取消91%加征关税，暂停24%对等关税。当中美关税的利好进展公布时，空中云汇正在拜访一家出海服饰品牌。"下半年准备上独立站了，去欧洲市场试试 水。"品牌主平静地介绍接下来的计划，语气中夹杂着憧憬和心有余悸。 有类似规划的出海商家不在少数。关税利好为超12万家中国跨境电商企业注入了强心剂，但品牌经营者也在进行复盘和反思：如果不确定因素能左右生意， 那就不能把鸡蛋放在同一个篮子里。 "你可以不all in独立站，但你不能没有独立站。"这已是行业内不成文的共识。无论是出于长期品牌战略需要，还是风险分散、多线布局考量，独立站正逐渐 成为品牌出海的标配。 然而现实问题是：如何让独立站真正实现转化，成为增长引擎？就拿企业主向空中云汇诉苦最多的支付问题为例，好不容易引来的消费者，总是在最后一步 退出弃购，这换谁不崩溃？ 为此，Airwallex 空中云汇应广大商家朋友需求，精心提炼了品牌出海过程中最常见的 5 大支付困境，并通过近一年服务全球15万家客户过程中遇到的真实 案例，逐一分享破解之法。 找不到我习惯的支付方式？不买了！ 过年前夕，一家精品葡萄酒零售商向空中云汇倾诉了他们的难处：公司从去年三季度开始拓展东南亚市场， ...

英国政府：从明年开始，"先买后付"公司（BNPL） 将需要遵循一致的标准。 ...

Summary of Marketa Fireside Chat Company Overview - **Company**: Marketa - **Industry**: Payments and IT services Key Points and Arguments 1. **Current State of the Company**: Marketa is transitioning from hyper growth to a more mature phase, now operating EBITDA positive with diversified business lines [4][5][6] 2. **Portfolio Migration**: The company is migrating portfolios from other platforms to its modern platform, which is expected to enhance future business opportunities [5][8] 3. **White Label App Development**: Marketa is building a white label app to assist customers in market entry, indicating a focus on user experience [5][6] 4. **Program Management in Europe**: The company has expanded its offerings in Europe, which are now more comprehensive than a year ago [6][9] 5. **Customer Base Expansion**: Existing customers are expanding their offerings and geographies, with eight out of the top ten customers having multiple programs with Marketa [12][13] 6. **Macro Environment**: The macroeconomic environment is stable, with healthy consumer spending, although Marketa acknowledges some exposure to economic cycles [17][20] 7. **Discretionary Spending**: Less than 25% of spending on Marketa's platform is in high discretionary categories, making it less exposed to economic downturns compared to peers [20][21] 8. **Non-Block Business Growth**: The non-Block business has been growing at twice the rate of the Block business, indicating strong performance outside of its largest customer [23][24] 9. **European Market Growth**: TPV in Europe has been growing over 100% for several quarters, with a focus on multinational customers [27][29] 10. **Regulatory Environment**: The onboarding process has improved, with no significant impacts from regulatory changes, allowing for faster execution [32][33] 11. **Competitive Landscape**: Marketa does not see a significant shift in competition, as it targets a wide range of use cases and primarily focuses on non-bank businesses [38][39] 12. **RFP Process**: The company continues to engage in both RFPs and referrals, with no significant changes in the sourcing process [41][42] 13. **Stablecoin and BNPL Demand**: Marketa sees opportunities in stablecoin and BNPL markets, with growing interest from customers [44][48] 14. **Tokenization and AI**: The company is well-positioned to support tokenization and AI-driven commerce, leveraging existing capabilities [51][52] 15. **Future Growth Trajectory**: Marketa aims for a sustainable growth trajectory of around 20%, driven by geographic diversification and additional service offerings [69][70] Other Important Insights - **CEO Search**: The search for a permanent CEO is ongoing, with no immediate updates, allowing the interim CEO to focus on business operations [73][75] - **Customer Relationships**: The company is enhancing its relationships with existing customers by offering additional services, which is expected to stabilize take rates [64][66]

不过，公司对第四季度GMV的预期为94亿至97亿美元，中值为95.5亿美元，高于市场预期的92亿美 元。调整后运营利润率预计在23%-25%之间，与市场预估的23.8%大致持平。Affirm重申其在2025财年 第四季度实现GAAP净盈利的目标。截至目前，活跃用户总数已增至2200万，新增用户达200万。 该公司主打的"Affirm Card"业务GMV同比暴增115%，活跃卡用户数量翻倍增长。公司与苹果 (AAPL.US)、亚马逊(AMZN.US)、Shopify(SHOP.US)等大型平台的合作持续推动交易量增长。今年6 月，Affirm与Apple宣布，未来美国的iPhone与iPad用户可在Apple Pay中直接申请Affirm贷款。 此外，消费者金融保护局(CFPB)本周宣布，将停止执行一项在拜登政府时期实施的监管规定，该规定 此前曾增加BNPL服务商的合规难度，这被普遍视为对Affirm等行业公司的利好消息。 报告显示，0%利息贷款大幅增长，同比上涨44%。这类贷款通常由商家或制造商补贴利息成本以促进 销售。与此同时，Affirm的核心"4期分期付款"产品信贷质量保持稳定，违约率维持在1%以下。 ...

Sezzle (SEZL) Q1 2025 Earnings Call May 07, 2025 05:00 PM ET Company Participants Charlie Youakim - Executive Chairman & CEOKaren Hartje - Chief Financial OfficerHal Goetsch - Managing DirectorPaul Paradis - Executive Director & PresidentMike Grondahl - Head of Equities & Director of Research Operator After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Charlie Yeohkin, CEO. Please go ahead. Charl ...

作者 | 每次我把PayPal（纳斯达克股票代码：PYPL）作为投资目标时，它的股价总是先上涨，然后回落到60多美元左右的水平。 但我现在仍然相信，以低于市场的倍数收购一家拥有巨大增长潜力的金融科技公司，绝对是物超所值。PayPal的资产负债表依然保守，其股价涨幅 仍远低于盈利、收入和自由现金流的涨幅。 业 绩 2025年第一季度财务业绩 - 净收入增长 1%，达到 78 亿美元；按货币中性计算 ["FXN"] 增长 2%。 - 交易保证金增长 7%，达到 37 亿美元；扣除客户余额利息后的 TM 美元增长 7%，达到 34 亿美元。 - GAAP 营业收入增长 31% 至 15 亿美元；非 GAAP 营业收入增长 16% 至 16 亿美元。 -GAAP营业利润率扩大447个基点至19.6%；非GAAP营业利润率扩大257个基点至20.7%。 -GAAP EPS 增长 56% 至 1.293 美元；非 GAAP EPS 增长 23% 至 1.33 美元。 简而言之，除了营收之外，其所有重要领域都实现了增长。交易量正在增长（支付总额对金融科技股至关重要），GAAP 营业收入、利润率和 每股收益均大幅增长。在紧急 ...

"65%的Z世代和千禧一代会因为商家提供先买后付而购买更多或者原本购买意愿度不高的商品，先买后 付，如Klarna，Afterpay，在奢侈品、大额消费品等类目和年轻消费者赛道上展现出增长潜 力。"Airwallex空中云汇中国区市场负责人唐晓非在第三届跨境卖家大会上表示。 2024年，中国跨境电商进出口2.63万亿元，同比增长10.8%，占进出口规模总量比重6%。据德国数据调 研机构Statista的预测，全球跨境电商市场规模还将继续上升：到2029年，全球电商总规模将增长至5.9 万亿美元，每年增速达到8.02%，其中美国、欧洲、英国和东南亚市场均将实现不同幅度的增长。 为帮助更多企业捕捉跨境电商出海增长机遇，《出海策略研究》首次以企业出海目标区域为专题，覆盖 美国、欧洲、英国、中国香港、东南亚和澳新地区六大核心市场，基于对全球11个国家和地区11000名 跨境线上消费者的深度调研，揭示了横跨4个年龄段的消费趋势。 研究显示，跨境购物受到各个年龄段消费者普遍欢迎，年轻消费群体接受度达93%。就跨境购物的主要 渠道来看，78%的受访者偏好包括亚马逊在内的跨境电商购物平台。另有15%和7%的受访者倾向于独立 ...

Financial Data and Key Metrics Changes - In Q1 2025, consolidated revenue reached $684.1 million, a 6.6% increase year-over-year from $641.9 million [26] - Adjusted EBITDA was $70.3 million, slightly down from $72.6 million in the previous year [26] - Non-GAAP EPS was $0.90, exceeding the high end of the outlook [26] Business Line Data and Key Metrics Changes - Progressive Leasing's GMV was $402 million, down 4% year-over-year, primarily due to the bankruptcy of a large retail partner [22][23] - Excluding the impact of the Big Lots bankruptcy, GMV growth was low to mid-single digits [22][23] - Ford Technologies continued to grow revenues at a triple-digit rate, achieving its first quarter of positive adjusted EBITDA [11][81] Market Data and Key Metrics Changes - The lease portfolio balance as of December 31, 2024, was up 6.1% year-over-year, compared to a 5.2% decline at the same point in 2023 [10] - Write-offs for Q1 came in at 7.4%, slightly better than expected, with a targeted annual write-off range of 6% to 8% [10][24] Company Strategy and Development Direction - The company is focused on executing its ecosystem strategy, which includes both leasing and BNPL products to meet consumer needs [11][19] - Strategic investments will continue in marketing and technology to optimize decision-making and manage risk [12][19] - The company aims to maintain a disciplined approach to spending while prioritizing areas with the greatest impact [14][19] Management's Comments on Operating Environment and Future Outlook - The macro environment has deteriorated, with inflation and tariff concerns impacting consumer confidence and spending [12][28] - Despite challenges, the company remains confident in its ability to grow share and deliver sustainable profitable growth [13][30] - The revised revenue outlook for 2025 reflects the GMV headwinds, with expectations for revenue between $2.425 billion and $2.5 billion [29] Other Important Information - The company returned capital to shareholders through dividends and share repurchases, with a quarterly cash dividend of $0.13 per share [26] - The company has $335.2 million remaining under its $500 million share repurchase program [26] Q&A Session Summary Question: What are the dynamics of the trade-down environment? - Management noted that trade-down behavior still exists but is more muted compared to the latter half of 2024, with no significant tightening observed [36] Question: How has retail softness progressed? - The quarter started encouragingly, but a downshift in consumer sentiment was noted, with no significant rebound observed [40] Question: What is the impact of the Big Lots bankruptcy on GMV? - The $30 million GMV headwind from the lost customer is expected to be consistent across the quarters, with some seasonal variations [41][42] Question: How are inflation and tariffs affecting retail partners? - Management indicated that modest price increases could be beneficial, but significant price shocks and demand destruction are concerning [46] Question: What is the outlook for GMV in Q2 and the rest of the year? - No specific GMV guidance was provided due to uncertainty, but management remains focused on maintaining a healthy portfolio and managing expenses [95][96]

Sezzle (SEZL) Q4 2024 Earnings Call February 25, 2025 05:00 PM ET Company Participants Charlie Youakim - Executive Chairman & CEOKaren Hartje - Chief Financial OfficerMike Grondahl - Head of Equities & Director of ResearchHal Goetsch - Managing Director Operator Good day and welcome to the SALTO Inc. Fourth Quarter Financial Results Conference Call. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorde ...