Nayax Ltd (NYAX) 2024 Q2 法說會逐字稿

Hello, everyone, and welcome to Nayax second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Nayax 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the call over to your host, Mr. Aaron Greenberg. Please go ahead, Aaron.

現在我想將電話轉給主持人亞倫·格林伯格先生。請繼續，亞倫。

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.

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。

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.

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。

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 non-IFRS results are useful in order to enhance our understanding and our ongoing performance.

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。

However, these measures should be considered as a supplement to, and not as a substitute for, IFRS financial measures. A reconciliation between Nayax's non-IFRS to IFRS measures can be found in our earnings press release issued earlier today.

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。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。

All key performance indicators 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 different matter from our industry standards.

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我們的產業標準不同。

And, finally, please note that all figures in today's call will be reported in US dollars unless stated otherwise. Yair, 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.

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，您將首先介紹關鍵的財務和營運亮點。隨後，薩吉特將詳細介紹財務表現並討論前景。

And with that, I would like to turn the call over to Nayax's CEO, Yair Nechmad. Yair?

說到這裡，我想將電話轉給 Nayax 的執行長 Yair Nechmad。耶爾？

Thank you, Aaron. Thank you to everyone joining us today to discuss our earnings for the second quarter of 2024. We are excited to share another robust quarter with significant improvement in all metrics, notably in gross margin and adjusted EBITDA.

謝謝你，亞倫。感謝大家今天加入我們討論我們 2024 年第二季的收益。我們很高興與大家分享另一個強勁的季度，所有指標均顯著改善，特別是毛利率和調整後的 EBITDA。

For the first time since 2018, we returned to positive operating profit, which is a significant milestone in our company's trajectory. This achievement underscore our business model and strategic execution, setting the tone for strong 2024.

自 2018 年以來，我們首次恢復正營業利潤，這是我們公司發展軌跡的一個重要里程碑。這項成就凸顯了我們的業務模式和策略執行力，為 2024 年的強勁發展奠定了基調。

The ongoing margins enhancement underlines our operational leverage, building a resilient foundation for long-term success. Our strategic focus on automation and operational efficiency continued to bolster our profitability.

利潤率的持續提高凸顯了我們的營運槓桿，為長期成功奠定了彈性基礎。我們對自動化和營運效率的策略重點繼續增強了我們的獲利能力。

In Q2, we have continued to make notable strides in improving our hardware margin and optimizing our supply chain infrastructure. We expect to continue to see improvement in profitability as we push towards our long-term target model of 30% adjusted EBITDA margin.

第二季度，我們在提高硬體利潤率和優化供應鏈基礎設施方面持續取得顯著進展。隨著我們努力實現 30% 調整後 EBITDA 利潤率的長期目標模型，我們預計獲利能力將繼續改善。

Revenue continued to grow to record level, with $78.1 million in the quarter or a 39% increase from Q2 2023. We believe that the automated self-service industry has been resistant so far to the discretionary spending headwind that some industries are facing.

營收持續成長至創紀錄水平，本季營收為 7,810 萬美元，較 2023 年第二季成長 39%。我們認為，到目前為止，自動化自助服務產業一直能夠抵禦某些產業面臨的可自由支配支出的逆風。

In Q2, we saw a rise in larger enterprise sales. Small- and medium-sized businesses also contributed significantly to our sales. We added more than 9,000 new customers in Q2, reaching 85,000 by the end of Q2. Continuing our trend of substantial new customer growth over 6,000 of the customers were from organic growth. Driven by this achievement, we added 78,000 new managed and connected devices in Q2, reaching 1.2 million devices. Our pipeline remains robust, positioning us strongly for the rest of 2024.

第二季度，我們看到大型企業銷售額有所成長。中小型企業也對我們的銷售做出了重大貢獻。我們在第二季新增了 9,000 多家新客戶，到第二季末達到 85,000 家。我們持續保持新客戶大幅成長的趨勢，其中 6,000 多個客戶來自有機成長。在這項成就的推動下，我們在第二季新增了 78,000 台託管和連接設備，達到 120 萬台。我們的產品線仍然強勁，這使我們在 2024 年剩餘時間內處於有利地位。

In Q2, we closed two strategic acquisitions that expand our product offering and market reach. Our M&A strategy support sustained growth and market leadership, facilitating both organic and inorganic expansion. The acquisition of Roseman Engineering, a hardware and software provider fuel card and EV management, strengthen our position in the fast-growing energy segment.

在第二季度，我們完成了兩項策略性收購，擴大了我們的產品供應和市場覆蓋範圍。我們的併購策略支持持續成長和市場領導地位，促進有機和無機擴張。收購 Roseman Engineering（硬體和軟體供應商加油卡和電動車管理）加強了我們在快速成長的能源領域的地位。

This aligns with our strategy to offer a comprehensive payment solution in fuel card. We see great potential in providing a unified payment ecosystem for various fuel card services. As a result of integration synergies, we launched in Q2 our first payment devices at gas pump, with one of the largest gas station operation in Israel.

這符合我們提供全面的加油卡支付解決方案的策略。我們看到為各種加油卡服務提供統一支付生態系統的巨大潛力。由於整合協同效應，我們在第二季度在加油站推出了我們的第一個支付設備，該加油站是以色列最大的加油站之一。

We intend to expand into European markets later this year. This will be a significant potential as we see this expansion increasing our company's team.

我們打算在今年稍後擴展到歐洲市場。這將是一個巨大的潛力，因為我們看到這次擴張擴大了我們公司的團隊。

We also completed the acquisition of VMtecnologia, or VM Tech, a leader in Brazil automated self-service industry, making our entry into the Latin America market. This acquisition broadened our geographic footprint and diversify our product offering.

我們也完成了巴西自動化自助服務產業領導者VMtecnologia（VM Tech）的收購，進軍拉丁美洲市場。此次收購擴大了我們的地理覆蓋範圍並使我們的產品供應多樣化。

VM Tech's strong presence in laundry and micro market segment present significant growth opportunities, both locally in Brazil and in other parts of the world. A few months into integration, we are seeing a great collaboration and value added between the team in Brazil and our headquarter in Israel.

VM Tech 在洗衣和微型市場領域的強大影響力為巴西本地和世界其他地區帶來了巨大的成長機會。整合幾個月後，我們看到巴西團隊與以色列總部之間的良好合作與增值。

In fact, we've been already implementing VM Tech business model of Hardware-as-a-Service or rental business model in other regions. We will continue to update on our progress in this region over the coming quarters.

事實上，我們已經在其他地區實施VM Tech的硬體即服務業務模式或租賃業務模式。我們將在未來幾季繼續更新我們在該地區的進展。

Looking ahead, we are increasingly optimistic about Nayax's prospects for the remainder of 2024 and beyond. Our pipeline remains strong, and we continue to win new customers, increasing our installed base, and expanding our revenue. We are committed to improving profitability as demonstrated again in this quarter results.

展望未來，我們對 Nayax 在 2024 年剩餘時間及以後的前景越來越樂觀。我們的管道仍然強勁，我們繼續贏得新客戶，增加我們的安裝基礎，並擴大我們的收入。我們致力於提高獲利能力，本季業績再次證明了這一點。

To provide more detail on our Q2 performance and our outlook, I will now turn the call over to our CFO, Sagit Manor, who will dive deeper into the financial results and elaborate on our strategic initiatives are reflected.

為了提供有關我們第二季度業績和前景的更多詳細信息，我現在將把電話轉給我們的首席財務官 Sagit Manor，他將更深入地研究財務業績，並詳細闡述我們所反映的戰略舉措。

Sagit please go ahead.

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 nice community with us as we discuss our Q2 2024 earnings. This quarter continues to build on our historic strength and our solid performance in the quarter, showcasing our ongoing commitment to growth and innovation.

謝謝你，Yair，大家早安，晚上好。我們很高興在我們討論 2024 年第二季收益時有我們的股東、分析師和友好的社區與我們一起討論。本季繼續鞏固我們的歷史實力和本季的穩健業績，展現了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 Q2 2024 reached $78.1 million, marking a 39% increase from Q2 2023. As in previous years, we expect revenue acceleration in the latter half of the year, driven by our strong hardware sales pipeline, as well as our recurring revenue. More details on our revenue guidance will follow shortly.

從我們的季度業績開始，我很高興地報告，我們 2024 年第二季的營收達到 7,810 萬美元，比 2023 年第二季成長 39%。與往年一樣，在我們強大的硬體銷售管道以及經常性收入的推動下，我們預計下半年營收將加速成長。有關我們收入指導的更多詳細資訊將很快公佈。

A key highlight of this quarter has been the substantial growth in our recurring revenue, which reached $53.4 million, a 47% increase year over year. This performance is a testament to the scalability of our SaaS-based business model and in our sustained high dollar net retention rate of 130%.

本季的一個主要亮點是我們經常性收入的大幅成長，達到 5,340 萬美元，年增 47%。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 130% 的持續高美元淨保留率。

As a core component of our business model, recurring revenue in this quarter from our SaaS subscription and payment processing fees represented approximately 68% 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，本季來自 SaaS 訂閱和支付處理費的經常性收入約佔我們總收入的 68%。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 construction transaction of 34%, which grew to approximately $1.2 billion in Q2 from approximately $885 million in Q2 2023. This growth not only reflects our expanding market presence but also the increased adoption of utilization of our platform.

此外，我們觀察到建築交易大幅成長 34%，從 2023 年第二季的約 8.85 億美元增加到第二季的約 12 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使用率不斷提高。

Hardware revenues reached a new high in Q2 of $24.7 million, an increase of 24% year over year, driven by strong demand across all the regions. We continue to take market share globally, particularly in automated and self-service vertical.

在各地區強勁需求的推動下，第二季硬體營收創下 2,470 萬美元的新高，較去年同期成長 24%。我們繼續在全球範圍內佔據市場份額，特別是在自動化和自助服務垂直領域。

In terms of profitability, we've made notable strides in improving our hardware margins and optimizing our supply chain infrastructure. As a result, our overall gross margin improved impressively to 44.3% in Q2 2024, up from 37.1% in Q2 2023.

在獲利能力方面，我們在提高硬體利潤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 年第二季的 37.1% 大幅提高至 2024 年第二季的 44.3%。

This rise includes a significant increase in hardware margin to 28.7% this quarter from 18.8% in Q2 2023, driven by an advantageous customer mix and substantial cost reduction. Recurring margins improved significantly as well to 52% in Q2 2024, up from 47% in Q2 2023, driven by improvement in both SaaS subscription and payment processing margin.

這一成長包括在有利的客戶組合和大幅成本降低的推動下，本季硬體利潤率從 2023 年第二季的 18.8% 大幅成長至 28.7%。在 SaaS 訂閱和支付處理利潤率改善的推動下，經常性利潤率也從 2023 年第二季的 47% 大幅提高至 2024 年第二季的 52%。

While total revenue grew by 39% over Q2 of last year, total gross profit grew by 66% to $34.6 million from $20.9 million, a tremendous improvement, reflecting the scalability and strength of our business model. We reported a return to operating profit of $0.9 million compared to an operating loss of $3.7 million in prior year quarter.

雖然總收入比去年第二季成長了 39%，總毛利成長了 66%，從 2,090 萬美元增至 3,460 萬美元，這是一個巨大的進步，反映了我們業務模式的可擴展性和實力。我們報告的營業利潤回報為 90 萬美元，而去年同期的營業虧損為 370 萬美元。

Finance expenses net were negatively impacted by $1 million, a complete write-off due to a change in the fair value of a minority interest in Nilus, treated as a financial asset, measured at fair value through profit and loss.

財務費用淨額受到 100 萬美元的負面影響，由於 Nilus 少數​​股權的公允價值變化而被完全沖銷，該少數股權被視為金融資產，以公允價值計量且其變動計入損益。

Additionally, our adjusted EBITDA grew this quarter to a record high of $8.1 million compared to an adjusted EBITDA of $1.3 million in the same period last year. Revenue and adjusted EBITDA were negatively impacted by a $1 million purchase accounting adjustment to deferred revenue related to the Retail Pro acquisition.

此外，本季調整後 EBITDA 成長至 810 萬美元，創歷史新高，而去年同期調整後 EBITDA 為 130 萬美元。對與 Retail Pro 收購相關的遞延收入進行 100 萬美元的購買會計調整，對收入和調整後 EBITDA 產生了負面影響。

The improvement in adjusted EBITDA highlights our commitment to maintaining cost control while investing strategically in growth opportunities. As communicated earlier this year, our centralized global service center in Romania has continued to significantly reduce call center times and improved support satisfaction rate, which has also contributed to overall cost efficiency and operational leverage.

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。正如今年稍早所傳達的那樣，我們位於羅馬尼亞的集中式全球服務中心繼續大幅減少呼叫中心時間並提高支援滿意度，這也有助於提高整體成本效率和營運槓桿。

Our customer base also saw significant growth, reaching 85,000 by the end of Q2, growing by over 9,000 customers this quarter. This includes 3,000 new customers, mainly from our recent acquisition of VM Tech, which will have closed early Q2 and will help accelerate our presence in Latin America. We continue to invest in our customer support and success teams, ensuring that all clients receive maximum value from our solutions.

我們的客戶群也出現了顯著成長，到第二季末達到 85,000 名，本季增加了 9,000 多名客戶。其中包括 3,000 名新客戶，主要來自我們最近收購的 VM Tech，該公司將於第二季初結束，並將有助於加速我們在拉丁美洲的業務。我們繼續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。

The number of managed and connected devices stands as a testament to our scale and robust platform capabilities with almost 1.2 million managed and 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 demonstrate the scalability of our SaaS infrastructure.

託管和連接設備的數量證明了我們的規模和強大的平台能力，託管和連接設備近 120 萬台，年增 44%。該指標至關重要，因為它與我們產生基於交易的收入並展示 SaaS 基礎設施的可擴展性的能力直接相關。

On the financial front, our cash flow from operation activities was very strong, showing $9.2 million. Cash position remains healthy with cash and cash equivalents and short-term deposits standing at $86 million at the end of Q2, bolstered by approximately $63 million net raised through our recent offering in Q1. This cash position reflects the payment of $18.7 million for the recent acquisition of VM Tech and Roseman. Our debt stood at $54.4 million, maintaining a strong net cash position.

在財務方面，我們的經營活動現金流量非常強勁，為 920 萬美元。現金狀況保持健康，第二季末現金和現金等價物以及短期存款達到 8,600 萬美元，這得益於我們最近在第一季發行的淨籌集的約 6,300 萬美元。這一現金狀況反映了最近收購 VM Tech 和 Roseman 時支付的 1,870 萬美元。我們的債務為 5,440 萬美元，保持強勁的淨現金狀況。

Looking ahead to the rest of 2024, we are excited about the opportunities that lie ahead. We are reiterating our revenue guidance on a constant currency basis of $325 million to $335 million, representing at least 38% year-over-year growth. This takes into account a slight contribution from the two acquisitions we've made this year, offset by our ongoing strategic shift to a hardware as a service or rental business model, which replaces revenue today with a longer-term and higher future revenue stream and margin.

展望 2024 年剩餘時間，我們對未來的機會感到興奮。我們重申以固定匯率計算的營收指引為 3.25 億至 3.35 億美元，年增至少 38%。這考慮到了我們今年進行的兩次收購的輕微貢獻，但被我們持續向硬體即服務或租賃業務模式的策略轉變所抵消，這種模式用更長期、更高的未來收入流取代了今天的收入，利潤。

We anticipate a continued improvement in our hardware gross margin due to the economic of scale, enhanced pricing strategy, and continued cost optimization initiatives. In light of this factor, we are increasing our guidance for the year on hardware margin to the range of 27% to 29% from 25% to 27%.

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持續改善。有鑑於此因素，我們將今年硬體利潤率指引從 25% 至 27% 上調至 27% 至 29%。

We expect a slight increase in operating expenses due to the addition of the recent acquisitions. Furthermore, we are reiterating our 2024 adjusted EBITDA guidance range of $30 million to $35 million as we continue to see strong operational leverage in the business.

由於最近收購的增加，我們預計營運費用將略有增加。此外，我們重申 2024 年調整後 EBITDA 指引範圍為 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 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，定義為經營現金流減去資本支出的自由現金流總體上將為正。

In closing, our long-term outlook remains robust with projected revenue growth of 35% and a target gross margin of 50% through strategic initiatives, including adding more rental and leasing options, loyalty products, and embedded finance solutions. Our long-term adjusted EBITDA margin target continues to be 30%.

最後，我們的長期前景依然強勁，透過策略性舉措（包括增加更多租賃選項、忠誠度產品和嵌入式金融解決方案），預計營收成長 35%，目標毛利率達到 50%。我們的長期調整後 EBITDA 利潤率目標仍為 30%。

Thank you again for joining today's call. We look forward to sharing more about our progress in the upcoming quarters. I will now turn the call over to the operator to begin the question-and-answer session. Operator?

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

(Operator Instructions) Chris Kennedy, William Blair.

（操作員說明）克里斯·甘迺迪、威廉·布萊爾。

Thanks for taking my question and hope you guys are well. Can you talk about some of the progress that you're making in the high-growth verticals such as EV, parking, and transit?

感謝您提出我的問題，希望你們一切都好。您能談談您在電動車、停車和交通等高成長垂直領域的一些進展嗎？

Hi, Chris. Thank you for the call. It's, Yair. We're not giving too much details regarding the high growth but I can tell you that we see a lot of need from our point of view to see the consolidation of a one-stop solution for the parking.

嗨，克里斯。謝謝您的來電。是，亞伊爾。我們不會提供有關高成長的太多細節，但我可以告訴您，從我們的角度來看，我們非常需要整合一站式停車解決方案。

We progressed quite nicely with the EV, now that the EV started to be more regulated, and we see all the AC charges have been imposed to put cash on top of it in terms of our presence. So we have a high hope on this market, and it's still maturing. It's not significant yet in our business. But for sure, we're feeling very comfortable with the achievement that we are reach until now related to the market.

我們在電動車方面取得了相當好的進展，現在電動車開始受到更多監管，我們看到所有的交流費用都已被徵收，以根據我們的存在將現金置於其之上。所以我們對這個市場寄予厚望，而且它還處於成熟期。這對我們的業務來說還不重要。但可以肯定的是，我們對迄今為止所取得的與市場相關的成就感到非常滿意。

Okay. Thank you for that. And then just a follow-up, Sagit, is there any way to think about the quarterly progression in the back half? I know hardware kind of is volatile quarter-to-quarter. Thank you.

好的。謝謝你。然後是一個後續行動，Sagit，有什麼辦法可以考慮後半段的季度進展嗎？我知道硬體每季都會波動。謝謝。

Thank you, Chris. So as mentioned, now usually, our H2 is stronger than H1. Although we are very happy with Q2, again another record quarter from all aspects. So very comfortable with the guidance that we've provided. We see strong backlog and we see our recurring revenue that this quarter being 68% of total revenue continued to grow in that case meeting the guidance that we've provided.

謝謝你，克里斯。如前所述，現在通常我們的 H2 比 H1 更強。儘管我們對第二季非常滿意，但從各方面來看，這又是一個創紀錄的季度。對我們提供的指導非常滿意。我們看到大量積壓訂單，並且本季佔總收入 68% 的經常性收入持續成長，符合我們提供的指導。

Okay. Thanks for taking my questions.

好的。感謝您回答我的問題。

Thank you.

謝謝。

Nik Cremo, UBS.

尼克·克雷莫，瑞銀集團。

Hey. Good morning and thanks for taking my question. First, I just wanted to discuss the strength in gross margins that you saw on the recurring side of the business. Can you just provide an outlook for what we should expect there for the remainder of the year? Thank you.

嘿。早安，感謝您提出我的問題。首先，我只想討論一下您在業務經常性方面看到的毛利率優勢。您能否對我們今年剩餘時間的預期進行展望？謝謝。

Thank you, Nik. So yes, improvement in gross margin in all areas. You've asked about the recurring revenue. I'm going to mention also the hardware margins grew to 29% from 19% of last year -- our prior year quarter. Also from a recurring standpoint, we've seen an improvement. If you think about the software margin or service margin, we saw the move to the call center in Romania, it really helped us to improve and put some efficiencies there.

謝謝你，尼克。所以，是的，所有領域的毛利率都有所改善。您詢問了經常性收入。我還要提到的是，硬體利潤率從去年同期的 19% 成長到了 29%。同樣從反覆出現的角度來看，我們也看到了進步。如果您考慮軟體利潤或服務利潤，我們看到了向羅馬尼亞呼叫中心的轉移，它確實幫助我們改進並提高了那裡的效率。

Also, we've spoken about the transactions and our processing margins as well where with the smart routing and many other, again, initiatives that we put in place. We are able to improve the margins there. So also recurring revenue grew from 47% to 52%. And again, continuing to improve our operation and put the emphasis on profitable growth.

此外，我們還談到了交易和我們的處理利潤，以及智慧路由和我們實施的許多其他舉措。我們能夠提高那裡的利潤率。經常性收入也從 47% 成長到 52%。再次，繼續改善我們的運營，並將重點放在獲利成長上。

Great. Thanks for all the color and congrats on the strong execution.

偉大的。感謝所有的顏色並祝賀強大的執行力。

Thank you.

謝謝。

(Operator Instructions) John Coffey, Barclays.

（操作員說明）John Coffey，巴克萊銀行。

Great. Thank you very much for taking my call. I just had two questions. One was on the contribution to revenue from VM Tech and Roseman. I was wondering if you could try to break that out a little bit. Or if you couldn't do that, is there a good way to think of what the pro forma revenue would be as if you had Roseman, VM Tech last year?

偉大的。非常感謝您接聽我的電話。我只有兩個問題。其中之一是 VM Tech 和 Roseman 對營收的貢獻。我想知道你是否可以嘗試解決一下這個問題。或者，如果您做不到這一點，是否有一個好方法可以考慮一下如果您去年擁有 VM Tech 的 Roseman，預計收入會是多少？

I'm just trying to gauge the strength of the revenue because you probably have some fairly easy comps, so I would imagine for the next four quarters. So just trying to think about that kind of revenue growth cadence going forward.

我只是想衡量收入的實力，因為你可能有一些相當簡單的比較，所以我想像接下來的四個季度。因此，我們只是想思考一下未來的收入成長節奏。

Thanks, John. So from an acquisition perspective and M&A, as you know, both VM Tech and Roseman happened in Q2. So we're going to have them this year partially as well as first year with integration in mind and that the contribution will not be that significant. And I think I've mentioned that in our call of last quarter as well.

謝謝，約翰。因此，從收購和併購的角度來看，如您所知，VM Tech 和 Roseman 都發生在第二季。因此，我們今年將部分地以及第一年考慮到整合，並且貢獻不會那麼大。我想我在上個季度的電話會議中也提到了這一點。

So from a Roseman perspective, it wasn't material. From VM Tech, it was $1.9 million, so approximately $2 million that contributed to Q2.

所以從羅斯曼的角度來看，這並不重要。VM Tech 提供了 190 萬美元，因此第二季貢獻了約 200 萬美元。

Okay. Perfect. Thank you very much. That's a good reminder. And the second question I had, it looks like your take rate went up to 2.7% versus 2.6% last quarter. Is that just a little bit of seasonality, is that merchant mix? Is that sustainable? Any comments you have there would be very helpful.

好的。完美的。非常感謝。這是一個很好的提醒。我的第二個問題是，你們的採用率似乎上升到了 2.7%，而上季為 2.6%。這只是一點點季節性嗎？這是可持續的嗎？您在那裡提出的任何意見都會非常有幫助。

Of course. So yes, it's everything that you said it's between customer mix as well as geography mix that impact take rate. It's also -- as you've noticed that we've seen that increasing. And that can be from more EV charging and more parking, which, as you know, we don't necessarily have an influence from that. So it is.

當然。所以，是的，您所說的一切都與客戶組合和地理組合之間的因素有關，從而影響了採用率。正如您所注意到的，我們已經看到這種情況正在增加。這可能來自於更多的電動車充電和更多的停車位，正如你所知，我們不一定會受到影響。確實如此。

Great. Thank you.

偉大的。謝謝。

We have reached the end of the question-and-answer session. I would now like to turn the call back over to management for any closing comments.

我們的問答環節已經結束。我現在想將電話轉回管理層以徵求結案意見。

Yes. Thank you all for joining us today. I think it's another record of -- another record quarter of Nayax. Actually, this is the highest quarter that we have had since 2018 returning to operating profit, which is a significant milestone for Nayax with a very, very strong visibility to our future. And I really want to thank also to my -- to all the employees and all the work that the team are doing.

是的。感謝大家今天加入我們。我認為這是 Nayax 的另一個創紀錄季度。事實上，這是我們自 2018 年以來恢復營業利潤的最高季度，這對 Nayax 來說是一個重要的里程碑，對我們的未來有著非常非常強烈的預見性。我真的要感謝我的所有員工以及團隊所做的所有工作。

And we're looking forward to see you in the next quarter onwards and to keep raising the bar all the time. Thank you, all.

我們期待在下個季度與您見面，並不斷提高標準。謝謝大家。

This concludes today's conference. You may disconnect your lines at this time and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。