Good morning, ladies and gentlemen. Welcome to Payfare's 2022 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. Instructions will be provided at that time for you to queue up. If anyone has difficulties hearing the conference, please press star zero for operator assistance at any time. I would like to remind everyone that this conference is being recorded today. I will now turn the call over to Mr. Cihan Tuncay, Head of Investor Relations and Corporate Development. Please go ahead, sir. Thank you, operator, and good morning, everyone. Joining me on the call this morning is Marco Margiotta, Payfare's 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, 2022, 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. Thanks, Cihan. Let's start on slide three. The fourth quarter was a record for Payfare on all of our operating and financial metrics. Looking back at the inception of Payfare, I'm extremely proud to present our first earnings positive quarter in our history as a publicly traded company with a return on equity of 23.7%. 2022 as a whole was a landmark year for our company. I would like to take this opportunity to highlight our key achievements over the course of the year. First, we delivered a best-in-class digital banking and instant pay solution for our cardholders, supplemented by meaningful and robust cashback and loyalty rewards. The cardholder experience is at the heart of everything we do at Payfare, and we know we are executing on this front. A DasherDirect powered by Payfare was ranked as the top finance app in the US for the months of August and December. This, in turn, was the driving factor behind our user growth, which more than doubled by the end of 2022, breaking through the 1 million user threshold. Second, we worked extremely closely with our gig platform partners to increase worker engagement and retention, helping them reduce worker acquisition costs to all-time lows. With ongoing macroeconomic headwinds, more people are turning to gig work than ever to supplement lost income. We think offering a free instant pay solution is absolutely critical for any gig platform in 2023. Third, we proved that our business is both profitable, self-financing in 2022, generating record levels of adjusted EBITDA, operating cash flow, and free cash flow well ahead of our competitors without pulling back on growth or headcount reduction is a testament to the robust nature of our business model. We couldn't achieve any of this without our amazing employees. Thank you to each and every one of you for demonstrating and executing on our core values on a daily basis. We were active on our previously announced normal course issuer bid program in the fourth quarter. To date, we have repurchased almost 1.2 million shares at an average price of $4.54 per share. Let's turn to slide 4. We expect 2023 to be even more transformational for Payfare than 2022. We're introducing our guidance for the year of $185 million-$195 million in revenue with a midpoint of 46% year-over-year, and $21 million-$24 million in adjusted EBITDA, with a midpoint of 415% year-over-year. Our guidance is based on increasing penetration within our existing partnerships, which we believe have the potential to increase our user base by 25%-50% over the course of the year. Our sales pipeline remains robust. While our lead time on new contracts was extended beyond normal levels in 2022 due to elevated employee turnover within new prospective partners, 2023 has started with improved sentiment as we have several active new meaningful opportunities, particularly with white label products. These opportunities include geographic expansion with existing global partners. We remain focused on Paid App, which will be supported by our recent new senior hire in marketing. On the new product front, we have made progress with our gig platform and banking partners on new credit product development. These include overdraft and higher-ticket consumer credit products. Importantly, we at Payfare take an asset-light approach to credit, and we do not expect to have any balance sheet exposure on potential product launches. The economic opportunities of Payfare would be increasing funds loaded and spent on our cards and potential origination fees by marketing the product to our user base. Our significant user base of over 1 million cardholders is also compelling for new potential merchant partners to offer cashback and loyalty rewards directly within the Payfare ecosystem. We are having meaningful conversations with merchant partners in both U.S. and Canada to offer additional rewards on our top spending categories, including fuel and food. We have always viewed earned wage access for full-time employees as a natural extension of our business model. We are targeting 2023 to be the year where we take our first steps to enter this massive new market opportunity. The hurdle for most EWA players is access to the right funding model. We think we are taking the right strategic financing partners to make EWA work on a more profitable basis. Stay tuned for updates on this front. Turning to slide 5. The fourth quarter was another record for revenue and GDV. Both up 131% and 137% year-over-year, respectively. Our revenue and GDV growth continues to outpace our user growth, which demonstrates that Payfare is winning additional wallet share with our users. Slide 6 highlights our user growth. As previously mentioned, macroeconomic headwinds are boosting our user growth as more people turn to gig work to supplement lost earnings as a consequence of elevated inflation and job losses. We also launched new cashback rewards for Lyft Direct right at the end of third quarter, which led to meaningful growth in our Lyft user base in the fourth quarter. We remain bullish on organic user growth potential for 2023. With that, I will turn it over to Charles to review our Q4 financials. Thanks, Marco. Before we get into the results, I'd like to take a moment to mention that the company reclassified customer support fees earned from one of our partners from revenue to cost of services. The adjustment was made to better represent the economic terms of the agreement with the partner. As a result, the adjustment of $3.84 million of revenue was reclassified to reduce cost of services in fiscal 2022, and $1.81 million of revenue was reclassified to reduce cost of services in fiscal 2021. A full breakdown of the reclass by quarter can be found in Payfare's 2022 MD&A. This reclass entry has no net impact on gross profit dollars, EBITDA, or overall earnings in 2022 or 2021. Turning to slide 7, you will see our summary income statement. In the fourth quarter, we generated revenue of $38.4 million, up 131% from Q4 2021. This increase was primarily driven by ongoing marketing initiatives and organic growth in each of our programs with DoorDash, Lyft, and Uber. On a full year basis, we generated total revenue of $129.9 million, up 210% from 2021, which was the high end of our guidance range. Gross profit in the fourth quarter was a record $8.3 million at 21.6% margin. Gross profit dollars were up 230% year-over-year and up 20% from the prior quarter. Our gross margin primarily benefited from volume-based pricing improvements with our higher active user base and GDV volumes. We continue to significantly expand adjusted EBITDA, which was $3.6 million in Q4, up 248% year-over-year and up 171% from the prior quarter. As we grew our users and GDV in 2022, we realized benefits in vendor pricing and scale. As such, we were adjusted EBITDA positive on a full year basis, generating $4.4 million in 2022, an increase of $14.4 million over 2021. There is significant operating leverage in our model as our platform can support materially higher users and GDV activity without material change in headcount. This in turn drives our 2023 guidance of adjusted EBITDA growth of $21 million-$24 million, the midpoint of which is 415% over 2022. As Marco highlighted earlier, Q4 was our first earnings positive quarter as a public company. With low EBITDA, our only major expense item is stock comp. We do not foresee any significant change to this line item on a year-over-year basis. As a result, we expect to be earnings positive per share on a full year basis in 2023. 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 $6.3 million was up $10.6 million year-over-year and up $2.6 million from Q3. Our free cash flow was $5.4 million, up $10.2 million year-over-year and up $2.6 million quarter-over-quarter. Our core product is generating positive cash flow with minimal working capital and CapEx needs. As such, we expect operating leverage on adjusted EBITDA to drop down to both operating cash flow and free cash flow going forward. On slide 8, we summarize our current financial condition. We ended the quarter with over $42.6 million in cash. Our financial condition is strong. We have minimal capital needs to fund our organic growth opportunities as our core business is self-financing. Our balance sheet is well capitalized, and we remain debt-free. I'll now turn it over to Cihan for capital markets update. Thank you, Charles. Let's flip to slide 9. This is the familiar chart that compares our share price performance to the ETF ETFMG Prime Mobile Payments ETF since our IPO. We are happy to see that we have outperformed our benchmark by 33% over this period, despite elevated market volatility seen over the last 12 months. Since IPO, we have achieved positive adjusted EBITDA generation, positive free cash flow generation, and positive earnings while exceeding guidance. Slide 10 shows where our stock is trading relative to other small cap payments companies and recent payments M&A transactions. I want to point out that all the figures on this table are in US dollars and all forward-looking information reflects analyst consensus estimates and our 2023 revenue and adjusted EBITDA gains. While we can't control market multiples, we have levers to pull to close the valuation gap with peers. The first lever is expanding our adjusted EBITDA cash flow and earnings profitability, which we expect to continue in 2023. The second lever is expanding our gig platform partnerships. As Marco mentioned, we are excited about the current sales pipeline. The third lever is new products. We have crossed the 1 million user threshold, which gives us the opportunity to develop new products for incremental user monetization, including credit. We look forward to delivering updates on these initiatives over the coming months. Operator, we are now ready to take questions. Thank you, sir. Ladies and gentlemen, we will now begin the question-and-answer session for analysts. If you would like to ask a question, please press star followed by the number 1 on your telephone keypad. If your question has been answered and you would like to withdraw from the queue, please press star followed by the number 2. If you are using a speakerphone, please lift your handset before pressing any keys. One moment please for your first question. Your first question will come from Stephen Boland at Raymond James. Please go ahead. Good morning, guys. First question. You mentioned some new opportunities, white label, geographic expansion, you know, through also through the Paid App. I'm just wondering, Marco, where in the process, are those contracts, you know, signed and at this point you are in development or you're still, you know, at that point of, you know, in the sales process of getting those up and running? Hey, Steve. Morning. It's Marco. They're at various stages. Through the paid app, there's executed contracts in there. On the white label side, a lot of them, I would say, are closer to the beginning or midpoint of the discussion. We're exploratory kind of conversations are kind of beyond to a point where everything's kind of written down and we're kind of mapping everything out. Kind of getting to a stage where we can kinda move forward. I would say as a general statement, Steve, much like I highlighted earlier, 2022 was a year where, you know, it wasn't a question of if the gig platforms were excited about what they've been seeing, it really was a question of when. Now in 2023 to start the year, turn over a new calendar year and a new fiscal and a new budget and new kind of guidance from their headquarters, kind of giving them the green light to kind of move forward. We're definitely seeing a very robust pipeline of white label solutions that are coming to us, mainly through inbound efforts. We have a marketing role. I mentioned that as well. We're starting to get that engine up and running so that we can build a proper sales funnel. Yeah, we're definitely seeing a lot of inbound interest now that the calendar year has turned over. I mean, you've been doing this a long time, Marco. I mean, some of these, you know, I think your goal in 2022 was, excuse me, to have some of these, you know, I think up and running or announced or, you know, to that point, I mean, it's just the nature of the game that things take longer than maybe expectations. I think it's a combination of a few things. I think the macro headwinds didn't help. I think a lot of gig platforms knew now with validation that the numbers we see with us driving lower costs of acquisition for a lot of our clients or all of our clients in particular. You know, DoorDash is the first one to kind of mention post their earnings calls, how effective the program has been for them. I think that gave them the comfort and confidence they needed to kind of push forward. Just the macroeconomic headwinds meant that, you know, they had to delay things a bit just because other buyers were there, and there was more need to kind of shift for a different focus. Now in 2023, we're definitely seeing an immense amount of interest, inbound and some of those conversations picking back up. Okay. Just in terms of your guidance, just want to be clear, there's no new products in your guidance. That's just more penetration from existing partnerships. Is that correct? Yeah. I'll throw it over to Charles. Charles, maybe you wanna walk through a bit of the spill down of the guidance, how we talked about. Sure. Hey, Steve. In terms of the guidance, you're 100% right. We do not have anything that has not been signed or currently up and running, including in the forecast numbers that were provided. As those come live or turn on, we will update our guidance accordingly in future periods. In terms of the guidance itself, though, I know you didn't ask this question, but to provide a little bit of guidelines in terms of how that was built. You know, our expectation with the existing logos that we have up and running, you know, we're probably safe to assume that we can get, you know, high single digit quarter-over-quarter growth on the revenue line. Obviously with the margin profile that we have and the low fixed costs on the operating side, you know, that margin would then fall down to the adjusted EBITDA line that is included in our forecast numbers as well and our guidance. Okay. That's helpful. Just one more for me. Marco, you always looked at earned wage, you know, access and I guess we talked over the past year or so that just, you know, it's a block and tackle type of business. You didn't really have the resources. I mean, can you just explain how you enter that business? Is it through partnership or is it, you know, you, like you said, you build out your sales team to go out and get those contracts? Maybe just explain how you enter that business. Yeah. Sure, Steve. Look, we've mentioned this in the past. We would look to acquire something if or a company, especially with the macroeconomic conditions in the backdrop. There's a few that were very ambitious with their expectations, and now that they're running out of cash, mainly because of more of a timing function. I think there's a big transitional kind of tipping point in the EWA space. It feels like it's this year. you know, certainly with all the backdrop of all the inflation and, you know, pressures on lost income due to job losses, there's a big, big, big demand and appetite for earned wage access more than ever. We do feel like there's opportunities out there to look for some of these companies that have kind of got ahead of themselves, and unfortunately need capital. It provides an opportunity for us to acquire plumbing instead of building it up all ourselves. The first approach is definitely to take a look at some of these smaller organizations that would be a nice tuck in. We've looked at a couple. You know, there's some that are ongoing in terms of having us take a look at one or two in particular. If all else fails and we don't find what we need or we don't wanna kind of stretch the pocketbook to make that happen, we can certainly go direct and kind of build it ourselves. Now that the Paid Apps is built and behind us, we do have the capacity to kind of bring in more of that development in terms of integration with payroll partners and having all that kind of flow through that, in addition to building out a sales team, which now we're building out for the Paid Apps platform as well. It depends on what the chips fall, Steve. You know, it's a kind of broad overview. It's really, you know, targeting an acquisition would be the ideal scenario, but if all else fails, we definitely have the capacity to kind of go and do it on our own as well. Okay. This year. That's great. Thanks, guys. I'll pass the line. Thanks. Your next question comes from Adhir Kadve of Eight Capital. Please go ahead. Hey, guys. Good morning, congrats on the quarter here. Obviously the operating model is really shining through. I wanted to ask a question on the rideshare side. Obviously, we're seeing strong travel tailwinds for you guys. Travel's really coming back strong. Marco, you've mentioned in the past that as travel comes back, kinda rideshare also kind of follows suit. What are your expectations or what are you seeing from that segment right now? Yeah. You know, rideshare was the strongest growth out of all the subjects or sorry, out of all the partnerships we have. Lyft in particular was the strongest in terms of the U.S. business and travel coming back to life was the main driver behind it from what we've seen. I would say there's still a significant amount of penetration that could be had in that customer base. You've seen we've had the number one app with DasherDirect. There's a lot of things we have there that are, you know, market leading, where other customers of ours can kind of pick up and adapt and actually introduce new product features like we've mentioned earlier in the call. I would say there's a lot of room for penetration. We've kind of highlighted that earlier in the call as well. There's a substantial amount of opportunity there that we haven't baked in. Okay. Great. Maybe just kind of, can we get a little bit of additional color on kinda how you increase that penetration from current levels and what kind of stuff that you can kinda pick up from DoorDash and not cross-sell, but cross platform? Marco, I can maybe answer that. Hey, Adhir, how's it going? Maybe for starters, Adhir, what I can comfortably say is that at the end of the year, as we kind of, forecasted, you know, we got Lyft really back to pre-pandemic levels, right? COVID really hit that business hard, as you mentioned. The fact that we're kind of at the pre-COVID levels that we ended or started off with, you know, that's our new basis. You know, I've kinda mentioned this in a few calls, but really we see this as an opportunity as a relaunch of the national program. Marco mentioned that, you know, we had hired a new marketing resource, who's working very hard with, you know, her counterparts on the Lyft side to come up with new initiatives to kind of relaunch this program, so that we can get, you know, part of the success in terms of penetration and adoption that we saw in the DoorDash program. You know, we definitely see that as a great opportunity for this year. You're right. You know, we're lagging a little bit, the overall rideshare industry itself in terms of their bounce back, but that's largely because, you know, from a marketing perspective and just priorities perspective, our, you know, our partner had other things that they had to focus on in 2022. 2023 is effectively the relaunch of the program, and we feel the penetration will show through in the coming quarters. Okay, excellent. Then just maybe on the Paid App, lots of good things happening there. When can we kind of expect some sort of like announcement with a partner or something around that effect? This is Hugh. Yeah, I would say there's a few imminent contracts we would have coming in the month of April. You know, it's a function of getting all the right pieces in place to when you wanna really kind of ramp up. There's a few last additional development pieces that we're trying to put in place before that ramp really takes off. With that being said, there's a few customers that are there waiting to have that launch or that ramp kind of take place. You know, contracts will come in. Some of them will be announced depending on the give platform partner that is coming inbound. Some of them wanna keep it under the radar, some of them don't. just because there might not be any announcements, doesn't mean that there's more activity that's being had, just not announced. Got it. Nothing from me, guys. Congrats again on the quarter. I'll pass the line. Ladies and gentlemen, once again, if you would like to ask a question, please press star one at this time. Your next question will come from Mike Rizvanovic at KBW Research. Please go ahead. Hey, good morning. I wanted to go back to the penetration rates on DoorDash and Lyft. I don't know how comfortable you might be to actually give us some numbers, but, you know, I get the compelling upside here, the potential upside, but we really don't have any context on where those numbers currently are. I don't think you've disclosed exact figures. And more importantly, where has that penetration rate trended, say, over the past couple quarters or past year? And then finally, when you provide your guidance, what are you embedding in terms of your expectation of that penetration rate? Hi, Mike, it's Charles here. Thanks for your question. You're right. In terms of the actual active users, Mike, that number is not, you know, publicly disclosed by any of our partners. When we speak about penetration of the active base, we're largely going off of conversations we've had with our partners and guidance we've gotten there. In terms of communication of penetration we've shared in the past, you know, we believe at the end of the year for DoorDash, if we can speak to that first, you know, we're probably sitting at a 30%-35% penetration of the existing active base that they have. Now that base continues to grow quarter-over-quarter, year-over-year. You know, just applying the same consistent penetration on a larger base, you know, you get natural growth just from that as well. We've talked about in other calls, however, that, you know, our partners are looking to increase that penetration to much higher levels, you know, in the 50%-80% range. If you extrapolate that out, you know, obviously there's a lot of upside in terms of the revenue penetration that we can get there as well. In terms of how we've taken that and applied it to our model, you know, in terms of the active base, that's a little bit difficult to kinda predict because that's something that's outside of our control. Assuming kind of a modest, kind of single-digit quarter-over-quarter increase in that base, you know, we've basically modeled it out similarly that we would get the same percentage penetration and with a slight uptick, increase year-over-year versus 2022. That's on the revenue side of things as well. Based off of that, you know, you can, you can assume that that's probably a conservative view. You know, that's why we believe, you know, we gave that $10 million range in terms of upside, really to kinda gauge over the next few quarters how that growing base materializes. As I said, obviously as you get closer to the year-end and we see the progress our partners are making in terms of their active users or active drivers, we can then in turn kind of update our model accordingly to the percentages that are provided. That's on the DoorDash front, which, you know, still represents the lion's share of our revenues. On the Lyft side of things, really, you know, penetration is probably not the right word to use at this point in time because relative to the active base, it's a very small percentage. Generally speaking, on national launch, we usually get about 10%-15% penetration of the active base that continues to kind of scale upwards towards kind of that 30%-35% that we're currently seeing in the DoorDash program, Mike. You know, if you use that as kind of the metric, and I mentioned earlier that, you know, we're looking at 2023 being kind of a relaunch of the Lyft program. You can kind of do the math yourself and figure out, you know, what we have planned in the forecast. Obviously, we've taken a bit of a haircut on that because we wanna see how each quarter kind of goes. I would say that from a guidance perspective, we're pretty comfortable with the ranges that we've provided, especially on the revenue side. Okay. That's very helpful color. Just so I get this right, the 30-35 is currently for DoorDash, just as an approximation, and it sounds like you're trending to that level on Lyft now. Just as far as where that's gone throughout COVID and like, if you can maybe give us a reference point over the past year, have you seen that number improve for DoorDash, or has it been relatively stagnant? Well, what I would say is DoorDash's active base has grown tremendously. We have seen an overall increase, I would say, in the penetration, but the bigger component of it was the actual underlying base was what grew substantially. Even if we stayed at the same penetration, we would have seen massive growth. We did see an increase in penetration if you compare us to this time last year, if that's what your question is. Okay. That's helpful. Awesome. Then maybe just one follow-up, just a numbers question, just on the margin. I know the previous guidance had always been you're exiting the year or you're looking to exit the year at 25%. I think you came in at about 21.5% this quarter, so it was up quarter-over-quarter, but it seems a little bit shy of where you probably were thinking you would be. Can you give us any color on that margin? I know you're now at a point in time where you got, as you mentioned, the 1+ million user, active users and, you know, a lot of traction on that end. Just in terms of how much you're able to keep, it looks like the actual revenue line as a percentage of GDV came down I'm not gonna say materially, but I think 1.60% is down about 10 basis points or 9 basis points quarter-over-quarter. What would have driven that? Is it just the type of spending that shifted to lower interchange? What's your, what's your margin outlook coming out of the quarter, going forward for 2023? Yeah. Thanks, Mike. So in terms of the margin profile, what I would say is for 2023, what we have baked in that, you know, translates to the adjusted EBITDA guidance that we provided as well, is probably more trending in that 22%-23% range for most of the year. Probably ending the year at more of that run rate that we talked about, that 25%. The reason for the change is largely because, you know, in Q4 in particular, there were some one-time adjustments. You know, it is kind of a audit quarter as well. There's a little bit of noise in there that kind of somewhat drowned out the more positive number that probably would have come out in that Q4 gross margin percentage. Also, you know, in terms of realizing kind of that 25% margin, how we get there, it's just a function of the volume that we're driving towards the volumes in terms of GDV spend and, you know, net new users joining the programs and hitting those thresholds where there's a lower cost base associated with the processing and the bank fees. Just maybe one more final quick follow-up. That 25% level, is that a level that's based on some sort of cap? What I'm wondering is I know the GDV is growing nicely here and you've got a lot of upside there, but does that 25% represent somewhat of a cap with respect to your current business profile and what you could attain with your existing partnerships? Or does the 25% have even more upside as you breach the next level of GDV? Yeah. There definitely would be kind of additional benefits that we would get as we hit the new volume levels, Mike. The only other thing I would just add, though, is as we get to those higher volumes as well, we're simultaneously also going back to our vendors and extracting more benefits there as well. You know, regardless of what our legal contract states right now, you know, this was the case even last year as well. We went back to our vendors to say, "Listen, we're giving you guys more slice of the business. We want to get more benefits from a cost savings perspective as well." On both fronts, based on existing contractual kind of terms, and then over and above that, with rising volumes, you have more pressure to go back to your vendors and extract even more benefits. I would say we would benefit, on both fronts. I appreciate the color. Thanks. Thanks so much. No problem. Your next question will come from Joseph Vafi at Canaccord. Please go ahead. Thanks. Good morning. This is Pallav Saini on behalf of Joe. Congratulations on a solid quarter here. Maybe I'll start with the Lyft program that was launched in Q3. Any color on how much Lyft, no pun intended, you've seen in your active user growth from Lyft since that launch? Is this an ongoing program or there is a deadline to it? Then I have a follow-up. Yeah. Hey, Palav. It's Charles again. Yeah, in terms of the Lyft growth, you know, I would say, you know, the user base has grown to 64% year-over-year. As I mentioned, in terms of actual numbers, we're really at the pre-pandemic levels that, you know, we saw post, you know, a few months of national launch into the program. In terms of kind of the end date for Lyft, I mean, all of our contracts have end dates, but there's renewals that are kind of built into there. We are working with Lyft to basically work on those extensions and renewals that will come in time as well. We don't anticipate there being any issues with that as well. Thanks. Thanks, Charles. Maybe one for Marco on the competition front. Marco, how do you feel about your competitive model today than perhaps a year ago? Hello. Yeah, I would say, look, we created this space. We, you know, certainly knew that at some point competition would come. We have seen some players come in the market, no one substantive as of yet that we're really concerned about. We do think, you know, we have seen some other challenger banks and even other programs out in the marketplace that haven't had success providing us with opportunity. If you look at some of the programs that are out there with some other big white label opportunities, in particular one of them being a chartered bank in the U.S. that was trying to target this market, they didn't have great success. It's a testament to what we've built and what we stand by, which is strictly focusing on the gig economy. That provides a tremendous amount of opportunity to kind of show that we're different than handling just a generic prepaid card program management solution. That all being said, I think, you know, I mentioned this before, with the numbers we have and proving out the business model and proving out that we can provide a substantial decrease in user cost of acquisition for these gig platforms really sets the stage for, you know, a tremendous amount of opportunity for this year and beyond, especially given the macroeconomic backdrop. I think as an industry that we've created, we've certainly punched well above our weight to kind of get us to where it is. We continue to see the momentum in the space, and we continue to see interest from all over the place. We'll keep an eye out for competition, but for now it's not a concern. It's just providing us with a really good backdrop to kind of further penetrate the market and get more gig platforms up and running. Great. Thanks. That's all for me. Ladies and gentlemen, at this time we have no further questions, so this will conclude today's conference call. We would like to thank you all for participating and ask at this time you please disconnect your lines.