Good morning. My name is Reggie Smith. I cover fintech stocks here at JP Morgan, and I am happy to host Philip Fayer, CEO, Chairman, and Founder of Nuvei this morning. Guess we start with just kind of a little background on Nuvei, who you guys are, how you make money, for those that may not know. First of all, thank you everyone for joining us today. Pleasure. Thank you, Reggie, for hosting me. Nuvei is a global payment platform. We help our customers, through a single integration, connect with our customers all around the world. What's fascinating for you guys that haven't actually unpacked global commerce, the way people pay in different markets is totally different. The currencies, the mediums, be it credit, alternate payment method, and even the local regulatory framework is different. We help simplify that by breaking down the barriers, single integration to the platform, allowing our customers to execute on their own journey, be it domestic, international, or ultimately whichever form of payment that suits their needs, Nuvei can help them with. Got it. It sounds like, Not that it sounds like, it is, but what you guys really kinda specialize in are kinda the more complicated payments that a lot of payment processors can't do, and because of that, you guys earn, you know, good economics, less competition in that, in that market. My question for you've done, I guess, an acquisition recently that kinda changes your business mix. Can you share with us, you know, the different areas that you're in, maybe a little bit of the size there and the growth rates of those different markets that you kinda compete in more specifically? Certainly. You know, I think the biggest thing for us is we started off as a, as an incredible technology company, and what we've been building out is our go-to-market, meaning how do we build a world-class sales force around the world that we're local in language and time zone and available to our customers? That journey has allowed us to scale ultimately across what we've done in Europe, what we've done in North America, what we're doing in LATAM, and then what we're doing in APAC today. Folks that have our real capabilities, if you break it down, there's five companies that have Nuvei's global capabilities: Adyen, Stripe, Worldpay, and Checkout.com. These are those global single platforms that are enabling customers around the world. Our pool of competition is not as deep as you think. You have certainly regional players, but what's happening here is legacy providers. If you're, you know, a tier one or tier two merchant using a legacy provider in North America or in the United States and you wanna go to Canada or you wanna go to Mexico, you need a new provider. Does that make sense, Reggie? Ultimately, your tech stack starts becoming much more complicated, and that opens the door for global enablement platforms like Nuvei to be able to enter the wallet share, simplify merchant experience, and help them grow their business. The underlying factor is not necessarily vertical. It's more merchants that operate globally. From our end, you know, when we became a public company, about $160 million roughly of EBITDA this year tracking to the mid-$400s. Ultimately, it's about scaling our technology. We acquired Paya to help accelerate our footprint in B2B, which we're really excited about, as well as software on the ISV side. They have a very nice and growing government business. B2B and ISVs are new white spaces for us. Last year, we executed our strategy around travel and online retail, which we're seeing some very, very good tailwinds around as well. We're focused on enabling B2B, government, and integrated payments. That's good. You gave me a lot of different ends to kinda go over there. One thing I wanted to kinda dig in on, and I think is interesting, thinking about, I guess, the original platform and the single API. For your customers, the bigger merchants, the global e-com merchants, are they able to use your services without necessarily changing a legacy provider? Is it... Can you do it piecemeal? You'd be surprised. Many of them do. Ultimately, if you think about our customers, they don't come to us because they need another. They come to us for a particular need, and what's unique about our platform is we're able to address the needs from them on a modular basis, meaning I need interconnectivity to Mexico or I need payment authentication or I need to accept this alternate payment method. I think that's the power of our flexibility because we're able to enter the wallet share of our customers based on the need that they have at that time. That's really powerful, right? We're not here to displace an Adyen or displace a Stripe. We're here to be additive. Being additive in terms of the journey of what the customer wants to execute. That starts with building the relationship. You know, guys, we can do business with whoever we want. It's the same for all of us in this room. It's doing business with people that respect you, that empower you, that invest in you, that drive to your roadmap and help you execute, and those are the things that, you know, we think we do really well for our customers. Got it. With that, I would assume that you've got a good track record of starting with something small and then growing that business. Can you talk a little bit about that? Yeah. How you guys think about that and measure that upsell? Sure. I mean, I think the biggest summary of that is 80% of our growth comes from our existing customers. It's really powerful when you think about it, and I think that journey then is coupled with our product capabilities. We embed our customer's roadmap into our own, so we make sure that we deliver the solutions that are really important to them. Then we're adding geographies, right? These geographies are not picked out of a hat. We really look closely at what markets we need. You know, over the last 4 months, we've launched self-processing and self-acquiring in Singapore, Hong Kong, and Australia. We have lots of new markets in LATAM as well. These are not things that you decide to do tomorrow, right? These are things that are multi-year projects. We have, you know, I think there's about 20 different initiatives in the hopper, right, from the local perspective that we're gonna continue building towards from a geographic expansion. That's great. I wanted to talk a little bit about e-com. Mm-hmm. You guys, posted, I think, 37% growth last quarter, which, kinda stands in contrast to what most e-com processors are reporting. You know, what's explaining the strength that you guys are seeing in e-com, and how sustainable is it? Yeah. No, it's a great question. You know, we're targeting this year an organic growth excluding, you know, the saga of digital assets and cryptocurrencies between 23% and 28%. You have some parts of our business that are super fast-growing, like our global e-commerce, and some that we want to do a double-click in, like small business, which are actually seeing some macro event that are seeing some headwinds in. In In our global e-commerce, you're right, we saw 37% growth, and that's driven by a couple of pieces, right? Naturally, one is wallet share expansion, and those two are pivoting to market and capabilities. The second is our efforts in go-to-market. I'm incredibly proud of our team from where we started three years ago with having, guys, believe it or not, like, a handful of salespeople to now a team of just shy of 300, with sales enablement and all the expertise around it. I think we built a world-class team on our go-to-market efforts in global e-commerce. We're gonna be taking that on B2B and government and ISV as well. Ultimately, you know, the momentum is showing that. Not to give away any of your secret sauce, but what are you guys doing go-to-market strategy-wise? 'Cause it sounds like you're gonna take that model and use it in other verticals. Like what are the learnings or, you know, why is it so why are you doing so well? Well, I think the first is our tech, right? You know, how do you scream off rooftops of all the things that you can do, Reggie? Like, that's the biggest thing that we're coming back to, and how do you make sure that people are interested? When people have these needs, you know, they may think of Adyen and Stripe, but our biggest thing is how do we make them think about Nuvei as well? I think we're doing a really good job there for people to start noticing us. The second is combining, this is something that we built from all new, right? Combining marketing, combining our SDR lead generation, combining sales enablement to make sure we pick the right companies. You know, enabling that in terms of the funnel for us and then making sure we have local account management that are in country, in market, in language, and tie that with relationship management solutions engineers and product expertise to be able to drive it. It's not a one-trick pony saying, "What's your secret sauce?" You gotta do it, and you gotta perfect it, and a lot of it is trial and error, right? Like, continue building upon that. We have used external help to help redesign the org and people and reporting, and it's been a continuous process. I think what we have today is head over heels of what we've seen from peers, specifically as we do a lot of, you know, diligence on the M&A side. When you do bump up against Stripe or Adyen, I would imagine there's a lane where you really shine. Mm-hmm. You have a capability that they don't have. Why do you win against those guys, when you face them, I guess on the e-commerce side globally? I think it's really interesting, right? First of all, Stripe is closed off where it's all or nothing. I think, on Adyen's side, they have been known to really focus on closed off, meaning that they focus on enterprise, and they're less flexible as you get down. These are two great companies, right? Like, these are aspirational companies for us to be in, and for us to be named in the same breath of these two is super humbling. If you end up looking at our performance compared to theirs, we've caught up a lot, right, over the past 3 years from where we started, so that goes to show, one, is that we are a market share winner. We certainly are, all of us combined, winning from legacy players. That's total fact. What's interesting in e-commerce is that it's not, it's not like at a Walmart where you have one terminal at the table. Does that make sense, guys? In e-commerce, they're gonna use multiple players. They're gonna wanna have some backup, and they'll always check on authorization approval ratios and come back to it, and that allows you to enter the wallet share and grow with it. Something that we always find interesting is, you know, we may get 5% of a merchant's wallet share, example, right? That's all net new, and since you're at scale, right, every of those gross profit dollars fall to the bottom line. If that 5% goes to 10%, we've had 100%... Sure growth of that relationship with the merchant. That's so powerful for where we sit. Ultimately, it's making sure that we're able to enter the sphere, both geographically and capability, as is required for the customer, and then deliver. Got it. No, that sounds good. I wanted to talk a little bit about Paya. The deal closed early this year. Maybe quickly remind everyone of the rationale behind the deal, and then you highlighted a second ago a few of the areas that you're most excited about. Mm-hmm. Let's dig into those. Really, I think people understand e-commerce. They may not understand government and B2B, maybe talk a little bit about that. Sure ... and make it real for us. Look, I think the first thing about Paya that's fun is Paya came our way, right? If you guys think about before the dislocation in, in valuations, Paya would require equity. You know, I think it's a good time that we were able to execute, and we looked at a lot of the opportunities. What we liked about Paya was, one is, I would underscore the people, right? Paya has great people, great culture. I think Jeff and Glenn did an excellent job at managing the business with the resources they have. I'd underline that the resources they had were thin, and so they didn't invest enough in go-to-market. I think they did a great job of kind of maximizing. As we dug into the business, we found multi things that were interesting for us. The first is we learned about B2B and how they were focusing on a monoline B2B, meaning only US, only credit card, and only supporting the US portion of the ERP platforms that they were with. As we undug that, we found that ECI, Sage, Microsoft, all of them have global footprint. When you enter the global footprint, how businesses pay between each other is a direct you know, complementary activity to our capability stack. If you think about, you know, faster payments and account-to-account payments or what we do with Bancontact or Giropay or any of the other 600 alternative payment methods that we're enabling for our customers to buy and sell from each other, it's really, really powerful. On the B2B side, we are excited about accelerating the go-to-market, which by the way, last quarter grew by 15%, so we actually think that could be a multiple over time. We think there's an enormous TAM, around $40 billion of TAM around. Not all of it will be addressable. As you guys know, people like to add checks and other goodies into B2B, but we think it's quite important. We think there's the international wallet share expansion within B2B that we got really excited about. The same is directly true to the software space. Paya has a small integrated payments business. That grew 17%. When you think about this integrated payment space, and you guys know this, everyone's calling these ISVs all day long, right? You have around 20,000 ISVs in the United States. Everyone, they're either moving from referral partner to PayFac and all the mess that's happening in between that. The reality is no one's ticking the box and saying, "Mr. ISV, how are you gonna, you know, enable your payments in Canada and Australia and New Zealand and U.K.? How are you gonna find 25 different partners, or can I help you monetize your global payments?" I think that became really interesting. As we went through the Paya side of the house, we realized that there's multi relationships in each ISV, which actually was a little bit surprising we found that. Many of them are saying, "I need access to at least the English-speaking countries. I need access, I need access to process local payments." As we started unpacking that, we realized, my goodness, we have a lot of capabilities here to not only expand wallet share, but also coming in and providing a differentiated approach to ISVs. What was unique for us is because ISVs is a blank canvas, we actually don't care if they wanna become wholesale PayFacs, retail PayFacs, or referral partners. Meaning many of our peers are saying, gosh, they have these ISVs today as referral partners, and they move to PayFac as an immediate revenue impact to them. For us, it's a canvas that we're gonna wanna execute on. We think our value proposition is very strong and highly differentiated from the legacy folks, and we think we're gonna be expanding wallet share from that. The last few points were ultimately we love the use cases, and the kind of balancing out our portfolio between discretionary, non-discretionary. We really liked how all that came together. I think the last thing that I would highlight that we've been proving out, Paya wasn't a complicated integration, right? They used TSYS. They had multiple payment gateways, a very simple U.S.-based business. Guys, we've done with integrations where they have operations in 40 countries and transfer pricing and regulatory issues, like you name it. Paya is like kind of a low-risk integration, which, you know, we're well down the road on and all of them combined felt like the right time to execute. Did you talk about government? I'll talk about government too. Yeah. Paya has a government business. They built a product called Citizens Portal. What you end up having for Paya that not only do they sell payment acceptance into the government space, the Citizens Portal is driving really good momentum where they actually have an engagement within the citizen. It's deeply integrated to the municipality and allows citizens to, you know, view their invoices, pay their invoices, and provide all the back office support. Imagine our mothers and fathers interacting with Citizens Portal. I joke because my mother called me last week for tech support, which is a nightmare, like even how to turn on the computer. These are things that Paya does really, really well from a GUI perspective and a people perspective to enable municipalities, specifically around the senior side and the automation around you know, the younger folks. It is a very interesting business. We think, again, the Citizens Portal has applicability certainly in Canada as well as in the Caribbean and the United States, and something that we're gonna be continuously investing on. We have lumped government and B2B under the same leadership. And that allows us to kinda share those resources and we continue growing the business. Got it. I gotta ask you this question. Looking at Paya. Mm-hmm their growth was decelerating as the deal or in the quarters leading up to the close of the deal. You guys have talked about or identified $500 million-$100 million, I believe, in synergies, which is not inconsequential relative to how big the company is. Yep. Where are those synergies, and what's the, what's the opportunity? Whatever you can share. I know it's early, but whatever you can share to kind of put some meat on the bone in terms of your synergy expectations. 100%. It just wasn't $500 million for everyone not to get too excited. Did I say $500? Did I say $500? It was between $50 and $100. Oh, 50 and 100. I'm sorry. If you wanna give me the $500, I'll take it. No, no, no. That's a no. It was between $50 and $100. We did a bunch of work with Bain here as well and our integration team, and we really unpacked all revenue synergy and revenue acceleration opportunities in Paya, and we put it into three buckets. Kind of do nothing, very little investment, do some work, and then product expansion opportunities. You know, kind of on the baseline, we think we can accelerate the business by about $50 million revenue on the base case. We believe, and that's what we're aiming for, to accelerate by $100 million of revenue. That's kinda what we wanna make investments into. Some of it is easy lifting, and some of it is more complex, deeper, harder lifting. We actually want Paya to be a leader in the space that they're in right now. It's very fragmented. We think actually we can accelerate that deeply and be product innovation of what we're doing around the product side, be it investing in the go-to-market, which we started already, be it investing in VAR engagement and things that they never really did. We're focusing on the 100, but we want to kinda give the scale of what the options are. Some simple math for us is, and we've talked about this before. We met with ECI, which is one of Paya's partners, and they immediately told us we have pain in four countries, and all those four countries are countries that we can help them with tomorrow. To execute on that is not saying, "Oh, great, I'll help you tomorrow." I need to connect Paya to me. That's an easy integration 'cause that's starting already. Now, others are saying, "My god, in Europe, I have other B2B flags." Now that comes into a mid, right? Ultimately, it's always the same concept, but how do you execute on the countries, Reggie, is kinda what we've unpacked, and we've gone into excruciatingly detail because we wanna have the plan right. I think this just proved the thesis that Paya is an amazing platform for us to execute on. That's really what we want to come back to. We want to do it to ourselves 'cause we had a good gut as we bought the business, but also having third-party validation and driving forward our future investments throughout, you know, the go-to-market and productization of Paya. Nice. Sorry about that. I thought I said 100. Oh, yeah. Don't confuse me. Okay, moving along. You guys have talked about strategic priorities your last few quarters. I think unified commerce, open banking, some other things. Can you talk a little bit about that, maybe add a little color? Of course. We have a couple priorities, right? Every year we wanna open five new markets, which is, a big topic for us. The second thing that we're looking at is accelerating our unified commerce business. That effectively is the old term of unified commerce is omnichannel, guys. Driving card present, card not present on a unified experience. We're well down the road with BYOD, bring your own device, and we're doing something now with Verifone where we're gonna certify the entire kernel so that our customers through our REST API can decide to do card present or card not present and enable that. It's really important across many of our verticals. I think people will be surprised that even in gaming it's important, right? If you think about U.K. gaming, 20% of the volume is online, 80% is not. There's lots of opportunity, we think, with this to continue expanding wallet share with our customers. Embedded finance starts and embedded finance has become another very sexy term to talk about cash advances and pre-funding and issuing. When we think about our ISV business, when we think about overlap on our payout business, you know, there's certainly good amount of opportunity around accelerating our embedded finance offerings. Around that one, card issuing we're well down the road on. We have as you guys may or may not recall, we do debit issuing today in Europe. We have now started doing prepaid issuing in Europe on a pilot basis. We're gonna bring that next year into North America. We believe this is quite significant from a value proposition to our end customers. As we continue running down with ISVs, it's about embedded finance in terms of how to get them paid faster, how to get the aspect and opportunity of receivable factoring as well as other value-added services within our own customers. We'll do that over time. The last one was which one? Lost track. We had, You should know these, right? I do. I just, you have me talking too much now. Okay, open banking. Open banking. Yeah. Yeah. Our account-to-account payments. We built account-to-account payment capabilities in Europe. We want to accelerate that. We have made enormous progress in LatAm, obviously with what we're doing with Pix. We have Australia that's coming on as well, which is super important. Interac in Canada is talking about their own open banking initiative and real-time payments. There's naturally FedNow in the U.S. which, while there's a lot of hurry up and wait, it'll take some time for many of the banks to monetize it, we think it's quite important. Those are the areas that we're focusing around open banking. Got it. I've got a few more and then I'm gonna open the floor to questions. Boy, a lot of people are leaving the room, Reggie. Was it you or me? I don't know, man. I don't know. Maybe both of us. I guess last quarter, good quarter. Guidance, 2Q guidance was lighter than the street. You talked about some seasonality in the Paya business. Maybe, you know, kinda talk investors off the ledge there, 'cause there's an implied ramp in the back half of the year. Mm-hmm. Like, give us some. Absolutely Security around the guidance and how you're thinking about it and why it looks the way it is. Let's talk about Q1, right? We had an excellent first quarter. We see that momentum moving into Q2. If you look at Q1, if you pro forma Paya, add as about $40 million, so you'd get to about $296 million. You see the sequential growth into Q2 even though there is seasonality. The seasonality is not on Paya side. The seasonality is more about Nuvei because we've had great success on our U.S. gaming business that gave us exposure to Super Bowl and March Madness, as well as some exposure to travel. That kind of fades away into Q2, and then at the end of second quarter, you have the travel season that picks up. That's kinda more explaining around the seasonality, but you do have sequential growth into from Q1 into Q2. When you talk about the full year, this is something that we tried to explain to folks, is you look at last year, the second half of the year grew about 10.5%, right, from the first half. What we're end up looking at for, in Nuvei's case, right, the second half will have the same momentum roughly as last year, built up to meet the outlook is between 3.5% and 9.5% of our core business, plus new business, which also includes Paya today. You know, from our perspective, business as usual, right? Certainly it's always loaded at the end because if you guys remember, new business is so powerful from a Nuvei's perspective, right? Double-clicking to Capital Markets Day, we showed that whatever you sign in the previous year starts at 0 in January, and you build a cohort by the end of the year. That cohort by the end of the year typically generates the following year between $100 million and $140 million of revenue. It shows you incredible acquisition costs and really good scale. That is typically more heavily weighted to the end of the year as you gain the momentum. If you look at last year, probably 80%-90% of the new in-year business revenue was in Q4. It's just the nature of the beast. What changes for Nuvei is it really just depends on merchant integration timelines, right? Like, are they going live now? Are they going live the next week? That kind of fuzzles it up, and that's why we always pack it towards it. If you look at sequential growth, this year versus last year, we're very much on the same building blocks. Sure. On that note, I mean, you mentioned kinda how the cohorts build. How do you compare or how do signings this year through, we're almost through half of the year, compare to last year? Your bookings year-to-date versus maybe a year ago. Can you talk a little bit about those trends? Anything to call out? Yeah. I mean, Q1. It's hard to say 'cause Q1. Like, I could tell you Q1 was well over 125% over the but it's such a small number, Reggie. Sure. Like, I give you guys a number that, like, it's not. Y ou just have to wait for the building blocks to come up. I think it's gonna be a really strong year in new business just because of the conversations that we've had. Just keeping in mind, right, new business doesn't just pop on the radar saying, "I talked to Nuvei on Monday, I sign with Nuvei on Thursday. Yeah. And then we go live next quarter? Does that make sense, guys? Like, these are typical year, two-year conversations that kind of move their way through, and they're building blocks of what we've done last year. Ultimately, our engagement across the board is very strong. We like where we sit. Got it. I know there's a crypto or digital currency compare that annualize. Just real quick, remind us when does that kinda lap? I know it's gonna be a smaller piece of your business going forward, but what are your growth expectations for that segment? Yeah. It laps at the end of this quarter, right? That's kind of we always talked about. We had a business like that vertical represented roughly 25%-26% of Nuvei, and it went down to now 5%. In an incredible deceleration. What we tried to highlight to folks with some disclosure is that if you looked at Q1 this year versus last year, there was $32 million of crypto and FX headwind that pretty much falls to the bottom line. If you look at our, you know, in 2022 Q1, you know, out of the $91 million that we had in EBITDA, right? $32 million was from crypto. You're talking about $59 million base plus $32 from crypto and FX. This year was $96 million, right? Where we've replaced that entire $32 million. It just shows you the power and the operating margin of the business as we continue scaling. That scale and that momentum has allowed us to outgrow some very, very significant headwinds, basically a quarter of our business. Yeah. No, that's impressive how you have grown through that. You wanna know one thing I wanna say is that, like, something that I love how we manage that, guys, is that we did all that without touching OpEx, right? Most of our peers would have gone in and done restructuring and cut costs and fire people. We just went heads down and worked our way through it. I like the way we handled it. I think it's the right way to engage with your employees and customers. I think that creates, you know, far deeper relationships with our team. I think it gives us a nice platform for continued momentum. Yeah. Now on that, on that note, I meant to mention this earlier in the introduction, What I find most impressive about the company is that you're both high growth and profitable. We've got, you know, in the fintech space, a lot of companies that are high growth but haven't reached profitability yet. You guys are both, which I think deserves highlighting. I'm gonna throw it out to the audience. If there are any questions, just raise your hand, we will hand the microphone to you. If not, I can keep asking questions. Hi. I'm Nick Sertl with ThornTree Capital Partners. I was just wondering if you could give some color on what you're seeing in the gaming space in terms of competition, market share, take rates, et cetera. Thanks. Sure. I'm happy to. You know what I find interesting is, I just have to remind you that gaming is a global vertical. Does that make sense? We've seen a lot of folks talk about US gaming, US gaming, US gaming. Yes, it's an opportunity, but I think there's far greater opportunities just around the world, right? What we're seeing in South America, we're seeing in Brazil, we're seeing really good momentum in North America as well. We've had Ontario that's come up. There's potential for Alberta to come up. What we found in gaming is that it's not, it's not a monoline product. Just to highlight that, right? Acquiring and you're talking about take rates. Acquiring in US gaming is sub-10 basis points, probably more like sub-5 basis points. You need the full end product, meaning pay in, pay out, alternative payment method, ACH, and all the value-added services. I think where we're gonna create even further differentiation is Nuvei. Nuvei is finalizing our debit routing. We're gonna be routing smart routing in the U.S. like we do internationally to pick the appropriate debit network to drive greater authorization rates. It's a matter of building blocks to create value for the customers. We have absolutely set the stage in gaming. We are now very present in the market. I think we are either contracted or in deep discussions with all the core operators and so that gives us a good platform for continued growth. U.S. gaming is still not excessively large for us. It's something that I think there's more opportunity there. Actually, we think, if you look at gaming as a core vertical, right? Q1 this year versus last year, really good momentum on a large vertical for us. We think that has a good amount of tailwind just because of the regulatory environments around the world. Real quick. I'm shocked that acquiring is so cheap in the U.S. five basis points. Roughly, yeah. How- These are enterprises, right? You're talking about large enterprises. I mean, we see you guys, it's been topical, but we see PayPal's been doing this in gaming a lot, right? You know, 0 processing on the acquiring to get the PayPal. You know, we do that too, right? Yeah. literally acquiring more for payouts and other. There is no, t his is something that I found really important to highlight, right? Some folks said, "Oh, gaming, there's not much competition." That's total bullshit. Like, there's competition everywhere, guys. Like, everything that you can imagine is always competitive and you gotta win with your own right and your own tech stack. real quick, outside of the U.S., gaming spreads are more like what? That is different because it's not all linear to acquiring, right? If you look at U.K., right? U.K. is only debit. We actually don't do much credit card at all. I think actually, one is allowed and one is not on casino and sports. U.K. is different, right? It's, you know, Europe itself has potential FX if it's between, you know, between different. Sure Countries that come back to it. You have payout opportunities. It really just depends on where the operator is operating. You know, in Europe, we do authentication, which is a big product for us, right? Where we cascade down authentication. We do all, you know, account-to-account payments as well. It's not just one product saying, "Can I do acquiring? Got it. I've got two more. We've got three minutes left. I'll put them together, and you can just run with it. Nuvei in 5 years, what does the business look like? The second question is, what does the street get wrong or not understand about- I've given up on the street, so we'll talk about. We'll, yeah, we'll go to the first one. You know, like, if I were to close my eyes and think about all the tentacles for us to continue growing. I think Nuvei has the potential to be $1 billion of EBITDA, right? This is just my own opinion. This is not giving an outlook, but just, you know, as we look at organic opportunities or inorganic opportunities, that's kinda where I think we can go to. It's, it's incredibly humbling, right? I started this business 20 years ago, guys, like stumbling into payments. Like, didn't even know what a terminal was, right? I remember I had to Google this thing. I got into this business because I couldn't get a merchant account. Like that's how I learned about payments, and it's like this obscure environment that's so important to commerce, but it's somewhat obscure to so many people. Sure. I've had the pleasure of watching this industry grow. I've had the pleasure of watching merchant requirements change, right? I think we have done a really good job at staying innovative and focused to address where the market is at the time, and that is gonna continue. I think that gives me real confidence as we set our roadmap, you know, for this year, for next year, and where we think we can continue taking the business. That's on one end. I think what you'll end up realizing from Nuvei is new use cases, more use cases, more scaling. These are the things that keep, you know, keep us up, and we wanna continue being, you know, leaders across every market that we operate in. Got it. Any other questions in the audience? One more here. One second. Sorry, I got you running back and forth. Hi, thanks very much. Could you just give us more flavor and color on your approach to risk and compliance? Payments companies have taken a beating recently. Short reports, all sorts of things like that. You're in some kind of probably higher risk verticals on a global basis with acquisitions. Like, I know it must be high up your list of things that keep you up at night potentially. Just what's your level of investment? How do you give us comfort that you're taking that kind of seriously? The question was, risk and compliance. Yeah, I couldn't catch everything, but I'll kinda run through what I heard, and if not, you can give him a follow-up. People forget that we're a highly regulated entity, right? We're, we're regulated in all the markets that we operate into, and then we're naturally obviously overseen and reviewed by the card brands. We have specific requirements, I think, from a risk perspective, that one operates on a regulatory framework where, you know, AML and all the other things that come along with all the regulatory side. We have merchant adjudication and merchant compliance. We have risk management, and then we have all the back office SARs and other reporting that come along with that. We try to be the North Star of the verticals that we operate in, right? We wanna be that table stake for customers to understand of how they operate, and that's why you see companies like Nuvei that have operated in gaming for the past, you know, 12, 13, 14 years without a blemish on our particular record in terms of how we operate. We have and we continue to see shenanigans like companies enabling France, companies enabling Italy, and others that we just don't participate in. We have 215 folks in our risk and compliance team. Our perspective is never to buy a problem later on, unlike our peers. We'd rather err on the side of making sure that this is a long-term relationship than a short-term. I would leave you with that. We, from a process perspective, each country has its own unique AMLCo, which reports back into the different groups on a head office basis. We have more licenses than many of our peers, right? I think we have in the teens today from a licensing perspective. We have incredibly strong relationships with our partners, be it the card brands that are a big driver for our continued growth, and I think that kinda speaks to the reputation. Cool. Well, thank you. Thank you, everybody. I appreciate it.