Evertec Inc (EVTC) 2023 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to EVERTEC's Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) Today's conference call is being recorded.

大家下午好，歡迎參加 EVERTEC 2023 年第四季財報電話會議。 （操作員指示）今天的電話會議正在錄音。

At this time, I would like to turn the call over to Beatriz Brown-Saenz of Investor Relations. Please go ahead.

此時，我想將電話轉給投資人關係部門的 Beatriz Brown-Saenz。請繼續。

Thank you, and good afternoon. With me today are Mac Schuessler, our President and Chief Executive Officer; and Joaquin Castrillo, our Chief Financial Officer. Before we begin, I would like to remind everyone that this call may contain forward-looking statements and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent periodic SEC report.

謝謝你，下午好。今天與我在一起的有我們的總裁兼執行長 Mac Schuessler；以及我們的財務長 Joaquin Castrillo。在開始之前，我想提醒大家，本次電話會議可能包含前瞻性陳述，應與我們的收益發布和公司最近的定期 SEC 報告中包含的警示性陳述結合起來考慮。

During today's call, management will provide certain information that will constitute non-GAAP financial measures under SEC rules, such as adjusted EBITDA, adjusted net income and adjusted earnings per common share. Reconciliations to GAAP measures and certain additional information are also included in today's earnings release and related supplemental slides, which are available in the Investor Relations section of our company website at www.evertecinc.com.

在今天的電話會議中，管理層將提供構成 SEC 規則下的非 GAAP 財務指標的某些信息，例如調整後的 EBITDA、調整後的淨利潤和調整後的每股普通股收益。今天的收益報告和相關補充幻燈片中還包含了對 GAAP 衡量標準的調節和某些附加信息，這些幻燈片可在我們公司網站 www.evertecinc.com 的投資者關係部分中找到。

I will now hand the call over to Matt.

我現在將把電話轉給馬特。

Thanks, Beatriz, and good afternoon, everyone. We are pleased to announce another record year of results as revenue continues to benefit from strong organic growth across most markets, complemented by the contribution from acquisitions, including the Sinqia deal, that closed during the fourth quarter.

謝謝，比阿特麗斯，大家下午好。我們很高興地宣布另一個創紀錄的業績年度，營收繼續受益於大多數市場的強勁有機成長，並輔以收購（包括第四季度完成的 Sinqia 交易）的貢獻。

I will begin today's call with a brief summary of our 2023 financial results, followed by a discussion on the Puerto Rico environment, an update on Brazil. And finally, some comments about our focus for Sinqia in 2024. I will then turn the call over to Joaquin, who will provide some additional details on our Q4 and full year results as well as our outlook for 2024.

我將在今天的電話會議開始時簡要總結我們 2023 年的財務業績，然後討論波多黎各的環境和巴西的最新情況。最後，關於我們 2024 年 Sinqia 重點的一些評論。

Beginning on Slide 4, let's start with some highlights from our full year 2023 results. We delivered a record $695 million in revenue, a 12% increase over the prior year. And while some of the growth was driven by the closing of Sinqia, revenue, excluding the acquisition, also exceeded our expectations. Our Lat Am revenue was up nearly 45%, with growth in the high teens, excluding M&A.

從幻燈片 4 開始，讓我們從 2023 年全年業績的一些亮點開始。我們實現了創紀錄的 6.95 億美元收入，比前一年成長 12%。雖然部分成長是由 Sinqia 的關閉推動的，但不包括收購在內的收入也超出了我們的預期。我們的拉丁美洲收入成長了近 45%，其中不包括併購，成長幅度高達十幾歲。

Increased sales and transaction volumes, benefited both our Payments Puerto Rico and Caribbean segment and our Merchant Acquiring segment. Payments Puerto Rico revenue grew approximately 14% year-over-year, reflecting continued strong digital payments growth, primarily from ATH Móvil Business, while Merchant Acquiring grew approximately 7% on a year-over-year basis, benefiting from sales volume growth and pricing initiatives.

銷售額和交易量的增加使我們的波多黎各和加勒比海支付部門以及商家收單部門受益。 Payments Puerto Rico 營收年增約 14%，反映出數位支付持續強勁成長，主要來自 ATH Móvil Business，而商家收單業務較去年同期成長約 7%，受益於銷售成長和定價倡議。

The Business Solutions segment was down modestly year-over-year, as expected, mainly due to the impact in the first half of 2023, from the Popular transaction completed in 2022. Adjusted EBITDA for the year was $292 million, up approximately 6%, when compared with the prior year, driven by the revenue increase, partially offset by the full year effect of the Popular transaction and an increase in operating expenses.

正如預期的那樣，商業解決方案部門同比小幅下降，主要是由於 2022 年完成的大眾交易對 2023 年上半年的影響。 ，受到收入成長的推動，但部分被熱門交易和營運費用增加的全年影響所抵消。

Adjusted EPS for the year was $2.82, up 11% year-over-year and in line with our expectations. In 2023, we continue to generate significant operating cash flow, $224 million for the year, and we returned significant cash to our shareholders, approximately $13 million through dividends and $36 million through share repurchases, including approximately $12.5 million in the fourth quarter. Additionally, our liquidity remains strong at $490 million, as of December 31.

今年調整後每股收益為 2.82 美元，年增 11%，符合我們的預期。 2023 年，我們將繼續產生大量營運現金流，全年為2.24 億美元，並向股東返還大量現金，其中透過股息約1,300 萬美元，透過股票回購約3,600 萬美元，其中第四季約1,250 萬美元。此外，截至 12 月 31 日，我們的流動性依然強勁，為 4.9 億美元。

Turning to Slide 5. The Puerto Rico macro environment continues to be supportive for EVERTEC, as we look to 2024. Overall conditions in Puerto Rico remained stable, with the Economic Activity Index increasing 6%, over the past 2 years. Reaching its highest level in a decade.

轉向投影片 5。達到十年來的最高水準。

The labor participation rate is at the highest rate, since 2010. Well above the average of the past 7 years, and the number of employed is at the highest level since 2009. Additionally, arrivals to the international airport in San Juan are above pre-COVID-19 levels, positively impacting tourism on the island. Commercial and individual bank deposits remain elevated, similar to pandemic levels, as the higher labor participation has contributed to offset the lack of incremental stimulus funds.

勞動參與率達到 2010 年以來的最高水平。對島上旅遊業產生了積極影響。商業和個人銀行存款仍然處於較高水平，與大流行病水平相似，因為勞動參與率的提高有助於抵消增量刺激資金的缺乏。

On prior calls, we have spoken about the various sources of federal stimulus, coming into Puerto Rico. Turning to Slide 6. The latest data we have seen indicates that COVID stimulus was approximately 49% of Puerto Rico's GDP, the highest ratio when compared to any individual state in the U.S. Additionally, there is still a significant amount of reconstruction funds that have yet to be received. At the $33.7 billion pledged, only about $8.6 billion or approximately 26% has been received. With the electric grid reconstruction funds being the largest portion pending to be dispersed.

在之前的電話會議中，我們已經談到了波多黎各聯邦刺激計劃的各種來源。轉向幻燈片 6。待收到。就承諾的 337 億美元而言，目前僅收到約 86 億美元，約 26%。其中電網重建資金是待分散的最大部分。

As we can see on Slide 7, in 2024, approximately $8 billion in federal funds are expected, consistent with what was received in 2023. Disaster relief remains the biggest anticipated source of funds. This fund inflow should largely benefit the construction sector.

正如我們在投影片 7 中看到的那樣，預計 2024 年將獲得約 80 億美元的聯邦資金，與 2023 年收到的資金一致。這筆資金流入將主要有利於建築業。

Lastly, on Slide 8, I would like to highlight the manufacturing sector in Puerto Rico. As this segment has seen a boost in recent years. On the slide, we highlight some major investments coming from international companies based in Germany, India and the U.S. These companies have either expanded operations or moved entire operations into Puerto Rico, and these investments should strengthen and broaden the economic base on the island going forward.

最後，在投影片 8 上，我想重點介紹波多黎各的製造業。由於該細分市場近年來有所增長。在幻燈片中，我們重點介紹了來自德國、印度和美國的國際公司的一些重大投資。基礎。

To summarize, given what we've discussed, we believe economic conditions should continue to be supportive for EVERTEC in Puerto Rico, as we move through 2024. Turning to Brazil on Slide 9. As in Puerto Rico, we expect the macro environment in Brazil to be supportive of EVERTEC in 2024. The Brazilian economy was expected to slow substantially entering 2023, but instead exceeded the expectations of economists. GDP growth of 2.9% was well above expectations entering the year, both inflation and interest rates moderated more than expected, and the unemployment rate also came down. Looking forward to 2024 Brazilian unemployment rate is expected to remain steady at around 8%, with continued moderation in interest rates from 11.8% to 9%, and inflation from 4.5% to 3.8%.

總而言之，鑑於我們所討論的內容，我們認為，隨著 2024 年的到來，波多黎各的經濟狀況應該會繼續支持 EVERTEC。 EVERTEC。進入今年，GDP 成長 2.9%，遠高於預期，通膨和利率的放緩幅度都超出預期，失業率也有所下降。展望2024年，巴西失業率預計穩定在8%左右，利率持續放緩，從11.8%降至9%，通膨率從4.5%降至3.8%。

On Slide 10, let me make some brief comments about Pix. Pix was launched by Brazil Central Government in 2020. And today, over 85% of the bank population have registered for Pix. Given no transaction costs for consumers, Pix has a lower average ticket making it very attractive for P2P use.

在幻燈片 10 上，讓我對 Pix 做一些簡短的評論。 Pix 由巴西中央政府於 2020 年推出。由於消費者沒有交易成本，Pix 的平均票價較低，這使得它對 P2P 使用非常有吸引力。

Since launch, Pix has been the fastest-growing payment method in Brazil. Today, Pix transactions exceed both credit and debit transactions. Sinqia and paySmart have been involved in Pix via partner relationships. The combination of EVERTEC and Sinqia provides a more competitive offering where with a paySmart upgraded license, we can rely less on partners to deliver a better commercial offering. This is a good example of the scale benefits and synergy we can achieve with our increased presence in Lat Am.

自推出以來，Pix 一直是巴西成長最快的支付方式。如今，Pix 交易量超過了信用卡和金融卡交易量。 Sinqia 和 paySmart 透過合作夥伴關係參與了 Pix。 EVERTEC 和 Sinqia 的結合提供了更具競爭力的產品，透過 paySmart 升級許可證，我們可以減少對合作夥伴的依賴，提供更好的商業產品。這是我們透過增加在拉丁美洲的業務可以實現的規模效益和協同效應的一個很好的例子。

Turning to Slide 11. On November 1, we closed on the acquisition of Sinqia in Brazil. We have now been working for the past 4 months as an official part of EVERTEC, and we remain confident that Sinqia will be a big part of EVERTEC's success going forward. I would like to start by highlighting 5 areas that will be a focus for us. In 2024, as we continue to integrate Sinqia into EVERTEC.

轉向幻燈片 11。11 月 1 日，我們完成了對巴西 Sinqia 的收購。作為 EVERTEC 的正式成員，我們已經工作了 4 個月，我們仍然相信 Sinqia 將成為 EVERTEC 未來成功的重要組成部分。我想先強調我們重點關注的 5 個領域。 2024 年，我們繼續將 Sinqia 整合到 EVERTEC 中。

The first area of focus is increasing our engagement level with our customers, by prioritizing their needs and building deeper relationships. We work hard at EVERTEC to make sure that all our customers are satisfied with the service we provide and build a high level of engagement with us. And we are committed to getting to know every Sinqia customer to make sure we are meeting their expectations and providing the highest level of service at every level.

第一個重點領域是透過優先考慮客戶的需求並建立更深層的關係來提高我們與客戶的互動程度。我們在 EVERTEC 努力工作，確保所有客戶都對我們提供的服務感到滿意，並與我們建立高水準的互動。我們致力於了解每一位 Sinqia 客戶，以確保我們滿足他們的期望並在各個層面提供最高水準的服務。

The second area will be technology modernization. Sinqia has completed a number of acquisitions in recent years, which have added a significant number of platforms in each of the verticals with different levels of advancement. We're committed to building a strong product road map, by modernizing product offerings, while also consolidating platforms over time to meet our customers' needs.

第二個領域是技術現代化。 Sinqia近年來完成了多項收購，在每個垂直領域增加了大量具有不同進步水平的平台。我們致力於透過現代化產品供應來建立強大的產品路線圖，同時不斷整合平台以滿足客戶的需求。

The third area of focus is revenue synergies. Leveraging increased engagement with our customers and our product portfolio to cross sells. We highlighted this as a major opportunity when we announced the deal, and we remain committed to finding ways to export Sinqia products to other parts of Lat Am, while bringing EVERTEC products to Brazil.

第三個重點領域是所得綜效。利用與客戶和產品組合的更多互動來進行交叉銷售。當我們宣布該交易時，我們強調這是一個重大機遇，我們仍然致力於尋找將 Sinqia 產品出口到拉丁美洲其他地區的方法，同時將 EVERTEC 產品引入巴西。

Our fourth area of focus is M&A. Sinqia has a distinct team with unique knowledge of the Brazilian market, which we will leverage to continue to exploring inorganic growth opportunities.

我們的第四個重點領域是併購。 Sinqia 擁有一支獨特的團隊，對巴西市場有著獨特的了解，我們將利用這一點繼續探索無機成長機會。

Finally, we will focus on margin optimization. Some of our client contracts have not been revisited in years, providing the opportunity for us to pursue pricing initiatives. At the same time, we will look for cost efficiencies. We believe these are areas that will provide benefits on a multiyear basis.

最後，我們將重點放在利潤優化上。我們的一些客戶合約已經多年沒有重新審查，這為我們提供了採取定價措施的機會。同時，我們將尋求成本效益。我們相信這些領域將在多年的基礎上帶來好處。

Finally, on Slide 12, we continue to sign new wins and extensions that should keep our strong organic momentum going in 2024 and beyond. We were able to renew our Getnet Chile acquiring relationship through 2027 and expanded our business with them to now include ATMs in Chile. We also renewed our relationship with Compensar, our largest customer in Bogota, and we brought on Sears as a new client in Mexico to our issuing platform.

最後，在投影片 12 上，我們繼續簽署新的合約和延期協議，這將使我們在 2024 年及以後保持強勁的有機勢頭。我們能夠將 Getnet Chile 的收單關係延續到 2027 年，並將我們與他們的業務擴展到現在包括智利的 ATM。我們也與波哥大最大的客戶 Compensar 續簽了合作關係，並將墨西哥的 Sears 作為新客戶引入我們的發行平台。

Let me conclude by highlighting capital allocation, as a continued area of focus in 2024. As we continue to strive to provide the best returns to shareholders. Within our mind, we announced an accelerated repurchase program by which we aim to repurchase $70 million in shares, demonstrating our commitment to a balanced capital allocation approach.

最後，我要強調資本配置，這是 2024 年持續關注的領域。我們在心裡宣布了一項加速回購計劃，目標是回購 7,000 萬美元的股票，這顯示了我們對平衡資本配置方法的承諾。

With that, I will now turn the call over to Joaquin.

現在，我將把電話轉給華金。

Thank you, Mac, and good afternoon, everyone. Turning to Slide 14. I'll first review the fourth quarter and full year results for EVERTEC. Total revenue for the quarter was $194.6 million, up approximately 20%, compared to the prior year, reflecting strong growth in our Latin America segment that benefited in the last 2 months of the year from the Sinqia acquisition, as well as continued strong organic growth.

謝謝你，麥克，大家下午好。轉向幻燈片 14。本季總營收為 1.946 億美元，比上年同期成長約 20%，反映了拉丁美洲業務的強勁成長（今年最後 2 個月受益於 Sinqia 收購）以及持續強勁的有機成長。

In Puerto Rico, we also benefited from higher POS transaction volumes and continued growth from ATH Móvil business. Adjusted EBITDA for the quarter was $71.7 million, an increase of approximately 4% from the prior year. And adjusted EBITDA margin was 36.8%, down approximately 590 basis points from the prior year partially as a result of the Sinqia acquisition, which, as expected, is coming in at lower overall margins.

在波多黎各，我們也受惠於 POS 交易量的增加以及 ATH Móvil 業務的持續成長。該季度調整後 EBITDA 為 7,170 萬美元，比上年增長約 4%。調整後的 EBITDA 利潤率為 36.8%，比上年下降約 590 個基點，部分原因是收購了 Sinqia，正如預期的那樣，收購的整體利潤率較低。

The quarter also reflected an overall increase in operating expenses, including specific corporate initiatives, that were expected to impact Q4. Adjusted net income was $40.8 million, a decrease of approximately 6% year-over-year, driven by higher interest expense resulting from the increased debt raised to finance the Sinqia acquisition, higher operating depreciation and amortization, partially offset by a lower adjusted effective tax rate.

該季度還反映出營運支出的整體增加​​，包括預計將影響第四季度的具體企業措施。調整後淨利潤為 4,080 萬美元，年減約 6%，原因是為收購 Sinqia 融資而籌集的債務增加、營運折舊和攤銷增加導致利息支出增加，但部分被調整後有效稅額降低所抵銷速度。

The adjusted effective tax rate for the quarter was approximately 7.2%. Adjusted EPS was $0.62, a decrease of approximately 6% from the prior year, for the same reasons pointed out impacting adjusted net income, and to a lesser extent, the impact from the incremental shares issued to complete the Sinqia acquisition.

本季調整後的有效稅率約為 7.2%。調整後每股收益為 0.62 美元，較上年下降約 6%，原因與指出影響調整後淨利潤的原因相同，以及為完成 Sinqia 收購而發行的增量股票的影響較小。

For the full year, total revenue was $694.7 million, an increase of approximately 12% from the prior year and above our initial expectations. Throughout the year, we benefited in Puerto Rico, from overall strong volumes, higher spread, pricing initiatives and continued growth of ATH Móvil business, partially offset by the impact from the Popular transaction, during the first half of the year.

全年總收入為 6.947 億美元，比上年增長約 12%，高於我們最初的預期。全年，我們在波多黎各受益於整體強勁的銷量、更高的價差、定價舉措以及 ATH Móvil 業務的持續增長，但部分被上半年大眾交易的影響所抵消。

In Latin America, we saw strong organic growth from new and existing customers, as well as revenue contribution from the acquisitions completed in 2022 and 2023. Adjusted EBITDA was $292 million, an increase of approximately 6% with an EBITDA margin of 42%, an approximate 260 basis point decrease from the prior year. The decrease in margin primarily reflects the expected impact from the Popular transaction due to the sale of higher-margin assets in prior year and the effect of a full year of the revenue sharing agreement, as well as the effect of the Sinqia acquisition, which is contributing at a lower margin.

在拉丁美洲，我們看到新客戶和現有客戶的強勁有機成長，以及2022 年和2023 年完成的收購帶來的收入貢獻。 42%，較上年下降約260個基點。利潤率的下降主要反映了由於上一年出售利潤率較高的資產而導致大眾交易的預期影響以及全年收入分享協議的影響，以及收購 Sinqia 的影響。

Adjusted net income was $185.5 million, an increase of approximately 6% from the prior year, and adjusted EPS of $2.82, increased approximately 11%. Adjusted EPS benefited from the lower share count that reflects the impact from share repurchases and the share received as part of the Popular transaction.

調整後淨利潤為 1.855 億美元，較上年增長約 6%，調整後每股收益為 2.82 美元，增長約 11%。調整後每股收益受益於股票數量減少，這反映了股票回購和大眾交易中收到的股票的影響。

Moving to Slide 15. I will now cover our fourth quarter results by segment, beginning with Merchant Acquiring. Net revenue increased by approximately 1% year-over-year, to $40.2 million, in part due to a tough comparable period last year which is very strong. The quarter saw sales volume growth in the low single digits with deterioration in the overall spread, as we anniversary pricing initiatives implemented last year managed through a lower average ticket and a card mix that led to a lower overall spread.

轉向投影片 15。淨收入年增約 1%，達到 4,020 萬美元，部分原因是去年的可比時期非常強勁。本季銷售成長呈現低個位數成長，整體價差惡化，因為我們去年實施的周年紀念定價舉措是透過較低的平均票價和卡片組合來管理的，從而導致整體價差較低。

As we look at January results, these reflect sales volume growth and spread, that align more to what we saw in previous quarters. Adjusted EBITDA for the segment was $14.4 million, and adjusted EBITDA margin was 35.9%, down approximately 190 basis points from the prior year. The margin decrease was primarily due to higher operating expenses, namely higher processing costs driven by lower average ticket.

當我們查看一月份的業績時，這些反映了銷量的成長和分佈，這與我們在前幾個季度看到的情況更加一致。該部門調整後 EBITDA 為 1,440 萬美元，調整後 EBITDA 利潤率為 35.9%，比上年下降約 190 個基點。利潤率下降主要是因為營運費用增加，即平均票數下降導致處理成本增加。

On Slide 16 are the results for the Payment Services, Puerto Rico and Caribbean segment. Revenue in the quarter was $52.4 million, an increase of approximately 10% from the prior year. The revenue increase was driven by approximately 7% growth in overall transactions processed and ATH Móvil business, which continues to drive growth in the segment.

第 16 張幻燈片是支付服務、波多黎各和加勒比地區的結果。該季度營收為 5,240 萬美元，比上年增長約 10%。總交易量和 ATH Móvil 業務成長約 7% 推動了營收成長，這繼續推動該領域的成長。

The quarter also benefited from an increase in revenue for services provided to the LAT Am segment, mainly due to a higher volume of transactions process. Adjusted EBITDA was $30.9 million, up approximately 10% from the prior year, and adjusted EBITDA margin was 58.9%, up approximately 40 basis points over the prior year. The increase in margin was due primarily to the increase in revenue and the scalability of this segment.

該季度還受益於向拉丁美洲部門提供的服務收入的增加，這主要是由於交易流程量的增加。調整後 EBITDA 為 3,090 萬美元，較上年成長約 10%，調整後 EBITDA 利潤率為 58.9%，比上年增長約 40 個基點。利潤率的增加主要是由於該部門的收入增加和可擴展性。

On Slide 17, are the results for the Latin America Payments and Solutions segment. Revenue in the quarter was $66 million, up approximately 89% year-over-year. The biggest driver of the increase was the addition of Sinqia, beginning on November 1. Recall that we had not included any contribution from Sinqia in our guidance, and we are pleased with the performance of Sinqia in the quarter.

第 17 張投影片是拉丁美洲支付和解決方案部門的業績。該季度營收為 6,600 萬美元，年增約 89%。成長的最大動力是從 11 月 1 日開始增加 Sinqia。

The paySmart acquisition in Brazil completed during the first quarter also contributed to growth. Organic growth remained strong across the region with contribution from existing customers like Getnet Chile and others still driving double-digit organic growth for the quarter.

第一季完成的巴西 paySmart 收購也促進了成長。該地區的有機成長依然強勁，Getnet Chile 等現有客戶的貢獻仍在推動本季兩位數的有機成長。

Adjusted EBITDA was $18.3 million, up approximately 55% from the prior year, with adjusted EBITDA margin of 27.7%, down approximately 620 basis points from the prior year, primarily due to the inclusion of Sinqia, which contributes at a lower margin compared to the segment average.

調整後 EBITDA 為 1,830 萬美元，較上年增長約 55%，調整後 EBITDA 利潤率為 27.7%，較上年下降約 620 個基點，主要是由於納入了 Sinqia，該公司的利潤率低於段平均。

Margin was also negatively impacted by the paySmart acquisition, which similar to Sinqia came in at lower margins and an increase in operating expenses.

利潤率也受到 paySmart 收購的負面影響，與 Sinqia 類似，該收購的利潤率較低，且營運費用增加。

Turning to Slide 18. You will see results for our Business Solutions segment. Revenue was $57.8 million, a decrease of approximately 2% from the prior year. The revenue decline was primarily driven by a decrease in core banking services, as the prior year included revenue generated from the transition service agreement with Popular post-closing the transaction.

轉向投影片 18。收入為 5,780 萬美元，比上年下降約 2%。收入下降的主要原因是核心銀行服務的減少，因為前一年包括交易結束後與Popular簽訂的過渡服務協議產生的收入。

Adjusted EBITDA was $20 million, down approximately 19% from a year ago, and adjusted EBITDA margin was down approximately 770 basis points from the prior year to 34.6%, below our expectations for the quarter. The lower margin was due primarily to lower-than-expected revenue, higher operating expenses and higher equipment costs. We expect margins to come back to more normalized levels, as we move into 2024.

調整後 EBITDA 為 2,000 萬美元，比去年同期下降約 19%，調整後 EBITDA 利潤率比去年同期下降約 770 個基點至 34.6%，低於我們對本季的預期。利潤率下降的主要原因是收入低於預期、營運費用增加以及設備成本增加。進入 2024 年，我們預計利潤率將恢復到更正常的水平。

Moving to Slide 19, you will see a summary of our corporate and other expenses. Corporate and other expense was $11.8 million in the quarter, or 6.1% of total revenue, up $1.2 million from the prior year, in part due to specific corporate initiatives executed throughout the quarter.

前往投影片 19，您將看到我們公司費用和其他費用的摘要。本季公司及其他費用為 1,180 萬美元，佔總收入的 6.1%，比上年增加 120 萬美元，部分原因是整個季度執行的具體公司計劃。

Moving on to our cash flow overview for 2023, on Slide 20. Net cash from operating activities was $224.3 million. Capital expenditures were $85 million for the year and above our original expectations, as we took advantage of attractive offers in the fourth quarter to refresh key hardware and software and take care of regulatory investments. We spent $417.6 million on 2 acquisitions, paySmart and Sinqia and took on $640.5 million of new net debt, related to the Sinqia deal. We paid down approximately $188 million in debt and returned approximately $49 million to shareholders through share repurchases and dividends.

接下來是幻燈片 20 上的 2023 年現金流概覽。今年的資本支出為 8500 萬美元，高於我們最初的預期，因為我們利用第四季度有吸引力的報價來更新關鍵硬體和軟體並照顧監管投資。我們花了 4.176 億美元進行了兩項收購：paySmart 和 Sinqia，並承擔了與 Sinqia 交易相關的 6.405 億美元的新淨債務。我們償還了約 1.88 億美元的債務，並透過股票回購和股息向股東返還了約 4,900 萬美元。

We repurchased approximately 345,000 shares, for $12.5 million, during the fourth quarter. And at year-end, we had approximately $137 million available for future use under the company's share repurchase program. Our ending cash balance for 2023 was $318.7 million, an increase of approximately $115 million, from year-end 2022.

我們在第四季以 1,250 萬美元的價格回購了約 345,000 股股票。截至年底，我們有大約 1.37 億美元可用於公司股票回購計畫的未來使用。我們 2023 年期末現金餘額為 3.187 億美元，比 2022 年底增加約 1.15 億美元。

Moving to Slide 21. Our net debt position at year-end was $707 million, comprised of $1 billion in total loan and short-term debt, offset by $296 million of unrestricted cash. Our weighted average interest rate was approximately 7.45%, an increase from prior year and prior quarter, driven by our newly issued term loan B, which has a higher cost of debt at SOFR plus 350 basis points and the increase in our term loan A cost of debt, given our move up the pricing grid, as a result of a higher leverage ratio.

轉向投影片 21。我們的加權平均利率約為7.45%，較上年和上一季度有所增長，這是由於我們新發行的定期貸款B（以SOFR 計算的債務成本較高，加上350 個基點）以及我們的定期貸款A 成本的增加推動的由於槓桿率較高，我們的定價水準上升。

Our net debt to trailing 12-month adjusted EBITDA was approximately 2.24x, up from 0.99x a year ago, but still well within our target range of 2 to 3x.

我們的淨負債與過去 12 個月調整後 EBITDA 的比率約為 2.24 倍，高於一年前的 0.99 倍，但仍遠在我們 2 至 3 倍的目標範圍內。

As of December 31, our total liquidity, which excludes restricted cash and includes borrowing capacity, was $489.6 million, up $118.4 million from a year ago.

截至 12 月 31 日，我們的總流動資金（不包括受限現金並包括借款能力）為 4.896 億美元，比一年前增加 1.184 億美元。

Now I'll turn to Slide 22 for commentary on our 2024 outlook. For 2024, we expect our revenue to be in a range of $844 million to $854 million, or growth of approximately 21.5% to 23% year-over-year. Adjusted EPS is expected to be in a range of $2.82 to $2.94 or flat to 4% growth, compared to the $2.82 reported for 2023. This range assumes an adjusted EBITDA margin of 38.5% to 39.5%, and an effective tax rate of 7% to 8%.

現在我將轉向幻燈片 22 來評論我們的 2024 年展望。 2024 年，我們預計營收將在 8.44 億美元至 8.54 億美元之間，年增約 21.5% 至 23%。調整後每股盈餘預計將在 2.82 至 2.94 美元之間，或與 2023 年報告的 2.82 美元持平至 4%。 %。

I will now walk you through some key underlying assumptions that we considered in arriving at the outlook, beginning with revenue expectations for our business segments. For Merchant Acquiring, we expect low to mid-single-digit growth in 2024, as we expect a stable Puerto Rico economy to contribute to sales volume growth, the revenue share with Popular to result in incremental referrals, and the execution of strategic pricing actions in segments, where we have pricing power.

現在，我將向您介紹我們在得出前景時考慮的一些關鍵基本假設，首先是我們業務部門的收入預期。對於商家收單，我們預計 2024 年將實現低至中個位數增長，因為我們預計穩定的波多黎各經濟將有助於銷量增長、與 Pop 的收入分成將帶來增量推薦以及戰略定價行動的執行在我們擁有定價權的細分市場中。

We, however, do expect these to be partially offset by a continued normalization of the average ticket. In Payments Puerto Rico and the Caribbean, we expect mid-single-digit growth also resulting from a stable Puerto Rico economy, that will support continued strong transaction growth. In part resulting from a declining average ticket and continued growth contribution from ATH Móvil.

然而，我們確實預計，平均票價的持續正常化將部分抵消這些影響。在波多黎各和加勒比地區的支付領域，我們預計波多黎各經濟的穩定也將帶來中個位數的成長，這將支持持續強勁的交易成長。部分原因是平均票價下降以及 ATH Móvil 的持續成長貢獻。

For Payments and Solutions in Latin America, we expect growth to be in the low to mid-70s, driven primarily from a full year of Sinqia. I would also call out a couple of expected headwinds to consider. The first being the revenue adjustment from Getnet in Q3 of approximately $6.3 million that will present a tough comparable for the third quarter of 2024.

對於拉丁美洲的支付和解決方案，我們預計成長將在 70 年代中期，主要受到 Sinqia 的全年推動。我也會指出一些需要考慮的預期阻力。第一個是 Getnet 在第三季的營收調整，約 630 萬美元，這對 2024 年第三季來說是一個艱難的比較。

We are now also expecting Mercado Libre to begin migrating their issuing volume to their new internal platform, creating a headwind going into the second half of the year. Mercado Libre continues to leverage our Place2Pay and Sinqia products, and we will continue to work together on the development of new initiatives across the region.

我們現在也預計 Mercado Libre 開始將其發行量遷移到新的內部平台，為今年下半年帶來阻力。 Mercado Libre 繼續利用我們的 Place2Pay 和 Sinqia 產品，我們將繼續共同努力在整個地區開發新措施。

As it relates to margin, we expect margin to be in the mid-20s, as Sinqia becomes a much larger piece of the segment at a lower contribution margin, and we don't benefit from the effect of the Getnet adjustment in the third quarter of 2023, which was 100% margin accretive.

由於與利潤率相關，我們預計利潤率將在20 多歲左右，因為Sinqia 以較低的貢獻利潤率成為該細分市場中更大的一部分，而且我們不會從第三季度Getnet 調整的影響中受惠2023 年，利潤率成長 100%。

Finally, in Business Solutions, we expect revenue growth of low single digits for the full year, including the impact of CPI for Popular services at 1.5%. In general, considering the headwinds previously discussed, we still expect overall revenues to ramp up throughout the year.

最後，在商業解決方案方面，我們預計全年營收成長為低個位數，其中包括流行服務 CPI 1.5% 的影響。總的來說，考慮到先前討論的不利因素，我們仍然預計全年整體收入將會上升。

Now turning to overall margin. Our expectations for adjusted EBITDA margin, including Sinqia, is 38.5% to 39.5%. We expect our Puerto Rico businesses will continue to drive margins, relatively consistent with prior year. Latin America will now represent close to 40% of our total business. And as we have said previously, as we become more and more successful in Latin America at lower margins this will put pressure on our EVERTEC consolidated margin.

現在轉向整體利潤率。我們對調整後 EBITDA 利潤率（包括 Sinqia）的預期為 38.5% 至 39.5%。我們預計我們的波多黎各業務將繼續提高利潤率，與去年相對一致。拉丁美洲現在將占我們總業務的近 40%。正如我們之前所說，隨著我們在拉丁美洲以較低的利潤率變得越來越成功，這將為我們的 EVERTEC 綜合利潤率帶來壓力。

In terms of other items, we expect interest expense for the year to increase significantly, when compared to 2023, as a result of the new debt raised to finance the Sinqia transaction. As a reminder, we continue to have an interest rate swap agreement in place, which fixes $250 million or approximately 25% of our outstanding debt.

就其他項目而言，由於 Sinqia 交易融資而籌集了新債務，我們預計今年的利息支出與 2023 年相比將大幅增加。提醒一下，我們繼續簽訂利率互換協議，該協議固定了 2.5 億美元，約占我們未償債務的 25%。

Operating depreciation and amortization is also expected to increase consistent with recent trends, as we have continued to invest in our business through CapEx and also with the addition of Sinqia.

由於我們繼續透過資本支出以及 Sinqia 的加入來投資我們的業務，預計營運折舊和攤銷也將增加，與近期趨勢一致。

We expect an adjusted tax rate of 7% to 8%, which is lower than prior years, as we benefit from a tax shield created by the incremental debt and also benefit from the effect of goodwill amortization at the Sinqia level, which is helping us drive a lower adjusted effective tax rate locally and at a consolidated level.

我們預計調整後的稅率為 7% 至 8%，低於往年，因為我們受益於增量債務創造的稅盾，也受益於 Sinqia 水平的商譽攤銷的影響，這對我們有幫助在當地和綜合水平上推動較低的調整後有效稅率。

From a capital deployment perspective, our priority continues to be deploying capital for growth through M&A. However, we will continue to invest in our business and products and have a CapEx target of approximately $80 million for 2024, including Sinqia. Additionally, given our leverage ratio, liquidity position and our expectation to buy back the shares we issued as part of the Sinqia acquisition. As Mac already mentioned, we will be entering into a $70 million ASR in the coming weeks, the impact of which has already been included as part of our guidance.

從資本配置的角度來看，我們的首要任務仍然是透過併購來配置資本以實現成長。不過，我們將繼續投資我們的業務和產品，並設定 2024 年資本支出目標約為 8,000 萬美元，其中包括 Sinqia。此外，考慮到我們的槓桿率、流動性狀況以及我們回購作為收購 Sinqia 的一部分而發行的股票的預期。正如 Mac 已經提到的，我們將在未來幾週內簽訂 7000 萬美元的 ASR，其影響已包含在我們的指導中。

In summary, we are pleased with our fourth quarter and full year results in 2023, especially as we executed on the closing of the largest acquisition in EVERTEC's history, and are focused on delivering on the 5 areas, Mac walked through. We believe EVERTEC is well positioned for growth in 2024 and beyond. We look forward to updating you on our progress in the coming year and hope to see some of you at conferences over the next few months.

總而言之，我們對 2023 年第四季和全年業績感到滿意，特別是我們完成了 EVERTEC 史上最大的收購，並專注於實現 Mac 所經歷的 5 個領域。我們相信 EVERTEC 已做好 2024 年及以後成長的準備。我們期待向您通報我們來年的最新進展，並希望在未來幾個月的會議上見到你們中的一些人。

With that, operator, please open the line for questions.

那麼，接線員，請開通提問線路。

(Operator Instructions) And the first question comes from Nate Svensson with Deutsche Bank.

（操作員說明）第一個問題來自德意志銀行的 Nate Svensson。

Wanted to ask a couple on Sinqia, so I know when you announced the deal, Sinqia have been growing at a mid-teens CAGR and looking at some of their filings, it looks like that growth had decelerated to something like high single digits, the last time they reported.

想詢問Sinqia 上的一對夫婦，所以我知道當你們宣布這筆交易時，Sinqia 的複合年增長率一直在十幾歲左右，看看他們的一些文件，看起來增長已經減速到高個位數，上次他們報道的時候。

So maybe you can give an update on how Sinqia growth ended up in the back half of the year and what growth you have embedded into your 2024 guidance? And then if that growth is below the historical 15% CAGR, what do you need to do to return to that historical level of growth? And sort of what's the time line there?

那麼，也許您可以提供有關 Sinqia 在今年下半年的增長情況的最新信息，以及您在 2024 年指導中納入了哪些增長？那麼，如果該成長低於歷史 15% 的複合年增長率，您需要做什麼才能恢復到歷史成長水平？那裡的時間線是怎麼樣的？

So this is Joaquin. So I can start saying we're not going to break out Sinqia specific (inaudible) We certainly have an expectation that our Lat Am segment as a whole continues to grow double digits. Sinqia has certainly been growing at that pace historically. And as Mac said, we have certain initiatives that we're focusing on in throughout 2024, some of which include revenue synergies that should continue to put us in the same pace that we were before.

這就是華金。所以我可以開始說我們不會突破 Sinqia 具體（聽不清楚）我們當然期望我們的拉丁美洲細分市場作為一個整體繼續增長兩位數。從歷史上看，Sinqia 確實一直以這樣的速度成長。正如 Mac 所說，我們在 2024 年有一些重點關注的舉措，其中一些包括收入協同效應，這些舉措應該會繼續讓我們保持與之前相同的步伐。

The next question comes from Cris Kennedy with William Blair.

下一個問題來自克里斯·肯尼迪和威廉·布萊爾。

Just an update on Sinqia. Can you talk about the expected accretion of that business in year 1 and as you think about year 2 and 3 going forward?

只是 Sinqia 的最新情況。您能否談談該業務在第一年的預期成長以及您對未來第二年和第三年的預期？

Cris, this is Mac. Thanks for joining. So what I would say is this year, in 2024, it's probably more neutral than accretive as we've gotten into the business. We're incredibly optimistic and excited, as I've spent a lot of time, they're spending time with customers. I've met some of the largest customers of the business. They're an important partner for most of the Brazilian institutions because they have -- they are a large enough company to be able to invest in some of the best products in the market, but they also adapt to local regulations. Which is important to the banks and to the consortiums and to the pension plans.

克里斯，這是麥克。感謝您的加入。所以我想說的是，今年，2024 年，隨著我們進入這個行業，它可能會更加中性，而不是增值。我們非常樂觀和興奮，因為我花了很多時間，他們花時間與客戶在一起。我見過該行業的一些最大的客戶。他們是大多數巴西機構的重要合作夥伴，因為他們是一家足夠大的公司，能夠投資市場上一些最好的產品，但他們也適應當地法規。這對銀行、財團和退休金計畫都很重要。

We're very focused this year on, as Joaquin was saying, ensuring that we focus on getting closer to the customers, they've spent a lot of time rolling up assets. They were dealing with a transaction with EVERTEC. I've spent a lot of time there really pushing the team there to get close to the customers and make sure we're cross-selling the existing Sinqia products into the customers.

正如華金所說，今年我們非常注重確保我們專注於更貼近客戶，他們花了很多時間整合資產。他們正在與 EVERTEC 進行一筆交易。我花了很多時間在那裡真正推動團隊接近客戶，並確保我們將現有的 Sinqia 產品交叉銷售給客戶。

Looking at new payments products, we've already started talking to them about our payments products, but making sure we're getting close to the customers, so we get the growth rate that we want and that we can get the business to continue to grow.

著眼於新的支付產品，我們已經開始與他們討論我們的支付產品，但要確保我們接近客戶，這樣我們才能獲得我們想要的成長率，並且我們可以讓業務繼續成長。

Secondly is we're focused on margin optimization, as I said. So we're taking a look at a lot of these contracts are very old. And they haven't gone through a repricing initiative, making sure they're more at market, they're charging for all the services that they now deliver. And we're also looking at cost optimization, as it looks at efficiencies like, can this organization be more efficient, now that they have all these acquisitions.

其次，正如我所說，我們專注於利潤優化。因此，我們正在研究這些合同，其中許多都是非常古老的。他們還沒有進行重新定價計劃，以確保他們更貼近市場，他們對現在提供的所有服務進行收費。我們也在考慮成本優化，因為它著眼於效率，例如，既然他們已經進行了所有這些收購，這個組織能否變得更有效率。

So like I said, we're very, very excited about the acquisition. We're very close now to the operation doing for Sinqia, what we've done for EVERTEC so that we can grow the Lat Am segment double digits. And so that we can -- as you've noticed in the past, we've been very focused on our margins, as we've acquired new assets. Most of the assets we've acquired in the past had a lower margin than the segment, and then we brought those to the segment margin, over some period of time. So that's the focus this year around those 5 different areas.

正如我所說，我們對此次收購感到非常非常興奮。我們現在非常接近 Sinqia 所做的操作，就像我們為 EVERTEC 所做的那樣，這樣我們就可以將拉丁美洲業務成長兩位數。因此，正如您過去所注意到的，我們一直非常關注我們的利潤，因為我們已經收購了新資產。我們過去收購的大多數資產的利潤率都低於該部門，然後我們在一段時間內將這些資產的利潤率提高到該部門的利潤率。這就是今年圍繞這 5 個不同領域的重點。

Great. And then just a follow-up. Any update on the size of ATH Móvil, if you could talk about that?

偉大的。然後只是後續行動。關於 ATH Móvil 的尺寸有什麼更新嗎？

Yes, Cris. I mean ATH Móvil continues to grow very well. It continues to be a very important source of growth for us in the Payments Puerto Rico segment. I think in the past, we've said it's been in the low single digit. That continues to be the case. And obviously, now with Sinqia coming in and our top line being a much bigger number going forward, that will obviously impact what ATH Móvil represents to overall EVERTEC.

是的，克里斯。我的意思是 ATH Móvil 繼續發展得很好。它仍然是我們波多黎各支付領域非常重要的成長來源。我想在過去，我們說過它一直處於低個位數。情況仍然如此。顯然，現在隨著 Sinqia 的加入，我們的營收將大幅成長，這顯然會影響 ATH Móvil 對整個 EVERTEC 的影響。

(Operator Instructions) And the next question comes from John Davis with Raymond James.

（操作員說明）下一個問題來自約翰·戴維斯和雷蒙德·詹姆斯。

I just want to follow up on Cris' question there a little bit. Mac, you went from neutral to accretive to neutral. So just curious kind of what caused that modest downtick in slower, just more investment needed, lower revenue growth than you expected. Just curious, again, I know it's slight, but just curious kind of what that downtick is driven by?

我只想稍微跟進一下克里斯的問題。麥克，你從中立到增值到中立。所以只是好奇是什麼導致了緩慢的小幅下降，只是需要更多的投資，收入成長低於你的預期。只是好奇，再次，我知道這是輕微的，但只是好奇這種下降是由什麼驅動的？

Yes. No, sure. So I mean, look, when we announced the deal, we said this was neutral to accretive year 1. It's closer to neutral. I'd say a couple of things. One is they did, as [Deutsche] mentioned, they did decelerate a bit, towards the back half of last year because they were focused on the transaction and different things. So now we're trying to get them to accelerate, and that's sort of in our guidance for this year.

是的。不確定。所以我的意思是，看，當我們宣布這筆交易時，我們說這是中性到增值第一年。我想說幾件事。一是他們確實這麼做了，正如[德意志銀行]所提到的，他們確實在去年下半年放慢了速度，因為他們專注於交易和其他事情。所以現在我們正在努力讓他們加速，這也是我們今年的指導方針。

Secondly is we do believe there's some opportunity to sort of improve some of the margins, but we don't want to do that out of the gate, right? So we do think that there's some opportunity to reprice part of the business. We do think that there's some opportunity to be more cost efficient. But we don't want to go into a new part of the company and announce that to employees and customers to make that our first focus because that will alienate both of those constituencies.

其次，我們確實相信有一些機會可以提高一些利潤，但我們不想立即這樣做，對吧？因此，我們確實認為有機會對部分業務重新定價。我們確實認為有一些機會可以提高成本效率。但我們不想進入公司的一個新部分並向員工和客戶宣布將其作為我們的首要關注點，因為這會疏遠這兩個支持者。

So we're really focused initially on getting to know customers, where they want us to invest. We do need to modernize some of the platforms. So we'll build a multiyear plan to do that. But that's sort of the reason for -- it's more neutral this year. But what I can tell you is having met with customers, I'm incredibly excited about their desire to do more business with Sinqia, as we invest. And our ability to sell our Payments products to their nearly 1,000 customers.

因此，我們最初真正關注的是了解客戶，他們希望我們在哪裡投資。我們確實需要對一些平台進行現代化改造。因此，我們將製定一個多年計劃來做到這一點。但這就是今年更加中性的原因。但我可以告訴你的是，在與客戶會面後，我對他們希望在我們投資時與 Sinqia 開展更多業務的願望感到非常興奮。我們有能力向近 1,000 名客戶銷售我們的支付產品。

Okay. No, that's helpful. And then Joaquin, I understand you guys don't want to give too many details on the Sinqia contribution, but you were a public company. So just finding some quick math, it looks like if you exclude the Getnet contribution in '23, the midpoint of the rev guide is about 2% organic growth. And I think Mac you talked about earlier of the economy and the picture in Puerto Rico is kind of looking up.

好的。不，這很有幫助。 Joaquin，我知道你們不想透露太多有關 Sinqia 貢獻的細節，但你們是一家上市公司。因此，只要快速計算一下，如果排除 23 年 Getnet 的貢獻，轉速指南的中點約為 2% 的有機成長。我認為你之前談到的 Mac 經濟狀況以及波多黎各的情況正在好轉。

So just curious kind of how we square 2% organic revenue growth with healthy kind of Puerto Rico macro and you guys have historically been conservative, and I appreciate it's February, you giving a full year guide. But just anything else to kind of call out, as you kind of thought about the top line outlook on an organic basis in '24.

因此，我很好奇我們如何將 2% 的有機收入成長與健康的波多黎各宏觀經濟相結合，你們歷來都很保守，我很感激現在是 2 月份，你們提供了全年指南。但還有其他需要指出的事情，就像你在有機的基礎上思考 24 年的營收前景一樣。

John, I mean I'm trying to follow up on that math that you're doing, but in theory, if you were to exclude the Getnet impact from the prior year, we should be in the low to mid-single-digit range, right? So, I'd like to kind of understand that a little bit better from you. But that's a bit different from what we're seeing.

約翰，我的意思是，我正在嘗試跟進您正在做的數學計算，但從理論上講，如果您要排除前一年 Getnet 的影響，我們應該處於中低個位數範圍內， 正確的？所以，我想從你那裡更好地理解這一點。但這與我們所看到的有點不同。

Okay. Maybe my Sinqia contribution and the guidance is just a little bit higher. Mac just commented it decelerated a little bit. So maybe that's the delta between 2% and kind of closer to mid-singles. So that's super helpful, Joaquin.

好的。也許我對 Sinqia 的貢獻和指導稍微高一點。 Mac只是評論說它減速了一點。所以也許這是 2% 之間的差值，有點接近中單。所以這非常有幫助，華金。

And then finally, just on the tax rate, nice positive surprise there. taxes being lower. Is that sustainable? Like how should we think about the tax rate going for you, are not looking necessarily for '25 guidance by any means, but just is this something that is kind of onetime in nature this year or something like how do we just think about the tax rate going forward, I guess?

最後，就稅率而言，這是一個不錯的正面驚喜。稅收較低。這是可持續的嗎？就像我們應該如何考慮適合您的稅率一樣，不一定要以任何方式尋求 25 年的指導，但這只是今年的一次性質的事情，或者像我們如何考慮稅收之類的事情我猜，未來的利率會怎樣？

No. I mean, look, I think that -- we're not going to give multiyear guidance here. Some of the factors that are driving this. We understand we can sustain, but that's something that, as the year goes on, we'll be in a much better position to kind of discuss.

不，我的意思是，我認為——我們不會在這裡提供多年指導。推動這一趨勢的一些因素。我們知道我們可以維持下去，但隨著時間的推移，我們將能夠更好地討論這個問題。

For this year, we've given obviously a guidance that's significantly lower than what we've done in the past, and that's for very specific reasons that we tried to convey as part of the prepared remarks, while being obviously part of the tax shield that we're getting from some of the interest expense and then some of the benefit that we're getting at the Sinqia level.

今年，我們給出的指導顯然明顯低於我們過去所做的，這是出於非常具體的原因，我們試圖在準備好的講話中表達這一點，同時顯然是稅盾的一部分我們從一些利息支出中獲得，然後從Sinqia 層面獲得一些收益。

Thank you. And this concludes our question-and-answer session. I would like to turn the conference back over to Mac Schuessler for any closing comments.

謝謝。我們的問答環節到此結束。我想將會議轉回給 Mac Schuessler 徵求結束意見。

Again, we want to thank you for joining the call today. We want to thank our colleagues for a successful year in 2023, and look forward to reporting our results in 2024. And seeing many of you at upcoming conferences. Thanks, and good night.

我們再次感謝您參加今天的電話會議。我們要感謝我們的同事在 2023 年取得了成功，並期待在 2024 年報告我們的成果。謝謝，晚安。

Thank you. The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。