Riskified Ltd (RSKD) 2024 Q1 法說會逐字稿

Good day, and welcome to Riskified's First Quarter 2024 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Chett Mandel, Head of Investor Relations.

美好的一天，歡迎參加 Riskified 的 2024 年第一季財報電話會議。（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您的發言人，投資者關係主管切特·曼德爾先生。

Good morning, and thank you for joining us today. My name is Chett Mandel, Riskified Head of Investor Relations. We are hosting today's call to discuss Riskified's financial results for the first quarter of 2024. The Participating on the call today are Eido Gal Riskified's Co-Founder and Chief Executive Officer; and Aglika Dotcheva, Riskified Chief Financial Officer. We released our results for the first quarter of 2024 earlier today.

早安，感謝您今天加入我們。我叫切特‧曼德爾 (Chett Mandel)，風險化投資人關係主管。我們今天召開電話會議，討論 Riskified 2024 年第一季的財務表現。今天參加電話會議的是 Eido Gal Riskified 的共同創辦人兼執行長；以及風險化財務長 Aglika Dotcheva。我們今天早些時候發布了 2024 年第一季的業績。

Our earnings materials, including a replay of today's webcast will be available on our Investor Relations website at ir.riskofy.com. Certain statements made on the call today will be forward-looking statements related to our operating performance, business and financial goals, outlook as to revenues, gross profit margin, adjusted EBITDA profitability, adjusted EBITDA, margins and expectations as to positive cash flows, which reflect management's best judgment based on currently available information and are not guarantees of future performance.

我們的獲利資料，包括今天網路廣播的重播，將在我們的投資者關係網站 ir.riskofy.com 上提供。今天電話會議上做出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、利潤率和正現金流預期相關的前瞻性陳述，其中反映管理階層根據目前可用資訊所做的最佳判斷，並非對未來績效的保證。

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. 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.

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。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。

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 filed or furnished with the SEC for more information on the specific factors that could cause actual results to differ materially from our expectations.

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 in 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. I will now turn the call over to Eido.

此外，我們將在電話會議中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。我現在將把電話轉給 Eido。

Thanks, Chett, and hello, everyone. This was truly a quarter of execution. During the first quarter, we achieved revenue growth of 11%, non-GAAP gross profit growth of 18%, improved our adjusted EBITDA margin by 1,200 basis points year-over-year and repurchased approximately 4% of our shares outstanding. While it is still very early in the year, we remain confident in executing on our 2024 goals across the organization. Our team is hard at work and focused on driving towards our annual near- and long-term targets. As discussed in depth on our previous calls and what remains unchanged today is our focus on landing new customers to drive vertical depth and geographic diversification, while continuing to upsell to our existing merchants.

謝謝，切特，大家好。這確實是執行的四分之一。第一季度，我們的營收成長了 11%，非 GAAP 毛利成長了 18%，調整後 EBITDA 利潤率年增了 1,200 個基點，並回購了約 4% 的流通股。雖然現在還為時過早，但我們對整個組織執行 2024 年目標仍然充滿信心。我們的團隊正在努力工作，專注於實現我們的年度近期和長期目標。正如我們之前的電話會議中深入討論的那樣，今天保持不變的是，我們專注於吸引新客戶以推動垂直深度和地理多元化，同時繼續向現有商家進行追加銷售。

Allow me to highlight an interesting proof point of how we are successfully executing on this strategy. Historically, we have found that when we are able to onboard a significant number of merchants in the vertical and then perform well with those merchants, we can reach an inflection point where future sales in that vertical become easier, faster and more streamlined. As a result, we end up owning the category from a competitive standpoint. We believe that this is what we have achieved over the last 10 years in our fashion and luxury vertical through working with many of the world's most prestigious brands in this category.

請容許我強調一個有趣的證據，證明我們如何成功執行這項策略。從歷史上看，我們發現，當我們能夠在垂直領域吸引大量商家，然後與這些商家合作良好時，我們就可以達到一個拐點，使該垂直領域的未來銷售變得更容易、更快和更精簡。結果，從競爭的角度來看，我們最終擁有了該類別。我們相信，這就是我們在過去 10 年裡透過與該類別中許多世界上最負盛名的品牌合作在時尚和奢侈品垂直領域所取得的成就。

Now I believe that we are building a similar competitive moat in our ticket and live events up vertical. We identified the tickets and live event space about five years ago as an opportunity for expansion. We have executed on this opportunity as evidenced by our growth in this category over the last several years. Furthermore, in the first quarter, our top new logo win and our largest upsell were both in the tickets and live events space. Each win involves taking volume from the merchant's incubant vendors, which were newer generation competitors.

現在我相信我們正在垂直向上的門票和現場活動中建立類似的競爭護城河。大約五年前，我們將門票和現場活動空間視為擴張的機會。我們已經抓住了這個機會，過去幾年我們在這一類別的成長就證明了這一點。此外，在第一季度，我們的最佳新標誌勝利和最大的追加銷售都發生在門票和現場活動領域。每一次勝利都涉及從該商家的孵化供應商那裡獲取銷量，這些供應商是新一代的競爭對手。

We believe that we are delivering compelling ROI for these merchants. Many of the top merchants in the space are already leveraging the powerful flywheel effect of our network, and we have further opportunities in our pipeline to continue expanding our market share. In addition to our network effect, we believe that the merchant level data that we analyze through very deep and robust integrations with our merchants internal systems and gateways is a core differentiator and a key reason why we win.

我們相信我們正在為這些商家提供引人注目的投資回報率。該領域的許多頂級商家已經在利用我們網路強大的飛輪效應，我們還有更多機會繼續擴大我們的市場份額。除了我們的網路效應之外，我們相信，透過與商家內部系統和網關進行非常深入和強大的整合來分析的商家級數據是核心差異化因素，也是我們獲勝的關鍵原因。

Combined with the technology and product advancements that we have made over the past few years, we have built a flexible and dynamic platform designed to utilize domain-specific features tailored to individual industries. We believe that by focusing on improvements to our technological capabilities, we are continuing to strengthen the accuracy and performance of our machine learning factory.

結合過去幾年我們所取得的技術和產品進步，我們建立了一個靈活且動態的平台，旨在利用針對各行業量身定制的特定領域功能。我們相信，透過專注於技術能力的改進，我們將繼續增強機器學習工廠的準確性和性能。

Outside of tickets and live events, during Q1, we had key wins in another of our marquee competencies, the fashion and luxury vertical with notable wins in the United States, EMEA and Japan. In addition, we onboarded a food merchant in EMEA, a growing vertical for us. To highlight the geographic breadth and success of our go-to-market efforts, 7 of our top 10 new charge back guarantee logos closed during the first quarter or outside of the United States.

除了門票和現場活動之外，第一季度，我們在另一個重要的競爭力領域取得了重大勝利，即時尚和奢侈品垂直領域，在美國、歐洲、中東和非洲和日本取得了顯著的勝利。此外，我們還在歐洲、中東和非洲地區聘請了一家食品商人，這對我們來說是一個不斷增長的垂直領域。為了突出我們的市場推廣工作的地理廣度和成功，我們排名前 10 的新退款保證標誌中有 7 個在第一季或美國境外關閉。

And continuing the momentum from the fourth quarter, our go-to-market team continues to do a great job selling our multi-product platform with important new logo wins in both our policy PROTECT and dispute resolved products. The top new logos in each of these products were both stand-alone sales to merchants not currently using our core Charge back RMT product. Like we have said before, our refined multi-product platform has unlocked multiple entry points into enterprise e-commerce companies, which helps lead to increased merchant coverage and opportunities to continuously sell our platform.

延續第四季度的勢頭，我們的上市團隊繼續出色地銷售我們的多產品平台，並在我們的政策保護和爭議解決產品中贏得了重要的新徽標。這些產品中最重要的新標誌都是針對目前未使用我們的核心Charge back RMT 產品的商家的獨立銷售。正如我們之前所說，我們精緻的多產品平台解鎖了企業電子商務公司的多個切入點，這有助於增加商家覆蓋範圍和持續銷售我們平台的機會。

In addition, through focused expense discipline and year-over-year gross margin improvements, we achieved adjusted EBITDA of $2.8 million during the first quarter. This marks consecutive quarters of positive adjusted EBITDA. We continue to flow the leverage from our top line performance down to the bottom line. And as we continue to scale and grow revenues, we expect that this will continue to be a powerful driver of further margin expansion.

此外，透過集中支出控制和毛利率年比改善，我們在第一季實現了 280 萬美元的調整後 EBITDA。這標誌著調整後 EBITDA 連續幾季實現正值。我們繼續將槓桿作用從營收業績流向利潤。隨著我們不斷擴大規模和增加收入，我們預計這將繼續成為利潤率進一步擴大的強大推動力。

To that end, we are improving our bottom line annual guidance to reflect our strong performance in the first quarter and confidence in our annual gross margin in the face of an uneven but generally resilient spending environment. Aglika will touch on this more shortly. In conclusion, I remain optimistic about the trajectory of the business and our ability to manage the business to deliver value to our shareholders. I am excited about the strong technology that we have built to capture the ever-expanding e-commerce universe and the opportunities we have in front of us. Now over to Agi.

為此，我們正在提高年度獲利指引，以反映我們第一季的強勁表現，以及面對不平衡但總體有彈性的支出環境時對年度毛利率的信心。Aglika 很快就會談到這個問題。總之，我對業務的發展軌跡以及我們管理業務為股東創造價值的能力保持樂觀。我對我們為捕捉不斷擴大的電子商務領域和我們面前的機會而構建的強大技術感到興奮。現在轉到阿吉。

Thank you, Eido, team and everyone, for joining today's call. Our GMV for the first quarter was $32 billion, reflecting a 17% increase year-over-year. We achieved first quarter revenue of $76.4 million, up 11% year-over-year. Our GMV and revenue growth during this quarter was primarily driven by continued new merchants and upsell activity.

感謝 Eido、團隊和所有人參加今天的電話會議。我們第一季的 GMV 為 320 億美元，較去年同期成長 17%。我們第一季的營收為 7,640 萬美元，年增 11%。本季我們的 GMV 和營收成長主要是由持續的新商家和追加銷售活動所推動的。

Maintaining the positive momentum from the fourth quarter, in the first quarter of 2024, we achieved 65% year-over-year growth in our home category, primarily driven by upsell activity. We also grew approximately 30% in our food category, primarily driven by growth from new merchants added during 2023. In addition, we saw over 30% growth in payments and money transfer driven by new merchant activity.

保持第四季度以來的積極勢頭，到 2024 年第一季度，我們的家居類別實現了 65% 的同比增長，這主要是由追加銷售活動推動的。我們的食品類別也成長了約 30%，這主要是受到 2023 年新增商家成長的推動。此外，在新商家活動的推動下，支付和匯款成長了 30% 以上。

Our two largest category, the fashion and luxury and tickets and travel, each grew by low single digits, primarily due to new and upsell activity but were partially offset by same-store sales pressure. In particular, we saw continued softness within high-end fashion across all geographies, excluding APAC, and softer-than-expected performance with travel merchants in EMEA. This contributed to a minus 4% year-over-year decline in the region in the first quarter, but we're still expecting growth for the year.

我們最大的兩個類別，時尚和奢侈品以及門票和旅行，均以較低的個位數增長，這主要是由於新產品和追加銷售活動，但部分被同店銷售壓力所抵消。特別是，我們看到除亞太地區外的所有地區的高端時尚市場持續疲軟，而歐洲、中東和非洲地區旅遊商家的表現則低於預期。這導致該地區第一季同比下降-4%，但我們仍預計今年將出現成長。

Outside of EMEA, the United States, which is our largest region, grew by 14% during the first quarter and APAC grew approximately 40%. The other Americas, which represents Canada and Latin America grew approximately 12%, primarily due to new and upsell activity, offset by increasing declines in high-end fashion in Canada. Despite this, I remain excited about the other Americas region due to our continued growth in LATAM fueled by market share gains achieved by adding new logos in that region.

除 EMEA 之外，我們最大的地區美國在第一季成長了 14%，亞太地區成長了約 40%。代表加拿大和拉丁美洲的其他美洲增長了約 12%，主要是由於新產品和追加銷售活動，但被加拿大高端時裝銷量的不斷下降所抵消。儘管如此，我仍然對美洲其他地區感到興奮，因為我們在拉丁美洲的持續成長得益於在該地區添加新徽標所實現的市場份額增長。

Moving on to gross margin. Our non-GAAP gross profit margin for the first quarter of 2024 was 56%, an improvement from 53% in the first quarter of 2023. We continue to benefit from improvements in our core machine learning models and positive impact from new product revenue, offset by the impact of ramping of significant new merchants. As a reminder, 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 profile of transactions approved.

轉向毛利率。我們 2024 年第一季的非 GAAP 毛利率為 56%，較 2023 年第一季的 53% 有所改善。我們繼續受益於核心機器學習模型的改進以及新產品收入的正面影響，但被重要新商家增加的影響所抵消。提醒一下，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，包括新商家的增加和已批准交易的風險狀況。

We're still targeting a non-GAAP gross profit margin between 52% to 53% for the full year, but now expect to be at the high end of the range as a result of our strong Q1 margin performance. Directionally, for modeling purposes, we expect our Q2 gross margin to be at the bottom of the range, our Q3 margin to be below the range, and we continue to expect Q4 margins to be above the range. Moving to expenses. We continue to manage the business in a focused and disciplined manner.

我們的全年非 GAAP 毛利率目標仍然在 52% 至 53% 之間，但由於我們第一季的利潤率表現強勁，現在預計將達到該範圍的高端。從方向上來說，出於建模目的，我們預計第二季度毛利率將處於該範圍的底部，第三季度毛利率將低於該範圍，並且我們繼續預計第四季度毛利率將高於該範圍。轉向開支。我們繼續以專注和紀律的方式管理業務。

Total non-GAAP operating expenses were $40.2 million for the first quarter, representing a year-over-year decline of 4%. Our non-GAAP operating expenses as a percentage of revenue declined from 60% to 53%, reflecting ongoing leverage in the business model. We continue to expect our quarterly expenses for the rest of the year to remain similar to the first quarter.

第一季非 GAAP 營運費用總額為 4,020 萬美元，較去年同期下降 4%。我們的非 GAAP 營運費用佔收入的百分比從 60% 下降至 53%，反映了業務模式中持續的槓桿作用。我們仍然預計今年剩餘時間的季度支出將與第一季保持相似。

We achieved positive adjusted EBITDA of $2.8 million in Q1 '24 as compared to negative $5.2 million in Q1 '23, an improvement of 153% year-over-year and the seventh consecutive quarter of year-over-year improvement. Overall, this represents 2 consecutive quarters of positive adjusted EBITDA, with meaningful year-over-year adjusted EBITDA margin improvement of 1,200 basis points achieved in both Q4 '23 and in Q1 '24.

我們在 24 年第一季實現了 280 萬美元的正調整 EBITDA，而在 23 年第一季實現了負 520 萬美元，同比增長 153%，並且是連續第七個季度實現同比增長。總體而言，這代表了連續兩季調整後 EBITDA 為正值，調整後 EBITDA 利潤率在 23 年第 4 季和 24 年第 1 季均實現了 1,200 個基點的同比調整後有意義的改善。

Moving to the balance sheet. We ended the first quarter with approximately $455 million of cash, deposits and investments on the balance sheet, and we carried 0 debt. Approximately 95% of our cash is held in accounts located in the United States. In the first quarter, we repurchased 6.4 million shares for a total price of approximately $30.3 million. As a result, total shares of spending has decreased by approximately 4 million shares from the fourth quarter of 2023.

轉向資產負債表。第一季結束時，我們的資產負債表上有約 4.55 億美元的現金、存款和投資，而且我們的債務為零。我們大約 95% 的現金存放在位於美國的帳戶中。第一季度，我們回購了 640 萬股股票，總價約 3,030 萬美元。因此，支出總額較 2023 年第四季減少了約 400 萬股。

I am excited to announce that our Board of Directors has authorized additional $75 million of share repurchases, subject to the satisfaction of certain regulatory requirements. When combined with amounts that remain available under our existing share repurchase authorization, our total outstanding authorization is approximately $92 million. As a result of our anticipated continued buyback activity and commitment to managing dilution to meaningfully lower levels in prior years, we expect our share count to decline year-over-year.

我很高興地宣布，我們的董事會已授權額外回購 7,500 萬美元的股票，但須滿足某些監管要求。加上我們現有的股票回購授權下剩餘的可用金額，我們未償還的授權總額約為 9,200 萬美元。由於我們預計將繼續進行回購活動，並致力於將稀釋度控制在前幾年大幅降低的水平，我們預計我們的股票數量將同比下降。

We continue to believe that our strong balance sheet and liquidity position are underappreciated assets. We will continue to be thoughtful in how we utilize our capital to drive shareholder value. In addition, we continue to maintain a very healthy cash flow model and achieved record free cash flow of $10.5 million in the first quarter, which exceeded our previous record by over $3 million. We continue to expect approximately $30 million of positive free cash flow in 2024. Now turning to our outlook. We're updating and improving our 2024 bottom line guidance that we previously shared on our Q4 call.

我們仍然認為，我們強勁的資產負債表和流動性狀況是被低估的資產。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。此外，我們繼續保持非常健康的現金流模型，並在第一季實現了創紀錄的 1050 萬美元自由現金流，比之前的記錄高出超過 300 萬美元。我們仍預期 2024 年將出現約 3,000 萬美元的正自由現金流。現在轉向我們的展望。我們正在更新和改進先前在第四季度電話會議上分享的 2024 年利潤指引。

Consistent with the past two years, we are maintaining our annual revenue guidance during the first quarter. As such, we continue to anticipate revenue between $323 million and $335 million for the full year 2024 or $329 million at the midpoint. We are seeing a continuation of the high-end fashion trends and headwinds with travel merchants in EMEA versus in April and early May. As a result, we anticipate softer-than-expected performance in the second quarter.

與過去兩年一致，我們維持第一季的年度收入指引。因此，我們繼續預期 2024 年全年營收在 3.23 億美元至 3.35 億美元之間，中間值為 3.29 億美元。與 4 月和 5 月初相比，我們看到歐洲、中東和非洲地區的高端時尚趨勢和旅遊商家的逆風仍在延續。因此，我們預計第二季的業績將低於預期。

We remain optimistic that a strong summer travel season in the third quarter should stabilize our performance alongside continued strong new and upsell activity across all regions in the second half of the year, which, together with some anticipated improvement of the macroeconomic landscape by the end of the year should result in a stronger second half growth than the first half. We will continue to monitor the performance and health of our merchant consumer spending and the broader e-commerce landscape and the impact on our results.

我們仍然樂觀地認為，第三季強勁的夏季旅遊旺季將穩定我們的業績，同時下半年所有地區的新產品和追加銷售活動將持續強勁，再加上預計到年底宏觀經濟形勢將有所改善。今年下半年的成長應該會比上半年更加強勁。我們將繼續監控商家消費者支出的表現和健康狀況以及更廣泛的電子商務環境以及對我們業績的影響。

Moving to our adjusted EBITDA outlook. As a result of our disciplined approach to managing the business and improved gross margin outlook, we now believe that our full year adjusted EBITDA was between $12 million and $18 million or approximately $15 million to the midpoint, which represents an improvement of 11% from our initial range provided on our Q4 call. The new midpoint of our adjusted EBITDA guide represents additional margin expansion of approximately 750 basis points from the prior year, demonstrating leverage in the business model.

轉向我們調整後的 EBITDA 前景。由於我們嚴格的業務管理方法和毛利率前景的改善，我們現在相信全年調整後的EBITDA 在1200 萬美元至1800 萬美元之間，或大約1500 萬美元到中點，這比我們的預期提高了11%。我們調整後的 EBITDA 指南的新中點代表利潤率比上一年增加約 750 個基點，展示了業務模式的槓桿作用。

As always, we look to find additional leverage in our business. Overall, I'm encouraged by the start of 2024. I believe that our market positioning and ability to execute on the elements within our operational control positions us well to grow and deliver value to shareholders Operator, we're ready to take the first question, please.

一如既往，我們希望在我們的業務中找到額外的槓桿。總的來說，2024 年伊始我感到鼓舞。我相信，我們的市場定位和執行營運控制範圍內要素的能力使我們能夠很好地成長並為股東創造價值。

(Operator Instructions) Reggie Smith, JPMorgan.

（操作員指令）Reggie Smith，摩根大通。

Congrats on the quarter. So but you guys are achieving a lot of your goals. My question, you mentioned in the press release, the policy protected the dispute resolved when potentially unlocking new entry point in the organization.

恭喜本季。所以，你們正在實現很多目標。我的問題，您在新聞稿中提到，該政策保護在可能解鎖組織中的新入口點時解決的爭議。

A question for you is the person at the organization of the company that you're working with that you're selling, so is that different than who you typically speak to for those bigger products versus the traditional charge back guarantee? And then also maybe if you could talk a little bit about the selling cycles for those products. I would imagine that they're shorter, but yes, I just don't want to assume anything there.

您要問的一個問題是，您所銷售的公司組織中的人員與您通常就大型產品與傳統退款保證交談的人員是否有所不同？然後也許您可以談談這些產品的銷售週期。我想像它們會更短，但是是的，我只是不想假設那裡有什麼。

So on dispute resolve, it's usually similar people in the organization and the sales process there is pretty straightforward and shorter with less integration complexity. When you think about policy, that usually incorporates more people within the organisation, so a wider spectrum of decision-makers because you are making pretty critical decisions around the consumer. And there we see the sales cycle be at a similar lane to the charge back R&T.

因此，在爭議解決方面，組織中的人員通常是相似的，而且銷售流程非常簡單、較短，整合複雜性也較低。當你考慮政策時，通常會涉及組織內更多的人，因此涉及更廣泛的決策者，因為你正在圍繞消費者做出非常關鍵的決策。我們看到銷售週期與退款 R&T 處於相似的軌道。

And I guess implicit in that, there's usually very little pushback or hesitancy on the dispute result? Is that fair to say?

我想這隱含著，對於爭議結果通常很少有阻力或猶豫？這麼說公平嗎？

That's correct.

這是正確的。

Perfect, thank you.

完美，謝謝。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Wondering if you could talk a little bit about, I guess, the linearity of some of the ongoing macro impacts that you discussed in the quarter and then it sounds like are also continuing into April and May. I guess I know you guys have been flagging kind of macro headwinds for a while in some of these verticals, and we've seen that elsewhere.

我想知道您是否可以談談您在本季度討論的一些持續宏觀影響的線性，聽起來似乎也持續到四月和五月。我想我知道你們在某些垂直領域中已經注意到某種宏觀逆風一段時間了，我們在其他地方也看到了這種情況。

But I'm just wondering if you could talk about what you're seeing in the most recent quarter and into April and May. Is it worse than what you have been seeing in the past, particularly in areas like luxury and apparel? And just if you could talk about any notable geographic trends that you observed during the quarter, that would be great.

但我只是想知道您是否可以談談您在最近一個季度以及四月和五月所看到的情況。情況是否比您過去看到的情況更糟糕，特別是在奢侈品和服裝等領域？如果您能談談您在本季觀察到的任何顯著的地理趨勢，那就太好了。

So let me break it down. If I think about some of the strengths in the quarter, as we mentioned, we see very good performance from our coal food and payments category, is primarily driven by continued execution about adding new business there. Related to fashion and travel tickets and travel, these are our largest categories. This -- they grew in Q1, and this is kind of positive and encouraging. I would say that what was a little bit different than what we expected is maybe some of the kind of the growth or recovery there was a little bit weaker than we thought, especially in luxury fashion.

那麼就讓我來分解一下。如果我考慮本季的一些優勢，正如我們所提到的，我們看到煤炭食品和支付類別的表現非常好，這主要是由持續執行在那裡增加新業務所推動的。與時尚和旅行門票和旅行相關，這些是我們最大的類別。他們在第一季有所成長，這是積極和令人鼓舞的。我想說的是，與我們預期略有不同的是，可能是成長或復甦比我們想像的要弱一些，尤其是在奢侈品時尚領域。

I would say that sequentially things improved there, but what we start seeing in the back half of March and kind of through April is more volatile. And there's a lot of new angles around different merchants, some merchants are recovering and doing while some of them are continuing to decline. But all in all, I still expect this category to kind of recover through the back half of the year, while there's still kind of different movements in the quarter.

我想說的是，那裡的情況隨後有所改善，但我們從 3 月下旬到 4 月開始看到的情況更加不穩定。而且圍繞著不同的商家有很多新的角度，有些商家正在復甦並有所作為，而有些則繼續下降。但總而言之，我仍然預計該類別將在今年下半年有所復甦，而本季仍會出現不同的走勢。

And regarding geos, I think we mentioned the particular kind of growth trajectory overall, happy with the performance. We still expect kind of like overall for the year, all of these deals to be growing. So that's kind of in a nutshell.

關於地理，我認為我們整體上提到了特殊的成長軌跡，對錶現感到滿意。我們仍然預計今年的整體情況，所有這些交易都會成長。簡而言之。

Got it, appreciate it. And then just you mentioned, I think, in the prepared remarks and also just now that you're expecting kind of a gradual recovery into the second half of the year. And then I heard you on some of the commentary on 2Q being a bit softer than expectations. I guess what's driving the confidence in the re-acceleration in the back half of the year? Is it just comps getting easier? Or is there explicit line of sight towards things improving?

明白了，欣賞一下。我想，剛才您在準備好的發言中提到，您預計下半年會出現逐步復甦。然後我聽到你對第二季的一些評論比預期要軟一些。我想是什麼在推動下半年重新加速的信心呢？只是比較變得更容易了嗎？或是對於事情的改善有明確的看法嗎？

Yes. I mean if we kind of think about tickets and trial, I think there's kind of different trends there. Exiting Q4, travel had a great performance, industry reports kind of really pointing to an or 2024, another record year. Industry reports and just general is still showing like a strong expected summer travel back half of the year. In addition, we're continuing to add new merchants in all of these categories. So I mean there's a little bit nuances in the quarters, ups and downs, but overall, nothing has changed overall, the way we see this category for us.

是的。我的意思是，如果我們考慮一下門票和試用，我認為那裡有一些不同的趨勢。第四季結束後，旅遊業表現出色，產業報告確實指出 2024 年將是另一個創紀錄的一年。行業報告和整體情況仍然顯示出對下半年夏季旅行的強烈預期。此外，我們將繼續在所有這些類別中新增商家。所以我的意思是，各季度存在一些細微差別，有起有落，但總的來說，我們看待這一類別的方式總體上沒有任何改變。

Okay, got it. I appreciate you for taking these questions.

好，知道了。我感謝您提出這些問題。

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

Great, good morning. This is Scott Bester Terry. First one, just another strong quarter of growth in the food category. It seems like your platform is really resonating with merchants there. Just kind of curious on how you're thinking about momentum continuing in this category throughout the year and maybe how it kind of stack ranks against some of the other ones as more of an upper comer?

太好了，早安。我是史考特·貝斯特·特里。第一個是食品類別又一個強勁成長的季度。看來你們的平台確實與那裡的商家產生了共鳴。只是有點好奇您如何看待這一類別全年持續的勢頭，以及它如何與其他一些類別相比，成為更上層的競爭者？

Sure. Happy to take that. We do find continued success. And I think like we highlighted on the call, what we see happening is once we start seeing traction in specific category, we end up building more specific features and technology that are customized for that category. That helps us achieve some additional merchants because we have some of the better brand names and superior technology, which kind of leads to continued strength and growth.

當然。很高興接受。我們確實取得了持續的成功。我認為就像我們在電話會議上強調的那樣，我們看到的情況是，一旦我們開始看到特定類別的吸引力，我們最終會建立針對該類別量身定制的更具體的功能和技術。這有助於我們獲得更多的商家，因為我們擁有一些更好的品牌和卓越的技術，這會帶來持續的實力和成長。

So we are seeing that in the food category. I think we highlighted that in the live events category. I'm not sure the exact breakdown kind of quarter-by-quarter on the upcoming when exactly we'll lap some of these larger merchants or not, but it is an area of focus, and we are very happy with the performance there.

所以我們在食品類別中看到了這一點。我認為我們在現場活動類別中強調了這一點。我不確定即將到來的每個季度的具體細分，我們是否會超越這些較大的商家，但這是一個重點領域，我們對那裡的表現非常滿意。

Okay, great. And then just as a quick follow-up. Balance sheet remains really strong. Just with respect to capital allocation, how are you kind of thinking about M&A and evaluate potential acquisition targets there? Maybe as you move to more of this platform focused selling opportunity, could it make sense to, I guess, acquire new capabilities that could maybe enhance the super further?

好的，太好了。然後作為快速跟進。資產負債表仍然非常強勁。就資本配置而言，您如何看待併購並評估潛在的收購目標？也許當你轉向更多以這個平台為中心的銷售機會時，我想，獲得可能進一步增強超級的新功能是否有意義？

It does make sense, and we're continuously looking. But at the end of the day, we're also trying to allocate capital and make the best use of that. And when we're looking at the cost and the opportunities out there relative to the cost and opportunity within Riskified so far, that's been the clear winner. But we are continuing to look, although we have a high bar to get something across the finish line.

這確實有道理，我們正在不斷尋找。但歸根結底，我們也試圖分配資本並充分利用它。到目前為止，當我們考慮相對於 Riskified 內部的成本和機會的成本和機會時，這顯然是贏家。但我們仍在繼續尋找，儘管我們有一個很高的標準來跨越終點線。

Got it, thank you.

收到了。

Ryan Tomasello, KBW.

瑞安·托馬塞洛，KBW。

The call out on the large stand-alone policy protect and dispute resolve deals in the quarter seems notable for these non-charge back guarantee merchants. So just dovetailing on some of the earlier comments and questions. In general, how much of a focus are you placing in your go-to-market strategy for winning these new products without the Charge back guarantee? And if you can just elaborate on how the platform architecture and pricing and sales strategy have been evolving, particularly the latter 2 to make these stand-alone deals more seamless than before?

對於這些非退款擔保商家來說，本季對大型獨立保單保障和爭議解決交易的呼籲似乎值得注意。因此，只是與之前的一些評論和問題相吻合。一般來說，您對贏得這些沒有退款保證的新產品的上市策略投入了多少精力？您能否詳細說明平台架構以及定價和銷售策略是如何演變的，特別是後兩者，以使這些獨立交易比以前更加無縫？

Happy to elaborate -- so look, I think what we try to do as a product organisation is to build capabilities that will enable our sales team to sell better to sell a more continuous motion. So we see ourselves as creating these capabilities for them and they're kind of coming out and saying, "Hey, this is helping me in these 2 specific instances, the merchant said, "Your charge-back guarantee product is really interesting. But actually, my biggest pain point and priority right now is different. It's around kind of dispute resolved or it was around the policy product.

很高興詳細說明 - 所以看，我認為作為一個產品組織，我們試圖做的是建立能力，使我們的銷售團隊能夠更好地銷售，以銷售更連續的動作。因此，我們認為自己正在為他們創造這些功能，他們會出來說，「嘿，這在這兩個特定情況下對我有幫助，」商家說，「你們的退款保證產品真的很有趣。但實際上，我現在最大的痛點和優先事項是不同的。它是圍繞解決的爭議類型或圍繞保單產品。

So let's integrate that first. And obviously, having the understanding about how they can strategically expand with us over the next few quarters and what further set of capabilities we have really helps them in choosing Riskified as their preferred vendor. -- okay? So that's how it's been helping in our go-to-market motion, just gives them a wider set of tools and capabilities in front of the merchants. When we think about the revenue and the attach rates, I would say that recently on policy, where we've been successful, we've probably been able to generate 10% to 20% of the Charge back deals. And obviously, that's at a higher gross margin point.

所以讓我們先整合它。顯然，了解他們如何在未來幾季與我們一起策略性擴張以及我們擁有哪些進一步的能力確實有助於他們選擇 Riskified 作為他們的首選供應商。 - 好的？這就是它如何幫助我們進入市場，只是為商家提供了更廣泛的工具和功能。當我們考慮收​​入和附加費率時，我想說，最近在政策方面，我們取得了成功，我們可能已經能夠產生 10% 到 20% 的退款交易。顯然，這是一個較高的毛利率點。

Dispute resolved is probably lower than that, I would say, in the range of 5%, but they do help kind of overall package a more differentiated story. And we're looking forward to expanding the platform capabilities further in the years ahead.

我想說的是，解決的爭議可能低於這個數字，在 5% 的範圍內，但它們確實有助於整體包裝一個更具差異化的故事。我們期待在未來幾年進一步擴展平台功能。

And then just a follow-up here, piecing together the comments you provided around the quarter-to-date trends. Any early guideposts you can provide around revenue and GMV growth in 2Q relative to 1Q? -- sounds like growth rates in the second quarter might be tracking lower than what you put up this past quarter. But any handholding from a modeling perspective would be helpful, just especially as we look to gain conviction in that second half ramp that you seem to be baking in?

然後這裡只是一個後續行動，將您提供的有關季度至今趨勢的評論拼湊在一起。您可以提供有關第二季度相對於第一季的收入和 GMV 成長的任何早期指南嗎？ - 聽起來第二季的成長率可能低於您上個季度的成長率。但從建模角度來看，任何掌握都會有所幫助，尤其是當我們希望在您似乎正在陷入的下半坡道中獲得信心時？

Yes, of course. So I'll think that some of the kind of the delta between the revenue growth and GMV growth will persist throughout the year. And as I mentioned, we are kind of seeing some softer months now back half of March, April, but overall, still lines or the annual guide.

是的當然。因此，我認為營收成長和 GMV 成長之間的某種增量將在全年持續存在。正如我所提到的，我們看到 3 月下半月和 4 月出現了一些疲軟的月份，但總體而言，年度指南仍保持穩定。

Great, thanks for taking the questions

太好了，感謝您提出問題

Timothy Chiodo, UBS.

提摩西‧奇奧多，瑞銀集團。

I know that you gave some good regional kind of around the various regions color during the prepared remarks. I wanted to dig in a little bit to some of the European trends. I ask only because PayPal had a slight acceleration in their branded checkout in Q1. And in part of their prepared remarks, mentioned strength in Continental Europe.

我知道您在準備好的發言中給出了圍繞各個地區的一些很好的地區色彩。我想深入了解一些歐洲趨勢。我問這個問題只是因為 PayPal 在第一季的品牌結帳略有加速。在他們準備好的演講中，部分提到了歐洲大陸的實力。

However, Shopify, who -- when giving their 2Q guidance did mention a little bit of macro concern in Europe and specifically called out the UK. So just putting those 2 together, I was hoping you could give a little bit of your context on what you're seeing within e-commerce trends in Europe. Less so about your underlying share gain share loss, but what your customers are seeing in the broader market given your position in the market.

然而，Shopify 在給出第二季指導時確實提到了歐洲的一些宏觀擔憂，並特別提到了英國。因此，將這兩者放在一起，我希望您能提供一些您在歐洲電子商務趨勢中所看到的背景資訊。更重要的是，考慮到您在市場中的地位，您的客戶在更廣泛的市場中看到的情況並不重要。

(inaudible) I'll actually start with that, and then I'll hand it over to Agi I want to highlight that I'm not 100% certain that we define those regions the same. So for us, it's where the merchant is headquartered because we service the merchants and sometimes when it's more kind of consumer-oriented like PayPal brand and checkout and it might be where the checkout has happened, right? So for us, the merchant is headquartered in Europe, it sells globally and that's how we define it. So I'm not sure that's an apples-to-apples comparison. So just wanted to give that disclaimer before handing it over to Agi.

（聽不清楚）我實際上會從這個開始，然後我會將其交給 Agi 我想強調的是，我不能 100% 確定我們對這些區域的定義是相同的。所以對我們來說，它是商家總部的所在地，因為我們為商家提供服務，有時當它更以消費者為導向時，例如 PayPal 品牌和結帳，它可能是結帳發生的地方，對嗎？所以對我們來說，商家的總部位於歐洲，產品銷往全球，這就是我們對它的定義。所以我不確定這是否是同類比較。所以只是想在將其交給 Agi 之前給出免責聲明。

Yes. So overall, we've seen kind of Europe being softer compared to the rest of the regions. As Eido mentioned, we're looking at where the merchant is a better, but we've seen based across kind of a number of areas, the number of merchants specifically kind of what to restate highlighted around travel and client fashion. This is where we've kind of seen some softness, yeah.

是的。整體而言，我們發現歐洲與其他地區相比較為疲軟。正如 Eido 所提到的，我們正在尋找商家更好的地方，但我們已經看到了基於多個領域的商家數量，特別是在旅遊和客戶時尚方面需要重申的內容。是的，這就是我們看到的一些柔軟之處。

Excellent. Thank you for taking the question.

出色的。感謝您提出問題。

Cris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

You mentioned tickets and travel becoming a much bigger piece of the business. Can you just talk a little bit about the economics of that vertical relative to kind of your core fashion and luxury vertical?

您提到門票和旅行正在成為業務中更大的一部分。您能否簡單談談該垂直產業相對於您的核心時尚和奢侈品產業的經濟學？

I'm happy to take that. So I think travel has always been a large industry for us, but we have seen continued growth, especially in the live events space over the past few quarters, and that's been continuing to grow and shows great signs of continuing growth. At this point, we're kind of similar -- we're seeing similar margin profile to the rest of the book of business, nothing unique to call out. I know that coming out of COVID, maybe we highlighted that, that was kind of maybe a different profile for some travel merchants. We don't believe that to be significant anymore, especially as we think about the live event space.

我很樂意接受。因此，我認為旅遊業對我們來說一直是一個大行業，但我們看到了持續增長，特別是在過去幾個季度的現場活動領域，而且這種增長一直在持續增長，並顯示出持續增長的良好跡象。在這一點上，我們有點相似——我們看到的利潤狀況與業務手冊的其餘部分相似，沒有什麼獨特之處。我知道，在新冠疫情之後，也許我們強調了這一點，這對一些旅遊商家來說可能是一種不同的形象。我們認為這不再重要，特別是當我們考慮現場活動空間時。

And then just more broadly, charge back to billing trends. If you can just talk about kind of the trends by cohort and what you're seeing in the observations over the last couple of years.

然後更廣泛地說，根據計費趨勢進行收費。您能否談談按群體劃分的趨勢以及您在過去幾年的觀察中看到的情況。

Yes, I would say similar to what we mentioned on the previous call, we're really happy with the improvements, both in the core modelling, whether it's the level of automation, autonomous training ability to deploy more models, general features that are integrated into the system. And I think we see it in the margin out performance this quarter and previous quarter.

是的，我想說的是，與我們在之前的電話會議中提到的類似，我們對核心建模方面的改進感到非常滿意，無論是自動化程度、部署更多模型的自主訓練能力、整合的一般功能進入系統。我認為我們可以從本季和上一季的利潤率表現中看到這一點。

We're also starting to see some helpful increase in the margin based on the new products. So while they are kind of still small on a revenue perspective, they've already contributed, I think, slightly over 0.5% to this quarter's margin. And again, the offsets continue to be the ramping of new merchants, newer geographies, but overall happy with the performance and trajectory.

我們也開始看到基於新產品的利潤增加。因此，雖然從收入角度來看它們仍然很小，但我認為它們已經為本季度的利潤率貢獻了略高於 0.5% 的份額。再次，抵銷因素仍然是新商家、新地區的增加，但總體而言對業績和軌跡感到滿意。

I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Eido Gal for any closing remarks.

目前我在隊列中沒有顯示任何其他問題。我現在想將電話轉回給 Eido Gal，讓其發表結束語。

Thank you very much for joining our Q1 call. We look forward to continue updating you on our progress in the quarters ahead.

非常感謝您參加我們的第一季電話會議。我們期待繼續向您通報我們未來幾季的進展。

Thank you all for participating. This concludes today's program. You may now disconnect.

感謝大家的參與。今天的節目到此結束。您現在可以斷開連線。