Well, David, thank you very much for joining us today. It's fantastic to see you, and it's fantastic to do this with you. Been looking forward to it for a long time. More importantly, thank you for everybody for joining. I think this is the last obstacle you guys have between yourselves and drinks, so we'll try to be efficient. Dave, for those who know the story, maybe we'll just start at the very top. We'd love to ask you just to share kind of a high-level overview of the business, how you guys fit into the marketplace, and just tell them the story about Nuvei. Sure. Thanks, Gary. Thanks, thanks for having me and thanks for coming, everyone. Nuvei, we're a payments technology provider. We're global. We focus on very specific verticals, specifically those that are high growth. We're not trying to be everything to everyone from a payments perspective. We're actually celebrating our 20th anniversary this year, founded 20 years ago by Philip Fayer, our CEO. We've grown pretty significantly organically and inorganically over the past several years. Just to put into perspective, where we focus is really cross-border, global customers, high-growth customers, specifically online e-commerce. You think about the complexity that's required to operate in a global environment, that's where we like to operate. For a business that is just operating one kinda local domestic market, that's great, but they'll grow over time. You think about just in that domestic market, you think about all the connectivity they have to have from a payments perspective. They have to have potentially a gateway, an acquirer, they may need Fraud and Risk Management services, et cetera. What we do is we pull it all together as a payment suite that we have. Basically one integration, you can get access to the entire payment suite and all reconciled, deposited through one, through one deposit. We do that on a global basis. You think about the complexity of moving outside of that domestic local market and when you go to other markets and there's cross-border and there's regulatory regimes, that's the space we play in. That's how we add value. Our, our purpose is really to accelerate our customers' business, and that's how we do things. We try and really work with our customers, and partners to drive growth for them. It's been successful and, you know, we're heads down executing on that, on that strategy and that plan. Maybe double-click into the customers, if I can ask you about that. Who's the typical customer? How do you target them? I think the probably the best way to think about it is from a distribution perspective. We have both a direct model and an indirect model. On the direct side, we're really going after medium to large size enterprises. Again, e-commerce focused, but there is an omni-channel unified commerce perspective. Direct, it's really on the medium to large size merchants, specifically focused on certain verticals. Be it social games, online gaming, travel, online retail, marketplaces, those are some of the focused verticals that we target. That's the direct side, which is really the focus of our business. On the indirect side, which is becoming more of a focus through an acquisition we made earlier this year. On the indirect side, we partner with other providers, as examples, you know, independent software providers. We integrate into them. That's more of a middle marketplace. The customers in that space for the mid-market, it's more diverse from a industry vertical perspective. Nonetheless, there is still some concentration and focus from an industry vertical perspective in that mid-market, which is really as an example around Government, B2B, Nonprofit, Healthcare. Yeah. That's really kind of from a distribution perspective, a customer size perspective. In all cases, it's really about those that wanna go international. Like, that's really where we, you know, where we play best on a global scale. Maybe you could overlay that now with competition, right? It's obviously different players across everything that you've described, but who do you view as your core competitors and how are you positioning them? The way that we look at it, there's really five... If you go domestically, there's lots of players, right, in a domestic market. If you wanna look at who can provide the payments technology needed for an enterprise to operate internationally and globally, it really comes down to a handful. you know, the way that I think about it is, Big Tech has FAANG, and in payments we have called SWANC. there's Stripe, there's Worldpay, there's Adyen, there's Nuvei, and there's Checkout. there's really that handful, SWANC. Okay, you got me saying it again. Right. Stripe, Worldpay, Adyen, Nuvei, Checkout. Those are really the players that I'd say that we, that play in the international and global sphere as it relates to payments. Certainly, there's differences amongst them, but that's probably the peer set that we come up against the most on a global basis. In terms of relative performance, and probably more importantly relative to the whole market, I think all of SWANC, as I've just learned, are taking share from the market. How do you think about that? Why are you winning relative to those? More importantly, why are all of you taking share from the market? Yeah. You know, we are definitely taking market share. If you look at our first quarter organic volume growth, we grew 29% organically from a volume perspective. Clearly we're able to win market share. The way that we differentiate ourselves is a few things. One is from an offering perspective, from a technology and product perspective. We're differentiated in that. We offer multiple services, value-added services and kind of, you know, the more obvious payment services being gateway and acquiring, but other value-added services through 1 integration. The difference is that we offer it on an à la carte basis. So if you want to only take one of our services, if a merchant only wants to take only one service, they can. What that does to us is it positions us in a very unique way to what we call land and expand, kind of get an initial relationship with the merchant, with the customer, and then expand from there. If you look at the breadth of our offering, we think that's also a differentiating factor in the sense that just from a pure scope perspective, we can offer our services and let our customers transact with their customers in about 200 markets. We have local acquiring in 47 markets. Alternative payment methods, we can offer over 600 alternative payment methods. I'm not sure to what extent everyone's familiar with APMs, but, you know, in the North American context, we think about the obvious payment methods, Visa, Mastercard, American Express, PayPal, ACH. When you go locally, there's a lot of other, you know, payment methods out there. We have 600 in our portfolio. That really is a door opener. 150 currencies. That scope all through one integration is quite unique. The other differentiating factors that I would mention relate to the expertise that we have in those specific verticals that we focus on and that we concentrate on. That's built over years. That's not something that you can acquire overnight. The relationships and expertise and knowledge we have within those verticals, be it social games, online gaming, travel, that's something that the customer really appreciates because we can speak their language, understand their language, understand their pain points. That understanding and expertise, and then how we serve them. They know for the large merchants that we have as customers, our larger customers, they're not calling and getting a call center. They're calling, and they're speaking to someone who can actually understand their business and solve a challenge or an issue they have. That's effectively how we compete. In terms of how we're winning and why we're winning, if you come back that 29%, you know, organic volume growth, it's really around for new business, okay. We expand with our existing customers by expanding our, whether it's geographic reach and going to new markets or expanding our product offering. With new customers, it's really just about getting in the door. It's really just solving that pain point or that challenge, be it they wanna expand, you know, geographically, or they have some challenge that they're trying to solve and they want us to help. Maybe just staying with the, with the verticals. In Q1, I think you talked about online retail, travel, gaming, video gaming as sort of areas of outsized growth. Maybe you can double-click on that for us? Is it the customer base that you already have, new opportunities? Why are you winning there? Why highlight those? What are the keys behind those wins there? Q1, which we just announced last week, we did have some good growth in some of our key verticals. If you think about social games, that was up 53% year-over-year organic. Online gaming is up 54% organically. We had travel up 68%, and we had Online Retail, it was up about 83% or 84%. Why are we winning? It's a combination of many factors, a lot of which of what I already mentioned. It's both a combination of expanding with existing customers and bringing in new customers. On the existing customer base, if you drill down into some of those, some of those verticals, there's some geographic expansion. If you think about, you know, a topical one, which is Online Gaming, certainly the U.S. has been a market that's expanded over the, you know, the last year or so as states individually are opening up. That's been certainly contributed to that, to that vertical. If you think about travel, of course, in the pandemic, there wasn't much travel happening. There was that pent-up demand. We do have an expertise on the travel side. It is an area that we focus on. We have had good growth there. Online Retail, you know, for the most part, the historical growth that Nuvei had, really was driven through word of mouth. Only recently, in the past year or so, we really started to invest in our distribution channel, and we're really starting to see the results of that, of that investment. We've brought on new customers last year in some verticals that were smaller for us, and we've certainly been able to bring on new customers in this year. You know, talking about that growth, in the first quarter of this year, the revenue from new customers we brought on was 125% greater than it was in the first quarter of last year. Our new business has really grown. It's a small base, okay? It's a small number in the first quarter because we basically look at new businesses starting from January 1st, so a new merchant that we bring on, new customer bring on January 1st. It's a small base, but it's really good momentum that we see and the results are paying off from the investments that we've made. Overall, you know, our growth, I'd say, some noise within our numbers, okay. One of the items is we had, you know, cryptocurrencies had significant growth last year. Of course, everyone knows that business has kind of gone south. If you strip out cryptocurrencies, look at our organic revenue growth rate on a constant currency basis, so take out also the FX, we grew 26% year-over-year in Q1. It's the same growth rate we had in Q4. You can see consistently 26% 2 quarters, sequential quarters in a row. We foresee for the full year of 2023 being between 23% and 28% growth on that same basis. Business is performing well. We're really happy with the execution, but, you know, certainly more work and a lot more opportunity to come. Maybe pivoting a little bit to the product roadmap. One of the stats that jumped out at me when I listened to the Q1 call was a 40% increase in investment in R&D. Right. I know that was a big focus kind of throughout, and then sort of the increased emphasis on that. Can you double-click how do people think about the roadmap, the increased investment, and so forth? Yeah. So that 40% increase is specific to CapEx. It includes, we did an acquisition earlier in the year, so it includes this on a inorganic basis, so there's some acquisition there, but a smaller portion. We have spent a fair amount. You know, we're fortunate as a company. We're fortunate because we have very good margins, and we are profitable, and we generate cash. That cash generation allows us to be flexible in how we invest in the business and allows us to reinvest back into the business. We've been investing, I mentioned before, from a people perspective on the commercial side, as well as other parts of the business. We've been investing in, for sure, in technology. That's the core of what we offer, our core technology. So people, product, technology have been across-the-board investments. You know, in our Yes, there's the 40% growth year-over-year as it relates to CapEx. The way that we think about, I'll call it, our CapEx spend, like we do with all of our investment decisions, we take a very disciplined approach. Our target, which is where we are today, so we're within the range. Our target from a medium-term perspective is to be between 4% and 6% CapEx as a percentage of revenue, which you think it's a good number. It allows us to reinvest back in the business but also be disciplined from a cash generation perspective and capital allocation perspective. Maybe we pivot to Paya. First of all, congrats on that acquisition, closing that acquisition earlier this year. Maybe take a half a step back and maybe refresh or let kind of the newer folks to the name know about the thoughts around that deal, the rationale, and then, more importantly, how it's going so far? We announced the acquisition of a company called Paya, you may be familiar with them, earlier this year. We closed on February 22nd of this year. Paya is a U.S.-based and focused business. They also have a very interesting financial profile, which was, you know, decent growth at, you know, low double-digit% year-over-year. This is their historical and EBITDA margin about 26%. Lower than our EBITDA margin, but an interesting financial profile. What we saw in them was certain capabilities that we didn't have expertise in, specifically around integrated payments. We feel strongly that from a strategic perspective, integrated payments is how, you know, the mid-level market is gonna consume payments on a go-forward basis. We think about, you know, I'll give you the easy example, but it's not necessarily relevant for Paya, 'cause Paya is more focused on e-commerce. You think just about, you know, the restaurant downstairs where they have, you know, software that runs their operation, runs the kitchen, runs inventory, runs even, in some cases, if you look at Toast, as an example, kind of runs the POS that they bring to the table for you to pay. I'm sure you've all seen it. The integrated payments is having payments embedded in that core software. We believe that's how the middle market will really consume payments. It's a large market. It's a $35 trillion market, the ISV market. That's the number one rationale for Paya. Two was around bringing some other verticals I mentioned before, government, B2B, Not-for-Profit Healthcare. Other verticals that are, yes, lower growth than kind of the verticals we've been focused on, but it provides a nice complement to our business from a seasonality perspective, and from a cyclical perspective. I talked about the financial profile and really the team there, the expertise they had in gov, B2B, ISV. That's what really attracted us to Paya. The integration is going really well. We really just started because we closed, you know, not that long ago, 90 days or so ago. Great team. Yeah, it's going well. We're really pleased, and it's gonna help propel our growth going forward. Like I said, very U.S. domestic based. Yeah. one of the new things that came out, in this part of the earnings call was the $50 million- $100 million of new revenue opportunities, by 2027. I know you didn't talk about that as part of the original acquisition, but would love sort of a, as much of a double-click into that as you can provide. Where are you seeing those opportunities come from, and how do we think about them? The $50 million-$100 million is something that we announced last week. Part of our thesis in acquiring Paya was that we thought, like a playbook for most of our M&A, we feel that we can accelerate the growth rates of many of the companies that we acquire. In the case of Paya, like I said, they were U.S. only. We're global. There's some low-hanging fruit there with respect to taking some of their existing relationships. If you think about some of their relationships, they include, you know, large accounting, as an example, software packages. Sage as an example, ECI, Acumatica. These are global providers, right? Global software providers. Paya was only providing service to them in the U.S. Think about it. These software vendors had someone else for the rest of the world. It's a no-brainer for them to come and use Nuvei now that we have international capability. We have spoken to some of them. Of course, we had limited ability to do that pre-announcement and pre-closing, but we were able to do that post-closing, and the reception has been great. It's already like, "Okay, can you help me in Australia, U.K., Belgium, Canada?" There's some nice low-hanging fruit. Then there's some other opportunities we see. Paya did a fantastic job with the limited resources that they had. We, you know, we are a larger company with significantly more cash generation, so we're able to, you know, take some of our cash flow, reinvest back into the business to ultimately propel future growth and to reach some of that $50 million-$100 million. That's, like you said, by 2027. It's gonna take some time. Some of it's lower hanging fruit, some of it requires some more effort. We're really pleased with what we see. Yeah. That should be great to see. Maybe, maybe then just double-clicking on M&A a little bit more broader, right? This was your largest acquisition to date. You've been, you know, somewhat acquisitive throughout in terms of smaller deals. How do you think about M&A going forward in the short and medium term? M&A for us is has always been a part of our toolbox in terms of growth. We do it in a very, what we think, a very disciplined way. We don't feel we need to acquire, but we do feel it's a way to access capabilities quicker, whether it's entering new markets or bringing on some of these capabilities. When we think about, you know, the kind of the three variables we think about for M&A, what interests us for M&A is geographic expansion, capability expansion, or scale. Typically, an acquisition will have either geography or capabilities and scale possibly, but they'll usually have one of those first two. Like I said, we've taken a disciplined approach as part of our playbook. We're able to... You know, we get asked the question a lot, like how do you integrate the M&A because it's hard. Some of our peers shy away from M&A. We actually have a really well-defined M&A playbook and a really solid M&A team. The integration is key. We, you know, we walk away from many more deals than we close, but we have a playbook that's worked for us, and we're applying it now with Paya, and we're seeing, you know, the results through those revenue synergies, and some of the conversations that we're having with some of their partners. Yeah. What about capital allocation more, more broadly? We talked about M&A, share repurchases, and debt repayment and so forth. Maybe you can comment on that a little bit. We always try to take a disciplined approach to capital allocation as well. Again, we're lucky because of the cash generation we have. Our balance sheet looked different pre-Paya. We had a very strong cash position pre-Paya. Now we still are very cash generative, but we've taken on more debt with the Paya transaction. Currently, what we have done in the past, we have done share buybacks. We did about $56 million worth of buybacks in the first quarter of this year. Since we put the buyback plan in place, we bought back about just over $230 million worth of shares. That has been part of our toolbox. Now with this debt, our priority is really going to be around debt -repayment. That will be the priority. We will continue to look at share buybacks opportunistically. We'll also continue to look at M&A opportunistically, but, really the debt repayment side is gonna be, you know, currently the higher priority. We like to, you know, pay, like we've done in the past with other larger deals, pay down debt quickly. We'll be opportunistic as well. Yeah. I'm gonna pivot the conversation a little bit because we're risking this being one of the few panels that doesn't discuss the Great Recession that's up and coming and ask you a little bit about the market. From your seat, right? I'm obviously curious to see how you're thinking about the broader market backdrop, but specifically, what are you actually seeing in your business reflected in terms of your customers and how that may or may not be impacting you? Look, I mean, you know, it's hard to predict the future, it's hard to know what the future looks like. We feel kind of really good about what we're seeing. Because of the diversity we have in our business from a geographic perspective, from a vertical perspective, it allows us to kind of weather, for the most part, the storms that may happen. We're also, you know, try to take a conservative viewpoint, not just from an outlook perspective, but just from how we manage our business. We never went out and hired people like willy-nilly. We really took and continue to take a disciplined approach to growing the team because that's, you know, our team is super important to us. That's not something we wanna get too loose with. We've always taken that disciplined approach. What we've seen in terms of business, I mean, the metrics have been really strong. I mentioned, you know, growth from a volume perspective of 29% the first quarter. Mentioned some of the stats on some of the verticals. We see. Look, there is some areas of our business too that haven't performed as strongly. You know, our SMB legacy business, so that's really small point-of-sale business in North America. In the first quarter, that declined about 1%. It's not all perfect, but that isn't an area of focus for us. You are seeing some, you know, some, you know, some positive, some negative, but overall, we feel really strong, good about where we sit, you know, vis-a-vis, our positioning and our diversity. Again, hard to know what the future will bring. Yeah. Speaking of that, I'm gonna ask a question that's unfair for multiple reasons, but how is Q2 progressing? Yep. We just announced last week our Q1 results. At last week, we also mentioned that, you know, the volume that we're seeing in April and May are strong and good momentum. We're feeling good about Q2 and the rest of the year. Okay. let's, I guess, take the opportunity to also talk about seasonality- Yeah, sure. in Q2. That was a big topic. Yeah, that's a great-. The call last week, and maybe you can take a minute or two on that seasonality topic more broadly. That's a great question, Gary. From a seasonality perspective, I'll talk about it in a couple of ways. I think it's important to understand. Let's talk about it quarterly. From a quarterly perspective, Q4 is always our strongest quarter. Why is that? I mean, you can imagine, right, just traditional, you know, holiday season, so you have retail, that happens in Q4. You also have, you know, online gaming is one of our focus verticals. You know, Q4 is a big quarter 'cause you have NFL football that starts. Q4 is typically the by far the strongest quarter of the year. If we look sequentially, you go to Q1. Q1 is also typically a good quarter as well. In both Q4 and Q1, you have Government payments, you have Real Estate Tax payments in both Q4, Q1. You have charitable donations mainly in Q4, but still some lagging into Q1. Q1, you also have some sporting events, right? You have Super Bowl, right? Can't forget about that one. You have March Madness. Q1 is a decent quarter. Q2, typically, if you kind of think sequentially, it's a slower quarter. There's no real catalyst or events that happen in Q2. Q3 steps up from Q2. Think about Q3, back to school, so you get some of that retail, traditional retail, and then the NFL season kicks off, and then you're kind of into Q4, and that's obviously the biggest quarter. That's how you think about the quarterly seasonality, the quarterly cadence, which may not be as well understood, so hopefully that's clear to everybody. The other way to look at it is just look at first half, second half is another way to look at our performance. If you look at last year where we had no M&A, so it's kind of an organic year, I think it's probably the easiest way to compare things. Our second half last year was sequentially 11% up from the first half of last year. There's a, you know, 11% step up in the second half. That's pretty consistent actually for the prior year as well on a, on an organic basis. Okay. That's helpful. Thank you for that. I guess medium term, right? You talked about that a little bit upfront, but maybe we can get a double click on that. I think specifically what I think will be most interesting and useful are the building blocks, right? Once sort of unpacks your business, what are the key building blocks or growth algorithm that goes into sort of achieving those? Maybe as we start wrapping up, we can. Yeah. double click into that then, yeah. Okay, great. From a growth perspective, one of our medium-term targets is 20%+ growth. Like I said earlier, Q1 and Q4 were both at 26% organic, excluding cryptocurrencies and on a constant currency basis. We're at that target. But that growth algorithm is really driven by a few things. It's driven by our existing base. I talked about a little bit before. That existing base, if you think about all the levers we have from a growth perspective, it's actually quite interesting. On the existing base, our existing customers have their own growth initiatives, right? They're just, you know, they're growing organically, but they also have then their own growth initiatives. It's, you know, percentage points there, their own growth initiatives add to that. We will bring new capabilities to them, right. We'll add new capabilities to our suite. We'll add new geographies to our, to our offering. That'll allow them to expand geographically and from a capabilities perspective. On the existing business, if you kind of frame it in those, in those areas, you kinda get the growth there. Coming back, we talked before, the new business that we drive and we've been driving quite nicely. On the new business, what's interesting is it grows pretty sequentially throughout the years from Q1 to Q4. The interesting other part is the new business we had last year in terms of revenue $ generated from the business, it'll more than double in the current year. Think about it, we'll sign some business Jan first, some business December thirty-first. On average, that's half a year call it, but they don't necessarily give us all their volume day 1. They'll slowly bring the volume onto us. Really you'll end up with a 2x the following year after the new business comes on. Those effectively are the, I'll call it the organic growth algorithm and levers we have. Of course, you could add on the inorganic through M&A. Well, look, I think we're gonna be sitting here hopefully in five years doing the same thing, Looking here towards that date, what is the longer term vision? Maybe just leave us with that thought. I mean, look, you know, we are, we talked a lot about Q1 and quarterly cadence. Really, we think internally, we think long-term. Quarters, of course, are important as a public company. We're really here for the long term. We're gonna keep doing what we've been doing. That's heads down execution. It's listening to our customers. We're not out there developing things that we think they might need. We're out there listening to what they do need and bringing it to market for them, and working closely with our customers. That's our secret sauce. It's really working closely with our large customers in the specific verticals that we have expertise in, and we're gonna continue to execute on that plan. Now we have some new verticals in the fold with us, so it allows us to expand, you know, our capabilities and bring it more international. We're gonna, you know, keep doing what we're doing. We think, the fundamentals of the business are excellent, and we'll keep managing the business in a disciplined way. Good. Well, I think that's a great way to wrap up, David. Thank you very much. Thank you. I think the drinks are cold and