Nu Holdings旗下的最核心子公司——即数字银行Nubank，是一家以巴西市场为核心的拉美数字银行平 台，依托全线上应用和数据驱动风控，能够为个人与小微企业提供定制化信用卡产品、活期与高息储 蓄，还能为客户们提供消费及薪资贷款、保险、投资、跨境汇款等一站式数字化金融服务，累计客户数 已超 1.18 亿，横跨巴西、墨西哥和哥伦比亚等南美最大规模市场。 摩根士丹利非常看好Nubank以超亿级用户与数据驱动的低成本模型切入违约率极低的薪资贷款市场， 摩根士丹利测算显示，Nubank 若占 10% 份额，对应大约30亿美元的年放款规模，可贡献大于10亿美元 的净利息收入，显著抬升盈利基数以及整体估值。 Nu Holdings所经营的Nubank数字银行核心产品主要包括免年费信用卡、无最低余额活期账户、收益 型"Money Boxes"储蓄、二维码与 NFC 支付、分期消费贷、薪资贷、公积金(巴西FGTS)抵押贷、投资 基金、保险等。Nubank的数字化银行生态平台基于强大的100% 原生移动 App+云原生系统、实时反欺 诈与 AI 风控，以及开户流程100%线上便捷模式，这也是为何该数字银行的平均获客成本远远 ...

Financial Data and Key Metrics Changes - Non-GAAP revenue increased by 7% year-over-year, with a GAAP revenue increase driven by a notable uptick in deconversion revenue, which reached approximately $9.6 million for Q3 [7][25] - Non-GAAP operating margin expanded by 207 basis points to 23% [7][31] - Full-year deconversion revenue guidance was raised to a range of $22 million to $28 million, up from $16 million [36] Business Line Data and Key Metrics Changes - Key revenue, primarily from processing and cloud services, constituted 76% of total revenue for the quarter, growing at 9.8% compared to 8.8% in Q3 fiscal year 2024 [8][28] - Core segment revenue increased by 6% on a non-GAAP basis, with key revenue growing by 11% [32] - Payment segment non-GAAP revenue increased by 7%, driven by higher card and payment processing revenues [33] Market Data and Key Metrics Changes - The company secured 28 new core wins this fiscal year, including 11 in Q3, totaling $30 billion in assets [11] - Migration of existing customers to the private cloud saw 26 clients contracted this fiscal year, including seven in Q3, totaling $42 billion in assets [12] - The number of financial institutions using faster payment solutions like Zelle, RTP, and FedNow increased significantly, with Zelle users growing by 10% and FedNow by 96% [15] Company Strategy and Development Direction - The company is focused on winning larger competitive core deals, with a strong pipeline for Q4 [11][24] - Continued investment in technology modernization and new SMB solutions is a priority, with a closed beta for Jack Henry Rapid Transfers already initiated [18][20] - The company aims to enhance its service offerings to financial institutions, allowing them to recapture high-value deposits [19] Management's Comments on Operating Environment and Future Outlook - Management noted macroeconomic concerns affecting non-strategic revenue, leading to a cautious revenue guidance adjustment [9][36] - Despite challenges, the company remains confident in its ability to deliver long-term profitable growth through compounding revenue growth and margin expansion [38] - The management expressed optimism regarding the overall demand for core business and key revenue products, despite some project delays [93] Other Important Information - The company reported a trailing twelve-month free cash flow of $300 million, resulting in a 71% conversion rate [35] - The annual strategy benchmark survey indicated that 76% of bank and credit union clients plan to increase technology spending over the next two years [21][22] Q&A Session Summary Question: Are you seeing similar restraints with modernized projects and cloud migration? - Management indicated that most delays are in non-recurring projects, with no significant delays in core migrations [41][42] Question: Can you provide context on M&A impacts for fiscal '26? - Management noted that while M&A activity has minimal impact in fiscal '25, it could have a meaningful impact in fiscal '26 [45][46] Question: What is the timeline for project delays? - Management confirmed that some projects are being pushed into the next fiscal year, but these are contractual commitments already signed [52][54] Question: How do you view competitive positioning after FIS's acquisition announcement? - Management believes their single platform for debit and credit processing remains a differentiator, and they are optimistic about their competitive stance [70][72] Question: What is the demand environment for core business? - Management reported a robust sales pipeline and strong demand for key revenue products, despite challenges in non-key revenue [93][95]