据2025年企业数字化支出管理报告显示，超过68%的企业正在使用或计划引入专业的差旅报销平台。在 差旅费用普遍占企业运营成本10%-20%的背景下，智能报销平台通过自动化流程、合规管控与数据洞 察，正帮助企业平均节省23%的差旅支出，同时提升财务部门80%的工作效率。 一、差旅报销平台的市场现状与价值 主流差旅报销平台已成为企业数字化转型的重要组成部分。这类平台通过整合差旅预订、费用管控、发 票处理和报销流程，构建了完整的差旅支出管理生态。传统的差旅报销模式存在诸多痛点：员工需要垫 资、手工填写报销单、整理粘贴纸质票据；财务人员则需人工审核发票真伪、核对报销标准、处理付款 流程。整个流程繁琐、耗时且易出错。而现代差旅报销系统实现了全流程数字化管理。 员工可通过移动端随时随地提交报销申请，系统自动识别发票信息、验证真伪、检测重复报销；管理者 可在线审批，财务部门可一键生成凭证。这种自动化流程将报销周期从平均15天缩短至3天以内，大幅 提升企业运营效率。智能差旅报销平台还为企业提供数据驱动决策支持。通过分析差旅支出数据，企业 可识别消费趋势、优化差旅政策、与供应商谈判更优惠价格，实现精细化成本管控。 二、主流差旅 ...

Financial Data and Key Metrics Changes - Total transaction value (TTV) grew 23% to $9.5 billion, driven by the acquisition of CWT and a 9% growth in the core business [14][4] - Revenue increased 13% year-over-year to $674 million, with a 3% growth excluding CWT [16][14] - Adjusted gross profit margin was 60%, reflecting a 70 basis point increase for the core business [18][14] - Adjusted EBITDA grew 9% to $128 million, with a 5% growth excluding CWT [15][19] - Free cash flow generated was $38 million, with $54 million for the core business excluding CWT [21][14] Business Line Data and Key Metrics Changes - Travel revenue increased 10% due to the CWT acquisition and underlying transaction growth [16] - Product and professional services revenue rose 23% from the acquisition of CWT and strong growth in dedicated client revenues [16] - Transaction growth was up 19%, with a 4% growth in the core business [14][16] Market Data and Key Metrics Changes - The core business experienced a 2% increase in same-store sales, contributing to overall growth [14] - The company reported a customer retention rate of 95% over the last 12 months, excluding CWT [12] Company Strategy and Development Direction - The acquisition of CWT is expected to grow revenues by approximately 30% and enhance the SME business by about 20% [8] - A long-term strategic alliance with SAP Concur aims to strengthen the value proposition and accelerate growth [9][10] - The company plans to launch a next-gen Agencia Travel and Expense solution in Q1 2026, integrating with SAP Concur Expense [10][11] - The focus on AI is expected to drive digital transformation and improve operational efficiency [7][13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about a slight uptick in organic growth in 2026, supported by an increase in meetings and events [30][31] - The company anticipates continued strong execution and significant new wins, with a preliminary expectation of 19%-21% revenue growth for 2026 [27][26] - The integration of CWT is progressing well, with a clear path to achieving $155 million in net cost synergies [23][24] Other Important Information - The company has repurchased $54 million of shares year-to-date, reflecting confidence in the business's strength [22] - The leverage ratio is 1.9 times, remaining within the target range of 1.5-2.5 times [22] Q&A Session Summary Question: What are the expectations for corporate spending in 2026? - Management noted a cautious optimism for a slight uptick in organic growth, with a double-digit increase in forward bookings for meetings and events [30][31] Question: How will the SAP Concur relationship help in the SME segment? - The partnership is expected to accelerate SME growth by integrating Agencia into Concur Expense, providing a seamless travel and expense solution [32] Question: What is the current state of business travel demand? - Management confirmed an improvement in demand, with expectations for continued organic growth into Q4 [33] Question: Are there any technology advantages from CWT? - Management highlighted potential advantages in hotel space and travel counselor tools that could enhance customer value and productivity [34] Question: What metrics will be tracked for the new SAP Complete and Agencia T&E solutions? - Key metrics include growth acceleration, improved customer retention, and increased digital transaction share [39] Question: Is there potential for incremental synergies beyond the $155 million target? - Management expressed high confidence in achieving the $155 million in cost synergies, with potential for additional revenue synergies not yet included in forecasts [41]