In Q3, we signed one of our top five expense management customers we have supported in North America for many years to expand into Europe.

Nov 5, 2025 / CEO / receipt, needs a key / Mike Miletic, CEO | earnings call 2025-11-05 | transcript 9a4c3ff7-15dc-4b67-9a9f-43744d100241 | chars 8310-8448 | segment 8

Further, a US-based expense management customer is expanding to Europe.

Aug 6, 2025 / CEO / receipt, needs a key / Mike Miletic, CEO | earnings call 2025-08-06 | transcript c0378746-712b-4661-a897-ad8f3dc0ed5f | chars 7964-8035 | segment 8

Our path to profitability, however, remains on track as adjusted EBITDA was two to three million better than expected due to continued execution of efficiency and optimization initiatives. Q3 TPV was $74 billion, a year-over-year increase of 30%. Non-block TPV grew more than 15 points faster than block TPV growth due to strength across a large number of customers and use cases. Our top 10 non-block customers grew over 30%, and our remaining non-block customers grew over 50% year-over-year. Financial services, lending, including buy now, pay later, and expense management, all grew at roughly the same rate for the third quarter in a row, slightly faster than the overall company. Financial services continues to deliver strong growth despite being, by far, our largest vertical. Block continues to flourish, and our newer neobanking and accelerated wage access customers are expanding rapidly, growing well over 100%, and are now contributing more than 10% of total company TPV. Lending, including buy now, pay later, continues to be aided by the adoption of our BNPL customers' Pay Anywhere card solutions, as well as customers utilizing our platform in support of SMB lending solutions. Expense management growth has been very steady each of the last three quarters, with several of our top customers maintaining robust growth fueled by new users. The growth of on-demand delivery, our most mature use case, slowed into the single digits this quarter.

Nov 4, 2024 / CFO / receipt, needs a key / Mike Miletic, CFO | earnings call 2024-11-04 | transcript 8a202d15-cc6e-4f5a-a80d-0177fbac4089 | chars 10220-11679 | segment 10