Good afternoon, and welcome to Quisitive's third quarter 2021 earnings conference call. Joining us for today's call are Quisitive's Chief Executive Officer, Mike Reinhart, and Chief Financial Officer, Michael Murphy. Following their remarks, we will open the call for your questions. Before we begin today, I'd like to remind everyone that during the conference call, management will be making statements that contain forward-looking statements within the meaning of applicable Canadian securities legislation. Please refer to the company's forward-looking information disclaimer statement, which can be found on the notice for this call, our website and the third quarter 2021 earnings release. Now I will turn the call over to Mike Reinhart. Sir, please proceed. Thank you, operator, and good afternoon, everyone. We appreciate you taking the time to join our Q3 2021 earnings call. This past quarter was yet another monumental period for Quisitive as we recognized a significant increase to our top-line revenue and delivered another key milestone on our LedgerPay platform by passing the PCI Level 1 audit, setting the stage for the final steps in achieving endpoint certification with the payment card networks. Further to the great results in Q3, today we announced that we have successfully closed the acquisition of Catapult, establishing Quisitive as one of the largest dedicated Microsoft partners in North America. Consistent with our stated strategy over the past three years, we continue to invest in the future of our business by fueling organic and inorganic growth initiatives in parallel with accomplishing key milestones within our payment solutions business as we approach the doorsteps of LedgerPay commercialization. Though we have been consistent in executing on our key milestones, I would like to address the question I know many of you on the phone want to ask regarding the announced delay in the card network certification process. As we have communicated due to macroeconomic factors that are out of our control, including supply chain issues, placing the data center hardware on backorder, we have encountered a minor delay with completing the final steps of certification prior to the year end, and we'll expect this to occur in Q1 of 2022. Nevertheless, our organization is still keen on managing the things within our control and executing the near-term initiatives that are in our grasp for both payments and cloud segments. As it relates to LedgerPay and our payment solutions business, there has been a general theme of continued progress throughout the year and in the past few months. Our Q3 payments revenue has grown to over $10 million, showing strong organic growth in the bank card merchant services business, with payment volume in excess of $940 million for the quarter. From a LedgerPay perspective, if you look at what we have been able to accomplish year to date, it has been unprecedented in the payments industry. This is all thanks to the efforts of our LedgerPay team, who have been proactively ensuring all prerequisites in getting LedgerPay commercialized have been executed. Though we have encountered a minor bump in the road with the Visa and Mastercard waiting on delivery and installation of certain hardware, we continue to work in lockstep with their teams to ensure all prerequisites are finalized. Our teams are meeting regularly with assigned project teams from both Visa and Mastercard to collaboratively complete the final steps for endpoint verification certification. These teams have already completed installation of primary and backup network circuits to our data center and applied updates to the LedgerPay platform to support the latest technical, pricing, and compliance specifications issued from Visa and Mastercard. Once supply chain issues alleviate, the card networks will be able to fulfill the installation of their hardware in our data centers, creating the dedicated circuit needed for LedgerPay to securely operate as an end-to-end payment processor. From there, we will commence a 30-45-day testing process, representing the final step we need to complete before LedgerPay is commercially available. We are currently being told by the card networks that hardware is expected to be received by the end of the year. Beyond that, we continue to build sales pipeline with prospective customers, including independent sales organizations or ISOs, independent software vendors or ISVs, as well as customers in grocery chains, fuel stations, multi-chain restaurant franchises, and convenience store chains. With our growing pipeline, we are confident that once LedgerPay is fully operational, we will be able to quickly onboard merchants to begin processing transactions. We also are making good progress on preparation to migrate BankCard merchants as we work with Visa and their CyberSource gateway to provide settlement services to the first wave of BankCard customers. We also have advanced discussions underway with a bank in Canada to be sponsored as a processor that will enable expansion of services in North America later in 2022. On the marketing front, we have begun to actively drive awareness for our payments intelligence solution, including an e-book and video series for quick serve restaurants, fast casual restaurants, and convenience stores. We have participated in several industry events and conferences, including the Association of Convenience and Fuel Retailers, the Fast Casual Executive Summit, where we led a panel discussion for attendees. We've also hosted a national webinar on next-generation payments, ISVs in the cloud. We've also had numerous articles published in trade journals such as The Green Sheet, a payments-focused trade publication. These marketing activities are helping drive both brand awareness of the LedgerPay solution, as well as providing leads to our sales team. One encouraging win from this past quarter that I wanted to highlight was our contract to provide payment processing services with Paytron, a Passport Technology company. Our agreement with Paytron makes it one of the first major secured LedgerPay contracts with an ISO. As a merchant services provider that enables payment processing for resort and concession merchants, Paytron will have the opportunity to employ LedgerPay's advanced payment processing capabilities to its customers. We are confident that this is just one of the soon to be many wins we'll be having with the ISOs going forward. OnRamp, as I mentioned earlier, thanks to our team's ability to proactively tackle a number of prerequisites, we have seen initial success in ramping up the prep work for LedgerPay. In particular, it has been validating to attain PCI Level 1 certification, which as a reminder, is a key marker of payment service providers' information security protocols and is an industry standard for compliance with major credit card brand security standards. Additionally, it is a critical prerequisite to complete the Visa and Mastercard certification processes. We are truly in the final innings of commercializing LedgerPay, as the completion of it hinges on the situation with the supply chain. Our team is confident that the issue will soon be resolved, and we'll be off to the races from there. Next, I'd like to shift gears to the Cloud Solutions business, where we've recently become a titan following the acquisition of Catapult. With the official closing of the acquisition this morning, we have established a premier global Microsoft partner within the cloud solution space by combining two of the biggest U.S. Microsoft exclusive technology partners. That said, I would like to take a minute to share in what ways Catapult significantly elevates our cloud solutions value proposition. They strengthen our executive team with veteran industry leaders who have proven success with a similar philosophy of focusing on Microsoft platforms. They diversify our recurring revenue streams through the addition of their managed services powered by IP like Spyglass and AMS. They open up the ability to cross-sell and upsell our solutions to their client base and vice versa. They bolster our cloud offerings with their digital workplace and security practices. Furthermore, Catapult brings 10 Microsoft advanced specializations and 17 Microsoft competencies. In addition to expanding our North American footprint by increasing headcount to over 700 employees and employee hubs to 15 across the globe. The beauty of this acquisition is the crossover between our two companies, culture and philosophy, something I can't stress enough. Not only are we both dedicated Microsoft partners, but the way in which our two organizations operate by treating customers as long-term partners versus mere projects is what differentiates us from others. Microsoft has a multitude of robust cloud offerings, and the fact that our team has immense expertise in industry and our managed services side with additional IP to enable Microsoft's technology for our customers is what sets us apart. The thing to note is that Catapult is no different, and that is what has made both our organizations so successful. The acquisition is perfectly aligned with our inorganic strategy, which is laser-focused on acquiring companies like Catapult that augment our breadth of Microsoft capabilities, geographic reach, intellectual property, and recurring revenue. We have scheduled a meeting with the Quisitive and Catapult Cloud Solutions senior management teams in early December as we begin to navigate the organizational change and integration planning. We have engaged a transformational change management advisor who will help our teams work together to fully integrate the business over the next year. I'd like to share a few cloud solutions highlights from the past quarter. Microsoft has chosen Quisitive as a strategic partner to develop their upcoming platform of intelligent order management that will allow customers to leverage the Dynamics platform to manage the entire order management life cycle using actionable insights. This selection demonstrates Microsoft trusts Quisitive as a key partner to help build and deploy their cloud solutions. A major healthcare provider in the U.K. went live with Quisitive's MazikCare SaaS solution, which is expected to ramp up to accommodate 250,000 patients, and they also signed a contract to expand the platform for other European countries, demonstrating the value they see in the MazikCare platform and partnership with Quisitive. The company closed a recurring licensing deal for Microsoft 365 and Azure for a major community bank with over 85 locations throughout Oklahoma and Texas. Quisitive assisted the bank in migrating their environment to the cloud and then providing them the cloud licensing through our CSP program. As a result of the company's innovative OnRamp to Azure Data program, Quisitive was awarded a contract to develop a data and analytics solution for a major international movie theater chain. The solution will be leveraged to provide additional insight to a highly successful customer loyalty program. The OnRamp to Azure offer allowed the customer to see quick value leveraging the cloud and convince them to move forward with this strategic initiative. The past few months for Cloud Solutions was encouraging as we acquired Catapult, won the 2021 Microsoft Healthcare Partner of the Year award, received the prestigious Microsoft Business Applications Inner Circle award, and continued to strengthen the value proposition of our Cloud Solutions portfolio to our customers. Next, I would like to talk about our M&A strategy. As demonstrated by Catapult, and as I previously mentioned, M&A has been and will continue to be a strategic part of Quisitive's growth strategy going forward for both Cloud Solutions and Payments. We've been incredibly effective and efficient to date at acquiring and creating accretive value on the roadmap to qualitative growth and have laid a strong and focused acquisition path over the past few years, highlighted by CRG, Menlo, Mazik, BankCard, and now Catapult. Our strategy for meticulously selecting the right acquisition has proven to be successful thus far, and we look forward to the impact that Catapult will make for our company. I'm a true believer that M&A, in addition to organic execution, is one of the core drivers of what is going to scale Quisitive to the next chapter of its operating history. That said, I want to share that we will not be conducting any incremental acquisitions between now and the end of the calendar year, as the majority of our senior leadership's time and resources are devoted to fully commercializing LedgerPay while ensuring a seamless transition of Catapult. However, similar to what I said in the last quarter, we've still been receiving a number of inbound requests from potential acquisition targets. Again, though it is not an immediate focus of ours to acquire another company, it is certainly an encouraging sign to see the amount of interest we've been garnering. This points to the impact Quisitive has made not only to the Microsoft ecosystem, but in the broad market of cloud solutions and payments in general. Interest to work alongside our industry-leading team has never been higher, and with continued support from investors, M&A will continue to be part of the strategy going forward. Looking ahead, I'd like to share a brief outlook in regards to Q4 and full year 2021. For the fourth quarter, we expect revenues to be in the $30 million-$33 million range and adjusted EBITDA in the 17%-19% range. For the full year 2021, we expect our revenue to be in the $93 million-$97 million range, with full year adjusted EBITDA in the 14%-16% range. To note, the tail end of the calendar year tends to be a little slower period for our business in both cloud solutions and payment solutions. The reason for seasonality is due to the majority of the cloud solutions industry tending to take vacation time, especially amidst the holidays. Our merchant base and payments also have lower volumes during the last few weeks of the calendar year. Of particular note for Q4, we will only report six weeks of Catapult as part of the business as those include the U.S. Thanksgiving week as well as the year-end Christmas break that are impacted by heavy vacation time. Nonetheless, in spirit of the current theme of controlling the controllables, we remain focused on effectively and efficiently operating the business to conclude the year. We are working together with senior management, developing our 2022 business plans and budget, and will provide further guidance on full year 2022 as those activities are completed. As previously stated, our goal is to grow the business at least 15% organically while also activating the organic potential of LedgerPay and payments moving forward. Looking even further ahead, I want to iterate that over the next 3-4 years, we still envision Quisitive as a $250 million revenue business with $100 million in EBITDA. I am certain that the continued growth of our cloud division, coupled with the commercialization of LedgerPay, will prime us to achieve that goal. With that said, I would now like to turn the call over to our CFO, Michael Murphy, to discuss our financial results for the third quarter 2021. Michael? Thanks, Mike, and once again, thanks to you all who are joining us for today's call. Q3 has been a solid quarter where we've generated CAD 5.1 million in adjusted EBITDA. These results reflect continued solid performance of both the cloud solutions segment and the payment processing segment. I wanted to note that this is the first full quarter where we've included BankCard USA's results in our numbers, and that's the major driver for the 42% growth in EBITDA from the second quarter of 2021 to the third quarter of 2021. Consolidated revenues for the third quarter increased 119% to CAD 27.8 million, compared to CAD 12.7 million in Q3 of last year. The payment solutions segment revenue for the quarter was $10.4 million, an increase of $9.2 million compared to the $1.2 million of LedgerPay license revenues recognized in Q3 of 2020. As we ramp LedgerPay into production next year, we're planning on continuing to grow payment solutions revenues at pace through the investment in additional sellers across the payment solutions business. Cloud solutions revenues for the quarter was $17.3 million, an increase of $5.8 million compared to the third quarter of 2020. The increase reflects the addition of Mazik revenues, organic growth, and successful cross-selling of services across the expanded cloud services client base. Consolidated gross profit for the third quarter increased to CAD 10.9 million or 39% of revenue, compared to CAD 5.1 million or 40% of revenue in the third quarter of 2020. There are a couple of driving forces behind the decline in margins. In our Cloud Solutions segment, Cloud Solutions provider recurring revenues have continued to increase, and these are at about a 12% margin. We've also had some lower margin professional services engagements that are temporary arrangements and reflect our continued commitment to investing in client relationships. Additionally, the increased sales headcount in our Payment Solutions segment has lowered margins in that segment during the sales ramp-up period. We see this as a near-term investment with a strong potential to drive growth in fiscal 2022. Sales and marketing expenses for the quarter were CAD 1.7 million, which was an increase from CAD 1.1 million in the third quarter of last year. G&A for the third quarter increased to CAD 4 million compared to CAD 1.9 million in the third quarter of 2020. An increase in 2021 is in line with increasing revenues and is also related to the addition of newly acquired businesses during the year. We're a growing company and have brought additional administrative, employee, and burden costs to manage the increased headcount in the corporation, along with higher legal and professional fees associated with the growth of the corporation. Interest expense for the third quarter increased to CAD 1.8 million compared to CAD 1.1 million in Q3 2020. The period-over-period increase is due to significantly higher principal amounts outstanding in Q3 2021 and CAD $0.7 million in previously capitalized deferred financing costs related to a previous credit facility, which were charged to interest expense in Q3 of fiscal 2021 when we replaced the previous facility with the new BMO facility. Transaction costs of CAD $1.4 million were incurred in the quarter, which is a big increase year-over-year from CAD $0.7 million in 2020. The increase is predominantly due to the diligence activities that were ongoing in the third quarter of 2021 linked to the Catapult acquisition. A couple of other items of note. During the quarter, we received notification from our banking agent that $1.6 million in U.S. Paycheck Protection Program loans were forgiven. This has been recognized as a one-off gain in net income, and is not included in EBITDA. GAAP terms, net loss for the quarter totaled CAD 3 million or a loss of CAD 0.01 per share, compared with net loss of CAD 1.8 million or CAD 0.01 per share in the third quarter of 2020. I'll just reiterate that our Q3 2021 results showed a solid quarter without the add backs, where we generated over CAD 5.1 million in adjusted EBITDA. As Mike mentioned earlier, we're excited about the addition of Catapult to our cloud services segment, and adding that business to what we built is an exciting prospect with immense opportunities to leverage enhanced 3Cloud capabilities and expertise across an expanded client base as we advance through Q4 into 2022. As at September 30, 2021, we had CAD 17.7 million in cash. Post-closing the Catapult deal with all the financings, we have over CAD 14.5 million in cash as we sit here today. That concludes my prepared remarks. Thanks for your time this afternoon, and we look forward to updating you on our progress going forward. We're now ready to open the call for questions. Thank you. We will now begin the question-and-answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. Please note that each analyst is limited to asking two questions per person on the call today. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We will pause for a moment as callers join the queue. The first question comes from Kevin Krishnaratne with Desjardins. Please go ahead. Hey there. Good afternoon, gentlemen. The first question for me on BankCard, the EBITDA margin in the quarter, 28%, that's lighter than, you know, what the run rate was before you bought the asset. You did talk about some of the impacts on the cost of revenue with the new sales people. I'm just curious, how do we think about EBITDA margin and gross margin in Q4 as we think about modeling? Yeah. You're saying about the reduction, the BankCard. Remember, we're reporting payment solutions, which includes on an EBITDA basis the impact of LedgerPay, SG&A expense on part of that payment. On an EBITDA basis, your BankCard is not isolated in the financials. From that perspective, you know, we're running the gross profit's running around 45%. The joint EBITDA will continue to run in Q4 at a similar level on the payment side, just because, again, of the investments in LedgerPay. I don't know, Mike, if you have any additional comments on that. Yeah. No, not really, other than to say that, you know, we're in that ramp-up period where, you know, getting certainly in the payment processing industry, as I'm learning, it's a long ramp-up period, but it has a pretty big payoff potential. So, you know, I think, again, short-term pain for long-term gain. No. Okay. I understand there's some embedded ramp-up for LedgerPay costs in that in there as well. Okay. My second question, you talk about the supply chain issues impacting you on the timing of delivery of data center equipment. But can you talk about any supply chain issues that you might be seeing at BankCard, whether that is procuring payment terminals or anything like that, or if you are thinking about any supply chain delays or issues at your merchant customers, and if that's sort of baked into your guidance that you provided? Thanks. Yeah. As you think about equipment, remember the BankCard business is heavily card not present, which is all essentially e-commerce based, so it's 70-plus%. Terminal devices and other types of things are not really a major factor. Certainly, there are some things happening. There are obviously the changes with PAX as a terminal device provider and all the things going on there where people are, there are some supply chain issues related to terminal devices, but it's not impacting us at this time. It's actually one of the benefits of not having LedgerPay active at the moment. There aren't many of them, I know. One of the benefits is we're not being disrupted by impact of PAX terminals and supply chain issues related to that and expect that many of those issues as we ramp into our business next year won't be an issue. The other thing is, you know, most of those merchants already have their terminal devices. Again, as we migrate merchants over to our platform, it's less of a concern because they already have terminal devices that we'll work with. Just on their own supply issues potential? Yeah, no, there's really no, again, no major supply issues within our merchant base. Again, you know, at the most, for the most part, we aren't seeing. We don't deal with a lot of, like, major hardware providers and other kinds of things. We're not resellers of hardware. We're not resellers of those kinds of products that are so heavily dependent on foreign kinds of things. So we have not seen that as a factor in our merchants at this stage. Great. Thanks a lot. The next question comes from Robert Young with Canaccord Genuity. Please go ahead. Hi, good evening. I'm not too sure if you said it already, but the payments volume in the quarter at $940 million relative to last quarter, I think it was $550 million for the stub period. That seems to me that a down quarter-over-quarter. I don't know if you addressed that already. The revenue for that same volume looks like it's either flat or maybe even up a little bit. I was wondering if you could talk about that. Yeah. Volume's down a little bit. Again, that's some of the seasonality. Summertime's one of the softer periods. The Q2 period is one of the heavier periods. I think if you remember right, we had some of the things going on in March and April around stimulus money and things like that hit the March and April time frames in particular. We had some spike there that drove up volumes a little bit. Revenues are, you know, fairly flat quarter-over-quarter on a full impact basis. You know, and that goes to sometimes, you know, slight mix changes in terms of it. The volume is down just a little bit, but consistent with seasonality in prior years. Okay. I think for the second question, just on the certification delay, how is that impacting your business development efforts for the sales team looking. I think you said you had a growing pipeline of prospects and just how are you managing that relative to this delay that you're facing? I think the delay you said it was limited to hardware, if I'm correct. There isn't anything beyond the availability of equipment from the network that's gating this, is it? Yeah, no. I mean, again, as I described, there are kind of three components to the final stages of certification for us to get fully certified. One is network circuit installation, having both primary and backup circuits in the data centers. Those have been implemented and deployed by the card brand. That's active. The hardware which connects to that network circuit, creating the dedicated circuit between us and the card brand for processing secure transactions. The final step is one that's just a testing process between us and them. Those are the things that are happening there. There aren't other major issues related to that. You know, on the first part of the question around sales, there's certainly occasionally opportunities where the timing isn't working out, such that, especially in the case of an ISO or merchant that maybe has a renewal coming up and they have to defer it for a year. What we're seeing is some of those customers are saying, "We'll go ahead and renew for a year so that we can revisit you guys post execution." There aren't too many of those. That'll be a constant thing as you go through time. There are those renewal periods, but outside of that, we continue to have really good activity. ISO continues to be a really strong channel, ISV. Obviously, you know, the larger merchants that we continue to discuss, they have more flexibility in terms of their timing. Okay, thanks. The next question comes from Rob Goff with Echelon. Please go ahead. Thank you very much, and congratulations on a busy quarter. My question is one that you probably hear all the time, but could you please walk us through the timelines or the news flow that you see coming out of Venu Pay in terms of when you will have confirmation of the hardware? Will there likely be announced pilots or commercial contracts ahead of full certification, just to give us a better sense of what to look for in the future? Yeah. We're not intending to press release delivery of hardware as much as, you know, that might be interesting. It's probably not a relevant press release thing. Certainly, you know, as we get there, kind of the news flow will be once the certification happens, which is, you know, post hardware implementation and those kinds of things as I described, and then the testing period. In terms of contracts and things like that, we've already announced the one contract with Paytron. We do have others that, we suspect will be signed in advance of certification. As those occur, where the merchant is willing to let us do, the press release, we will be able to do those. Obviously, some customers, you know, strategic to their initiatives aren't going to desire to be press released on this because they don't want competitors to know about strategic advantage. Where there are those opportunities, we will share those, whether it's in a named event or in a generic naming process to create visibility to that. We'll continue to look for that. There'll be some other kinds of things that we're doing, not only with customers, but obviously continue to work with some of the other banking relationships. We have other third-party relationships that we'll likely have news flow on to do that. Again, certification and then activation of customers will be the major events that are relevant to progress. Very good. You give evidence of some of the ramp-up costs on this quarter. Can you give us guidance on the next quarter? Should we be perhaps a bit cautious of further ramp-up costs as we go into 2022? Yeah, we're governing that carefully. Obviously, we anticipate ramping up sales and marketing costs, but don't anticipate doing that much in advance of, you know, certification. That'll really be something as we hit certification. We already have investments in sales and marketing, so we'll continue those at a similar rate throughout Q4. We won't see. There are some fees. We do have to pay a big fee to Visa and Mastercard to activate. They're a one-time fee, so you'll see those hit our Q4. That'll be there as part of basically initiating it. But those fees are kind of the final stage as part of that certification process and, you know, formalizing the execution there. Those are the only kind of increased fees you'll see are those one-time fees with the card brands that we need to do to activate our relationship with them. Thank you very much. The next question comes from Christian Sgro with Eight Capital. Please go ahead. Hi, Mike. For my first question today, you commented in the prepared remarks that Q4 quarter can be a slow one, both on the cloud and payment side of the business for different reasons. I was wondering, as we think into 2022, maybe on the payment side it's more predictable, but I'll let you comment, like, what the cadence would be for growth in cloud and on the payment side. If there's gonna be, you know, snap back in Q1, Q2, if those can be stronger quarters in both segments, or, you know, anything obvious or clear to you that you'd share with us. Yeah. You know, Q1 on the payment side, especially in the merchant mix that BankCard has had, has traditionally been a high volume. You know, we anticipate that to occur again going into the new year. Part of that is, you know, some of the different merchant nutra and some of the other groups in there that have strong momentum in the early part of the year. On the cloud side, you know, Q1 is usually a strong quarter, as you know, customers transition out of the holidays into that early January time frame to start to activate budget initiatives and strategic engagements and other kinds of things going into the new year. We've been, you know, one of the things we're pleased with is some of the things that we announced in those customer wins that we highlighted as part of the press release in some of my comments are wins that are large scale that are not only you know contributing to Q3 and early Q4 but carry into Q1 and beyond. Gives us a strong book of business going into the first quarter. We feel good about first quarter momentum as we do that. You know, seasonality is something that used to be fairly patterned and predictable. Obviously the pandemic has reshaped seasonality in certain things. Based on what we anticipate at the moment, we expect Q1 to be a very solid quarter for us. Great. That's super helpful. For my second question here, you know, first, congrats on the closing of Catapult. Second, the guidance into Q4 is appreciated. So my question would be the 14%-16% EBITDA guide into Q4, do you think that's a good starting point for 2022 when we think about the integration of Catapult, something we could work up from, you know, as the integration plays out? Or where do you see, you know, EBITDA trending, you know, post-closing the Catapult? Yeah. I, you know, just for clarity, I said Q4 17%-19% and full year 14%-16%. Part of that's because of some of the earlier periods in 2021 that were a little softer. Anyways, those are drivers in that model. Certainly there's a little bit of down, you know, as we've reported, Catapult is a little lower at 10%, under 10% EBITDA contribution, so they'll pull some down, obviously from the size and scale, but we look to build that as we move into the new year. All that being said, we'll look to, you know, continue to drive in that 15%-16% we feel confident with even with the Catapult as we move forward to continue to capture strong EBITDA growth in the historic cloud solutions business as revenue growth without significant SG&A expense increase is there. The wild card to that is always CSP contracts, some of those recurring revenue streams where if we get one of those larger ones that can pull it down a little bit. At the moment, we anticipate that continuing to be in that 15%-16% range going forward. Awesome. Thanks for the clarification and thanks for taking my questions. The next question comes from Stephen Boland with Raymond James. Please go ahead. Thanks, Mike. Just a little bit more granularity on the LedgerPay timing. You mentioned installation of the hardware, hopefully by year-end. Then you know, is that a one-week process, a one-day process? Because then you go into that testing period, which is another 30-45 days. I'm just trying to get an idea of, you know, is it mostly- Yeah, there are three steps to it really. One is delivery of the hardware to Visa, Mastercard, and they do configuration in their facilities, and then shipment to our facility with an engineer going to the facility to do that. The actual work is not significant. It's just a scheduling and logistics piece. But that's kind of what happens. They receive the hardware, configure it. Take it to our facility with an engineer to install and configure it. Once that's there, the testing is fully available. You know, those time frames are, you know, completely guesstimates on our part. I mean, especially depending upon when in December, if it's Christmas time, it's probably not gonna happen till early January. Those are the things that are a little bit unknown to us, but we anticipate, you know, those being available to us sometime no later than, you know, late December, early January, that we can begin our testing process, assuming that they get the hardware on the existing schedule. It's been postponed a couple of times already, you know, we're hopeful that that doesn't occur in the future. Okay. My second question, just when you have BankCard, your internal ISO, and then you sign contracts with Payroc, which is an external customer, how does that get prioritized within the company in terms of workflow or you know their desire to build you know installations getting that up and running? Like how would you deal with that or if you don't think it'll be an issue? Yeah, no, it won't be an issue. Onboarding of merchants is a, you know, a process that is highly automated for us and connected into it. Where it becomes more of an issue is on large merchants where we're doing payments intelligence activation with custom point of sale platforms and things like that. That's where resource allocation. Just onboarding a merchant, volumes of merchants, you know, we're anticipating onboarding hundreds of net new merchants across, you know, both BankCard and other ISOs and other direct merchants every month. That process is highly automated by the platform once underwriting is done and activation of it, and bringing that together. Not anticipating a huge issue there. Obviously, you know, we'll continue to monitor that, and we'll have to scale our teams to that. Most of it is about creating an automation platform that's all around automated onboarding of merchants, which is one of the high values we bring to ISOs is rather than a very manual process, we actually can do that in a fully and highly automated way. Okay, that's great. Thanks very much. The next question comes from Divya Goyal with Scotiabank. Please go ahead. Hi, Mike and team. Can you hear me? Hey. We can, yeah. Perfect. My question is, the guidance that you've been providing about the CAD 250 million in revenue and CAD 100 million in EBITDA, how soon do you expect to achieve it now with this Catapult acquisition? Yeah, you know, we're still. We haven't really changed the time horizon the next 3-4 years. I mean, obviously, organically, we're gonna, you know, grow and as we activate LedgerPay, there's certainly the potential for it to happen much sooner. We're not, at the moment, making changes to that guidance. We'll continue part of what I talked about. We're doing 2022 planning and bringing that together. You know, again, I think we've talked about this. We're roughly on a run rate basis about a $167 million business today. We're well on our path to getting there, even in advance of any additional acquisitions or any kinds of things there. We certainly believe there's a probability for that to be accelerated as we ramp and do those kinds of things, but at the moment, we aren't changing, you know, kind of that directive, in that three-year window. Perfect. My second question is on the acquisitions front. Catapult was a major cloud acquisition. Mazik went well. BankCard, obviously, is starting to show some results here. What are your recent 2022 acquisition goals? Are you looking at more cloud companies or is the target to expand ISVs and ISOs from an acquisition standpoint alongside the plan to or growth standpoint, basically? Yes. Well, you know, kind of what I described in my remarks are, you know, at the moment, we're focused on making sure we commercialize LedgerPay and integrate Catapult. We know those are really two key things that the investors are looking for us to do, and so we're investing time, energy and resource to do that. At the same time, as I described, we're constantly being approached by companies who are interested in joining what we're doing both on the payment side, and we'll continue to evaluate that. You know, obviously the market needs to be available to us from a capital perspective to be able to do acquisitions, to continue to have the accretive value. As those opportunities present themselves, in terms of, you know, capital, we have plenty of opportunities to acquire companies. Obviously we'll be very strategic about that. You know, again, both businesses, you know, the opportunity to accretively grow through M&A exist. Certainly as we move forward with LedgerPay, we've talked before about there's some interesting ISV opportunities, whether it's around point of sale platforms and other capabilities that we think could really expand, our value proposition to merchants and help fuel and accelerate growth in LedgerPay, and the payments business in general. There's certainly some things from scale and reach, whether it's organic investment in sales and marketing that we'll need to make to do that or in strategic acquisitions on the payment side to amplify scale and reach of sales and marketing to really drive top-line revenue, which is gonna be key for us with LedgerPay. We'll continue to evaluate that and strategically bring those in. You know, we'll continue to be inquisitive across both sides, but certainly would expect as we described that, you know, focused on some key opportunities potentially in the payment space will be the next target for us as we would move forward. Okay. Thanks, guys. Thank you. This concludes the question and answer session. I would like to turn the conference back over to Mike Reinhart for any closing remarks. Well, thanks, appreciate it. Thank all of you for joining us today. I especially want to thank our employees, partners, investors and customers for their support. We appreciate your continued interest in Quisitive and look forward to updating you on our next call. I wanna wish all of you a happy holidays and enjoy time with family and friends throughout the remainder of the year. Thank you and have a wonderful evening. Operator. Thank you. This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.