Greetings. Welcome to the Nuvei Corporation third quarter 2021 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Anthony Gerstein, Vice President and Head of Investor Relations. You may begin. Thank you, operator, and good morning, everyone, and thank you for joining us. With me today are Philip Fayer, Chair and CEO, and David Schwartz, CFO. As a reminder, this conference call is being recorded and webcast and is copyrighted property of Nuvei, and rebroadcast of this information in whole or in part without written consent of Nuvei is prohibited. This morning, Nuvei issued a press release announcing financial results for the three-month period ended September 30, 2021. The release, as well as an accompanying presentation, are available in the investor relations section of the company's website, nuvei.com, under Events and Presentations. During this call, we may make certain forward-looking statements within the meaning and of the applicable securities laws. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the business or developments in Nuvei's industry to differ materially from the anticipated results, performance, achievements, and developments expressed or implied by such forward-looking statements. Information about these factors that could cause actual results to differ materially from the anticipated results or performance can be found in Nuvei's filings with the Canadian Securities Administrators and on the company's website. Our discussion today will include non-IFRS measures, including Adjusted EBITDA, adjusted net income, and adjusted net income per share. Management believes non-IFRS results are useful in order to enhance our understanding of our ongoing performance, but they are not a supplement to and should not be considered in isolation from or as a substitute for IFRS financial measures. Reconciliation of these measures to IFRS measures are available in our earnings release and in MD&A. We'll open the call up to your questions after our prepared remarks. With that, I'd like to now turn the call over to Phil. Thanks, Anthony, and thank you everyone for joining our call today. We're proud to celebrate our first year as a publicly traded company and excited to now be dual-listed company also trading on the Nasdaq following our highly successful U.S. IPO in early October. Turning now to the quarter, we have a lot of really exciting things to share with you this morning, but before we begin, I want to extend a warm welcome to our newest colleagues, including those from Simplex and Paymentez, who joined us in September following the closing of those acquisitions. The newest members of our executive leadership team, Guillaume Conteville, our new Chief Marketing Officer, and Nikki Zinman, who was appointed to the newly created position of Chief People Officer, and the 116 new team members who joined the company from all over the world in the third quarter. We are excited to have you all as part of the Nuvei family. We had another exceptional quarter, and I'm super pleased with our results, our progress, and how the business is tracking. Our unrelenting focus and passion for helping our customers connect with their customers is key to our success. The investments we're making today in technology, innovation, distribution, and talent are driving performance and laying the foundation for sustainable long-term growth. For the quarter, total volume increased 88%, revenue increased 96%, and Adjusted EBITDA increased 97%. Growth was broad-based, with North American volume increasing 118%, EMEA volume increasing 62%, and APAC and LATAM volume increasing 93% and 140% respectively. This is a testament to how we are executing our strategic initiatives. Importantly, it's still early days, and we see a lot of white space in each of our verticals and our current geographies, as well as significant opportunity in our under-penetrated geographies in LATAM, APAC, Africa, and the Middle East. Our comprehensive technology platform offers the most complete set of capabilities to help our customers connect with their customers. From paying support in 204 markets, local acquiring in 45 markets, 500+ alternative payment methods, 40 cryptocurrencies and growing, to our payout offering seamless disbursements to card issuing, to risk as a service, to our extensive value-added solutions driving better operational oversight, to our enhanced client authentication, and to our better authorization rates, all available to our customers in a single integration. As you know, our bespoke solutions go far beyond acquiring, allowing our customers to collapse into efficient technology stacks, all the while driving state-of-the-art engagements with their customers online, in-app, or via mobile. We believe Nuvei is one of the few leading payment technology solution providers with this depth of capabilities, which is the underlying driver to our performance. We remain focused on executing our strategic growth pillars, including growing with our customers, expanding our geographies, driving technological innovation, and pursuing strategic M&A. Growing with our customers is a primary contributor to our growth story. As our customers grow, their needs grow, and their solution requirements change. They may be expanding from country to country, growing not only in one market but many markets around the world. They may need additional functionality for pay-ins, they may need payout functionality, they may need more alternative payment methods, or they may need to simplify their technology stack. Whichever is the need, our customers end up requiring additional capabilities and consuming more of our flexible offering. That's what's really powerful. It's what drives our strong net dollar retention rate. Our experience shows that as we add and deliver more solutions to our customers, that enables us to create relationships and grow with them. That's what our business is all about, helping our customers connect with theirs. It's a foundation of our land and expand strategy. A perfect example of this is our recent work with longstanding customer Entain and their BetMGM partnership in which Nuvei assisted them with their pay in and pay out functionality in North America. We see many such opportunities like this ahead. For the time of our IPO last year, we talked about having an under-distributed business model, which has been an area of investment focus. We've accelerated investments originally scheduled for 2022 into 2021, expanding our commercial teams globally. Today, our commercial team has more than doubled from the first half of last year, and we're extremely pleased with the talent that we've brought on board. The team is making real contribution and there's a lot of momentum, which is both very exciting and an important inflection point. We manage our commercial teams by having regionally vertically focused salespeople that are in country, in time zone, and in language, supported by a team of local solution engineers, integration specialists, and account managers. This white glove service is crucial to building relationships with our customers, given the complexity and importance of the problems we are solving for them, and the sophistication and capabilities of our industry-leading technology, which is unmatched in our opinion. The conversations with customers we're having today are so powerful because we're not just talking about simply helping them with acquiring. We're talking about helping them with our vast solution set that is purpose-built specifically for their verticals and their geographies. In our opinion, we are only one of the few industry participants capable of this. Alongside our investment in direct sales is our increased investment in marketing, account management, and corporate development. Enhancing our brand awareness is translating to increasing and more frequent engagements with large growing enterprise customers we wouldn't have spoken to within the past. Our pipeline has never been deeper, and the team is engaging with really the who's who in the verticals in which we operate, and we're starting to see the results with our recently announced wins. We have a lot of momentum that's building, and it's very exciting to see what's happening across all our geographies and further strengthen LATAM with the addition of Paymentez. I'm really proud of what the team is doing. Our success is built on our reputation, our delivery, and our focus. We expect more good things to come. Turning now to technology innovation. This year's third quarter was, without exception, the most significant quarter for solution deployment, offering meaningful opportunities, including TAM expansion, growing discussions with customers, and servicing new geographies. Let me highlight five key innovations for this quarter. First, we launched card issuing in Europe, a brand new line of business that further expands our product offering and solution capabilities to our customers in the region and presents an exciting incremental market opportunity for future growth. Second, we launched Visa Direct and Mastercard Send Payouts in North America, further expanding and enhancing our suite of real-time payment options, fully reconciled and net settled to the customer. Our payout offering is integrated to the flow of funds, meaning we offer net settlement to the customer after reconciling the funds collected, paying the disbursements, and subsequently net settling the customer. This is critically important in simplifying customer operations when considering the multiple types of pay-ins and the complexity associated with driving instant or near instant payouts so our customers create stronger relationships with their customers. Today, we offer one of the industry's most robust suites of digital payout options in both North America and in Europe. Third, we've added more than 50 new alternative payment methods since the beginning of the year, increasing our portfolio of alternative payment methods to more than 500 at the end of the third quarter of 2021, allowing our customers to operate in more countries and accept more forms of regionally familiar and preferred digital payment methods in order to drive higher conversion rates. Fourth, our platform is fully live, supporting U.S. online gaming, an incredible team effort. Today, we offer the most comprehensive payment acceptance, payouts, alternative payment methods, and integrations for U.S. online gaming and sports betting operators. Many of you heard me talk about crawl, walk, run. We're definitely walking now, and it's still early innings, though we recently announced some exciting wins, including BetMGM, 888, Sports Illustrated Sportsbook, Carousel Group, among several others. Finally, we made the investments to continue scaling our technology to offer no latency, minimal downtime, and burstable capacity to support our customers' future growth. In the third quarter, we achieved record transactions per second of 325 compared to our previous record of 222. Turning now to M&A. We completed three acquisitions in the third quarter, including Mazooma, Simplex, and Paymentez. While not currently material to our results, each of these early-stage companies has significant capabilities and momentum, adding exciting breadth of products and expanding both regionally and market opportunities for Nuvei. As a brief reminder, Mazooma enhances and expands Nuvei's portfolio of North American payment options with instant bank-to-bank payments for pay-ins and payouts, and real-time payments for accelerated withdrawals. Allowing our customers to provide their customers with instant and immediate payouts into their bank accounts 24/7, 365. Mazooma is seeing exceptional momentum with monthly volume growth for September up 25% over August. Combined with Nuvei, Mazooma is an integral part of our North American payment offering, and we're excited to see momentum there continue. Simplex expands Nuvei's capabilities to offer bespoke fraud prevention and risk management tools backed by proven artificial intelligence technology, resulting in higher conversion rates and better liquidity, simplifying instant fiat purchases for cryptocurrencies, NFTs, and decentralized finance providers. We are prioritizing Simplex as a risk as a service and intend on offering our expanded solutions to all our existing customers. Similarly, we are introducing all of Nuvei's product solutions and capabilities to Simplex customers. Paymentez further increases our total addressable market by significantly expanding and strengthening our presence in Latin America, enhances our regional processing capabilities, enables us to support additional local payment methods, and ensures we are well-positioned to service new and existing global customers in this fast-growing region for online commerce. What's important to recognize about our M&A strategy is our focus on strengthening and broadening our product suite by adding unique and valuable capabilities to our already extensive solution offering for our customers that are relevant to their industries, while also looking for regional market expansion opportunities, further extending our leadership position. Let me highlight that we have an exceptionally strong balance sheet allowing for flexibility as we explore future opportunities. With respect to global concerns over supply chain constraints, we haven't seen nor do we expect to have any impact on our business. Our customers and verticals are predominantly digital and as such are insulated from the recent supply chain constraints. For our physical good customers, we see wallet share expansion offsetting any potential slowdown. Given the solid results and the momentum we are seeing quarter to date, the depth of our sales pipeline, acceleration of investments in distribution, introduction of new product capabilities, and expansion to new geographies, we are raising our financial outlook for 2021. We are also reiterating our medium and long-term targets previously provided. Before I turn the call over to Dave, I will repeat how incredibly pleased we are with our results driven by the execution of our strategy. We're extremely well positioned as a company for the opportunity ahead. We believe it's early days and we're still very much on the ground floor. As always, I want to recognize and thank all my colleagues who contribute to our success each and every day. I also want to wish you and your families the very best as we approach the upcoming holiday season. With that, I'll now turn it over to Dave to discuss the financials and our updated financial outlook for 2021. Thanks, Phil, and good morning, everyone. We are pleased to report another strong quarter. Our performance continues to be driven by our team's focus on executing on our strategy. For the third quarter, total volume increased by 88% over the same period of last year to $21.6 billion. We are very pleased with the growth across all four regions. In North America and EMEA, which represent 95% of our volume, we experienced strong growth of 118% and 62% respectively. Both of these regions also represent meaningful growth opportunities for us due to their market size and TAM expansion in our verticals. In the emerging markets of Latin America and Asia Pacific, volume grew 93% and 140% respectively. However, these regions represent significant opportunity for us on a combined basis as they account for only $1 billion of total volume for the quarter, which is less than 5% of our total volume. With the addition of Paymentez, we now have a meaningful beachhead within Latin America, which we expect to further fuel our growth in the region. The strong total volume performance in the quarter resulted in revenue growth of 96% to $184 million. As we have noted previously, total volume and revenue may grow at different rates depending on the relative mixes within each. We are focused on solving the needs of our customers. Ultimately, this drives additional volume on our platform, resulting in incremental gross profit dollars. Due to the scalability and leverage in our operating model, this provides for the potential for increased profitability. Gross margin in the third quarter was 79.2% compared to 81.9% in the third quarter of 2020. The change in gross margin is as a result of the inclusion of certain acquisitions which have a higher associated cost of revenue. The increase in selling, general, and administrative expenses is as a result of both inorganic and organic growth. We continue to invest in the business, including in distribution and technology. We believe these investments will continue to drive our growth. Adjusted EBITDA increased by 97% in the third quarter to $80.9 million. Adjusted EBITDA margin was 44% in the quarter compared to 43.7% in the prior year period. Net finance costs decreased by $95 million, primarily as a result of $83 million in non-cash finance costs in Q3 of 2020, resulting from the IPO in September last year, as well as the reduction in debt since that time. Net income for the quarter was $28 million or $0.19 per diluted share compared to a net loss of $78 million or $0.88 per share in the third quarter of 2020. Adjusted net income was $62 million or $0.42 per diluted share compared to $16.5 million or $0.17 per diluted share in 2020. Our cash position and cash generation remain strong. Operating cash flow for the 9-month period was $202 million compared to $49 million for the comparable prior period. As of September 30, 2021, we had cash of $289 million, while amounts outstanding under our credit facilities was $512 million. Our balance sheet remains solid and does not reflect the impact from our U.S. IPO on October 6, which resulted in net proceeds to the company of $411 million. Furthermore, our $385 million dollar revolving credit facility remains undrawn, providing us with flexibility as it relates to our M&A strategy. I will now discuss our financial outlook for the fourth quarter and full year 2021, and we refer you to our forward-looking information disclosure in our Q3 earnings press release and our MD&A. For the fourth quarter, we expect total volume of between $25.5 billion-$26.5 billion, revenue of between $204 million-$210 million, and Adjusted EBITDA of between $86 million-$90 million. Based on our performance for the three- and nine-month periods ended September 30, 2021, as well as continued momentum in the business, we are raising our full-year outlook and now expect total volume of between $90 billion-$91 billion, revenue of between $717 million-$723 million, and Adjusted EBITDA of between $312 million-$316 million. The updated financial outlook for both the fourth quarter and full year include the recent acquisitions of Mazooma, Simplex and Paymentez from their respective acquisition dates. As Phil mentioned earlier, while not currently material to our results, each of these early-stage companies adds to our solution set and expands regional and market opportunities for us. The outlook, specifically the Adjusted EBITDA, reflects our strategy to accelerate our investments in distribution, marketing, innovation, technology, as well as the infrastructure resulting from the acquisition of Mazooma. We are also reiterating the medium- and long-term growth targets we disclosed last quarter of total volume and revenue growth in excess of 30% annually in the medium term and Adjusted EBITDA margin greater than 50% over the longer term. We're very excited about the remainder of this year and what lies ahead for Nuvei. We're now happy to answer your questions. Operator, please open the lines for Q&A. Thank you. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Our first question comes from the line of George Mihalos with Cowen. Please proceed with your question. Hello, George, are you there on the line? George, your line is live if you're there. Not sure if you're on mute. Okay, if George is not on the line, I believe we can just go ahead with the next question. Our next question comes from the line of Sanjay Sakhrani with KBW. Please proceed with your question. Thanks. Good morning and congratulations on the listing. I guess my first question is the organic growth. Obviously, you guys have been doing quite well there, tracking well above the 30% long-term targets. Can you just talk about, you know, how the M&A strategy is sort of feeding into the organic growth, if any? I understand the newer deals are gonna help. How well you're set up in the future to sort of outdo those expectations as we've seen prior. Thanks. Yeah. Good morning, guys. Thank you. On a pro forma basis, we saw 54% growth in the quarter. When you unpack our M&A strategy, we've been very clear to always look at how do we enhance our capabilities, how do we grow our geographic presence, and how do we add scale into the markets that we're subscale. We have executed on that. When you look at the acquisitions that we closed this quarter, Mazooma, which we've talked about in the previous quarter, the bank-to-bank payment opportunity that we expand from an acceptance capability to our customers we think is critical, in terms of wallet share opportunity, in terms of flexibility, as well as offering to our customers. While it's early stage, we believe Mazooma will play an important part to our U.S. growth story. The same is true for Simplex. When you look at Simplex's risk as a service, it expands our solution stack and our capabilities to our customers, which today they may be using a Riskified or Forter or other, where we can provide greater capabilities to them through the single integration. Then turning over to Paymentez, a wonderful team in LATAM, where we felt subscale, great leadership that we've added, and really focused on building out our merchant of record opportunities, and expanding throughout the region. All of them today are early stage, but we believe, you know, for the upcoming years, they give us a wonderful platform for continued organic growth. Got it. When we think about any potential M&A going forward, can you give us a sense of sort of what the flavor is for some of the high priorities that you're looking to add to your arsenal in terms of products? David, just one quick clarification question on the revenue guidance range at that midpoint. It seems like none of the deals that you guys closed is very incremental, materially incremental. Is that fair? We should think about that the revenue guidance range is organic? Thanks. Yeah. I'll take the first one, Dave. On M&A side, you know, important for you guys to appreciate, we're not solving growth issues with our M&A strategy. We're really looking at capabilities to help our customers connect better with their customers, and that is driving us. We look at regions today, very pleased with what we are doing in Europe, Americas, and LATAM. We believe we're subscale at APAC, and so certainly has some geographic opportunities for us there. But in reality, with our strong balance sheet and the profile of our business, we have tremendous optionality and, you know, we wanna remain entrepreneurial, and we wanna really follow our customers into the regions that are important to them. We will continue focusing on really enhancing that wallet share expansion opportunity, and that will drive our M&A strategy if needed and if at all. Hey, Sanjay. On your second question, I think that's right. I mean, the way to think about it and still talk about these are really early stage acquisitions. From a contribution perspective, they're still in kind of the early stages. You know, the 54% organic growth that Phil mentioned, I think is a good data point. I think I'd also point you to, you know, the medium-term growth targets of 30%. That's also a good data point. I think that brings it. I mean, the acquisitions really, for the most part, provide capabilities that will, you know, be very interesting in the near term, as we kinda integrate those businesses into ours. They also open up, you know, other markets. From a TAM perspective, it really helps as well from a geographic TAM perspective. Great. Thank you. Thank you. Our next question comes from the line of George Mihalos with Cowen. Please proceed with your question. Hey, good morning, guys. Apologies, I got disconnected. A lot of good stuff here that you went over. I guess first question, you know, Phil, when you look overall, you know, some of your peers have talked about, you know, some slowing, some have attributed uncertainty to the supply chain, which sounds like it's not a real big issue for you. Can you just talk a little bit about your confidence? What sort of reinforces this to you that you're gonna be able to outperform relative to some of your peers that are seeing these issues? Maybe somewhat related to that, you've been very successful incorporating more and more APMs, different payment methods and the like. As we hear about, you know, potentially additional, new payment methods coming to market, I guess, you know, account to account is not necessarily new, certainly not in Europe. But as you have, you know, other peers or competitors looking to roll out new payment systems, does that give you any pause? Do you think that would have any impact to your business, or is it just as simple as, again, you just enabling another payment tender? Yeah. Morning, George. Great questions. I think from a growth perspective, you have to really unpack our solution stack, and what gives us confidence really are the tools that we built and the pace of innovation that we're driving through and how we're assisting our customers. That allows us, when we look at pipeline, we look at conversions, we look at market expansion from our current customers and how we're bringing them from country to country, you know, that drives quite a bit of confidence in our execution, and hence the results that we're seeing today and the updated outlook for Q4. We're really comfortable with where we are. We think the additions that we've made in the business, you know, be it risk as a service, strengthening LATAM, you know, expanding a merchant of record product capability in LATAM, which would be really important to simplify our customers from entering the market. Then certainly Mazooma for direct banking, fully integrated and within the cycle of card payments, debit card payments, direct bank to bank, guaranteed or not, or ACH, fully reconciled, managing payouts and driving those capabilities is what sets us apart. I can't comment on our peers, but I believe our focus on verticals mean that we're creating bespoke technology for our customers is what really sets us apart as well, right? We're not selling and helping merchants sell teacups and helping online gaming. You know, we're really focused on our seven verticals, and we are leaders within those verticals, and we think that is the right strategy. When it comes back to payment methods, it's a very interesting question because payment methods are naturally changing. Our ethos is to help our customers connect with their customers. We will always have every relevant payment method for the country that is a medium that is familiar so that the customer, when he wants to purchase from one of our customers, sees what he knows and he recognizes to streamline that purchase. When you look at, you know, be it SEPA, which we just announced, or real-time payments that we just announced in Europe as part of our Q4 launches, we're always gonna be making sure that everything that is relevant, any form of connecting with our customers' customers will be provided within that single integration. More important to that is that we unify the experience. That's very critical, guys. When you think about all the complexities, they pay differently, they reconcile differently, they pay in different currencies. From our merchants operating standpoint, we streamline that, so it's as if accepting any form of payment, really. You know, credit, debit, ACH, alternative payment method. Really, the entire experience for them from the back office is fully reconciled. We think that is the most important part to making sure that they focus on what's important for them is their business. Okay. That's great color. Really appreciate that. Obviously, we're getting questions around that. And then David, very quickly, I know you guys obviously don't manage to a revenue yield and the like, but that was higher than what we had modeled in the quarter. Just curious what drove that. Is it the inclusion of Simplex? And it looks like Simplex contributed a little over $3 million, $3.5 million or so, in the quarter, say over a month. Is that a good number to kind of extrapolate for a full quarter, kind of getting you almost to $10 million or $11 million a quarter? Yeah. Hey, George. I think that on the Simplex question, on the last question, yeah, I think that's a fair representation of kind of where, you know, where the business is at, but obviously brings a lot of capabilities and opportunity for growth in the future. In terms of yield and take rate, you know, like we've said in the past, it's not a focus of ours. I think really what it is comes down to is execution on our strategy. I'd say that's really kind of what I would point to. But as you've seen, there's gonna be fluctuation. Some quarters it may be up, some quarters it may be down from a take rate perspective. It's really about the mix of volume and offering. To the extent that we add, you know, Phil talked about earlier in the prepared remarks, he talked about, you know, this is a very significant quarter in terms of innovation and deployment from a technology perspective. As we can continue to innovate and expand our solution set, you know, that potentially drives, you know, take rate on either new volume or existing volume. It really depends on where it all comes from. At the end of the day, what we've said, and it's true, we're really out there to solve the needs of the merchant. Because our platform is of a certain scale and has that operating leverage, it drives gross profit dollars, and those gross profit dollars, you know, can drive EBITDA dollars as well. That being said, you know, we continue to invest in our business, you know, whether it's marketing and technology and direct sales, those are some of the key focuses right now. Hopefully that gives you a bit of color and answers your question, George. That's great. Nice job, guys. Thanks. Thanks, George. Our next question comes from the line of Bob Napoli with William Blair. Please proceed with your question. Good morning, Phil, David, Anthony. Congratulations on strong results and the U.S. listing. The crawl, walk, run, Phil. It seems like you're gathering speed from the crawl to the walk to the run in U.S. sports betting. I'd love a little more color. You've had a lot of wins there, and what you think that opportunity, you know, kind of the momentum you have going into 2022 and 2023, and how important that is to contributing, you know, it can contribute to long-term growth. Yeah. Thanks, Bob. You know, we've always taken a cautious approach on U.S. gaming. I wanna first congratulate our team for what was achieved this past quarter. Just a monumental delivery of product to enable gaming. That has allowed us to engage really with the who's who across the board, from current customers that are looking to expand, from clients that are operating that are looking at, you know, their entire payment ecosystem. More importantly, in terms of the flexibility of our product offering and the fully integrated experience on multiple forms of pay-in, reconcile, and payouts, I believe we have a very, very strong offering for U.S. gaming, and that's why we're talking today. We've had some significant successes this quarter, Q4, that we're seeing some very interesting momentum in. From our perspective, U.S. gaming will remain, you know, not quite material in 2022. We think we'll see an inflection point in 2023. Most importantly, though, we are live, we're executing, and we are engaged today with the who's who in U.S. gaming. Really pleased with where we sit right now. Thank you. Appreciate that. Just on monthly, it seems like a number of payment companies had slowed down in September and then seemed to re-accelerate in October. Have you seen similar trends at on a kind of how did October look versus September? Just my last question on card issuing, I thought as a new product line was pretty interesting and the thoughts around the opportunities in card issuing. Sure. Yeah, from a volume standpoint, it was the opposite for us. We saw a softer July with an uptick in August and September and certainly continued momentum into October as well as, you know, month to date November. You know, from a volume perspective, we're really exciting to see what's happening across our portfolio. You know, in the quarter, there were two integrations on the ACH side that slipped into Q4, which have since activated. So we're very comfortable with what we see on the volume and the momentum. For card issuing, you know, there's a lot of platforms for us around card issuing, so it's still early innings. We have, you know, less than 100,000 cards issued. So we're starting that process today. It's predominantly Europe, but obviously we have a roadmap to bring that into all of our markets. Most importantly, it allows us to offer merchants flexibility with respect to, you know, expanding our payout business, you know, simplifying and reducing costs for the pay-in and creating relationships with these customers across key verticals. We're actually really excited about what card issuing does from a product offering perspective and the uniqueness that we think will create. Then if you take it one level higher, you know, all your pay-ins, all your risk management, you know, all your transaction authentication, you know, enhanced authorizations, as well as all your payouts and card issuing, you know, we become a really sticky vendor to our customers and a critical vendor that allows us to help them focus on what's important to them growing their business. We think card issuing is an important aspect. It's obviously very early for us, but we'll start gaining momentum, you know, for predominantly it'll be probably more meaningful in 2023, but we're also seeing some momentum in 2022. Great. Thank you. Appreciate it, Philip. Thanks, Bob. Our next question comes from the line of Jason Kupferberg with Bank of America. Please proceed with your question. Thanks, guys. Good morning. I just wanted to start by asking about the push into Latin America and how much of that is focused on building a cross-border business in that region versus any kind of domestic acquiring. On the cross-border side, do you see the opportunity more to bring your existing merchants into the region or to actually win new global merchants who perhaps are using a different provider currently for their LatAm payments? Hey, Jason. Great question. For us, we—when you look at LatAm, and it's the same for every geography, you know, the first element that drives us is how do we help our customers enter or operate within that market. First naturally is taking our customers that are born elsewhere, entering. You know, as we look at payment devs now, we also have feet on the ground, which allows us to engage with clients that are in market. LatAm, obviously, every country has different, you know, sort of payment method requirements and different issues around how merchants accept and how they transfer funds from country to country. It'll be in market. Then lastly, it's gonna be LatAm out, meaning helping some of these amazing companies that we service now, be it Rappi or Cabify, and others within the region as they seek to expand outside of LatAm. I think the biggest element for us in LatAm is the merchant of record product, you know, that some of our peers do very well. We think that is going to be critical in terms of simplifying the complexity of operating in LatAm, be it from tax considerations or repatriation considerations. And we think it's gonna be an important push for us to continue developing in the region. Okay. No, thanks for that. Then I just wanted to ask a follow-up on payment volume in the quarter. I think it came in kinda near the lower end of the guidance range. Was just curious if there were any call-outs there. I think you had mentioned in answering a previous question some slippage in ACH activations, a couple of integrations there into Q4. I don't know if that was a factor or anything from a vertical perspective. Yeah, that actually is the exact factor. There is some expected integrations which slipped from August to October first, so they have since gone live. And that was the rationale for a slightly lower volume. Overall, we're really pleased with Q3. Okay. Just a timing issue then. Okay. Terrific. Thanks, guys. Thanks, Jason. Our next question comes from the line of Joseph Vafi with Canaccord. Please proceed with your question. Hey, guys. Good morning. Nice results. Just wanted to drill down just a little bit more on Simplex and, you know, risk as a service relative to exactly what Simplex is bringing versus what you had before, and then how Simplex perhaps helps on the gaming side versus some of the other vertical markets. Then just one quick follow-up. Good morning, Joe. Yeah, happy to. If you look back at Simplex, today they bridge the fiat world to the digital asset world. Their risk as a service and guarantee effectively underwrites the customer purchase, guarantees the funds, so there could be instant delivery of any digital asset, which is really important when you think about the frictions between a fiat and receiving a digital asset in real time, which could be a little bit broad. They do a fantastic job, really, second to none from a profile perspective, from a conversion perspective, and from an ease of use perspective. Really excited at what they had. They've been predominantly focused on digital asset. From our perspective, you know, this risk engine is probably one of the best we've seen, and we are building it out as risk as a service so we can offer to our customers across every vertical, you know, the ability to score transactions and the ability for us to assume risk on those transactions should that be the desire. It's going to be across the board, not just for gaming. It'll be across the board as another value-added solution that our customers may choose to use from the bank. That's great. Just on the organic growth, can you just update us on which is, you know, still just really impressive, where, you know, just maybe a little bit of a breakdown there between just kinda core payment volume growth with existing customers versus, you know, add-ons of new functionality into the base versus kinda brand-new logos. Thanks a lot. Yeah. We really do love Joe kiss, right? You know, for us, we love to keep it simple. We see momentum across the board eventually because our performance is driven by our customers. A significant portion of growth comes from expanding relationships with our customers and expanding geography or capabilities, which we are truly focused on, and connecting with customers with our product roadmaps that we can adhere to where they're going, what they need, and how we'll help them do so. That is part of the fabric of the organization. From a new logo perspective, you know, we've been making meaningful investments and highlighted that during my prepared remarks. The deepest pipeline, the most active discussions that we've had across the board are really the e-com and the two and the verticals that we operate in, and both of them are showing tremendous momentum. The highlight of new logos is we sign them in a year. In most of our history, it is that when you sign a customer, it typically takes several months for them to activate to go live. So you really see the benefit of what you do this year. You garden in a year, you see the benefits next year. When you look at what we've signed, what is being implemented, and the depth of the conversations we're having today, really excited about continuing to propel organic growth. Great. Thanks a lot, Phil. Thanks, Joe. Our next question comes from the line of Paul Treiber with RBC Capital Markets. Please proceed with your question. Oh, thanks very much, and good morning. Just like to speak about the philosophy around press releases and customer wins. You know, it seems like the company has been more active in press releases and customer wins. Is the philosophy, did that change or are you seeing a higher frequency of customer wins at the moment? Great question, Paul. Actually, a little bit of both. You know, we've always been heads down on executing. I think marketing and positioning has been an area that the company lacked. We welcome the Chief Marketing Officer, and we are making investments across the board in marketing. You'll see the pace, you know, a refresh of our brand, the pace of marketing, making sure that we are top of mind and strengthening our brand awareness for our salespeople as they continue expanding the geographies that we operate in. A little bit of both, certainly in an area that we are going to be making additional investments in Q4 and in 2022. That's helpful to know. You know, just in regards to the sales force expansion and your sales pipeline, can you speak to the trend that you've seen in win rates, particularly as, you know, the sales force has ramped up, you know, become more familiar with your target customers and your value proposition? Yeah, great question. I think it's more important to take it one step further from win rates is that you engage with customers, and some conversations could last years, Paul, and some conversations could last weeks. Really just depends on where they are. The way we end up looking at it is obviously what is closing in a particular quarter and what are the needs and discussions for particular customers. We focus on large established customers, meaning that we are often replacing or coming next to another payment provider. It always depends on what the need is and what country they're going into and what they're looking for from a solution standpoint. It's not just a win or loss, it's a discussion. That probability of close changes depending on the roadmap of where that customer is. For example, I'm entering the United States in October. No, it's going to be, you know, next November. That is not a loss. That's just dependent on when that customer goes live. That's the first element. The second element is we actually build it by revenue metrics per body. It takes between 6 and 9 months from onboarding to start seeing positive momentum in each individual folks that we have around the world. We are at that point right now, so it's exciting to see the expansion of the pipeline and the conversation that we're having and really the productivity of the workforce. I think that's what excites us quite a bit of what we're seeing in all the geographies that we're operating through, the conversations, the productivity, and the presentations that we're doing. Like what we see, we're kind of in that first-year inflection point, and I highlight in the prepared remarks, it's an important inflection point because really you know the time that the sales force has been active and the opportunities that are starting to present themselves. Okay, thanks for taking my questions. Thanks, Paul. Our next question comes from the line of Paul Steep with Scotia Capital. Please proceed with your question. Good morning. Just a quick clarification on some of the investment commentary and what's baked into Q4. David, maybe you could talk a little bit about how much this is you accelerating the plan or pulling forward, investments you were gonna make next year based on what you've already seen with customer wins. I've got one very quick follow-up. Yeah. Hey, Paul, good morning. Look, consistent with what we've said in the past, we're seeing really strong momentum in, you know, execution on our plan. What we decided, you know, last quarter was to pull forward some of the investments that we had planned for 2022, with respect to direct sales, and other areas. Marketing is a new addition in terms of the investments that we're planning to, you know, to start implementing more so, in the fourth quarter of this year. It's really no significant change, I'd say, other than, you know, a bit more focus on marketing as we have, you know, our Chief Marketing Officer join. We're really excited to have him on board. That's you know, that would be the only, I guess, incremental. Consistent with you know, what we've said in the past as well from a you know, how that translates to an EBITDA margin. You know, we're still in you know, this quarter we're at 44%. That's you know, the right range, and that's kind of where we're providing outlook to for Q4. Very consistent overall with the past. We will you know, continue to take the incremental dollars we're seeing from a top-line perspective and reinvest it back in the business, you know, to capitalize on the success that we're seeing. not to pull us too far forward, but, you know, we're gonna lap some exceptionally strong organic growth that you printed in Q4, 1, and 2 of this year. I think Phil's comments gave us good sense for the mix and some of what you're assuming out of the supply chain. Is there anything we should think about just in terms of ramp-up of these new customers or sort of variability that we wanna be aware of as we lap some of those comps? Thanks, guys. I don't think there's anything specific, Paul, to point to. You know, there's certainly ramp-up time for customers, but that's normal. That hasn't changed or elongated in any way. In fact, we're getting better at it, if anything. The other part is, as well on the direct sales team. You know, Phil just mentioned on the previous questions around the 6-9-month ramp-up to get direct sales going. Yeah, look, we're very excited with the momentum we're seeing. You know, we're very excited about the white space that we have in front of us. You know, some of the increase in TAM, you think about Paymentez in Latin America and what that does there. Although small today, we see a lot of opportunity. Some of the capabilities provided to us through, you know, the other acquisitions, Simplex, Mazooma. There's a nice opportunity ahead of us, both from a capability perspective, but as well from a geographic perspective. Perfect. Thank you. Our next question comes from the line of Timothy Chiodo with Credit Suisse. Please proceed with your question. Great. Thank you. Thanks for taking the question. I wanna spend a little bit of time related to slide nine in the slide deck, which is you released a month or so back with some great new logos that I don't believe you had previously disclosed before that. I'm sure investors are taking note of many of those brands on there. It kinda brings up another question. I think we've covered a lot of the modeling stuff on the call. Maybe we could just talk a little bit about just sort of re-educating in terms of the share with some of these customers and bringing it to life. These types of customers, these big brand names that we know, are they often working with numerous local and regional merchant acquirers, maybe a few of your more global competitors as well? When you're winning these logos, is the RFP process opened up for maybe a certain region or a certain product? Maybe just bring it to life in terms of how you win these logos. Then related to that, I know it's really hard to get to, but on an aggregate basis, could you just directionally talk about how penetrated you might be within this space? Good questions. I think, Tim, it's very much all of the above. It really just depends. I think when you look at it from a foundation perspective, these customers are typically operating regionally. They outgrow their regional provider, and then they look at how can a company like Nuvei help me globally? I think that's the entrance of where we come in. You know, we compete mostly with the regionals that cannot service their customers. What's differentiating from our integrations versus some of our global peers is that we're able to dismantle the payment flow and drive a bespoke integration that makes sense, meaning that we can still They can enable our technology, but they can use the regional provider if they have cash management or other relationships with that particular regional provider, and then they can use us around the world. I think when you end up looking at global e-commerce, most large customers have a two or three acquirer strategy, and they pick them based on either region, if it's right for them, or globally. We've seen kind of all of the above. Do they go through RFP processes? The bulk of them go through RFP processes, yes. When you think about winning these logos, you know, the interesting thing about Nuvei in terms of our land and expand is we may come in to help them on a very small part of the relationship. We may help them for alternative payment methods. We may help them with risk management or gateway. That allows us to grow with them over time. That is exactly what we do. If you look at kind of our structure from, you know, onboarding, relationship management, we hear two things, right? Obviously, if we're gatewaying, we'll see the volume, and then anecdotally through the payment managers, we get a sense of how penetrated we are. We, right, if you look at our growth really comes from aligning the product roadmap, growing with our particular customers, and expanding wallet share. What's fun for us, and I think this is really the biggest point, is because, you know, there's a lot of white space and we are now expanding our sales momentum, many of these logos have started smaller with us and have grown with us. There's more upside for us in most of these logos than there would be for others, where they're at risk, at loss, and we're at, you know, opportunity for gain. That's why the product, right, the capabilities that we bring and the fact that we're highly differentiated from most of the global enablers, we think that puts us in a good position to be able to expand the wallet share with these customers over time. Okay. Excellent. Thanks a lot, Phil. It's really helpful. A follow-up, and this is just more mechanical. I'm not asking for the numbers related to it, but we often get this question from investors and the answer is different depending on the merchant, it's depending on the merchant acquirer and how they price things. Sometimes things are bundled and it kinda comes out in the wash. But for a buy now, pay later button on one of your merchants' websites for where that does exist, are you charging a gateway-like fee on top of that, maybe a little bit of a markup? Is there a spread that you can put on top? Is it blended as part of a broader pricing strategy for that client? In other words, what are the mechanics for earning a fee on a buy now, pay later transaction on one of your merchants' websites? Right. If you look at it, we've integrated Klarna, and I think we have one other that we've launched. It's not 100% material for the verticals that we operate in, meaning you're not gonna buy now, pay later on a gaming operator or social game. It is probably more relevant for you know, goods and travel. From our perspective, we integrate it. It depends on the economics that we have with the vendor. Sometimes we receive a commission back from the vendor, but most of the time we just connect. We build the workflow in our cashier, and we may receive a transaction fee for it, so it's not material. Great. Thanks a lot for that color, Phil. I appreciate it. Thanks, Tim. Our next question comes from the line of John Davis with Raymond James. Please proceed with your question. Hey, thanks. Good morning, guys. Just wanted to talk a little bit about the investment. You've highlighted several times how you pulled forward investments from next year into this year. I, you know, assume that you will continue to pull forward investments in 2023 into 2022, you know, yet you continue to kinda have upside to the margin every quarter. You've given the 50%+, and I'm not looking for a timeline on that. Should we expect the margin to continue to kinda be around these levels, you know, maybe in the more medium term as you continue to pull forward those investments for growth? It depends, John, on the marketing spend. You know, and that's why we want to give you guys like really look at the outlook. I think for us below 40% as we continue expanding our spend in both sales, corporate account management and marketing. We are under-marketed guys as we have been under distributed, and we think that's a wonderful opportunity to build the brand out. I would guide you back to what we've put out there, low 40s%, you know, post-investment period for it to scale up over the longer term to 50+%. Okay, great. Then just one quick one on M&A. You guys have done, you know, a handful of these kind of more tuck-in deals that give you capabilities or gets you into a new geography. Just wondering if you'd talk a little bit about the willingness to do maybe something larger, and, you know, maybe comments on the pipeline. Are you looking at things larger? Has pricing been something that, or valuations been something that's turned you off? Just curious kinda update there on the willingness to do something bigger. Yeah. I think the answer is yes. I mean, we have a really strong balance sheet, John, that gives us a tremendous amount of flexibility. I think what's different for us than some of the peers is that we're not solving for growth issues. We just wanna help our customers and be leaders in the verticals. If we find an amazing business that operates within verticals of interest, predominantly digital for us, that is accretive to us, that has similar culture and opportunity for us to continue driving value for our customers, the answer is yes, we'd be willing. We have focused more on capability just because we have so much momentum and we are looking to make sure that we create a unique offering. If you look at where we sit today and you look back to where we were one year ago, right? We've truly, you know, differentiated our product capabilities with the acquisitions that we've made. We're really, really pleased with what we found, and we wanna continue that as well. You know, the short answer is we don't have to do anything. We have a really, really strong balance sheet. If we find something that is exceptional, we would be interested in learning more about it. Otherwise, we have plenty of flexibility. Okay. Appreciate all the color. Thanks, guys. Thanks, John. Our next question comes from the line of Todd Coupland with CIBC. Please proceed with your question. Great. Good morning, everyone. My question was also focused on the enterprise success you've had so far. I thought it was notable you called it out last quarter. You clearly talked a lot about it today. Phil, I'm wondering if you can talk about where some of those share gains are coming from. Any color on the market share Nuvei is taking and who it's coming from. Thanks a lot. Todd, great question. You know what? I think at the end of the day, you have to really look at what we're offering. The share can come that we're able to provide a more holistic solution, that may be coming from new products and services. It may be coming from geography. We compete really heavily with regional players and certainly there's a handful of global players, but we do think we're the leaders in the verticals that we operate in. When you end up looking at the verticals that we operate in, there is a tendency, now more than ever, to go from market to market, geography to geography. Those customers themselves are seeing really interesting tailwinds. If you put it all together, right, you have expansion of TAM in our customers' verticals, expansion of TAM because of the products and services that we're offering, you know, expansion of our revenue profile with our customers as we're adding more geographies. And I think the fact that we're winning more all comes together in terms of, you know, what you're seeing in our results. Thanks, Phil. Pleasure. Thanks, Todd. Our next question comes from the line of James Fotheringham with BMO Capital Markets. Please proceed with your question. Great. Thanks. Most of my questions have been asked and answered, but just one more. Wanted to know the impact of these acquisitions on your outlook for the take rate. I realize you don't manage the take rate, and I realize we might be talking on the margin. If you take these acquisitions in aggregate and in isolation, are they accretive to your go-forward take rate? Thanks. James, you can't piece them apart like that, and that's something that we've always been stressing, is that we come to merchants with total solutions. If you wanna look at, for example, Mazooma today for U.S. gaming operators and really every opportunity in the U.S., where our peers are targeting acquiring only, or they're doing payouts only, or they're doing ACH guarantee only, or they're doing, you know, direct bank-to-bank only, Nuvei comes with a holistic solution, being able to price singly on all, meaning that we replace four or five different vendors, and that's excluding all of our other value-added services. You cannot look at them individually. You have to look at them combined. I think that's really the power of the product offering. When it comes back to take rates, today in Mazooma and Paymentez have lower take rates. Thanks so much, Phil. Thank you. All right, next question comes from the line of Richard Tse with National Bank. Please proceed with your question. Yes, thanks. You talked about some markets of opportunity from a geographic perspective, you know, LatAm, Africa, and Middle East, and, you know, clearly LatAm seems like a focus right now. When you think about the midterm targets that you've put out there, how much of a role do these international markets play in that growth here? You know, we look at it from a bottoms up from a merchant perspective. You know, certainly we think our position in LatAm strengthens our capabilities and allows us to expand our wallet share with our customers. We have been under-penetrated in LatAm, so that has been our first strengthening move with Paymentez. We are under-penetrated in APAC, and certainly Africa and MENA are new regions completely for us. We'll continue focusing on building out organically now with the acceleration of payment as the three markets that we have. You know, Richard, you have to think about what's happening within our own customers. When you look at, for example, social games, APAC is very, very important. When you look at online gaming, APAC is not important. That's just a contrast between them. However, when you think about U.S. issuing licenses, you think about Mexico, Colombia. Argentina has issued three licenses for gaming operators. Brazil is expected in the new year. We have Ontario in Canada. You have to break it down by vertical that drives our geographic expansion interest. We think LATAM is certainly a very good mix for our current customers and something that we will develop. Next on the line will be strengthening our position in APAC. Okay, great. Thank you. Our next question comes from the line of Andrew Bauch with SMBC Nikko Securities. Please proceed with your question. Hey, guys. Thanks for taking my question and congratulations on a sound set of results and the U.S. listing here. Just a housekeeping question. The growth in Europe, you know, while 60% is obviously quite strong, a little bit slower than what we were anticipating. Maybe if you guys wanted to call out anything on the ground there that you're seeing that kind of led to that. Actually, the growth in Europe has been very strong. I think what you're doing is you're comparing over COVID year, where certain things were pushed back from Q3 last year. Momentum in Europe is, for us, very strong. Great. Thanks. We have reached the end of the question and answer session. I'll now turn the call back over to Philip Fayer for closing remarks. Thanks, everybody. Really enjoyed spending time with you today. Really appreciate the questions. Taking the opportunity again to wish you all happy holidays, and I look forward to speaking with you soon. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.