Adyen (ADYEY) 9 Feb 222021 Q2 Earnings call transcript

Hi everyone and welcome to the Adyen H2 2021 Earnings Call. My name is Ethan Tandowsky. I’ll be your moderator today. And I am joined by our CEO, Pieter van der Does; and our CFO, Ingo Uytdehaage, who are both live from our new Amsterdam office.

We’re excited to talk you through the financial performance from the second half of the year. we’ve like a in take on short some the started, we’ll earnings you our get industry of with the start movie, developments platform. to we’ve we’ve past done call, through and And trends in seen seen which will Hope enjoy you it. XXXX [Video Hi HX welcome to and Starts] call. Presentation our everyone earnings

process billion second volume dive for year. into it. profitable half full HX year and strong were and and of right The sustainable past in Let’s the for remain the growth XXX for XXX XX% full year. the full XXXX half €X and We revenue Net the intact. year HX in the was for results for million EBITDA billion margin was €XXX indicators XX% billion the

previous and of the and remain volume over merchants the already As we last the industry seen churn grow in the we’ve saw an growth year. on digitalization continues XX% volume in economies platform periods, around to world of over The below X%. contribute acceleration

ever the an EMEA, increasing initial the payments and is bringing in-store businesses not looking In volumes to verticals. business. adaptation acceleration see an culture overlap results, that This we We for. would to unstoppable partner is be for North in once payment now and online both increasing for pandemic share most In a anecdotal. in the the verticals, online few what is democratize as shift to volumes as was the a regionally ever for outpacing quickly geographical the more of to seems more more the sign our commerce we happening economy. track consider was true period. delivery, that digital the in restrictions, ever contribution these XX% see note of now towards The the XX% net channels. Point-of-sale are revenue history. of on more LATAM, than the commerce daily Adyen’s pop-up America, for In payment of regions digital access highlight contactless shock the merchants and and this of able from is than APAC, outside designing is are quick to just strategy. and lockdown businesses of are diversification markets. unified and we’re number we In continued to historically of in new that metrics resilience prove top executing a a amount able everywhere. becoming right prioritizing coming above combine It’s us methods like number resulted of that This For payment this year-on-year EMEA a across digitalization of growing first they’re new curbside are more great again Businesses increasing gaining time interactions. an mind to for of than to pickup fragmented e-commerce

from it’s platforms is learning of and Adyen to businesses. the are to at Here a analysis too, our digital its employs part which products, we’re RFPs of machine we transformation target for On multi-sided seeing critical platforms. and and fraud institutionalization score, improving continuously that the network now now offering specific

retail. built devices, a handheld of a providing launched merchants point-of-sale Android option range age for the of new also We with new flexible

all, Well, strong teams. launch looking hubs announcing on the new XXXX. a of has we’ll as today to continue Q&A and a from we’re discussion of we’ll look we year we Ingo, we to second into key so engineering why session. set to where Ends] Great. lot Pieter and next we’ll Madrid what on with build the talk the back tech in forward to to [Video a look All clearly that of results and partially business, XXXX up As to next we Chicago a have move following touch a the two hiring some is grow and and in This we’ll product Presentation locations ramp in half of were about, bring. where dive points

screen. can Just represent your of functionality do to as firm you the name a using reminder, at you include when ask your already your questions. bottom full questions start the and Q&A please your asking And

highlight What the would half off. second Pieter, the let’s Now, you to year? of from kick it like

course, one ago a impressed long to of with we’ll of me that now are we we volume. process a well at over feels the half not I’m right do was a Well, time said day that also so XXx It trillion. billion revenue, trillion but and

really we of are so worked immensely COVID I, there, is team of proud that. times. getting to want highlight how So through difficult course, What has the the

We the extra to like. in and work in I’m happy humble a really able haven’t team. been everybody as And went see so mile, as such other the we each really, much to office

we is the outside numbers, than and that of really with coming said On happening. we more EMEA now will the company global build a XX% organically region that

pleased that, XX% North amazing. especially also America, that’s with think, on growing I year-over-year, I’m net So, revenue

from partnerships with time come the If new adding of More merchants. relationships, XX% it, us. look how same we’re build at with we our you we expand do existing whilst at than that merchants growth strong

that like shows our So, services. it they

on also the that point new So, we I important work products, on the to also in as which interested we the a want often the we Platforms keep is It’s but are platform, the of needs is model you also doing that segment, where increasingly together business out mind the to of that market complex platforms. part are with the them market, the and in. of sellers the in really of because have needs and platform. successful are

that on in. and you thrive works complexity well. It So, work we very both ends

the get such So to are how those of growth. foundations we a

Great.

fantastic that like anything highlight? to all together So, trends. them, our merchants, Ingo, curious you, there from with with hear I’m growing you’d else together to diversification is further

I growth growth ecommerce like year was point-of-sale. the of to the and our same one growth highlight the at is years in the volumes the growth which point-of-sale impressive, over history platform. outpaced our probably We very time the best of ecommerce doubled Yes, past in volume

So, great from perspective performance. at that we’re looking

always course making buy course, best to of see in pandemic, that commerce also with that to customer different people strategies also that of people in unified journey. happy channels We’re us merchants, execute this the flexible the returned are with in-store our helps the and come to sure

be point that’s happy why to strategy. pleased payment with growth execute it’s in partners. we’re proof So, helping I merchants volumes for strategy And think their this is And us so the their we’re a are to commerce clear unified that yes,

Clear.

So trend definitely here unified to it commerce is stay a seems.

Absolutely. Yes.

transition of from into, this course, Yes. also, think behavior in from Yes, how two half a things still their to the a world, I’m you, merchants yes, nice very last that’s And changed how shoppers. years changed, about great. of has the start shopper interact Pieter, in it’s the of with out lot natural we’re pandemic hear I year? and curious

build channels. merchants, shoppers Yes, for to became it over a brand all to consistent their really important

there shoppers. even So unified to is important levels service because more that commerce competitional made

seen is commerce. And the becomes to closing business to were business move overthink pandemic from cashless. that other about do what we as the cash to critical it seen models have pickup. stores able So, unified be We’ve during curbside

point lot have a with sale, systems as effect and been were merchants of has there with that. help to which the example, of you change them an of for so, a see for we add were only online us, channel it. merchants quickly that to on Also, that, to very So single

the were those we accelerated of that which trends exactly trends pandemic the So, all build because industry the the in for. have products were trends our and

it. Got

how team can I’m has expand adapted. our we as that. curious merchants So, on Ingo, you our clearly well, see adapting. maybe

adapting year office been Yes, the Also, always been clearly the working from to has helping or to depending local from over a have continue that’s company past in to on regions. the new the build situation. different, the the different home a adapted situation quite And situation. in combination, working they team extremely to

because that that strategy contribute our to work growth offer want if back we two it’s the office, talk or options to to there, to situation where possible other. each great have also to work home get the together continue the in the buildings. invest week work If look a strongly the to always and basically moment place that’s given That’s each you we other, to why we see from believe of new office, in local but at from team, the

to launching new and New based. where have and to And York. We was basically build Amsterdam video, London, Chicago local our in that’s here also the in product. in opened presence engineering a new in And said in are team all to locations continue are out hubs office. new our customers also sitting what Madrid and for we’re We’ve close

to we So that’s locations. something continue invest of, that in we’re very proud those

just forward, that a March, Yes. look of last the in Going we And end Markets event we virtual, talk couple as course, gotten Capital of we and We’ve being the of that’s going yes, what think talk office also Day office we together forward is virtual of about Markets I we we March. about XXst to want best have continue milestones of or where organizing of are Maybe to the presented see being to in we focus really again. the to office our a Capital the thing We a in horizons in Day things. new working new forward virtual that the about new one strategy that towards to March, people the planned on. end also want see. a talking

you both. Great. thank Well,

Goldman Let’s please question questions yourself Mo comes [Video ahead first now come with Sachs. go have your unmute from The move Mo, what and question. Presentation] you Moawalla see in. from to can

question. you, Pieter you Ethan. two. I Thank thank Ingo, taking had my Great. Afternoon, for and

Of there’s for debate and one e-com around lot slowdown. First of Pieter. sort narrative Obviously, a

it the unified this lot merchants examples of You’ve platform capturing sale. maybe single of see of how market of myself at Can roll-out commerce always POS. you fairly the the about that of anecdotally more more merchant you channel see shift, guys a steadfast some bit you you using a run. for I this your is to kind are long in over in also point a like how things easy London, through talk as been some sort

the and And quite potential grow is for that was tangible. you the dynamics maybe the come on in share, there, but talk should any can as that how to term take the obviously sort Thank the wallet hitting you parts kind are medium e-com about second volume customers mix. us headwinds several moving shift this rate thresholds, of that and talk but Also that may this Ingo, could various clearly through the obviously has and take how all So around offset related rate to of your question particularly you. higher the over in side.

Pieter. go the I question. but unified Sorry, on just ahead commerce interrupted,

think I with first, market if it’s so the foundation is unified important existing growth expanding you total is look our that merchants and at commerce our under addressable why that is, huge. Yes, there, is

is single that we XXXX, platform we point started this bought can you could view want which to refund So adjustments return, same without show means the decision, and end outperformance, what don’t on your to it’s by in for a because do can good trajectory and And cart. the I about and I do, online, you we to shopper, do the building all they very if on growth you it makes in those dip single cart sale. can you you product you a its in have outperformance took, really theoretically, to which that And the get you And of doing a easy. all means a return have have talking, you on you the with that that think store. that product acquisitions think

have separate exactly those that then you very If journeys very, in systems, difficult. are

today. ago, which seven And about this what on building So point also start of built this. eight or products is we years we like in of sometimes that’s building products, sale, do the case

years products, volume. building of become probably part take today which are our large a will We before up they

in course of such growing, base those a sale huge of it also is see grow in it to But You in terms point products. I now think but to there growing of of at – XX%. the a potential share again, that XX%, still grew end

merchants? successful So we First, your to are points question. the strategy? more you that. important we How single are rolling think volume of are dependent I out And think doing in that’s way answer our I successful that are a of the on lot it’s there data how

for think what the Ingo on, see we I but some on the that are it’s and puts there? you Pieter. manage Thanks, something we know take not takes of Great. And rate, business I actively

Yes.

So are to highlight, there on take things of rate, of a I think couple course.

strategy been impact And has there volume, other on price of the more a negative grow well. to print First always some the down merchant a factors goes all, transaction as take has are merchants. with brings But rate. our and if it

One past base impact year has that points. half transaction of sense that average in seen a on fees the that of is and value over take because part well, our of instead negative as increased, factors rate the we’ve has the is

say business we So the absolute rate Other the therefore declines. effect have that that, another the think That’s fees on with to to same are seen. than have transactions and is take if margins. less manage we volume, continue we I processed important important it that lower

we grow And with level our That’s how continue our business rates. of focus. the sure merchants take invoice current So we’re happy That’s our we manage. making to overtime. increase main that with and therefore,

Clear. answers. the Thanks for

Next up, we Wood have ahead. Stanley. Morgan Adam Adam, please of go

merchant maybe Hi, have maybe on much know if seems is down penetration look platform, around maybe fact January liked as in for to this the a Visa come slow that you’ve half And we about alluded flagged bit on the any noticed. more you into the of half you there’s continued year. bit, and and the barrier a to a that attrition could in if the question. talk the little whether Could that little The is market talk XXXX? you does changes market bit whether baseline challenging follow-up and year of down Thanks half the seen strong and could one and but that on see you you as talk what out very, hiring we’ve good in about looks important in into we of ask EBITDA that data. maybe growth, XXXX. big to the margins? is could very then growth Could of slow Mo all start share would’ve impact to you’ve that you little And that second also the equation, than hired just the a everyone. And the rates side two? for Mastercard on Do you cost a bit of now just that that have of second separate just first market noticeable at a in at have little the any second – you. how more to hiring to pace taking that the congratulations Thank I you secondly, a the e-commerce afternoon,

Hi.

to add hiring. way Ingo on you start we’ll I e-commerce know think afterwards to I do is the rate get anything Maybe have to e-commerce developing, of you the And there? on Pieter

Yes.

our our hard to comes it’s e-commerce side, So growth growing keep of distinguish I platform existing merchants. indeed with those we merchants. our on XX% the because think from strengths on

the we’re share be next slow And have growth wallet And with So market our signals case or the will that hear down platform. see that or have a you that therefore, merchant. on maybe lot the of share of in that e-commerce what trend for the no news also I would we seen our winning year.

more merchants volume work will our We that continue main with overtime to that main making be we our sure that, get and focus.

hiring and growth the are able bring company how people realize our to the on ambitions? maybe Pieter, we more side, into

it’s Yes. competitive a – market. It’s the

that is with in such you look at if end, a work can people. you the think I talented magic of team all you if

e-commerce, business. pressure that think of this sure the the we audience the choice employment member a quality we I competitive have It that make people is seen impact on still great we the help the quality. willfully to engineering a you have not whole that’s but also, make that because would diluting I to And in excellent for than are on on company. the at think And on on quality, market. a specific hire, problem, we dilute the don’t look a such you if don’t if in the get diluting board being long-term, by that product, everybody it’s long-term dilute so going quality. people more So tech a now impact deal the is Board those the to not of able on market would under

similar rates they our years attrition If years, you before. are two the pandemic at look the to over

that also you that group So working employees see here. a loyal have we very of like

time, we same that at something of. same team. we are our it’s So – very engineering where protective also the In with the expanded are we

added are not but Madrid and we where to be also closer to just Chicago be to Amsterdam. So there the on dependent merchants

there. we how look that’s at strategy So

you. Got Thank it.

on please line from JP Sandeep, up Next Deshpande is the Sandeep Morgan. go ahead.

next there will initiatives that continue issuing, this markets, sort of engagements when do new to revenue which drive three you’ve such for strong results. at great growth need thanks a for North the you place growth got in like of Adyen to many Hi, letting your Yes. really. is, four drivers in beyond providing five And they so you second three congratulations question clearly will you’re as your this as Do these for next four on point? biggest for growth growth team, a are management which Or years this planning years point, existing me over start put on are the my but at in drivers to stream? Clearly, or America commerce, and and you’ve new unified to see other years. really reportable had

term from. yes, that start After to with, to can we go our issuing. come where expect Let’s we longer growth can

important the to it’s stay ahead curve. for us think of I

the to respect very that you we’re which shouldn’t but in we think of market, want down. to are very looking rest double I carefully on the mean not advanced that initiatives So

initiative example our course, of as So we platforms. that, of picking are our an

So that a you there’s see the shift business. in

You shift doing to that are very global existing there’s a we our products. well same at commerce. there the see more time, Yet with

developing things now, which only So is the years. deliver this in will of number

You’ll question. see want add long in point of like the sale, of that Maybe an part revenue, on Ingo the back took. you example, that how second to

something to Yes. they Maybe do successful always been also on, understanding following And develop. think that’s like, general, so. our like merchants we we’ve I and continue in in what to that

and opportunities a if will there a products, it. mentioned, only share to for are, see we huge we build no love right why example capital on that the merchants. our think great we market it very markets product, would of certainly for in just relevant it to we for our for we see But have on platforms we and to same need that make sure instance, limitation to growth listening we build impact small and visible we talk March, commerce. don’t such we and nice So a revenues also bridge what’s the But to also we more make it. will of merchants. will sure addressable merchants very have our it. new to, that’s develop explain, how unified will exactly think Currently, Pieter issuing about keep That’s is is this continue I more of products forward. issuing instance, develop end And maybe for a that’s new is The issuing, how instance, platforms, where it’s we to really day our And going platform there we where And on journey now. invest is can to we relatively for we because course, make that year. way, that our right for relevant indeed, limited. expect from about revenues a significant are

Great. for the thanks questions, Sandeep. Well,

go up Next Leitner we ahead. UBS. have Hannes Hannes, from

Thanks congratulations the to for and letting me results. on

you two what maybe capacity? those terms the maybe But second on have on through, talk my thinking be stellar hiring, any can get wings so a the of in been performance, maybe And there What or of called now, to on Rico, for XXXX. Some then down? particular it the emphasis Malaysia, issuing, some questions is better hubs, answered. can is will is maybe question there get break module just Puerto growth underlying you you feeling Japan, in growth for example, them, license still is wings of from, acquiring the remaining license maybe

what start Pieter to the maybe on tech we side, will in those hiring focus hubs? So on

to the Yes. We a decision mimic made want coding there hire don’t that we factory. and

we the in hubs, on products. So specific working be will

a deployed. that how close that a Also, there’s can that our pride. certain are, being feel your you merchants to so So and see, the where you are you certain that connected see products it’s to take business engineers

want talk I add the to think to that Ingo, licensure? the creates a do company. loyalty to about anything and you

I want Yes, think we indeed sure. what do. that’s to No,

for could we that in we hubs, I they market their own sure that’s are that for independent such making in So built of code if hope, a it. can think platform. instance, think want that And about about teams our be to basically look you certain how for should – parts issuing, the engineering think the on we if at a instance product if like launch topic

those the you license takes up market, making see yes, that to is basically those like taking it On off. volumes running we before – are but licenses the right have key and really licenses, time point sure for the us, that also entry

get needed investment a I sure make some always look that’s to the where as implementation Initial markets. known will them that we And process the great. always get markets in time, to we at we then it’s variation get think you get results There’s tweak market. to those So in optimization to for work local live, over the market increase the performance the always highest in or to Because results. rates. it. to an share that best we merchants best on start company And settings to those

But market. happy per progress so we’re separately disclose far. don’t we course, very Of with

Great. Thanks.

go Jamie Friedman have up Next Susquehanna. ahead. from Jamie, we

in was anti-fraud a I the fraud. is for hoping that’s you multi-sided What letter. mean? profiled evening. kind Because could score a demand Good score shareholder the seeing word product use of are here. in you discuss does what this lot for service? you that results describing Good Hi. And

to about Pieter. score, talk Time

Yes.

products, So merchants also fraud. the fraud to but protecting if to of from delivering. come we you is means platform sell fraud historically there to they’re And And that actually to from is seller at you look get is could have fraud people also put from element sellers. total that in you in who where level not product, shopper space, that other look you how to a different where complexity that your marketplace fraudulent protect the claim

the that’s course machine and score, for learning is take their marketplaces which worry to a out can product where hands. area So help of new of us we deploy

So this platform really a risk or marketplace fraud to unique model. is the

True.

side, means the multi And buyer and it basically Yeah. seller.

what So both sides. it That’s is. it’s

platforms. And than focused side, also platforms. correctly on But is protect, revenue have on the buyer I we score understand just which then is wider on

So question, thanks. Jamie. for the Thanks

Fred Boulan America. Bank have of ahead. we up go Next from Fred,

Can me? you hear

Yep.

my on on question side. terminal One afternoon. good side the Hey,

So Pay. you’ve introduced time, Android interest Stripe, Tap to low seeing we’re POS solution the same Apple from at

discuss of bit with terminal the little unified upsell level on the So of your and commerce going some can journey side you the how is a customers? competition

us what question. the maybe in Good tell we’re Android Yes. about can Ingo, market. you seeing and

absolutely. Yes,

traction a device lot single of register because terminal the to a both an very a cash own for service. on implementation decided we on of We see and it. Android there, get also easy interested to launch application it payment also your emergency in build smooth So lot a have and and it’s

we Apple we about course, We’ve we market. Pay. always we announcement say look right of happening it Apple The new in the partner closely. And anything closely and course follow. been what’s very Of can’t something a also by it that but with at is now, Apple follow

Thanks.

of James, is go Next James up ahead. Goodman Barclays.

for Thanks taking Ethan. very the taking Hi, Thanks Thanks. yes. questions. much – for

exceptionally following in other very about increase that hiring But the a online last of more yourselves, of as the question, the the appreciate hiring. on are linking maybe comments the we also on So world the there, fast all intended I providers see rapidly. but some next-gen mean, well. and just to this growing but the out up like side Checkout.com’s hiring bit little

Just starting that you into if bit such a can NextGen a comment done more are scale reaching FX have those have whether you’ve the more you’re bump modeling. providers you than are you This question. with historically you to just grown little past. now wondering us wondered alongside more And I on wonder whether perceived more a could in other then where seeing you the overlap. direct help but technical I providers, if it

year-on-year I called FX euro, out, impact stronger think headline suggest. definitely X% the So X% would a tailwind, change than and USD

within So, a a of net mismatch and there costs bit in I imagine gross terms of revenue. the

that us help model Thank into little So you. you could wondering specifically if with bit a more thinking about how we should out XXXX? and FX,

Sure.

are into new that James side, with the more Pieter the mentioned? bumping start of hiring age we on Let’s players

it’s think I don’t And winning new competitive between they’re and at Yes, from fight merchants. the players, the larger of I mostly with that look that field business we’re much incumbents field, a the if the working so not you that are competitive changed. that think we means

But there’s that lot for a we of means makes in market, of always, money market lot So hire. funded very see of us of I and services, that competition. to it’s the that a and the because think companies that competitive notice don’t in increased all the we get notice competition

bit color around Maybe it. can give And on we little year. more that you that. a tailwind the half FX Ingo this saw Got

other is get agree us, we our or get costs of are that how the need, built. of schemes sometimes Brazil. FX between they by we and see changes how charged look like the if mostly always than a we with bit we feel a The be of where results Yes. in course, general, and And just, wings of for way development, at like with think between of and currencies Merchants we fees you how a build difference certain euro comfortable get in built. you don’t the to quite tailwind the the that a merchants why bit congruent we our lag can huge the the euro dollar. is if But mismatch to course There it? free not general are. USD, how and I see to

James. thanks for questions, Well Great. the

up Josh Autonomous. go Josh, have from Next ahead. we Levin

Good afternoon. Thank you.

clients. a quickly, large look coming highlighted your that growing You’ve how Thank client’s and times from give Can own taking continues competitors? growth to share sense growing businesses from market a growth their versus of very much few you. existing share just you own that you your of of they’re is growth from us come and a just

maybe So Ingo wallet versus on that. expand organic share you can growth gains,

Yes, part gains, is grow coming merchants well share their volumes wallet with our of continue to time. the to certainly important from we work growth over because

we share high teams. to growth platform have also that. had these with key strategy how merchant start time. we’ve land and our some numbers grow get our we where really we gain also, listing then customers win where benefit It’s how organically with we a course, expand which is on we strategy. always operate if to our of growth from work and But it’s up Of And this wallet merchants. market couldn’t not over would we our share our it commercial we We’ve part build with volume

we forward. will going that do So, continue to

Got it. Well, thanks.

right Next Credit Timothy Suisse. get up the onto from Chiodo now. have can’t call we Timothy

Otherwise, I I Timothy, it step I apologize. will question. eloquently. his do and So, I ask in hope

past, area continuing volumes Could gains ability mentioned U.S. once increasing you the you America from North seeing. and win U.S. domestic of merchants. and the to was share an based this trend you’d elaborate on strength some are in of again, based an

take Pieter, Maybe that can one? you

first Europe. the world the in you the of that where see we full in strengths the What was product is part had Yes.

able then – combination So having growth. we the in process our In end U.S. being own excel next with place, at, that to with you bring the the that’s having right that the the would could expect market that do to means control. in to by area where with the product the develop we all commerce product in followed the Europe, being U.S. to way meantime, able that the what the later we end unified under would what

much is more Asia fragmented.

longer doesn’t numbers it time. through same So the us over surprise because phased it’s to that get takes

through very lens, So our understandable.

the half. curious had we’re any And Got how driving that seeing, if industry, They’re especially or differs what’s on we expect to it. Yeah. he it the question that that if hear the impact. that second or was in persist had dynamics just And second inflation ATV by to not.

That has portfolio mix. to do with

has We that ATV – to exposure brings so with more do books, large a of retail in the up. that our are – on our getting retail,

we play a there Got Ingo, it. not well as or inflation And seeing yet? maybe are role

a has currently that say impact. wouldn’t big I Yeah,

there going Of is course inflation on.

online coming the from tracking But more the mix wouldn’t right that’s compared is instance ATV for volume closely. more increase drive shift the driver indeed ATV main We’re say as now increase main the transactions. of e-Commerce in The of type to I now. of retail

Clear.

Okay. Thanks.

Next up go is Bank, from Nooshin Nooshin, please Nejati Deutsche ahead.

us you reaching tell and vertical growth any is Is couple Can focusing to understand expect decomposition. how Hi. you in e-Commerce questions Trying much. to there I any then the forward, like we XXXX? OpEx HX compensation that strategy or just soon? Thank there you had well, are structural your it due, going again, your a OpEx? on Thanks to as for I guidance pure on margins your share, geographic growth letting so to on? see your want And when e-com you’re on was do a know, anytime up a soon your if you comes in what midterm employee of what to and then on. XXXX? evolve me like get follow much on of

maybe should I how had two sorry. Nooshin follow peer has you tried Nooshin, that to Thanks. yeah, them e-com down. and then by you, that the to first growth, – been start write it. three, developing Ingo on Got

Let’s start with first the second on it’ll come third. the back and

Yeah.

the other than you point of So over of well, we’re course, really a given that the growth pleased lower market. close get e-com to sale. It’s the with, growth XX%, where XXXX, so signals from

look year. for you at If next

right the question we is on now, want to volume? be of So e-Commerce from. do that’s something sale only point because we track of we like, think volume And track don’t of type don’t I comes that we part transparent where –

that is with only what is like, and the us point the e-Commerce merchants on type our the transactions mobile. XX that have the sales or do that XX% But So if is platform, look at something of that web you not originated of means percentage purely we on disclose. volume, of

question And Got how operating our we expect next was, in develop I’ve second it. the the now it so. Thanks. got expenses to year or

Yeah.

grow we That’s to want long-term So why we the if you an above EBITDA XX%. specifically expenses. EBITDA margin given Long-term, we operating guidance. on don’t to look expenses, operating have guide at

we the that we for show If we that want on to that ramp and up this want expect guide time, XXXX. will same go we At margin EBITDA hiring, look the to at spent indicated, the marketing you things up. don’t specifically letters

business to like invest to that people, bit to hire landed we we’ve year those our tell have long-term important EBITDA right full big in invest margin right don’t you, in of a not on We compared XXXX. we could think will want potentially we is But the expect manage why it that marketing. the continue I investments. then for make that’s the is to performance. impact been we long-term. because where surely sure it something It want that consistent to And we for quite now. make actively in surprises, So And to

or that specific last Thanks, share? the verticals do the maybe market through we look geographies? to do question How for you, was at gains. Ingo. look forward? on going that Is share How Pieter And we structural gain regions,

Yes, that’s a great question.

do we how with is at our by look it working you If together merchants.

often with existing that a region. if an you it’s new we going how merchant region, go into So at to do look

then contactless merchants like with needed online you together. the collaboration close in, merchants. hospitality, also at so out in it’s that and what’s those together example, our fully contactless stuff working check industries, if work look we And for having with check So physical fully

we it through next the your So start And you the merchants. existing with to is it’s regions region. with move merchants expanding usually both,

with is working we market vertical in new A certain product at If look always merchants those products, together in products. a tricky. are new you to a with further expound

with new the vertical. product better or product do an in that existing you already you deepen you so at that an merchant So with merchant the is existing get who market, the

Clear.

merchants, the for answers. step our by step. Thanks it follow Thanks the do So questions, for Nooshin.

of Togut Evercore David, ISI. Next up ahead. is please David go

an discuss account then in afternoon. growing payments? my of U.S. your to through Good strategy on are to both growth are changes Europe as you. payments they through Please instead follow-up in strategy account is where And account Europe. Thank your in to account And and expand Brazilian regulatory under innovation the update just open banking. payments into

Let’s want one? account take start to to payments, with account that you Ingo, maybe

Yes, sure.

it So we of see if you variations just look it’s one at account in payment to payments, how is methods. account those

sure vertical make the methods known Germany. where So have where that account mix we in the it’s we also right well is merchants already make want instance, initiatives that to we implement want we to sure methods That’s for Netherlands is relevant. occur, payment active. new like available relevant. We so you ideal, other and in payment forth the for and open invested on if of sure account make our therefore – it’s will There bring absolutely always when depending in also in Europe already are UK. to The banking why, in to relevant

the same for goes Brazil. I think

access absorption high. That implemented are you think I fix I that they if our because is that the do quickly we say We payment that’s like also a all it think our focused new solely and for through is complexity assess methods was it’s introduced, good to where to market from If they that method platform a always market – This expect are that us. and through fix relevant that’s very whether been it of merchants. what immediately they really to payment continue helping would is company are if on we will exactly introduced. that look new general, are is brought we at Brazil strategy customers very rate a I and get relevant it our so. ourselves In and the

is So the new we’re we’re reduce to that accept to payments. help merchants And we consumer helping on for not introduced, side, complexity complexity merchants. if our basically

Ingo. the answer, Great. for Thanks

KBW. Sanjay, from is Sanjay Sakhrani go ahead. Next up

for I guess when counterparties Thanks. utilizing for your you guys about Good management terms of any that think or purposes excess cash, morning. in of been the shift in been we some Has capital process thought there cash a of obviously emerges. strength acquisition?

Yes.

a helps us helped them has we’re to – regulators to helps So talk speed. in the very to company. far it it we keep merchants; talking stable to to really It large that convince

and very is think have of our confirmed find stable being I healthy. stamp that’s now A- we very public S&P that stable that also financially a it which of by rating important we company this being –

are the into still look Of M&A if very into new That’s there investment will in markets. we believe opportunities that’s is good start we course will go why at expanding are or likelihood into strategy it. always that we also so why low. we Like growth team. expanding But we’re organic

Clear.

real past? there discussed no So from the in the change we’ve way then

Yes. right. That’s real No change.

Thanks. it. Got

Next up, please we have ahead. Antonin Baudry from HSBC. Antonin, go

in expect to revenue license? good banking an update growth new the U.S. U.S. very this We you. is the when to new and and banking have the Thank question on And U.S. you license? in you. of about Thank Thank America much afternoon. My relative North to the particular. you your pickup related a launch in Yes. specifically possible see product to

Ingo, can I us think the the talk you license in through U.S.

Yes, absolutely.

we the similar in license very in think to license license the banking is our I why U.S. service applied and Europe for improve to levels.

party through. dependent settle where less being upon So third we banks

So that to ourselves and by to service the our merchants level the to improves ability settle having that have license merchants. we

which do to to any we don’t in cetera lending, Of some short-term gives et by we already course it big products. we launches license. But also opportunities this have expect introduced like have some because

very that a platform of instance very perform a to also a you key because offering. being millions on on service provider improving our payout sellers platform to is having really out well. successful reliable daily to level needs need is of to pay basis as and their for which current merchants for a Like key in like U.S., the is it’s in mainly relevant service thing payout the focused So offering because

one relevant be of third not why examples is that’s upon the it to dependent parties. so So

Got perspective, expect much would it. from And a revenue you change?

optimization product course more improvement. is this already paid paid of so No, not yes, that’s why It’s is we product, really. a payout a get like for

it’s real we started margin no impact, not also why So it.

Got it. clear.

Got looks like time. out it of running clear. It almost we’re

the take comes Last line ahead. [indiscernible] of from AlphaValue. one. question go from let’s Please So

Yes. much very Good everyone. my you Thank question. afternoon, for taking

as, point-of-sale and in And point marginal this on I sale you done these though more of this teams, breakdown half from year. of might workforce you of is workforce impact sort an wanted assisting workforce? so the what is maintaining the the an team same same But costs on have rollout your on certain growth, could product for support your products are the whole the rolling job clients. that out terms beginners existing even exposure same the with then were Android to guide and original terminals, in think please of of the Like quite the your launch merchants, just far a you’ve in point-of-sales your group level? already point-of-sale level, hire amazing at drastically this increasing

people how the, number it. on the of need looks And how point-of-sale across best also affects that work to the I that think on and globe. Ingo, the Android

Yes.

a is of that do Like said you goes have and we a that made. point-of-sale always long term this you to years the a it’s to than and start service be traditional the kind remotely. it from investment. it’s if it Like it let’s think players. to that terminals Peter all the way And differently remotely. point-of-sale update look with install been we’ve we, We years the store I ago. at completely like, engineer said built It’s terminal, traditional like need over build model started the already a can configurations

is field ownership engineering of down to works. We internet, connected And it whole a business this model. part thing that our it’s not of total course is terminal the to store send of significantly. the if cost So brings just

And the So our ramping, scalable for rollouts, that customers, with is rollout party rollout this a also by FTE’s point-of-sale to very very it’s stores have sure in will And it’s quickly. that help large also if not done you very, like instance, third to quickly because very, done installed model. those project very past mean make grow plans big our have, does quickly. our very typically the merchant in we

we a really why it’s And scalable I to point-of-sale we not invest that’s just in also it’s in very build limitation. So the way because continue think it.

point-of-sale Got volumes look aligned revenues do distributed? that around well the world? it. at and are how the we Is And, net our with way

a on Yes, we it. bit depends it started when

typically you build how like out similar, very it’s new think I a product.

Of it Hong course, why to U.S.. see active Australia, then Europe. That’s Singapore, brought Kong. revenues point-of-sale And started the off still most Brazil of in also in now you it’s, we’re

So there introduced. are where point-of-sale many is markets other

indeed think course. net But I how eCommerce, introduced proxy later the because best revenue point-of-sale probably is is of than lagging effect can distributed. was some there be

Peter’s by Yes. step point on step. And up follows that that of

goodbye a Amsterdam. at good that it’s us you from lot time We and think for Markets for now through all watching. results. talking see and Day much half sense Capital the and for care. I March Thank very on the to of hope XXst, close for makes Ingo. off place So, Thank second Take you Virtual a you Peter to