Nayax Ltd (NYAX) 2024 Q1 法說會逐字稿

Hello, everyone, and welcome to Nayax's first quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the call over to Mr. Aaron Greenberg. Please go ahead.

大家好，歡迎參加 Nayax 2024 年第一季財報電話會議。（操作員指示）我現在想將電話轉給 Aaron Greenberg 先生。請繼續。

Thank you, operator, and everyone for joining us today on the conference call. With me on the call today are Yair Nechmad, Nayax Co-founder and Chief Executive Officer; and Sagit Manor, Chief Financial Officer.

感謝運營商和大家今天加入我們的電話會議。今天與我一起參加電話會議的是 Nayax 聯合創始人兼執行長 Yair Nechmad；財務長 Sagit Manor。

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.

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。

As a reminder, during this call, we'll 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.

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。

In addition, today's call will include discussions of non-IFRS measures. Management believes non-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.

此外，今天的電話會議也將討論非國際財務報告準則措施。管理階層認為，非國際財務報告準則的結果對於增強我們的理解和我們的持續績效很有用。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。

A reconciliation between Nayax's non-IFRS to IFRS measures can be found in our earnings press release issued earlier today. All key performance indicators that are intended to evaluate our business and properly measure factors in a macroeconomic environment to guide and support our decision making. These key performance indicators may be calculated in a manner different from the industry standard.

Nayax 的非國際財務報告準則與國際財務報告準則措施之間的調節可以在我們今天稍早發布的收益新聞稿中找到。所有關鍵績效指標旨在評估我們的業務並正確衡量宏觀經濟環境中的因素，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。

And finally, please note that all figures in today's call will be reported in US dollars, unless stated otherwise, you will start the call with key financial and operational highlights. Following that, Sagit will go through the details of financial results and discuss the outlook and with that, I would like to turn the call over to Nayax CEO, Yair Nechmad. Yair.

最後，請注意，今天電話會議中的所有數據都將以美元報告，除非另有說明，否則您將在電話會議開始時介紹關鍵的財務和營運亮點。接下來，Sagit 將詳細介紹財務業績並討論前景，在此之後，我想將電話轉給 Nayax 執行長 Yair Nechmad。耶爾。

Yeah, thank you, Aaron and thank you to everyone joining us today to discuss our earnings for the first quarter of 2024. We are off to a great start to the year at Nayax. Continuing the strong performance we saw last year, we've made impressive progress in managing our daily operation to achieve profitable growth.

是的，謝謝你，亞倫，也感謝今天加入我們討論我們 2024 年第一季收益的所有人。我們在 Nayax 迎來了新的一年的良好開端。延續去年的強勁表現，我們在管理日常營運以實現獲利成長方面取得了令人矚目的進展。

This quarter highlights our ability to keep growing and improving our profit, giving us a solid base for the years ahead. Specifically, our gross margin reached a better than expected 43.8% with hardware margin at 27%. These margins are reflective of the success we've achieved through enhancement automation and operational efficiencies across our supply chain.

本季凸顯了我們持續成長和提高利潤的能力，為我們未來幾年奠定了堅實的基礎。具體來說，我們的毛利率達到了好於預期的 43.8%，其中硬體利潤率為 27%。這些利潤反映了我們透過增強整個供應鏈的自動化和營運效率所取得的成功。

Furthermore, given our operation leverage, approximately 37% of every new dollar of revenue that came in the first quarter, cascaded to the bottom line in the adjusted EBITDA. In the first quarter of 2024, Nayax reached $64 million in revenue, with $46.2 million coming from steady ongoing recurring businesses.

此外，考慮到我們的營運槓桿，第一季每增加一美元收入，大約有 37% 會累加到調整後 EBITDA 的底線。2024 年第一季度，Nayax 的營收達到 6,400 萬美元，其中 4,620 萬美元來自穩定持續的經常性業務。

Our revenue growth reached 22% with our recurring revenue streams growing by 43%. With respect to recurring revenues, this growth is crucial as it highlights the shifting dynamic of our revenue streams, with recurring revenue becoming increasingly significant relative to hardware sales. As our revenue mix continues to see an increased number of transaction for micro market energy and retail, we expect increases in our average transaction volume to help drive our strong processing growth.

我們的營收成長達到 22%，經常性收入成長 43%。就經常性收入而言，這種成長至關重要，因為它凸顯了我們收入流的動態變化，相對於硬體銷售，經常性收入變得越來越重要。隨著我們的收入組合繼續看到微觀市場能源和零售交易數量的增加，我們預計平均交易量的增加將有助於推動我們強勁的處理成長。

Additionally, we achieved a record 62,000 new and manage and connected devices, an all-time high for newly activated devices in the quarter. This quarter, we've seen an increase in revenue from SMBs compared to an enterprise customers. We anticipate a significant uptick in enterprise sales as the year continues, positioning us well to drive substantial top line revenue growth.

此外，我們還創下了 62,000 台新管理和連接設備的記錄，這是本季新啟動設備的歷史最高水準。本季度，與企業客戶相比，我們發現中小企業的收入有所增加。我們預計今年企業銷售額將大幅成長，這使我們能夠很好地推動營收大幅成長。

Outperformance was also supported by strong demand in our OEM hardware businesses, which made up a large part of our Q1 hardware sales. This aligned with our strategy to integrate our payment solution early in the supply chain, enhancing the durability and depth of our customer relationship. As a leading IoT technology company, we are gearing up for a transformative year ahead, committed to increasing the portion of recurring revenue in our businesses.

OEM 硬體業務的強勁需求也支撐了我們的優異表現，該業務占我們第一季硬體銷售額的很大一部分。這符合我們在供應鏈早期整合支付解決方案的策略，從而增強了我們客戶關係的持久性和深度。作為一家領先的物聯網技術公司，我們正在為未來的變革做好準備，致力於增加我們業務中經常性收入的比例。

We look forward to an exciting year ahead, focused on innovation, and we are committed to continuous growth. Furthermore, our total transaction value saw a significant increase of 34% year-over-year, crossing the $1 billion mark for the first time. This milestone is a clear indicator of our growing influence and success in the market. This growth in transaction value is accompanied by an increase in our take rate, which has improved our processing cost efficiencies as we continue to scale.

我們期待著令人興奮的未來一年，專注於創新，並致力於持續成長。此外，我們的總交易額較去年同期大幅成長34%，首次突破10億美元大關。這一里程碑清楚地表明我們在市場上的影響力和成功不斷增長。交易價值的成長伴隨著我們的採用率的提高，隨著我們不斷擴大規模，這提高了我們的處理成本效率。

In recent weeks, we closed two strategic acquisition that have significantly enhanced our product offering and geographic market reach. We completed the acquisition of Roseman Engineering, a provider of sophisticated software solution for fuel and electric vehicle management. This acquisition is particularly strategic as it strengthen our position in the fuel and EV sector, areas we are anticipate substantial growth due to the global shift towards sustainable energy solutions.

最近幾週，我們完成了兩項策略性收購，顯著增強了我們的產品供應和地理市場覆蓋範圍。我們完成了對 Roseman Engineering 的收購，該公司是一家為燃油和電動車管理提供複雜軟體解決方案的供應商。此次收購具有特別的戰略意義，因為它加強了我們在燃料和電動車領域的地位，由於全球轉向永續能源解決方案，我們預計這些領域將大幅成長。

We are focused on having a complete one-stop solution in the payment and POS space for the energy segment, where we see significant microeconomic tailwinds due to the ongoing energy transition.

我們專注於在能源領域的支付和 POS 領域提供完整的一站式解決方案，由於持續的能源轉型，我們看到了顯著的微觀經濟推動力。

Additionally, we closed the acquisition of VMtecnologia at the end of April, a pivotal move that establish our presence in the Latin American market, particularly in Brazil. VMtecnologia is a leader in Brazil in the automated self-service industry, and this acquisition not only expand our geographic footprint but also extend our product offering across diverse market segments in one of the most dynamic region in the world.

此外，我們於 4 月底完成了對 VMtecnologia 的收購，這是確立我們在拉丁美洲市場（尤其是巴西）的地位的關鍵舉措。VMtecnologia 是巴西自動化自助服務產業的領導者，此次收購不僅擴大了我們的地理足跡，而且還將我們的產品供應擴展到世界上最具活力的地區之一的不同細分市場。

For example, they have some unique technological feature with the micro market space, such as AI-enhanced security surveillance, that will work to integrate into our global offering. This sale in the micro market have been a large portion of their revenue mix over the past couple of years. And we believe micro market solution are still underpenetrated in Brazil. The Brazilian market presents significant growth opportunities, and with VMtecnologia, we have a strong and immediate foothold in this region.

例如，他們在微觀市場空間中擁有一些獨特的技術功能，例如人工智慧增強的安全監控，這將有助於整合到我們的全球產品中。過去幾年，微型市場的銷售佔其收入組合的很大一部分。我們相信微觀市場解決方案在巴西的滲透率仍然不足。巴西市場提供了巨大的成長機會，借助 VMtecnologia，我們可以在該地區立即站穩腳跟。

As we look ahead, we are excited about the prospects for 2024 and beyond. Our M&A strategy continue to strategically complement and add to our mostly organic growth, and we expect to remain active in buying synergistic companies over the coming years. This proactive approach is central to our strategy for sustained growth and market leadership.

展望未來，我們對 2024 年及以後的前景感到興奮。我們的併購策略持續對我們的有機成長進行策略性補充和促進，我們預計在未來幾年將繼續積極收購具有協同效應的公司。這種積極主動的方法是我們持續成長和市場領導地位策略的核心。

And lastly, I want to highlight our successful capital raise in March, led by several leading investment bank, which brought us roughly $63 million net of fee and expenses and give us a war chest for continued strategic M&A. Notably, we have been actively focused on increasing the liquidity of our shares on Nasdaq and we believe the raise in March is a significant step forward in increasing the daily trading volume.

最後，我想強調我們在 3 月由幾家領先投資銀行牽頭的成功融資，這為我們帶來了約 6,300 萬美元的淨費用和開支，並為我們持續的策略併購提供了資金。值得注意的是，我們一直積極致力於增加納斯達克股票的流動性，我們相信 3 月的升息是增加每日交易量的重要一步。

To summarize the first quarter of 2024 has had strong and optimistic turn for the rest of the year. We are thrilled with our financial performance and the strategic progress we've made. Our platform not only facilitate expansion within existing markets, but also enable us to seamlessly enter new markets and enhance our global footprint.

總而言之，2024 年第一季在今年剩餘時間出現了強勁而樂觀的轉變。我們對我們的財務表現和所取得的策略進展感到非常興奮。我們的平台不僅促進現有市場的擴張，而且使我們能夠無縫進入新市場並增強我們的全球足跡。

We remain committed to leveraging our unique platform to deliver a comprehensive payment and loyalty solution across a broad spectrum of market segments, thereby continuing to drive growth and enhance shareholder value.

我們仍然致力於利用我們獨特的平台在廣泛的細分市場中提供全面的支付和忠誠度解決方案，從而繼續推動成長並提高股東價值。

I would now like to turn the call over to our CFO, Sagit Manor, who will go into more detail about our business performance for the first quarter and our outlook for 2024. Sagit, please go ahead.

我現在想將電話轉給我們的財務長 Sagit Manor，他將更詳細地介紹我們第一季的業務表現和 2024 年的前景。薩吉特，請繼續。

Thank you, Yair and good morning, good evening everyone. We're grateful to have our shareholders, analysts and the Nayax community with us as we discuss our Q1 2024 earnings. This quarter continues to build on our historical strengths and showcases our ongoing commitment to growth and innovation.

謝謝你，Yair，大家早安，晚上好。我們很高興有股東、分析師和 Nayax 社群與我們一起討論 2024 年第一季的收益。本季繼續鞏固我們的歷史優勢，並展示我們對成長和創新的持續承諾。

Starting with our quarterly performance. I'm pleased to report that our revenue for Q1 2024 reached $64 million, marking a 22% increase from Q1 2023. I would like to highlight that we consistently we manage roughly 20% of our annual revenues during the first quarter. We expect, as with previous years, our revenues to accelerate as the year continues supported by strong pipeline that gives us confidence in our growth trajectory for the rest of the year. I will provide more information about our guided revenue later.

從我們的季度業績開始。我很高興地報告，我們 2024 年第一季的營收達到 6,400 萬美元，比 2023 年第一季成長 22%。我想強調的是，我們一直在第一季管理大約 20% 的年收入。與往年一樣，我們預計，隨著今年繼續受到強大管道的支持，我們的收入將加速成長，這使我們對今年剩餘時間的成長軌跡充滿信心。稍後我將提供有關我們指導收入的更多資訊。

A key highlight of this quarter has been the substantial growth in our recurring revenue, which reached $46.2 million, a 43% increase year over year. This performance is a testament to the scalability of our SaaS-based business model and our sustained high dollar net retention rate of 134%.

本季的一個主要亮點是我們的經常性收入大幅成長，達到 4,620 萬美元，年增 43%。這一業績證明了我們基於 SaaS 的業務模式的可擴展性以及我們 134% 的持續高美元淨保留率。

As a core component of our business model, recurring revenue from our SaaS subscription and payment processing fees now represents approximately 72% of our total revenue. This shift underscores our strategic focus on driving a larger share of our business through SaaS and payment solutions.

作為我們業務模式的核心組成部分，來自 SaaS 訂閱和支付處理費的經常性收入目前約占我們總收入的 72%。這一轉變凸顯了我們的策略重點是透過 SaaS 和支付解決方案推動更大的業務份額。

Moreover, we observed a significant increase in transaction value of 34%, which grew to approximately $1.1 billion in Q1 from approximately $800 million in Q1 2023. This growth not only reflects our expanding market presence, but also the increased adoption and utilization of our platforms.

此外，我們觀察到交易價值顯著增加了 34%，從 2023 年第一季的約 8 億美元增至第一季的約 11 億美元。這種成長不僅反映了我們不斷擴大的市場份額，也反映了我們平台的採用和利用率的提高。

Hardware revenues decreased this quarter by 11% because of a shift in customer mix towards SMBs, as well as a change in product mix, which favor devices with lower average selling prices, both of which resulted in a higher gross margin.

本季硬體收入下降了 11%，原因是客戶結構轉向中小型企業，以及產品結構的變化，有利於平均售價較低的設備，這兩者都導致毛利率上升。

In terms of profitability, we've made notable strides in improving our housing margins and optimizing our supply chain infrastructure. As a result, our overall gross margin improved impressively to 43.8% in Q1 2024, up from 34.1% in Q1 2023. This includes a substantial rise in hardware margins, which increased to 27% this quarter from 12% in the prior year quarter, thanks to an advantageous sales mix and significant reduction in our product costs.

在獲利能力方面，我們在提高住房利潤率和優化供應鏈基礎設施方面取得了顯著進展。因此，我們的整體毛利率從 2023 年第一季的 34.1% 大幅提高至 2024 年第一季的 43.8%。這包括硬體利潤率大幅上升，得益於有利的銷售組合和產品成本的大幅降低，本季硬體利潤率從去年同期的 12% 上升至 27%。

While topline revenue grew by 22% over Q1 of last year. Total gross profit grew by 56% to $28 million from $17.9 million. Additionally, our adjusted EBITDA grew this quarter to $3.6 million compared to an adjusted EBITDA loss of $0.6 million in the same period last year. This includes purchase accounting adjustment to deferred revenue related to the retail for acquisitions. Without this adjustment, adjusted EBITDA would have been higher by $1.3 million.

而總收入比去年第一季成長了 22%。總毛利從 1,790 萬美元成長 56% 至 2,800 萬美元。此外，本季調整後 EBITDA 成長至 360 萬美元，而去年同期調整後 EBITDA 虧損 60 萬美元。這包括對與收購零售相關的遞延收入進行採購會計調整。如果沒有此項調整，調整後的 EBITDA 將增加 130 萬美元。

The improvement in adjusted EBITDA highlights our commitment to maintaining cost control while investing strategically in growth opportunities. Our customer base also saw a significant growth, reaching over 76,000 by the end of Q1. This does not yet include customers from our recent acquisitions of VMtecnologia and Roseman, which were close early Q2 and will add further depth and breadth to our customer portfolio.

調整後 EBITDA 的改善凸顯了我們在保持成本控制的同時對成長機會進行策略性投資的承諾。我們的客戶群也出現了顯著成長，到第一季末已超過 76,000 名。這還不包括我們最近收購的 VMtecnologia 和 Roseman 的客戶，這些客戶已在第二季初完成收購，並將進一步增加我們客戶組合的深度和廣度。

We continue to invest heavily in our customer support and success teams, ensuring that all clients receive maximum value from our solutions. The number of managed connected devices stands as a testament to our scale and robust platform capabilities with over 1.1 million managing connected devices, a 44% increase year over year. This metric is crucial as it correlates directly with our ability to generate transaction-based revenue and demonstrates the scalability of our infrastructure.

我們繼續大力投資我們的客戶支援和成功團隊，確保所有客戶從我們的解決方案中獲得最大價值。託管連接設備的數量證明了我們的規模和強大的平台能力，管理連接設備超過 110 萬台，比去年同期成長 44%。該指標至關重要，因為它與我們產生基於交易的收入的能力直接相關，並展示了我們基礎設施的可擴展性。

On the financial front, our cash position remains strong with cash and cash equivalents standing at $93 million at the end of Q1, bolstered by approximately $63 million of net raised through our recent offering. Our debt stands at $48.2 million.

在財務方面，我們的現金狀況依然強勁，截至第一季末，現金和現金等價物達到 9,300 萬美元，這得益於我們最近發行的約 6,300 萬美元的淨籌集資金。我們的債務為 4820 萬美元。

Looking ahead to the rest of 2024. We are excited about the opportunities that lie ahead. We are reiterating our revenue guidance to a range of $325 million to $335 million, reflecting our confidence in the underlying strength of our business and the efficacy of our growth strategy.

展望 2024 年剩餘時間。我們對未來的機會感到興奮。我們重申我們的收入指引為 3.25 億至 3.35 億美元，這反映了我們對業務的潛在實力和成長策略的有效性的信心。

We anticipate continuing to see the improvement in our hardware gross margins due to economies of scale, enhanced pricing strategies and continued cost optimization initiatives. In light of these factors, while we are reiterating our guidance of 25% to 27%, we expect it to be closer to the top end of the range. Furthermore, we are reiterating our guidance of adjusted EBITDA with a range of $30 million to $35 million as we continue to see strong operational leverage in the business.

由於規模經濟、增強的定價策略和持續的成本優化舉措，我們預計我們的硬體毛利率將繼續改善。鑑於這些因素，雖然我們重申 25% 至 27% 的指導，但我們預計它會更接近該範圍的上限。此外，我們重申調整後 EBITDA 的指導範圍為 3,000 萬至 3,500 萬美元，因為我們繼續看到該業務強勁的營運槓桿。

Finally, we reiterate our guidance that for the full year of 2024 free cash flow defined as operating cash flow minus capital expenditure will be positive in aggregate.

最後，我們重申我們的指導意見，即 2024 年全年自由現金流（定義為經營現金流減去資本支出）總體上將為正值。

In closing, our long-term outlook remains robust, with projected revenue growth of around 35% and a target gross margin of 50% through strategic initiatives, including leasing options for IoT POS and extending SaaS and payment processing revenues. Our adjusted EBITDA margin target continues to be around 30%.

最後，我們的長期前景仍然強勁，透過策略性舉措（包括物聯網 POS 租賃選擇以及擴展 SaaS 和支付處理收入），預計營收成長約 35%，目標毛利率達到 50%。我們調整後的 EBITDA 利潤率目標持續維持在 30% 左右。

Thank you once again for joining today's call, we look forward to sharing more about our progress in the upcoming quarters. And I will now turn the call over to the operator to begin the questions-and-answers session. Operator?

再次感謝您參加今天的電話會議，我們期待分享更多有關我們在未來幾季取得的進展的資訊。我現在將把電話轉給接線員以開始問答環節。操作員？

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Good morning. Thanks for taking the question. You talked about enterprise sales could accelerate in the second half of the year. Can you talk a little bit about the pipeline, whether it's from a vertical or geographic perspective?

早安.感謝您提出問題。您談到下半年企業銷售可能會加速。您能否從垂直或地理角度談談管道？

Hi, Cris. Thank you for the question. Yes, it is from both. It is from verticals, we see the vertical, as I mentioned in the past, the vertical of the EV. We see it strongly. It's coming from geographic of EV, where we located, where we're serving directly and also with the OEM. So we see the EV as a strong part of the of the growth and also from the unattended, the core business of Nayax, we see the vertical of big operators that will place orders. We have a great a great way to say that we will meet the target of the year. That's the bottom line.

嗨，克里斯。感謝你的提問。是的，它來自兩者。它是從垂直方向，我們看到垂直方向，正如我過去提到的，電動車的垂直方向。我們強烈地看到了這一點。它來自我們所在的電動車地理位置，我們在那裡直接提供服務，也與原始設備製造商一起提供服務。因此，我們將電動車視為成長的重要組成部分，並且從 Nayax 的無人值守核心業務中，我們看到大型業者將下訂單的垂直領域。我們有一個很好的方式來表示我們將實現今年的目標。這是底線。

Great. Thank you for that. And then just a quick update on CoinBridge. I think revenue started late last year. Just can you talk about kind of your expectations for that strategy going forward, that initiative? Thank you.

偉大的。謝謝你。然後是 CoinBridge 的快速更新。我認為收入是從去年年底開始的。您能談談您對未來的策略、舉措的期望嗎？謝謝。

So we completed the -- thank you for this. So we completed all the preparations for this business to fly and to start moving ahead. We are doing a testing with the two Israeli companies over here that are taking the -- finalizing their side. And it will be in H2. There will go full flow of full operation in terms of doing marketing campaign over this.

所以我們完成了——謝謝你們。這樣我們就完成了這項業務起飛的所有準備工作並開始前進。我們正在與這裡的兩家以色列公司進行測試，這兩家公司正在最終確定自己的立場。它將在下半年進行。在行銷活動方面，將會進行全流程的全流程運作。

And then at the same time, we will open also with the at least two European companies that will take over also the company, the CoinBridge product.

同時，我們也將與至少兩家歐洲公司合作，他們將接管該公司，CoinBridge 產品。

So I believe this year, we'll see some signs which are taking not just from pilot, but really taking production side. So we're still on track and we still believe that it’s a great opportunity for customers to leverage on the what you call the loyalty and what we call the points to fiat money that will move the needle for them and for us.

所以我相信今年，我們會看到一些跡象，這些跡像不僅來自試點，而且真正影響生產方面。因此，我們仍然走在正軌上，我們仍然相信，這對客戶來說是一個很好的機會，可以利用所謂的忠誠度和我們所說的法定貨幣積分，這將為他們和我們帶來推動。

Great. Thank you.

偉大的。謝謝。

Nik Cremo, UBS.

尼克·克雷莫，瑞銀集團。

Thanks for taking my question and congrats on the strong recurring revenue growth. First, I just wanted to touch on the payment processing rate in the quarter, which is up 10% year-over-year. Can you please elaborate on what drove the elevated rate and should this level persist throughout the year?

感謝您提出我的問題，並祝賀經常性收入的強勁成長。首先，我只想談談本季的支付處理率，年增 10%。您能否詳細說明是什麼推動了這一比率的上升？

I'm sorry, I couldn't hear you quite well. Maybe Sagit, can you answer this? Did you hear is a good question?

抱歉，我聽不清楚。也許薩吉特，你能回答這個問題嗎？你聽說這是個好問題嗎？

Yes. Thank you, Nik and welcome to our conference call. The question was about the payment processing that increased. And what's the reason for it. And I always say it's two reasons. One is the number of managed and connected devices that are growing significantly. Just this quarter, we increased by 62,000 devices, which means that more devices, more Nayax devices are out there, more and transactions are being processed through our devices, but also it's the continuous of the consumer behavior change and the fact that more payments, more cashless transactions are going through our devices.

是的。謝謝尼克，歡迎參加我們的電話會議。問題是關於增加的支付處理。以及其原因何在。我總是說這是兩個原因。一是託管和連接設備的數量顯著增長。就在本季度，我們增加了62,000 台設備，這意味著更多的設備、更多的Nayax 設備、更多的交易正在透過我們的設備處理，而且這是消費者行為持續變化以及更多支付的事實，更多的無現金交易正在透過我們的設備進行。

Now, if you ask about take rate, if I missed it and you asked about the take rate, take rate is more or less in line with last quarter. But in general, I believe it's mainly the stickiness of the inflation that we've seen over 2023 that still exists, as well as some shift towards verticals that are more expensive in nature like parking, like EV charging.

現在，如果你問一下利用率，如果我錯過了，而你問了利用率，那麼利用率或多或少與上個季度一致。但總的來說，我認為主要是我們在 2023 年看到的通貨膨脹的黏性仍然存在，以及一些向本質上更昂貴的垂直領域的轉變，例如停車、電動車充電。

Got it. Thanks for all the additional color. And then for my follow-up, I just wanted to ask on the hardware revenue that came in slightly below our expectations in the quarter. I know there's some lumpiness in this revenue line, but can you share about what your expectations are for hardware revenue growth for the remainder of the year that's contemplated in your 2024 outlook? Thank you.

知道了。感謝所有額外的顏色。然後，對於我的後續行動，我只想詢問本季略低於我們預期的硬體收入。我知道這條收入線存在一些波動，但您能否分享一下您對 2024 年展望中預計的今年剩餘時間硬體收入成長的預期？謝謝。

Of course, so usually, Q1 is a traditionally -- is slower quarter, which as we talked about that typically makes up about 20% of our revenue. Specifically on the hardware revenue, it was lower or slower in Q1 for two reasons. One was the customer mix, that shifted to more sales to SMBs, which means smaller order size but also have a higher margins in place.

當然，通常情況下，第一季是傳統上較慢的季度，正如我們所討論的，它通常占我們收入的 20% 左右。特別是在硬體收入方面，第一季較低或較慢的原因有兩個。一是客戶組合，更多的銷售轉向中小企業，這意味著訂單規模更小，但利潤率也更高。

And then it was -- the second reason was a product mix that favored lower featured and lower ASP products. But again, have higher gross margins. And the reason why I'm saying it was it was around the fifth of our revenue is Q1 is because we usually have a stronger second half of the year and we believe that the 2024 will be the same as previous years. And therefore, we believe that the hardware revenue will be between 30% to 35% of our total revenue as it was in previous years.

然後是——第二個原因是產品組合偏向功能較低、平均售價較低的產品。但同樣，毛利率更高。我之所以說它大約占我們第一季收入的五分之一，是因為我們通常下半年會表現強勁，我們相信 2024 年將與前幾年相同。因此，我們認為硬體收入將像前幾年一樣占我們總收入的30%至35%之間。

Got it. Thank you very much.

知道了。非常感謝。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Trevor Williams, Jefferies.

特雷弗威廉斯，杰弗里斯。

Hi, this is Spencer James on for Trevor Williams. Thank you for taking the question. I wanted to ask on the trend of device growth and customer growth outpacing the growth in transactions per device in the quarter. Is it fair to assume that trend should continue, that device growth will continue to grow while you might see some pressure on transactions per device?

大家好，我是特雷弗威廉斯的史賓塞詹姆斯。感謝您提出問題。我想詢問本季設備成長和客戶成長超過每台設備交易成長的趨勢。假設這種趨勢應該持續下去，即設備成長將繼續成長，而您可能會看到每台設備的交易量面臨一些壓力，這是否公平？

Hi, thank you for the question. So devices as you've seen, we believe that it's growing slowly, and we believe this will continue to slow. Q1 was very strong and from a device activation perspective. And as you remember, there's always a certain delay between the time that we actually sell the device. It might be a quarter or two to the time that is actually being activated. So very strong quarter and Q1 and activation as a result of strong revenue in Q3 and Q4.

你好，謝謝你的提問。因此，正如您所看到的，我們相信它正在緩慢增長，我們相信這種增長將繼續放緩。從設備啟動的角度來看，第一季非常強勁。正如您所記得的，我們實際銷售設備的時間之間總是存在一定的延遲。可能比實際啟動的時間早一、兩個季度。由於第三季和第四季的強勁收入，第一季和第一季非常強勁並啟動。

From a number of customers, you're absolutely right. We've added 4,000 customers this quarter, again, a very consistent with our previous quarters as we continue to grow and we continue to capture market share.

從許多客戶的情況來看，你是完全正確的。隨著我們不斷發展並繼續佔領市場份額，本季度我們再次增加了 4,000 名客戶，這與前幾季非常一致。

And about the transaction per device, it's still, consistent with previous quarters. So I'm trying to understand the question and what exactly you're trying to understand here.

至於每台設備的交易量，仍與前幾季保持一致。所以我試著去理解這個問題以及你在這裡到底想理解什麼。

No, that's helpful. Just trying to, -- maybe what was the payment processing revenue per device that I was looking at, but that's helpful context. Thank you. And maybe just to follow up on. Go ahead.

不，這很有幫助。只是想，也許我正在研究的每台設備的支付處理收入是多少，但這是有用的背景。謝謝。也許只是為了跟進。前進。

If I can clarify maybe one of the things to keep in mind was the Retail Pro acquisition at the end of last year as well. So if you're looking quarter over quarter from this year to last year, it does include the 130,000 POS devices that were that were added from Retail Pro at the end of last year, in which case there was not payment processing as part of that.

如果我可以澄清的話，也許需要記住的一件事是去年年底對 Retail Pro 的收購。因此，如果您查看今年到去年的逐季數據，它確實包括去年年底從 Retail Pro 添加的 130,000 台 POS 設備，在這種情況下，其中不存在付款處理。

Okay. Thank you for the clarification.

好的。謝謝你的澄清。

But as Sagit said, we think it's consistent.

但正如薩吉特所說，我們認為這是一致的。

Appreciate it. And then maybe if you could just help around the cadence of expenses throughout the year? Is it fair to assume just gradual quarter-over-quarter step-ups throughout the year?

欣賞它。然後，也許您可以幫助調整全年的支出節奏？假設全年逐季逐步上升是否公平？

So we haven't committed to -- we haven't provided guidance on the OpEx, but we did provide the guidance on the revenue and the adjusted EBITDA. To answer your question, the answer is, yes. At this quarter specifically, we see an increase from Q4, mainly due to the reason for acquisition. And but we are expecting, as we've talked about it when we provided the guidance, a moderate increase in OpEx to meet the expected the EBITDA of $30 million to $35 million.

因此，我們沒有承諾 - 我們沒有提供有關營運支出的指導，但我們確實提供了有關收入和調整後的 EBITDA 的指導。要回答你的問題，答案是，是的。具體來說，在本季度，我們看到較第四季度有所成長，主要是由於收購的原因。但正如我們在提供指導時所討論的那樣，我們預計營運支出將適度增加，以滿足 3000 萬至 3500 萬美元的預期 EBITDA。

Understood. Thank you for taking the questions.

明白了。感謝您提出問題。

Thank you. At this time, end of our question-and-answer session, I would like to turn the floor back to management for closing remarks.

謝謝。此時，我們的問答環節結束了，我想請管理階層做總結發言。

Ladies and gentlemen, please standby. We're experiencing technical difficulties. This call will resume momentarily.

女士們、先生們，請等候。我們遇到技術困難。此通話將立即恢復。

I apologize. I think that we have some connectivity issues. So I'll take that, and I would like to thank everyone for joining today's call. We're grateful to the Global Nayax team for their dedication to successfully executing our vision and mission.

我道歉。我認為我們存在一些連接問題。所以我接受這一點，我要感謝大家參加今天的電話會議。我們感謝 Global Nayax 團隊為成功執行我們的願景和使命所做的奉獻。

We also wanted to extend the appreciation to our partners and customers who play a critical role in our success as a leading payments company. We are proud of our achievements so far in 2024, and we are excited about what the rest of the year will bring. Thank you once again, and we'll speak soon.

我們也想向我們的合作夥伴和客戶表示感謝，他們在我們作為領先支付公司的成功中發揮了關鍵作用。我們對 2024 年迄今所取得的成就感到自豪，並對今年剩餘時間將發生的事情感到興奮。再次感謝您，我們很快就會再談。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation, and have a wonderful day.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與，祝您有美好的一天。