Well, thanks everyone for joining us after lunch. Sometimes there's a little lull, but we're not gonna let that happen here 'cause we've got Nuvei. We've got David Schwartz, who's the Chief Financial Officer of Nuvei. Thank you so much for being here. Thank you for having me. Pleasure. My name is Dan Perlin, and I head up the Payment Processing and IT Services practice, and so, this is a name that fits, you know, really prominently, in the payment universe and obviously in our coverage universe. So, one of the things, David, I thought if we could—we could start, you know, you did this shareholder letter, which is a different format. You did drop it on us a little early, so, you know, I'm gonna give you guys a little bit of a riff for that. But the reality is, I thought it was a really good format, and one of the things that I thought was great was just how you broke down the business because I think in some instances, Nuvei has become something a little more complicated than it has been in the past, and so I thought it was a good opportunity to kind of flesh that out. So there was kind of three components: the Global Commerce, government, ISV, and then SMB. You wouldn't mind at least starting from there, just defining what those, those, three areas are, and we'll dig into the details. Sure. Thanks for having me. Good afternoon, everybody. So hopefully, you guys appreciated the shareholder letter too. We'd love feedback, so if you have feedback on that shareholder letter, we're happy. We thought it would be a useful tool to communicate to our shareholders. And as part of what we did and try to communicate in that shareholder letter was really to break out our business into these three channels. It's the second quarter now that we're talking about the channels in this way, and it's effectively our distribution channels. We tried to make it simple, but it's also how we look at our business internally. So the three channels, like Dan mentioned, so I'll go through them at a high level, and I'm sure we'll dig into more details. But Global Commerce is our largest channel. In the third quarter, it was 56% of total revenue. Not only is it our largest, but it's also our fastest-growing. It's effectively where if you kind of rewind pre our acquisition of Paya earlier this year, it's kind of where the business started and where it was focused. So that Global Commerce channel effectively served merchants that are enterprise merchants, global merchants, cross-border, e-commerce, specifically. So that's kind of the Global Commerce high level. The second channel is our B2B, Government and ISV channel. Effectively, that channel is what we acquired through the acquisition of Paya earlier this year. That channel represents about 18% of total revenue in the quarter. And it's growing quite nicely as well, so mid- to high-teen growth rate on that channel. That channel, effectively, it's comprised of those three different components: so B2B, gov, ISV. They do have different characteristics, but we've put them together. Individually, they're not individually that large. Collectively, they're a nice-sized channel and kind of go to market in a very similar way, so we put those together. And then the last channel, the third channel, is our SMB channel. That's effectively point of sale, small, medium-sized businesses, corner stores. That one is almost exclusively U.S.-based. There is a Canadian component, but almost exclusively a U.S.-based, where the other two channels have more of a global nature to them, more so on the Global Commerce, but more of a global opportunity. So high level, those are the three channels, and we think it's hopefully understandable and digestible, and- Yeah ... and the SMB represent about 26% of total revenue in the quarter. Yeah. Just give you a sense of scale for each of those three channels. Just to be clear, going forward, we should continue to see this kind of shareholder letter structure with those kind of three areas. Exactly, yeah. So we'll continue to put out the shareholder letter. We thought it'd be useful to send it out the night before, even though maybe it was a bit of a surprise, but there was a lot of activity the next day. Understood. And so we said, "Let's get it out there." We're quite proud of it. Chris and the team did a really good job kind of to make it come together, so we wanted to get it out there in people's hands to make the Q&A more meaningful. Nope, I love it. I love the format, and it gives a lot more time to ask questions from the call too, so. Yep. Just one other real big picture before we dive in, like macro backdrop, we're asking everybody just to kind of give us a soundbite of what they're seeing. So what are you seeing in kind of the pulse of all the volumes that are coming across your network? Yeah, so from a macro perspective, there's a few things I'd say. I mean, more specific to us, what we've seen more recently is October, November volumes have been really strong, as expected. So in the kind of current environment, we're not seeing anything. We haven't seen a lot from a macro perspective, even prior to this point. From a macro perspective, I'd say that we've built a model that's quite resilient to different macro environments, different economic environments. We've seen growth through different cycles as well. And why is it so resilient? If you think about the diversity in our offering, I think you kind of get a sense for it. So just from a geographic perspective, all four corners of the world, 200 markets, so from a geographic perspective, very well diversified. From a payment perspective, a payment method perspective, almost 700, we're at 669 payment methods, which is a pretty big suite of solutions, so that gives diversity. Office locations, you know, 17 offices around the world. And then verticals, you know, the vertical ranges from, you know, online gaming, online retail, B2B, gov, travel. So you can see just in those few that I named, there's different kind of cyclicality. So for the most part, if we see some areas where it's a little bit lower, it's kind of offset somewhere else. So for the most part, our model has been such that we haven't seen a lot of macro impacts, fortunately. So it's been strong in that regard. Yeah. No, we were very encouraged on October, and then even still with more recent November data, we heard a lot of that, so- Yeah. That was good. I'd also add, you know, what kind of would offset it, any kind of slowdown for us is we're a market share taker. So because we're in a kind of, you know, a challenger position, it allows us to-- we're still gaining volume. So if there's something happen in the macro environment, we're still able to gain volume just through our distribution and our investments we've made, to allow us to go get, you know, more market share. So there's-- not that we've seen anything, but had we seen, it's offset by that gain in new business and incremental share from existing model. Yep. Yep. So let's get into some of these, these verticals or distribution channels. So Global Commerce, as you said, it was up 25%, you know, pro forma. And maybe more importantly, actually, it accelerated almost 900 basis points. Yeah. Not quite, but almost- Yeah Sequential view when you look year-over-year. And that's pretty material considering where you landed and communicating the second quarter. So there's something that happened kind of in terms of the pivot that occurred from second quarter's kind of, I guess, we would call it, kind of scenarios that were playing out to where you landed. So how did you course-correct so quickly, and what were some of those changes? I'd say that, we've been making a lot of investments in the Global Commerce channel for probably a year and a half or so. The investments we've been making, really, it's around distribution, investing in our sales force. For the most part, if you go back, Nuvei wasn't very well known. A lot of our growth came from trade shows, word on the street. That's what drove a lot of the growth. We have, you know, in the past year and a half, invested a tremendous amount of distribution. And when I say distribution, it's our sales team, our commercial team, both, you know, on the hunters, but also on sales enablement, which is a tool we didn't have internally. So we brought in and created a sales enablement team. So with the investment in distribution, commercial, and with just people—brand awareness of Nuvei, through marketing and otherwise, we've been able to capitalize on those investments, and it's really been driving the growth in the Global Commerce channel. In the past, you know, many times we wouldn't be invited to an RFP, or if we were invited, we were kind of treated as, like, second fiddle. "Let's invite them, but we probably—they probably won't be in the running at the end of the day." Now, we're actually being invited, we're in the running, and we're making... Because people understand us, they know us, they've heard, they've seen us touch a, you know, take on a customer in their industry. We're getting more traction. So that's what, that's what drove a lot of it. Don't expect that 900 basis points increase- Yeah. Every quarter, but, we're happy with the results. Yeah, so 25% growth year-over-year in that, in that channel is, is, it's kind of right in our sweet spot. There's more opportunity, don't, don't get me wrong, but it's right where we want to be. Yeah. The other thing I was thinking about was, you know, you have kinda—I want to know about the new pipeline that you're talking about, but then also kind of dovetailing off of the last, the second quarter and the third, there was the conversation around $100 million of potential revenue to be able to capture over, call it 12-18 months, or somewhere thereabout, for larger enterprise clients. So maybe there's two questions in that. Mm-hmm. One is, talk about that $100 million- Mm-hmm -visibility and how you're thinking about that. And then secondly, just net new business in the pipeline. Yeah, sure. So on what we talked about, I guess, more in Q2, is we did see some implementation timing delays, and really, that's what it was. And when we say delay, it's delay versus what? It's versus our expectation. So some of these enterprise customers, it's somewhat new to us, that space. We had an expectation that the implementation timeline would be similar to what we're used to in some of the other verticals and some of the other merchants that we have experience with. So really, it's just against our own expectations. We've now recalibrated our expectations, and we're now seeing those implementations, you know, continue to roll. They will likely be into next year, 'cause, you know, when you're this late in the year, people aren't doing implementations during the Q4, at least on the kind of traditional retail side. Yeah. So we'll see that more coming into next year, first half and second half of next year. But we feel good about it. We have a really good pipeline. In terms of new business, to, I guess, the second part of your question, that's an interesting one as well. We started the year off actually quite slow from a new business perspective, a little bit behind where we were last year. When you look at it now, and keep in mind, new business, what—how we define new business is new, new revenue in year. So of course, you know, Q1, you have $10, Q2, that $10 turns to $15, and it snowballs throughout the year. What we're seeing year to date, Q3, is that we're 15%, one five, above where we were last year from a new business perspective. So even though we started off slower, we're now above, so it shows you kind of that momentum is, you know, starting to kick in. New business is important because whatever new business we have this year, think about it just in averages, you have half a year this year. Next year, you'll have a full year, but it's not just a full year from a calendar perspective. Typically, what you see too, is on an implementation, you don't get all the volume day one. They'll kind of test, they'll ramp it up. So typically, in the first full year, you'll have more than a double from what you-- what we had in the prior year. Yeah. So, we're pleased with kind of where we're seeing new business and implementations going. So in both of those instances, you feel pretty good about visibility coming out of the quarter, because part of it is like this annualization of business, but then you're expanding along that way, and you've got this other big pipeline of large enterprise clients that over time, they'll come in. Exactly. Right. So you're feeling pretty good about visibility? Yeah, feeling good. Yeah, feel good where we are. Like I said, October, November, we're good. Yeah. November year to, you know, month to date. So yeah, we're feeling good about what we see the rest of the year. Okay. You know, one of the things you talk about often is, you get into a client early, or the client really comes to you with a problem, and then through that conversation, you do a little bit of work for them, and you really do seem to build a much bigger relationship with those clients. I think sometimes it's hard to see, like, what are all the things that you bring to bear?... Can you just kind of tease that out into maybe a real world example, or just however you would explain that? Yeah. So what we see, typically what we're seeing, and this applies to new merchants for sure, but it also actually applies to existing merchants, existing customers. If you think about our customer base, and this is really around the Global Commerce side, typically, we're not—these aren't startups. These are existing, you know, sizable businesses. They won't necessarily—they all have multiple providers, right? For redundancy purposes or other reasons. Typically, what the conversation will start with a new customer is, you know, they have a certain need they need to fulfill. So that could be either a problem that they currently have, something they're trying to solve that's not working well, or it's they want to expand, new geography, new payment type. That's how the discussion typically starts. Because of how we offer our technology, because we offer it in a modular way, it fits very well into satisfying a specific need, and that's unique, somewhat unique. Many of our peers say it's all or nothing, and they don't necessarily want to, and that all or nothing platform may not have that geography. They may not have, I don't know, pick your country or pick your payment type. Pix in Brazil is an example, a very specific payment type. So if they don't have it, then they're forced, that customer is forced, basically, to go to another provider like us. So typically, that's how the discussion starts. Once they do the technical integration, it's very easy to, you know, land and expand, as we say, and win more wallet share from them because they've done the technical integration. For them to simplify their back office, if they then shift more volume to us in other regions, other payment types, it just simplifies their back end, and they're already using us. So it works well. In terms of some examples, I'll give you a couple for existing, because it works in the existing customer base as well, without naming names specifically about customers, but you know, one example is, social gaming customer, sizable, industry player. They were using us for a handful of alternate payment methods. That was going on for years. Years, just like literally, it was like five-seven payment types for years. Then all of a sudden, they kind of saw we expanded our solution. We continued to expand our payment methods, and they said, "You know what? Let's, let's move over some other payment methods to Nuvei." And we went from, call it half-dozen- over two dozen. And so it was easy. Like, literally, they tick some boxes, it's done. Another example is an online gaming merchant, existing merchant. They wanted to expand into Poland. Poland has some very specific regulatory requirements around KYC, knowing your customer, and the workflow around, you know, how to use bank accounts for a customer to fund their account. We worked with them to create the workflow. It was somewhat, I'll say, custom, but we, we then applied it to other customers, but for them, it was custom, and it was kind of our first time. We did that work, we won the business, and then we used it for other customers. So they're two real-world examples that, that play well, and those are on... Yeah, so like I said, I used two existing to kind of make the point that it's not just for new, it's also for existing. Yeah. No, that's perfect. And again, like, it's odd. It may be a little bit odd because when you say, you know, we had a client in gaming as an example, social gaming or whatever, and you had five, you know, payment modalities in this example. You know, people sometimes think about merchant acquiring or just payments in general as being, like, one holistic thing, and then you accept multiple types, which, to your point, if you're more mobile relative or modular relative to kind of this holistic approach, you're able to build that strategy, which I do think is good. But I do want to spend a second on this kind of, you know, vertical diversification that you've had over- Mm-hmm ... the years. And even really before Paya and all that other stuff, just talk about how you've, you've gone from being maybe, you know, heavily concentrated in one vertical, and now you have kind of these multiple other ones that you're in. Yeah. I'll go back to- It's amazing. I'll go back to the journey of how we've evolved from a vertical concentration perspective. So if you go back pre-2019, in fact, 70%, roughly 70% of our business was the SMB channel. It was Card Present, Point of Sale, mom-and-pop shops in the U.S. That was 70% of our business. 30% was a variety of E-commerce- Mm-hmm ... pre-2019. In 2019, we acquired SafeCharge. Yep. That 70/30, so 70 card present, 30% e-com flipped, where it was 70% e-com, 30% card present. We basically made a flip overnight, but within, to your point, to within that 70% e-com, there was concentration within online gaming was- Yeah kind of the largest vertical, which I guess is kind of where you're- That was it. So online gaming, financial services, that's kind of where SafeCharge played. So that was the concentration of our online business. Today, we're, call it 90% e-com and a lot of diversity in the vertical. So for sure, online gaming is an important one for us. It's where we started in many ways. It's the most complex, so if you can handle the most complex vertical, it's somewhat easy to go into other verticals. But now there's lots of diversity, so online retail, travel, marketplaces, and then layer in Paya earlier this year, and you bring in a whole new dynamic when you think about, okay, you have online gaming, now you also have government, and you have B2B and ISV, which is multiple verticals, but a certain kind of distribution channel. We've seen a lot of diversity. Coming back to your question about macro, there's another kind of way to think about it, like all those channels coming together, and it creates more diversity, more expertise, less seasonality, fluctuations from a seasonality perspective. The company has evolved a lot over just the last five years. Yeah. I wanted to ask you about seasonality, but I was going to wait, but since you brought it up, I think it's an important point- Yeah Because when you bring in all these new businesses and you have the kind of growth you do, sometimes it's hard to see, like, the seasonality or we as analysts are looking in, and we're seeing kind of historical patterns, but now you've got Paya. So as a CFO, when you're sitting there and you're thinking about your planning cycle and your forecasting ability, you know, it does feel like the seasonality of the business is less kind of this boom bust period. It does feel a little more ratable. It has its moments, right, but it does feel like it's a little bit cleaner. So do you get the sense that that's true, I guess, from where you sit? And if so, is that helpful as you think about kind of formatting the projections as you're providing those to us? Yeah, no, it's definitely, it's definitely helpful, and we have seen kind of the seasonality flatten out. Pre-Paya, the seasonality was such that Q4 was a typically a pretty strong quarter for us, you know, just regular retail. Plus, that's when, you know, sports betting kind of started, you know, late Q3 into Q4. So Q4 is always strong. Q1 was also a decent quarter, and then you see kinda Q2, Q3, kind of flattish, and then back up, you know, to Q4. That was kind of pre-Paya. Now, when you layer in the Paya acquisition, they actually have a very strong Q2. So right where we had kind of a lull, they're actually quite strong in Q2. And they were less seasonal overall. So overall, the seasonality is much more muted now as a, as a go-forward entity. It is helpful from a planning perspective, helpful from a capital markets perspective- Yeah. but also talks to the diversity in the business. Yeah. So yeah, no, it's much easier. We do see some, you know, the other dynamic we had, that we see that's interesting too, is, and this is both in Paya and pre-Paya, you know, Take Rate comes up a lot, and there is fluctuations in Take Rate. And now that we're in Q4, I think it's an important point to make too. So you can see it in our outlook that we gave for Q4, but Take Rate comes down in Q4, and the question we get asked is: Why does Take Rate come down in Q4? And it's really around the mix of volume that we have. So typically, what you see in Q4 is you see more payments around real estate taxes, donations, which tend to be higher ticket, and they're done kind of through bank transfers, and those transaction fees are fixed fees, you know, lower fees. So the yield from a volume perspective and revenues comes down in Q4, but then that kind of, you know, again, you see some fluctuations and levels out over the course of the year. Okay. All right. So let's pivot to the next kind of distribution channel, which we talked a little bit about, but B2B government and then ISV. I think here it's kind of a similar story to Global Commerce, in that it was good. I think it's up 16% pro forma year-over-year. It accelerated 360 some odd- Yeah. -basis points sequentially. So the question there is like, what, you know, what's driving that continued improvement in such a kind of a short period of time that you'd see that, that acceleration? I wouldn't say there's any kind of magic bullet that we did over the quarter. I don't want to take too much credit for it, but that effectively is kind of Paya's sweet spot. What we acquired went from roughly 13%-16%. Yeah -growth sequentially. So we're really happy with the growth. What we-- part of our thesis for acquiring Paya was international expansion, specifically in the B2B segment. And right away, like post-close, like post-announcement, actually, of the transaction, we were able to talk to some of their B2B customers, some of the large ERPs. And keep in mind, Paya was exclusively U.S. Yes. We have international reach. Some of those, ERPs, they came to us and said, "Hey, we're using Paya in the U.S. We need, but we need international capabilities, so we're using someone else. We don't want to have multiple providers. We want to have one." So some of what we're seeing is, you know, some of the revenue synergies that we talked about at the time starting to play out as we kind of take some of those, ERPs international. Mm-hmm. But it's across the board. I mean, you know, Paya is a great—they had a great business. Investment was limited, so we're investing. You know, there's some investments we've made, but it's really about driving the revenue synergies. There's not a lot of investment to make per se. It's more about how do we integrate them into what we have already- Yeah -and launch that forward internationally, and just using our mentality, our playbook from an M&A perspective. It's worked, and we're, we're- Doing it again. Kind of doing it again with Paya, and it's continuing to do well. Yeah. Yeah. Are you fully integrated now with all the ERPs that they came with? None of that, again, that's- There's still work to be done. Okay. There's still work to be done, so there's still some opportunity to drive there for sure. Okay. But the relationships that they had and that we continue to have is they're really solid relationships, and they're gonna be even stickier now with the new capabilities we bring to the table. How quickly can you convert some of those legacy, I guess, if they were working on a third party or someone else, and now you're integrated with them? Do you have to wait until there's kind of a contract obligation to be done, or are there opportunities to accelerate that over? Obviously, it didn't necessarily happen this quarter because you, you grew a lot, but- Yeah. No, there's opportunities to migrate some of that. Yeah. Yeah, for sure. In some cases, they may have minimums, which may limit the ability to move volume. But for the most part, in most cases, there isn't-- there's some flexibility to move- Okay -uh, volume. Okay. Can we switch gears a little bit to the government business? Sure. I think this one doesn't get a lot of attention, maybe if at all. Yeah. You know, and it seems like a pretty good business. I mean, it's in public utilities, you know, municipalities, pretty big. So can you just talk about what it is? Yeah And what excites you about it? What, you know... Again, what can you bring to the table from this end? Yeah, so as you can imagine, government payments are very much paper-based. Yeah. So moving to electronic, Paya has, and now we have a proprietary module called Citizens Portal. Mm-hmm that effectively takes payments and makes them electronic. And it's a slick user interface for the taxpayer who wants to pay property taxes, whatever, any kind of licensing they have to the municipality. That's effectively what we have. There's about 2,000 government agencies, municipalities, and others that we serve. U.S.-based completely. It's really a U.S.-based offering as it stands today. Yep. But that's effectively the offering, and it's done well, and there's a lot more opportunity to expand. Got it. All right, and the last one that's embedded in this is the ISV, and it's pretty clear, like, software and payments, it's like never been more popular- Yeah And important. It's been a talking point for five years or more, you know. Yeah -maybe longer. Yeah. But it does seem to be more relevant even though in terms of distinguishing oneself from others… So now you've got another big pool of ISVs that came with this relationship. How do you think about monetizing that? What are some of the cross-selling opportunities? What are some of the bigger areas that we should be focused on? Yeah, so ISVs, like you said, it's a hot topic. Integrated payments in general, ISVs, the software providers, this is really focused at the mid-market type of businesses. Those mid-market businesses, they want to use their core software platform to enable payments. It makes a lot of sense. The software vendors want to paymentize their business. They want to get the economics. We're happy to be that payments provider to the ISVs. There's a tremendous amount of opportunity, and, for the most part, this concept exists in the U.S. You don't see this concept of paymentizing ISVs so much outside the U.S., as an example, in Europe. We do believe that it's coming, and we do think that we're really well positioned because of our relationships and capabilities in Europe. So the opportunity in the U.S. is large. We're really just starting. It's relatively small for us today, but growing really nicely. And because of our, you know, our, our breadth of payment methods, we think we can bring more to the table than what was kind of being offered to those ISVs, you know, prior to Nuvei's involvement. Cool. Okay, and just to round it out, the SMB, a little bit of a different story, declined a little bit, but also had improvement. So, like, just philosophically, how are you thinking about that group? Like, as you said, like early days, that was kind of your bread and butter, and you've diversified materially since those days. And I feel like in many instances, sometimes they get neglected- Yeah by providers. So just how are you thinking about it? Yeah, it's of the three channels, it's probably the most competitive. Mm-hmm. And to some degree, it's where we haven't focused on, but it is. It does provide a stream of revenue, a stream of cash flow. We have the platform. What's interesting as we look forward is some of the opportunities that we're from a product perspective around, you know, Omni-channel as an example, Unified Commerce. That applies not just to our Global Commerce merchant, it also applies to the SMBs. So there's opportunity for us to actually do more with SMBs than we've done historically. Yeah. You know, one of the other things we're doing is we're bringing in-house, we're insourcing our back-end processing, and that will help, again, across all three channels. When you think about SMB, the important thing to understand is it's an indirect relationship from us to the merchant, to the end merchant. So we actually have two customers. We have the end merchant, and we have the distribution network. So we have to cater to both and make sure that they both have what they need. So it is, like I said, competitive, it is intensive, but we like the channel, and we think we have some add-ons that are going to help improve. So even though it was a declining from a revenue perspective last quarter at call it -4%, it improved from the -5% the previous quarter. Yeah. We think we can do more to kind of get it to kind of a flattish basis and potentially even, you know, single-digit growth. Okay, cool. So on the innovation front, you, you brought up a couple things. One is insourcing kind of the back-office processing. I think you've launched that in Canada? Yes. Maybe the middle part of it. I can't remember if it was the beginning or middle part, but, like, what are you-- what are the learnings from that, and what kind of benefits are you seeing, both financially, and then you kind of alluded to it a little bit strategically with the SMBs, but- Yeah. So insourcing back office, the most obvious, it comes up a lot when we talk about costs. Yeah. For sure, you eliminate third-party costs. That's, like, a no-brainer. Yeah. That'll help gross margins, help EBITDA margins. It's, I wouldn't say it's a massive number, but it's an interesting number. The other part, the more interesting part, is kind of the non, I guess, financial benefits that it brings to us. So insourcing gives us full control of the process. Mm-hmm. It allows us to do things like interchange prediction, which enables us to ultimately settle with our merchants quicker. We can settle same day, next day. That helps the merchant, helps any of our partners, whether it be, you know, the ERP providers or, you know, ISOs in the SMB. So there's a lot that having that control brings to the table. Gives us analytics, gives us data that we can then use to kind of improve authorization rates, et cetera. So there's a lot around kind of insourcing that's gonna benefit us going forward. Okay, maybe a little further afoot right now, but like other parts of the international footprint that you have, Latin America, APAC, maybe bring us up to speed in the last minute or so that we have. How you're thinking about that? Are small clients that are local jumping in to those markets yet, or are you still kind of having larger clients bringing in to those markets? Primarily, it's larger customers, existing customers outside those markets that want to enter the markets, primarily. Okay. That said, we do have some traction of local, I'll say local, domestic, you know, in-region merchants- Yeah -that want to go out, so we do have some of that too. It's starting. What we—you know, in some cases, we need to create some infrastructure around licensing in some of those markets. In some cases, we have it, but we're still building out some of the licensing. They're really small markets for us today. Yeah. They're less than 5% combined, but the opportunity is massive. Yeah. Just from an electronic, you know, going from cash to cashless, and in some cases, you think about Latin America, there are some local providers that dominate the region, and they're charging fees that are very interesting. For us to come in, it's kind of a no-brainer, like merchants are looking for alternatives. Yeah. Cool. And we have 20 seconds, so I'll leave you with the midterm target question, but the question really is, just like, are there structural factors that you don't have in place that you need in order to sustain that midterm, you know, target that you reiterated, or do you feel like you got all the pieces in place, and you're feeling like that's not as difficult as maybe some might have thought initially? Yeah. I think we're feeling really good about it. Our, you know, our medium-term target is 15%-20% revenue growth. Yeah. Q3 Pro Forma was 14%, so we're knocking on the door of that 15%-20%, and we're just getting started. Like, we haven't really realized any of the prior revenue synergies. That's kind of just starting. There's a ton of runway, both within Global Commerce from a channel perspective, but also regionally. Mm-hmm. So we feel really good about it. If you kind of look at the reason we laid out those three channels, like, you know, people kind of understand the three channels, understand the growth rates and the weighting, and if you do that math between growth rates and weighting, you know, getting to that 15%-20%, we feel really, really good about it. Yeah. No, that was super helpful, the weighted average contribution growth. It was, like, exactly what we were looking for, so. Good. Well, thank you so much, man. Thank you. There's a lot of good stuff here. Thank you. So look forward to it. Thank you. Thank you.