WEX Inc (WEX) 2025 Q4 法說會逐字稿

My name is Tiffany and I will be your conference operator today. At this time, I would like to welcome everyone to the WEX Q4 2025 earnings call. (Operator Instructions) I would now like to turn the call over to Steve Elder, Senior Vice President of Investor Relations. Steve, please go ahead.

我叫蒂芬妮，今天將由我擔任你們的會議接線生。此時此刻，我謹代表 WEX 公司歡迎各位參加 2025 年第四季財報電話會議。（操作員指示）現在我將把電話交給投資者關係高級副總裁史蒂夫·埃爾德。史蒂夫，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 we issued yesterday, and a slide deck to walk through our prepared remarks have been posted to the Investor Relations section of our website at wexinc.com. A copy of the release 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。今天陪我一起的還有我們的董事長兼執行長梅麗莎·史密斯，以及我們的財務長賈格塔爾·納魯拉。我們昨天發布的新聞稿和補充資料，以及一份用於講解我們準備發言稿的幻燈片，已發佈在公司網站 wexinc.com 的投資者關係版塊。新聞稿和補充資料的副本已包含在昨天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. 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.

提醒一下，我們將在電話會議中討論非GAAP指標，特別是調整後淨收入（我們有時稱之為ANI）、調整後每股攤薄淨收入、調整後營業收入及相關利潤率以及調整後自由現金流。有關這些非GAAP指標的解釋和調整，請參閱新聞稿附件1。由於報告的 GAAP 收益中包含某些不確定因素和金額不確定的因素，該公司按 GAAP 準則提供收入指引，按非 GAAP 準則提供獲利指引。

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 our most recently filed annual report on Form 10-K and in our subsequent quarterly reports on Form 10-Q and other subsequent SEC filings. While we may update forward-looking statements in the future, we disclaim any obligations to do so. You should not place undue reliance on these forward-looking statements, all of which speak only as of today.

我還要提醒各位，我們將根據 1995 年《私人證券訴訟改革法案》討論前瞻性陳述。由於各種因素，實際結果可能與這些前瞻性聲明有重大差異，這些因素包括新聞稿、補充資料中討論的因素，以及我們在最近提交的 10-K 表格年度報告和隨後的 10-Q 表格季度報告以及其他後續提交給美國證券交易委員會的文件中確定的風險因素。雖然我們將來可能會更新前瞻性聲明，但我們不承擔任何更新義務。您不應過度依賴這些前瞻性陳述，所有這些陳述僅代表截至今日的情況。

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

接下來，我將把電話交給梅麗莎。

Thank you, Steve, and good morning, everyone. We appreciate you joining us. Let me start today with how we think about our strategy and why we believe our business model is so durable. WEX serves customers in mission-critical areas where reliability, compliance, and control matter most. Our focus on and expertise in these areas has allowed us to earn long-lasting customer trust, win market share over time, and generate strong recurring cash flow.

謝謝你，史蒂夫，大家早安。感謝您的參與。今天首先我想談談我們的策略思路，以及我們為什麼相信我們的商業模式能夠持續發展。WEX 為那些對可靠性、合規性和控制要求極高的關鍵任務領域的客戶提供服務。我們專注於這些領域並擁有相關專業知識，這使我們贏得了客戶的長期信任，隨著時間的推移贏得了市場份額，並產生了強勁的經常性現金流。

Today, we're modernizing our platforms to reduce friction, deepen workflow integration, and expand customer lifetime value, all while executing with discipline to deliver durable growth and expanding margins. Before I go further, I want to connect back to what we said on our Q3 call. We described WEX as reaching an inflection point where the investments we have made in product velocity, go-to-market execution, and cost discipline were beginning to translate into stronger performance.

今天，我們正在對平台進行現代化改造，以減少摩擦、深化工作流程整合並擴大客戶終身價值，同時嚴格執行，以實現可持續成長和利潤率的提高。在繼續之前，我想回顧一下我們在第三季電話會議上談到的內容。我們將 WEX 描述為達到了轉折點，我們在產品速度、市場推廣執行和成本控制方面的投資開始轉化為更強勁的業績。

In the fourth quarter, we saw that inflection point take hold. Earnings growth accelerated, operating leverage improved, and we made tangible progress towards the margin expansion we expect as our investments continue to scale. We're confident in our ability to build upon this progress.

第四季度，我們看到了這個轉​​折點。隨著投資規模的不斷擴大，獲利成長加速，經營槓桿得到改善，我們在實現預期利潤率擴張方面取得了實際進展。我們有信心在此基礎上再創佳績。

Our strategy remains anchored in three pillars: amplifying our core, expanding our reach, and accelerating innovation. Each of these pillars is designed to turn customer trust into durable growth, margin expansion, and consistently strong free cash flow.

我們的策略仍以三大支柱為基礎：強化核心業務、擴大影響力、加速創新。這些支柱中的每一個都旨在將客戶信任轉化為持久成長、利潤率擴張和持續強勁的自由現金流。

Now turning to the quarter. Our fourth quarter results reflect the momentum we're building as execution improves across product, sales, and customer experience. In the fourth quarter, we delivered revenue of $672.9 million, an increase of 5.7% year over year or 4.5%, excluding the impact of fluctuations in fuel prices and foreign exchange rates. Adjusted net income per diluted share was $4.11, and an increase of 15.1% year over year. Excluding the impact of fluctuations in fuel prices and foreign exchange rates, Q4 adjusted EPS grew 12.1%.

現在來看季度部分。我們第四季的業績反映了我們在產品、銷售和客戶體驗方面的執行力不斷提高所取得的良好勢頭。第四季度，我們實現了 6.729 億美元的收入，年增 5.7%，若不計入燃油價格和匯率波動的影響，則成長 4.5%。經調整後每股攤薄淨收益為 4.11 美元，較去年同期成長 15.1%。剔除燃油價格和匯率波動的影響，第四季調整後每股盈餘成長12.1%。

For the full year 2025, we delivered record revenue of $2.66 billion, up 1.2% year over year with improving performance as the year progressed. Adjusted net income per share was $16.10, up 5.4% year over year. Excluding the impact of lower fuel prices and foreign exchange rates, revenue increased 2% with adjusted net income per share up 7.7% year over year.

2025 年全年，我們實現了創紀錄的 26.6 億美元收入，年增 1.2%，隨著時間的推移，業績不斷改善。經調整後每股淨收益為 16.10 美元，較去年同期成長 5.4%。剔除燃油價格和匯率走低的影響，營收成長2%，調整後每股淨收益較去年同期成長7.7%。

A few years ago, we started the journey to reimagine and accelerate how we organically invest in technology and new products. Part of that journey included bringing on a new tech and new product leader, who have enhanced our foundational capabilities in technology and augmented our team's expertise in AI and data science. We've been modernizing our architecture, strengthening execution bigger, and increasing accountability for delivery. The result is that we're building faster, scaling more efficiently, and lowering our long-term cost to serve. By combining operational discipline with an AI-first approach to product development, we increased product innovation velocity by more than 50% year over year. These investments are already improving customer outcomes and delivering efficiency.

幾年前，我們開始了重新構想和加速我們對科技和新產品進行有機投資的旅程。這一歷程的一部分包括引入新的技術和新產品負責人，他們增強了我們在技術方面的基礎能力，並提升了我們團隊在人工智慧和數據科學方面的專業知識。我們一直在對架構進行現代化改造，加強執行力度，並提高交付責任感。結果是，我們能夠更快地建立產品，更有效率地擴展規模，並降低長期服務成本。透過將營運紀律與人工智慧優先的產品開發方法結合，我們使產品創新速度年增超過 50%。這些投資已經開始改善客戶體驗並提高效率。

As we move through 2026, we plan to shift from an investment phase to a scaling phase with operating leverage driving meaningful margin expansion over the medium term. Let me give you a few examples of how this is showing up across the business. In mobility, we continue to invest in our industry-leading fuel card solutions for fleets of all sizes. Targeted marketing investments in 2025 drove a 13% year over year increase in new small business customers.

展望 2026 年，我們計劃從投資階段過渡到規模化階段，透過營運槓桿在中期內實現利潤率的顯著增長。讓我舉幾個例子來說明這種情況是如何在整個公司中體現出來的。在旅遊領域，我們將繼續投資於我們領先業界的燃油卡解決方案，以滿足各種規模車隊的需求。2025 年的定向行銷投資推動了小型企業新客戶數量年增 13%。

On the product side, we've introduced innovative offerings like fleets, which combines the power of our proprietary closed-loop fuel card with open loop flexibility. That translates into superior controls and data creates a product experience that is difficult to replicate at scale and increases revenue per customer in our mobility business.

在產品方面，我們推出了車隊等創新產品，將我們專有的閉環燃油卡的強大功能與開環的靈活性相結合。這意味著更強大的控制和數據創造了難以大規模複製的產品體驗，並提高了我們出行業務中每位客戶的收入。

In the Benefits segment, investments in both sales and product helped drive another strong open enrollment season. A great example is our use of AI to streamline health care claim reimbursement. Our AI-powered solutions has reduced processing times from days to minutes with 98% accuracy, supporting our goal of improving participant satisfaction, reducing friction, and lowering our cost to serve.

在福利領域，對銷售和產品的投入幫助推動了另一個強勁的開放註冊季。我們利用人工智慧簡化醫療保健索賠報銷流程就是一個很好的例子。我們的人工智慧解決方案將處理時間從幾天縮短到幾分鐘，準確率達到 98%，這有助於我們實現提高參與者滿意度、減少摩擦和降低服務成本的目標。

We also launched a modernized brokerage experience that enables real-time trading and provide seamless access to HSA cash and investments and is designed to drive higher balances and asset retention. These are key drivers of long-term value creation in the HSA market.

我們還推出了現代化的經紀體驗，支援即時交易，並提供對 HSA 現金和投資的無縫訪問，旨在提高帳戶餘額和資產留存率。這些都是 HSA 市場長期價值創造的關鍵驅動因素。

Our direct accounts scalable product continues to grow rapidly, and our investments in expanding the sales force are delivering as expected with Q4 volumes up approximately 15% year over year. The momentum in our direct AP is complemented by early success in our embedded payments offering, with a growing pipeline of prospects and customers to support sustained growth in 2026 and beyond.

我們的直接客戶可擴展產品持續快速成長，我們在擴大銷售隊伍方面的投資也如預期般取得了成效，第四季銷量較去年同期成長約 15%。我們直接應付帳款業務的強勁勢頭，加上嵌入式支付產品的早期成功，以及不斷增長的潛在客戶和現有客戶，將支持我們在 2026 年及以後的持續成長。

We're deliberately extending our reach and extending addressable use cases across verticals. Our product investments continue to help us differentiate ourselves across this business. For example, we recently launched a global funding engine that enables customers to issue virtual cards in multiple currencies and execute on-demand currency conversions without incurring FX costs. This expands our product capability to better serve customer needs, strengthens our value proposition beyond travel, and sports continued operating leverage as volume scale.

我們正在有意識地擴大業務範圍，並拓展跨垂直領域的應用場景。我們在產品方面的持續投入，幫助我們在這個行業中脫穎而出。例如，我們最近推出了一款全球融資引擎，使客戶能夠以多種貨幣發行虛擬卡，並按需執行貨幣轉換，而無需產生外匯費用。這將擴展我們的產品能力，更好地滿足客戶需求，增強我們在旅遊以外的價值主張，並隨著規模擴大而保持持續的營運槓桿作用。

Looking ahead, we see the potential for additional upside from geographic expansion in travel as well as new digital tools that accelerate onboarding and improve customer productivity. By balancing growth acceleration with operational efficiency, we've built a stronger and more agile WEX that is well positioned to capitalize on market opportunities, scale efficiently, and strengthen our long-term competitive advantages.

展望未來，我們看到旅遊業地域擴張以及加速客戶註冊和提高客戶生產力的新數位工具都可能帶來額外的成長潛力。透過在成長加速和營運效率之間取得平衡，我們打造了一個更強大、更靈活的 WEX，使其能夠更好地掌握市場機會、高效擴展規模並增強我們的長期競爭優勢。

Now let's turn to our segment results for Q4, beginning with mobility. Mobility is our largest segment and a great example of how we are amplifying our core by protecting profitable share in a down cycle while we continue to invest to drive long-term value.

現在讓我們來看看第四季的細分市場業績，首先是行動出行領域。出行是我們最大的業務板塊，也是我們如何透過在經濟下行週期中保護獲利份額來擴大核心業務，同時繼續投資以推動長期價值的一個很好的例子。

Despite ongoing market softness, fourth quarter mobility revenue was flat year over year as we focused on capturing profitable market share. Transaction volumes declined modestly, consistent with our expectations, broader market trends, and the patterns we saw in the third quarter. It's also important to address what we're seeing in the over-the-road trucking market.

儘管市場持續疲軟，但由於我們專注於獲取盈利的市場份額，第四季度移動出行收入與去年同期持平。交易量略有下降，這與我們的預期、更廣泛的市場趨勢以及我們在第三季度看到的模式相符。同樣重要的是，我們要關注公路運輸市場目前的情況。

The over the ed market remains in a cyclical down cycle with muted freight demand and pressure on small operators. We've seen this pattern before. These cycles are historically temporary. We're executing on what is in our control by protecting profitable market share, maintaining high retention and continuing to invest in differentiated capabilities so that when volumes recover, we exit this cycle with stronger economics and greater operating leverage.

海外運輸市場仍處於週期性下行階段，貨運需求疲軟，小型業者面臨壓力。我們以前見過這種模式。從歷史角度來看，這些週期都是暫時的。我們正在盡我們所能，保護盈利的市場份額，保持高客戶留存率，並繼續投資於差異化能力，以便在銷售復甦時，我們能夠以更強勁的經濟效益和更大的營運槓桿結束這一周期。

As I mentioned earlier, we've been directing sales and marketing investments towards smaller fleets, which we believe represent a large and underserved market with significant potential. 10-4 by WEX extend our reach by bringing new small trucking fleets into the ecosystem while creating a pathway to amplify the core over time through deeper relationships. The discounts that we've negotiated with truck stop chains save the typical user on versus dollars each month, helping drive adoption. Momentum has been strong, with December again for more than half of the total Q4 volume on the platform. Finally, WEX Field Service Management, formerly Taser, continues to build momentum, delivering healthy double-digit revenue growth in the fourth quarter.

正如我之前提到的，我們一直將銷售和行銷的投入轉向小型車隊，因為我們相信這是一個規模龐大但尚未充分服務的市場，蘊藏著巨大的潛力。 WEX旗下的10-4品牌透過將新的小型卡車車隊納入我們的生態系統來拓展業務範圍，同時透過建立更深入的合作關係，逐步增強核心業務。我們與卡車停靠站連鎖店協商的折扣，每月可為普通用戶節省數美元，從而促進其普及。市場勢頭強勁，12 月的交易量再次占到第四季平台總交易量的一半以上。最後，WEX Field Service Management（前身為 Taser）繼續保持成長勢頭，在第四季度實現了兩位數的健康收入成長。

Since acquiring this business two years ago, we have updated and aligned the brand, refined our cross-sell profits, improved retention made key product enhancements and updated private. We remain energized by this opportunity as we deepen our presence in this attractive adjacent market where we believe we can generate up to 10 times more revenue per field service management customer than for a traditional small fleet.

自兩年前收購這家公司以來，我們更新並調整了品牌，提高了交叉銷售利潤，改善了客戶留存率，進行了關鍵的產品改進，並更新了私有化流程。我們對這機會充滿熱情，並不斷深化在這個極具吸引力的鄰近市場的業務。我們相信，與傳統的小型車隊相比，我們能夠為每個現場服務管理客戶創造高達 10 倍的收入。

Now turning to benefits, which simplifies the cost of employee benefits administration and comprises approximately 30% of annual revenue. Benefits is where our accelerate innovation and expand our reach strategic priorities intersects clearly. In 2025, we extended our track record of consistently growing HSA accounts faster than the underlying market as reported by Devenir. Our diversified portfolio expanding benefits administration, consumer-driven benefits, and HSA custodial services positions us to sustain market leadership as we continue to further strengthen our competitive edge. Overall SaaS account growth was 6% in the quarter, in line with previous quarters last year.

現在來說說福利，它簡化了員工福利管理的成本，約佔年度收入的 30%。優點在於，它清楚地體現了我們加速創新和擴大影響力這兩項策略重點的交會點。根據 Devenir 的報告，2025 年，我們延續了 HSA 帳戶持續成長速度超過市場平均水準的良好記錄。我們多元化的業務組合，包括福利管理、消費者驅動型福利和 HSA 託管服務，使我們能夠保持市場領先地位，並繼續進一步加強我們的競爭優勢。本季 SaaS 帳戶整體成長 6%，與去年同期持平。

Following a strong open enrollment season, we now have more than 9.4 million HSA accounts on our platform. We remain a top five HSA provider, powering more than 20% of all HSA accounts in the country and serving approximately 60% of the Fortune 1000 companies. We're very pleased with the results of our 226 open enrollment season with a direct new sales exceeding expectations and continued strength across our partner channels. As a result, we expect account growth to be in the range of 6% to 7% year over year in Q1. Our benefits business continues to outperform the market and we're confident in its long-term growth trajectory.

經過強勁的開放註冊季，我們的平台上現在已有超過 940 萬個 HSA 帳戶。我們仍然是排名前五的 HSA 提供商，為全國 20% 以上的 HSA 帳戶提供支持，並為大約 60% 的財富 1000 強公司提供服務。我們對 2026 年開放招生季的成果非常滿意，直接新銷售額超出預期，合作夥伴通路也持續保持強勁勢頭。因此，我們預計第一季帳戶成長率將年增 6% 至 7%。我們的福利業務持續跑贏市場，我們對其長期成長前景充滿信心。

Finally, let's turn to Corporate Payments, which is the clearest example of how we're expanding our reach, expanding our core capability across industries, geographies, and workflow, representing approximately 20% of annual revenue. This segment helps businesses pay their partners faster and more securely while simplifying the workflow.

最後，讓我們來看看企業支付業務，這是我們如何擴大業務範圍、拓展核心能力、跨越行業、地理和工作流程的最清晰例證，該業務約佔年度收入的 20%。此模組可協助企業更快、更安全地向合作夥伴付款，同時簡化工作流程。

Fourth quarter performance for this segment improved meaningfully from the first half of the year, in line with our expectations. Purchase volume profit by WEX increased 16.9% year over year reflecting the continued strength in travel customers. Traveler-related revenue grew more than 30% in the quarter, supported by high existing customer activity in the onboarding of a meaningful new customer in Asia. Revenue from non-travel customers grew in the mid-single digits.

該業務板塊第四季的業績較上半年有顯著改善，符合我們的預期。WEX 的採購量利潤年增 16.9%，反映出旅遊客戶持續強勁的需求。本季與旅客相關的收入成長超過 30%，這得益於現有客戶在亞洲成功引入一位重要的新客戶，從而促進了現有客戶的活躍度。來自非旅遊客戶的收入實現了中等個位數的成長。

The adjusted operating margin for corporate payments increased by 450 basis points, reflecting the strong operating leverage in the model as volume scale. Our direct accounts payable product continues to scale rapidly. New customer wins fall within the construction and health care verticals alongside retail and media this growing book of business now represents 20% of segment revenue.

經調整後的企業付款營業利潤率提高了 450 個基點，反映了該模式隨著規模擴大而產生的強大經營槓桿作用。我們的直接應付帳款產品持續快速成長。新客戶主要來自建築、醫療保健、零售和媒體等垂直行業，這一不斷增長的業務組合目前佔該業務板塊收入的 20%。

Before I turn it over to Jagtar, I want to highlight a governance update we announced last month. As part of our multiyear Board refreshment plan, and reflecting input from our ongoing engagement with shareholders, we announced the next phase of the Board's planned evolution. Under this plan, newly appointed Director, David Foss, will assume the role of Vice Chair and Lead Independent Director effective as of our 2026 Annual Meeting of Stockholders. We also announced that Shekar Gosh and Jackson Workum will retire from the Board at that time. We're grateful to Shekar and Jack for their dedicated stewardship, and we look forward to Dave's leadership as we remain focused on long-term shareholder value creation.

在將發言權交給 Jagtar 之前，我想重點介紹我們上個月宣布的一項治理更新。作為我們多年董事會更新計劃的一部分，並考慮到我們與股東持續溝通的意見，我們宣布了董事會計劃發展的下一階段。根據該計劃，新任命的董事大衛福斯將擔任副董事長兼首席獨立董事，自 2026 年股東年會起生效。我們也宣布，謝卡爾·戈什和傑克遜·沃庫姆屆時將從董事會退休。我們感謝 Shekar 和 Jack 的盡職管理，並期待 Dave 的領導，我們將繼續專注於為股東創造長期價值。

Stepping back, we entered 2026 with strong momentum. We expect to deliver the strongest new sales year yet based on our current pipeline, improving sales productivity and greater customer demand across all three segments. Together, the strength of our platform, the resilience of our model, and the returns from our targeted investments give us confidence we're on the right path as these investments continue to scale we expect operating leverage to support margin expansion while sustaining strong free cash flow generation.

回顧過去，我們以強勁的勢頭進入了 2026 年。基於我們目前的銷售管道，我們預計今年將迎來迄今為止最強勁的銷售業績，銷售效率將得到提升，所有三個細分市場的客戶需求也將增加。我們平台的實力、我們模式的韌性以及我們定向投資的回報，共同讓我們相信我們走在正確的道路上。隨著這些投資的不斷擴大，我們預計營運槓桿將支持利潤率擴張，同時保持強勁的自由現金流。

With that, I'll turn the call over to Jagtar to walk you through our financial performance and our 2026 guidance in more detail.

接下來，我將把電話交給 Jagtar，讓他更詳細地向大家介紹我們的財務表現和 2026 年的業績展望。

Thank you, Melissa, and good morning, everyone. Before I begin, I want to remind you that unless otherwise noted, all comparisons are year over year. Overall, we delivered solid revenue growth and strong earnings performance while also continuing to lay the foundation for accelerating both top line growth and profitability in 2026. Total revenue in the quarter was $672.9 million, up 5.7%.

謝謝你，梅麗莎，大家早安。在開始之前，我想提醒各位，除非另有說明，所有比較均為同比比較。整體而言，我們實現了穩健的營收成長和強勁的獲利表現，同時繼續為2026年加速營收成長和獲利能力奠定基礎。本季總營收為 6.729 億美元，成長 5.7%。

The impact of foreign exchange rates and fuel prices increased revenue growth by 1.2%. Notably, revenue exceeded the guidance range we provided last quarter primarily as a result of higher-than-anticipated fuel prices and a strong quarter in the Benefits segment. Without the fuel price benefit, revenue came in at the high end of our guidance range of $646 million to $666 million. Adjusted earnings per share of $4.11 were up 15.1%, including a 3.1% favorable impact of fuel prices and foreign exchange rates. Adjusted EPS was $0.25 above the midpoint of the guidance range we provided in October, of which $0.18 was attributable to higher-than-anticipated fuel prices and the remainder due to execution.

外匯匯率和燃油價格的影響使收入增加了 1.2%。值得注意的是，由於燃油價格高於預期以及福利業務板塊的強勁表現，本季收入超過了我們上季度提供的預期範圍。不計燃油價格上漲帶來的收益，營收達到了我們預期範圍的高端，即 6.46 億美元至 6.66 億美元。調整後的每股收益為 4.11 美元，成長 15.1%，其中包括燃油價格和匯率帶來的 3.1% 的有利影響。調整後每股收益比我們在 10 月提供的指導範圍中點高出 0.25 美元，其中 0.18 美元歸因於高於預期的燃油價格，其餘部分歸因於執行情況。

In our Mobility segment, revenue was $345.1 million which is flat the prior year. This includes a favorable impact of 1.4% due to fuel prices and foreign exchange rates and a negative impact of 1% from lower interest rates.

在移動出行業務板塊，營收為 3.451 億美元，與前一年持平。這其中包括燃油價格和外匯匯率帶來的 1.4% 的有利影響，以及利率下降帶來的 1% 的負面影響。

The market softness that we had highlighted throughout the year persisted in the fourth quarter, in line with our expectations. Our payment processing rate of 1.33% was down approximately 3 basis points primarily due to the decline in interest rates. In our Benefits segment, revenue of $204.9 million rose 9.6%. SaaS account growth of 6% continues to be above recent industry trends according to Devenir. Custodial investment revenue, which represents the income we earn on custodial cash balances rose 14.2% to $61 million due to the increase in both average asset levels and higher rates. Earned interest yield increased 11 basis points to 5%.

正如我們預期的那樣，我們全年強調的市場疲軟狀況在第四季依然持續。由於利率下降，我們的支付處理率從 1.33% 下降了約 3 個基點。在我們的福利業務板塊，營收為 2.049 億美元，成長了 9.6%。Devenir 的數據顯示，SaaS 帳戶成長率持續維持在 6%，高於近期產業趨勢。由於平均資產水準和利率的雙雙上升，託管投資收入（代表我們從託管現金餘額中獲得的收入）增長了 14.2%，達到 6,100 萬美元。已賺利息收益率上升11個基點至5%。

Turning to our Corporate Payments segment. Revenue of $122.9 million increased 17.8%. Purchase volume increased 16.9% with particular strength from travel-related customers, benefiting from both underlying growth and a favorable comparison to last year. Results also benefited from our incentive contract with our primary provider. Direct accounts payable purchase volume grew more than 15%.

接下來我們來看看企業支付業務部門。營收達 1.229 億美元，成長 17.8%。購買量成長了 16.9%，其中旅遊相關客戶的購買量成長尤為強勁，這既得益於基本面的成長，也得益於與去年同期相比的良好基數。我們與主要供應商簽訂的激勵合約也對業績有所助益。直接應付帳款採購額成長超過 15%。

The addressable AP market remains very large and relatively unpenetrated. Our virtual card products are resonating with customers, and our sales force remains productive. This continues to be one of our key focus areas going forward and where we plan to invest more in the future.

潛在AP市場仍然非常龐大，且滲透率相對較低。我們的虛擬卡產品受到了客戶的歡迎，我們的銷售團隊也保持著高效率的工作狀態。這仍將是我們未來重點關注的領域之一，也是我們計劃未來加大投入的領域。

Turning now to the balance sheet. Our business continues to generate strong recurring revenue and reliable free cash flow. That cash flow provides the flexibility to enhance shareholder value through our disciplined capital allocation strategy. Last year, we generated $638 million of adjusted free cash flow compared to $562 million in the prior year. I want to note that as of the end of the first quarter in 2026, we'll have substantially completed our deferred and contingent M&A payments related to our benefits business, which will free up approximately $150 million of cash flow starting in 2027.

現在來看資產負債表。我們的業務持續產生強勁的經常性收入和可靠的自由現金流。現金流量使我們能夠靈活運用嚴格的資本配置策略來提升股東價值。去年，我們產生了 6.38 億美元的調整後自由現金流，而前一年為 5.62 億美元。我想指出，截至 2026 年第一季末，我們將基本完成與福利業務相關的遞延和或有併購付款，這將從 2027 年開始釋放約 1.5 億美元的現金流。

When it comes to deploying capital, our priorities haven't changed, and we delivered last year in line with the commitments we set. First, we focus on preserving financial strength and flexibility by maintaining a strong balance sheet and appropriate leverage, ensuring we can operate effectively under both normal and stress conditions.

在資金部署方面，我們的優先事項並沒有改變，去年我們按照既定承諾完成了任務。首先，我們專注於保持財務實力和靈活性，透過維持穩健的資產負債表和適當的槓桿率，確保我們能夠在正常和壓力條件下有效運作。

We ended Q4 with a leverage ratio of 3.1 times, down from 3.25 times at the end of Q3 and continue to operate within our long-term target range of 2.5 to 3.5 times. We will continue to prioritize debt reduction until leverage is below 3 times, which we expect to achieve in Q2 or Q3 of this year. Second, we invest our core businesses where we see attractive returns and opportunities to strengthen our competitive position. This is aligned with our focus on amplifying our core and accelerating innovation, tied to what Melissa said earlier about our plan to accelerate revenue growth. This will be driven by innovating and investing more in product development.

在第四季末，我們的槓桿率為 3.1 倍，低於第三季末的 3.25 倍，並繼續在 2.5 倍至 3.5 倍的長期目標範圍內運作。我們將繼續優先降低債務，直到槓桿率低於 3 倍，我們預計將在今年第二季或第三季實現這一目標。其次，我們會將核心業務投資於那些我們認為具有吸引力的回報和機會，以增強我們的競爭地位。這與我們專注於強化核心業務和加速創新的理念一致，也與梅莉莎先前提到的加速收入成長的計畫相呼應。這將透過加大產品研發投入和創新來實現。

We are taking a balanced and disciplined approach to margins by driving efficiencies and reducing costs in other areas of the company and reallocating resources towards our growth initiatives. We are planning a rigorous return threshold to every potential investment with clear accountability for growth, retention, and margin impact. This is a core of our financial algorithm.

我們採取平衡且自律的方式來提高利潤率，透過提高公司其他領域的效率和降低成本，並將資源重新分配到我們的成長計畫中。我們計劃為每項潛在投資設定嚴格的回報門檻，並明確成長、留存率和利潤率影響方面的問責機制。這是我們金融演算法的核心。

Disciplined cost actions fund high return growth investments and as revenue scales, we expect margins to expand over the medium term. After addressing these two priorities, we evaluate deploying our remaining capital towards accretive M&A opportunities, which must meet strict financial and strategic criteria or returning capital to shareholders through share repurchases. Every step of our disciplined capital allocation process is underpinned by a clear objective to maximize long-term shareholder value.

嚴格的成本控制措施為高回報成長投資提供資金，隨著收入規模的擴大，我們預期中期內利潤率將有所提高。在解決這兩個優先事項之後，我們將評估是否將剩餘資本投入到能夠帶來增值收益的併購機會中，這些機會必須滿足嚴格的財務和策略標準，或透過股票回購將資本返還給股東。我們嚴謹的資本配置流程中的每一步都以最大化股東長期價值為明確目標。

I also want to briefly touch on the important financial advantage we gained from having WEX Bank on our platform. The bank provides greater access to liquidity for our balance sheet at a lower cost than funding solely through capital markets. It also allows us to earn higher yields on our HSA portfolio. The bank is an important differentiator for the business that improves our bottom line.

我還想簡要談談我們因 WEX 銀行入駐我們的平台而獲得的重要財務優勢。與僅透過資本市場融資相比，該銀行能夠以更低的成本為我們的資產負債表提供更大的流動性。它還能讓我們的 HSA 投資組合獲得更高的收益。銀行是提升公司獲利能力的重要差異化因素。

Now, let's turn to 2026 revenue and earnings guidance for the first quarter and the full year. Starting with the first quarter. We expect revenue in the range of $650 million to $670 million, which represents a growth of 4% at the midpoint. This growth includes a 2% net drag from fuel prices, FX, and interest rates. We expect adjusted net income EPS to be between $3.80 and $4 per diluted share, which represents growth of 11% at the midpoint.

現在，讓我們來看看 2026 年第一季和全年的營收和獲利預期。從第一季開始。我們預計營收將在 6.5 億美元至 6.7 億美元之間，以中間值計算，成長 4%。這一增長包括燃油價格、匯率和利率帶來的 2% 的淨拖累。我們預計調整後淨利潤每股收益將在 3.80 美元至 4 美元之間，以中間值計算，成長 11%。

For the full year, we expect revenue in the range of $2.70 billion to $2.76 billion. We expect adjusted net income EPS to be between $17.25 and $17.85 per diluted share. At the midpoint, full year guidance reflects revenue growth of 5% and EPS growth of 13% when excluding the impact of fuel prices, FX rates, and interest rates. These growth rates are accelerating into the long-term target ranges we set last year.

我們預計全年營收將在 27 億美元至 27.6 億美元之間。我們預計調整後淨利每股收益將在 17.25 美元至 17.85 美元之間。全年業績預期中位數反映出，在不考慮燃油價格、匯率和利率的影響的情況下，營收成長 5%，每股盈餘成長 13%。這些成長率正在加速，朝著我們去年設定的長期目標範圍邁進。

Let me touch on some key factors driving guidance this year. Note that you can find the complete list of assumptions in their supplemental materials. In mobility, excluding the impact of fuel price changes in FX, we are expecting full year revenue growth of 1% to 3%, which includes a headwind of approximately 1% due to the impact of lower interest rates on merchant contracts that include pricing escalators. We are also prudently assuming no improvement in the macro environment.

讓我談談影響今年業績指引的一些關鍵因素。請注意，您可以在他們的補充資料中找到完整的假設清單。在出行領域，不計外匯燃油價格變動的影響，我們預計全年收入增長 1% 至 3%，其中包括約 1% 的不利因素，這是由於利率下降對包含價格遞增條款的商家合約的影響所致。我們也謹慎地假設宏觀環境不會有所改善。

As for quarterly cadence, recall that Q1 last year had a pull forward of gas and OTR due to terrifies which creates a tougher comp for Q1 this year, followed by an easier comp in Q2. Also note that the incremental BP contribution will be weighted to the second half of the year and then continue to ramp into 2027.

至於季度節奏，回想一下，去年第一季由於恐慌情緒，汽油和公路運輸業務提前完成，導致今年第一季的比較基數較大，而第二季的比較基數較小。另請注意，BP 的新增貢獻將主要集中在下半年，然後持續成長至 2027 年。

Credit losses in mobility are expected to be between 12 to 17 basis points for the full year and between 17 and 22 basis points in Q1. In Benefits, we are expecting full year revenue growth of 5% to 7%, which includes approximately a 2-point headwind from lower interest rates on the floating rate portion of our nonbank custodial assets.

預計全年出行信貸損失將在 12 至 17 個基點之間，第一季將在 17 至 22 個基點之間。在福利方面，我們預計全年營收將成長 5% 至 7%，其中包括非銀行託管資產浮動利率部分利率下降帶來的約 2 個百分點的不利影響。

As a reminder, over 75% of our portfolio is in fixed rate instruments and therefore, not rate sensitive. Note, Q1 SaaS account growth is expected to be higher than the rest of 2026 as we lap the benefit of the UAW contract that began in Q2 of last year.

再次提醒，我們超過 75% 的投資組合為固定利率工具，因此對利率不敏感。請注意，由於我們已從去年第二季開始享受到 UAW 合約的好處，預計 2026 年第一季的 SaaS 帳戶成長將高於其他年份。

In Corporate Payments, we are expecting full year revenue growth of 5% to 7%. As I mentioned earlier, we are investing more in innovation and product development to drive future growth. Embedded in our guidance is $50 million of cost savings actions. A portion of these savings will be reinvest in the business and a portion will drop to margins. The expected lower fuel prices this year impact adjusted operating margins negatively by approximately 75 basis points. As a result, for 2026, we expect the adjusted operating income margin to be flat with 2025.

在企業支付領域，我們預計全年營收將成長 5% 至 7%。正如我之前提到的，我們正在加大對創新和產品開發的投入，以推動未來的成長。我們的指導方針中包含了 5000 萬美元的成本節約措施。節省下來的部分資金將再投資於企業，一部分將計入利潤。今年預計較低的燃油價格將對調整後的營業利潤率產生約 75 個基點的負面影響。因此，我們預計 2026 年調整後的營業利潤率將與 2025 年持平。

Our guidance does not assume any future M&A activity or share repurchases and last year's tender offer will continue to benefit EPS growth through Q1 before annualizing. Finally, our guidance assumes average fuel price per gallon of $3.10 for the year, and two interest rate cuts in line with market expectations.

我們的預測並未假設未來有任何併購活動或股票回購，去年的要約收購將繼續有利於第一季的每股盈餘成長，之後才會進行年化計算。最後，我們的預測假設全年平均燃油價格為每加侖 3.10 美元，且兩次降息符合市場預期。

As outlined in our earnings supplement, with sensitivities to these factors are for each $0.10 increase in price per gallon, revenue increases by approximately $20 million, and adjusted EPS increases by approximately $0.35 with symmetrical impacts in the event of a decrease. For interest rates, 100 basis points higher than our outlook would translate to approximately $30 million higher revenue and $0.35 lower adjusted EPS, while a 100 basis point lower rates would decrease revenue by approximately $30 million while increasing EPS by $0.45.

正如我們在收益補充文件中概述的那樣，對這些因素的敏感性是，每加侖價格上漲 0.10 美元，收入將增加約 2000 萬美元，調整後的每股收益將增加約 0.35 美元；如果價格下降，則影響是對稱的。利率方面，比我們預期高出 100 個基點將導致收入增加約 3000 萬美元，調整後每股收益減少 0.35 美元；而利率低 100 個基點將導致收入減少約 3000 萬美元，同時每股收益增加 0.45 美元。

Let me take a moment to review our revenue and earnings trajectory. 2025 was a transition year with muted revenue growth in the first half that accelerated in the second half, while earnings growth benefited from stock buybacks. As we look to 2026, we anticipate continued revenue growth as momentum builds. At the same time, we are actively managing our levers to invest in the business while also driving earnings growth. In closing, our results underscore our disciplined financial execution and the strength of WEX's operating model.

請容許我花一點時間回顧我們的營收和獲利走勢。 2025年為過渡年，上半年營收成長較為平緩，下半年成長加快，獲利成長則得益於股票回購。展望 2026 年，我們預期隨著發展動能增強，營收將持續成長。同時，我們正積極運用各種手段投資業務，同時推動獲利成長。總之，我們的績效突顯了我們嚴謹的財務執行力和 WEX 營運模式的優勢。

We are energized by the momentum we are driving across the business, and the tangible progress we are making toward our long-term growth and margin expansion goals. We remain firmly focused on operational excellence maintaining financial resilience and allocating capital strategically to support sustainable, long-term value creation for our shareholders. As we enter 2026, we're well positioned to capitalize on improving market conditions and to continue executing against our strategic and financial priorities.

我們對公司目前的發展動能以及在實現長期成長和利潤率提升目標方面取得的實際進展感到振奮。我們將繼續專注於卓越運營，保持財務穩健，並進行策略性資本配置，以支持為股東創造可持續的長期價值。進入 2026 年，我們已做好充分準備，利用不斷改善的市場環境，繼續推進我們的策略和財務重點工作。

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

接線員，請開啟提問頻道。

(Operator Instructions) David Koning, Baird.

（操作說明）David Koning，Baird。

Good job. I guess my first question, the cadence of the corporate business through 2026, both kind of volumes and yields, just kind of thinking about it seems like the first half had much easier comps. So Q4 growth was really good. I assume the first half will continue to be good on easy comps. So that's on the growth side.

好工作。我的第一個問題是，到 2026 年，企業業務的節奏，包括銷量和收益率，仔細想想，似乎上半年的比較基數要小得多。所以第四季的成長情況非常好。我估計上半年在簡單的比賽中會繼續保持良好勢頭。這是成長方面的情況。

And then on the yield side, just understanding yield was really good in '25. Some of that was the mix more towards B2B. Is mix going to stay -- I know you have the new Asia client that was big that came on, can yields stay flat to even maybe up in '26?

而在收益率方面，僅僅了解收益率在 2025 年就非常好了。其中一部分更偏向B2B業務。混合模式會維持不變嗎？我知道你們新來了一位規模很大的亞洲客戶，2026 年收益率能保持穩定甚至上升嗎？

Let me start and give a little bit of context around that because you're right, we had really strong growth in the fourth quarter. Some of that, as you pointed out, because we had a favorable comp so the prior year, we saw more volatility in our OTA spend quarter to quarter. So that was a headwind in the first half of the year, and it's been a tailwind in the second half of the year. What -- part of what we're really excited about is now that we've successfully got our transition to that major OTA behind us that we're entering a period where volume is just going to be cleaner. And we think the ability is better.

讓我先簡單介紹一下背景，因為你說得對，我們在第四季度實現了非常強勁的成長。正如您所指出的，部分原因是由於去年同期比較有利，因此我們的OTA支出季度波動較大。所以，上半年這是逆風，下半年這是順風。我們真正感到興奮的部分原因是，既然我們已經成功完成了向主要OTA的過渡，我們即將進入一個交易量更純淨的時期。我們認為這種能力更好。

So that puts us in a position where you're going to be able to see more normalized growth in the course of next year. So think of the quarter should play out more evenly year over year than what you've seen historically. But we did get a bit of a benefit in the fourth quarter because of the comp year over year.

因此，這意味著明年你們將能夠看到更正常的成長。所以，預計本季業績將比往年更加平穩。但由於與去年同期相比，我們在第四季確實獲得了一些好處。

And then, David, I'll address your questions on the yield rates. So we're expecting yield overall to be flat to slightly down and slightly, I mean, like a basis point. When you look at it, travel, it will be down 1 basis point or 2, nontravel will be down 2 to 3, 2 to 4, but you'll mix more to nontravel so that will stabilize our overall yield.

然後，大衛，我會回答你關於收益率的問題。因此，我們預期整體收益率將持平或略有下降，略微下降，我的意思是，大概會下降一個基點。你看，旅遊業務的收益率會下降 1 到 2 個基點，非旅遊業務的收益率會下降 2 到 3 個基點，或者 2 到 4 個基點，但你會更多地將收益率分配給非旅遊業務，這樣就能穩定我們的整體收益率。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

I wanted to drill down a little bit on mobility. Melissa, you talked about over the road, still seeing choppiness. I guess when we think about sort of organic growth assumptions in 2026, could you just sort of outline what you're expecting? What are the key variables there that can maybe help it outperform, underperform? And then I know, Jagtar, you mentioned in BP is sort of more of a second half contributor.

我想更深入地探討一下移動性問題。梅麗莎，你剛才提到過馬路那邊，路面仍然顛簸。我想，當我們考慮 2026 年的有機成長假設時，您能否概述一下您的預期？哪些關鍵變數可能會影響其表現，使其優於或劣於預期？我知道，你在BP中提到的Jagtar更像是後半程的貢獻者。

So maybe you can just give us like sort of what the first half versus second half contribution might be in terms of total mobility and growth.

所以，您能否大致說明一下，上半年和下半年在整體流動性和成長方面分別做出了哪些貢獻？

Yes. Sure. Sure, happy to. In our Mobility business, when we think about the business, about 40% of the volume comes from over-the-road customers. So I'll split the business in those two pieces.

是的。當然。當然可以，我很樂意。在我們的旅遊業務中，當我們考慮這項業務時，大約 40% 的業務量來自公路客戶。所以我會把生意分成這兩個部分。

The way that we've approached this part of the business, and we're thinking about amplifying our core, it's been really leveraging the benefit of our closed loop network make sure that we're acquiring customers, retaining customers, the lighting customers throughout the course of the year. And our actual retention rates have remained strong, our acquisition rates have gone up, year over year, as you might imagine, in part because we invested more in marketing in the small end of the marketplace but also because we've seen productivity in the large end of the marketplace. And so we're going into the year feeling really good about how we're positioned.

我們處理這部分業務的方式，以及我們正在考慮如何加強我們的核心業務，都是真正利用我們閉環網路的優勢，確保我們能夠全年持續獲得客戶、留住客戶，尤其是照明客戶。正如您所料，我們的實際客戶留存率一直保持強勁，客戶獲取率也逐年上升，部分原因是我們在小規模市場加大了行銷投入，但也因為我們在大規模市場看到了生產力的提升。因此，我們對今年的發展前景感到非常滿意。

And part of the question, I think the underlying point is, the macro itself is something that we know historically has been transient. We know in the over-the-road marketplace, that we're seeing some good signs, although there's still volume weakness in the course of what we're seeing play out right now. But there's tightening of drivers, which is creating spot rates to go up, which we think is overall good for the industry, and we'll make it healthier, more vibrant. The assumption we have in our guidance is that we're going to be in a similar macro environment in '26 is what we've been in '25. We'll have continued acceleration in new sales.

我認為問題的關鍵在於，宏觀經濟本身從歷史上看來一直是短暫的。我們知道，在公路運輸市場，我們看到了一些好兆頭，儘管就目前的情況來看，銷售量仍然疲軟。但司機們正在收緊運輸條件，這導致現貨價格上漲，我們認為這對整個產業來說是件好事，我們會讓它更健康、更有活力。我們在指導方針中假設，2026 年的宏觀環境將與 2025 年的宏觀環境類似。新銷售額將持續加速成長。

We'll have strong retention of customers. And so the things that could play out that are different, the macro environment could improve from what we expect. From a sales perspective, we have a pretty good line of sight, but always an opportunity to outperform there as well.

我們將擁有很高的客戶留存率。因此，可能會出現一些不同的情況，宏觀環境可能會比我們預期的有所改善。從銷售角度來看，我們已經有了相當不錯的前景，但總有機會做得更好。

And Sanjay, I'll address your question on the guidance bridge and the guidance of '26. So just to think about the guide that we've given for mobility, if you look at mobility in 2025, ex fuel prices and FX, we grew about 1% in mobility. So when you think about 2026, you take that run rate and you say, okay, with with new products that are coming online and with sales and marketing investments last year, you can understand the the increase in growth rates that we have going into '26.

桑傑，我會回答你關於指導橋和 2026 年指導的問題。所以，回顧我們給出的旅遊指南，如果你展望 2025 年的出行，不考慮燃油價格和匯率，我們的旅遊業務成長了約 1%。所以，當你展望 2026 年時，你會考慮到當時的成長率，然後你會說，好吧，隨著新產品上線以及去年的銷售和行銷投資，你就能理解我們進入 2026 年的成長率將會提高。

From a cadence standpoint, we really expect the growth rate to be even -- roughly even over the course of the year, but there's some puts and takes with that. So obviously, we have BP coming online in the second half, which helps growth in mobility. But we're also assuming interest rates decrease over the course of the year, especially in the second half of the year. And so that puts an overall drag in mobility and hence when you look at those two together, you get to the cadence of roughly even growth over the course of the year.

從節奏的角度來看，我們確實預期成長率會保持平穩——大致全年保持平穩，但這其中也存在一些波動。很顯然，BP將在下半年上線運營，這將有助於移動出行領域的成長。但我們也假設利率會在今年內下降，尤其是在下半年。因此，這會對整體流動性造成阻礙，因此，當你把這兩者放在一起看時，你會發現全年的成長節奏大致保持平穩。

Okay. Great. Maybe a follow-up question on Corporate Payments. From a similar vein, as we think about the organic growth assumptions there, I know you're talking to is relative to the previous question that there'd be more balanced it over the course of the year for the travel, but how about sort of non-travel, I know you guys have some share, some wins there. I saw the announcement with (inaudible).

好的。偉大的。或許可以就企業支付方面提出後續問題。類似地，當我們考慮有機成長假設時，我知道你指的是與先前的問題相關的，即全年的旅行收入會更加平衡，但是非旅行收入呢？我知道你們在這方面也有一些份額和一些成功案例。我看到了那份公告（聽不清楚）

Just trying to make sure I understand sort of how to think about that and after that in -- and then even in the direct payables business, sort of what the assumptions are there? Because I know you guys were making some investments there. Do you see an acceleration there as a result of some of these investments? Maybe you can give us -- just elaborate a little bit more on corporate payments and the building blocks there?

我只是想確保我理解該如何思考這個問題，以及之後——甚至在直接應付帳款業務中，有哪些假設？因為我知道你們在那邊進行了一些投資。您認為這些投資會加速該地區的發展嗎？或許您可以再詳細解釋企業支付及其構成要素？

Sure. We're really confident in the trajectory of Corporate Payments. I just to start with that, we're seeing some really great trends across the board, strong volume coming through with our travel customers as well as -- if you look at the functionality that we've rolled out, so we took the core capability that we have with our travel customers and made enhancements to that so that we've been selling it in the course of this year outside of travel to other embedded payments customers.

當然。我們對企業支付的發展軌跡非常有信心。首先，我們看到各方面都出現了非常好的趨勢，旅遊客戶的業務量也大幅增長——如果你看看我們推出的功能，就會發現我們利用旅遊客戶的核心功能對其進行了增強，因此今年我們已將其銷售給旅遊以外的其他嵌入式支付客戶。

And really, the core offering that we have for that customer base is leveraging the bank and being able to take really complicated payment flows that are often have quite a bit of regulatory oversight and doing that in one shop.

實際上，我們為該客戶群提供的核心服務是利用銀行資源，在一個機構內處理通常受到相當多監管的非常複雜的支付流程。

And so we're using our world-class virtual card platform, but we've got our bank combined in that. And so that product in the marketplace continue to have really good product market fit. We're continuing to add new customers. We're going through implementation cycles now. And so we're really bullish about how that product will continue to build in the course of the year.

因此，我們正在使用我們世界一流的虛擬卡平台，但我們的銀行也整合到了其中。因此，市場上的該產品繼續保持著非常好的產品市場契合度。我們正在持續增加新客戶。我們現在正處於實施週期。因此，我們對該產品在今年的發展前景感到非常樂觀。

On the [AP] direct side, I think that it's a great engine. We've continued to add salespeople in that those salespeople are ramping. We're seeing really good production from that. And so we expect to continue to have double-digit growth in 2026 relating to sales in that. It's coming off a growing base and so we expect the growth rates to look pretty similar.

就[AP]直航方面而言，我認為它是一款很棒的引擎。我們一直在增加銷售人員，因為這些銷售人員正在逐步提升業績。我們看到它的產量非常好。因此，我們預計到 2026 年，該領域的銷售額將繼續保持兩位數成長。由於基數不斷增長，因此我們預計增長率將非常相似。

So if you kind of take all of that in and factor in any contract renewals we have across the portfolio. We are expecting to see a build in the course of the year. So spend on travel will look pretty consistent in the course of the year from everything we know outside of travel in these new customer implementations. We see that spend volume lift and increase over the course of the year. And so there will be a little bit of an increase in growth, but I would say travel is still a large part of the business.

所以，如果你把所有這些因素都考慮進去，再加上我們整個投資組合中的所有合約續約情況。我們預計今年內將會看到建設成果。因此，根據我們目前對這些新客戶實施方案中除旅行以外的所有情況的了解，全年的旅行支出看起來將相當穩定。我們看到，消費額在一年中不斷提升和成長。因此，成長會略有增加，但我認為旅遊仍然是業務的重要組成部分。

And our embedded payments and our EP direct products are still the minority of the segment. So places we're super excited because we're building on that. We think they're going to become a bigger part of the segment. It will drive growth rate acceleration over time. But it's going to have less of an impact in terms of like being a huge ramp from a quarter to quarter perspective.

我們的嵌入式支付和 EP 直接產品仍然只佔該細分市場的一小部分。所以，我們非常興奮，因為我們正在以此為基礎繼續發展。我們認為它們將在該細分市場中佔據更大的份額。隨著時間的推移，這將推動經濟成長速度加快。但從季度環比來看，它不會像以往那樣產生巨大的成長。

Ramsey El-Assal, Cantor Fitzgerald.

拉姆齊·艾爾-阿薩爾，坎托·菲茨杰拉德。

I want to ask a question about benefits and whether you're seeing any impacts, probably tailwinds, from any political or policy-related stuff that's going on out there? I'm thinking the Big Beautiful Bill lapsing of some Affordable Care Act coverage. Just curious if there's any kind of political overlay to the performance in that segment that you're seeing or expect to see?

我想問一個關於收益的問題，以及您是否看到任何政治或政策相關事件對您產生的影響，或者說有利因素？我懷疑是《大法案》導致部分《平價醫療法案》的保障失效。我只是好奇，你認為這部分錶演是否有任何政治因素的影響，或者你預期會看到什麼影響？

Yes. Yes. It's interesting times, right? I would say there's a lot of interest and pretty much every month, we hear different ideas of how these tax deferred assets can be further utilized and specifically focusing around the construct of an HSA. There's still a lot of details that need to make their way through.

是的。是的。現在真是個有趣的時代，對吧？我認為大家對此非常感興趣，幾乎每個月我們都會聽到關於如何進一步利用這些延稅資產的不同想法，特別是圍繞 HSA 的構建。還有很多細節要釐清。

So I believe we're in an environment that is really positive, likely something that we will benefit from not something that we factored into our guidance. And I would say we had a really strong open enrollment season. But we don't think we saw much of an impact from the Big Beautiful Bill in part because the consumers are going through these exchanges. So consumer education takes some time. We do believe that this will continue to be a headwind -- I mean, a tailwind for us.

所以我認為我們身處在一個非常積極的環境，我們很可能會從中受益，但這並非我們制定指導方針時所考慮的因素。我認為我們的招生季非常成功。但我們認為，《大美好法案》並沒有產生太大影響，部分原因是消費者正在經歷這些交易。所以消費者教育需要時間。我們相信這將繼續成為我們的逆風——我的意思是，對我們來說是順風。

in this part of the business. And so we're excited about not just what has happened already in terms of legislative changes, but the conversations that are happening and where we think this is going, but nothing that we factored into our guidance.

在這一業務領域。因此，我們不僅對立法變革方面已經發生的事情感到興奮，也對正在進行的對話以及我們認為未來的發展方向感到興奮，但這並沒有將任何因素納入我們的指導方針中。

Okay. One quick follow-up. And forgive me if I missed you guys commented on this a little more. Jag, I wanted to ask about the elevated credit losses in the first quarter versus the rest of the year. Is there anything that you had already called out? Or any kind of finite reasons why that is occurring?

好的。還有一個後續問題。如果我漏掉了你們的一些評論，請原諒。Jag，我想問為什麼第一季的信貸損失比今年其他季度要高。你之前有沒有提到過什麼？或者說，造成這種情況的具體原因是什麼？

Ramsey, great question. Thanks for the question. Really, two pieces for us. So first, let me say overall, we feel really good about the quality of our portfolio. We've made investments that we've talked about in the past and our ability to use AI and heavy analytics and managing the credit quality portfolio, and we still feel really good and really confident about that.

拉姆齊，問得好。謝謝你的提問。真的，我們兩個要兩塊。首先，我想說的是，總體而言，我們對我們投資組合的品質感到非常滿意。我們已經進行了一些我們過去談到的投資，我們有能力利用人工智慧和強大的分析能力來管理信貸品質組合，我們對此仍然感到非常滿意和充滿信心。

Relative to Q1, there's really two reasons. So first, just recall that it takes about 6 months for something to DLA payment that eventually doesn't get paid and goes into being written off. So when we're talking about receivables that are now six months old, when fuel prices were higher. So with fuel prices coming down, but the higher value of those receivables that are being written off, just the simple math of the write-offs against the spend levels with lower PPG just causes an increase in the basis points.

相對於第一季度，這實際上有兩個原因。首先，請記住，從申請 DLA 付款到最終未獲得付款並被註銷，大約需要 6 個月的時間。所以，當我們談論那些已經逾期六個月的應收帳款時，當時的燃油價格更高。因此，隨著燃油價格下降，但應收帳款的核銷價值較高，僅是核銷金額與每加侖汽油價格下降導致的支出水準之間的簡單計算，就會導致基點增加。

A second smaller reason as we went into market in the second half of last year, we were testing a couple of offers those offers are no longer market, but we saw a little bit of elevated credit losses associated with them. Like I said, we've pulled those offers, but those were taken Q1 to work through. But overall, we feel really good about where we are.

第二個較小的原因是，去年下半年我們進入市場時，我們測試了一些產品，這些產品現在已經不在市場上銷售了，但我們發現與這些產品相關的信貸損失略有增加。正如我所說，我們已經撤回了那些報價，但那些報價是在第一季提出的，需要時間處理。但總的來說，我們對目前的狀況感到非常滿意。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

I wanted to go back to the direct payables business? You called out making some investments in it, the growth has slowed, I think, from like 25% in the first half of this year to 20%, I think, in 3Q and now 15% plus, I think you said this quarter. Some of it perspective are just growing off a larger base. But maybe just talk a little bit more about that, like given the investments you're making or what's driving that? And what do you expect that to look like for 2026?

我想重回直接應付帳款業務領域？您提到要進行一些投資，我認為成長速度已經放緩，從今年上半年的 25% 左右降至第三季的 20%，而現在，我想您說的是本季的 15% 以上。有些觀點只是建立在更大的基礎上。但或許可以再多談談這方面，例如你正在進行的投資，或是什麼因素在驅動這些投資？你預計2026年會是什麼樣子？

Yes. We do expect to see double-digit growth in 2026. Part of why you're seeing that decelerate, there's some lumpiness around when the customers have been implementing when they actually spend. So I wouldn't read too much into it. It's still prone to having some mix in there.

是的。我們預計2026年將達到兩位數成長。你看到這種成長放緩的部分原因是，客戶實際消費的時間點有些波動。所以我覺得沒必要過度解讀。它仍然容易混入一些雜質。

From a -- just what we're adding to the business, I'd say it's a very consistent motion of adding salespeople, those sales people were out there soliciting customers. Those customers are going through actually a pretty quick implementation process, very high retention rates with that underlying customer base. And so very, very consistent with the investment thesis that we've laid out, and we think that will continue to play out really well into 2026 and beyond.

從我們為公司增加的內容來看，我認為這是一個非常持續的趨勢，那就是增加銷售人員，這些銷售人員一直在積極招攬客戶。這些客戶的實施過程其實相當迅速，而且現有客戶群的留存率非常高。因此，這與我們提出的投資理念非常吻合，我們認為這個理念在 2026 年及以後仍將繼續有效。

Got it. Okay. And then maybe turning to benefits, and I just want to make sure I heard correctly. I think, Melissa, you said 6% to 7% account growth in 1Q for benefits. Does that include the UAW benefit in there?

知道了。好的。然後可能要談到福利待遇了，我只是想確認一下我是否聽得沒錯。梅麗莎，我記得你說過第一季福利帳戶增加了 6% 到 7%。這其中是否包括UAW的福利？

So like it would be a step down after that. Is that the way to think about it, just given you're just assuming like through enrollment season at this point, but just trying to understand what we should think about on growth for the full year.

所以，那之後就等於退步了。這樣想是否正確？假設你目前只是假設招生季的情況，但我們只是想了解我們應該如何看待全年的成長。

So just to correct, Q1, we expect 5% to 7% account growth. I think I said that in my prepared remarks. Then in terms of UAW, no, we don't expect a step down in Q1. Those accounts will continue. We typically have a step down from Q1 to Q2 just in the number of accounts.

更正一下，第一季我們預期帳戶成長率為 5% 至 7%。我想我在準備好的發言稿裡說過這一點。至於 UAW，不，我們預計第一季不會出現下滑。這些帳戶將繼續保留。通常情況下，從第一季到第二季度，帳戶數量會下降。

We see that year after year just because new onboarding happens in Q1 and then customers that are leaving the system tend to happen in Q2. So you do see a step down. But UAW is continuing, nothing to be worried about that. It's just the year over year the growth rate that UAW becomes a year-over-year comparison going in the second half of the year, but not [capitalizing].

我們年復一年地看到這種情況，因為新用戶進駐通常發生在第一季度，而離開系統的用戶往往發生在第二季度。所以確實出現了一種下滑。但美國汽車工人聯合會（UAW）仍在繼續運作，這沒什麼好擔心的。這只是UAW在下半年開始的同比增速，但並非如此。[大寫]

Right. So -- so the growth rate will step down though just to platform.

正確的。所以——所以，成長率會隨著平台的發展而下降。

Correct.

正確的。

Rayna Kumar, Oppenheimer.

Rayna Kumar，奧本海默。

So I just want to ask something about free cash flow. I think your free cash flow conversion this year was a bit below 55%. Any call out there? And how should we think about free cash flow for '26? And then separately, could you just call out the same-store sales growth for your local fleets and mobility?

所以我想問一下關於自由現金流的問題。我認為你今年的自由現金流轉換率略低於 55%。有人在嗎？那我們該如何看待2026年的自由現金流呢？另外，能否單獨列出您當地車隊和旅遊服務的同店銷售成長？

Sure. So free cash flow, I mean, nothing in particular to call out. We were very pleased with free cash flow in '25 had $638 million. We view that as pretty strong. Keep free cash flow and an improvement over the $500 million and change we did in 2024.

當然。所以自由現金流方面，我的意思是，沒有特別需要指出的。我們對 2025 年的自由現金流非常滿意，達到了 6.38 億美元。我們認為這相當有力。維持自由現金流，並比 2024 年實現的 5 億美元左右有所提高。

For 2026, we are continuing to expect north of $600 million. We expect to further increase from the 2025 levels. So we continue to feel confident with regard to same-store sales. I think what we said overall is that we saw similar trends to what we saw in Q3. I'd say local fleets was a slight improvement over what we saw in Q3.

我們預計 2026 年的營收將超過 6 億美元。我們預計到 2025 年將進一步成長。因此，我們對同店銷售額依然充滿信心。我認為我們總體上表達的是，我們看到了與第三季類似的趨勢。我認為本地車隊的情況比第三季略有改善。

And OTR was slightly worse.

OTR的情況略差一些。

Yes.

是的。

Nate Svensson, Deutsche Bank.

內特‧斯文森，德意志銀行。

I was hoping to ask about some of the moving pieces for operating margins in '26. I guess for the full year, how should we think about each of the segments and how that builds up to total company margins being flat. I know it benefits will have the impact of float headwinds, corporate payments, we're exiting the year a little north of 48% and then hopefully, the operating leverage as that normalizes? Mobility, we have BP coming on lower interest rates offsetting. And then on top of all of that, you have the investment. So I was just hoping you could put all that together, maybe talk about margin cadence for the year by each of the segments.

我原本想問一下 2026 年營運利潤率的一些變動因素。我想，就全年而言，我們應該如何看待每個業務板塊，以及這些業務板塊如何共同導致公司整體利潤率持平。我知道這將帶來一些不利影響，例如浮存金逆風、公司支付等，我們今年的收益率略高於 48%，然後希望隨著經營槓桿的正常化，收益率也能隨之下降。出遊方面，BP即將推出的較低利率政策將起到抵銷作用。除此之外，還有投資的問題。所以我希望你能把所有這些資訊匯總起來，也許可以談談各個細分市場今年的利潤率變化。

Yes. And let me start actually just talking about margins overall because it's something that we think a lot about. Jagtar talked about some of the cost actions that we're taking and have been taking the course of this year. Those are setting us up whilst if you exclude the impact of macro in the midpoint of our guidance, we're assuming 75 basis points of improvement in margins. So margin improvement that's coming -- when I talked about product innovation velocity, one of the things that we've really focused on is how to get more through using AI and advanced tools than we have in the past.

是的。接下來，我想先談談整體利潤率，因為這是我們經常考慮的問題。Jagtar 談到了我們今年正在採取和一直在採取的一些成本控制措施。這些因素為我們奠定了基礎；如果排除宏觀經濟的影響，我們預期利潤率將提高 75 個基點。因此，利潤率的提高指日可待——當我談到產品創新速度時，我們真正關注的一點是如何利用人工智慧和先進工具來獲得比過去更多的收益。

So we're getting work through and we're doing it at a lower cost. So that 50% improvement had about 400 less people in our technology group. And you can see that coming through with lower CapEx in the course of 2025. And so we're seeing some material improvements of how we're bringing products into the marketplace from a redesign all the way from a development perspective. We've taken that same philosophy, had started to deploy it in our operations group.

所以我們既能完成工作，又能降低成本。因此，這 50% 的改進使我們的技術團隊減少了約 400 人。這一點可以從 2025 年較低的資本支出看出。因此，從重新設計到開發，我們在產品推向市場的方式上看到了實質的改進。我們秉持著同樣的理念，並已開始在我們的營運團隊中推行。

We talked about the fact that we have a new tool that we put out there within our benefits business, which is claims automation. A great tool because it relieves one of the pain points from our customer and submitting the claim, does it more accurately and quicker than what we were able to do before, and we think of that as just the tip of the iceberg. And so we're really focused on how we can continue to use these use cases, amplify that through increasing our innovation. And those are things that we're factoring in when we're thinking about margin expansion. So as Jagtar said, we're moving -- we're really focused on how we can invest at the same time how we can create scale in the business.

我們談到了我們在福利業務中推出的新工具，即理賠自動化。這是一個很棒的工具，因為它解決了客戶提交索賠時的痛點之一，而且比我們以前能夠做到的更準確、更快捷，我們認為這只是冰山一角。因此，我們真正關注的是如何繼續利用這些用例，並透過增加創新來擴大其影響力。這些都是我們在考慮擴大利潤率時會考慮的因素。正如 Jagtar 所說，我們正在前進——我們真正關注的是如何投資，同時也要考慮如何擴大業務規模。

And then, Nate, just how to think about margins per segment. I would say we're pleased because within our guide, all of our segment margins are improving before you include the effects of macro and so we're pleased with that. Obviously, with macro effects that impacts a couple of our segments, some ability and benefits will be a bit more flattish because of the macro impacts, while corporate payments will continue to improve from the higher revenue and relatively fixed cost base.

然後，內特，該如何考慮每個細分市場的利潤率？我認為我們很滿意，因為在我們制定的指導方針中，所有細分市場的利潤率在考慮宏觀經濟影響之前都在提高，所以我們對此感到滿意。顯然，由於宏觀經濟因素影響到我們的幾個業務板塊，一些業務能力和收益會因為宏觀經濟的影響而略顯平緩，而企業支付則會因更高的收入和相對固定的成本基礎而繼續改善。

So makes sense. I appreciate the detail. And then Jagtar, maybe this is one for you. You mentioned it in the prepared remarks, and there were some comments in the supplemental. Just about the incentive with your scheme provider in corporate payments.

所以說得通。我很欣賞這種細緻的觀察。那麼，Jagtar，也許這很適合你。您在準備好的發言稿中提到了這一點，補充發言稿中也有一些評論。關於您在企業支付方案提供者處獲得的激勵措施。

Maybe I'm wrong, but it seems like maybe incentives were a little bit higher than normal this year, maybe a little more weighted to 4Q. I guess if that's right, what were the reasons for that? And then is there any way to think about incentives as the scheme partner in '26? Are there pump considerations we have to keep in mind with regards to that specifically?

也許我錯了，但感覺今年的激勵措施可能比往年略高一些，而且可能更專注於第四季。如果情況屬實，那麼原因是什麼呢？那麼，在 2026 年，作為方案夥伴，是否有任何方法可以考慮激勵措施？關於泵，我們是否需要特別注意某些方面？

Yes. We negotiated a new scheme relationship in the second half of the year. We were really pleased with that. It helped us in the second half, saw a little bit in Q3, a little bit more in Q4, will continue on into next year. So you'll have good comps on that in the first half of the year and then while we're in the second half.

是的。我們在下半年協商達成了一項新的合作方案。我們對此非常滿意。它對我們下半年的業績有所幫助，第三季有所改善，第四季改善更多，明年也會繼續保持這種勢頭。所以今年上半年你會有很好的比較數據，下半年也會有。

Trevor Williams, Jefferies.

特雷弗威廉斯，傑富瑞集團。

I want to start with the bigger picture question on mobility, just given the sales focus on the lower end of the market. Melissa, maybe you can give us a sense for how much of that segment you think is still up for grabs at the low end and how you'd frame any of the competitive dynamics with some of the open loop providers?

我想先從移動出行這個更宏觀的問題入手，因為銷售重點主要集中在低端市場。梅麗莎，或許你可以談談你認為低端市場還有多少份額尚未被瓜分，以及你會如何看待與一些開放式循環供應商之間的競爭動態？

Sure, sure. actually, if you look at the market, we are continuing to -- when you think about the marketplace itself, we have a sales force that's dedicated towards going after larger accounts at a place that we've had a lot of success in our business model. We've continued to win those new accounts. And then when we thought about where is the kind of broader open market opportunity, it's in the smaller account arena.

當然，當然。實際上，如果你看看市場，我們會繼續下去——當你想到市場本身時，我們擁有一支專門負責爭取大客戶的銷售團隊，而我們的商業模式在這個領域取得了巨大的成功。我們持續贏得這些新客戶。然後，當我們思考哪裡存在更廣泛的開放市場機會時，我們發現機會就在小客戶領域。

We spent a lot of time refining first our credit tools and fraud tools and making sure that we're in a position that we felt really good about opening of our marketing channels. We've opened those up. We're having success in bringing customers through digitally and seeing that continue to be quite profitable for the business. And so the focus for us is continue to build market leadership in the mid- and upside upward part of the marketplace. But we're also keenly focused on how can we increase the market share, which is largely unpenetrated in that smaller end of the marketplace, both for our North American mobility business, but also with our over-the-road business, this 10-4 offering that we have out there, we're really excited about because it allows us to extend into a new part of the marketplace that we historically haven't played in, and that's owner operators.

我們花了很多時間完善我們的信用工具和反詐騙工具，確保我們能夠自信地開放我們的行銷管道。我們已經開放了這些通道。我們透過數位化方式成功吸引了客戶，並且看到這種方式持續為公司帶來豐厚的利潤。因此，我們的重點是繼續在中高端市場建立市場領導地位。但我們也十分關注如何提高市場份額，因為在市場較小的細分領域，我們尚未充分開發這部分市場。無論是我們的北美旅遊業務，還是我們的公路運輸業務，我們都對目前推出的 10-4 服務感到非常興奮，因為它使我們能夠拓展到我們過去從未涉足的新市場領域，那就是自僱者市場。

And what they're doing is downloading an application, they're accessing our fuel network. They're doing that at a discount. Fuel prices are their largest operating costs. And so we're saving the meaningful money, but also introducing them into our set of products where they're building relationship with us, which as they grow, they can continue to mature until -- the other products we have, if we don't, we have an extended credit to them. And so across the board, we think of the small fleet opportunity is a place that we're going to continue to penetrate.

他們正在做的就是下載一個應用程序，然後訪問我們的燃料網路。他們正在以折扣價出售。燃油價格是他們最大的營運成本。這樣一來，我們不僅節省了可觀的資金，還讓他們體驗到我們的產品，與他們建立聯繫。隨著他們的成長，他們可以繼續發展壯大，直到——如果我們沒有其他產品，我們會給予他們更長的信用期。因此，總的來說，我們認為小型車隊市場是我們將繼續努力開拓的領域。

Okay. Great. And then maybe for Jagtar on quarter-to-date trends, I'm just wondering how same-store sales in mobility are looking relative to Q4 between the comps and assuming there's been some weather impact from the last couple of weeks? And then just to clarify to make sure we're hearing you right on the ex fuel growth cadence for mobility. Is the message that Q1 should be the low point of the year because of the comps and then growth should look pretty similar for the balance of '26? (technical difficulty)

好的。偉大的。然後，對於 Jagtar 來說，就本季至今的趨勢而言，我只是想知道與第四季度相比，移動出行領域的同店銷售額情況如何，並假設過去幾週的天氣狀況對其造成了一定影響？然後，為了確保我們理解正確，關於出行領域燃料成長的節奏，我想澄清一下。意思是說，由於同業比較的影響，第一季應該是全年的低谷，然後2026年剩餘時間的成長應該會非常相似嗎？（技術難題）

I just want to make sure we have that.

我只是想確保我們擁有它。

Yes. Let me address the second one first. So Q1 is slightly lower because we have -- remember, we had the pull forward last year in the OTR business. So that will impact Q1 a little bit. And then growth, yes, correct.

是的。讓我先回答第二個問題。所以第一季略有下降，因為——記住，去年我們在 OTR 業務方面出現了提前完成的情況。所以這會對第一季產生一些影響。然後是增長，沒錯。

It's pretty similar over the balance of the year for the reasons I talked about earlier, BP coming online that you get bringing up the drag from interest rates. On the KPIs, what we saw from same-store sales has embedded in the guidance. that we've given you. And what we're seeing from KPIs right now is on track for the guidance we've put out there. We did have some weather impacts, what was that a week or 2 ago, but that's embedded in the guidance so far, things are looking like they're on plan.

今年剩餘時間的情況也大致相同，原因正如我之前所說，BP 的投產將加劇利率上漲帶來的拖累。關於關鍵績效指標，我們從同店銷售額中觀察到的情況已經納入了我們給您的指導方針中。而我們目前從關鍵績效指標（KPI）中看到的情況，與我們先前發布的指導方針相符。大約一兩週前，天氣確實對我們造成了一些影響，但目前為止，這些影響已經納入了指導方針中，一切看起來都在按計劃進行。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

I want to start off just I saw the changes with David Fass. We're big fans of his. I mean it's good to see him take an active role on the Board. But more importantly, just curious what the -- I know you could have released out about the changes on the board a bit more bringing down a couple of positions to 10, I think. Help us understand what the thought process is there?

我想先說說我看到的David Fass帶來的改變。我們都是他的忠實粉絲。很高興看到他積極參與董事會事務。但更重要的是，我只是好奇——我知道你可以稍微透露董事會的變化，例如將幾個位置降到 10 個，我想。請幫助我們理解其中的思考過程？

What you think the Board wants to see strategically? Has anything changed from a strategic direction standpoint over the last couple of quarters as this has gone on as well? Obviously, you had a process going on. I'm curious looking out of that more with the new board.

你認為董事會希望在策略層面看到什麼？從策略方向的角度來看，過去幾個季度以來，隨著這種情況的持續，是否有任何變化？顯然，你們當時正在進行某個流程。我很想看看新主機板在這方面能發揮怎樣的作用。

Yes. Yes. Great question. I think if anything, it has reinforced the strategy that we have in place and we talk about the 3 pillars of how we are really focused on driving strategy and driving growth across the company. Both the process of bringing in the external bankers, which just validated the fact that we know the business is better off together and execution should be our focus, execution of our strategy.

是的。是的。問得好。我認為，如果有什麼影響的話，那就是它強化了我們現有的策略，我們一直在討論我們如何真正專注於推動公司策略和成長的三大支柱。引入外部銀行家的過程，正好驗證了我們知道企業團結起來會發展得更好，而執行才是我們的重點，即執行我們的策略。

And I would say that, that same thing has been true as we've gone through a refreshment process over a number of years. Bringing Dave on is part of that refreshment process of bringing in a new lead independent director. He's great. I'm excited to have them for. I'm sure he will have his own perspective.

而且我認為，在過去幾年的革新過程中，情況也是如此。聘請戴夫是引進新的首席獨立董事這項更新過程的一部分。他很棒。我很興奮能擁有它們。我相信他會有自己的看法。

But so far, it's just reinforcing the strategy that we have.

但到目前為止，這只是強化了我們既有的策略。

Okay. And no change from your perspective, to capital allocation decisions versus what maybe we would have thought about a year ago? And maybe just remind us what you're hoping for and looking for from the mix between M&A and buybacks? I know you talked a bit about it in the presentation, but anything that's really changed to be helpful in terms of thought process.

好的。從你的角度來看，資本配置決策與我們一年前的想法相比，沒有改變嗎？或許您可以提醒我們，您希望透過併購和股票回購的組合來實現什麼目標？我知道你在演講中談到了一些，但就思考過程而言，有沒有什麼真正有幫助的改變呢？

Yes. It's a great question. When we think about capital allocation, risk-adjusted return is our North Star. And so for quite a period of time, that moved us into M&A. Over the last few years, we've spent $2 billion in buying back stock.

是的。這是一個很好的問題。當我們考慮資本配置時，風險調整後的收益是我們的指路明燈。因此，在相當長的一段時間裡，這促使我們進入了併購領域。過去幾年，我們花了 20 億美元回購股票。

And it actually kind of leads in the path when I talked about in my prepared remarks that a couple of years ago, we started on this journey of really focusing on increasing organic innovation. It's really in mind to the fact we're in an environment where we've been doing less M&A and therefore, we're really focused on how we can continue to go faster and bring new products into the marketplace and commercialize them. And we've seen some really good success in that. So we're actually really excited and the path we're on because we're seeing new products coming in. We're seeing them commercial success we feel really bullish on how we're going to continue to increase the pace of that and where that's going to bring the company over time.

實際上，這與我在準備好的發言稿中提到的方向不謀而合：幾年前，我們開始了真正專注於增加有機創新的旅程。考慮到我們目前所處的環境併購活動減少，因此，我們真正關注的是如何繼續加快發展速度，將新產品推向市場並實現商業化。我們在這方面已經取得了一些非常好的成功。所以，我們真的非常興奮，也對我們正在走的這條路感到滿意，因為我們看到了新產品的到來。我們看到了他們的商業成功，我們對如何繼續加快這一步伐以及這將如何隨著時間的推移把公司帶到何處感到非常樂觀。

So from a capital allocation perspective, I would say stay North Star is risk-adjusted return and we're going to evaluate share buyback versus looking at M&A for the near term, we're very focused on paying down debt. And with the multiple we're trading at right now, we'll continue to buy back stock.

因此，從資本配置的角度來看，我認為北極星的目標是風險調整後的回報，我們將評估股票回購與近期併購之間的關係，我們非常專注於償還債務。以我們目前的本益比來看，我們將繼續回購股票。

Michael Infante, Morgan Stanley.

麥可‧因凡特，摩根士丹利。

There's obviously been a lot of noise around agentic travel booking, potentially reshaping OTA workflows. And over time, the economics and the routing of travel payments. So I'm curious how you are thinking about that and what you're doing to be positioned for that shift. And as you contemplate the medium term, how should we be thinking about sort of where any potential impact would show up first across volumes take rates or just changes in channel mix.

顯然，圍繞旅行社預訂旅遊業務有很多討論，這可能會重塑線上旅行社 (OTA) 的工作流程。隨著時間的推移，旅行支付的經濟性和路徑也會改變。所以我很想知道你是如何看待這個問題的，以及你正在採取哪些措施來為這種轉變做好準備。在考慮中期影響時，我們應該如何思考任何潛在影響會先體現在銷售量、市場佔有率還是通路組合的變化上？

Yes. Yes, sure. We -- obviously, we think a lot about the agentic AI across our whole customer segment. When you talk specifically about travel, when we think about the search to book the pay journey, it's evolved for decades, and it's going to continue to do that. So that what we think about and what we see actually when we're working with is that they're structurally embedded in that journey.

是的。當然可以。顯然，我們非常重視面向我們整個客戶群的智慧人工智慧。具體來說，談到旅行，例如預訂付費行程，它已經發展了幾十年，而且還會繼續發展。因此，我們在思考和實際工作中看到的是，它們在結構上嵌入到這個旅程中。

The large OTAs are effectively partnering with the platforms like OpenAI, like Google, and the smaller ones are differentiating through curated experiences. And so there's a lot of adoption that's happening right now within the OTA space. What we know is that virtual card payments are really important in the space because it's this unique ability to have buyer seller protections, they have global acceptance, automated reconciliation whole wealth of data that's put in there. So what we're seeing right now is that what we have, the capabilities that we have are becoming, if anything, more important and kind of the way that is happening is changing, but the OTA is still deeply embedded in that process. And you can see that coming through in our volume growth.

大型線上旅行社 (OTA) 有效地與 OpenAI、Google 等平台建立了合作關係，而規模較小的 OTA 則透過精心策劃的體驗來實現差異化。因此，目前OTA領域正在發生許多變化。我們知道，虛擬卡支付在這個領域非常重要，因為它具有獨特的買賣雙方保護功能，在全球範圍內被廣泛接受，並能自動對賬，其中包含了大量數據。所以我們現在看到的是，我們所擁有的能力正在變得越來越重要，而這種變化的方式也在改變，但OTA仍然深深地嵌入到這個過程之中。這一點可以從我們的銷售成長中看出。

We've had really strong volume growth.

我們的銷售成長非常強勁。

That's helpful. And then just one housekeeping follow-up. Melissa, you alluded to this in some of your commentary on Corporate Payments. And I know it's a fairly small part of the portfolio on both an absolute and a relative basis. But have you directly incorporated any impact from a potential renewal of a key OTA customer within the guide this year?

那很有幫助。然後只需要一次後續的家務跟進。梅麗莎，你在對企業支付的一些評論中也提到過這一點。我知道無論從絕對值或相對值來看，這筆投資在投資組合中所佔的比例都相當小。但今年的指南中是否直接納入了重要OTA客戶潛在續約可能帶來的影響？

Yes, Michael, we've factored that into our guidance. Our guidance includes everything that we're thinking about for the Corporate Payments business, including potential pricing tax, et cetera.

是的，邁克爾，我們已經把這一點納入了我們的指導方針中。我們的指導涵蓋了我們對企業支付業務的所有思考，包括潛在的定價、稅收等。

That concludes our question-and-answer session. I will now turn the call back over to Steve Elder for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給史蒂夫·艾爾德，請他作總結發言。

I appreciate everyone joining us today, and in a couple of minutes over here, but thank you for all the questions and interest, and we look forward to sharing our progress next quarter.

感謝今天到場的各位，以及幾分鐘後即將到場的各位，感謝大家提出的所有問題和關注，我們期待在下個季度與大家分享我們的進展。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。