Nuvei Corp (NVEI) 2022 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Nuvei Corporation's Fourth Quarter 2022 Earnings Call. As a reminder, this conference call is being recorded. I will now turn the call over to Chris Mammone, Head of Investor Relations. Please go ahead, Mr. Mammone

早上好，女士們，先生們，感謝你們的支持。歡迎來到 Nuvei Corporation 2022 年第四季度財報電話會議。提醒一下，正在錄製此電話會議。我現在將把電話轉給投資者關係主管 Chris Mammone。請繼續，馬蒙先生

Thank you, operator, and thanks to everyone for joining us this morning. With us today are Philip Fayer, Chair and CEO; and David Schwartz, CFO. As a reminder, this conference call is being recorded and webcast and is copyrighted property of Nuvei. Rebroadcast of this information in whole or in part without written consent of Nuvei is prohibited. Earlier this morning, Nuvei issued a press release announcing financial results for the 3 months and full year period ending December 31, 2022. The release as well as in the companies of (inaudible) slide deck is available in the Events section of our Investor Relations website, investors.nuvei.com. During this call, we may make certain forward-looking statements within the meaning of the applicable securities laws. Such forward-looking statements involve risks, uncertainties and other factors that may cause the actual results, performance or achievements of the business or developments in Nuvei's industry to differ materially from anticipated results performance achievements and developments expressed or implied by such forward-looking statements.

謝謝接線員，也感謝大家今天早上加入我們。今天和我們在一起的是主席兼首席執行官 Philip Fayer；和首席財務官 David Schwartz。提醒一下，本次電話會議正在錄音和網絡直播中，是 Nuvei 的版權財產。未經 Nuvei 書面同意，禁止全部或部分轉播此信息。今天早上早些時候，Nuvei 發布了一份新聞稿，宣布了截至 2022 年 12 月 31 日的三個月和全年的財務業績。該新聞稿以及（聽不清）幻燈片的公司可在我們投資者關係的活動部分找到網站，investors.nuvei.com。在本次電話會議期間，我們可能會在適用的證券法的含義內做出某些前瞻性陳述。此類前瞻性陳述涉及風險、不確定性和其他因素，可能導致 Nuvei 行業的實際結果、業績或成就或發展與此類前瞻性陳述明示或暗示的預期結果、業績成就和發展存在重大差異。

Information about these factors that could cause actual results to differ materially from anticipated results or performance can be found in Nuvei's filings with the Canadian securities regulatory authority and on the company's website. Our discussion today will include non-IFRS measures, including adjusted EBITDA, adjusted net income and adjusted net income per share.

有關這些可能導致實際結果與預期結果或表現存在重大差異的因素的信息，請參閱 Nuvei 向加拿大證券監管機構提交的文件和公司網站。我們今天的討論將包括非 IFRS 指標，包括調整後的 EBITDA、調整後的淨收入和調整後的每股淨收入。

Management believes non-IFRS results are useful in order to enhance our understanding and our ongoing performance, and they are not a supplement to and should be and should not be considered in isolation from a substitute for IFRS financial measures. Reconciliation of these measures to IFRS measures is available in our earnings release and MD&A. We'll open up the call for your questions after our prepared remarks. During that portion of the call (Operator Instructions) And with that, I'd like to now turn the call over to Phil.

管理層認為，非 IFRS 結果有助於加深我們的理解和我們的持續績效，它們不是對 IFRS 財務措施的替代品的補充，應該也不應將其與 IFRS 財務措施的替代品分開考慮。我們的收益發布和 MD&A 中提供了這些措施與 IFRS 措施的調節。在我們準備好的評論之後，我們將打開您的問題電話。在通話的那一部分（操作員說明）中，我現在想將通話轉給 Phil。

Thank you, Chris, and a warm welcome to you as a new member of the Nuvei team. I'd like to start by thanking our more than 2,000 colleagues around the world for their relentless effort and commitment to supporting our customers and driving the success of our business. 2022 was an exceptional year for Nuvei and I'm so incredibly proud of everything we accomplished together.

謝謝你，克里斯，熱烈歡迎你成為 Nuvei 團隊的新成員。首先，我要感謝我們在世界各地的 2,000 多名同事，感謝他們為支持我們的客戶和推動我們業務的成功所做的不懈努力和承諾。 2022 年對 Nuvei 來說是不平凡的一年，我為我們共同完成的一切感到無比自豪。

It's still early days, and we are still very much on the ground floor. We remain heads-down focused executing on our strategic initiatives, investing in the business and expanding our use cases all the while maintaining both our adjusted EBITDA margin and enviable free cash flow profile throughout the year, which, in our opinion, is class-leading within the broader high-growth fintech landscape.

現在還為時過早，我們還處於底層。我們始終專注於執行我們的戰略計劃、投資業務和擴展我們的用例，同時全年保持調整後的 EBITDA 利潤率和令人羨慕的自由現金流狀況，我們認為這是一流的在更廣泛的高增長金融科技領域。

I'll share some insight here later in my prepared remarks to help you frame our fourth quarter and full year performance. Today, Nuvei enables leading discretionary and nondiscretionary use cases, supporting online retail e-commerce, marketplaces, online gaming, video and social games, financial services, travel, B2B goods and services, health care, faith-based and nonprofit, education, government and utilities.

稍後我將在準備好的評論中分享一些見解，以幫助您構建我們第四季度和全年的業績。如今，Nuvei 支持領先的自主和非自主用例，支持在線零售電子商務、市場、在線遊戲、視頻和社交遊戲、金融服務、旅遊、B2B 商品和服務、醫療保健、基於信仰和非營利組織、教育、政府和公用事業。

And naturally, we fully intend on continuing to scale and expect to add more use cases as we continue growing both organically and inorganically. We've totally transformed the business from both a vertical and a distribution perspective, substantially expanding our TAM to now include global e-commerce, integrated payments and B2B with a lot of wIde space for continued growth globally.

自然地，我們完全打算繼續擴展並期望隨著我們繼續有機和無機增長而增加更多用例。我們已經從垂直和分銷的角度徹底改變了業務，大幅擴展了我們的 TAM，現在包括全球電子商務、綜合支付和 B2B，在全球範圍內有很大的持續增長空間。

With all of this, we've maintained our differentiating and compelling financial profile, which features a unique combination of growth, profitability, low CapEx and high free cash flow generation. In February, we completed the acquisition of Paya and as a reminder of the strategic rationale for the transaction. First, it enhances our ability to grow our footprint in integrated payment markets, which is one of the largest and most attractive opportunities in payments.

有了這一切，我們保持了與眾不同且引人注目的財務狀況，其特點是增長、盈利能力、低資本支出和高自由現金流生成的獨特組合。 2 月，我們完成了對 Paya 的收購，並以此提醒交易的戰略依據。首先，它增強了我們在綜合支付市場擴大影響力的能力，這是支付領域最大和最具吸引力的機會之一。

Second, it diversifies Nuvei's business geographically, giving us a much bigger scale in North America with entry into new, large, underpenetrated, noncyclical vertical markets and significantly augment our existing distribution. Third, it significantly expands new base presence into the large and underpenetrated B2B payments market.

其次，它使 Nuvei 的業務在地理上多樣化，使我們在北美的規模更大，進入新的、大型的、滲透率低的、非週期性的垂直市場，並顯著擴大我們現有的分銷。第三，它顯著擴大了新的基地存在，進入了龐大且滲透率低的 B2B 支付市場。

Four, it accelerates our existing growth strategy, which is driven by product innovation, geographic expansion, growth within our existing customers as well as the acquisition of new customers. In addition, the transaction expands our M&A scope to include ISVs, B2B and proprietary software opportunities.

第四，它加速了我們現有的增長戰略，該戰略由產品創新、地域擴張、現有客戶的增長以及新客戶的收購驅動。此外，該交易將我們的併購範圍擴大到包括 ISV、B2B 和專有軟件機會。

And fifth and finally, the combination reinforces our differentiated and compelling financial profile. The integration with Paya is going to plan. And while early, we have identified several incremental use cases with the potential to drive some very compelling revenue synergies. We're off to an excellent start and the acquisition is accretive in the first year.

第五，也是最後一點，合併加強了我們差異化和引人注目的財務狀況。與 Paya 的整合正在計劃中。雖然早期，我們已經確定了幾個增量用例，這些用例有可能推動一些非常引人注目的收入協同效應。我們有了一個良好的開端，收購在第一年就取得了增長。

So we're really excited about what Paya delivers Sunday in 2023 and beyond. As we think about the year ahead, it's really a continuation of all the things that got us here. staying focused on our strategy, transforming the business and pursuing the opportunities we have in front of us to further grow the platform. We will continue our disciplined approach to hiring and investing in the business as appropriate.

因此，我們對 Paya 在 2023 年及以後的周日交付的內容感到非常興奮。當我們思考未來的一年時，它實際上是讓我們來到這裡的所有事情的延續。專注於我們的戰略，轉變業務並抓住我們面前的機會以進一步發展平台。我們將繼續採用嚴格的方法來酌情招聘和投資業務。

As stated, we've never pursued growth at all costs. We'll also continue to allocate excess capital to shareholders in efficient ways, similarly to how we prioritize share buybacks last year, repurchasing approximately 5% of our public float. Turning now to our financial results. Total volume for the fourth quarter was the highest it's ever been in any previous quarter, driven by broad-based strength across our platform and exceeded $40 billion increasing 28% on a reported basis and 33% on a constant currency basis over the prior year's fourth quarter.

如前所述，我們從未不惜一切代價追求增長。我們還將繼續以有效的方式向股東分配超額資本，類似於我們去年優先考慮股票回購的方式，回購大約 5% 的公眾持股量。現在轉向我們的財務業績。受我們平台廣泛實力的推動，第四季度的總交易量達到了上一季度的最高水平，超過 400 億美元，按報告基礎增長 28%，按固定匯率計算比去年第四季度增長 33%四分之一。

Revenue for the fourth quarter was $220 million. Revenue at constant currency of $233 million grew by 10% and was towards the high end of our outlook range. Most importantly, fourth quarter revenue on a constant currency basis, excluding digital assets and cryptocurrencies, it grew 26%. It is our hope that this additional disclosure helps you appreciate and frame the momentum of the business.

第四季度的收入為 2.2 億美元。按固定匯率計算的收入為 2.33 億美元，增長了 10%，接近我們預期範圍的高端。最重要的是，第四季度收入按固定匯率計算（不包括數字資產和加密貨幣）增長了 26%。我們希望這一額外的披露可以幫助您了解和構建業務發展勢頭。

Taking it one step further, that 26% growth rate means that we face approximately $35 million of revenue headwinds in the quarter, which is comprised of $12 million from changes in foreign exchange rates and $23 million from digital assets and cryptocurrencies on a constant currency basis. And remember that because we are an at-scale platform, the majority of those dollars flow to the bottom line.

更進一步，26% 的增長率意味著我們在本季度面臨大約 3500 萬美元的收入逆風，其中 1200 萬美元來自外匯匯率變化，2300 萬美元來自數字資產和加密貨幣（按固定匯率計算） .請記住，因為我們是一個大規模平台，所以這些美元中的大部分都流向了底線。

So the fact that we generated adjusted EBITDA of $86 million with a 39% margin in the quarter reflects outstanding performance. Look at the full year results. Total volume of $128 million increased 34% on a reported basis and 39% on a constant currency basis, reflecting our rapidly growing market share. Revenue increased 16% to $843 million or 22% growth on a constant currency basis, adjusted EBITDA increased 11% to $351 million and free cash flow increase of $303 million.

因此，我們在本季度產生了 8600 萬美元的調整後 EBITDA 和 39% 的利潤率這一事實反映了出色的表現。看看全年業績。總額為 1.28 億美元，按報告基礎增長 34%，按固定匯率計算增長 39%，反映出我們快速增長的市場份額。收入增長 16% 至 8.43 億美元，按固定匯率計算增長 22%，調整後的 EBITDA 增長 11% 至 3.51 億美元，自由現金流增長 3.03 億美元。

We are really pleased with our results and are motivated and courage as we execute for with strong momentum exiting Q4 and entering 2023. Taking a closer look to our results by region. In North America, revenue grew 17% and 12%, respectively, in the fourth quarter and the full year. It is worth highlighting that for the first time, our e-commerce direct channel in North America represents our largest distribution channel in the region and grew 65% compared to last year's fourth quarter and increased 54% for the year.

我們對我們的結果感到非常滿意，並且在我們以強勁的勢頭退出第四季度並進入 2023 年的過程中充滿動力和勇氣。按地區仔細查看我們的結果。在北美，第四季度和全年的收入分別增長了 17% 和 12%。值得強調的是，我們在北美的電子商務直銷渠道首次成為我們在該地區最大的分銷渠道，與去年第四季度相比增長了 65%，全年增長了 54%。

We've made great progress here and continue to invest in both senior talent and distribution as we focus on establishing a leadership position in this region. In EMEA, revenue declined by 9% for the quarter but increased 18% for the year. Results in Q4 were mainly due to the negative impact from fluctuations in foreign exchange as well as the volatility in digital assets and cryptocurrencies. Remember that the majority of that exposure originates from European operators.

我們在這裡取得了很大進展，並在我們專注於在該地區建立領導地位的同時繼續投資於高級人才和分銷。在歐洲、中東和非洲地區，本季度收入下降了 9%，但全年增長了 18%。第四季度的業績主要是受到外匯波動以及數字資產和加密貨幣波動的負面影響。請記住，大部分風險來自歐洲運營商。

In LATAM, we continue to see our business accelerating rapidly driven by our investments in the region we see significant new business and wallet expansion from current customers expanding into those countries. As a result, revenue increased 90% and 45%, respectively in the fourth quarter and the year. In APAC, Revenue grew up by 107% for the quarter and 36% for the year, as we're scaling our acquiring capabilities in Singapore and Hong Kong and starting to see [ra] momentum. More recently, we launched in Australia which is an exciting new market for Nuvei and one in which we've already attracted significant customer interest for our solutions.

在拉丁美洲，我們繼續看到我們的業務在我們在該地區的投資推動下迅速加速，我們看到現有客戶擴展到這些國家的顯著新業務和錢包擴張。因此，第四季度和全年的收入分別增長了 90% 和 45%。在亞太地區，本季度收入增長 107%，全年增長 36%，因為我們正在擴大我們在新加坡和香港的收購能力，並開始看到 [ra] 勢頭。最近，我們在澳大利亞推出了 Nuvei 令人興奮的新市場，我們已經吸引了大量客戶對我們的解決方案感興趣。

So our momentum in both LatAm and APAC is strong and it is our objective to accelerate by expanding our geographies in those regions. Turning now to operating trends for the fourth quarter. Notably, we saw some of the largest volume days in our company's history, including intervals of processing more than 500 transactions per second as we supported our customers during peak periods in the quarter, such as Black Friday and Cyber Monday.

因此，我們在拉美和亞太地區的發展勢頭強勁，我們的目標是通過擴大我們在這些地區的業務來加速發展。現在轉向第四季度的經營趨勢。值得注意的是，我們看到了公司歷史上交易量最大的幾天，包括每秒處理超過 500 筆交易的時間間隔，因為我們在本季度的高峰期（例如黑色星期五和網絡星期一）為客戶提供支持。

These were record level activities from eBay and represent approximately 2x previous transaction per second peaks. What's exciting about these record activity levels is that we're seeing real momentum from our accelerated position in new verticals as we scale and this additional exposure creates a steadier baseline that helps us to offset historical seasonality.

這些是 eBay 創紀錄的活動，代表每秒峰值交易量的大約 2 倍。這些創紀錄的活動水平令人興奮的是，隨著我們的擴展，我們從我們在新垂直領域的加速位置看到了真正的動力，而這種額外的風險敞口創造了一個更穩定的基線，幫助我們抵消歷史季節性。

Double clicking for the quarter, we saw online retail growth 253%, travel by 81%, online gaming by 39% and video and social gains by 38%. Beyond these verticals, our growth was widespread, except for digital assets and cryptocurrencies, which for the fourth quarter was down approximately 58% compared to last year's same quarter with indications that it has bottomed and stabilized. Whether or not that turns out to be the case, it's important to reiterate that this vertical is no longer material to Nuvei, given all the great work we've done further diversifying the business and growing organically and inorganically.

雙擊本季度，我們看到在線零售增長 253%，旅遊增長 81%，在線遊戲增長 39%，視頻和社交增長 38%。除了這些垂直領域之外，我們的增長很普遍，但數字資產和加密貨幣除外，第四季度與去年同期相比下降了約 58%，有跡象表明它已經觸底並企穩。無論結果是否如此，重要的是要重申，鑑於我們為進一步實現業務多元化以及有機和無機增長所做的所有出色工作，這一垂直領域對 Nuvei 而言不再重要。

Based on the fourth quarter revenue from digitalizes and cryptocurrencies, we expect this vertical's contribution to revenue will continue to decline and only represent approximately 5% going forward. Moving on now to updates on our go-to-market efforts. We've made amazing progress over the past 2 years investing in our brand, growing our global direct sales team and increasing our distribution across all regions, ensuring that both we and our technology are local and accessible in language and in time zone to our customers with presence around the world.

根據第四季度來自數字化和加密貨幣的收入，我們預計該垂直行業對收入的貢獻將繼續下降，未來僅佔 5% 左右。現在繼續更新我們的上市工作。在過去的 2 年裡，我們在投資我們的品牌、發展我們的全球直銷團隊並增加我們在所有地區的分銷方面取得了驚人的進步，確保我們和我們的技術都是本地的，並且在語言和時區內可供我們的客戶使用遍布全球。

We've enhanced our commercial organization structure, establish our sales enablement team and created a dedicated strategic accounts group focused on target accounts across all verticals of focus. And combined, these initiatives are helping us drive greater productivity. I'm really pleased with the progress we've made and naturally, our plan is to push further and harder to demonstrate our capabilities around the world.

我們加強了我們的商業組織結構，建立了我們的銷售支持團隊，並創建了一個專門的戰略客戶小組，專注於所有重點領域的目標客戶。結合起來，這些舉措正在幫助我們提高生產力。我對我們取得的進展感到非常高興，自然地，我們的計劃是進一步努力，以展示我們在世界各地的能力。

Our capabilities gives us the right to win our fair share of new business, and we're winning, as you've no doubt seen, to help frame the momentum in the business and our advancements in our go-to-market, new business revenue, excluding digital assets and cryptocurrencies, increased 23% in this year's fourth quarter. And we're really winning the (inaudible) in our verticals, including enterprise-level customers last year, like FanDuel, Shein, Epic Games OnBuy, Lottomatica, Le Panier Bleu, Air Transat, Unibet Italy, Turkish Airlines, Virgin Atlantic, Radisson Hotel Group, DraftKings, Ontario, WestJet, Rappi and more recently, VTEX, amongst many others.

我們的能力使我們有權贏得新業務的公平份額，正如您無疑看到的那樣，我們正在贏得勝利，以幫助構建業務發展勢頭和我們在進入市場的新業務方面的進步不包括數字資產和加密貨幣在內的收入在今年第四季度增長了 23%。我們確實在我們的垂直領域贏得了（聽不清），包括去年的企業級客戶，如 FanDuel、Shein、Epic Games OnBuy、Lottomatica、Le Panier Bleu、Air Transat、Unibet Italy、土耳其航空公司、維珍航空、Radisson Hotel Group、DraftKings、Ontario、WestJet、Rappi 以及最近的 VTEX 等等。

These new customer wins, along with a deep and growing pipeline are a great indication that our investments are yielding excellent results. Paya as well has reported continued success across their partner ecosystem, including more than a dozen new signings in the fourth quarter. New business launches and activations have driven strength with image focused verticals with particular momentum in government. And our early engagement with Paya partners has been excellent in terms of keen understanding about the global go-to-market opportunities in Canada.

這些贏得的新客戶，以及不斷增長的深度渠道，都很好地表明我們的投資正在取得優異的成果。 Paya 也報告了其合作夥伴生態系統的持續成功，包括第四季度的十多個新簽約。新業務的推出和激活推動了以形象為中心的垂直領域的實力，尤其是政府部門的發展勢頭。就對加拿大全球上市機會的敏銳理解而言，我們與 Paya 合作夥伴的早期合作非常出色。

Moving on now to our product and technology. We are a global technology company with more than 550 engineers. We're passionate about innovation, never standing still and as a result, continuously investing in product in order to drive more future functionality within our platform. Our right to win is powered by our technology stack that goes far beyond acquiring, helping our customers connect with their customers in any currency, country or payment methodology all via a single integration.

現在繼續我們的產品和技術。我們是一家全球科技公司，擁有 550 多名工程師。我們熱衷於創新，從不停滯不前，因此不斷投資於產品，以推動我們平台的更多未來功能。我們獲勝的權利取決於我們的技術堆棧，它遠不止於收購，它可以幫助我們的客戶通過單一集成以任何貨幣、國家或支付方式與他們的客戶建立聯繫。

This flexibility allows our customers to onboard with us, select the appropriate module a la carte that best fulfills the need at the time of onboarding and grow with us by expanding solutions geographic reach and payment mediums as their own business evolves. Our platform operates freely as a gateway, a payment orchestration layer or a full processor depending on region of operation and customer requirements.

這種靈活性允許我們的客戶加入我們，選擇最能滿足入職時需求的點菜模塊，並隨著他們自己業務的發展擴大解決方案的地理範圍和支付媒介，與我們一起成長。根據運營區域和客戶要求，我們的平台可作為網關、支付編排層或完整處理器自由運行。

This flexibility allows us to prioritize global expansion by entry markets as either a [pain] facilitator via bid sponsorship or full licensing and self sponsorship, all in a seamless experience for our customers. In North America, we have historically used third-party processors to clear and settle transactions on our behalf, which is known as back-end processing.

這種靈活性使我們能夠優先考慮進入市場的全球擴張，作為通過投標贊助或完全許可和自我贊助的 [痛苦] 促進者，所有這些都為我們的客戶提供無縫體驗。在北美，我們歷來使用第三方處理商代表我們清算和結算交易，這被稱為後端處理。

But in the fourth quarter, our journey to enable our platform accelerated with a successful pilot to authorize and clear transactions as we do in all other regions. Some of the immediate benefits upon project completion will include driving significant efficiencies in enhancing transaction approval rates, simplifying global reporting, enhancing transaction interchange qualifications, streamline customer experience, facilitate reconciliation and drive an overall reduction in costs, thereby enhancing our margins.

但在第四季度，我們加速了我們的平台之旅，成功試點授權和清算交易，就像我們在所有其他地區所做的那樣。項目完成後的一些直接好處將包括在提高交易批准率、簡化全球報告、增強交易交換資格、簡化客戶體驗、促進對賬和推動整體成本降低方面顯著提高效率，從而提高我們的利潤率。

As for the longer-term structural benefits, we will control the entire global road map with the ability to accelerate the pace of new product innovation and further distance ourselves from peers as one of the few truly global payment enablers. As you can appreciate, this is another major milestone, which we expect to complete over the next 18 months.

至於更長期的結構性利益，我們將控制整個全球路線圖，有能力加快新產品創新的步伐，進一步拉開與同行的距離，成為少數真正的全球支付推動者之一。如您所知，這是另一個重要的里程碑，我們預計將在未來 18 個月內完成。

In addition, we launched more than 150 platform of product releases in 2022. Selected launches in the fourth quarter include expanding our alternative payment methods now supporting 603 methods available to our customers. End-to-end local card acceptance clearing and settlement for Visa and Mastercard Australia via our own licensing and processing in-country direct acquiring in Belgium for local card network and contact, acquiring services for American Express Cardinals in the Canadian gaming market.

此外，我們在 2022 年推出了 150 多個平台的產品版本。第四季度的部分發布包括擴展我們的替代支付方式，現在支持 603 種方式供我們的客戶使用。通過我們自己的許可為 Visa 和 Mastercard Australia 提供端到端的本地卡接受清算和結算，並在比利時處理國內直接收單以獲取本地卡網絡和聯繫人，為美國運通紅雀隊在加拿大博彩市場提供收單服務。

And these are just a few examples of recent product launches. So a lot of great momentum, which continues to set us apart from our competitors. And remember that each new product solution expands our TAM and offers us an incremental platform to grow with our customers as we remain focused on relentlessly helping them execute on their own growth initiatives.

這些只是近期產品發布的幾個例子。如此強大的勢頭，繼續使我們與競爭對手區分開來。請記住，每個新產品解決方案都會擴展我們的 TAM，並為我們提供一個與客戶共同成長的增量平台，因為我們仍然專注於不懈地幫助他們執行自己的增長計劃。

Just as importantly, with each new product launch, we increased the gap relative to both new and subscale entrance into ecosystem. As we look to the year ahead, we think it's helpful to revisit the main building blocks of our growth algorithm. The first building block is that we grow with existing customers and now B2B and integrated payment partners by adding new geographies and new capabilities, along with leveraging our customers' own growth vectors.

同樣重要的是，隨著每一個新產品的發布，我們都增加了與新進入生態系統和次級進入生態系統相關的差距。展望未來一年，我們認為重新審視增長算法的主要組成部分會有所幫助。第一個基石是我們與現有客戶一起成長，現在是 B2B 和集成支付合作夥伴，通過增加新的地域和新的能力，以及利用我們客戶自己的增長向量。

The second building block is a compounding effect of the previous year's new business cohort, which drives a greater contribution in the following year. To better illustrate this dynamic for each of the past 3 new business cohorts, revenues more than doubled from those vintages in year 2. The third building block is new in your business, which, as I just highlighted, has been accelerating. And the fourth building block is inorganic via strategic M&A.

第二個基石是上一年的新業務群體的複合效應，它推動了下一年的更大貢獻。為了更好地說明過去 3 個新業務隊列中的每一個的這種動態，第 2 年的收入比這些年份翻了一番多。第三個構建塊是您業務中的新模塊，正如我剛剛強調的那樣，它一直在加速發展。第四個構建塊是通過戰略併購實現的。

With that framework in mind, we're already off to an excellent start to the year with a strong January and February. It's noteworthy that February average daily volume were above January and results for the first week of March are encouraging. In addition to this early momentum, we're not seeing a slowdown and remain on schedule with our pipeline conversions and new merchant implementations.

考慮到該框架，我們已經以強勁的 1 月和 2 月開始了今年的良好開端。值得注意的是，2 月份的日均交易量高於 1 月份，而 3 月份第一周的結果令人鼓舞。除了這種早期的勢頭之外，我們的管道轉換和新商戶實施並沒有出現放緩的跡象，並且仍按計劃進行。

With respect to the integration with Paya, I'm very pleased with what I've seen so far. While it's early, we are motivated by the revenue synergies and have found incremental use cases for our technology beyond our original expectations. As I've mentioned previously, we continue to invest in the business and our priorities for 2023 are, investing in our commercial, technology and product teams as appropriate, launching in 5 new geographies and scaling our open banking, embedded finance and unified commerce offerings.

關於與 Paya 的集成，我對目前所看到的感到非常滿意。雖然現在還為時過早，但我們受到收入協同效應的激勵，並發現我們技術的增量用例超出了我們最初的預期。正如我之前提到的，我們將繼續投資於業務，我們 2023 年的優先事項是酌情投資於我們的商業、技術和產品團隊，在 5 個新地區推出並擴展我們的開放式銀行、嵌入式金融和統一商務產品.

Finally, turning to capital allocation for 2023. Aside from debt repayment and continuing to be opportunistic with strategic M&A, will prioritize our excess cash towards share buybacks. Turning to our outlook for the year. We expect revenue of between $1.22 billion and $1.26 billion for reported growth of between 45% and 50%. Unpacking this further, we expect Nuvei's organic growth rate excluding digital assets and cryptocurrencies to be between 23% and 28%. And thinking about our growth cadence, remember that we are lapping a strong crypto comparable in the first half of the year, so we anticipate that our growth will accelerate in the second half of the year.

最後，轉向 2023 年的資本配置。除了償還債務和繼續採取戰略併購的機會主義之外，我們將優先將多餘的現金用於股票回購。談談我們今年的展望。我們預計收入將在 12.2 億美元至 12.6 億美元之間，報告的增長率將在 45% 至 50% 之間。進一步分析，我們預計 Nuvei 不包括數字資產和加密貨幣在內的有機增長率將在 23% 至 28% 之間。考慮到我們的增長節奏，請記住我們在今年上半年正在使用一個強大的加密貨幣，因此我們預計我們的增長將在今年下半年加速。

Before handing it over to Dave to cover more details about our financials and our outlook, I'd like to formally welcome our new colleagues from Pia and once again, Banking congratulate all our Nuvei colleagues for an exceptional year. With that, I'll turn the call over to Dave.

在將其交給 Dave 以介紹有關我們財務狀況和前景的更多細節之前，我想正式歡迎我們來自 Pia 的新同事，並再次祝賀我們所有 Nuvei 同事度過了非凡的一年。有了這個，我會把電話轉給戴夫。

Thanks, Phil, and good morning, everyone. My comments will cover 3 main topics. I'll start by reviewing our financial performance for the fourth quarter and fiscal year 2022. I'll then discuss our outlook for the first quarter and fiscal year 2023. And finally, I'll address the updates to our medium-term targets. Looking first at our reported results.

謝謝，菲爾，大家早上好。我的評論將涵蓋 3 個主要主題。我將首先回顧我們第四季度和 2022 財年的財務業績。然後我將討論我們對第一季度和 2023 財年的展望。最後，我將討論我們中期目標的更新。首先看我們報告的結果。

Total volume for the fourth quarter increased by 28% to $40 billion. It was 15% above the high end of our outlook range. The stronger-than-expected results were driven by our focused execution. On a constant currency basis, total volume increased 33% to $42 billion, with e-commerce representing 91% of total volume.

第四季度的總交易量增長了 28%，達到 400 億美元。它比我們展望範圍的高端高出 15%。強於預期的結果是由我們專注的執行推動的。按固定匯率計算，總交易量增長 33% 至 420 億美元，其中電子商務佔總交易量的 91%。

For the full year, total volume increased 34% to $128 billion. And on a constant currency basis, total volume for the full year increased by 39%. Revenue for the quarter was $220 million. Due to the global nature of our business, and as we have seen in prior quarters, revenue in the fourth quarter was negatively impacted by $12 million due to foreign currency volatility.

全年總交易量增長 34% 至 1280 億美元。在固定匯率基礎上，全年總量增長了 39%。該季度的收入為 2.2 億美元。由於我們業務的全球性，正如我們在前幾個季度所看到的那樣，由於外匯波動，第四季度的收入受到了 1200 萬美元的負面影響。

On a constant currency basis, revenue grew 10% to $233 million and was aligned with the high end of our outlook range. Excluding the impact from digital assets, revenue at constant currency grew 26% during the quarter. We believe this figure best captures the performance of the business. For the full year, revenue increased 16% to $843 million, considering the $41 million headwind from currency volatility, revenue at constant currency grew 22%.

按固定匯率計算，收入增長 10% 至 2.33 億美元，與我們預期範圍的高端保持一致。排除數字資產的影響，本季度按固定匯率計算的收入增長了 26%。我們相信這個數字最能反映企業的業績。全年收入增長 16% 至 8.43 億美元，考慮到貨幣波動帶來的 4100 萬美元逆風，按固定匯率計算的收入增長了 22%。

Due to the scalable nature of our business model, we focus on driving incremental gross profit dollars by expanding our solution set to gain wallet share from both existing and new customers. Gross profit increased to $170 million in the fourth quarter and $672 million for the full year. Gross margins were stable with the prior year periods at 77% for the quarter and 80% for the full year.

由於我們業務模型的可擴展性，我們專注於通過擴展我們的解決方案集來增加現有和新客戶的錢包份額來推動增量毛利潤。第四季度毛利潤增至 1.7 億美元，全年增至 6.72 億美元。毛利率與去年同期相比穩定，本季度毛利率為 77%，全年毛利率為 80%。

Moving now to expenses. Selling, general and administrative costs in the fourth quarter increased 5% year-over-year to $148 million. SG&A expenses for the full year increased $160 million. More than half of this increase relates to noncash share-based payments, which were higher primarily due to new grants to employees who joined us part of past acquisitions, as well as the grant for the entire employee base, which occurs every fourth quarter.

現在轉向費用。第四季度的銷售、一般和行政成本同比增長 5% 至 1.48 億美元。全年的 SG&A 費用增加了 1.6 億美元。這一增長的一半以上與非現金股份支付有關，這主要是由於向在過去的收購中加入我們的員工提供的新贈款，以及每第四季度對整個員工群的贈款。

It's important to note that as a result of high exercise prices and share price performance thresholds, a large proportion of the outstanding share-based awards are either significantly out of the money or fail to meet the performance condition at the end of the fourth quarter. As a result, approximately 5 million units are not considered dilutive in terms of diluted shares outstanding.

需要注意的是，由於行權價格和股價業績門檻較高，很大一部分已發行的股份獎勵要么顯著虧本，要么未能滿足第四季度末的業績條件。因此，約 500 萬股在已發行稀釋股票方面不被視為稀釋。

In addition, we expect that share buybacks will exceed dilution resulting from the exercise of share-based awards in 2023. Employee compensation other than share-based payments for the year increased by almost $46 million. The increase year-over-year reflects investments such as in our product, technology and commercial teams and drive growth as well as an increase in headcount from the 3 acquisitions completed in 2021.

此外，我們預計 2023 年股票回購將超過因行使基於股票的獎勵而導致的攤薄。該年度除基於股票的支付之外的員工薪酬增加了近 4600 萬美元。同比增長反映了對我們的產品、技術和商業團隊的投資，並推動了增長以及 2021 年完成的 3 項收購帶來的員工人數增加。

Adjusted eBITDA for the quarter was $86 million, which is above the top end of our outlook range. Adjusted EBITDA margin was 39% in the quarter, which was also above our outlook range. For the full year, adjusted EBITDA increased to $351 million, representing an adjusted EBITDA margin of 42%.

本季度調整後的 eBITDA 為 8600 萬美元，高於我們預期範圍的上限。本季度調整後的 EBITDA 利潤率為 39%，也高於我們的預期範圍。全年，調整後的 EBITDA 增至 3.51 億美元，調整後的 EBITDA 利潤率為 42%。

Looking at other line items on the income statement, net finance cost was $2 million compared to $4.5 million in last year's fourth quarter. We earned higher finance income of $7 million, primarily due to a higher interest rate environment partially offset by an increase in finance costs of $4 million to service our debt. For the full year, net finance costs was $9 million compared to $14 million in fiscal 2021. with the change being driven by similar factors as well as a remeasurement gain of $6 million associated with share repurchases earlier this year.

查看損益表中的其他項目，淨財務成本為 200 萬美元，而去年第四季度為 450 萬美元。我們獲得了 700 萬美元的更高融資收入，這主要是由於更高的利率環境，部分被用於償還債務的融資成本增加 400 萬美元所抵消。全年，淨財務成本為 900 萬美元，而 2021 財年為 1400 萬美元。這一變化是由類似因素以及與今年早些時候股票回購相關的 600 萬美元重新計量收益推動的。

Income tax expense in the quarter was $6 million, representing an effective tax rate of 38%. Income tax expense for the fiscal year 2022 was $26 million, which translates into an effective tax rate of 29%. Both the quarterly and yearly tax rates were above the Canadian statutory rate of 26.5%, mainly due to share-based payments that are nondeductible in most jurisdictions.

本季度的所得稅費用為 600 萬美元，有效稅率為 38%。 2022 財年的所得稅費用為 2600 萬美元，相當於 29% 的有效稅率。季度和年度稅率均高於加拿大 26.5% 的法定稅率，這主要是由於在大多數司法管轄區不可扣除的基於股份的支付。

Net income for the quarter was $9 million or $0.06 per diluted share, and net income for the year was $62 million or $0.39 per diluted share. As I mentioned earlier, the full year results included an increase in noncash share-based payments, which on their own represented approximately $0.59 per share. Adjusted net income was $68 million or $0.47 per diluted share for the fourth quarter and adjusted net income for the full year was $274 million or $1.86 per diluted share.

本季度淨收入為 900 萬美元或稀釋後每股收益 0.06 美元，全年淨收入為 6200 萬美元或稀釋後每股收益 0.39 美元。正如我之前提到的，全年業績包括非現金股份支付的增加，其本身相當於每股約 0.59 美元。第四季度調整後淨收入為 6800 萬美元或稀釋後每股收益 0.47 美元，全年調整後淨收入為 2.74 億美元或稀釋後每股收益 1.86 美元。

Turning to the balance sheet. At the end of the year, we had cash and cash equivalents of $752 million. We also had term debt of $498 million resulting in a net cash position of $253 million. During 2022, as part of our capital allocation strategy, we deployed $167 million of excess cash -- was repurchasing approximately 5% of our public float, including the repurchase of 1.9 million shares in the fourth quarter.

轉向資產負債表。截至年底，我們擁有 7.52 億美元的現金和現金等價物。我們還有 4.98 億美元的定期債務，導致淨現金頭寸為 2.53 億美元。在 2022 年期間，作為我們資本配置戰略的一部分，我們部署了 1.67 億美元的超額現金——回購了我們公眾持股量的大約 5%，包括在第四季度回購了 190 萬股股票。

With the closing of the Paya acquisition on February 22, we used approximately $616 million of cash on hand and entered into a new $800 million credit facility. This resulted in a net leverage ratio at closing of less than 3x. We intend to use excess cash to further reduce our leverage from these levels while still maintaining the flexibility to invest in our business, including future strategic acquisitions.

隨著 2 月 22 日完成對 Paya 的收購，我們動用了大約 6.16 億美元的手頭現金，並簽訂了一項新的 8 億美元信貸額度。這導致收盤時的淨槓桿率低於 3 倍。我們打算使用多餘的現金進一步降低我們在這些水平上的槓桿作用，同時仍然保持投資於我們業務的靈活性，包括未來的戰略收購。

We also intend to pursue a renewal of our normal course issuer bid so we can continue prioritizing our excess cash for share repurchases. I will now turn to our outlook and would refer you to our forward-looking information disclosure in our press release and MD&A.

我們還打算更新我們的正常課程發行人出價，以便我們可以繼續優先考慮我們的過剩現金用於股票回購。我現在將轉向我們的展望，並請您參考我們在新聞稿和 MD&A 中披露的前瞻性信息。

Our first quarter and full year 2023 outlook includes contribution from Paya as of the February 22 closing date. For the first quarter, we expect total volume of between $39.5 billion and $41 billion, revenue of between $248 million and $256 million, revenue at constant currency of between $252 million and $260 million and adjusted EBITDA of between $92.5 million and $96 million.

我們的 2023 年第一季度和全年展望包括 Paya 截至 2 月 22 日截止日期的貢獻。對於第一季度，我們預計總銷量在 395 億美元至 410 億美元之間，收入在 2.48 億美元至 2.56 億美元之間，按固定匯率計算的收入在 2.52 億美元至 2.6 億美元之間，調整後的 EBITDA 在 9250 萬美元至 9600 萬美元之間。

For the full year 2023, we expect total volume of between $194 million and $200 billion, revenue of between $1.22 billion and $1.26 billion, which is expected to be approximately $2 million higher on a constant currency basis and adjusted EBITDA between $455 million and $477 million.

對於 2023 年全年，我們預計總銷量在 1.94 億美元至 2000 億美元之間，收入在 12.2 億美元至 12.6 億美元之間，按固定匯率計算預計增加約 200 萬美元，調整後的 EBITDA 在 4.55 億美元至 4.77 億美元之間.

As stated previously, we expect the contribution of Paya to be accretive to earnings in the current year. Our outlook at the midpoint reflects revenue growth of approximately 47% and organic growth of approximately 15% for the full year. It's also important to understand that our revenue growth profile this year will be a tale of 2 halves.

如前所述，我們預計 Paya 的貢獻將增加本年度的收益。我們的中點展望反映了全年收入增長約 47% 和有機增長約 15%。同樣重要的是要了解我們今年的收入增長情況將分為兩半。

During the first half of the year, we expect our growth to be impacted by challenging comparables in digital assets. Then in the second half, we expect our growth rates to accelerate as we lap those headwinds. Including digital assets and cryptocurrencies, we expect our organic growth rate to be between 23% and 28%, which is comparable to the fourth quarter of 26% on the same basis.

在今年上半年，我們預計我們的增長將受到數字資產中具有挑戰性的可比資產的影響。然後在下半年，我們預計我們的增長率會隨著我們應對這些逆風而加速。包括數字資產和加密貨幣在內，我們預計我們的有機增長率將在 23% 至 28% 之間，與第四季度 26% 的相同基礎相當。

In order to be consistent with Nuvei's revenue recognition policy, our outlook also takes into consideration a downward adjustment of approximately $10 million in Paya revenue and present revenue on a net of interchange. Prior to the acquisition by Nuvei, Paya recorded a portion of revenue on a gross basis, including interchange.

為了與 Nuvei 的收入確認政策保持一致，我們的展望還考慮到 Paya 收入和當前淨收入的下調約 1000 萬美元。在被 Nuvei 收購之前，Paya 記錄了一部分總收入，包括交換收入。

Nuvei records revenue on a net basis with interchange fees recorded as a reduction of revenue. Further harmonizing some reporting nuances between the 2 companies, I'll note that Paya presented revenue share amounts paid to reseller and referral partners within cost of services. In order to be consistent with Nuvei's income statement presentation, we will present these revenue share amounts within commissions and SG&A expenses.

Nuvei 以淨額記錄收入，交換費記錄為收入減少。進一步協調兩家公司之間的一些報告細微差別，我會注意到 Paya 在服務成本內提供了支付給經銷商和推薦合作夥伴的收入分成金額。為了與 Nuvei 的損益表呈現一致，我們將在佣金和 SG&A 費用中呈現這些收入分成金額。

Coming back to our outlook. We believe our outlook is appropriately balanced between the strong business momentum year-to-date and the global macro environment. We have also considered the potential for further fluctuations in foreign currency, which at some point, could turn into a tailwind in although we have not anticipated this in our outlook.

回到我們的觀點。我們認為，我們的前景在年初至今強勁的業務勢頭和全球宏觀環境之間取得了適當的平衡。我們還考慮了外匯進一步波動的可能性，儘管我們在展望中沒有預料到這一點，但在某個時候，這可能會成為順風。

In terms of our adjusted EBITDA outlook, we expect adjusted EBITDA margins to be impacted by the lower margin profile of Paya. However, we expect this impact to be mitigated by synergy realization as the year progresses, which represents a portion of the $21 million in cost synergies we expect to achieve within the 24 months from the closing of the acquisition.

就我們調整後的 EBITDA 前景而言，我們預計調整後的 EBITDA 利潤率將受到 Paya 利潤率較低的影響。然而，我們預計隨著時間的推移，協同效應的實現將減輕這種影響，這是我們預計在收購結束後 24 個月內實現的 2100 萬美元成本協同效應的一部分。

As a result, our outlook is for adjusted EBITDA margin of approximately 37% to 38% for the full year. In addition, our outlook reflects our strategy to reinvest back in our business in key areas such as distribution, technology and product. Our financial strength, coupled with our long runway for growth affords us the ability to continue adding talent at a time when many other technology companies have been reducing the size of their teams.

因此，我們預計全年調整後的 EBITDA 利潤率約為 37% 至 38%。此外，我們的前景反映了我們在分銷、技術和產品等關鍵領域對業務進行再投資的戰略。我們的財務實力，加上我們漫長的增長道路，使我們能夠在許多其他科技公司一直在縮減團隊規模的時候繼續增加人才。

I will now discuss our medium and long-term targets, which are intended to provide insight into the execution of our strategy as it relates to growth profitability and cash generation. With the acquisition of Paya, we are updating our revenue growth target to be greater than 20% annually in the medium term. In addition, we are simplifying our outlook by removing total volume as a medium-term target and introducing a medium-term target pertaining to capital expenditures.

我現在將討論我們的中期和長期目標，這些目標旨在深入了解我們戰略的執行情況，因為它與增長盈利能力和現金產生有關。通過收購 Paya，我們將中期收入增長目標更新為每年超過 20%。此外，我們通過取消總量作為中期目標並引入與資本支出相關的中期目標來簡化我們的前景。

We expect capital expenditures defined as acquisition of property, equipment and intangibles to approximate 4% to 6% of revenue annually. We believe the addition of a capital expenditures target coupled with an adjusted EBITDA target provides better insight into the sustainable cash generation of our business.

我們預計定義為購置財產、設備和無形資產的資本支出每年約佔收入的 4% 至 6%。我們相信，增加資本支出目標以及調整後的 EBITDA 目標可以更好地了解我們業務的可持續現金生成。

Furthermore, we are maintaining and reiterating our long-term target of adjusted EBITDA margins of greater than 50%. We're very pleased with the team's execution during the fourth quarter and full year 2022. We are excited about the momentum of the business thus far into 2023 and incremental opportunities resulting from the Paya acquisition. I'll now turn the call back over to Phil for some closing remarks.

此外，我們維持並重申調整後 EBITDA 利潤率超過 50% 的長期目標。我們對團隊在第四季度和 2022 年全年的執行情況感到非常滿意。我們對業務到 2023 年的發展勢頭以及收購 Paya 帶來的增量機會感到興奮。我現在將把電話轉回給菲爾，聽取一些結束語。

Before opening up to questions, I'd like to come back and leave you with the 5 key takeaways from today's call. First, we grew revenue on a constant currency basis, excluding digital assets and cryptocurrency by 26% in the fourth quarter. This serves as a proxy for how we see the core business performing.

在開始提問之前，我想回來給大家講講今天電話會議的 5 個要點。首先，第四季度我們的收入在固定貨幣基礎上增長了 26%，不包括數字資產和加密貨幣。這可以代表我們如何看待核心業務的表現。

Second, digitizes and cryptocurrencies is no longer material to Nuvei. Third, we've diversified the business across high-growth discretionary and nondiscretionary verticals. Fourth, we're off to a great start of the year with strong momentum. And fifth, we expect to prioritize share buybacks with our excess free cash flow, especially at our current valuation. With that, operator, we're ready to take questions.

其次，數字化和加密貨幣對 Nuvei 來說不再重要。第三，我們在高增長的全權委託和非全權委託垂直領域實現了業務多元化。第四，我們開年勢頭強勁。第五，我們希望優先考慮用我們過剩的自由現金流回購股票，尤其是按照我們目前的估值。有了這個，接線員，我們準備好接受提問了。

(Operator Instructions) We take our first question from the line of Will Nance with Goldman Sachs.

（操作員說明）我們的第一個問題來自 Will Nance 與 Goldman Sachs 的對話。

Look, just one housekeeping item on the 2021 numbers. I really appreciate the guidance on growth rates over the course of the year, excluding crypto. I was wondering if you could help us out with what the numbers were in 2022, just so we can kind of calibrate the modeling for kind of like first half versus second half comps.

看，2021 年的數字上只有一項內務管理項目。我非常感謝有關一年中增長率的指導，不包括加密貨幣。我想知道您是否可以幫助我們了解 2022 年的數字，這樣我們就可以針對上半年和下半年的比較來校準建模。

Will, it's Dave. If you take a look at the disclosures at the back of the press release, we break out what was the constant currency impact, what was the impact from crypto in the fourth quarter? I think that will give you a sense for kind of the split, at least for the quarter.

威爾，是戴夫。如果你看一下新聞稿後面的披露，我們會分析持續的貨幣影響是什麼，第四季度加密貨幣的影響是什麼？我認為這會讓你對分裂有所了解，至少在這個季度是這樣。

Got it. But nothing unlike the first half of last year?

知道了。但與去年上半年沒有什麼不同？

There's full disclosure on the full year on constant currency. But really, the fourth quarter is kind of where you should look in terms of -- on the digital asset that's more indicative of kind of what we'll see on a go-forward basis.

全年都有關於固定貨幣的全面披露。但實際上，第四季度是你應該關注的地方——數字資產更能說明我們將在未來看到的情況。

Got it. Okay. That makes sense. And then just -- on the Paya revenue synergies, you guys sound like you're kind of incrementally more excited about some of the opportunities that you guys are finding post close. I'm wondering if you could just kind of expand on that. What are the kind of 2 or 3 things that you guys have found that you're kind of most excited about when you think about revenue synergies on this deal?

知道了。好的。這就說得通了。然後 - 關於 Paya 收入協同效應，你們聽起來好像對你們在收盤後發現的一些機會越來越興奮。我想知道你是否可以對此進行擴展。當您考慮這筆交易的收入協同效應時，你們發現最令您興奮的兩三件事是什麼？

Great question. I mean first of all, we're excited about Paya as a whole. Great team working with them has been an absolute pleasure. I think it's exactly as we've described in terms of expanding our role with Paya on the ISV side expanding B2B relationships, our engagement with both customers on the B2B side and ISV side have been incremental.

很好的問題。我的意思是，首先，我們對整個 Paya 感到興奮。與他們一起工作的偉大團隊絕對是一種樂趣。我認為這正如我們在 ISV 方面擴大我們與 Paya 的角色擴展 B2B 關係方面所描述的那樣，我們與 B2B 方面和 ISV 方面的客戶的參與是漸進的。

And then there's been use cases in terms of ACH versus open banking and opportunities around accounts payable that we're unpacking. So in general, extremely pleased with Paya, excellent team. We think this is truly a transformative opportunity for both companies, and we're excited on the execution.

然後在 ACH 與開放式銀行業務方面有一些用例，以及我們正在拆包的應付賬款機會。所以總的來說，非常滿意 Paya，優秀的團隊。我們認為這對兩家公司來說都是一個真正的變革機會，我們對執行感到興奮。

We'll take next question from the line of Timothy Chiodo with Credit Suisse.

我們將從瑞士信貸的 Timothy Chiodo 那裡接聽下一個問題。

I just want to see if you could recap the sort of the weighted average math, if you will, to get to the 20%. So the underlying core Nuvei plus the assumed growth rate for the Paya that came to the roughly 20% medium-term revenue growth target.

我只是想看看你是否可以重述一下加權平均數學，如果你願意的話，可以達到 20%。因此，基礎核心 Nuvei 加上 Paya 的假設增長率達到了大約 20% 的中期收入增長目標。

Tim, it's David. Yes, I wouldn't necessarily look at it that way. I mean, our medium-term target certainly takes into account the Paya acquisition. Their growth profile was lower. But what -- the question I was just asked before, I think, is an important one, too, around revenue synergies.

蒂姆，是大衛。是的，我不一定會那樣看。我的意思是，我們的中期目標肯定會考慮對 Paya 的收購。他們的增長曲線較低。但是，我認為我之前剛剛被問到的問題對於收入協同效應也是一個重要的問題。

And so you think about our growth rate on a go-forward basis, it's going to be certainly a combination of the Nuvei pre Paya. And Paya then think about this the revenue synergies as well that we're bringing to the table at. The exit rate out of Q4, if you exclude crypto and digital assets and constant currency was 26%. We provided for the full year of '23 on a similar basis, a range of 23% to 28%. So that kind of gives you a sense and comfort level for kind of what that medium-term guidance of 20% growth annually.

所以你在前進的基礎上考慮我們的增長率，它肯定會是 Nuvei pre Paya 的組合。然後 Paya 考慮一下我們帶來的收入協同效應。如果排除加密貨幣和數字資產以及固定貨幣，第四季度的退出率為 26%。我們在類似的基礎上為 23 年全年提供了 23% 至 28% 的範圍。因此，對於每年增長 20% 的中期指導，這會給你一種感覺和安慰。

Okay. Great. You also mentioned some helpful comments around stock-based comp. If you could talk a little bit about how I'm not asking you to give a 2025 stock-based comp guide by any means. But in terms of just directionally, after the expiration of some of the stock-based comp that came on with some of the acquisitions and some of the other grants. Just directionally, how should we think about stock-based comp potentially coming off as a percentage of revenue in 2025 and beyond?

好的。偉大的。你還提到了一些關於股票補償的有用評論。如果你能談談我為什麼不要求你以任何方式提供 2025 年基於股票的補償指南。但就方向而言，在一些收購和其他一些贈款帶來的一些基於股票的補償到期後。就方向而言，我們應該如何考慮 2025 年及以後基於股票的補償可能佔收入的百分比？

Yes, there are certainly puts and takes. I think the key part here is to think about the investments we've made in the past from a people perspective and so bringing out some really strong people across the board. And those people will obviously drive revenue growth.

是的，肯定有看跌期權。我認為這裡的關鍵部分是從人員的角度考慮我們過去所做的投資，從而全面培養一些非常強大的人才。這些人顯然會推動收入增長。

And so those initial grants, they cost you more in the early years plus the way that IFRS accounts for grants it's a graded basis, you have kind of higher expense in early years. But over time, we would expect that as a percentage of revenue come down. I guess the other thing to keep in mind, Paya also, of course, had share-based compensation.

因此，那些初始補助金，它們在早期花費了你更多的錢，加上 IFRS 對補助金的會計處理方式，它是一個分級的基礎，你在早期的費用更高。但隨著時間的推移，我們預計收入的百分比會下降。我想還有一件事要記住，Paya 當然也有基於股份的薪酬。

It was about $7 million last year in 2022 for Paya. They report on a U.S. GAAP basis, we report IFRS. We're still kind of working through that, but you can certainly expect that they'll be above just as a result of the acquisition.

去年 2022 年，Paya 的收入約為 700 萬美元。他們報告基於美國公認會計原則，我們報告國際財務報告準則。我們仍在努力解決這個問題，但你當然可以期望他們會因為收購而超越。

We take the next question from the line of Sanjay Sakhrani with KBW.

我們從 KBW 的 Sanjay Sakhrani 那裡接聽下一個問題。

I know you're not managing this business to optimize the take rate, but rather revenues. But I'm just curious of that migration of the take rate going forward. Obviously, the mix is evolving. So perhaps some comments there. I know we've seen roughly like a 10- or 11-basis-point compression each year, and there's been a lot that's happened in between. So maybe you could just give us some direction there.

我知道您管理這項業務不是為了優化採用率，而是為了收入。但我只是對未來採用率的遷移感到好奇。顯然，這種組合正在演變。所以也許有一些評論。我知道我們每年大約看到 10 或 11 個基點的壓縮，並且在這兩者之間發生了很多事情。所以也許你可以在那裡給我們一些指導。

Sanjay, it's Phil. Happy to. I think we're going to always reiterate what we've always said, right? Our platform is scalable and we want to help our customers connect with their customers and take rate will never drive our decision in terms of onboarding a customer. The other element to keep in mind, and you really see that as in my prepared remarks, I mentioned the contribution from digital assets, how we've grown approximately $35 million, which predominantly fell to the bottom line. So if you want to unpack it, we're always here to help our customers grow with our platform. At scale, every effective gross profit dollar falls to the bottom line. But I would also take into consideration that crypto had higher take rate and those are certainly moving their way out of the system. And then last comment is fourth quarter has more seasonality towards fixed transaction pricing. So that will affect fourth quarter take rate. But in general, we are not managing the business to a take rate. We're here to win. We are winning. We are taking market share, and we are going to be competitive in every market that we operate in.

桑傑，是菲爾。高興。我想我們會一直重申我們一直說的話，對吧？我們的平台是可擴展的，我們希望幫助我們的客戶與他們的客戶建立聯繫，並且採用率永遠不會推動我們在入職客戶方面的決定。另一個要記住的因素，你真的在我準備好的發言中看到了這一點，我提到了數字資產的貢獻，我們如何增長了大約 3500 萬美元，這主要落在了底線。因此，如果您想打開包裝，我們將始終在這裡幫助我們的客戶與我們的平台一起成長。從規模上看，每一美元的有效毛利潤都會下降到底線。但我也會考慮到加密貨幣的採用率更高，而且它們肯定會從系統中移除。然後最後的評論是第四季度對固定交易定價有更多的季節性。因此，這將影響第四季度的採用率。但總的來說，我們並沒有按照採用率來管理業務。我們是來贏的。我們贏了。我們正在搶占市場份額，我們將在我們經營的每個市場中都具有競爭力。

I appreciate that. I guess a follow-up question on gaming revenue run rate. I know you had called out something like $25 million a little while ago with a target of $100 million annualized. Could you update us, Phil, maybe on sort of what the run rate is now as you're looking towards 2023? And then I'm just curious, that number that you put out there, the digital currencies being less than 5% of revenues, that's on the number you gave us for total revenues for 2023, just making sure I got that right?

我很感激。我猜是關於遊戲收入運行率的後續問題。我知道你剛才提出了 2500 萬美元的目標，目標是年化 1 億美元。 Phil，您能否向我們介紹一下您展望 2023 年時的運行率？然後我很好奇，你給出的那個數字，數字貨幣不到收入的 5%，這是你給我們的 2023 年總收入的數字，只是確保我說對了？

Certainly, you're cheating in another question there, Sanjay. But talking about gaming for a second. We're really pleased with our progress in the U.S. We firmly believe in the crawl, walk, run. We're executing extremely well. We have now signed up with all operators, all the top 10 operators in some form a fashion. We're assisting them in terms of their own revenue growth with our multiple products for the vertical. And we're well on the path in terms of hitting our target. We haven't disclosed the actual number, but we have done a nice point of inflection. I am very pleased with our engagement around Super Bowl as well as the opportunities that we see in the pipeline. So U.S. gaming is going very well. But I would just flag for you, right? Gaming is a global market, and there's really interesting things happening in gaming around the world, right? It's not just what's happening in the United States, which is very compelling, but you also have Brazil. There are some comments around UAE as well. So we see this as a wonderful platform with lots of tailwinds for continued execution, and we're pretty excited about that.

當然，你在另一個問題上作弊了，Sanjay。但暫時談論遊戲。我們對我們在美國取得的進步感到非常高興。我們堅信爬行、行走和奔跑。我們執行得非常好。我們現在已經與所有運營商簽約，所有排名前 10 的運營商都以某種方式簽約。我們正在通過我們的多種垂直產品幫助他們增加自己的收入。我們在實現目標方面進展順利。我們沒有透露實際數字，但我們已經做了一個很好的轉折點。我對我們圍繞超級碗的參與以及我們在管道中看到的機會感到非常高興。所以美國的遊戲發展得很好。但我會為你打旗，對吧？遊戲是一個全球市場，世界各地的遊戲都在發生著非常有趣的事情，對吧？不僅僅是美國正在發生的事情非常引人注目，還有巴西。阿聯酋也有一些評論。所以我們認為這是一個很棒的平台，有很多順風可以繼續執行，我們對此感到非常興奮。

Your following question is -- I'll just add to the last question. And yes, it was 5% roughly of go forward. We did have a onetime disclosure. If you guys take a look at it in the press release in terms of crypto revenue from fourth quarter year-over-year, and I'm so proud of this team of what we've done in terms of growth, not just from a revenue replacement perspective, but because we're at scale, those dollars predominantly falls to the bottom line. So our performance in maintaining our EBITDA margin, actually growing our EBITDA is exceptional. So very, very pleased with what we've done and the momentum of the business and obviously, the growth vectors that we see going forward.

您的下一個問題是——我將添加到最後一個問題中。是的，大約是前進的 5%。我們確實有一次披露。如果你們在新聞稿中看一下第四季度同比加密貨幣收入，我為這個團隊感到非常自豪，因為我們在增長方面所做的一切，而不僅僅是從收入替代的觀點，但由於我們規模龐大，這些美元主要落在了底線。因此，我們在維持 EBITDA 利潤率，實際上增加 EBITDA 方面的表現非常出色。對我們所做的事情和業務的發展勢頭以及我們看到的未來增長動力非常非常滿意。

We'll take the next question from the line of Joseph Vafi with Canaccord.

我們將從 Joseph Vafi 和 Canaccord 提出的下一個問題。

Nice outlook for the year. I thought we'd maybe talk about sales and marketing spend. A lot of fintechs are cost rationalizing a little bit, I think, with your margin profile, you're in a different position you look at that, especially relative to integrating Paya and some of the other moving parts? And then I'll have a follow-up.

今年前景不錯。我想我們可能會談談銷售和營銷支出。我認為，很多金融科技公司都在對成本進行一些合理化，根據你的利潤率情況，你處於不同的位置，尤其是在整合 Paya 和其他一些移動部件方面？然後我會跟進。

Thanks, Joe. I think here is where the strength of our platform really shines. We've never been a growth-at-all-cost organization, Joe. So we've always been thoughtful, investing in the different regions based on very significant targets, and we are executing on those targets, and we will continue investing in the business. We have built out an extremely successful direct sales team. We have more to do, and we're excited about monetizing the new markets that we launched. As I've mentioned, we have about 5 markets that we plan on launching this year. And in addition, we intend on expanding Paya sales team. I think the job Paya has done with the resources they had was exceptional, but we believe we could turbocharge Paya, and that is exactly what we will do in terms of building out our B2B and integrated payments business on a global basis. But all of that, we're not blind to the macro. So we are very prudent with how we invest. We do it step-by-step with good methodology, and we'll certainly do that while we maintain our EBITDA margins like we always have.

謝謝，喬。我認為這就是我們平台真正發揮作用的地方。喬，我們從來都不是一個不惜一切代價實現增長的組織。因此，我們一直深思熟慮，根據非常重要的目標在不同地區進行投資，我們正在執行這些目標，我們將繼續對該業務進行投資。我們建立了一支非常成功的直銷團隊。我們還有更多工作要做，我們很高興能將我們推出的新市場貨幣化。正如我所提到的，我們計劃在今年推出大約 5 個市場。此外，我們打算擴大 Paya 銷售團隊。我認為 Paya 使用他們擁有的資源所做的工作非常出色，但我們相信我們可以為 Paya 提供動力，而這正是我們在全球範圍內建立 B2B 和綜合支付業務方面要做的事情。但所有這一切，我們並非對宏觀視而不見。因此，我們對投資方式非常謹慎。我們以良好的方法一步一步地做到這一點，我們肯定會像往常一樣保持我們的 EBITDA 利潤率。

Great. And then maybe, I guess, maybe my follow-up will be just are -- is there any of those that you'd call out, Phil, right now as being our -- where we should look for more progress on SG&A or sales spend or growth relative to those investments in 2023?

偉大的。然後也許，我想，也許我的後續行動將只是 - Phil，你現在有沒有提到我們 - 我們應該在 SG&A 或銷售方面尋求更多進展2023 年相對於這些投資的支出或增長？

Yes. Joe, I would refer you back to building blocks, right? Because in our business, you invest to build customer relationships. They materialize throughout the year. And then, at the end of that year, you've built a cohort and that cohort pivots for the following year. Those investments are really compelling from an allocated dollar to revenue that it drives forward as we continue scaling our platform. And we're going to continue on that exact methodology. We're building our brand awareness. We're being included in more our fees. Our pipeline has several transformational opportunities. So we really like where we sit. And ultimately, that's reflected in 2 things. One is our volume growth. The second right behind that is our market share win, and I think all that is powered by our right to win, which we're executing on.

是的。喬，我會推薦你回到積木，對吧？因為在我們的業務中，您投資建立客戶關係。他們全年都在實現。然後，在那一年年底，你建立了一個隊列，這個隊列在下一年進行了調整。隨著我們繼續擴展我們的平台，這些投資從分配的美元到它推動的收入真的很有吸引力。我們將繼續採用這種確切的方法。我們正在建立我們的品牌知名度。我們被包含在更多的費用中。我們的管道有幾個轉型機會。所以我們真的很喜歡我們坐的地方。最終，這反映在兩件事上。一是我們的銷量增長。緊隨其後的第二個權利是我們贏得市場份額，我認為所有這一切都是由我們正在執行的獲勝權利所推動的。

We'll take the next question from the line of Bob Napoli with William Blair.

我們將接受 Bob Napoli 和 William Blair 的下一個問題。

Chris, welcome to the team there. Good to talk to you again. Just on -- congratulations on the solid numbers. One thing that really jumped out in the fall was the e-com direct growth, 65%, super strong. Just any color you can give on I mean, I guess, as your largest -- one of your largest channels, why do you -- what is driving that growth? And what is your outlook for that part of your business?

克里斯，歡迎加入那裡的團隊。很高興再次和你交談。就在 - 祝賀這些數字。秋季真正突飛猛進的一件事是電子商務的直接增長，65%，非常強勁。你可以給出任何顏色我的意思是，我想，作為你最大的 - 你最大的渠道之一，你為什麼 - 是什麼推動了這種增長？您對這部分業務的前景如何？

Yes. I mean if you go back to Capital Markets Day, you realize that our entire business has been focused on growing our direct sales force on our e-commerce business because our products are complex, and they're better suited to a salaried sales force versus indirect and channels.

是的。我的意思是，如果你回到資本市場日，你就會意識到我們的整個業務一直專注於在我們的電子商務業務上增加我們的直銷隊伍，因為我們的產品很複雜，而且它們更適合受薪銷售隊伍而不是間接和渠道。

So we will -- we have been making investments globally. The call out on -- in my prepared remarks was about the momentum in the U.S. as we plugged in, first execution naturally was normalizing our technology for U.S. experience, and we've been winning quite across all of our verticals in North America, and that is driving, first of all, the growth in the channel in North America, but more importantly, that the channel being our largest channel now in North America with a lot more momentum.

所以我們將 - 我們一直在全球範圍內進行投資。在我準備好的發言中，呼籲是關於美國的勢頭，因為我們插入，第一次執行自然是使我們的技術正常化以適應美國的經驗，我們在北美的所有垂直領域都取得了相當大的勝利，而且這首先推動了北美渠道的增長，但更重要的是，該渠道是我們目前在北美最大的渠道，而且勢頭更大。

Certainly, that will pivot as we continue making investments in Paya as well. And we absolutely think the differentiation factor here is going to continue with us enabling our global platform worldwide. So I highlighted clearing and settlement and back-end processing.

當然，隨著我們繼續對 Paya 進行投資，這將成為關鍵。我們絕對認為這裡的差異化因素將隨著我們在全球範圍內啟用我們的全球平台而繼續存在。所以我強調了清算和結算以及後端處理。

But that's a really big deal, Bob, and we think that is going to transform how we consume data to our customers, how we authorize transactions, how we can step up into debit networks, how we can get better interchange and how we can really normalize our experience is, we're really, really excited about what that does for the channel and for the U.S.

但這真的很重要，鮑勃，我們認為這將改變我們向客戶消費數據的方式、我們授權交易的方式、我們如何進入借記網絡、我們如何獲得更好的交換以及我們如何真正使我們的體驗正常化是，我們真的非常興奮這對頻道和美國的影響。

I mean it's hard to keep to 2 questions here because you have so much going on. But in staying with that, just taking the processing in-house, what is the timing of that? And what is I guess, the cost saves? And what does that do to your go-to-market, I guess, or your pace of innovation?

我的意思是很難在這裡保留 2 個問題，因為你有太多事情要做。但是堅持下去，只是在內部進行處理，時間是什麼時候？我猜是什麼，節省了成本？我猜這對您的上市或創新步伐有何影響？

Yes. We believe the project will be done in 18 months. It's not -- there are absolutely cost saves, but that's not the driver for us, Bob. For us, it's more of the experience of normalizing our global operations in every market in terms of how we reconcile, how we service our customers, how we qualify and our change, how we consume data we report back data we think those are much more interesting.

是的。我們相信該項目將在 18 個月內完成。這不是 - 絕對可以節省成本，但這不是我們的驅動力，鮑勃。對我們來說，更多的是在每個市場規範我們的全球運營的經驗，包括我們如何協調、我們如何為客戶服務、我們如何獲得資格和我們的變化、我們如何使用數據、我們報告回數據，我們認為這些更重要有趣的。

And most certainly, you remove third-party costs. And then the flip side to processing in-house is our own road map, where we're able to do things on our own basis. Keep in mind, right, we authorized clear settle, reconcile, manage payouts and net settle customers worldwide in all forms of payment in all different currencies whereas using legacy processors in the U.S., that becomes very difficult. So we actually think this project is monumental for Nuvei.

當然，您可以消除第三方成本。然後在內部處理的另一面是我們自己的路線圖，我們可以在自己的基礎上做事。請記住，是的，我們授權在全球範圍內以各種不同貨幣的各種付款方式清算、核對、管理支出和淨結算客戶，而在美國使用傳統處理器變得非常困難。所以我們實際上認為這個項目對 Nuvei 來說具有里程碑意義。

We'll be one of the few, and I'm assuming that's a few that are able to do this on a global basis, and we're pretty excited about what that does for the customer experience.

我們將成為為數不多的人之一，我假設這是少數能夠在全球範圍內做到這一點的人，我們對這對客戶體驗的影響感到非常興奮。

We take the next question from the line of Darrin Peller with Wolfe Research.

我們從 Wolfe Research 的 Darrin Peller 那裡接聽下一個問題。

When we look at the volume trends, just starting with last quarter, they came in better than guidance on anything we expected. And maybe just if you can go a little bit more into detail on what was the driving forces of outperformance on the quarter on volume specifically putting aside the yields and revenue? And then maybe just further thoughts on what's embedded in the outlook for the organic growth rate at, let's call it, mid-20% in terms of either macro assumptions or maybe vertical-specific color on a forward go-forward basis would be great.

當我們查看數量趨勢時，從上個季度開始，它們的表現好於我們預期的任何指導。也許只是如果你能更詳細地了解本季度銷量優異的驅動力是什麼，特別是撇開收益率和收入不談？然後，也許只是進一步思考有機增長率前景中包含的內容，我們稱之為 20% 左右的宏觀假設，或者在前瞻性基礎上的垂直特定顏色，這將是很好的。

Yes. Thank you, Darrin. I mean, honestly, from us, the volume is a direct reflection of us in terms of our win rate and market share expansion. And this is also a direct reflection of us winning in new verticals that we're accelerating it. So we're taking a really good position online retail. We're absolutely taking a great position in travel amongst many of the other verticals. So those were typically trended to higher wallet share expansion that we've seen in Q4. It's also exposing us interestingly to different seasonality segment. So we're pretty excited about that.

是的。謝謝你，達林。我的意思是，老實說，從我們的角度來看，銷量直接反映了我們在贏率和市場份額擴張方面的表現。這也直接反映了我們正在加速它在新垂直領域的勝利。所以我們在網上零售方面處於非常有利的地位。在許多其他垂直行業中，我們在旅行方面絕對處於領先地位。因此，這些通常傾向於我們在第四季度看到的更高的錢包份額擴張。它還讓我們有趣地接觸到不同的季節性部分。所以我們對此感到非常興奮。

And then I think, finally, it's just a testament to wallet-share expansion opportunities that we have with our customers all around. We've been seeing consistent trends at peaks of over 500 transactions per second. Our architecture allows us to absorb that and grow from there, and that's a multiple of last year. And we've also seen a transaction count almost double ultimately from -- during peak periods as well. So very good trend really across the board.

然後我認為，最後，這只是我們與各地客戶的錢包共享擴展機會的證明。我們一直看到每秒超過 500 個事務的峰值的一致趨勢。我們的架構使我們能夠吸收並從那裡發展，這是去年的倍數。我們還看到交易數量最終幾乎翻了一番——在高峰期也是如此。所以非常好的趨勢真的是全面的。

It allows us to accept and support our customers. And I think what's really interesting here is the way we do it. And that is probably the underlying factor here is that we are prepared. So we'd be prepared for Cyber Monday or Black Friday or Super Bowl or other. We create teams that are available and drive the response times that our customers need to make sure that they engage with customers, and the output here is wallet share expansion.

它使我們能夠接受和支持我們的客戶。我認為這裡真正有趣的是我們做事的方式。這可能是這裡的潛在因素是我們準備好了。因此，我們會為網絡星期一或黑色星期五或超級碗等做好準備。我們創建可用的團隊並縮短客戶需要的響應時間，以確保他們與客戶互動，這裡的輸出是錢包份額擴展。

In terms of thoughts on what we've driven and how we build next year. I think we've done quite a bit of double clicking, but ultimately, the performance of the business this year on the exit rate of Q4, 26% constant currency organic growth, really good building blocks in new business.

關於我們推動了什麼以及我們明年如何建設的想法。我認為我們已經做了相當多的雙擊，但最終，今年第四季度業務的退出率、26% 的恆定貨幣有機增長，是新業務的良好基石。

So what you end up having is you have only a portion of that new business this year, that's going to annualize next year. Quite excited about that, really good new business in the pipeline as well, which we think will again take a step up and then actually being conservative in terms of the macro and that's always very hard to predict, Darrin, right?

所以你最終擁有的是你今年只有一部分新業務，明年將年化。對此感到非常興奮，管道中也有非常好的新業務，我們認為這將再次邁出一步，然後在宏觀方面實際上是保守的，這總是很難預測，Darrin，對吧？

So we've tried to take a constant macro. Looking at verticals of volatility like crypto and keeping that flat. We've seen that in bottom. But ultimately, if that does change or not, it's no longer material to us. So we feel pretty confident of what we put out there.

所以我們嘗試採用常量宏。查看像加密貨幣這樣的垂直波動性並保持平穩。我們已經在底部看到了。但最終，無論是否改變，它對我們來說都不再重要。所以我們對我們在那裡推出的產品非常有信心。

Okay. And Just a follow-up is on the crypto side for a moment. I mean, it was great to hear the disclosure on the 5% expectation. But when we think about what that means from an investment prioritization standpoint going forward for you, obviously, it's an area that you've you have differentiated in the past. And so does that open up investment capital? And where -- maybe just prioritize where you're putting your incremental dollars of investment this year and next now relative to what you would have put towards crypto.

好的。暫時只是在加密方面進行跟進。我的意思是，很高興聽到有關 5% 預期的披露。但是，當我們從投資優先順序的角度考慮這對您來說意味著什麼時，顯然，這是您過去已經區分的領域。那麼這會開放投資資本嗎？在哪裡 - 也許只是優先考慮你今年和明年的增量投資相對於你對加密貨幣的投入。

Yes. And that's a very good question, and that's actually what we have done. We have realigned our teams internally. As supporting industries and supporting customers is our #1 focus, right, helping our customers relentlessly connect with theirs is our mantra.

是的。這是一個很好的問題，這實際上是我們所做的。我們已經在內部重新調整了我們的團隊。由於支持行業和支持客戶是我們的第一要務，因此，幫助我們的客戶不懈地與他們的客戶建立聯繫是我們的口頭禪。

And we did have a lot of resources helping our customers, specifically in digital assets, which we were big believers in reporters and certainly something that we're disappointed to see the outcome, and we're truly disappointed about the events of the last 6 months. That being said, it's too volatile for us to continue investing into. So we have reprioritized into other verticals that we think have better longevity and better opportunity for us to build stability and grow the business.

我們確實有很多資源可以幫助我們的客戶，特別是在數字資產方面，我們非常相信記者，當然我們對結果感到失望，我們對過去 6 年的事件感到非常失望個月。話雖這麼說，它太不穩定了，我們無法繼續投資。因此，我們重新確定了其他垂直領域的優先級，我們認為這些垂直領域的壽命更長，我們有更好的機會來建立穩定性和發展業務。

We'll take the next question from the line of Todd Coupland with CIBC.

我們將從托德·庫普蘭 (Todd Coupland) 與 CIBC 的對話中回答下一個問題。

I was wondering if you could give us a comment on the European region, obviously impacted the business last year from an FX perspective. What are you seeing in that market? And what are your assumptions for 2023?

我想知道您是否可以就歐洲地區發表評論，從外彙的角度來看，歐洲地區去年顯然對業務產生了影響。你在那個市場上看到了什麼？您對 2023 年的假設是什麼？

I will -- just one thing to flag for us is, keep in mind, merchants can be born in Europe, and that is predominantly where we may have a lot of our gaming operators but they may also operate in many other regions. So where we build them is where we group the region, but these merchants may be the conduit for many other regions.

我會——要提醒我們的一件事是，請記住，商人可以在歐洲誕生，這主要是我們可能擁有很多遊戲運營商的地方，但他們也可能在許多其他地區開展業務。所以我們建立它們的地方就是我們對該地區進行分組的地方，但這些商人可能是許多其他地區的渠道。

So in general, from our customers that are based in Europe, we've seen some very interesting trajectories. But ultimately, naturally, the bulk of our FX exposure was out of Europe, so roughly $12 million for the quarter. And predominantly, all of our crypto exposure was out of Europe. Excluding those 2 factors, very good momentum in the region across all of our verticals, both in region for in-region processing as well as in other regions and globally.

所以總的來說，我們從歐洲的客戶那裡看到了一些非常有趣的軌跡。但最終，自然地，我們的大部分外匯敞口都在歐洲之外，因此本季度約為 1200 萬美元。主要是，我們所有的加密風險都在歐洲之外。排除這兩個因素，我們所有垂直領域的區域勢頭非常好，無論是在區域內處理區域，還是在其他區域和全球範圍內。

Okay. And then you commented that your 15% guide -- organic guide implies a conservative macro. What would need to happen to draw you off that conservative, maybe on the positive and negative from a macro perspective? Any color along those lines would be appreciated.

好的。然後你評論說你的 15% 指南——有機指南暗示了一個保守的宏觀。需要發生什麼事情才能讓你擺脫那種保守，也許從宏觀的角度來看是積極的還是消極的？沿著這些線的任何顏色將不勝感激。

Todd, it's David. As you know, we've always taken an approach of being cautious in how we think about our outlook. What we're seeing, it was mentioned in the prepared remarks. What we're seeing is really good momentum in January, February and obviously, early March. So we feel good about our guide for this year.

托德，是大衛。如您所知，我們一直對我們的前景持謹慎態度。我們所看到的是在準備好的評論中提到的。我們看到的是 1 月、2 月以及顯然是 3 月初的良好勢頭。因此，我們對今年的指南感到滿意。

And overall, that outlook, we try to give both for the quarter and for the full year is balanced. It's balanced with what we're seeing now, but also balance with the overarching macro environments and the sensitivity around that. The 23% to 28% growth, excluding digital assets. That's really kind of how we see the business on a normalized basis, and you see that same kind of similar number as we exited in the fourth quarter 26%.

總的來說，我們試圖為本季度和全年提供的前景是平衡的。它與我們現在看到的情況保持平衡，但也與總體宏觀環境和周圍的敏感性保持平衡。 23% 到 28% 的增長，不包括數字資產。這確實是我們在正常化基礎上看待業務的方式，你看到的數字與我們在第四季度退出時的數字相似，為 26%。

So we're seeing very good momentum. The investments we've made from a distribution perspective, from a brand awareness perspective are starting to really take hold. And we're seeing the benefits of it. So look, it's a balance overall. Our outlook. It's a balance between overarching environment and the positive signs we're seeing internally at this point.

所以我們看到了非常好的勢頭。我們從分銷的角度，從品牌知名度的角度進行的投資開始真正站穩腳跟。我們正在看到它的好處。所以看，這是一個整體的平衡。我們的前景。這是總體環境與我們目前在內部看到的積極跡象之間的平衡。

We take the next question from the line of Paul Treiber with RBC Capital Markets.

我們從 RBC Capital Markets 的 Paul Treiber 那裡接聽下一個問題。

Just a couple of questions on free cash flow. So first on uses of cash. The -- one of the -- your last 5 key takeaways was just on the prioritization of share buybacks. Is that -- it sounds like it's a higher priority than delevering in acquisitions. Is that -- at least in the near term, is that a fair statement?

關於自由現金流的幾個問題。所以首先是現金的使用。您最後 5 個關鍵要點之一是關於股票回購的優先順序。那是——聽起來它比收購中的去槓桿化更重要。這是——至少在短期內，這是一個公平的聲明嗎？

I would say that -- Paul, this is Phil. I would tell you that the beauty of our profile gives us the utmost flexibility, right? Our cash generation is extremely strong. We will certainly look at delevering as a priority, but we are delivering very quickly, and that gives us flexibility for additional M&A and/or continuing stock buybacks, just predominantly because of the dislocation in the market.

我會說——保羅，這是菲爾。我會告訴你，我們外形的美麗給了我們最大的靈活性，對吧？我們的現金產生能力非常強。我們當然會將去槓桿化作為優先事項，但我們的交付速度非常快，這使我們能夠靈活地進行額外的併購和/或持續的股票回購，這主要是因為市場錯位。

Okay. That's helpful. And then just in terms of free cash flow conversion in '23, working capital was a bit of a headwind in '22. Do you see that reversing in '23? And how do we think about free cash flow conversion in '23 in general?

好的。這很有幫助。然後就 23 年的自由現金流轉換而言，22 年的營運資金有點不利。你看到 23 年的逆轉了嗎？我們如何看待 23 年的自由現金流轉換？

It's David. I think you could look certainly quarter-to-quarter, there's fluctuations. I think if you look at our free cash flow conversion historically. I think that kind of gives you a good indication of what it could be on a go-forward basis. I don't think there's anything structural that would change.

是大衛。我認為您肯定可以按季度查看，存在波動。我想如果你從歷史上看我們的自由現金流轉換。我認為這可以很好地表明它在前進的基礎上可能是什麼。我認為不會有任何結構性變化。

And when you think about -- and that's mid- to high 80% kind of free cash flow conversion. That's kind of what we've had historically. So I think that's constant. And looking at Paya's business and bringing that into the full deal, they also have a pretty, they have very low CapEx as well and a nice conversion as well. So I think on a combined basis, we still expect to see some pretty strong conversion from EBITDA to cash perspective.

當你考慮 - 這是中高 80% 的自由現金流轉換。這就是我們歷史上的情況。所以我認為這是不變的。看看 Paya 的業務並將其納入全面交易，他們也有一個漂亮的，他們的資本支出也很低，而且轉換也很好。因此，我認為綜合來看，我們仍然希望看到從 EBITDA 到現金角度的一些相當強勁的轉變。

Thank you. Ladies and gentlemen, that's all the time we have for your questions this morning. This brings us to the conclusion of the teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。女士們，先生們，今天早上我們有時間回答你們的問題。電話會議到此結束。此時您可以斷開線路。感謝您的參與。