Paymentus Holdings Inc (PAY) 2023 Q4 法說會逐字稿

Good day and welcome to the fourth quarter and Full Year 2023 Paymentus earnings conference call.

美好的一天，歡迎參加 Paymentus 2023 年第四季和全年財報電話會議。

This call is being recorded.

此通話正在錄音。

(Operator Instructions)

（操作員說明）

I will now turn the call over to David Hanover Investor Relations.

我現在將把電話轉給大衛漢諾威投資者關係部。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon, and welcome to Paymentus of fourth quarter and full year 2023 earnings call.

下午好，歡迎參加 Paymentus 2023 年第四季和全年財報電話會議。

Joining me today on the call to Dushyant Sharma, our Founder and CEO, and Sanjay Kalra, our CFO.

今天和我一起與我們的創辦人兼執行長 Dushyant Sharma 和我們的財務長 Sanjay Kalra 進行通話。

Following our prepared remarks, we'll take questions.

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.

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路直播。

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.

本次電話會議的網路直播重播以及本簡報隨附的補充投影片將在我們公司網站的投資者關係連結 ir. paymentus.com 上提供。

Statements made on this webcast include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

本網路廣播中的陳述包含 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 by market opportunities, the strategy, implementation timing, product enhancements, impact from acquisitions, and other matters.

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的未來預期或意圖、市場機會、戰略、以及我們解決持續經濟不確定性的影響和能力。實施時間、產品增強、收購的影響以及其他事項。

These forward-looking statements speak as of today, and we undertake no obligation to update them.

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, and our subsequent quarterly reports on Form 10-Q and our Form 10-K for the year ended December 31, 2023, which we expect to file with the SEC shortly and elsewhere in our other filings with the SEC.

這些陳述受到風險、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有重大差異，包括在我們的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 表格報告，以及截至2023 年12 月31 日止年度的10-Q 表格和10-K 表格後續季度報告，我們預計很快就會向SEC 提交我們向 SEC 提交的其他文件中的其他地方。

We encourage you to review these detailed forward-looking statements, safe harbor and risk factor disclosures.

我們鼓勵您查看這些詳細的前瞻性聲明、安全港和風險因素揭露。

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, adjusted EBITDA margin and non-GAAP net income and earnings per share.

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 營運費用、調整後EBITDA、調整後EBITDA 利潤率以及非GAAP 淨利潤和每股收益。

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.

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績效和流動性，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。

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 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.

說到這裡，我想將電話轉給我們的創辦人兼執行長 Dushyant Sharma。

Dushyant?

杜希揚特？

Thank you, David.

謝謝你，大衛。

We had a great quarter and a great year, and we are looking forward to carrying our momentum into 2024.

我們度過了美好的季度和美好的一年，我們期待將我們的勢頭延續到 2024 年。

Even more exciting to me is my view that our 2023 financial performance reflects only a subset of the opportunities arising out of the innovation framework we have built over the years.

更令我興奮的是，我認為我們 2023 年的財務表現僅反映了我們多年來建立的創新框架所帶來的機會的一部分。

Therefore, we are excited about our long-term future and believe we are just getting started.

因此，我們對我們的長期未來感到興奮，並相信我們才剛剛開始。

Now cover over fourth quarter and full year 2023 highlights.

現在涵蓋 2023 年第四季和全年亮點。

In the fourth quarter of 2023, Paymentus again delivered results that were well ahead of our initial expectations.

2023 年第四季度，Paymentus 再次交付了遠遠超出我們最初預期的業績。

Fourth quarter revenue was $164.8 million, up 24.7% year-over-year.

第四季營收為 1.648 億美元，年增 24.7%。

Adjusted EBITDA, which as many of you know, is a significant financial metric for us was $19.9 million for the quarter, up 95.4% year-over-year.

眾所周知，調整後 EBITDA 對我們來說是一個重要的財務指標，本季調整後 EBITDA 為 1,990 萬美元，年成長 95.4%。

Fourth quarter contribution profit was $66.3 million, up 22.7% year-over-year.

第四季貢獻利潤為 6,630 萬美元，年增 22.7%。

In addition to these results, we also exited 2023 with a strong bookings and a strong backlog that we believe puts us in a position to achieve the top end of our guidance without signing any new clients, but of course, timely completing our expected 2024 implementations.

除了這些結果之外，我們還以強勁的預訂量和大量的積壓結束了2023 年，我們相信這使我們能夠在不簽署任何新客戶的情況下實現我們指導的最高目標，但當然，及時完成我們預期的2024 年實施。

As you may recall, we shared the same sentiment last year around this time.

您可能還記得，去年這個時候我們也有同樣的看法。

For the full year 2023, revenue increased 23.6% over the last year to $614.5 million, beating our long-term target of 20% top-line growth.

2023 年全年，營收比去年成長 23.6%，達到 6.145 億美元，超過了我們 20% 營收成長的長期目標。

Adjusted EBITDA increased 103.1% to $58.1 million, far ahead of our long-term target of 20% to 30% and contribution profit was $240.9 million, growing 19.7%.

調整後 EBITDA 成長 103.1% 至 5,810 萬美元，遠遠超出我們 20% 至 30% 的長期目標，貢獻利潤為 2.409 億美元，成長 19.7%。

In Q4, we had a $12.2 million in contribution profit over the same period last year, while dropping $9.7 million of debt to adjusted EBITDA.

第四季度，我們比去年同期貢獻了 1,220 萬美元的利潤，同時調整後的 EBITDA 債務減少了 970 萬美元。

So for the past few quarters, we have continued to demonstrate an ability to drop the majority of the incremental contribution profit dollars to the bottom line.

因此，在過去的幾個季度中，我們繼續展示了將大部分增量貢獻利潤降至底線的能力。

We believe this highlights one of the key strengths of our operating strategy, our proven ability to expand our operating leverage without sacrificing growth or innovation.

我們相信，這凸顯了我們營運策略的關鍵優勢之一，即我們在不犧牲成長或創新的情況下擴大營運槓桿的能力。

As we have shared before at Paymentus, our goal remains to continue delivering high quality earnings alongside solid top line growth.

正如我們之前在 Paymentus 上分享的那樣，我們的目標仍然是繼續提供高品質的收益和穩健的營收成長。

We are proud of what we have achieved to date, and we expect to continue delivering long-term growth in both of these areas in the years to come.

我們對迄今為止所取得的成就感到自豪，並期望在未來幾年繼續在這兩個領域實現長期成長。

Now I'll review some of our key fourth quarter business highlights and accomplishments.

現在，我將回顧我們第四季的一些關鍵業務亮點和成就。

As I mentioned earlier, we finished 2023 with a strong backlog and are very pleased with our year-over-year growth.

正如我之前提到的，我們在 2023 年結束時積壓了大量訂單，並對我們的同比增長感到非常滿意。

Of course, all of this continues to be driven by the strength of our technology platform and our IP and ecosystem, which enables our clients to participate in a broad and diverse network by merely integrating onto our platform.

當然，這一切仍然是由我們的技術平台以及我們的智慧財產權和生態系統的實力所推動的，這使我們的客戶只需整合到我們的平台上即可參與廣泛而多樣化的網路。

Turning specifically to new client activity.

具體轉向新客戶活動。

During the fourth quarter, we signed several notable and large clients.

第四季度，我們簽了幾位著名的大客戶。

We signed multiple large insurance companies, large utilities, and large government agencies.

我們與多家大型保險公司、大型公用事業公司和大型政府機構簽約。

We also signed a large property management company in the real estate sector and a large business in the retail sector.

我們也簽約了一家房地產領域的大型物業管理公司和零售領域的大型業務。

In addition, we signed several clients across various other verticals.

此外，我們也簽署了多個其他垂直領域的客戶。

We believe this broad mix of customer signings demonstrates the diversity of the businesses and verticals our platform could support.

我們相信，如此廣泛的客戶簽約組合表明了我們平台可以支援的業務和垂直行業的多樣性。

And as and as always, one of our key focus areas continues to be onboarding, our strong backlog in order to drive further growth.

一如既往，我們的重點關注領域之一仍然是入職，我們強大的積壓工作以推動進一步成長。

We are making incremental targeted investments in this area and believe these investments as well as the continually improving post pandemic conditions that allows for a more in-person collaborative process continues to be a tailwind for us in this regard.

我們正在這一領域進行增量有針對性的投資，並相信這些投資以及大流行後條件的不斷改善，允許更多的面對面協作過程，在這方面仍然是我們的推動力。

As part of this effort, we have continued to ramp up hirings.

作為這項努力的一部分，我們繼續增加招募。

We have made significant progress onboarding new clients since the start of 2023, including the launch of several large clients during the fourth quarter across various verticals, including multiple utilities, insurance companies, commercial entities, property management companies, government agencies, and financial institutions.

自2023 年初以來，我們在吸引新客戶方面取得了重大進展，包括在第四季度在各個垂直領域推出了多個大型客戶，包括多家公用事業公司、保險公司、商業實體、物業管理公司、政府機構和金融機構。

Of course, we expect to make further progress throughout 2024, consistent with our growth plans and internal targets.

當然，我們預計 2024 年將取得進一步進展，符合我們的成長計畫和內部目標。

As we reflect on our platform and the ecosystem, we believe we are increasingly becoming a central hub to the entire bill payment ecosystem.

當我們反思我們的平台和生態系統時，我們相信我們正日益成為整個帳單支付生態系統的中心樞紐。

When I step back and reflect on our product capabilities and who we currently serve with product offerings.

當我退後一步反思我們的產品能力以及我們目前為誰提供產品時。

It drives a strong personal belief that we are setting a foundation become a large global fintech provider.

它激發了我們強烈的個人信念，即我們正在為成為大型全球金融科技供應商奠定基礎。

First, we serve businesses of various sizes and industry verticals engaging with the consumer and business customers and getting their bills paid through our platform.

首先，我們為各種規模和垂直行業的企業提供服務，與消費者和企業客戶互動，並透過我們的平台支付他們的帳單。

Second, we have banks and credit unions of various sizes, sending payments from their customers to the billers using our platform and our ever-expanding IP and ecosystem.

其次，我們擁有各種規模的銀行和信用合作社，使用我們的平台以及不斷擴展的知識產權和生態系統將客戶的付款發送給開單人。

Third, we have millions of consumers and small businesses interacting on our platform and the ecosystem.

第三，我們有數百萬消費者和小型企業在我們的平台和生態系統上互動。

And finally, we have clients who are disbursing and paying on millions of dollars using our payout and disbursement platforms.

最後，我們的客戶使用我們的支付和支付平台支付數百萬美元。

These billers businesses, banks, credit unions, and SMBs, all engage our direct product offerings that uniquely address their specific business and payment workflows.

這些帳單企業、銀行、信用合作社和中小型企業都使用我們的直接產品，以獨特地解決他們的特定業務和支付工作流程。

So if you're an investor like me in this business, I hope you're as excited as I am about where the business is headed.

因此，如果您像我一樣是這個行業的投資者，我希望您和我一樣對這個行業的發展方向感到興奮。

With ever expanding TAM along with our growth and profitability.

隨著我們的成長和獲利能力的不斷擴大，TAM 也不斷擴大。

In other words, I believe this is a long-term sustainable growth business with innovative platform and the company DNA.

換句話說，我相信這是一項具有創新平台和公司DNA的長期永續成長業務。

In closing, we are proud to report another period of results that were ahead of our original expectations, both for the fourth quarter and the full year 2023.

最後，我們很自豪地報告第四季和 2023 年全年的業績，超出了我們最初的預期。

At the same time, we continued to prove our ability to increase operating leverage without sacrificing revenue growth.

同時，我們繼續證明我們有能力在不犧牲收入成長的情況下提高營運槓桿。

We ended the year with a strong backlog and solid sales momentum going into 2024 and of course, we intend to remain focused and disciplined in onboarding our strong backlog, which we expect to fuel our future growth.

我們在 2024 年以強勁的積壓訂單和強勁的銷售勢頭結束了這一年，當然，我們打算繼續專注和嚴格地處理我們強大的積壓訂單，我們預計這將推動我們未來的成長。

Now let me turn it over to Sanjay to review our financial results in greater detail.

現在讓我將其交給 Sanjay，以更詳細地審查我們的財務表現。

Sanjay?

桑傑？

Thank you, Dushyant, and thank you all for joining us today.

謝謝杜希揚特，也謝謝大家今天加入我們。

Before I discuss our quarterly and full-year results and our 2024 outlook, I'd like to remind everyone that the financial results I'll be referring to include non-GAAP financial measures.

在討論我們的季度和全年業績以及 2024 年展望之前，我想提醒大家，我將指的財務業績包括非 GAAP 財務指標。

As David mentioned earlier, our Q4 press release and earnings presentation includes reconciliations of the non-GAAP financial measures discussed on this call to their corresponding GAAP measures.

正如大衛之前提到的，我們第四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。

Both of these are available on our website.

這兩個都可以在我們的網站上找到。

Turning to Slide 5.

轉到投影片 5。

For the fourth quarter of 2023, we delivered another quarter of very strong financial results.

2023 年第四季度，我們又取得了非常強勁的財務表現。

We believe these results continue to demonstrate their resiliency, stability, and strength of our business.

我們相信這些結果繼續證明了我們業務的彈性、穩定性和實力。

Our fourth quarter results included revenue of $164.8 million, contribution profit of $66.3 million, and adjusted EBITDA of $19.9 million.

我們第四季的業績包括 1.648 億美元的營收、6,630 萬美元的貢獻利潤和 1,990 萬美元的調整後 EBITDA。

Our results came in higher than we originally expected and I'll discuss the drivers of our outperformance in more detail shortly.

我們的結果高於我們最初的預期，我很快就會更詳細地討論我們表現出色的驅動因素。

We also continued to experience solid business momentum in the fourth quarter.

第四季我們也持續保持強勁的業務動能。

This enabled us to once again exit the quarter with a strong backlog while further increasing our cash position.

這使我們能夠再次以大量積壓結束本季度，同時進一步增加我們的現金部位。

Now let's review the fourth-quarter financials in more detail.

現在讓我們更詳細地回顧一下第四季的財務數據。

Q4 2023 revenue was $164.8 million, up 24.7% year over year.

2023 年第四季營收為 1.648 億美元，年增 24.7%。

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 IP and business.

這一成長主要是由於現有記帳機構的交易量增加、新記帳機構的推出以及我們的即時支付網路或 IP 和業務活動的增加。

The number of transactions we processed grew to $124.8 million in the fourth quarter, up 28.4% year over year.

第四季我們處理的交易數量增至 1.248 億美元，年增 28.4%。

Our transaction growth exceeded revenue growth during the quarter, primarily due to biller mix.

本季我們的交易成長超過了收入成長，這主要是由於帳單組合。

Fourth quarter 2023 contribution profit increased to $66.3 million, up 22.7% year over year.

2023 年第四季貢獻利潤增至 6,630 萬美元，年增 22.7%。

This year over year increase in contribution profit reflects higher transactions from existing billers and the launch of new billers.

貢獻利潤的同比增長反映了現有記帳機構的交易量增加以及新記帳機構的推出。

Contribution margin was 40.3% for the fourth quarter essentially flat compared to 40.9% in the prior year period, despite adding a number of large size billers to the mix throughout the past year.

儘管去年增加了一些大型帳單商，但第四季的貢獻利潤率為 40.3%，與去年同期的 40.9% 基本持平。

Our division profit in the fourth quarter surpassed our expectations and was actually our best quarter in 2023 in terms of year-over-year growth.

我們第四季的部門利潤超出了我們的預期，實際上是我們 2023 年同比成長最好的季度。

This outperformance was primarily driven by three key factors.

這種優異的表現主要是由三個關鍵因素所推動的。

First, we saw higher transaction growth than we had expected initially during the quarter.

首先，我們看到本季的交易成長高於我們最初的預期。

The growth was driven by increased transactions from newer billers that were launched earlier in the year.

這一增長是由今年早些時候推出的新開票機構的交易量增加所推動的。

With the incremental transactions driven by seasonality and adoption success.

隨著季節性和採用成功推動的增量交易。

Second, we saw growth from billers who are seasonally strong in the fourth quarter.

其次，我們看到第四季季節性強勁的帳單商的成長。

And third, we realized the benefit of improved pricing from some billers upon renewal of the contract contribution.

第三，我們認識到在續約合約貢獻後，一些計費者可以提高定價的好處。

Profit per transaction for the quarter was $0.53, which was modestly down from $0.56 in the prior year period primarily due to biller mix.

本季每筆交易利潤為 0.53 美元，較去年同期的 0.56 美元略有下降，主要是由於開單者組合所致。

As you stated in the past, variables outside of our control, such as an increase in the average payment amount, changes in the payment mix, biller mix, CPI, and card network fees, et cetera, can significantly influence and diminish the utility of contribution profit on a quarterly and per transaction basis.

正如您過去所說，我們無法控制的變量，例如平均支付金額的增加、支付組合的變化、賬單組合、CPI 和卡網絡費用等，可能會顯著影響和削弱支付的效用。按季度和每筆交易貢獻利潤。

Fourth quarter 2023 adjusted gross profit was $54.2 million, up 21.5% year over year.

2023 年第四季調整後毛利為 5,420 萬美元，年增 21.5%。

Year over year adjusted gross profit growth marginally trailed contribution profit growth, primarily due to increased employee costs we recorded during the quarter related to customer support that are non-recurring.

年比調整後毛利成長略微落後於貢獻利潤成長，這主要是由於我們在本季記錄的與非經常性客戶支援相關的員工成本增加。

Fourth quarter 2023 non-GAAP operating expenses increased to $36.7 million, marginally up 1.1% year over year.

2023 年第四季非 GAAP 營運費用增至 3,670 萬美元，較去年同期小幅成長 1.1%。

The increase was primarily due to increase sales in marketing expenses and research and development expenses, net of savings we realized in general and administrative costs.

這一增長主要是由於行銷費用和研發費用的銷售增加，扣除我們在一般和管理成本方面實現的節省。

We expect to increase sales and marketing expenses as we continue to focus resources on the execution of our go-to-market strategy, an increase in investments related to converting our strong pipeline to bookings and onboarding our strong backlog.

我們預計將增加銷售和行銷費用，因為我們將繼續將資源集中在執行我們的進入市場策略上，增加與將我們強大的管道轉化為預訂和處理我們強大的積壓訂單相關的投資。

Additionally, we started to see increased hiring in the fourth quarter, including some hirings that we had originally planned for the third quarter of 2023.

此外，我們開始看到第四季度的招聘增加，包括我們最初計劃在 2023 年第三季進行的一些招聘。

Fourth Quarter 2023 non-GAAP net income was $13.9 million, or $0.11 per share, compared to non-GAAP net income of $5.1 million or $0.04 per share in the prior year period.

2023 年第四季非 GAAP 淨利為 1,390 萬美元，即每股 0.11 美元，而去年同期非 GAAP 淨利潤為 510 萬美元，即每股 0.04 美元。

Fourth quarter 2023 adjusted EBITDA was $19.9 million, a record 30% of contribution profit, up 95.4% compared to $10.2 million or 18.9% of contribution profit in the prior year.

2023 年第四季調整後 EBITDA 為 1,990 萬美元，佔貢獻利潤的 30%，創歷史新高，較前一年的 1,020 萬美元或占貢獻利潤的 18.9% 增長 95.4%。

This very strong quarterly performance compared to the guidance we previously provided was primarily driven by two key factors.

與我們之前提供的指導相比，這一非常強勁的季度業績主要是由兩個關鍵因素驅動的。

First, we benefited from increased contribution profit due to transactions growth and the reasons highlighted earlier.

首先，我們受益於交易成長以及前面強調的原因所帶來的貢獻利潤的增加。

And second, hirings were less than we had expected in the quarter.

其次，本季的招募人數低於我們的預期。

Resulting in lower operating expenses.

從而降低營運費用。

Even taking into account these unexpected variables, which benefited us, we believe our strong adjusted EBITDA margin demonstrates the inherent operating leverage we have in the business and our ability to adapt to changing market conditions as they continue to grow.

即使考慮到這些使我們受益的意外變量，我們相信我們強勁的調整後 EBITDA 利潤率證明了我們在業務中擁有的固有營運槓桿以及我們在市場條件持續成長時適應不斷變化的市場條件的能力。

Related to this, we also exceeded the Rule of 40 for the fourth quarter coming in at approximately 53.

與此相關的是，我們第四季的得分也超出了 40 分規則，約為 53 分。

This is a measure we take very seriously and our team here to monitor it very closely.

這是我們非常認真對待的一項措施，我們的團隊會非常密切地監控它。

This is our third consecutive quarter exceeding the Rule of 40.

這是我們連續第三個季度超過 40 規則。

Turning to Slide 6.

轉到投影片 6。

I'll just summarize our full year 2023 financial results, which also came in higher than we originally expected.

我將總結我們 2023 年全年的財務業績，該業績也高於我們最初的預期。

Revenue for the full year increased 23.6% to $614.5 million, driven by 24.9% increase in transactions from new billers as well as transactions growth from existing billers.

全年營收成長 23.6%，達到 6.145 億美元，主要得益於新記帳機構的交易量成長 24.9%，以及現有記帳機構的交易量成長。

Contribution profit increased 19.7% to $240.9 million, primarily due to increased transactions and repricing initiatives.

貢獻利潤成長 19.7% 至 2.409 億美元，主要是由於交易量增加和重新定價措施。

Lastly, adjusted gross profit increased 23.1% to $199.2 million.

最後，調整後毛利成長 23.1%，達到 1.992 億美元。

Non-GAAP operating expenses increased to $150 million, up 6.8% year over year, primarily due to higher sales and marketing expenses as we continue to focus resources on the execution of our go-to-market strategy.

非 GAAP 營運費用增加至 1.5 億美元，年增 6.8%，主要是因為我們繼續將資源集中在執行上市策略上，導致銷售和行銷費用增加。

Non-GAAP net income was $40.1 million or $0.32 per share compared to non-GAAP net income of $14.8 million or $0.12 per share in the prior year period.

非 GAAP 淨利潤為 4,010 萬美元，即每股 0.32 美元，而去年同期非 GAAP 淨利潤為 1,480 萬美元，即每股 0.12 美元。

Adjusted EBITDA increased 103.1% to $58.1 million, primarily due to increased adjusted gross profit, net of increased non-GAAP operating expenses.

調整後 EBITDA 成長 103.1%，達到 5,810 萬美元，主要是因為調整後毛利增加（扣除非 GAAP 營運費用增加）。

We exceeded the Rule of 40 for the full year, ending at approximately 44.

我們全年超過了 40 的規則，最終約為 44。

We are proud to report that $29.5 million of $39.7 million contribution profit increase, representing 74% incremental contribution profit in the fiscal year '23 flowed through to adjusted EBITDA.

我們很自豪地報告，貢獻利潤增長 3970 萬美元中的 2950 萬美元（佔 23 財年增量貢獻利潤的 74%）流入了調整後的 EBITDA。

Now I'll discuss our balance sheet and liquidity position on slide 7.

現在我將在投影片 7 上討論我們的資產負債表和流動性狀況。

We ended Q4 with cash and cash equivalents of $183.2 million compared to $166.9 million at the end of Q3 '23.

截至第四季末，我們的現金和現金等價物為 1.832 億美元，而 2023 年第三季末為 1.669 億美元。

The $16.3 million increase was primarily comprised of $24.4 million of cash generated from operations, offset by $8.4 million used in investing activities, primarily internal use, capitalized software used to drive growth and innovation.

1,630 萬美元的成長主要包括營運產生的 2,440 萬美元現金，被用於投資活動（主要是內部使用、用於推動成長和創新的資本化軟體）的 840 萬美元所抵消。

The company does not currently have any debt.

該公司目前沒有任何債務。

Our free cash flow generated during the quarter was $16 million.

本季產生的自由現金流為 1,600 萬美元。

Our days sales outstanding at the end of Q4 was 43 days compared to 45 days at Q3 '23 within our expected range.

我們第四季末的銷售天數為 43 天，而 23 年第三季為 45 天，在我們的預期範圍內。

Working capital at the end of the fourth quarter was approximately $208 million, an increase of approximately 6% from the end of Q3' 23.

第四季末的營運資金約為 2.08 億美元，較 23 年第三季末成長約 6%。

We had 126.5 million diluted shares outstanding as of December 31, 2023, compared to 125.6 million diluted shares outstanding at the end of Q3 2023.

截至 2023 年 12 月 31 日，我們擁有 1.265 億股稀釋後已發行股票，而 2023 年第三季末稀釋後已發行股票為 1.256 億股。

The increase was largely due to improved average stock price during the quarter and to some extent due to the vesting of employee restricted stock units and exercise of stock options.

這一增長主要是由於本季平均股價的改善，在一定程度上是由於員工限制性股票單位的歸屬和股票選擇權的行使。

Now I'll turn to our Q1 '24 and full year 2024 guidance for revenue, non-GAAP contribution profit, and adjusted EBITDA on slide 8.

現在，我將轉向幻燈片 8 上的 24 年第一季和 2024 年全年收入、非 GAAP 貢獻利潤和調整後 EBITDA 的指導。

Taking into account our progress to date for Q1 '24, our guidance is revenue in the range of $170 million to $176 million, contribution profit in the range of $64 million to $66 million, and adjusted EBITDA in the range of $15 million to $17 million.

考慮到我們迄今為止在24 年第一季取得的進展，我們的指引是營收在1.7 億美元至1.76 億美元之間，貢獻利潤在6,400 萬美元至6,600 萬美元範圍內，調整後EBITDA 在1,500 萬美元至1700 萬美元範圍內。

Before discussing full year guidance, I want to mention that we are continuing to follow the same prudent approach to guidance that we follow during 2023.

在討論全年指導之前，我想提一下，我們將繼續遵循 2023 年遵循的審慎指導方針。

As uncertainty around the macroeconomic environment still exist.

由於宏觀經濟環境的不確定性仍然存在。

For the full year 2024, we currently expect revenue in the range of $720 million to $744 million reflecting growth of 19.1% at midpoint and 21.1% at high end.

對於 2024 年全年，我們目前預計營收在 7.2 億美元至 7.44 億美元之間，中位數成長 19.1%，高端成長 21.1%。

Contribution profit in the range of $274 million to $288 million, up 16.6% at midpoint and 19.5% at the high end.

貢獻利潤在 2.74 億美元至 2.88 億美元之間，中位數成長 16.6%，高端成長 19.5%。

Our growth range for contribution profit is wider than revenue primarily because as we have said before, contribution profit is subject to a number of external factors that are beyond our control.

我們貢獻利潤的成長範圍比收入更廣泛，主要是因為正如我們之前所說，貢獻利潤受到許多我們無法控制的外部因素的影響。

Accordingly, we are taking a cautious approach on this metric.

因此，我們對此指標採取謹慎的態度。

And finally, adjusted EBITDA in the range of $65 million to $75 million for the year, representing 20.5% increase at the midpoint and 29.1% at the high end.

最後，今年調整後的 EBITDA 在 6,500 萬美元至 7,500 萬美元之間，中位數成長 20.5%，高階成長 29.1%。

Please note this adjusted EBITDA guidance reflects the annual merit awards for our employees and our expectation that the increased hiring phase we saw in the fourth quarter will continue to pick up in 2024.

請注意，調整後的 EBITDA 指引反映了我們對員工的年度績效獎勵，以及我們對第四季度招募規模增加的預期將在 2024 年繼續增加的預期。

It also takes into consideration the slower operating expense growth we saw in 2023, which was largely a reflection of the accelerated operating expense growth we had seen in the prior two fiscal years, primarily as a part of going public.

它還考慮到我們在 2023 年看到的營運費用成長放緩，這在很大程度上反映了我們在前兩個財年看到的營運費用成長加速，主要是作為上市的一部分。

Now that this period is passed, we expect to deliver a more normalized operating expense growth rate in 2024.

現在這個時期已經過去，我們預計 2024 年營運費用成長率將更加正常。

During our last earnings call, we provided long-term growth targets for both revenue and adjusted EBITDA for our two primary financial metrics.

在上次財報電話會議上，我們為兩個主要財務指標提供了收入和調整後 EBITDA 的長期成長目標。

We stated our goal to grow revenue at approximately 20% annually and to grow adjusted EBITDA dollars between 20% to 30% annually.

我們表示，我們的目標是營收每年增長約 20%，調整後的 EBITDA 美元每年增長 20% 至 30%。

The guidance that we have provided today for the full year 2024 reflects these long-term targets.

我們今天提供的 2024 年全年指引反映了這些長期目標。

Regarding contribution profit and operating expenses, which we consider secondary financial metrics.

關於貢獻利潤和營運費用，我們將其視為次要財務指標。

We plan to actively manage our operating expenses, dialing them up or down as necessary, depending on how contribution profit is trending throughout the year to enable us to remain a Rule of 40 company on an annual basis.

我們計劃積極管理我們的營運費用，根據全年貢獻利潤的趨勢，根據需要調高或調低它們，以使我們能夠每年保持 40 規則公司的地位。

We manage this quite well in 2023, and we believe we can do so again in 2024, given our strong operating leverage.

我們在 2023 年對此進行了很好的管理，並且鑑於我們強大的營運槓桿，我們相信我們可以在 2024 年再次做到這一點。

In summary, we reported exceptional fourth quarter and full year 2023 earnings results.

總而言之，我們報告了出色的第四季度和 2023 年全年盈利結果。

Throughout 2023, we consistently demonstrated our ability to generate strong revenue contribution, profit, adjusted EBITDA, cash and bookings growth.

在整個 2023 年，我們始終如一地證明了我們有能力實現強勁的收入貢獻、利潤、調整後 EBITDA、現金和預訂成長。

This enabled us to end the year with a substantial backlog.

這使我們在年底時積壓了大量訂單。

Based on the solid footing and strong visibility, we continue to believe we are well positioned for 2024.

基於堅實的基礎和強大的可見性，我們仍然相信我們在 2024 年處於有利地位。

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，現在我將在我們開始提問之前將其轉回杜希揚特進行最後發言。

Thanks, Sanjay.

謝謝，桑傑。

I'm proud that our team came together and significantly beat our original expectations for 2023, which we had set out around the same time last year.

我感到自豪的是，我們的團隊齊心協力，大大超出了我們對 2023 年的最初預期，這一預期是我們去年大約同一時間設定的。

I believe this performance illustrates the resilience of our business.

我相信這項業績反映了我們業務的彈性。

Despite the difficult macro environment, we dealt with.

儘管宏觀環境困難，我們還是應付了。

Sanjay just covered our guidance for the full year and the first quarter 2024.

Sanjay 剛剛介紹了我們對 2024 年全年和第一季的指導。

As I shared earlier, we feel good about the guidance based on the strength of our backlog.

正如我之前分享的那樣，我們對基於積壓工作強度的指導感到滿意。

On that note, I also want to thank all of my team members for their continued efforts and dedication.

在這一點上，我還要感謝所有團隊成員的持續努力和奉獻。

That concludes our prepared remarks.

我們準備好的演講到此結束。

I'll now open the line up for questions.

我現在開始提問。

(Operator Instructions) John Davis, Raymond James.

（操作員說明）約翰·戴維斯、雷蒙德·詹姆斯。

Good afternoon, guys.

下午好，夥計們。

This is Madison on for J.D. I appreciate you taking the question.

我是 J.D. 的麥迪遜，感謝您提出這個問題。

I wanted to start on the revenue guide, obviously calls for roughly 19% growth here doesn't include any new client wins and understand the conservatism.

我想從收入指南開始，顯然這裡要求大約 19% 的成長，不包括任何新客戶的贏得，並理解保守主義。

But can you help us understand how much new clients have contributed to growth in the past.

但您能否幫助我們了解新客戶在過去對成長做出了多少貢獻？

I'm just trying to get a sense for the potential upside at new client growth.

我只是想了解新客戶成長的潛在優勢。

Does that kind of plan given the strong backlog and sales trends you're seeing.

考慮到您所看到的強勁的積壓和銷售趨勢，是否會制定這種計劃？

Madison, I appreciate the question.

麥迪遜，我很欣賞這個問題。

The growth of the new clients and the growth of the existing clients.

新客戶的成長和現有客戶的成長。

These are the two contributors for our growth generally year over year.

這是我們逐年成長的兩個貢獻者。

And I would say we generally do not disclose the breakup of the two.

我想說的是，我們通常不會透露兩人分手的消息。

I would say that the growth this year we are seeing the 19.1% at midpoint.

我想說的是，今年的成長率為 19.1%。

That's comprised of both these factors that I mentioned.

這是由我提到的這兩個因素組成的。

And I would say they are in a very similar ratio what you saw last year.

我想說，它們的比例與你去年看到的非常相似。

They are in a pretty close range of those numbers last year as well.

它們也與去年的數字非常接近。

The trends are continuing as we expected and I think as we are guiding the high end at 21.1%.

正如我們預期的那樣，這一趨勢正在持續，我認為我們的目標是 21.1% 的高端。

And as Dushyant just mentioned, if all our client implementations happen on time as planned, I think that we that should get us to high end.

正如 Dushyant 剛才提到的，如果我們所有的客戶端實施都按計劃按時進行，我認為我們應該能夠達到高端。

But I would say no new customers are planned in this year, which we will have to win this year and implement this year.

但我想說，今年沒有計劃新客戶，我們必須在今年贏得並在今年實施。

All of our revenue is expectation is based on the client billings we had till the end of 2023.

我們所有的收入預期均基於截至 2023 年底的客戶帳單。

Got you.

明白你了。

Yes, that's helpful.

是的，這很有幫助。

It's probably worth noting that obviously, you outperformed that initial revenue guide from last year by mid-single digit percentage wise.

可能值得注意的是，顯然，您的表現比去年的初始收入指南高出中個位數百分比。

And then just as my follow-up here on capital allocation, obviously you talked about the pristine balance sheet, strong cash position, no debt generating nice free cash flow now.

然後，正如我在資本配置方面的後續行動一樣，顯然您談到了原始的資產負債表、強勁的現金狀況、無債務現在產生了良好的自由現金流。

Can you just talk about your capital allocation philosophy?

能談談您的資本配置概念嗎？

And then just any color you could possibly give on how you guys are thinking about cash flow in '24 would be helpful.

然後，你們對 24 年現金流的看法的任何顏色都會有所幫助。

Thank you.

謝謝。

Sure, Madison.

當然，麥迪遜。

We are very glad to be in a great position in the current economy to have a very good balance sheet, $183 million on the balance sheet gives us a lot of comfort and opens a lot of avenues for us to think about.

我們很高興在當前的經濟中處於有利地位，擁有非常好的資產負債表，資產負債表上的 1.83 億美元給了我們很大的安慰，並為我們提供了許多思考的途徑。

But our priorities for capital allocation or cash spending remain unchanged since what we have discussed in the past.

但自我們過去討論以來，我們的資本配置或現金支出優先事項保持不變。

We want to grow organically and the biggest opportunity for us to spend cash to prove the best result for us is to invest in hiring the sales and marketing team, so we can build a better pipeline for growth for outer years.

我們希望實現有機成長，對我們來說，花錢證明最佳結果的最大機會是投資僱用銷售和行銷團隊，這樣我們就可以為未來幾年的成長建立更好的管道。

In fact, I would rather highlight the current year expectations for growth of revenue do not need any additional sales team or additional sales bookings.

事實上，我寧願強調今年收入成長的預期不需要任何額外的銷售團隊或額外的銷售預訂。

But we plan to invest in our sales team, which is which we think is the right measure for us to spend money.

但我們計劃對我們的銷售團隊進行投資，我們認為這是我們花錢的正確舉措。

Other than this, we currently do not have any other plans to spend cash.

除此之外，我們目前沒有其他花費現金的計畫。

And I think we are heading -- headed in the right direction starting from Q4 itself.

我認為我們從第四季度開始就朝著正確的方向前進。

We saw that trend happening and we are excited to make that happen more in this year and there's a great pipeline.

我們看到了這種趨勢的發生，我們很高興今年能更多地實現這種趨勢，並且有一個很棒的管道。

Got it.

知道了。

Thank you.

謝謝。

I appreciate all the color.

我欣賞所有的顏色。

Thank you.

謝謝。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Yeah, hey, guys.

是的，嘿，夥計們。

Thanks so much on a nice job.

非常感謝你的出色工作。

I guess my first question in you gave at the end of '22, you gave, I think, a little over 1,900 clients.

我想我的第一個問題是在 22 年底提出的，我認為您提供了 1,900 多個客戶。

So last year we could kind of back into like 10% client growth and mid-teens revenue per client growth.

因此，去年我們的客戶成長可能會回到 10% 左右，每位客戶的收入成長可能會達到 10% 左右。

Did you give that number at the end of 2023?

你在 2023 年底給了這個數字嗎？

I don't think I saw it in the presentation, but maybe if you could just give us a little bit of how much clients grew and then how much revenue per client grew.

我想我在演示中沒有看到這一點，但也許您能給我們一些客戶增長量以及每個客戶的收入增長量的信息。

Yeah, David, the new number and that's an annual number we disclosed in our 10-K will be filed shortly and the number will be in there and it's 2,200 up.

是的，大衛，新的數字，這是我們在 10-K 中披露的年度數字，很快就會提交，數字將在那裡，增加了 2,200。

So, you know, it's a 300 increase from the last number you saw an increase prior to that was 200.

所以，您知道，與您上次看到的增加 200 相比，增加了 300。

So definitely we are marching at an accelerated pace than we were marching earlier.

因此，我們的前進速度肯定比之前加快了。

And I think revenue per client is, I would say it's getting better.

我認為每個客戶的收入正在變得更好。

Interesting.

有趣的。

The revenue per client I would also highlight, David, is not really kind of the most optimum metric to look at.

大衛，我還要強調的是，每位客戶的收入並不是真正值得關注的最佳指標。

Given the kind of given the size of the clients we are getting into, we are getting large enterprise customers as well as small and medium-sized billers from various verticals.

考慮到我們所接觸的客戶規模，我們正在吸引來自各個垂直領域的大型企業客戶以及中小型帳單客戶。

Our mix is kind of becoming different than it was a few years ago.

我們的組合與幾年前有所不同。

So I think looking at revenue per client may not be the right metric, but I get it that -- that's I mean, easy metric to look at and see the trends.

因此，我認為查看每個客戶的收入可能不是正確的指標，但我明白——這就是我的意思，這是一個可以輕鬆查看和了解趨勢的指標。

I would say just the growth of billers itself is more relevant than revenue per biller.

我想說的是，計費者本身的成長比每個計費者的收入更重要。

Yeah, got to know that.

是的，必須知道這一點。

That's helpful.

這很有幫助。

And I guess just a follow up question, and you've become quite profitable so quickly in the last few years and now we can look at -- like we can look at earnings as a valuation metric.

我想這只是一個後續問題，在過去幾年裡，你已經變得相當有利可圖，現在我們可以看看 - 就像我們可以將收益視為估值指標一樣。

And I'm just wondering, do you have like a normalized tax rate or something that we should use when we start thinking about how to think about earnings?

我只是想知道，當我們開始考慮如何考慮收入時，您是否有標準化的稅率或我們應該使用的東西？

Yeah, David, that's a great comment.

是的，大衛，這是一個很好的評論。

Thank you for that.

謝謝你。

You know, we are profitable and we definitely want to be and we think we'll be profitable going forward as well, given the strong operating leverage this business has.

你知道，我們是獲利的，我們絕對希望獲利，而且考慮到該業務擁有強大的營運槓桿，我們認為我們未來也將獲利。

In terms of tax rate, we are profitable and we kind of exhausted all NOLs this year, a very small portion is left, which will be used next year.

從稅率上來說，我們是盈利的，今年我們幾乎用完了所有的NOL，剩下很少的一部分，明年會使用。

So going forward for the long-term planning for earnings, I would suggest you use the rate, which is closer to the statutory tax rate in the US counting stakes, I think you should use approximately 25% tax rate.

所以對於未來的獲利規劃，我建議你使用這個稅率，這個稅率比較接近美國計算股份的法定稅率，我認為你應該使用大約25%的稅率。

Yeah, that makes sense to us.

是的，這對我們來說很有意義。

Well, thank you and great job.

嗯，謝謝你，幹得好。

Thank you.

謝謝。

Thank you, David.

謝謝你，大衛。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Hey guys, I appreciate you taking the question.

嘿夥計們，我很感謝你們提出這個問題。

Dushyant, you called out a number of client wins in the quarter across a number of verticals.

Dushyant，您在本季在多個垂直領域贏得了許多客戶。

Maybe wondering if you could kind of double-click on like the mix of incoming clients is, are there any verticals where you guys are seeing particularly increased traction or where you're getting increasingly optimistic that maybe could unlock some additional growth?

也許想知道您是否可以像傳入客戶的組合一樣雙擊，是否有任何垂直領域您看到特別增加的吸引力，或者您變得越來越樂觀，也許可以釋放一些額外的增長？

Many verticals you haven't played in historically as much?

許多垂直行業你以前沒有玩過那麼多？

Yeah, I could -- great point.

是的，我可以——很好的一點。

Well from our perspective up.

那麼從我們的角度來看。

As you know, during the IPO roadshow, we actually had a comment that wherever there is a bill, there is a payment, and wherever there is a payment, there is Paymentus.

大家知道，在IPO路演的時候，我們其實有個評論，哪裡有帳單，哪裡就有付款，哪裡有付款，哪裡就有Paymentus。

And I think that's coming to pass at this point where are from all of our channels, whether it's direct acquisition of clients or through channel partners of various kinds.

我認為，這一點即將成為現實，來自我們所有的管道，無論是直接獲取客戶還是透過各種管道合作夥伴。

What we're observing is that the needs of the customers is the same that they want to automate their complex payment and business workflows.

我們觀察到，客戶的需求是相同的，他們希望自動化複雜的支付和業務工作流程。

And our platform fits the bill perfectly for that.

我們的平台完全符合這項要求。

So as a result, we are growing in all different verticals.

因此，我們在所有不同的垂直領域中都在成長。

Utilities remains a strong vertical for us, but many of the verticals I named we are seeing traction in.

公用事業對我們來說仍然是一個強大的垂直領域，但我提到的許多垂直領域我們都看到了吸引力。

So we are very excited about the about the future actually.

所以我們實際上對未來感到非常興奮。

And one of the other things which is interesting is we are entering into some other verticals, we are noting that it's not just the payments in, even payment out.

另一件有趣的事情是我們正在進入其他一些垂直領域，我們注意到這不僅僅是付款，甚至是付款。

So disbursements and payouts becomes a very important transaction, transaction flow that we could acquire or automate through our platform.

因此，支付和支出成為一個非常重要的交易，我們可以透過我們的平台取得或自動化交易流程。

So we're excited about that as well.

所以我們也對此感到興奮。

Appreciate all that.

欣賞這一切。

And then just maybe on some of the IPN comments, you kind of mentioned the progress and seeing more integration with with bank bill pay.

然後，也許在一些 IPN 評論中，您提到了進展並看到與銀行帳單支付的更多整合。

And if you could just talk about the opportunity there long term, I think a lot of people will consider Paymentus and companies like that kind of in opposition to traditional bill pay centers that the banks.

如果你能談論長期的機會，我想很多人會考慮 Paymentus 和類似的公司，而不是銀行等傳統的帳單支付中心。

So how do you see that kind of playing out over time.

那麼隨著時間的推移，您如何看待這種情況的發生呢？

Are there opportunities to maybe work more closely with some of the incumbents in the space?

是否有機會與該領域的一些現任者進行更密切的合作？

And how do you kind of see the IPN strategy playing it specifically to kind of the bank bill pay market?

您如何看待專門針對銀行帳單支付市場的 IPN 策略？

Thanks.

謝謝。

Thank you, Bill.

謝謝你，比爾。

I think this is a very interesting scenario.

我認為這是一個非常有趣的場景。

I think what we felt right from the beginning of the business that each billing company, if I can liken it to the analogy of cellphone network, each billing companies like a cellphone towers.

我認為我們從業務之初就感覺到，每個計費公司，如果我可以將其比作手機網路的類比，每個計費公司就像一個手機訊號塔。

And if you have enough of the billing companies like we do.

如果您像我們一樣擁有足夠的計費公司。

And we continue to and we have built a platform, an ecosystem where we are signing increasingly at a faster pace.

我們繼續並且已經建立了一個平台，一個生態系統，我們正在以更快的速度進行簽約。

The billing companies of all sizes and various verticals onto the network.

各種規模和各種垂直領域的計費公司都進入了網路。

The cellphone network, if you will, or the biller network becomes increasingly valuable on its own.

如果你願意的話，手機網路或計費網路本身就會變得越來越有價值。

In addition to the revenue we generate from the billers themselves.

除了我們從開票人本身獲得的收入之外。

So what that means is that any bank who has any desire to attract customers or not or stop losing the customers or the payment volume, they have historically lost to Paymentus.

因此，這意味著任何想要吸引或不吸引客戶或停止失去客戶或付款量的銀行，他們在歷史上輸給了Paymentus。

If they want to participate and continue to maintain the customer base, they have to use a real-time network like IPN.

如果他們想參與並繼續維持客戶群，他們就必須使用像IPN這樣的即時網路。

And since we are the leader in the space or at least we believe we are the leader in this space.

由於我們是該領域的領導者，或者至少我們相信我們是該領域的領導者。

We believe that this is as we bring more and more billers, this becomes even more valuable for banks and other third party providers who want to provide aggregated consumer bill payment.

我們相信，隨著我們帶來越來越多的計費者，這對於想要提供匯總消費者帳單支付的銀行和其他第三方提供者變得更有價值。

So in some ways that chasm that existed between the consolidated business, a bill payments do the biller direct bill payments is being evaporated or be reduced or eliminated through instant payment network.

因此，在某些方面，合併業務之間存在的鴻溝，而帳單支付人直接帳單支付正在透過即時支付網路消失或減少或消除。

So we are very excited about the future here.

所以我們對這裡的未來感到非常興奮。

And frankly, as the time progresses, it will start to become more and more evident how and why we are winning the type of customers you are winning.

坦白說，隨著時間的推移，我們如何以及為何贏得您所贏得的客戶類型將開始變得越來越明顯。

Got it.

知道了。

Super interesting.

超有趣。

Appreciate you taking the questions.

感謝您提出問題。

Thank you, Will.

謝謝你，威爾。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

Hey, guys.

大家好。

Nice job on this.

這方面做得很好。

Maybe just touch a little bit more on the landscape for a minute, because I think you I heard you mentioned pricing a couple of times in your prepared remarks.

也許只是稍微多談一下情況，因為我想你在準備好的發言中多次提到了定價。

Maybe if you can give us a little more understanding on how receptive clients have been to this, where Paymentus generally felt leverage to do so.

也許您能讓我們更了解客戶對此的接受程度，Paymentus 普遍認為這樣做有槓桿作用。

Maybe add on to it just overall competition, it looks like you guys obviously have been vaccinated yourselves as time goes on more and more.

也許加上整體競爭，隨著時間的推移，看起來你們自己顯然已經接種了疫苗。

So maybe just any more color on whether you've seen any incumbents do anything differently or perhaps new startups?

那麼，也許您是否看到任何現有企業或新的新創公司採取了不同的做法？

Thanks

謝謝

Sure.

當然。

Good question, Darrin.

好問題，達林。

I think from our perspective, the approach we took during the inflation --inflationary period or high inflationary period was we wanted to work with our clients.

我認為從我們的角度來看，我們在通貨膨脹時期或高通貨膨脹時期採取的方法是我們希望與客戶合作。

We want to demonstrate that we are a long-term partner and we understand the pain point that just because inflation has come up rather quickly, it may dissipate quickly as well.

我們想證明我們是長期合作夥伴，我們也理解這一痛點，即通貨膨脹來得相當快，它也可能很快消散。

So we wanted to give a little bit of a time for customers to understand that they're working with a great partner.

因此，我們希望給客戶一點時間，讓他們了解他們正在與一個優秀的合作夥伴合作。

In addition to having as a platform like a likely support or

除了作為一個平台，例如可能的支援或

we offer.

我們提供。

And that approach actually works extremely well.

這種方法實際上非常有效。

So we were able to walk the customers through the pain point we were suffering publicly, as you all know, that we were being called out multiple times about the inflation impact we were facing.

因此，我們能夠向客戶公開說明我們所面臨的痛點，眾所周知，我們多次被指責面臨通貨膨脹的影響。

We were able to show that combined with the data.

我們能夠結合數據來證明這一點。

Obviously, the detail that our customers were privy to.

顯然，我們的客戶知道這些細節。

We were able to review the -- renew the pricing update.

我們能夠審查—更新定價更新。

The pricing customers were rather understanding.

定價客戶相當理解。

So we feel good about where our contractual arrangements are with the client, wherever pricing capabilities exist with the strength of the platform and the technology capabilities we support.

因此，我們對與客戶的合約安排感到滿意，只要存在定價能力以及我們支援的平台實力和技術能力。

So should a situation like this were to arise in the future, it gives us confidence that our approach and methodology of taking a long-term view to customer service and then adjusting the pricing could work again well for us.

因此，如果將來出現這樣的情況，這讓我們有信心，我們從長遠角度考慮客戶服務然後調整定價的方法和方法可能會再次對我們產生良好的效果。

That’s good.

那很好。

Just maybe just one more on the operating leverage side.

也許只是營運槓桿方面的問題。

If you can give us a little bit more color on your operating expense plans and the cadence expected for '24.

如果您能給我們更多有關您的營運支出計劃和 24 年預計節奏的資訊。

I mean, I think perhaps just a little more color on where you think you need to invest.

我的意思是，我認為也許只是在你認為需要投資的地方多一點色彩。

Then I would say that you know, you saw the growth this year was 6.8% full year and next year, while we don't guide for OpEx as such, but you can I think model it out looking at the guidance you're giving for the other three metrics.

然後我想說，你知道，今年全年和明年的增長率為 6.8%，雖然我們沒有對營運支出進行指導，但你可以根據你給出的指導進行建模對於其他三個指標。

You will see that the OpEx is currently expected to grow in mid-teens.

您將看到營運支出目前預計將成長到十幾歲左右。

That's what you'll come.

這就是你會來的。

I would think looking at what we provided.

我想看看我們提供的東西。

Yeah.

是的。

We know we are actually taking a prudent and conservative approach in terms of what we need to do.

我們知道，我們實際上在需要做的事情上採取了謹慎和保守的態度。

And as I mentioned earlier, we don't really need to spend our OpEx.

正如我之前提到的，我們實際上並不需要花費我們的營運支出。

Majority of the OpEx is not needed to be spent for this year's growth.

大部分營運支出不需要用於今年的成長。

This year's growth is coming from bookings, we did last year.

今年的成長來自於預訂，我們去年也是如此。

We're planning to spend more in terms of what we need to book for outer years growth.

我們計劃花費更多的資金來預訂未來幾年的成長。

So in terms of your main question, where we'll spend -- the majority of the spend will be in sales and marketing.

因此，就您的主要問題而言，我們將在哪裡支出——大部分支出將用於銷售和行銷。

I think R&D and G&A will marginally go up, but not significantly.

我認為研發和一般行政費用將會小幅上升，但不會大幅上升。

The growth will mean OpEx growth mainly be in sales and marketing.

這一成長意味著營運支出的成長主要體現在銷售和行銷方面。

That said, I also want to highlight one thing.

也就是說，我還想強調一件事。

Majority of the spend is discretionary in nature and you know, we manage our business very carefully.

大部分支出本質上是可自由支配的，您知道，我們非常謹慎地管理我們的業務。

In fact, there is a regular review of how the OpEx is trending, and we can dial up and down based on how the CP is trending.

事實上，我們會定期檢視 OpEx 的趨勢，我們可以根據 CP 的趨勢來上下調整。

So operating leverage is strong.

因此經營槓桿較強。

As you saw last year, like we drop 70%-plus of the bottom line of incremental CP dollars.

正如您去年所看到的，我們將增量 CP 美元的底線下降了 70% 以上。

It can happen again, but we are not planning to do that by choice.

這種情況可能會再次發生，但我們並不打算選擇這樣做。

So I think we can manage it the way business is progressing, but we are we are glad to be in a position of operating leverage the way we are.

因此，我認為我們可以按照業務進展的方式進行管理，但我們很高興能夠以我們現在的方式發揮營運槓桿作用。

Understood.

明白了。

Great.

偉大的。

Thanks, guys.

多謝你們。

Andrew buck, Wells Fargo.

安德魯·巴克，富國銀行。

Hey, thanks for taking the question.

嘿，謝謝你提出問題。

Just wanted to put a finer point on the hiring plans, particularly in sales and marketing you highlighted.

只是想更詳細地闡述招聘計劃，特別是您強調的銷售和行銷方面。

Sanjay, I know you mentioned in your prepared remarks that it was a function of converting the backlog.

Sanjay，我知道您在準備好的發言中提到這是轉換積壓的功能。

But then you also said just now that extending the growth in the out years is a priority.

但您剛才也說了，未來幾年的成長是當務之急。

So, you know, I guess, qualitatively, like how do you kind of anticipate these sales and marketing investments as they come on to augment your growth your your go to market strategy?

所以，我想，從定性上來說，就像您如何預測這些銷售和行銷投資，因為它們會增強您的成長，您的市場策略？

And then if you can just put a finer point on quantitatively, like what should we ultimately be kind of expecting based on your current plans for sales and marketing expense growth in '24?

然後，如果您能從數量上提出更具體的觀點，例如根據您目前的 24 年銷售和行銷費用成長計劃，我們最終應該期待什麼？

Yeah, Andrew, we as I said, you know, from the modeling perspective, you will you would come out around 15% I think at the midpoint of growth of OpEx.

是的，安德魯，正如我所說，你知道，從建模的角度來看，我認為在營運支出成長的中點，你會得到 15% 左右的結果。

And to put a finer point quantitatively, I will say, you know, I can't give a percentage specifically here, but I would say a bigger piece is -- material piece is for sales and marketing and the remaining piece for R&D and G&A and piece also depends on G&A in terms of how the few things come up, D&O insurance renewal, for example, a couple of renewals.

為了定量地提出更具體的觀點，我會說，你知道，我不能在這裡具體給出一個百分比，但我會說更大的一部分是——材料部分用於銷售和營銷，其餘部分用於研發和一般行政費用就如何發生幾件事情而言，這也取決於 G&A，D&O 保險續保，例如，幾次續保。

We got a good benefit last year and we don't know if the market trends of those costs, which are significant costs.

去年我們獲得了很好的效益，但我們不知道這些成本的市場趨勢是否如此，這些成本是重大成本。

Where do they go this year?

今年他們去哪？

Are they going to stay flat or go up?

他們會持平還是會上漲？

But I would think there will marginally go up, not significantly.

但我認為會略有上升，而不是大幅上升。

So take the biggest piece of the increase in sales and marketing and remaining on these two.

因此，將銷售和行銷成長的最大部分放在這兩者上。

Now within sales and marketing, if I have to think about how much will go for growth of pipeline for outer years versus the backlog implementation, I would say in these two things as well, the material portion would go for generating additional pipeline for outer years and the smaller piece or a modest piece for backlog implementation.

現在在銷售和行銷方面，如果我必須考慮外部年份的管道增長與積壓實施相比有多少，我也會說在這兩件事中，材料部分將用於為外部年份產生額外的管道以及用於積壓實施較小的部分或適度部分。

And then the qualitative piece, is there anything changing in the go-to-market strategy?

然後是定性部分，進入市場策略有什麼改變嗎？

Well, our basic go-to-market strategy is not significantly changing.

嗯，我們的基本進入市場策略並沒有重大變化。

One thing, which we are continually looking at, are there more verticals where we need to get into organ get into.

我們一直在關注的一件事是，是否有更多的垂直領域需要我們進入器官領域。

We have made a significant progress, I would say in the last two years in diversifying more into newer verticals.

我想說，過去兩年，我們在向新的垂直領域進行多元化發展方面取得了重大進展。

And we are seeing good progress there and good traction there.

我們在那裡看到了良好的進展和良好的牽引力。

So our pace to accelerate diverging into new verticals would continue.

因此，我們將繼續加快進軍新垂直領域的腳步。

But other than that, there is no change in our strategy overall.

但除此之外，我們的整體策略沒有改變。

Got it.

知道了。

Makes sense.

說得通。

And then my follow-up was.

然後我的後續行動是。

Sanjay, you mentioned the contribution guide was slightly wider than the revenue guide that you gave.

Sanjay，您提到貢獻指南比您提供的收入指南稍寬一些。

You called out -- the uncertainty around macro and a lot of the mix dynamics.

您指出了宏觀經濟的不確定性以及許多混合動態。

I mean, are you seeing anything thus far into 2024, be it around amount type biller for the network fees that would lead you to inform us on that wider range for contribution profit?

我的意思是，到目前為止，您是否看到了 2024 年的任何情況，無論是網絡費用的金額類型計費者，這都會導致您告知我們更廣泛的貢獻利潤範圍？

So Andrew, that's a very interesting question.

安德魯，這是一個非常有趣的問題。

Interestingly, we are not aware of any specific change here or what we have learned among you know, I will say in the last two quarters when we look at all the contribution profit for all the quarters and tried to analyze all the trends.

有趣的是，我們不知道這裡有任何具體變化，也不知道我們在你們中間了解到了什麼，我會說在過去兩個季度，當我們查看所有季度的所有貢獻利潤並試圖分析所有趨勢時。

What we've noted is that the degree of visibility at any given point in time for the current quarter is much better than the full year, and that's where we are.

我們注意到，當前季度任何給定時間點的可見度都比全年好得多，這就是我們所處的情況。

You know, we look at our Q1 guidance versus full year, we are taking a broader approach just because the quarterly variability exists.

您知道，我們將第一季的指導與全年的指導進行比較，我們正在採取更廣泛的方法，只是因為存在季度變化。

For example, you'll see Q1 24 growth exceeds the revenue growth.

例如，您會看到 24 年第一季的成長超過了收入成長。

I mean, Q1 2024 CP growth exceeds revenue growth and Q4 2023 was similar revenue growth, but it changes in other quarters.

我的意思是，2024 年第一季的 CP 成長超過了營收成長，2023 年第四季的營收成長類似，但其他季度發生了變化。

So quarterly variability exists and it’s one of the most difficult metric to forecast.

因此存在季度變異性，並且它是最難預測的指標之一。

But that said, the variability on CP does not impact our bottom line EBITDA, and we can calibrate the OpEx to manage our profitability depending upon how the CP is trending.

但話雖如此，CP 的變化不會影響我們的 EBITDA 底線，我們可以根據 CP 的趨勢來校準營運支出來管理我們的獲利能力。

So as a result, I would say that the utility of CP or contribution profit as a key metric is diminishing over time.

因此，我想說，CP 或貢獻利潤作為關鍵指標的效用隨著時間的推移而逐漸減弱。

As we also call it a secondary metric, you know where the utility is limited, and we mainly use it to calculate Rule of 40.

我們也稱之為次要指標，您知道效用在哪裡受到限制，我們主要用它來計算 40 法則。

Hence we thought it's prudent to take that approach as rather than taking a narrow range as there are so many factors.

因此，我們認為採取這種方法是謹慎的，而不是採取狹窄的範圍，因為因素太多。

And ultimately, we can manage with our bottom line target by dialing up the OpEx up or down.

最終，我們可以透過提高或降低營運支出來實現我們的底線目標。

Maybe this was more than you asked for but hope it provides some perspective and insight into how we think about this metric.

也許這超出了您的要求，但希望它能為我們如何看待這個指標提供一些視角和見解。

No, it’s helpful.

不，這很有幫助。

And also, if I may add what Sanjay mentioned earlier, was that.

另外，如果我可以補充桑傑之前提到的內容，就是這樣。

To deliver 2024 growth, OpEx, actually, even though everyone knows that we work in the non-discretionary, we service the non-discretionary industry, but our own internal OpEx in the context of 2024 is actually the rather discretionary.

為了實現2024 年的成長，營運支出實際上，儘管每個人都知道我們從事非全權委託行業，我們為非全權委託行業提供服務，但我們自己的內部營運支出在2024 年的背景下實際上是相當可自由支配的。

So we are able to turn the dial up and down because of the operating leverage we have.

因此，由於我們擁有營運槓桿，我們能夠上下轉動錶盤。

So we feel good about the deep, the top and the bottom end of the guidance and add that despite the variability in the CP, and that's essentially the message we want to communicate.

因此，我們對指南的深度、頂部和底部感到滿意，並補充說，儘管 CP 存在差異，但這本質上就是我們想要傳達的訊息。

We know the trends in the business, so we are feeling good about how we are capturing the market share and how we are able to profitably grow the business and all of that is moving in the right direction.

我們了解業務趨勢，因此我們對如何佔領市場份額以及如何能夠盈利地發展業務感到滿意，所有這些都在朝著正確的方向發展。

Now loud and clear.

現在響亮而清晰。

Thanks, Dushyant.

謝謝，杜希揚特。

Thank you.

謝謝。

Tien-Tsin Huang, JPMorgan.

黃天進，摩根大通。

Hey, good afternoon.

嘿，下午好。

Good results here.

這裡有好的結果。

Just a couple of clarifications.

只是一些澄清。

Just did you share the NRR for the year and how that came together and how fiscal '24 might be different?

您剛才是否分享了今年的 NRR？它是如何組合在一起的，以及 24 財年可能會有何不同？

And also, did you disclose the bookings or backlog growth in '23 versus the prior year?

另外，您是否揭露了 23 年與前一年相比的預訂量或積壓訂單成長？

Just curious on the magnitude of benefit there?

只是好奇那裡的好處有多大？

I think you know, we have not disclosed the numbers for the things you asked for.

我想你知道，我們還沒有透露你所要求的東西的數量。

Okay.

好的。

Anything qualitative to share then just on the bookings or backlog front

任何有品質的東西都可以在預訂或積壓訂單上分享

(multiple speakers)

（多個發言者）

Qualitatively I can share.

我可以定性地分享。

Yep

是的

Yeah, sorry.

是的，抱歉。

Quantitatively I would say our NRR as well as bookings and pipeline, they are going at a very decent pace, I would say, and that’s giving us all the confidence to not only exceed our Q4 expectations, we delivered a strong quarter.

從數量上講，我想說，我們的 NRR 以及預訂和管道，它們正以非常不錯的速度發展，這讓我們有信心不僅超出第四季度的預期，而且我們交付了一個強勁的季度。

We are very proud of that.

我們對此感到非常自豪。

And at the same time, Q1 also we are marching in a very good way, and I think we are headed for the, I would say in the right direction for the whole year, given that we exited with a very strong backlog.

與此同時，第一季我們也以非常好的方式前進，我認為我們正朝著全年的正確方向前進，因為我們在退出時積壓了非常多的訂單。

So I think all these metrics, qualitatively are providing us a lot of encouragement and confidence.

因此，我認為所有這些指標在品質上都為我們提供了許多鼓勵和信心。

And Tien-Tsin if I may add to that, was that one of the key reasons I wanted to point out -- the point that we exited 2023 with enough in the bag that we could actually deliver the top end of the guide for all of the three matrices the two primary and one secondary being CP.

如果我可以補充一點的話，Tien-Tsin 是我想指出的關鍵原因之一——我們在 2023 年結束時已經有了足夠的資源，實際上可以為所有人提供指南的頂端部分。三個矩陣，兩個主矩陣和一個輔助矩陣是CP。

That’s primarily based on the strength of the backlog, and that is growing year-over-year and we are feeling good about 2024 as well.

這主要取決於積壓量，而且積壓量逐年增長，我們對 2024 年也感覺良好。

Yeah.

是的。

No, it sounds that way, that's why I thought I'd ask the question.

不，聽起來是這樣，這就是我想問這個問題的原因。

Just my quick follow-up then on the drop-through or incremental margin around EBITDA was quite strong in '23, it's running around what, 50% in fiscal '24 looking at my simple math, so just just to make sure it sounds like there is some hiring that will come through that you called out.

我對 23 年 EBITDA 的下降或增量利潤率進行了快速跟進，從我的簡單數學來看，24 財年的 50% 左右，所以只是為了確保聽起來像您呼籲的一些招聘工作將會完成。

I know you'll adjust OpEx depending on what contribution profit lands, but is that the primary difference?

我知道您會根據貢獻利潤來調整營運支出，但這是主要差異嗎？

And in thinking about drop-through or incremental margin in '24 versus '23.

並考慮 24 年與 23 年的下降或增量利潤。

That's right.

這是正確的。

Thank you.

謝謝。

Rebecca Lu, Citi.

麗貝卡·盧，花旗銀行。

Thank you.

謝謝。

Hi, guys.

嗨，大家好。

Can you give us an update on the JPMorgan partnership?

您能為我們介紹一下與摩根大通合作關係的最新情況嗎？

I think a year or two ago we expected that partnership to have a pretty meaningful contribution in 2024.

我認為一兩年前，我們預計這種合作關係將在 2024 年做出相當有意義的貢獻。

What do we think now?

現在我們怎麼想？

Thank you, Rebecca for the question.

謝謝麗貝卡的提問。

We are very proud with our part, very proud for our partnership with JPMorgan Chase.

我們對我們所扮演的角色感到非常自豪，對我們與摩根大通的合作夥伴關係感到非常自豪。

That great partner great organization, and it's going extremely well in all areas, and we're looking forward to a great 2024 with JPMorgan Chase.

這個很棒的合作夥伴和很棒的組織，在所有領域都進展得非常順利，我們期待與摩根大通一起度過美好的 2024 年。

We also have a very strong partnership ecosystem and we are looking forward to.

我們也擁有非常強大的合作夥伴生態系統，我們對此充滿期待。

And frankly, as you can think about our go-to-market strategy, as Sanjay was also mentioning earlier, that increasingly partnerships up become a big factor for us.

坦白說，正如您可以考慮我們的進入市場策略一樣，正如桑傑之前也提到的那樣，日益增加的合作夥伴關係成為我們的一個重要因素。

So JPMorgan Chase is a strong partner for us, but also we have other partners, software vendors and tech providers and so on.

因此，摩根大通是我們強大的合作夥伴，但我們還有其他合作夥伴、軟體供應商和技術供應商等。

Okay.

好的。

And I wanted to ask about the contribution profit in a slightly different way.

我想以稍微不同的方式詢問貢獻利潤。

The profit margin has been on the decline last year because we had some negative impacts from inflation.

去年我們的利潤率一直在下降，因為我們受到了通貨膨脹的一些負面影響。

And if we're looking at the 2024 outlook even at the top end of the range, we're also assuming a decline as well.

如果我們著眼於 2024 年的前景，即使是在區間的上限，我們也假設會出現下降。

Is it just conservatism or ae there anything else that we might not be thinking about?

這只是保守主義還是有其他我們可能沒有考慮到的事情？

So Rebecca, there are two pieces.

麗貝卡，有兩塊。

There are two answers to this share, I'll individually.

這個分享有兩個答案，我分別說一下。

Number one, as we are onboarding larger customers, enterprise customers, enterprise customers pricing definitely is different than smaller or midsize customers due to the volume discounts they get because they've got bigger transactions or sorry, much larger transaction base.

第一，由於我們正在吸引較大的客戶、企業客戶，企業客戶的定價肯定與小型或中型客戶不同，因為他們獲得的批量折扣是因為他們有更大的交易，或者對不起，更大的交易基礎。

So I think as a result of that, our contribution profit margin is getting softer a little bit, but that's totally fine given our strong operating leverage, you know, and hence the gold contribution profit, our contribution margin as our secondary mattresses because they don't really matter as much to our long-term growth model, which are purely dependent on the revenue growth and EBITDA dollars growth.

因此，我認為，因此，我們的貢獻利潤率變得更加疲軟，但考慮到我們強大的營運槓桿，這完全沒問題，因此黃金貢獻利潤，我們的貢獻利潤率作為我們的二級床墊，因為它們不對於我們的長期成長模式來說並不那麼重要，長期成長模式完全依賴營收成長和 EBITDA 美元成長。

So it's a good question to analyze that how the CP margin is going, but at the end of the day, that can easily be managed by adjusting dialing up or down our OpEx.

因此，分析 CP 利潤率的走勢是一個很好的問題，但歸根結底，這可以透過調整我們的營運支出來輕鬆管理。

So it doesn't really matter to our bottom line.

所以這對我們的底線並不重要。

I think there could be situations you will see that if CP is getting softer, our EBITDA could still get better because you can manage our expense better.

我認為在某些情況下，您可能會看到，如果 CP 變得更加疲軟，我們的 EBITDA 仍可能會變得更好，因為您可以更好地管理我們的費用。

And in our current long-term model, which we have talked about i.e., 20% top-line growth and 20% to 30% bottom line adjusted EBITDA dollars growth annually.

在我們目前的長期模型中，我們已經討論過，即每年 20% 的營收成長和 20% 至 30% 的調整後 EBITDA 美元成長。

I would think you'd see the margin gets better, which is also a probability depending upon what customers we get.

我認為你會看到利潤率變得更好，這也是取決於我們獲得的客戶的可能性。

I would think there's an upside to EBITDA, although we are not planning do you know, get there right now.

我認為 EBITDA 有一個好處，儘管我們還沒有計劃，你知道嗎，現在就去吧。

I think we are applying a prudent approach, but what I'm just trying to say is contribution profit and contribution margin are really secondary and all analysis of that might not produce an optimum result to understand the company.

我認為我們正在採取謹慎的方法，但我只是想說，貢獻利潤和貢獻邊際實際上是次要的，所有對此的分析可能不會產生了解公司的最佳結果。

And if I may also say one more thing, as Sanjay alluded to, as your biller mix changes and the larger biller comes to play.

我還可以再說一件事，正如 Sanjay 提到的，隨著您的帳單組合發生變化，更大的帳單開始發揮作用。

I imagine a scenario where we signed a large deal we are going to have a contribution profit of say $1 million, the changes we are less concerned at this point exactly what each transaction is -- the contribution profit for each transaction is, we are more concerned about how quickly and how efficiently can we serve the customer and what would be the net operating margin from the biller is once they live on our platform, which ends up being very good based on the operating leverage we've been talking about.

我想像一個場景，我們簽署了一筆大交易，我們將獲得 100 萬美元的貢獻利潤，此時我們不太關心每筆交易的具體變化 - 每筆交易的貢獻利潤是，我們更關心關心我們為客戶提供服務的速度和效率，以及一旦他們進入我們的平台，開單人的淨營運利潤率是多少，根據我們一直在談論的營運槓桿，這最終非常好。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

There are no further questions in queue.

隊列中沒有其他問題。

I'd like to turn the call back over to Dushyant Sharma for concluding remarks.

我想將電話轉回杜申夏爾馬 (Dushyant Sharma) 進行總結發言。

Well, thank you, everyone for joining the call today.

好的，謝謝大家今天加入電話會議。

I really appreciate the time.

我真的很感激這段時間。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

That concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路。