Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Nuvei Corporation Third Quarter 2023 earnings call. As a reminder, this call, conference call is being recorded. I'll now turn the conference over to Chris Mammone, Head of Investor Relations. Please go ahead, Mr. Mammone. Thank you, operator, and thanks to everyone for joining us this morning. With us today are Philip Fayer, Chair and CEO, and David Schwartz, CFO. As a reminder, this conference call is being recorded and webcast and is copyrighted property of Nuvei. Rebroadcast of this information in whole or in part without written consent of Nuvei is prohibited. Prior to this call, we published a shareholder letter for the third quarter. We encourage everyone to read it if you haven't done so already. The shareholder letter contains commentary that otherwise would have been included during our prepared remarks to this conference call. Shifting to this new format allows us to spend more time on today's call answering questions. We decided to make this change in part based on feedback from investors. We hope you find the shareholder letter informative, and of course, we welcome your feedback. We would also encourage investors that the shareholder letter be read in conjunction with our press release, MD&A, and consolidated financial statements, all of which are available in the Events and Financial Information section on our investor relations website, investors.nuvei.com. During this call, we may make certain forward-looking statements within the meaning of the applicable securities laws. Such forward-looking statements involve risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the business or developments in Nuvei's industry to differ materially from anticipated results, performance, achievements, and developments expressed or implied by such forward-looking statements. Information about these factors that could cause actual results to differ materially from anticipated results or performance can be found in Nuvei's filings with the Canadian Securities Regulatory Authority and on the company's website. Our discussions today will include non-IFRS measures, including but not limited to Adjusted EBITDA, Adjusted net income, and Adjusted net income per share. Management believes non-IFRS results are useful in order to enhance our understanding of our ongoing performance, but they are not a supplement to and should not be considered in isolation from a substitute for IFRS financial matters. Reconciliation of these measures to IFRS measures is available in our earnings release and MD&A. We'll just have some brief prepared remarks here before opening up the call to your questions. In order to get to as many people in queue within the allotted Q&A time, we ask that you limit yourself to one question and one follow-up. With that, I'd like to now turn the call over to Phil. Thank you, Chris, and thank you all for joining us this morning. As you've now seen, we reported solid third quarter results in line with our growth objectives. Highlights for the quarter include strong growth across the board, with total volume increasing 72%, revenue increasing 55%, and adjusted EBITDA increasing 36%. On a pro forma basis, third quarter revenue growth was 14%. This was 550 basis points greater than our growth rate in the second quarter. Pro forma per channel, revenue growth improved sequentially as well. Global commerce increased 25%, accelerating by 890 basis points. We continue to believe this represents category-leading growth. Our B2B government and ISV channel increased 16%, which represented 360 basis points of growth acceleration, and SMB declined 3.8%, which was 170 basis points better sequentially. We are driving efficiencies throughout our business and expanded our adjusted EBITDA margin sequentially by 40 basis points to 36.3%. On capital allocation, we continued to delever, repaying $36 million of debt and reducing our leverage by 0.2 turns to 2.6 times at September 30, 2023. Our board has authorized and declared a cash dividend of $0.10 per share. It is worth noting that since 2022, we have returned $237 million to shareholders in form of share repurchases and dividends. With these results, we are raising our full-year financial outlook for 2023. This concludes my prepared remarks, and we're now ready to take your questions. Thank you. We'll now be conducting a question and answer session. If you'd like to ask a question at this time, please press star one on or from your telephone keypad, and a confirmation tone will indicate that your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. So that we may address questions to as many participants as possible, we ask that you please limit yourself to one question and one follow-up. One moment please, while we poll for questions. Thank you. Our first question is from the line of Sanjay Sakhrani with KBW. Please proceed with your questions. Thank you. Good morning. You know, pro forma growth across all the three channels accelerated. Could you talk about what were the drivers of that acceleration? Good morning, Sanjay. Yes, happy to. I think the first and foremost for us is the way we've been managing the business. So we've created tiger teams to look at how we engage with our current customers and how we execute on new customers. We've been able to bridge the gap to help them go from signing to live faster by embedding sales enablement, and executive leadership into every single factor from client onboarding. And that has been seeing some great results, early momentum now across our core channel, which is our global commerce, our B2B government, and SMB. In our global commerce channel, we've been activating the pipeline that we've been building. Obviously, we started a very significant pipeline, and we've been monetizing across our regions of operation, as well as naturally continuing on driving product innovation. In our B2B government and ISV business, we've been applying our playbook. This really was one of the theses of why we acquired Paya, and you guys are starting to see the results and actually up sequentially, you know, mid-300s basis points, and we see there's a lot more drivers there. When you unpack that, taking our B2B operators globally, cross-selling our value-added services beyond pure play acquiring. From a continued growth perspective, we find that there's opportunities around off-balance factoring and AP in our B2B business in particular. We're seeing momentum in government as we move from a direct sales channel to an indirect, while allowing our Citizens Portal to bolt on existing software platforms. Then naturally, on ISV is a relatively new channel for us, but we're seeing great momentum in being able to offer ISVs Omni-channel global commerce solutions for them to service their customers in all pockets of the world. In our SMB channel, we're seeing progress as well. As you guys can see, some great recovery. We're quite bullish about what this will do, over the course of 2024. On one end, product innovation, like we talked about from a back-end perspective, from simplifying clearing and settlement, on the second side, to be able to provide more tools to our resellers. And ultimately, on the third side, is just driving some focus. When you bring it all together, we've seen 14% pro forma growth. We're quite confident in our two high-growth channels and quite confident in terms of bridging the gap in the SMB to bring us in line to our midterm growth targets, next year as we continue driving the building blocks. Okay, thank you. That, that was great. And if I think about the revenue growth into next quarter, and this may be a question for David. You know, when we think about the slight deceleration from the third quarter, how much of that is related to conservatism versus the client loss? I'm just trying to think about, you know, the sequencing of the revenue growth and seasonality and such. So maybe, David, you can help us with that. Yeah, sure. Good morning. Good morning, Sanjay. From-- look, from a revenue perspective, let me start off, you know, thinking about just overall assumptions, I guess, for, for the fourth quarter. You think about, you know, from a volume perspective, look, we're seeing... It's early in the, in the month of November, but for the month of October and so far in the month of November, we're seeing, you know, good, good progress in terms of the trends that we're seeing on a volume perspective. Remember that Q4, on the volume side, there is a fair amount of seasonality. We've seen that in the past. So there is a-- from a, from a sequential perspective, we will see volume step up sequentially in, in the fourth quarter. But keep in mind that volume isn't necessarily the same, doesn't necessarily yield the same from a revenue perspective. There is a lower yield in some of that volume. Keep in mind that we do a fair amount of government payments as it relates to kind of real estate taxes, donations also. So those are more large-sized transactions with fixed fees associated to them, so that results in a lower yield. You'll see that in the outlook, that our outlook from a yield perspective comes down from the 63%, this quarter, kind of to the mid-50s% next quarter. And then from an EBITDA perspective, you know, the outlook is really around, you know, that 36.5%, 36.3%, very similar to what we saw in Q3. So we feel good about that margin. We continue to focus on margin expansion. You know, we feel that we're at an inflection point from a platform perspective, and that there's certainly, as we move forward, there's certainly opportunity to expand EBITDA margins, and ultimately get to that long-term target of 50%+. So overall, I think... I don't think there's anything different seasonally that you'd see in the past into Q4. But again, and Phil highlighted from a channel perspective, the channels are performing quite well, each of the three channels, so continue to drive that growth that Phil just outlined. Okay, great. Is there any way to quantify that, like, large client loss headwind? So what I'd say is that most of the impact happened in Q3. It wasn't a full impact in Q3. Q4 will be a quarter with the full impact. But like we said, it was a top 10 customer. We've talked about in the past, you know, no customer represents more than about 5% of total revenue. So that can kind of give you a sense of size, but certainly there's some impact into Q4 still of that customer from a sequential perspective and year-over-year. Okay, great. Thank you, guys. Our next question comes from the line of John Davis with Raymond James. This is you with your questions. Hey, good morning, guys. Phil, I just wondered if you could touch on some macro and competitive landscape. You know, obviously, you had Adyen talk about competition, worldwide macro fears. So just want to get your perspective on what you're seeing from a macro perspective, but also competitively. Yeah. Thank you, John. Yes, it's, it's been quite, quite the topic du jour in terms of worldwide and Adyen. From our perspective, I think it's important to understand where we sit within the ecosystem. And on one end, we are not necessarily touching, you know, the mega merchants. We're really focused on mid-market to enterprise. I think that's the first pocket, meaning that we're targeting different merchants from an Adyen perspective. I think the second thing that is really important is that we're the challenger, meaning the incumbents typically have these stresses from a margin compression. We're a challenger. If you guys look at Nuvei's history, coming from a single vertical focus now to supporting, you know, multi verticals and multi markets and multi jurisdictions, this allows us to naturally have a more dynamic opportunity, and we think that this is an upsize opportunity for us as our product continues to evolve, both with what we're doing on the authorization side, we're doing on clearing and settlements, and what we're doing just in general from the geographies that we support. So we feel quite good from a macro perspective. We feel, while, you know, some of the companies you mentioned are world-class companies, we feel like we now have a great seat at the table, and we have upside, naturally from our end. Every incremental dollar that we process creates gross profit dollars, and because we're at scale today, those gross profit dollars fall, the majority of them, to EBITDA. So we really like what's out there today. We think this macro, in terms of merchants focusing internally as well as still managing their growth, is an opportunity for us. In terms of pricing and take rate- We have not actually seen that, per se. What we are seeing is merchants moving faster and being more thoughtful in terms of how they monetize and connect with their customers. And that's been boding well for us because we're not just a pure play acquirer, right? We provide our modules, as is required for our customers, and we're seeing them being really thoughtful in terms of what they need in the different markets. So in general, that is what we are seeing. We're seeing great momentum in our core channel in global commerce. We're seeing some great movement in volume. From a macro perspective, we're not seeing any significant deterioration from a consumer standpoint. Naturally, we are very different to our peers as we do have other end markets, and we've been very thoughtful of bringing our use cases into B2B, into government, and into software as well. So our makeup of our end customers is different, the size of our customers is different, and I think the last part is we don't have a 100% wallet share. In fact, some of these new end markets for us, we're still very much the challenger with strong product offering, and that gives us upside. Okay, thanks. Appreciate all the color there. And just as a quick follow-up, can you help us with the crypto contribution in 3 Q or what's implied in the 4 Q guide? That'd be helpful. Thanks, guys. Yeah, I'm happy to. We've seen sequential decline in the second quarter to the third quarter, so it's declined around a mid-single digit from Q2 into Q3. And that's about the same—it was more mid- to high-single digit from a year-over-year perspective. So again, it's no longer... We've lapped it, we've lapped the larger part of it, but it is still a declining vertical for us. Okay, thanks, guys. Our next question is from the line of Darren Peller with Wolfe Research. Please proceed with your questions. Hey, guys. Thanks. You know, it's obviously great to see the acceleration of the business, and it's just it's interesting coming off. You know, last quarter was one where investors were concerned on the guide change, and it was the second guide change. So I really just wanna make sure we understand the visibility that you have when you look forward. It was a nice acceleration. You beat numbers. Obviously, you guided conservatively after last quarter, so help us understand your philosophy in guiding now and making sure that the next quarter is properly set and what you really have going into it in terms of macro assumptions also. Hey, good morning. I can, I can start off. It's David. So look, the last quarter, we certainly had some, call it, one-off, one-off events that really resulted in, in the guide down. Those things have now—you know, we understand those, they're gone. We kind of learned, you know, on, on the delays in the implementation, we've learned a little bit there. So in terms of the guide that we gave last quarter, you're seeing the result and, you know, we're basically, you know, happy with the results in line and slightly above. So we're happy with what we, we saw in Q3. We're also pleased with what we're seeing in Q4. Like I said earlier, our October and November trends are good. Obviously, we have more visibility into Q4 now than we did, you know, a few months ago. We're, you know, we wanna take a position where we're, you know, trying to be very mindful of the macro at the same time. Like, that's, you know, there's certainly some challenges there. We think that from a macro perspective, we're pretty well insulated, but it's, there's always, you know, some level of, you know, let's say, you know, items that we wanna think about as it relates to macro. So that's always top of mind. But we're trying to be mindful and be reasonable in terms of the guidance and the outlook that we're giving, both for the quarter and for the medium term. And, you know, as we, as we exit the year, there's, you know, a couple of months left in the year, we'll be working, you know, we've already started to work on next year and looking forward to giving, you know, our 2024 outlook when we give our, our Q4 results in March. But overall, we're taking, you know, we're trying to be mindful, reasonable, in, in how we give outlook, and make sure that we're achieving what we set out to achieve. And internally, the execution has been great. I mean, we're, we're really happy with how the business is performing. From a revenue growth perspective, the margins are great, the cash generation is great. We're being, you know, mindful around capital allocation. So internally, things are really humming and, you know, we just got to make sure that the expectations we set externally are reasonable and that we achieve them, and that's kind of the approach we're taking. Phil, when we spent some time in meetings with you recently, it was pretty clear that some of the differentiation is resonating, really the vertical differentiation you guys have on, especially on the digital side or the e-com side, despite competitive questions that even came up earlier on this call. So, I mean, can you just revisit? There are verticals like airlines and others that were pretty exciting, that were coming in a much bigger way. Can you just revisit what's actually, you know, sort of insulated versus the competitive dynamics in the digital side? And then on a quick follow-up, just the improvements that you could make from here on SMB to get that flat to better. Thanks, guys. Yeah. Thanks, Darren. Great question. I think the first thing to keep in mind is our customers are never new customers, Darren, right? So we're always entering the wallet share with our customers because of their particular needs. So we're not servicing an Uber, for example, when they're just a startup. So customers are coming to us for a very particular need, and that is true across all the verticals as we continue amending and building innovation around helping our customers grow their business, do things better, and execute on their own journeys. We focus on verticals that have the propensity to operate in multi-country, in multiple currencies, and require multiple payment mediums. That is where we focus, predominantly cross-border or local to local, depending on, you know, the business model that our customers execute on. And we think there's a lot of tailwinds across the board. So obviously starting from gaming, which is a no-nonsense, always on, no latency vertical, that our customers are sometimes spending millions of dollars a day in marketing, and we deliver. And we've taken that skill set into social gaming, into marketplaces, into travel, into retail while building out our capabilities to improve authorization rates, lower the latency, provide greater conversions for them. So what we're seeing today is our focus on execution nationally in retail, what we're doing around travel with specific working with global airlines with respect to local acquiring and access to local domestic interchange around the world by utilizing our platform. And then naturally, looking at the overlap between our solutions that we require from a multi-vertical perspective, very much like B2B. We think about virtual card issuance that's relevant from both a loyalty perspective to a payout perspective, to an accounts payable perspective. So, in general, from a roadmap perspective, we have made meaningful inroads into airlines. I mentioned last time that we're supporting 4 of the top 20. We think there's a lot more to do there. Specifically of how other acquirers have treated airlines during the pandemic, we think that that has left a bad taste, and they are seeking alternatives with greater technology, so we think we're well positioned there. Retail ultimately was a, you know, low single-digit vertical for us, and we've been meaningfully accelerating our position with customers like SHEIN and Temu and Cupshe, amongst many others. And naturally, a very significant pipeline, as we help our merchants go from market to market. The same is true, strengthening our position in the markets that we have leadership position in, like gaming. So we're very bullish of our end markets. We try being industry experts of where we operate in global commerce, and I think we mentioned this in the shareholder letter, right? The days of companies just needing a vendor are long gone, right? They need partners. They need people that pull up a chair. There's always challenges and opportunities, and I think that's where my team shines, to be able to be that partner for, you know, our mid-market enterprise customers. So that is on the vertical side. On the SMB, you and I chatted about this when we were in Boston. We've seen some sequential improvements of SMB. We think there's more to come. You know, naturally, to achieve our midterm targets, SMB has to be between 0 and -5%. So we feel very comfortable with what we set out from our midterm growth targets. That being said, we think there's opportunities to improve in SMB, and a lot of that is going to be driven by, you know, one, applying the resources of our global capabilities. So, you know, today with our Omni, we are able to expand our SMB footprint and expand the tools that our sales channels can consume. But I think the second is things that we're seeing right now in Canada as we've implemented our back end. You know, Darren, we're doing interchange prediction, meaning that we see now interchange prices on a per transaction basis, which is what's required from our global customers. But that allows us to have great tentacles for, for example, instant commission funding, and instant payments for ISV and ISO partners and reseller partners. So there's a lot of tentacles of improvement from a product perspective, specifically when you look at this macro, where we're able to change the lives of both our resellers and end customers. So there's more to come. We think there's opportunities to continue improving, and all of that comes back to utilizing our product stack and our technology to drive future functionality to execute on both our customers and our resellers in the case of our SMB channel journeys. Very helpful, Phil. Thank you. Our next question is from the line of Dan Perlin with RBC Capital Markets. Please proceed with your questions. Thanks. Good morning. I, Phil, I just wanted to ask you about the kinda $100 million of annualized revenue you identified last quarter for the, for the enterprise clients. Obviously, you know, we're not going to see a bunch of conversions over the holiday season, but I'm really more interested in the conversations that you've had with those clients and then kinda your level of conviction that that can still kinda close over the next 12 months. Obviously, got a lot of great momentum in the business, so, I suspect that that's not going to be an issue, but, any color there would be helpful. Yeah, thank you, Dan. Great question. I, I think the biggest thing I could leave you guys is just the overall momentum. So what we saw this year versus last year was client conversions were running behind last year, not because the pipeline was smaller, just ultimately from time from signing to closing. So the biggest thing that we've done internally is created tiger teams, and we've changed the way we operate, and I run the business to make sure that we have a really clear set of visibility in terms of the opportunities and how we can help as an organization to drive those conversions. And what's happened since doing that is quite interesting. So we've gone from being down year-over-year to being 15% up year-over-year from a new business perspective. We look at our overall sales conversion, so we're starting to see really good progress on that. But ultimately, there's also this comment around macro and naturally, end market. So, you know, we have signed and won some great large enterprise customers that are scheduled to go live in 2024, late 2024, which is very different from, you know, other customers that think, "I have an issue in Brazil, and I need to go live now." So it's a matter of us having learning experiences between the different verticals that we operate in. Some of them are planned implementations, and some of them have to go, like, yesterday. And these are things that, as an organization, we have improved dramatically and something that we're going to continue to focus on. In terms of overall timing, I think certain verticals are continuing on the regular pace that we've seen over the last three, four years. New verticals are just longer, and so it doesn't mean that we're going to see the $100 million lap immediately next year plus net new. I think just in general, Darren, Dan, the way to view this is that everything has been pushed out, and we're going to get back on cadence now that we've pushed it out, and we'll start being on that regular cadence on a quarterly basis from a new business activation. That's great. Just one quick follow-up. It's a metric I just... I might have missed it in all the materials, but I found it to be helpful over the past couple of quarters, which is really your organic global e-com, constant currency, ex crypto growth. So by definition, I think last quarter was 34%. I'm just wondering if you'd are providing that for this quarter. Thanks. We haven't provided that metric for the quarter. I think, you know, we try to simplify our disclosures and, you know, improve disclosure and such, you see, kind of in the shareholder letter. I guess, you know, some of the metrics to point out, organic growth at 16%, organic growth at constant currency at 13%. Keep in mind what we mentioned earlier, that the revenue from digital assets did decrease sequentially, both year-over-year and quarter-over-quarter, by kind of mid-single digit percentage, in both cases. And then the other metric I'd point to is, you know, the 14% pro forma growth rate. I think those are kind of the key metrics. And then all, you know, the improvements that we, that we have made and continue to make from a channel perspective that you've seen, that'll drive us forward to our medium-term target of 15%-20%. And that's something that, you know, we, we, you know, we'll, we'll obviously give our 2024, you know, in, in, in early next year. But, you know, thinking about, you know, exiting 2024 at that medium-term target of 15%-20% is kind of the way to think about it. Okay. Thank you. Thanks, Dan. Our next question is coming from the line of Jason Kupferberg with Bank of America. Please proceed with your questions. Hey, this is Cassie on for Jason. I just wanted to ask if you're seeing any, you know, difference in trends by region most recently, particularly in EMEA, given everything going on in the Middle East there? Thank you. Not specifically, no. We've been seeing consistent volume trends as we'd expected between October and November, so we have not seen any different trends to highlight. We're seeing great momentum in North America, if you look at the region disclosures that we've made. So good growth in North America. You know, EMEA had 17% growth last quarter, and then naturally, good momentum that we're seeing in APAC. Certainly smaller, but great momentum, and in LATAM as well. Okay, got it. Just wanted to ask, I mean, margins obviously came in nicely this quarter. Can you just talk about where the incremental growth margins will come from going forward? I know you guys have made some progress with the North American processing being insourced. You know, are you seeing more opportunities in headcount or tech efficiencies, et cetera? Thank you. From a margin perspective, yeah, look, we're quite pleased with our, both the gross margin and the, and the Adjusted EBITDA margins. You know, business that generates 80, you know, ± 80% gross margin gives a lot of flexibility, and especially when you think about the platform that it's built on. And yes, at the gross... Look, the gross margin level, there'll be puts and takes as it relates to just kind of what we, you know, what we launch from a new product perspective. The way to think about it, though, is every incremental gross profit dollar has a high propensity to fall down to the bottom line and generate incremental EBITDA. On the clearing and settlement, you're right, there has been very good progress in that regard, and we continue to make progress there. There'll be more, more progress into 2024, rest of this year and into 2024, specifically in North America, where we'll, you know, we'll insource. And so that creates. It certainly creates cost efficiencies and cost effectiveness, which I think was the core of your question. But the other thing that it drives is, it drives a greater connection to our customers, because we can do certain things that we weren't able to do in the past because we were reliant on a third party. You know, improved, you know, settlement time as an example, speed of reporting, you know, allows us to do things quicker, and to implement things quicker for our customers. So there's a lot of, I'd say, intangible or non-quantifiable benefits, more than just the cost savings that it drives from a, you know, insourcing perspective. And then if you think about on the OpEx side, we, you know, we have a great platform. We have the people. There's certainly always enhancements that we make, but we feel really good about where our OpEx is today, where the margins are today, and we think we can expand from here. You know, the other area on SG&A we've pointed out in the past is on share-based compensation. That continues to decrease as a percentage of revenue. And that, you know, that is a large item. The other area I'd point out is commissions. So as you know, if you think about our channel distribution, and you think about the global commerce channel in specific, and that's being the, the highest growth channel, you know, most of the commissions are driven by our B2B gov ISV channel. And so as that, as the global commerce channel grows, again, commission as a total percentage of revenue, also have some opportunities there. So there's... And there, and there's many, many, specific cost initiatives that we have internally that both affects gross margin as well as OpEx. Similar to how we're driving new implementations that Phil talked about earlier, we have a similar cadence with respect to costs, and we have a regular cadence internally with, you know, a tiger team as well, where we're driving through a lot of the initiatives that we identify. And the fact is, we keep identifying more as we kind of go down and hit the larger items and the low-hanging fruit. There's still more that we see. So we're driving margins as we go forward. Thanks, guys. Our next question is from the line of Matt Coad with Autonomous Research. Please proceed with your question. Hey, good morning, guys. Thank you for taking the question. Wanted to double-click on your commentary around the, the retail vertical, earlier. I thought that was pretty interesting. Wanted to better understand the land and expand opportunity here. So you have some great clients in SHEIN and Temu. How do you kind of expand that wallet share over time? Hey, Matt, great question. What's interesting about Shein, Temu, Cupshe, and a lot of these merchants is that they are global brands, and they too have their own journeys of expansion. So for example, with some of them, we're looking at new countries in particular regions. We're looking at new alternative payment methods. We're always looking with them and piloting with them trends with respect to authorization rate improvement. So we are not a vendor to them, we are a partner. With one in particular, it is been a big driver to help us in terms of cascading and driving better authorization rates in the U.S., which is a very interesting project for us. And then naturally using them as key pillars since they are what some of the most recognizable names as you kind of enter with the market leaders, and helping us gain credibility as we continue building out our retail capabilities around the world. You know, within that as well on retail, which is really important, is the Omni application that we're building. So we're launching that into three markets so that we can provide, you know, multi-channel journeys for our end customers. But we started at the top with retail, with some great brands that they themselves are growing. We're seeing opportunity within those to capture more wallet share. You know, in transparency, we are still small on the wallet share, so there's a lot of opportunity, we think, to continue expanding our, our relevancy with these big brands, both from a country, from a capability, and then from a payment application in terms of what we provide to them. So retail is something that we are just entering. We're lapping somewhat of our first year and a half in retail, and we think we're starting to build some really strong momentum. Really helpful, Phil. And then just for my follow-up here, the growth and the margin expansion that you guys talked to, free cash flow improvement should follow. So just curious, the incremental dollars of free cash flow that you'll get, how are you thinking about that from a capital management perspective? I think, our - your base case is that we're going to continue focusing on debt repayment and to delever. We're quite excited, just the performance of the business, right? From when we acquired Paya, sub-3x, just under 3x, to today to 2.6x. That is kind of the cadence that we'd like to be at 2x or less. We think, Matt, that that's going to open up opportunities. You know, the entire backdrop is changing, and from our perspective, in terms of building blocks and opportunity around M&A, we think the second half of next year will yield some quite compelling opportunities, both domestically and globally, and we want to remain opportunistic. Our base case will continue to focus on debt repayment, lower our interest expense, and then have the ability and flexibility and optionality to execute on potential M&A. But naturally, we have so much optionality with our cash flow and our balance sheet, and we'll execute on that, as is appropriate and remain opportunistic. Thanks, Phil. The next questions come from the line of Bob Napoli with William Blair. Please proceed with your question. Thank you, and, and good morning. Good to see the solid quarter and guidance. A question on, on, Paya, I guess, and integrated payments. How is that acquisition performing versus your expectations? And what are your thoughts around, being able to leverage, the integrated payments, strategy, from Paya and from elsewhere within Nuvei, over the next few years? Thank you, Bob. Great question. We are super pleased with Paya. For one, wonderful people. You know, we share the same values and culture. We hit the ground running. You can see ultimately, Paya is our B2B government and most of our integrated payments business, and we are accelerating the growth of the business. We're creating more dependency on Nuvei's technology stack, and we're executing ultimately, not just the expectations, but I think we've exceeded expectations with respect to where we're at right now. We firmly believe this channel can and will be a 15%-20% grower. We're naturally now above that, from a pro forma basis, and there's a lot more to come. With each providing very unique tentacles for continued growth and B2B, you know, we're going to be betting, factoring off balance sheet naturally with a partner. We're going to be driving applicability around our card issuing, so virtual card issuing, and then expanding into the AP side as well. So there is a lot of tentacles. And then naturally, kind of our bread and butter on the B2B side with respect to Paya, is bringing and internationalizing these relationships. We've kickstarted that now in Canada, and going to be taking these partnerships around the world. So we're very pleased with Paya. You know, the performance of the business has been strong. We've been executing thoughtfully on the cost side. And we're actually very pleased, both from a technology, from the gap that we are able to plug from what Paya had, and more importantly, from the relevance from our own use cases to Paya's end customers. In terms of integrated payments, you'll see us spend a lot of time there, Bob. We wanted to naturally focus on kickstarting our government and B2B business, which is what we've done, being really thoughtful in terms of mind and management time. And now we're turning our focus around integrated payments. It is the slower growth out of our B2B government and ISV channel, but we think there's a lot of pent-up opportunity. Where we're focused on right now, naturally, is plugging in our Omni into that offering, into the three markets that we're servicing, and then driving our ISV capabilities to the use cases that we have in the markets that we support. We believe integrated payments will be that last piece of the puzzle to accelerate this channel to the high end of what our internal targets are around the integrated payments vertical for us. Great. Thank you. And then just maybe a, I'm not sure if it's a fair question, but what's changed since last quarter? I mean, as far as visibility, I mean, not certainly the tone and the quarter. Is it, What is it that it seems to have led to more stability, clarity, and overall in your business? I wouldn't say... And that's a good question. I think it's a fair question. I wouldn't say it's tone or visibility. I think the biggest thing in payments is that it's never built just quarter to quarter. We report quarter to quarter, but customers live, and they have their own journeys that we're trying to manage our way to. You know, we were quite bullish last quarter as well. It's just a matter of client activations and time frame around activations, and then naturally, what ends up happening around the end markets that we're operating in. So I think we're really bullish, right? If we look at our own metrics, be it per channel, organic growth, you know, the health of our financial profile, the fact how quickly we're delivering, our ability to continue executing, and the fact that, you know, we have low CapEx and a very, very high cash flow profile, allowing us to be thoughtful in terms of where we're investing, and more importantly, that the investments that we have already made have hit an inflection point. We like where we are. And, you know, we think our core global commerce channel has so much opportunity ahead. That one is a bit chunkier in terms of when it comes in and out. We think we've now have some great stability and momentum in B2B, and we're executing on the SMB side. So I wouldn't call it a visibility question or a tone. It's just a matter of great businesses are not built overnight, and they're not necessarily measured quarterly. We understand your job is measured quarterly, and we totally get, you know, shareholder sentiment with respect to the quarterly side. But we really do love what we have going on, and we think this is a platform from a profitability perspective, to be at a multiple of where we are now. So we still think we're on the ground floor of opportunity. Thank you. Appreciate it. Our next question is coming from the line of Todd Coupland with CIBC. Please proceed with your questions. Yeah, good morning, everyone. Phil, I wanted to have you comment on how much you think is in your control as you think about 2024, and getting back to your midterm guidance of 15% from 13% or 14%. Talk about what's in your control and what needs to happen and what might be a factor out of your control. Thanks a lot. Good morning, Todd. Great question. I mean, I think the biggest thing that I would leave here is that we have the building blocks, the people, the technology, and the world-class sales organization to execute. And that's exactly what we're focused on, and you could see that as we look at the sequential improvement in Q3 too. We really do love the conversations that we're having with customers. You know, we have some pretty meaningful conversations in play. Naturally, those take time, and it's a matter of understanding that taking the time, right? Those are the things that we're working hard on, and for that, we have changed the way I operate the business in terms of being really, really focused, pulling up a chair and making sure that my entire ELT is extremely focused on, you know, the five pillars, which are our current customers, our new customers, product innovation, cost efficiencies, and our people. And those are the things that are in our control, and we're gonna be continuously focusing on those, and they give us visibility. Great building blocks that we have today and our focus is on delivering so that we exit Q4 in our, in the range of our midterm growth targets and Q4 2024. Thanks, Phil. And as a follow-up, how should we think about with, I guess, the, you know, combined with Paya, the seasonality in 2024? I know, I know you're not giving specific guidance, but what will be the rhythm of the business, sort of Q1 to Q4? Any qualitative discussion there would be helpful. Thanks a lot. It's been very interesting when you think about seasonality in our business, Todd, because over the last three years, historically from Nuvei, excluding Paya, there's been noise, right? 2021, you had COVID. In 2022 comparison, we had World Cup, which was a significant event both in Q3 and Q4 when you compare Nuvei in 2023 to 2022. And then next year we'll have more of a normal year. So from a Nuvei perspective, it's actually going to be a normal year. And then you have kind of the dribs and drabs of each of the verticals that we're getting momentum into. So, you know, Q1, we have football season. In Q2, you have the build up to the summer season. In Q3, you have travel. And then Q4, you have the holiday specials. We're trying to build our end market exposure to have, naturally some focus on each of them. And that's kind of what Nuvei's been building out. We like where we sit, you know, but from a normal year perspective, from a Nuvei, you typically have, you know, Q1, a ramp into Q2, slight flattish down into Q3, and then step up into Q4. Paya is slightly different. We've seen in Paya, and if you look at historically, Paya had a softer Q1 and then acceleration Q2, and then flattish Q3, Q4. What's changed for us around Paya is just the momentum of new business and the pipeline that we have. You know, I mentioned it last quarter that we had a 27% increase in site count in B2B. That will be opportunity that we'll see processing next year. So we actually think our emerging channel, which is our government, B2B and ISV, will see some step-ups, predominantly driven by new business. ... Thanks, Phil. Appreciate it. Thanks, Todd. Thank you. The next question is from the line of Joe Vafi with Canaccord Genuity. Please proceed with your question. Good morning. This is Pallav Saini on for Joe. Thanks for taking our question. First off, on the emerging business, last quarter, you added two new ERP platforms, Infor and SAP. Can you maybe give us an update on the progress there and any update on Microsoft Dynamics? Yeah, great, great question. Yes, we have activated Infor. That is already in process and part of our onboarding. The team's doing a great job at not just - If you think about the steps is, first, you integrate and partner with ERP, and then you drive through the VAR network. We've seen great progress around that. SAP is still early, and Microsoft, we're expecting this quarter or early next quarter to activate. The great thing here, guys, is we now have access to about 3 million end merchants in all parts of the world, and that's what we're executing on. So each ERP, you know, typically runs through its journey from integration to activation. But what we found inside, aside from the ERPs, is that a lot, there's some overlap between the VARs underneath that we may or may not already have relationships with. So it's an interesting environment that we want to make sure that our use cases and our technology is applicable and accessible for every one of the VARs that end up touching those 3 million merchants, since that's what, that's what we're focused on. Great. Good. Thanks, Phil. It would be good to get an update on the gaming business in the U.S. Thanks. Yeah. I would say on the gaming business, we're continuously moving forward with new states. I think just last week, we had Maine. You know, we're progressing in terms of each of the states that come up. We've done a great job in Ontario. We're waiting to see what happens around Alberta, in North America as well. But there's nothing to flag from the gaming business. Obviously, we welcome Caesars. We've helped bring one of our European customers, 888, into North America, and we're continuously head down, focused on helping our current operators in-market, go from state to state, our foreign operators enter the market, and our current, you know, operators in the US exiting the market in terms of global. I think the most interesting thing I believe is, gaming has become a global vertical, and it's not, it's not just what's happening within the four corners of the, the United States, it's what's happening in every single market. You know, lots of tailwind and interest in South America. Actually, still continuing momentum in North America, and we still see continuing momentum in Europe. So, a significant TAM with, with still, even though we have a great position in gaming, but a lot of opportunity for us to continue expanding and growing. Thanks a lot. Thank you. At this time, we've reached the end of our allotted time for questions and answers. I'll turn the floor back to Chris Mammone for closing remarks. Thank you, Rob. Thanks again to everyone for joining us today. Please reach out to the IR team with your follow-up questions. We'll be on the road in the next few weeks. We're planning to attend investor conferences hosted by RBC, Wells Fargo, and UBS, among others. So we hope to see many of you during those appearances. Bye for now. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.