Paysafe Ltd (PSFE) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Paysafe Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to Kirsten Nielsen, Head of Investor Relations. Thank you. You may begin.

大家好，歡迎來到 Paysafe 第四季度和 2022 年全年收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。我現在想把電話轉給投資者關係主管克爾斯滕尼爾森。謝謝。你可以開始了。

Thank you, and welcome to Paysafe's Earnings Conference Call for the Fourth Quarter and Full Year 2022. Before we begin, a reminder that this call will contain forward-looking statements and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent SEC reports. These statements reflect management's current assumptions and expectations and are subject to factors that could cause actual results to differ materially from those forward-looking statements.

謝謝，歡迎參加 Paysafe 2022 年第四季度和全年的收益電話會議。在我們開始之前，請注意本次電話會議將包含前瞻性陳述，應與我們的收益發布和公司最近的 SEC 報告。這些陳述反映了管理層當前的假設和預期，並受可能導致實際結果與這些前瞻性陳述存在重大差異的因素的影響。

You should not place undue reliance on these statements. Forward-looking statements during this call speak only as of the date of this call, and we undertake no obligation to update them. Today's presentation also contains non-GAAP financial measures. You can find additional information about these non-GAAP measures and reconciliations to the most directly comparable GAAP financial measures in today's press release and in the appendix of this presentation, which are available on the Investor Relations section of our website.

您不應過分依賴這些陳述。本次電話會議期間的前瞻性陳述僅在本次電話會議之日有效，我們不承擔更新它們的義務。今天的演示文稿還包含非 GAAP 財務指標。您可以在今天的新聞稿和本演示文稿的附錄中找到有關這些非 GAAP 措施以及與最直接可比的 GAAP 財務措施的調節的更多信息，這些信息可在我們網站的投資者關係部分找到。

Joining me today are Bruce Lowthers, Chief Executive Officer; and Alex Gersh, Chief Financial Officer. After our prepared remarks, we will answer questions received from shareholders through the safe Technologies platform. After that, we will take questions from the analyst community.

今天加入我的是首席執行官 Bruce Lowthers；和首席財務官 Alex Gersh。在準備好發言後，我們將通過安全技術平台回答股東提出的問題。之後，我們將回答分析師社區的問題。

With that, I'll turn the call over to Bruce.

有了這個，我會把電話轉給布魯斯。

Thanks, Kirsten, and thank you, everyone, for joining us. If you're following along on our webcast, let's begin on Slide 3. When I joined Paysafe, we said our focus would be on returning to growth in the back half of the year and into 2023, and we've done exactly that. In the fourth quarter, revenue of $384 million increased 8% on a constant currency basis, exceeding our most recent guidance, resulting in 9% growth in the second half. Full year revenue was approximately $1.5 billion, an increase of 5% on a constant currency.

謝謝 Kirsten，也謝謝大家加入我們。如果您正在關注我們的網絡廣播，讓我們從幻燈片 3 開始。當我加入 Paysafe 時，我們說我們的重點將是在今年下半年和 2023 年恢復增長，而我們確實做到了這一點。第四季度，收入 3.84 億美元，按固定匯率計算增長 8%，超過了我們最近的指導，導致下半年增長 9%。全年收入約為 15 億美元，按固定匯率計算增長 5%。

Adjusted EBITDA of $108 million in Q4 was slightly above the midpoint of guidance, resulting in full year adjusted EBITDA of $410 million. We also delivered solid free cash flow of nearly $300 million in 2022, which translates to 73% conversion of adjusted EBITDA. Overall, we're pleased with our results for Q4 and 2022, which was a year of progress against a challenging backdrop.

第四季度調整後的 EBITDA 為 1.08 億美元，略高於指引的中點，全年調整後的 EBITDA 為 4.1 億美元。我們還在 2022 年實現了近 3 億美元的穩定自由現金流，這相當於調整後 EBITDA 的 73% 轉化率。總體而言，我們對第四季度和 2022 年的業績感到滿意，這是在充滿挑戰的背景下取得進展的一年。

As we've discussed on our prior calls, our overall mix has shifted more to North America in 2022, driven by growth from our Merchant Solutions segment, which benefited from strong demand across retail and hospitality and travel and leisure, particularly in the U.S. SMBs. We also saw growth in Latin America, led by our acquisitions of SafetyPay and Pago Effectivo, which grew revenue 18% on a pro forma basis.

正如我們在之前的電話會議上所討論的那樣，我們的整體組合在 2022 年更多地轉移到北美，這得益於我們的商業解決方案部門的增長，這得益於零售和酒店以及旅遊和休閒領域的強勁需求，特別是在美國中小企業.在收購 SafetyPay 和 Pago Effectivo 的帶動下，我們在拉丁美洲也實現了增長，預計收入增長了 18%。

In Europe, we experienced market headwinds from FX, the Russian-Ukraine war and gambling regulations in our digital wallet business. Despite these impacts, digital wallet growth improved in the second half, recording 5 consecutive months of sequential growth. As part of our focus on reinvigorating growth we prioritized recruiting high-caliber talent, simplified and repositioned the organization and rebuilt our sales function. We delivered on these priorities, which is positioning Paysafe to fully leverage our assets and realize the synergy potential across our businesses and capitalize on meaningful opportunities in our core verticals.

在歐洲，我們在數字錢包業務中經歷了外匯、俄烏戰爭和賭博法規帶來的市場逆風。儘管存在這些影響，下半年數字錢包增長有所改善，連續 5 個月實現環比增長。作為我們重振增長重點的一部分，我們優先招聘高素質人才，簡化和重新定位組織並重建我們的銷售職能。我們實現了這些優先事項，這使 Paysafe 能夠充分利用我們的資產並實現我們業務之間的協同潛力，並利用我們核心垂直領域中的有意義的機會。

I'm excited by the momentum that we're seeing in recent client wins, including multiproduct deals and cross-selling as well as geographical expansion with our existing clients, which demonstrates the strength of our portfolio when we bring holistic value propositions to our merchants. Looking to the year ahead, the progress we are seeing across our sales transformation gives us confidence in our ability to deliver strong organic growth in 2023. I am more excited today 10 months into the role about the opportunity that we have and believe that Paysafe is a unique -- is uniquely positioned with significant runway to grow across our large entertainment TAMs by refocusing and delivering on these priorities.

我對我們最近贏得客戶的勢頭感到興奮，包括多產品交易和交叉銷售以及與現有客戶的地域擴張，這證明了我們為商家帶來整體價值主張時的投資組合實力.展望未來一年，我們在銷售轉型中取得的進展讓我們對我們在 2023 年實現強勁有機增長的能力充滿信心。今天我對 10 個月以來的機會感到更加興奮，並相信 Paysafe 是一個獨特的 - 通過重新關注和交付這些優先事項，在我們的大型娛樂 TAM 中擁有重要的跑道，具有獨特的定位。

Additionally, we continue to see strong activity in North America iGaming, including strong volume growth during the NFL season and Super Bowl, reflecting growth across both new and existing merchants. Paysafe now supports payments across 25 U.S. states after kicking off 2023 with our entry into the new Ohio online sports betting market, which followed our Q4 launch in Maryland.

此外，我們繼續看到北美 iGaming 的強勁活動，包括 NFL 賽季和超級碗期間的強勁銷量增長，反映了新商家和現有商家的增長。在 2023 年我們進入新的俄亥俄州在線體育博彩市場後，Paysafe 現在支持美國 25 個州的支付，這是繼我們在馬里蘭州推出第四季度之後。

Turning to Slide 4 for an update on digital wallets. This view is focused on our classic digital wallets for additional transparency. In Q4, we saw continued signs of underlying stabilization in our classic digital wallet business. We recorded constant currency revenue growth versus the prior year of 7% from the classic digital wallets, excluding the impact of the Russian-Ukraine war. We are seeing positive trends in funnel optimization, including improvement in early adoption rates up 2.5 percentage points since the start of the year as well as 1.5 percentage point improvement in our churn rate since the beginning of 2022.

轉到幻燈片 4 以獲取有關數字錢包的更新。此視圖側重於我們的經典數字錢包，以提高透明度。在第四季度，我們看到了經典數字錢包業務基本穩定的持續跡象。我們的經典數字錢包貨幣收入與上一年相比持續增長 7%，不包括俄烏戰爭的影響。我們看到了漏斗優化的積極趨勢，包括自年初以來早期採用率提高了 2.5 個百分點，以及自 2022 年初以來我們的客戶流失率提高了 1.5 個百分點。

Drivers of the improvement include improved KYC processes across both standard and enhanced due diligence. We have virtual assistant and service center UX improvements and successful VIP and premier customer campaigns. As a result, in Q4, we saw a year-over-year increase in underlying deposit volumes of 14% constant currency, excluding Russia and Ukraine War and a one-off impact of Nigeria in Q4 '21. As well as a meaningful increase in transactions for active users driving overall ARPU improvement.

改進的驅動因素包括在標準和增強型盡職調查中改進 KYC 流程。我們有虛擬助理和服務中心用戶體驗改進以及成功的 VIP 和高級客戶活動。結果，在第 4 季度，我們看到基本存款量同比增長 14% 不變貨幣，不包括俄羅斯和烏克蘭戰爭以及尼日利亞在 21 年第 4 季度的一次性影響。以及活躍用戶交易量的顯著增加，推動了整體 ARPU 的改善。

Additionally, our initiatives to reduce friction and improve the checkout experience have resulted in a further 8% point increase in our conversion rate at merchant checkout in Q4 versus the prior year. This improvement since last year, has driven approximately $10 million in annualized incremental revenue. So despite active users being lower year-on-year, we're seeing stability higher engagement and value from our customers supporting an improvement in ARPU and overall revenue growth throughout the second half of '22. We continue to drive forward our customer-focused initiatives and expect to see a return to growth in our active user base into Q2.

此外，我們減少摩擦和改善結賬體驗的舉措使我們在第四季度的商家結賬轉化率比上一年進一步提高了 8%。自去年以來的這一改進推動了大約 1000 萬美元的年度增量收入。因此，儘管活躍用戶同比下降，但我們看到客戶的參與度和價值保持穩定，支持 ARPU 的改善和整個 22 年下半年的整體收入增長。我們將繼續推進以客戶為中心的計劃，並期望在第二季度看到我們的活躍用戶群恢復增長。

Turning to Slide 5. Looking to 2023, we're building on the improvements made in 2022 and have several immediate initiatives to improve performance, while creating opportunities to accelerate growth longer term. First, we'll continue to focus on client experience. I'm very pleased that Paysafe was recently ranked third and well above the industry standard on the J.D. Power's of merchant services satisfaction survey a testament to the team's hard work and focus on the customer. This was the largest single year improvement by a company.

轉到幻燈片 5。展望 2023 年，我們將在 2022 年取得的改進的基礎上再接再厲，並立即採取多項舉措來提高績效，同時創造機會以加速長期增長。首先，我們將繼續關注客戶體驗。我很高興 Paysafe 最近在 J.D. Power 的商家服務滿意度調查中排名第三，遠高於行業標準，這證明了團隊的辛勤工作和對客戶的關注。這是公司最大的單年度改進。

On the consumer side, in addition to increasing our investment in the consumer acquisition, we continue to build upon our improvements to the wallet user experience. On our product innovation initiatives, we see immediate opportunities to improve our authorization rates, where we are currently above the benchmarks for our core verticals but we see opportunity to further increase auth rates in 2023 through network tokenization and new fraud management solutions.

在消費者方面，除了增加對消費者獲取的投資外，我們還繼續改進錢包用戶體驗。在我們的產品創新計劃中，我們看到了提高授權率的直接機會，我們目前高於核心垂直行業的基準，但我們看到了通過網絡標記化和新的欺詐管理解決方案在 2023 年進一步提高授權率的機會。

On our APM optimization, we'll begin to make our APMs available enterprise-wide by Q3, connecting merchants to North America, Europe and Latin America through a single integration. On the sales transformation, we're building out a world-class sales engine focused on existing customers, new account acquisition and business development opportunities with plans to double the team head count in 2023. While it's still early days, I'm excited by the strength of our enterprise pipeline, which has already increased meaningfully from when we launched this initiative this past summer and in Q4, we closed more than 20 enterprise deals, including multiproduct wins and cross-selling across products and new geographies.

在我們的 APM 優化方面，我們將在第三季度開始在企業範圍內提供我們的 APM，通過單一集成將商戶連接到北美、歐洲和拉丁美洲。在銷售轉型方面，我們正在構建一個專注於現有客戶、新客戶獲取和業務發展機會的世界級銷售引擎，併計劃在 2023 年將團隊人數翻一番。雖然現在還處於早期階段，但我很高興我們的企業管道實力，自去年夏天和第四季度推出該計劃以來，已經顯著增強，我們完成了 20 多項企業交易，包括多產品中標以及跨產品和新地區的交叉銷售。

One example we recently signed a multiproduct deal with better, a new innovative online sports betting and fantasy sports company backed by Jake Paul to provide acquiring digital wallet and APM connectivity through our gateway, starting in Ohio, which plans to launch into multiple regulated U.S. states in 2023. In the financial trading vertical, we recently expanded our relationship with DRiV, a leading online trading platform and a long-standing digital wallet client to provide card acquiring in Europe.

例如，我們最近與 better 簽署了一項多產品協議，這是一家由 Jake Paul 支持的新型創新在線體育博彩和夢幻體育公司，通過我們的網關提供收購數字錢包和 APM 連接，從俄亥俄州開始，計劃進入美國多個受監管的州2023 年。在金融交易垂直領域，我們最近擴大了與 DRiV 的關係，DRiV 是領先的在線交易平台和長期的數字錢包客戶，在歐洲提供卡收單服務。

Moving to Slide 6. As I mentioned at the beginning of the call, we continue to see strength in North American iGaming. In Ontario, we're building on 10 years of market leadership with provincial lotteries, delivering the full stack of processing with high card approval rates as well as local APMs. We are now live with 9 operators in the new Ontario market. As 1 example, we're partnering with Rush Street Interactive, a leading online gaming and sports entertainment company focused on markets in the U.S., Canada and Latin America.

轉到幻燈片 6。正如我在電話會議開始時提到的，我們繼續看到北美 iGaming 的實力。在安大略省，我們憑藉 10 年的省級彩票市場領導地位，提供具有高卡批准率和本地 APM 的全套處理。我們現在在新的安大略市場與 9 家運營商合作。例如，我們正在與 Rush Street Interactive 合作，這是一家領先的在線遊戲和體育娛樂公司，專注於美國、加拿大和拉丁美洲市場。

Paysafe currently supporting Rush Street in Ontario with traditional payments and APMs through Paysafe's Gateway. This win was a result of our long-standing history in Canada as the trusted payments provider for iGaming coupled with our cross-regional capabilities throughout North America and Latin America. Lastly, as a reminder, I'll encourage everyone to tune in to our upcoming Analyst and Investor Day on March 13, where our leadership team will share more examples of our recent client wins and the momentum on our transformation.

Paysafe 目前通過 Paysafe 的網關為安大略省的 Rush Street 提供傳統支付和 APM 支持。此次勝利是我們在加拿大作為值得信賴的在線博彩支付提供商的悠久歷史以及我們在北美和拉丁美洲的跨區域能力的結果。最後，作為提醒，我鼓勵大家關注 3 月 13 日即將到來的分析師和投資者日，屆時我們的領導團隊將分享更多關於我們最近贏得客戶的例子以及我們轉型的勢頭。

With that, I'll ask Alex to review the financial results.

有了這個，我會請亞歷克斯審查財務結果。

Thank you, Bruce. Let's start with Slide 8. We are pleased with our financial performance for the fourth quarter, which was slightly above our latest guidance range for revenues and in line with our guidance for adjusted EBITDA.

謝謝你，布魯斯。讓我們從幻燈片 8 開始。我們對第四季度的財務業績感到滿意，該業績略高於我們最新的收入指導範圍，並符合我們調整後 EBITDA 的指導。

Moving to Slide 9 for the summary of our fourth quarter results, Volume was $33.1 billion, an increase of 5% year-over-year, reflecting continued strength in the Americas, where the Merchant Solutions business saw resiliency in the U.S. SMB market as well as an improvement in e-commerce, partly offset by FX headwinds in digital wallet, where we saw continued improvement supported by growth initiatives, our Latin American acquisitions and the lapping of regulatory headwinds in European gambling.

轉到幻燈片 9 以了解我們第四季度的業績摘要，交易量為 331 億美元，同比增長 5%，反映出美洲的持續強勁勢頭，美國 SMB 市場的商戶解決方案業務也表現出彈性作為電子商務的改進，部分被數字錢包中的外匯不利因素所抵消，我們看到增長計劃、我們在拉丁美洲的收購以及歐洲賭博監管不利因素的支持持續改善。

Total revenue for the fourth quarter increased 3% to $383.6 million on a reported basis. Excluding the impact from changes in foreign exchange rates as well as the impact from the Russia, Ukraine war, revenue increased 9%, reflecting growth from both segments. Adjusted EBITDA for the fourth quarter was $107.6 million, resulting in adjusted EBITDA margin of 28%, reflecting lower margin in the Merchant Solutions segment due to channel mix including faster growth of the indirect channel. We expect growth for both e-commerce and our direct channel to support improved mix in the segment going forward.

根據報告，第四季度總收入增長 3% 至 3.836 億美元。排除匯率變化的影響以及俄羅斯、烏克蘭戰爭的影響，收入增長 9%，反映了這兩個部門的增長。第四季度調整後的 EBITDA 為 1.076 億美元，調整後的 EBITDA 利潤率為 28%，反映出由於渠道組合（包括間接渠道增長更快）導致的商業解決方案部門利潤率較低。我們預計電子商務和我們的直接渠道的增長將支持未來細分市場的改進組合。

During the quarter, we generated $91 million in free cash flow and an increase of more than 70% over Q4 of the previous year, reflecting an 85% conversion of adjusted EBITDA. Adjusted net income for the fourth quarter was $33.1 million compared to $52.2 million in the prior year, mainly reflecting higher interest expense. Let's move to Slide 10 for the summary of the full year results.

本季度，我們產生了 9100 萬美元的自由現金流，比去年第四季度增長了 70% 以上，反映出 85% 的調整後 EBITDA 轉換。第四季度調整後淨收入為 3310 萬美元，上年同期為 5220 萬美元，主要反映利息支出增加。讓我們轉到幻燈片 10 以查看全年結果的摘要。

Full year volume increased 6% to $130 billion. Full year revenue was nearly $1.5 billion on a reported basis, an increase of 1% and compared to 2021 or 5% on a constant currency basis. Overall, our constant currency growth reflects strong performance from the Merchant Solutions segment and inorganic growth from our Latin American acquisition, which more than offset market headwinds from the Russian-Ukraine war as well as European gambling regulations in the Netherlands and Germany, which impacted digital wallet, particularly in the first half of the year.

全年銷量增長 6% 至 1300 億美元。根據報告，全年收入接近 15 億美元，與 2021 年相比增長 1%，按固定匯率計算增長 5%。總的來說，我們持續的貨幣增長反映了商業解決方案部門的強勁表現和我們拉丁美洲收購的無機增長，這大大抵消了俄烏戰爭以及荷蘭和德國的歐洲博彩法規對數字業務的影響。錢包，尤其是在今年上半年。

The second half, we delivered 9% constant currency year-over-year growth. Adjusted EBITDA for the full year was $410 million, resulting in adjusted EBITDA margin of 27.4% compared to 29.9% in 2021, primarily reflecting segment mix as well as channel mix within Merchant Solutions. Free cash flow before interest payments for 2022 was $298 million or 73% conversion, slightly above our expected range. Adjusted net income for the full year was $137 million compared to adjusted net income of $185.8 million in 2021, largely attributable to lower adjusted EBITDA and higher depreciation and amortization as well as higher interest expense, excluding $62 million expense related to debt refinancing in 2021.

下半年，我們實現了 9% 的固定貨幣同比增長。全年調整後的 EBITDA 為 4.1 億美元，調整後的 EBITDA 利潤率為 27.4%，而 2021 年為 29.9%，這主要反映了 Merchant Solutions 的細分市場組合和渠道組合。 2022 年利息支付前的自由現金流為 2.98 億美元或 73% 的轉換率，略高於我們的預期範圍。全年調整後淨收入為 1.37 億美元，而 2021 年調整後淨收入為 1.858 億美元，這主要是由於調整後 EBITDA 降低、折舊和攤銷增加以及利息支出增加，不包括 2021 年與債務再融資相關的 6200 萬美元支出。

Let's move to Slide 11 to discuss the segment results. Merchant Solutions delivered another quarter of strong growth. Fourth quarter volume increased 7% to $28 billion, leading to full year volume of $110 billion, an increase of 10%. Transactions grew 7% for both Q4 and full year. Revenue for the fourth quarter was $208.5 million, an increase of 10% and a full year revenue of $817.4 million also increased by 10%.

讓我們轉到幻燈片 11 來討論細分結果。 Merchant Solutions 實現了又一個季度的強勁增長。第四季度交易量增長 7% 至 280 億美元，全年交易量為 1100 億美元，增長 10%。第四季度和全年的交易量均增長了 7%。第四季度收入為 2.085 億美元，增長 10%，全年收入為 8.174 億美元，也增長了 10%。

Adjusted EBITDA in the fourth quarter was $51 million, reflecting 24.5% margin, down 270 basis points, primarily reflecting our channel mix within the segment. For the full year, adjusted EBITDA increased 7% to $200.3 million, reflecting a margin of 24.5% down [6] points -- 60 basis points. We expect growth from both e-commerce as well as direct channel to support improved mix in the segment going forward.

第四季度調整後的 EBITDA 為 5100 萬美元，利潤率為 24.5%，下降 270 個基點，主要反映了我們在該細分市場中的渠道組合。全年，調整後的 EBITDA 增長 7% 至 2.003 億美元，利潤率為 24.5%，下降 [6] 個點——60 個基點。我們預計電子商務和直銷渠道的增長將支持該細分市場未來的改進組合。

Turning to Slide 12. The Digital Wallet segment delivered continued improvement this quarter, including nominal sequential revenue growth of 9%, driven by our growth initiatives, as Bruce discussed, as well as seasonality in gambling, including the World company. Fourth quarter volume was $5.3 billion and full year volume was $20.6 billion, a decrease of 4% and 11%, respectively. This is not adjusted for the significant FX headwind. Digital Wallet revenue for the fourth quarter was $177.1 million, an increase of 6% year-over-year, excluding the impact from changes in foreign exchange rate. For the full year, revenue increased 1% on a constant currency basis.

轉到幻燈片 12。本季度數字錢包業務持續改善，包括 9% 的名義連續收入增長，正如 Bruce 所討論的那樣，受我們的增長計劃的推動，以及賭博的季節性，包括 World 公司。第四季度銷量為 53 億美元，全年銷量為 206 億美元，分別下降 4% 和 11%。這並未針對重大的外匯逆風進行調整。第四季度數字錢包收入為 1.771 億美元，同比增長 6%，不包括匯率變動的影響。按固定匯率計算，全年收入增長 1%。

Adjusting for the impact of Russia, Ukraine war, constant currency revenue would have increased approximately 9% and 3% for the fourth quarter and the full year, respectively. Adjusted EBITDA in Digital Wallet segment was $77.1 million in the quarter, with margins consistent with prior year at 43.5%. Full year adjusted EBITDA was $289.4 million, and margin decreased 210 basis points, reflecting investments and headwinds from Russia, Ukraine and European gambling operations.

調整俄羅斯、烏克蘭戰爭的影響後，第四季度和全年的固定貨幣收入將分別增長約 9% 和 3%。本季度數字錢包業務的調整後 EBITDA 為 7710 萬美元，利潤率為 43.5%，與去年持平。全年調整後的 EBITDA 為 2.894 億美元，利潤率下降 210 個基點，反映了來自俄羅斯、烏克蘭和歐洲博彩業務的投資和逆風。

Let's turn to Slide 13 for the summary of the balance sheet and leverage. At the end of the year, our total debt was $2.6 billion. We completed debt repayments and repurchases of $18.5 million face value in Q4 and $77 million for the full year. We continue to monitor pricing on both our term debt and notes, and we will act opportunistically to take advantage of current trading levels. Our net debt to LTM adjusted EBITDA ratio was 5.8x at year-end, and we are highly focused on reducing leverage through further debt reductions and EBITDA growth in 2023. We believe we will be in the range of 5.1x to 5.3x by the year-end.

讓我們轉到幻燈片 13 了解資產負債表和槓桿率的摘要。到年底，我們的總債務為 26 億美元。我們在第四季度完成了面值 1850 萬美元的債務償還和回購，全年完成了 7700 萬美元的債務償還和回購。我們將繼續監控我們的定期債務和票據的定價，我們將採取機會主義行動以利用當前的交易水平。我們的淨債務與 LTM 調整後 EBITDA 的比率在年底為 5.8 倍，我們高度關注通過進一步減少債務和 2023 年 EBITDA 增長來降低杠桿率。我們相信到 2023 年我們將處於 5.1 倍至 5.3 倍的範圍內年底。

Moving to Slide 14 to discuss the outlook. For 2023, we currently expect reported revenue to range from $1.58 billion to $1.6 billion, reflecting growth above 6% at the midpoint. This reflects low single-digit growth in the first half and high single-digit growth in the second half of the year, driven by the ramp-up of our sales transformation and other initiatives. We expect adjusted EBITDA to range from $452 million to $462 million, reflecting at least a 100 basis points of margin improvements driven by operating leverage. We assume current euro to USD exchange rate for the remainder of the year.

轉到幻燈片 14 討論前景。對於 2023 年，我們目前預計報告的收入將在 15.8 億美元至 16 億美元之間，反映出中點增長率超過 6%。這反映了上半年的低個位數增長和下半年的高個位數增長，這是由於我們的銷售轉型和其他舉措的推動。我們預計調整後的 EBITDA 將在 4.52 億美元至 4.62 億美元之間，反映出運營槓桿推動的利潤率至少提高了 100 個基點。我們假設今年剩餘時間的當前歐元兌美元匯率。

The first quarter is expected to be in the range of $375 million to $380 million, an increase of approximately 4% year-over-year on a constant currency basis. Adjusted EBITDA is expected to be in the range of $105 million to $108 million, reflecting an adjusted EBITDA margin slightly above 28%.

第一季度預計在 3.75 億美元至 3.8 億美元之間，按固定匯率計算同比增長約 4%。調整後的 EBITDA 預計在 1.05 億美元至 1.08 億美元之間，反映出調整後的 EBITDA 利潤率略高於 28%。

Now I'll turn the call back to Bruce.

現在我會把電話轉回 Bruce。

Thank you, Alex. In closing, I want to thank our team for their hard work during this transition. As I stated 10 months ago, we would drive our return to growth by simplifying the organization, focusing on client experience, sales and product innovation. Our team has done that, and we're prepared to grow in 2023 after a strong back half of 2022. We have added great talent and placed their talented teammates and roles that will drive better outcomes for us as we move forward.

謝謝你，亞歷克斯。最後，我要感謝我們的團隊在此過渡期間的辛勤工作。正如我在 10 個月前所說，我們將通過簡化組織、專注於客戶體驗、銷售和產品創新來推動我們恢復增長。我們的團隊已經做到了這一點，我們準備在 2022 年的強勁後半段之後在 2023 年實現增長。我們增加了優秀的人才，並安排了他們有才華的隊友和角色，這將在我們前進的過程中為我們帶來更好的結果。

We have stabilized the company in the back half of the year, and I'm excited about the opportunities that we have as we move forward. Paysafe is a scaled player with $1.5 billion in revenue, $410 million in EBITDA, 70% plus free cash flow conversion and will grow mid-single digits in 2023. We are looking forward to seeing everyone next week in New York.

我們在下半年穩定了公司，我對我們在前進過程中所擁有的機會感到興奮。 Paysafe 是一家規模龐大的公司，收入為 15 億美元，EBITDA 為 4.1 億美元，自由現金流轉換為 70%，並將在 2023 年實現中個位數增長。我們期待下週在紐約與大家見面。

Now let's begin with the Q&A session.

現在讓我們從問答環節開始。

Thank you, Bruce and Alex. We are partnering again with safe Technologies Q&A Forum, which allows all of our shareholders to submit and (inaudible) questions. After that, we'll turn to questions from our research analyst community. Our first question is from Devraj, who asked why Paysafe decided to do a reverse stock split, Wouldn't it be more assuring to bring up the share price organically. Bruce, would you like to address this?

謝謝你，布魯斯和亞歷克斯。我們再次與安全技術問答論壇合作，允許我們所有的股東提交和（聽不清）問題。之後，我們將轉向我們的研究分析師社區提出的問題。我們的第一個問題來自 Devraj，他問為什麼 Paysafe 決定進行反向股票拆分，這樣有機地提高股價會不會更有保障。布魯斯，你想談談這個嗎？

Sure, Kirsten. So look, thank you for the question, first of all. Look, I think when we go back and talk about where the stock was trading at the time, the Board felt it was the right decision to make the reverse stock split. But to be clear, our focus is to drive shareholder value by delivering stronger growth, expanding our margins and as you heard in our prepared remarks, we're delivering on our priorities around client experience, product innovation and sales transformation to enable us to accelerate our organic growth. So as you can see in the improvement in our guidance range for 2023, which Alex talked about reflects a 6% to 7% organic revenue growth coupled with at least 100 basis points of EBITDA margin, we think we're positioning ourselves to do just that and drive shareholder value.

當然，克爾斯滕。所以，首先，謝謝你提出這個問題。聽著，我認為當我們回過頭來討論股票當時的交易地點時，董事會認為進行反向股票拆分是正確的決定。但需要明確的是，我們的重點是通過實現更強勁的增長、擴大我們的利潤率來推動股東價值，正如您在我們準備好的發言中所聽到的那樣，我們正在圍繞客戶體驗、產品創新和銷售轉型實現我們的優先事項，以使我們能夠加速我們的有機增長。因此，正如您在我們 2023 年指導範圍的改善中看到的那樣，亞歷克斯談到這反映了 6% 到 7% 的有機收入增長以及至少 100 個基點的 EBITDA 利潤率，我們認為我們正在定位自己做並推動股東價值。

Our next question is from Cody who would like to hear about any initiatives to improve brand recognition of our North America operations. Bruce, why don't you take this 1 as well?

我們的下一個問題來自科迪，他想听聽有關提高我們北美業務品牌知名度的任何舉措。布魯斯，你為什麼不把這個 1 也帶走？

Sure. So looking in North America, as you think about what we do in North America, predominantly our revenue streams from North America are really around our merchant acquiring business. So we're the fourth largest nonbank acquirer in the market. And as I pointed out a little bit earlier, we have some strong brand recognition with J.D. Power's ranking us third for merchant satisfaction. So we feel that Paysafe has a nice brand in the acquiring market in the U.S. and we'll continue to focus that over time.

當然。所以看看北美，當你考慮我們在北美所做的事情時，我們來自北美的收入來源主要是圍繞我們的商家收單業務。所以我們是市場上第四大非銀行收單機構。正如我之前指出的那樣，我們有一些強大的品牌認知度，J.D. Power 在商家滿意度方面將我們排名第三。因此，我們認為 Paysafe 在美國的收單市場上擁有不錯的品牌，我們將隨著時間的推移繼續關注這一點。

I think when you look at the consumer business, which is our digital wallet business, we have great strong brand recognition in Europe and other markets. And North America is an emerging opportunity for us. So you'll see a lot of activity in the consumer side of our business in North America as we move forward with a series of new campaigns and branding as we move forward and into Latin America as well. As I mentioned, it's growing -- Latin America has grown 18%. We have a strong brand with Pago down there on the consumer side, but you'll start to see us build the Paysafe brand in Latin America as well.

我認為當你看一下消費者業務，也就是我們的數字錢包業務時，我們在歐洲和其他市場擁有強大的品牌知名度。北美對我們來說是一個新興的機會。所以你會看到我們在北美業務的消費者方面有很多活動，因為我們推進了一系列新的活動和品牌推廣，同時我們也進入了拉丁美洲。正如我提到的，它正在增長——拉丁美洲增長了 18%。我們在消費者方面擁有強大的 Pago 品牌，但您會開始看到我們也在拉丁美洲打造 Paysafe 品牌。

Okay. Thanks, Bruce. We'll take 1 more question from the say platform. Dale asks what is the path to profitability? Is it money or new users? Alex, could you take this one?

好的。謝謝，布魯斯。我們將從 say 平台再回答 1 個問題。戴爾問盈利的途徑是什麼？是錢還是新用戶？亞歷克斯，你能接受這個嗎？

Sure. I would like to first reiterate that we reported adjusted EBITDA of $410 million in 2022 and delivered positive cash flow and positive adjusted net income. Going forward, our guidance points to improved profitability in 2023, including 100 basis points of margin expansion. You heard Bruce discussed our priorities to drive near-term growth. As an example, we expect to deliver growth from cross-selling our products and expanding geographically within our existing merchant base. And we're seeing that in both our recent wins and in the sales pipeline. We also touched on improvements to Digital Wallet user experience, which we believe will support growth of active users this year.

當然。我想首先重申，我們報告的 2022 年調整後 EBITDA 為 4.1 億美元，並實現了正現金流和正調整後淨收入。展望未來，我們的指引指向 2023 年盈利能力的提高，包括利潤率擴大 100 個基點。你聽說布魯斯討論了我們推動近期增長的優先事項。例如，我們希望通過交叉銷售我們的產品並在我們現有的商戶基礎內進行地域擴張來實現增長。我們在最近的勝利和銷售渠道中都看到了這一點。我們還談到了數字錢包用戶體驗的改進，我們相信這將支持今年活躍用戶的增長。

At the same time, we focus on being disciplined with cost management to continue to drive the operating leverage as we grow.

與此同時，我們專注於嚴格控製成本管理，以隨著我們的發展繼續推動運營槓桿。

Okay. Thanks, Alex. With that, I would now like to turn the call back over to the operator to open up the phone line to take questions. Operator?

好的。謝謝，亞歷克斯。有了這個，我現在想把電話轉回給接線員打開電話線來回答問題。操作員？

(Operator Instructions) Our first questions come from the line of Dan Perlin with RBC.

（操作員說明）我們的第一個問題來自 RBC 的 Dan Perlin。

It's actually Matt Roswell sitting in for Dan. I have 2 questions. I guess, first, you mentioned in your prepared remarks the strength in the U.S. SMB market, especially travel and hospitality. I was wondering if you could kind of disaggregate whether that's coming from the macro environment improving, you all gains share or sort of improved operations.

實際上是 Matt Roswell 代替 Dan。我有兩個問題。我想，首先，您在準備好的發言中提到了美國 SMB 市場的實力，尤其是旅遊和酒店業。我想知道你是否可以分解一下這是來自宏觀環境的改善，你們都獲得了份額還是某種程度的運營改善。

I didn't hear the question. It was kind of choppy.

我沒聽到問題。有點起伏不定。

Sorry about that. Hopefully, it sounds a little bit better now. Strength in the U.S. SMB especially for I was wondering if you could disaggregate it into kind of macro conditions improving, share gains or you all executing better?

對於那個很抱歉。希望現在聽起來好一點。美國 SMB 的實力，尤其是我想知道您是否可以將其分解為宏觀條件改善、股票收益或你們都執行得更好？

Yes. So I think the question is really how do we map off the SMB performance against macro environment? And look, I think our U.S. SMB business, our merchant acquiring business has performed exceptionally well throughout the year. I think it continued to perform well in Q4. We expect it to continue to perform very well as we move into '23. So from our perspective, we believe the message that we have in the Street that we're out selling the optionality that we provide is really resonating with the SMB marketplace, and it's a very unique proposition. So we would say we're continuing to take share in that vertical. -- and we expect that to continue as we move forward into '23.

是的。所以我認為問題實際上是我們如何根據宏觀環境映射 SMB 性能？看，我認為我們的美國 SMB 業務，我們的商家收單業務全年表現非常出色。我認為它在第四季度繼續表現良好。我們希望它在我們進入 23 年時繼續表現出色。因此，從我們的角度來看，我們相信我們在街頭傳達的信息是，我們正在出售我們提供的可選性，這確實引起了 SMB 市場的共鳴，這是一個非常獨特的主張。所以我們會說我們將繼續在該垂直領域佔有份額。 - 我們希望隨著我們進入 23 世紀，這種情況會繼續下去。

Okay. And as a follow-up, how should we think about free cash flow conversion in '23?

好的。作為後續行動，我們應該如何考慮 23 年的自由現金流轉換？

So on the free cash flow, I think as Alex mentioned earlier, we think we'll still be very consistent in free cash flow as we go into '23. We'll talk a little bit more in depth about that on Monday at the Analyst Day. And so that's part of my plug for Monday to get everybody there, but you'll see consistency in our free cash flow as we go into '23.

因此，關於自由現金流，我認為正如亞歷克斯之前提到的那樣，我們認為進入 23 年時我們的自由現金流仍將非常穩定。我們將在周一的分析師日更深入地討論這個問題。所以這是我周一的一部分，讓每個人都在那裡，但是當我們進入 23 年時，你會看到我們自由現金流的一致性。

Our next questions come from the line of David Togut with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

You called out a doubling of global sales headcount this year. Could you walk through the distribution of those new adds? Is that primarily going to be North America? What percentage would be Europe? And then if you could kind of bridge to the adjusted EBITDA margin expansion guidance kind of how the big headcount expansion in sales impacts adjusted EBITDA, obviously, likely negative, but then what would be the tailwinds to margin that would show significant expansion?

你呼籲今年將全球銷售人數翻一番。你能介紹一下這些新添加的分佈嗎？那主要是北美嗎？歐洲佔多少百分比？然後，如果你能在某種程度上與調整後的 EBITDA 利潤率擴張指導相聯繫，即銷售人員的大量擴張如何影響調整後的 EBITDA，顯然，這可能是負面的，但那麼顯示顯著擴張的利潤率的順風是什麼？

Yes. So look, I think, first of all, a lot of the moves that we've made have been how I would classify as self-funded. So we've made adjustments within the organization to pay for the changes that we've done. So there has been a lot of movement within the organization where we have repositioned sales product. People are positions that we thought were lacking. So we have had a lot of transition in the organization to line up on that. So I would not expect -- I forget the exact word you used, but the significant change in our EBITDA profile because of we're adding people into the sales organization. that will be self-funding. As Alex alluded to, as we go into '23, you'll see 100 to 150 basis points as our guide margin expansion. So we fully expect to continue to improve our margin as we move into '23.

是的。所以看，我認為，首先，我們所做的很多舉措都是我如何歸類為自籌資金的。因此，我們在組織內部進行了調整，以支付我們所做的更改。因此，我們重新定位銷售產品的組織內部發生了很多變化。人是我們認為缺乏的職位。因此，我們在組織中進行了很多過渡，以適應這一點。所以我不希望 - 我忘記了你使用的確切詞，但我們的 EBITDA 概況發生了重大變化，因為我們正在將人員添加到銷售組織中。那將是自籌資金。正如亞歷克斯提到的那樣，當我們進入 23 年時，您會看到 100 到 150 個基點作為我們的指導保證金擴張。因此，我們完全希望在進入 23 年時繼續提高我們的利潤率。

Alex, if you want to add any color too.

亞歷克斯，如果你也想添加任何顏色。

I think 1 of the things that we said is we're planning to expand our margin and merchant solution by focusing more on our direct channel sales as well as on our e-commerce expansion. And as I've said in the remarks as well, look, we are continuing -- now the point here is that our revenue will grow faster than our costs, and we will continue to focus on our cost base whether it's headcount, whether it's facilities, whether it's automation, all of those things, we will continue to focus on the cost base, the efficiency gains and the efficiency that we're seeking never stops.

我認為我們所說的其中一件事是我們計劃通過更多地關注我們的直接渠道銷售以及我們的電子商務擴展來擴展我們的利潤和商家解決方案。正如我在評論中所說的那樣，看，我們正在繼續 - 現在這裡的重點是我們的收入增長速度將超過我們的成本，我們將繼續關注我們的成本基礎，無論是員工人數，還是設施，無論是自動化，所有這些，我們將繼續關注成本基礎、效率收益和我們追求的永不停止的效率。

And just to clarify, the sales force additions in 2023, what are the distribution of those new adds between your different business segments and geographies?

澄清一下，2023 年的銷售人員增加情況，這些新增人員在您的不同業務部門和地區之間的分佈情況如何？

Yes, David. So what I would say is the -- everywhere we think are opportunities for growth with our sales organization. We generally view that we're subscale with sales. So you'll see additions being in Rob Gato's world. You'll hear him talk about that on Monday around the enterprise, the account management structure. We're having a tremendous amount of success early on cross-selling into our existing client base. We feel very optimistic about that, and we need more people in that avenue. We also see tremendous opportunities, as Alex just talked about in e-commerce. And so you'll see us continuing to expand in our e-commerce and merchant acquiring spaces. So those will be the predominant places that we're expanding our sales organization.

是的，大衛。所以我要說的是 - 我們認為我們的銷售組織在任何地方都有增長的機會。我們通常認為我們的銷售額是小規模的。因此，您會在 Rob Gato 的世界中看到新內容。您會在星期一聽到他圍繞企業、客戶管理結構談論這一點。我們在向現有客戶群進行交叉銷售方面取得了巨大的成功。我們對此感到非常樂觀，我們需要更多的人參與其中。我們也看到了巨大的機會，正如 Alex 剛才談到的電子商務。因此，您會看到我們繼續擴展我們的電子商務和商家收單空間。因此，這些將是我們擴展銷售組織的主要地方。

Our next questions come from the line of Scott Wurtzel with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Scott Wurtzel。

Maybe first starting off on your guidance. I'm wondering if you can give us color on some of the macro assumptions that are embedded there. And then maybe also how we should think about growth between Merchant Solutions and Digital Wallets?

也許首先從您的指導開始。我想知道您是否可以為我們介紹其中嵌入的一些宏觀假設。然後也許我們應該如何考慮商家解決方案和數字錢包之間的增長？

Well, I think in terms of macro assumptions, we've given you a range, right? So obviously, at the top range, we expect the things to continue to improve and do well. And then we've got some regulatory -- whether it's regulatory headwinds or whether it's some of the assumptions relating to a macroeconomic environment, that's the bottom of the range. That's the best we know as of now, and that's how you would reflect on our assumptions there. Sorry, what was the second part?

好吧，我認為就宏觀假設而言，我們已經給了你一個範圍，對吧？所以很明顯，在最高範圍內，我們希望事情會繼續改善並做得很好。然後我們有一些監管——無論是監管逆風還是與宏觀經濟環境相關的一些假設，這都是范圍的底部。這是我們目前所知道的最好的，這就是你如何反思我們在那裡的假設。抱歉，第二部分是什麼？

Second part was just how we should think about growth on the top line between Merchant Solutions and Digital Wallets this year?

第二部分是我們應該如何考慮今年商戶解決方案和數字錢包之間的收入增長？

Yes. I mean we expect -- for both of those -- for both of our units to continue to grow at the average rates that we're guiding to. So as we sit here today, both would grow single-digit percentages that the guide implies.

是的。我的意思是，我們希望 - 對於這兩個 - 我們的兩個部門都將繼續以我們指導的平均速度增長。因此，當我們今天坐在這裡時，兩者都將以指南暗示的個位數百分比增長。

Scott, I would just add just a little color. I think as we looked at you probably heard me talk about earlier last year that this is really about going out and executing. And I still fundamentally believe that's the case. We've talked about a number of economists over the last few months, trying to get a sense of macro environment. We don't see any impact at this point, as Alex just said. So this is really about us going out and executing and getting better at what we do every day. And we think that if there is a recession, at least based on the information we have today, it will be mild and really doesn't impact what we do.

斯科特，我只想添加一點顏色。我想當我們看著你時，你可能在去年早些時候聽過我談到這真的是關於走出去和執行。我仍然從根本上相信情況就是如此。在過去的幾個月裡，我們討論了一些經濟學家，試圖了解宏觀環境。正如亞歷克斯剛才所說，我們目前看不到任何影響。所以這真的是關於我們走出去，執行並在我們每天所做的事情上做得更好。我們認為，如果出現經濟衰退，至少根據我們今天掌握的信息，它會是溫和的，並且不會真正影響我們的工作。

Got it. That's helpful. And then maybe just as a follow-up on the US iGaming side of things. Wondering if you can maybe share some color on how some of your relationships with larger operators in the U.S. have been going, specifically maybe with Penn and Barstool, you've heard some of your ads on their media there. So just wondering if you can provide an update on how that's been going since launch?

知道了。這很有幫助。然後可能只是作為美國 iGaming 方面的後續行動。想知道您是否可以分享一些關於您與美國大型運營商的關係進展如何的顏色，特別是與 Penn 和 Barstool 的關係，您已經在他們的媒體上聽到了一些廣告。所以只是想知道您是否可以提供有關自發布以來的進展情況的最新信息？

Yes. So a couple of things. We actually have Zach Color who's going to present on Monday at the Investor Day. He's got a lot of great color that he's going to provide around that. Overall, what I would say is the Barstool example that you just throw out is in the early stages. So we're just kind of getting out of the gate with that. It seems like that's progressing well. We have a great partnership with them, and we're excited about what Barstool is doing. The industry as a whole is moving along pretty well for us. It's small right now, but we have great growth in the U.S. marketplace. And we think that we're in a great position to be a leader as that moves forward. And we're optimistic about that over the long term.

是的。所以有幾件事。我們實際上有 Zach Color，他將在周一的投資者日出席。他有很多很棒的顏色，他將圍繞它提供。總的來說，我要說的是您剛剛放棄的 Barstool 示例處於早期階段。所以我們只是有點走出大門。看起來進展順利。我們與他們建立了良好的合作夥伴關係，我們對 Barstool 正在做的事情感到興奮。整個行業對我們來說進展順利。它現在很小，但我們在美國市場有很大的增長。我們認為，隨著這一進程的推進，我們處於成為領導者的有利位置。從長遠來看，我們對此持樂觀態度。

Our next questions come from the line of Tim Chiodo with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Tim Chiodo。

A lot of great highlights on the iGaming business in the Merchant Solutions here in North America. I wanted to see if you could give us an update in terms of percentage of revenue that, that business is now within merchant maybe what a run rate was in terms of the annualized revenue for that business exiting the year? And then a follow-up is, you mentioned a new win in Ohio. Just as an example, maybe not this 1 specifically, but in general, your more recent wins within gaming in North America. Are they where you are gateway only? Are they in partnership with Worldpay? Are there any where you're beginning to do the full stack processing, meaning separate from Worldpay?

北美商戶解決方案中的 iGaming 業務有很多亮點。我想看看您是否可以就收入百分比向我們提供最新信息，即該業務現在在商家內，也許就該業務退出當年的年化收入而言，運行率是多少？然後是後續行動，你提到了在俄亥俄州的新勝利。舉個例子，也許不是這個 1 具體而言，但總的來說，你最近在北美遊戲中取得的勝利。他們只是你的門戶嗎？他們是否與 Worldpay 合作？你們有沒有開始進行全棧處理的地方，這意味著與 Worldpay 分開？

Yes, Tim, thanks for the question. Look, I think we're -- feel very good about what we're doing. We are winning. When we look at the U.S. Gaming vertical, it's broader than wallet for us. It is about e-com gateway and what we're providing there. So we are having a lot of success with our e-comm gateway. We are seeing and we'll have some great examples of Monday at Investor Day, where people are buying our full stack. And so we're very excited. I think Tim, actually, I mentioned with you in the fall at a conference One of the things to look for is a signpost as we're moving forward is us selling multiproduct deals. And I think I shared that, that would be what is exciting for me and showing me that we're moving in the right direction. And we're going to talk about it on Monday, but we had a fair number of multiproduct deals in Q4 and really has us excited about what the opportunity is as we move forward.

是的，蒂姆，謝謝你的提問。看，我認為我們 - 對我們正在做的事情感覺非常好。我們贏了。當我們審視美國遊戲行業時，它比我們的錢包更廣泛。它是關於電子商務網關和我們在那裡提供的。因此，我們的電子通訊網關取得了很大的成功。我們正在看到並且我們將在周一的投資者日有一些很好的例子，人們正在購買我們的全部產品。所以我們非常興奮。我想蒂姆，實際上，我在秋天的一次會議上和你提到過，在我們前進的過程中，要尋找的一件事是一個路標，那就是我們銷售多產品交易。我想我分享了這一點，這對我來說是令人興奮的，並向我表明我們正在朝著正確的方向前進。我們將在周一討論它，但我們在第四季度進行了相當多的多產品交易，這讓我們對未來的機會感到非常興奮。

Excellent. If you don't mind, if I could mix in 1 more brief follow-up. So during the prepared remarks around margins for Merchant Solutions, I believe I caught it correctly, but there was a comment around margins just being impacted by various channel mix within Merchant. If you could just talk about those the various margin profiles of the channels and what the mix was that drove the margin outcome for the quarter?

出色的。如果您不介意，我可以再添加 1 個簡短的跟進內容。因此，在針對 Merchant Solutions 的利潤率準備好的評論中，我相信我沒看錯，但有評論說利潤率只是受到 Merchant 內各種渠道組合的影響。如果你能談談渠道的各種利潤率概況，以及推動本季度利潤率結果的組合是什麼？

Yes. So that was in Alex's comments, and I'll let him jump in here in a second. So as we look to the U.S. Merchant business, what you see is our indirect channel and our direct channel. Our indirect channel has a little lower margin profile than our direct channel. We had great growth in that in Q4. And so it impacted the margin slightly as we kind of wrapped up the quarter. So it was really from a top line growth perspective, acceleration that threw off the margin just a little bit as we look at it in aggregate.

是的。這就是亞歷克斯的評論，我會讓他馬上跳到這裡。因此，當我們著眼於美國商戶業務時，您看到的是我們的間接渠道和直接渠道。我們的間接渠道的利潤率略低於我們的直接渠道。我們在第四季度取得了很大的增長。因此，當我們結束本季度時，它對利潤率略有影響。因此，從頂線增長的角度來看，從總體上看，加速只是稍微降低了利潤率。

Yes. And of course, the only thing to add is, as Bruce has said before, what we expect going forward is more focused on direct channel, but also more focused on e-commerce, which should drive the margins higher overall.

是的。當然，唯一要補充的是，正如 Bruce 之前所說，我們預計未來將更加關注直接渠道，但也更加關注電子商務，這應該會提高整體利潤率。

Our next questions come from the line of Jamie Friedman with Susquehanna.

我們的下一個問題來自 Jamie Friedman 和 Susquehanna 的對話。

Good results here. I had a question about Digital Wallets, and I appreciate this slide what numbers is Slide 3 where you go through the wallet disclosed, but I was just curious how are you thinking about active user trends in 2023 in terms of the Digital Wallet?

這裡的好結果。我有一個關於數字錢包的問題，我很欣賞這張幻燈片，幻燈片 3 是什麼數字，你在其中瀏覽了所披露的錢包，但我只是好奇你如何看待 2023 年數字錢包方面的活躍用戶趨勢？

Yes. So Jamie, thank you. I appreciate it, and thanks for joining us this morning. So I think what you saw over the last several months is really a stabilization around the users. We expect our user on the classic Digital Wallet to start accelerating in Q2. And we feel pretty good about that as we sit here in the beginning of March. So looking for growth numbers on the digital wallet users as we move into Q2. So as I think we reported that at the end of Q2, you'll -- we're expecting to see it moving in the right direction. But clearly, we've stabilized the wallet over the last 5 months.

是的。傑米，謝謝你。我很感激，感謝今天早上加入我們。所以我認為你在過去幾個月裡看到的是用戶的穩定。我們希望我們的經典數字錢包用戶在第二季度開始加速。當我們在 3 月初坐在這裡時，我們對此感覺非常好。因此，隨著我們進入第二季度，尋找數字錢包用戶的增長數字。因此，正如我認為我們在第二季度末報告的那樣，你會 - 我們期待看到它朝著正確的方向發展。但很明顯，我們在過去 5 個月裡穩定了錢包。

Okay. And then if I could just ask as a follow-up. In terms of how we should be thinking about the deposit trends this is a pretty substantial increase year-over-year I'm just curious what is driving that and how we should be thinking about if we should interest rate dynamics relative to the growth of the deposit-related results?

好的。然後我是否可以問一下作為後續行動。就我們應該如何考慮存款趨勢而言，這是一個相當可觀的同比增長，我只是好奇是什麼推動了這一點，以及我們應該如何考慮是否應該將利率動態與增長相關聯與存款相關的結果？

Yes. Obviously, we're having success, getting more people loading into the wallet. I think what Megan and her team have done around the usability of the wallet is really driving a lot of that activity. It's taken a lot of the friction out of the use of the wallet itself. So we're having more success, getting people to load and fund the wallet. So feel very good about that. And Jamie, as you rightly point out, obviously, we expect a better return on our deposits as we move forward with the interest rates that have accelerated. That hasn't been much of a story for us historically. But certainly, as rates continue to move, we will do our best to optimize the deposit base that we have.

是的。顯然，我們取得了成功，讓更多人將錢存入了錢包。我認為梅根和她的團隊圍繞錢包的可用性所做的工作確實推動了很多活動。它消除了錢包本身使用中的很多摩擦。所以我們取得了更大的成功，讓人們加載並為錢包提供資金。所以感覺很好。傑米，正如你正確指出的那樣，顯然，隨著我們加快利率的推進，我們預計我們的存款會有更好的回報。從歷史上看，這對我們來說並不是什麼大事。但可以肯定的是，隨著利率繼續變動，我們將盡最大努力優化我們擁有的存款基礎。

(Operator Instructions) Our next questions come from the line of Aditya Buddhavarapu with Bank of America.

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

Just a couple from my side. So in iGaming, could you maybe just speak about sort of your competitive position there and how you're differentiating your offering. I understand it might be something you go into more in the CMD, but if you could just give us a flavor there? And then second, as you think about the Digital Wallet business, do you see any residual headwinds from some of the regulatory impacts in Europe in '23? Or is there anything going on around some incremental regulatory impact to this year?

我身邊只有一對。所以在 iGaming 中，你能否談談你在那裡的競爭地位以及你如何區分你的產品。我知道這可能是您在 CMD 中更深入的內容，但是您能否在那裡給我們介紹一下？其次，當你考慮數字錢包業務時，你是否看到 23 世紀歐洲的一些監管影響帶來的任何殘餘阻力？還是圍繞今年的一些增量監管影響發生了什麼？

So the -- just to clarify, your second question was about expectations for the regulatory environment the for digital wallet so it's filling into 2023. And then your first question, we were having a hard time hearing you it's a little soft. Would you mind restating the first question?

所以 - 澄清一下，你的第二個問題是關於對數字錢包監管環境的期望，所以它會在 2023 年到來。然後你的第一個問題，我們很難聽到你說它有點軟。你介意重申第一個問題嗎？

Sorry about that. First question was on iGaming. As you expand or pursue that opportunity in the U.S., could you just talk about your competitive position there and how you're sort of differentiating your offering for -- from the merchants?

對於那個很抱歉。第一個問題是關於 iGaming 的。當你在美國擴張或尋求這個機會時，你能談談你在那裡的競爭地位以及你如何將你的產品與商家區分開來嗎？

Got it. So look, first, I'll kind of go in reverse order. But the regulatory environment question on the Digital Wallet vertical. Look, I think 1 of the things I would say we've been in this business for 20-something years. We understand the regulatory environment very well. We don't see anything that we didn't take into account into our guidance from a regulatory standpoint. We're in a lot of different marketplaces. So we really don't have a concentration of credit in any particular country. So we feel like we're in a good spot with the guidance we gave, incorporating any regulatory potential headwinds that may exist. So we feel like we've got that covered in the guidance that we gave.

知道了。所以看，首先，我會以相反的順序進行。但數字錢包垂直領域的監管環境問題。聽著，我想我要說的其中一件事我們已經從事這項業務 20 多年了。我們非常了解監管環境。從監管的角度來看，我們沒有看到任何我們沒有考慮到我們的指南的事情。我們在很多不同的市場。所以我們真的沒有在任何特定國家集中信貸。因此，我們覺得我們在給出的指導下處於一個很好的位置，結合了可能存在的任何監管潛在阻力。所以我們覺得我們已經在我們提供的指導中涵蓋了這一點。

In regard to the U.S. Gaming business. Look, we're having a lot of success landing clients. We look at it both from the wallet perspective and from the gateway e-commerce perspective. This is not a single product for us, this is a vertical that we look to participate in and be active in it. And I think what you've seen, we're in 25 different states. We're having success. Obviously, with Ohio is a great example of coming into the state with multiple operators lined up as clients. We feel we've got a very strong position in the market, and we expect to continue to press and be very, very competitive in the U.S. Gaming market as it moves forward.

關於美國博彩業務。看，我們有很多成功的登陸客戶。我們既從錢包的角度來看，也從網關電商的角度來看。這對我們來說不是一個單一的產品，這是一個我們希望參與並積極參與的垂直領域。我想你所看到的，我們在 25 個不同的州。我們正在取得成功。顯然，俄亥俄州是進入該州的一個很好的例子，該州有多個運營商排隊成為客戶。我們覺得我們在市場上擁有非常強大的地位，我們希望在美國遊戲市場向前發展的過程中繼續施壓並保持非常非常有競爭力。

Thank you. We have reached the end of our question-and-answer session. I would now like to turn the call back over to Bruce Lowthers for any closing remarks.

謝謝。我們的問答環節已經結束。我現在想將電話轉回給 Bruce Lowthers 以聽取任何結束語。

Yes. Thank you very much. Look, first of all, I just want to thank all of the Paysafe team for everything that you've done, it was really great to see the progress continue on our transformation, and we're very excited about the opportunity that's in front of us and look forward to an exciting 2023. Thank you all for joining us here today. And my last pitch, again, hope to see all of you Monday at the Investor Day in New York. We'll be at the New York Stock Exchange, and we have great stories to share a lot of success that the team has had, and they're anxious to tell you. So look forward to seeing everybody in New York on Monday. Thank you very much.

是的。非常感謝。首先，我只想感謝所有 Paysafe 團隊所做的一切，看到我們的轉型繼續取得進展真的很棒，我們對眼前的機會感到非常興奮我們期待激動人心的 2023 年。感謝大家今天加入我們。我的最後一次推銷再次希望在周一的紐約投資者日見到你們所有人。我們將在紐約證券交易所，我們有很棒的故事可以分享團隊取得的許多成功，他們很想告訴你。期待週一在紐約與大家見面。非常感謝。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路。享受你剩下的一天。