Paymentus Holdings Inc (PAY) 2023 Q2 法說會逐字稿

Good day, and welcome to Paymentus' second quarter 2023 earnings call. This call is being recorded. (Operator Instructions)

美好的一天，歡迎參加 Paymentus 2023 年第二季度財報電話會議。此通話正在錄音。 （操作員說明）

At this time, I will now turn the call over to David Hanover, Investor Relations. Please go ahead.

現在，我將把電話轉給投資者關係部的戴維·漢諾威 (David Hanover)。請繼續。

Thank you. Good afternoon, and welcome to Paymentus' second quarter 2023 earnings call. Joining me on the call today is Dushyant Sharma, our Founder and CEO; and Sanjay Kalra, our CFO. Following our prepared remarks, we'll take questions.

謝謝。下午好，歡迎參加 Paymentus 2023 年第二季度財報電話會議。今天加入我電話會議的是我們的創始人兼首席執行官 Dushyant Sharma；和我們的首席財務官 Sanjay Kalra。在我們準備好的發言之後，我們將回答問題。

Our press release was 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以及本演示文稿隨附的補充幻燈片將在我們公司網站的投資者關係鏈接 ir. paymentus.com 上提供。本網絡廣播中的陳述包含 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. These forward-looking statements speak as of today, and we undertake no obligation to update them.

前瞻性陳述使用“意願”、“相信”、“期望”、“預期”等詞語和類似短語，表示對我們的財務業績和指導、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、業務的未來預期或意圖。戰略、實施時機、產品增強、收購的影響和其他事項。這些前瞻性陳述截至今天，我們不承擔更新這些陳述的義務。

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, 2022, our quarterly report on Form 10-Q for the quarter ended March 31, 2023, and our quarterly report on Form 10-Q for the quarter ended June 30, 2023, which we expect to file with the SEC shortly, and elsewhere in other filings with the SEC. We encourage you to review these detailed forward-looking statements safe harbor and risk factor disclosures.

這些陳述受到風險、不確定性和假設的影響，可能導致實際結果與此類陳述中規定的結果存在重大差異，包括我們年度報告中有關前瞻性陳述和風險因素的特別說明標題中規定的風險和不確定性截至2022年12月31日止年度的10-K表、截至2023年3月31日止季度的10-Q表季度報告以及截至2023年6月30日止季度的10-Q表季度報告，其中我們預計將很快向 SEC 提交文件，並在其他文件中向 SEC 提交文件。我們鼓勵您查看這些詳細的前瞻性陳述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, non-GAAP operating expenses, adjusted EBITDA and adjusted EBITDA margin. 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. 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.

此外，在今天的電話會議中，我們將討論某些非 GAAP 財務指標，特別是貢獻利潤、調整後毛利潤、非 GAAP 運營費用、調整後 EBITDA 和調整後 EBITDA 利潤率。我們認為這些非公認會計原則財務指標有助於衡量我們的業績和流動性，應將其視為公認會計原則結果的補充，而不是替代或孤立於公認會計原則結果。我們鼓勵您查看有關這些非GAAP 衡量標準的其他披露信息，包括今天發布的收益新聞稿中最直接可比的GAAP 衡量標準的調節表以及本次網絡廣播的補充幻燈片，每項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. Dushyant?

說到這裡，我想將電話轉給我們的創始人兼首席執行官 Dushyant Sharma。杜希揚特？

Thank you, David. We had an excellent quarter, with a strong growth in revenue, contribution profit and adjusted EBITDA all finishing ahead of our expectations. Revenue increased 24.1% on a year-over-year basis to $148.9 million. Contribution profit for the quarter was $59.6 million, representing growth of 22.3% year-over-year, approximately trending in line with our revenue growth. Our adjusted EBITDA for the quarter was $14.2 million, which was up 183.8% year-over-year.

謝謝你，大衛。我們度過了一個出色的季度，收入、貢獻利潤和調整後 EBITDA 的強勁增長都超出了我們的預期。收入同比增長 24.1% 至 1.489 億美元。本季度貢獻利潤為 5960 萬美元，同比增長 22.3%，大致與我們的收入增長趨勢一致。本季度調整後 EBITDA 為 1,420 萬美元，同比增長 183.8%。

We are very pleased with the fact that we added $10.9 million in contribution profit over the comparable quarter of 2022 and dropped over $9 million of that to adjusted EBITDA. So essentially, the majority of the incremental dollars we generated dropped to the bottom line. We were able to achieve this while delivering revenue and contribution profit growth in the low to mid-20% range. We also accomplished this without sacrificing investment in our innovation framework to drive future long-term success.

我們非常高興的是，我們在 2022 年同期貢獻利潤增加了 1090 萬美元，調整後 EBITDA 減少了超過 900 萬美元。因此，從本質上講，我們產生的大部分增量資金都下降到了底線。我們能夠實現這一目標，同時實現 20% 低至中的收入和貢獻利潤增長。我們在不犧牲創新框架投資的情況下實現了這一目標，以推動未來的長期成功。

While we're excited about our performance for the second quarter, there is still some uncertainty about the impact of economic environment and seasonality that Sanjay will address in a few minutes.

雖然我們對第二季度的業績感到興奮，但桑傑將在幾分鐘內解決經濟環境和季節性的影響仍然存在一些不確定性。

Now let me cover some key second quarter business highlights and accomplishments. From a bookings perspective, our performance in the quarter and the entire first half of 2023 was significantly better than the same period in 2022. As a result of this and our continued sales momentum, we continued to enjoy the benefit of a strong backlog at the end of the quarter. Given this, we are confident about the rest of the year and believe we are strongly positioned for 2024.

現在讓我介紹一下第二季度的一些關鍵業務亮點和成就。從預訂角度來看，我們在 2023 年季度和整個上半年的業績明顯好於 2022 年同期。由於這一點以及我們持續的銷售勢頭，我們繼續享受到強勁的訂單積壓帶來的好處。季度末。鑑於此，我們對今年剩餘時間充滿信心，並相信我們在 2024 年處於有利地位。

Our bookings results continue to support our belief that our platform is universally scalable to any vertical and any business of any size and complexity. For example, this quarter, 2 of our 4 large -- 2 of our larger bookings were in the retail sector. We also signed a large insurance company and a large telecommunications client, along with several large utilities and government agencies. And in addition, we signed a global technology service provider that serves over 100,000 domestic and international small businesses.

我們的預訂結果繼續支持我們的信念，即我們的平台可以普遍擴展到任何垂直行業以及任何規模和復雜性的任何業務。例如，本季度，我們的 4 個大訂單中有 2 個——2 個較大的訂單來自零售領域。我們還簽約了一家大型保險公司和一家大型電信客戶，以及幾家大型公用事業和政府機構。此外，我們還簽約了一家全球技術服務提供商，為超過 10 萬家國內外小企業提供服務。

During the quarter, we also remained focused on onboarding clients at a faster pace. We have continued to make investments in this area, which we believe are yielding strong results. The number of billers implemented in the quarter increased significantly year-over-year, while the average time to implement a biller decreased during the same period. We implemented several large clients during the quarter, and we expect these clients to start contributing meaningfully in a couple of quarters as they fully ramp up their volumes. These clients are in a variety of industries, including financial services, utilities, government agencies and others.

在本季度，我們仍然專注於以更快的速度吸引客戶。我們繼續在這一領域進行投資，我們相信這將產生強勁的成果。本季度實施的計費器數量同比大幅增加，而同期實施計費器的平均時間有所減少。我們在本季度實現了幾個大客戶，我們預計這些客戶在幾個季度內隨著數量的全面增加而開始做出有意義的貢獻。這些客戶遍布各個行業，包括金融服務、公用事業、政府機構等。

We believe post pandemic conditions are making it easier for us to have more meaningful face-to-face interactions with our largest clients during the implementation process. We are now able to collaborate with our clients more closely as we onboard sophisticated and complex workflows. So put things in perspective, from a sales and operations standpoint, during the second quarter, we saw increased bookings, increased backlog and improved implementation time lines, all working favorably year-over-year and contributing to our business growth.

我們相信，大流行後的情況使我們在實施過程中更容易與最大的客戶進行更有意義的面對面互動。隨著我們採用複雜的工作流程，我們現在能夠與客戶更密切地合作。因此，從銷售和運營的角度來看，在第二季度，我們看到預訂量增加、積壓訂單增加和實施時間線改善，所有這些都比去年同期順利進行，並為我們的業務增長做出了貢獻。

During the quarter, we also expanded our partnership distribution ecosystem with new relationships across a range of diverse verticals such as property management, utilities and government agencies. We also continue to see momentum in our IPN, our Instant Payment Network ecosystem. There is a lot of demand for our network. We also see IPN playing an increasingly larger role in bringing customers, banks, financial institutions and billers closer together as banks focus more towards RTP, FedNow and real-time processing in general.

在本季度，我們還擴大了我們的合作夥伴分銷生態系統，在物業管理、公用事業和政府機構等一系列不同的垂直領域建立了新的關係。我們還繼續看到我們的 IPN（即時支付網絡生態系統）的發展勢頭。我們的網絡有很多需求。我們還看到，隨著銀行更加關注 RTP、FedNow 和總體實時處理，IPN 在拉近客戶、銀行、金融機構和賬單機構之間的聯繫方面發揮著越來越大的作用。

As you know, our Instant Payment Network is centered around real-time payments between banks and billers, and we are excited that FIs are now focused on real-time processing, which has been our mission since our inception. We are also announcing a new addition to our IPN, which we're excited about. With full integration into IPN, millions of American Express card members can now pay their American Express bill using the PayPal app in real time.

如您所知，我們的即時支付網絡以銀行和賬單機構之間的實時支付為中心，我們很高興金融機構現在專注於實時處理，這一直是我們自成立以來的使命。我們還宣布了 IPN 的新成員，對此我們感到非常興奮。通過與 IPN 的全面集成，數百萬美國運通卡會員現在可以使用 PayPal 應用程序實時支付美國運通卡賬單。

So in summary, we made substantial progress during the second quarter, which is reflected in our excellent results. We continue to invest in our future and are excited about the long-term growth potential of our business and look forward to keeping you updated on our continued progress. Now let me turn it over to Sanjay to review our financial results in greater detail.

總而言之，我們在第二季度取得了實質性進展，這反映在我們出色的業績上。我們繼續投資於我們的未來，並對我們業務的長期增長潛力感到興奮，並期待向您通報我們不斷取得的進展。現在讓我將其交給 Sanjay，以更詳細地審查我們的財務業績。

Thanks, Dushyant, and thank you all for joining us today. Before I discuss our quarterly results and outlook, I'd like to remind everyone that the financial results I'll be referring to include non-GAAP financial measures. As David mentioned earlier, our Q2 press release and earnings presentation includes reconciliations of the non-GAAP financial measures discussed on this call to their corresponding GAAP measures. Both of these are available on our website.

謝謝杜希揚特，也感謝大家今天加入我們。在討論我們的季度業績和前景之前，我想提醒大家，我所指的財務業績包括非公認會計準則財務指標。正如大衛之前提到的，我們第二季度的新聞稿和收益報告包括本次電話會議中討論的非公認會計原則財務指標與其相應的公認會計原則指標的調節表。這兩個都可以在我們的網站上找到。

Turning to Slide 5. For the second quarter of 2023, we delivered excellent financial results that were above the top end of our guidance. We believe these results demonstrate the strength of our business, which continues to perform well despite continued macroeconomic concerns. Our second quarter results included revenue of $148.9 million, contribution profit of $59.6 million and adjusted EBITDA of $14.2 million.

轉向幻燈片 5。2023 年第二季度，我們實現了出色的財務業績，超出了我們指導的上限。我們相信這些結果證明了我們業務的實力，儘管宏觀經濟問題持續存在，但我們的業務仍表現良好。我們第二季度的業績包括 1.489 億美元的收入、5960 萬美元的貢獻利潤和 1420 萬美元的調整後 EBITDA。

We continue to experience solid business momentum in the second quarter, quite similar to what we saw in the first quarter. This drove robust bookings, enabling us to exit the quarter with a substantial backlog. Based on our strong quarterly performance and the positive business trends Dushyant mentioned earlier and our expectations for the remainder of 2023, we are raising our full year 2023 revenue contribution profit and adjusted EBITDA guidance, which I'll talk about shortly.

我們在第二季度繼續保持強勁的業務勢頭，與第一季度非常相似。這推動了強勁的預訂，使我們能夠以大量積壓結束本季度。基於我們強勁的季度業績和 Dushyant 之前提到的積極業務趨勢以及我們對 2023 年剩餘時間的預期，我們將提高 2023 年全年收入貢獻利潤和調整後的 EBITDA 指導，我將很快討論這一點。

Now let's review our second quarter financials in more detail. The number of transactions Paymentus processed grew to 109.5 million in the second quarter, up 22.3% year-over-year. As I mentioned, Q2 revenue was $148.9 million, up 24.1% year-over-year. This growth was largely driven by increased transactions from existing billers, the launch of new billers and increased activity in our Instant Payment Network, or IPN business.

現在讓我們更詳細地回顧一下我們第二季度的財務狀況。第二季度Paymentus處理的交易數量增至1.095億筆，同比增長22.3%。正如我提到的，第二季度收入為 1.489 億美元，同比增長 24.1%。這一增長主要是由於現有記賬機構的交易量增加、新記賬機構的推出以及我們的即時支付網絡（IPN）業務活動的增加推動的。

Second quarter 2023 contribution profit increased to $59.6 million, up 22.3% year-over-year. The contribution profit increase reflects the increase in transactions from existing billers and the launch of new billers that I mentioned earlier. Contribution margin was 40% for the second quarter compared to 40.6% in the prior year period. Contribution profit per transaction for the quarter was $0.54, which was the same as the prior year period.

2023 年第二季度貢獻利潤增至 5960 萬美元，同比增長 22.3%。貢獻利潤的增加反映了我之前提到的現有記賬機構交易量的增加以及新記賬機構的推出。第二季度貢獻利潤率為 40%，而去年同期為 40.6%。該季度每筆交易的貢獻利潤為 0.54 美元，與去年同期相同。

In our last earnings call, we mentioned our contribution profit growth for Q1 significantly lagged revenue growth for Q1, largely due to inflation and the onboarding of large customers. We also said we expected that the gap would start converging in Q2, primarily due to the active repricing conversations with our billers. We are encouraged by the results of our repricing actions with the customers as well as other cost reduction initiatives we have undertaken. We also believe we have benefited from some level of disinflation in the utility sector. And as a result, contribution profit annual growth of 22.3% was very close to the annual revenue growth in Q2 of 24.1%.

在我們上次的財報電話會議中，我們提到第一季度的貢獻利潤增長明顯落後於第一季度的收入增長，這主要是由於通貨膨脹和大客戶的加入。我們還表示，我們預計差距將在第二季度開始收斂，這主要是由於與我們的賬單商積極進行重新定價對話。我們對與客戶的重新定價行動以及我們採取的其他成本削減舉措的結果感到鼓舞。我們還相信，我們已經從公用事業行業一定程度的通貨緊縮中受益。因此，貢獻利潤年增長率為 22.3%，與第二季度 24.1% 的年收入增長率非常接近。

As we've noted in the past, variables outside of our control such as increase in the average payment amount or changes in the payment mix can significantly influence the contribution profit on a quarterly basis. Adjusted gross profit was $50 million for the second quarter, up 29.1% year-over-year. Non-GAAP operating expenses, a new measure we are introducing this quarter, increased to $37.8 million, up 6.4% year-over-year. The increase was primarily due to higher sales and marketing expenses as we continue to focus resources on our go-to-market strategy.

正如我們過去所指出的，我們無法控制的變量，例如平均付款金額的增加或付款組合的變化，可能會對季度的貢獻利潤產生重大影響。第二季度調整後毛利潤為 5000 萬美元，同比增長 29.1%。我們本季度推出的一項新衡量標準——非 GAAP 運營費用增加至 3,780 萬美元，同比增長 6.4%。這一增長主要是由於我們繼續將資源集中在我們的上市戰略上，導致銷售和營銷費用增加。

Previously, we did not have a non-GAAP metric for operating expenses. Non-GAAP operating expenses exclude stock-based compensation and amortization of acquired intangibles from GAAP operating expenses. We believe that providing this metric will provide greater overall transparency into our business and performance. Adjusted EBITDA for the second quarter was $14.2 million or 23.8% of contribution profit, up 183.8% compared to $5 million or 10.3% of contribution profit in the prior year.

此前，我們沒有針對運營費用的非 GAAP 指標。非 GAAP 運營費用不包括基於股票的薪酬和 GAAP 運營費用中收購的無形資產的攤銷。我們相信，提供此指標將為我們的業務和績效提供更大的整體透明度。第二季度調整後 EBITDA 為 1,420 萬美元，佔貢獻利潤的 23.8%，比上一年的 500 萬美元，佔貢獻利潤的 10.3% 增長 183.8%。

This strong performance compared to our guidance provided last quarter was driven by 4 key factors. First, the second quarter benefited from some level of disinflation of CPI Energy Services Index; second, we began to realize the benefits of our repricing conversations with customers and cost improvement initiatives earlier than anticipated; third, our implementation pace quickened during the second quarter, which enabled us to successfully launch billers ahead of our original plan; and fourth, our hiring expectations progressed slower than planned in the quarter, resulting in lower operating expenses.

與我們上季度提供的指導相比，這一強勁表現是由 4 個關鍵因素推動的。首先，第二季度受益於CPI能源服務指數一定程度的通貨緊縮；其次，我們開始比預期更早地意識到與客戶重新定價對話和成本改進計劃的好處；第三，第二季度我們的實施速度加快，這使我們能夠比原計劃提前成功推出計費器；第四，本季度我們的招聘預期進展慢於計劃，導致運營費用下降。

I believe the strong adjusted EBITDA margin demonstrates the inherent operating leverage we have in the business and our ability to adapt to changing market conditions as we continue to grow. Other income was $1.7 million during the second quarter, reflecting increased interest income from our bank deposits and effective cash management.

我相信，強勁的調整後 EBITDA 利潤率證明了我們在業務中擁有的固有運營槓桿，以及我們在持續發展過程中適應不斷變化的市場條件的能力。第二季度其他收入為 170 萬美元，反映了我們銀行存款利息收入的增加和有效的現金管理。

Non-GAAP net income was $10.2 million or $0.08 per share compared to non-GAAP net income of $0.9 million or $0.01 per share in the prior year period. Please note that beginning this quarter, we have modified the calculation of non-GAAP net income. Non-GAAP net income now adjusts GAAP net income for stock-based compensation. As a result of this modification, non-GAAP net income adjusts GAAP net income for amortization of acquired intangibles and stock-based compensation.

非 GAAP 淨利潤為 1020 萬美元，即每股 0.08 美元，而去年同期非 GAAP 淨利潤為 90 萬美元，即每股 0.01 美元。請注意，從本季度開始，我們修改了非 GAAP 淨利潤的計算。非 GAAP 淨利潤現在根據股票薪酬調整 GAAP 淨利潤。由於這一修改，非 GAAP 淨利潤調整了 GAAP 淨利潤，以用於收購的無形資產和股票薪酬的攤銷。

Now I'll discuss our balance sheet and liquidity position on Slide 6. We ended Q2 with unrestricted cash of $159.1 million compared to $143.6 million at the end of Q1 '23. The $15.5 million increase is primarily comprised of $26.5 million of cash generated from operations, offset by $8.7 million used in investing activities. The company does not have any debt. The free cash flow generated during the quarter was $17.8 million. Our days sales outstanding at the end of Q2 was 41 days, an improvement from DSO of 46 days at the end of Q1 '23.

現在，我將在幻燈片 6 上討論我們的資產負債表和流動性狀況。第二季度結束時，我們的無限制現金為 1.591 億美元，而 23 年第一季度末為 1.436 億美元。增加的 1550 萬美元主要包括運營產生的 2650 萬美元現金，被投資活動使用的 870 萬美元所抵消。公司沒有任何債務。本季度產生的自由現金流為 1780 萬美元。我們第二季度末的銷售天數為 41 天，比 2023 年第一季度末的 DSO 的 46 天有所改善。

Working capital at the end of Q2 was approximately $190 million, an increase of approximately $9 million from the end of Q1 '23. We had 124 million diluted shares outstanding at the end of June 30, '23 compared to 123.8 million diluted shares outstanding at the end of Q1 '23. The marginal increase was due to vesting of employee restricted stock units and exercise of stock options and improved average stock price during the quarter.

第二季度末的營運資金約為 1.9 億美元，比 23 年第一季度末增加了約 900 萬美元。截至 23 年 6 月 30 日末，我們擁有 1.24 億股稀釋後流通股，而 2023 年第一季度末稀釋後流通股為 1.238 億股。邊際增長是由於員工限制性股票單位的歸屬和股票期權的行使以及本季度平均股價的提高。

Now I'll turn to our non-GAAP guidance for Q3 2023 and Q4 2023 beginning on Slide 7. In Q3 '23, we expect revenues to be in the range of $150 million to $154 million, representing 19% year-over-year growth at the midpoint; contribution profit to range from $58 million to $60 million, which is 15% year-over-year growth at the midpoint; adjusted EBITDA of $9 million to $11 million, representing growth of 25% year-over-year at the midpoint. The reason adjusted EBITDA is projected to not be quite as strong as Q2 is partly because of increased hiring that began in July, reflecting our return to plan in that regard, the typical Q3 summer seasonality and the extreme weather conditions we saw during July and that we believe are likely to continue in August. Lastly, this guidance does not anticipate the continued disinflationary trend in energy prices that we saw in the second quarter.

現在，我將轉向從幻燈片7 開始的2023 年第三季度和2023 年第四季度的非GAAP 指引。23 年第三季度，我們預計收入將在1.5 億至1.54 億美元之間，同比增長19 %中點增長；貢獻利潤範圍為 5800 萬美元至 6000 萬美元，中間值同比增長 15%；調整後的 EBITDA 為 900 萬美元至 1100 萬美元，中點同比增長 25%。調整後的EBITDA 預計不會像第二季度那樣強勁，部分原因是7 月份開始增加招聘，反映出我們在這方面恢復了計劃、典型的第三季度夏季季節性以及我們在7 月份看到的極端天氣條件，我們認為八月可能會繼續。最後，該指引並未預期我們在第二季度看到的能源價格持續通縮趨勢。

In Q3, '23, we expect revenues to be in the range of $152 million to $158 million, contribution profit to range from $60 million to $65 million and adjusted EBITDA of $9 million to $13 million. Given the considerable progress we have already made in the first half of '23 and our expectations for the remainder of the year, for the full year 2023, on Slide 8, we now expect revenue in the range of $599 million to $609 million, up 1% from the midpoint of our previous guidance; contribution profit in the range of $231 million to $238 million, up 1.5% at midpoint versus our prior guidance; and adjusted EBITDA to range from $41 million to $46 million, representing a 20% increase at the midpoint versus our previous guidance.

23 年第三季度，我們預計收入將在 1.52 億美元至 1.58 億美元之間，貢獻利潤將在 6000 萬美元至 6500 萬美元之間，調整後的 EBITDA 為 900 萬美元至 1300 萬美元。鑑於我們在 23 年上半年已經取得的巨大進展以及我們對今年剩餘時間、2023 年全年的預期（幻燈片 8），我們現在預計收入在 5.99 億美元至 6.09 億美元之間，同比增長比我們之前指導的中點低1%；貢獻利潤在 2.31 億美元至 2.38 億美元之間，比我們之前的指導增長 1.5%；並將 EBITDA 調整為 4100 萬美元至 4600 萬美元，與我們之前的指導相比，中間值增長了 20%。

In summary, we reported excellent second quarter results. In the first half of '23, we have continued to build on our solid momentum from Q1 '23 with strong revenues, contribution profit and adjusted EBITDA and bookings growth, which enabled us to end the second quarter with a solid backlog. As a result, we have strong visibility and believe we have positioned ourselves well for the balance of 2023 as well as into the next year.

總之，我們報告了出色的第二季度業績。 23 年上半年，我們繼續鞏固 23 年第一季度的強勁勢頭，實現強勁的收入、貢獻利潤以及調整後的 EBITDA 和預訂增長，這使我們能夠以強勁的積壓訂單結束第二季度。因此，我們擁有強大的能見度，並相信我們已為 2023 年剩餘時間以及明年做好了充分的準備。

Thank you, everyone, for your attention today. And now I'll turn it back to Dushyant for final remarks before we open up the call for questions.

謝謝大家今天的關注。現在，在我們開始提問之前，我將把它轉回給杜希揚特，讓他做最後的評論。

Thanks, Sanjay. in closing, we're excited about the long-term prospects of the business. We believe we are well positioned to leverage our ecosystem, our payment operating system and the various applications we support to grow our business. We are dedicated to our goal of delivering expanding EBITDA margins while growing our business over the long term. Our approach of sensible profitable growth has served us well to this point, and we believe that approach will continue to serve us well in the future.

謝謝，桑傑。最後，我們對這項業務的長期前景感到興奮。我們相信，我們有能力利用我們的生態系統、支付操作系統和我們支持的各種應用程序來發展我們的業務。我們致力於實現不斷擴大 EBITDA 利潤率的目標，同時長期發展我們的業務。到目前為止，我們合理的盈利增長方法對我們很有幫助，我們相信這種方法在未來將繼續對我們有幫助。

Also as an organization, Paymentus is dedicated to incorporating environmental, social and governance or ESG practices into our operations. As such, I'm pleased to announce that we have recently posted our 2023 ESG report on our IR website under the governance section. We are proud of what we have achieved in these areas and to share this ESG report with you. Also I want to take this opportunity to thank my colleagues at Paymentus who worked tirelessly to serve our clients. Thank you.

作為一個組織，Paymentus 致力於將環境、社會和治理或 ESG 實踐納入我們的運營中。因此，我很高興地宣布，我們最近在 IR 網站的治理部分發布了 2023 年 ESG 報告。我們對我們在這些領域取得的成就感到自豪，並與您分享這份 ESG 報告。我還想藉此機會感謝 Paymentus 的同事們，他們孜孜不倦地為我們的客戶提供服務。謝謝。

That concludes our prepared remarks, and I'll now open the line for questions.

我們準備好的發言到此結束，現在我將開始提問。

(Operator Instructions) Our first question comes from Dave Koning with Baird.

（操作員說明）我們的第一個問題來自貝爾德 (Baird) 的戴夫·科寧 (Dave Koning)。

Yes, great result. And I guess my first question, network fees were down dramatically sequentially, I think $0.82 per transaction instead of $0.87 and much more like the normal range. Is that -- now that utility inflation is much lower, is that kind of -- are we back at kind of a more normalized network fee per transaction?

是的，很好的結果。我想我的第一個問題是，網絡費用連續大幅下降，我認為每筆交易 0.82 美元，而不是 0.87 美元，更接近正常範圍。現在公用事業通脹要低得多，我們是否又回到了每筆交易更加標準化的網絡費用？

Well, there is a variability quarter-over-quarter in terms of the fee and what the rate average you will get. But overall, we are pleased with the significant improvement we saw this year and the trends we are seeing, Dave. And definitely, the CPI index does help overall, but the trends could be in a very close range, I would say, over the quarters.

嗯，就費用和您將獲得的平均費率而言，每個季度都會有變化。但總的來說，我們對今年看到的顯著改進和我們看到的趨勢感到滿意，戴夫。當然，CPI 指數確實對整體有所幫助，但我想說，在幾個季度中，趨勢可能會非常接近。

David, if I may, there's also a seasonal impact, as you know. As Sanjay mentioned earlier that summer has been rather -- temperatures have been rather hot, and so we are watching that as well.

大衛，如果可以的話，正如你所知，還有季節性影響。正如桑傑早些時候提到的那樣，夏天相當——氣溫相當熱，所以我們也在關注這一點。

Got you. Okay. And then I guess my follow-up. Your incremental margins have been very good in recent quarters and were tremendous this quarter, I think 85% incremental margin year-over-year. Which of the costs -- like I know you said this quarter, costs were managed really closely. When they do start to ramp again, I mean, is it really sales and marketing that ramps and maybe SG&A, D&A and R&D, are those a little bit more stable going forward? Like they're not going to ramp as much as sales and marketing?

明白你了。好的。然後我猜我的後續行動。最近幾個季度你們的增量利潤率非常好，本季度更是巨大，我認為同比增量利潤率為 85%。正如我知道您本季度所說，其中的成本得到了非常嚴格的管理。當它們確實再次開始增長時，我的意思是，銷售和營銷真的在增長嗎？也許SG&A、D&A 和研發，這些未來是否會更加穩定？就像他們不會像銷售和營銷那樣增長？

That's right, Dave. Relatively sales and marketing will ramp up more than G&A and R&D. But this quarter, we saw some benefits. In Q2, we were actually slower in our pace of hiring than we originally anticipated, so there is some element of that in Q2. But in Q3, we are coming back to that level. But you are correct in your assessment of which part of OpEx is going to be higher than others.

沒錯，戴夫。相對而言，銷售和營銷的增幅將超過一般管理費用和研發。但本季度，我們看到了一些好處。在第二季度，我們的招聘速度實際上比我們最初預期的要慢，所以第二季度有一些因素。但在第三季度，我們將回到這個水平。但您對運營支出的哪一部分將高於其他部分的評估是正確的。

Our next question comes from Ashwin Shirvaikar with Citi.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

So congratulations from me as well. I wanted to pick up on a point that I think Sanjay mentioned, faster implementations. Could you delve a little bit more into that? What are some of the changes that you've made and how sustainable are they? I mean, were these idiosyncratic focus on specific clients to get it done? Or was it more of a process improvement that might be more sustainable, if you could comment on that?

所以我也表示祝賀。我想談談 Sanjay 提到的一點：更快的實現。你能更深入地研究一下嗎？您做出了哪些改變？這些改變的可持續性如何？我的意思是，這些特殊的關注點是針對特定客戶來完成的嗎？或者這更像是一種可能更具可持續性的流程改進，如果您能對此發表評論嗎？

Sure. I think there are 3 factors, I would say. First would be the understanding of the complex and sophisticated workflows that we implement for our clients and then therefore, incorporating them in our platform -- base core platform itself. So making changes there and putting some tooling in place. The second would be the process itself, how we are onboarding and how we are interacting with the clients. And the third is the point I made that the face-to-face interactions, especially in the large and complex sophisticated clients has made a huge difference for us, the post-pandemic conditions.

當然。我認為有3個因素。首先是了解我們為客戶實施的複雜而復雜的工作流程，然後將它們納入我們的平台——基礎核心平臺本身。因此，在那裡進行更改並放置一些工具。第二個是流程本身，我們如何入職以及我們如何與客戶互動。第三點是我提出的觀點，即面對面的互動，尤其是在大型且複雜的複雜客戶中，對我們大流行後的情況產生了巨大的影響。

Many times, you are able to go -- when we see that there is a potential of whiteboarding something to get to a conclusion very quickly so that we can continue and don't lose the momentum on the implementation process, we are right in front of our clients and whiteboard the solutions and get to the next stage. So some of that is very helpful to us.

很多時候，當我們看到有可能通過白板來快速得出結論，以便我們可以繼續並且不失去實施過程的動力時，我們就處於領先地位我們的客戶和白板解決方案並進入下一階段。所以其中一些對我們非常有幫助。

Understood. And then congratulations again on the American Express, PayPal thing getting done. Maybe if you can comment on sort of the impact of -- from a financial model perspective, as you sort of look at the impact of the partner-based approach being or becoming more important versus direct, is that beginning to make a difference? Because that obviously also has an impact on which lines are impacted. If you could sort of walk through and remind us of that, that would be great.

明白了。然後再次祝賀美國運通、貝寶的事情完成了。也許如果您可以從財務模型的角度評論某種影響，當您考慮基於合作夥伴的方法的影響相對於直接方法變得更加重要時，這是否開始產生影響？因為這顯然也會影響哪些線路受到影響。如果您能大致介紹一下並提醒我們這一點，那就太好了。

Yes. No, that's a great question, Ashwin. Actually, this is one of the key areas which we have been focused on, as we have shared in the past that the way we have gone with our strategy here is that we are building an ecosystem through our IPN partners, IPN partnership, but also our bank and other fintech partners as well as software partners.

是的。不，這是一個很好的問題，阿什溫。事實上，這是我們一直關注的關鍵領域之一，正如我們過去所分享的那樣，我們在這裡實施戰略的方式是，我們正在通過我們的IPN 合作夥伴、IPN 合作夥伴關係建立一個生態系統，而且還我們的銀行和其他金融科技合作夥伴以及軟件合作夥伴。

If you look at our partner ecosystem, it has never been broader and better than right now, and there's tremendous momentum there just because of all the capabilities we offer and the breadth of the network that exists. So that is all translating into momentum in bookings and as well as the pipeline in addition to the direct sales. So some of the sales and marketing expenses we are making, they're also towards developing the partner ecosystem or growing with our existing partners as well. So this is actually working extremely well for us.

如果你看看我們的合作夥伴生態系統，你會發現它從未像現在這樣更廣泛、更好，並且由於我們提供的所有功能和現有網絡的廣度而存在巨大的動力。因此，除了直接銷售之外，這一切都轉化為預訂和渠道的勢頭。因此，我們正在進行的一些銷售和營銷費用也用於開發合作夥伴生態系統或與我們現有的合作夥伴一起成長。所以這實際上對我們來說非常有效。

Our next question comes from John Davis with Raymond James.

我們的下一個問題來自約翰·戴維斯和雷蒙德·詹姆斯。

Sanjay called out several factors for the 2Q upside relative to your guide, but none of those seem to be kind of onetime in nature. So Dushyant or Sanjay, maybe you can help me just kind of square that with the fact that the guide implies about a 700 basis point decel contribution profit growth, about 650 basis points of lower margin in 3Q and 4Q versus 2Q, maybe just some services, anything timing related or what you can comment there?

桑傑 (Sanjay) 指出了第二季度上漲的幾個因素（相對於您的指南），但這些因素似乎都不是一次性的。所以Dushyant 或Sanjay，也許你可以幫我解決這個問題，因為該指南暗示利潤增長貢獻下降約700 個基點，第三季度和第四季度與第二季度相比利潤率降低約650 個基點，也許只是一些服務，有什麼與時間相關的事情或者您可以在那裡發表評論嗎？

Yes. Sure, John. That's a great question. I talked about 4 key factors in Q2, which we noted because of the Q2 performance is good in terms of EBITDA compared to what we guided, and I can cover all the 4. I think the first one is mainly we saw a level of disinflation of the CPI Energy Services Index. And this is the first quarter when we have seen it coming. And I think once it establishes a trend, it will get into our numbers. But as of now, we have not factored that in Q3. It's very -- it's not easy, as you would understand, to forecast what the CPI index would do. So we have taken -- consider that as happening in Q2, but not counted in Q3.

是的。當然，約翰。這是一個很好的問題。我談到了第二季度的4 個關鍵因素，我們注意到這一點是因為與我們指導的相比，第二季度的EBITDA 表現良好，我可以涵蓋所有4 個因素。我認為第一個因素主要是我們看到了一定程度的通貨緊縮CPI 能源服務指數。這是我們預見到的第一季度。我認為一旦它形成了一種趨勢，它就會進入我們的數據。但截至目前，我們尚未將其納入第三季度。正如您所知，預測 CPI 指數的走勢並不容易。因此，我們認為這發生在第二季度，但不計入第三季度。

Second, we realized -- we began to realize the benefits of our repricing conversations with customers, and that was actually originally planned to happen in Q3. So we pulled that in, in Q2. Our teams did a phenomenal job in making those negotiations and closing those deals sooner than expected. So that's an upside for Q2, but they are already planned for Q3. What that does is it basically kind of guarantees us more that more confidence that in Q3 it's going to happen because it's already done in Q2. So that's not an upside in Q3 versus Q2, but Q3 was already there.

其次，我們意識到 - 我們開始意識到與客戶重新定價對話的好處，這實際上原計劃在第三季度發生。所以我們在第二季度將其納入其中。我們的團隊在進行這些談判並比預期更早完成這些交易方面做得非常出色。所以這對第二季度來說是一個好處，但他們已經為第三季度做好了計劃。這樣做的作用基本上是讓我們更有信心在第三季度它會發生，因為它已經在第二季度完成了。因此，與第二季度相比，這並不是第三季度的優勢，但第三季度已經存在了。

And cost improvement initiatives as well, we had planned some cost initiative improvements, which is basically working with the card networks on their plans based on certain information. And we did -- the team did a great job there. So that was accomplished in Q2 as well, and that was planned in Q3. So that -- consider that happening sooner as well. Now the implementation phase, which has picked up, this is great. And this has been -- certain implementations were planned in Q3, and they started happening in Q2. So that's a pickup in Q2. And in Q3, they are already on the plan.

還有成本改進計劃，我們計劃了一些成本計劃改進，這基本上是根據某些信息與卡網絡合作制定他們的計劃。我們做到了——團隊在那裡做得很好。因此，這也在第二季度完成，並且計劃在第三季度完成。所以——考慮一下這也會更快發生。現在實施階段已經開始，這很棒。這是 - 某些實施計劃在第三季度進行，並在第二季度開始實施。所以這是第二季度的回升。在第三季度，他們已經在計劃中了。

And I would say the last piece is that the hiring expectations in Q2 came slower because we didn't hire as many people. But we are getting back on our original plan to fill those positions in Q3. So that's kind of the comparison of each of those key items, so you will see that some of them are continuing, some of them could be upside and some of them will not, because they already happened -- they were already planned in Q3.

我想說的最後一點是，第二季度的招聘預期放緩，因為我們沒有招聘那麼多人。但我們將恢復原來的計劃，在第三季度填補這些職位。這是對每個關鍵項目的比較，所以你會看到其中一些正在繼續，其中一些可能會上漲，而另一些則不會，因為它們已經發生了——它們已經在第三季度計劃好了。

Okay. Great. That's super helpful. And Dushyant, maybe as a follow-up. You have about $160 million of cash on the balance sheet, cash flow positive business, margins inflecting the right way. How should we think about capital allocation? Kind of what are your priorities? Are you guys looking for tuck-ins? Anything more transformative? Just any update on a capital allocation perspective.

好的。偉大的。這非常有幫助。杜希揚特（Dushyant）也許是後續行動。資產負債表上有大約 1.6 億美元的現金，業務現金流為正，利潤率以正確的方式變化。我們應該如何思考資本配置？您的優先事項是什麼？你們在尋找塞子嗎？還有什麼更具變革性的東西嗎？只是資本配置角度的任何更新。

Sure. I think right now, first of all, if I may make a comment on that itself that we are very proud of the fact that we are able to demonstrate the operating leverage the business has, and especially combined with the growth. So thank you for noting that cash flow positive business. We are -- there isn't a whole per se we see in our product portfolio which we are actively trying to fill. So we feel like that we are well positioned right now for the growth we are setting ourselves up for from a product and a capabilities perspective. However, we are opportunistic in the markets the way they are, we get to see a lot of books, obviously. So we'll continue to do that. Nothing specific plan right now.

當然。我認為現在，首先，如果我可以對此本身發表評論的話，我們對能夠展示業務所擁有的運營槓桿，特別是與增長相結合這一事實感到非常自豪。感謝您注意到現金流為正的業務。我們在我們的產品組合中並沒有看到我們正在積極嘗試填補的整體。因此，我們認為，從產品和能力的角度來看，我們現在已經為我們為自己設定的增長做好了充分的準備。然而，我們在市場上是機會主義的，顯然我們會看到很多書。所以我們將繼續這樣做。目前還沒有具體計劃。

Our next question comes from Tien-Tsin Huang with JPMorgan.

我們的下一個問題來自摩根大通的黃天欽。

Nice results. Just following up on John's question, just with the repricing piece. What percent of your target book of business that you're looking to reprice have you completed at this point? Or was all of it achieved in the second quarter?

不錯的結果。只是跟進約翰的問題，只是重新定價部分。您目前已完成了您希望重新定價的目標業務的百分之多少？還是第二季度就全部實現了？

Great question, Jason. I would say that most of the improvement occurred in Q2. There is still more to go, but I would say a significant piece happened in Q2. Now it's becoming part of our regular process. As the new billers are getting signed and as our contracts already entail a provision that the pricing would be changed based on CPI, so overall, going forward, the process will be better. But if the question was more in terms of catching up with the existing previous billers, I would say a big piece happened in Q2, and so that's going to reoccur every quarter, and that's baked into our guidance already.

好問題，傑森。我想說大部分改進發生在第二季度。還有更多工作要做，但我想說第二季度發生了一件重要的事情。現在它已成為我們常規流程的一部分。隨著新的開票人簽署，並且我們的合同已經包含定價將根據消費者物價指數 (CPI) 進行更改的條款，因此總體而言，未來的流程將會更好。但如果問題更多的是趕上現有的以前的賬單者，我會說第二季度發生了一件大事，因此每個季度都會再次發生，這已經納入我們的指導中。

Right. So that's what I meant. Right. So there will be a reoccurring piece, but it sounds like there will also be maybe some incremental benefits as well. I know there's some other offsets, but I just wanted to isolate the pricing part.

正確的。這就是我的意思。正確的。所以會有一個重複出現的部分，但聽起來也可能會有一些增量的好處。我知道還有其他一些抵消，但我只是想隔離定價部分。

And then just given the disinflation comments is my follow-up question. Just the spread between contribution profit and revenue. I know it's implied in your guidance here, but can we expect that generally to track tighter or narrower here if this disinflation theme continues? Just trying to understand it a little bit better.

然後，我的後續問題就是針對通貨緊縮的評論。只是貢獻利潤和收入之間的差額。我知道您的指導中暗示了這一點，但如果這種通貨緊縮主題繼續下去，我們是否可以預期這裡的走勢通常會更緊或更窄？只是想更好地理解它。

Yes. I mean, if this trend continues, you could see that -- I mean, what you said would be the expectation. But what we have seen is that the seasonality and the variability among the quarters exists. So I think if you factor that into consideration, I would say then your assessment is right, Tien-Tsin.

是的。我的意思是，如果這種趨勢持續下去，你會看到——我的意思是，你所說的將是預期。但我們看到的是，季節性和季度之間的變異性是存在的。所以我認為，如果你考慮到這一點，我會說你的評估是正確的，Tien-Tsin。

Our next question comes from Zachary Gunn with FT Partners.

我們的下一個問題來自 FT Partners 的紮卡里·岡恩 (Zachary Gunn)。

I just want to ask quickly on sales and marketing. You mentioned vesting there a bit. We've had some conversations highlighting a less competitive marketing environment helping with cost efficiencies. I was just curious what you all are seeing on that front.

我只想快速詢問有關銷售和營銷的問題。你提到了那裡的歸屬。我們進行了一些對話，強調競爭較少的營銷環境有助於提高成本效率。我只是好奇你們在這方面都看到了什麼。

And then maybe just as a follow-up. EBITDA margins were pretty strong in the quarter at 24% when there's still a lot of headwinds going on with inflation and everything. Maybe help us understand like if the long-term margin structure of the business looks any different today than at the time that you went public?

然後也許只是作為後續行動。本季度 EBITDA 利潤率相當強勁，達到 24%，而通脹等方面仍然存在很多阻力。也許可以幫助我們理解，現在企業的長期利潤結構與你們上市時相比是否有什麼不同？

Yes, I think the market conditions have changed a lot. The macro environment is very different than what it was when we went public. So we're obviously not guiding in any way, shape or form. But long term, we -- our target and objective would be to grow the top line in the 20% range and EBITDA in the 20% and 30% range growth over the dollar quantum.

是的，我認為市場狀況發生了很大變化。宏觀環境與我們上市時有很大不同。因此，我們顯然不會以任何方式、形式或形式進行指導。但從長遠來看，我們的目標是使收入增長 20%，稅息折舊及攤銷前利潤 (EBITDA) 增長 20% 至 30%。

And going back to your first question on sales and marketing, I think the efficiencies we are seeing, we got a very strong pipeline in front of us, and we are actually trying to be opportunistic and see if we can improve our hiring in sales and marketing sooner in Q3. Our goal is to convert a big piece of the pipeline into bookings going forward as majority of the growth would come from there.

回到你關於銷售和營銷的第一個問題，我認為我們所看到的效率，我們面前有一個非常強大的渠道，我們實際上正在嘗試機會主義，看看我們是否可以改善銷售和營銷方面的招聘在第三季度更快地進行營銷。我們的目標是將大部分渠道轉化為未來的預訂，因為大部分增長將來自那裡。

(Operator Instructions) Our next question comes from Jason Kupferberg with Bank of America.

（操作員說明）我們的下一個問題來自美國銀行的 Jason Kupferberg。

I know you mentioned some timing benefits on the expense side in the second quarter. I was just curious, in terms of booking because I know you talked about the bookings being robust again in Q2, was there any pull forward there? Maybe just talk about your outlook for bookings in Q3 and Q4, just how those might trend at least on a relative basis versus what you saw in the first half of the year.

我知道您提到了第二季度費用方面的一些時機優勢。我只是很好奇，在預訂方面，因為我知道你談到第二季度的預訂再次強勁，這方面有任何推動嗎？也許只是談談您對第三季度和第四季度預訂的展望，以及至少在相對基礎上與您上半年看到的情況相比，這些趨勢可能會如何。

Thank you. The momentum for demand for our product continues to remain very strong at the beginning of the year and especially dealing with the macro you're dealing with. Typically, it's our preference anyway, but this is -- this year where we were very focused that we wanted to get the first half of the year to be a very strong half so that we have the biggest opportunity we can to implement some of these clients and get the benefit of those in few quarters or especially in 2024. So that is one of the reasons for our focus. But our outlook for the rest of the year remains as strong as well.

謝謝。今年年初，對我們產品的需求勢頭仍然非常強勁，尤其是在您正在處理的宏觀方面。一般來說，無論如何，這是我們的偏好，但今年我們非常專注，我們希望上半年成為非常強勁的一半，以便我們有最大的機會來實施其中一些客戶並在幾個季度內，特別是在2024 年內受益。所以這是我們關注的原因之一。但我們對今年剩餘時間的前景仍然強勁。

Okay. And then just on transaction growth, been 22%, 23% through the first half. Same kind of question, just sustainability in the second half, what's -- I know you don't guide explicitly on this metric, but just wondering what's directionally assumed in your guidance for underlying transaction growth.

好的。然後就交易增長而言，上半年分別增長了 22%、23%。同樣的問題，只是下半年的可持續性，我知道您沒有明確指導這個指標，但只是想知道您對基礎交易增長的指導中的方向假設是什麼。

Well, the seasonality in Q3 is a piece, which if you look at the trends, Q3 is seasonally a little less than Q2 and Q4 as well. From a seasonality perspective, the interchange does get impacted, and hence, our contribution profit does. But in terms of transactions, the number of transactions, I think that, if you leave the seasonality out, because there are some billers which pay only -- where we get paid only once a year or twice a year versus many others where we get paid every quarter. So I think that piece year-over-year should improve given the seasonality would be similar. So in terms of expecting the transaction growth for Q3 and Q4, I think looking at the trends of the past year would be a reasonable trend to look at.

嗯，第三季度的季節性是一個因素，如果你看一下趨勢，第三季度的季節性也比第二季度和第四季度要少一些。從季節性角度來看，交換確實受到影響，因此我們的貢獻利潤也會受到影響。但就交易而言，交易數量，我認為，如果你忽略季節性因素，因為有些記賬者只付款——我們每年只收到一次或兩次付款，而其他許多公司則只收到付款每個季度支付。因此，我認為鑑於季節性相似，該作品應該逐年改善。因此，就預計第三季度和第四季度的交易增長而言，我認為看看過去一年的趨勢是一個合理的趨勢。

Thank you for your questions. There are no longer questions in queue, so I will pass the conference back to the management team for any closing remarks.

謝謝您的提問。隊列中不再有問題，因此我會將會議傳回管理團隊以供結束髮言。

Well, thank you, everyone, for joining. We really appreciate everyone's time. Have a great day. Thank you, all.

好的，謝謝大家的加入。我們非常感謝大家的時間。祝你有美好的一天。謝謝你們。

That will conclude today's conference call. Thank you all for your participation. You may now disconnect your line.

今天的電話會議到此結束。感謝大家的參與。您現在可以斷開線路。