Core Insights - Over 68% of companies are using or planning to implement specialized travel expense reimbursement platforms, which can save an average of 23% on travel expenses and improve finance department efficiency by 80% [1] Group 1: Market Status and Value of Travel Reimbursement Platforms - Mainstream travel reimbursement platforms are integral to digital transformation, integrating travel booking, expense control, invoice processing, and reimbursement processes [1] - Traditional reimbursement methods are cumbersome, requiring employees to advance funds and manually fill out forms, while modern systems enable digital management, reducing reimbursement cycles from an average of 15 days to under 3 days [1] - These platforms provide data-driven decision support, allowing companies to analyze spending trends and optimize travel policies [1] Group 2: Core Features of Leading Travel Reimbursement Platforms - Didi Enterprise Edition focuses on corporate travel management, offering features like unified payment models and real-time expense monitoring [2] - Huolianyi is a cloud-based expense management platform that automates compliance checks and integrates with various management systems [4] - Meike Reimbursement enhances efficiency through OCR technology and supports multi-currency settlements [5] - SAP Concur offers comprehensive travel and expense management services, integrating with ERP systems and supporting services in over 200 countries [6] - Yue Reimbursement provides a one-stop platform for travel and expense management, integrating third-party resources and offering real-time alerts for overspending [7] Group 3: Core Values of Intelligent Travel Reimbursement Platforms - Automation significantly enhances efficiency, with companies reporting a 64% reduction in processing time and a 133% increase in financial efficiency [8] - Compliance and risk management capabilities are crucial, with platforms detecting non-compliant spending and ensuring audit trails are complete [8] - Data-driven decision-making is increasingly valued, with platforms providing detailed analytics to help optimize travel policies and identify savings opportunities [8] Group 4: Key Considerations for Platform Selection - Company size and business characteristics are primary factors in platform selection, with larger enterprises needing more complex solutions [9] - System integration capabilities are vital for effective implementation, requiring seamless connections with existing financial systems [9] - Mobile experience is critical, as employees need to submit expenses and managers need to approve requests on-the-go [9] Group 5: Future Development Trends of Travel Reimbursement Platforms - AI applications are a key development direction, enhancing budget management and fraud detection [10] - Ecosystem integration is a growing trend, moving towards a comprehensive service experience that covers booking, consumption, and reimbursement [10] - Real-time capabilities are improving, allowing for better expense control and dynamic policy adjustments [10] - Personalization and flexibility are becoming increasingly important, with platforms needing to cater to diverse industry and company needs [10] Group 6: Conclusion - Travel reimbursement platforms are evolving from simple expense tools to vital drivers of digital transformation, enhancing financial management efficiency and providing valuable business insights [11]

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]