All right. So I think we'll get started up here, and next up, we're excited to have Nuvei CEO Phil Fayer here. You know, he's been, you know, kind of at the head of Nuvei for the last 20 years, started Pivotal Payments in 2003. Phil, it's great to have you here. Appreciate you being at the conference. Thank you, guys. Thank you for joining. Sold out room. Very much so. Standing room only. Look, I mean, Nuvei's fundamentals have been very strong. You've, you've posted organic revenue growth, constant currency, ex crypto, in the 20% range in most recent quarter. Margins remain strong in the mid-30% range. You're generating a lot of cash. You know, that said, the stock has sold off around 40% since Q2, and, you know, largely of a kind of, you know, I would call out two factors. One is the reset of guidance for the back half of the year, and the second is the reduced medium-term outlook from 20% to the 15%-20% range. Can you just maybe start off, you know, what were the main factors that led up to these changes? Yeah, totally. Well, first of all, thanks everyone for joining. More importantly, we're celebrating our twentieth year on September 13th. Time flies. Unbelievable. Great ... so talking a little bit about Q2 and the full year, you know, I think there's a few building blocks for us. The first one was timing from new business, and the way we did that is we typically look at what is 60%-80%, and we look at historical trends for when customers activate, depending on signing dates, when they activate. And this year has been somewhat different. What's really important in terms of new business is it carries the year. So the more activity you have in the first quarter that activates, you see the revenue for the full year, if that makes sense. And if that slips into the second quarter from a signing perspective, if you don't activate by the third, it typically slips to the following year just because no one does activations. So it's a timing issue, and one of the things that, as we start now growing as an enterprise, moving from predominantly gaming, you know, three, four years ago, to really servicing the who's who across all key verticals, we're learning, as we continue going, of what it takes for these companies, how fast they can move, how fast they integrate, and how fast they go live. So that was the biggest driver for us in terms of lowering the outlook for the second half of the year. Within all of that, though, we really do love the momentum in the business, right? You know, great growth, both organic and inorganic. We're delivering very quickly, and exceptional financial profile that gives us a lot of flexibility. Makes a lot of sense. So maybe touching on some of the second half- Mm-hmm ... dynamics. I think the updated guidance, we've gotten a couple questions around the implied exit rate in the second half of the year. It seems like that's, you know, somewhere in the high single digits, constant currency. I guess, could you maybe talk on, you know, why does the business seem to be decelerating? What are the factors that get you back to that 15%-20% range? Yeah, I mean, so I think there's two things to consider, right? We did a double-click in terms of all of our channels, so if you look at how our core channel's growing, how our emerging channel is growing, and then naturally, legacy, which is predominantly small business, mainly driven through ISO agents. I think those are the first, the, the few parts of the building blocks. On the core, last quarter, we had 35%, excluding crypto growth, which is still category leading. We have lots of momentum around our emerging channel. We talked a little bit about the momentum that we're seeing in B2B with 27% growth of stack count that we had previous versus the previous year, and as well as a nice step up in ARR on the government side. So overall, fundamentally, we really like where we sit. When you look at Q3 and Q4, because we're addressing the outlook, we want to do it once well, right? So we baked in a lot of conservatism, and that was really important for us. The other thing, when you start thinking about year-over-year comparisons, sometimes there's some global events which are different, right? And in our case, World Cup. So World Cup last year, if you think about gaming, there was no season for gaming, right? Whereas NFL season starts today or yesterday in the United States. When the World Cup happened, the leagues played all through Q3, and then obviously you had this exceptional Q4. So when you think about the exit rate for Q4, I think it's important to understand the building blocks of the business, what happened last year when you compare year-over-year, and then adding some conservatism into it. Got it. That makes sense. You mentioned the double-click into the various sleeves of the business. Mm-hmm. I thought it was pretty helpful to see, you know, the different way that you guys break it down, so core, emerging, and legacy. How are you thinking about the growth dynamics across each of these three sleeves? And, you know, what's kind of the outlook? Yeah, I mean, we're, we're excited about what we've done and how we've continued transforming the business. If you think about over the last three years, we've added more use cases and more end markets and more opportunities to monetize our technology. So looking at our core business, we've been adding more regions, more geographies, more licensing, and then we're extending our reach within our product mix, which I'm sure we'll talk more about. We believe that's a 20%-30% grower, and that is based on all of our capabilities, because we go far beyond acquiring. Merchants come to us because they have a particular problem at the time of onboarding, and that allows us to grow with them as they too grow on their journey globally. On the emerging standpoint, largely driven with what we bought from Paya, is some very unique use cases for us, so on the B2B side, on the government side, and actually on integrated payments. Coming back to B2B, you know, we're first taking our playbook on commercialization, and we're starting to see some early innings on that: 27% growth of new business. But more importantly, we're also cross-selling within our B2B partners. So if you think about Paya, focus on ECI and Sage predominantly, we have now gone to all ERP providers. We are cross-selling those ERP providers into new geographies, and we are also bringing our tool set from alternative payments to open banking payments, to card issuing, to other within that ecosystem. So we're really excited about what B2B does for us. In addition to that, B2B has factoring opportunities from a receivable perspective, which we think is really interesting in terms of growing out our position in B2B. And on the government side, what's interesting about Paya is that historically they went predominantly direct to municipalities, and for anyone that's dealt in government, you know, hell freezes over before decisions are made, both good and bad, right? So to actually win the government business, but also for them to change. So what we have done with our government products, which is Citizens Portal and Utility Connect, is now we are also bringing our solutions to government-based ISVs. And that is meaningfully expanding our distribution capabilities, because instead of just going direct, we're now able to cross-sell in terms of current installations, and we're quite excited about that. In the quarter, we had a 10% growth in ARR, in the quarter itself, at last, for Q2, and ultimately, that bodes well for future growth vectors. We saw 13% growth in emerging. Our target is to bring that up to 20%, and we come back to legacy. On the legacy side, we've seen same-store sale tailwinds turn into headwinds, and I think that's what we—and I think the industry has seen that as a whole. We saw significant tailwinds all of last year. We saw some marginal tailwinds to flattish in Q1, and then we saw a 5% headwind turning into Q2. What that means is that, you know, you had 4%-5% tailwind from previous years, and that turned into a headwind, so ultimately, almost like a 6% delta. But from the legacy standpoint, our perspective is we want to be really loyal to our partners. We're not out hustling for new partners, right? It's not a core, but we want to support them because they've been so loyal to us. When you think about the mix, right, global commerce for us is 56%, our emerging is 18%, and legacy is 26%. But going back to when we bought SafeCharge, you know, legacy was almost 70% of the business. So it shows you how fast the others are growing, and as they keep coming back, there'll be less of an impact on our overall growth profile. Yep, that makes sense. You know, one of the things that hasn't changed over the years that you've been public has been the target on EBITDA margins- Mm-hmm. with a 50%- Hang on, hang on. Sorry, my wife's calling me, so. Oh. Done. You should answer that. Yeah, I think 50%+ over the next five to seven years has been the target- Yep. Pretty consistently on EBITDA margins. Why do you remain confident in these targets, despite some of the changes that we've talked about on the revenue side? And then can you help lay the pathway to getting there over time? Totally. So, if you go back and take a double click to last year, right? Last year, we're running in the mid-40s% from an EBITDA margin perspective, and then naturally, we had the shift from digital assets, which would turn into a significant headwind, and then we dropped down to the 30%, and ultimately, we replaced all those dollars from digital asset revenue to where we sit today. So it shows you how scalable, from an operating margin perspective, the business is. In addition to that, we brought on Paya, which was a mid-20s% operating margin business, and we've been increasing that over time, and we're executing on the synergies. But most importantly for us is, as a business, we've never been growth at all costs, well, right? So for us, it's always been profitable growth, generating gross profit dollars. For the next foreseeable six quarters, we are focused on expanding our operating margin by executing both on monetizing and scaling the products that we have, monetizing the new geographies, which are all net new, which are pure cost basis today. That will continue expanding and executing on the synergies that we found with Paya. I think with earnings, you also disclose roughly $100 million in annualized revenue in the pipeline tied to new business. Could you maybe put that into context a little bit around your growth expectations for the next year into 2024? You know, is the $100 million all tied to new logos, logos that you've won this year? Is it a mix of new customers and new capabilities? Maybe just any detail you'd like to share on that. Yeah, totally. So we look at all opportunities in the pipeline, and we're very much focused on delivering solution stack, both geographic and product, based on opportunities that present themselves, both from new customers, but also new opportunities from existing customers, if that makes sense. So if we look at monetizing our issuing opportunities, monetizing our account-to-account opportunities, we've done some phenomenal work on authorization and authorization recycling for our merchants and opportunities to expand wallet share. So we look at all of the above, and internally, we break down the business in terms of customer management, both from existing, what are the opportunities that we see in existing? But in addition to that, what do we see in new? It's something that we find fascinating because as our capabilities deepen, the opportunities that we have to enter the wallet share with new customers is incredibly vast, and that allows us to enter, integrate, and then monetize as they continue growing over time. Yep. Maybe diving a little deeper into the global e-commerce platform. Mm-hmm. You know, that growth has remained very strong, as you mentioned, mid-30s%, ex crypto, in the most recent quarter. You've always talked about a land and expand approach driving the growth. What products or capabilities or end markets are driving the growth right now? You know, there's no silver lining, saying it has to be this particular product, right? I think the biggest thing that we can leave for you guys is that we're not just an acquirer, right? So we provide 13 core modules, and that allows us to enter as is appropriate for the customer. It could be a geographic capability, it could be specific market capability, it could be our payout capability, our APM capability. So what is it that we can help? I think the biggest factor that's slightly different from us is that we don't expect to have 100% wallet share for our customers, and I think that's fascinating, right? Because customers in the eCommerce side will always have two or three vendors, and we view that there's so much more upside by providing flexibility of entering the wallet share and growing with them over time. From a regional perspective, from a product perspective, it's what is the need of the customer at that given time? There's no, you know, it has to be this, Will, right? That's the beauty of our technology stack, and that allows us, ultimately, to cultivate, re-cultivate relationships and grow with them as their business expands. The other thing I would tell you is, no business is standing still, right? If you think about it, guys, right, you know, you have great brands that are doing something today, but they're gonna be doing something tomorrow, and so the platform evolves, and opportunities evolve as their business grows and, and diversifies itself. Got it. Maybe talk a little bit about the geographical footprint. I think, you know, when you bought SafeCharge four or five years ago, the footprint was mostly EMEA focused- Mm-hmm. You know, there's been a plan for a long time to bring those capabilities to North America. What's the status of that expansion into the North American geography? It's going well. I mean, I think it's not just North America, right? It's looking at what's happening in LATAM, what's happening in APAC. You know, obviously, we have plans for MENA and Africa as well. Specifically for North America, we have, we are now in beta on end-to-end processing in Canada, and we've also secured our own card brand licensing in Canada. We are starting beta in North America in the first quarter, and this is really exciting because now we are driving interchange predictability on every transaction. And this is a big deal because we're able to price transactions and able to provide more value to our customers from a unified experience in every single country that they work with, versus the legacy folks that operate via batch. So what the team has done from a clearing and settlement and from a product offering perspective, and bringing our standard tool set from ACH open banking, acquiring payouts, all unified within a single experience, is exciting. Maybe we can double click on gaming a little bit. Mm-hmm. Historically, this is a large business for SafeCharge. I think it was, at the time, roughly 65% of that business- Mm-hmm growing high teens. Now, you've done a lot of work, you know, accelerating the growth profile there, but also diversifying the business into other high growth verticals. You do have this long-established leadership position in gaming, and it remains a pretty important part of the investment thesis for a lot of investors. Mm-hmm. How, how should we think about the outlook for gaming compared to some of your other, you know, targeted e-commerce areas? So I think there's two things, right? First of all, we're really excited about what's happening in gaming as a whole, right? So if you look at when we bought SafeCharge, America has come online, Mexico has come online, Colombia has come online. Brazil, which is gonna be a significant market, is was supposed to be, but it's coming online as well. So you've had a massive TAM expansion in gaming, and that puts us in a really good footprint in terms of continued growth with our existing customers. You've had more states that have activated over the past three years than ever before, and ultimately, if you look at it, this is proven revenue for states. In addition to that, we've had Canada with Ontario. Alberta is not far behind. We think Quebec is gonna come as well. So countries are starting to realize that gaming is happening, and it's an incredibly lucrative opportunity for them to continue driving that forward, and we want to be the category leader with our capabilities and be ready for it. So we've been making investments to be licensed and ready as these markets come up. Like, these are long-term planning, and we're very, very excited about the continuing momentum around gaming. But one of the things that we've realized, though, is that gaming is some of the hardest stuff that you can do well, right? Like, gaming operators spend tens of millions of dollars in marketing, and depending on the size, sometimes it's a week. And so no downtime, no latency, high approval ratios, right? Like, great engagement. These are all things that are table stakes for gaming operators, but it turns out that it's now becoming table stakes for a lot of other global brands. We're using that skill set, and that's why you guys could see from the merger press releases. We're engaging and winning the who's who in travel, in marketplaces, in retail, in hotels, and a lot of others that we're starting to step up. So we're taking our use cases in core as well as in emerging, to monetize with the capabilities that we have. Makes a lot of sense. I want to hit on some of the competitive dynamics. This has probably been the biggest topic du jour in payments at the conference so far. We've heard it from Adyen, PayPal's presenting today. I think competitive dynamics in e-com are kind of front and center in the market. You guys are a major player there. Mm-hmm ... you know, I think the focus has been, you know, on merchants that are large enterprise merchants running in multiprocessor environments, and particularly in North America. Can you maybe just talk, what are you seeing out there in the market, and how does it affect Nuvei? Totally. I mean, listen, obviously, Adyen's comments a few weeks ago didn't help, right? When they were talking about wallet share and pricing, and we totally get that's a topic. You know, from our standpoint, the incumbents have a lot to lose, and I think, you know, the new challengers have a lot to gain, and Nuvei is in the challenger bucket. So we think that that puts us in a very nice opportunity because merchants are starting to explore that. It's not necessarily just Adyen, it's not necessarily just PayPal, and we believe that this is gonna be a tailwind for Nuvei versus a headwind from others. The biggest thing that I could leave for you is that global e-commerce merchants will never have a single processor strategy, right? They're gonna look at multiprocessor, at multithreads, and so our capabilities bodes well to stepping into that realm. Now, Adyen enjoyed, right, to a certain extent, 100% wallet share for some of their merchants, and I think that is going to change, but it's not necessarily a headwind we see. In addition to that, PayPal's pricing strategies have been front and center for the past three years, right? Like, we see that with all of our gaming customers, and I think that's why it's important to come with multi-products. So if we look at our gaming success in North America, it's not about acquiring, it's about our other stuff, and that's okay. I think that's where people are missing out, is saying, like, we've seen them do that, and you have to fit where there's opportunities. We do believe, though, beyond, you know, very low pricing, there's opportunities around authorizations and driving a greater conversion ratio. But we're focused on payouts, open banking, account to account, we're relevant, and try driving the product suite that we have that are relevant for our customers. And that, that is gonna continue being a winning scenario for us, but there's so much more for us to gain in all markets, including North America. I think the other thing is, when we look at take rate, it's important to us, we look at a global take rate, not just the United States. And Braintree is obviously in the United States, and I think that that strategy is gonna be short-lived. Just my humble opinion, but obviously others certainly can weigh on that. But from our perspective, you know, you look at a merchant, it may be three basis points in the United States, it could be 10 basis points in Mexico, it could be 20. I think you have to look at it as a holistic view, both just pure play acquiring, and then all the value-added services that you're able to provide into that merchant to drive, you know, a competitive take rate that simplifies the merchant's operating platform in a multi-country, multi-product environment. I guess just to follow up on this, 'cause you know, I also think of Nuvei as being very heavy on the APM side, all the capabilities- Mm-hmm ... and modules that you guys offer. I think as you were alluding to, a lot of the pricing compression in North America has been more on the acquiring side. Mm-hmm. I guess it doesn't sound like that specifically has been a large impact to some of the revisions that you've had recently. No. Look, you know, merchants are expecting three things, right? They want great capabilities, right? They want great support, and they want to pay a great price. And that never has gone away, right? So I think what we find interesting is that we focus mostly on mid-market and sub-enterprise, right? Not the mega merchant aspect. And what we found is that, you know, where Stripe and Adyen are fully focused on their mega customers, you know, they're not able to service the mid-market to enterprise opportunities that we think we can do better. So I think we can tick all those boxes, and that's kind of what you're seeing. Look at the momentum of volume growth and revenue growth is driven by all those factors: great product, you know, great back office, and competitive pricing. Got it. Makes a lot of sense. Lastly, just on the implementation times, I think this is probably the relevant segment for some of the comments you made there. Mm-hmm. As you've expanded geographically into newer end markets, you know, what have been kind of the learnings around implementation times? Maybe expand a bit on what drives some of those longer implementation times in the newer footprints. Yeah, I think there's a couple of learnings that we've come back to, right? The first is, you know, year-over-year is not necessarily the best metric because it's always based on when you actually sign that customer. And I kind of alluded to that when we started, is that if you sign them in January, there's a high probability that they go live by June. But if you sign them in March, you know, it's not gonna be by June. So it's all about the signing date versus the activation date. And then you have summer today, which is a big deal, but if you guys remember two years ago, summer was no summer, right? You plugged in your computer, and then you were working. So you end up having more, more delays than you expected, and if the merchant doesn't go live by the end of Q3, you know, there's a high probability that that will slip into the following year. So I think those are one learning events. The second thing for us is that our mix and reach has gotten so much more broad. So what we need to onboard from a regulatory perspective in Mexico is different than Canada, is different than the U.S., is different. So sometimes what you need from a customer, because they're, they're going live in 10 markets, is deeper than what you needed in one market. Saying, "I need one license," versus, "I need seven." You know, "I need to look at your flow of funds, how you're repatriating your funds." Like, these are all the things that we're learning to the implementation side. But to counter that, we've been focused in terms of the organization, in terms of how we manage pipeline, how we convert. With the help of Vicky and our president, you know, we have really good visibility now. We're hands-on with respect to driving the customers through all appropriate, both adjudication, onboarding, integration, and with those resources, and we're prioritizing them top-down. And I think we've been making really good progress on accelerating the implementation time that will lead us into next year. Makes sense. Maybe we can talk a little bit about Paya. You know, Paya kind of comprises the bulk of the, the emerging- Mm-hmm ... the emerging B2B governments and integrated payments channel. Could you remind us about the rationale for that acquisition earlier this year, maybe how Paya fits into the business strategically? Yeah, totally. I mean, we think that we have great use case, right? We have technology that's able to drive payments in multi-end markets. We're very comfortable with what we're doing on global e-commerce, but we found wonderful opportunity in B2B. Specifically, we looked at ERPs and how those customers may be in one country, but dealing with customers in other countries, so we found a significant opportunity there. We're executing well on that. We're very excited about the government business, specifically as now we can sell into more municipalities and monetize the indirect channel into more parts of the world. I mean, we've gone into now outside the United States into the islands as well, and we're starting to drive more opportunities across the board. And then comes software, and if you think about ISVs, if you're an independent software provider, payments is part of your revenue profile. No matter which way you come back to it, payments is a must-do, and most of them are limited in terms of their options. So they can either go to a Worldpay or other, where you get a solution that's nice and, and for one country, but how are you gonna get multi-country, multi-solution, multi-capabilities, both from a card present and card not present perspective? And that is playing out to be quite true, where they want one partner, unified pricing, unified experience into multi-jurisdiction is what we're executing on. And if we end up coming back to it, I've owned it for one quarter, right, Will? So, you know, we're still early. On the ISV side, we signed two multi-billion dollar opportunities amongst many others. We've had more ISV onboardings this past quarter in Q2 than we've had all year last year, so it's starting, and we think that's something that's very attractive. Two, in particular, are over $1 billion of gross processing volume. One has 22,000 locations that we're working through right now in the education space. It's something that's a lot of fun. It's starting. It's incredibly well-positioned for our technology stack, and I think the biggest thing that I would come back to when you think about Paya is that with our financial profile, we're delivering very quickly, right? You know, if you look at last quarter, it was 0.2 of return. We'll be most probably 2% or less, 2x or less, within 12 months of the Paya acquisition. It just shows how scalable the platform is, both organically and inorganically, as we add more use cases around it. Makes sense. You know, you mentioned earlier one of the goals with Paya is to accelerate that rate of growth to, I think, I think you said 20%. Mm-hmm. You've also laid out a target of, you know, $50 million-$100 million of incremental revenue synergies by 2027, and, and I think a big part of that is the international footprint that you can bring to their ISVs. Could you talk about that opportunity and, you know, how you think about attaining that source of growth? Yeah, I mean, the opportunity on that revenue is not just ISVs. I would say B2B is also a big factor into that. If you kind of break that down, there's do nothing, there's do a little, and do a lot, and we worked with Bain on this one, and it ended up coming down to being such a compelling business case. So if you think about B2B side, we've gone from two ERPs now to five, and so we're now having end market access to three million merchants from a fraction of that before. We are now adding more payment options into the scope of B2B capabilities, which creates uniqueness in our offering versus some of the incumbents that have a more limited product set. And then we're offering our ability, which we view on, factoring and payout capabilities and other, all through our enhanced and enriched ERP connection. So we really like what's going around B2B. Some of them are net new, and some of them is just monetizing what we have. We are, we are in the midst now of bringing one of Paya's large partners to Canada, with five other markets behind that, so really ticking the box there. And the same is true on the ISV side. ISV is a little bit newer, so something that we think ISV can have that 20% growth, absolutely. We think, B2B is something that's very exciting for us. And then government is kind of that steady eddy, great performing business. If we looked at Q1, it was about 15% for that vertical. We didn't talk about it specifically for Q2, but it's in that range as well. So these are really well-producing opportunities around our technology stack, and what Paya didn't have is that I think they executed really well with the resources they had. So you know, they had a huge sales team of one in one of those verticals, and that just doesn't work, right? So we're bringing our playbook in terms of you know, SDR management from a leadership on the flywheel, right? Solutions engineering, how we manage the performance of the sales, all the things that are kind of blocking and tackling the commercial side, and we're starting to see early results on that. Makes sense. Yeah, I wanted to maybe touch on the B2B exposure there. I think a lot of investors' minds go to, you know, a Bill.com- Mm-hmm AvidXchange, Coupa. I mean, it'd be really helpful to hear how you would characterize your B2B assets relative to, you know, some of the maybe better-known players in the industry. Yeah, totally. I mean, B2B is vast, right? It means lots of folks, a lot of... Lots of different things to lots of folks, right? So where we sit specifically is we, we have a, a middleware that sits between the payment engine and the ERP. So we enrich, you know, the, the time from order to cash, and we, we pull out the data of the ERP. We drive the invoicing for the end market, and then we post it back up. So we're sitting predominantly on the AR side. We do believe there are tentacles for AP, but before we go further, we wanna monetize AR across all the ERP platforms that we're executing on right now. So we're on the AR side. In addition to that, we think there's factoring on the AR side that's quite significant. You know, you're talking about $15 billion-$20 billion of B2B volume opportunity, which we think is quite exciting, and that's gonna help us enter into new spheres and new wallet share opportunities within our B2B partners. Makes a lot of sense. Just, I wanna hit briefly on the SMB part of the business. Mm-hmm. It's a lower growth profile, you know, I think similar to what we've seen from other players with that exposure. It's been relatively flat to down more recently. Yep. What's sort of the outlook longer term for the business? And then, you know, I would just kind of tack on, portfolio management has been a hallmark of payments companies in the past. So how do you think about the value of this part of the business strategically, and are there opportunities to redeploy, you know, some of that capital into other growth or areas of the business? So we, we have done mostly the redeployment of capital, so we're not actively soliciting and going off and trying to win new sales reps or small business distribution channels, so we've been maintaining it. From our standpoint, it's using a lot of the same infrastructure. Specifically, as we start getting to self-processing, there's gonna be opportunities there to drive greater value. So there, there is no value in terms of spinning it off and selling it and divesting it. I think that's where you're getting to. Right. We are turning our attention to portfolio management 'cause we think that is going to be important, and we think that's a nice offset with respect to the growth of the other channels. As we continue looking at 20%-30% in our core, 15%-25% in our emerging, and you know, where it sits now, around -5% in SMB, it's gonna become a smaller and smaller part of the business and a lower end drag. Got it. On the product front, you've had a handful of initiatives over the past couple of years. Mm-hmm. Card issuing, fraud prevention, platform offerings, you know, more APMs. What are some of the product initiatives right now that you're kind of most excited about? You know, we're- What's your favorite child? Depends on the day. You know, the, the reality is, we try to be really specific with products, and we look at what we need to win from new customers and what we need to execute on with existing customers, and that ends up building the priority for us. We're really excited about our unified commerce on Omni, so we have three markets that are coming out. You think about this, right? Online gaming represents 20% of U.K. volume, right? Where the other 80% is the Ladbrokes stores that sit across the board, and the same is true for retail and Omni and others. So we're gonna be able to expand our position in RFP significantly with that, and it's a table stakes for us to provide that unified experience. We're quite excited about issuing. We're quite excited about factoring. But in addition to that, this year, quietly, we've built out what we think is an authorization powerhouse to drive greater authorization conversion ratios as this has become a table stake for our customers. And we're always gonna be flexible in terms of redeploying resources that are most meaningful from a product and execution perspective for our customers. The thing that I can leave off here is that, you know, everything is proprietary, right? So if we find a really good opportunity, we'll execute on that to create value for our customers 'cause we're a service organization, right? Like, our, our success is the success of our customers selling more, converting more, and growing. Makes sense. I wanted to... I wanna maybe turn to capital allocation. You've completed the Paya acquisition earlier this year. Mm-hmm. You've historically been very acquisitive. What's the appetite for M&A in the current environment? And then how do you weigh those opportunities versus other avenues for excess cash? I know you recently announced a dividend. Mm-hmm. You know, you know, from our perspective, the great news is that we have the utmost amount of flexibility, but the base case is we're paying down debt. That's just the base case for us. We're focused on that. Last quarter, we did $55 million of debt repayment, out of which $45 million was voluntary. That was 0.2 turns, and that is the cadence that we should expect for the foreseeable future. That being said, we are entrepreneurial, and certainly, there are M&A opportunities that present themselves. I mean, I think the, the, just the load of CIMs being circulated this year has been, been elevated, but it's a high bar. It's got to be something that adds value to our customers, something that we think can continue to help us from a growth perspective, from a geographic perspective, and we haven't seen that many of that kind of fly up there. So base case is debt repayment. If it's something that's very compelling, we can certainly explore it, but I think the base case is just where we're gonna have discipline in paying back debt. Got it. Makes sense. You know, lastly, we've got a couple minutes left. I wanted to finish up with a more philosophical question. Mm-hmm. I mean, I understand it's been a wild ride for you in public markets, a lot of ups and downs in the three years since the IPO. You're the founder of this business. Mm-hmm. I mean, how has this experience been for you overall? I, you know, I don't wanna ask about valuation. I'm sure I know your view on that. You know, what is, in your mind, the best path forward to getting the valuation that you feel the company deserves? You know, I think when, when you first get through kind of the bullets that we've taken, right? You, you first take it extremely personally because Nuvei. You know, I have three beating hearts, right? I have my own, I have those in my family, and then I have Nuvei, right? And that's the same for every founder, guys. And it's, it's always very personal when, when things happen, right? And it's, it's hard to disconnect that from performance of the business, performance of, of the workforce that we have, just incredible culture and stock price, and I think it's just a maturity level that you keep coming back. You understand that market is just a moment in time. We're heads down executing. I think, I think, and probably every CEO says this, but I think there's a lot of opportunity to come out for Nuvei, and-... I think it's a show-me world right now in the backdrop, and that's a dislocation. And our perspective is we're gonna be heads down, show me. We think this is potentially $1 billion of EBITDA and a lot left to do. Makes sense. Got a couple minutes left. I'm gonna see if there's any questions in the audience here. Phil, in the last couple minutes, is there any kind of words you'd like to leave the audience with, and just in terms of how you look about the opportunity, the business, and, you know, your view on, you know, what the story for Nuvei is gonna be over the next couple of years? You know, I think the biggest thing for us is the message is that we're just gonna be heads down executing, right? Like the backdrop in fintech, if you think about it, the pendulum has swung so far one way, right? And now it's swung so far the other. I think it's a matter of coming back to the center of where things should be. This is unfortunately a painful period, but ultimately, you know, great businesses not only survive and thrive, and we think we're part of that. So the biggest thing for us is we're heads down, we're executing, we got this incredible profile that we're investing wisely. We're very mindful on operating margin, and we're gonna continue focusing on how we step that up. And it's just a different market, and we have to adjust to it. I think the biggest adjustment is, two years ago, we used to be on calls where people were saying, "Why don't you spend more to grow more?" You think about how that... Today, it's more like, "What's your operating margin, right? Like, what, what is your..." So it's a matter of just adjusting to what's important for the time, but not losing focus of where the business should be over the next five years. Makes sense. We do have one question in the back. So, just ask you on that operating margin, have you stopped hiring, or what do you have control over in terms of OpEx? Great question. So the answer is that we've always been very thoughtful on hiring, so we've never been at hiring at all costs. So just so you understand internally is, you know, you may have 100 roles open, roles have to be justified, and it comes up to, a call with me, my CFO, and others to be able to sign off on them. So we create a lot of rigor and discipline around hiring. So we're not on a perceived hiring freeze, but we make sure that there's value in the hiring that we're doing. The second thing, Max, when you think about is, as we get scale, you know, we've identified, you know, eight figures in terms of cost-saving opportunities in the business, and it is one of our MBOs, both from our operating COO and our CFO. That is a matter of, you know, self-licensing, self-processing, and other opportunities that we've identified, and we have them well-scheduled now from an execution perspective over the next four quarters. So it's supplier, vendor, and making sure naturally that we're thoughtful in terms of how we hire. The thing that I would leave for you, when you think about new markets, like a license in UAE or license in Singapore, or license in Australia, or we're doing in Colombia, you know, these all require infrastructure. So you need a compliance head, you need an AML head, you need an independent director. Like, all these. And that is just table stakes to get the license, and thereafter, you got to grow that revenue. In our case, we've gotten the license, Max, so now we're at the point of scaling it, and that's why we feel confident over time that we'll be able to start knocking on the door at 40% operating margin with a not too distant future, and then grow our way forward from there as we continue scaling the business. Okay. Well, if there are no other questions, we'll leave it there. But thank you so much for the- Thank you, everybody. Appreciate it.