Financial Data and Key Metrics Changes - End-to-end payment volumes increased by 49% year-over-year to $47.9 billion [6] - Gross revenue less network fees rose by 50% to $405 million [6] - Adjusted EBITDA increased by 51% to $205.9 million [6] - Adjusted free cash flow surged by 78% to $134 million [6] - Full year adjusted free cash flow reached $399 million, up 46% compared to the previous year [30] Business Line Data and Key Metrics Changes - Subscription and other revenue in Q4 was $115 million, up 100% year-over-year [29] - Adjusted EBITDA margins for Q4 were 51.5%, with full year margins at 53% [29] - Unified commerce platform saw Q4 year-over-year volumes up 660% and calendar year volumes up 319% [17] Market Data and Key Metrics Changes - The company is expanding its international presence, processing payments across Latin America and planning to launch in four to six additional countries [21] - The company is now processing payments for various international restaurants and hospitality venues, indicating strong market penetration [9][11] Company Strategy and Development Direction - The acquisition of Global Blue for approximately $2.5 billion aims to enhance the company's payment capabilities and expand its market reach [24] - The company is focused on building a unified commerce platform that integrates various payment solutions for merchants [16] - The strategy includes leveraging existing relationships with major fintech companies like Ant International and Tencent to enhance e-commerce opportunities [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in surpassing midterm guidance despite economic challenges such as inflation and rising interest rates [7] - The company anticipates strong growth in 2025, with guidance excluding the Global Blue impact indicating significant year-over-year growth across key metrics [33] - Management emphasized the importance of maintaining operational efficiency to generate exceptional cash flow without sacrificing growth [30] Other Important Information - The company repurchased over 1 million shares for $110 million, leaving approximately $350 million of capacity available under its current program [31] - The company plans to integrate crypto payment capabilities across its products, positioning itself as a leader in this emerging market [19] Q&A Session Summary - No questions were entertained during the call as the focus was on the Investor Day event [5]

我们了解到，淘宝天猫即将正式接入京东物流，预计于 10 月中旬上线，此后淘天商家在系统中选择商品 寄送方式时，将多一个京东物流的选项。与此同时，京东也将接入菜鸟速递和菜鸟驿站 —— 两者分别是 菜鸟的自营快递品牌和代收包裹的站点。 我们还了解到，京东也将正式接入支付宝支付，预计在双 11 前夕推出。目前消费者在京东下单，默认的 支付方式排序依次为京东支付、云闪付、微信支付等。 据悉，双方在物流和支付上的合作今天都已达成一致。 这是阿里和京东两个电商平台成立 20 多年来，最大程度的一次握手。 多年来，两家公司互相对抗、提防， 用流量、佣金、补贴等争夺商家和消费者，营销舆论互相呛声，各自都建立起了物流、支付等高墙垒垒的独 立体系，一路竞争，又一起长大，然后在前几年遇上了更年轻的共同对手。 既然 淘宝都已接入微信支付 ，阿里和京东的互相开放也不让人意外。9 月 26 日，淘宝正式向消费者宣布新 增微信支付，我们了解到，微信支付预计将于 9 月底全量接入淘天商家，目前已有超九成的商家开通该服 务。 至此，中国几个最大的互联网平台各自的基础设施，差不多真正成为了通用商业基础设施。这也延续了此前 的趋势，竞争终将消解一 ...