Paymentus Holdings Inc (PAY) 2022 Q4 法說會逐字稿

Good day, and welcome to Paymentus' Fourth Quarter 2022 Earnings Call. This call is being recorded. (Operator Instructions)

美好的一天，歡迎來到 Paymentus 的 2022 年第四季度財報電話會議。此通話正在錄音中。 （操作員說明）

At this time, I'd like to hand the call over to Paul Seamon, Interim Chief Financial Officer, for some introductory comments. Please go ahead.

此時，我想將電話轉給臨時首席財務官保羅西蒙，聽取一些介紹性的評論。請繼續。

Thank you. Good afternoon, and welcome to Paymentus' Fourth Quarter 2022 Earnings Call. Joining me on the call today is Dushyant Sharma, our Founder and CEO. Following our prepared remarks, we will take questions.

謝謝。下午好，歡迎來到 Paymentus 的 2022 年第四季度財報電話會議。今天和我一起參加電話會議的是我們的創始人兼首席執行官 Dushyant Sharma。在我們準備好的發言之後，我們將接受提問。

Our press release is issued after the close of market today, and is posted on our website where this call is being simultaneously webcast. The webcast replay of this call and the supplemental slides accompanying this presentation will be available on our company's website under the Investor Relations link at ir.paymentus.com. Statements made on this webcast include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

我們的新聞稿是在今天收盤後發布的，並發佈在我們的網站上，該電話會議同時進行網絡直播。本次電話會議的網絡直播重播和本演示文稿隨附的補充幻燈片將在我們公司網站 ir.paymentus.com 的投資者關係鏈接下提供。本次網絡廣播中的陳述包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Forward-looking statements use words such as will, believe, expect, anticipate and similar phrases that denote future expectation or intent regarding our financial results and guidance, the impact of and our ability to address continued economic uncertainty and inflation, our market opportunities, business strategies, implementation timing, product enhancements, impact from acquisitions and other matters.

前瞻性陳述使用諸如 will、believe、expect、expect 和類似的短語來表示未來對我們的財務結果和指導的預期或意圖、我們應對持續的經濟不確定性和通貨膨脹的影響和能力、我們的市場機會、業務戰略、實施時間、產品改進、收購影響和其他事項。

These forward-looking statements speak as of today, and we undertake no obligation to update them. These statements are subject to risks, uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements, including the risks and uncertainties set forth under the captions, special note regarding forward-looking statements and risk factors in our annual report on Form 10-K for the year ended December 31, 2021, which we filed with the SEC on March 3, 2022, and our annual report on Form 10-K for the year ended December 31, 2022, which we expect to file with the SEC shortly, and elsewhere in our other filings with the SEC. We encourage you to review these detailed safe harbor and risk factor disclosures.

這些前瞻性陳述截至今天，我們不承擔更新它們的義務。這些陳述受風險、不確定性和假設的影響，這些風險、不確定性和假設可能導致實際結果與此類陳述中規定的結果大不相同，包括標題下規定的風險和不確定性、關於前瞻性陳述的特別說明和我們年度報告中的風險因素我們於 2022 年 3 月 3 日向美國證券交易委員會提交了截至 2021 年 12 月 31 日止年度的 10-K 表格報告，以及我們預計將提交的截至 2022 年 12 月 31 日止年度的 10-K 表格年度報告很快與美國證券交易委員會，以及我們向美國證券交易委員會提交的其他文件中的其他地方。我們鼓勵您查看這些詳細的安全港和風險因素披露。

In addition, during today's call, we will discuss certain non-GAAP financial measures, specifically, contribution profit, adjusted gross profit, adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. These non-GAAP financial measures, which we believe are useful in measuring our performance and liquidity should be considered in addition to and not as a substitute for or in isolation from GAAP results.

此外，在今天的電話會議中，我們將討論某些非 GAAP 財務指標，具體而言，貢獻利潤、調整後毛利、調整後 EBITDA 和調整後 EBITDA 利潤率都是非 GAAP 財務指標。我們認為這些非 GAAP 財務指標有助於衡量我們的業績和流動性，應作為 GAAP 結果的補充，而不是替代或孤立於 GAAP 結果。

We encourage you to review additional disclosures regarding these non-GAAP measures, including reconciliations of the most directly comparable GAAP measures in our earnings press release issued today and the supplemental slides for this webcast, each available on the Investor Relations page of our website.

我們鼓勵您查看有關這些非 GAAP 措施的額外披露，包括我們今天發布的收益新聞稿中最直接可比的 GAAP 措施的對賬以及本次網絡廣播的補充幻燈片，每張幻燈片都可以在我們網站的投資者關係頁面上找到。

With that, I'd like to turn the call over to Dushyant Sharma, our Founder and CEO.

有了這個，我想把電話轉給我們的創始人兼首席執行官 Dushyant Sharma。

Thank you, Paul. We had a strong quarter that was successful, both financially and strategically. On the financial front, we exited the year ahead of our initial annual top line expectations that we set at the beginning of 2022.

謝謝你，保羅。我們有一個強勁的季度，在財務和戰略上都取得了成功。在財務方面，我們提前退出了我們在 2022 年初設定的最初年度收入預期。

On the strategic front, among other milestones in the quarter. We recently launched a product for small and medium-sized businesses, commonly referred to as SMBs, over our IP and ecosystem that we expect to expand our TAM and enhance our ability to change a portion of our model from interchange being a cost center to a revenue center.

在戰略方面，以及本季度的其他里程碑。我們最近通過我們的 IP 和生態系統為通常稱為 SMB 的中小型企業推出了一款產品，我們希望它能夠擴展我們的 TAM 並增強我們將部分模型從交換成本中心轉變為成本中心的能力。收入中心。

Let me discuss the financial highlights first. As you can see on Slide 3, we finished 2022 with a stronger-than-anticipated results in the fourth quarter. Our revenue for the quarter was $132.2 million, up 22.2% year-over-year and contribution profit was $54.1 million, up 19.4% year-over-year. We also expanded margins sequentially. Our adjusted EBITDA was $10.2 million for the quarter, with a corresponding margin of almost 19%.

讓我先討論一下財務亮點。正如您在幻燈片 3 中看到的那樣，我們在 2022 年第四季度取得了強於預期的業績。我們本季度的收入為 1.322 億美元，同比增長 22.2%，貢獻利潤為 5410 萬美元，同比增長 19.4%。我們還依次擴大了利潤率。本季度我們調整後的 EBITDA 為 1020 萬美元，相應的利潤率接近 19%。

On Slide 4, we show our performance for full year 2022, our first full year of being public. We finished with revenues of $497 million, which represented growth of almost 26% and was higher than our expectations that we shared with you at the beginning of 2022.

在幻燈片 4 上，我們展示了 2022 年全年的業績，這是我們上市的第一個全年。我們完成了 4.97 億美元的收入，增長了近 26%，高於我們在 2022 年初與您分享的預期。

Contribution profit was $201.3 million, representing 27% growth, which was within our updated range of expectations. Adjusted EBITDA finished at $28.6 million with a 14.2% margin, which was within our initial range of expectations. On a full year basis, our dollar volume increased over 70%, which reflects our continued move to serve larger and larger clients and increased scale in payment ecosystem.

貢獻利潤為 2.013 億美元，增長 27%，在我們最新的預期範圍內。調整後的 EBITDA 為 2860 萬美元，利潤率為 14.2%，在我們最初的預期範圍內。從全年來看，我們的美元交易量增長超過 70%，這反映出我們繼續努力為越來越大的客戶提供服務，並擴大支付生態系統的規模。

In the quarter, we achieved several milestones as outlined on Slide 5. First, we signed a large bank, Citizens Financial Group for consumable payment with our Bill Center product. We believe this is a very good sign of things to come for bill payment sales to financial institutions as we have larger and larger institutions evaluating our modern product to replace their legacy solutions.

在本季度，我們實現了幻燈片 5 中概述的幾個里程碑。首先，我們與一家大型銀行 Citizens Financial Group 簽約，使用我們的 Bill Center 產品進行消費品支付。我們相信這是向金融機構銷售賬單支付的一個很好的跡象，因為我們有越來越大的機構評估我們的現代產品以取代他們的遺留解決方案。

Second, in the quarter, we expanded the reach of the Instant Payment Network through a partnership with Green Dot to accept cash payments at over 90,000 retail locations across the U.S. We continue to support consumer choice of payment channels and methods and are working to add more and more partners to the network to capture additional payment volume over IPN.

其次，在本季度，我們通過與 Green Dot 的合作擴大了即時支付網絡的覆蓋範圍，在全美 90,000 多個零售點接受現金支付。我們繼續支持消費者選擇支付渠道和方法，並正在努力增加更多以及網絡的更多合作夥伴，以通過 IPN 獲取額外的支付量。

Third, we partner with a large real estate platform to be one of its payments offering for rent payments. Additionally, we completed the implementation of a loan payment client that was a cross-sell of our biller direct platform into our bank bill payment customer base. We expect to see continued penetration in the banking and credit union markets forward loan payment offering.

第三，我們與大型房地產平台合作，成為其支付租金的支付產品之一。此外，我們還完成了一個貸款支付客戶端的實施，該客戶端是我們的賬單直接平台向我們的銀行賬單支付客戶群的交叉銷售。我們希望看到遠期貸款支付產品繼續滲透到銀行和信用合作社市場。

In addition, we also launched a large mortgage services company towards the end of Q4. As I mentioned a minute ago. We are also pleased to announce the launch of our SMB platform that combines the features of our current platform with a new product offering and team that we acquired in the quarter.

此外，我們還在第四季度末推出了一家大型抵押貸款服務公司。正如我一分鐘前提到的。我們也很高興地宣布推出我們的 SMB 平台，該平台將我們當前平台的功能與我們在本季度收購的新產品和團隊相結合。

Our SMB product is a full-service financial offering to SMBs and offers complete self-onboarding with no implementation involved. It starts with automating business banking and attaches to it a full-service SMB operating system that automates payables, receivables and expense management using the Paymentus platform.

我們的 SMB 產品是面向 SMB 的全方位金融服務產品，提供完全的自我引導，無需實施。它從自動化商業銀行業務開始，並為其附加一個全方位服務的 SMB 操作系統，該系統使用 Paymentus 平台自動執行應付賬款、應收賬款和費用管理。

As I shared last quarter, we sent out millions of payments to over 1 million payees, many of whom are SMBs. All of these are outside of our direct biller network, yet they participate in our ecosystem and receive payments. We believe this presents a very efficient distribution channel for us, which we plan to leverage to attract such customers. As you know, there are 6 -- over 6 million SMBs and millions more small office and home offices in the U.S. alone.

正如我在上個季度分享的那樣，我們向超過 100 萬收款人發送了數百萬筆付款，其中許多是 SMB。所有這些都在我們的直接計費網絡之外，但他們參與我們的生態系統並接收付款。我們相信這為我們提供了一個非常有效的分銷渠道，我們計劃利用它來吸引此類客戶。如您所知，僅在美國就有 6 個——超過 600 萬個 SMB 和數百萬個小型辦公室和家庭辦公室。

In addition to the expansion of our TAM with this offering, we seek to change the economic model by generating interchange revenues. In other words, in contrast to biller direct in this offering, interchange is no longer a cost center, instead is a revenue center for us.

除了通過此產品擴展我們的 TAM 之外，我們還尋求通過產生交換收入來改變經濟模式。換句話說，與此產品中的 biller direct 相比，interchange 不再是成本中心，而是我們的收入中心。

With that background, let me turn to our 2023 guidance on Slide 7. In 2023, we expect our revenues to be in the range of $575 million to $600 million, which is 16% to 21% growth. We expect contribution profit from $224 million to $237 million or 11% to 18% growth. We expect adjusted EBITDA of $32 million to $38 million, an adjusted EBITDA margin range of 14% to 16%. As you can see, we have initially provided a broad range for contribution profit guidance, which somewhat diminishes its utility.

在這種背景下，讓我轉向我們在幻燈片 7 上的 2023 年指導。到 2023 年，我們預計我們的收入將在 5.75 億美元至 6 億美元之間，即增長 16% 至 21%。我們預計貢獻利潤將從 2.24 億美元增至 2.37 億美元，即增長 11% 至 18%。我們預計調整後的 EBITDA 為 3200 萬美元至 3800 萬美元，調整後的 EBITDA 利潤率範圍為 14% 至 16%。如您所見，我們最初為貢獻利潤指導提供了廣泛的範圍，這在一定程度上削弱了它的效用。

In an inflationary environment and given its related dependence on factors outside of our control, we believe initial contribution profit guidance requires more flexibility. However, we have a high degree of confidence regarding our ability to deliver on the guidance measures we are most focused on in 2023. The top and the bottom line, much like how we executed in 2022.

在通貨膨脹環境下，鑑於其對我們無法控制的因素的相關依賴，我們認為初始貢獻利潤指導需要更大的靈活性。但是，我們對我們在 2023 年實現我們最關注的指導措施的能力充滿信心。頂線和底線，就像我們在 2022 年的執行方式一樣。

Let me now talk briefly about our expectations for the first quarter of 2023 on Slide 8. For the first quarter of 2023, we expect revenues to be between $136 million and $140 million, contribution profit to be between $51 million and $53 million and EBITDA to be between $7 million and $8 million.

現在讓我在幻燈片 8 上簡要談談我們對 2023 年第一季度的預期。對於 2023 年第一季度，我們預計收入將在 1.36 億美元至 1.4 億美元之間，貢獻利潤將在 5100 萬至 5300 萬美元之間，EBITDA 將達到在 700 萬到 800 萬美元之間。

But before I turn the call over to Paul, let me address the guidance itself. If I'm you, I would be wondering is the business slowing down? Why isn't the growth higher? And the short answer is no, I don't believe the business is slowing down. The best way I can describe the business from my vantage point is that to hit the top end of each of our guidance range, provided in 2023, I believe that we do not need to sign a single additional client in 2023 and only implement the existing backlog of currently signed clients. The reason for our broad ranges is the macroeconomic environment we're operating in. Our growth in bookings continues to accelerate. But the timing of implementation on onboarding is primarily controlled by the clients, which is impacted by the macro.

但在我把電話轉給保羅之前，讓我談談指導本身。如果我是你，我會想知道業務是否放緩？為什麼增長不高？簡短的回答是否定的，我不相信業務正在放緩。我可以從我的角度描述業務的最佳方式是，要達到我們在 2023 年提供的每個指導範圍的頂端，我相信我們不需要在 2023 年簽署一個額外的客戶，只需實施現有的當前簽約客戶的積壓。我們範圍廣泛的原因是我們所處的宏觀經濟環境。我們的預訂量增長繼續加速。但是入職的實施時間主要由客戶控制，受宏觀影響。

I believe our platform itself is capable of launching engaged clients swiftly. I would also add that my team and I are excited about the future of our business and where we are strategically taking it. I believe that great businesses achieved great things during challenging times and use it as an opportunity to innovate and set that stage for future disruptive models as we are doing here at Paymentus.

我相信我們的平臺本身能夠迅速吸引參與的客戶。我還要補充一點，我和我的團隊對我們業務的未來以及我們的戰略方向感到興奮。我相信偉大的企業在充滿挑戰的時期取得了偉大的成就，並將其作為創新的機會，並為未來的顛覆性模式奠定了基礎，就像我們在 Paymentus 所做的那樣。

With that, Paul will provide more color on our 2022 results and each of the guidance numbers.

有了這個，保羅將為我們的 2022 年結果和每個指導數字提供更多顏色。

Thanks, Dushyant. As a reminder, today's discussion includes GAAP and non-GAAP financial measures. Please refer to the tables in our press release and supplemental slides for reconciliation of the non-GAAP items to the most directly comparable GAAP financial measure.

謝謝，杜尚特。提醒一下，今天的討論包括 GAAP 和非 GAAP 財務指標。請參閱我們的新聞稿和補充幻燈片中的表格，以將非 GAAP 項目與最直接可比的 GAAP 財務指標進行調節。

I'm pleased with our fourth quarter results. The strong performance was highlighted by repricing actions and improved expense management leading to an adjusted EBITDA nearing 20%. In the fourth quarter, we processed 97.2 million transactions, a 16.7% increase over the same period last year.

我對我們第四季度的業績感到滿意。重新定價行動和改進的費用管理使調整後的 EBITDA 接近 20%，突顯了強勁的業績。第四季度，我們處理了 9720 萬筆交易，比去年同期增長 16.7%。

Transaction growth in the quarter faced a difficult compare relative to Q4 2021, where we experienced over 50% growth due to the implementation of a large, high-volume client and the continued rollout of our large logistics client. For the full year 2022, we processed 366.9 million transactions, an increase of 30.8% compared to 2021. Our fourth quarter revenue was $132.2 million, an increase of 22.2% compared to the same period last year.

與 2021 年第四季度相比，本季度的交易增長面臨困難，由於實施了一個大型、高容量的客戶以及我們的大型物流客戶的持續推出，我們經歷了超過 50% 的增長。 2022 年全年，我們處理了 3.669 億筆交易，比 2021 年增長 30.8%。我們第四季度的收入為 1.322 億美元，比去年同期增長 22.2%。

Revenue grew faster than the growth in transaction count for the quarter, largely driven by the launch of several clients primarily in the telecommunications, insurance and government payment verticals, where the earned revenue per transaction is typically higher than average. The revenue for the full year was $497.0 million, an increase of 25.7% compared to 2021.

本季度收入增長快於交易數量的增長，這主要是由於在電信、保險和政府支付垂直領域推出了幾個客戶，這些客戶每筆交易的收入通常高於平均水平。全年收入為 4.97 億美元，比 2021 年增長 25.7%。

Contribution profit increased 19.4% over the fourth quarter of 2021 to $54.1 million. Contribution profit for 2022 increased to $201.3 million, an increase of 27.0% over 2021. Contribution profit per transaction for the quarter was $0.56 and for the full year of $0.55, which was consistent with our expectations.

貢獻利潤比 2021 年第四季度增長 19.4% 至 5410 萬美元。 2022 年的貢獻利潤增至 2.013 億美元，比 2021 年增長 27.0%。本季度每筆交易的貢獻利潤為 0.56 美元，全年為 0.55 美元，符合我們的預期。

As we have continued to highlight in prior quarters and as mentioned in the past, fluctuations outside of our control, such as increases in the average payment amount or unfavorable swings in the payment mix can influence contribution profit quarter-by-quarter.

正如我們在前幾個季度繼續強調和過去提到的那樣，我們無法控制的波動，例如平均支付金額的增加或支付組合的不利波動，可能會逐季影響貢獻利潤。

Throughout the year, we operated in a highly inflationary environment, particularly in the utility sector, which at times experienced inflation north of 20% in 2022. In the back half of 2022, we worked diligently to manage expenses and took on several pricing actions to offset some inflationary headwinds we experienced throughout the year. Some leisure pricing actions were successfully executed in the fourth quarter of 2022. For other clients, we're currently actively engaged in repricing conversations.

全年，我們在高通脹環境中運營，特別是在公用事業部門，該部門有時在 2022 年經歷了 20% 以上的通脹。在 2022 年下半年，我們努力工作以管理費用並採取了幾項定價行動以抵消了我們全年經歷的一些通脹逆風。 2022 年第四季度成功執行了一些休閒定價行動。對於其他客戶，我們目前正在積極參與重新定價對話。

Adjusted gross profit increased $8.5 million to 23.5% compared to the fourth quarter of 2021 to $44.6 million. For the full year, adjusted gross profit increased $34.4 million or 27.0% to $161.8 million. Adjusted EBITDA was $10.2 million for the fourth quarter, which represented an 18.9% adjusted EBITDA margin.

與 2021 年第四季度的 4460 萬美元相比，調整後的毛利潤增加了 850 萬美元，達到 23.5%。全年，調整後毛利增加 3440 萬美元或 27.0% 至 1.618 億美元。第四季度調整後的 EBITDA 為 1020 萬美元，調整後的 EBITDA 利潤率為 18.9%。

While still not in the high 20s margin level we were at before going public, this is a new high-water mark as a public company and shows our ability to expand margin. Adjusted EBITDA for 2022 was $28.6 million, representing a 14.2% adjusted EBITDA margin.

雖然仍未達到上市前 20 多歲的高利潤率水平，但這是上市公司的新高點，顯示了我們擴大利潤率的能力。 2022 年調整後的 EBITDA 為 2860 萬美元，調整後的 EBITDA 利潤率為 14.2%。

Operating expense of $6.2 million to $39.6 million for the fourth quarter of 2022 from the same period last year and $41.6 million increased to $152.7 million for the full year compared to 2021. Specifically, the largest increases were noted in sales and marketing, which increased $5.3 million in the fourth quarter of 2022 to $20.2 million compared to the same period in 2021. For the full year, sales and marketing expenses were up $29.4 million in 2022 and $73.3 million compared to 2021.

2022 年第四季度的運營費用比去年同期增加 620 萬美元至 3960 萬美元，與 2021 年相比全年增加 4160 萬美元至 1.527 億美元。具體來說，增幅最大的是銷售和營銷，增加了 5.3 美元與 2021 年同期相比，2022 年第四季度為 2020 萬美元。全年，銷售和營銷費用在 2022 年增加了 2940 萬美元，與 2021 年相比增加了 7330 萬美元。

On a year-over-year basis, the increase was driven by the Payveris acquisition, continued expansion of the sales team, adding partnerships to capture our sizable market opportunity and an increase in stock-based compensation. We continue to invest in sales and marketing in 2023 to drive top line revenue growth as we target existing and new biller segments, including IPN and now SMB opportunities.

與去年同期相比，這一增長是由 Payveris 的收購、銷售團隊的持續擴張、增加合作夥伴關係以抓住我們巨大的市場機會以及基於股票的薪酬增加所推動的。我們將在 2023 年繼續投資於銷售和營銷，以推動收入增長，因為我們瞄準現有和新的計費部門，包括 IPN 和現在的 SMB 機會。

Our GAAP net income for the fourth quarter 2022 was $1.0 million and for the full year 2022 was a loss of $0.05 million. GAAP EPS was a $0.01 and $0.00 for the fourth quarter 2022 and full year 2022, respectively.

我們 2022 年第四季度的 GAAP 淨收入為 100 萬美元，2022 年全年虧損 5 萬美元。 2022 年第四季度和 2022 年全年的 GAAP 每股收益分別為 0.01 美元和 0.00 美元。

Non-GAAP net income was $3.0 million for the quarter and $8.1 million for the year. Non-GAAP EPS was $0.02 and $0.07 for the quarter and year, respectively. As of December 31, 2022, we had $147.3 million of cash and cash equivalents on our balance sheet. Cash decreased primarily due to using cash for the small pre-revenue SMB product acquisition in the quarter.

本季度非 GAAP 淨收入為 300 萬美元，全年為 810 萬美元。本季度和年度非美國通用會計準則每股收益分別為 0.02 美元和 0.07 美元。截至 2022 年 12 月 31 日，我們的資產負債表上有 1.473 億美元的現金和現金等價物。現金減少主要是由於本季度使用現金進行小型收入前 SMB 產品收購。

At year-end, we had approximately 123 million shares of common stock outstanding. Now turning to our 2023 full year outlook. As Dushyant said, we expect revenue for the full year 2023 to be between $575 million and $600 million or 16% to 21% growth year-over-year. Contribution profit is anticipated to be between $224 million and $237 million or 11% and 18% growth year-over-year.

截至年底，我們已發行約 1.23 億股普通股。現在轉向我們的 2023 年全年展望。正如 Dushyant 所說，我們預計 2023 年全年的收入將在 5.75 億美元至 6 億美元之間，即同比增長 16% 至 21%。貢獻利潤預計在 2.24 億美元至 2.37 億美元之間，同比增長 11% 至 18%。

We continue to anticipate high inflation, higher than historical norms, which creates a headwind for growth, especially contribution profit growth. Adjusted EBITDA is expected to be between $32 million and $38 million, resulting in an expected EBITDA -- adjusted EBITDA margin of approximately 14% to 16%.

我們繼續預期高通脹，高於歷史標準，這對增長造成不利影響，尤其是貢獻利潤增長。調整後的 EBITDA 預計在 3200 萬美元至 3800 萬美元之間，預計 EBITDA - 調整後的 EBITDA 利潤率約為 14% 至 16%。

This range anticipates margin expansion over 2022, while still allowing us to invest in small business and other growth initiatives. To provide some additional color on the phasing throughout the year, we anticipate that both growth metrics and the adjusted EBITDA margin will be at their lowest level of the year in the first quarter of 2023. This was partially due to a difficult compare in Q1 of 2022 when we had a 35% contribution profit growth, and partially due to the timing of implementations with no large billers going live in the first quarter of 2023.

這一範圍預計利潤率將在 2022 年擴大，同時仍允許我們投資於小型企業和其他增長計劃。為了給全年的分階段提供一些額外的顏色，我們預計增長指標和調整後的 EBITDA 利潤率將在 2023 年第一季度處於年度最低水平。這部分是由於與 2023 年第一季度的比較困難到 2022 年，我們的貢獻利潤增長了 35%，部分原因是實施的時間安排，2023 年第一季度沒有大額賬單上線。

Revenue growth should accelerate throughout the year, while growth in contribution profit will partially depend on inflationary pressures and other factors. As such, we expect revenue growth in Q1 to be between $136 million and $140 million or 17% to 20% growth. And contribution profit to be between $51 million and $53 million in the range of 8% to 12% growth. Adjusted EBITDA is expected to between $7 million and $8 million in the first quarter, a margin of 13% to 15%, which would be a minimum of a 2% increase over the 11% margin we had in Q1 of 2021.

全年收入增長應該會加速，而貢獻利潤的增長將部分取決於通脹壓力和其他因素。因此，我們預計第一季度的收入增長將在 1.36 億美元至 1.4 億美元之間，即增長 17% 至 20%。貢獻利潤將在 5100 萬美元至 5300 萬美元之間，增長 8% 至 12%。第一季度調整後的 EBITDA 預計在 700 萬美元至 800 萬美元之間，利潤率為 13% 至 15%，這將比我們在 2021 年第一季度的 11% 利潤率至少增加 2%。

We expect this margin to expand each quarter throughout the year on a year-over-year basis, following a similar cycle as we had last year, is magnified somewhat this year by a change we made in our employee review and compensation cycle for 2023. In previous years, raises and bonuses were given on an employee's anniversary more or less evenly distributed throughout the year. This year, all raises were effective January 1. So we expect a step-up in employee costs earlier than normal, suppressing margin earlier in 2023 and helping it in the fourth quarter.

我們預計這一利潤率將在全年每個季度同比增長，遵循與去年類似的周期，今年由於我們對 2023 年員工審查和薪酬週期所做的改變而有所擴大。在過去的幾年裡，加薪和獎金是在員工的周年紀念日或多或少地平均分配給全年的。今年，所有加薪均於 1 月 1 日生效。因此，我們預計員工成本將比正常情況更早上升，從而在 2023 年早些時候抑制利潤率，並在第四季度有所幫助。

We believe the company is well positioned for the future. We've built a strong, profitable company with financial flexibility in the balance sheet. We've passed several key milestones and believe we continue to be positioned well to grow for a long time.

我們相信該公司已為未來做好準備。我們已經建立了一家強大、盈利的公司，在資產負債表上具有財務靈活性。我們已經通過了幾個關鍵的里程碑，並且相信我們將繼續保持良好的定位以實現長期增長。

I'll now turn the call over to Dushyant for closing comments.

我現在將電話轉給 Dushyant 以徵求意見。

Thanks, Paul. I'm proud that our team came together and delivered on most of our original expectations in 2022. I believe that this illustrates the resilience of our business despite the difficult macro environment. We are very confident about the long-term growth prospects of the business, especially given the expanding IP ecosystem we are building, which we believe allows us to reach a broader TAM and leverages the entire spectrum of interchange from a cost center in our biller business to interchange neutral in IPN business to interchange being a revenue source in our SMB offering and beyond.

謝謝，保羅。我很自豪我們的團隊齊心協力，並在 2022 年實現了我們最初的大部分預期。我相信這說明了儘管宏觀環境艱難，但我們的業務仍具有韌性。我們對業務的長期增長前景非常有信心，特別是考慮到我們正在構建的不斷擴大的 IP 生態系統，我們相信這使我們能夠達到更廣泛的 TAM 並利用我們計費業務中成本中心的整個交換範圍交換在 IPN 業務中保持中立，交換成為我們 SMB 產品及其他產品的收入來源。

We remain excited about the demand for our products in all of the industry verticals we are operating in. So as Paul mentioned, we are leaning in and making continued investments in the sales and marketing while also seeking expanded margins in 2023.

我們仍然對我們經營的所有垂直行業對我們產品的需求感到興奮。因此，正如保羅所提到的，我們正在努力並繼續投資於銷售和營銷，同時也在尋求 2023 年擴大的利潤率。

With that, I'll open the line for questions.

有了這個，我將打開問題熱線。

(Operator Instructions) The first question is from the line of Ashwin Shirvaikar with Citi.

（操作員說明）第一個問題來自花旗銀行的 Ashwin Shirvaikar。

I have a couple of questions. I guess the first one is with regards to Citizens. But if you could -- the question is a bit more stepped back than that if you can talk broadly about sort of the biller direct versus the bank aggregator models. And whether this sort of indicates you're kind of leaning into both models now as opposed to primarily one of them before. Is that the right way to think of it?

我有一些問題。我想第一個是關於公民的。但是，如果可以的話——如果你可以廣泛地談論直接開票人模式與銀行聚合模式，那麼這個問題就有點退步了。這是否表明您現在傾向於兩種模型，而不是以前主要是其中一種。這是正確的思考方式嗎？

And then the financial part of the question is whether something like Citizens, which can obviously be a very large client, is in your '23 expectations? Is it rolled in there?

然後問題的財務部分是像 Citizens 這樣的公司，它顯然可以成為一個非常大的客戶，是否在你的 23 年預期中？是在裡面卷的嗎？

Good question. Thank you, Ashwin. So aggregator versus biller direct. And so as you recall, our strategy has been right, from the beginning, from Horizon 1 and 2 being centered on mid-market and enterprise billing companies, respectively. And Horizon 3 is about trying to bring basically remove the chasm that has existed between any one of the aggregator models historically using the paper-based paradigm the banks currently employ to a more modern paradigm, which IPN offers.

好問題。謝謝你，阿什溫。所以聚合器與直接計費。您還記得，我們的戰略從一開始就是正確的，從地平線 1 和地平線 2 開始，分別以中端市場和企業計費公司為中心。 Horizon 3 試圖從根本上消除歷史上使用銀行當前採用的基於紙張的範例的任何一種聚合器模型之間存在的鴻溝，以及 IPN 提供的更現代的範例。

What that means is you're basically taking any bank customer payment and bringing it in real time to the billing companies participating in IPN directly. So that model is actually extremely well received by the banks. And what we are really trying to do is we are looking at it from both sides of the house or the spectrum of usage.

這意味著您基本上是在接受任何銀行客戶付款並將其實時帶到直接參與 IPN 的計費公司。因此，該模型實際上非常受銀行歡迎。我們真正想做的是從房子的兩邊或使用範圍來看待它。

One is the billing companies. Billing companies want more and more payments, more directly, more in real time and from all channels, and banks being one of them. And banks want -- banks customers want a totally different experience than what they have been receiving from the systems that were designed in the 1980s.

一種是計費公司。計費公司想要越來越多的支付，更直接、更實時和來自所有渠道，而銀行就是其中之一。銀行想要——銀行客戶想要一種與他們從 1980 年代設計的系統中獲得的體驗完全不同的體驗。

So with that, we see a great opportunity on both sides, and that's exactly what we are pursuing. And we -- today, we have hundreds of banks and credit unions who are already on our platform, and we are extremely proud to welcome Citizens Bank as well.

因此，我們看到雙方都有很好的機會，而這正是我們所追求的。而我們——今天，我們的平台上已經有數百家銀行和信用合作社，我們也非常自豪地歡迎 Citizens Bank。

And in terms of the financial part of it, I think a very small modest number is in our 2023. So most of the growth will come in outer years.

就財務部分而言，我認為我們的 2023 年會有一個非常小的適度數字。因此大部分增長將出現在外部年份。

Understood. And if I can shift gears to Paymentus for SMBs, quite a notable expansion there. I just -- one question I had was how much of this is ready currently? I mean I would say the payments engine clearly you have, I believe, but if I look at Page 6 of your presentation, there's expense management, there's business cards. It's kind of a fairly broad offering. Are there partnerships already set up to go? Or is this aspirational at this stage?

明白了。而且，如果我可以將齒輪轉向適用於 SMB 的 Paymentus，那將是一個相當顯著的擴展。我只是——我的一個問題是目前準備好了多少？我的意思是，我想清楚地說你有支付引擎，我相信，但如果我看一下你演示文稿的第 6 頁，就會發現有費用管理，有名片。這是一個相當廣泛的產品。是否已經建立了合作夥伴關係？或者這是現階段的抱負？

This is actually live right now. Most of this is live and operating. And what we don't have a lot in our model is the financial numbers from it. But in terms of the product capability, it is live, is operational, is in production and we are frankly, trying to grow this segment. And as I shared in my prepared remarks, if you think about it, we are sending out payments to -- we are sending out millions of payments right now and -- to a million-plus payees and many of them are SMBs. And we have been working on it for quite some time.

這實際上是實時的。其中大部分是實時運行的。我們的模型中沒有太多的是它的財務數字。但就產品能力而言，它是實時的、可操作的、正在生產中的，坦率地說，我們正在努力發展這一細分市場。正如我在準備好的發言中分享的那樣，如果你仔細想想，我們正在向——我們現在正在向超過一百萬的收款人發送數百萬筆付款，其中許多是中小企業。我們已經為此努力了一段時間。

And now we are saying, well, if they're already part of the IPN ecosystem, why aren't inviting them and offering them a thing of value so that we can actually bring more of their -- first of all, bring them into our ecosystem more directly, participate in our IPN and therefore, be reachable to any of the financial institution who participates in the IPN network as well, and on top of that, generate revenue. And the approach we have taken is that we want to monetize interchange here, and that's what we are doing. So it's early days, but we have recently launched it.

現在我們要說的是，如果他們已經是 IPN 生態系統的一部分，為什麼不邀請他們並為他們提供有價值的東西，這樣我們才能真正帶來更多他們的——首先，讓他們進入我們的生態系統更直接地參與我們的 IPN，因此，也可以接觸到參與 IPN 網絡的任何金融機構，最重要的是產生收入。我們採取的方法是我們希望在這里通過交換獲利，這就是我們正在做的事情。所以現在還為時尚早，但我們最近推出了它。

Got it. If I could squeeze a third question in. Are you seeing any change in behavior on the consumer side with regards to either tendency to pay or a shift in what instrument they use to pay just from an economic or macro standpoint? Are you seeing any changes?

知道了。如果我可以提出第三個問題。從經濟或宏觀的角度來看，您是否看到消費者方面的行為在支付傾向或他們使用的支付工具發生變化方面有任何變化？你看到任何變化嗎？

I'll jump in here, Dushyant. It's -- I was looking at this earlier today. It's very steady in terms of credit/debit ACH mix. I'd say the one thing that stands out more recently in the last couple of quarters is the advanced payment method to Venmos, to PayPal wallets, those kind of things are starting to grow and not be a material portion of the transaction, but starting to register a little bit more and more. But if you're asking about credit usage in the consumer, we aren't seeing a shift there or anything to be concerned about in that regard yet.

我會跳進去，Dushyant。這是 - 我今天早些時候正在看這個。它在信用/借記 ACH 組合方面非常穩定。我想說最近幾個季度最引人注目的一件事是 Venmos 和 PayPal 錢包的高級支付方式，這些東西開始增長，而不是交易的重要部分，但開始註冊的越來越多。但是，如果您詢問的是消費者的信用使用情況，我們還沒有看到那裡發生變化或在這方面有任何值得關注的事情。

The next question is from the line of John Davis with Raymond James.

下一個問題來自約翰戴維斯和雷蒙德詹姆斯。

This is Taylor on for JD. And maybe just to start on pricing actions. Can you help us understand what the pace of the rest of the pricing action implementations will look like throughout the year and into 2024.

這是 JD 的泰勒。也許只是開始定價行動。您能否幫助我們了解全年和 2024 年其他定價行動實施的步伐。

Look, we are having discussions with clients and a lot of those discussions have gone well. Some of the pricing action has already taken place and will be -- will start showing up in our numbers. And others, we are already having the discussion with clients and is going well. So this will continue throughout the year. We are looking at every single instance, every single client, every single area, whatever we see a pressure building from the inflation macro, we are taking actions there. And frankly, we're receiving by and large, a receptive client years.

看，我們正在與客戶進行討論，其中很多討論進展順利。一些定價行動已經發生，並將開始出現在我們的數字中。而其他人，我們已經在與客戶進行討論並且進展順利。因此，這將持續一整年。我們正在關注每一個實例、每一個客戶、每一個區域，無論我們看到宏觀通脹帶來的什麼壓力，我們都會在那裡採取行動。坦率地說，我們大體上接受了客戶年。

Okay. Great. Good to hear. And then just on the inflation impact of the business. Is there a way to help quantify the impact inflation of having on your ability to expand EBITDA margin into 2023?

好的。偉大的。很高興聽到。然後只是對業務的通貨膨脹影響。有沒有一種方法可以幫助量化通貨膨脹對您將 EBITDA 利潤率擴大到 2023 年的能力的影響？

Well, I mean, if inflation wasn't a factor, our EBITDA margin would be, I mean, several points higher. I mean, several points higher. So it is, as we shared, I think towards the end of last year, and I think in some of the calls, overall, we are seeing a 5- to 8-point impact to our contribution profit and a lot of that translates into EBITDA. So as this gets behind us, I think our ability, as Paul mentioned, our ability to expand margins you saw in Q4, we did a great job and margins were almost touching 19%, 20%. So we have the ability to do that, and we feel good about that later on as well.

好吧，我的意思是，如果通貨膨脹不是一個因素，我們的 EBITDA 利潤率會高出幾個百分點。我的意思是，高出幾分。因此，正如我們分享的那樣，我認為在去年年底，我認為在一些電話中，總體而言，我們看到對我們的貢獻利潤產生了 5 到 8 個百分點的影響，其中很多轉化為EBITDA。因此，隨著這一切過去，我認為我們的能力，正如保羅提到的，我們在第四季度看到的擴大利潤率的能力，我們做得很好，利潤率幾乎達到 19%、20%。所以我們有能力做到這一點，我們也對此感到滿意。

Next question is from the line of Darrin Peller with Wolfe Research.

下一個問題來自 Wolfe Research 的 Darrin Peller。

It's Andrew on for Darrin. Just a quick one. Did you disclose biller count for the full year? I believe it was 1,700 at year-end '21, so any framework around that would be appreciated.

安德魯代替達林。只是一個快速的。您是否披露了全年的帳單數量？我相信它在 21 年底時是 1,700，因此任何圍繞它的框架都會受到讚賞。

Darrin, we're still finalizing some of the metrics for the 10-K, so we don't have it quite yet, but should have it out next week when we publish the final version of it.

Darrin，我們仍在最終確定 10-K 的一些指標，所以我們還沒有，但應該在下週發布最終版本時發布。

The next question is from the line of Andrew Bauch with SMBC.

下一個問題來自 SMBC 的 Andrew Bauch。

It's Lemar on for Andrew. Last quarter, you had mentioned that you expect to exit 2022 with $100 million of new bookings, so I just wanted to see if that was the case. And then can you also just provide an initial view on what the implementation pipeline is looking so far 2 months into the year?

安德魯是勒馬爾。上個季度，您曾提到您預計到 2022 年將有 1 億美元的新預訂，所以我只是想看看情況是否如此。然後，您是否也可以提供一個關於今年 2 個月以來實施管道的初步看法？

So we did achieve that. We finished over $100 million, stronger than we thought we were going to do, so very happy with the bookings performance. And we're off to a good start this year as well. And in terms of the implementation pipeline as I refer you back to the prepared remarks, I said that if we actually, to deliver the top line of our expectations on the top line of the revenue, we don't need to sign any new client. So that should give you some indication.

所以我們確實做到了。我們完成了超過 1 億美元的交易，比我們預期的要強大，因此對預訂表現非常滿意。今年我們也有一個良好的開端。就實施管道而言，正如我提到準備好的言論一樣，我說過，如果我們真的要實現我們對收入最高預期的最高要求，我們不需要簽署任何新客戶.所以這應該給你一些指示。

Got you. And then just to touch back on the point around the drag that inflation is having on growth. Is there anything else here that we should be considering outside of the macro? Is it just delayed implementations of onboarding?

明白了然後再回到通脹對經濟增長的拖累這一點。除了宏觀之外，還有什麼我們應該考慮的嗎？它只是延遲了入職的實施嗎？

I think it's 2 factors. I mean delayed implementations is one of them and the other one is the pressure on the contribution profit yourself from the inflation. So as you know, in some cases, some specific sector for a utility client base as the average payment amount gets inflated, that affects our contribution profit temporarily. And that's what I was trying to say that client discussions are going well, and we are making the adjustments. And some of that has gone -- some of that is already implemented. Some of that is already in the process. And some of that will happen throughout the year.

我認為這是2個因素。我的意思是延遲實施是其中之一，另一個是通貨膨脹對貢獻利潤的壓力。如您所知，在某些情況下，隨著平均支付金額的膨脹，公用事業客戶群的某些特定部門會暫時影響我們的貢獻利潤。這就是我想說的，客戶討論進展順利，我們正在做出調整。其中一些已經消失——其中一些已經實施。其中一些已經在進行中。其中一些將在全年發生。

And sorry, just more from me. On IPN, I think previously, you had said that you expect it to grow to a double-digit share of the overall business. Is that still the case?

抱歉，更多來自我。關於 IPN，我想之前，您曾說過您希望它在整個業務中的份額增長到兩位數。現在還是這樣嗎？

I think we -- not quite. So it's 'not -- but it's growing faster than our business, the core business you're seeing.

我認為我們 - 不完全是。所以它不是——但它的增長速度超過了我們的業務，即你所看到的核心業務。

The next question is from the line of Tien Huang with JPMorgan.

下一個問題來自 Tien Huang 與摩根大通的聯繫。

Dushyant, I just want to ask for a little bit more color on how you think about the pipeline and the backlog because we've been hearing broadly about bigger deals coming back and enterprises looking to be more careful with spend, but also look for opportunities to be more efficient and have better customer engagement. So how do you think that all shakes out for Paymentus and your thoughts on replenishing your backlog and sizing of the pipeline, that kind of thing?

Dushyant，我只想問你對管道和積壓的看法的更多顏色，因為我們已經廣泛聽到更大的交易回來，企業希望更加謹慎地支出，但也在尋找機會提高效率並提高客戶參與度。那麼，您如何看待 Paymentus 以及您對補充積壓和調整管道大小的想法，諸如此類的事情？

Yes. Actually, great question, Tien-Tsin. So the way to think about this would be -- and if I may take a step back, actually. If you recall that we have Horizon 1, the mid-market and then Horizon 2, which is enterprise, during the COVID, what we felt was that the discussions that didn't require boardroom presence where the multiple executives are involved in making a decision, those discussions were happening fine and fast, just as fast as earlier, including the implementation. So signing the client and implementations is fine.

是的。實際上，很好的問題，Tien-Tsin。所以考慮這個問題的方法是——實際上，如果我可以退後一步的話。如果您還記得在 COVID 期間我們有地平線 1，即中型市場，然後是地平線 2，即企業，我們的感覺是，不需要董事會出席的討論就可以讓多名高管參與決策，這些討論進行得很好而且很快，就像之前一樣快，包括實施。所以簽署客戶端和實現是可以的。

But where there used to be a high-touch customer engagement, whether it was related to signing of the client or implementing of such clients, there we started to see a little bit of slowness during the COVID years. What we have seen is a reversal of the trend, the second half of last year and the beginning of this year as well. What we are seeing is we're able to meet the clients, both from a prospecting but also doing implementation process.

但是，在過去曾有過高接觸客戶參與度的地方，無論是與簽署客戶還是實施此類客戶有關，我們都開始看到在 COVID 期間出現了一些放緩。我們看到的是趨勢的逆轉，去年下半年和今年年初也是如此。我們所看到的是，我們能夠通過勘探和實施過程與客戶會面。

So it is happening at a little bit faster pace than earlier. Actually, it's accelerating. And as we shared last year, it was great. It was a significant growth over the year before, and this year is off to a great start. So we see continued acceleration of our bookings, especially in the enterprise segment as COVID is getting behind us.

所以它的發生速度比以前快了一點。實際上，它正在加速。正如我們去年分享的那樣，這很棒。與前一年相比，這是一個顯著的增長，今年是一個良好的開端。因此，我們看到我們的預訂持續加速，尤其是在企業領域，因為 COVID 已經落後於我們。

And frankly, if I may make a broader statement here, as some of the big tech companies have started to bring people back home and which makes it easier for other technology companies as well to have the discussion with their employee pool, I think -- and which further translates into clients bringing their technology teams back into the offices, we believe that, that trend will actually be a positive for both in bookings new business, but also bringing customers live at a faster pace.

坦率地說，如果我可以在這裡做一個更廣泛的聲明，因為一些大型科技公司已經開始讓人們回家，這讓其他科技公司也更容易與他們的員工群進行討論，我認為——這進一步轉化為客戶將他們的技術團隊帶回辦公室，我們相信，這種趨勢實際上將對預訂新業務產生積極影響，同時也會讓客戶以更快的速度生活。

Just a quick follow-up to that. Like with the implementations, have you found more efficiency and how you go about dealing with implementations in general? How big of a focus and -- or how big of an improvement have you seen there, if any? I know there's a lot of changes going on in the labor side, but just curious of automation and things like that have helped you there, give you a better line of sight on implementation cost and delivery.

只是對此進行快速跟進。與實現一樣，您是否發現了更高的效率以及您如何處理一般的實現？如果有的話，你在那裡看到了多大的關注和 - 或者有多大的改進？我知道勞動力方面正在發生很多變化，但只是好奇自動化和類似的事情在這方面對你有幫助，讓你更好地了解實施成本和交付。

Yes. Actually, this is a -- as you can imagine, we will be talking about implementation as a factor if we weren't very serious about internally as well and looking at it from all angles. One of the interesting aspect about the implementations is that vast majority of our clients require actually no changes to our platform to go live.

是的。實際上，正如您可以想像的那樣，如果我們在內部也不是很認真地從各個角度看待它，那麼我們將把實施作為一個因素來討論。關於實施的有趣方面之一是，我們的絕大多數客戶實際上不需要對我們的平台進行任何更改即可上線。

And majority of those -- a vast majority of those are in the mid-market segment or the Horizon 1 segment. These clients that require a lot more handholding and sophisticated and complex workflows, they tend to be very large clients. And that's where a majority of the revenue is in some ways, and that's where the majority of the work ends up being.

其中大多數 - 其中絕大多數位於中端市場或 Horizon 1 細分市場。這些客戶需要更多的支持和復雜的工作流程，他們往往是非常大的客戶。在某種程度上，這就是大部分收入的來源，也是大部分工作的最終來源。

And even there, we are actually making a lot of investments and try to figure out can we technologically bring sophisticated business rules engines based on all the different trends we have seen so far and make it even easier without coding to bring the customers live. And we have been very successful at that in many cases like, for example, integration of a large client doesn't take a lot of time for us, large or small. It is more the complex business rules, which we are now working on. So we're seeing continued progression. And we are getting to a place where once this macro is somewhat behind us, I think we would have a pretty good handle on how well we are able to execute against implementation time lines, even for larger clients.

即使在那裡，我們實際上也在進行大量投資，並試圖弄清楚我們是否可以根據我們迄今為止看到的所有不同趨勢，在技術上引入複雜的業務規則引擎，並在沒有編碼的情況下讓客戶更容易上線。在許多情況下，我們在這方面都非常成功，例如，大型客戶的集成對我們來說不會花費很多時間，無論大小。更多的是複雜的業務規則，我們現在正在研究這些規則。所以我們看到了持續的進步。我們已經到了一個地方，一旦這個宏有點落後於我們，我認為我們可以很好地處理我們能夠根據實施時間表執行的能力，即使對於更大的客戶也是如此。

(Operator Instructions) The next question is from the line of Jason Kupferberg with Bank of America.

（操作員說明）下一個問題來自美國銀行的 Jason Kupferberg。

This is Melissa on for Jason. I just had a question about like revenues per transaction. I guess, since with the introduction of the new SMB product, are we kind of expecting revenue per transaction for 2023 to increase or kind of remain stable versus 2022?

這是傑森的梅麗莎。我只是有一個關於每筆交易收入的問題。我想，隨著新 SMB 產品的推出，我們是否預計 2023 年的每筆交易收入會增加，或者與 2022 年相比保持穩定？

The SMB product is still early stage, and we're not accounting for it in 2023 guidance. We don't expect any material revenue from it. So it's not going to affect revenue per transaction. We will see, depending on inflation, some pressure, contribution profit per transaction, potentially throughout the year, depending on how our pricing actions flow through and other things. So it was stable for most of 2022, but we expect a little bit of pressure maybe on the top line revenue per transaction as well as contribution per transaction throughout 2023.

SMB 產品仍處於早期階段，我們不會在 2023 年的指導中考慮它。我們不期望從中獲得任何物質收入。所以它不會影響每筆交易的收入。根據通貨膨脹，我們將看到一些壓力，每筆交易的貢獻利潤，可能全年，這取決於我們的定價行動如何通過以及其他因素。因此，它在 2022 年的大部分時間裡保持穩定，但我們預計在整個 2023 年，每筆交易的收入以及每筆交易的貢獻可能會面臨一些壓力。

There are no additional questions waiting at this time, so I'll pass the conference back to the management team for any closing remarks.

目前沒有其他問題等待，所以我會將會議傳回給管理團隊，聽取任何閉幕詞。

Thank you. Thank you, everyone, for taking the time. Really appreciate it, and have a great year.

謝謝。謝謝大家抽出寶貴時間。真的很感激，祝你有個美好的一年。

Thank you.

謝謝。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。您現在可以斷開線路。