Good morning, ladies and gentlemen. Welcome to Payfare's 2021 year-end financial results conference call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session with pre-qualified analysts on the call, and instructions will be provided at that time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press star followed by zero for operator assistance at any time. I would like to remind everyone that this conference call is being recorded. I will now turn the conference over to Mr. Cihan Tuncay, Head of Investor Relations and Corporate Development. Please go ahead. Thank you, operator, and good morning, everyone. Joining me on the call this morning is Marco Margiotta, Payfare CEO and Founding Partner, and Charles Park, Payfare CFO. Payfare would like to note that the company's remarks and answers to your questions today may contain forward-looking statements that are based upon management's current expectations. All such statements are made pursuant to the safe harbor provisions of and are intended to be forward-looking statements under applicable Canadian securities legislation. When relying on forward-looking statements to make decisions with respect to the company, you should carefully consider the risks set forth in the Risk Factors section of the annual MD&A for the years ended December 31, 2021, which is available on www.sedar.com. Except as may be required by Canadian securities laws, the company does not undertake any obligation to update any forward-looking statements as a result of new information. We would also like to remind listeners that Payfare uses certain non-GAAP and supplementary financial measures to arrive at adjusted results to assess its business and to measure overall performance. Payfare believes that these financial measures provide readers with a better understanding of how management views the company's overall performance. Throughout the call, we will also refer to a slide deck, which was posted on our website, corp.payfare.com/investors last night. I will now turn the call over to Marco Margiotta. Morning, everyone. Thanks, Cihan. Let's start on page 3 of the slide deck. 2021 was a transformational year for Payfare. We successfully executed our IPO and just passed our 1-year anniversary as a public company. We launched DasherDirect with DoorDash, which has been extremely successful. We announced integrations with Plaid, Marqeta, and many other large payment companies and fintechs. I would like to take this opportunity to thank the tremendous employees at Payfare who make all of this happen on a daily basis. In the fourth quarter, we achieved several milestones, including revenue of $17.3 million. We ended the year with over 500,000 active users, and we surpassed $1 billion in quarterly GDV for the first time. Turning to page 4, you'll see our user growth. Spending active users were up 834% year-over-year in 2021, which is something we are very proud of. We continue to see solid momentum in user growth post-quarter end. We recently partnered with Lyft and DoorDash to offer our cardholders cashback on fuel purchases. Early indications are that daily card applications have broken records since our gig platforms partners notified their workforce of these opportunities. I would also like to point out that Payfare is not funding the cashback rewards for either program. These rewards are in addition to the meaningful and engaging cashback rewards that were already available for our cardholders, along with free instant access earnings deposits and a mobile bank account. Now to page five. On page five, you will see our strategic objectives for 2022. We're introducing revenue guidance of CAD 90 million-CAD 100 million for 2022 and CAD 21 million-CAD 23 million for the first quarter. I wanna emphasize that these guidance numbers are based on our existing partnerships with DoorDash, Uber, and Lyft, with no assumptions for new products or new gig platform partnerships. Today, we are laser-focused on launching Paid App by Payfare, which we expect to go live in the second quarter. We have already landed the largest gig platforms out there, and the Paid App will allow us to target a much larger TAM by providing a free instant payout option and mobile banking app for small to mid-size gig platforms in the U.S. With over 51 million independent workers out there, the opportunity in front of us with the Paid App is substantial. Stay tuned for our Investor Day on April sixth, where we will share additional details on the Paid App. There is a robust pipeline of new partnerships ahead of us. From late-stage discussions, RFPs, and LOIs to implementing final agreements, the aggregate GDV in our pipeline is in the $several billion range. As we build scale, we are exploring the development of new products to financially empower our users. Microcredit is a product we are looking at very closely. We have a unique position and direct visibility to user earnings and spending habits that go beyond conventional FICO scores. When we started Payfare, our goal was to eliminate predatory payday loans. We started with instant or near instant earnings payouts. We think the next step is offering our users microloans for additional capital to fund their work, be it funds to fill up on gas, to drive more, prepare their vehicles or anything that they need to keep working. We also have an eye for international expansion. As our gig platform partners grow internationally, we want to be ready to grow with them. Our initial focus internationally outside of the U.S. will be on Canada, Australia, the U.K., and Europe. With that, I'll turn it over to Charles to review our Q4 financials. Thank you, Marco, and good morning, everyone. Turning to page six, you will see our summary income statement. In the fourth quarter, we generated revenue of $17.3 million, up 36% from the prior quarter, and up 399% year over year. For 2021, total revenue was $43.8 million, up 225% over 2020. This increase was primarily driven by the national launch and ramp-up of the DoorDash program, which led to higher onboarding of new active users, network interchange from card purchase transactions and support services associated with the scaling of our active user count. Gross profit in 2021 was $1.3 million, which represents a 391% increase year over year. I would also like to point out that post-year-end, we are realizing margin expansion as we continue to scale. We have visibility to double-digit gross margins in Q1 with a line of sight of up to 20%-25% in by Q4 of this year. We continue to hire more personnel and invest in our underlying technology. If we were to hold back on growth, we would be generating positive adjusted EBITDA. We are making these investments to position the business to be significantly larger in the coming years. We are long-term stewards of capital, and at the moment, we are prioritizing growth. On page 7, we summarize our current financial condition. We ended the year with almost CAD 41 million in cash. Our financial condition is strong. We have no incremental capital needs to fund our 2022 strategic objectives. Our balance sheet is well capitalized, and we remain debt-free. I will now turn it over to Cihan for capital markets update. Thanks, Charles. Let's flip to page 8. On a recently announced normal course, we wanna emphasize that Payfare is a growth-first company. We will have the option to repurchase up to 5% of our issued and outstanding shares on an opportunistic basis during elevated levels of market volatility. We continue to focus our efforts on building a strong ESG program, which is still early stage, but Payfare exists to eliminate payday loans and predatory credit products. We think that by simply paying workers faster or instantly after every task, we can enhance financial inclusion and empowerment for our cardholders. We also prioritize diversity at Payfare. 6 of 8 of our executives are visible minorities. In flipping to page 9, this compares our share price performance to the ETFMG Prime Mobile Payments ETF since our IPO. We're happy to see that we have outperformed our benchmark by 28% over this period, despite elevated market volatility in recent months. On page 10, this shows where our stock is trading relative to other high-growth payments companies. I wanna point out that all figures on this table are in US dollars, and all forward-looking information reflects analysts' consensus and estimates. We'll leave it to the capital markets community to assess our stock relative to our peers. Bear in mind our recently announced guidance for 2022, take into consideration our size and liquidity of our stock. With that operator, we are ready to go into Q&A. Thank you. If you'd like to ask a question, please press star followed by the number 1 on your telephone keypad. To withdraw your question, please press star 1 again. We'll pause for just a moment to compile the Q&A roster. Our first question comes from Josh Siegler from Cantor Fitzgerald. Please go ahead. Your line is open. Yes. Hi, good morning. Thanks for taking my question. For my first question, I was wondering what impact the rising rate environment will have on Payfare. Hey, Josh. Good morning. It's Marco. There's a few different aspects that it touches upon. First off, I mean, as we've seen, we launched the recent announcements you've seen with DoorDash and Lyft about the fuel discounts. Obviously the hardest hit area for them will be fuel. Well, you know, understanding our user base, you know that gas spend and fast food spend is the two highest spend categories, and fuel being the biggest. You know, us going out there and offering a discount on that has a substantial impact on applications, as we mentioned earlier. With those inflated gas prices, it actually is a positive for us. We actually get more interchange flowing through as more money is spent off of our cards. It's actually a very positive thing. On the flip side, in the macro environment, you know, you would expect to see maybe discretionary spend come down. For DoorDash, to highlight them as an example, we're not necessarily seeing any depression on that discretionary spend from consumers not spending as much on DoorDash. I can't speak to them, you know, specifically, but just in what we're seeing right now, we don't see the macro impact of that being putting any pressure on our business just yet. In fact, you know, we're seeing steady volumes come through, more earnings from all the drivers. I think it also helps the fact that with that specific client, they're also getting into a number of different verticals that don't just rely on discretionary spend. You know, there's many aspects of their business that are now getting into real-time delivery of everyday household items. Really serving a commercial side of business that is being fulfilled now with delivery of almost anything. That's kind of more highlighting on the DoorDash front. On the rideshare side, typically, we do see, you know, travel coming back. 50% of rideshare activity stems from travel. In a post-pandemic environment, even with high inflation, we're still seeing that pent-up demand kind of flow through. I think that more than negates any inflationary pressure on that, you know, discretionary spend. I think there's just so much pent-up demand for travel out there. We don't see any slowdown there either. Okay. Thank you. You know, you've mentioned such a robust pipeline of demand. I'm curious how the company is thinking about positioning itself to best capture all this incoming demand. Yeah. I think what you'll find out more is on our Investor Day on April sixth, you'll see exactly why our playbook has always been to get the biggest names in the space. You know, we had to pioneer the space. We're the first ones to market in launching with Uber, Lyft and DoorDash. We certainly, you know, punched well above our weight and landed those contracts. Now, quite frankly, we've created table stakes. You know, if you're a gig worker out there, and you're working for one of the other platforms that's not offering instant pay, that becomes a competitive advantage for the ones that are. We see a huge amount of demand from a lot of the smaller to mid-size gig platforms out there, because everything else being equal, that worker will flock to wherever they can get paid sooner. Which a lot of the reason inherently for gig workers to kinda get out there is, you know, considered a side hustle, if you will, to kind of earn extra income and kind of bridge the gap between some of the financial hardships they might have. With that all being said, the Paid App kind of puts us in an opportunistic approach where we can actually target all those smaller to mid-size platforms and scale, whereby we would have our brand being the Paid App front and center for all those consumers to make it a very scalable solution. From the gig platform side, it'll be a one integration into our platform, and we'll be able to pay 100% of their workforce, whether it's to the card that we've created or in a new revenue stream which is transactional for us, or they can push instant payouts to the bank account that they already have that already exists. It actually opens up new revenue streams for us as well. That's kind of the path, and we'll speak about that in depth on our Investor Day on April sixth. Great. Thank you for the color. No problem. Thank you. Our next question comes from Adhir Kadve from Eight Capital. Please go ahead. Your line is open. Good morning, guys. Thanks for taking my questions here. I just wanna talk about the instant payout option for the DasherDirect Program. Kind of ignoring the effect of gas prices for a moment here, how is that program trending? I think you guys had launched it in early November. Sorry, late November. Just maybe how was the uptake on that program prior to kind of gas prices increasing and stuff like that? Thanks, Adhir. Morning. Actually, I'll throw that over to Charles. Charles, do you wanna kind of provide some color or provide some content, and I'll kind of jump in with some color? Yeah, sure. Thanks, Adhir, for the question. So Adhir, you know, I would say that the majority of our Q4 growth was largely driven by that announcement. I mean, it's hard to tell in terms of, you know, what was pre and post, but, you know, we definitely saw an uptick in our sign-ups and active user counts from the DoorDash program when that announcement was made in mid-November. It led to steady kinda growth that, you know, ultimately led to a 42% quarter-over-quarter active user increase relative to Q3. So, you know, we think that there was a lot of positive momentum there. Obviously with the recent announcement, with the cash rebate on gas, we continue to see kind of that growth flow into Q1 and beyond as well. Very good. I appreciate that. Just maybe Charles, just on the back of that, we did see a slight increase in ARPU in Q4. Can you maybe point to where that strength came from? Was that kind of like Marco kinda talked about? Was that small offshoots or green shoots that we're seeing from the return of rideshare? Was that kind of the thought process there? Yeah. Adhir, I think it's kind of twofold. There definitely was a little bit of an uptick on the rideshare component. You know, a larger portion of that growth I think we'll see in 2022. You know, Marco kind of highlighted this in other calls as well, where DoorDash, our primary customer, is really growing their network in terms of they're just not a food delivery company anymore. They're delivering more SKUs. Kind of if you look at the DoorDash results quarter-over-quarter, they report that their non-food delivery side of the business continues to grow. A lot of that growth really is just we're mirroring the growth that DoorDash is seeing in their user base. You know, you see that translated in Q4, and hopefully you'll see some more positive news coming forward for Q1 results that are just around the corner as well. Thanks. Maybe just one last one for me, and then I'll pass the line. You kinda mentioned, you know, a key priority for this year would be establishing infrastructure to facilitate global expansion. I think you guys mentioned Canada, U.K. and Europe as being a, as priorities. Can you maybe talk about what sort of investments will need to go into establishing that infrastructure and what kind of stuff you guys will have to do surrounding that? When could we see kind of some of that kinda coming through into the P&L? Yeah, sure. I'll maybe turn it over to Marco, maybe to start off and happy to maybe add to any points that Marco didn't cover, if that's okay. Yeah, that's perfect. With global expansion really is the one kind of key piece that we would be missing as we enter each market is a local BIN sponsorship, so a bank partner to kind of be in a position to issue either a Mastercard or Visa debit or prepaid card in each market. With global processors behind us and with our platform being built to scale and expansion capabilities to go global already baked in, the one piece we do need would be that BIN sponsorship. Development on that would take, you know, top of my head, 30-45 days, along with you know a long application and courtship process and finding those partners. Most of them would be likely introduced through the networks like Visa and Mastercard, as well as all the networking that we have in the payment space. There's not much in terms of heavy lifting, development dollar-wise. Obviously, with getting into, you know, other markets with foreign tongue and all that, you'd have that spend as well, but that's negligible compared to the opportunities that we would be in front of. Long story short, there's not much capital outlay in terms of launching in those new markets, nor would there be a considerable amount of time involved with each one. In terms of opportunities, it's kind of a push and a pull, right? We can either push to get into those markets and set up infrastructure, which is what we'll be doing ahead of those contracts. With the partnerships we already have at the table, you know, I'll look at DoorDash as an example. DoorDash and the acquisition of Wolt, that brings them into 27 new markets. You know, it'd be a prime opportunity to get in front of, you know, a potential client or even an existing client and just utilize their expansion opportunities and kind of showcase that with one integration to our platform, we can now help them scale not only in their local market that they initially reached out for, but also globally, which makes it a complete no-brainer decision on behalf of that gig platform. Got it. Congrats on your first conference call here, guys. I'll pass to line. Thanks, Cihan. Our next question comes from Stephen Boland from Raymond James. Please go ahead. Your line is open. Morning, everybody. Maybe just talk about the guidance, you know, in terms of the, you know, on slide 3, you gave the split of where the majority of your revenue comes from the exchange fees. I'm wondering if the guidance has a similar split for that CAD 90 million-CAD 100 million in 2022? Morning, Steve. I'll throw that over to Marco. Yeah. Thanks, Marco, and thanks, Stephen, for your question. In terms of the guidance, Stephen, what we, you know, as Cihan kind of mentioned in his opening remarks, really we're just talking about three existing logos that we have, our major ones, so DoorDash, Lyft, and Uber. It doesn't include any kind of net new business or products that we are planning to launch in 2022. That guidance is just based on our core kind of logos that we've had in all of 2021, just basically organically growing in 2022. When I think of that in a little bit more detail, is the guidance coming from? You know, I'm trying to get a little bit more color. Like, is it, you know, do you have an ending active user for the end of 2022 in mind or an improving ARPA or ARPU, sorry? Like, is it just or is it just a general like you said, you know, we think DoorDash is growing at X%, we think we're gonna grow X%? Maybe you can just try and give us a little bit more color. Sure. Maybe I'll touch on two qualitative points. Or so, one quantitative point and one qualitative point. The quantitative point is we're obviously kind of two months into our quarter, so we have a bit of visibility in terms of where we think we'll end of Q1. Based on kind of, prorating that out throughout the rest of 2022, we have a general sense of where we think the baseline our business will be in from a perspective. Over and above that, you know, we're working very closely with our partners, whether it be DoorDash or Lyft or Uber, to really ingrain this product into their infrastructure and DNA so that we can get organic growth and deeper penetration of their driver bases as well. You know, I'll use DoorDash as an example. This is kind of a key and primary kind of objective of this senior management team at DoorDash to get this program launched in a deeper penetration throughout their organization and driver base. You know, with the support of our partners and our continued investment and just rolling out innovative new products and offerings like the cash rebate that we recently announced with them, you know, we're confident that the guidance that we have as a baseline can be met. In terms of, you know, beating those expectations, you know, we're being somewhat conservative early days so that we can see where things land and see what the stabilized rate is. You know, the good news is, in Q1, we continue to see growth. I don't see any slowdown in Q2. You know, I think we'll take baby steps in terms of our guidance and kind of update on a quarterly basis. We're fairly confident that the numbers that were provided in the deck can be reached and hopefully exceeded, with future updates in upcoming quarters. Okay. I appreciate that. Maybe just the second question, Marco, on you know, the micro credit or micro loan program. Is there any development you can give us in terms of partners, loan sizes, third-party balance sheets? Anything on that program that you can talk about? Yeah. Thanks, Steven. I mean, it's early stages. I mean, our goal has always been, you know, come up with another kind of opportunity to scale all the TAM, which is the introduction of the Paid App and Paid Platform. That's first and foremost. That's obviously after making sure that the existing clients we have are, you know, up to scale and where they wanna be. We're now in that sweet spot where we're now transitioning and staying, you know, within the realm of the gig economy and kind of expanding that TAM through that Paid App launch and Paid Portal launch, which is coming up. As it relates to loans, I mean, that whole infrastructure needs to be in place. I mean, you obviously want the biggest user count you can going into that, to make it, you know, economies of scale make sense. With that all being said, we are having early discussions with different partnerships that might play a role in that lending opportunity or product launch. You know, we've been debating back and forth whether it's something we wanna do and get our hands wrapped up in and launch that on our own or launch it in partnership with different lenders that might be out there already with existing products. We can kinda sit in the middle and clip, you know, a 2 and 10 or 2 and 20 percent, kind of like a fund model. We certainly, by any stretch, don't wanna take on the bulk of the balance sheet risk. In fact, we want as minimal as possible. We wanna stay focused on what we are, which is a fintech providing mobile banking solutions with instant access to earnings. But yeah, it's certainly a product that's gonna be, you know, very well received for our user base. For now, I could tell you know, we're launching with different partners that already have loan infrastructure and all the software that comes with it, including underwriting, adjudication, account management, and then even collections if possible, if that's needed as well. Okay, that's great. Thanks, guys. Our next question comes from Joseph Vafi from Canaccord. Please go ahead. Your line is open. Hey, guys. Good morning. Thanks for taking a couple questions from me. I just wanted to start and circle back around to the guidance and, you know, these gas rebate programs are really newly announced, and I was wondering if any early uptake or demand considerations were included in the guidance from those rebate programs 'cause it seems like I don't know why someone would not sign up for that rebate program given where gas prices are. Then I'll have a quick follow-up. Morning, Joe. Thanks for the question. You're right. Actually before I say that, Charles, chime in when you want, but my quick response to that is we really kind of had the visibility of what was going on in the first two months of the year to kinda give us our baseline for guidance in terms of the rest of 2022. That being said, we did announce the cashback rewards after that. It hasn't been, you know, in some cases even marketed yet. It was just through a press release, and we've already seen daily record volumes of applications come through. You couldn't be more accurate in saying it feels like a no-brainer. Anybody who understands the gig platforms and the gig workers themselves would understand when you're spending, you know, the vast majority of what you're earning through gas, you know, discounts as much as 10% is certainly rewarding. Now, layer that on with a free bank account where you can get, you know, a segregated account for 1099 independent contractor purposes that makes it easy for tax reporting purposes, in addition to getting your instant earnings or earnings instantly, on top of a ton of cashback rewards and other discounts like the fuel discount, is very compelling. The short answer is there is, you know, none of that activity baked in. Like Charles was suggesting, we've taken a very, very conservative approach. You know, even the guidance doesn't include any new products, new partnerships, new revenue streams, the list goes on. It's our first time, you know, to market with even a formal set of guidance numbers. We just wanted to have that conservative hat on. I'll throw it over to Charles, maybe he has some other things to add. Yes. Thanks, Marco. I think the only thing I would maybe add to that is that from a sign-up perspective and actual revenues, there may be timing difference in that, you know, by the end of Q1, which is just around the corner, we should see a significant uptick in our active user base, but the full impact of the revenue from those record-breaking sign-ups will likely be seen more in Q2 and beyond. We hope to report great numbers there, but as I said, because of the timing difference, you know, probably the active user number will be a lot more attractive kind of as a Q1 reportable item, with the revenue showing up in Q2 and beyond. We hope to kind of shed some light and color on that in the coming weeks, when we report our Q1 results. That's probably the only thing I can add to what Marco's already covered. Great. That's good color. Charles, I know you mentioned some good gross margin progression during the year, and it just seems like it's off your base of customers that you have now and more or less the same product set. It'd be interesting to get a little more color on where that gross margin expansion's coming from in a little more detail. Yeah, sure. I would say probably the three main pillars of our COGS kind of make up are processing charges, card purchases, and customer service costs. For card purchases and customer service costs, you know, you kinda have the impact of when there's a huge sign up, those costs tend to just drive up, and when normal. They're not really kind of steady state kind of costs. Generally, there's a little bit of pressure on our gross margin lines when, you know, we have big signups like, you know, we're seeing in March as well. Steady state after a month or so, and the customers have been onboarded. We see the, you know, we expect those costs to normalize, and that's where we're kind of reporting that. You know, we're definitely gonna see double-digit margins for Q1, or that's what we're forecasting. We see as the population kind of normalizes and matures, those cost levels, that's a percentage of revenue, should decrease. From a processor perspective, you know, as we gain more volumes, we actually hit the higher tiers and better pricing for us as well. That's the most significant component of our COGS. You know, with the added volumes that we're seeing in Q1 already and expect to see for the rest of the year, that's where kind of the guidance from a margin perspective are coming from. Those three pillars, I would say, Joe. Great. Thanks. Just one real quick one, just for perspective. Could you remind us how penetrated you are with Uber, Lyft, and DoorDash now just to get a feel for how that may grow over time? Thanks a lot, guys. Mark, I can maybe speak to that. You know, it's a bit of a moving target, guys. I think the target is to, at a minimum, get the 30% penetration level with all of our programs. You know, DoorDash, we're pretty close to getting there, but the good problem is that DoorDash continues to grow base. As I mentioned in kind of other calls, you know, there's a little bit of a timeline for us to kind of onboard those new drivers that they continue to grow quarter over quarter. But the baseline for 2022 would be to get at a minimum 30%. For the other rideshare programs, we're a little bit lagging in terms of the overall penetration, largely due to COVID. With some of the recent announcements, our hope is to get there by the end of the year as well. Thanks, guys. Thank you. Thanks. We have no further questions in queue. I'd like to turn the call back over to Marco Margiotta for any closing remarks. Yeah, just really quickly. Thank you everyone for joining. Really appreciate the time and looking forward to Investor Day on April sixth. We'll see you then. Thank you very much. Have a great day. This concludes today's conference call. Thank you for your participation. You may now disconnect.