Good morning, ladies and gentlemen, and welcome to Payfare's 2022 Q3 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 difficulty 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's 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 in the annual MD&A for the year ended December 31st, 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 is posted on our website, corp.payfare.com/investors last night. I will now turn the call over to Marco Margiotta. Thanks, Cihan, and good morning, everyone. Let's start on slide three. The third quarter was a record for Payfare in all of our operating and financial metrics. I would like to emphasize record levels of Adjusted EBITDA, operating cash flow, and free cash flow growth. We are proud to demonstrate that our core business is both profitable and self-financing. Importantly, our team has achieved this without pulling back on growth or headcount reductions. Payfare remains in growth mode, and we have a clear line of sight ahead of us to say that we expect to be Adjusted EBITDA positive on a full year basis in 2022. We're an asset-light business with minimal CapEx requirements and no debt. Our operating cash flow profile is also a good proxy for free cash flow. We achieve these milestones because of our strong partnerships and integration with our key gig platform clients, our ultra-low cost of distribution model, realizing significant processor cost improvements, breaking through $2.1 billion of GDV flowing through our rails in the third quarter, and are focused on delivering a high quality user experience combined with a compelling suite of rewards for our cardholders to capture additional wallet share. I would like to take this opportunity to thank and congratulate our amazing staff on achieving these key milestones. We remained active on our previously announced normal course issuer bid program in the third quarter. To date, we have repurchased approximately 765,000 shares at an average price of $4.62 per share. We continue to believe our share price is significantly undervalued, and we will remain opportunistic on future share repurchases. We're extremely well capitalized and the buyback program has no impact on our ability to deploy capital strategically. We have seen little to no negative impact so far on our business from inflation or other macroeconomic headwinds. Our view is consistent with what our key gig platforms have recently disclosed. Price increases are driving higher gig worker acquisitions across the industry as workers respond to inflation by supplementing their income with gig work, with the net benefit for our user and GDV growth. In times like these, we believe the benefit of Free Instant Pay is more important than ever. Our partners implementing cash back rewards on fuel repurchases through our card have disclosed that their worker acquisition costs are at all-time lows and will continue to trend lower for successive quarters after partnering with Payfare to financially empower their workers with Free Instant Pay, a free neobank account, and loyalty rewards. In the last days of the quarter, we successfully launched an enhanced reward program for U.S. Lyft drivers using a Lyft Direct debit card powered by Payfare of up to 8% cash back on fuel repurchases. There is no expiration on the enhancement, and early indications are that the program has been well received by our users. Let's turn to slide four. The third quarter was another record for revenue and GDV, both up 183% and 176% year-over-year, respectively. Our revenue growth continues to outpace GDV and user growth, which demonstrates that Payfare is winning additional wallet share with our users. Slide five. Slide five highlights our user growth. Third quarter user growth was impacted by seasonality, particularly within our cohort of delivery users. This is relatively consistent with financial results reported by our gig platform partners. Having said that, post-quarter end, we are seeing a significant increase in net new users in both our rideshare and delivery cohorts. We look forward to celebrating our breakthrough of 1 million users in short order. Turn to slide six. We are incredibly proud and humbled that DasherDirect by Payfare was ranked the number 1 finance app in the U.S. in the month of August by unitQ. We believe this demonstrates the value that Payfare provides gig workers. We do not offer a generic product targeting every underbanked consumer in the country. Our products are specifically designed with the needs of gig workers in mind. We punch well above our weight compared to the size and budgets of other financial institutions on this list, and we'll continue to work on maintaining our position at the top of the table. Slide seven. Slide seven demonstrated the value we provide to our gig worker, our gig platform partners. Since launching DasherDirect by Payfare early last year, DoorDash continues to achieve record lows in worker acquisition costs, despite having spent over $40 million in a single quarter on cash back fuel purchases through our card. We have proven to the market that we significantly reduce worker acquisition costs for our partners through increased retention and higher engagement. Our partners realize these benefits and proactively engage with us on initiatives to double or triple penetration rates over the next 6-12 months. Let's turn to slide eight. As we mentioned in the prior quarter, there's a robust pipeline of new partnerships ahead of us, from late-stage discussions, RFPs and LOIs, to implementing final agreements. The aggregate GDV of our pipeline is in the several billion CAD range. While we have not been directly impacted by recent layoffs in the tech sector, there has been an impact to prospective partners in our pipeline as RFP processes have been extended due to staff turnover. We look forward to sharing updates on new contract wins in due course. As discussed in the previous slide, we believe there is a significant organic opportunity to increase penetration within our existing partnerships as well. One way to achieve this is by expanding our product shelf. We are working with our partners to expand financial inclusion and reduce reliance on predatory lending products for their workforces. To that end, we are developing best-in-class credit products to address the needs of our users. Access to financial services should not affect our users' ability to work and provide for their families. At Payfare, we're taking an asset-light approach to credit by providing this origination platform. There is no shortage of debt cap in the marketplace to fund credit products targeting gig workers. We look forward to sharing more on our new product development early next year. With that, I'll turn it over to Charles to review a few key financials. Thanks, Marco. Turning to slide nine, you will see our summary income statement. In the third quarter, we generated revenue of CAD 35.9 million, up 183% from Q3 2021. This increase was primarily driven by ongoing marketing initiatives and organic growth in each of our programs with DoorDash, Lyft, and Uber. Our full-year revenue guidance of CAD 125 million-CAD 135 million remains unchanged. Gross profit in the third quarter was a record CAD 6.9 million at a 19.2% margin. Gross profit dollars were up 246% year-over-year and up 8% from the prior quarter. Our gross margin primarily benefited from volume-based pricing improvements with our higher active user base and GDV volumes. As Marco mentioned, we are now Adjusted EBITDA profitable. This is because as we grow our users and GDV, we continue to realize benefits in vendor pricing and scale, which will continue to drive margin expansion over the balance of the year. We expect to be Adjusted EBITDA positive on a full year basis for 2022. There is significant operating leverage in our model as our platform can support materially higher users and GDV activity without a material change in headcount. I would also like to take a moment to speak about our operating and free cash flow. This was a record quarter on both metrics. Our operating cash flow of $3.9 million was up $4.9 million over the year and up $7.3 million from Q2 of this year. Our free cash flow was CAD 3 million, up CAD 5.3 million year-over-year and up CAD 7.3 million quarter-over-quarter. Our core product is generating positive cash flow with minimal working capital and CapEx investment. On slide 10, we summarize our current financial condition. We ended the quarter with CAD 40 million in cash. Our financial condition is strong. We have minimal capital needs to fund our organic growth opportunities, and our core business is self-financing. Our balance sheet is well capitalized, and we remain debt-free. I will now turn it over to Cihan for capital markets update. Thank you, Charles. Let's flip to slide 11. This is the familiar chart that compares the share price performance to the ETF and ETFMG Prime Mobile Payments ETF since our IPO. We're happy to see that we have outperformed our benchmark by 25% over this period, despite elevated market volatility seen this year. Slide 12 shows where our stock is trading relative to other high-growth payment companies. I want to point out that all figures on this table are in U.S. dollars, and all forward-looking information reflects analyst consensus estimates in the midpoint of our revenue guidance for 2022. While we can't control market multiples, we have levers to pull to close the valuation gap with our peers. The first lever is delivering on Adjusted EBITDA and cash flow profitability, which we expect to achieve on a full year basis this year on both metrics. The second is expanding our gig platform partnerships. As Marco mentioned, we are excited about our current sales pipeline and the ability to execute on increasing penetration within our existing partnerships as well. The third lever we can pull on is new products. We're fast approaching the 1 million user threshold, which gives us the opportunity to develop new products, incremental user monetization, including credit. We look forward to delivering updates on these initiatives over the coming months. Operator, with that, we are now ready to take questions from the queue. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by one on your touchtone phone. If you would like to withdraw your request, please press star followed by the number two. If you're using a speakerphone, please lift the handset before pressing any keys. Our first question comes from Joseph Vafi with Canaccord Genuity. Your line is open. Hey, guys. Good morning. Great results, great execution. Maybe, Marco, we'll start with some of your comments. You said that you're working with your gig platform partners to double or triple penetration of Payfare in the driver base. Any detail there you can provide on some of those strategies to expand and penetrate in those partners? I'll have a follow-up. Yeah. Good morning, Joe. Thanks for the question. Yeah, we have a number of initiatives that are ongoing, in terms of looking at different ways we can get in front of that gig worker to make it appealing to them. One you've seen through cashback rewards, you know, most prolific one was the gas discount we offered. There's a number of different initiatives to get in front of them again, but we know that, you know, even going back to the initial national launch, we know that within the first couple of weeks of seeing that exposure with that user, we onboarded about 20%-30%, but we also know that about half those users didn't open the email. Naturally, if everyone got the exposure, we expect the numbers to go significantly higher from where we are. Over and above that, like I said, all those different things we have in the pipe in terms of new ways to get in front of them, whether it's sweepstakes, cashback rewards, deeper, more, rewarded or targeted towards higher tier drivers as an example or users, will be another initiative. There's a laundry list of things we have to kind of make sure that we get the exposure we're looking for. Got it. Thanks for that. Then I know you mentioned some of the sales cycles were perhaps lengthening a bit here given some of the macro. Is that kind of broad-based or do you still expect to have some of that pipeline convert here over the next few months? I would say as a general theme, everything's status quo. There's just a couple of significant contracts that we were looking at where internal turnovers directly impacted the launch or potential launch of any product that they were looking at. We feel good about that. It's just a delay as opposed to an outright, "Well, we'll take a pass at this point." I think it's clear as day when you look at what DoorDash themselves have seen, a lot of gig worker platforms are looking for ways to drastically reduce these user acquisition costs from the workforce side. As a theme, I think everything's in check. We still have a number of users in our pilot within the Paid App. That's what is expected. We wanna make sure that, you know, measure twice, cut once. It's a big undertaking. We're taking a normal implementation from months and dwindling it down to a few weeks. When we kind of go live with that in a big way, we wanna make sure everything's working as you'd expect. As an overall thought about the macro backdrop, we don't see any slowdown. There's just two clients in particular or potential clients in particular that had some big turnover happen. Fair enough. Maybe I'll just squeeze one more in on a more detailed update on Paid App, how those betas are going and, you know, what happens after those betas are. You know, does that mean that there's, you know, a bunch of potential new partner customers that can kinda ramp on Paid App quickly after the beta is over? Or Or how does that playbook unfold? Thanks, guys. Yeah. Thanks, Joe. I mean, once we're very comfortable with how everything's working and so far so good, you know, the reason why there's a bit more hesitancy, unlike other rollouts, we have some new vendors that are taking part in the Paid App as well. There's a bit more balance checks in place to make sure that all those third parties that are now entering the fold are doing what we expect them to do. With that in mind, once the pilot is done, we are fortunate enough to have an inbound of opportunity that kind of was referred over to us from different parties in our network, including some of the network rails. With that in mind, you know, we fully plan on rolling out a marketing channel or marketing distribution channel so that we can actually target more interest on the outbound. Obviously that hasn't necessarily unfolded just yet. We've had the luxury of having enough pipeline to foster the start of the pilot. Now we've hired a recent salesperson based out of the U.S. They're gonna be there to accommodate all the sales activity, and that we expect to grow, and that team will grow over the next few quarters. With that, we also envision bringing on a new marketing individual to kind of quarterback all the marketing efforts to kind of build a sales pipeline even deeper than all the activity we're already seeing. Great. Thanks a lot, Marco. Thank you. Our next question comes from Adhir Kadve with Eight Capital. Your line is open. Great. Good morning, guys, and thanks for taking my questions. I wanted to ask about the cohort of drivers which you onboarded via the cashback reward programs on fuel earlier in the year. Now that the programs have kind of lapsed, can you give a sense of the retention numbers and how those users are kind of behaving on the platform? Hey, Adhir. Good morning. Charles, do you wanna take that one? Sure, Marco. Hey, Adhir. From a churn perspective, Adhir, you know, as we kind of forecast, we have not seen material churn in that initial cohort that signed up during that 10% gas rebate program. In fact, as you can see from our results, our user base has grown. If you compare it to DoorDash's results, we're actually tracking at a higher percentage clip growth quarter-over-quarter. You know, we're confident that the benefits that the drivers have in terms of getting access to their earnings after each dash are quite formidable and, you know, provide great value. You know, it's kind of our thesis saying that, you know, once exposed, it's very difficult to kinda go back to the way it was in terms of going back to being paid weekly, if not longer. You know, positive news overall in terms of, like, retention of those drivers that were signed up during the program, and we look to kinda grow that base for the balance of the year. Got it. That's great to hear. I just also wanted to now ask about the Lyft Enhanced Cashback. This program doesn't really have an expiration date. Do you guys kinda see this program as Lyft kinda reengaging the Lyft Direct program? Obviously, it's been well documented how involved DoorDash has been. Lyft has been more modest, relatively. Any comments around that? Adhir, maybe, Cihan, you wanna take that one? Sorry, Adhir, I was coming out there. Could you repeat the question, please? Yeah, absolutely. I wanted to just ask about the Lyft Enhanced Cashback rewards. You know, I was just kind of wondering, like, is this Lyft program more kind of reengaging with the Lyft Direct program? Just kind of relatively, DoorDash has been very engaged with the program with their DasherDirect program. I just kinda wanna see relatively, do you see this as this kind of, you know, reengaging and any comments or any surrounding that? Yeah, absolutely. You know, with each one of our partners, you know, as Marco mentioned earlier on in the call, we have a demonstrated ability to reduce, you know, driver or worker acquisition costs and increase retention. The more we stay in front of our existing partners as well as new partnerships, you know, we're showing that benefit that we realize in the case of Lyft, they're realizing that tangible benefit as well. We're excited about the potential for that program to grow the rideshare user base and activity levels. What we do know, and it's come through on, you know, all the gig platform earnings results that came through over the last couple of weeks, rideshare is still below pre-pandemic activity levels, but getting back and closer to, and perhaps this quarter or next quarter will break through, the overall industry will break through where activity levels were in 2019. What's encouraging for us is exactly as you mentioned, Adhir, that's enhanced and ongoing and permanent program in place with Lyft to really reward the higher tier drivers. That's important for us because rideshare is actually a higher GDV per user business or cohort than delivery. It's exciting for us to, I wouldn't say re-engage, but enhance and boost and help drivers get back on the road and help our rideshare partners continue to break back through pre-pandemic levels. One thing that they've also said is that they expect to increase spending on driver incentives for the fourth quarter and going forward, and we expect to realize the benefit from that as well. Yeah, with all that to say, we're really excited about the enhancement and the impact we expect to see on our rideshare cohort. Excellent. Maybe one last one maybe for you, Charles. Just kind of, you know, as we think about your margin profile moving forward with the Paid App going live, and I think Marco mentioned a little bit more of a deeper marketing channel. How do you see that kind of impacting or if at all impacting margins moving forward? You know, I think as we kind of reiterated in prior quarters, you know, our run rate gross margin that we're targeting by the end of the year is 25%. That's kind of excluding some of the new products that we hope to launch in the coming months. Really it would be a margin enhancement, a positive addition to kind of that 25% margin that we're looking at, given, you know, if we have referral fees as an example that are kind of added to our product profile, that would be a direct kind of hit to margin as well to the upside. You know, we definitely see that, you know, with some modest kind of monetization of kind of our existing base, there's a lot of potential in 2023 in particular for us to kind of grow that, margin base and run rate basis. Excellent, guys. Thank you very much. I'll pass it on. Our next question comes from David Pearce with Raymond James. Your line is open. Good morning. Charles, just to follow up on the gross margin question. Sort of came in at 19% again this quarter, sort of flat to Q2. Just wondering, you know, what's driving that six-point expansion in Q4, assuming you're still planning to exit at 25%? Sure. Thank you, David, for the question. From a margin perspective for Q3, one thing to kind of keep in mind is there were some. I'll call it cleanup or true up adjustments that we had booked in Q3. Adjusting out for those adjustments, we were actually over 20%, from a gross margin profile for Q3. In terms of what was communicated in the prior quarter's earnings call, you know, it's. We were forecasting. How we get from kind of low 20s to kind of 25 is really the continued surveys. You know, with additional volume comes additional savings at the upper tiers of those volumes. That's how we kind of march towards that 25 by the end of the year. Thank you. Maybe just quickly on the NCIB. You know, is trade liquidity something you guys are thinking about as you sort of pursue this buyback program? You know, how are you taking that into account? Yeah. Marco, do you wanna maybe take that question? I heard something about the NCIB. Sorry, David, I didn't pick up the full question. Just curious on trade liquidity, Marco, and the NCIB, is that something you're factoring into your repurchase decisions going forward? Yeah. I mean, the reality is we all know that liquidity on the TSX, especially for our stock as a small microcap company, is challenging to say the least. The effectiveness of what we're after isn't really there with all the limitations around an NCIB. It kind of really restricts and limits the purchase activity. We're still feeling incredibly bullish about what we see ahead of us. We'll continue to kind of deploy that capital on a, you know, on opportunistic basis, as we had mentioned. Yeah, I mean, there's nothing really we see preventing us from continuing that program at these share price levels. That's great. Thank you. Thank you. Our next question comes from Mike Colonnese with KBW. Your line is open. Hey, good morning. A couple questions from me. First, I wanted to go back to that, gross profit margin guidance, so getting to 25% and some of the noise you had this quarter. That true up that you mentioned, that 1%-2% true up this quarter, is that something that can repeat, next year? Is it just a one-time thing, or is it something that could come back again at some point in 2023? Secondly, on the margin trajectory, when you mention new fees, new products, new services, new ancillary revenue, the fact that you don't have any now, should we be thinking about that maybe being more of a, at the very earliest, the back half of next year? I'm guessing you'd be introducing potentially some of this stuff in early 2023, maybe mid 2023. Where's the torque on that? Like, or the timing of the torque on that, is that more of a end of year and early 2024 story? I'm just trying to get a sense of a better sort of understanding of how strong your margins could be beyond that 25% level, assuming that you get there next quarter. Sure. Thanks, Mike. To answer the first question, in terms of the Q3 adjustment, it is one time, so it should not be a recurring item that you kind of put into your model. That's the first question. In terms of the second question, timing of kind of the new products and initiatives that will enhance the margin kind of profile, you know, I won't say it's late 2023. But you're probably targeting kind of late Q1, early Q2, in terms of a timeline to introduce some of those products into the marketplace. Okay. Then is there any sort of natural level that you can't get beyond? Let's assume you don't have margin enhancing products at all next year. Is there like a ceiling on that margin? You know, is 25% a good way to look at as being sort of like a ceiling on your existing business as it stands today without the margin enhancements that you're which you mentioned? Sure. Maybe I'll answer it in this way, Mike. You know, really, with additional volumes comes additional power to kind of negotiate with our vendors. We've done that, this past year where, you know, as our volumes grew, we had more negotiating power. The idea would be in 2023, assuming we continue on the current trajectory, that we go back to the vendors to extract more savings, that would then, flow through into our margins as well. Although nothing's kinda guaranteed, our strategy always is to leverage the volumes, volume power that we have and go back to our vendors to extract more benefits. Okay, that's helpful. So it sounds like there is potentially some upside beyond the 25. Maybe just one quick one from me, one more quick one on the expenses, the SG&A. Marco, I think you had mentioned you had some comments there on marketing and ramping that up. Just trying to get a sense of, just given the fact that your marketing spend was actually down, I think this quarter sequentially, what sort of ramp up on the SG&A should we be thinking about for next year? Thanks, Mike. Charles, I guess you could take that one. It's not a significant material impact, but, you know, the thought is we do have to expand out with the marketing funnel and then hire sales teams to support it. Charles will be able to dive into the details. Yeah, sure. Thanks, Marco. Mike, in terms of like 2023, you know, we're currently in the process of finalizing our budget for 2023 to get board approved. I, you know, I won't go maybe too much into the specifics, but high level, what I would kind of comment on is that, you know, a lot of the marketing initiatives, rather than it being kind of an ongoing thing, it's really targeted to specific rollouts and projects. You know, rather than kind of a peanut butter approach throughout the year, it may be more surrounded around initiatives, like the gas rebate program that was launched in the summertime, where it's like more one-time shots and then assessing the success of the program and then looking to reinvest, if we see the return on investment. You know, in terms of advance notice of those kind of initiatives, you know, I think we're trying to do a better job on a go-forward basis as we work with our customers to kinda plan these things out so that we can communicate that, whether it's during the earnings calls or calls with analysts as well, so that there's a little bit of a heads-up in terms of what the current spend is going to be or future spend. I hope I kind of answered the question indirectly, but, you know, I would say it's more targeted marketing spend as opposed to spend throughout the year. That's kind of our approach. Got it. Okay. Thank you very much for the insight. It's really helpful. Thanks. Ladies and gentlemen, as a reminder, if you have a question, please press star followed by one. Our next question comes from Matthew Howllett with B. Riley Securities. Your line is open. Oh, hey, guys. Good morning. Thanks for taking my question. Just at a high level, could you just comment on the vote from the Department of Labor changing the gig worker classification? Just, I know there's obviously some things going on in California, but can you just give us some high-level thoughts? I can take that one. Thanks for the question. Good morning. Yeah, I mean, even with the proposed change, it really doesn't impact the way it's worded today wouldn't really impact the gig platforms we deal with today. Second to that, you know, Proposition 22 in the state of California, the most liberal state there is, there was a 58% approval rate to keep these workers classified as independent contractors. On many different fronts, you know, with the most important one being gig workers, and more specifically as an independent contractor, they're dipping into their own pocket to kind of take that risk in order to make some income. That's a clear distinction between an employer and employee. Or sorry, a contractor versus an employee. In many ways, we know that if that were to happen in a very unlikely event, you know, the reason why it's coming up now is because of the midterm elections which kind of made it a hot-button topic of choice. We don't think it'll happen, but in the unlikely event it happens, we actually think net-net we might be better off, given the fact that, you know, the gig worker who used to have $100 gross now might only have $70 net in their pocket, meaning they have even less cash to ride out the week, their workweek. We would see an influx of new users come to the platform in search of finding more cash to fund that gap that they normally face. We're not overly concerned about it at this point, just given the history, you know, classification and the challenges that would face for a lot of activity around the space. When you think about even someone or a company like Uber that came to market kind of pushing their way through and begging for forgiveness later, it really took a toll on the taxi industry. There's not many taxi industry players of size in many of the markets. Now if those costs have to be pushed through, you know, through those gig platforms and there's no taxi industry to fall back on, I don't think there's many people in many of the states that would want that in terms of their, you know, availability of those, you know, using a taxi or Uber or any rideshare company for that matter. It's just it would create an environment where now the taxi industry got wiped out and all of a sudden the costs that you once thought you were saving are now being put back onto the industry. Net-net, you're left with a rideshare company charging you a lot more just for the classification of being an employee. If you could give them the benefit, you know, and kind of avoid all the pitfalls of all the complications that would arise with it, I think net-net you're good. You're in a much better spot. I think that's the ultimate outcome. They'll get more benefits out of it. Bottom line is, and I know this is your sector, there's been a few attempts at doing this, but bottom line is you don't think it will impact your major partners, and if any of it does, you know, clearly you could benefit from, you know, from the changes. Yeah. I mean, net-net, you'd have a reduction in, you know, GDV per user, but you also have a significant amount of more users. We think the significant amount more users would more than offset the reduction in that GDV per user. Makes complete sense. I'm glad you addressed it, just saying it's obviously top of mind here with the elections. Second thing is, you know, other products being rolled out. I wanna ask about the, you know, the lending product. To me that has the most upside in my view. Can you just high level give us a sense on, you know, how it'll be structured and, you know, obviously gonna have a partner and generate some type of referral or success fee and any sense on, you know, what type of line that we could be looking at here, or is it just too early? It's really early, but what I would say is, you know, the things that we kept highlighting, which is we don't wanna be the balance sheet here. We plan on taking an origination fee, possibly even a success fee, just to align interest. There's different ways we could do it, but with certainty, I can tell you the balance sheet will not be residing on our balance sheet. We have a slew of different debt providers that are stepping up to kind of look at the opportunity. You know, the things they love about it are all the things that we keep highlighting. Right? It's a quick turnover book. You have complete visibility of the worker. There's ways to kind of mitigate risk in terms of repayments because of the embeddedness of our product and our bank account. The list goes on and on and on. It just makes total sense. We think penetration rates would be significantly boost or boosted by this kind of product offering. We know it's well reviewed. We've had experiences here in Canada where, you know, we opened up different valves back in the day, and we know that a credit product would be overwhelmingly demanded. I guess like every other credit product, the easy part is giving the money out, but more important than that, we also feel that the collection risk and repayment risk would be mitigated significantly given, you know, the infrastructure and the ecosystem we've given with that worker. Do you look at it like an acquisition channel and you have like the fee side of it, but it could also help penetration sort of two ways you win? All those things, yeah. It would be greater attraction and retention just because the availability of credit, for someone who's got significantly damaged or no credit score at all, might be available just given the driving history and their work history that we have complete visibility on. Second to that, because of the repayment risk and not relying on a third party bank account, there's also a mitigation of risk there in terms of collections. Yes, you know, that should boost. I know I shouldn't say should, I can speak with conviction. I know it'll, you know, dramatically increase penetration rates, where if you're the only game in town for them to get credit, you know, you're kind of making it even more attractive over and above and beyond what we think is almost a no-brainer with a free bank account already giving them instant access to credit. You know, we see definitely attraction retention rates, what would be a significant lift. Then we'd also see the benefit of clipping that referral fee or, you know, in any arrangement, not just on a credit product. You know, I'll make it more broad and just say we've always envisioned introducing a marketplace and there's significant opportunity there. Going back to some of the questions around margins, I mean, those margins are almost at 100% because mostly relying on that referral fee. Out of million active users, these are things that we get excited about. These are always things we envisioned, you know, the focus was target the big Goliath clients. We had a complete greenfield in front of us. We nailed that, executed almost perfectly given the number one ranking we had in the U.S. with one of our apps. Now you expand the tent by introducing the Paid App and stamping it out in a much quicker fashion so that we can address the rest of the market that wants this product, or not only wants it but needs it at this point. Then it's about monetizing the user base. Credit falls into that marketplace opportunity spectrum that we look to roll out in early 2023. Looks like it could be a tremendous banking product with a big cohort of the underbanked. Last question, real quick. When I model the GDV versus active user growth, I mean, is it just gonna be the mix shift or that Paid App outpacing gonna continue? Just tell me that. Thank you for taking the question. Yeah, no problem at all. Cihan, you wanna throw that one over to you or Charles? Maybe I can kind of start and then Charles Park will jump in if you have anything. With respect to overall growth and activity levels with users and GDV, Matthew Howlett, I think the important thing and one of the reasons why our GDV has outpaced our user growth is particularly because we've got those you know enhanced cashback loyalty reward program that are in place and that people use, right? That's also led to you know revenue growing at a faster clip than both of those metrics as well. You know, we talked about the launch of the Lyft enhancement that came on you know right in the last few days of Q3. We expect that to have a positive impact and early indications are that the you know enhancement has been very well received. We expect, you know, just on that relationship of GDV to user, we expect that relationship to be, you know, in tandem with what we've seen with prior quarters. But we're really excited about, you know, the opportunity to help grow that GDV even further, right? Marco talked about whether it's credit or what have you, these are the kind of things that also help us reengage with the existing platform user base. What I mean by that is we do see a difference in, you know, and how it ties back to penetration levels. We do see a difference in penetration of new worker activations when they're presented with the decision point to sign up for, you know, DasherDirect by Payfare or Lyft Direct by Payfare. The conversion or penetration on that user is north of 50%. What we're trying to do is reengage, along with our platforms, how do we reengage or get the message out to that existing user base, you know, that's already there but is not faced with that immediate decision point. One of the things is like the enhancement to the Lyft program. One of the things is, you know, launching credit products, whatever form they may take. All of those combined, we expect to help. You know, tying back to your original question, all those things combined, we expect to help, boost GDV levels as well. Thank you. There are no further questions at this time. Ladies and gentlemen, that concludes today's conference call. Thank you for participating, and we ask that you to please disconnect your lines.