Good evening, ladies and gentlemen. Welcome to Payfare's Second Quarter 2024 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session with pre-qualified analysts on the call, and instructions will be provided at that time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press star followed by zero for operator assistance at any time. I would like to remind over 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 afternoon, everyone. Joining me on the call this afternoon 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 31, 2023, which is available on www.sedarplus.ca. 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. I will now turn the call over to Marco for an update on Payfare business. Thanks, Cihan. Starting on slide three of our presentation deck, I am once again proud to present another record operating quarter for Payfare. This was our sixth consecutive quarter of earnings positive quarter. Our profitability and free cash flow growth continues to be industry-leading in the earned wage access space. 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 four, I would like to comment on the progress we have made so far in our 2024 strategic objectives. First, we reaffirm our 2024 revenue and adjusted EBITDA guidance of CAD 235 million-CAD 245 million and CAD 30 million-CAD 35 million, respectively, which equates to midpoint growth of 29% and 51% over 2023. In addition to growth, we recently signed a long-term contract extension with Lyft to continue powering the Lyft Direct platform. When we launched the program in December of 2019, we revolutionized the earned wage access industry by developing the first product in the market to offer free instant pay after every ride with a no-cost companion bank account. Stay tuned for significant new product developments within Lyft Direct, including savings products and wealth management tools. These new features will further enhance the value proposition to Lyft drivers, fostering increased adoption of Lyft Direct. On the topic of extensions for commercial reasons, similar to the approach we took with our marquee, other marquee clients, we are not able to comment further on contract discussions with DoorDash at this time. Having said this, we believe in the strength of our offering beyond a simple instant disbursement platform. Our secret sauce is bringing together a cutting-edge tech stack, value-enhancing ancillary benefits to cardholders, such as cash back rewards and insurance products, and leading fraud, compliance, and AML tools. I would especially like to emphasize our strength in compliance and AML, given the recent collapse of large-scale banking-as-a-service fintechs and the corresponding regulatory actions taken by the Fed, the FDIC, and the OTC against underlying banks of large neobank distributed card programs. Our business development pipeline is as strong as ever, with active opportunities in aggregate of close to doubling our current GDV. The strength and stability in our platform from a technology, operations, and compliance perspective are standout differentiators from competitors in new contract discussions. We look forward to providing updates on new business development initiatives in the coming months. Reviewing slide five and six, the second quarter was another record for revenue and GDV, both up 26, or sorry, 20% and 31% 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 Q2 financials. Thanks, Marco. Turning to slide seven, we generated record quarterly revenue of CAD 56 million, up 20% year-over-year. This increase was primarily driven by ongoing marketing initiatives and organic growth in each of our programs. Gross profit in the first quarter, or the second quarter was also a record CAD 13.9 million at a 24.8% margin. Gross profit dollars were up 25% 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 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 and on a year-over-year basis. We continue to expand adjusted EBITDA, which was CAD 6.6 million in Q2, up 39% year-over-year. On slide nine, we summarize our current financial condition. We ended the quarter with CAD 67 million in cash and CAD 28 million in liquid high-yield deposit investments. 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 will remain well positioned to deploy capital to grow our business. 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 the star followed by the one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star followed by the two. If you are using a speakerphone, please leave the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Joseph Vafi from Canaccord. Please go ahead. Thank you, operator. Hey, guys, good afternoon. Nice to see solid results. I was wondering if you could kind of. I know you reiterated your guide for the year, and the guide does imply acceleration during the year. Could you just kind of walk us through, again, some of the factors that are driving that, you know, the reiteration of the guide and what's implied in acceleration? And then I'll have a follow-up. Hey, Joe, it's Charles here. I can take that question. Yes, Joe, so in terms of the guidance from a revenue perspective, as you know, our stronger quarters tend to be on the latter half of the year. In addition to that, we've had a really successful launch of our most recent program, the Uber Pro Canada program, which has onboarded quite a few active users. In addition to that, the continuing growth that we've seen in our existing platforms as well, or programs with both Lyft and DoorDash, those are the main drivers. As you know, those are our key clients that we have on board. So both kind of driven by kind of new programs that have launched and continuing growth with our existing programs, with kind of the seasonality that we've always seen in the second half of the year. Those are the main drivers. Drill down on the Uber Canada. I know, I believe the launch has gone pretty well, and you're signing a lot of drivers. You know, because you're still really driving your business from these three big partners today, maybe if you could provide a little more color on, you know, where Uber Canada sits today versus, you know, where it was under the previous program, that would be helpful. Sure, Joe. So, you know, we don't disclose specific numbers, but maybe I can talk to you in terms of percentages. Year-over-year, we're looking at an increase of over 400%, just in terms of the user base. And quarter-over-quarter, we're looking at well over 100%, just to give you- Great. Context. That's great. And then, just maybe a quick update on your, your announcement with ADP Canada. I know that's set for a little later in the year. Any updates to provide, to everybody here on progress on that? Thanks a lot, guys. Hey, Joe, it's Marco. I guess nothing more to update at this point other than we're on track to kind of hit the targets we had set out, which was to be live at some capacity, you know, beyond just testing in Q4. And so as that progresses, we'll certainly keep everyone aware of what the progress has been, and then reaffirming the launch time of early Q4. Got it. Thanks a lot, guys. Much appreciated. Thanks, Joe. Your next question comes from the line of Adhir Kadve from Eight Capital. Your line is now open. Hey, guys. Thanks for taking my questions. Yeah, my congratulations on the quarter. Big box retailer seems to be live now. Expectations for that growth, kind of, as we head into the back half of the year and beyond that? Adhir, I'm not sure if it was just me, but it kind of cut out, but I think I got the bulk of it. If I haven't, maybe Charles step in. But I think the question was around the big box retailer we had recently launched. It is launched, I can confirm that. In terms of the opportunity itself, it's not gonna have any meaningful implications as of right now, but there's already talks about expanding the program elsewhere, potentially, as well as giving good footprint into another market we're keen on entering into. And so when that kind of becomes public knowledge and we're able to share what those details look like, we'll certainly do that. But the playbook for us there was launch the program with another marquee name, and then rapidly expand it into other markets where we can actually pick up significant business activity and leverage the infrastructure we'll use in those new markets. Okay, got it. Hopefully, you can hear me a little bit better. When you talk about the pipeline, I think you mentioned, you know, you have a pipeline that could potentially double the GDV. What verticals are those coming from? Is that kind of ongoing gig partnerships, or is it kind of new EWA players from, like, maybe the ADP partnership that you. Yeah, gig platforms, everyone would know. Yeah, I mean, we could leave it at that, but no surprise, it would be large-scale gig platforms, delivery, to be specific. And so, yeah, those are in the pipe. We're not banking on them just yet, but they are there, and they're significant volume as well as markets we're already established in. So it could come sooner than later, but we're just not sure on timing. And, you know, hopefully, we could get to a point where we could have that all signed up and then announced in short order. Got it. And then maybe one last one, just on the corporate development executive that you signed, Alex Ceballos, that he's gonna be leading your international expansion efforts. Is that largely also kind of to coincide with the international big box retailer and expanding that into new markets? Or do you see kind of stuff beyond just the gig platforms and that big box retailer in terms of expansion into international markets? Yeah, Alex brings a wealth of experience, as you can imagine, and what was highlighted in the press release. You know, even just the tenure of all the things he's done at Amazon, as well as Nubank and several other companies that he's helped out over the years. He brings a wealth of experience that certainly aligns with what we're after right now, which is global expansion as well as inorganic expansion. And so we thought it would be an amazing fit for our strategic moves and where we're going next. You know, with specifics around the big box retailer, there is a market in there that he's very familiar with, and so that certainly does play a part. We were looking at that market irrespective, for some other initiatives we have, and so it's just a perfect fit in that regard. So it's not just for that big box retailer, it's more of a, you know, global expansion effort, which in order for us to do this efficiently, we are looking to, you know, grow organically or inorganically, rather, and I think he could play a big part in that as well. Awesome. Thanks, guys. I'll pass it on. As a reminder, if you have a question, please press star one on your telephone keypad. Your next question comes from the line of Stephen Boland from Raymond James. Your line is now open. Thanks, guys. Malcolm, maybe just go back to the EWA, you know, the ADP partnership. I mean, is that your preferred method to get more into payroll, partnering with, like, you know, tech providers like that, as opposed to some of the EWA providers out there that are kind of, I think we've talked in the past of, like, block and tackle, you know, signing up restaurant chains on an individual basis. I mean, is there a lot of ADPs out there that you can try and partner with, like, to offer similar products? Hey, Steve. How are you? Sorry, hope everything is well. Yeah, I think the clear path for us is partnering with major distribution channels. Well, when you think of payroll, I mean, obviously we're speaking about payroll providers. And so in that regard, if we were to partner with payroll, payroll providers along the way, it would certainly get access to the data and infrastructure we need to actually execute those EWA advances. And so we wouldn't look necessarily to other EWA providers in assisting them, although we can, and we have looked at that for a certain number of players in the market. The preferred path is definitely the major distribution channels. I know you mentioned restaurants and maybe following that path. To us, it's a bit more difficult just because of all the different platforms that those restaurants might be on, aggregating that kind of volume, rather than finding one employer that might have, you know, 50,000 employees under one payroll program, is a lot simpler than finding, you know, a few thousand restaurants that only have 20-30 employees each. And so there's a number of different ways we can help the whole EWA market, but our preferred path to start is definitely leveraging the distribution from major payroll providers. Mentioned on the GDV, how it's grown and how much you're doing on a monthly basis now. I mean, I think in the past you talked about, you know, your ability to negotiate higher interchange fees when you hit a certain scale. Is those discussions happening or has it happened? I'm just curious if you're in a position now to earn more, you know, a bigger fraction of the pie from some of your partners. I could take that initially, Charles, and then you could take over from there. But I guess we've already done a phenomenal job in prearranging what those scales could look like and what the different tiers could be. We've done that almost since day one, but certainly with the recent growth we've had over the past two, three years, especially, we did go get ahead of it and kind of anticipate that all those tiers should come down even further. And we extended out some of those tiers as well. But I'll throw it over to Charles to talk to any specific highlights he wants to mention. Yeah, thanks. Thanks, Marco, and thanks to you for the question. In terms of getting more out of the pie, you know, we've always seen negotiated the additional tiers as Marco talked about, but one thing I think we've done kind of year in, year out, is we really revisited those numbers as our growth has increased as well. So, the fact that we have certain kind of tiers in place doesn't necessarily mean that they're gonna stay the same. We are always having ongoing conversations at a minimum, quarterly or annually, that we have with all of our major vendors who contribute to the product line to get the best pricing. I think, you know, history shows that we've done a pretty good job in terms of extracting additional value for our shareholders, and we'll continue to do that on a go-forward basis. Okay. Just last one from me. You know, there was, sorry, this is probably a couple of years since I've asked this question, but, you know, Marqeta was a, was a partnership you announced, you know, as a well, not a similar, but a relationship with DoorDash. You were looking at ways you could strengthen your relationship. Has anything progressed out of that? You know, I probably asked you this a year ago. I'm just, just going back and looking at some of my old notes. I could take that, Steve. I guess what I would say the relationship is still definitely there. We look at things on a program-by-program basis, and so when the need arises, where specific functionality, or benefits or economics could be different versus different providers or other processors specifically, as it relates to Marqeta, we definitely look at that. And so there are paths right now that we are looking at with them. And so there is still that partnership that's not necessarily exactly where we wanted it to be, given the lack of kind of program activity that's there right now. But it's not, you know, a thing that we've purposely kind of drew out. It just happened to be a matter of timing and when the opportunity arose, amongst other things. More of a timing thing more than anything else, but that relationship is there. We'll continue to look at different programs on a case-by-case basis and, and determine which provider provides the better stack in terms of what our offering needs to be, and who could help accommodate whatever those new needs are for those specific programs that we expect to launch. Okay, I appreciate that update. All right, thanks, guys. Thanks, Steve. Once again, as a reminder, if you have a question, please press star one on your telephone keypad. Your next question comes from the line of Hal Goetsch from B. Riley Securities. Your line is now open. Hey, Marco, great, great results and great commentary about the future potential. Could you just explain to everyone you know what are the technology you know resources or capabilities that your typical payroll company doesn't have, that they need, that they partner with you? Like, is it real-time capabilities? Is it real-time payments? Like, what are the assets you have that they don't have, and they're not about to try to develop those internally? What are your thoughts on that sense? Hey, Hal, thanks for the question. Yeah, I guess it's dependent on each provider, each payroll provider, and what they have in their stack, and what they may lack or may not, or how they view EWA and whether they want to go all in on it. It's kind of the broad way I'll start it off by describing the landscape. Yeah. Because there are providers like Ceridian that do have their own EWA advanced solution, and then there's others that look at their platform as just, you know, a data gateway, where they have all the payroll data, and they're kind of monetizing access to that data, which is how they're earning their piece of the EWA market. And so, depending on which partner, you might get different scenarios play out, but specifically, many for the most part, and this is kind of painting with a wide brush here, a lot of them don't want to enter the space. It's much different than the current service offerings they have. It is more a financial service than a payroll product, and so with that comes all the different regulations, and, you know, with the way the markets are now and the way EWA is right now, those regs don't exist, which is probably another reason why they're not willing to enter in it right now. Although they're playing in it, they don't want to go full tilt and, you know, do all this on their own. But it's more, you know, disbursements are part of it. They can certainly acquire those disbursement solutions and disperse to, you know, any bank account, but that's not all of it. There would actually be the wallet and all the different details that they would need, especially around aggregating different time and attendance platforms that might not be in their arsenal. So if you think about it, some employers might have one company doing their payroll services, but they might use someone else for a time and attendance platform, and the EWA companies that are involved take the data from both those sets in order to perform the EWA advances, where the payroll companies themselves might not have access to the time and attendance platform. So all those integrations are different, outside of their own stack. So again, it's a long-winded answer, but it is a very different question for all the different payroll providers out there. But it's not technology that they possess, and in many cases, nor do they want to have that necessarily on their books or managing that whole process that's not core to payroll as it stands today. Sure. Thank you. There are no further questions at this time. We will now conclude the conference call. Thank you. You may now disconnect.