Good morning, ladies and gentlemen, and welcome to Payfare's 4Q and full year 2023 unaudited financial results conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session with analysts. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Monday, April 29, 2024. I would now like to turn the conference over to Cihan Tuncay, Head of Investor Relations and Corporate Development. Please go ahead. Thank you, operator, and good morning, everyone. Joining me on the call today 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. In addition, all financial metrics discussed on this call are based on unaudited results for the quarter and year ending December 31, 2023. 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 31, 2022, which is available on SEDAR+ www.sedarplus.ca. 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, corp.payfare.com/investors. I will now turn the call over to Charles for an update on the filing of our audited financial statements. Thanks, Cihan. As referenced in each of the previous press releases on this issue, the delay is solely due to the delay in receiving the system and organization controls, or SOC 1, auditors' report from Payfare's material vendor, which is required in order for our auditors to issue their opinion. By way of background, the SOC 1 auditors' report evaluates the vendor's business process and information technology controls that are relied upon by all the vendor's customers, including Payfare. For reference, the vendor has provided the SOC 1 auditors' report by December or earlier since we began doing business with them over four years ago. We are in daily contact with the vendor's senior executives as they work with their external SOC 1 auditor to complete the report. Based on the updated timing for the delivery of the SOC 1 report, as confirmed by the vendor's auditors, Payfare now anticipates it will complete its annual filing by May 22, 2024. Importantly, this delay has no impact on our financial results, and we have reiterated our revenue and Adjusted EBITDA guidance throughout this period. To further demonstrate our position, we have elected to release summary unaudited financial results for the quarter and year ended 2023, and we have also introduced 2024 financial guidance. While this unfortunate issue has been entirely outside of our control, we look forward to submitting our audited financial results in the coming weeks. I will now turn it over to Marco. Thanks, Charles. Starting on slide 3 of our presentation deck, I am once again proud to present another record operating quarter for Payfare. This was our fifth consecutive earnings positive quarter. Our profitability and free cash flow growth continues to be industry-leading in the earned wage access space based on industry data that we track. Our mission is to financially empower every worker with immediate access to earnings and wages in real time as work is performed. Our primary financial goal is to maximize long-term free cash flow per share. Our total addressable market is significant, with over 72 million independent workers in the United States alone, and we think each and every one of them will benefit from an instant pay solution powered by Payfare. Moving to slide 4, I'm pleased to say that we have delivered on every strategic objective we set out for ourselves in 2023. This was by no means an easy task. Last year, we spent the bulk of our time, energy, and effort rebuilding our entire Canadian platform from the ground up to match all of the value and capabilities we offer within our U.S. programs. We did this to realize value on the 2 new partnerships launched shortly after year-end, with more opportunities in our pipeline as well. Our announcement with Uber to launch the Uber Pro Card was significant. I want to be clear that this is not... This is a net new program with a brand-new digital banking app built on an entirely new tech stack and payments infrastructure base. Most importantly, our Uber Pro Card is now distributed by Uber to their entire workforce and is part of the new driver onboarding flow. In the first two months of launching the Uber Pro Card, we have already almost tripled our Canadian user base. Post year-end, we also successfully launched our embedded finance offering with a global big box retailer to provide instant pay for their newly introduced last mile gig delivery workforce in Canada. We look forward to sharing more details of this program as our partner continues to build out its gig platform. These new Canadian programs are a major new growth avenues for Payfare and could account for over 10% of our active user base at scale, compared to less than 1% of our business coming from Canada today. We are also pleased to launch our first Canadian, or sorry, our first credit-like product called Backup Balance with the new Uber Pro Card. Cardholders that utilize this feature can get up to CAD 50 when they need it most. Early indications suggest that the backup balance is providing a key benefit to our cardholders while boosting card adoption levels. Our Earned Wage Access for W-2 and T4 hourly employees, we successfully executed a commercial agreement with ADP to offer EWA to the Canadian market. With our first distribution channel in place, we will continue to build our out necessary payroll and time and attendance integrations to begin rolling out EWA in Canada. I would like to congratulate our entire team for all of the effort they put into executing on these initiatives. Turning to slide 5, I would like to talk about our strategic objectives for 2024. First, we have introduced 2024 revenue and EBITDA guidance of $235 million-$245 million and $30 million-$35 million, respectively, which equates to midpoint growth of 29% and 51% over 2023. We have given ourselves more flexibility on our Adjusted EBITDA guidance to allow us the opportunity to continue investing in growth and infrastructure when appropriate or where appropriate, to expand our long-term free cash flow generation. In addition to growth, 2024 will be a pivotal year in extending our existing gig platform partnerships for the long term. With the launch of the Uber Pro Card, that will take the total tenure of our relationship with Uber to 12 years. Our partners prefer to work with us because of the superior value add service delivered to our cardholders, as demonstrated by our number one financial services app ranking on UnitQ, which in turn enhances their profitability by significantly increasing worker engagement and reducing turnover. We expect to announce meaningful progress on this front over the coming course of the year. Turning to slide 6. The 4Q was another record for revenue and GDV, both up 30% and 36% year-over-year, respectively. Our GDV growth continues to outpace our user growth, which demonstrates that Payfare is winning additional wallet share with our users. With that, I will turn it over to Charles to review our unaudited 4Q financials. Thanks, Marco. Turning to slide 8, we generated record quarterly revenue of $50 million, up 30% year over year. This increase was primarily driven by ongoing marketing initiatives and organic growth in each of our programs. Gross profit in the 1Q was also a record $13.2 million at a 26.4% margin. Gross profit dollars were up 59% year over year. Our gross margin primarily benefited from volume-based pricing improvements with our higher active user base and GDV volumes. Specifically, I would like to emphasize that we have crossed through over $1.2 billion per month in GDV, which highlights the significant scale of our business. This is one of the key drivers in our gross margin expansion in the quarter. We continue to significantly expand Adjusted EBITDA, which was $7.5 million in 4Q, up 108% year-over-year, and achieved a record margin of 14.8%. On Slide 9, we summarize our current financial condition. We ended the quarter with $78.2 million in cash. I would also like to point out a positive change in our balance sheet. Restricted cash has been reclassified to pre-funded deposits. The pre-funded deposit balance represents the funding of earnings payouts by our gig platform partners and is now equal to the pre-funded liability line item in our balance sheet. Previously, the restricted cash balance would run higher than the pre-funded liability because it included gross program fees held by our bank sponsors to be remitted to Payfare after settlement of network and issuer charges. This update positively impacted our cash balance by approximately $17 million at the end of the 4Q. 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 remained debt free. We remain well positioned to deploy capital to grow our business. Finally, I would like to comment on our guidance for fiscal 2024 and our outlook for the 1Q. Our gig platform partners invested heavily in worker acquisition campaigns around the holiday season, which in turn drove strong financial performance for Payfare in the 4Q of 2023. As end user demand for delivery and rideshare normalizes for 1Q seasonality, our Q1 2024 revenue is tracking at mid-single digit% growth over 4Q 2023. In addition, the 1Q of the year captures both bonus incentive compensation for our employees for the prior year, and it's the period in which we hire for growth initiatives for the year ahead. Both of these points will increase our GA expenses in the 1Q. Directionally, we expect a 20%-25% decline in 1Q adjusted EBITDA relative to Q4. This is in line with normal seasonality in our business. Q3 and Q4 represent the strongest quarters in terms of profitability for Payfare, as demonstrated in 2023. Importantly, our full year revenue and Adjusted EBITDA guidance reflects very strong year-over-year growth of 29% and 51% respectively, and incorporates the quarterly seasonality in our financial performance. I will now turn it over to Cihan for a capital markets update. Thanks, Charles. With respect to the share price, 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 through 2024 as per our updated financial guidance. The second lever is expanding our gig platform partnerships and winning business in new verticals, including EWA. The third lever is new products, which should maintain our momentum in increasing adoption rates. In addition, we remain ready to deploy capital for growth initiatives. That said, we are also disciplined with our capital. Our objective is to become the largest EWA operator as the only player in the space, capturing both gig workers and regular W-2 or T4 employees. We have the resources to achieve this organically over time or inorganically with the right partner. Our advantage is that we are a self-financing business, and as private market valuations pull back, we will be ready to act on inorganic growth opportunities as they arise. With that, operator, we are now ready to take questions. Thank you, ladies and gentlemen. We will now begin the question and answer session. Should you have a question, please press star followed by the one on your touch tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. Your first question comes from Joseph Vafi with Canaccord. Please go ahead. Hey, guys, good morning, and thanks for posting the results before the audit. Number one, could you go into a little more detail for us on some of these new partnerships, and are they included in your guide? And then secondly, on the new partnerships, should we expect as those ramp, you know, to see any kind of a different gross margin profile for them? And that would be ADP, the Canadian big box retailer and the new Uber program, and then I'll have a follow-up. Thanks. Morning. Charles, do you want to go ahead with the guidance? Yes, so I'll answer the first part of that, Joe. In terms of guidance, some of these new initiatives, other than the Uber Pro, are not included in the guidance that we've kind of provided to date. ADP, as an example, you know, they'll likely be build required in 2024. That's commenced, but the majority of the revenues and profitability we'll see coming through, likely in 2025. On the other piece, on the margin profiles, Marco, maybe you can speak to that a little bit, just in terms of what the new programs would do. But obviously there will be a diversification there coming through once the builds are up and running. Thanks, Charles. Yeah, Joe, just, in general, the EWA space as it stands today and how things are being done there, we won't get into too much color on how we'll be a little bit different when we go about doing it. It is a higher margin business. You know, we expect to play initially, just like the other players are, in terms of how they operate and how they provide that product and that service offering, as it's in market today in Canada and the U.S. We do have other opportunities where maybe you scale back some of that margin, in order to pick up a longer term relationship and pick up that consumer as a, an anchor kind of banking relationship that parlays into other services offered. But at least out of the gate, we expect the margins to be significant, probably in the 70%+ range. Great. That's, that's great to hear. Thanks, Marco. And then just as a quick follow-up, you know, are there any plans to roll out this credit product with, with Lyft and DoorDash that you're rolling out, with the new Uber program in Canada? Thanks a lot, guys. Thanks, Joe. I guess the short answer would be yes. Obviously, it depends on the appetite of each of our clients, but it is something we have, you know, available to not just the current program, but also other programs on both sides of the border. So the short answer would be yes, but obviously dependent on each client. Thanks very much, guys. Best of luck here in 2024. Your next question comes from Adhir Kadve with Eight Capital. Your line is open. Hey, guys, thanks for taking my questions. I want to ask on the Uber Pro business in Canada. It's good to see the 3x growth in the Canadian users. But, you know, when you think back to the DoorDash program, for example, when you compare the kind of adoption rates, the user ARPU, how does this kind of compare to that program, and the rollout of the Lyft and DoorDash programs before it? Hey, Adir, thanks for your question. In terms of the rollouts, what I would say is, you know, relative to, let's say, a Lyft or a DoorDash program rollout, definitely for the Uber Pro program, early days, we're seeing a higher adoption percentage conversion rate. You know, part of that could just be that we had an existing program that we were running obviously in the past, so we had a little bit of name recognition. But I think a secondary part of it, and really have to thank Uber in terms of their commitment to this product and getting this launched, and the marketing efforts that went behind this as well. So we've definitely seen a historically higher conversion rate early days in the program. As far as ARPU, you know, we had lined the site into kind of the ARPU based off of the lower user base that we had in the legacy program. But I'll probably hold off on commenting on that until we have a little bit more traction. So probably in a couple weeks when we do our reporting for Q1, we can maybe elaborate a little bit more in terms of what those numbers look like early days. Okay, great. And then just on the core business right now, the Lyft and the DoorDash, obviously you guys highlighted massive user base growth. How are those guys kind of thinking about fiscal 2024? And what are the conversations you're having with them on continuing to scale those programs? And just any conversations you're having with Lyft and DoorDash that we could continue to see? I think last quarter you mentioned 20% kind of growth coming from those programs. Are you kind of still seeing it around that level, or is it kind of accelerating? Any color on the core programs would be great. Yeah, Adir. Go ahead, Marco. I can actually let you say afterwards. Yeah, I can kind of kick it off. I think a lot of what we're doing with those other two clients in the U.S. in particular is really focusing on new product features and enhancements to kind of keep those adoption rates getting higher and higher. And so in terms of, you know, baseline growth, in terms of the underlying business, we don't really get into details about that with them specifically, but we're doing everything in our power to kind of make sure that any user that's onboarded sees our product and then also follows up, you know, if they had hesitation when the first initial impression was in front of them, there might be an opportunity to add new products and features that entice them to get them across the line. You'll be seeing a ton of new product features and enhancements with all our programs across the board. Stay tuned. There's a ton of them that we've been working on that we'll get out to the market, and you'll be made well aware of what some of those enhancements are. But, Charles, I don't know if you have anything to add there. Yeah, if I can make a distinction maybe between Lyft and DoorDash. Obviously, DoorDash, you know, we've enjoyed a great success in terms of the early and continuing penetration. Lyft, we saw significant growth on a percentage basis. You know, I think we mentioned in prior quarters, you know, exceeding kind of our pre-COVID levels and then, you know, going well past those numbers as well. On a percentage basis, probably, you know, we're looking at Lyft having a higher percentage growth, but in terms of aggregate net new users, obviously DoorDash is gonna bring in that lion's share of the business as well. But, you know, to answer in an overall sense, Adir, I think there's still continued growth opportunities in our expanding that penetration and growing the business. And we work closely with our partners to see how we can, you know, access the untouched markets there and go after the users who have not signed up to date as well, through various innovative marketing programs and different reach outs as well. So, existing business, I think lots of opportunity, and obviously the new stuff that we've announced, we're very excited about for in 2024. Awesome. Thanks a lot, guys. I'll pass forward. Your next question comes from Hal Goetsch with B. Riley Securities. Your line is now open. Thank you. Hey, good morning, guys. I was hoping you could maybe help us understand the unit economics of the credit product. I know it's a small dollar amount, and that's terrific. Can it, over time, if successful, grow larger than the $50 nominal amount? But can you just basically describe the unit economics of it, how you get paid for this? I can jump in on that one. Hey, Hal, morning. So we're offering the program as more of an app from some of our gig platforms. In this case, Uber Pro had, you know, what they thought would be a very compelling opportunity to have those drivers kind of get access to cash when they immediately need it, hopefully for when they need fuel, so they can keep going out and driving more. But the economics for us, it's more about adoption rates and having a product feature that might entice and then retain that user, where they can get access to things like this $50 credit with us versus anywhere else. And so for us, there is no unit economics, you know, other than the fact that the other things I mentioned would kind of increase, you know, the adoption and retention. So with that, we're now also taking a credit risk associated with it, but over time, as we see fit and as the opportunity arises, obviously we'll learn a lot from what these metrics tell us- Yeah. and how we can maybe diversify away from just offering just this to just one partner... spreading it around and then offering, you know, different credit products that have a very good risk-reward relationship based on the data that we're collecting at this point. Okay. You would, you wouldn't see, like, maybe like, hey, you know, you get a $50 advance, you, you drive all night, you repay, like, $52.50 or something like that. That's not part of this, that's not- No. No. No. Okay. Okay. All right. All right, thank you. Thank you. Your next question comes from Stephen Boland with Raymond James. Your line is now open. Morning, guys. Just sorry, Marco, did you say you are taking the credit risk for the initial rollout of the $50? No, we are not. Oh. No. Okay. Can I ask then, is it the platform that's taking the credit risk, or is there a third party in there? Platform. Okay. Yeah. That's great. And maybe you could just go, like, you mentioned ADP and the rollout of EWA, not just to delivery, but you also mentioned T4. Maybe you could just explain the partnership there and the economics maybe a little. I know you probably won't get into too much of it, but maybe you could just explain how that would work. Yeah, I'll explain the relationship, Steven. Good morning. Yeah, I won't speak too much about the economics just because it's kind of confidential at this point. We'll learn about it as different things kind of arise, but at this point, we'll stick to the overall structure and the relationship. So we will be an ADP marketplace partner. There is currently no dominant relationship in that mix. There's a great opportunity for us to be that dominant player, not only just with ADP, but in the broader Canadian market. Huge market, I mean, 40 million population, and to start with a partner like ADP, where there's a lion's share of that market available through this partnership, it's a great start to get into this space. We've been looking at many inorganic opportunities to kind of tackle the whole EWA space. It's always been in our strategic roadmap. It's the timing's perfect. The timing's now. That space continues to grow enormously. And so to start with a leader in the space like ADP in Canada is a great way to also utilize the infrastructure we built out last year, which is predominantly used to, you know, launch the Uber Pro Card as well as the big box retailer. And so that whole partnership with ADP and CSP in their marketplace, as well as, you know, when sizes of employers get to a point where there's other solutions that could be had, something more tailored, we'd also tap into what we've done for gig partners in terms of customization and branding. So it's, you know, putting us in a realm to not only be there just on the marketplace, but as well as provide different opportunities for larger employers that want their own kind of personalized approach on how they approach EWA. Okay. Thanks, guys. Your next question comes from Mike Rizvanovic with KBW. Your line is now open. Hey, good morning. Just to get into the weeds a little bit on this ADP, to the extent that you could tell us, do you have a sense of timing on size of this market? When do you think it could become a meaningful contributor? Do you have any numbers or parameters you can give us? I'm just trying to think about like, what, what's -- how big this opportunity is for Payfare in Canada. Hey, Mike, morning. I'll keep it super high level, Mike, just to highlight that the TAM available through the ADP partnership would probably see more workers in that than we have aggregated in our gig economy partners. And so it's extremely sizable. It won't launch likely until early Q4, late Q3 would be the expectation. We'll keep the market updated as we get through it. It's a big undertaking to kind of get there. The backbone, you know, with the card and the mobile app and all the distribution in terms of payouts, is in place, thanks to the lot of work we did last year to build up the Canadian infrastructure. But in terms of meaningful numbers, that won't happen until next year. Okay, and is it Payfare, is it you guys will be driving that customer pickup, or is it both Payfare and ADP? Just in terms of how you get the clients, is it Payfare or both? It'll be both. It'll definitely be both. Okay. Thanks very much. Thanks, Mike. Ladies and gentlemen, as a reminder, should you have a question, please press star one. There are no further questions at this time. Please proceed. I'm sorry, there's another question from Hal Goetsch with B. Riley Securities. Please go ahead. Thank you. Is there, is there any color on your capital allocation, stock buyback, you could share with us at this time? Thanks. Hey, Hal, it's Charles. Just to clarify, when you mean capital allocation, just, are you just talking about our CapEx spend for 2024, and the forecast is? No, I mean, you know, the NCIB repurchase, you had to have approval, I think, late last year. Can you give any color on? Yeah. So the NCIB has just been paused, obviously, until, you know, we get kind of the annual reporting sorted out, Hal. So, you know, once the reporting is completed, we'll probably issue new updates in terms of what the plan is on the NCIB. So, I'll, I won't speak to that just yet, just because, I'm in a bit of a holding pattern at this point in time, but once the annual filings have been done, we'll make sure that there's a press release that gets sent out regarding that. All right. Thank you. No problem. There are no further questions at this time. Please proceed. Thanks, everybody, for joining us today. Have a great day, and we look forward to reporting our Q1 results in the near future. Thanks very much. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.