Nayax Ltd (NYAX) 2023 Q3 法說會逐字稿

Hello, everyone, and welcome to the Nayax's Third Quarter 2023 Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Ms. Virginea Stuart Gibson. Please go ahead.

大家好，歡迎參加 Nayax 2023 年第三季財報電話會議。 （接線生指示）我現在想將電話轉給 Virginea Stuart Gibson 女士。請繼續。

Thank you, operator, and everyone for joining us today on this conference call. With me on the call today are Yair Nechmad, Nayax Co-Founder and Chief Executive Officer; and Sagit Manor, Chief Financial Officer. Following management's prepared remarks, we will open the call for the question-and-answer session. Our press release and supplementary investor presentation are available on our Investor Relations website at ir.nayax.com. As a reminder, during this call, we will be making forward-looking statements. All forward-looking statements on our call today are based on assumptions and therefore, subject to risks and uncertainties that may cause results to differ materially from those projected. We have no obligation to update these statements, except as required by law. You can read about these risks and uncertainties in our supplementary investor presentation released earlier today and our regulatory filings. In addition, today's call will include a discussion of non-IFRS measures Management believes known IFRS results are useful in order to enhance our understanding and our ongoing performance. However, these measures should be considered as a supplement to and not as a substitute for IFRS financial measures. Reconciliation to Nayax IFRS measure can be found in our earnings press release issued earlier today.

感謝運營商和大家今天參加我們的電話會議。今天與我一起參加電話會議的有 Nayax 聯合創始人兼執行長 Yair Nechmad；財務長 Sagit Manor。在管理階層準備好發言後，我們將開始問答環節。我們的新聞稿和補充投資者介紹可在我們的投資者關係網站 ir.nayax.com 上取得。提醒一下，在這次電話會議中，我們將做出前瞻性陳述。我們今天電話會議上的所有前瞻性陳述均基於假設，因此存在可能導致結果與預測產生重大差異的風險和不確定性。除非法律要求，否則我們沒有義務更新這些聲明。您可以在我們今天稍早發布的補充投資者簡報和監管文件中了解這些風險和不確定性。此外，今天的電話會議將包括對非國際財務報告準則措施的討論。管理層認為，已知的國際財務報告準則結果有助於增強我們的理解和我們的持續績效。然而，這些措施應被視為國際財務報告準則財務措施的補充而不是替代。您可以在我們今天早些時候發布的收益新聞稿中找到與 Nayax IFRS 指標的對帳。

All key performance indicators are intended to evaluate our business and property measure factors in a macroeconomic environment to guide and support our decision-making. These key performance indicators may be calculated in a matter different from the industry standards. And finally, please note that all figures in today's call will be reported in U.S. dollars unless stated otherwise. Yair will start the call with key financial and operational highlights. Sagit will go through the details of financial results and discuss the outlook. With that, I would like to turn the call over to Nayax's CEO, Yair Nechmad. Yair?

所有關鍵績效指標旨在評估宏觀經濟環境下我們的業務和財產衡量因素，以指導和支持我們的決策。這些關鍵績效指標的計算方式可能與業界標準不同。最後，請注意，除非另有說明，今天電話會議中的所有數字都將以美元報告。 Yair 將首先介紹重要的財務和營運亮點。 Sagit 將詳細介紹財務表現並討論前景。說到這裡，我想將電話轉給 Nayax 的執行長 Yair Nechmad。耶爾？

Thank you, Virginea, and thank you to everyone for joining us on our third quarter 2023 earnings conference call. Before discussing our strong Q320 performance, I would like to take a moment to say how deeply heart broken we are about the tragic event taking place in Israel. Our priority remains the safety of our employees, and we will continue to give them the flexibility and support needed during these difficult times. We are thankful for the support and thoughtfulness that we have received from our customers, partners and the financial community.

謝謝 Virginea，也謝謝大家參加我們的 2023 年第三季財報電話會議。在討論我們 320 季度的強勁表現之前，我想花點時間表達一下，我們對以色列發生的悲劇感到多麼心碎。我們的首要任務仍然是員工的安全，我們將繼續為他們提供困難時期所需的靈活性和支援。我們感謝客戶、合作夥伴和金融界的支持和體貼。

Based on the internal analysis that we conducted, we have not seen any material impact to our operations at this time, and there has not been any material disruption to our supply chain, business continuity, sales of products and services, order backlog or employee productivity. Roughly 70% of our employees are currently serving as a reservee with a team at willingly working longer to maintain our productivity levels. Nayax is a global company providing services and solutions and generating revenue across all major geographies. Revenue derived from Israel is only 8% for our full year 2022 and 6% for the 9 months ended September 30, 2023. As I reflected on our performance to date, I'm incredibly pleased with the strategic direction of the company, a strong and consistent execution of our growth strategy, both near and long term and the unyielding commitment of our employees to achieve our shared vision and mission. On today's call, I'm going to focus my comments on 2 areas. I'll briefly highlight key results of our excellent third quarter and some multiple achievements during the quarter. Our strong third quarter performance was highlighted by exponentially strong recurring revenue growth, overall gross margin improvement and accelerated profitability. We delivered another record quarter with revenue of $60.3 million. Recurring revenue grew 48% year-over-year to a new record at $40.2 million, driven primarily by payment processing fees, which grew 57% over Q3 2022.

根據我們進行的內部分析，目前我們的營運沒有受到任何重大影響，我們的供應鏈、業務連續性、產品和服務銷售、訂單積壓或員工生產力也沒有受到任何重大干擾。目前，我們大約 70% 的員工作為後備人員，團隊願意工作更長時間以維持我們的生產力水平。 Nayax 是一家全球性公司，在所有主要地區提供服務和解決方案並創造收入。來自以色列的收入在2022 年全年僅佔8%，在截至2023 年9 月30 日的9 個月中佔6%。正如我回顧我們迄今為止的業績一樣，我對公司的策略方向感到非常滿意，持續執行我們的近期和長期成長策略，以及我們的員工為實現我們共同的願景和使命所做的堅定承諾。在今天的電話會議上，我將集中評論兩個領域。我將簡要地強調我們出色的第三季的主要成果以及本季的一些多項成就。我們強勁的第三季業績體現在經常性營收的指數級強勁成長、整體毛利率的改善和獲利能力的加速。我們的季度收入再次創紀錄，達到 6,030 萬美元。經常性收入年增 48%，達到 4,020 萬美元的新紀錄，這主要是由支付處理費推動的，支付處理費比 2022 年第三季增加了 57%。

Saas revenue grew 35%. The strong growth in recurring revenue increased to a new high at 67% of total revenue. Overall, gross margin was 38%, delivering another quarter of margin expansion by the team relentless focus on improving our hardware gross margin and optimizing our global operations. Building on Q1 and Q2 2023 improvement, we continue to execute our playbook from hardware company cost management and operating expense management across the business to further drive our profitability. Sagit will have more to say about our profitability outlook later on the call. Adjusted EBITDA accelerated in the quarter to a positive $3.5 million, more than doubling from the $1.3 million reached last quarter. This is also a significant improvement of $7.2 million for adjusted EBITDA compared to a negative $3.7 million in Q3 2022. This ongoing profitability improvement has been driven largely by the high operating leverage in our business model, which is further compounded from scaling our diverse global business and the added benefits from the past investments we have made to further automate the business. Let me once again walk you through the significant operating leverage we continue to see in our business model, giving us confidence to achieve our profitability targets. Looking at year-to-date September 2023 over year-to-date September 2022, we've delivered an increase of $46.3 million in revenue and an improvement of approximately $14.3 million to adjusted EBITDA, representing 30.9% adjusted EBITDA as a percent of total revenue for September year-to-date.

Saas 營收成長了 35%。經常性收入強勁成長，佔總營收的比例達67%，創下新高。總體而言，毛利率為 38%，透過團隊不懈地專注於提高硬體毛利率和優化我們的全球運營，毛利率又實現了四分之一的成長。在 2023 年第一季和第二季改善的基礎上，我們繼續在整個業務範圍內執行硬體公司成本管理和營運費用管理的策略，以進一步提高我們的獲利能力。薩吉特稍後將在電話會議上更多地談論我們的盈利前景。本季調整後 EBITDA 加速成長至 350 萬美元，比上季的 130 萬美元增加了一倍多。與2022 年第三季的負370 萬美元相比，調整後EBITDA 也顯著提高了720 萬美元。這種持續的獲利能力改善主要是由我們業務模式中的高營運槓桿推動的，而我們多元化的全球業務的擴展進一步加劇了這一點以及我們過去為進一步實現業務自動化而進行的投資所帶來的額外收益。讓我再次向您介紹我們在業務模式中繼續看到的重要營運槓桿，這讓我們有信心實現獲利目標。與 2022 年 9 月年初至今相比，2023 年 9 月至今，我們的收入增加了 4,630 萬美元，調整後 EBITDA 增加了約 1,430 萬美元，佔調整後 EBITDA 總額的 30.9%年初至今 9 月份的收入。

This result indicate that revenue growth continued to outpace expenses growth and has delivered exponential impact on our operating leverage and instantly flowing directly to the bottom line. Our strong performance to date and business momentum demonstrates our scalable business model and our capital management decisions are putting us well on track towards our targeted profitability. Let's take a look at 3 key operational metrics that are accelerating our scale and having a direct impact on profitability. First, customer expansion. For the past 3 executive quarters, we have added roughly 4,000 customers each quarter across our large number of vertical and global footprint, including North America, Europe, Australia and rest of the world. We ended 2022 with customer base of 47,000 customers and finished Q3 at 60,000 customers. While we have successfully won large Tier 1 brand name such as (inaudible),our (inaudible) loyalty customers remain SMEs who rely on Nayax's competitive technology and solution to increase their revenue, reduce their operational costs and most importantly, rapidly scale their businesses. In Q3, SMEs still represented approximately 70% of our business. As I mentioned, each quarter, 2 metrics that I'm particularly proud of and pay close attention to our net retention rate, which measures our customer loyalty and our churn rate, which measure our customer satisfaction.

這一結果表明，收入成長持續超過支出成長，並對我們的營運槓桿產生指數級影響，並立即直接流入利潤。我們迄今為止的強勁業績和業務勢頭證明了我們可擴展的業務模式和我們的資本管理決策正在使我們順利實現目標獲利能力。讓我們來看看 3 個關鍵營運指標，它們正在加速我們的規模擴張並對獲利能力產生直接影響。第一，客戶拓展。在過去的 3 個執行季度中，我們每季在大量垂直和全球足跡中增加了約 4,000 名客戶，包括北美、歐洲、澳洲和世界其他地區。截至 2022 年末，我們的客戶數量為 47,000 名，第三季結束時客戶數為 60,000 名。雖然我們已成功贏得了大型一級品牌（例如（聽不清楚）），但我們（聽不清楚）的忠誠客戶仍然是中小型企業，他們依靠Nayax 有競爭力的技術和解決方案來增加收入、降低營運成本，最重要的是，快速擴展業務。第三季度，中小企業仍占我們業務的約 70%。正如我所提到的，每個季度，我特別引以為傲並密切關注的兩個指標是我們的淨保留率，它衡量我們的客戶忠誠度和我們的客戶流失率，這衡量我們的客戶滿意度。

In Q3, our net retention rate increased to 145% from 139% last quarter, reflecting the high value and confidence our diverse customers place on our Nayax end-to-end platform and solutions. Our churn rates declined to 3.6% from 4.1% last quarter. Second, our managing connect devices. In Q3, we reached a total number of 874,000 managing connect devices by adding 50,000 devices. This total number of devices facilitated a processing of almost 500 million transactions across 80-plus countries. Over the past 3 years, from 2020 to 2022, we have grown the number of managing connect devices by a compounded annual growth rate of 40% and roughly the same on a year-to-year basis. During 2023, the growth trajectory continued at similar pace, driven by robust customer demand. I'm incredibly pleased that as we approach the end of 2023, Nayax is in a strong position to reach our growth aspiration of 1 million managed and connect devices that we highlighted as a key milestone during our 2021 TASE IPO. Lastly, our land and expand strategy is working as we continue to rapidly increase and retain our customer base by solving the pain points with scalable solution-driven sales approach. This has led to loyal and satisfy customers who become long-term partners and grow with Nayax for an increase in revenue organically through deeper penetration of the customer footprint as well as additional revenue-generating product and services. For example, revenue from new customers in 2018 grew more than 5x over the next 4 years. I would now like to highlight 2 notable achievements during the quarter of acknowledgment of the great work the team is doing in. During Q3, we made 2 announcements that strengthened both our core business and one of our key emerging growth engines. Nayax received authorization of the United Kingdom Financial Conduct Authority establishing it as a financial entity.

第三季度，我們的淨保留率從上季度的 139% 增加到 145%，反映出我們的多元化客戶對我們的 Nayax 端到端平台和解決方案的高度重視和信心。我們的客戶流失率從上季的 4.1% 下降至 3.6%。其次，我們管理連接設備。第三季度，我們透過增加 50,000 台設備，管理連接設備總數達到 874,000 台。設備總數促進了 80 多個國家近 5 億筆交易的處理。在過去 3 年（從 2020 年到 2022 年）中，我們管理連接設備的數量以 40% 的複合年增長率增長，與去年同期基本持平。 2023 年，在強勁的客戶需求的推動下，成長軌跡持續以相似的速度成長。我非常高興的是，隨著 2023 年底的臨近，Nayax 處於有利地位，可以實現我們在 2021 年 TASE IPO 期間強調的 100 萬台託管和連接設備的增長願望，這是我們強調的關鍵里程碑。最後，我們的土地和擴張策略正在發揮作用，我們透過可擴展的解決方案驅動的銷售方法解決痛點，繼續快速增加和保留我們的客戶群。這帶來了忠誠且滿意的客戶，他們成為長期合作夥伴，並與 Nayax 一起成長，透過更深入地滲透客戶足跡以及額外的創收產品和服務，有機地增加收入。例如，2018 年來自新客戶的收入在接下來的 4 年內成長了 5 倍以上。現在，我想強調本季度取得的兩項顯著成就，以表彰團隊所做的出色工作。在第三季度，我們發布了兩項公告，加強了我們的核心業務和我們關鍵的新興成長引擎之一。 Nayax 獲得英國金融行為監理局的授權，將其建立為金融實體。

Recognition is a global financial institution that act as a fully compliant payment facility that simplifies processes for our customers and secure Nayax U.K. operation in the long term. CoinBridge enter into a strategic partnership with Giift, a global leader of loyalty technology solution. The collaboration marked a significant milestone for a loyalty industry by introducing the world's first open loop loyalty payment solution powered by via CoinBridge by Nayax partner technology. Lastly, on October 30, we announced that we have entered into a definitive agreement to acquire Retail Pro International, a global leader in retail point-of-sale software for the attended retail market. We believe this transition is a powerful deal that accelerate the the next stage of Nayax's attended retail evolution. Retail Pro bring a vast distribution channel of over 80 partners reseller, immediately tripling our distributor network to over 120 partners reseller.

Recognition 是一家全球性金融機構，作為完全合規的支付機構，可以簡化我們客戶的流程並確保 Nayax 英國的長期營運。 CoinBridge 與全球忠誠度技術解決方案領導者 Giift 建立策略合作夥伴關係。此次合作推出了全球首個由 Nayax 合作夥伴技術透過 CoinBridge 提供支援的開環忠誠度支付解決方案，標誌著忠誠度產業的一個重要里程碑。最後，我們在 10 月 30 日宣布，我們已達成收購 Retail Pro International 的最終協議，Retail Pro International 是一家面向零售市場的零售銷售點軟體領域的全球領導者。我們相信這項轉變是一項強而有力的交易，將加速 Nayax 零售業下一階段的發展。 Retail Pro 帶來了由 80 多個經銷商合作夥伴組成的龐大分銷管道，立即將我們的經銷商網路擴大了兩倍，達到 120 多個經銷商合作夥伴。

This will extend our scale and provide meaningful opportunities to cross-sell our payment solution to Retail Pro's large and growing customer base into their extensive distribution channels. So in summary, we delivered a strong Q3, and our performance to date has been consistent with what we have communicated. We have continued to execute our strategic priority and growth plan. Our results throughout the year demonstrate our business fundamentals remain intact and resilient. Our differentiated growth strategy and value proposition as a global solution provider with a complete end-to-end solution continued to resonate with our diverse global customer base. We continue to benefit from the secular growth trend in consumer behaviorship driving the global and underpenetrated unattended market. We have accelerated the pace of our profitability again. We are scaling the business based on our strong customer expansion, rapidly growing our base of managed and connected devices and creating long-term (inaudible). I will now turn the call over to Sagit to provide additional color about our financial performance and discuss our financial outlook. Sagit?

這將擴大我們的規模，並提供有意義的機會，將我們的支付解決方案交叉銷售給 Retail Pro 龐大且不斷成長的客戶群，並進入其廣泛的分銷管道。總而言之，我們在第三季表現強勁，迄今為止的表現與我們所傳達的情況一致。我們繼續執行我們的策略重點和成長計劃。我們全年的業績顯示我們的業務基本面保持完整且富有彈性。作為擁有完整端到端解決方案的全球解決方案提供商，我們的差異化成長策略和價值主張繼續與我們多元化的全球客戶群產生共鳴。我們繼續受益於推動全球和未充分滲透的無人值守市場的消費者行為的長期成長趨勢。我們再次加快了獲利的步伐。我們正在根據強大的客戶擴張來擴展業務，快速擴大我們的託管和連接設備基礎並創造長期（聽不清楚）。我現在將把電話轉給 Sagit，提供有關我們財務業績的更多資訊並討論我們的財務前景。薩吉特？

Thank you, Yair, and good morning, good evening, everyone. Overall, we had another great quarter with revenue growth outpacing expand growth and reflecting the strength of our operating leverage, accelerating profitability again. I'm going to walk you through some key financial highlights for the quarter and then share some color on our financial outlook. We delivered revenue of $60.3 million, an increase of 28% year-over-year. As I stated earlier, we (inaudible) more than covered adjusted EBITDA in Q3 versus Q2 and again showed significant improvement compared both to Q2 2023 and Q3 2022. Our improved profitability trend continued in the third quarter. We delivered an adjusted EBITDA of positive $3.5 million compared to an adjusted EBITDA of negative $3.7 million in Q3 2022.

謝謝你，Yair，大家早安，晚上好。總體而言，我們又度過了一個出色的季度，收入成長超過了擴張成長，反映了我們營運槓桿的實力，再次加速了獲利能力。我將向您介紹本季度的一些關鍵財務亮點，然後分享我們的財務前景的一些內容。我們實現營收 6,030 萬美元，年增 28%。正如我之前所說，與第二季相比，我們（聽不清楚）在第三季的調整後EBITDA 超出了預期，並且與2023 年第二季和2022 年第三季相比再次顯示出顯著改善。第三季我們的獲利能力改善趨勢仍在繼續。我們的調整後 EBITDA 為正 350 萬美元，而 2022 年第三季調整後 EBITDA 為負 370 萬美元。

Now let's turn to some of the key factors that drove our strong third quarter results, starting with an overview of the revenue performance. We continue to see exceptionally strong growth in recurring revenue, which is an important growth indicator of the underlying core unattended business. As a reminder, recurring revenue is comprised of our SaaS subscription and payment processing fees. Recurring revenue for Q3 2023 grew 48% over Q3 2022 to reach a new high of $40 million in revenue and accounting for 67% of our total revenue. Similar to last quarter, the strength of our recurring revenue continues to be driven primarily by payment processing fees, which grew 57% year-over-year. It is worth repeating that Nayax's revenue model consisted of 3 main revenue pilots, which are derived from point-of-sale or POS devices, monthly Saas subscription and payment processing fees. Turning to POS Houser revenue. Revenue in Q3 was in line with last quarter's revenue, contributing approximately $20 million to our overall revenue. The impact of foreign exchange on revenue in Q3 was in immaterial. For the 9 months ended September 30, 2023, we delivered revenue growth of 38% over the 9 months ended September 30, 2022. Now let me turn to the highlights of our customer expansion and the growth of our managed and connected devices.

現在讓我們來談談推動我們第三季強勁業績的一些關鍵因素，首先概述營收表現。我們持續看到經常性收入的異常強勁成長，這是底層核心無人值守業務的重要成長指標。提醒一下，經常性收入包括我們的 SaaS 訂閱費和支付處理費。 2023 年第三季的經常性收入比 2022 年第三季成長 48%，達到營收新高 4,000 萬美元，占我們總營收的 67%。與上季類似，我們經常性收入的強勁勢頭繼續主要由支付處理費推動，該費用同比增長 57%。值得重複的是，Nayax 的收入模式由 3 個主要收入試點組成，分別來自銷售點或 POS 設備、每月 Saas 訂閱和支付處理費。轉向 POS Houser 收入。第三季的營收與上季的營收一致，為我們的整體營收貢獻了約 2,000 萬美元。外匯對第三季營收的影響並不重大。截至2023年9月30日的9個月，我們的收入比截至2022年9月30日的9個月增長了38%。現在讓我談談我們的客戶擴張以及託管和連接設備增長的亮點。

These metrics are key indicators of the scale we are building in our business and our ability to execute against one of our strategic long-term growth pillars. Customer expansion continued in the third quarter with 4,000 new customers added to our global and diverse customer base. We reported strong customer growth of 43% over the prior year quarter as we extended our customer base to 60,000 at the end of Q3. With the large market opportunity ahead of us that remains underpenetrated, customer expansion remains one of our key growth drivers as it give an indicator of our successful execution in expanding internationally and entering key growth markets for cashless payment solutions as well as growing market share. Turning to the growth of our devices. Managed and connected devices showed healthy year-over-year growth of 28%, ending the quarter with 874,000 devices. We reported significant increases in transaction or a value. In Q3, transaction dollar value grew 61%, reaching a new high of $989 million compared to $660 million in Q3 2022.

這些指標是我們業務規模以及我們執行長期策略成長支柱之一的能力的關鍵指標。第三季客戶持續擴張，我們的全球多元化客戶群新增了 4,000 位新客戶。我們報告稱，隨著我們在第三季末將客戶群擴大到 60,000 名，客戶數量比去年同期強勁增長 43%。由於我們面前存在巨大的市場機會，但尚未充分滲透，客戶擴張仍然是我們的主要成長動力之一，因為它表明我們在國際擴張和進入無現金支付解決方案的關鍵成長市場以及不斷增長的市場份額方面取得了成功。轉向我們設備的成長。託管和連接設備年增 28%，本季末設備數量達到 874,000 台。我們報告交易或價值顯著增加。第三季的交易金額成長了 61%，達到 9.89 億美元的新高，而 2022 年第三季的交易金額為 6.6 億美元。

This metric remains a key contributor to the carrying revenue and recurring revenue gross margin, which was 47% in Q3. Recurring revenue gross margin was stable relative to last quarter and in line with our expectations. Turning to gross margin. Overall gross margin continued to trend higher. Q3 gross margin of 38% was higher compared to Q2 2023 of 37% in Q3 '22 of 34%. The improvement is mainly due to ongoing hardware margin improvement. In Q3, hardware gross margin improved to 21% from 19% in Q2 2023 and 12% in Q1 2023. For the 9 months of 2023, we were able to report hardware gross margin of 17%, in line with our annual target and as previously indicated.

該指標仍然是帳面收入和經常性收入毛利率的主要貢獻者，第三季為 47%。經常性收入毛利率與上季相比穩定，符合我們的預期。轉向毛利率。整體毛利率持續呈上升趨勢。第三季的毛利率為 38%，高於 2023 年第二季的 37%，而 2022 年第三季的毛利率為 34%。這項改善主要歸功於硬體利潤率的持續改善。第三季度，硬體毛利率從2023 年第二季的19% 和2023 年第一季的12% 提高至21%。在2023 年的9 個月中，我們報告的硬體毛利率為17%，符合我們的年度目標，並且先前指出。

As communicated last quarter's earnings call, we were expecting to see ongoing hardware gross margin improvement to the mid-teens throughout the year. I will have more to say about the direction of our gross margin during my outlook discussion. Moving to operating expenses. Operating expenses include research and development, share-based compensation expenses and depreciation and amortization. Total operating expenses of $23.9 million decreased 1% from Q2 2023 and reflects lower SG&A costs. On a percentage of total revenue basis, operating expenses improved accounting for 40% of Q3 2020 total revenue from 50% of Q3 2022 total revenue. This highlights the operating expense leverage across sales, R&D and SG&A, resulting in our strong operating leverage acceleration and flowing directly to the bottom line. Q3 operating expenses did not have a material impact from foreign currency exchange rate fluctuation compared to Q2 2023. Net loss improved significantly and was $3.1 million for Q3 2020 compared to a net loss of $9.9 million in Q3 2020. Turning to the balance sheet.

正如上季財報電話會議所傳達的那樣，我們預計全年硬體毛利率將持續改善至十幾歲左右。在展望討論中，我將更多地談論我們的毛利率方向。轉向營運費用。營運費用包括研發、股權激勵費用以及折舊和攤提。總營運費用為 2,390 萬美元，較 2023 年第二季下降 1%，反映 SG&A 成本的下降。以佔總收入的百分比計算，營運費用佔 2020 年第三季總收入的比例從 2022 年第三季總收入的 50% 上升至 40%。這凸顯了銷售、研發和銷售、一般管理費用的營運費用槓桿，導致我們強勁的營運槓桿加速並直接流向利潤。與2023 年第二季相比，第三季營運費用並未受到外幣匯率波動的重大影響。2020 年第三季的淨虧損顯著改善，為310 萬美元，而2020 年第三季的淨虧損為990 萬美元。轉向資產負債表。

We ended Q3 with cash and cash equivalents and short-term deposits of approximately $40 million. The increased cash balance is reflected from the additional credit facility secured to fund the proposed retail acquisition with the expected closing in Q4 and which was announced on October 30. Our outstanding debt balance increased at the end of the quarter to $33 million. As mentioned, we announced the proposed transaction of Retail Pro on October 30.

截至第三季末，我們的現金和現金等價物以及短期存款約為 4,000 萬美元。現金餘額的增加反映了為擬議的零售收購提供資金的額外信貸安排，該收購預計在第四季度完成，並於10 月30 日宣布。我們的未償債務餘額在本季度末增加至3300 萬美元。如前所述，我們在 10 月 30 日宣布了 Retail Pro 的擬議交易。

We would expect to see a lower leverage ratio given the large profit base post acquisition. (inaudible) profitable on a stand-alone basis and generated approximately $4 million of adjusted EBITDA in FY '22. Let me finish with our outlook for rate fluctuation compared to Q2 2023.2023. As a reminder, our 2023 guidance is based on what we have actually seen in terms of behavior from our customers around the globe. It, of course, reflects what we know today about the secular shift in payments that continue to be strong tailwind, our strong market leadership and robust demand from both our existing customers and the large and expanding new customers for our comprehensive product portfolio. Today, we are reaffirming the revenue outlook on a constant currency basis provided on our last earnings call on August 9. For the full year 2020, we expect our revenue to be in the range of $235 million to $240 million, representing year-over-year growth of at least 35% as previously communicated. We are reaffirming our how do gross margin outlook and expect it to continue its improvement throughout the year to the mid-teens.

鑑於收購後的巨大利潤基礎，我們預期槓桿率會較低。 （聽不清楚）獨立獲利，並在 22 財年產生約 400 萬美元的調整後 EBITDA。最後，讓我談談與 2023.2023 年第二季相比的利率波動前景。謹此提醒，我們的 2023 年指引是基於我們實際觀察到的全球客戶行為。當然，它反映了我們今天所知的支付方式的長期轉變，這仍然是強勁的推動力，我們強大的市場領導地位以及我們現有客戶和不斷擴大的大型新客戶對我們全面產品組合的強勁需求。今天，我們重申8 月9 日上次財報電話會議上提供的以固定匯率計算的收入前景。對於2020 年全年，我們預計我們的收入將在2.35 億美元至2.4 億美元之間，相當於去年同期的收入。正如之前所傳達的，年增長率至少為 35%。我們重申毛利率前景，並預計全年毛利率將繼續改善至十幾歲左右。

As Yair mentioned, we are very pleased by the direction of how the gross margins throughout the year, and we expect to maintain this ongoing improvement. Given our focus on moderating expenses and the ongoing efficiencies gained from our investments in scaling the business, we continue to expect operating expenses for the full year 2023 to be flat from the Q4 2022 annualized run rate. For adjusted EBITDA, we are raising our guidance range to be between $4 million to $7 million in 2023 from $3 million to $7 million.

正如 Yair 所提到的，我們對全年毛利率的發展方向感到非常滿意，並且我們希望保持這種持續的改善。鑑於我們專注於控制費用以及透過擴大業務規模的投資不斷提高效率，我們仍然預計 2023 年全年的營運費用將與 2022 年第四季的年化運行率持平。對於調整後的 EBITDA，我們將 2023 年的指導範圍從 300 萬美元提高到 700 萬美元，至 400 萬美元到 700 萬美元之間。

This reflects our strong operating leverage from revenues growing faster than expenses and improved gross margin. As for long-term outlook, we are reaffirming our outlook and remain confident about reaching these targets. We expect our revenue to continue to grow 35% year-over-year. Gross margin in the long term is expected to reach 50% by providing leasing options for IoT POS, growing SaaS revenue and payment processing fees from our core business and services offering through our growth engine initiatives. Our long-term adjusted EBITDA margin guidance is set around 30%. Our focus on delivering strong revenue growth and improved adjusted EBITDA remains a top priority, and I'm pleased with the consistency of our execution. I would like now to turn the call to the operator so that we can take your questions. Operator?

這反映出我們強大的營運槓桿來自於收入成長快於支出以及毛利率的提高。至於長期前景，我們重申我們的前景，並對實現這些目標仍然充滿信心。我們預計我們的收入將繼續同比增長 35%。透過為物聯網 POS 提供租賃選擇、透過我們的成長引擎計畫從我們的核心業務和服務中增加 SaaS 收入和支付處理費，長期毛利率預計將達到 50%。我們的長期調整後 EBITDA 利潤率指引設定為 30% 左右。我們的重點是實現強勁的收入成長和改善調整後的 EBITDA 仍然是我們的首要任務，我對我們執行的一致性感到滿意。我現在想將電話轉給接線員，以便我們回答您的問題。操作員？

Thank you. (Operator Instructions) Our first question comes from Trevor Williams of Jefferies.

謝謝。 （操作員說明）我們的第一個問題來自 Jefferies 的 Trevor Williams。

Great. I was wondering if you could just give a comment maybe more broadly on what you're seeing from the demand environment overall. When you look at your net new device adds have still been very consistent, if anything, it looks like you're at kind of a stepped-up quarterly pace from what you've been at in the last couple of years. Maybe you guys could speak to just the level of visibility you have into that persisting through 2024? I know you guys have commented on historically on the level of macro sensitivity and the durability of the business. But just thinking from a net new device add standpoint, kind of what you're seeing in your conversations with customers and how good the visibility is into the current level of net adds persisting kind of through regardless of the macro climate, I'd appreciate it.

偉大的。我想知道您是否可以就您從整體需求環境中看到的情況發表更廣泛的評論。當你看到你的淨新設備添加量仍然非常穩定時，如果有的話，看起來你的季度速度比過去幾年有所加快。也許你們可以談談你們對這種情況持續到 2024 年的可見度？我知道你們對歷史上的宏觀敏感度和業務的持久性進行了評論。但只要從淨新設備添加的角度思考，您在與客戶的對話中所看到的情況，以及無論宏觀環境如何，對當前淨添加水平持續存在的可見性有多好，我都會很感激它。

Trevor, it's. Thank you for the question. I think the leading indicator is customer base. It's a trend that keeps on going the 4,000-5,000 customer base, and you see this also in this quarter. And we don't see any kind of fallback in terms of demand from customers. Actually, we are overwhelmed with the demand and the idea is how we can scale it into what we call quick wins and quick close close of sales, which we're working very hard in order to push this. We don't see our point any kind of delay in terms of demand all over the world. Besides, of course, it's hard to say, decide of course change a little bit in Israel, but Israel is 9 months, less than 6% of our business.

特雷弗，是的。感謝你的提問。我認為領先指標是客戶群。這種趨勢在 4,000-5,000 名客戶群中持續存在，您在本季度也能看到這一點。我們沒有看到客戶需求出現任何回落。事實上，我們對需求感到不知所措，我們的想法是如何將其擴展到我們所謂的快速獲勝和快速結束銷售，我們正在非常努力地推動這一目標。我們認為世界各地的需求沒有任何延遲。另外，當然，這很難說，決定以色列當然要改變一點點，但以色列是9個月，還不到我們業務的6%。

And maybe to add, Trevor, to this, and thank you for the question, a couple of things. One is that we outset to reach the million dollar -- the million, sorry, managed and connected devices at the end of 2024 -- sorry, at the end of 2023, as we've communicated in the IPO. So that's one. And second, I think it's important to look at the 9 months ended September. And you'll see that holder revenue actually grew to BRL 60 million from 47 million last year or 28% year-over-year growth. And as you know, we are looking at the year as an annual, and -- so very far on the numbers that we've achieved this quarter and looking forward to Q4.

特雷弗，也許要補充幾件事，並感謝你提出這個問題。一是我們的目標是在 2024 年底達到 100 萬美元的目標——抱歉，管理和連接的設備達到 100 萬美元——抱歉，2023 年底，正如我們在 IPO 中所傳達的那樣。這就是其中之一。其次，我認為重要的是要關注截至 9 月的 9 個月。您會發現，持有者收入實際上從去年的 4,700 萬雷亞爾增長到了 6,000 萬雷亞爾，年增 28%。如您所知，我們將這一年視為年度，並且 - 到目前為止我們在本季度取得的數字並期待第四季度。

That's great. And then my quick follow-up. This is just for you, Sagit, a clarification for 2020 -- for the full year for this year, sorry. I think you've been assuming hardware revenue was going to be about 40% of total company revenue. I just want to clarify whether that assumption still holds. It does imply a pretty good ramp in Q4, if that's the case, I just want to clarify.

那太棒了。然後是我的快速跟進。 Sagit，這只是針對您而言的，對 2020 年的澄清——對今年全年的澄清，抱歉。我認為您一直假設硬體收入將占公司總收入的 40% 左右。我只是想澄清這個假設是否仍然成立。這確實意味著第四季會有相當好的成長，如果是這樣的話，我只是想澄清一下。

Of course, it will be around 40%. We always talk about between 35% to 40%. And so the answer is yes.

當然，會是40%左右。我們總是談論 35% 到 40% 之間。所以答案是肯定的。

Our next question comes from Cris Kennedy of William Blair.

我們的下一個問題來自威廉布萊爾的克里斯肯尼迪。

Can you talk a little bit about the net revenue retention rate, 145% year-to-date? It looks like that's kind of a record level. What's the key drivers behind that?

您能談談今年迄今 145% 的淨收入留任率嗎？看起來這已經是創紀錄的水平了。背後的關鍵驅動因素是什麼？

Cris, it's Yair. We invested a lot regarding digitization of all the support and all the operation behind the scene. It's something that usually nobody see it. And we know what we call cultivating the fruits from this kind of investment. And it's ongoing improvement that at the end of the day, we are competing twofold. One is, as I said, on a global level, we're competing against cash. And the other one is we're competing against time. And the more that we can reduce the time of resolution for any kind of issues or any kind of question customer base, we see immediate return around this. So we are in a pace of what we call to hold a very successful customer support and onboarding and it's a lot of vocal friction regarding the whole payment industry as I'm sure that you know there's a lot of friction behind this. And as a one-stop solution strategy Mark is trying to excel on this. And that's where we invest the investment coming, and that's the fruit of this investment.

克里斯，我是亞爾。我們在所有支援和幕後操作的數位化方面投入了大量資金。這是通常沒有人看到的東西。我們知道什麼是從這種投資中培育成果。歸根結底，我們正在雙重競爭，這是一個持續的改進。一是，正如我所說，在全球範圍內，我們正在與現金競爭。另一個是我們正在與時間競爭。我們越能減少解決任何類型的問題或任何類型的客戶群問題的時間，我們就會立即看到回報。因此，我們正按照我們所謂的非常成功的客戶支援和入職步伐進行，整個支付行業存在著許多口頭摩擦，因為我確信您知道這背後存在著許多摩擦。作為一站式解決方案策略，馬克正在努力在這方面表現出色。這就是我們即將投資的地方，這就是這項投資的成果。

Got it. Very helpful. And then just for a follow-up, you announced a large partnership in the U.S. for EV chargers. Can you just talk about your competitive position to capture the growth of the EV market?

知道了。很有幫助。作為後續行動，您宣佈在美國建立電動車充電器的大型合作關係。您能否談談您在抓住電動車市場成長方面的競爭地位？

This is a short question with -- it's a big session, the energy market, as we call it, because we're looking at all the energy as a whole. And -- but focusing on, let's say, DC charger and AC chargers, there is a lot of players and stakeholders that need to be served. And we try to build a full solution of multiple stakeholders for multiresidential location for DC charger stop shop or stop stock location or on the parking street. So there is a lot of initiatives that we're doing around this domain because we believe in 5 to 7 years, it will be potentially more than double we've done from the unattended purely on a. It is unattended, but it is energy unattended. So there is a lot of potential that we see over there, and we're working from a lot of angles to cover this from OEM, from specifically in the U.S. or Europe, multiple angles that have been built to support this market and to come to a solution that at the end bring a seamless result or seamless process for the consumers while he's charging his car.

這是一個簡短的問題——這是一個大型會議，我們稱之為能源市場，因為我們將所有能源視為一個整體。而且，但重點關注直流充電器和交流充電器，有很多參與者和利益相關者需要服務。我們嘗試為直流充電站、停車庫位置或停車街的多住宅位置建立多個利害關係人的完整解決方案。因此，我們正在圍繞這個領域採取很多舉措，因為我們相信在 5 到 7 年內，我們在無人值守的情況下所做的工作可能會增加一倍以上。它是無人看管的，但它是無人看管的能量。因此，我們在那裡看到了很大的潛力，我們正在從很多角度來從 OEM 角度來解決這個問題，特別是在美國或歐洲，已經建立了多個角度來支持這個市場以及未來的發展。最終為消費者在汽車充電時帶來無縫結果或無縫流程的解決方案。

This concludes the question-and-answer session. I would like to turn the conference back over to Yair Nechmad for any closing remarks. Mr. Nechmad.

問答環節到此結束。我想將會議轉回 Yair Nechmad 發表閉幕詞。內赫馬德先生。

Thank you, operator. Thank you very much to everyone for joining us on the call. I'd like to thank the Global Nayax team for their unyielding commitment to executing our Nayax vision and mission and to our partners and customers who continue to be an important part of our success as a leading integrated payment company. And again, thank you very much.

謝謝你，接線生。非常感謝大家加入我們的電話會議。我要感謝全球 Nayax 團隊對執行我們 Nayax 願景和使命的堅定承諾，並感謝我們的合作夥伴和客戶，他們繼續成為我們作為領先的綜合支付公司取得成功的重要組成部分。再次非常感謝您。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。