Nayax Ltd. (NYAX) 2026 Q1 法說會逐字稿

Hello everyone, and welcome to Nayax's first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to Mr. Aaron Greenberg. Please go ahead, Aaron.

各位好，歡迎參加 Nayax 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在我想把電話交給 Aaron Greenberg 先生。Aaron，請開始。

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.

謝謝接線員，也感謝各位今天參加本次電話會議。今天與我一同出席的有：Nayax 共同創辦人兼執行長 Yair Nechmad，以及財務長 Sagit Manor。在管理層的事先準備發言之後，我們將開放問答環節。我們的新聞稿與補充投資人簡報已發布於投資人關係網站 ir.nayax.com。

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.

提醒各位，在本次電話會議中，我們將作出前瞻性陳述。今天電話會議中的所有前瞻性陳述均基於若干假設，因此可能受到風險與不確定性影響，導致實際結果與預期存在重大差異。除法律要求外，我們沒有義務更新這些陳述。您可在我們今日稍早發布的補充投資人簡報及監管申報文件中閱讀相關風險與不確定性。

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 of our ongoing performance. However, these measures should be considered as a supplement to and not as a substitute for IFRS financial measures.

此外，今天的電話會議將包含對非 IFRS 指標的討論。管理層認為，非 IFRS 結果有助於加深我們對持續經營表現的理解。然而，這些指標應被視為 IFRS 財務指標的補充，而非替代。

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 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 matter different from the industry standards.

Nayax 的非 IFRS 與 IFRS 指標之間的調節表可見於我們今日稍早發布的財報新聞稿。所有關鍵績效指標旨在評估我們的業務，並在宏觀經濟環境下適當衡量相關因素，以引導並支持我們的決策。這些關鍵績效指標的計算方式可能與產業標準不同。

And finally, please note that all figures in today's call will be reported in US dollars unless stated otherwise. Yair 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均以美元呈列。Yair 將先就主要財務與營運亮點開場。之後 Sagit 將說明財務結果細節並討論展望。

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

接下來，我想把電話交給 Nayax 執行長 Yair Nechmad。Yair？

Thank you, Aaron, and thank you, everyone, for joining us today to discuss our results for the first quarter and the progress we are making across the business. We had an excellent start to 2026 with strong operational and financial results across the business. Revenue grew 32% to $107 million, with organic revenue growth of 26%. Adjusted EBITDA margin expanded to 13%. The quarter results reflect the continued confidence and execution of our strategy, and we are reaffirming our financial guidance for the year.

謝謝你，Aaron，也謝謝各位今天加入我們，一同討論第一季的業績以及我們在各項業務上的進展。2026 年我們開局表現非常出色，整體業務在營運與財務方面都交出強勁成果。營收成長 32% 至 1.07 億美元，其中有機營收成長 26%。調整後 EBITDA 利潤率擴大至 13%。本季成果反映我們策略持續獲得信心並有效執行，我們也重申全年財務指引。

This quarter, our installed base surpassed 1.5 million devices, an important milestone that drives our recurring revenue model. Our customer base reached 120,000, which is truly exciting and reflecting continuing opportunities in the market.

本季，我們的裝機基數突破 150 萬台設備，這是一個重要里程碑，並推動我們的經常性收入模式。我們的客戶數達到 12 萬家，這令人振奮，也反映市場上持續存在的機會。

The more customers we onboard, the more devices they buy, the more transactions flow through our platform, and the more our recurring revenue compounds, it is clear that our growth algorithm is working. To this end, let me highlight a couple of KPIs.

我們導入的客戶越多，他們購買的設備就越多，流經我們平台的交易就越多，而我們的經常性收入也就越能複利成長；很明顯，我們的成長演算法正在發揮作用。為此，我想強調幾項 KPI。

First, total transaction value grew 33%, with average transaction value continued to expand as we shift further into higher-value verticals such as easy charging, amusement, and car wash. Second, our output is growing, reflecting both the trend in cash-to-cashless conversion with our existing customers base and our deeper presence in this [high-]value segment.

第一，總交易金額成長 33%，且隨著我們進一步轉向更高價值的垂直領域（如電動車充電、娛樂與洗車），平均交易金額持續提升。第二，我們的產出正在成長，反映既有客戶群從現金轉向無現金支付的趨勢，以及我們在此高價值區隔中更深入的布局。

Hardware sales were strong this quarter with growth of 46%, driven by strong demand for our product across all markets. In the unattended space, the world of our PIN-on-glass VPOS Media devices drove significant hardware demand in Europe and is unlocking higher ATP verticals, where local regulation requires PIN certification for transactions.

本季硬體銷售表現強勁，成長 46%，主要受各市場對我們產品的強勁需求帶動。在無人化場景中，我們的 PIN-on-glass VPOS Media 裝置在歐洲帶動顯著的硬體需求，並正在開啟更高 ATP 的垂直領域；在這些領域中，當地法規要求交易需具備 PIN 認證。

In the EV charging vertical, we made our first joint appearance as the combined Lynkwell brand at the EVCS conference, which is the largest conference in the EV space and received strong customer receptions. Our pipeline of mid-sized network moving on to Lynkwell's white label platform continued to grow.

在電動車充電垂直領域，我們以整合後的 Lynkwell 品牌首次共同亮相 EVCS 大會（電動車領域最大會議），並獲得客戶熱烈回響。我們的中型網路客戶導入 Lynkwell 白標平台的管線持續成長。

With respect to geographic extension in Brazil, we continue to invest and are making significant strides in the region. Following the successful integration of VMtecnologia and [update], we have fully represented its operation to the Nayax brand, which is now operating as Nayax Brazil.

就巴西的地理擴張而言，我們持續投資並在該地區取得顯著進展。在成功整合 VMtecnologia 與 [update] 之後，我們已將其營運全面以 Nayax 品牌呈現，目前以 Nayax Brazil 之名運作。

In addition, we have started onboarding new customers as payment facilitators in the country. And we will soon be bringing the VPOS Media to the Brazilian market, which will allow us to address the market with a unified PIN-on-glass product.

此外，我們已開始在當地以支付促成商（payment facilitator）的身分導入新客戶。我們也將很快把 VPOS Media 引進巴西市場，使我們能以一致的 PIN-on-glass 產品來切入市場。

We are also making great progress with our platform-expansion initiatives. As stated last quarter, our Yellow Account, our embedded banking offering for the US Market in partnership with Adyen, is in pilot phase and advancing wealth. We believe embedded banking can become an important additional monetization layer across our platform, leveraging our existing customer relationship and transactions data. This is a long-term strategic initiative that can strengthen customer engagement and increase revenue per customer over time. We expect to have more to share in Q2 about our embedded banking initiatives.

我們在平台擴張計畫方面也取得很大進展。如同上季所述，我們與 Adyen 合作、面向美國市場的嵌入式銀行服務 Yellow Account 目前處於試點階段，並持續推進。我們相信，嵌入式銀行可成為我們平台上一個重要的額外變現層，並可運用既有的客戶關係與交易數據。這是一項長期策略計畫，可強化客戶黏著度，並隨時間提升每位客戶的收入。我們預期在第二季將分享更多關於嵌入式銀行計畫的進展。

Not surprisingly, AI is becoming an increasingly more meaningful driver across our business as we are embedding AI across our platform as well as throughout the entire organization. For example, R&D is advancing faster with AI system development. On the product side, we are launching in Q2 a new AI intelligence layer in MoMA, our mobile management app. This will give operators a conversation assistance for business insight, AI-driven shared strategy suggestion, and rapid merchandising plan setup using visual recognition. These initiatives and many more reinforce both our OpEx discipline and our long-term margin expansion strategy.

不令人意外地，AI 正在成為我們業務中愈來愈重要的驅動力；我們正將 AI 嵌入平台，同時也導入整個組織。例如，研發在 AI 系統開發的協助下進展更快。在產品方面，我們將於第二季在 MoMA（我們的行動管理應用程式）推出新的 AI 智慧層。這將為營運商提供用於商業洞察的對話式助理、AI 驅動的共享策略建議，以及透過視覺辨識快速建立商品陳列計畫。這些以及更多計畫，強化了我們對營運費用（OpEx）的紀律，以及長期的利潤率擴張策略。

On M&A, our partner is active and growing, and we are engaging on several opportunities in what is becoming a biomarket. We are disciplined about finding the right opportunity for Nayax, though that fit our strategy, our culture, and our long-term growth profile. Our strong balance sheet positions us to act decisively when we find them.

在併購方面，我們的合作夥伴業務活躍且持續成長，我們也正就多個機會進行接觸；市場正逐步形成一個「生物市場」。我們在尋找適合 Nayax 的正確機會上保持紀律，該機會必須符合我們的策略、文化與長期成長輪廓。我們強健的資產負債表使我們在找到合適機會時能果斷行動。

In summary, our growing installed base of connected device, the strengthened of our recurring revenue model, and the disciplined execution of our team continue to position us well for sustained profitable growth. With 1.5 million devices on the platform and with the flywheel accelerating, we are well positioned to capture the opportunities ahead.

總結來說，我們持續成長的連網設備裝機基數、更加強化的經常性收入模式，以及團隊有紀律的執行力，讓我們在可持續的獲利成長道路上保持良好態勢。平台上已有 150 萬台設備，且飛輪效應正在加速，我們已做好準備把握未來的機會。

I want to thank our employees for their continued dedication and our customers, partners, and shareholders for your trust. With that, I'll turn it over to our CFO, Sagit Manor, who will review our financial results in greater detail and walk through the outlook. Sagit?

我要感謝員工持續的投入，也感謝我們的客戶、合作夥伴與股東對我們的信任。接下來我將把電話交給我們的財務長 Sagit Manor，她將更詳細地回顧財務結果並說明展望。Sagit？

Thank you, Yair, and good morning, good evening, everyone. We appreciate having our shareholders, analysts, and the entire Nayax team with us today as we review our financial performance. We are very pleased with our results for the first quarter as we continue to scale our platform, expand our installed base, and drive transaction activity, all of which reinforces the more predictable and profitable recurring revenue contribution to our business.

謝謝你，Yair，各位早安、晚安。我們很感謝股東、分析師以及整個 Nayax 團隊今天與我們一同回顧財務表現。我們對第一季的成果非常滿意；我們持續擴大平台規模、擴充裝機基數並推動交易活動，這些都進一步強化了更可預測且更具獲利性的經常性收入對我們業務的貢獻。

As Yair stated, revenue grew 32% to approximately $107 million, including 26% organic revenue growth over the prior year's quarter. Recurring revenue grew 27% and represented approximately 74% of total revenue. We ended the quarter with an installed base of more than 1.5 million managed and connected devices while serving 120,000 customers globally.

如 Yair 所述，營收成長 32% 至約 1.07 億美元，其中包含較去年同期 26% 的有機營收成長。經常性營收成長 27%，約占總營收的 74%。本季結束時，我們的已安裝基礎超過 150 萬台受管理且已連線的裝置，並在全球服務 12 萬名客戶。

As a result, total dollar transaction value grew an impressive 33% to approximately $1.8 billion. Consistent with more recent quarters, we continue to see a favorable mix shift towards higher value verticals.

因此，總美元交易額大幅成長 33% 至約 18 億美元。與近期幾個季度一致，我們持續看到產品組合有利地轉向更高價值的垂直領域。

Average transaction value, or ATV, increased to $2.36 from $2.06, while take rate remained strong at 2.66%. Combined, these indicators show that growth is coming from deeper engagement and higher value usage across the platform, which is a leading contributor to our success.

平均交易金額（ATV）由 2.06 美元提升至 2.36 美元，而抽成率（take rate）仍維持強勁於 2.66%。綜合而言，這些指標顯示成長來自於平台上更深度的互動與更高價值的使用，這也是我們成功的主要貢獻因素。

We also saw a continued increase in the revenue generated from each connected device. Average revenue per unit, or ARPU, increased to $247, up 14% year over year, which again demonstrates improved unit economics and deeper engagement of customers with our platform. This increase continues to be driven by two main factors: first, the ongoing conversion of existing machines from cash-to-cash transactions; and second, a strategic extension into higher value verticals such as EV charging, amusement, and car wash.

我們也看到每台已連線裝置所產生的營收持續增加。每單位平均營收（ARPU）提升至 247 美元，年增 14%，再次證明單位經濟效益改善，以及客戶與我們平台的互動更深入。此一提升持續由兩大因素驅動：第一，既有機台持續從現金交易轉換為無現金交易；第二，策略性延伸至更高價值的垂直領域，例如電動車充電、娛樂與洗車。

Turning now to Hardware revenue, we saw a significant increase of 46% over the prior year's quarter to approximately $28 million, driven by strong demand for our products across all markets. Importantly, we continued taking market share, adding over 5,500 new customers and 41,000 managed and connected devices, proving that our growth algorithm is working.

接著談硬體營收，本季較去年同期大幅成長 46% 至約 2,800 萬美元，主要受惠於各市場對我們產品的強勁需求。重要的是，我們持續取得市占，新增超過 5,500 名新客戶與 41,000 台受管理且已連線的裝置，證明我們的成長演算法正在發揮作用。

Moving now to profitability and margins for the quarter. Gross margin was impressive and in line with the prior year's quarter at 49%, driven by higher processing and SaaS margins, slightly offset by lower Hardware margin in the quarter, primarily because of product mix.

接下來談本季的獲利能力與利潤率。毛利率表現亮眼，與去年同期一致為 49%，主要由較高的處理（processing）與 SaaS 利潤率帶動，但部分被本季較低的硬體利潤率所抵銷，主要原因為產品組合。

More specifically, our recurring margin increased to 54% from 52% in the prior year's quarter, driven by additional improvement in processing margin that reached nearly 40% from 36% in the prior-year quarter, reflecting the ongoing benefits of renegotiated contracts with several bank acquirers and the company's improved smart-routing capabilities.

更具體而言，我們的經常性利潤率由去年同期的 52% 提升至 54%，主要受惠於處理利潤率的進一步改善，從去年同期的 36% 提升至接近 40%，反映出與多家收單銀行重新議約的持續效益，以及公司智慧路由能力的提升。

SaaS margin improved as well to 76.5% from 75.9%. Both processing and SaaS margins reflect the company's growing scale and increasing transaction volumes. Hardware margin was 33.1% compared to 39.5% in Q1 2025 due to marketing promotions for our newly released PIN-on-glass VPOS Media devices in Europe. Adjusted OpEx of $39 million was 36% of revenue, an improvement over the prior-year period and included a full quarter of Lynkwell expenses.

SaaS 利潤率亦改善至 76.5%，高於 75.9%。處理與 SaaS 利潤率皆反映公司規模擴大與交易量增加。由於在歐洲針對新推出的玻璃上輸入 PIN（PIN-on-glass）VPOS Media 裝置進行行銷促銷，硬體利潤率為 33.1%，相較於 2025 年第一季的 39.5% 下滑。調整後營業費用（Adjusted OpEx）為 3,900 萬美元，占營收 36%，較去年同期改善，並包含 Lynkwell 全季費用。

Adjusted OpEx had an unfavorable impact of $1.2 million in the quarter compared sequentially to Q4 2025 due to foreign currency volatility. Adjusted EBITDA increased 43% to $14 million, representing 13% of revenue compared to 12% in Q1 2025, and again demonstrating the operating leverage of the business.

由於外匯波動，調整後營業費用在本季相較 2025 年第四季呈現 120 萬美元的不利影響。調整後 EBITDA 成長 43% 至 1,400 萬美元，占營收 13%，相較 2025 年第一季的 12% 提升，再次展現本業的營運槓桿。

Operating profit was $4 million compared to $1.8 million in prior-year period, excluding a one-time gain of approximately $6.1 million related to Nayax share repurchase of Tigapo in Q1 2025.

營業利益為 400 萬美元，較去年同期的 180 萬美元增加；去年同期包含一筆約 610 萬美元的一次性收益，與 Nayax 於 2025 年第一季回購 Tigapo 股份相關。

Financial expenses net for the quarter increased by $2.9 million as a result of interest expenses related to the two bonds offering completed in 2025 at the Tel Aviv Stock Exchange, which raised a total of nearly ILS1 billion. Net income for the quarter was $1.3 million compared to net income of $1.1 million in the prior-year period. Excluding the one-time gain associated with Tigapo.

本季淨財務費用增加 290 萬美元，主要因 2025 年於特拉維夫證券交易所完成兩次債券發行所產生的利息費用，合計募得近 10 億以色列新謝克爾（ILS）。本季淨利為 130 萬美元，較去年同期的 110 萬美元增加。上述不含與 Tigapo 相關的一次性收益。

Turn me now to our balance sheet. On March 31, 2026, cash and cash equivalents and short-term deposits totaled $306 million, while short and long-term debt were $325 million, maintaining a solid balance sheet.

接著談資產負債表。截至 2026 年 3 月 31 日，現金及約當現金與短期存款合計 3.06 億美元，而短期與長期負債為 3.25 億美元，維持穩健的資產負債表。

Looking at cash flow, we generated $3.6 million from operating activities. Free cash flow for the quarter was negative at $6 million, mainly due to increased infrastructure investment and the timing of cash settlements from processing activities.

就現金流而言，我們自營運活動產生 360 萬美元。本季自由現金流為負 600 萬美元，主要因基礎設施投資增加，以及處理業務現金結算時點的影響。

Turning now to our outlook and referring to our forward-looking information disclosure in our press release. As you mentioned, we are reaffirming our financial outlook for 2026. Our revenue guidance for the year remains $510 million to $520 million, inclusive of organic revenue growth of 22% to 25%. We expect an adjusted EBITDA margin of approximately 17%, which represents a range of $85 million to $90 million.

接著談展望，並請參考我們新聞稿中的前瞻性資訊揭露。如您所提及，我們重申 2026 年財務展望。全年營收指引維持在 5.10 億至 5.20 億美元，包含 22% 至 25% 的有機營收成長。我們預期調整後 EBITDA 利潤率約為 17%，對應金額區間為 8,500 萬至 9,000 萬美元。

Turning to free cash flow. We continue to expect free cash flow conversion from adjusted EBITDA of approximately 40% for the year. In closing, we are well positioned for future growth in 2026 and beyond as we continue to grow our installed base globally and capture market share. We'll also continue to focus on scaling our recurring revenue streams, in particular, our payment processing capabilities, which benefit from the conversion trend of cash-to-cash transactions.

再談自由現金流。我們仍預期全年自由現金流自調整後 EBITDA 的轉換率約為 40%。最後，我們在 2026 年及未來具備良好的成長布局，將持續在全球擴大已安裝基礎並取得市占。我們也將持續聚焦擴大經常性營收來源，特別是支付處理能力，該業務受惠於現金交易轉向無現金交易的趨勢。

I want to thank all of our Nayax colleagues for their hard work. And with that, I will now turn the call over to the operator for our Q&A session. Operator?

我要感謝所有 Nayax 同仁的辛勤付出。接下來，我將把電話交給接線員，進入問答環節。接線員？

Rayna Kumar, Oppenheimer.

Rayna Kumar，Oppenheimer。

Good morning. Can you discuss your EV strategy and the EV contribution in the quarter? Just given the rise in fuel prices? Thank you.

早安。能否談談你們的電動車（EV）策略，以及本季 EV 的貢獻？尤其考量燃油價格上升。謝謝。

Sorry for the technical difficulties. I can take the question. Rayna, thank you for the question. This is Aaron. So with regards to the EV strategy, obviously, we bought Lynkwell at the end of last year after eight years of investing in the EV industry.

抱歉技術上出了些問題。我可以回答這個問題。Rayna，謝謝你的提問。我是 Aaron。關於 EV 策略，顯然我們在去年底收購了 Lynkwell，此前我們已在 EV 產業投資了八年。

And that was us doubling down on our strategy of really trying to penetrate this industry and both on the software and the payment side. And as we see over the last few months, the gas prices rising, we see this as a potential secular tailwind for the EV penetration, particularly in the US because as -- it's not going to necessarily impact the number of EV drivers today, it should impact, as long as it continues, the number of EV drivers in the future, people buying or switching from ACE vehicles over to EV, which should increase the utilization of EV chargers in the US.

這代表我們加碼既定策略，真正希望在這個產業中提升滲透率，涵蓋軟體與支付兩端。而從過去幾個月來看，隨著油價上升，我們視其為 EV 滲透率的潛在結構性順風，特別是在美國；因為這未必會影響當下 EV 駕駛的數量，但只要油價持續，應會影響未來 EV 駕駛的數量，也就是人們購買或從燃油車（ICE）轉換到 EV，進而提升美國 EV 充電樁的使用率。

As we look at this, our EV strategy right now is to be connected to as many public DC fast chargers as possible, which is where these new EV drivers are going to be charging their car. And with the purchase of Lynkwell, we have a better opportunity to go after a lot of these mid-sized networks with a full end-to-end solution, expanding our payment business. And we believe the strategy is already working. We signed the partnership with ChargeSmart before the Lynkwell acquisition. We signed the partnership with E-Plug after the Lynkwell acquisition, and we expect to sign more networks on over the coming quarters.

就此而言，我們目前的 EV 策略是盡可能連接更多公共 DC 直流快充充電樁，因為這些新 EV 駕駛將在此為車輛充電。透過收購 Lynkwell，我們有更好的機會以完整端到端解決方案切入許多中型網路，並擴大我們的支付業務。我們相信該策略已在奏效。我們在收購 Lynkwell 之前與 ChargeSmart 簽署合作夥伴關係。我們在收購 Lynkwell 之後與 E-Plug 簽署合作夥伴關係，並預期在接下來幾個季度簽下更多網路。

Extremely helpful, Aaron. And then I just wanted to follow-up. Can you talk a little bit about what you're seeing in terms of Hardware costs and how we should think of Hardware gross margin potential for the remainder of the year? Thank you.

非常有幫助，Aaron。接著我想再追問一下。你能否多談談你們目前看到的硬體成本趨勢，以及我們應該如何看待今年剩餘時間硬體毛利率的潛力？謝謝。

Hi, Rayna. So -- and household is supposed to stay as we've guided, which again, I remind that we've just reaffirmed the guidance of $510 million to $520 million of revenue and adjusted EBITDA of $85 million to $90 million. Q1 specifically had a lower household margins as a result of promotions that we have done in Europe with the bringing into the. The VPOS Media, our new PIN-on-glass products that are very relevant to our Europe, as well as Latin America, and Australia's region. However, I'm expecting that to stay around that levels the remaining of the year, a little bit higher with a beautiful margins, a gross margin overall of around 49% as we've shown in Q1.

嗨，Rayna。所以——家用（household）業務應該會如我們先前指引所述維持不變；我再提醒一次，我們剛剛重申了指引：營收為5.10億至5.20億美元，調整後EBITDA為8,500萬至9,000萬美元。第一季的家用毛利率較低，主要是因為我們在歐洲做了一些促銷活動，以推動導入。VPOS Media——我們新的玻璃上PIN（PIN-on-glass）產品——與歐洲以及拉丁美洲、澳洲地區都高度相關。不過，我預期今年剩餘時間大致會維持在目前水準，可能會略高一些；整體毛利率約49%，如同我們在第一季所呈現的。

Appreciate all the color. Thank you.

感謝你提供這麼多細節。謝謝。

Josh Nichols, B. Riley Securities.

Josh Nichols，B. Riley Securities。

Yeah, thanks for taking my question. I mean, great to see the processing margins, they're nearly 40%, a record for the company. Can you just give us a little bit more detail, walk us through like what's driving that expansion? And how should we think about what the ceiling is for processing margins because they continue to go higher over the last few years by a pretty significant amount?

是的，謝謝讓我提問。看到處理（processing）毛利率接近40%，創公司新高，真的很不錯。你能否再多提供一些細節，帶我們梳理一下是什麼在推動這個擴張？另外，處理毛利率的上限應該怎麼看？因為過去幾年它持續以相當顯著的幅度走高。

Hi, Josh. Thank you. So, yes, we're very proud of the processing margins that continue to improve to nearly 40% compared to 36% last quarter or even around 38.5% in Q4. There's two main reasons for processing margins to improve as we've continued to explain that last year is a couple of things that we have done. One is the renegotiation with every major acquirer that we work with in order to improve the fees and therefore our margins, as well as the smart-routing capabilities that we've implemented so we know how to -- where to send any transaction that comes -- that comes in to the acquirers that make sense from us, but still, the customer gets its [Coke] or the service on the massage chair in a nanosecond.

嗨，Josh。謝謝。是的，我們對處理毛利率持續改善感到非常自豪：接近40%，相較上一季的36%，或第四季約38.5%。處理毛利率提升主要有兩個原因，我們也持續說明，去年我們做了幾件事。第一，是與我們合作的每一家主要收單機構（acquirer）重新談判，以改善費率，進而提升我們的毛利率；第二，是我們導入了智慧路由（smart-routing）能力，讓我們知道該把進來的每一筆交易送到哪一家對我們最合理的收單機構，同時客戶仍能在一瞬間拿到他的 [Coke] 或按摩椅服務。

Specifically, this quarter, it's a matter of a geographical mix. You can also see that the take rate went down, however, from $2.75 last quarter to -- or previous quarters to $2.66, it's a geographical mix. What do I mean by that? The higher the transactions are in Europe, the take rate is a little bit lower than the US, but the margins are higher.

就本季而言，主要是地理區域組合（geographical mix）的因素。你也可以看到，單筆收入（take rate）從上一季或前幾季的2.75美元降到2.66美元，這同樣是地理區域組合所致。我的意思是什麼？歐洲交易占比越高，take rate 會比美國略低，但毛利率更高。

And we're continuing to push everything we can in order to improve margins in all aspects, both in processing as well as in the improved margins that we saw this quarter on the SaaS area and Q1 margins, I just spoke about that as well.

我們也持續在各方面盡可能推動毛利率提升，不論是處理業務，或是本季在SaaS領域看到的毛利率改善，以及我剛剛提到的第一季毛利率。

Just one follow-up for me, nice to see the ARPU growth accelerated from 11% year over year last quarter to 14%. We've talked about mix before, how much of that is being driven by like EV, amusement, and is there still room to continue to scale that up pretty significantly as those verticals become bigger overtime time?

我再追問一個：很高興看到ARPU成長加速，從上一季年增11%提升到14%。我們之前談過組合因素，這其中有多少是由EV、娛樂等垂直領域帶動？隨著這些垂直領域隨時間變大，是否仍有空間讓這部分持續相當顯著地擴大？

Yeah. So thank you for asking about that because this is the first quarter that we're actually showing ARPU on a quarterly basis. Again, it's a 12-month trade, but we saw that after showing it for '24 and '25 and have enough kind of historical quarters to show -- to continue to show that now on a quarterly basis.

是的。謝謝你問到這點，因為這是我們第一次以季度口徑實際揭露ARPU。同樣地，這是12個月的指標，但我們在展示了'24與'25之後，累積了足夠的歷史季度資料，因此現在可以按季度持續揭露。

There's two main reasons for the output to go down or up. One is about our existing machines and how much you can see there the shift from cash to cashless. So this is one impact. And the second thing is obviously the entrance into higher transactional verticals like EV, exactly as you said, like car wash and amusement. As long as we continue, and that's the plan to invest in higher transactional verticals, ARPU should continue to improve.

ARPU上升或下降主要有兩個原因。第一，與我們既有機台有關，你可以看到現金向無現金（cashless）轉移的趨勢。這是一個影響因素。第二，顯然是進入交易量更高的垂直領域，例如你提到的EV，以及洗車與娛樂。只要我們持續（這也是計畫）投資於交易量更高的垂直領域，ARPU就應該會持續改善。

Josh, I just wanted to add, this is Aaron, that on the ARPU. As you've seen over the last several quarters, the processing growth, as Sagit mentioned, has been the main driver of the ARPU growth, and we expect this to continue to grow as it has.

Josh，我想補充一下，我是Aaron，關於ARPU。如你在過去幾個季度所見，正如Sagit提到的，處理業務的成長一直是ARPU成長的主要驅動力，我們預期這將如同過去一樣持續成長。

I want to flag, though, that this has been, as I said, predominantly from the processing side. The SaaS side, we've kept relatively the same across the business. As we look forward over the coming years, this is where I think that the embedded banking and some of these other services that we're bringing to the table really have the opportunity as a catalyst to grow the ARPU even further, which we'll talk about here over the coming quarters, but adding additional services like lending, issuing, and e-commerce to our existing customers should continue to accelerate the ARPU growth.

不過我想提醒一下，正如我所說，這主要來自處理端。SaaS端方面，我們在整體業務中維持相對一致。展望未來幾年，我認為嵌入式銀行（embedded banking）以及我們帶來的其他一些服務，確實有機會成為進一步推升ARPU的催化劑；我們會在接下來幾個季度再談。但為既有客戶增加放款（lending）、發卡/發行（issuing）與電商（e-commerce）等額外服務，應能持續加速ARPU成長。

Appreciate it. Thank you.

了解。謝謝。

Chris Kennedy, William Blair.

Chris Kennedy，William Blair。

Great. Thanks for taking the questions. Just wanted to follow-up on the pilot of Yellow. I know it's very early and we'll get additional information, but any initial learnings or use cases that are resonating with your customers?

很好。謝謝讓我提問。我想追問一下Yellow的試點（pilot）。我知道現在還很早，之後也會有更多資訊，但目前有沒有任何初步的學習或使用情境，特別能引起客戶共鳴的？

Yes. Hi, Chris. This is Aaron again. Yes. So we've started the pilots on the Yellow Account. Launched the marketing of it at the NAMA conference back last month. And so far, things are going well. We're learning a lot along the way with it, but I would say that the general perception that we see is that customers want to have this product. And I think there's a few reasons and many reasons. But I think the most important thing is ease of getting the payout at the end of the day.

有的。嗨，Chris。我又是Aaron。是的。我們已經開始Yellow Account的試點。上個月在NAMA大會上啟動了相關行銷。到目前為止進展良好。我們一路上學到很多，但我會說，我們看到的整體觀感是：客戶想要這個產品。我想原因有幾個，甚至很多。但最重要的一點是：一天結束時更容易收到款項（payout）。

So one of the things that we're marketing is getting a faster payout into their accounts. They get to see it right away as opposed to having to wait that extra potentially couple of days in order to go and get it transferred from our accounts into an external account. So this is huge for businesses that live day-to-day on cash flow, which a lot of these nano merchants do.

因此我們行銷的其中一點，是讓款項更快入帳到他們的帳戶。他們可以立刻看到，而不是必須多等可能幾天，才能把款項從我們的帳戶轉到外部帳戶。對於許多仰賴每日現金流運作的企業而言，這非常重要，而這些奈米商戶（nano merchants）很多都是如此。

The other part though that is really important for us is this is the foundation for being able to add the other services over time. So the first step is to get people on to the Yellow Account. The second step here is once they have the application and they're using it on a daily basis, the fund flows are happening, so they get the pay-ins and pay-outs from this account and all the processing coming through us, then we can start layering in the other services and provide curated offers to them. Which really personalizes what the customer needs are, which we don't believe it can be served by external parties as easily because an external bank that is going and working with these customers.

另外一個對我們非常重要的部分是：這是未來逐步加入其他服務的基礎。第一步是讓大家先使用Yellow Account。第二步是，一旦他們有了這個應用程式並每天使用，資金流（fund flows）就會發生——他們透過這個帳戶收款與付款，且所有處理交易都經由我們——接著我們就能開始逐層加入其他服務，並向他們提供精選的方案。這能真正把客戶需求個人化；我們認為外部機構不容易同樣有效地提供，因為外部銀行若要去服務這些客戶。

They don't get the daily payment flows that are happening with these customers. We're seeing by the minute how their flows are happening. Which allows us to either accelerate or decelerate the offers to these individual customers, which is a win-win for both of us.

他們無法掌握這些客戶每天發生的付款流量。我們能以分鐘為單位看到他們的資金流動情況。這讓我們可以針對個別客戶加快或放慢提供方案的節奏，對雙方而言都是雙贏。

Great. Very clear. Thank you for that. And then just a quick update on Brazil. It sounds like you have a lot of momentum there. Can you just remind us of what the opportunity is in that market? Thanks for taking the questions.

很好。非常清楚。謝謝你的說明。接著想請你快速更新一下巴西的情況。聽起來你們在那裡動能很強。可以再提醒我們那個市場的機會是什麼嗎？謝謝回答問題。

Yeah, this is Aaron again. Brazil has been amazing for us so far over the last couple of years since we bought VMtecnologia and then last year buying UPPay. This is a couple of hundred-million person country larger than most of the rest of Latin America combined.

好的，我是 Aaron 再次回答。自從我們收購 VMtecnologia、以及去年收購 UPPay 以來，過去幾年巴西對我們來說一直非常出色。巴西是一個人口達數億的國家，規模比拉丁美洲其他大多數國家加總還要大。

And we see a huge opportunity there, especially for the unattended industry and we're expanding into many different verticals there right now. As we speak, we've aligned the branding now with Nayax and we've moved and are continuing to move the infrastructure over to unified Nayax infrastructure, we'll be bringing the VPOS Media there over the coming months as well, the PIN-on-glass device.

我們在那裡看到巨大的機會，尤其是在無人化（unattended）產業，我們目前也正擴展到許多不同的垂直領域。就目前而言，我們已將品牌與 Nayax 對齊，並已將、且持續將基礎設施遷移至統一的 Nayax 基礎設施；未來幾個月也會把 VPOS Media（玻璃上輸入 PIN 的裝置，PIN-on-glass device）帶到當地。

And we see a huge opportunity from a penetration side of some of these industries that historically didn't really have a cashless unattended and unattended is relatively newer there in the last 10, 15 years. So there weren't really incumbents prior to VMtecnologia entering and now, obviously, us inheriting VMtecnologia.

從滲透率角度來看，我們在一些產業看到很大的機會；這些產業過去其實沒有真正的無現金無人化，而無人化在當地相對較新，大約是過去 10 到 15 年才開始發展。因此在 VMtecnologia 進入之前，基本上沒有既有業者；而現在，當然就是我們承接了 VMtecnologia。

I think that there's still a lot of opportunity to penetrate there. And we're seeing a lot of -- it's mostly a rental business there with regards to the devices, which is amazing for us because this is a gross margin that is more comparable to our SaaS gross margin today.

我認為那裡仍有很大的滲透空間。而且我們看到——就設備而言，那裡主要是租賃模式；這對我們非常好，因為其毛利率更接近我們目前的 SaaS 毛利率。

And generally, you're seeing five-, seven-plus years of life on the devices. So a lot to come there in Brazil, and we intend to continue to invest there and in the rest of Latin America. We talked about the Integral Vending acquisition and really making our penetration on both sides of Latin America and then moving to the rest of the countries.

一般來說，設備的使用壽命可達 5 年、7 年以上。所以巴西還有很多可期待的發展，我們也打算持續在那裡以及拉丁美洲其他地區投資。我們談到 Integral Vending 的收購，目標是在拉丁美洲兩端提升滲透率，接著再拓展到其他國家。

And also to add, Chris, is that this is a great example of an acquisition that we have done in the past that now translates into strong organic growth that we also showed in Q1. 32% growth on the revenue, 26% organic revenue growth. So that's, again, another example of translation into our day to day and create the growth machine.

另外補充一下，Chris，這是一個很好的例子：我們過去做的收購，如今轉化為強勁的有機成長，我們在第一季也展示了這點：營收成長 32%，有機營收成長 26%。所以這再次證明收購能轉化到我們的日常營運，並打造成長機器。

Understood. Thank you.

了解。謝謝。

Hannes Leitner, Jefferies.

Hannes Leitner，Jefferies。

Yes, thanks for letting me on. I got those are a couple of questions. The first one would be if you could talk about the FX impact for Q1. I think there was quite some movement in the US dollar and the Israeli shekel. And then maybe just like based on your definition, organic growth trends ahead of your annual guidance.

是的，謝謝讓我加入。我有幾個問題。第一個是，能否談談第一季的匯率（FX）影響？我認為美元與以色列謝克爾有相當大的波動。另外，依照你們的定義，有機成長趨勢似乎領先你們的年度指引。

So maybe you can just talk a little bit about how you see the rest of the year shaping up and then in -- just in the backdrop of the hardware contribution, which was quite healthy. Q4 has a quite tough comp and Hardware sales. So maybe you can just give there a little bit of context. Thank you.

所以也許你可以談談你如何看待今年剩餘時間的走勢，以及——在硬體貢獻的背景下（硬體表現相當健康）。第四季的比較基期很硬，且硬體銷售也是如此。所以也許你可以提供一些背景說明。謝謝。

Thanks, Hannes. So with regard to FX, actually, I'll give ourselves a compliment that we're doing a great job of monitoring all of the currencies that we work with, not just the Israeli shekels, but the euro and the pounds. And as you know, we're selling our product in more than 120 countries, so FX is part of our day to day. We're doing a great job on hedging, whether it's a natural hedging or actually working with the banks to do that.

謝謝你，Hannes。關於匯率（FX），其實我想稱讚一下我們自己：我們在監控所有往來幣別方面做得很好，不只是以色列謝克爾，還包括歐元與英鎊。如你所知，我們在 120 多個國家銷售產品，因此匯率是我們日常營運的一部分。我們在避險方面做得很好，不論是自然避險，或是實際與銀行合作進行避險。

Specifically this quarter, we had a 1.2% negative effect on the OpEx. But as we said, we are reaffirming our guidance, which takes into account a lot of things, including some of the unknown of the FX. So I don't foresee -- there is an effect, but I don't foresee a significant effect when it comes to currency volatility, again, with the current information that we have right now.

就本季而言，匯率對營業費用（OpEx）造成 1.2% 的負面影響。但如我們所說，我們重申指引；該指引已納入許多因素，包括匯率部分未知的影響。因此我不預期——確實有影響，但就匯率波動而言，我不預期會有顯著影響；以上是基於我們目前掌握的資訊。

On the organic growth, you're absolutely right, a beautiful organic growth in the quarter. And we did guide last year on 22% to 25% overall. That will come from a lot of other things that are happening in the next quarter. So we're not changing the guidance, but we are different from last year, but we have a very hockey stick towards the second half of 2025, especially in Q4. This year, I'm expecting a better split between the quarters that will impact both the growth, as we talked about, as well as the organic.

至於有機成長，你說得完全正確，本季的有機成長非常漂亮。而我們去年給的全年指引是整體 22% 到 25%。這將來自於下一季會發生的許多其他因素。所以我們不調整指引；但與去年不同的是，我們在 2025 年下半年、尤其是第四季，呈現非常明顯的「曲棍球棒」型態。今年我預期各季之間的分布會更平均，這將同時影響我們談到的成長，以及有機成長。

From the Hardware contribution to your question, yes, very proud of 46% Hardware revenue growth. As I said, this is exactly what I just said about better split between the quarters rather than a hockey stick in the next -- in the Q4 numbers. Having said that, H1 is always around 45% of our revenue, H2 is around 55%.

針對你提到的硬體貢獻，是的，我們對硬體營收成長 46% 感到非常自豪。如我所說，這正呼應我剛才提到的：各季分布更平均，而不是把成長集中在——第四季的數字上。話雖如此，上半年通常約占我們營收的 45%，下半年約占 55%。

So our quarterly -- we have a very common cycle and because of the predictability of the business, the high revenue, recurring revenue that we have that this quarter were 74%. So with that, we kind of know what's the rhythm of the quarters and the ability to predict gets easier as we go along.

因此我們的季度——我們有一個非常典型的週期；由於業務可預測性高，加上我們有很高的經常性收入（本季為 74%）。因此我們大致掌握各季度的節奏，且隨著時間推進，預測能力會更容易。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Hi, this is [Yvonne Jang] on for Sanjay. Thanks for taking my question. With regards to the question earlier on Hardware gross margins, are you seeing any impact to hardware costs from the conflicts in the Middle East, and how are you managing inventory levels as a result? Thank you.

你好，我是代 Sanjay 提問的 [Yvonne Jang]。謝謝讓我提問。關於先前硬體毛利率的問題，你們是否看到中東衝突對硬體成本造成任何影響？以及因此你們如何管理庫存水位？謝謝。

Hi, Yvonne. Thank you for the question. We actually don't see a margin impact as a result of the conflict. We have a very strong operational team that's working on from a component cost standpoint to improvement in the supply chain infrastructure and processes.

你好，Yvonne。謝謝你的問題。我們其實沒有看到衝突對毛利率造成影響。我們有一支非常強的營運團隊，從零組件成本角度著手，並持續改善供應鏈基礎設施與流程。

So I don't see any impact necessarily on that. Inventory levels are really good and as we've intended to have, basically flat from last quarter to this quarter, despite the 46% increase on the revenue for the Hardware. As we continue the year, we're expecting that to see around those level of gross margin a little bit, maybe a little bit higher on the Hardware.

所以我不認為那方面會有任何必然的影響。庫存水位非常好，且如我們原先規劃，從上季到本季基本持平，儘管硬體營收增加了 46%。隨著今年持續進行，我們預期硬體毛利率大致維持在目前水準，可能會略高一些。

Okay, thank you. That's really helpful. And just a follow-up on M&A, can you provide any color on how the pipeline is shaping up and whether we should expect any activity in the near term? Thank you.

好的，謝謝。這非常有幫助。另外追問一下併購（M&A），你能否提供一些管線進展的資訊，以及我們是否應該預期短期內會有任何動作？謝謝。

Yes, this is Aaron. The pipeline has been great and we're seeing -- this is really in the last, especially in the last six to 12 months, I've been mentioned this last few quarters, but there's really a pickup of this becoming a buyer's market. With AI disruption happening, it's freaked out the markets in a lot of different ways. And private companies, especially, have been having trouble getting liquidity for multiple years now, basically since 2022, and a lot of these companies need growth capital to continue, even if they're very profitable businesses.

是的，我是 Aaron。案源管道一直很不錯，而我們也看到——這其實是在最近、尤其是過去 6 到 12 個月，我在過去幾季也提過——市場確實出現回升，逐漸變成買方市場。AI 的顛覆正在發生，這在許多不同面向上讓市場感到不安。而私營公司尤其如此，基本上自 2022 年以來，已經好幾年難以取得流動性；其中很多公司即使本身非常獲利，仍需要成長資本才能持續發展。

And they're in a conundrum of what do they want to do going forward and we're having many bilateral conversations now with companies and companies that have started self-processes. With that in mind of they need to sell the company or want to sell the company, and we can get much more favorable terms than what a competitive process might have been three or four years ago.

而他們在未來要怎麼做上陷入兩難，我們現在正與許多公司進行多場雙邊對話，也包括一些已經啟動自我流程的公司。在他們需要出售公司或想要出售公司的前提下，我們能取得比三、四年前競爭性流程可能出現的條件更有利的條款。

As I've said previously, we're generally targeting founder-led or founder-owned businesses. And there are many opportunities that are on the table. We're actively in processes with several companies, and I still expect that we will complete the roughly few acquisitions that we have been projecting on our long-term cycle on a year-to-year basis, so more to come there over the coming months. But there definitely will be contribution from inorganic growth this year. And as we go towards the 2028 target of getting $1 billion of revenue, I remind that we still expect to see a couple of hundred million of inorganic contribution to that, and this year will be a part of that.

如我先前所說，我們一般鎖定由創辦人主導或由創辦人持有的企業。目前桌面上有很多機會。我們正積極參與與數家公司相關的流程，我仍預期我們將按長期週期、以逐年計的方式，完成我們一直預估的大約幾筆收購，因此未來幾個月還會有更多進展。但今年無機成長肯定會有貢獻。而在邁向 2028 年達成 10 億美元營收目標的過程中，我提醒大家，我們仍預期其中會有數億美元來自無機貢獻，而今年將是其中一部分。

Okay. Thank you for the color.

好的。謝謝你提供的補充說明。

Chris Zhang, UBS.

UBS 的 Chris Zhang。

So I wanted to ask about the potential for a rental or installment-based model, and then you were asked about Brazil, so I guess it was a pretty good intro to that topic. Just wanted to get your thoughts or updates on the potential introduction of rental- or lease-based model outside of the Brazil market? And what do you think the opportunities and some of the unlocks are there? This is my first question, and I have a quick follow-up. Thank you.

我想問一下租賃或分期模式的潛力；剛才也有人問到巴西，我想那對這個話題是個很好的引子。想請教你們對於在巴西市場以外導入租賃或以租約為基礎的模式，有什麼看法或最新進展？你們認為其中的機會以及一些關鍵的解鎖因素是什麼？這是我的第一個問題，我還有一個簡短的追問。謝謝。

Hey, Chris, thanks for the question. So maybe I'll start with a little bit on the margin side and then Aaron can take the strategic view of rental in general. So yes, margins are amazingly better when it comes to -- through the rental business. One because you kind of bundle the hardware the processing and the services to [one $20] a month [$25] a month and if you analyze it over time, usually those customers stays as of -- as a regular customer say for the 5 for the 10 for the 15 years and continue to pay that which brings the money. Margins overall to around 80% from everything, right? And while now, we have household margins 40% and recurring revenue of 54%. Overall, it's an amazing margin.

嗨，Chris，謝謝你的問題。我先從毛利率面談一點，然後 Aaron 再從整體租賃策略的角度來回答。所以是的，做租賃業務時，毛利率好得驚人。原因之一是你把硬體、處理（processing）和服務打包成每月 [one $20] 或每月 [$25]，如果你用時間去分析，通常這些客戶會——作為一般客戶——持續 5 年、10 年、15 年並持續支付，這就帶來現金流入。整體毛利率大約可到 80%，涵蓋所有項目，對吧？而目前我們的硬體毛利率是 40%，經常性收入毛利率是 54%。整體而言，這是非常驚人的毛利率。

As you said that, one, it takes time to transition, right, from Hardware sales to a rental-model standpoint, and it's sometimes relevant to some geographies versus others. It's also more relevant, in my opinion, to the small businesses, need to small and not necessarily to the large customers that like to buy the hardware and manage it in a way themselves.

如你所說，第一，從硬體銷售轉向租賃模式需要時間，對吧？而且在某些地理區域比其他地區更適用。依我看，它也更適用於小型企業，而不一定適用於那些喜歡購買硬體並自行管理的大型客戶。

There's a few specific rent to the rental market, but we are very excited about it. I also say, it's not just the transition, it's also the infrastructure investment, right? It's basically a fixed asset that you need to make, so the cost is on us today, the revenue will come over time. But we all understand that now, obviously, with the balance sheet. With the strong balance sheet we have, we can afford that to make the conditions, as I said, over time.

租賃市場本身也有一些特定因素，但我們對此非常興奮。我也想說，不只是轉型，還包括基礎設施投資，對吧？基本上你需要投入固定資產，所以成本今天由我們承擔，收入會隨時間逐步回收。但我們現在當然都理解這一點，尤其是從資產負債表的角度。憑藉我們強健的資產負債表，我們有能力承擔這些投入，並如我所說，隨時間推進把條件做出來。

So I'll add on the -- I'm just on the strategy side, as we look at the Rental business, I see it as two different (inaudible) end customers actually. So the best way to think about it is the customers that we're purchasing are probably still going to purchase the hardware upfront. I think that it opens up a new segment, a new serviceable market for people that want unattended devices and people that might want to swap out from existing devices but don't necessarily have the CapEx to go and make the flip out so easily.

我再補充一下——從策略面來看，當我們看租賃業務時，我把它視為面向兩種不同的（聽不清）終端客戶。所以最好的理解方式是：目前向我們採購的客戶，可能仍會選擇先一次性購買硬體。我認為它會開啟一個新的客群、一個新的可服務市場：那些想要無人值守設備的人，以及那些可能想從既有設備換機、但不一定有資本支出（CapEx）能輕鬆完成更換的人。

So it accelerates their transition over to our products. So if anything, we're seeing that this increase is the same over time. And for some markets, like in Brazil, we see it being the dominant market opportunity to do rental over selling. So yeah, more to come there, but we're definitely seeing a pickup in Rental and we expect that over the coming years that Rental will continue to be a larger portion of the overall sales.

因此它會加速他們轉向我們產品的進程。所以如果要說的話，我們看到這種提升會隨時間持續。而在某些市場，例如巴西，我們看到以租賃而非銷售作為主要市場機會。所以是的，後續還會有更多進展，但我們確實看到租賃在升溫，我們也預期未來幾年租賃將持續成為整體銷售中更大的一部分。

All right, thank you so much again, Aaron. And my follow-up is just look at the free cash flow conversion and trying to think where that should be -- or where you see that to be in 2027 and beyond from the 40% level this year?

好的，再次非常感謝你，Aaron。我的追問是關於自由現金流轉換率：今年大約在 40% 的水準，那麼你們認為 2027 年及之後應該會——或你們看到會——落在什麼水準？

Thank you. So first, maybe to talk about that our operating cash flow improved year over year. And it's kind of the normal first-quarter cycle that we have that the free cash flow was negative $6 million. We made a lot of infrastructure investments and it's always the processing settlement timing that the impact, the Q1 free cash flow. As I said, we're still expecting that with the unit economics improved and with our ability to increase significantly the adjusted EBITDA this year, right, from the -- to around 17%, that's our guidance, that it will translate into cash and into cash flow and obviously to a free cash flow.

謝謝。首先，先談一下我們的營運現金流年對年有所改善。而且這有點是我們正常的第一季季節性循環，因此自由現金流為負 600 萬美元。我們做了大量基礎設施投資，而且一向是處理結算（processing settlement）的時間點影響第一季的自由現金流。如我所說，我們仍預期，隨著單位經濟改善，以及我們今年顯著提升調整後 EBITDA 的能力——也就是從——提升到約 17%，這是我們的指引——它將轉化為現金、轉化為現金流，並且當然也會轉化為自由現金流。

We haven't provided guidance for 2027 and beyond about cash flow and free cash flow, but I would love to think about it if it's something that we would like to provide for the market in the future.

我們尚未就 2027 年及之後的現金流與自由現金流提供指引，但如果未來我們希望對市場提供這類資訊，我很樂意再思考。

All right. Thanks, and I appreciate it and look forward to catching up on the call back in the next quarter. Thank you.

好的。謝謝，我很感激，也期待下個季度的電話會議再跟你們交流。謝謝。

Thank you.

謝謝。

Thank you. At this time, I'd like to turn the floor back over to Yair for closing comments.

謝謝。此時，我想把會議交回給 Yair 作結語。

Thank you for joining us today and for your interest in Nayax. Q1 was a strong start to 2026. We grew our customer base at an accelerating pace and continue to compound profitability across the business. I want to thank our employees for their hard work and dedication and our customers, partners and shareholders for your continuing trust. Thank you very much.

感謝各位今天加入我們，並對 Nayax 的關注。第一季為 2026 年帶來強勁開局。我們以加速的速度擴大客戶基礎，並持續在整個業務中累積獲利能力。我要感謝我們員工的辛勤工作與投入，也感謝我們的客戶、合作夥伴與股東持續的信任。非常感謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation. Have a wonderful day.

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。祝您有美好的一天。