Nuvei Corp (NVEI) 2023 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 2023 earnings call. As a reminder, this conference call is being recorded.

女士們、先生們，早安，謝謝你們的支持。歡迎參加 Nuvei Corporation 2023 年第四季財報電話會議。提醒一下，本次電話會議正在錄音。

I'll now turn the conference call over to Chris Mammone, Head of IR. Please go ahead, Mr. Mammone.

現在我將電話會議轉交給 IR 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.

謝謝接線員，也謝謝大家今天早上加入我們。今天與我們在一起的有董事長兼執行長 Philip Fayer 和財務長 David Schwartz。

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.

提醒一下，本次電話會議正在錄音和網路直播，版權歸 Nuvei 所有。未經 Nuvei 書面同意，禁止全部或部分轉播此資訊。

Prior to this call, we published the shareholder letter for the fourth quarter and full year. We encourage everyone to read it if you haven't done so already. The shareholder letter contains commentary that otherwise would've been included during our prepared remarks to this conference call and allows us to spend more time on today's call answering questions. We would also encourage investors that the shareholder letter be read in conjunction with our press release, MD&A, and consolidated financial statements, all of which are available in the Events and Financial Information sections on our investor relations website, investors.nuvei.com.

在本次電話會議之前，我們發布了第四季度和全年的股東信。如果您還沒有讀過，我們鼓勵大家閱讀它。這封致股東的信中包含了一些評論，這些評論原本會包含在我們為本次電話會議準備的發言稿中，這讓我們能夠在今天的電話會議上花更多時間回答問題。我們也鼓勵投資者將股東信與我們的新聞稿、MD&A 和合併財務報表一起閱讀，所有這些都可以在我們的投資者關係網站 investors.nuvei.com 的事件和財務資訊部分找到。

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 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. 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.

在本次電話會議中，我們可能會根據適用的證券法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、業績或成就與此類前瞻性陳述表達或暗示的預期結果、業績、成就和發展有重大差異。有關這些可能導致實際結果與預期結果或業績有重大差異的因素的資訊可在 Nuvei 向加拿大證券監管機構提交的文件和公司網站上找到。

Our discussions today will include non-IFRS measures, including, but not limited to, adjusted EBITDA, adjusted net income, and adjusted net income per share. Management believes non-IFRS results are useful in order to enhance our understanding in our ongoing performance, but they are not a supplement to, and should not be considered in isolation from, a substitute for IFRS financial matters. Reconciliation of these measures to IFRS measures is available in our earnings release and MD&A.

我們今天的討論將包括非國際財務報告準則指標，包括但不限於調整後的 EBITDA、調整後的淨收入和調整後的每股淨收入。管理階層認為，非國際財務報告準則的結果有助於增強我們對持續績效的理解，但它們並不是國際財務報告準則財務事項的補充，也不應孤立地被視為國際財務報告準則財務事項的替代品。我們的收益報告和 MD&A 中提供了這些指標與 IFRS 指標的對帳表。

We'll just have some brief prepared remarks here before opening up the call to your questions. In order to get to as many people in queue within the allotted Q&A time, we ask that you limit yourself to one question and one follow-up.

在開始回答您的問題之前，我們將在這裡準備一些簡短的演講。為了在規定的問答時間內與排隊的盡可能多的人進行交流，我們要求您將問題限制在一個問題和一個後續問題上。

And with that, I'd like to now turn the call over to Phil.

現在，我想將電話交給菲爾。

Thank you, Chris, and thank you all for joining us this morning. As you've now seen, we've reported strong fourth-quarter and full-year results near the high end of our range for revenue and above the range we provided for total volume, revenue in constant currency, and adjusted EBITDA. Highlights for the quarter include strong growth across the board, with total volume increasing 53%, revenue increasing 46%, and adjusted EBITDA increasing 40%.

謝謝你，克里斯，也謝謝大家今天早上加入我們。正如您現在所看到的，我們報告了強勁的第四季度和全年業績，接近我們收入範圍的高端，並且高於我們提供的總銷量、按固定匯率計算的收入和調整後的 EBITDA 的範圍。本季的亮點包括全面強勁成長，總銷量成長 53%，營收成長 46%，調整後 EBITDA 成長 40%。

On a pro forma basis, fourth-quarter revenue growth was 11% and in line with our expectations. Our leadership and challenger positions across our end markets drove 19% growth in organic total volume at constant currency. Adjusted EBITDA margins expanded sequentially by 100 basis points to 37.3% as we're driving efficiencies throughout our business. And on capital allocation, we continued to prioritize debt repayment, deleveraging to 2.5 times as at December 31, 2023.

從備考角度來看，第四季營收成長率為 11%，符合我們的預期。我們在終端市場的領導地位和挑戰者地位推動了以固定匯率計算的有機總量成長 19%。由於我們不斷提高整個業務的效率，調整後的 EBITDA 利潤率將較上季擴大 100 個基點至 37.3%。在資本配置方面，我們繼續優先償還債務，截至 2023 年 12 月 31 日，槓桿率已降至 2.5 倍。

Our Board has authorized and declared a cash dividend of $0.10 per share. Since 2022, we have returned $251 million to shareholders in the form of share repurchases and dividends.

我們的董事會已授權並宣布派發每股 0.10 美元的現金股利。自 2022 年以來，我們已以股票回購和股利的形式向股東返還了 2.51 億美元。

This year is off to an exciting start as we are executing on our strategic priorities. We're looking forward to another year of growing with our customers, driving product innovation, and expanding our geographic footprint, all the while staying disciplined on cost management.

今年是一個令人興奮的開始，因為我們正在執行我們的策略重點。我們期待在未來的一年與客戶共同成長，推動產品創新，擴大我們的地理覆蓋範圍，同時嚴格控製成本管理。

This concludes my prepared remarks, and we're now ready to take your questions.

我的準備好的發言到此結束，現在我們準備回答大家的提問。

(Operator Instructions) Will Nance, Goldman Sachs.

（操作員指示）高盛的威爾·南斯。

Hey, guys, good morning. Appreciate you taking the questions. Phil, maybe just a question on some of the moving pieces in the segments. I think the SMB business had a nice improvement. I think in the shareholder letter, you mentioned finding ways to improve the performance. So just any color on some of the opportunities that you guys have uncovered more recently there.

嘿，大家早安。感謝您回答這些問題。菲爾，也許我只是想問片段中一些移動的部分。我認為中小企業業務有了很好的改善。我認為在致股東的信中，您提到了尋找提高績效的方法。因此，您可以對您最近發現的一些機會進行一些評論。

And then, I thought it was interesting to see the heritage Paya business growing at high teens. It's a nice acceleration from what it had done historically. So just any color on what's been driving that.

然後，我認為看到傳統 Paya 業務以十幾歲的速度成長是很有趣的。與歷史上的水平相比，這是一個不錯的加速。所以，任何顏色都只是在說明是什麼在推動這個現象。

And then maybe any color on the Till payments. I think you mentioned that was geared towards international expansion on the ISV business. Maybe just thoughts on the strategy there. Thanks.

然後可能是收銀機付款上的任意顏色。我認為您提到這是為了 ISV 業務的國際擴張。也許只是對那裡的策略的想法。謝謝。

Thanks, Will. Good morning. Great questions. As we stated, we're investing in all of our channels. We're really excited about what they provide to us. If we double click, global commerce grew volume by 30% plus, which we continuously believe that is category leading. We've made investments and executed our thesis around our B2B, government, and ISV channels. If we look back, that went from 13%, 16%, and 19%, and we do believe our SMB is going to be remain relatively flat and certainly driven the performance of our business with a continuous momentum that we see in our global commerce and B2B ISV channels.

謝謝，威爾。早安.很好的問題。正如我們所說，我們正在投資所有管道。我們對他們為我們提供的服務感到非常興奮。如果我們雙擊，全球貿易量將成長 30% 以上，我們一直相信這是領先的。我們圍繞著 B2B、政府和 ISV 管道進行了投資並執行了我們的論點。如果我們回顧一下，這個數字從 13%、16% 到 19% 不等，我們確實相信我們的 SMB 將保持相對平穩，並且肯定會以我們在全球商業和 B2B ISV 管道中看到的持續勢頭推動我們業務的表現。

With respect to Till, very excited to welcome the Till team to Nuvei, a real small but killer business with very exciting capabilities with respect to engaging with ISV and ISV partners around the world. Fantastic onboarding tools for seamless and instant merchant onboarding, great partner tools and APIs for us to accelerate our ISV strategy. It is growth accretive in our B2B, gov, and ISV channel and certainly drives a footprint for us to accelerate ISV engagements around the world.

關於 Till，非常高興歡迎 Till 團隊加入 Nuvei，這是一家真正規模雖小但強大的企業，在與世界各地的 ISV 和 ISV 合作夥伴合作方面擁有非常令人興奮的能力。出色的入職工具可實現無縫且即時的商家入職，出色的合作夥伴工具和 API 可協助我們加速 ISV 策略。它促進了我們的 B2B、政府和 ISV 管道的成長，並且無疑為我們加速全球 ISV 參與奠定了基礎。

What's interesting about Till, while small on acquisition, big on the capability, and certainly will be very interesting for us as a platform for continued growth, they have relevance in Australia and New Zealand, but also in the US, just about 50-50 with respect to where they're focused today. Wonderful team. Certainly, margin dilutive initially for the first couple of quarters, we believe we'll bring it to breakeven by the end of the year and will be accretive in the years to come.

Till 的有趣之處在於，儘管收購規模不大，但能力卻很強，並且作為持續增長的平台，它對我們來說無疑非常有趣，它們不僅在澳大利亞和新西蘭具有重要意義，而且在美國也具有重要意義，就目前的重點而言，它們的比例大約為 50-50。很棒的團隊。當然，雖然最初幾季的利潤率會被稀釋，但我們相信到今年年底利潤率將達到收支平衡，並在未來幾年內實現成長。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Guys, hey, thanks. Phil, in the prepared remark or really in the shareholder letter, you talk through the rigor you applied to guidance. Maybe just expand on that a little more in terms of what you actually included in terms of conservatism in the outlook.

夥計們，嘿，謝謝。菲爾，在準備好的評論中或實際上是在股東信中，您談到了您對指導的嚴謹性。也許只是就您在觀點中實際包含的保守主義而言，對此進行稍微擴展一下。

And then I think as a follow-up, just understanding the acceleration a little better, just the moving parts, the driving forces of that acceleration as the year progresses to exit the year in that 15% to 20% would be a great place to start. Thanks.

然後我認為作為後續行動，只要更好地了解加速度，只是移動的部分，隨著時間的推移，加速度的驅動力，以 15％ 到 20％ 的速度結束今年，將是一個很好的起點。謝謝。

Yeah, absolutely. Good morning, Darrin. The biggest thing for us is we want to set ourselves up for success, Darrin, and that is really what is reflected in the guidance. We took a prudent approach. We want to remain conservative. We're quite excited to how this year has started, but we've used our typical building blocks with respect to what we see in the business, what we see from a new customer, a very active pipeline, but being conservative on activation timelines from customers to essentially provide what we think is a better engagement with our shareholders with deeper visibility.

是的，絕對是如此。早上好，達林。對我們來說，最重要的是我們要為成功做好準備，達林，而這正是指導中所反映的。我們採取了謹慎的態度。我們希望保持保守。我們對今年的開局感到非常興奮，但我們根據業務情況、新客戶情況和非常活躍的管道採用了典型的構建模組，但在客戶的激活時間表上持保守態度，以便從本質上提供我們認為與股東更好的互動和更深入的可見性。

With respect to the exit of Q4, very good momentum in all of our channels, keeping in mind that we lacked in global commerce, the World Cup, which is a significant event the previous year. And in the first half of the year, we're taking consideration of lapping the off-boarded customer. We have taken some thoughtful views on timing for new customers and, most certainly, thoughtful views on wallet share expansion opportunities, which we're excited for.

就第四季的結束而言，我們所有管道都呈現出非常好的發展勢頭，考慮到我們缺乏全球貿易，世界盃是去年的一項重要賽事。今年上半年，我們正在考慮接手下線的客戶。我們對吸引新客戶的時機提出了一些深思熟慮的意見，當然，我們對擴大錢包份額的機會也提出了一些深思熟慮的意見，我們對此感到非常興奮。

With respect to starting the year, we're seeing great momentum in January and February. We're seeing really strong engagement with customers, both existing and new. And we feel like this year will be another transformative year for Nuvei.

就年初而言，我們看到一月和二月的強勁勢頭。我們看到與現有客戶和新客戶的互動非常密切。我們覺得今年將是 Nuvei 又一個轉型之年。

From a building blocks perspective, we're building it slowly. So organic growth, building throughout the year, while we exit Q4 in the range of our midterm growth targets.

從構建模組的角度來看，我們正在緩慢地構建它。因此，有機成長將在全年不斷增強，同時我們在第四季度實現了中期成長目標。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thanks. Good morning. Maybe I could just drill down on Darrin's question just a little bit, Phil. When we think about that $100 million of revenue in the pipeline as at the end of the second quarter, how much of that should translate into revenues as we move through the year? And maybe if you could just talk about how much of the new wins are baked into the 2024 guide.

謝謝。早安.也許我可以稍微深入探討一下達林的問題，菲爾。當我們考慮到第二季末的 1 億美元收入時，其中有多少會轉化為全年的收入？也許您可以談談有多少新的勝利被納入了 2024 年指南中。

Yeah, without double clicking on a customer specific, I think the most important thing to remember is when you sign a new customer, Sanjay, that's the implementation timeframe. It typically takes six months to a year to see the full volume, just depending on how many countries and how long they have from an implementation standpoint.

是的，無需雙擊特定客戶，我認為最重要的是要記住，當你簽下新客戶時，桑傑，這就是實施時間表。通常需要六個月到一年的時間才能看到全部數量，這取決於有多少國家以及從實施的角度來看他們有多少時間。

So historically, what you do in the previous year, or actually in the year, is [gardening] for full implementation the following year, provided that the customers went live throughout that period, if that makes sense. So we've taken those historical trends into consideration for the year. We have a really deep pipeline, as you mentioned. Many of you have seen the press releases that have come out with companies and partnerships with Adobe or our win with Microsoft or us establishing a real foothold in the travel space, expanding greater in the retail space with some of the global retail pioneers.

因此，從歷史上看，您在前一年或實際上在這一年所做的事情是為了在下一年全面實施，前提是客戶在那段時間內上線，如果這說得通的話。因此，我們在今年已經將這些歷史趨勢納入考量。正如您所說，我們擁有非常深厚的管道。你們中的許多人都看到了有關公司與 Adob​​e 建立合作夥伴關係、與微軟合作、在旅遊領域建立真正立足點以及與一些全球零售先驅在零售領域擴大規模的新聞稿。

So from an overall perspective, very excited about what we're seeing. Implementation is something that we have focused on last year. We have changed the way we manage client onboarding, created Tiger teams to drive attention to all the relevant departments for client activations, and that is starting to yield results.

因此從整體角度來看，我們對所看到的一切感到非常興奮。實施是我們去年關注的重點。我們改變了管理客戶入職的方式，創建了 Tiger 團隊來吸引所有相關部門對客戶啟動的關注，並且這已開始產生效果。

So I think all in all, putting it all together, the building blocks for us remain the same. Certainly, what's happening in the end markets -- so GDP-related end markets that we're operating with, both B2B, gov, ISVs, and global commerce -- we have the wallet share opportunities within our existing customers, which are fairly significant as our customers execute on their own journeys and utilize our capabilities to grow their business. There is the annualization of the previous year's new business, the ones that have activated, and then net new business, which, all combined, we've taken a fairly conservative approach with respect to the outlook that we provided for 2024.

所以我認為，總而言之，我們的基石仍然是一樣的。當然，終端市場正在發生的事情——我們所經營的與 GDP 相關的終端市場，包括 B2B、政府、ISV 和全球商業——我們在現有客戶中擁有錢包份額機會，這相當重要，因為我們的客戶在自己的旅程中執行並利用我們的能力來發展他們的業務。我們對上一年的新業務、已激活的業務以及淨新業務進行了年化，綜合起來，我們對 2024 年的前景採取了相當保守的態度。

Got it. And then just on a related note, I know you had these cost synergies from Paya, as well as other initiatives like in-sourcing, the back-end processing. Could you just talk about this timing of that and does any of that factor into the guide for 2024?

知道了。然後，就相關說明而言，我知道您從 Paya 獲得了這些成本協同效應，以及其他舉措，例如內部採購、後端處理。您能否談談這個時間安排以及其中是否有任何因素影響到 2024 年的指南？

It does not. So if you remember Paya, we talked a lot about synergies by the end of 2024. We're really comfortable with the synergies that we've executed so far, both on a cost perspective, but more interestingly on a revenue perspective. We have left back end as an upside to margin expansion for this year.

但事實並非如此。所以如果你還記得 Paya，我們討論了很多關於 2024 年底的綜效。我們對迄今為止所實現的協同效應感到非常滿意，無論是從成本角度還是收入角度。我們將後端作為今年利潤擴張的優勢。

And the reason being, Sanjay, is that back ends are never all in one and done. So certainly, we plan on the migration of Canada within the second and third quarter. Thereafter, we'll look at the migration of the US. That has enormous benefits into the organization, not just the cost perspective from third parties but also internal process efficiencies, meaning that we have one process for onboarding, one process for data, one set of data that comes back, and then we have the element with respect to wallet share opportunities.

原因在於，桑傑，後端從來都不是一次完成的。因此，我們當然計劃在第二季和第三季實現加拿大的移民。接下來，我們來看看美國的移民狀況。這對組織有巨大的好處，不僅是從第三方的成本角度，而且還有內部流程效率，這意味著我們有一個入職流程，一個數據流程，一組返回的數據，然後我們就有了與錢包份額機會相關的要素。

So on our own clearing sentiment, we do interchange prediction, which is materially different from how many of the North American operators and processors do it today, meaning that we can price transactions in real time. And that opens up a world of opportunities with our ISVs and reselling partners because we can pay them daily, we can pay them weekly. We can provide merchants greater depth on cost analysis and reporting for them on a per transaction basis in near real time.

因此，根據我們自己的清算情緒，我們會進行交換預測，這與當今許多北美營運商和處理商的做法有實質性的不同，這意味著我們可以即時對交易定價。這為我們的 ISV 和轉售合作夥伴開闢了一個充滿機會的世界，因為我們可以按日付款，也可以按週付款。我們可以為商家提供更深入的成本分析，並近乎即時地以每筆交易提供報告。

So it's very, very important, but we have left that as an upside opportunity. It's predominantly going to be for '25. However, we will see minor implementations and testing as we are doing right now. We are live in Canada with a handful of merchants and pretty excited about what we see.

所以這非常非常重要，但我們將其視為一個上行機會。它主要針對 25 年。然而，我們將會看到小規模的實作和測試，就像我們現在所做的那樣。我們在加拿大有幾家商家，我們對所看到的情況感到非常興奮。

So overall, from what we've baked in from an initiatives perspective, we've kept a very conservative view. We have upsides on our back end. We have upsides on debit routing capabilities, which is going to be specific around Paya, and then we have just general scale opportunities within the business. We have taken an approach late last year, and this is from my entire executive team, to explore AI opportunities before we create the requisition for new hires.

因此，總體而言，從我們的舉措角度來看，我們一直保持非常保守的觀點。我們的後端有優勢。我們在藉記路由功能方面具有優勢，這將具體圍繞 Paya 展開，然後我們在業務中就有一般的規模機會。去年年底，我們整個執行團隊採取了一種方法，在創建新員工職位之前探索人工智慧機會。

And this is yielding wonderful opportunities for us to continue driving greater efficiencies across the org. Don't mince that for headcount reduction; it's more opportunities as we continue scale to continue driving and enabling our workforce to do more and be more efficient and help margins expand to our long-term targets over time.

這為我們繼續提高整個組織的效率提供了絕佳的機會。不要因為裁員而感到羞愧；隨著我們繼續擴大規模，這將帶來更多機會，繼續推動和使我們的員工做得更多、更有效率，並幫助利潤率隨著時間的推移擴大到我們的長期目標。

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

Thanks. Good morning. I wanted to just ask a question -- it feels to me like the sales motion, almost like the go-to market motion, has been accelerated. And I think we also saw that kind of indication in the current quarter. So I'm just wondering, are there some nuanced changes that you've been pushing in place? I know you're talking about implementation teams and tigers, but this is more the forward sales motion.

謝謝。早安.我只想問一個問題——我覺得銷售動作，幾乎就像進入市場的動作，已經加速了。我認為我們在本季度也看到了這種跡象。所以我只是想知道，您是否一直在推動一些細微的改變？我知道您在談論實施團隊和老虎，但這更多的是向前的銷售動議。

And then the second part of the question is a little bit different. But just expectations around gross margins as we think about into next year, given some of the mix dynamics that are at play in the business. Thank you.

問題的第二部分有點不同。但考慮到業務中存在的一些混合動態，我們對明年的毛利率只是有所預期。謝謝。

Yeah, thanks. I'll take the first question. I'll pass it over on the margin side to Dave.

是的，謝謝。我來回答第一個問題。我會把它從邊際交給戴夫。

From a sales motion perspective, if we just double click on what we did last year, last year, we created our sales enablement group. Wonderful team that has created real structure around our global commercial operations. And we mean by that is, if you can have 200 sales folks sell one way versus 200 folks sell 200 ways creates a lot better visibility into the org and the performance that we are seeing from the headcount that we have.

從銷售動作的角度來看，如果我們雙擊去年所做的事情，那麼去年，我們就創建了一個銷售支援小組。出色的團隊為我們的全球商業營運創造了真正的結構。我們的意思是，如果你能讓 200 名銷售人員以一種方式進行銷售，而不是讓 200 名銷售人員以 200 種方式進行銷售，那麼就能更好地了解組織情況，並且從我們現有的員工人數可以看出其績效。

And from an ROI standpoint, the commercial team has become really attractive with respect to cost of acquisition, certainly understanding the time of implementations we shortened. We've also added an SDR team, which is now our breeding ground for talent as we continue expanding into it. And we think that there is an opportunity, certainly keeping in mind the margin of the business, to continue expanding our sales capabilities.

從投資報酬率的角度來看，商業團隊在收購成本方面確實具有吸引力，當然這也解釋了我們縮短實施時間的原因。我們還增加了一個 SDR 團隊，隨著我們繼續向該領域擴張，它現在已成為我們培養人才的搖籃。我們認為，當然要考慮到業務利潤，有機會繼續擴大我們的銷售能力。

We're very excited about what we see in our global commerce. If you think about it, volume growth of over 30% plus, certainly, we're lapping the offboarded customer and World Cup, but it's a fascinating business, guys, with so much opportunity in so many different countries. Even at our current scale this year of touching $250 billion of volume, we still have so much more to go. So we really like where we're sitting, both in global commerce and in our B2B, ISV, and gov. Wonderful job from the team from the sales motion aspect to energize our B2B group. We feel that this can be another significant lever for growth for us in the business.

我們對全球貿易的進展感到非常興奮。如果你仔細想想，銷量成長超過 30% 以上，當然，我們正在超越場外客戶和世界杯，但夥計們，這是一項令人著迷的業務，在如此多不同的國家有如此多的機會。即使我們今年的交易量已達到 2500 億美元，但我們還有很長的路要走。因此，我們真的很喜歡我們目前所處的位置，無論是在全球商業領域，還是在我們的 B2B、ISV 和政府領域。團隊在銷售行動方面做得非常出色，為我們的 B2B 團隊注入了活力。我們認為這可以成為我們業務成長的另一個重要槓桿。

We have accelerated our government business as well, and we are putting focuses here on ISV. Thankful to have Till as part of this, both from a capability perspective and a leadership perspective, and all combined, just gives us the tools to continue transforming the business into the player that we are today and the one that we're going to.

我們也加快了政府業務的發展，並將重點放在 ISV 上。感謝 Till 參與其中，無論是從能力角度還是從領導力角度，以及綜合來看，這都為我們提供了工具，讓我們能夠繼續將業務轉變為我們今天以及我們將要成為的業務。

Hey, good morning, Dan. It's David. So as it relates to gross margin, it's a good question. I mean, it's really dependent on mix, of course, and what we -- how we roll out and the relative mix within markets.

嘿，早上好，丹。是戴維。因此，就毛利率而言，這是一個很好的問題。我的意思是，這當然取決於組合，以及我們如何推出以及市場內的相對組合。

But what I'd say, if you look back at the last eight quarters, the range has been really, really tight from a gross margin perspective. It's ranged from about 77% to about 83%. So the range has been really tight. The last two quarters, sequentially, we were at that 81.7%, so pretty much flat. And the quarter before that, Q2, was 82%. So I'd say the variability, you shouldn't expect much variability, but of course, depending on mix.

但我想說的是，如果回顧過去八個季度，從毛利率的角度來看，範圍確實非常非常狹窄。其範圍大約在 77% 到 83% 之間。所以範圍真的很窄。過去兩個季度，我們的佔比連續達到 81.7%，基本上持平。而之前一季度，即第二季度，這一比例為 82%。所以我想說，你不應該期待太多的變化，但當然，這取決於混合。

And as we drive expansion from a wallet share perspective with existing customers, that always helps. But then there's some offset and you think about as we go up market to larger customers. So there's many puts and takes, but ultimately, we haven't seen much variability, and I wouldn't expect to see any significant variability on a go-forward basis either.

當我們從現有客戶的錢包份額角度推動擴張時，這總是有幫助的。但是當我們向更大的客戶市場進軍時，就會出現一些抵消。因此，有許多投入和產出，但最終，我們沒有看到太大的變化，而且我也不期望在未來看到任何重大的變化。

Great. Thank you.

偉大的。謝謝。

John Coffey, Barclays.

巴克萊銀行的約翰·科菲。

Hi, thanks. Thanks, Phil. Thanks Dave, for taking my question. My question -- my first question is just on revenue cadence. So given that you guide for Q1 and for the full year and also saying that you might leave 2024 at that 15% to 20% level, I was wondering if there's any insight you could give us into what the cadence would be, revenue growth-wise, over the year because you know a lot of the ins and outs as far as that large customer leaving. So any kind of insight you could give us there.

你好，謝謝。謝謝，菲爾。謝謝戴夫回答我的問題。我的問題——我的第一個問題是關於收入節奏的。因此，鑑於您對第一季和全年的預測，並表示您可能會在 2024 年保持 15% 到 20% 的水平，我想知道您是否可以向我們提供一些見解，讓我們了解全年收入增長的節奏，因為您對大客戶離開的細節了解很多。所以您可以為我們提供任何見解。

And then my second question is, as I understand, I don't think Brazil is open for gaming yet. But it seems like from what I've read, that might be happening soon. Is there any kind of, I don't know, view, if not sizing, that you could give us on what you think the Brazilian gaming revenue opportunity could be for you? Thanks.

我的第二個問題是，據我了解，我認為巴西尚未對博彩業開放。但從我讀到的內容來看，這可能很快就會發生。您是否能提供一些觀點（如果不是規模的話），告訴我們您認為巴西遊戲收入機會對您來說意味著什麼？謝謝。

Good morning. I'll take the first part, then I'll pass it back to Phil for Brazil. On the revenue cadence, so I guess what you'll see, there's a few factors to think about, especially in the first quarter and the first half. So in the first quarter, certainly, we'll expect strong revenue growth, 26% to 29%, but that's really driven by, of course, full quarter of Paya in 2024 and only partial in 2023. And then as we get into Q2 and the rest of the year, Paya will be -- it'll be comparable on a year-to-year basis. The other factor to think about for sure for the first half and slightly into Q3 is really around the customer grow-over. So that's a headwind that we're facing.

早安.我將負責第一部分，然後將其交還給菲爾，由他來負責巴西部分。關於收入節奏，我想你會看到，有幾個因素需要考慮，特別是在第一季和上半年。因此，在第一季度，我們肯定會預期營收將強勁成長，達到 26% 至 29%，但這實際上是由 2024 年 Paya 整個季度的業績以及 2023 年的部分業績推動的。然後，當我們進入第二季度和今年剩餘時間時，Paya 將會——它將與去年同期相比具有可比性。上半年和第三季需要考慮的另一個因素是客戶的成長。這就是我們面臨的阻力。

And then high level, what I'd say, if you think about it from an organic perspective, think about mid- to high-digit growth first couple of quarters and then low double-digit into Q3, and then, like we've said, exiting Q4 in line with our medium-term target of 15% to 20%. So there'll be a ramp throughout the year as we go, partly because of some of those headwinds I mentioned and just the dynamics around Paya in the first quarter. But that's really how we see it. But we think that we've set up our 2024 for success, and we want to make sure that we execute.

然後從高層次來看，我想說的是，如果從有機角度來考慮，那麼前幾個季度會實現中高位數的增長，然後進入第三季度會實現低兩位數的增長，然後，就像我們所說的那樣，在第四季度結束時，我們的中期目標將是 15% 到 20%。因此，全年都會出現成長，部分原因是我提到的一些不利因素以及第一季 Paya 周圍的動態。但我們確實是這麼認為的。但我們認為我們已經為 2024 年的成功做好了準備，並且我們希望確保能夠執行。

Thank you. I'll take the second question. Gaming is a global vertical, and it is part of our ethos to make sure that we support every new market that comes online. So we are focused on multiple geographies that have pending legislation to enable gaming. LatAm as a whole is a big gaming opportunity. Certainly, Brazil is topical for our customers and one that we are gearing up to supporting.

謝謝。我來回答第二個問題。遊戲是一個全球垂直產業，我們的精神之一就是確保支持每一個新上線的市場。因此，我們將重點放在多個有待立法允許博彩的地區。拉丁美洲整體而言是一個巨大的博彩機會。當然，巴西對我們的客戶來說是一個熱門話題，我們正準備為其提供支援。

From a size to market perspective, we try to stay away from individual markets for gaming. We look at it more holistically from a customer perspective of where their journeys take them and what opportunities that drives for our end customers. We do think it's topical for our customers and certainly something that they are investing into, but not just the only market, if that makes sense.

從規模到市場角度，我們盡量遠離個別遊戲市場。我們從客戶的角度更全面地看待這個問題，看看他們的旅程將帶他們去哪裡，以及這將為我們的最終客戶帶來哪些機會。我們確實認為這對我們的客戶來說是一個熱門話題，而且肯定是他們正在投資的東西，但不僅僅是唯一的市場，如果這說得通的話。

So I wouldn't just double click on saying one market. It is a new market that's coming online, and it is certainly a top-of-mind for our customers. But over the last three or four years, this has been -- there have been several key new markets that have enabled, including, we think, what's happening in the United States and last year in Canada. So there are a lot of tentacles for additional growth in that end vertical, Brazil being one of them, yes.

所以我不會只要點擊一下就說出一個市場。這是一個正在興起的新市場，而且它無疑是我們客戶最關心的問題。但在過去三、四年裡，已經出現了幾個關鍵的新市場，包括我們認為的美國和去年加拿大的情況。因此，在這個垂直領域中有很多可以額外成長的機會，巴西就是其中之一。

Rufus Hone, BMO Capital Markets.

魯弗斯·霍恩（Rufus Hone），BMO 資本市場。

Great. Good morning. Thanks very much. Maybe coming back to the EBITDA margin trajectory. You've got this target out there of 50% plus over the next five to seven years and implies a couple of hundred basis points of margin expansion each year. And just given where you've guided to for 2024, slightly down margins year over year, how should we think about the margin ramp going into 2025? Is there going to be some kind of margin catch up? Just how are you thinking about that. Thank you.

偉大的。早安.非常感謝。也許會回到 EBITDA 利潤率軌跡。您的目標是在未來五到七年內實現 50% 以上的成長，這意味著利潤率每年將擴大數百個基點。鑑於您對 2024 年利潤率的預測是年比略有下降，我們應該如何看待 2025 年利潤率的成長？是否會出現某種形式的利潤追趕？您對此有何看法？謝謝。

Yeah, good morning, Rufus. So I think we talked a little bit about it, but we can drill down a bit more. So when you think about margin and what the impact is, we'll talk about, I guess, 2024 first, then we can go into 2025. So exiting a full year of 2023 at 36.8%, our outlook, as you saw, for the full year, 36% to 37% range.

是的，早安，魯弗斯。所以我認為我們已經討論過一點了，但我們可以深入探討。因此，當您考慮利潤率和影響時，我想我們會先討論 2024 年，然後再討論 2025 年。因此，2023 年全年的成長率為 36.8%，如您所見，我們的全年預期為 36% 至 37% 之間。

There's really a few core, I guess, building blocks that you think about from a bridge perspective; one is around Till. Like Phil said earlier in the call, it's a business that we're really excited about. It brings us capabilities on the ISV side, but it is early stage, high revenue growth, but there is a drag from an EBITDA margin perspective. So that does have an impact in 2024. Again, we plan to exit 2024 with Till at breakeven or better. So that's one component.

我想，從橋樑的角度來看，確實存在一些核心構建模組；其中一個是圍繞 Till 的。正如菲爾早些時候在電話中所說的那樣，這是一項讓我們非常興奮的業務。它為我們帶來了 ISV 方面的能力，但還處於早期階段，收入成長很快，但從 EBITDA 利潤率的角度來看卻存在拖累。所以這確實會對 2024 年產生影響。再次，我們計劃在 2024 年退出時使 Till 實現收支平衡或更好。這是一個組成部分。

The other component on the downside is the customer grow-over that we experienced late last year. So that's going to be an impact certainly for the first part of the year. And then the offset to that is really around scale. So as our business scales -- and we are at scale, but as it continues to scale and as those two items lap, it really sets us up well from a margin perspective. And that brings us to the 36% to 37% range.

另一個不利因素是我們去年年底經歷的客戶成長。所以這肯定會對今年上半年產生影響。然後，偏移量實際上與規模有關。因此，隨著我們業務規模的擴大 - 我們的規模已經擴大，但隨著業務規模的不斷擴大以及這兩項業務的重疊，從利潤率的角度來看，這確實為我們帶來了良好的收益。這樣一來，這一比例就達到了 36% 至 37% 的範圍。

Then there's the upside that was mentioned earlier on the call around the various initiatives, and Phil touched upon some of them. There's back end, in-sourcing, there's the overall cost savings initiatives, there's Paya synergies. What I'd say is, on the cost saving initiatives, in addition to what we've tasked ourselves to do on the AI front, is also just looking across the board at all of our costs, looking at vendors, trying to understand where the opportunities are from a vendor consolidation perspective, from a pricing perspective with vendors. And so we've taken a prudent approach of how we think about execution on those. We're really driving them hard. I think we mentioned on the last call that we do have a tiger team that weekly are looking at costs. And I think we're driving the organization and making sure that that culture is instilled across every level within the organization.

然後就是之前在電話會議上提到的各種舉措的好處，菲爾談到了其中的一些。有後端、內部採購、有整體成本節約計畫、有 Paya 綜效。我想說的是，在成本節約舉措方面，除了我們在人工智慧方面所要做的工作之外，還要全面審視我們的所有成本，審視供應商，試圖從供應商整合的角度、從供應商的定價角度了解機會在哪裡。因此，我們對如何執行這些措施採取了謹慎的態度。我們確實在盡力激勵他們。我想我們在上次電話會議上提到過，我們確實有一個老虎團隊每週都在審查成本。我認為我們正在推動組織的發展並確保這種文化滲透到組織的各個層面。

We've taken a prudent approach in terms of what we have baked into our outlook. I'd say there's much more upside than what's baked in, and we're executing. Will we achieve it all that we've laid out? No, but our team has been really, really thoughtful and great around looking under every rock to just say, hey, what about this, what about that. And so we're really, really driving the execution on those savings. So I think that's another part of the upside that can help drive us towards that EBITDA margin expansion into '25 and beyond.

就我們已融入展望中的內容而言，我們採取了審慎的態度。我想說，其好處遠比我們預想的要多，而且我們正在執行。我們能實現我們所訂的所有目標嗎？不，但是我們的團隊真的非常非常周到，並且非常善於思考每一個細節，只是問，嘿，這個怎麼樣，那個怎麼樣。因此，我們確實在大力推動這些節約措施的實施。因此，我認為這是另一個好處，可以幫助我們實現 2025 年及以後 EBITDA 利潤率的擴大。

And I think you've seen over the past three quarters, we have had good margin expansion. And I think that's something to consider, too, about how we can leverage the revenue, leverage the scale to drive towards that 50% plus target.

我想你已經看到，在過去三個季度裡，我們的利潤率成長良好。我認為這也是需要考慮的事情，關於我們如何利用收入、利用規模來推動 50% 以上的目標。

Great. Thanks.

偉大的。謝謝。

Richard Tse, National Bank.

Richard Tse，國家銀行。

Yes, thank you. Just wondering if you could maybe elaborate a little bit more on your acquisition strategy. So should we think about this as you're looking for solutions to expand geographies? And I guess sort of related, was Till just opportunistic given sort of the valuation of that asset?

是的，謝謝。我只是想知道您是否可以更詳細地闡述您的收購策略。那麼，當您尋找擴展地域的解決方案時，我們是否應該考慮這一點？我想這有點相關，考慮到該資產的估值，蒂爾是否只是投機取巧？

Good morning. Our base case as we've talked about for the past few quarters from a capital allocation perspective is debt repayment. So our leverage profile has changed. Our cash flow generation is extremely strong, and that is our base case and that's what we should think about.

早安.正如我們過去幾季從資本配置角度所討論的那樣，我們的基本情況是償還債務。因此我們的槓桿狀況發生了變化。我們的現金流產生非常強勁，這是我們的基本情況，也是我們應該考慮的。

We really liked Till as it ran through the process. We liked the capabilities. But just as a background for the process, we weren't there on price and/or on price expectations. We did give our bets and final. And as you guys could see, it was not a significant acquisition just from the size of our overall business, but the capabilities were very compelling.

我們真的很喜歡 Till，因為它貫穿了整個過程。我們喜歡這些功能。但作為這個過程的背景，我們並沒有考慮價格和/或價格預期。我們確實下了賭注並做出了最終決定。如大家所見，從我們整體業務規模來看，這並不是重大的收購，但其能力卻非常引人注目。

So we have a lot of rigor. I wouldn't expect acquisitions, as we stand today, to be our priority. It will be much more focused on debt repayment, but we will remain opportunistic until it's exactly that. The more we dug, the more we found relevance to our business. We've loved the team. We think this is additive to our B2B, ISV, and government strategies. And we do think there's tentacles of opportunities around our SMB as well, specifically around the simplicity and the cleanliness that they have around merchant onboarding that's relevant for our businesses.

所以我們非常嚴謹。就我們目前的情況而言，我並不認為收購是我們的首要任務。它將更加重視債務償還，但在真正實現這一目標之前，我們仍將保持機會主義。我們挖掘得越多，就越發現與我們的業務越相關。我們熱愛這個團隊。我們認為這對我們的 B2B、ISV 和政府策略有補充作用。我們確實認為我們的中小企業周圍也存在著機遇，特別是在與我們的業務相關的商家入職方面的簡單性和清潔性方面。

So from a capital allocation perspective, base case is that repayments -- we're very fortunate with our free cash flow profile. Our business has hit another inflection point as we continue scaling. And this is just going to open up opportunities, both with respect to potential opportunistic future M&A, but more importantly, just improving our leverage profile over the next two quarters.

因此，從資本配置的角度來看，基本情況是償還——我們對我們的自由現金流狀況非常幸運。隨著我們不斷擴大規模，我們的業務又迎來了另一個轉折點。這將帶來機遇，不僅在於未來潛在的併購機會，更重要的是，將在未來兩季改善我們的槓桿。

Okay. And then my follow-up question, you talked about wallet share increases. I don't know if you can sort of elaborate on this, but perhaps you can maybe talk about who you're getting the most share from.

好的。然後我的後續問題是，您談到了錢包份額的增加。我不知道您是否可以詳細說明這一點，但也許您可以談談您從誰那裡獲得了最多的份額。

It just depends on the area. There's not one particular folk that I could highlight. It just depends on what merchants are looking for and what solutions we offer. We compete against great companies.

這取決於地區。我沒有特別要強調的某個人。這取決於商家的需求以及我們提供的解決方案。我們與優秀的公司競爭。

If we think about some of our large global peers, we've established a position. We're a substantial player today, and that allows us to earn our fair share, driven by our technology stack and the flexibilities that we've embedded into it. So it depends on the region. It depends on what merchants are looking for.

如果我們考慮一些全球大型同行，我們已經確立了地位。如今，我們已成為一個重要的參與者，這使我們能夠獲得應有的份額，這得益於我們的技術堆疊和我們嵌入其中的靈活性。所以這取決於地區。這取決於商家的需求。

Certainly, from a global commerce perspective, there are five major competitors, and we compete really well on feature, functionality, and capability. And ultimately, that's what's driving that 30%-plus growth in global commerce and 19% for the overall organization.

當然，從全球商業角度來看，有五個主要競爭對手，我們在特性、功能和能力上競爭非常激烈。最終，這就是推動全球商業成長 30% 以上以及整個組織成長 19% 的動力。

Reggie Smith, JPMorgan.

摩根大通的雷吉史密斯。

Hey. Morning, everyone. This is Charlie on for Reggie. You've announced a number of marquee wins over the last couple of months. I was hoping if you could step back and compare 2023 to 2022 in terms of how these deals are stacking up against one another. Are there any appreciable changes in the size and scope of new deals? Any demand or changes in demand of specific services or offerings? Thank you.

嘿。大家早安。這是查理 (Charlie) 代替雷吉 (Reggie)。在過去的幾個月裡，你們宣布了許多重大勝利。我希望您能回顧一下 2023 年和 2022 年的情況，看看這些交易是如何相互疊加的。新交易的規模和範圍有明顯變化嗎？對特定服務或產品有任何需求或需求變化嗎？謝謝。

Great questions. So if you think about it, 2022 is the onset building blocks of our global commercial team that we started building in '21. I think the machine is becoming really well oiled. So it's just the journey between building a commercial organization.

很好的問題。所以如果你想的話，2022 年是我們在 21 年開始組建的全球商業團隊的基石。我認為這台機器運作得確實很好。所以這只是建立商業組織的旅程。

I would, just a side note, preface that technology is great, but you need a commercial organization to enable it and scale it, and that's really where we have been investing into. Yes, continuing the momentum in our feature and capabilities, as we've highlighted, 40-plus capability enhancements in the fourth quarter alone. But it's all about bringing it to market, screaming on top of the rooftops of your solutions and making sure that customers hear you and consider you. And that is really what the transformation of the business and driven the transformation of the business between '21, '22, and '23.

我想補充一點，首先要說的是，技術很棒，但你需要一個商業組織來實現它並擴大它的規模，而這正是我們一直在投資的地方。是的，正如我們所強調的，我們的功能和能力繼續保持成長勢頭，僅在第四季度就實現了 40 多項功能增強。但這一切都是為了將其推向市場，大聲宣傳您的解決方案，並確保客戶聽到您的聲音並考慮您。這確實是業務轉型，並推動了 21、22 和 23 年之間的業務轉型。

Pipelines are also, in global commerce specifically, never over, if that makes sense. Sometimes you can speak to a customer for years depending on where they go. Sometimes, it can be for a quarter. Sometimes, they're running an RFP and all scenarios in between. But our pipeline today, what's wonderful about it, it's not just the size and depth of it but also the end markets and customer profiles, from winning Microsoft to partnership with Adobe to the partnerships that we've seen across the board. And you guys have seen just the level of PRs and activities that are coming through.

管道，特別是在全球貿易中，也永遠不會結束，如果這說得通的話。有時，您可以與客戶交談數年，具體取決於他們去哪裡。有時，可能持續四分之一。有時，他們會運行 RFP 及其間的所有場景。但我們今天的管道，其精彩之處不僅在於其規模和深度，還在於終端市場和客戶資料，從贏得微軟的合作到與 Adob​​e 的合作，再到我們全面看到的合作夥伴關係。你們已經看到了正在進行的公關和活動的水平。

We are going from very much, if we think about five years ago, a single vertical focus to our capabilities now in seven or eight core verticals and new use cases with respect to B2B, ISV, government, and new end markets in our global commerce team. So we're still at the very early innings of it. It's an important building block. It's one that transforms the business and drives organic growth, so we're quite excited about what that means for us.

如果我們回想一下五年前，我們主要專注於單一的垂直領域，現在我們的全球商務團隊的能力已經擴展到七到八個核心垂直領域以及與 B2B、ISV、政府和新終端市場相關的新用例。因此，我們仍處於非常早期的階段。它是一個重要的基石。它可以改變業務並推動有機成長，因此我們對它對我們意味著什麼感到非常興奮。

And it's one that, ultimately, we feel there's more room, obviously considering and focus on EBITDA margins, but there's one that there is more room for us to continue making thoughtful expansion the commercial team into new regions to accelerate areas such as LatAm and what we've done in Australia. But from the quality of the pipeline, the depth of the pipeline, the sheer opportunities that these merchants bring to us, we're in a very unique place, and we think that sets us up for success in '24.

最終，我們覺得還有更多空間，顯然要考慮並關注 EBITDA 利潤率，但還有更多空間讓我們繼續深思熟慮地將商業團隊擴展到新的地區，以加速拉丁美洲等地區以及我們在澳洲所做的事情。但從通路的品質、管道的深度以及這些商家為我們帶來的絕對機會來看，我們處於一個非常獨特的位置，我們認為這將為我們在 24 年取得成功奠定基礎。

Great. Thank you.

偉大的。謝謝。

Timothy Chiodo, UBS.

瑞銀的提摩西·奇奧多。

Great. Thank you for taking the question. I wanted to dig into a stat that was in the shareholder letter around the 19% growth with customers that are doing 1 billion or more in volume. If you could just elaborate a little bit more on that. It sounds like a lot of it was wallet share gains, which is great. And also, if you could talk a little bit about the vertical mix of those large billion-plus customers.

偉大的。感謝您回答這個問題。我想深入研究股東信中的一項統計數據，該數據是關於交易量達到或超過 10 億的客戶實現了 19% 的成長率。如果您能對此進行更詳細的說明的話。聽起來其中很大一部分是錢包份額的收益，這很好。另外，可以稍微談談這些十多億大客戶的垂直組合嗎？

Thanks, Tim. Good to hear your voice. I think what's fascinating for us is the fact that we have historically focused very much on mid-market. Our mid-market customers have grown, and they've grown with us. And certainly, just the breadth of new wins that we've onboarded, it's a fascinating place to be and ultimately it's a humbling place. I started this business 20-plus years ago to help customers accept payments and break down barriers with respect to how they operate their own businesses. And to close your eyes and to think about where we are today, the customers that we support and the end markets that we're enabling, it's just a wonderful journey, and I'm incredibly proud of the team.

謝謝，蒂姆。很高興聽到你的聲音。我認為令我們著迷的是，我們歷來都非常關注中端市場。我們的中端市場客戶不斷壯大，並且與我們一起成長。當然，就我們所取得的眾多新勝利而言，這是一個令人著迷的地方，最終也是一個令人謙卑的地方。20 多年前，我創辦了這家公司，旨在幫助客戶接受付款並打破他們經營業務方面的障礙。閉上眼睛想想我們今天所處的位置、我們支持的客戶以及我們正在支持的終端市場，這真是一段美妙的旅程，我為我們的團隊感到無比自豪。

But from the end market perspective, nicely diversified. We've always talked about -- I know customer from a customer concentration perspective, and certainly the mix of our own end markets that we support with the addition of B2B, government, and ISV, and the acceleration from being a leader -- a category leader in a particular vertical to now being the challenger in many verticals. So what the big takeaway was when we put that stat out there, it's humbling to see that customers empower us and entrust us that we're winning volume from customers. If you think about 19%, it's typically faster than the end customer growth itself, which means that it's wallet share that we're gaining, and it sets us up well for us to continue executing going forward.

但從終端市場角度來看，實現了良好的多樣化。我們一直在談論——我從客戶集中度的角度了解客戶，當然還有我們自己的終端市場組合，我們增加了 B2B、政府和 ISV，以及從領導者——特定垂直領域的類別領導者加速成為現在許多垂直領域的挑戰者。因此，當我們公佈這項統計數據時，最大的收穫是，看到客戶給予我們力量並信任我們，相信我們正在贏得客戶的數量，我們感到很榮幸。如果你考慮 19%，它通常比最終客戶成長本身更快，這意味著我們正在獲得錢包份額，這為我們繼續向前發展奠定了良好的基礎。

And all of that is driven by a couple of big building blocks. The first is, we think a category-leading net promoter score, listening and embedding our customers into our own roadmap in terms of their requirements, and being relentlessly focused on their execution. And the output is really what we're seeing today is great engagement, very good visibility into where they're going with us, and ultimately a significant building block for our growth trajectory.

所有這一切都是由幾個重要的構建模組驅動的。首先，我們認為領先的淨推薦值，傾聽客戶的需求並將其融入我們自己的路線圖中，並堅持不懈地關注他們的執行。而我們今天真正看到的結果是，他們參與度很高，能夠很好地了解他們將與我們一起走向何方，最終成為我們成長軌蹟的重要基石。

Great. Thank you, Phil. And to your point, you've been doing this for a long time, and I wanted to see if we could squeeze in an interesting question. Whether it relates to your platform's business or working with ISVs in general, I think many investors appreciate that the role that the ISV takes in the process, meaning how much they want to take on in terms of responsibilities and risk, et cetera, those can all have impacts on the various unit economics, either to the ISV or to the payments company.

偉大的。謝謝你，菲爾。就你所說的而言，你已經做這件事很長時間了，我想看看我們是否可以提出一個有趣的問題。無論它與您的平台業務有關，還是與 ISV 的一般合作，我認為許多投資者都欣賞 ISV 在這一過程中所扮演的角色，這意味著他們願意承擔多少責任和風險等等，這些都會對各種單位經濟產生影響，無論是對 ISV 還是對支付公司而言。

In your years doing this, have you seen any kind of a meaningful shift in those commissions? I mean, generally, the thought is that they've gone up over time. What has been the trend over the last 10 years in your view? And has there been anything different over the last, call it, two to three?

在您從事這項工作的這些年裡，您是否看到這些佣金有任何有意義的轉變？我的意思是，一般來說，人們認為它們會隨著時間的推移而上升。您認為過去 10 年的趨勢是什麼？在過去的兩到三年裡，有什麼不同嗎？

You're putting me on the spot with everyone here, but it's fascinating. If you think about it, Tim, is you go back to the early or late 2000s, where the ISV was a referral model, where they were earning 20%, 30% of the commission, and then all of a sudden, the ISV realized that the softer part of their own business is nice, but the greater upside is in payments, and many of them were breakeven at best businesses. If you think about some of the even public companies, the relevance of payments, and that includes Shopify, Lightspeed, and many others, is a critical aspect to their own strategies.

你讓我和這裡的每個人陷入困境，但這很有趣。提姆，如果你想想，回到 21 世紀初期或末期，那時的 ISV 是一種推薦模式，他們賺取 20% 到 30% 的佣金，然後突然之間，ISV 意識到他們自己業務中較軟的部分很好，但更大的好處是在支付方面，他們中的許多人最多只能實現收支平衡。如果你考慮到一些上市公司，那麼支付的相關性（包括 Shopify、Lightspeed 和許多其他公司）是他們自身策略的關鍵面向。

And that has evolved over the last 15 years, where payments is a must do. And then you have the potential benefits of what the ISV can do is a simpler onboarding, single sign-on for both service and payments, cleanliness of data, and greater stickiness with respect to the end merchant. So it's a no-brainer that we've evolved to where we sit today. But not every ISV is alike, and I think that's something that gives us a really good position because we're entering into a fairly mature market, where folks have moved from referral to ISO to potentially pay stack, and we're entering right at the right time.

在過去的 15 年裡，支付已經成為一種必須要做的事情。然後，ISV 可以為您帶來的潛在好處是更簡單的入職流程、服務和支付的單一登入、資料的清潔度以及與最終商家的更高黏性。因此，我們進化到今天這個地步是理所當然的。但並不是每個 ISV 都是一樣的，我認為這讓我們處於非常有利的地位，因為我們正在進入一個相當成熟的市場，人們已經從推薦轉向 ISO，並有可能支付堆疊費用，而我們進入的時機恰到好處。

But not every ISV wants to be taking in liability, and not every ISV wants to have that journey, or at least wants to have that journey upfront. So payment companies need to realize that we have to adapt our solution stack to the growing needs of ISVs, and their requirements are going to change over time. Certainly, the biggest focus on profitability from ISVs will be around payments. And as such, I think that bodes well for us as we continue investing in the ISV market. That allows us to enter the market with effectively every incremental gross profit dollar falls to the bottom line. So it puts us in a nice position versus protecting revenue that may have changed in commissions.

但並不是每個 ISV 都願意承擔責任，也不是每個 ISV 都願意經歷這樣的過程，或至少希望提前經歷這樣的過程。因此，支付公司需要意識到，我們必須使我們的解決方案堆疊適應 ISV 日益增長的需求，而且他們的要求也會隨著時間而改變。當然，ISV 盈利能力的最大焦點將集中在支付方面。因此，我認為這對我們繼續投資 ISV 市場來說是個好兆頭。這樣，我們就能有效地進入市場，每一美元的毛利增量都會落入利潤中。因此，它使我們處於一個有利的地位，而不是保護可能因佣金而改變的收入。

From a commission standpoint, yes, it's evolved. It's gone from what I remember the 20%, 30% higher up. But what you're seeing a lot of payment companies, and we've seen that everywhere, is allocating capital to buy back commissions to keep them at that particular level. That has been an industry trend, and I'm assuming that will continue.

從佣金的角度來看，是的，它已經進化了。我記憶中的 20%、30% 已經消失了。但是，你會看到很多支付公司，而且我們在各地都看到過這種情況，它們正在分配資本來回購佣金，以將其保持在特定水平。這已經成為一種行業趨勢，我認為這種趨勢將會持續下去。

Todd Coupland, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Todd Coupland。

Great, thanks. Good morning, everyone. I wanted to ask about market conditions. Phil, you talked about having a prudent outlook with an eye to the economy for 2024. It seems like some of your peers, certainly in the second half of '23, had improving results. And I was just wondering if you could talk about your view of current market conditions. Thanks.

太好了，謝謝。大家早安。我想詢問一下市場狀況。菲爾，您談到要對 2024 年的經濟保持審慎的展望。看起來，您的一些同行，尤其是在 23 年下半年，成績有所提高。我只是想知道您是否可以談談您對當前市場狀況的看法。謝謝。

The only thing I could double click, Todd, is on volume and activity from our customers. And volume year to date, with respect to January and February and first few days of March, has been very strong. And we're seeing continuous engagement across all of our end markets.

托德，我唯一能雙擊的是我們客戶的數量和活動。今年迄今為止，相對於一月、二月和三月頭幾天的交易量非常強勁。我們看到所有終端市場的持續參與。

Last year, we saw some moving around on same-store sales. Surprisingly, we thought after the first quarter, second quarter had more headwinds on a same-store sales perspective, and that has improved. So I would say market conditions so far are fairly stable.

去年，我們發現同店銷售額有波動。令人驚訝的是，我們認為在第一季之後，第二季同店銷售額將面臨更多阻力，但這種情況已經有所改善。所以我想說到目前為止市場狀況相當穩定。

Yeah. And I wanted to follow up on your AI point. Do the payments companies have access to the customer data for training models, or will it simply be using AI to be more efficient with your own operations? Talk about some of the possibilities and where it might go for Nuvei. Thanks a lot.

是的。我想跟進一下你的 AI 觀點。支付公司是否可以存取客戶資料來訓練模型，或者只是使用人工智慧來提高自己的營運效率？討論一些可能性以及 Nuvei 的發展方向。多謝。

Yeah, we're initially -- so very, very good question, Todd. You have merchant-facing products for AI, and then you have internal. Certainly, for merchant-facing, that's part of our regular roadmap. So if you think about even basic reporting, instead of building 10 templates for reporting, you could just ask what you want from a control panel and provide the data out.

是的，我們最初——所以這個問題問得非常好，托德。您有商家導向的 AI 產品，然後您還有內部產品。當然，對於面向商家而言，這是我們常規路線圖的一部分。因此，如果您考慮甚至基本的報告，您無需建立 10 個報告模板，您只需從控制面板詢問您想要什麼並提供資料即可。

So there's a tremendous amount of opportunities around that. There's opportunities around transaction routing, which we have been spending time on to drive greater authorizations and improvements and learning patterns to drive transactions from a fraud and approval perspective. So that is merchant-facing.

因此，這方面存在著大量的機會。交易路由方面存在著許多機會，我們一直在投入時間來推動更大的授權和改進，並學習模式，從詐欺和批准的角度推動交易。所以這是面向商家的。

What we're focused very much is internal. How do we make the lives easier for our folks? How do we become more efficient? Some great analysis that we've done with a third party was, how do we get all the customer service data to take the call time from, say, 11 minutes to 7 minutes or from 11 minutes to 5 minutes? These are things that we find really, really compelling, and there are great use cases across every single department for us to drive greater efficiencies, greater engagement with our employees and more satisfaction, while helping us continue scaling on a profitability perspective.

我們非常關注的是內部。我們如何讓我們的人民生活得更輕鬆？我們如何才能變得更有效率？我們與第三方進行的一些重要分析是，我們如何取得所有客戶服務資料以將通話時間從 11 分鐘縮短至 7 分鐘或從 11 分鐘縮短至 5 分鐘？我們發現這些事情真的非常引人注目，而且每個部門都有很好的用例，可以幫助我們提高效率、增強員工參與度和提高滿意度，同時幫助我們在獲利能力方面繼續擴大規模。

John Davis, Raymond James.

約翰戴維斯、雷蒙詹姆斯。

Hey, good morning, guys. Phil, really appreciate the color on the strategic fit of Till. But hoping you can give us a little bit more on the financial impact, specifically on EBITDA in 1Q and what's baked in for the full year.

嘿，大家早安。菲爾，真的很欣賞蒂爾的戰略契合度。但希望您能給我們更多有關財務影響的信息，特別是第一季度的 EBITDA 以及全年的影響。

Hey, John. It's David. So Till, like we said, it was a capability buy, something that we liked in terms of what they did for our ISV, B2B channel. So certainly, from a revenue perspective, although it's small and growing, it is a nice growth rate. And I'd say that from what we're seeing in terms of a go-forward, like we said, it's a drag on EBITDA margin, and that's why you see flat throughout the year. But effectively, what we see as we exit the year is really to be able to improve that and be breakeven.

嘿，約翰。是戴維。所以，就像我們說的，Till 是一次能力收購，就他們為我們的 ISV、B2B 管道所做的事情而言，我們很喜歡。因此，從收入角度來看，雖然收入規模很小且正在成長，但這是一個不錯的成長率。我想說，從我們目前看到的未來來看，就像我們說的，這會拖累 EBITDA 利潤率，這就是為什麼你會看到全年利潤率持平的原因。但實際上，我們在年底時看到的是能夠改善這種狀況並實現收支平衡。

And there's all the other items we talked about too, from an EBITDA margin perspective that we're driving. We're very much EBITDA margin focused. So you can imagine that what we really like in Till is the capabilities. We understood that it would be a drag, but those capabilities outweighed -- from a short-term financial perspective, we are very much focused on the medium and longer term, and we think that it really will help us drive the ISV space in the US and globally but also be part of our expansion plan within APAC.

從我們正在推動的 EBITDA 利潤率角度來看，我們也討論了所有其他項目。我們非常關注 EBITDA 利潤率。所以你可以想像我們真正喜歡的是 Till 的功能。我們明白這會是一個拖累，但這些能力勝過了——從短期財務角度來看，我們非常關注中期和長期，我們認為這確實會幫助我們推動美國和全球的 ISV 領域，同時也是我們在亞太地區擴張計劃的一部分。

So it's like a double wham. It really brought us a couple of things we're really excited about. So I think that's the way to think about it. But margin progression throughout the year, similar to revenue, will improve.

這就像是雙重打擊。它確實為我們帶來了一些讓我們非常興奮的事情。所以我認為這就是思考這個問題的方式。但與收入類似，全年利潤率的成長將會改善。

Okay. So maybe to put it just a finer point, all else equal, on an organic basis, you would expect margin expansion this year. It really is just Till that's driving margins down on a year-over-year basis midpoint.

好的。因此，也許更準確地說，在其他條件相同的情況下，從有機基礎上看，你會預期今年的利潤率會擴大。事實上，正是 Till 導致利潤率同比中位數下降。

Exactly. You got it exactly right.

確切地。你說得完全正確。

Okay, great. And then just on global commerce, appreciate World Cup and lapping or the customer loss. Can you help us dimensionalize -- because obviously, World Cup is in the fourth quarter. That'll go away, but we'll still have the customer loss for a few more quarters. So I think we deceled or you deceled about 1,300 basis points from [25%] to [12%]. So just trying to break that decel out between the World Cup and customer loss.

好的，太好了。然後就全球貿易而言，欣賞世界盃和重疊或客戶流失。您能幫助我們具體化嗎—因為很明顯，世界盃是在第四季。這種情況會消失，但我們仍會在未來幾季內失去客戶。所以我認為我們下降了，或者說你下降了大約 1,300 個基點，從 [25%] 到[12%]。所以只是想打破世界盃和客戶流失之間的差距。

I'll take that. I think we wouldn't want to double click specifically into it. Obviously, World Cup was a significant event. The customer was a top 10 customer that we offboarded. We're going to lap that in the first half of the year.

我會接受的。我認為我們不想專門雙擊它。顯然，世界盃是一件意義重大的賽事。該客戶是我們已離職的十大客戶之一。我們將在今年上半年實現這一目標。

So from a building block perspective, what I'd love to point to is continue scaling in our global commerce with 30%-plus volume. We're going to continue seeing volume growth across the organization accelerate. So for 2024, we'll see between 20% and 24% based on the outlook versus exiting at 19%. So really good momentum in the business.

因此，從建構模組的角度來看，我想指出的是，我們的全球貿易規模將繼續擴大 30% 以上。我們將繼續看到整個組織的業務量加速成長。因此，對於 2024 年，根據前景，我們將看到 20% 至 24% 之間的成長，而退出率為 19%。所以說業務發展動能確實很好。

The two headwinds that we have in global commerce specifically will cut for Q4 and just lapping the customer. That will happen in the first half of the year.

我們在全球貿易中面臨的兩大逆風將在第四季減弱，並直接影響客戶。這將在今年上半年發生。

Okay, appreciate the color. Thanks, guys.

好的，欣賞一下顏色。謝謝大家。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

Good morning, guys, and I appreciate the conservatism in the outlook. Sounds like that's the case both revenue and EBITDA-wise. Phil, I wanted to follow up on your comments around the verticalization. Like you said, you've now obviously opened the aperture a bit in terms of the number of verticals that you actively participate in and pursue. Can you just give us a sense right now what you're seeing in terms of demand and pipeline on a relative basis across those verticals? Which ones are particularly robust and which ones perhaps are less so? Thanks.

大家早安，我很欣賞這種保守的觀點。聽起來從收入和 EBITDA 來看都是如此。菲爾，我想跟進你關於垂直化的評論。正如您所說，就您積極參與和追求的垂直領域數量而言，您現在顯然已經擴大了一些範圍。您能否向我們介紹一下目前這些垂直領域的需求和管道相對情況？哪些特別強大，哪些可能不那麼強大？謝謝。

Certainly. Thanks, Jason. We focus on mid-market to enterprise clients that operate, and specifically, we're talking about the global commerce because I'll get to B2B in a second. But we focus on customers that are mid-market to enterprise that have international presence. And with that, then we break it down to specific verticals, where we build a vertical team from a commercial perspective and account management perspective, naturally embedded with a product team to build solutions that are bespoke and changing from those end markets.

當然。謝謝，傑森。我們專注於中端市場到企業級客戶，具體來說，我們談論的是全球商務，因為我馬上就會談到 B2B。但我們專注於具有國際影響力的中型市場到企業客戶。然後，我們將其細分為特定的垂直領域，從商業角度和客戶管理角度建立垂直團隊，並自然地嵌入產品團隊，以建立針對這些終端市場的客製化和變化的解決方案。

We spend equally, Jason, in every single one of them, and we're pretty excited about going from a leadership position in one market to the challenger position in others. I'd really urge you to take a double click on the sheer amount of press releases from the wins that we've been having across the board. I couldn't tell you just one of. Because when we end up looking at the pipeline, we really see it across all major verticals with significant tailwind opportunities, really across travel, digital goods, marketplaces, and platforms.

傑森，我們在每個市場都投入了同等的資金，我們很高興能夠從一個市場的領導地位轉變為其他市場的挑戰者地位。我真的強烈建議您雙擊查看有關我們在各個方面取得的勝利的大量新聞稿。我無法只告訴你其中一個。因為當我們最終審視通路時，我們確實看到它涵蓋了所有主要垂直領域，並具有顯著的順風機會，涵蓋旅遊、數位商品、市場和平台。

Obviously, on the social gains perspectives, we continue helping our current customers and naturally in our leadership position with gains we've extended. So we're excited to see the opportunities. None of our customers are standing still. I think that's the other thing that's very interesting is they all have their own growth trajectories that we get to execute on. So you have your pipeline with respect to new business, Jason, but you certainly have your pipeline from your own customers on their own journeys, which is often equally, if not more, exciting than the new business in years.

顯然，從社會效益的角度來看，我們將繼續幫助我們現有的客戶，並且自然而然地保持我們的領導地位並擴大效益。因此我們很高興看到這樣的機會。我們的客戶中沒有一個人是停滯不前的。我認為另一件非常有趣的事情是，他們都有自己的成長軌跡，我們可以按照這些軌跡去執行。所以傑森，你有關於新業務的管道，但你肯定也有來自你自己的客戶在他們自己的旅程中的管道，這通常與多年來的新業務一樣令人興奮，甚至更令人興奮。

So all combined, very good momentum. I could call out our momentum in travel. I could certainly call out our momentum with marquee customers, be it Microsoft and others that we've onboarded, even to mention the family pre-opportunity here in Quebec, which is one of our major retailers. And that success is certainly parlaying into all other end markets.

綜合起來看，這是一個非常好的勢頭。我可以說出我們在旅行方面的動力。我當然可以向大客戶展示我們的發展勢頭，無論是微軟還是其他我們合作的客戶，甚至可以提到魁北克的家庭預售機會，它是我們的主要零售商之一。這種成功無疑將影響到所有其他終端市場。

With respect to B2B specifically, we have signed a significant expansion with respect to the end ERP platforms that we support. So if you think about B2B, as we enable the platform, the verticals that we support are driven by where the platform has success. So we don't actually drive the end customer target. We drive the B2B enablement, and that has been on a wonderful journey as we've gone from a handful of partners to multi-partners, from US only to expanding into Canada last year, with a fantastic roadmap to go international, and really good engagement with our partners. So we're just starting on B2B, but B2B is less vertical specific, more platform specific, because it is in a direct sales engagement integration to DRP, and then a direct sales to the bar, and then an indirect sales to the end merchant, if that makes sense.

具體到 B2B 方面，我們簽署了與我們所支援的終端 ERP 平台相關的重大擴充協議。因此，如果您考慮 B2B，當我們啟用該平台時，我們支援的垂直產業是由平台成功的地方所驅動的。所以我們實際上並沒有推動最終客戶目標。我們推動 B2B 的支持，這是一個美妙的歷程，我們從少數幾個合作夥伴發展到多個合作夥伴，從僅限美國到去年擴展到加拿大，擁有走向國際的絕佳路線圖，並且與我們的合作夥伴保持著良好的合作關係。因此，我們剛開始 B2B 業務，但 B2B 的垂直特定性較低，平台特定性較高，因為它是直接銷售參與整合到 DRP，然後是直接銷售到酒吧，然後是間接銷售到最終商家，如果這說得通的話。

It does. Appreciate the color. Just a quick one for David. Can you quantify the Till revenue contribution both for Q1 and full year '24? Thanks, guys.

確實如此。欣賞色彩。對大衛來說這只是一個簡短的問題。您能量化 Till 對 2024 年第一季和全年的收入貢獻嗎？謝謝大家。

Hey, Jason. Like we said, it's in early stage, so it's not a significant amount of revenue. Overall, it's going to contribute really from a capabilities perspective in the near term, and longer term is really where it's going to drive revenue on the ISV side. So I'll leave it at that for now at this point, Jason. Thank you.

嘿，傑森。正如我們所說的，它還處於早期階段，因此收入並不多。總體而言，從短期來看，它確實會在能力方面做出貢獻，而從長期來看，它確實會在 ISV 方面推動收入成長。所以我現在就到此為止吧，傑森。謝謝。

This ends the allotted time for Q&A, and I'll turn it back to Chris Mammone.

問答時間到此結束，我將把時間交還給 Chris Mammone。

Thanks again for joining us today. Please reach out to the IR team with your follow-up questions. In the next few weeks, we're planning to attend investor conferences hosted by Wolfe and Bank of America, and we hope to see many of you during those appearances. Bye for now.

再次感謝您今天加入我們。請聯絡 IR 團隊諮詢您的後續問題。在接下來的幾週內，我們計劃參加由 Wolfe 和美國銀行主辦的投資者會議，我們希望在會議上見到你們。暫時再見。

This concludes today's conference. Thank you for joining us. You may now disconnect your lines.

今天的會議到此結束。感謝您加入我們。現在您可以斷開線路了。