ood morning, ladies and gentlemen. Welcome to Payfare's 2023 Q1 financial results conference call. At this time, all participants are listening 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 during the conference, please press star followed by zero for operator assistance at any time. I'd 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, sir. 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 companys 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 risk set, 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. Except as may be required by Canadian securities laws, the company does not undertake any obligation to update any forward-looking statement 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, www.payfare.com/investors last night. I will now turn the call over to Marco Margiotta. Thanks, Cihan. Let's start on slide 3. I am once again proud to present our second consecutive earnings positive quarter and our third consecutive free cash flow positive quarter while generating a return of equity on equity of 26.5%. Our ROE profile over the last two quarters has exceeded some of the largest financial institutions in Canada. Our free cash flow growth is industry-leading in the earned wage access space based on industry data that we track. During the quarter, we made several new integrations to enhance our value proposition to both gig platforms and gig workers. Our cardholders can now access free and low-cost health and wellness perks through our partnership with Avibra. These benefits include life and accidental death insurance, prescription drug savings programs, personal budget counseling, and more. We also announced an integration with Upside to offer our cardholders additional savings at 50,000 gas and food retailers nationwide in the U.S. directly within our digital banking apps. We also recently announced an expansion to our partnership with NCR to provide additional self-service financial tools to our cardholders. Under the expanded partnership, our users will be able to deposit cash in their accounts and access cardless cash withdrawals. Each of these integrations are specifically tailored to fulfill the unique needs of gig workers, which enhance Payfare's value to its users and gig platform partners at no cost while boosting adoption of our cards. Turning to slide four. I would like to reiterate our midpoint revenue guidance of $190 million and our midpoint EBITDA guidance of $22.5 million. In the first quarter, we made the decision to accelerate hiring to support new late-stage contract opportunities. Specifically, we have opportunities with large brands that we are actively working to bring to the finish line in the second half of the year. We also continue to receive product enhancement requests from our existing partners. Our track record indicates we do not hire additional staff or spend development dollars unless we have a clear path for near and medium-term profitability. These decisions are no different. While the technology sector continues to see new mass layoffs week after week, we are seeking an opportunity to secure high-quality talent to meet our growth opportunities ahead. On new credit offerings, we have made progress with our gig platform and banking partners on overdraft, which we expect to launch in the second half of the year. Each of our platform partners have expressed their desire for an overdraft feature, we continue to work with our processing and banking partners to deliver on the needs of our customers. Finally, on earn wage access for W-2 or T-4 employees. Large employers are knocking on our door asking us for a solution given our leading track record in instant pay for the gig economy space. In order to realize these opportunities, we have to build our own API connection to payroll and time and attendance platforms. This takes additional resources without sacrificing coverage of our existing partners, which is why we made the decision to accelerate hiring in the quarter as we grow into opportunities that are placed in front of us. Turning to slide five. The first quarter was another record for revenue and GDV, both up 76% and 86% 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, which was up 62% year-over-year and in line with expectations we communicated on our last conference call. The macro backdrop continues to be positive for gig worker supply, and we saw healthy gains from both our DoorDash and Lyft programs. With that, I will turn it over to Charles to review our Q1 financials. Thanks, Marco. Turning to slide 7, I'd like to take a moment to highlight the addition of free cash flow and adjusted earnings as key performance metrics in our MD&A. Our adjusted earnings normalizes IFRS earnings for non-cash and non-operating expenses, which can be volatile in nature and difficult to predict, and in our view, better demonstrates the operating performance of our business. Our definition of adjusted earnings is consistent with our peers in the North American payments sector as well as the Canadian technology sector. With respect to free cash flow, we felt it was important to highlight the cash flow generation of Payfare, which we believe is well ahead of peers in the earned wage access space. As a free cash flow positive company, we are not dependent on external financing to operate our business, as our current and prospective partners evaluate the financial condition of their vendors, they can rest assured that Payfare will be there for the long term despite a challenging fundraising environment. In the first quarter, we generated record revenue of $42.3 million, up 76% year-over-year. This increase was primarily driven by ongoing marketing initiatives and organic growth in each of our programs with DoorDash, Lyft and Uber. Gross profit in the first quarter was a record $9.4 million at a 22.2% margin. Gross profit dollars were up 119% year-over-year and up 13% 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 million in Q1, up 453% year-over-year. As we grew our users and GDV in the quarter, we realized benefits in vendor pricing and scale. This was slightly offset by additional hiring in the quarter to deliver on new contract wins and product enhancements for existing partners this year, which we believe will drive long-term EBITDA and cash flow growth. On slide eight, we summarize our current financial condition. We ended the quarter with $52 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. We are also well positioned to deploy capital to grow our business. I will now turn it over to Cihan for capital markets update. Thank you, Charles. Let's flip to slide nine. This is the familiar chart that 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 51% over this period, despite elevated market volatility seen over the last 12 months. Since IPO, we have achieved positive adjusted EBITDA, positive free cash flow, and positive earnings while exceeding expectations. Slide 10 shows where our stock is trading relative to other high-growth payments companies. Want to point out that all figures in this table are in US dollars. The forward-looking information reflects analyst consensus estimates and our 2023 revenue and adjusted EBITDA guidance. We can't control market multiples. We have levers to pull to close the valuation gap with our peers. The first lever is expanding on 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're excited about our current sales pipeline. The third lever is new products. We're well through the 1 million user threshold at this point, which gives us the opportunity to develop new products for incremental user monetization, including credit or overdraft, as previously discussed. Our share price performance this year has also expanded our opportunity set to deploy capital strategically, and 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 now begin the question and answer session. Should you have a question, please press star followed by one and wait on return to join phone. Should we decline from the polling process, please press star followed by two. If you're using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. Your first question comes from Joseph Vafi with Canaccord Genuity. Please go ahead. Hey, guys. Good morning. Nice to see, you know, continued good progress in the business. I was wondering if we could get maybe, I know there's a lot going on with the product roadmap and expansion, maybe an update on the credit product, and maybe an update on the Paid App and a follow-up. Thanks, Joe. It's Marco. Yeah, on the credit front, we have gone back and forth with a few of our clients. All of them seem to be interested in doing it. We keep those conversations going. The back and forth is mainly about how it's structured. We're trying to get innovative here. We're not trying to offer a standard off-the-shelf product. We're really tailoring it towards the needs of the gig workers and our cardholders specifically. There's a lot of back and forth. There's a lot of different ways we can go about doing it. We've talked to a number of different partners that can help us, not just from a lending perspective, but also from a technology perspective, to have something that maybe is off the shelf so we could speed things up. The challenge has become the way we wanna do it isn't typically out there in the marketplace today. It would be a very unique opportunity to kind of look at credit in a way that's very unique to our cardholder base. That all being said, as we mentioned, we will be looking to launch something in the later half of this or the back half of this year. Those conversations are ongoing, as well as taking a deeper dive into the technology needed and some of the partners that might be needed to go along with that, as well as a bunch of different funding partners that might have to come into the realm. As we've always indicated, we don't really wanna take that balance sheet risk. We think it'll be very tight. At the same time, you know, we like being on the technology side and using our technology to advance products like the one we'll be launching, as it relates to credit. On the Paid App side, the Paid App itself, should be available, based on the conversations I've been having with the team, sometime in Q2, if not very early Q3 in July, call it. What that'll entail is that app will then be available to any consumer or any gig worker that's out there looking to have a segregated bank account with access to cashback loyalty rewards, early ACH to at least get their pay out of the gate a couple of days earlier. Really the next initiative on that is the Paid Connect side, which is where we wanna partner with gig platforms to offer all those gig platforms any type of disbursement, whether it's to a card we've created or to an existing bank account. That really allows any gig platform of any size to integrate and pay out their workforce, you know, 100% of their workforce instantly. As well as using our Paid app collection of users, as a workforce they could tap into, to supply them a workforce they wouldn't have to go find on their own, which is really kind of the crux of what we're really helping a lot of the gig platforms we work with today do, which is, you know, bring down that worker, or sorry, cost of acquisition on the workforce front. A lot of moving parts, but in terms of the two things you highlighted, credit and the Paid app, that's kind of where those two things sit right now. Sure. Thanks for that update, Marco. It sounds like that it's early days, but, you know, if you could be in the middle of a network between gig workers and various platforms that are hiring gig workers, that would be a powerful position over time. We'll look for progress there. Just, you know, and just kind of notice that, you know, revenue and GDV are trending higher versus, you know, great growth on both active users and revenue and GDV, but obviously GDV and revenue growing faster kind of suggests, you know, more use of your cards and of your services by the user base. I was just wondering if you had any more detail there as to, you know, what's driving the extra usage, versus just growth in the users. Thanks a lot. Thanks, Joseph. I can kinda take the an overarching theme, and then Charles, if you want to highlight after that some of the details you might wanna share as well. As I thought, Joe, just when we launched a product, obviously we get it out to market. We kind of tweak things as we see the user experience kinda grow and get feedback from. Obviously, cashback and loyalty rewards, including some of the integrations we made over the past quarter with Avibra and Upside would certainly help. Anything we could do as a general rule of thumb to get more penetration through new products and features, as well as more spend off the card by motivating behavior, you know, with deeper discounts, we'll continue to do, and that'll continuously evolve. No surprise that there's growth on both of those fronts. Charles, anything you wanna add in particular? Yeah. I would say that for our existing base that has their cards, you know, we're seeing that, you know, they continue to spend and onboard the GDV as usual. You know, the great news is we still continue to onboard new existing users with the partnerships we already have set up, particularly with DoorDash and Lyft as well. You know, I think the positive trend continues. I think that our thesis all along was that once users use our product, you know, they really can't go back to how it was pre-Payfare card. You know, we hope the trend continues, and we know that with the new offerings and enhancements, it'll only make our product even stickier going forward. Sure. Thanks, guys, and keep up the good work. Thank you. Your next question comes from Adir Kasri with Eight Capital. Please go ahead. Hey, guys. Thanks for taking my questions, and let me add my congrats as well. The business just continues to scale extremely well. I just wanted to ask a little bit on the EBITDA step-up in G&A this quarter. Do you guys mind just kinda unpacking that a little bit and how you're kinda thinking about that towards for the balance of the year? You kinda kept the guidance the same, so just trying to understand all the puts and takes around that. Yeah. Thanks, Adir, for your question. I can take that. In terms of the adjusted EBITDA guidance, you're right. For the full year guidance, we haven't moved from the guidance that was provided for the year-end's earnings call. The reason for that is although, you know, Q1 there was some investment in some of these enhancements and new kind of opportunities that we mentioned in the script, really in Q2, we expect there to be a bit of a carryover of that additional heightened spend for some of these initiatives that are kind of in the pipe. Really, we expect to see the fruits of our labor kind of come through later half of the year in Q3, Q4. From a growth trajectory perspective, I would expect Q2 to be kind of similar high single digit, kind of adjusted EBITDA% relative to revenue for Q2, and then kind of creeping back up to the levels that we would expect on a go-forward, kind of high double-digit% on a go forward with that run rate of 15% that we've kind of always targeted and talked about, being hit kind of later in Q4 this year. Excellent. appreciate that color, Charles. Just maybe just on the pipeline when we're thinking about both, you know, the Paid App as well as the white label partnerships that you guys have kind of alluded to in the past. How's that pipeline developing? How's that pipeline looking? Hey, Adir, it's Marco. Yeah, it's looking just as robust as it was at the beginning of the year when we mentioned we flipped the calendar year. We got a whole new slew of activity that came in. I would say the white label slide, especially around, you know, some of the new initiatives related to EWA, as well as other gig platforms, large gig platforms we were speaking to earlier, have definitely picked up. There also seems to be a sense of urgency around expanding globally with existing partners. You know, it's gotten more robust as the year's gone on. In terms of the Paid App itself, we know getting the app up and running on the App Store to attract those first few thousand users is gonna be an important step in attracting new small to mid-size gig platforms. We have a bunch in waiting, and that list will keep growing in anticipation of launching the paid Connect side. That'll be a little bit more, you know, groundwork needed to get to a spot where next year the Paid App will make some noise in terms of volumes and what we think the potential there could be. More imminently, we see a lot of activity from large workforces, both on the gig workforce or sorry, gig platform side as well as the large employer side. Excellent. appreciate that, guys. I'll pass the line. Thanks, Adir. Thank you. Your next question comes from Josh Siegler with Canaccord Genuity. Please go ahead. Yeah. Hi, guys. Great to see all the growth initiatives, you know, laid out this quarter. I'd love to dive a little deeper into earned wage access opportunities. Can you provide us with an update on your progress in expanding into this large addressable market, and if you expect it to provide a tailwind in 2023? Hey, Josh. I would say we're pleasantly surprised. Ever since we even made the announcement publicly, we had a lot of reach-ins. That was the intent, was to put the market on notice. Not so much investor focus, but more the broader market and potential employers seeking something on both sides of the border, whether it's Canada or the U.S. I will say we've gotten a significant amount of attention from large employers here on the Canadian side of the border, with ambitions to also use it south of the border. I think that's where already we're starting to see where a, an EWA solution from someone like Payfare would be hugely beneficial, not only from handling both sides of the border, but even within large employers. They might have a scenario where they run into different payroll providers within their same work or within their same employee base. That leads to a few different issues, but one that we can address right away is irrespective of which payroll platform you're on, you shouldn't have, you know, discrepancies between what you offer certain employees because of them being on one payroll provider versus another. That's where through an aggregator like a Payfare model would have, we can aggregate those employees and make it one consistent offering across both sides of the border, regulatory permitting, as well as from, you know, a product look, feel, and pricing perspective, so that they don't have to worry about differences in different payroll providers they might have under one employee base. Thanks. That's some really helpful color there. Charles, you know, I'm curious, given the strong free cash flow of this business and the liquidity on the balance sheet, how are you thinking about capital allocation right now? Yeah. Josh, in terms of capital allocation, really, we're open to all, you know, revenue and profit driven kind of opportunities that are presented to us. You know, to date, we've kind of largely just relied on organic growth to kind of grow the business to the state it's at now. I think with the profitability kind of locked and loaded, and with our business model existing as a business model kind of running on all cylinders, you know, it's time to look out strategically for, you know, opportunities that are presented to us. You know, not too much in the details until obviously, you know, we get into the weeds and ready to announce. You know, I would just say that, you know, we're looking, we're looking at all opportunities both inside and outside kind of our, regular kind of radius or, circumference of like, issues that are presented to us. Understood. Thank you very much. Thank you. Ladies and gentlemen, as a reminder, if you have any questions, please press star one. Your next question comes from David Pearce with Raymond James. Please go ahead. Good morning. Just one question from me. It's around the Lyft contract. I think you spoke about last quarter that that was a focus area for you guys in 2023. Just looking at, you know, the last couple of quarters for Lyft, I think, you know, they've been losing market share to Uber. You know, rider growth was down quarter-over-quarter. You know, they're sort of struggling to stay competitive. If those trends continue, is there a point where you start, you know, revisiting your strategy on the Lyft contract? Hi, David. It's Marco. The short answer is no. I never like highlighting each specific contract, but the reality is Lyft still has a very relevant presence in the market. We see it. We also know that just given where they are, we know that if more effort was put towards the program, we'd see a lot more upside even with the existing user base. We know that factually. I would say we're hoping that there's a bigger play. There's been a management shakeup there. There's also a renewed focus on where the business is at and what the strategic direction is. I think you can only get more positive from where they're at. If it was just where it is today, like I said, there's a lot of upside already just by, you know, bringing up the program to where we think it should be based on what we see with other customers. Over and above that, any strategic move in the right direction would provide us a lot more upside than what we would already see today. Great. Thank you. Thank you. There are no further questions at this time. Ladies and gentlemen, this will conclude your conference call for today. We thank you participating and ask that you please disconnect your lines. Have a great day.