Again, I'm Darrin Peller, heading FinTech equity research at Wolfe Research. I'm really happy to have Phil with us. I was saying to Phil a second ago, you know, it's a company we really love following. It's certainly, I think it's still got a lot of room to grow that may not be as appreciated in the market as we believe. And that's part of what we love having about you here is to help explain that. And so with that said, Phil, first of all, thanks again for joining us. Pleasure. Thanks for having me. Maybe just take a minute, if you don't mind, I guess, just given that some in the audience may not be as familiar with the story, maybe 30 seconds on the story on what Nuvei is and what you built. Yeah, for sure. We've been on a wonderful journey of transformation. Nuvei is here to help customers connect with their customers in all parts of the world, enabling them seamlessly going from geography to geography and driving the payment mediums and the tools that they need to succeed. It's been just an incredible journey from when we acquired SafeCharge in 2019, driving a greater license, greater footprint, and going from end market to end market, starting off as a gaming platform that was servicing some of the most complex requirements for big merchants that had no tendency for downtime, latency, or other, to totally transforming the company to onboarding customers like Microsoft and Adobe partnerships and other that we've been doing. It's just been a really fun journey. I think the biggest thing for me is just being in the space now for I hate to age myself, 24, 25 years. I'm still 25, by the way, so just in case there's any questions coming out there. But it's just been a wonderful journey to see how payments have evolved, how requirements have evolved, and how we've transformed the company. And I get to work with some awesome people all around the world and feel like we're just on the ground floor. The breakdown of the business, Phil? I mean, obviously, if you want to just talk through the e-commerce, the digital side, the B2B, just maybe just break it down for the audience again. For sure. We have two high-growth areas of focus. So we look at bringing our use cases to markets that have the requirements operate multi-jurisdiction and have greater requirements in basic payment processing. So we started with our single largest channel, which is one of our fastest-growing channels, our global commerce channel, where we focus on mid-market to enterprise clients and enabling them with the payment ecosystem that they require in all parts of the world. What's fascinating, guys, if you look at U.S. payments, it's pretty standard, right? Card acquiring, maybe a little bit of ACH. But the minute you start stepping into other markets, be it debit networks or alternative payment methods or installment funding, every other market is 80% of the same but 20% different. Our customers need this seamless approach to kill off technical debt, simplify their tech stack, and allow them to go from country to country. It's just been a wonderful journey of growing with our customers. Last year, we added 6 new markets in our global commerce. We're trying to do the same. We have enabled clearing and settlement, BINs and ICAs on our own platform now in most of the markets that we operate in. Just a wonderful journey of growth. Last year, we acquired Paya with a specific focus of bringing our use cases to B2B government and ISVs and driving our commercial playbook into that channel. That channel has gone from 13% growth in Q2 to 16% to 19%. We see a lot of opportunities there. What we're doing is on the B2B side, with our Click to Pay, we're deeply embedding into the ERP platform and then engaging with our ISVs to drive an entire extension of the CFO office to streamline order-to-cash on a seamless basis. So very exciting tentacles there. On government, we have a platform called Citizens Portal where we digitize the citizens' experience. On the ISV side, we've just accelerated that with the recent acquisition of Till Payments for seamless onboarding, immediate and instant adjudication, allowing us to engage with an entire market that's new to us. Where are you spending most of your time these days in terms of your priorities, your focus? They haven't really changed. The business got bigger, right? We're 2,400 people now in all pockets of the world. I'll tell you, there's not a moment of time where there's downtime. You think about we go to sleep, Asia's running hard, and vice versa. But we stay true to our philosophy, focusing on growing with our customers, helping them execute on their own journeys. We're steadfast on innovation. We've launched over 100 platform enhancements. And we got some really amazing things cooking in the U.S. and Canada that we think are going to create significant depreciation. We're focused on being frugal and expanding our operating margin and making sure that our investments are wise. And we're focused on developing our people. We have such amazing talent across the org that's bringing such energy and momentum into the business. When we think about the medium term or even near term, what are you most excited about in terms of the opportunity? Darrin, I still think we're so much on the ground floor. We IPOed the business at $160 million of EBITDA. We're closing off the year at just shy of $440 million, knocking on the door of $500 million. But if you start looking at scale, last year we did $203 billion. We're going to do $250 billion of volume for our customers. So much white space in new markets that we're expanding into. Everywhere we look, it's just excitement of opportunity. What's driving that for us is we interview and spend a lot of time. We do QBRs with our customers. We're having high Net Promoter Score. We're having deep engagements. They are fueling our product roadmap. When we start looking at the product roadmap capabilities and wallet share opportunities, it's so compelling. Let's shift gears maybe and go back to the quarter for a minute. You reported it was just last week, actually, right last Tuesday. It struck us as relatively conservative. I think you even had certain wording that made it clear to us that you were trying to be more thoughtful and cautious, perhaps, than even last year. So when we think about the assumptions embedded in that guide, if you don't mind actually starting off, reiterate or remind us what your guide was. Then more importantly, what kind of assumptions are in that? Yeah. First of all, I want to give credit to Chris, who leads our IR team. He's been such a wonderful extension to the team, really thoughtful, and has helped guide us in terms of what is the best way to engage with our shareholders. What we ended up coming back to is there's a couple of building blocks. I'll talk about the outlook in a second. It's macro and what's happening in the end markets that we support. It's wallet share opportunities with our existing customers. It's the annualization of new business that happened last year that we see the full approach this year. Then naturally, it's new business that we onboard. We got caught out last year in terms of timing. We've been moving from mid-market to mid-market to enterprise in all kinds of new end markets. We don't necessarily control when merchants go live. But when they go live, it creates a meaningful difference in year, Darrin. What I mean by that is that if you sign a customer in January and that customer goes live in March, you end up having nine months of opportunity with that customer. But if that customer goes live in October, between testing and other, you end up seeing very little of that revenue. So we did this year as we made sure that we were super prudent in terms of customer activations. We love our commercial team. We have now almost 500 folks in the commercial team. We've built a world-class organization from sales enablement, SDR, hunters, and farmers, and relationship managers. And it's been a true pivoting moment to who's who and how we're engaging around the world. Now we just got to make sure that we drive that forward. In terms of outlook, there's three blocks, obviously. We give outlook on volume. We're expecting to grow the business between 20% and 24%. What's fascinating here is that we do not target new businesses. This is us going head-to-head with the other industry peers and winning wallet share as a challenger in our end market. So really love where we sit. Revenue is growing 13%-16%. Certainly mix and conservatism there. And then we look at adjusted EBITDA margins. We'll finish off the year roughly flat. But when we think about adjusted EBITDA margins for us, we acquired a small asset called Till Payments, about 150-200 basis points drag. And then we're outgrowing a customer that we elected to offboard last year. So overall, really good building blocks. We think what moves us back and forth is really timing of new activations. I will say that January and February have been exceptional months for us. We're seeing really good momentum from our existing customer base as well as new pipelines. So it's shaping up to be an exciting year. I was just pulling out my comp sheet. Whenever you say your growth rates, you're at 20%-24% volume or even you're well into the mid-teens and potentially higher than that in revenue growth rate terms over time exiting the year. It strikes me as interesting that your multiples are I mean, you're trading at around 11x earnings, adjusted earnings. Yeah. But I'll tell you, we're in this. Maybe just comment on what you think is misunderstood on that. I mean, look, I think at the end of the day, we're always building it for the long term, Darrin. So market has moved back and forth. We totally get it. We're really excited about what we see within the business. I mean, we've been battle-tested, as you know, for the past two years. And we are trading in the wrong zip code for where we should sit as an organization. But we understand that. I think if you ask most public companies, they'll all say the same thing. But we're head down executing. Our objective is $500 million roughly of EBITDA this year. We have a view we could get to $1 billion of EBITDA. And we think our direct peers are not the typical payment companies that we're mostly compared to, but the high-growth players. And it's up to us to execute. And that's exactly what we're doing. We're going heads down executing. We love the assets that we have. I think we have the right butts and the right seats with the right license package around it. There's a lot to do. I went off track a little bit. So back to the guidance. I mean, what would you say? We kind of made it off down. When you say that there's conservatism, where would you say that you what didn't you include in the outlook, I guess I would ask? It's not that what we did or didn't. We looked at new business. We took a really conservative view on when they activate, Darrin. So that way, if you looked at last year, it was heavily weighted. There was like, if you looked at first half, second half, because new business activates. In this particular case, we took a very conservative view of when things activate to give us room. What are the opportunities to outperform is us getting new business live quicker. Those are all opportunities. Those are things that are not necessarily within our control. It really just depends on when clients run through their implementation. The acceleration in revenue growth, just remind people, you're supposed to exit the year in line with what? Our mid-term growth. Mid-term growth, which. Around 15%. Right. So when you think about exiting at 15% up from the mid to high single digits, more or less, starting point, what's the driving force of that? I think one is we outgrow the customer. I think that's the first one. The second is new business annualizing from this year. The third, ultimately, is just the wallet share opportunities that we see within our current base. But I would back it up for you guys to think about. Global commerce volume growth was well over 30% in the fourth quarter. Revenue was 12%. It just shows you that we're going upmarket from a mix perspective. The makeup and the characteristics of our business is changing. I think that's boding really well as we lap that coming into the end of 2024. Right. And I actually want to correct myself. I think you're starting off the year around 10% pro forma, 10%, 11%, and then ramping to the mid-teens. All right. So some of it is just timing dynamics. But nonetheless, it's good to hear the conviction is still there. And then from a three-segment standpoint, if you could just give us a sense of the kind of growth rates you'd expect in each. Yeah. Our global commerce business, we're expecting to grow between 20% and 30%. B2B, Gov, and ISV, we elected I think when we bought Paya, we got a lot of questions around it. Obviously, Paya was a single-digit to low double-digit growth business. We've accelerated that. In Q4, that became 19%. We think we're touching upon our 20% target. And our perspective is SMB will remain flat. What's interesting for us in terms of the makeup is as we continue growing our B2B, Gov, and ISV in global e-commerce, they will become larger and larger percentages of our revenue. So our focus on SMB will continue becoming smaller and smaller. Something that's a fun fact is when we bought SafeCharge in 2019, we were 30% e-commerce, 70% SMB. And it just shows you how fast, over the last four or five years, these things can change. That's exactly what we're expecting within the business now. What is it about your global commerce business that's actually winning? I mean, you're obviously growing at a faster rate when you look at the volume growth, notably faster than the market. What is it about it that's attracting you to customers? There's no right or wrong for every customer because everyone has their own particular needs, if that makes sense. But I think it's the flexibility of our platform, Darrin. We come in with exceptional reporting, exceptional connectivity. Today, we've matched industry best in terms of authorization. And we're continuously making enhancements. And we give the opportunity to our customers to choose the right solution that's relevant for them. Something that's really interesting is that we don't target new businesses. So we're going after mid-market and enterprise that have a particular need when they talk to us. They may need a country, or they may need a solution, or they may need an alternative payment method. But that's the ethos of our business because we're able to integrate, meaning that we connect into them. And then we're able to use that as a wallet share opportunity to continue expanding those relationships. And I think that's part of the magic. This is a business where you don't sign a contract and wave it in front of a customer. What you really do is you got to execute. You got to work your butt off. You got to drive value for the customer. And that is exactly what we're delivering in that channel. I think every one of these wins we think about Microsoft or what we're doing around other marquee names that we bought or that we've onboarded or even some of the end markets that we're bringing into new markets, it's that aspect. That wallet share opportunity is something that's so compelling in global commerce. What are you seeing in the market in terms of demand? Putting aside just what Nuvei is doing well, but maybe just high level, broadly speaking for a minute, what kind of environment are you looking at right now in terms of demand, spending trends? We have never seen the doomsday that everyone else has talked about. What's interesting is last year, we did see same-store sales decline from where they were. We saw peaks in January and February. We saw March, April, May. Early '23. 2023. This year, we're seeing strong momentum across the board. So, so far, we're starting off the year really strongly. Right. I mean, that was also very tough comps from still kind of post-COVID comps. Yeah. I mean, I don't know. 2023 wasn't really 2022, I think. Was already beyond that? Yeah. We were beyond COVID. All right. So it was just a little bit of a more questionable macro. But at the end of the day, right now, it looks strong again. Very much. OK. Good. Paya, maybe just talk a little bit about how that's gone for you. I mean, it's been how long now? About a year? Yeah. A year and a month. A year and a month. So when we talk about if you could just touch on the integration, the tech stack, what is it really bringing to you guys that is so exciting? For Paya, we ended up, and the more we dug, the more we liked. So we love the B2B opportunity for us. It's a new TAM, new opportunity, but requiring our use cases both of pay-in and payouts. If you think about Paya, they had effectively three small subsegments through it: B2B, Gov, and ISV. In B2B, they have a product called Click to Pay that's deeply embedded to the ERPs. And it's an extension of the Office of the CFO where they're able to pull the data out, cleanse it, and drive the timing and slow down the time between order to cash. We've expanded that between two ERPs to five. And we have effectively a pool of around 3 million merchants that we're able to address with all of our payment solutions in all the markets that we operate in. We've identified between $1,500 million of revenue synergies, as you guys could appreciate, the acceleration for us to start to execute on that. On the cost basis, what Paya worked with is Paya had three payment gateways. It was using TSYS and Click to Pay on top. We're on our journey of eliminating those three payment gateways and TSYS as well. We're on our journey of implementing debit routing and all our value-added service throughout that and driving much greater stickiness within our ERP platforms. What we heard from them when we were interviewing customers prior to acquiring Paya is that it was great that you could service the four corners of the United States. But what about the rest of the world? I think that's really what drove us saying, wow, this is a wonderful opportunity to monetize our use cases. Government is something that we have a product called Citizens Portal where we digitize the citizens' experience. So if you think about how you pay your water or city taxes or other and this happened before we acquired Paya. But one of the things that they've done is that they pivoted from calling municipalities directly, which, as you know, hell freezes over before they answer you. It just takes an incredible amount of time. And they pivoted that model to going after partnering with ISVs. And that's been extremely successful. ISVs that already have an integration into the municipalities. Totally. So it's not a new onboard. They're going to the ISVs and cross-selling Citizens Portal. And that's been extremely successful for us. And then in the ISV section alone, which was a smaller part of that channel, we've just strengthened that with Till Payments, a wonderful business that has presence in the U.S., Australia, and. Small, right? Small business, but tons of capability, Darrin. Is that right? That segment grew 19% last quarter. When I think about that relative to the what was it? 2016, the quarter before, 2014 or 2013, the one before. Obviously, it's accelerating. I mean, what is the right growth profile for that segment? Because I didn't think it was actually going to be that high. You doubted us? Yeah. Shame on you. We think it's a 20%+ grower when we end up thinking about it. Till will be accretive to our growth there. But ultimately, what we end up having with Paya is they did the best they could with the resources they had. Paya was a 24%-25% margin, EBITDA margin business. Cash flow wasn't super strong. I think the team did an excellent job with what they had. But we brought our commercial playbook to the table from sales enablement, SDR, driving focus, adding resource to it. And ultimately, what you're seeing now is the fruits of that investment. OK. From a sustainability standpoint, are you pretty convinced around the recent trends? Yes. OK. That's great to hear. I mean, it's obviously shown up to be something that I think people were a little bit uneasy about it when you first acquired it, honestly. But it's proving out well. The SMB side also, actually, on that note, I mean, while I'm at it, it was declining a little bit. Now it's up a little bit. And so your conviction that that's going to be stable? I mean, we're modeling that too. That's what percentage of your business now? 20%? It's around 26%. So it'll step down sequentially every year. We should probably see it. Right. The mix shift away. 200-300 basis point drop as a mix of our portfolio changes. But the reality of that business is we had some one-time in 2022 that were growovers. And that is why it looked worse than it was. But that's why past those growovers, it'll always be a flat-ish business for us. We're loyal to our ISO partners. We're using that infrastructure for our omni capabilities. So just to think about as we look at global commerce that has terminal-based requirements, we're using that infrastructure for that. And it's just a matter that we're being loyal to it. But we don't expect any growth from it. OK. Let's shift to one of the verticals, which is gaming, obviously, that you're really well known for some time now. It's obviously a big player. You're obviously a big player in it. If you could just touch on a combination of some of the more recent developments, maybe anything on the regulation front and obviously the legalization in different areas that could allow you a big growth opportunity. I mean, gaming has been on a wonderful trajectory. So what you could end up thinking about gaming is every time you see regulatory aspects coming up, it's a TAM increase. Does that make sense? So if you think about it, and then these customers are looking at growing from market to market, they have a B2B platform that is scalable and operational in different markets. And they're monetizing it. So what we've seen around gaming, just the genesis of the history here, is that it started in the UK, went to mainland Europe, Western Europe, has now expanded to Eastern Europe. And now you're seeing them come into North America, South America, and potentially UAE. So we're seeing a massive increase in TAM. What's fun for us here is the exact same concept of wallet share. We're servicing our customers. We're deeply integrated. We're enabling different countries and opportunities for them. I think with what's happening around Brazil specifically, where there's a lot of pent-up demand, what's happening in Canada with Ontario and potentially Alberta, and then every quarter some new states that are going live, we're still at the infancy of what gaming can and will be over time. How big is that for you guys now? What kind of TAM is it? It's been going down. If you guys followed our history, it was almost 100% of our revenue. We bought SafeCharge. At the time of our capital markets, it was around 25%. Certainly, since then, we've acquired Paya. We're at a comfortable spot from a concentration perspective. The fun thing for us is overall, no concentration per merchant, no customers larger than 5%, and no more concentration on verticals that have volatility like digital assets. The differentiation there, I mean, it's always been something you've done well. But what exactly is it? Is it your understanding of the regulatory framework? Is it risk? You see, what's interesting is gaming is the lowest risk vertical that we operate in. We see more chargebacks. It's not seed as much. What's that? That's not the perception. No, it isn't. It's a wrong perception. If you think about gaming, we have the lowest chargebacks ever. If you think about these regulated entities, is that they must abide by regulation because otherwise, the repercussions for them individually and for the company is pretty significant. So we see higher chargeback ratios in online retail than we do in gaming. You need to have a team that is well-versed, a regulatory team that is able to operate within the framework that companies need to operate. That is something that we've created expertise in. In terms of gaming, transactions come in multiple ways in different spots and different times. You end up seeing multiple pay-in formats in multiple currencies, reconciled multiple payouts because people take their winnings often in real time for a net settlement to the merchant. That is what we excel at. Multiple pay-ins, fully reconciled in multiple countries, manage your instant payout depending on whichever feature functionality they need for that, and then net settle to the merchant. We have built a leadership position of trust and engagement. We support some of the greatest brands. We're taking that leadership position and challenging it in new end markets. Cool. All right. Maybe we touch on local acquiring, which is another area that you launched. I mean, local direct acquiring in Colombia. I think you now have acquiring capabilities in 50 markets. Just reading from my notes, 680 local APMs. I mean, maybe just touch on how the company develops these capabilities, why it's such a priority for you guys. Yeah. I mean, half of our priorities if you look at our technology roadmap, we have two big rocks. The first rock for us is customer projects, meaning where customers wanting to go. And with QBRs and engagement with our customers, we follow them around the world. That's a big part of our wallet expansion strategy. And I'll touch upon that. And then the last one is obviously clearing and settlement to drive value to our end customers. What we end up striving for is greatest authorization rate, greatest connectivity, greatest local payment option, and greatest cross-border option so that we can address the needs of as our customers grow from market to market because that's our ethos. We don't want to do local processing. We want to do large, complex merchant implementations that have multi-markets, multi-currency on a standard reporting package where they're able to reconcile their daily volume on a per-transaction basis and understand what's in their bank account globally. So this is where we excel at. This is the expertise that we're bringing to the table. We're following our customers around the world. You end up thinking about it, 50 markets, 20+ that are at scale. And the others are growth initiatives that we're working our way towards. There's 197 countries, not all of them that you can go into today. So there's a lot more room for us to go. But when you unpack these local markets and I think this is something that's unique about us is we're members of the card brands. We're a fully regulated payment institution and EMI. We are providing our end-to-end processing from authorization, clearing, and settlement with all our value-added services. So our technology is scaling in so many different markets. It's just a fascinating place that we're sitting at right now. That's great. What about some of your recent partnerships? I mean, you had successfully won key partnerships with Microsoft, payments across Office and Xbox products in the Middle East and Africa. Maybe just touch on that as an example, maybe just underscoring other partnerships. We have been investing. I think if those of you that follow our story from IPOs, we've always said we have some of the best technical capabilities. We're now going to take those capabilities and bring them to new end markets. So we've created a challenger position in online retail, WeChat, Temu, and many of the others that have onboarded with us. We've created a challenger position in travel. We think about local interchange and domestic interchange for global airlines all around the world. We've been enabling more BINs and ICAs than ever before on our platform. We're creating a challenger position now with respect to large digital good companies. Like if you think about Ticketmaster and Microsoft that we're doing with Adobe. We're really starting to monetize them. So it's a great inflection point for us. Certainly, we have appetite for platforms and marketplaces next. We think at that point, we've touched all high growth end markets that continue scaling our business. Yes, Microsoft was a wonderful sales process that took about 3 years. They were in a hurry, guys. But that comes with it. The fun thing is they went to our office in Israel. They went to our office in London. They analyzed our OCC and how we monitor transactions. They spent the time. It's just a stamp of credibility and approval of all the things that we've been working with as an organization. That land and expand opportunity is something you're excited about with all these customers. For sure. Like you think about Microsoft in particular, they need interconnectivity in Africa, which we can do. But the minute you're integrated, Darrin, this is a story of where we excel at. We service. We drive optionality and enablement for them. A little birdie told me they may be using AWS with Adyen. And that bothers them for payments. So the opportunity for Microsoft is not just what we're doing now, but what it can be in Europe or in the United States or other markets. And that is true for all of our customers because when they onboard, they onboard for a particular need. And then you have these incredible growth tentacles as we start servicing them. You talked about how insourcing back end could provide an uplift to margins. You've always been, actually, one of the more profitable companies we cover on the growth side of our coverage. But I mean, your targets are 50%+ long-term EBITDA margins. Maybe just help us understand beyond just insourcing back end, just broadly speaking, the pathway to get there? Yeah. I mean, if you take a look at our business, we were at 37%-38% pre-Paya. Obviously, Paya was 24%-25% EBITDA margin. And we came down to low 30s. And you've seen a sequential every quarter improvement in EBITDA margins to finish at 37%. So you end up having a business that can improve margins between 200-300 basis points a year, Darrin. This year coming up, it's flat because we bought Till and we offboarded a customer. Those were our decisions and offset by scale. Certainly, as we overachieve in new business, we can see better. But ultimately, we're always investing for that future, being thoughtful. But as an organization, from a margin perspective, our CFO and our enterprise planning office is steadily focused on cost and cost initiative. We have tens of millions of dollars of opportunity within the business. One of them naturally is clearing and settlement and then Paya Gateway retirement. Clearing and settlement is not just EBITDA margin. So we have in our business we manage our BINs all around the world except for in the U.S. and Canada, although we're members now in Canada so it's our direct BINs and ICAs. But in the U.S., we use a third-party processor. So we have the workflow that's twice. And then on top of that, we use BET tables on TSYS. And Paya used another system that they have for billing. So you end up having the workflow twice where you still log into green screens, inefficient data, and just the merchant experience is lackluster. So if we look at don't cut me off. Let me finish on this one. I see you nodding your head. But the reality is the clearing and settlement data that we get back from TSYS is hard to drive a direct interchange cost on a per-transaction basis because they don't link the authorization, settlement, and ACH funding. And so we're going to look at efficiencies internally. We're going to look at efficiencies for our customers. And we'll get a net benefit that I think will drive an unbelievable product offering for our global commerce customers. Just being more in-house, full stack, not relying on a back end processor allows for a lot more offering and flexibility, obviously, and efficiencies than just cost saves and margin, obviously. That's great. Timing on that again? We're live in Canada. So we're probably going to start working on migration. Canada is a little bit different because we operate our own authorization switch. So we can move merchant by merchant. In the U.S., it's all or nothing because we're using a third-party authorization for a lot of those terminals. So U.S. will probably start the migration in Q3. But if we miss Q3, it'll move over to Q1. And that is why when you look at the outlook for the year we provided it, there was a box of opportunities. We did not include clearing and settlement. What about on capital allocation, Phil? I mean, you continue to execute on obviously profitability. And you're showing you just discussed how much room there could be. So how do you think about capital allocation when you think of your balance sheet, debt repayment, reduced leverage at 2x? It means I know a big focus. But what's the framework around M&A? It's an interesting topic. In general, we got this amazing cash flowing business, low CapEx, tremendous scalability, and naturally flexibility with where we deploy capital. I think our base case is going to continue to be debt repayment. We are going to be opportunistic like we did with Till. I think this is a market where shareholders don't necessarily appreciate M&A. We're seeing mixed results from feedback from our shareholders of do they want us to do M&A or not? We're comfortable with the tools that we have this year. I think our base case for everyone to expect is we're going to remain focused on debt repayment and strengthening our business on an organic basis. That being said, if something compelling presents itself, certainly, we are opportunistic. We can do it. And we will do it. But the base case is purely heads down execute. So guys, I'm going to turn it to the audience for questions in just a minute. But I've asked this to a lot of my fellow fireside chats. And just looking out a year from now, what would you say is mission accomplished? You've really done what you wanted to do. You know. I'm always looking at 5 or 10 years ahead if that makes sense. So from our end internally, we're steadfast in focusing on our customers. So what is success for us is executing on the customer projects and driving that revenue opportunity for them. That's what makes us that's our ethos that makes us successful. I think if you start breaking it down by department, we're really excited about AI efficiencies. That would be exciting for us. I think we're really excited about the commercial success. And I think this is a year for reset with our shareholders. Executing every quarter will provide value for our shareholders. We remain in some kind of no man's land today. And I think that would be successful for us. OK. That's great. Guys, any questions from the audience for Phil? Yeah, go ahead. Yeah. When we think about the global commerce platform and think about all the different verticals you operate in there, we'd love to just hear where you're seeing the most success and why. I know travel has been obviously a vertical that has done pretty well. But we'd love to just hear where the solution is presenting in the market. What we've been spending time on is building equal amount of effort across all of our end markets. So if you look at our organizational design, we have a segregated sales function with country managers and folks focused on in-country. So we look at successes that are opportunistic in those countries. And for that, we're creating equal investment across all seven or eight relevant verticals that have merchants that are mid-market to national that operate multi-country. We are seeing a pipeline of very compelling opportunities in Asia. When we think about a lot of the Asian brands that are either in retail or digital, in Europe, we're seeing a lot of compelling opportunities on omni as we start thinking about how that's presenting itself as well. So that is something that we're excited about. In the U.S., when we think about what we're doing around lease costs and debit routing and for clearing and settlement, from the pain points that we're hearing from companies like Airbnb and even on Uber and some of the others, I think we're resonating. It's obviously early. I think it's really exciting. LATAM is still something that we've done really well around Mexico, Colombia now. Very excited about what's happening in Brazil that's resonating with our customers. Many of them are looking at what's happening around Brazil. We're in process on licensing there. The answer to your question is from an overall perspective in global commerce, it depends on what the journey is of that customer that's resonating for them. Yeah, go ahead. I guess if there's a mic somewhere. You guys have any competitive disadvantages relative to some of the other, I guess, more well-known names in the space? Yeah. You know it's interesting. We were with the card brands a few weeks ago. It's fascinating when you end up taking payments because payments is a really broad ecosystem. A lot of us have our own expertises. But if you look at folks that have our reach and our licensing footprint, there's really two. There's Adyen and Worldpay. Certainly, you have Checkout that's a private company and Stripe that's more pocket driven. In terms of that, we have pluses and minuses if that makes sense. I think right now, a minus for us is our U.S. capabilities around TCES. So I would say that is less interesting from an overall merchant perspective. That is one that we're addressing. The biggest point that I'll tell you is we're always listening to customers. We're driving those as net improvements into our platform. We've closed the gap. One of the feedbacks that we got last year was Adyen's authorization rate was better than ours. We've created both with our data scientists and card brands specific teams to build and improve authorizations from cascading to reapplying to providing open network tokens to accept tokenization from other processors. We have now matched one of the best partners out there. We've also created teams that calls card issuers from false declines. We've been improving that as well. I think it's always a learning event. They have been at it for longer than we have. But if you start looking at financial results and how we've been closing the gap, we're one of the companies that's closing the gap the fastest. Maybe you have one more? Yeah. Can you just talk about the launches of card issuing from Unified Commerce? Maybe any early learnings from client feedback and where you see growth opportunities? Yeah. I mean, they're both really fun journeys. These two are not in the outlook for 2024. So just do we give ourselves some room on that one? What's fun about card first of all, we'll talk about Unified Commerce. We have now deployed our devices in 3 markets, single API. So U.K., Canada, and U.S. are fully deployed. We have a multi-hundred terminal opportunity that we're working through right now. These are things that I think is just starting the process. We looked at RFPs. One of the big things that we found in both retail and gaming and actually really 3 out of the 7 core verticals is that we're missing the omni-channel solution. We've ticked that box. Inside that, we've also perfected our reporting. So you have it by device, by location, by country, and by payment medium. And we've created reporting to show the delta from it. So it's early. But I think early signs are excellent. We've elected to build that on a Verifone platform versus an Android platform. And then we think now is the time to expand it to different devices and even support bring your own device. On card issuing, we are through our second large implementation. It's pan-European today. We're working on launching in UK and Canada next on the same platform. And thereafter, it will be the US. Still early. We're seeing excellent business cases in B2B. And we're seeing excellent use cases in travel. And we believe there's going to be quite significant use cases in gaming as well. The biggest thing for us is to offer this as a module. If you think about it, the more cards that you issue, the more on-asset you process, the more transparency you offer to our customers is an opportunity for us to gain more wallet share because they're going to end up pivoting more wallet share for us as we tokenize these customers. We'll be able to prioritize the prepaid or card issued by our merchants to drive better economics and offer them a platform that's not driven by breakage. What we mean by that is that if there's $32.77 on that card, we'll allow them to take that and the delta on the secondary card. We've been integrating the acquiring and issuing experience so that our customers can drive value from it. I'm quite excited about how that's progressing. It's still upside to us. Great. I think we're going to wrap it up there, guys. Thank you very much, Phil. Thank you. Appreciate it. Really appreciate it. appreciate it. Great. Thanks. For everyone here, next up, we have af firm who's in this room starting at 3:55. So really in just five minutes. So please either stay in your seats or be ready to take your seats. Thanks, please.