WEX Inc (WEX) 2025 Q2 法說會逐字稿

Hello and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the WEX second-quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的支持。我叫 Regina，今天我將擔任您的會議主持人。現在，我歡迎大家參加 WEX 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the conference over to Steve Elder, SVP of Investor Relations, please go ahead.

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)，請繼續。

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 and supplemental materials issued yesterday and a slide deck to walk through prepared remarks have been posted to the Investor Relations section of the website at wexinc.com. A copy of the press release and supplemental materials have been included in an 8-K filed with the SEC yesterday afternoon.

謝謝接線員，大家早安。今天與我一起的有我們的董事長兼首席執行官梅麗莎·史密斯 (Melissa Smith) 和我們的首席財務官賈格塔·納魯拉 (Jagtar Narula)。昨日發布的新聞稿和補充資料，以及用於演示發言稿的幻燈片已發佈至 wexinc.com 網站「投資者關係」板塊。新聞稿和補充資料的副本已包含在昨日下午提交給美國證券交易委員會 (SEC) 的 8-K 文件中。

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. I would also like to remind you that we will discuss forward-looking statements under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements as a result of various factors, including those discussed in the press release, the supplemental materials and the risk factors identified in the most recently filed annual report on Form 10-K and subsequent quarterly reports on Form 10-Q and other subsequent SEC filings.

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，公司根據 GAAP 提供收入指導，根據非 GAAP 提供盈利指導。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。由於各種因素，包括新聞稿、補充資料中討論的因素以及最近提交的 10-K 表年度報告和後續 10-Q 表季度報告以及其他後續 SEC 文件中確定的風險因素，實際結果可能與這些前瞻性陳述存在重大差異。

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聲明，但我們不承擔任何我們這樣做的義務。您不應過度依賴這些前瞻性陳述，它們僅代表截至今天的觀點。

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, and good morning, everyone. We appreciate you joining us today. We delivered stronger financial results in the second quarter than anticipated with revenue at the top end of our guidance and adjusted EPS exceeding guidance.

謝謝你，史蒂夫，大家早安。感謝您今天加入我們。我們第二季的財務表現強於預期，營收達到預期的最高水平，調整後的每股盈餘也超過了預期。

Today, I'm excited to preview some of the underlying positives that we're seeing from our investments. We had several meaningful customer wins this quarter across each of our segments, including BP and Mobility, The United Auto Workers Trust and Benefits and a large new corporate payments customer. I'll go over these in more detail when I discuss the segments. These important wins come alongside what is shaping up to be a strong pipeline of new business that has been amplified by our increased sales and marketing investments.

今天，我很高興預覽我們從投資中看到的一些潛在的正面因素。本季度，我們在各個部門都贏得了幾位有意義的客戶，包括 BP 和 Mobility、全美汽車工人聯合會信託和福利部以及一家大型新企業支付客戶。當我討論這些片段時，我將更詳細地討論這些內容。這些重要的勝利伴隨著我們不斷增加的銷售和行銷投資而形成的強大的新業務管道。

Our continued ability to win top-tier customers underscores the strength of our offerings that together enable us to deliver on our purpose of simplifying the business of running a business. Looking ahead, we remain optimistic that each of our segments continue to operate in markets with strong growth potential. We believe that disciplined investment in these opportunities will continue to generate attractive returns for our investors.

我們持續贏得頂級客戶的能力凸顯了我們提供的產品的實力，這些產品使我們能夠實現簡化企業營運的目標。展望未來，我們仍然樂觀地認為，我們的每個部門將繼續在具有強勁成長潛力的市場中運作。我們相信，對這些機會進行有紀律的投資將繼續為我們的投資者帶來可觀的回報。

Now turning to second quarter results. We reported revenue of $659.6 million for the quarter, a decrease of 2.1% year over year. Excluding the impact of fluctuations in fuel prices and foreign exchange rates, revenue was flat compared to the prior year. Adjusted net income per diluted share was $3.95, an increase of 1% compared to the same quarter last year. Excluding the impact of fluctuations in fuel prices and foreign exchange rates, Q2 adjusted EPS grew 8%.

現在來看看第二季的業績。我們報告本季營收為 6.596 億美元，年減 2.1%。排除燃料價格和外匯匯率波動的影響，營收與去年持平。調整後每股攤薄淨收益為 3.95 美元，較去年同期成長 1%。排除燃料價格和外匯匯率波動的影響，第二季調整後每股盈餘成長 8%。

Operationally, revenue performance was consistent with our expectations across all segments. We also benefited from higher-than-anticipated fuel prices. From an earnings perspective, we realized additional benefits by tightly managing our cost structure, including overall headcount. We remain laser-focused on the factors within our control.

從營運角度來看，所有部門的收入表現都符合我們的預期。我們也受惠於高於預期的燃料價格。從獲利角度來看，透過嚴格管理成本結構（包括整體員工人數），我們實現了額外的收益。我們始終專注於我們能夠控制的因素。

We continue to execute a focused strategy designed to drive durable revenue growth, margin expansion and long-term shareholder value through intelligent payment of workflow solutions. Our customer-first approach continues to drive value by helping us win new customers, support our existing ones and build integrated intuitive solutions that drive their success. Next, let's turn to an overview of our segments and how they performed in Q2.

我們繼續執行重點策略，旨在透過智慧支付工作流程解決方案來推動持久的收入成長、利潤率擴大和長期股東價值。我們的客戶至上方法透過幫助我們贏得新客戶、支持現有客戶並建立推動他們成功的整合直覺解決方案來繼續創造價值。接下來，讓我們概述一下各個部門以及它們在第二季度的表現。

WEX operates in three large and growing markets: Mobility, Benefits, and Corporate Payments, each of which we believe offers significant long-term secular growth opportunities where we hold distinct competitive advantages.

WEX 在三個龐大且不斷成長的市場中運作：行動性、福利和企業支付，我們相信每個市場都提供了重要的長期成長機會，我們在其中擁有獨特的競爭優勢。

Mobility, our largest segment at approximately 50% of total revenue, delivers fleet payment solutions, transaction processing, and data-driven insights to fleet operators and managers globally. Our proprietary closed-loop payments network provides customers with enhanced data capture, custom controls, and tailored economics and covers approximately 90% of fuel stations and 80% of EV charging locations in the US. These capabilities help fleet managers optimize costs, detect misuse, improve operational efficiency and support the complexity of operating a mixed energy fleet. This segment has two primary categories.

行動業務是我們最大的業務部門，約佔總收入的 50%，為全球車隊營運商和管理者提供車隊支付解決方案、交易處理和數據驅動的洞察。我們專有的閉環支付網路為客戶提供增強的資料擷取、客製化控制和量身定制的經濟效益，覆蓋美國約 90% 的加油站和 80% 的電動車充電站。這些功能可協助車隊管理人員優化成本、檢測濫用、提高營運效率並支援營運混合能源車隊的複雜性。此部分有兩個主要類別。

The first category comprising roughly 70% of segment revenue is local fleets. The remaining 30% is driven by our over-the-road or OTR trucking customers. With more than 600,000 fleet customers globally, our competitive moat is built upon being data-rich, capital efficient and deeply embedded in our customers' daily operations, delivering both functional value and long-term stickiness.

第一類是本地車隊，約佔該部門收入的 70%。剩餘的 30% 由我們的公路或 OTR 卡車運輸客戶駕駛。我們在全球擁有超過 60 萬個車隊客戶，我們的競爭優勢建立在數據豐富、資本高效以及深度融入客戶日常營運的基礎上，既能提供功能價值，又能保持長期黏著度。

Q2 results from the Mobility segment were in line with our expectations, excluding the benefit from higher fuel prices. Transaction levels were down slightly from the prior year, similar to Q1 and within our range of expectations. Same-store sales growth for local fleets in the US declined in line with Q1 results, while the over-the-road customers saw a modest decline of less than 1%. We continue to believe that this measure reflects underlying economic activity across our customer base when evaluating short-term changes.

除去燃油價格上漲帶來的影響，移動出行部門第二季的業績符合我們的預期。交易水準較上年略有下降，與第一季類似，也在我們的預期範圍內。美國本地車隊的同店銷售額成長與第一季業績一致下降，而公路客戶的同店銷售額則小幅下降不到 1%。我們仍然相信，在評估短期變化時，這項指標反映了我們整個客戶群的潛在經濟活動。

As a reminder, the same-store sales metric represents approximately 75% of the payment processing volumes and is calculated on a gallons purchase basis, not revenue earned. We noted in Q1 that there had been some tariff-related pull forward of volume with our OTR customers, which appears to have normalized for now. We're pleased with our continued momentum in new sales and renewals in this segment. The investments we're making in digital marketing targeted at small businesses are bearing the fruit we expected. We have high confidence in our ability to close new sales based on the results seen year-to-date as we're tracking ahead of our new sales expectations.

提醒一下，同店銷售額指標約佔支付處理量的 75%，並且是按加侖購買量計算的，而不是按收入計算的。我們在第一季注意到，與我們的 OTR 客戶相關的關稅相關交易量有所提前，目前看來這種情況已經正常化。我們對這一領域新銷售和續約的持續勢頭感到滿意。我們針對小型企業的數位行銷投資正在取得我們預期的成果。根據今年迄今的業績，我們對完成新銷售的能力充滿信心，因為我們正在提前實現新的銷售預期。

In Q2, we successfully extended long-standing relationships with several of the most respected names in the industry and signed new relationships, including a large publicly traded construction company. As I mentioned earlier, we're also very pleased to announce that we have signed BP to a long-term agreement for their US business. BP is one of the few remaining major fuel retailers not utilizing WEX's commercial fleet platform. By choosing WEX, they are now able to offer a card solution that will serve the entire BP family of brands linked with their loyalty program. This exemplifies WEX's purpose of simplifying the business of doing business for our customers.

在第二季度，我們成功地與業內幾家最受尊敬的公司建立了長期合作關係，並簽署了新的合作關係，其中包括一家大型上市建築公司。正如我之前提到的，我們也非常高興地宣布，我們已經與 BP 簽署了一份關於其美國業務的長期協議。BP 是少數幾家未使用 WEX 商業車隊平台的大型燃料零售商之一。透過選擇 WEX，他們現在能夠提供一種卡片解決方案，為與其忠誠度計劃相關的整個 BP 品牌系列提供服務。這體現了 WEX 為客戶簡化業務流程的宗旨。

We're able to provide this important feature to BP because of the product investments we've made to expand the reach of our network to support both closed and open loop solutions. This integrated solution provides BP with the tools to enhance control, elevate the customer experience and expand our reach across key fueling segments.

我們之所以能夠向 BP 提供這項重要功能，是因為我們進行了產品投資，擴大了網路覆蓋範圍，以支援閉環和開環解決方案。此整合解決方案為 BP 提供了增強控制、提升客戶體驗和擴大我們在主要加油領域的影響力的工具。

The addition of BP cements our place as the most trusted brand within this segment, driven by our industry-leading capabilities and proven track record of growth. There will be two phases to this implementation. In the first phase, we will sell BP branded cards to new customers. And in the second phase, we'll convert the existing BP portfolio to the WEX platform. We expect to begin new sales to customers of the BP branded product in the fourth quarter.

由於我們行業領先的能力和經過驗證的成長記錄，BP 的加入鞏固了我們作為該領域最值得信賴的品牌的地位。實施將分為兩個階段。在第一階段，我們將向新客戶出售 BP 品牌卡。在第二階段，我們將把現有的 BP 投資組合轉換到 WEX 平台。我們預計將於第四季開始向客戶銷售 BP 品牌產品的新產品。

We're finalizing a purchase agreement for the existing customer base, and we currently anticipate converting this book of business at some point in 2026. We expect it will add between 0.5% to 1% to company revenue in the first full year after conversion. We look forward to working with BP for many years to come.

我們正在為現有客戶群敲定購買協議，目前我們預計將在 2026 年的某個時候轉換這筆業務。我們預計轉換後的第一個完整年度將使公司收入增加 0.5% 至 1%。我們期待在未來的歲月裡與 BP 繼續合作。

Turning now to our Benefits segment, which simplifies the complex world of employee benefits administration and represents approximately 30% of total company revenue. Here, we offer a comprehensive platform that spans HSAs, FSAs, HRAs, COBRA, and benefit enrollment and administration, enabling both employers and partners to help their employees make more informed benefit decisions and facilitate benefit payments. As in our mobility business, our benefits business involves processing hundreds of thousands of transactions across thousands of endpoints every day in real time, verifying eligibility for purchase and authenticating the customer while preventing fraud and providing detailed records of usage to our customers for compliance and operational purposes.

現在談談我們的福利部門，它簡化了複雜的員工福利管理，約占公司總收入的 30%。在這裡，我們提供一個涵蓋 HSA、FSA、HRA、COBRA 以及福利登記和管理的綜合平台，使雇主和合作夥伴能夠幫助他們的員工做出更明智的福利決策並促進福利支付。與我們的行動業務一樣，我們的福利業務涉及每天即時處理數千個端點上的數十萬筆交易，驗證購買資格和驗證客戶身份，同時防止欺詐，並向我們的客戶提供詳細的使用記錄，以滿足合規和營運目的。

WEX serves nearly 60% of the Fortune 1000 in this segment, and WEX Technologies powers over 20% of the total HSA market through both our direct and partner offerings. In total, we manage more than 21 million SaaS accounts. The customer base in this segment is sticky due to the deeply embedded nature of our offering. For partners, it's integrated into their platforms. For direct customers, it serves as a critical employee benefit solution.

WEX 為該領域近 60% 的財富 1000 強企業提供服務，而 WEX Technologies 透過我們的直接產品和合作夥伴產品為整個 HSA 市場 20% 以上的份額提供支援。總體而言，我們管理超過 2,100 萬個 SaaS 帳戶。由於我們產品的根深蒂固的特性，該領域的客戶群具有黏性。對於合作夥伴來說，它被整合到他們的平台中。對於直接客戶來說，它是重要的員工福利解決方案。

For both customer sets, switching providers is complex, time-consuming and disruptive. The embedded nature of the platform, combined with high retention and predictable SaaS and custodial revenue streams leads to attractive margins and long-term customer value.

對於這兩類客戶來說，更換供應商都是複雜、耗時且具破壞性的。該平台的嵌入式特性，加上高保留率和可預測的 SaaS 和託管收入流，帶來了誘人的利潤率和長期客戶價值。

Overall, SaaS account growth was 6% for the quarter. Within this, we grew HSA accounts on the WEX Benefits platform by 7% in Q2, bringing us to more than 8.7 million HSA accounts. The breadth of product and integration capabilities of our technology platform, combined with our multi-account expertise, supporting a wide range of account types on a single tech stack continues to resonate strongly with both direct customers and channel partners.

總體而言，本季 SaaS 帳戶成長率為 6%。其中，WEX Benefits 平台上的 HSA 帳戶在第二季成長了 7%，達到超過 870 萬個。我們的技術平台擁有廣泛的產品和整合能力，結合我們的多帳戶專業知識，可在單一技術堆疊上支援多種帳戶類型，這繼續引起直接客戶和通路合作夥伴的強烈共鳴。

Following up on a successful open enrollment season, we are very pleased to announce the UAW Retiree Medical Benefits Trust as a new HRA customer starting in Q2. The UAW Trust provides healthcare coverage for United Auto Worker retirees. Our extensive experience with spending accounts put us in a position to successfully win the trust. We also have some encouraging developments on the legislative front.

繼成功開放註冊季之後，我們非常高興地宣布 UAW 退休人員醫療福利信託基金將從第二季開始成為新的 HRA 客戶。UAW Trust 為全美汽車工人聯合會退休人員提供醫療保險。我們在支出帳戶方面的豐富經驗使我們成功贏得了信任。我們在立法方面也取得了一些令人鼓舞的進展。

Recent legislation that passed in July will increase the number of people eligible for a health savings account. Beginning next year, certain plans offered on the public healthcare exchanges will be classified as high-deductible plans, making them HSA qualified. This equates to an increase in the TAM of more than 7 million people or 3 million to 4 million accounts using our existing product functionality. While this is a positive development with the potential for increased awareness and adoption, we're taking a thoughtful approach to how we address this opportunity. We look forward to sharing more on its contribution to our Benefits segment results.

七月通過的最新法案將增加有資格享受健康儲蓄帳戶的人數。從明年開始，公共醫療保健交易所提供的某些計劃將被歸類為高免賠額計劃，從而符合 HSA 資格。這相當於使用我們現有產品功能的 TAM 增加了 700 多萬人或 300 萬到 400 萬個帳戶。雖然這是一個積極的發展，有可能提高知名度和採用率，但我們正在採取深思熟慮的方式來抓住這個機會。我們期待分享更多其對我們福利部門績效的貢獻。

The custodial cash balances that are part of HSAs are a meaningful revenue source for the segment. As a reminder, the interest income we earn in this segment is less sensitive to changes in interest rates as it is invested predominantly in fixed rate products with maturities that vary and extend over several years.

作為 HSA 一部分的託管現金餘額是該部門的重要收入來源。提醒一下，我們在此部分賺取的利息收入對利率變化不太敏感，因為它主要投資於期限可變且長達數年的固定利率產品。

One of the strengths of the company is how we're able to leverage the core value proposition of WEX Bank across multiple segments. Our Benefits segment is able to achieve returns on HSA assets that far exceed those of our peers because we can leverage WEX Bank to invest HSA funds into stable, high-grade investments that deliver meaningful returns across interest rate cycles.

公司的優勢之一是我們能夠在多個領域利用 WEX Bank 的核心價值主張。我們的福利部門能夠實現遠遠超過同行的 HSA 資產回報，因為我們可以利用 WEX 銀行將 HSA 資金投資於穩定、高等級的投資，從而在整個利率週期內提供可觀的回報。

From a product perspective, we continued investing in smarter customer-centric solutions with the launch of an AI-powered claims experience that dramatically simplifies FSA reimbursement reducing processing time from days to minutes, improving accuracy and easing the burden on HR teams during peak enrollment. This new technology lowers our cost to serve and increases customer satisfaction.

從產品角度來看，我們繼續投資於更聰明的以客戶為中心的解決方案，推出了由人工智慧驅動的索賠體驗，大大簡化了 FSA 報銷流程，將處理時間從幾天縮短到幾分鐘，提高了準確性，並減輕了高峰招生期間人力資源團隊的負擔。這項新技術降低了我們的服務成本並提高了客戶滿意度。

Moving now to our Corporate Payments segment, which represents approximately 20% of our revenue and includes two major offerings, embedded payments and direct accounts payable. Embedded payments represents the majority of revenue in the Corporate Payments segment, including all of our travel-related customers. With this solution, we integrate virtual card payment capabilities into our customers' existing workflows. We combine highly customizable reconciliation benefits with a wide range of card products and currencies, more than 180 possible combinations, which is an order of magnitude larger than most competitors.

現在轉到我們的企業支付部門，該部門約占我們收入的 20%，包括兩項主要產品：嵌入式支付和直接應付帳款。嵌入式支付佔企業支付部門收入的大部分，包括我們所有與旅遊相關的客戶。透過此解決方案，我們將虛擬卡支付功能整合到客戶現有的工作流程中。我們將高度可自訂的對帳優勢與廣泛的卡片產品和貨幣相結合，可能的組合超過 180 種，比大多數競爭對手大一個數量級。

These capabilities are coupled with deep industry-specific knowledge and experience as well as a best-in-class service approach. Our embedded payments offering has high operating leverage because the investment in the technology platform and our global compliance infrastructure represents the majority of cost, it's a largely fixed cost business, and most incremental volume is accretive to our margins and cash flow.

這些能力與深厚的行業知識和經驗以及一流的服務方法相結合。我們的嵌入式支付產品具有很高的營運槓桿，因為對技術平台和全球合規基礎設施的投資佔了大部分成本，這主要是一項固定成本業務，而且大多數增量都會增加我們的利潤率和現金流。

Our ability to compete and win here is built on our technical and domain expertise strength and our economics that stems from scale. Within our embedded payments offering, Q2 purchase volume was down in line with our expectations. The large travel customer we've mentioned in recent quarters has completed their transition to a new operating model with us, and we will lap this headwind in large degree in Q3. We will fully lap this headwind in Q4 and continue to expect to return to revenue growth in the second half of 2025.

我們在此競爭並獲勝的能力建立在我們的技術和領域專業知識實力以及規模帶來的經濟效益之上。在我們的嵌入式支付產品中，第二季的購買量符合我們的預期。我們在最近幾季提到的大型旅遊客戶已經與我們一起完成了向新營運模式的轉型，我們將在第三季在很大程度上克服這一不利因素。我們將在第四季度全面克服這一逆風，並繼續預計在 2025 年下半年恢復收入成長。

The platform investments we're making to diversify from travel have started to bear fruit, and we're seeing strength in our new customer pipeline and new customer signings and embedded payments. We expect this healthy pipeline will continue to broaden out the customer base, and we look forward to them contributing to growth in the back half of the year. We're pleased to note that we have implemented a large publicly traded fintech to use our virtual card issuing technology.

我們為實現旅遊業務多元化而進行的平台投資已開始取得成果，我們的新客戶管道、新客戶簽約和嵌入式支付均呈現強勁勢頭。我們預計這一健康的管道將繼續擴大客戶群，我們期待他們為今年下半年的成長做出貢獻。我們很高興地註意到，我們已經實施了一家大型上市金融科技公司來使用我們的虛擬卡發卡技術。

Switching gears to talk about the direct AP product within our Corporate Payments segment, which accounts for approximately 20% of segment revenue. This solution automates accounts payable by integrating our enterprise resource planning systems and accounting workflows to maximize virtual payment usage.

換個話題來談談我們企業支付部門內的直接 AP 產品，該產品約佔部門收入的 20%。此解決方案透過整合我們的企業資源規劃系統和會計工作流程來實現應付帳款的自動化，從而最大限度地提高虛擬支付的使用率。

During the quarter, direct AP volume grew more than 25% compared to last year. We're feeling very good about the outlook as we currently have the best new business pipeline we've ever had for this product. Our new account growth included more than 140 new customers year-to-date, which only bolsters our confidence that additional sales, marketing and product investments we discussed last quarter have started to bear fruit and will lead to strong returns in the future. We've increased the size of this sales force by more than 50% since the beginning of the year, and our new sales resources are ramping as expected.

本季度，直接 AP 量較去年同期成長超過 25%。我們對前景感到非常樂觀，因為我們目前擁有該產品有史以來最好的新業務管道。我們的新帳戶成長包括今年迄今超過 140 個新客戶，這增強了我們的信心，即我們上個季度討論的額外銷售、行銷和產品投資已開始取得成果，並將在未來帶來強勁的回報。自今年年初以來，我們已將銷售團隊的規模擴大了 50％ 以上，而且我們的新銷售資源也按預期增加。

On the product side, we continue to invest in expanding our embedded payments offering beyond our core travel vertical, launching new funding capabilities now live in 3 geographies and 10 currencies. In our direct channel, we've extended our mobile wallet capabilities and enabling broader customer spend on our market-leading processing platform. These enhancements will be paired with deeper data integration and automation.

在產品方面，我們繼續投資於將嵌入式支付服務擴展到核心旅遊垂直領域之外，目前已在 3 個地區和 10 種貨幣推出新的融資功能。在我們的直接管道中，我們擴展了我們的行動錢包功能，並允許更廣泛的客戶在我們市場領先的處​​理平台上進行消費。這些增強功能將與更深層的資料整合和自動化相結合。

Across all three of our segments, the incremental investments we're making in product capabilities and sales and marketing resources are working. We believe that the investments will deliver strong ROIs and contribute to a reacceleration of growth. The majority of our incremental sales and marketing investment continues to be in the Mobility segment, where we're deploying a multichannel marketing strategy targeted at small business customers and seeing encouraging results.

在我們所有的三個部門中，我們在產品能力以及銷售和行銷資源方面所做的增量投資正在發揮作用。我們相信，這些投資將帶來豐厚的投資回報並有助於重新加速成長。我們的大部分增量銷售和行銷投資仍然集中在行動領域，我們正在部署針對小型企業客戶的多通路行銷策略，並看到了令人鼓舞的成果。

Historically, every dollar we spend on marketing earned a return of $4 in revenue over the first two years following the customer acquisition date. These results build on the confidence we have in our investment thesis, and I'm excited about how they position us to accelerate growth going forward. The remaining investments we're making in other segments are also showing early signs of success. As I noted earlier, the pipeline of new customers in the Corporate Payments segment has never been better, and we expect the segment to reaccelerate growth in the back half of this year. This growth is in part driven by the product investments we've been making that strengthen our offerings outside of travel, many of which have recently come online with additional features in the pipeline.

從歷史上看，我們在行銷上花費的每一美元都會在客戶獲取日期後的頭兩年內帶來 4 美元的收入回報。這些結果建立在我們對投資理論的信心之上，我對它們如何幫助我們加速未來的成長感到興奮。我們在其他領域進行的剩餘投資也顯示出成功的早期跡象。正如我之前提到的，企業支付部門的新客戶管道從未如此好，我們預計該部門將在今年下半年重新加速成長。這種成長部分得益於我們一直在進行的產品投資，這些投資增強了我們在旅遊以外的產品服務，其中許多產品最近都已上線，並正在籌備中。

It is exciting to see the fruits of our product investments delivered not only in Corporate Payments, but also in Mobility and Benefits. In closing, I am most excited about the momentum we're building by actively investing in accelerating growth for the business.

我們很高興地看到，我們的產品投資不僅在企業支付領域取得了成果，而且在行動性和福利領域也取得了成果。最後，我最興奮的是，我們透過積極投資加速業務成長而建立的勢頭。

Our industry-leading products, service and reliability drive our ability to win customers of all sizes across each of our segments. As we enter the second half of the year, our robust new customer pipeline gives me confidence that the investments we're making in sales and marketing are paying off. We're also seeing our investments to innovate and enhance our product offerings directly deliver meaningful new customers like BP. We're in a great position to continue to win in the market across each of our segments, and I want to thank our teams for their hard work and commitment. There is more to do, and we're entering the second half of the year with momentum and clear focus.

我們行業領先的產品、服務和可靠性使我們能夠贏得各個領域各種規模的客戶。隨著我們進入下半年，我們強勁的新客戶管道讓我相信，我們在銷售和行銷方面的投資正在獲得回報。我們也看到，我們在創新和增強產品供應方面的投資直接為 BP 等帶來了有意義的新客戶。我們處於有利地位，可以繼續在各個領域的市場中獲勝，我要感謝我們團隊的辛勤工作和承諾。還有很多事情要做，我們正帶著動力和明確的目標進入下半年。

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

接下來，我將把主題交給 Jagtar，讓他更詳細地向您介紹我們的財務表現。美洲虎？

Thank you, Melissa, and good morning, everyone. In an effort to shift the focus of these earnings calls to our most strategic items, we have published a supplemental information deck with commentary that would historically have been included during my prepared remarks. So since the detail is already available on our website, I will keep my remarks brief. Total revenue in the quarter was $659.6 million, which is down 2% versus last year. The impact of foreign exchange rates and lower fuel prices decreased revenue growth by 2.1% year over year.

謝謝你，梅麗莎，大家早安。為了將這些收益電話會議的重點轉移到我們最具戰略意義的項目上，我們發布了一份補充信息，其中包含我過去在準備好的發言中會包含的評論。由於詳細資訊已在我們的網站上公佈，因此我將簡短地發表我的評論。本季總營收為 6.596 億美元，較去年同期下降 2%。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 2.1%。

Revenue was at the top end of the guidance range we provided last quarter. Adjusted earnings per share of $3.95 was an increase of 1% year over year, including a decrease of 6.7% due to lower fuel prices and foreign exchange rates. Adjusted EPS was above the high end of the guidance range we provided in April due to higher-than-expected fuel prices with a contribution from lower expenses, including tightly managing our headcount.

收入處於我們上個季度提供的指導範圍的最高端。調整後每股收益為 3.95 美元，年增 1%，其中由於燃油價格和外匯匯率下降導致每股收益下降 6.7%。調整後的每股收益高於我們 4 月提供的指導範圍的高端，這歸因於燃料價格高於預期，以及成本降低（包括嚴格管理員工人數）。

In our Mobility segment, revenue declined 3.7% during Q2 compared to last year. This includes a drag of 4.2% due to lower fuel prices and foreign exchange rates. Our payment processing rate of 1.31% increased 2 basis points year over year. In our Benefits segment, total revenue of $195.1 million rose 8.5% on a year-over-year basis. SaaS account growth of 6% was in line with our expectations. Custodial investment revenue, which represents the interest we earn on custodial cash balances we hold rose 11.4% and was $57.8 million. This interest rate we earned has remained fairly steady with the yield rising 1 basis point from Q2 last year.

在我們的行動旅遊部門，第二季的營收與去年相比下降了 3.7%。其中燃料價格和外匯匯率下降導致的拖累為 4.2%。我們的支付處理率為 1.31%，年比增加了 2 個基點。在我們的福利部門，總收入為 1.951 億美元，年增 8.5%。SaaS 帳戶成長 6%，符合我們的預期。託管投資收入（代表我們持有的託管現金餘額所賺取的利息）成長 11.4%，達到 5,780 萬美元。我們獲得的利率保持相當穩定，收益率較去年第二季上升了 1 個基點。

Turning to our Corporate Payments segment. Revenues of $118.3 million decreased 11.8% year over year, which was in line with our expectations. Purchase volume in Corporate Payments declined on a year-over-year basis, primarily due to the large customer transition we've been discussing in recent quarters. The transition to a new operating model is complete, and we will lap most of this headwind next quarter. We will fully lap this headwind in Q4.

轉向我們的企業支付部門。營收 1.183 億美元，年減 11.8%，符合我們的預期。企業支付的購買量較去年同期下降，主要原因是我們最近幾季討論的大規模客戶轉型。向新營運模式的過渡已經完成，我們將在下個季度克服大部分困難。我們將在第四季全面克服這一逆風。

There are a number of positive trends in the segment this quarter that give us optimism as we enter the second half of the year. First, our direct AP volume grew more than 25% versus last year. This is the third consecutive quarter of 25% growth rates. This is one of our key investment areas and provides a less volatile revenue stream when compared to our embedded offering. Since the beginning of this year, we have increased the size of the sales force by more than 50% with plans to continue growing.

本季度該領域出現了許多積極趨勢，讓我們對進入下半年感到樂觀。首先，我們的直接 AP 量比去年增加了 25% 以上。這是連續第三個季度實現25%的成長率。這是我們的主要投資領域之一，與我們的嵌入式產品相比，它的收入來源波動較小。自今年年初以來，我們的銷售團隊規模已擴大了 50％ 以上，並計劃繼續擴大。

Second, as Melissa mentioned, we're encouraged by the strengthening pipeline in our embedded payments offering, driven in part by prior product investments that are helping us further diversify our customer base beyond travel. For the remainder of the year, we expect to see the continuation of significant volume growth for direct accounts payable customers, a ramp-up in volume from a new publicly traded fintech win that has already been implemented, lapping the negative comparisons for the large OTA customer transition, and an easing of temporary spending timing from two other large customers over the back half of the year.

其次，正如梅麗莎所提到的，我們對嵌入式支付產品線的加強感到鼓舞，部分原因是先前的產品投資幫助我們進一步實現旅遊以外的客戶群多元化。對於今年剩餘時間，我們預計直接應付帳款客戶的交易量將繼續大幅增長，已經實施的新上市金融科技勝利將帶來交易量的提升，抵消大型 OTA 客戶轉型帶來的負面比較，並且下半年另外兩家大客戶的臨時支出時間將有所放寬。

Taking all these factors into consideration, we are confident that the revenue in the segment will turn to growth in the second half of the year, starting in Q3 and accelerating in Q4. Let me transition now to the balance sheet. Our balance sheet and the ability to generate cash flow reliably remain a source of strength for us, especially in periods of economic uncertainty. Our leverage ratio ended the quarter at 3.4 times, which is the high end of our long-term range of 2.5 to 3.5 times, primarily due to our share repurchase activity in Q1.

考慮到所有這些因素，我們有信心該部門的收入將在下半年轉為成長，從第三季開始並在第四季度加速。現在讓我轉到資產負債表。我們的資產負債表和可靠地產生現金流的能力仍然是我們的力量源泉，尤其是在經濟不確定時期。本季末，我們的槓桿率為 3.4 倍，這是我們長期範圍 2.5 至 3.5 倍的高端，這主要歸功於我們在第一季的股票回購活動。

For the remainder of this year, we will prioritize using available cash flow to pay down debt and reduce leverage. As a result, you shouldn't expect any additional share repurchases or material M&A in the near term. Historically, we have been able to delever about 0.5 turn per year based on cash generated and earnings growth.

今年剩餘時間，我們將優先利用可用現金流償還債務並降低槓桿率。因此，您不應期望短期內會出現任何額外的股票回購或重大併購。從歷史上看，我們能夠根據產生的現金和獲利成長，每年實現約 0.5 次去槓桿。

Now let's move to earnings guidance for the third quarter and full year. It is important to note that we are updating our full year 2025 guidance to account for the Q2 results and the macro-related impacts of fuel prices, FX and interest rates with all other changes minor in nature. To be clear, we have only included revenue related to new sales from the BP contract in guidance and none related to the accounts once converted. We have included the costs we expect to incur this year as part of the conversion.

現在讓我們來看看第三季和全年的獲利預測。值得注意的是，我們正在更新 2025 年全年指引，以考慮第二季的業績以及燃料價格、外匯和利率的宏觀相關影響，而其他所有變化的性質都很小。需要明確的是，我們在指導中僅包括了與 BP 合約新銷售相關的收入，而沒有包括與轉換後的帳戶相關的收入。我們已將預計今年產生的成本納入轉換的一部分。

In Q3, we expect to report revenue in the range of $669 million to $689 million. We expect adjusted net income EPS to be between $4.30 and $4.50 per diluted share. For the full year, we expect to report revenue in the range of $2.61 billion to $2.65 billion. We expect adjusted net income EPS to be between $15.37 and $15.77 per diluted share.

我們預計第三季的營收將在 6.69 億美元至 6.89 億美元之間。我們預計調整後的每股淨收入將在 4.30 美元至 4.50 美元之間。我們預計全年營收將在 26.1 億美元至 26.5 億美元之間。我們預計調整後的每股淨收入將在 15.37 美元至 15.77 美元之間。

In closing, we remain focused on what we can control during a period of elevated macro uncertainty and are enthusiastic about the progress we've already made this year in helping WEX realize its full potential to drive long-term returns and accelerated growth.

最後，我們仍然專注於在宏觀不確定性加劇的時期我們能夠控制的事情，並對今年在幫助 WEX 充分發揮其潛力以推動長期回報和加速增長方面已經取得的進展感到興奮。

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

接線員，請開通熱線來回答問題。

(Operator Instructions) Ramsey El-Assal, Barclays.

（操作員指示）巴克萊銀行的 Ramsey El-Assal。

This is Shray on for Ramsey. Starting off in Corporate Payments. You mentioned that WEX was investing in new product capabilities and additional sales and marketing, specifically also within the direct AP business. I was wondering if you could talk about the initiatives within Direct AP and any early traction or trends that you're seeing?

這是 Shray 替換 Ramsey 的比賽。從企業支付開始。您提到 WEX 正在投資新產品功能和額外的銷售和行銷，特別是直接 AP 業務。我想知道您是否可以談談 Direct AP 內部的舉措以及您所看到的任何早期進展或趨勢？

Sure. Happy to. Actually, when we think about the investments we're making in product, we, last year worked on a product that we've rolled out at the beginning of this year, which allowed our customers to move money much more efficiently across the globe. We did that to support not just our travel customers, but it extended our TAM into some new markets outside of travel.

當然。很開心。實際上，當我們考慮在產品上進行的投資時，我們去年開發了一款產品，並於今年年初推出，該產品使我們的客戶能夠更有效率地在全球範圍內轉移資金。我們這樣做不僅是為了支持我們的旅遊客戶，還將我們的 TAM 擴展到旅遊以外的一些新市場。

A lot of that functionality is a base of what we're doing with our AP customers as well. And so with those customers, we're focused on increasing mobile capability and just making it more seamless for them to use. But there's a lot of synergy across both the embedded payments products and the AP products in the places that we're making investments.

其中許多功能也是我們與 AP 客戶合作的基礎。因此，對於這些客戶，我們專注於提高行動功能並使他們能夠更無縫地使用。但在我們投資的地方，嵌入式支付產品和 AP 產品之間有著很大的協同作用。

So I would say on the embedded payment side, there's a real hunger that we're seeing in the marketplace right now for someone who can do that end-to-end processing. And so the fact that we actually own a bank and can provide all of the services with our strong technology stack, the deep integration capability that we have and the experience we have managing complex transactions is playing really well in the marketplace, and we're seeing that result in a bigger and bigger pipeline each quarter that we look at it and in conversion starting to happen.

因此我想說，在嵌入式支付方面，我們現在看到市場確實渴望有人能夠進行端到端處理。事實上，我們實際上擁有一家銀行，並且能夠利用我們強大的技術堆疊、深度整合能力以及管理複雜交易的經驗提供所有服務，這些在市場上表現非常出色，而且我們看到，每個季度我們的管道規模越來越大，轉換也開始發生。

Got it. Thanks. And then as a follow-up for me, looking towards the back half of the year, how should we think about the reacceleration timeline in mobility? And I was just wondering if you could provide if you're seeing any early signs or traction that indicate that inflection?

知道了。謝謝。然後作為我的後續問題，展望今年下半年，我們該如何看待行動領域的重新加速時間表？我只是想知道您是否看到任何表明這種轉變的早期跡像或牽引力？

Yeah. If you look at the first half of this year, we have had some headwinds associated with same-store sales. We're assuming that the macro environment that we saw in Q2 will continue through the course of this year. And so that the same-store sales negative has been pretty consistent this year in our local fleet business. When we talk to those customers, what we hear is it's a combination of the fact that they're really clamping down on costs within the organization, particularly in the mid-market as well as some fuel efficiency.

是的。如果你看今年上半年，你會發現我們在同店銷售上遇到了一些阻力。我們假設我們在第二季看到的宏觀環境將持續到今年年底。因此，今年我們本地車隊業務的同店銷售額負成長一直相當穩定。當我們與這些客戶交談時，我們聽到的是，他們確實在削減組織內部的成本，特別是中端市場的成本，同時也提高了燃油效率。

And so we're assuming that's going to continue. In the over-the-road marketplace, we did see this step down, which we had anticipated. We knew that there was a pull forward because of the tariff activity. So we saw same-store sales go from a positive 2.6% in the first quarter to just a little under negative 1%. And we're assuming that, that's going to continue.

因此我們假設這種情況將會持續下去。在公路運輸市場，我們確實看到了這種下降，這也是我們預期的。我們知道，由於關稅活動，出現了提前拉動的情況。因此，我們看到同店銷售額從第一季的正 2.6% 下降到略低於負 1%。我們假設這種情況將會持續下去。

It's what we've seen so far and the trends throughout this month.

這是我們迄今為止所看到的以及整個月的趨勢。

Nik Cremo, UBS.

瑞銀的尼克·克雷莫。

Congrats on the BP portfolio win in the US. First, I just wanted to go back to the Mobility segment just because I think there's a few moving pieces that I wanted to go back to.

恭喜 BP 投資組合在美國取得成功。首先，我只是想回到移動領域，因為我認為有幾個移動的部分我想回顧一下。

So first, I mean, just to understand the underlying trajectory of that business, I understand that the same-store sales weakness that you saw in North America begins to lap next month in August. So like the next like two months of Q3 effectively, you should start to lap that broad-based like negative 3% to 5% same-store sales. So that should be a relative benefit in Q3 and Q4? Or would the same-store weakness like same-store sales weakness compound on the weakness from last year?

因此，首先，我的意思是，只是為了了解該業務的基本發展軌跡，我知道您在北美看到的同店銷售額疲軟將在下個月即 8 月開始顯現。因此，實際上，在第三季接下來的兩個月裡，你應該開始應對廣泛的負 3% 到 5% 的同店銷售額。那麼這應該是第三季和第四季的相對優勢嗎？或者同店銷售額的疲軟會加劇去年的疲軟？

And then I believe there was like a $10 million late fee reversal in Q3 of last year. So I think that was like a 3-point hit to growth. So did those things, all else equal, support an acceleration in the Mobility segment in the back half? Or can we still kind of expect this business to be in the 1% [macro neutral]?

然後我相信去年第三季有大約 1000 萬美元的滯納金逆轉。所以我認為這對成長來說是 3 點打擊。那麼，在其他所有因素相同的情況下，這些因素是否能夠支持下半年移動出行領域的加速發展？或者我們仍然可以預期這項業務處於 1% [宏觀中性] 水平？

Yeah, Nick. So a couple of things on that. So we did start to see some of the same-store sales weakness in Q3 last year. But remember, it was a little bouncy at the end of last year. So we saw some ups and downs going in Q3 and Q4. So there will be some pluses and minuses for that, but I don't think it was all kind of one trend line.

是的，尼克。關於這一點，有幾件事需要說明。因此，我們確實開始看到去年第三季同店銷售額出現一些疲軟。但請記住，去年年底它有點活躍。因此，我們看到第三季和第四季出現了一些起伏。因此，這會帶來一些優點和缺點，但我不認為這是單一的趨勢線。

The second piece of that is on the -- you are correct on the reversal of what we saw last year, $10 million. I think what we're seeing right now is we've had kind of the incremental headwinds that Melissa talked about in terms of tariffs that -- and the OTR going from positive to more flattish, slightly negative in second quarter. We're expecting those trends to continue given the uncertainty around tariffs and things like that. So we're expecting the second half of the year from a growth perspective to look a lot like the first half of the year in the Mobility segment.

第二點是——你對我們去年看到的逆轉的看法是正確的，1000 萬美元。我認為我們現在看到的是，我們遇到了梅麗莎所說的關稅方面的增量阻力——OTR 在第二季度從正值轉為平緩，略微為負值。鑑於關稅等問題的不確定性，我們預計這些趨勢將會持續下去。因此，從成長角度來看，我們預計今年下半年行動領域的表現將與上半年非常相似。

Understood. And then next on the BP portfolio. I mean, can you just help us think through how long it will take to convert the portfolio once you actually complete the purchase agreement? And also just provide any color on the level of costs involved in implementing and converting that portfolio?

明白了。接下來是 BP 投資組合。我的意思是，您能否幫助我們思考一下，一旦您實際完成購買協議，轉換投資組合需要多長時間？並且還能提供有關實施和轉換該投資組合所涉及的成本水平的任何資訊嗎？

Let me start with it on the timing of that. So remember, there's two pieces. There's the first part where we're going to start selling the program. That's going to happen in the fourth quarter of this year. And so that activity is well underway.

讓我先從時間說起。所以請記住，有兩個部分。第一部分是我們將開始銷售該計劃。這將在今年第四季發生。目前，這項活動正在順利進行中。

The second part where we're actually purchasing the portfolio and going through a conversion. At this point in time, what we would say is we believe it will happen at some point in 2026. It is less clear in terms of the exact date of when it's going to happen. We are working on that. Obviously, it's important and as we know more, we'll make sure that you're aware of it.

第二部分我們實際上是購買投資組合併進行轉換。目前，我們相信它將在 2026 年的某個時候發生。目前還不清楚具體發生日期。我們正在努力。顯然，這很重要，隨著我們了解更多信息，我們會確保您意識到這一點。

And then on the cost side --

然後在成本方面--

Yeah. So we are expecting some costs this year, Nik. That's been embedded in the guide. So that's reflected in the guide we've put out there.

是的。因此，我們預計今年會產生一些成本，尼克。這已嵌入指南中。這反映在我們發布的指南中。

And the only other thing I'd say on your first question on mobility, we are seeing benefit in the investments we're making in sales and marketing. And so as we think about -- as we go through a period of time, it's really important to us to reaccelerate the growth of that segment. We think it's going to take some time for that to happen because there's so much revenue that comes from the annuity in the base. And at the same time, we're seeing actually good momentum, particularly in the small end of the marketplace with the investments we're making.

關於您關於行動性的第一個問題，我唯一想說的另一件事是，我們在銷售和行銷方面所做的投資確實帶來了收益。因此，當我們思考時——當我們經歷一段時間時，重新加速該領域的成長對我們來說真的很重要。我們認為這需要一些時間，因為基礎年金的收入非常多。同時，我們看到了良好的發展勢頭，特別是我們在小端市場的投資。

Nate Svensson, Deutsche Bank.

德意志銀行的 Nate Svensson。

Nice results. I wanted to ask about the outlook for Corporate Payments. It's going to be nice that we'll start finally lapping the OTA client impact here in 3Q. Jagtar, it was good to hear sort of the return to growth in 3Q on a revenue basis, a little acceleration in 4Q. But any more color on the puts and takes we should be incorporating across some of the other key KPIs, whether that's purchase volume, take rate, et cetera?

效果不錯。我想詢問企業支付的前景。我們將在第三季開始最終消除 OTA 客戶端的影響，這將是一件好事。Jagtar，很高興聽到第三季營收恢復成長，第四季略有加速。但是，我們是否應該將看跌期權和看漲期權的更多細節融入到其他一些關鍵 KPI 中，無論是購買量、接受率等等？

And then I think thinking about that sort of back half run rate as we move into a more normalized growth profile, is that kind of the right place to start as we think about growth going forward? Or anything else we should keep in mind as we model that segment?

然後，我認為，當我們進入更正常的成長狀態時，考慮一下後半年的運行率，這是我們考慮未來成長的正確起點嗎？或者我們在建模該部分時還應該記住什麼？

I'm going to start, and I'm sure Jagtar will jump in here. But when we think about the second half of the year, we had a negative comp in that segment in the first half of the year. Remember, we have one travel customer that we've migrated to more equal spend volume per quarter this year. And that was not true last year. So they had front-ended spend that's been a negative for us in the first half of the year, but that will become a positive for us in the second half of the year.

我要開始了，我相信 Jagtar 會加入進來。但當我們考慮下半年時，我們會發現上半年該領域的業績表現為負成長。請記住，我們有一位旅遊客戶，今年我們已將其每季的支出金額調整至更加均等。但去年情況並非如此。因此，他們的前期支出在上半年對我們來說是負面的，但在下半年對我們來說將變成正面的。

We also -- as we go through the process of lapping this migration, the in-sourcing, it's about half the impact in Q3 that it was in Q2. So -- and then it starts to clean up in the fourth quarter. So you start to see a more normalized quarter in the fourth quarter with the exception of the fact we've got some benefit and spend trends with that other OTA.

我們也—隨著我們經歷這次遷移、內部採購的過程，對第三季的影響大約是第二季的一半。所以——然後它在第四季開始好轉。因此，您會開始看到第四季度更加正常化，但我們與其他 OTA 有一些利益和支出趨勢。

We also have customers that we're bringing online. Jagtar talked about one of them that we've already implemented, which is a larger one. And so that will continue to grow in the course of the year. And then we've got more in pipeline, both from AP and our embedded payments products that we're in the process of converting right now.

我們也有正在上線的客戶。Jagtar 談到了我們已經實施的一個更大的項目。因此，這一數字在今年內將繼續增長。然後，我們還有更多的產品正在籌備中，包括 AP 和嵌入式支付產品，我們現在正在轉換這些產品。

So we've got a bunch of different things that are accumulating that go from negative in the first half of the year to positive in the second half.

因此，我們累積了一系列不同的因素，從上半年的負面轉變為下半年的正面。

And then, Nate, I think you asked a question about KPIs. So when you think about purchase volume, we're expecting kind of low mid-single digits in the third quarter, accelerating to, call it, 20% in the fourth quarter. But keep in mind, a lot of that is still the OTA migration where it flips from purchase volume to total volume. So if you look at it -- or sorry, purchase volume to unfunded volume. So when you look at it on a total volume basis, we're expecting kind of low single -- or low double digits, both Q3 and Q4.

然後，Nate，我想你問了一個關於 KPI 的問題。因此，當您考慮購買量時，我們預計第三季的購買量將達到中低個位數，而第四季的購買量將加速至 20%。但請記住，其中許多仍然是 OTA 遷移，從購買量轉變為總量。因此，如果你看一下——或者抱歉，購買量與未籌資量之比。因此，從總量來看，我們預期第三季和第四季的銷售額都將呈現低個位數或低兩位數的成長。

That's super helpful detail and nice to see the momentum in that segment. The other thing I wanted to ask on, it was nice to see the HSA account growth of 7%. I know we talked about some slowdown in the overall market, but you're still outpacing the market at 5%. So could you talk about what specific strategies or investments are driving this outperformance? Is it some of this investment in sales and marketing?

這是一個非常有用的細節，很高興看到該領域的發展勢頭。我還想問的是，很高興看到 HSA 帳戶增長了 7%。我知道我們談到了整體市場有所放緩，但你們的成長速度仍然超過市場 5%。那麼，您能談談哪些具體策略或投資推動了這項優異表現嗎？這是對銷售和行銷的部分投資嗎？

Is the strength in the partner channel, anything else? And then I guess moving forward, are there any barriers or anything that might prevent or slow you down from continuing to capture even more market share on the HSA side of the business?

合作夥伴通路的優勢是什麼，還有其他優勢嗎？那麼我想，展望未來，是否存在任何障礙或任何事情可能會阻止或減緩您繼續在 HSA 業務方面佔據更多的市場份額？

So the second quarter, we did get the benefit of the United Auto Workers Trust getting implemented. So that had a full quarter of revenue associated with that, not a full quarter of accounts. So that was certainly a benefit and that will continue in the -- through the rest of the year. What we're hearing in the marketplace is that deep expertise that we have in managing the complex reimbursement accounts, the scale of our platform, the fact that you can have multi account types that sit across the portfolio, all of those things are playing well into the marketplace. And so it had less to do with the sales and marketing investments.

因此，第二季度，我們確實獲得了全美汽車工人信託基金實施的好處。因此，這與整個季度的收入有關，而不是整個季度的帳戶。所以這當然是一個好處，而且這種好處將在今年剩餘時間持續下去。我們在市場上聽到的是，我們在管理複雜的報銷帳戶方面擁有深厚的專業知識，我們的平台規模，以及您可以在投資組合中擁有多種帳戶類型的事實，所有這些都在市場上發揮著良好的作用。因此，它與銷售和行銷投資關係不大。

Those -- in that case, in our benefits business, we have seen a win in the marketing category pretty early in the year, but most of those investments have been ramping throughout the course of the year. So we expect to see more of the benefit of that into next year's open enrollment cycle.

在這種情況下，在我們的福利業務中，我們在年初就看到了行銷類別的勝利，但大部分投資在全年都在增加。因此，我們期望在明年的開放招生週期中看到更多的好處。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Congratulations on all these deals. My question is sort of a combination of some of the questions that were asked before. Obviously, a lot of these new wins and such and the lapping of the OTA relationship sort of further feed or fuel next year.

祝賀所有這些交易。我的問題有點像是之前問過的一些問題的綜合。顯然，許多新的勝利以及 OTA 關係的重疊將為明年提供進一步的動力或推動力。

So I'm just trying to think about what the revenue growth potential is as we exit 2025 into 2026. If I'm doing the math right, you're forecasting about 4% revenue growth in the back half of the year ex fuel. How do we think about the starting point in 2026?

所以我只是想知道從 2025 年到 2026 年收入成長潛力是多少。如果我沒算錯的話，您預測今年下半年除燃料外的收入將成長約 4%。我們如何看待2026年這個起點？

So for starting point, we're not giving 2026 guidance yet. But what I would say is mobility, the trends have been the trends. We'll see more as we go through the rest of the year on does the impact of some of the weakness in the economy continue, what's the impact of tariffs. But I think kind of where we are today is a good starting point. I think same thing for benefits is what we're seeing is good outpacing of the market in terms of HSA account growth. I think we'll -- again, not giving a 2026 outlook, but I would think we would still continue to kind of outpace the market.

因此，作為起點，我們尚未提供 2026 年的指導。但我想說的是，流動性是趨勢，趨勢就是趨勢。在今年剩餘時間裡，我們將看到更多關於經濟疲軟的影響是否會持續，關稅的影響如何等問題。但我認為我們今天所處的位置是一個很好的起點。我認為福利方面的情況也是一樣的，我們看到 HSA 帳戶的成長速度遠遠超過市場。我認為我們會——再次強調，我們沒有給出 2026 年的展望，但我認為我們仍將繼續領先市場。

If I turn to Corporate Payments, so you're right, Sanjay. As a company, we're kind of going from, call it, flattish growth in the first half of the year to 4% growth second half of the year. A lot of that is coming in the Corporate Payments segment, where we, call it, declined 15% first half and are expecting kind of flat for the year. So that kind of implies a 30-point swing. I would say there's a couple of pieces in that.

如果我轉向企業支付，那麼你是對的，桑傑。作為一家公司，我們的成長動能從上半年的穩定轉為下半年的 4%。其中很大一部分來自企業支付領域，我們稱該領域上半年下降了 15%，預計全年將持平。所以這意味著 30 點的波動。我想說這裡面有幾部分。

We've talked about the OTA transition. We've talked about timing differences for certain spending patterns with certain customers. I would say that's 70% of what we're seeing in terms of that 30-point swing. The other 30% is the things that Melissa has talked about, right? The new fintech customer we've won, the great pipeline and signings we're seeing in the corporate payments business, especially in nontravel, the backlog of implementations we have and the great pipeline we have.

我們已經討論過 OTA 轉型。我們已經討論了特定客戶的特定消費模式的時間差異。我想說，就 30 點波動而言，這是我們所看到的 70%。剩下的30%就是Melissa講過的內容了，對吧？我們贏得了新的金融科技客戶，我們在企業支付業務中看到了出色的管道和簽約，特別是在非旅遊領域，我們擁有的實施積壓和出色的管道。

So I think that's the piece that we feel good about. And as a result, we feel good about kind of the long-term guidance numbers that are out there and our ability to achieve them.

所以我認為這是讓我們感覺良好的部分。因此，我們對現有的長期指導數字以及我們實現這些數字的能力感到滿意。

Cool. And maybe just to dig a little bit deeper on BP and like the new TAM in HSA. BP, you guys said like that 0.5% to 1%, like is there a time -- is that an annualized number? Or is it just your best guess based on the timing you're using, maybe midpoint of the year? I'm just curious sort of how to think about that number. And then just when you could actually start monetizing on some of the increased TAM in the HSA program?

涼爽的。也許只是為了更深入地了解 BP 以及 HSA 中的新 TAM。BP，你們說過 0.5% 到 1%，有沒有一個時間──這是一個年化數字？或者這只是根據您所使用的時間做出的最佳猜測，也許是一年中的中點？我只是好奇該如何看待這個數字。那麼，您什麼時候才能真正開始利用 HSA 計劃中增加的部分 TAM 來實現盈利呢？

Yeah. Two different questions. The first question on BP, the 0.5 point to 1% is the first 12 months after implementation. So think of that. And the way that these implementation works, they happened actually pretty quickly.

是的。兩個不同的問題。第一個問題是關於BP，0.5個點到1%是實施後的前12個月。所以想想這一點。而這些實施工作其實進展得相當快。

You typically are moving the portfolio in one or two tranches. And so the question that's outstanding is when does that implementation start? And what they said is that we expect it to be at some point in 2026 right now, but we don't know exactly when. Once it implements after the first full year, we expect it to be that 0.5 point to 1 point of growth to the company. Is that clear?

您通常會分一到兩部分來轉移投資組合。因此，懸而未決的問題是何時開始實施？他們說，我們現在預計它會在 2026 年的某個時候發生，但我們不知道具體時間。一旦該計劃在第一年實施，我們預計它將為公司帶來 0.5 到 1 個百分點的成長。清楚了嗎？

Yeah. Got it.

是的。知道了。

Yes. I know you how to model it, but that's -- those are the specifics of it. And then your second question was on, yes, the market -- okay, the HSA market. It's interesting in the HSA market expansion because with this is allowing people to do -- who have plans that are on the public exchanges, they now have access to HSA accounts in a way that they didn't before. So that is the biggest part of the market expansion. There are a couple of other things as well that allow things that weren't allowed in the past like some of the telemedicine expenses.

是的。我知道你如何對它進行建模，但那是——那些是它的具體內容。然後你的第二個問題是關於市場——好的，HSA 市場。HSA 市場擴張很有趣，因為它允許那些在公共交易所擁有計劃的人以以前無法實現的方式存取 HSA 帳戶。這是市場擴張的最大部分。還有一些其他的事情也允許過去不允許的事情，例如一些遠距醫療費用。

So there's nothing we have to do from a product perspective. So really, what we're focused on right now and thoughtfully working through the plan to most effectively address this during this next open enrollment season because it's making sure that the people who now have access understand that and that they can get into these programs. So we know that we'll be a net benefactor. The amount that we are is less clear at this point in time, and we're really focused around making sure that we maximize this expansion.

所以從產品角度來說我們什麼都不用做。所以，我們現在真正關注的是認真制定計劃，以便在下一個開放招生季節最有效地解決這個問題，因為這是為了確保現在有權參加的人能夠理解這一點，並且能夠參加這些計畫。所以我們知道我們將成為一個淨捐款者。目前，我們的具體數量還不太清楚，我們真正關注的是確保最大限度地擴大這一擴張。

Rayna Kumar, Oppenheimer.

雷娜‧庫馬爾 (Rayna Kumar)，奧本海默。

Congrats on a great quarter. Just for your Corporate Payments business, can you talk about what travel trends you're seeing so far and what your expectations are for the third quarter?

恭喜本季取得優異成績。僅針對您的企業支付業務，您能否談談您目前看到的旅行趨勢以及您對第三季的期望？

Sure. Travel actually came in very consistently with what we expected it to. There continues to be growth in volume overall across that portfolio. We've seen a change in some of the border mix, which hasn't had a huge impact on us because just as a reminder, two-thirds of our spend originates and is settled outside of the United States. So we have less exposure to the US, but we have seen a shift of less travel inbound into the US and more that's happening in other corridors, both in Europe and Asia.

當然。事實上，旅行的進展與我們的預期非常一致。此投資組合的總體交易量持續成長。我們看到一些邊境組合發生了變化，但這並沒有對我們產生很大的影響，因為提醒一下，我們的三分之二的支出來自美國境外，並且在美國境外結算。因此，我們對美國的關注度較低，但我們發現前往美國的入境遊客數量有所減少，而前往歐洲和亞洲等其他走廊的遊客數量則有所增加。

So from a net-net perspective, it hasn't really had an impact on us. And the average rate ticket rate went up a little bit, about 4%. So overall, what we're finding is that the environment continues to be quite stable, which is what we have projected for in our guidance through the end of the year.

因此從網路角度來看，它實際上並沒有對我們產生影響。平均票價略有上漲，約4%。因此，總體而言，我們發現環境持續相當穩定，這正是我們在年底前指導下所預測的。

Got it. Very helpful. And just as a follow-up, is there any color you can provide for your expectations for adjusted operating margin for the rest of the year? You showed some great cost discipline during the quarter. Should we anticipate that to continue through the rest of the year?

知道了。非常有幫助。作為後續問題，您能否提供一下今年剩餘時間調整後營業利潤率的預期？您在本季度表現出了出色的成本紀律。我們是否應該預期這種情況會持續到今年剩餘時間？

So I would say adjusted operating margin, we kind of expect to be in line with what we saw in the second quarter. I wouldn't assume that costs will remain where they were in the second quarter. We got some good news in the second quarter. So we've been working on a number of efficiency items that was baked into our second half guidance. We actually benefited from getting some of those efficiency items earlier than we expected.

因此，我認為調整後的營業利潤率預計與第二季度的水平一致。我認為成本不會保持在第二季的水平。我們在第二季收到了一些好消息。因此，我們一直在研究一些效率項目，這些項目已納入我們的下半年指導中。事實上，我們比預期更早獲得了一些效率產品，並從中受益。

So hence, the good news in the second quarter. We also as we've talked about in previous calls, we're making investments into the business. So we've been using some of those cost efficiency savings to make some of the investments we've talked about, whether it's product or sales and marketing.

因此，第二季有好消息。正如我們在之前的電話會議中談到的那樣，我們正在對該業務進行投資。因此，我們一直在利用這些成本效益節省的部分來進行我們談到的一些投資，無論是產品還是銷售和行銷。

In a few areas, we've -- the ramp in headcount has been a little slower than we planned for. So that provided a double benefit in Q2. We got efficiency that was ahead of plan, while some of the spending was behind plan. Right now within our guide, we're expecting a catch-up on some of those investment -- savings or investments. So I don't think that the OpEx savings that you saw in Q2 will continue, but we should have margins that are pretty comparable to what we saw in the second quarter.

在某些領域，我們的員工人數成長速度比我們計劃的要慢一些。因此這在第二季帶來了雙重好處。我們的效率超出了計劃，但部分支出卻落後於計劃。目前，在我們的指南中，我們期望趕上一些投資——儲蓄或投資。因此，我認為您在第二季度看到的營運支出節省不會持續下去，但我們的利潤率應該與第二季相當。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Nice job. I guess a couple of questions. First of all, the processing rate within Mobility, very consistent with last year. So the first half of last year, about 1.3% yield. The first half of this year, 1.3%.

幹得好。我想有幾個問題。首先，Mobility 內的處理率與去年非常一致。因此去年上半年的收益率約為1.3%。今年上半年成長1.3%。

But the back half of last year, I think some of the pricing moved that up to the higher 1.3%, 1.37%, something like that in the back half. Do you think you'll see the same -- is that seasonality? Or was that something pricing? And will that happen again, I guess, this second half?

但去年下半年，我認為部分定價將其推高至 1.3%、1.37% 左右。您認為您會看到相同的情況嗎—這是季節性的嗎？或者這是某種定價嗎？我想，下半年這種情況還會再發生嗎？

Yeah. We had a couple of items that hit the processing rate this quarter that were kind of onetime in nature. So I think you should expect that to tick up over the course of the year. We also have -- the other thing to think about is interest rates within our Mobility segment within the total plan, we're expecting kind of 225 basis point cuts in the back half of the year. That impacts revenue in mobility.

是的。本季我們有幾項產品達到了處理率，但本質上都是一次性的。所以我認為你應該預期這一數字會在一年內上升。我們還需要考慮的另一件事是，在整個計劃中，我們的行動部門的利率預計將在今年下半年下調 225 個基點。這會影響行動業務的收入。

And I've given some numbers in the past that each 100 basis point is about $15 million of revenue impact in the Mobility segment. So that will impact rate as well going in the back half of the year.

我過去曾給出一些數字，每 100 個基點將對行動部門的收入產生約 1500 萬美元的影響。因此這也會影響下半年的利率。

Yeah. Got you. Okay. And then secondly, in the Benefits segment, we look at it kind of ex the other, just if we just look at our processing and account servicing revenue, it was about 3% growth, the best in, I think, three, four, five quarters.

是的。明白了。好的。其次，在福利部分，我們將其與其他部分進行比較，如果我們只看我們的處理和帳戶服務收入，它的增長率約為 3%，我認為是三、四、五個季度以來的最佳水平。

I guess, A, is this sort of acceleration sustainable? And maybe, I guess, B, should that really over time be 5% plus? And what kind of gets it there?

我想，A，這種加速可持續嗎？也許，我想，B，隨著時間的推移，這個數字真的應該超過 5% 嗎？怎麼樣才能把它送到那裡呢？

So when we're looking at the growth of that, we actually would say the custodian accounts are a piece of that growth. It doesn't have to be interest rate related, but the size of the custodian balances tend to increase after you add a customer on, and we saw that in this quarter over time. So we're getting a benefit not just in account servicing and payment processing revenue, but we also get some of the custodial revenue that is not interest rate adjusted. And if you accumulate all those things, we would be in that range.

因此，當我們觀察其成長時，我們實際上會說託管帳戶是其成長的一部分。這不一定與利率相關，但在增加客戶後，託管餘額的規模往往會增加，我們在本季度看到了這種情況。因此，我們不僅在帳戶服務和支付處理收入方面獲益，而且還獲得了一些未經利率調整的託管收入。如果你把所有這些東西都累積起來，我們就會處於這個範圍內。

Trevor Williams, Jefferies.

崔佛威廉斯 (Trevor Williams)，傑富瑞 (Jefferies)。

For Melissa, I was just hoping to get your latest thinking on the portfolio of assets that you have today, and it's come across on the call, just how upbeat you guys are on the outlooks for each of the three segments. I'm just curious how that feeds into your appetite to potentially explore any strategic action within the portfolio.

對於梅麗莎來說，我只是希望了解您對目前資產組合的最新想法，並且在電話會議上，您談到了您對三個細分市場的前景有多麼樂觀。我只是好奇這會如何滿足您探索投資組合內任何策略行動的興趣。

Yeah. I talked about this last quarter, but just to reiterate it, our Board looks at the composition of our business portfolio regularly. And they do these reviews with a lot of objectivity. They bring in outside bankers to support that process. And the things that we're looking at as part of that is what are the strategic advantages of applying our knowledge, the diverse end market across all those diverse end markets that we're part of, where there's common IP, where there's efficiencies around shared infrastructure, technology, talent, things like that.

是的。我上個季度談到了這一點，但只是想重申一下，我們的董事會會定期審查我們的業務組合組成。他們以非常客觀的態度進行這些評論。他們引入外部銀行家來支持這項進程。而我們正在考慮的是，應用我們的知識的戰略優勢是什麼，我們所參與的所有不同終端市場中的不同終端市場，都有共同的知識產權，共享基礎設施、技術、人才等方面的效率。

And then they look at what are the opportunities in order to acquire or dispose of businesses and what are the valuations or the hard costs associated with that. So there's a really in-depth view. And along that way, what they're really making sure of is that we're using our best judgment in order to deliver the best returns for our shareholders. So yes, we're very upbeat right now. And at the same time, I'd say our Board is very much engaged in making sure that we're thinking about that as well.

然後他們會研究有哪些機會可以收購或處置企業，以及與此相關的估值或硬成本是多少。因此這是一個非常深入的觀點。在這個過程中，他們真正要確保的是，我們運用最佳判斷來為股東帶來最佳回報。是的，我們現在非常樂觀。同時，我想說我們的董事會非常積極地確保我們也考慮到這一點。

Okay. And going back to Corporate Payments, the total volume growth improved quite a bit from 2Q. I don't know if you guys could unpack where that improvement came from. And then just any update on how you're expecting wallet share with some of your biggest customers to trend from here? It sounds like there's been some improved visibility with some of the other big OTAs, but any more color there would be helpful.

好的。回到企業支付，整體交易量成長較第二季有較大改善。我不知道你們能否解釋一下這種改進從何而來。然後，您能否透露一下您預計您與一些最大客戶的錢包份額未來將如何變化？聽起來其他一些大型 OTA 的知名度有所提高，但如果有更多的顏色會很有幫助。

So you're talking about total volume growth in Corporate Payments? I mean that was --

所以您說的是企業支付的總量成長？我的意思是那是--

Exactly.

確切地。

3% in the quarter. It was a slight improvement from the first quarter. It was predominantly in the travel segment. We've now hit kind of the summer travel season, and we're seeing kind of strong growth in travel. Was there a follow-up on that to answer the question?

本季成長 3%。與第一季相比略有改善。它主要集中在旅遊領域。現在我們已經進入夏季旅遊旺季，旅遊業呈現強勁成長動能。有沒有後續報道來回答這個問題？

Yeah. No, sorry, the other part of the question was just around wallet share trends with some of your biggest customers. It sounds like you've improved some of the visibility with the other big OTAs. I'm just curious if you have any more color to share there.

是的。不，抱歉，問題的另一部分只是關於您與一些最大客戶的錢包份額趨勢。聽起來你已經提高了與其他大型 OTA 的知名度。我只是好奇您是否還有更多顏色可以分享。

Yeah. And actually, I wouldn't describe it as wallet share trends. What we have done is worked with them to have a more consistent pattern of the spend volume so that there's always going to be some seasonality in travel. But what had happened last year was a large front loading and then not as much spend in the second half of the year, and that has created some comp issues for us. So we've been working with that customer to have it become much more normalized, which will create comp issues through the course of this year, but should then make it much more predictable in the future.

是的。實際上，我不會將其描述為錢包份額趨勢。我們所做的就是與他們合作，制定更一致的支出模式，以便旅行總是具有一些季節性。但去年的情況是前期投入較大，而下半年支出較少，這給我們帶來了一些競爭問題。因此，我們一直在與該客戶合作，使其變得更加規範化，這將在今年產生一些問題，但將來應該會使它變得更加可預測。

Andrew Jeffrey, William Blair.

安德魯傑弗瑞、威廉布萊爾。

Melissa, I wanted to drill down a little bit in mobility. Obviously, good new signings momentum, which is encouraging. Can you talk a little bit about some of the secular trends, and I don't mean necessarily short-term demand. I'm thinking about sort of fuel efficiency and things like that and maybe update on EV mix and whether or not that's something that sort of materially can move the needle here over the next year or two?

梅麗莎，我想深入探討一下移動性。顯然，新簽約勢頭良好，這是令人鼓舞的。您能否談談一些長期趨勢，我指的不一定是短期需求。我正在考慮燃油效率之類的事情，也許還會考慮電動車組合的更新，以及這是否會在未來一兩年內產生實質的推動作用？

Yeah. Great question. On the EV, let me start with the EV side. Our products are resonating in the marketplace. We continue to have a really good pipeline.

是的。好問題。關於電動車，讓我從電動車方面開始。我們的產品在市場上引起迴響。我們繼續擁有非常好的管道。

Most of the customers in that pipeline continue to be government related. There are other people in the space that continue to be interested. But I would say, in most cases, what they're trying to do is test and really understand the total cost of ownership. And so that is still happening. It is happening at a slower pace than what we had originally anticipated because the market is moving, but we feel really well positioned with the products that we have.

該管道中的大多數客戶仍然與政府有關。該領域還有其他人繼續感興趣。但我想說，在大多數情況下，他們試圖做的是測試並真正了解整體擁有成本。這種情況仍在發生。由於市場正在變化，這一進程比我們最初預期的要慢，但我們覺得憑藉現有的產品，我們處於非常有利的地位。

And the offering we have to that customer base allows them to take all of the different types of activity they have, whether they're charging at a depot or they're charging at home, whether they're charging on the road and as they have a consolidated fleet offering, which includes their ICE vehicles, they have all of that information together. And so we feel really good about that.

我們為客戶群提供的服務使他們能夠進行各種不同類型的活動，無論是在車庫充電還是在家中充電，無論是在路上充電，而且由於他們擁有包括 ICE 車輛在內的綜合車隊服務，因此他們可以將所有這些資訊匯總在一起。因此我們對此感到非常高興。

And in addition to that, some of the offerings that we have with the fleet leasing companies that we have partnerships with, we're exposing them to our EV offerings as well. So feel good about that. We do think this is a great long-term play. The economics are holding up. We just think it's going to take a slower migration path.

除此之外，我們也向與我們有合作關係的車隊租賃公司提供一些電動車產品。所以對此感到高興。我們確實認為這是一項偉大的長期舉措。經濟狀況良好。我們只是認為它將採取一條較慢的遷移路徑。

In terms of the secular trends within mobility, over time, we've done this for a while. We've always assumed that there's going to be some headwind associated with fuel efficiency. Now that's been -- that's played out over the years regardless of what's happening with EV migration, vehicles that come out in production tend to be more efficient than the ones that are getting replaced. And so we embed that in our view of growth within that segment. The second part, the macro tends to be a little bit bumpier.

就移動性的長期趨勢而言，隨著時間的推移，我們已經這樣做了一段時間。我們一直認為燃油效率方面會面臨一些阻力。多年來，無論電動車的普及情況如何，生產出來的汽車往往比被取代的汽車更有效率。因此，我們將其融入該領域的成長觀點中。第二部分，宏觀往往會比較坎坷。

Sometimes we're a benefactor of that, sometimes that's working against us. And what we're really focused on is making sure that we retain the customer. And so that as you go through these cycles, it's just a question of when you see that volume come back on. So net-net, when we think about this part of the business, it's a part we continue to be really excited about. It throws a tremendous amount of cash off, which allows us to invest in other areas of the business as well.

有時我們會受益，有時它卻對我們不利。我們真正關注的是確保留住客戶。因此，當你經歷這些週期時，問題只是何時你會看到交易量回升。因此，當我們考慮業務的這一部分時，我們會繼續對這一部分感到非常興奮。它投入了大量的現金，這使我們能夠投資於業務的其他領域。

Okay. I appreciate that. And then just as a quick follow-up. In embedded finance, you mentioned virtual card offering for fintech. Can you just sort of describe a little bit the competitive environment and what you think your right to win is in that space? Because that's a relatively new business for WEX I think.

好的。我很感激。然後只是進行快速跟進。在嵌入式金融中，您提到了為金融科技提供虛擬卡。您能否稍微描述一下競爭環境以及您認為您在該領域獲勝的權利是什麼？因為我認為這對 WEX 來說是一個相對較新的業務。

Yeah. So it is a similar product offering to what we're doing in travel. We just had added in functionality that made it more applicable outside of travel. And the places that we're having success is AP automation, media tech, expense management, e-commerce, areas like that, where we're finding you've got often new fintech players that are in the space that want to extend their capabilities to include payments. And so this, similar to our travel product, it's an API-enabled payment stream.

是的。因此，它所提供的產品與我們在旅遊業所提供的產品類似。我們只是增加了一些功能，使其在旅行之外更適用。我們成功的領域包括 AP 自動化、媒體技術、費用管理、電子商務等，我們發現該領域經常出現新的金融科技參與者，他們希望擴展其功能以涵蓋支付功能。因此，與我們的旅遊產品類似，它是一個支援 API 的支付流。

So you embedded in the workflow of the customer, and it gives them another tool for them to be able to compete in the marketplace. What we're finding in the market. And I would say, yes, we had this great win, and we're really excited about it. And a lot of what's in our pipeline are more what I call singles.

因此，您將其嵌入到客戶的工作流程中，並為他們提供了另一種工具，使他們能夠在市場上競爭。我們在市場上發現了什麼。我想說，是的，我們取得了這場偉大的勝利，我們對此感到非常興奮。我們管道中的很多東西都是我所說的單曲。

There are a large number of customers that are sitting there. And every time that we've looked at this pipeline and again, these products are new this year, it's expanded. smaller in size. And in a way, I like that because it creates that much more diversification across the portfolio that we have in corporate payments.

那裡坐著很多顧客。每次我們再次審視這個產品線時，這些產品都是今年的新產品，它的規模都擴大了，規模也變小了。從某種程度上來說，我喜歡這樣，因為它使我們在企業支付領域的投資組合更加多樣化。

The part of why us is because we have such a strong history managing these complex transactions in travel on the B2B side. That gives us a lot of market credibility. We have a really strong virtual card technology stack. I'd say best. And we have a lot of experience with these deep integrations through API automation within that part of our business.

我們之所以選擇我們，部分原因在於我們在 B2B 領域管理這些複雜的旅遊交易方面擁有豐富的經驗。這給了我們很大的市場信譽。我們擁有非常強大的虛擬卡技術堆疊。我想說最好。我們在透過 API 自動化實現該部分業務的深度整合方面擁有豐富的經驗。

We're also hearing a lot of interest in providers right now in the marketplace that can execute end to end. So this is where owning a bank in this particular moment is even more important to our customers. And all of those things combined that's resulting in is a very strong pipeline, a lot of interest, and we continue to add features in this product. So it's a place we're excited about. And we do think that, that will help create momentum within our Corporate Payments segment, which is important to us, obviously.

我們也聽到目前市場上有許多供應商對能夠端到端執行的服務感興趣。因此，在特定時刻擁有銀行對我們的客戶來說更為重要。所有這些因素結合在一起，形成了非常強大的產品線，引起了人們的極大興趣，我們也將繼續為該產品添加功能。所以我們對這個地方感到很興奮。我們確實認為，這將有助於在我們的企業支付領域創造發展勢頭，這對我們而言顯然很重要。

Okay. So it sounds like a TAM expansion initiative --

好的。這聽起來像是一項 TAM 擴展計劃--

Yeah. I would say TAM expansion where we've already expanded it. And as we add into the product, we will continue to expand that TAM.

是的。我想說的是我們已經擴充了 TAM。隨著我們不斷推出新產品，我們將繼續擴大 TAM。

And that will conclude our question-and-answer session. I'll turn the call back over to Steve Elder for any closing comments.

我們的問答環節到此結束。我將把電話轉回給史蒂夫·埃爾德 (Steve Elder)，請他發表最後評論。

Thank you, Regina. Like usual, I just want to say thank you to everyone for listening in, and we'll look forward to speaking with you at the end of the third quarter.

謝謝你，里賈娜。像往常一樣，我只想對大家的收聽表示感謝，我們期待在第三季末與您交談。

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

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。