Adyen N.V.

Good afternoon, everybody, and welcome to Adyen's H2 2023 earnings call. My name is Josh Massa, and I'm head of investor relations here at Adyen. For today's call, we'll have a fireside chat with our co-CEO Ingo and CFO Ethan, and then we'll open it up to a question and answer session. But before all that, we've prepared a short video which we'd like to share with you, outlining some of the key highlights of the period. Enjoy.

Welcome to Adyen's H2 2023 earnings call. We look forward to sharing our latest business and commercial updates. H2 was a period of expansion for our global team and customer relationships. It was also an exercise in continued focus. By implementing meaningful changes while executing on our long-term strategy, we closed the year with a period of profitable growth. Net revenue landed at 887 million euros in H2, up 23% year on year. This was primarily driven by the continued growth of our existing customer base. Even after two years of investing in our team, Ebitda had full-year growth, up 14% year-on-year in H2. Ebitda margin landed at 48% in H2, a metric reflecting slower hiring than in past periods as we brought our investment phase to a close. Even so, we welcome 313 new joiners, bringing us to a total of 4,196 FTEs at the year's end. Net income outpaced this growth as it also benefited from significant interest income in the period. We now have the team equipped with the skills required to execute on our key growth ambitions and to do so at scale. Once again, the majority of hires sat in tech and commercial roles located in offices outside of Amsterdam. Across the business, we know that growth is not always linear. Across all pillars, H2 was a period in which iterative product innovation bolstered our commercial ambitions. Digital volume growth increased to 33% year-on-year this period, benefiting from the ramp-up of a large existing customer. Unified commerce volume grew steadily, but at a slower pace in H2 at 24%, in part due to the pillar's inherent retail exposure. Platforms saw continued traction. as the SaaS business model further embedded payments, driving us to grow 19% year on year. On the product side, we helped our customers by improving conversion rates, reducing fraud, and unlocking significant operational efficiencies. To continue meeting their needs, we adapted our sales and account management strategies to better emphasize the total cost of ownership benefits that Adyen brings. Looking at our growth, More than 80% stemmed from existing customers, which serves as a testament to the way we partner. We are now pleased to dive into this period in greater detail. We'll start with a fireside chat with our co-CEO, Ingo Ouk-Tikhar and our CFO, Ethan Tandowski. We'll then open the floor for a Q&A, during which you can send in your questions using the Q&A functionality at the bottom of the screen. Please note that the raise hand functionality will not be incorporated. We ask you to leave your full name and the firm you represent when submitting your questions. We will unmute you to ask them live at the end of this segment. Thank you for your cooperation.

So, Ingo, Ethan, thanks so much for joining us here today. Now, Ethan, it wasn't long ago that we were addressing this audience at our Investor Day in San Francisco. So what are some of the key learnings you took from that event, but also from throughout the second half of the year?