Riskified Ltd (RSKD) 2023 Q4 法說會逐字稿

Good day and thank you for standing by, and welcome to the Riskified Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker Chett Mandel, Riskified, Head of Investor Relations. Please go ahead.

美好的一天，感謝您的耐心等待，歡迎參加 2023 年第四季風險收益電話會議。（操作員指示）請注意，今天的會議正在錄製中。現在，我想將會議交給第一位發言人、Riskified 投資者關係主管 Cheett Mandel。請繼續。

Good morning, and thank you for joining us today. My name is Chett Mandel, Riskified's Head of Investor Relations. We are hosting today's call to discuss the Riskified's financial results for the full year and fourth quarter of 2023.

早安，感謝您今天加入我們。我叫切特‧曼德爾 (Chett Mandel)，Riskified 投資人關係主管。我們今天召開電話會議，討論 Riskified 2023 年全年和第四季的財務表現。

Participating on today's call, our Eido Gal, Riskified's Co-Founder and Chief Executive Officer; and [Agi] Dotcheva, Riskified's Chief Financial Officer. We released our results for the full year and fourth quarter of 2023 earlier today. Our earnings materials, including a replay of today's webcast, will be available on our Investor Relations website at ir.riskified.com.

參加今天的電話會議的有 Riskified 聯合創始人兼執行長 Eido Gal； [Agi] Dotcheva，Riskified 財務長。我們今天早些時候發布了 2023 年全年和第四季度的業績。我們的收益資料，包括今天網路廣播的重播，將在我們的投資者關係網站 ir.riskified.com 上提供。

Certain statements made on the call today will be forward-looking statements related to our operating performance, business and financial goals, outlooks as to revenues, gross profit margin, adjusted EBITDA profitability, adjusted EBITDA margins and expectations at the positive cash flows, which reflect management's best judgment based on currently available information and are not guarantees of future performance.

今天電話會議上所做的某些陳述將是與我們的經營業績、業務和財務目標、收入前景、毛利率、調整後EBITDA 盈利能力、調整後EBITDA 利潤率以及對正現金流的預期相關的前瞻性陳述，這些陳述反映了管理階層根據目前可獲得的資訊做出的最佳判斷，並不是對未來績效的保證。

We intend all forward-looking statements to be covered by the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our expectations as of the date of this call and except as required by law, we undertake no obligation to revise this information as a result of new developments that may occur after the time of this call.

我們希望所有前瞻性聲明均受 1995 年《私人證券訴訟改革法案》中包含的安全港條款的約束。這些前瞻性陳述反映了我們截至本次電話會議之日的預期，除非法律要求，否則我們不承擔因本次電話會議後可能發生的新事態發展而修改此資訊的義務。

These forward-looking statements involve risks, uncertainties, and other factors, some of which are beyond our control that could cause actual results to differ materially from our expectations. You should not put undue reliance on any forward-looking statements. Please refer to our annual report on Form 20-F for the year ended December 31, 2023, and subsequent reports we file or furnished with the SEC for more information on the specific factors that could cause actual results to differ materially from our expectations.

這些前瞻性陳述涉及風險、不確定性和其他因素，其中一些因素超出了我們的控制範圍，可能導致實際結果與我們的預期有重大差異。您不應過度依賴任何前瞻性陳述。請參閱我們截至 2023 年 12 月 31 日的 20-F 表格年度報告以及我們向 SEC 提交或提供的後續報告，以了解有關可能導致實際結果與我們的預期存在重大差異的具體因素的更多資​​訊。

Additionally, we will discuss certain non-GAAP financial measures and key performance indicators on the call. Reconciliations to the most directly comparable GAAP financial measures are available in our earnings release issued earlier today and also furnished with the SEC on Form 6-K and in the appendix of our investor relations presentation, all of which are posted on our Investor Relations website.

此外，我們將在電話會議上討論某些非公認會計準則財務指標和關鍵績效指標。我們今天稍早發布的收益報告中提供了與最直接可比較的GAAP 財務指標的調節表，並向SEC 提供了表格6-K 以及我們投資者關係演示文稿的附錄，所有這些都發佈在我們的投資者關係網站上。

I will now turn the call over to Eido.

我現在將把電話轉給 Eido。

Thanks, Chett, and hello, everyone. I'm proud to report that Riskified ended the year strong, despite facing macroeconomic and geopolitical headwinds. We entered 2023 looking to increase our new logo base, further penetrate our existing accounts expand our geographic footprint and strengthen our platform sales motion while improving our technology and achieving profitability on an adjusted EBITDA basis in the fourth quarter. I am pleased that we were able to accomplish our 2023 goals, but acknowledge our work is not yet done.

謝謝，切特，大家好。我很自豪地向大家報告，儘管面臨宏觀經濟和地緣政治的不利因素，Riskified 仍以強勁的業績結束了這一年。進入2023 年，我們希望增加我們的新標誌基礎，進一步滲透我們現有的客戶，擴大我們的地理足跡，加強我們的平台銷售活動，同時改進我們的技術，並在第四季度調整後的EBITDA 基礎上實現盈利。我很高興我們能夠實現 2023 年的目標，但承認我們的工作尚未完成。

In particular, I'm excited about achieving a gross margin of 58% in the fourth quarter. We believe that the cumulative multiyear impact of focusing on the continuous advancement of our technology stack contributed to an outstanding fourth quarter. This represents our highest gross margin in 10 quarters, all while maintaining very high levels of performance for our merchants.

尤其令我興奮的是，第四季的毛利率達到了 58%。我們相信，專注於技術堆疊的持續進步所產生的多年累積影響促成了第四季度的出色表現。這是我們 10 個季度以來的最高毛利率，同時為我們的商家保持了非常高的業績水準。

Allow me to provide some further insight into our technology strategy. In 2023, we focused on a three-pronged approach to drive improved performance. While we expanded deeper into new geographies, industries, and payment methods. We strengthened our machine learning factory by leaning further into autonomously training models. This allows us to train, test and deploy models more quickly, which in turn expands the capacity of our data scientists to develop and enhance additional features to drive powerful performance.

請容許我對我們的技術策略提供一些進一步的見解。2023 年，我們專注於三管齊下的方法來提高績效。同時，我們更深入地擴展到新的地區、產業和支付方式。我們透過進一步傾向於自主訓練模型來加強我們的機器學習工廠。這使我們能夠更快地訓練、測試和部署模型，從而擴展了資料科學家開發和增強其他功能以驅動強大效能的能力。

And finally, we built out an automated performance management platform designed to optimize approval and chargeback rates per merchant in an automated and constant way. We believe that this automation will allow us to continue to scale the business with high leverage. I am optimistic that some of the leverage seen in Q4 will flow through to 2024 and beyond, but I encourage you to continue analyzing our gross margin on an annual basis, given individual quarters can vary due to many factors, including the ramping of new merchants and the risk profiles of transactions approved.

最後，我們建立了一個自動化績效管理平台，旨在以自動化、持續的方式優化每個商家的審批率和退款率。我們相信，這種自動化將使我們能夠繼續以高槓桿率擴展業務。我樂觀地認為，第四季度看到的一些槓桿將持續到2024 年及以後，但我鼓勵您繼續按年度分析我們的毛利率，因為各個季度可能會因許多因素而有所不同，包括新商家的增加以及已批准交易的風險狀況。

I want to thank the team for their attention and responding so quickly from third quarter fraud events achieved such fantastic results in Q4. We have further diversified our portfolio across merchants, industries and geographies to become a more broad-based and resilient company that is able to continue to grow across all macro environments.

我要感謝團隊的關注以及對第三季詐欺事件的快速回應，在第四季度取得如此出色的成果。我們在商家、產業和地區之間進一步實現投資組合多元化，成為一家基礎更廣泛、更有彈性的公司，能夠在所有宏觀環境中持續成長。

We continue to have success penetrating the e-commerce landscape through new merchant wins and through upsells within our existing merchant white space, which contributed the total annual GMV growth of 17% and total annual revenue growth of 14% in 2023.

透過贏得新商家以及在現有商家空白區域內進行追加銷售，我們繼續成功滲透電子商務領域，這促成了 2023 年 17% 的年度 GMV 成長和 14% 的年度總收入成長。

Aglika will walk you through the drivers of our top-line growth shortly. But overall, I am encouraged by our performance in 2023. In particular, five out of our six verticals contribute positively to our performance during the year.

Aglika 很快就會帶您了解我們營收成長的驅動因素。但總的來說，我對我們 2023 年的表現感到鼓舞。特別是，我們的六個垂直領域中有五個對我們今年的表現做出了積極貢獻。

All of our regions achieved at least double digit growth year-over-year, and we have more enterprise merchants accounts on our platform than ever before. In fact, we had over 50 accounts that contributed $1 million or more to our top line in 2023.

我們所有的地區都實現了至少兩位數的同比增長，我們平台上的企業商家帳戶比以往任何時候都多。事實上，我們有超過 50 個帳戶在 2023 年為我們的收入貢獻了 100 萬美元或更多。

Our [go] to market team met their annual revenue targets and delivered a strong end to the year with one-third of the new merchant activity in 2023 coming in the fourth quarter, providing positive momentum heading into 2024.

我們的[進入]市場團隊實現了年度收入目標，並在今年年底取得了強勁的業績，2023 年的新商戶活動有三分之一發生在第四季度，為進入 2024 年提供了積極的動力。

Also in our first full year of having our assigned platform sales strategy, new bookings derived from our policy protects dispute resolved in account secure products were up approximately three times. Our fourth quarter was the strongest quarter ever for our policy Protect product as over 50% of the policy protect deals that we won during the year went live during the quarter.

此外，在我們制定指定平台銷售策略的第一個全年中，根據我們的政策保護帳戶安全產品中解決的爭議而產生的新預訂量增加了大約三倍。第四季是我們的保單保障產品有史以來表現最強勁的季度，因為我們在這一年中贏得的保單保障交易中有超過 50% 在本季度上線。

And while the revenue from these products still represents only a small percentage of our overall revenue base, we believe that our ability to sell an intended platform has proven to be a very successful differentiator and stickiness tool.

雖然這些產品的收入仍然只占我們整體收入基礎的一小部分，但我們相信，我們銷售預期平台的能力已被證明是一個非常成功的差異化工具和黏性工具。

We executed and focused on improving our technology stack throughout the year. For example, based on direct feedback from our merchants, we increased the number of use cases, we help solve beyond just blocking fraudulent refunds in cereal, returners to also solve promo of use item limits and retailer policies for our policy protect product.

我們全年執行並專注於改進我們的技術堆疊。例如，根據商家的直接回饋，我們增加了使用案例的數量，我們幫助解決的不僅僅是阻止麥片中的欺詐性退款、退貨問題，還解決了使用物品限制的促銷問題以及我們的政策保護產品的零售商政策。

On dispute resolved, we prioritize developing a holistic and automated solution for the fraud and non-fraud chargeback represented in process. This product allows us to become a one-stop-shop that automates the entire dispute flow to help reduce higher win rates for our merchants.

在解決爭議後，我們優先考慮針對流程中的詐欺和非詐欺退款開發整體且自動化的解決方案。該產品使我們能夠成為一站式商店，使整個爭議流程自動化，以幫助我們的商家降低更高的獲勝率。

Both products are proving to have a true market need based on recent activity and existing pipeline and service key tools in our land and expand strategy. The new product traction we've seen and the enhancements we've made combined with our market-leading core chargeback guarantee offering, led to a very strong fourth quarter overall win rate of almost 80%.

根據我們土地上最近的活動以及現有的管道和服務關鍵工具以及擴張策略，這兩種產品被證明具有真正的市場需求。我們看到的新產品吸引力以及我們所做的增強功能與我們市場領先的核心退款保證產品相結合，導致第四季度的整體贏率非常強勁，接近 80%。

The proven performance, accuracy, and predictability that our core chargeback guaranteed product generates is while merchants are initially drawn to risk aside. Now our expanded end-to-end platform dedicated to solving multiple high-value e-commerce use cases give them even more reason to state. This is evident in our low churn numbers.

我們的核心退款保證產品所產生的經過驗證的性能、準確性和可預測性是在商家最初被吸引到一邊時才被吸引的。現在，我們擴展的端到端平台致力於解決多個高價值電子商務用例，這讓他們更有理由陳述。這從我們的低流失率可以明顯看出。

Our annual dollar retention in 2023 was 98%, which was inclusive of a few unusual churn events as a result of merchant bankruptcies. We are proud of the deep-rooted partnerships that we have built with many of the world's largest e-commerce merchants, moving lower in the income statement and onto the areas that are more within our operational control. In May 2022, we made the decision to accelerate our time line to profitability and have executed on that accelerated timeframe.

2023 年，我們的年度美元保留率為 98%，其中包括因商人破產而導致的一些不尋常的流失事件。我們為與許多全球最大的電子商務商家建立的根深蒂固的合作夥伴關係感到自豪，這些合作夥伴關係從損益表的較低部分轉向我們營運控制範圍更大的領域。2022 年 5 月，我們決定加快實現盈利的時間表，並已按加速時間表執行。

Our 2023 annual adjusted EBITDA of negative $8.5 million exceeded our guidance by 37%, and we achieved positive free cash flow of for the year of $5.9 million. Furthermore, our 2023 annual adjusted EBITDA margin expanded by 1,100 basis points from the prior year. I am pleased that we have achieved positive adjusted EBITDA in the fourth quarter and that we are guiding to positive adjusted EBITDA on an annual basis in 2024 and beyond.

我們的 2023 年年度調整後 EBITDA 為負 850 萬美元，比我們的指導方針高出 37%，並且我們全年實現了 590 萬美元的正自由現金流。此外，我們的 2023 年年度調整後 EBITDA 利潤率比前一年擴大了 1,100 個基點。我很高興我們在第四季度實現了正向調整 EBITDA，並且我們正在指導 2024 年及以後每年實現正調整 EBITDA。

We have made a lot of progress in getting to this point, and I believe it is important to communicate how to think about the financial milestones we plan on achieving over the next few years. As a management team, we are building towards adjusted EBITDA margins between 15% and 20% by 2026. In addition, we also plan on achieving positive adjusted EBITDA, inclusive of our share-based compensation expenses by 2026.

我們在實現這一目標方面已經取得了很大進展，我認為溝通如何思考我們計劃在未來幾年實現的財務里程碑非常重要。作為管理團隊，我們的目標是到 2026 年將調整後的 EBITDA 利潤率提高到 15% 至 20%。此外，我們還計劃在 2026 年實現正調整 EBITDA，其中包括基於股票的薪酬費用。

Allow me to provide some further context. Over the past two years, we have faced a challenging macro environment and volatile consumer spending, which has led to a net dollar retention in the low hundreds, down significantly from higher rates of [115] to over [120] that we've seen historically even pre-COVID.

請允許我提供一些進一步的背景資訊。在過去的兩年裡，我們面臨著充滿挑戰的宏觀環境和不穩定的消費者支出，這導緻美元淨保留量只有數百美元，從我們所看到的[115]的較高比率大幅下降到超過[120]從歷史上看，甚至是在新冠疫情之前。

Overall, this has produced lower growth rates than our historical norm and is not where we aspire to be longer term we remain focused on accelerating our revenue growth, and we believe that there are multiple ways to achieve that.

總體而言，這產生的成長率低於我們的歷史正常水平，這並不是我們所渴望的長期目標，我們仍然專注於加速收入成長，我們相信有多種方法可以實現這一目標。

As a leader in e-commerce driving risk Intelligence, we believe that we can capitalize on the large opportunities in front of us. As always, our goal remains to land and expand our platform with the world's largest e-commerce merchants and the speed and frequency at which we are able to execute on this strategy is a top area of focus.

作為電子商務驅動風險情報的領導者，我們相信我們可以利用眼前的巨大機會。像往常一樣，我們的目標仍然是與全球最大的電子商務商家建立並擴展我們的平台，而我們執行這項策略的速度和頻率是我們最關注的領域。

In addition, potential improvements to our same cohort base would also result in a more positive impact on our net dollar retention rate, which would also allow us to grow revenue faster. However, even at similar revenue growth rates as compared to the last few years we are confident in our ability to manage the business in how to optimize the operational levers available to us in our gross margin and OpEx line items to continue driving adjusted EBITDA improvements in order to achieve these targets. Overall, I am confident in our ability to efficiently run the business to constantly bring our top line growth down to the bottom line.

此外，我們同一群體基礎的潛在改善也將對我們的淨美元保留率產生更積極的影響，這也將使我們能夠更快地增加收入。然而，即使營收成長率與過去幾年相似，我們也對管理業務的能力充滿信心，即如何優化毛利率和營運支出項目中可用的營運槓桿，以繼續推動調整後的 EBITDA 改善為了實現這些目標。總的來說，我對我們高效經營業務、不斷將營收成長降低到獲利的能力充滿信心。

Before I turn it over to Agi to provide further color on our results and on our 2024 annual guide, it's important to highlight our commitment to managing share-based compensation expense and dilution to meaningfully lower levels than they are currently at.

在我將其交給 Agi 進一步闡述我們的業績和 2024 年年度指南之前，重要的是要強調我們致力於管理基於股票的薪酬費用和稀釋，使其顯著低於目前的水平。

First in 2023, share-based compensation expense as a percentage of revenue decreased by approximately 500 basis points from 2022. And in 2023, we granted approximately 30% fewer equity awards as compared to 2022.

首先，2023 年，股權激勵費用佔收入的百分比較 2022 年下降約 500 個基點。與 2022 年相比，2023 年我們授予的股權獎勵減少了約 30%。

We expect to see share-based compensation as a percentage of revenue continuing to decline in 2024. Many of the larger awards that we granted in 2021 through '23 have a four year to five year vesting period. And as these awards complete their vesting requirements. By the end of 2016, we expect to see a meaningful drop-off in our share-based compensation expenses.

我們預期 2024 年股權激勵佔收入的比例將持續下降。我們在 2021 年至 23 年授予的許多較大獎項都有四年到五年的歸屬期。隨著這些獎項完成其兌現要求。到 2016 年底，我們預期股權激勵費用將大幅下降。

Second, and perhaps even more important to discuss is our focus on controlling our equity awards to meaningfully lower levels. In 2023, equity awards granted represented approximately 6% of our weighted average diluted shares, down from approximately 9% in '22.

其次，也許更重要的討論是我們專注於將股權獎勵控制在有意義的較低水平。2023 年，授予的股權獎勵約占我們加權平均稀釋股份的 6%，低於 22 年的約 9%。

We anticipate that this number will be approximately 4% to 5% in '24 as we continue to manage the business in a disciplined manner. Assuming valuation levels similar to today and absent any unanticipated executive or senior hiring in any additional buyback authorization, we expect to target similar levels going forward.

我們預計，隨著我們繼續以嚴格的方式管理業務，24 年將約為 4% 至 5%。假設估值水平與今天相似，並且在任何額外的回購授權中沒有任何意外的高管或高級招聘，我們預計未來的目標是類似的水平。

Third, since the implementation of our $75 million share repurchase program in November we have repurchased approximately $7.6 million shares at a total cost of $34 million as of February 29. We remain committed to repurchasing our shares and what we believe are attractive valuation levels.

第三，自 11 月實施 7,500 萬美元的股票回購計畫以來，截至 2 月 29 日，我們已回購約 760 萬美元的股票，總成本為 3,400 萬美元。我們仍然致力於回購我們的股票以及我們認為具有吸引力的估值水平。

Looking forward, we are excited and energized by the opportunity in front of us in '24. There's plenty of white space for us to penetrate and we believe that our product and platform leadership position will allow us to do that combined with the global network scale that we have built and the financial and operational discipline of our business model I have great confidence that we are well positioned to execute on these initiatives for the benefit of our shareholders.

展望未來，我們對 24 年擺在我們面前的機會感到興奮和充滿活力。我們有大量的空白空間可供我們滲透，我們相信我們的產品和平台領導地位將使我們能夠做到這一點，結合我們已經建立的全球網絡規模以及我們業務模式的財務和運營紀律，我非常有信心我們有能力為股東的利益執行這些措施。

Now over to Agi.

現在轉到阿吉。

Thank you, Eido, team and everyone for joining today's call. We achieved fourth quarter revenue of $84.1 million and full year revenue of $297.6 million, up 6% year-over-year and 14% respectively. Our fourth quarter GMV of $35.2 billion was the highest quarter of volume reviews in our history. This was driven by continued new and upsell growth and solid Black Friday for Cyber Monday holiday activity, which grew approximately 6% compared to last year's season.

感謝 Eido、團隊和所有人參加今天的電話會議。我們實現第四季營收 8,410 萬美元，全年營收 2.976 億美元，較去年同期成長 6% 及 14%。我們第四季的 GMV 為 352 億美元，是我們歷史上銷量最高的季度。這是由於新產品和追加銷售的持續成長以及黑色星期五和網路星期一假日活動的強勁推動，與去年同期相比成長了約 6%。

For the full year we grew our GMV 17% $223.1 billion. During the fourth quarter, we had strong performance in our home category, primarily driven by upsell activity and in our food category, primarily driven by new merchants. These two categories historically have not had large seasonal increases in the fourth quarter, unlike more traditional retailers, which tend to experience a higher holiday shopping season compared to other parts of the year.

全年 GMV 成長 17%，達到 2,231 億美元。在第四季度，我們的家居品類表現強勁，主要受到追加銷售活動的推動，而食品品類則主要受到新商家的推動。從歷史上看，這兩個類別在第四季度並沒有大幅季節性成長，這與傳統零售商不同，傳統零售商往往會比一年中其他時間經歷更高的假期購物季。

In addition, our fashion and luxury category remained relatively flat, similar to the first nine months of the year. Our tickets and travel category was also flat this quarter is we had a tougher comparable period in Q4 of 2022, driven by fewer large live events in the fourth quarter of this year.

此外，我們的時尚和奢侈品類別保持相對平穩，與今年前九個月類似。由於今年第四季大型現場活動減少，我們在 2022 年第四季的可比時期更加艱難，因此本季我們的門票和旅行類別也持平。

The combination of these factors contributed to the step down in our Q4 growth rate, but we remain bullish on this key category, and we expect to see tickets and travel return to growth in 2024. For the full year, approximately $30 million of the increase in revenue was attributable to increases in GMV and billings associated with new merchants, primarily within our tickets and travel category, which grew by more than 30% year-over-year.

這些因素綜合導致我們第四季成長率下降，但我們仍然看好這個關鍵類別，預計 2024 年門票和旅行將恢復成長。全年營收成長約 3,000 萬美元歸因於 GMV 和與新商家相關的帳單增加，主要是在我們的機票和旅遊類別中，該類別較去年同期成長超過 30%。

In addition, we saw 45% year-over-year growth in our food category and 19% growth in our home category. The remaining increase in revenue was primarily due to upsells net of organic declines and attrition, which contributed to our net dollar retention rate of [105%].

此外，我們的食品類別年增 45%，家居類別成長 19%。剩餘的收入成長主要是由於扣除有機下降和自然流失後的追加銷售，這導致我們的淨美元保留率達到[105%]。

Our [biggest] internal category contributed just under $100 million in billings, which represented approximately 30% of our overall portfolio. In our travel portfolio of margins year-over-year activity was driven by a higher number of transactions for both flight and accommodation against relatively stable consumer pricing.

我們[最大的]內部類別貢獻了近 1 億美元的帳單，約占我們整體投資組合的 30%。在我們的旅遊組合中，同比活動的利潤率是由航班和住宿交易量增加以及相對穩定的消費者價格所推動的。

Our fashion and luxury goods category, which represents approximately 30% of our portfolio was relatively flat year-over-year. Throughout the year, we continued to see softness within our luxury brands and sneaker subsegment, which was positively offset by better growth in other subsegments such as fast fashion and by addition of new merchants and ourselves within the category.

我們的時尚和奢侈品類別約占我們產品組合的 30%，與去年同期相比相對持平。全年，我們繼續看到奢侈品牌和運動鞋細分市場的疲軟，但快時尚等其他細分市場的更好增長以及該類別中新商家和我們自己的增加，積極抵消了這一疲軟。

Finally, we also saw growth in billings across all geographies year-over-year. The United States which is our largest region, grew by 10% and EMEA grew by 15%. Our Americas and APAC region grow approximately 30% and 40% respectively, primarily due to momentum in new and upsell activity. We believe that our continued growth in regions outside of the United States demonstrates continued market share gains and validates our decision to invest in this region.

最後，我們也看到所有地區的帳單較去年同期成長。美國是我們最大的地區，成長了 10%，歐洲、中東和非洲成長了 15%。我們的美洲和亞太地區分別成長了約 30% 和 40%，這主要得益於新活動和追加銷售活動的動能。我們相信，我們在美國以外地區的持續成長表明了市場份額的持續成長，並驗證了我們在該地區投資的決定。

Overall our contribution by region was more evenly distributed than in previous years as we continue to build a global and diversified company. As Eido mentioned, while our gross margin continues to be best analyzed on an annual basis.

總體而言，隨著我們繼續打造一家全球化和多元化的公司，我們按地區的貢獻比前幾年分佈更加均勻。正如 Eido 所提到的，我們的毛利率仍然按年度進行最佳分析。

Allow me to provide more detail on how we achieved 58% non-GAAP gross margin in the fourth quarter. The ongoing improvements to our model and enhancements to our monitoring tools and systems led to better performance. Consistent with prior years, our fourth quarter plans to have a safer population of transactions than the rest of the year, and we did not have any unexpected fraud events. Also, as always, the timing of new revenue and margin mix can impact the gross margin in a given quarter.

請允許我提供更多關於我們如何在第四季度實現 58% 的非 GAAP 毛利率的詳細資訊。我們模型的持續改進以及監控工具和系統的增強帶來了更好的效能。與往年一樣，我們第四季的交易量計劃比今年剩餘時間更安全，而且我們沒有發生任何意外的詐騙事件。此外，與往常一樣，新收入和利潤組合的時機可能會影響特定季度的毛利率。

Overall, the success of this quarter contributed to an annual non-GAAP gross profit margin of 52%. As Eido mentioned, we're expecting some of the margin expansion that we achieved in Q4 to carry into 2024. As it relates to 2024, for the full year, we're targeting a non-GAAP gross profit margin between 52% to 53%, which is 1% higher on each end than the initial range of 2023. Directionally, our first quarter margin is expected to be within this range. Q2 and Q3 are expected to be below the range and Q4 is expected to be higher than the range.

總體而言，本季的成功促成了 52% 的年度非 GAAP 毛利率。正如 Eido 所提到的，我們預計第四季實現的部分利潤率擴張將延續到 2024 年。就 2024 年而言，我們全年的目標是非 GAAP 毛利率在 52% 至 53% 之間，比 2023 年的初始範圍各高出 1%。從方向上看，我們第一季的利潤率預計將在這個範圍內。第二季和第三季預計將低於該範圍，而第四季預計將高於該範圍。

Moving to expenses, total non-GAAP operating expenses were $39.4 million for the fourth quarter and $163.5 million for the full year of 2023, both representing a year-over-year decline of 6%. We're becoming more efficient and have a deeper understanding of the working needs of each area of the business. We ended the year with decreased costs across most areas of spend with savings generated through the negotiation of contracts in our AWS and other optimization efforts of our data sources, lower human resources expenses resulting from decreased headcount and recruiting needs, more focused spending in our sales and marketing line item and savings from subleasing space.

費用方面，第四季非 GAAP 營運費用總額為 3,940 萬美元，2023 年全年營運費用總額為 1635 億美元，均較去年同期下降 6%。我們的效率正在變得更高，並且對業務各領域的工作需求有了更深入的了解。今年結束時，我們大部分領域的支出都下降了，這是透過AWS 中的合約談判和數據來源的其他優化工作產生的節省，由於人員數量和招聘需求的減少而導致人力資源支出降低，銷售支出更集中行銷訂單項目以及轉租空間節省的費用。

For the year, our non-GAAP operating expenses as a percentage of revenue declined from 66% to 55%, reflecting leverage in the business model. We anticipate continuing to see further leverage in 2024 compared to 2023 and anticipate operating at approximately [$40 million]per quarter run rate. In addition, we have now substantially completed the global expansion of our go-to-market footprint, and we expect to start seeing improved leverage as we further realize the returns on this previous investments.

今年，我們的非 GAAP 營運費用佔收入的百分比從 66% 下降至 55%，反映了商業模式的槓桿作用。與 2023 年相比，我們預計 2024 年槓桿率將繼續提高，並預計每季營運速度約為 [4,000 萬美元]。此外，我們現在基本上已經完成了上市足跡的全球擴張，隨著我們進一步實現先前投資的回報，我們預計槓桿率將開始改善。

In the fourth quarter, we achieved our strongest adjusted EBITDA results ever with $9.7 million in positive adjusted EBITDA to highlight exactly how much progress we have made in achieving profitability our adjusted EBITDA margin of 12% in the fourth quarter compares with minus [$10] in Q4 of 2021, which was the first full quarter of operations following our IPO.

在第四季度，我們實現了有史以來最強勁的調整後EBITDA 業績，調整後EBITDA 為970 萬美元，這突顯了我們在實現盈利方面取得了多大進展。 ，而2019 年第四季調整後EBITDA 利潤率為負[10 美元]。

For the year, we reported negative $8.5 million in adjusted EBITDA, an improvement of nearly 80% year-over-year. Our annual result represents 1,100 basis points expansion in our operating margin from the prior year. I'm extremely pleased by our ability to execute on our profitability goals on an accelerated time line and have set ourselves up for profitability on an adjusted EBITDA basis in 2024. We will continue to seek ways to strengthen our adjusted EBITDA results in 2024.

今年，我們報告調整後 EBITDA 為負 850 萬美元，年增近 80%。我們的年度業績顯示我們的營業利潤率比前一年擴大了 1,100 個基點。我對我們能夠在加快的時間內執行盈利目標的能力感到非常高興，並已為 2024 年在調整後的 EBITDA 基礎上實現盈利做好了準備。我們將繼續尋求方法來增強 2024 年調整後 EBITDA 績效。

In addition, we continued to maintain a healthy cash flow model and achieved record positive free cash flow of $7.1 million in the fourth quarter. We generated positive free cash flow of $5.9 million during 2023 and we believe we are in a great position to continue generating strong free cash flow and expect approximately $30 million of positive free cash flow in 2024, assuming a constant capital allocation strategy.

此外，我們繼續保持健康的現金流模型，並在第四季度實現了創紀錄的正自由現金流 710 萬美元。我們在2023 年產生了590 萬美元的正自由現金流，我們相信我們處於有利位置，可以繼續產生強勁的自由現金流，並預計在採用恆定資本配置策略的情況下，到2024 年將產生約3000萬美元的正自由現金流。

Moving to the balance sheet, we ended the year with approximately $475 million of cash deposits and investments on the balance sheet, and we carry zero debt. This amount represents a decline of approximately $3 million from last year, primarily due to our repurchase activity in the fourth quarter of 2023, offset by the strong free cash flow activity mentioned previously. This leads me to the topic of capital allocation.

轉向資產負債表，我們年底的資產負債表上有大約 4.75 億美元的現金存款和投資，而且我們的債務為零。這筆金額比去年減少了約 300 萬美元，主要是由於我們在 2023 年第四季的回購活動，被前面提到的強勁的自由現金流活動所抵銷。這讓我想到了資本配置的議題。

On November 20, 2023, we received Israeli court approval to begin executing our previously announced share repurchase program. Since receiving this approval, we have been aggressive in utilizing this program to take advantage of what we believe are attractive repurchasing opportunities. In the fourth quarter we repurchased approximately $3 million shares for a total price of approximately $13.1 million.

2023 年 11 月 20 日，我們獲得以色列法院批准，開始執行我們先前宣布的股票回購計畫。自從獲得批准以來，我們一直積極利用該計劃來利用我們認為有吸引力的回購機會。第四季度，我們回購了約 300 萬美元的股票，總價約 1,310 萬美元。

As of February 29, year to date, we have repurchased an additional $4.5 million shares for a total price of $20.8 million. We anticipate that our purchasing activity will more than offset the dilutive impact of equity issuances associated with option exercises and vesting of RSUs in 2024.

截至今年 2 月 29 日，我們已額外回購了 450 萬美元的股票，總價為 2,080 萬美元。我們預計，我們的購買活動將足以抵銷 2024 年與選擇權行使和 RSU 歸屬相關的股票發行的稀釋影響。

At valuation level, well below that of companies with similar financial profile, we believe that we have a great opportunity to continue repurchasing our stock at attractive prices. We continue to believe that our strong balance sheet and liquidity position, our strong under-appreciated assets. We will continue to be thoughtful in how we utilize our capital to drive shareholder value, including executing on additional repurchases and opportunistic bolt on M&A.

在估值水平上，遠低於具有類似財務狀況的公司，我們相信我們有很好的機會繼續以有吸引力的價格回購我們的股票。我們仍然相信我們強大的資產負債表和流動性狀況，我們強大的被低估的資產。我們將繼續深思熟慮如何利用我們的資本來推動股東價值，包括執行額外的回購和機會主義的併購。

As we previously announced on February 13, as part of our efforts to drive faster and more meaningful progress towards our margin targets, we made a decision to reduce our global workforce by approximately 6%. We expect to recognize net operating expense savings related to this reduction of approximately $6 million on an annualized basis, subject to reinvestments, which is factored in our 2024 outlook.

正如我們之前在 2 月 13 日宣布的那樣，作為我們努力推動更快、更有意義地實現利潤目標的一部分，我們決定將全球員工人數減少約 6%。我們預計將在年化基礎上確認與此減少相關的淨營運費用節省約 600 萬美元，但需進行再投資，這已納入我們的 2024 年展望中。

As a result of the reduction in force initiatives, we anticipate recording an incremental expense of approximately $2 million, primarily in the first quarter of 2024. This expense primarily relates to severance payments, employee benefits and other costs related to the reduction in force. Charges incurred in connection with the reduction in force are excluded from adjusted EBITDA guidance.

由於兵力舉措減少，我們預計將增加約 200 萬美元的支出，主要是在 2024 年第一季。此費用主要涉及遣散費、員工福利和與裁員相關的其他費用。與裁員相關的費用不包括在調整後的 EBITDA 指引中。

The actual amounts mentioned for the first likely from what is currently expected upon the completion of this reduction. We ended 2023 with 742 employees, a decline of 5% from the prior year. And following the completion of the transaction, we'll have approximately 700 employees.

第一次提到的實際金額可能來自目前削減完成後的預期金額。截至 2023 年，我們共有 742 名員工，比前一年減少 5%。交易完成後，我們將擁有約 700 名員工。

Now turning to our outlook. As we look forward to 2024, we currently anticipate revenue of between $323 million and $335 million or $329 million to the midpoint. Consistent with the past two years, we anticipate that our growth will be driven primarily by new activity and at the midpoint of our guidance, we're forecasting a relatively similar net dollar retention rate as of 2023.

現在轉向我們的展望。展望 2024 年，我們目前預計營收在 3.23 億美元至 3.35 億美元之間，即中位數 3.29 億美元。與過去兩年一致，我們預計我們的成長將主要由新活動推動，並且在我們指導的中點，我們預測截至 2023 年的淨美元保留率將相對相似。

The behavior of the macro environment either positively or negatively can impact our net dollar retention rate and may ultimately determine where we fall within our revenue range. In addition, we feel confident about the new business activity levels, which is supported by a more robust pipeline than at these points last year.

宏觀環境的行為無論是積極還是消極都會影響我們的淨美元保留率，並可能最終決定我們的收入範圍。此外，我們對新的業務活動水平充滿信心，這得到了比去年更強勁的管道的支持。

Likely so this year, the timing of when new merchants go live during the year can be difficult to predict and may have an impact on our calendar year revenue. For modeling purposes, we currently expect all of the quarters in 2024 to reflect a similar percentage of the total revenue as they did in 2023.

今年很可能如此，新商家在年內上線的時間可能很難預測，並且可能會對我們的日曆年收入產生影響。出於建模目的，我們目前預計 2024 年所有季度的總收入百分比將與 2023 年相似。

Now let me discuss our adjusted EBITDA outlook. We currently expect adjusted EBITDA to be between $10 million and $17 million or approximately $13.5 million to the midpoint. The midpoint of our adjusted EBITDA guide represents additional margin expansion of approximately 700 basis points from the prior year, demonstrating leverage in the business model and the commitments, so managing the business in a disciplined manner.

現在讓我討論一下我們調整後的 EBITDA 前景。我們目前預計調整後的 EBITDA 將在 1,000 萬美元至 1,700 萬美元之間，或中點約為 1,350 萬美元。我們調整後的 EBITDA 指南的中點代表利潤率比上一年增加約 700 個基點，展示了業務模式和承諾的槓桿作用，從而以嚴格的方式管理業務。

Overall, I'm encouraged by our market positioning and executing on the elements within our operational control. Heading into 2024, we have set ourselves up to be a more productive and leaner company in a challenging environment. And Eido and I remain excited by the continuous profits for long-term growth and our ability to deliver value to our shareholders.

總的來說，我對我們的市場定位和對我們營運控制範圍內要素的執行感到鼓舞。進入 2024 年，我們致力於在充滿挑戰的環境中成為一家更有效率、更精簡的公司。Eido 和我仍然對長期成長的持續利潤以及我們為股東創造價值的能力感到興奮。

Operator, we're ready to take the first question, please.

接線員，我們準備好回答第一個問題了。

(Operator Instructions)

（操作員說明）

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Hey, guys, I appreciate your taking the question, and I appreciate all the details on the long-term targets by 2026. So maybe I'll kind of start there. I think just some kind of back-of-the-envelope math. It seems like you've kind of hit the low end of that EBITDA margin target with kind of flattish gross margins, flattish OpEx and revenue growth in the low double digits, like maybe you can kind of flesh out like what kind of puts you at the lower end or the higher end and kind of what your planning scenarios over the next couple of years sort of look like across some of the key line items? I think that would be helpful.

嘿，夥計們，我感謝你們提出這個問題，也感謝有關 2026 年長期目標的所有細節。所以也許我會從那裡開始。我認為這只是某種粗略的數學計算。看起來你已經達到了 EBITDA 利潤率目標的低端，毛利率持平，運營支出持平，收入增長處於低兩位數，也許你可以充實一下你的處境低端還是高端以及您未來幾年的一些關鍵專案的規劃方案是什麼樣的？我認為這會有幫助。

Hey, Will, sure. So look, I think there are a lot of different permutations across revenue, gross margin and OpEx that would get us to kind of various scenarios within that range. And I think that I just have confidence that as a management team quarter-by-quarter, as we see how things are progressing. We understand the levers and how to get to those areas, whether it's, kind of far faster traction, some of the newer products which will help outperform on the margin side where there is some acceleration on the revenue growth.

嘿，威爾，當然。所以看，我認為收入、毛利率和營運支出之間有很多不同的排列，這會讓我們在這個範圍內出現各種不同的情況。我認為，作為管理團隊，我對每個季度都有信心，因為我們看到事情的進展。我們了解槓桿以及如何進入這些領域，無論是某種更快的牽引力，還是一些較新的產品，這些產品將有助於在收入成長加速的利潤方面超越大盤。

So again, a lot of different combinations to take us there. But if I look at the margin improvements this year, 1,100 basis points. So '24 guiding to [700]. At the midpoint, I think we understand how to how to achieve those results and various conditions.

再說一遍，有很多不同的組合可以帶我們去那裡。但如果我看看今年的利潤率改善，則為 1,100 個基點。所以 '24 指導[700]。在中間，我認為我們了解如何實現這些結果和各種條件。

Got it. That's helpful. So a lot of different ways to hit the range.

知道了。這很有幫助。所以有很多不同的方法來達到這個範圍。

Okay. And then maybe on the gross margin outperformance this quarter, just maybe you could dive a little bit deeper on that. It sounds like a couple of different factors contributing to that. And at least some of that is carrying forward into the outlook into 2024. So again, I think the numbers were something like 300 basis points or 400 basis points of outperformance. Like what would you kind of describe most of that to? And how should we think about kind of room for further improvements in the gross margins longer term?

好的。然後也許就本季的毛利率表現而言，也許你可以更深入地探討這一點。聽起來有幾個不同的因素造成了這種情況。至少其中一部分將延續到 2024 年。再說一遍，我認為這些數字大約是表現優異 300 個基點或 400 個基點。你會用什麼來描述其中大部分的內容？我們該如何考慮長期毛利率進一步改善的空間？

Yeah. So I think the holistic story is, look, there was a lot of focus from the management, the employees post the Q3 fraud event to make sure that we focus in on everything down. But really, it's the technology platform that we've developed over the past few years that allowed us to automatically manage performance on an individual level for all of our merchants.

是的。所以我認為整體情況是，看，管理層非常關注，員工發布了第三季的詐騙事件，以確保我們專注於所有事情。但實際上，我們過去幾年開發的技術平台使我們能夠自動管理所有商家的個人績效。

It's a combination of the holiday season, just being safer volumes in general on the fact that we had some of the go-lives went live later in the quarter in newer merchants tend to start off with a higher chargeback rate. And in fact, I kind of encourage everyone to look at the supplemental material. I think there's a very illustrative chart that shows how performance improves for different cohorts over time.

這是假期季節的結合，總體上交易量更安全，因為我們在本季度晚些時候開始了一些上線，而新商家往往會以更高的退款率開始。事實上，我有點鼓勵每個人都看看補充資料。我認為有一個非常說明性的圖表，可以顯示不同群體的績效如何隨著時間的推移而提高。

So I think all of those factors holistically together in our kind of factored into the outperformance in the quarter and we're very pleased we do believe that some of that will carry forward. But I do want to kind of mention that this is best analyzed on an annual basis.

因此，我認為所有這些因素都綜合考慮在我們本季的優異表現中，我們非常高興我們確實相信其中一些因素將會持續下去。但我確實想提一下，最好是按年度進行分析。

Got it. Super helpful. Appreciate all the other details in the supplement today as well. Thanks for taking the questions.

知道了。超有幫助。也請欣賞今天補充中的所有其他細節。感謝您提出問題。

Ramsey El-Assal with Barclays.

巴克萊銀行的拉姆齊·阿薩爾。

Hi, good morning and thanks for taking my question. I wanted to ask about revenue retention and maybe ask you to comment a bit further on given the lower net dollar revenue retention this quarter is that point, you mentioned primarily sort of macro and lower consumer spend. Is the drivers. I'm just trying to understand, is that sort of like a lower same-store sales given macro pressure rather than customers are reducing scope or it doesn't sound like exiting a platform? But just any more color you could provide on those dynamics around revenue retention would be helpful.

你好，早安，感謝您提出我的問題。我想問有關收入保留的問題，也許請您進一步評論一下，因為本季的淨美元收入保留較低，您主要提到了宏觀和較低的消費者支出。是司機。我只是想了解，這是否有點像在宏觀壓力下同店銷售額下降，而不是客戶正在縮小範圍，或者聽起來不像退出平台？但只要你能提供更多關於收入保留動態的顏色就會有所幫助。

Yes. Sure. And thank you for the question. So we do disclose our mobile retention on an annual basis. I believe that there's a lot of lumpiness during the quarter, but on an annual basis it presents like a good overall picture. I think some of the factors that are going into our [dollar] assumption this year compared to prior years, since IPO, I think that the dollarization has kind of hovered around 100. This year is a little bit higher than that last year, but prior to our [APO] on just so during even before COVID, our net dollar retention rate was [$110] and [$120] plus. And I would say the main factor there was some of the macro trends and some of the growth profile in our merchants.

是的。當然。謝謝你的提問。因此，我們每年都會揭露我們的行動保留情況。我相信本季有很多波動，但從年度來看，它呈現出良好的整體情況。我認為，與往年相比，今年影響我們（美元）假設的一些因素是，自 IPO 以來，我認為美元化程度一直徘徊在 100 左右。今年比去年略高，但在我們的 [APO] 之前，甚至在新冠疫情之前，我們的淨美元保留率就達到了 [110 美元] 和 [120 美元] 以上。我想說，主要因素是一些宏觀趨勢和我們商家的一些成長狀況。

So the different kind of macro environment. And since post COVID we just haven't seen this type of growth. We actually see some softness in different industries in different areas as we've mentioned. And that has been driving primarily some of kind of the fluctuations from our historical levels.

所以宏觀環境不同。自從新冠疫情爆發以來，我們還沒有看到這種增長。正如我們所提到的，我們實際上在不同領域的不同行業中看到了一些疲軟的情況。這主要推動了歷史水準的某種波動。

Got it. Okay. And then then one also broad macro question about the e-commerce spending environment. What you're seeing now, what you're expecting in 2024 versus what we've seen the past couple of years. I guess the question is, do think that where are we now in terms of a normalized e-commerce spending pattern for consumers?

知道了。好的。然後還有一個關於電子商務支出環境的廣泛宏觀問題。您現在所看到的、您對 2024 年的期望與我們過去幾年所看到的相比。我想問題是，就消費者標準化的電子商務支出模式而言，我們現在處於什麼位置？

I know we've seen goods versus services and travel spending swing around and maybe discretionary spending pull forward other sort of cycles within cycles? I know this is kind of a tough question without a crystal ball, but how where do you think we are now in terms of normalization or the new normal?

我知道我們已經看到商品與服務和旅行支出的波動，也許可自由支配支出會推動週期中的其他類型的周期？我知道這是一個沒有水晶球的棘手問題，但您認為我們現在在正常化或新常態方面處於什麼位置？

I've definitely seen some normalization since in the past couple of years. So I think that just seeing where our growth is coming out from this year. Take it from travel continues to be a strong category, but definitely we've seen some of that normalization from the past two years. And we're seeing some healthy uptick in some of our other categories, as I mentioned, home and fashion, this is the addition of new merchants and just like strong upsell activity has starting to be a positive trend for us, something that wasn't the case a year or two ago.

自過去幾年以來，我確實看到了一些正常化。所以我認為只要看看我們今年的成長情況即可。從旅行來看，它仍然是一個強大的類別，但毫無疑問，我們在過去兩年中已經看到了一些正常化。正如我所提到的，我們看到其他一些類別出現了一些健康的增長，就像我提到的，家居和時尚，這是新商家的增加，就像強勁的追加銷售活動開始成為我們的積極趨勢一樣，這並不是「一兩年前就是這樣。

So what we know is just looking at our merchant spends, what we see on our end of side, it's definitely heading towards normalization and more kind of healthy contribution from growth from a number of areas. But there's still definitely some softness. We come with concessions, some subsegments with high luxury fashion, sneakers, but there's still areas that are continuing to be soft and more broadly, just kind of looking through industry reports and understanding where we are. I think the macro environment continues still to be tougher in the kind of in the face of rising interest rates.

因此，我們所知道的是，只要看看我們的商家支出，我們所看到的，它肯定會走向正常化，並從多個領域的成長中做出更健康的貢獻。但肯定還是有一些柔軟的地方。我們做出了讓步，一些細分市場包括高級奢華時裝、運動鞋，但仍有一些領域繼續表現疲軟，更廣泛地說，只是瀏覽行業報告並了解我們的處境。我認為，面對利率上升，宏觀環境仍然更加嚴峻。

Now, there's a prospect that these are going to stabilize or maybe start decreasing. And we're starting to see that some of our mergers that are public company, start to kind of talk about stabilization or even recovery to better trends in the back half of the year.

現在，這些數字有可能趨於穩定或可能開始下降。我們開始看到，我們的一些上市公司合併開始談論今年下半年的穩定甚至恢復到更好的趨勢。

Inflation just appear to be sticky, but we've seen some normalization in prices, especially across tickets and travel and hopefully, this can drive higher consumer demand. So all in all, I think that it's still somewhat volatile, but I think we're kind of like on the kind of closer hopefully to the light at the end of the tunnel with hopefully better prospects by the end of this year.

通貨膨脹似乎很黏性，但我們已經看到價格正常化，特別是在門票和旅行方面，希望這可以推動更高的消費者需求。總而言之，我認為它仍然有些不穩定，但我認為我們有點像希望在今年年底前更接近隧道盡頭的曙光，並希望有更好的前景。

Very helpful. Thank you very much.

很有幫助。非常感謝。

(Operator Instructions) Chris Kennedy, William Blair.

（操作員說明）克里斯·甘迺迪、威廉·布萊爾。

Good morning. Thanks for taking the question. Can you talk about some of the newer initiatives the non chargeback guarantee products and services? You mentioned they don't represent a large portion of revenues today. Can you just talk about when you think they will move the needle?

早安.感謝您提出問題。您能談談非退款保證產品和服務方面的一些新措施嗎？您提到它們並不佔當今收入的很大一部分。你能談談你認為他們什麼時候會有所作為嗎？

Yeah, I think we have great momentum. So we mentioned that the revenue from them grew three times in '23. And that for specifically for our policy product in Q4, we saw almost over 50% of the go-lives as the year went live. So we think the momentum is great. And they're also helping us generate more conversations, increased the win rates also on our core charge that guarantee, and that helped us result in that kind of almost 80% win rate in the quarter.

是的，我認為我們勢頭強勁。所以我們提到他們的收入在 23 年增加了三倍。特別是對於我們第四季的保單產品，我們看到今年上線的產品幾乎超過 50%。所以我們認為勢頭很大。他們還幫助我們產生更多對話，提高了我們保證的核心費用的勝率，這幫助我們在本季度實現了近 80% 的勝率。

So we think they're already contributing meaningfully to our success. And I think that the momentum is going to carry forward into '24 and we'll continue to see increased usage of them, and we'll continue to solve more pain points and kind of get it in the hands of more and more clients. And I'm sure that more meaningful revenue uplift will come once we do that.

因此，我們認為他們已經為我們的成功做出了有意義的貢獻。我認為這種勢頭將延續到 24 年，我們將繼續看到它們的使用量增加，我們將繼續解決更多痛點並將其交給越來越多的客戶。我相信，一旦我們這樣做，將會帶來更有意義的收入成長。

Okay, thank you. And then just real quickly, going back to the net dollar retention, what levers do you have to drive to improve that go from 105% back to your historical average of 115% to 120%. Is there anything that you guys can do to drive improvement there? Thank you.

好的謝謝。然後很快回到淨美元留存率，你必須採取哪些手段才能將其從 105% 恢復到 115% 到 120% 的歷史平均值。你們可以做些什麼來推動那裡的改進嗎？謝謝。

Yeah, I mean, like if you just think about the way that that number's belt, the more we upsell, cross-sell and better retain our clients, the higher this number will be. We're definitely focused on executing on those path.

是的，我的意思是，如果你想想這個數字的方式，我們追加銷售、交叉銷售越多，更好地留住我們的客戶，這個數字就會越高。我們絕對專注於沿著這些道路執行。

Just to highlight again that if we were to compare today's net dollar retention to that of the prior periods where it was higher. The biggest difference is in kind of the macro same-stores category. Having said that, again, we still focus on the things that are controlled in order to improve that.

只是再次強調，如果我們將今天的淨美元保留率與之前較高的時期進行比較。最大的差別在於宏觀同店類別的種類。話雖如此，我們仍然專注於那些可以控制的事情，以便改進它。

Thank you for taking the questions.

感謝您提出問題。

(Operator Instructions) Terry Tillman, Truist Securities.

（操作員指示）Terry Tillman，Truist 證券公司。

Yeah, good morning, Eido, Agi, and Chett. Thanks for taking my questions. Nice to see the EBITDA progression. Just the first question, it's kind of a mouthful and then I had a follow-up for Agi, but Eido for you in terms of you guys have touted in the past this powerful ROI where it drives more revenue and also reduces costs around chargeback.

是的，早上好，Eido、Agi 和 Chet。感謝您回答我的問題。很高興看到 EBITDA 的進展。只是第一個問題，有點拗口，然後我對Agi 進行了跟進，但Eido 對於你們而言，你們過去曾吹捧過這種強大的投資回報率，它可以帶來更多收入，並降低退款方面的成本。

I'm just curious if you take a step back, where are we in the penetration level for a modern kind of next-gen charge about guaranteed platform adoption versus legacy approaches or review solutions, et cetera. I'm just kind of curious where you think we are in terms of penetration.

我只是好奇，如果您退後一步，我們對於保證平台採用與傳統方法或審查解決方案等現代下一代收費的滲透水平處於什麼水平。我只是有點好奇你認為我們的滲透率處於什麼水平。

And the second part of my question is I think there was a remark about the pipeline being higher? Is this just the market more people are willing to look at things? Or would you attribute it more to the platform go-to-market initiatives and the investments you made in your sales and marketing?

我的問題的第二部分是我認為有人評論說管道更高？難道這只是市場上更多人願意看的？或者您會將其更多地歸因於平台上市計劃以及您在銷售和行銷方面所做的投資？

And then I had a follow-up for Agi.

然後我對阿吉進行了後續行動。

Hey, Terry, thanks for that. So look, I think that let me dissect it into a few different ways. I think that on the platform side and when I say platform to include the value for something like policy and the dispute management, I think we're just at a stage where, honestly the technology is catching up to the promise. So I think it's completely underpenetrated. And I think that some of the value that we're seeing that it's generating to merchants is not understood or kind of a well laid out in the market yet.

嘿，特里，謝謝你。所以看，我想讓我用幾種不同的方式來剖析它。我認為在平台方面，當我說平台包括政策和爭議管理等價值時，我認為我們正處於一個階段，老實說，科技正在趕上承諾。所以我認為它完全沒有被滲透。我認為，我們看到它為商家帶來的一些價值尚未被理解，或者尚未在市場上得到很好的佈局。

For example, one of the kind of Q4 results that we had around policies and cutting item not receive chargebacks basically by half or helping other merchants manage a different parts of the business. When you think about just the chargeback guarantee component, while I'm proud of our accomplishments to date, it's still a relatively small portion of the overall e-commerce volume.

例如，我們在政策和削減項目方面獲得的第四季度結果之一基本上沒有收到一半的退款或幫助其他商家管理業務的不同部分。當你只考慮退款保證部分時，雖然我對我們迄今為止所取得的成就感到自豪，但它仍然只佔電子商務總量的相對較小的一部分。

So I do think that there's still a lot of runway to growth once we have kind of more traction and understanding of the value and we definitely see that increasing more specifically to what's leading to the stronger pipeline. I think it's hard to isolate one specific thing. But when I think about the initiatives we've undertook over the past two years, like expanding our global, go-to-market, footprint and building the product platform, those are definitely contributing.

因此，我確實認為，一旦我們對價值有了更多的關注和理解，我們仍然有很多成長的道路，我們肯定會看到更具體的成長，從而導致更強大的管道。我認為很難孤立出一件具體的事情。但當我想到我們在過去兩年中採取的舉措時，例如擴大我們的全球、進入市場、足跡和建立產品平台，這些肯定做出了貢獻。

You can see that in the 30% and 40% growth respectively, and kind of lead time in A-Pac, you can see that in kind of the outperformance on the win rates based on the platform sales, you can see it on the actual platform traction. So it's probably a combination of all that resulting in kind of the global pipeline improvements that we're seeing.

您可以看到，分別在 30% 和 40% 的成長以及 A-Pac 的交付週期中，您可以看到基於平台銷售的勝率表現出色，您可以在實際情況中看到這一點。因此，這可能是所有這些因素的結合，導致了我們所看到的全球管道的改進。

That's really helpful. Thanks for all the color there. And I guess Agi, just for you in terms of the free cash flow, I think you said about $30 million for the year. Is there anything we should consider seasonality wise or maybe there some cash kind of cash expenses because of the restructuring? Just trying to understand how we flow the $30 million in the year. Thank you.

這真的很有幫助。感謝那裡的所有顏色。我想 Agi，就自由現金流而言，我認為您說的今年約為 3000 萬美元。我們是否應該考慮季節性因素，或因重組而產生一些現金支出？只是想了解我們這一年的 3000 萬美元是如何流動的。謝謝。

Yeah, Terry. This generally say, $30 million for 2024, it's -- I don't have any more precise kind of spread, maybe it's going to follow mostly some of the trends around adjusted EBITDA as well. More particularly probably Q4 is just tends to carry some of the receivables from Q1 times, the carriers have also come from Q4, so maybe some adjustments there as well, but nothing to provide more kind of more precise around that right now. Just on an annual basis around [$30 million]?

是的，特里。一般來說，2024 年為 3000 萬美元，我沒有更精確的利差，也許它也會主要遵循調整後 EBITDA 的一些趨勢。更具體地說，第四季度可能只是傾向於承擔第一季的一些應收帳款，承運人也來自第四季度，因此可能也會進行一些調整，但目前無法提供更多更準確的資訊。每年約[3000萬美元]？

Yes. Okay. Thank you.

是的。好的。謝謝。

Timothy Chiodo, UBS.

提摩西‧奇奧多，瑞銀集團。

Great. Thank you for taking the question. Looking at slide 26 in the investor deck, and I appreciate that during the remarks earlier, you mentioned that it was a very Q4 heavy year in terms of new merchant activity, I believe you said about one-third of new merchants boarded there Q4.

偉大的。感謝您提出問題。看看投資者幻燈片中的第26張幻燈片，我很欣賞您在之前的演講中提到，就新商家活動而言，第四季度是非常繁忙的一年，我相信您說過大約三分之一的新商家在第四季登上了第四季。

You also noted the refined sales strategy and that the team's overall met the revenue goals for the year. From the chart, if there's any additional context on the 2023 cohort that you could provide. Is it maybe that the sales teams met the goals this year. A little bit more by gaining wallet share with existing customers relative to bringing on new logos. Is that a fair conclusion from looking at this table? Or if there's anything else that you could help us with related to slide 26? that would be appreciated.

您也注意到完善的銷售策略以及團隊整體達到了當年的收入目標。從圖表中，您可以提供有關 2023 年隊列的任何其他背景資訊。銷售團隊今年是否達到目標了？相對於引入新標誌，透過獲得現有客戶的錢包份額更多一點。透過查看這張表得出的結論是否公平？或者您還有什麼可以幫助我們解決與幻燈片 26 相關的問題嗎？我們將不勝感激。

Yeah, I think the distribution between new and upsells is somewhat similar with prior years. So I don't think there's anything you need a different to call out in that regard.

是的，我認為新銷量和追加銷量之間的分佈與前幾年有些相似。因此，我認為在這方面您不需要做出任何不同的事情。

Okay. Thank you. I was just looking at --

好的。謝謝。我只是在看--

Okay, go ahead Agi, sorry.

好的，請繼續，阿吉，抱歉。

Yeah, just to kind of point as well, it's relatively even between new and upsell.

是的，從某種程度上來說，新產品和追加銷售之間的比例相對均勻。

Okay, great.

好的，太好了。

Okay. Thank you for taking the question.

好的。感謝您提出問題。

Brent Bracelin, Piper Sandler.

布倫特·布萊斯林，派珀·桑德勒。

Good morning. Thank you for taking the question here. Great to see the commitment to profitability here going forward. My question is, we think about the growth profile of this business, it looks like on an annual basis where stabilizing in the low teens.

早安.感謝您在這裡提出問題。很高興看到這裡對盈利能力的承諾不斷向前發展。我的問題是，我們考慮到該業務的成長狀況，看起來每年都穩定在十幾歲左右。

My question as you look forward, it does sound like the pipeline's a little stronger this year versus last year. What's the algorithm to accelerate growth from here. As you think about upside levers, is it going to be expanding customers at a faster pace? Is it going to be the new product cross-sell? Just walk us through how you're thinking about maybe over a three year period, how you accelerate growth from here of things?

我的問題是，正如你所期待的那樣，聽起來今年的頻道確實比去年更強一些。從這裡加速成長的演算法是什麼？當您考慮上行槓桿時，它會以更快的速度擴大客戶嗎？新產品會交叉銷售嗎？請向我們介紹一下您在三年內如何思考，如何從這裡加速發展？

No, that's a great question. I mean, look, what we focus internally that we believe will lead to kind of faster growth rates is one selling more globally. So that's part of the international expansion, which, we kind of highlight the 30% and 40% growth. Second is generating more revenue and more sales from the platform from policy dispute, [count] protection. So that would be number two and number three is making sure that that helps us win more core chargeback guaranteed deals, even in some of our kind of established markets.

不，這是一個很好的問題。我的意思是，你看，我們內部關注的重點是我們相信會帶來更快的成長率，那就是在全球銷售更多產品。這是國際擴張的一部分，我們強調了 30% 和 40% 的成長。其次是透過政策爭議和保護從平台獲得更多收入和更多銷售額。因此，第二點是，第三點是確保這有助於我們贏得更多有退款保證的核心交易，即使在我們的一些成熟市場中也是如此。

Retaining merchants at a better rate, even though it's very high today would also be meaningful. So I think those are all the areas within our scope of control that we're focused on -- that we believe could lead to accelerated growth. Now, obviously, the macro being outside of our control, which could also lead to that interior kind of a point. Well, hey, if it's the pipeline and everything, what's different this year because the net dollar retention is picking up.

以更好的比率留住商家，即使今天的比率非常高，也是有意義的。因此，我認為這些都是我們控制範圍內我們重點關注的領域——我們相信這些領域可能會帶來加速成長。現在，顯然，宏觀因素超出了我們的控制範圍，這也可能導致內部出現某種問題。好吧，嘿，如果是管道和其他一切，那麼今年有什麼不同，因為淨美元保留率正在上升。

I think that we tend to work on a slightly smaller amount of larger deals. I think we mentioned that we have over 50 accounts, each generate over $1 million in revenue for us and just the timing of when in the year. Those accounts go live can have a meaningful impact on the calendar year revenue. So that's also probably something to mention.

我認為我們傾向於進行少量的較大交易。我想我們提到我們有 50 多個帳戶，每個帳戶為我們帶來超過 100 萬美元的收入，而且只是一年中的時間。這些帳戶的上線可以對日曆年的收入產生有意義的影響。所以這可能也是值得一提的。

Fair enough. And then just back to that third point, the winning more charge-back deals with existing customers. What's your best guess the percent of volume attach that you have across your largest customer base? Is it 50% of volumes? Is it 80% of volumes? Any sort of level set for us is just we think about that third lever to accelerate growth where you're at today as a baseline?

很公平。然後回到第三點，與現有客戶贏得更多退款交易。您對最大客戶群中所擁有的銷售百分比的最佳猜測是多少？是體積的50%嗎？是80%的體積嗎？為我們設定的任何水平只是我們考慮以今天為基準加速成長的第三個槓桿？

Sure. That's a great question. I mean, after a lots of ins and outs throughout the year we're kind of around the [30 percent range], 30-plus-percent range, which is actually a bit similar to historical years.

當然。這是一個很好的問題。我的意思是，經過全年的大量來回調整，我們的成長率大約在 [30% 範圍]、30% 以上的範圍內，這實際上與歷史年份有點相似。

Helpful color. My last quick question is really around automation. You mentioned several internal efforts to further automate some of the internal processes and procedures to be able to ramp capacity and drive leverage. Could you double-click into the most the biggest change from an automation standpoint that you're seeing success with? That would be helpful. Thanks.

有用的顏色。我的最後一個快速問題實際上是關於自動化的。您提到了一些內部工作，以進一步自動化一些內部流程和程序，以便能夠提高容量並提高槓桿。從自動化的角度來看，您能雙擊看到您所看到的成功的最大變化嗎？那會有幫助的。謝謝。

Sure. So I think we've created a platform that allows us to manage approval rates and chargeback rates in an automated way per merchant. Right. So it's something that you historically someone who would actually have to look at the performance and maybe manage the modeled or the different thresholds and just the fact that we were able to roll this out and have a high enough confidence in the performance of this platform allows us to onboard merchants pretty much at an endless scale, while maintaining the very kind of unique performance metrics that the chargeback guarantee model can provide.

當然。因此，我認為我們創建了一個平台，允許我們以自動方式管理每個商家的批准率和退款率。正確的。因此，從歷史上看，這是一個實際上必須查看性能並可能管理建模或不同閾值的人，而我們能夠推出這一點並對這個平台的性能有足夠高的信心這一事實允許我們以無限的規模向商家提供服務，同時保持退款保證模型可以提供的獨特績效指標。

Helpful color. Thank you and great to see the commitment to profitable growth going forward. Thanks.

有用的顏色。謝謝您，很高興看到我們對未來獲利成長的承諾。謝謝。

Reggie Smith, JPMorgan.

雷吉史密斯，摩根大通。

Hey, good morning. Thanks for taking the question. I joined late, so this may have been covered, but I was curious what -- I guess kind of broader e-com growth assumptions are embedded in your '24 guidance, and it sounds like you may have given longer-term guidance. Maybe if you could talk about what you're thinking about some, over that horizon as well. And then some I guess it's kind of implicit in your guidance, but like what's the internally, how do you guys think about the growth algorithm as it e-com plus e-com time some ratio or what's the internal view there? And I have a follow-up. Thank you.

嗨，早安。感謝您提出問題。我加入較晚，所以這可能已經被涵蓋了，但我很好奇什麼——我猜你的24 年指導中嵌入了更廣泛的電子商務增長假設，聽起來你可能已經給出了更長期的指導。也許你也可以談談你在這個範圍內的想法。然後，我猜想這在您的指導中是隱含的，但是就像內部情況一樣，你們如何看待增長演算法，因為它是電子商務加上電子商務時間的某種比率，或者內部觀點是什麼？我有一個後續行動。謝謝。

Of course, Reggie, thank you for the question. So just thinking about the first half of the year, it's on the broader economy kind of like picture, I don't think anything is much different than what we saw in 2023. Inflation continues to be sticky and consumer spending relying on more on credit. It's just the potentially more of the same the first half of the year, I think -- and then going into the second half of the year on, there's more optimism around potential stabilization or recovery. But again, too early to say right now, so we tried to be kind of balanced in our approach.

當然，雷吉，謝謝你的提問。因此，只要考慮今年上半年，從更廣泛的經濟情況來看，我認為與 2023 年的情況沒有太大不同。通貨膨脹仍然存在黏性，消費者支出更依賴信貸。我認為，今年上半年可能會更加相似，然後進入下半年，人們對潛在的穩定或復甦更加樂觀。但同樣，現在說還為時過早，所以我們試圖在我們的方法中保持平衡。

We talk to our merchants. We look at the industry reports and refactoring but we factor in what we see the potentially if things recover and they're much more optimistic and faster, that can be a positive effect. Then if things continue to be kind of completely sluggish like last year, that can be probably more of like a neutral to negative effect and depending on where we think about our guide.

我們與我們的商人交談。我們查看行業報告和重構，但我們會考慮到如果情況恢復的可能性，並且他們更加樂觀和更快，這可能會產生積極的影響。然後，如果情況繼續像去年一樣完全低迷，這可能更像是中性到負面影響，這取決於我們對指南的看法。

Got it. Okay. I guess so basically, assuming stability, I guess you called out for highlighted several policy protection implementations in the fourth quarter. I was curious, was there a reason that they all kind of flipped on at the same time and maybe talk a little bit about the lead time for that type of upsell. Is there a reason that the fourth quarter would be particularly strong and if you have any view or insight of that coming ahead of time? So lead [time]. Thank you.

知道了。好的。我想基本上是這樣，假設穩定，我想你呼籲在第四季度強調幾項政策保護的實施。我很好奇，是否有一個原因讓他們同時突然出現，並且可能會談論一下這種類型的追加銷售的準備時間。是否有理由認為第四季會特別強勁？所以引導[時間]。謝謝。

I mean, we've made a lot of progress in technology throughout the year. And we've added more and more use cases. And as we've on-boarded more merchants and have more testimonials and solve more use cases and understand better the airline and how to sell it. It just naturally leads to better movement and traction. Specifically, these are cross sells mainly to existing merchants. So the additional integration is very simple and the entire process from selling into going live is not time-consuming.

我的意思是，我們這一年在技術方面取得了巨大進步。我們添加了越來越多的用例。隨著我們吸引了更多的商家，獲得了更多的推薦，解決了更多的用例，並更好地了解了航空公司以及如何銷售它。它自然會帶來更好的運動和牽引力。具體來說，這些主要是針對現有商家的交叉銷售。因此，額外的整合非常簡單，從銷售到上線的整個過程並不耗時。

Got it. And if I could sneak one more in thinking about kind of the pipeline that you guys talked about and looking at kind of slide 23 in the presentation, is the same kind of mix. Are you seeing the same mix in terms of a new pipelines that kind of approximate the current volume mix, are you seeing any pockets of strength in any particular geography that would deviate from historic of your existing billing?

知道了。如果我能再偷偷地思考一下你們所討論的管道類型並查看演示文稿中的第 23 張幻燈片，我會發現這是同一種混合。您是否在新管道方面看到了與當前數量組合近似的相同組合，您是否在任何特定地理區域看到了與現有帳單歷史記錄不同的任何優勢？

yeah, I think we continue to see more and more pipeline across the platform, continue to see it across the global areas where we have shown recent strain. So I would say it's diversified and reflective in kind of the overall performance of the business, the pipeline. So nothing unique to call out there.

是的，我認為我們繼續看到整個平台上越來越多的管道，繼續看到我們最近表現出壓力的全球領域。所以我想說它是多元化的，並且反映了業務和管道的整體績效。所以沒有什麼特別之處。

So roughly consistent with the current the billings?

那麼與目前的帳單大致一致嗎？

Yeah

是的

I would say so.

我會這麼說。

Thank you.

謝謝。

Thank you. I'm currently showing no further questions at this time. I'd like to turn the call back over to Mr. Eido Gal, Founder and Chief Executive Officer, for closing remarks.

謝謝。我目前沒有提出任何進一步的問題。我想將電話轉回給創辦人兼執行長 Eido Gal 先生，讓他致閉幕詞。

Thank you, everyone, for joining. The team and I are very excited for the year ahead, and we look forward to updating you on our progress.

謝謝大家的加入。我和團隊對未來的一年感到非常興奮，我們期待向您通報我們的最新進展。

This concludes today's conference call. Thank you for your participation. You may now disconnect, everyone have a wonderful day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接，每個人都有美好的一天。