WEX Inc. (WEX) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to the WEX first-quarter 2026 earnings conference call. (Operator Instructions)

感謝各位稍候，歡迎參加 WEX 2026 年第一季財報電話會議。（接線員指示）

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

現在我想把電話交給投資人關係資深副總裁 Steve Elder。您可以開始了。

Thank you, operator, and good morning, everyone. With me today are Melissa Smith, our Chair and CEO; and Jagtar Narula, our CFO.

謝謝，接線員，各位早安。今天與我一同出席的有我們的董事長兼執行長 Melissa Smith，以及我們的財務長 Jagtar Narula。

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.

我們昨日發布的新聞稿與補充資料，以及用於說明預先準備發言的簡報投影片，已張貼於 wexinc.com 網站的投資人關係專區。新聞稿與補充資料的副本亦已納入昨日下午向美國證券交易委員會（SEC）提交的 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.

提醒各位，我們在本次電話會議中將討論非 GAAP 指標，特別是調整後淨利（我們有時稱為 ANI）、調整後稀釋每股淨利、調整後營業利益及其相關利潤率，以及調整後自由現金流。請參閱新聞稿附件 1，以了解這些非 GAAP 衡量指標的說明與調節表。由於 GAAP 所報導之盈餘中包含若干要素具有不確定性且金額難以確定，公司因此以 GAAP 基礎提供營收指引，並以非 GAAP 基礎提供盈餘指引。

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 the most recently filed annual report on Form 10-K and 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.

我也要提醒各位，我們將依據 1995 年《私人證券訴訟改革法》討論前瞻性陳述。實際結果可能因各種因素而與這些前瞻性陳述存在重大差異，包括新聞稿、補充資料中所討論者，以及最近提交之 10-K 年報與其後 10-Q 季報及其他後續 SEC 申報文件中所列之風險因素。雖然我們未來可能更新前瞻性陳述，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，且其內容僅反映截至今日的情況。

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

接下來，我把電話交給 Melissa。

Thank you, Steve, and good morning, everyone. We appreciate you joining us. The first quarter marked a strong start to the year for WEX. We exceeded the high end of our guidance range for both revenue and adjusted net income per diluted share, and we did that with strong execution across the organization. After record revenue and adjusted net income per diluted share in 2025, we continue to build on our momentum in the first quarter of 2026.

謝謝你，Steve，各位早安。感謝各位加入我們。第一季對 WEX 而言是今年強勁的開局。我們的營收與調整後稀釋每股淨利皆超越指引區間上緣，而這是仰賴全組織的強力執行所達成。在 2025 年創下營收與調整後稀釋每股淨利新高之後，我們在 2026 年第一季持續延續這股動能。

Revenue for the quarter was $673.8 million, an increase of 5.8% year-over-year. Excluding fuel prices and foreign exchange, revenue grew 5.4%, which was above the midpoint of our prior guidance. Adjusted net income per diluted share was $4.15, up 18.2% year-over-year. Excluding fuel prices and foreign exchange, adjusted EPS grew 19.4%.

本季營收為 6.738 億美元，年增 5.8%。若排除燃油價格與外匯影響，營收成長 5.4%，高於我們先前指引的中位數。調整後稀釋每股淨利為 4.15 美元，年增 18.2%。若排除燃油價格與外匯影響，調整後 EPS 成長 19.4%。

Importantly, these results were not driven by just one segment. Benefits and Corporate Payments continued to perform well, and we delivered better-than-expected results in mobility amid a still challenging market. We're seeing the benefits of our scale, our increasing productivity and the strength of WEX's operating model.

重要的是，這些成果並非由單一事業部門所驅動。福利與企業支付持續表現良好，而在市場仍具挑戰的情況下，我們在移動出行（mobility）也交出優於預期的成績。我們正看到規模效益、持續提升的生產力，以及 WEX 營運模式的優勢所帶來的成果。

At WEX, we simplify the business of running a business. Every day, our customers manage payments and workflows that are complex, regulated and mission-critical. Too often, they still have to stitch together disconnected systems across spending, payments, reimbursement, reporting and controls. That makes decisions slower, oversight harder and risk more difficult to manage. That complexity is only increasing, and that's exactly why we believe WEX is well positioned to thrive.

在 WEX，我們讓「經營企業」這件事變得更簡單。每天，我們的客戶都在管理複雜、受監管且攸關營運的支付與工作流程。但太多時候，他們仍必須在支出、支付、報銷、報表與控管之間，把彼此不相連的系統拼接起來。這會讓決策更慢、監督更困難，也讓風險更難以管理。而這種複雜性只會持續增加，這正是我們相信 WEX 具備良好定位、能夠蓬勃發展的原因。

What makes our model powerful is that across mobility, benefits and corporate payments, our businesses share common technology, data, compliance and financial infrastructure, including WEX Bank. That allows us to uniquely solve customer problems in vertically specialized ways while also scaling capabilities across the enterprise. It is why our strategy is focused on the customer and driven by three priorities: amplify our core, expanding our reach and accelerating innovation.

我們模式之所以強大，是因為在移動出行、福利與企業支付三大領域，我們的業務共享共同的技術、資料、合規與金融基礎設施，其中包括 WEX Bank。這使我們能以垂直領域專精的方式，獨特地解決客戶問題，同時也能在全公司範圍擴大能力規模。因此，我們的策略以客戶為核心，並由三大優先事項驅動：強化核心、擴大觸及，以及加速創新。

The work we've done over several years to strengthen that shared operating foundation is translating into tangible business results. In 2025, we increased product innovation velocity by more than 50%. And in 2026, we are focused on converting that velocity into better experiences and outcomes for our customers and stronger productivity growth and operating leverage for WEX.

我們多年來為強化這個共享營運基礎所做的工作，正轉化為具體的業務成果。在 2025 年，我們將產品創新速度提升超過 50%。而在 2026 年，我們聚焦於把這個速度轉化為客戶更佳的體驗與成果，以及 WEX 更強的生產力成長與營運槓桿。

A large part of our accelerated product innovation is being driven by AI, which is helping us in two ways. First, it enables us to deliver better products and make smarter and faster decisions. We're able to use our data, workflows and domain expertise to improve things like claims, spend visibility, service, credit and payment outcomes.

我們加速產品創新的很大一部分動能來自 AI，AI 以兩種方式協助我們。第一，它讓我們能提供更好的產品，並做出更聰明、更快速的決策。我們能運用自身的資料、工作流程與領域專業，改善例如理賠、支出可視性、服務、授信與支付成果等面向。

Second is helping us redesign how things get done inside WEX by both automating routine work and improving speed and accuracy, allowing our teams to focus on higher value decisions for customers. AI is not a separate initiative, but something that is being integrated into our operations to improve customer outcomes and increase efficiency.

第二，AI 也協助我們重新設計 WEX 內部的工作完成方式，透過自動化例行工作並提升速度與準確性，讓團隊能把重心放在為客戶做出更高價值的決策。AI 並非一項獨立計畫，而是被整合進我們的營運之中，以改善客戶成果並提升效率。

In 2026, we plan to deliver $50 million in cost-saving actions, including savings from automation and modernization with a portion of the proceeds to be reinvested in the business and the remainder to flow through to margins. Let me spend a few minutes on the momentum we're seeing across the business and how that momentum reflects the strategy we are executing, starting with mobility.

在 2026 年，我們計畫推動 5,000 萬美元的成本節省行動，包括來自自動化與現代化的節省；其中一部分節省將再投資於業務，其餘則將反映在利潤率上。接下來我將用幾分鐘談談我們在各項業務上看到的動能，以及這些動能如何反映我們正在執行的策略，並先從移動出行開始。

Within mobility, which represents roughly half of our revenue, we are executing well and delivering improved results even as the market and macroeconomic environment remains challenging. While our outlook does not anticipate a macro recovery, we are making progress in the areas we can control: pricing, sales productivity, product expansion and customer execution. That strong execution is reflected in our financial results in the first quarter.

在移動出行領域（約占我們營收的一半），即使市場與總體經濟環境仍具挑戰，我們仍執行到位並交出改善的成果。雖然我們的展望並未預期總體環境復甦，但我們正在我們可控的領域取得進展：定價、銷售生產力、產品擴張與客戶執行。這樣的強力執行已反映在第一季的財務結果中。

Mobility revenue increased 3.2% year-over-year. Higher US fuel prices were a tailwind, but that benefit was offset by international fuel spreads. Payment processing transactions were down 3%, so this is not a story of the market suddenly snapping back. Rather, it's a story of improving execution.

移動出行營收年增 3.2%。美國燃油價格上升帶來順風，但該效益被國際燃油價差所抵銷。支付處理交易量下降 3%，因此這並不是市場突然反彈的故事。相反地，這是一個執行力改善的故事。

We are closely monitoring energy price volatility related to the Middle East conflict. At this point, we have not seen a meaningful impact on customer demand or volumes in mobility. We are seeing a small impact to travel volume trends leading into the second quarter that we are reflecting in our guidance.

我們正密切監控與中東衝突相關的能源價格波動。截至目前，我們尚未看到其對移動出行客戶需求或交易量造成顯著影響。我們確實看到進入第二季前的旅遊量趨勢出現小幅影響，並已在我們的指引中反映。

We are confident in the progress of our growth levers. We're encouraged by the early traction in 10-4 by WEX, where we are growing active users and have earned very high ratings in both the Apple and Google App Stores. This product expands our reach into a large and underpenetrated part of the market while creating a path to deepen relationships over time.

我們對成長槓桿的進展充滿信心。我們也受到 10-4 by WEX 早期進展的鼓舞：活躍用戶持續成長，且在 Apple 與 Google App Store 皆獲得非常高的評分。此產品讓我們得以擴大觸及市場中規模龐大且滲透率仍低的一部分，同時也為我們隨時間深化客戶關係建立路徑。

Lastly, on mobility, I'm proud of our team for completing the complex BP conversion, which will create a small benefit in the second quarter. Most importantly, it solidifies the BP contribution we expect in the second half of 2026 and into 2027. As a reminder, we won this important contract from the strength of our enhanced acceptance product.

最後，關於移動出行（mobility）業務，我為我們的團隊完成複雜的 BP 轉換感到自豪，這將在第二季帶來小幅利好。更重要的是，這鞏固了我們預期在 2026 年下半年以及延續至 2027 年的 BP 貢獻。提醒一下，我們憑藉強化後的受理（acceptance）產品優勢贏得了這份重要合約。

Let me now shift to Benefits, which represents approximately 30% of our revenue. In Benefits, our momentum continued during the first quarter. We came through a strong open enrollment season, and that positioned us well for the remainder of the year.

接下來我轉到福利（Benefits）業務，該業務約占我們營收的 30%。在福利業務方面，我們在第一季延續了動能。我們度過了一個強勁的開放投保（open enrollment）季，這讓我們在今年剩餘時間具備良好態勢。

Benefits revenue increased 8.5% in the quarter. HSA accounts on our platform were up 8% year-over-year to 9.4 million HSA accounts in Q1. Here, WEX Bank continues to be an important differentiator, allowing us to earn attractive yields on HSA assets.

本季福利業務營收成長 8.5%。第一季我們平台上的 HSA 帳戶數年增 8%，達到 940 萬個 HSA 帳戶。在這裡，WEX Bank 仍是重要的差異化因素，使我們能在 HSA 資產上賺取具吸引力的收益率。

Benefits is one of the clearest examples of how our technology investments are creating value for customers. We've talked before about our early results in reducing claims reimbursement times by more than 98%, and we continue to increase integration and automation across the platform. We are leveraging technology to create better customer and partner experiences and drive durable growth.

福利業務是最清楚的例子之一，展現我們的技術投資如何為客戶創造價值。我們先前談過，理賠報銷時間縮短超過 98% 的初步成果，而我們也持續在整個平台提升整合與自動化。我們正運用科技打造更好的客戶與合作夥伴體驗，並推動可持續的成長。

Finally, let me turn to Corporate Payments, which represents approximately 20% of our revenue. Corporate Payments revenue increased 9.3% in the quarter. In Corporate Payments, we are strengthening the core while continuing to expand the reach of the business across industries, geographies and workflows. We continue to bring in new customers onto our platform, and our pipeline is building momentum.

最後，我談談企業支付（Corporate Payments）業務，該業務約占我們營收的 20%。本季企業支付營收成長 9.3%。在企業支付方面，我們一方面強化核心，同時持續將業務觸角擴展至更多產業、地理區域與工作流程。我們持續將新客戶導入平台，且我們的商機管道（pipeline）正在累積動能。

We're excited to announce today that we entered into a long-term renewal with a large and strategically important travel customer. This renewal reinforces the value proposition of our platform, reliability, compliance, workflow integration and the ability to handle complex payment flows at scale. Consistent with what we said on our fourth quarter call, the economics of the renewal are already contemplated in our guidance and are fully reflected in our Q1 results.

我們很高興今天宣布，我們已與一家規模龐大且具策略重要性的旅遊客戶達成長期續約。此次續約強化了我們平台的價值主張：可靠性、合規性、工作流程整合，以及以規模化方式處理複雜支付流的能力。與我們在第四季電話會議所述一致，續約的經濟效益已納入我們的財測指引，並已完整反映在第一季結果中。

At the same time, we continue to see progress outside of travel. Our direct accounts payable solution leverages our corporate payments platform and has focused on the underserved mid-market, enabling it to deliver outsized growth. Direct accounts payable purchase volume increased in line with last quarter, and this book of business represents approximately 20% of annual segment sales broadening our opportunity set outside of travel represents attractive long-term growth opportunities for the segment.

同時，我們也持續看到旅遊以外領域的進展。我們的直連應付帳款解決方案（direct accounts payable）運用企業支付平台，並聚焦於服務不足的中型市場（mid-market），因此得以帶來超額成長。直連應付帳款的採購量（purchase volume）與上季相當，而這部分業務約占該分部年度銷售額的 20%；將機會版圖擴展至旅遊以外，為該分部帶來具吸引力的長期成長機會。

We entered 2026 with momentum, and our first quarter results reinforce that our strategy is working. In the third quarter of last year, I mentioned we had reached an inflection point. Since then, we have seen both revenue and adjusted EPS grow as we illustrate on slide 5 of our earnings presentation. This momentum is driven by the strength of our pipeline, improving productivity and from the pace of product innovation.

我們帶著動能進入 2026 年，而第一季的結果再次印證我們的策略正在奏效。去年第三季我提到我們已到達一個拐點。自那之後，我們的營收與調整後 EPS 皆持續成長，如同我們在財報簡報第 5 頁所示。這股動能來自我們強勁的商機管道、提升的生產力，以及產品創新的速度。

Our investments over the last several years are producing results, and we are now moving to a phase of scaling those investments to deliver increasing operating leverage and drive meaningful margin expansion over time. We are combining our increased efficiency and scale with a disciplined capital allocation framework.

過去數年的投資正在產生成果，而我們現在正進入擴大規模（scale）這些投資的階段，以帶來更高的營運槓桿，並隨時間推進實現具意義的利潤率擴張。我們將提升的效率與規模，結合嚴謹的資本配置框架。

As we illustrate on slide 14 of our earnings presentation today, our returns on invested capital have been increasing on a NOPAT basis as a result of our strong execution and thoughtful capital deployment. As the environment has changed, we have shifted our capital allocation priorities accordingly, pivoting from accretive M&A to share repurchases. Today, we are prioritizing debt reduction until our leverage ratio is below 3x while continuing to invest in the business.

如同我們今天在財報簡報第 14 頁所示，受惠於強勁的執行力與審慎的資本部署，我們以 NOPAT（稅後淨營業利潤）為基礎的投入資本報酬率（ROIC）持續提升。隨著環境變化，我們也相應調整資本配置優先順序，從具增益的併購（accretive M&A）轉向庫藏股回購。目前，在持續投資業務的同時，我們優先降低負債，直到槓桿比率低於 3 倍。

I know some of you may have questions regarding the proxy contest. I will be discussing this in more detail with our Lead Independent Director designee, Dave Foss, during a webcast fireside chat on Monday, April 27. I hope you will be able to join us for that discussion. In the meantime, you can read more about our strategy and progress and our thoughts on the proxy contest in the comprehensive investor presentation that we have published on our Investor Relations website last week.

我知道各位可能對委託書爭奪戰（proxy contest）有些疑問。我將於 4 月 27 日（週一）的線上爐邊談話（webcast fireside chat）中，與我們指定的首席獨立董事（Lead Independent Director）Dave Foss 更深入討論此事。希望各位能參與那場討論。在此之前，各位可在我們上週發布於投資人關係網站的完整投資人簡報中，閱讀更多關於我們的策略與進展，以及我們對委託書爭奪戰的看法。

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

接下來，我把時間交給 Jagtar，請他更詳細說明我們的財務表現與更新後的展望。

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. We delivered solid revenue growth and strong earnings performance in the first quarter while continuing to build momentum and strengthen the operational foundation that positions us for accelerating growth and profitability in 2026.

謝謝你，Melissa，各位早安。在我開始之前，我想提醒各位，除非另有說明，所有比較皆為年對年（year-over-year）。第一季我們在持續累積動能的同時，交出穩健的營收成長與強勁的獲利表現，並持續強化營運基礎，使我們在 2026 年具備加速成長與提升獲利能力的定位。

Total revenue in the quarter was $673.8 million, up 5.8% and above the top end of the guidance range we provided last quarter. The impact of foreign exchange rates and fuel prices increased revenue growth by 0.4%. Excluding these macro impacts, revenue was slightly above the midpoint of the guidance range we provided last quarter.

本季總營收為 6.738 億美元，年增 5.8%，且高於我們上季提供的財測區間上緣。外匯匯率與燃油價格的影響使營收成長增加 0.4%。排除這些總體因素影響後，營收略高於我們上季提供之財測區間的中點。

Adjusted earnings per share was $4.15, an increase of 18.2%, partially offset by a decrease of 1.2% related to the net negative impact from fuel prices and foreign exchange rates. Excluding these macro impacts, adjusted EPS was above the high end of the guidance range we provided in February.

調整後每股盈餘（EPS）為 4.15 美元，年增 18.2%，但部分被燃油價格與外匯匯率帶來的淨負面影響（-1.2%）所抵銷。排除這些總體因素影響後，調整後 EPS 高於我們 2 月提供之財測區間上緣。

Let me walk you through the macro impacts in the quarter in more detail and how they may have deviated from your expectations given the sensitivities we provide. There are three key things to remember when we talk about sensitivities and fuel price guidance, especially in periods of high price volatility like we saw in Q1.

我將更詳細說明本季總體因素的影響，以及在我們提供的敏感度假設下，這些影響可能如何偏離各位的預期。當我們談到敏感度與燃油價格指引時，有三個關鍵重點需要記住，尤其是在像第一季那樣價格波動很大的期間。

First, the European market we operate in tends to move opposite of our US fuel price exposure. Extreme price volatility in Q1 led to an unfavorable $7.6 million revenue impact from these spread movements that offset the favorable $5.5 million revenue impact from US fuel prices.

第一，我們所營運的歐洲市場走勢往往與我們在美國的燃油價格曝險相反。第一季的極端價格波動，導致這些價差變動（spread movements）帶來 760 萬美元的不利營收影響，抵銷了美國燃油價格帶來 550 萬美元的有利營收影響。

Second, the sensitivity we provide assumes that gasoline and diesel prices move in tandem. In Q1, diesel prices moved much higher than unleaded gasoline prices, so the sensitivity was not as accurate. Our OTR customers primarily buy diesel fuel, where our revenue stream is more tied to fixed fees per transaction. Our local customers are primarily buying unleaded gasoline, which is predominantly tied to percentage-based fees and is therefore more sensitive to changes in fuel prices. When there is a large disconnect in the price between diesel and unleaded gasoline, as we saw in Q1, the sensitivity is less accurate.

第二，我們提供的敏感度假設汽油與柴油價格同步變動。但在第一季，柴油價格上漲幅度遠高於無鉛汽油，因此該敏感度並不那麼準確。我們的 OTR 客戶主要購買柴油，而我們的營收來源與每筆交易的固定費用連動較高。我們的本地客戶主要購買無鉛汽油，其費用多以百分比計價，因此對燃油價格變動更敏感。當柴油與無鉛汽油之間出現很大的價格脫鉤（如第一季所見），敏感度就會較不準確。

Finally, there is a timing factor with late fees in our sensitivities. As we recognize late fee revenue, it is based on balances in prior months at prior fuel prices. This means when prices rise rapidly, the benefit to late fees will trail by about a month.

最後，我們的敏感度中還包含逾期費用（late fees）的時間差因素。我們認列逾期費用收入時，是以先前月份在先前燃油價格下的餘額為基礎。這表示當價格快速上升時，逾期費用帶來的效益大約會落後一個月才反映。

Overall, we did not see the fuel price impact that we would have normally expected in Q1 because of the very sudden increase in the timing at the end of the quarter. However, we are confident that we will see this normalize as we anticipate fuel price volatility levels out for the remainder of the year.

整體而言，由於季度末時點出現非常突然的上升，我們在第一季並未看到通常會預期的燃油價格影響。不過，我們有信心，隨著我們預期今年剩餘期間燃油價格波動趨於平穩，這將回歸正常。

One last point on the macro is regarding FX. We also had a favorable $5.1 million revenue impact from FX gains in the quarter. Overall, this was a very noisy quarter in the macro. But the real story is a solid performance across the business that is positioning us well for the remainder of 2026.

關於總體環境最後一點是外匯（FX）。本季我們也因外匯收益帶來有利的 510 萬美元營收影響。整體而言，這一季在總體面相當嘈雜。但真正的重點是，我們在各項業務上都有穩健表現，讓我們在 2026 年剩餘期間處於有利位置。

Before I move on to the segments, I want to update you on our sales and marketing efforts broadly, where we are seeing encouraging results. In the first quarter, new business added about 1% to our revenue growth rates versus last year. Our returns are coming in as planned, and we continue to expect new business growth to outpace this year.

在我進入各事業部之前，我想先向各位更新我們整體的銷售與行銷工作，目前我們看到令人鼓舞的成果。第一季，新業務相較去年約為我們的營收成長率貢獻了 1%。我們的回報如計畫落地，我們也持續預期新業務成長將在今年超越既有基礎。

Turning now to the segments. Mobility revenue increased 3.2%, driven by our strategic initiatives taking hold and a small benefit of 0.2% related to fuel prices and changes in foreign exchange rates. This exceeded our expectations and demonstrates the momentum we're building through both new sales and pricing increases that you can see in our (inaudible) revenue. Our payment processing rate was 1.23%, a decrease of 10 basis points sequentially. The sequential decrease in the net interchange rate is due primarily to the impact of European market movements, which I mentioned earlier and the higher fuel price in the US.

接著看各事業部。Mobility 營收成長 3.2%，主要受惠於我們的策略性措施開始發揮效果，另有 0.2% 的小幅助益來自燃油價格與外匯匯率變動。這超出我們的預期，並展現我們透過新銷售與提價所累積的動能，這也反映在我們的（聽不清）營收中。我們的支付處理費率為 1.23%，較前一季下降 10 個基點。淨交換費率的季減主要是因為我先前提到的歐洲市場變動影響，以及美國較高的燃油價格。

As a reminder, last year gallons in OTR were pulled forward into Q1 due to tariff worries, which created a tougher comp for Q1 this year that we were able to overcome. I would add that on local fleet side of the business, we also saw a quarter-over-quarter improvement in same-store sales, which is another encouraging sign.

提醒一下，去年由於關稅疑慮，OTR 的加侖數被提前到第一季，導致今年第一季的比較基期更具挑戰，但我們仍成功克服。我也要補充，在本地車隊（local fleet）業務方面，我們同店銷售也出現季對季改善，這是另一個令人鼓舞的訊號。

In our Benefits segment, total revenue of $216.2 million rose 8.5%, reflecting the strong open enrollment season Melissa mentioned earlier. Overall, SaaS account growth was 3.8% in the quarter. While this was slightly lower than what we guided, it was due to shutting down a noncore product that was not delivering the returns we expected that added a 2% drag to account growth in the quarter. The impact is immaterial to both revenue and income. Importantly, this deliberate action aligns with our strategic focus to amplify our core by investing in products that deliver appropriate returns for the business.

在我們的 Benefits 事業部，總營收 2.162 億美元成長 8.5%，反映 Melissa 先前提到的強勁開放投保季（open enrollment season）。整體而言，本季 SaaS 帳戶成長 3.8%。雖然這略低於我們的指引，但原因是我們關閉了一項未能帶來預期回報的非核心產品，使本季帳戶成長率受到 2% 的拖累。此影響對營收與獲利皆不具重大性。重要的是，這項有意為之的行動符合我們的策略重點：透過投資能為公司帶來適當回報的產品，強化核心業務。

The Benefits segment continues to capitalize on both the scale we have built and the value derived from our investment portfolio at WEX Bank, which allows us to deliver industry-leading returns on our HSA assets. Average HSA custodial cash assets grew 11.8% in the quarter and custodial investment revenue grew 14.2%. HSA accounts also grew 8%, as Melissa noted earlier. Overall, we are very pleased with the performance of the segment.

Benefits 事業部持續受惠於我們已建立的規模，以及 WEX Bank 投資組合帶來的價值，使我們能在 HSA 資產上提供業界領先的報酬。本季 HSA 託管現金資產平均值成長 11.8%，託管投資收入成長 14.2%。如 Melissa 先前所述，HSA 帳戶也成長 8%。整體而言，我們對該事業部的表現非常滿意。

Finally, in Corporate Payments, revenue of $113 million increased 9.3% at the high end of our expectations with our net interchange rate expanding 3 basis points year-over-year. Purchase volume also increased 3.6%, reflecting continued strength in our travel customers. Travel-related revenue grew approximately 12% in the quarter, supported by the strength of our partnerships. Revenue from non-travel customers grew in the mid-single digits.

最後，在 Corporate Payments 方面，營收 1.13 億美元成長 9.3%，達到我們預期區間的高端，同時淨交換費率年增 3 個基點。採購量也成長 3.6%，反映我們旅遊客戶持續強勁。本季旅遊相關營收約成長 12%，受惠於我們合作夥伴關係的強度。非旅遊客戶的營收則以中個位數成長。

Within that, our direct AP business grew in line with Q4. We are still in early innings here. And while there is higher volatility in growth rates given the size of the portfolio, seasonal trends from customers and impacts of legacy businesses included in the mix, we remain excited by the long-term opportunity.

其中，我們的直連應付帳款（direct AP）業務成長與第四季一致。我們在這裡仍處於早期階段。儘管由於投資組合規模、客戶季節性趨勢，以及組合中包含的既有（legacy）業務影響，成長率波動較大，我們仍對長期機會感到振奮。

Moving to margins. Year-over-year, Q1 adjusted operating income margin declined 50 basis points, driven primarily by an increase in credit losses from 12 basis points to 19 basis points within the range we guided you to last quarter. Normalizing for the unfavorable 200 basis point impact of higher credit loss and fuel price differences, our adjusted operating margin would have expanded 130 basis points as a result of efficiency gains through technology and AI, pricing actions and the operating leverage we are seeing from higher organic growth via the investments we have made in innovation in 2025. For 2026, we are expecting margin expansion of approximately 75 basis points on a macro-neutral basis, and that is embedded in the midpoint of our guide.

接著談利潤率。年對年來看，第一季調整後營業利益率下滑 50 個基點，主要是信用損失由 12 個基點上升至 19 個基點，落在我們上季提供的指引區間內。若將較高信用損失與燃油價格差異帶來的不利 200 個基點影響正常化，我們的調整後營業利益率將因科技與 AI 帶來的效率提升、定價措施，以及我們在 2025 年對創新投資所帶動的更高有機成長所產生的營運槓桿，而擴張 130 個基點。展望 2026 年，在總體環境中性（macro-neutral）的基礎上，我們預期利潤率約擴張 75 個基點，且已反映在我們指引的中位數中。

With that, let me transition to the balance sheet. WEX is a business that generates strong recurring revenue, which in turn produces reliable free cash flow. On a trailing 12-month basis, we have generated $671 million of adjusted free cash flow, a 14% increase over the same period last year. This is a strength in all periods, but especially in times of economic uncertainty, it gives us significant capital deployment optionality.

接下來我轉到資產負債表。WEX 是一家能產生強勁經常性收入的企業，進而帶來可靠的自由現金流。以過去 12 個月計，我們產生了 6.71 億美元的調整後自由現金流，較去年同期成長 14%。這在任何時期都是優勢，尤其在經濟不確定時期，能為我們提供相當大的資本配置彈性。

We also benefit significantly from WEX Bank, which provides low-cost funding through deposits and Federal Home Loan bank lines. It's important to note that the bank gives us lower cost of funding versus alternatives such as securitizing our receivables. In addition, as we've mentioned before, WEX Bank also helps us drive higher yields in our HSA assets through its investment portfolio.

我們也顯著受惠於 WEX Bank，其透過存款與聯邦住房貸款銀行（Federal Home Loan Bank）額度提供低成本資金。需要強調的是，相較於將應收帳款證券化等替代方案，該銀行能為我們帶來更低的資金成本。此外，如同我們先前提到的，WEX Bank 也透過其投資組合，協助我們在 HSA 資產上取得更高收益率。

Touching on leverage. We ended Q1 with a leverage ratio of 3.1x, flat from the end of Q4 as expected and within our long-term range of 2.5x to 3.5x. We remain on trajectory to reach the midpoint of our leverage range in the second half of the year.

談到槓桿。我們在第一季末的槓桿比率為 3.1 倍，與第四季末持平，符合預期，且落在我們 2.5 倍至 3.5 倍的長期區間內。我們仍按計畫在今年下半年達到槓桿區間的中位數。

Let me shift to capital allocation, a focus of every investment decision we make at WEX. Each step of our disciplined capital allocation process is grounded by a clear objective to maximize long-term shareholder value and every investment decision we make is weighted against returning capital to our shareholders, including internal investments in our segments.

接著談資本配置，這是我們在 WEX 做出每一項投資決策時的重點。我們嚴謹的資本配置流程每一步，都以清楚的目標為依歸：最大化長期股東價值；而我們做出的每一項投資決策，都會與回饋資本給股東進行權衡，包括對各事業部的內部投資。

As we think about deploying capital externally through M&A or share repurchases, we start by prioritizing a safe and strong balance sheet as measured by maintaining leverage ratio below the midpoint of our target range at 3x. Because of that, we expect to continue to reduce leverage through Q2. While M&A is not at the forefront today, we will assess opportunities that strengthen our strategic position.

當我們考慮透過併購（M&A）或庫藏股回購對外部署資本時，我們首先會優先確保安全且強健的資產負債表，其衡量方式是將槓桿比率維持在目標區間中位數 3 倍以下。因此，我們預期將在第二季持續降低槓桿。雖然目前併購並非首要重點，但我們會評估能強化我們策略地位的機會。

I also want to point you to our new disclosure on return on invested capital that Melissa mentioned earlier. We calculate this by looking at our equity and corporate debt, excluding working capital funding at WEX Bank that includes deposits and borrowings from the Federal Home Loan Bank against our net operating income after tax. We exclude WEX Bank for ROIC because its funding sources aren't comparable to operating capital. As Melissa mentioned, we are very pleased to see this important metric continue to improve. You can find more detail on the calculation in the earnings presentation we posted today.

我也想請各位留意我們新增的投入資本報酬率（ROIC）揭露，Melissa 先前已提到。我們的計算方式是：以稅後淨營業利益為基礎，對照我們的股東權益與公司債務，並排除 WEX Bank 用於營運資金的資金來源（包含存款與向聯邦住房貸款銀行借款）。我們在 ROIC 中排除 WEX Bank，因其資金來源與營運資本不具可比性。如 Melissa 所述，我們很高興看到這項重要指標持續改善。關於計算方式的更多細節，請參閱我們今天發布的財報簡報。

One final point on capital allocation. Our strategy remains consistent, and you should expect any excess cash from higher fuel prices to drop through to reduce leverage near term.

關於資本配置最後再補充一點。我們的策略仍然一致，您應該預期因燃油價格上升而產生的任何超額現金，短期內都會用於降低槓桿。

Now let's move to earnings guidance for the second quarter and the full year. In Q2, we expect to generate revenue in the range of $727 million to $747 million. We expect adjusted net income EPS to be between $4.93 and $5.13 per diluted share. For the full year, we now expect to report revenue in the range of $2.82 billion to $2.88 billion. We expect adjusted net income EPS to be between $18.95 and $19.55 per diluted share. Compared to the midpoints of the previous ranges, these represent increases of $120 million in revenue and $1.70 in EPS. You should think of these increases as largely driven by updating our fuel price assumption to $4.30 per gallon in Q2 and $3.70 per gallon for the full year. Lastly, on the interest rate side, we are no longer assuming any rate cuts for the rest of the year in guidance. This change had an immaterial impact to full year guidance.

現在我們來談第二季與全年盈餘指引。在第二季，我們預期營收將落在7.27億至7.47億美元之間。我們預期調整後淨利每股盈餘（EPS）將介於每股稀釋後4.93至5.13美元。就全年而言，我們目前預期營收將落在28.2億至28.8億美元之間。我們預期調整後淨利每股盈餘（EPS）將介於每股稀釋後18.95至19.55美元。相較於先前區間的中點，這代表營收增加1.2億美元、EPS增加1.70美元。您可以將這些增幅視為主要來自我們更新燃油價格假設：第二季每加侖4.30美元、全年每加侖3.70美元。最後，在利率方面，我們在指引中不再假設今年剩餘期間會有任何降息。此變更對全年指引的影響不具重大性。

In closing, our first quarter results underscore the strength of our diversified model and the discipline of our execution. We remain focused on executing our strategy to deliver results that drive sustainable long-term shareholder value.

總結來說，我們第一季的結果凸顯了我們多元化模式的強勁，以及我們執行上的紀律。我們仍專注於落實策略，以交出能推動長期可持續股東價值的成果。

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

接下來，接線員，請開放提問。

(Operator Instructions) Dave Koning, Baird.

（接線員指示）Dave Koning，Baird。

Good job. And when I look at probably the most important metric, right, the mobility acceleration was really good in the quarter. I mean, 3% growth on an organic constant currency, constant macro basis, best in five quarters. But you called out tariff impacts were still a headwind and some things are emerging. I guess I'm wondering between tariffs going away, BP coming on, late fees getting a lagged benefit, ISM getting better. Are all those kind of emerging benefits that growth actually accelerates from Q1 after a good Q1?

做得很好。我看最重要的指標之一，也就是行動業務（Mobility）的加速表現，本季真的很不錯。以有機、固定匯率、固定總體環境基礎來看成長3%，是五個季度以來最佳。但你們也提到關稅影響仍是逆風，而且有些因素正在浮現。我想問的是，在關稅消退、BP上線、滯納金帶來的遞延效益、ISM改善之間，這些是否都是正在浮現的利多，使得在第一季表現已不錯的情況下，成長在第一季之後還會進一步加速？

Well, first of all, thank you. We're really proud of the execution we had in the quarter. And you're right, you're pointing to a bunch of factors. Last year, we had the pull forward, as you mentioned, that affected some of the growth rate comparisons in the over-the-road business. And we've rolled on BP.

首先，謝謝你。我們對本季的執行成果感到非常自豪。你說得對，你點出了許多因素。去年我們如你所提到的有提前拉貨（pull forward），影響了公路運輸業務的部分成長率比較基期。而且我們也已經把BP納入運作。

We've done a bunch of pricing work. We're feeling good about the trajectory that we're on. When we actually contemplated the guide, we ran through the benefit we saw in the first quarter. And we've held the rest of the year to what we had previously guided. And I think that's really just more to reflect there's a lot of factors that are happening in the world right now, and we just want to be cautious about it. But you're right to point out, we have a number of really positive things that are going our way right now, and we feel really good about the trajectory we have of the business.

我們做了大量的定價工作。我們對目前的發展軌跡感到樂觀。在我們實際制定指引時，我們已把第一季看到的效益納入評估。但我們仍將今年剩餘期間維持在先前所給的指引水準。我認為這主要是反映目前世界上正在發生很多因素，我們希望保持審慎。不過你說得沒錯，我們目前確實有不少非常正面的因素正在發酵，我們對業務的發展軌跡感到很有信心。

And maybe just as a follow-up, Mobility's EBIT was actually down year-over-year. And I guess I'm wondering, is that mostly just sales and marketing? And maybe Jagtar could kind of put some numbers around it a little bit, like how much of that was simply sales and marketing going up and maybe core EBIT actually grew, but maybe talk through that a little bit.

再追問一下，行動業務（Mobility）的EBIT其實年對年是下降的。我想問這是否主要只是銷售與行銷費用所致？也許Jagtar可以稍微用數字說明一下，例如其中有多少只是銷售與行銷增加，而核心EBIT其實是成長的；能否請你們稍微說明？

Yes, Dave. So the two pieces year-over-year are sales and marketing and credit losses. Remember, credit losses have gone up year-over-year in this segment. We talked a little bit about that last quarter on the Q4 call. It was related to some kind of new offers we had put in the market and tested, pulled those offers away, but we saw higher credit losses coming through associated with them, which is why we pulled the offers away, but we saw that roll through in the quarter.

好的，Dave。年對年的兩個因素是銷售與行銷，以及信用損失。請記得，這個分部的信用損失年對年是上升的。我們在上一季第四季電話會議時也稍微談過。那與我們推出並測試的一些新方案有關；我們後來把那些方案撤下，但與之相關的信用損失已經上升並在本季反映出來，這也是我們撤下方案的原因。

That actually added about 2 percentage points to, as Melissa, I think, mentioned in the prepared remarks, about 200 basis points to margin impact -- operating margin impact in the quarter. So if you adjust for that piece, margins would have actually been up quarter-to-quarter for the -- sorry, I'm talking about for the company. For the Mobility segment, it was about 360 basis points in the segment. So if you adjusted for that, you would have been roughly flat year-over-year.

如Melissa在事先準備的講稿中提到的，這大約增加了2個百分點，也就是約200個基點的毛利率影響——更精確地說，是本季的營業利益率影響。因此若把這部分調整回來，公司的利潤率其實會呈現季對季上升——抱歉，我這裡先講的是公司整體。就行動業務（Mobility）分部而言，影響約為360個基點。所以若把這部分調整回來，年對年大致會接近持平。

Ramsey El-Assal, Cantor Fitzgerald.

Ramsey El-Assal，Cantor Fitzgerald。

I have two questions I'll ask both at once. Both of them are about fuel prices. I guess the first one is, are you seeing any downstream impact on -- or do you anticipate any downstream impact on credit performance because of higher fuel prices? Are you seeing that pressuring your customers in any notable way? And then the second part of the question is just what are you seeing in terms of fuel spreads as we enter the second quarter here?

我有兩個問題，我一次一起問。兩個都與燃油價格有關。第一個是，你們是否看到——或是否預期——燃油價格上升會對信用表現產生任何下游影響？你們是否看到這在任何顯著程度上對客戶造成壓力？第二個問題是，進入第二季之後，你們觀察到燃油價差（fuel spreads）有什麼變化？

I was a little surprised that spreads were as impactful as they were given that's a smaller part of your business. I'm just curious, are spreads settling down? Or is there still a risk that you could see some fuel spread volatility that impacts -- offset some of the benefit of higher retail prices, if that makes sense?

我有點意外，考量到價差在你們業務中占比不大，但它的影響卻那麼顯著。我想了解的是，價差是否正在趨於穩定？或者仍有風險會出現燃油價差波動，進而影響——也就是抵消——零售價格上升帶來的部分好處？希望我這樣問有說清楚。

Yes. Let me start with the first part of your question. In 2022, we actually had fuel prices were just under $4.50. So we've seen spikes in fuel prices before -- we're not seeing it impact credit quality, but we are paying attention to that. And actually, we're not seeing it affect customer behavior patterns with the exception of the fact we see people more interested in ways to create efficiency, and we think that's drawing them into our tools.

是的。我先回答你問題的第一部分。在2022年，我們的燃油價格其實接近但略低於每加侖4.50美元。因此我們以前也看過燃油價格的飆升——目前我們沒有看到它影響信用品質，但我們確實有在密切關注。而且實際上，我們也沒有看到它改變客戶的行為模式，除了我們看到大家更有興趣尋找提升效率的方法，我們認為這正把他們吸引到我們的工具上。

We certainly see more demand for our 10-4 product, and so we've seen really strong demand for that. So on the kind of the fringe, you'd see more behavior patterns where they're looking for efficiency, but not really having much of an impact overall in the portfolio. And then the spread question. I can start with that. But like spreads -- so you know our business in Europe operates off spreads.

我們確實看到對我們10-4產品的需求增加，因此需求非常強勁。所以在邊際上，你會看到更多行為模式是他們在尋求效率，但整體而言對投組並沒有太大影響。接著是價差的問題。我可以先談這部分。不過關於價差——你知道我們在歐洲的業務是以價差為基礎運作的。

It's the predominant model there. When you have rapid changes in prices is when you actually see these kind of meaningful changes in spreads because it was such a rapid movement and it happened so fast in the first quarter, it had a sizable impact in Q1. We expect the rest of the year in the way that the fuel prices were forecasting that we're not going to have a similar type of thing. And just to kind of note, when we snap fuel prices, as you might guess, they've been moving around quite a bit. And so we took kind of a mid view of the futures curve, knowing that it's been moving up and down, we took kind of the midpoint.

那裡主要就是這種模式。當價格快速變動時，你才會看到這類顯著的價差變化；因為第一季的變動非常迅速、發生得很快，所以對Q1造成了相當大的影響。依照我們對燃油價格的預測方式，我們預期今年其餘時間不會再出現類似情況。另外補充一下，當我們鎖定燃油價格時，如你所料，它們一直在大幅波動。因此我們採取期貨曲線的中間情境，考量到它上下波動，我們取了大致的中點。

Mihir Bhatia, Bank of America.

Mihir Bhatia，美國銀行。

Maybe I just want to start with adjusted operating margin and just understand exactly what is embedded in your guide for the year on adjusted operating margin relative to last year?

或許我想先從調整後營業利潤率談起，想更精確地了解你們今年對調整後營業利潤率的指引中，相較去年到底包含了哪些因素？

So we're expecting for the year, adjusted margins to increase about 130 basis points. A piece of that is the fuel price change that we made in the current quarter for the full year. So if you exclude the fuel price impact, you're getting about a 75 basis point improvement in operating income margin for the full year.

我們預期今年全年調整後利潤率將提升約130個基點。其中一部分來自我們在本季所做的燃油價格調整，並將其影響反映到全年。因此，若排除燃油價格影響，全年營業利益率的改善約為75個基點。

Got it. That's helpful. And then just sticking with mobility, you had the -- and the organic growth, right? You had 3% organic growth year-over-year. Can you talk about some of the factors that are driving that?

了解。這很有幫助。接著仍聚焦在 Mobility，你們提到——以及有機成長，對吧？你們的有機成長年增3%。能否談談推動這項成長的一些因素？

Was it -- because transactions are still down. You obviously have the interchange effect this year. So what is driving the organic growth? Is it -- and then just related to that, like as we think about the next few quarters, what should the interchange rate? Should it bounce back up?

是因為——交易量仍在下滑。你們今年顯然也有交換費（interchange）的影響。那麼推動有機成長的是什麼？另外也相關地，當我們展望接下來幾季時，交換費率應該會如何？它會回升嗎？

Like is the fuel price impact -- are we through that like the European spreads impact? Will that reverse in 2Q? I think that was 6 of the 10 basis points decline. Like what's a good interchange rate to think about for the rest of the year?

例如燃油價格的影響——我們是否已經度過了像歐洲價差影響那樣的階段？它會在第二季反轉嗎？我記得那是10個基點下滑中的6個基點。那麼今年剩餘期間，交換費率用什麼水準來思考會比較合適？

Okay. I'm going to start. When we think about managing the business, we think about new customers we're bringing on, retention rates, as well as pricing. So if you look at the mobility business itself, Jagtar talked about the fact we saw a 1% increase in new sales coming through. So new sales are better and take across the portfolio, but also in mobility, driven by the work we did in our sales and marketing investments, you can actually see that coming through pretty rapidly.

好的。我先開始回答。當我們思考如何管理業務時，我們會看我們帶來的新客戶、留存率，以及定價。如果你看 Mobility 業務本身，Jagtar 提到我們看到新銷售帶來的新增量成長1%。因此，新銷售表現更好，這在整體產品組合中都有體現；而在 Mobility 方面，主要是由我們在銷售與行銷投資上的工作所驅動，你其實可以看到效果很快就反映出來。

The second thing, retention looks similar than it did last year. Pricing is up. And so pricing has had an impact -- a positive impact in revenue growth and probably the primary driver. And then the last thing, Jagtar mentioned that same-store sales improved slightly. It's still negative, but it is getting a little bit better, which is a positive, we think, for the course of the year.

第二點，留存率看起來與去年相近。定價上升。因此定價對營收成長帶來影響——正向影響，而且可能是主要驅動因素。最後一點，Jagtar 提到同店銷售略有改善。雖然仍為負值，但確實在變得好一些，我們認為這對今年的走勢是正面的。

And then Mihir, I'll answer your question on the payment processing rate. So you're right, we did see a roughly 10 basis point reduction quarter-over-quarter from the market movement predominantly and then fuel price changes. So as we go into next quarter, you'll see the full quarter impact. So our interchange rate and fuel prices are inversely related because of the fixed fee component of how we charge customers. So as you go into the second quarter, you'll get the full quarter impact of the higher fuel prices.

Mihir，接著我回答你關於支付處理費率的問題。你說得沒錯，我們確實看到交換費率（或支付處理費率）季對季約下降10個基點，主要來自市場變動，其次是燃油價格變化。因此進入下一季，你會看到整季的完整影響。由於我們向客戶收費方式中包含固定費用的組成，因此我們的交換費率與燃油價格呈反向關係。所以到了第二季，你會看到較高燃油價格的整季影響。

So you should expect to see interchange rates roughly remain flat to the first quarter. And then as we go through the year, we were assuming that fuel prices decline as we go through the year in the third and fourth quarters, you'll start to see interchange rates start to rise again as fuel prices decline.

因此你應該預期交換費率大致會與第一季持平。接著隨著年度推進，我們假設燃油價格在第三、第四季會下滑，你將開始看到交換費率隨燃油價格下降而再度上升。

Rayna Kumar, Oppenheimer.

Rayna Kumar，Oppenheimer。

So I just want to go back to Mobility for a second. So it obviously came in better than you were expecting. So I just want to understand exactly what came in better than you were anticipating? And how sustainable is that going forward?

我想再回到 Mobility 談一下。很明顯它的表現優於你們原先的預期。我想了解的是，究竟是哪些項目優於你們原本的預估？以及這樣的表現往後有多可持續？

It was a little bit of everything as you go across, volume came in pretty much actually as we expected. Late fees were a little bit better and pricing was a little bit better. So it's a little bit across the portfolio that were slightly better than we expected.

整體來說各方面都有一些改善；就量而言，實際上大致符合我們的預期。滯納金（late fees）略優於預期，定價也略優於預期。因此在整個產品組合中，有幾個面向都比我們預期稍微好一些。

Understood. That's helpful. And then just on the Benefits segment operating margin, like what exactly drove that increase? And how sustainable is that expansion for the remainder of 2026?

了解。這很有幫助。接著關於 Benefits 部門的營業利潤率，究竟是什麼驅動了這次的提升？而這樣的擴張在2026年剩餘期間有多可持續？

Yes. Let me talk about operating margins just at a macro level, and I'm sure (inaudible) right now. One of the things that Jagtar mentioned earlier is that if you look at our operating margins in the first quarter, reported they're down, and there was a really big impact on margins for the company because of credit losses, which is a bit of a timing issue that will play out more favorably as you go through the course of the year. But underneath that, there's 130 basis points of improvement in operating margin, which is really tied to the work we've been doing over the last few years around using AI to modernize the way that we're operating as a company. And you can see that really coming through benefits is a piece of that.

是的。我先從較宏觀的層面談營業利潤率，我相信（聽不清）現在也會補充。Jagtar 先前提到的一點是，如果你看我們第一季的營業利潤率，按報表口徑是下滑的，而對公司利潤率造成很大影響的是信用損失，這在某種程度上是時點問題，隨著年度推進會以更有利的方式呈現。但在此之下，營業利潤率其實改善了130個基點，這主要與我們過去幾年所做的工作有關——運用 AI 來現代化我們作為一家公司的營運方式。而你可以看到，Benefits 也是其中的一部分。

But overall, we actually have 8% less employees at the end of '25 than we did at the end of 2023. And so we're really reimagining how work can get done. AI has been a huge tool that we're using associated with that. But we have a disproportional number of employees dedicated in our benefits business. And so that's part of why you actually see that benefit coming through and looking like it's quite scalable.

整體而言，我們在25年底的員工數比2023年底少了8%。因此我們正在重新想像工作可以如何完成。AI 是我們在這方面使用的一個重要工具。但我們在 Benefits 業務上配置了相對更高比例的員工。因此這也是你會看到這項效益反映出來、並且看起來相當具可擴展性的原因之一。

And then Rayna, on your operating margin question as we go through the year, really, the impacts as we go through the year are really going to be related to rates. So while we are no longer assuming any rate reduction, the year-over-year compares will get more difficult as you go through the year, somewhat related to maturities in the portfolio and reinvestment. So you'll start to see some moderation of operating margin as you go through the year related to that. But we still feel pretty good about where we are as a company. I think we've been executing well, as Melissa mentioned.

Rayna，至於你問到我們今年接下來的營業利潤率，影響因素主要會與利率相關。因此，雖然我們不再假設會有任何降息，但隨著年度推進，年對年的比較會變得更具挑戰，部分與投資組合到期與再投資有關。因此你會看到營業利潤率在年內因上述因素而開始有所趨緩。但我們對公司目前的狀況仍相當有信心。我認為我們一直執行得很好，正如 Melissa 所提到的。

Nate Svensson, Deutsche Bank.

Nate Svensson，德意志銀行。

Hoping you could discuss pricing opportunities within the Mobility business. Clearly, lots of ongoing discussion about this. It sounds like we've seen hundreds of slides on that topic in the last couple of weeks. Melissa, I think you briefly alluded to pricing in your prepared remarks and a couple of the answers here in Q&A. So hoping you could just put a finer point around pricing, maybe both from a philosophical point of view, how you think about pricing generally and then more tactically, if and how you plan to improve pricing in mobility going forward?

希望你們能談談 Mobility 業務中的定價機會。顯然，市場上對此有很多持續的討論。聽起來過去幾週我們已經看了數百張關於這個主題的投影片。Melissa，我想你在事先準備的發言以及這裡 Q&A 的幾個回答中，都簡短提到了定價。因此希望你能把定價講得更具體一些：也許先從理念層面談你們一般如何看待定價，再從戰術層面談談你們是否、以及如何計畫在未來改善 Mobility 的定價？

Yes, sure. So pricing is actually one of the levers that we've been using over the last decade, but certainly over the last few years. We had about $70 million worth of pricing actions that we took in '24 and '25, more that are coming through this year. The way that we think about it is as we're looking at pricing, we're balancing the effect to customer attrition with pricing actions, and we look at both of those things to the extent that we can increase on price because of the value that we're providing to our customers and not create a customer attrition issue, we are doing that. And we've done it in different ways.

是的，當然。因此，定價其實是我們在過去十年一直在運用的槓桿之一，尤其是在過去幾年。我們在 24 年和 25 年採取了約 7,000 萬美元的定價措施，今年還會有更多措施逐步反映出來。我們的思考方式是：在檢視定價時，我們會在定價措施對客戶流失的影響之間取得平衡；在我們能夠因為提供給客戶的價值而提高價格、同時又不造成客戶流失問題的情況下，我們就會這麼做。而且我們也用不同方式來執行。

We've looked at our merchant contracts and renegotiated those. We've increased late fees and customer fees across the portfolio. And so it's really just an embedded part of how we operate now. But we've had actually some pretty sizable increases over the last 3 years.

我們檢視了商戶合約並重新談判。我們也在整體組合中提高了滯納金與客戶費用。所以這真的已經成為我們現在營運方式中內嵌的一部分。但過去 3 年我們確實做了相當可觀的調升。

Yes. Helpful. The other thing I wanted to ask on in your prepared remarks, Melissa, you talked about the impact of travel on the guide for the rest of the year. So hoping for some more color on that. I think you have a few million dollars in quarterly revenue in corporate payments for Middle Eastern travel specifically.

是的。很有幫助。我還想問另一件事：在你準備好的發言中，Melissa，你提到旅遊對今年剩餘期間指引的影響。所以希望你能再多補充一些細節。我想你們在企業支付中，針對中東旅遊的季度營收大約有幾百萬美元。

One, is that correct? Two, anything beyond that direct exposure that you're calling out either with regards to the impact for March numbers or, I guess, for the outlook for the rest of the year in 2Q and beyond?

第一，這是正確的嗎？第二，除了這個直接曝險之外，你們是否還要特別指出其他影響，例如對 3 月數字的影響，或我想是對今年剩餘期間（第二季及之後）的展望？

Well, you nailed it. So it really is Middle East travel that we're seeing soft. If you look at Q1, volume was very normal. If you look at our overall growth in corporate payments, we feel really good and travel volume growth was really quite strong across the portfolio. And so what we saw starting in April is that the Middle East corridor was starting to look softer.

嗯，你說得沒錯。所以我們看到走弱的確實是中東旅遊。如果看第一季，交易量非常正常。如果看我們企業支付的整體成長，我們感覺非常好，而且旅遊交易量在整個組合中的成長其實相當強勁。因此我們從 4 月開始看到的是，中東走廊開始顯得比較疲弱。

It's in the order of about $3 million a quarter for us. We reflected that in our Q2 guide. And so we think it's a very narrow sliver of travel volume. But just to be thoughtful, it is a trend that we're seeing in the portfolio. The rest of the portfolio looks like it's operating as normal, and that's what we reflected in our guide.

對我們而言，規模大約是每季 300 萬美元左右。我們已在第二季指引中反映了這點。因此我們認為這只是旅遊交易量中非常狹窄的一小部分。但為了審慎起見，這確實是我們在組合中看到的一個趨勢。組合的其餘部分看起來都如常運作，而這也就是我們在指引中所反映的。

Tien-Tsin Huang, JPMorgan.

黃天勤（Tien-Tsin Huang），摩根大通。

Just a follow up on that last point there, Melissa and team. Just on the segment outlook, have that changed at all between Corporate Payments and Mobility given what you saw in April and the comments there?

就剛才最後一點追問一下，Melissa 和團隊。就分部展望而言，基於你們在 4 月看到的情況以及剛才的評論，企業支付與移動（Mobility）之間有任何改變嗎？

No, Tien-Tsin. I would say we're continue to hold to the guidance that we've sort of given earlier this year. We don't adjust sort of segment level guidance quarter-by-quarter. So we continue to maintain where we started the year.

沒有，Tien-Tsin。我會說我們仍然維持今年稍早所給出的指引。我們不會每一季逐季調整分部層級的指引。所以我們持續維持年初的立場。

Okay. Perfect. I just want to make sure. And then just I know the prior full year outlook embedded the $50 million in the cost savings, some of which you said would be reinvested. So I'm curious, a quarter in now, has that investing -- have you started that process now?

好的。完美。我只是想確認一下。另外，我知道先前的全年展望中包含 5,000 萬美元的成本節省，其中一部分你說會再投資。所以我想了解的是，現在過了一季，你們是否已經開始進行這些投資——是否已經啟動這個流程？

Has that changed at all in terms of magnitude or timing? I'm just trying to get a sense if that's creating a little bit of flexibility for you on the margin?

在規模或時點上有任何改變嗎？我只是想了解這是否在利潤率方面為你們帶來一些彈性？

The $50 million hasn't changed. It's still embedded in our guidance. And actually, we've seen really good progress in that. And I'm going to point back to the fact that we saw 130 basis points of margin expansion in Q1, excluding some of the noise we have in credit losses. So all the work that we've done over the last few years, you're actually seeing that come through in terms of productivity across the organization, and it's reflecting in our numbers already.

這 5,000 萬美元沒有改變。它仍然包含在我們的指引之中。而且實際上，我們在這方面看到非常好的進展。我也想回到一點：第一季在排除信用損失中一些雜訊後，我們看到利潤率擴張了 130 個基點。所以過去幾年我們所做的所有工作，你其實正在看到它以整個組織的生產力形式逐步反映出來，而且已經反映在我們的數字上。

And we talked about the fact we're reinvesting a portion of that, but we're dropping through 75 basis points at the midpoint of our guide on a macro-neutral basis and to operating margin expansion. So we talked about last year being this investment year, and we said that comes from this year being a scaling year and you can actually see the scale of the investments are coming through in revenue and the scale is coming through in our operating margin.

我們也談到其中一部分會再投資，但在我們指引中位數、以宏觀中性（macro-neutral）基礎來看，我們有 75 個基點會落到營運利潤率擴張上。所以我們去年談到那是投資年，而我們說今年會是規模化的一年；你其實可以看到，投資的規模正透過營收反映出來，而規模化也正透過我們的營運利潤率反映出來。

I know that was a focus for you, Melissa.

我知道那是你的重點之一，Melissa。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

I guess first question is on Mobility. I think, Melissa, you said same-store sales still slightly negative. And I guess through the quarter and year-to-date, we've heard some like cautious optimism on over the road and it coming back. I'm just curious, is that what you guys see or hear? And like is that not just cycling through your numbers?

我想第一個問題是關於移動（Mobility）。我記得 Melissa 你說同店銷售仍然略為負成長。而且我想在本季以及年初至今，我們聽到一些對長途運輸（over the road）回升的審慎樂觀。我只是好奇，你們看到或聽到的也是這樣嗎？以及這是否不只是因為你們的數字在做基期比較？

Or is it just still quite volatile there? And then maybe just to tag along on that, David's first question talked about improving trends over the course of the year. Maybe you could just give us a little bit more on what's on the come as we move through the year?

還是說那邊仍然相當波動？另外也順著這點，David 的第一個問題提到今年內趨勢會改善。也許你們可以再多談一點，隨著我們走過今年，接下來會有哪些動能？

Sure. On the over-the-road marketplace, what we're hearing from our customers, the smaller customers are certainly getting pinched by fuel prices. On the positive side, they are seeing increases in spot rates. And so they're earning more as they're making deliveries, but that's really getting eaten up in large part by the increase in fuel prices. The mid and large customers are able to actually tack on fuel price surcharges and so are less impacted by the overall fuel price environment.

當然。就長途運輸市場而言，我們從客戶那裡聽到的是，小型客戶確實受到燃油價格擠壓。正面的一點是，他們看到即期運價（spot rates）上升。因此他們在交付運輸時賺得更多，但這在很大程度上被燃油價格上漲所侵蝕。中型與大型客戶則能夠加收燃油附加費（fuel price surcharges），因此受整體燃油價格環境的影響較小。

In general, there's been less operators in the marketplace. There have been more people that have left the market. And so that is creating an overall better environment in terms of just profitability of those who are surviving and thriving in this environment. And so we are seeing changes in the over-the-road market. We're not seeing a big increase in demand yet, which is when we will start to see more of a benefit, but we are seeing dynamics that are hopeful that at least make the marketplace look like it's improving from a financial perspective.

整體而言，市場上的營運商變少了。有更多人退出市場。因此，這在整體上為仍在市場中生存並表現良好的業者，創造了更好的環境，就其獲利能力而言。所以我們確實看到長途運輸市場正在發生變化。我們尚未看到需求大幅增加；當需求增加時，我們才會開始看到更明顯的受益，但我們確實看到一些令人抱持希望的動態，至少從財務角度來看，市場似乎正在改善。

And then, Sanjay, your question about growth trends. I'm not sure if you're referring specifically to the mobility of the total company. I'm assuming mobility. So I would say we expect kind of within what we've guided to. I'd say in the early part of the year, we expanded our factoring portfolio last year.

另外，Sanjay，你關於成長趨勢的問題。我不確定你是特別指移動（Mobility）還是整家公司。我先假設是移動。所以我會說，我們預期大致會落在我們所給出的指引範圍內。我會說在今年前段，我們去年擴大了我們的保理（factoring）組合。

We've gotten some growth benefit from that. We'll lap that as we go through the year. But other than that, the trends, as Melissa talked about, we're not assuming any change in the macroeconomic environment. So we're expecting the current trends to continue.

我們從中獲得了一些成長紅利。隨著今年推進，我們會逐步進入可比基期（lap）。但除此之外，如 Melissa 所提到的，我們並未假設總體經濟環境會有任何變化。因此，我們預期目前的趨勢將會延續。

Okay. Maybe just one follow-up on travel. I think that weakness in April, you mentioned was sort of isolated to the Mid East. American Express talked about how they were seeing it more broadly and refunds were up. I'm just curious like if you guys haven't seen it now, some of that sort of factored into your outlook?

好的。也許再追問一個關於旅遊的問題。我記得你提到 4 月的疲弱算是局限在中東地區。美國運通則談到他們看到的情況更為廣泛，而且退款有所上升。我只是好奇，如果你們現在還沒看到，那這類因素是否已經在你們的展望中有所反映？

And then just secondly, on the renewal of that large partner, I know it's in the guidance number. Is there any like take rate optics that we need to be thinking about? And is there a greater impact next year versus this year? I'm just curious, I just want to make sure we're tied on the optics of it.

另外第二點，關於那個大型合作夥伴的續約，我知道已經反映在指引數字裡。在抽成率（take rate）的呈現上，有沒有什麼我們需要留意的觀感（optics）？以及明年的影響是否會大於今年？我只是好奇，想確認我們對這件事的觀感解讀是一致的。

Yes, sure. Let me talk about that renewal. First of all, we're super excited. It's a renewal with a customer that we've been co-innovating with for years on embedded payments. I think it's just validation of the value prop that we have, the ability to do workflow integration have complicated payments at scale and have that industry expertise.

是的，當然。我先談談這次續約。首先，我們非常興奮。這是與一位我們多年來在嵌入式支付上共同創新的客戶進行的續約。我認為這也驗證了我們的價值主張：能夠做工作流程整合、以規模化方式處理複雜支付，並具備該產業的專業能力。

It's a multiyear agreement and fully reflected in the first quarter results that should not have an incremental impact to next year. You see it -- it's already baked into the first quarter results. In terms of like broader travel trends, I can tell you what we're seeing right now is very isolated in terms of the specific customers that we're working with that are seeing weakness are those that have exposure in the Middle East. So we're not seeing something that's broad-based across our portfolio right now. And so what we is some softness in that second quarter related to what we're seeing, but not broad softness because that is not what we're seeing right now.

這是一份多年期協議，且已完整反映在第一季的結果中，對明年不應有額外的增量影響。你可以看到——它已經被納入第一季的結果。至於更廣泛的旅遊趨勢，我可以告訴你，我們目前看到的情況非常局部；出現疲弱的特定客戶，是那些在中東有曝險的客戶。因此，我們目前並未在整體客戶組合中看到廣泛性的疲弱。所以我們看到的是第二季因目前觀察到的情況而有些走弱，但不是全面性的走弱，因為那不是我們現在所看到的。

Sanjay, your question -- so your question on take rates, I would kind of refer to what we talked about last quarter. We're expecting take rates for the year to be roughly flat to last year with some slightly down in travel, slightly down in non-travel, more mix of travel. And so all the dynamics of that renewal are baked into the guide we gave previously.

Sanjay，你的問題——關於抽成率（take rates）的問題，我會大致回到我們上季談過的內容。我們預期今年的抽成率大致與去年持平：旅遊略降、非旅遊也略降，但旅遊占比（mix）更高。因此，該續約的所有相關動態都已經反映在我們先前給出的指引中。

Madison Suhr, Raymond James.

Madison Suhr，Raymond James。

I wanted to start just on the SMB strategy. Just any color on SMB sales trends for the quarter? And I guess, bigger picture, how do you think about scaling that business over the medium term to become a bigger part of mobility?

我想先從 SMB 策略談起。能否分享一下本季 SMB 銷售趨勢的更多細節？以及從更宏觀的角度，你們如何看待在中期把這項業務擴大，讓它在 mobility 中占比更高？

So SMB is interesting because it's a relatively unpenetrated part of the marketplace. And so we've been on this multiyear journey to focus on it, first starting with our risk tools. We talked a couple of years ago about all the work we did adjusting the tools using AI and then went into marketing and really made changes in the way that we're marketing and adjusted the tools as well.

SMB 很有意思，因為它在市場上仍是相對未被充分滲透的一塊。因此，我們已經展開一段多年期的旅程來聚焦這個領域，最初是從我們的風險工具著手。我們在幾年前談過，我們運用 AI 調整工具所做的所有工作，接著也投入到行銷，並且確實改變了我們的行銷方式，同時也調整了工具。

So we've had to do a lot of foundational work before we started going after this space, and we've seen really good results. The customers are coming in our LTV to CAC calculations are holding to what we expected them to, and we're monitoring the 2 key assumptions that come into this portfolio. It's what happens with credit and what happens with lifetime value of the accounts, and we continue to monitor those.

因此，在我們開始積極切入這個領域之前，必須先完成大量基礎建設工作，而我們也看到了非常好的成果。客戶持續進來，我們的 LTV 對 CAC 的計算結果符合我們原先的預期；同時我們也在監控這個組合中的兩個關鍵假設。也就是信用表現會如何，以及帳戶的終身價值會如何，我們會持續監控。

But so far, everything is actually coming in pretty much on the models. And so where we continue to focus is how we can refine the motions that we're making, learn about how we're bringing those customers in to become more efficient at that. And I would say we are having success of that each quarter. We get a little bit better and then continuing to scale the business. And that's in the North American mobility portfolio. So we feel like we've got a good pipeline. That pipeline will continue to build. We're learning from it, and we're getting better.

但到目前為止，所有結果基本上都與模型相當一致。因此，我們持續聚焦的是：如何精煉我們正在採取的推進方式（motions），並學習我們如何導入這些客戶，以提升效率。我會說我們每一季都在這方面取得進展。我們會變得更好一些，並持續擴大業務規模。這是在北美 mobility 組合之內。所以我們覺得我們有不錯的管線。那個管線會持續累積。我們從中學習，也在持續變得更好。

And then the second part for us, when we thought about the small business arena, the 10-4 app that we rolled out last year, we rolled out really with that same idea as it's an underpenetrated part of the marketplace. These are owner operators that we're not going to extend credit to. So they're not going to be capable of really buying into our core products, but we're exposing to them our discount network of fuel. So they're downloading an app, they're using that application to buy fuel at a discount, which is really important to them, particularly right now. They're saving money, having a good user experience.

另外第二部分，當我們思考小型企業領域時，我們去年推出的 10-4 app，其實也是基於同樣的想法：這是市場中滲透率偏低的一塊。這些是自營業者（owner operators），我們不會對他們提供授信。因此，他們不太可能真正購買我們的核心產品，但我們讓他們接觸到我們的燃油折扣網路。所以他們下載一個 app，使用該應用程式以折扣價格購買燃油，這對他們非常重要，尤其是在當下。他們在省錢，同時也有良好的使用者體驗。

We're seeing those users come back month after month. And we think of that as a community that we can continue to build and then sell more into over time. And so we think a small business is an area that we can continue to build and mature and are seeing success so far.

我們看到這些使用者月復一月地回來使用。我們把這視為一個社群，可以持續建立，並隨時間推進向他們銷售更多產品。因此，我們認為小型企業是一個我們可以持續建構與成熟的領域，而且目前為止也看到了成效。

Okay. Awesome. And then I want to switch gears to the direct AP business. You mentioned volumes in line with 4Q at about 15%. So obviously, good to see some steady trends there. But hoping you could maybe just put a finer point on your expectations for volume growth there for the year and if double digits is still kind of the right way to think about it.

好的。很棒。接著我想把話題轉到直銷 AP 業務。你提到量（volumes）與第四季一致，大約是 15%。所以很明顯，很高興看到那邊的趨勢相對穩定。但希望你能更明確說明一下你們對今年該業務量成長的預期，以及用「雙位數」來理解是否仍然合適。

Yes. The AP Direct side, which is about 20% of the business, as you know, we're going after the mid-market. We've continued to build out the sales team there. It has operated really pretty much according to plan. And so those salespeople are bringing new customers, they implement actually quite rapidly. We're expecting through the course of the year to stay in that 15% range on the AP Direct spend volume. It's about 20% of the segment.

是的。AP Direct 這一端約占業務的 20%，如你所知，我們鎖定的是中型市場（mid-market）。我們持續擴編那邊的銷售團隊。整體運作基本上都符合計畫。因此，這些業務人員帶來新客戶，而客戶導入（implement）其實相當快速。我們預期在今年的過程中，AP Direct 的支出量（spend volume）會維持在約 15% 的區間。它約占該分部的 20%。

And then the other part of note, Jagtar mentioned the fact that there are some parts of the business in that -- in corporate payments that aren't growing as fast. Our FI business and our bill pay business are slower growers. And then we've been focused also on embedded payments outside of travel. We have had a number of customer signings. Those are longer implementations.

另外值得注意的是，Jagtar 提到，在企業支付（corporate payments）中，有些部分的成長速度沒那麼快。我們的 FI 業務以及帳單支付（bill pay）業務屬於成長較慢的類別。同時，我們也聚焦在旅遊以外的嵌入式支付。我們已經簽下多位客戶。這些案子的導入期較長。

So we expect that volume to be coming through more weighted to the second half of the year. So the net of all of that is you should expect outside of travel volume growing throughout the course of the year and more back-end weighted as the embedded payments customers kick in.

因此，我們預期該交易量會更偏向在下半年流入。綜合以上因素，您應該預期，除旅遊相關交易量外，其他交易量將在全年持續成長，且隨著嵌入式支付客戶開始貢獻，成長將更偏向年末。

Daniel Krebs, Wolfe Research.

Daniel Krebs，Wolfe Research。

This is Daniel on for Darrin. Just wanted to ask a quick one on the full year EPS guide. It seems like you chose not to pass through the 1Q beat and are only raising based on fuel prices. Could you maybe walk through that decision and any potential sources of conservatism you've embedded there?

我是 Daniel，代替 Darrin 發問。想快速問一下全年 EPS 指引。看起來你們選擇沒有把第一季超預期的表現反映進去，而只是基於燃油價格上調。能否請你們說明一下這個決策，以及你們在其中納入的任何保守假設可能來源？

Daniel, that's actually incorrect. We passed through the 1Q beat. So I know what you're looking at. We passed through the first quarter beat as well as changes in fuel prices, FX, interest rates.

Daniel，其實那不正確。我們已經把第一季的超預期表現反映進去了。所以我知道你在看什麼。我們已反映第一季超預期表現，以及燃油價格、匯率、利率的變動。

Okay. Got it. I just saw raised by $1.70 at the midpoint, and that was the fuel price adjustment as well. But I'll look into it...

好的。了解。我只是看到中位數上調 1.70 美元，而那也是燃油價格調整。不過我會再研究一下……

Michael Infante, Morgan Stanley.

Michael Infante，Morgan Stanley。

Just on the mobility same-store sales front, can you just provide a little bit more color on why local fleet same-store sales have been structurally weaker than OTR? And then given what I assume is an improving exit rate within mobility, what's your expectation on gallons and volumes from here? And does that spot rate improvement in the freight market sort of give you an opportunity to open up the credit box?

關於移動業務的同店銷售表現，能否再多提供一些背景，為什麼本地車隊的同店銷售在結構上一直比 OTR（長途運輸）更弱？另外，考量我推測移動業務的期末趨勢正在改善，你們對接下來的加侖數與交易量有何預期？以及貨運市場現貨運價的改善，是否讓你們有機會放寬授信標準？

Actually, the same-store sales has both for OTR and North American mobility over the last quarter. So you're right, historically, the last probably a year (inaudible) same-store sales were a little bit worse than OTR. And that's gotten a little bit better and OTR had gotten a little bit worse. And so those two things have kind of come in line.

其實，上一季 OTR 與北美移動業務的同店銷售都有所改善。所以你說得沒錯，歷史上大概過去一年（聽不清）本地車隊的同店銷售確實比 OTR 差一些。而這點已經有所改善，同時 OTR 也稍微變差了一點。因此這兩者的表現大致趨於一致。

When we think about -- as we build out to the course of the year, we will have a more positive comp next quarter in terms of volume because of the pull forward activity that's negatively affecting us this quarter. And so we'd expect you'd see volume naturally get better because of that. And we are continuing to see strong sales. So that should help as well and the BP coming on. So all of those things should help build our transaction and gallon growth going from negative in the first quarter to moving to positive as you go through the year.

當我們思考——並在全年推進規劃時，由於本季受到提前拉貨/提前發生的活動影響而呈現負面，所以下一季在交易量方面的比較基期會更正向。因此我們預期交易量會因為這個因素而自然改善。而且我們仍持續看到強勁的銷售。這也會有所幫助，另外 BP 的加入也會帶來助益。所以這些因素都應有助於推動我們的交易筆數與加侖數成長，從第一季的負成長，隨著年度推進轉為正成長。

That's helpful. And then just a quick follow-up on benefits and some of the deposit economics. You obviously called out the deposit migration from the third-party banks. Can you just remind us on the differential in unit economics for sort of a dollar held at WEX Bank versus the third party and how much runway there still is for that migration?

很有幫助。接著快速追問一下福利業務以及部分存款經濟性。你們明確提到存款從第三方銀行遷移。能否提醒我們，把資金放在 WEX Bank 相較於第三方銀行，在單位經濟性上的差異大概是多少？以及這項遷移還有多少空間？

Yes. We will typically get about 50 to 100 basis points better if we move it from third-party banks to WEX Bank. We've got roughly -- I mean, we've moved a lot of the money that we expected to move over from third-party banks to WEX Bank. We still have kind of $400 million-ish that's at third-party banks, but a lot of that is used for operational purposes. So I wouldn't expect sort of continued movement of that to be a tailwind for us for the rest of the year.

是的。一般而言，若把資金從第三方銀行移到 WEX Bank，我們通常可多獲得約 50 到 100 個基點的改善。我們大概——也就是說，我們已經把原本預期要從第三方銀行移到 WEX Bank 的大部分資金都移過來了。目前仍有大約 4 億美元左右在第三方銀行，但其中很大一部分是用於營運用途。因此我不預期在今年剩餘時間，這部分持續遷移還會成為我們的順風因素。

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

以上為我們的問答環節。接下來我將把電話交回給 Steve Elder 作結語。

Thank you, Rob. Just appreciate everyone's time today, and the company looks forward to chatting with you again at the end of the second quarter.

謝謝你，Rob。感謝各位今天撥冗參與，我們也期待在第二季結束時再次與各位交流。

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

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。