, if you look across the customers that we're doing business right now, I wouldn't actually say there's an industry specific component that says to them. They're customers that are wrapping across existing customers that sit within our mobility business, insurance, healthcare. There's actually quite a wide variety of the customers that sit within that portfolio, and it's relatively small. It's grown really nicely, and that aperture will probably only increase over time.

當然。因此，在中端市場，如果你觀察我們現在正在做業務的客戶，我實際上不會說有一個行業特定的組件對他們有影響。他們是我們行動業務、保險、醫療保健領域現有的客戶。實際上，該投資組合中的客戶種類繁多，但規模相對較小。它已經生長得非常好了，隨著時間的推移，其孔徑可能只會增加。

What we're providing for those customers is AP automation. And again, the place that we've been focusing around is we just went out with a fully redesigned user experience. It's a product that's been selling anyway, but we feel like we have an ability to sell more as we continue to enhance the offering that we have.

我們為這些客戶提供的是 AP 自動化。再說一次，我們一直關注的重點是我們剛剛推出了完全重新設計的使用者體驗。無論如何，這都是一款暢銷的產品，但我們覺得，隨著我們不斷改進現有的產品，我們有能力銷售更多產品。

That is all the time we have for questions. I will turn the call to Steve Elder for closing remarks.

我們回答問題的時間就這麼多了。我將請史蒂夫·埃爾德致結束語。

I just wanted to thank everyone for joining us this morning and we'll be out and about if there are other follow-up questions that people have. So thank you very much.

我只是想感謝大家今天早上加入我們，如果大家還有其他後續問題，我們就會繼續討論。非常感謝。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。