Good morning or good afternoon, all, and welcome to the Shift4 3Q 2022 earnings call. My name is Adam, and I'll be your operator today. If you'd like to ask a question during the Q&A portion of today's call, you may do so by pressing star followed by one on your telephone keypad. I will now hand over to Tom McCrohan to begin. Tom, please go ahead when you are ready. Good morning, and thank you, operator. We welcome you to Shift4's third quarter earnings conference call. With me on the call today are Jared Isaacman, Shift4's Chief Executive Officer, Taylor Lauber, our President and Chief Strategy Officer, and Nancy Disman, our Chief Financial Officer. This call is being webcast on the investor relations section of our website, which can be found at investors.shift4.com. Our quarterly shareholder letter, quarterly financial results, and other materials related to our quarterly results have all been posted to our IR website. Our call and earnings materials today include forward-looking statements. These statements are not guarantees of future performance, and our actual results could differ materially as a result of many important factors. Additional information concerning those factors is available in our most recent reports on Forms 10-K and Form 10-Q, which you can find on the SEC's website in the investor relations section of our corporate website. For any non-GAAP financial information discussed on this call, the related GAAP measures and reconciliations are available in today's quarterly shareholder letter. With that, let me turn the call over to Jared. Jared? Hey. Thank you, Tom. Good morning, everyone. We have a lot to talk about today. We're very pleased with the record results and responsible growth we delivered this quarter, especially in an environment of increasing economic and geopolitical uncertainty. I'm incredibly impressed with the Shift4 team that executed so well on a number of important organic and inorganic initiatives, including closing on an international PSP, releasing SkyTab POS from beta, insourcing some of our best distribution partners, and driving substantial volume growth in our new verticals. Not surprisingly, our high-growth core continued to be the primary driver of our performance, but our new verticals and recently released products are playing an increasingly larger role in our growth, which sets the stage well as we close out 2022 and move into 2023. For the third quarter, organically, we generated 53% year-over-year growth in our End-to-End Payment Volume and 33% year-over-year growth in our gross revenue less network fees. We exceeded $20 billion in quarterly volume for the first time in history, and we also achieved quarterly records for all of our KPIs, including Adjusted Free Cash Flow. As mentioned, our results benefited from continued strength in our high-growth core, as well as a more meaningful contribution from new verticals, which includes sports and entertainment, gaming, and sexy tech. Our immense gateway conversion strategy continues to be a reliable source of new wins, and during the quarter, we renewed several enterprise gateway customers on economic terms comparable to our end-to-end offering. This is one component of our previously announced Gateway Sunset initiative. Additionally, our strategy to deliver a unified and global commerce capability is well underway, and we expanded our international and e-commerce capabilities this quarter, which I'll speak to in just a minute. As some of you know, we officially launched our SkyTab POS in September, and early indications are very encouraging. Most importantly, we delivered on the financial promises we laid out a year ago at our inaugural Analyst Day event in November 2021. We are looking forward to meeting with many of you later today during our SkyTab showcase and business update, where we'll provide more specifics on our progress and future growth plans. It is worth emphasizing that virtually all of our gross revenue less network fee revenue and volume growth this quarter was achieved through focus and strong execution of our organic initiatives. That stated, in the last few days of the quarter, we did close our first international acquisition, a European PSP, which brings tech capabilities that will enhance our ability to attract and integrate new customers consistent with our global expansion strategy. This acquisition is very complementary to Shift4's operations in the United States and will be a key enabler for future international expansion and deliver additional synergies upon the eventual closing of Finaro. On that note, the previously announced acquisition of Finaro is still pending regulatory approval, but we do expect that to close by the first quarter of 2023. Given the results of the third quarter and our early look into the fourth quarter, we will be increasing our 2022 guidance across all of our KPIs. To this end, we are increasing all of our guidance ranges for 2022 above the high end of our previously provided ranges. Again, this applies to all of our KPIs, including volume and Adjusted Free Cash Flow. While we cannot predict consumer behavior in this uncertain environment, we are not completely at the mercy of the broader economy as some of our peers may be. The assets we have accumulated, including our gateway and software integrations, alongside the products we've built, afford us a path to exponential growth, even without ever adding a new customer. As mentioned above, I do believe the company is performing quite well despite a challenging economic backdrop. Persistent inflation remains a cause for concern, but we are focused on what we can control, so prioritizing the needle movers and a plan to deliver profitable, responsible growth in excess of our peers. Obviously, we are not immune from economic cycles, but as this quarter demonstrated, the decisions we have made over the past year to invest in new verticals and to embark on various internal initiatives have proven to be the right decisions. We have the experience and expertise to operate in all economic cycles, just like we've done over the last 25+ years, and we hope the results this quarter demonstrate the durability and uniqueness of our model. Similar to the prior quarters, I'm now gonna provide more specific updates on the performance of our high-growth core and then an update on our new verticals. Starting with high-growth core, once again, it is the primary driver of our performance for this quarter. As a reminder, when we refer to high-growth core, it essentially represents the company we were at the time of our June 2020 IPO, which at that time was primarily supporting the complex payment-related needs within the restaurant, hospitality, and specialty retail industries. Our right to win in these complex environments is based upon our over 500+ software integrations, which enables us to pursue a very large addressable market, as well as cross-sell a large population of existing gateway-only and software-only customers. Our unique software integrations alongside technology products we have built to solve pain points within the high-growth core continues to deliver very strong results. We're still in the early innings as the TAM continues to grow, as we've added over 85 new software integrations this past year, and the gateway conversion funnel remains very healthy. During the quarter, we signed a number of new resort properties and high-end restaurants within our high-growth core. This includes Chickasaw Nation, which operates WinStar World Casino and Resort, which is the world's largest casino, Kahala Resort, which is Honolulu's premier luxury resort, Shawnee Inn and Golf Resort, Pappas Restaurants, which operates 100+ restaurant locations across the country, and Cocoa Beach Pier alongside Florida's Space Coast. Earlier this year, we began a Gateway Sunset project designed to accelerate growth within our high-growth core. While we are really only in the first few steps of this program, the results are impressive and include some featured wins such as Mountain Shadows Retreat and Geyserville Inn, both based in California. Taylor will provide some further details on our Gateway Sunset project in just a few minutes. We continue to evaluate ourselves relative to our peers. When viewed on a four-year volume CAGR growth basis, our volumes grew 45% since 2018 compared to low double-digit growth at the two major card networks. Our average volume per merchant continues to increase and was 214% of pre-pandemic 2019 levels for the most recent quarter. Our quarterly volume growth is 349% of pre-pandemic levels, along with gross revenue less network fees at 246% and Adjusted EBITDA at 349% over the same period. Our spreads remain stable across all high-growth core verticals, including restaurants and lodging, despite our continued mix shift upmarket. The recent launch of our SkyTab POS provides us with an attractive two-part growth strategy. Not only do we unlock considerable operational efficiencies and revenue opportunities by offering SkyTab to our existing base of restaurant merchants, the price to value proposition of SkyTab is so disruptive we are positioned to win our fair share of net new merchants as well. This includes bringing SkyTab into new geographic markets. In addition to the traditional restaurant and hotel venues, SkyTab can now be found at the Chicago Symphony Orchestra, Iowa State University, the Los Angeles Football Club, University of Notre Dame, the Wells Fargo Center, and that's just to name a few. We are taking advantage of the SkyTab POS modern cloud architecture, intuitive features, and market positioning to improve our control over the customer experience and further enhance our unit economics by insourcing distribution. For example, at the beginning of Q3, nearly all of our POS sales relied upon third-party distribution. At the conclusion of the quarter, we are now more evenly balanced and ramping towards 50% direct sales and 50% third party. You will now find most of our third-party partners operating in the more sparsely populated areas while our direct sales presence is in the more desirable markets. That stated, we still have coverage gaps we are looking to close on the West Coast as we build momentum around our new flagship POS product. As we have discussed in prior quarters, we remain focused on improving operational excellence by removing complexity, deleting parts, and increasing organization efficiencies. Retiring legacy POS software brands and products and focusing energies on our new SkyTab solution with a balanced distribution strategy are great examples of the Shift4 way. As a result, we now have a highly motivated and energized SkyForce direct sales team and a game plan to target the over 100,000 existing restaurants using one of our many legacy restaurant POS brands. The opportunity set is tremendous, and our internal distribution team is excited to deliver an unmatched customer experience, leading-edge technology at a disruptive price point. As mentioned, we expect SkyTab POS to represent a compelling migration path for our existing base of restaurants, many of which are seeking new capabilities and key integrations to better serve their patrons. Its space-age hardware also makes it a fun system for our direct SkyForce team to sell. Our opportunity set includes both the mid to high-end restaurant customer, but also stadiums and entertainment venues. On a very interesting note, we successfully installed our first SkyTab POS system outside of the United States this past summer. As I close out the high-growth core update, it is important to remember that this category represents more than restaurants and hotels. Our high-growth core capabilities also address specialty retail, including notable customers like The UPS Store, The Forum Shops at Caesars Palace, furniture, lumber, and other retailers that require PCI validated and secure integration to their commerce-enabling software. With that, let's move over to the contribution from our new verticals. We have seen a notable uptick in volume this quarter from our new verticals and strategic enterprise merchant relationships. For clarity, we now consider our new verticals to be international, alternative payment methods or APMs, which includes crypto donations, along with sports and entertainment, gaming, travel, nonprofit, and sexy tech. It's also very important to emphasize we will not be breaking out volumes or spreads across our new verticals or strategic enterprise merchant relationships due to confidentiality requirements with a certain strategic customer and other competitive sensitivities. That stated, due to the timing of certain new vertical merchants boarding, we do expect spreads in our new verticals to expand in the fourth quarter. Finally, despite the inclusion of international and APMs, there was virtually no volume contribution from these categories in the third quarter, reinforcing that net new volume growth remains organically driven. As you can see, volume from the new verticals accelerated in July and throughout the remainder of the quarter. We're very pleased with the progress we made during the third quarter, and the improvement was also without the benefit of Allegiant Air, which has been delayed and is now scheduled to begin processing this month. While the ramp in new verticals took longer than we originally anticipated, as you can see, it was only a matter of time, and we're now on track for new verticals to become a much more meaningful contributor of our overall volume as we head into 2023. As expected, the improvement in new vertical volume contribution this quarter came from implementing a number of large NCAA and NFL stadium clients in time for the football season, adding more licenses in states which resulted in more gaming volume and an increased contribution from our nonprofit customers. To double-click on some of our new verticals, starting with sports and entertainment, we signed the Houston Texans, the Los Angeles Football Club, University of Colorado, Iowa State University, Villanova University, and the Chicago Symphony Orchestra. While new stadium and theme park wins have been consistent, volume from ticketing is really only just beginning. For example, our ticketing integration with SeatGeek is now complete, and we will begin processing ticketing this month with further integration set to go live early next year. Additionally, we entered into an agreement with a leading ticketing provider for aquariums and zoos, and we also expect to go live early next year with our integration with a leading ticketing provider for college sports. On an interesting note, we've always seen the possibility of combining our strengths in sports and entertainment stadiums with gaming, and we have the first examples of this product marriage with two sports teams located in the state of Washington. Our VenueNext software remains the market leader and is now installed at well over 125 stadiums in the U.S., numerous theme parks, and our win rate and funnel of opportunities remains impressive. Our performance in the sports and entertainment vertical, alongside our stated international expansion plans, has attracted the interest of many notable customers, and we expect to continue to benefit from our position as the only company that really offers the full ecosystem to support the sporting venue. Moving on to gaming, we continue to add state and tribal gaming licenses with volume more than tripling versus a year ago. We expect this vertical to grow as we add more APMs and international processing capabilities. With respect to our efforts in nonprofits, our overall volume continues to ramp, and we are currently working with over 2,000 nonprofit organizations as a result of the acquisition of The Giving Block. As a reminder, The Giving Block is the leading platform for crypto donations, and despite the market turmoil in crypto, we continue to see interest among nonprofits seeking to be part of Giving Block's marketplace, which is translating into impressive customer growth. Given the nature of nonprofits, we do expect the fourth quarter to represent the peak season for donation volumes. Now, in travel, the integration of Allegiant Air was delayed, and we now expect it to begin processing this month alongside European online travel agency Kiwi.com. We have signed an additional airline, and as a result of our expanding international capabilities, which we hope to announce later this year. Finally, with respect to our sexy tech vertical, we have a very, incredibly important strategic customer that continues to grow quickly, which also opens opportunities for Shift4 all over the world. A great example this quarter would be the signing of The Boring Company as a customer, of which we've already begun processing for the Las Vegas location. An interesting point is that it took nearly a quarter to complete that integration and, as a result of our recently closed European PSP acquisition, we probably could have completed that integration in a matter of hours instead of months. In the same sexy tech category, we announced Fanatics at the end of last quarter. For those not aware, Fanatics is the largest in-venue and e-commerce sports merchandising partner with major league and college sports. In a short period of time since the announcement, we now process in over 40 of the Fanatics in-venue locations across the United States, including NFL, MLB, MLS, NHL, NBA, and universities, and anticipate having their additional sites operational by the end of the year. The success we have found in our new verticals is still early days. There are many announced merchants like Time and Allegiant that have not even begun processing yet. That stated, our strong momentum and international expansion has been generating interest, including RFPs from multinational merchants that previously would never have considered Shift4. While the contribution from new verticals took a bit longer to ramp than expected, these verticals are well positioned to become a much more meaningful driver of our performance in the months and years ahead. Talking a little bit about global expansion and before passing it off to Taylor, I wanted to provide you a brief update on our global commerce initiative. First, we do expect to close Finaro by the first quarter of 2023 and continue to make progress on the necessary European regulatory approvals. In the interim, we continue to work with Finaro to connect our payment platforms via an arm's-length partnership. We also continue to refer merchants to each other and have already achieved several notable wins. In addition, we continue to enhance our international and e-commerce capabilities via M&A. As mentioned already, we tucked in a highly capable European payment service provider or PSP at the end of the quarter. It is already really integrated into both Shift4 and Finaro. We can now offer e-commerce merchants in Europe and the United States via a Stripe-like integration capability alongside the ability to optimize their conversion and authorization rates and offer both fraud protection and best-in-class recurring billing payment technology with support in over 40 countries. We only wish we had been able to close on this platform earlier, as it certainly would have reduced the integration time for many of our new vertical customers. It is worth mentioning that our international expansion endeavors are not just limited to inorganic initiatives. Towards the end of this past summer, we ignited organic projects to add end-to-end settlement capabilities in Canada and throughout the Caribbean. Our strategic merchant relationship is what is fueling our global commerce ambitions. Keep in mind, as we add support for new geographic markets, we are then able to bring all the products and services that made us successful in the United States into those markets as well. A great example is Canada and the Caribbean, where we have existing gateway volume and restaurant customers using our POS software that we can quickly cross-sell while primarily serving the needs of our strategic merchant relationship. To be clear, we are laser-focused on using our low-cost capital to seek out payment capabilities throughout the world. Our landmark deal with an important strategic customer is our yellow brick road as we endeavor to meet their global commerce requirements. Our balance sheet remains strong. Our net leverage on a trailing twelve-month basis when adjusted for the contribution of our recent initiatives is 3.3 x, giving us capacity to pursue other accretive technology assets as we delever quickly. I look forward to seeing some of you later today at our business update event in New York. With that, I'll turn the call over to our President and Chief Strategy Officer, Taylor Lauber. Taylor? Thanks, Jared, and good morning, everyone. I will focus my remarks on our recent volume trends, an update on our acquisition strategy, and then provide some additional color on our Gateway Sunset initiative. As a reminder, our previously provided guidance, volume guidance for this year assumed a modest recovery in international and business travel, and $3 billion of contribution from the new verticals, such as nonprofits, gaming, and our strategic merchant relationship, as well as sports and entertainment venues. We benefited from the ongoing resumption of travel throughout the summer months and saw a sequential improvement in our lodging volume growth. As expected, hotel volume moderated seasonally in September, but still remains quite strong on a year-over-year basis. In addition, our volume benefited from incremental contributions from new verticals, notably gaming, sports and entertainment venues, and a strategic customer that we disclosed previously, alongside of volume contributions from our Gateway Sunset project. With our new verticals beginning to ramp, the volume trends into the fourth quarter remain highly encouraging and informed our decision to ultimately increase our volume guidance despite continued macro concerns. We are on track to end the year with over 50% end-to-end volume growth. Our work is not complete in new verticals, and we continue to execute on complex integrations that will provide important barriers to entry once complete. Some of our new enterprise accounts, such as Allegiant, have still not begun processing, and we anticipate will begin processing later this month. We believe the combination of new verticals ramping, several material enterprise relationships, international expansion, and of course, SkyTab POS sets us up very well heading into the next year to sustain these levels of organic growth. We do continue to believe that consumers will ultimately pull back on discretionary spending if food and fuel prices remain high. However, we also believe our new verticals in international expansion will sufficiently mitigate any pending slowdown. Predicting how and when behaviors change continues to be difficult, but we believe that our competitive positioning, economic model, and balance sheet position us quite favorably versus our peers during any economic downturn. Our acquisition strategy continues to balance accelerating growth in existing verticals alongside our priority to establish global payment rails in support of a very strategic merchant relationship. To double-click on that, throughout the quarter, we selectively insourced several of our key SkyTab distribution partners in several desirable markets. The result include a reduction in residual cost of sales, a modest increase in OpEx, but with a significantly superior customer experience and improved unit economic model. We now have a very balanced approach between direct sales and authorized partners within the restaurant vertical. With respect to international expansion, as Jared mentioned, we added some very sophisticated online checkout capabilities with the tuck-in acquisition of a PSP based in Europe. This platform offers an incredibly easy self-service integration path for software companies and merchants, alongside sophisticated recurring billing capabilities, as well as multiprocessor fraud scrubbing, BI reporting, and reconciliation tools. While there was virtually no volume or economic impact to this quarter, we do expect to unlock revenue synergies upon the closing of the Finaro acquisition, and we are already able to integrate the technology stack. I encourage you all to visit dev.shift4.com and create a demo account to check it out. Our Gateway Sunset project is also progressing quite well. We've been able to sunset a handful of connections that were laborious to maintain and have converted the majority of those merchants onto our end-to-end platform. We've also implemented incremental pricing on another portion of our gateway-only merchant base, which we believe is a small step towards being properly compensated for the critical value our integrated payment technology provides these merchants. We have also engaged numerous enterprise relationships in a bespoke way to mutually determine the best way we can add value to them. These conversations have resulted in improved economics, including some relationships that are paying essentially comparable costs to our end-to-end offering. Along with many committing to move to our end-to-end over time, which will continue to fuel our growth in the years ahead. Investors often ask, what inning are we in when trying to predict the trajectory of our growth? This quarter should hopefully reinforce that the gateway base offers both near and long-term volume, revenue, and EBITDA growth at significant scale. Despite our progress, it still feels like we're just getting started. Lastly, we have added an upgraded talent across the organization as we scale our high-growth core, enter these new verticals, and grow internationally. To be in a position to onboard talent at a time when many others in the industry are shrinking is yet another advantage. Speaking of talent, I'm thrilled to turn the call over to Nancy Disman, our new CFO, to discuss our financial results. Nancy? Thanks, Taylor, and good morning, everyone. Before I turn to our financial results, you may have seen that we filed an 8-K on October 21st, and we'll be filing amended financial statements this week to correct a misclassification on our statement of cash flows relating to customer acquisition costs. While unfortunate, this restatement does not reflect any change in the underlying health and performance of our business. This restatement had no impact on any of our previously reported key business indicators, including Free Cash Flow. We hope the contents of the restated filings, the strong performance this quarter, and our positively revised guidance reinforce the strength of the company and our outlook. In the third quarter, we delivered record results while continuing to accelerate our strategic priorities. Total Q3 volume of $20.6 billion grew 53% compared to the same period last year. Q3 gross revenues were $547.3 million, up 45% from the same quarter last year, and gross revenue less network fees were $196.7 million, an increase of 33% over last year. Results were driven by the continued strength of our high-growth core, the improving economics we are earning from our gateway customers, and the increasing contribution of our new verticals. Given the growth in our new verticals, alongside disclosure of limitations and competitive sensitivities, we are only providing spreads for our high-growth core, which remain very strong at approximately 76 basis points. As we continue to add new enterprise merchants, this spread will continue to compress modestly. For our new verticals, the rapid pace of growth and sensitive nature of the customers makes quoting spread difficult, although we do expect the spread from these to expand in Q4. The resulting Adjusted EBITDA Margin for the quarter was 43%, representing approximately 580 basis points of margin expansion over the same period last year. While delivering this margin expansion, we are continuing to invest methodically and responsibly to support our growth strategy while closely monitoring the macroeconomic environment. Net income was $46.4 million for the quarter. Net income per class A and C share was $0.78 and $0.57 on a basic and diluted basis, respectively. Adjusted Net Income for the quarter was $36.7 million or $0.44 per A and C share on a diluted basis. Adjusted Free Cash Flow in the quarter was $44.8 million, nearly double the Adjusted Free Cash Flow we generated in the same period a year ago, and our Adjusted Free Cash Flow conversion was over 52%. The current quarter results bring year-to-date Adjusted Free Cash Flow to $90.5 million, which equates to an Adjusted Free Cash Flow conversion of 46%. A full reconciliation of Adjusted Free Cash Flow is available in the appendix of our earnings materials. In reviewing these materials, you will see that we have conformed all periods presented to reflect the impact of settlement activity on our free cash flow. Adjusting for net settlement obligations is common across our peer set, and for Shift4, this adjustment reflects changes in our accounts receivable balances which are relieved just shortly after quarter end. Balances will fluctuate based on volume and calendar timing. With respect to capital transactions within the quarter, as Jared and Taylor discussed, we deployed $378 million of cash to selectively in-source key distribution partners, and we completed a tuck-in European PSP acquisition in support of our global expansion strategy. These initiatives represented virtually no contribution to revenue or volume in the quarter. We are exiting the quarter with just over $670 million of cash, $1.8 billion of debt, and $99.5 million undrawn on our credit facility. Our net leverage ratio, when adjusted for the contribution of recent initiatives, is 3.3 x based on the trailing four quarters of Adjusted EBITDA and deleveraging at a rapid pace due to cash flow generation. Our strong balance sheet and free cash flow profile will continue to allow us to invest in the business and our strategic growth priorities while we remain disciplined in our capital allocation approach. For the full year of 2022, we are increasing our previous guidance for each of our KPIs as a result of this quarter's strong performance and our continued confidence in the execution of our internal initiatives. We are increasing our end-to-end guidance range to $70 billion-$71 billion, our gross revenue range to $1.95 billion-$2 billion, our gross revenue less network fees range to $720 million-$725 million, and our Adjusted EBITDA range to $275 million-$280 million. Lastly, we now expect our full year 2022 Adjusted Free Cash Flow conversion to meet or exceed 46%, consistent with levels seen year to date. Our 46% Adjusted Free Cash Flow conversion level guidance reflects our Adjusted Free Cash Flow normalized for settlement activity, again, consistent with industry practice. With that, let me now turn the call back to Jared. Thank you, Nancy. Before moving on to Q&A, I just want to reiterate how proud I am of the team's performance this past quarter. Throughout our 25+-year history, I've always felt the company performed at its best when times were difficult. This was the case during the Great Recession, during the pandemic, and now again as we navigate the uncertain climate ahead. A year ago, nearly all of our revenue and volume was derived entirely from restaurants and hotels within the United States. Now we are growing very quickly, expanding margins and free cash flow, operating successfully now in numerous verticals with processing capabilities in over 40 countries supporting 170+ APMs. Alongside an incredible team, I feel really fortunate to be playing a role in what is a great shift for our story. Boldly forward. With that, Operator, let's turn to Q&A. As a reminder, if you'd like to ask a question today, please press star followed by one on your telephone keypad now. When preparing to ask your question, please ensure your headset is fully plugged in and unmuted locally. Star one on your telephone keypad. Our first question today comes from Rayna Kumar from UBS. Rayna, your line is open. Please go ahead. Good morning. Thanks for taking my question. You gave some really good detail on your newer verticals. Could you dive in a little bit deeper and discuss the revenue and EBITDA contribution for these newer verticals and how they could trend into next year? Hey, Rayna, this is Taylor. Thanks for the question. You know, we tried to thread a needle here by giving an appropriate amount of detail, but also recognizing that there's some significant strategic relationships and competitive dynamics. You'll see some disclosures throughout our upcoming business update materials that talk about the growth in that contribution, but we're not gonna be disclosing the explicit volume for the time being. You will see, though, sequential growth in the materials that you can get a sense for what it's doing on a quarter-over-quarter basis. Jared, I don't know if you wanna give some perspective on how you think it'll play out in 2023. Yeah. I mean, we did include in our prepared remarks that we do expect our spreads to expand in the fourth quarter, within our new verticals and from our strategic customer relationships. As Taylor mentioned, I think as new verticals and our strategic customer relationship becomes a bigger contributor to the business, there's greater sensitivity, not just from a competitive perspective, but very, you know, confidentiality specifics with respect to certain customers. Yeah, I think the idea is we wanna be able to, you know, signal to you the contribution from these new verticals and how it's growing quickly and the fact that, you know, the spreads associated with them will continue to expand, but we can't probably go into, you know, too many details beyond that. I'd say just the last piece is that we do still have merchants that we've disclosed previously that aren't contributing yet. Our optimism is quite high. If you kind of followed our narrative throughout the year, it was, you know, slower than we had expected in terms of getting integration work completed and the volume to begin. We're quite pleased with the pace of volume now and quite frankly, even more pleased when you consider the fact that there's merchants that aren't yet contributing. Got it. That's very helpful. For SkyTab, your sales distribution is 50% direct and 50% third party. How should we think about that number evolving over time? Do you expect most of this to go towards direct distribution? I think we're in a pretty good spot now. You know, I don't know if you've you know looked through the earnings or the full presentation that we'll be reviewing later today, which kinda shows you how our distribution coverage evolved over the quarter from 100% third party to about 50/50. There are still coverage gaps on the West Coast that we're gonna look to solve. I think what you have right now is a pretty good balance. You know, SkyTab is an amazing product. It's gonna win. You know, by having a direct sales approach in key markets where we're very confident in the growth trajectory of the business, we're able to eliminate a long-term residual expense that's gonna be associated with those new wins, which really improves our unit economic model and paybacks. In the more sparsely populated areas of the country, you know, we're less inclined to kinda take on that fixed cost overhead of a direct sales force like we've done in the more populated markets. In which case, they're able to have success distributing our product and also, you know, providing a lot of other services that we wouldn't normally want to offer. We think it was, like, a really great move at the right time to support our product. We're gonna keep evaluating, and we're gonna keep closing coverage gaps, because this is the right direction for this product. Great. Thank you. The next question comes from Darrin Peller from Wolfe Research. Darrin, please go ahead. Your line is open. Hey, guys. Thanks. Nice results. You know, I mean, as you said, there's a lot of items that you have control over to help your volume almost regardless of the macro environment. If we could just take a step back and look at the quarter and the outlook for fourth quarter even, when we think about what drove, whether it's gateway conversion, organic wins, you know, what actually drove the success and volume this quarter and what you're seeing into next quarter? What I mean by that is really if you can, you know, parse out the gateway, the controlled gateway conversions and other variables. Are you seeing any change in the consumer behavior in any of your verticals yet that is something worrisome? Is it just you talk a lot about it and so do all merchants, merchant acquirers these days about the pending change in demand, obviously. What are you seeing there, if you don't mind? Yeah. Thanks, Darrin. I mean, good questions. For starters, I mean, the majority of the growth within the quarter was absolutely within the high-growth core. I'd say, you know, that's normally driven 50% by new just pure net new customer wins, leveraging our software integrations in a really awesome addressable market, and the other 50% is usually gateway conversions. You know, we do have an active Gateway Sunset project underway, so, you know, you're getting all the typical gateway conversions you would've otherwise had, and then you're probably pulling forward a little bit more, as a result of that very targeted initiative. That for sure is like, you know, the lion's share of the quarter. I mean, you've seen new vertical growth, you know, each quarter, but for sure. I mean, this was a quarter with a big contribution from our new verticals kicking in, which is great because that is, as I mentioned in our prepared remarks, it's moderating what would otherwise be, you know, a seasonal low kicking in from your restaurant and hospitality customers. In terms of, you know, kind of the health of the consumer right now, I think that, you know, we've taken a position since the beginning of the year, you know, Taylor especially, probably to our own detriment, you know, kind of sounding the alarm in the first quarter before anyone else, that, like, we don't think the, you know, the $90 steaks are gonna last forever. I'd say it's not, you know, overwhelmingly clear right now that that is the case because you are moving into a seasonal low period anyway within those verticals. What I will say is that we position the business very, very well to perform and grow, even if there is this slowdown in consumer spending. I think we've demonstrated that throughout our history. That's kind of what we know how to do in challenging times. I think that this quarter represents that, you know, really well. The fact that we can always draw upon, you know, our existing base of gateway customers, our existing base of software customers, and the contributions of our new verticals is what's gonna help us navigate, you know, if that eventual consumer slowdown should be realized. All right. That's really helpful, Jared. Just one quick follow-up is on profitability. You know, in the context of the market we're in with such a focus on both free cash and EBITDA, it's great to see the results on the EBITDA margin side as well as free cash conversion now. Maybe just remind us, I know there was a little bit of pricing benefit on the gateway side, or what are the other key variables that really have been driving the strength you're seeing now, and what your view is on sustainability there in terms of levers and operating leverage? Yeah, I think that's a good question. I mean, you know, at the beginning of the year, you know, when it became clear that we were definitely gonna be navigating, you know, a different climate. You know, I kinda came out and said, "Look, you know, in 2021, in just a period of immense exuberance and euphoria in the market, you know, it was almost head-scratching. We raised a lot of capital. We didn't deploy it because it just seemed like a very unusual time period, and that this year, you know, makes a lot more sense to us." I think, you know, you achieve this kind of profitability and margin expansion by recognizing the climate you're in, having been there before. I can't emphasize that enough that, you know, we are experienced in, you know, market downturns. Yeah kind of prioritizing your firepower, you know, on real needle movers. You know, well-timed investments in SkyTab POS, a cloud-based solution that allows you to have a more direct sales approach. That, you know, can eliminate, you know, some ongoing residual expense and future residual expense. Certainly, you take on a lot of fixed overhead. We increased the headcount of the organization by 15% alongside that initiative. Not all benefit, you take on some expense along the way. We have, you know, a very large population of gateway volume. I mean, I think we previously stated, you know, well north of $150 billion in volume. It's a lot of volume that wasn't being properly monetized because it wasn't appropriate to do so during a pandemic. That improves. Right Free cash flows and margins. Every vertical we've entered into is predominantly a direct sales effort that doesn't have a residual expense associated with it. It's also, you know, a lower cost in terms of hardware contribution and lower overhead. I mean, you know, it's probably the same, you know, one or two support people that maintain 10 stadiums, you know, 1,000 restaurants. Literally everything we've been doing from the beginning of the year has been designed to expand margins and free cash flow. It's kind of the responsible thing to do going into this climate, and we think it's incredibly sustainable. That's great. Thanks, Jared. The next question comes from Timothy Chiodo from Credit Suisse. Timothy, your line is open. Please go ahead. Great. Thank you. A couple things just wanted to recap in terms of mechanics. In terms of the $268.2, in terms of the residual commission buyouts, the insourcing that you were referring to. My understanding would be that there is no end-to-end volume impact from that and no gross revenue impact. However, there would be a reduced pay away, i.e., the cost of goods sold would be lower, therefore, gross profit higher and EBITDA higher. If you could just quantify and just confirm if those mechanics are roughly accurate and what the impact to gross profit or EBITDA would be either for Q4 or in the outyears on an annualized basis, that would be very helpful. Then I have a follow-up on Q4 as well. Yeah. Hi, it's Nancy. You've got that exactly right. I mean, we're not gonna kind of pick that apart as we think about Q4. The one thing I would kind of add into that mechanics is what Jared just talked about. Obviously, we do have some offset because we just grossed up. You know, this wasn't. I wouldn't call this simply a residual buyout mechanism, right? This was really insourcing of distribution for us. So we did see an offset on the SG&A side as we build out the internal sales force. Generally, I think the mechanics as you've just defined them are appropriate. Okay, great. Thank you. Two minor kind of numbers ones. The first one would be for Q4. For the smaller acquisition, you mentioned the European tuck-in PSP. Could you disclose how much revenue is in the Q4 guide associated with that, roughly? No. Go ahead. Go ahead, Taylor. We haven't disclosed that. Okay. All right. No problem. The last one is the gateway fees. I know it's a little bit harder to get to this quarter because the spread that you've given on end-to-end is for the core only. It looks like maybe the gateway fees were a little bit different this quarter, or maybe there's a mechanical difference. Could you just disclose what the gateway fees were this quarter, and if there's any mechanical change that we should be aware of? Yeah, so we haven't disclosed the gateway fees in this quarter. Part of this is Jared's commentary and Nancy's through the scripted remarks around being able to back into the spread. It's just too sensitive a competitive environment to disclose those. What I would say is gateway fees rose inside of the quarter. We talked about that pretty extensively even back on our Q2 call with some of the actions that we had during the Gateway Sunset Initiative. The quantum and how that interplays with the new vertical contribution is something we're not gonna disclose this time. Thank you. Totally appreciate that. Directional is more than helpful, and the rise is, it's completely aligned with what you were saying there. Completely respect the fact that you can't give that number. Thanks for taking all those. No worries. Thank you. The next question comes from Andrew Bauch from SMBC. Andrew, your line is open. Please go ahead. Hey, guys. Thanks for taking the question. Just wanted to talk about your, you know, philosophy around the Gateway Sunset strategy. I know that in the past, like during the pandemic, you had called out a more sensitivity to, you know, merchant challenges, and, you know, maybe taking a more cautioned approach in how you kind of incentivize merchants to convert to full stack. I mean, as we kind of get into a more challenged, you know, economic environment, is there any pivot that you kind of see on the horizon as how, you know, how aggressive you do want to go about the sunset strategy? Yeah. I mean, Jared here. Thanks for the question. I'll try and answer that a little bit. I think even aggressive sounds like a pretty strong word. I mean, throughout the entire pandemic, you know, given the fact that our gateway customers are predominantly restaurants and hotels, it was an entirely carrot-first approach. All those carrots remain. I'd say that, you know, the reason that we're introducing, you know, some sticks, and it actually kinda dates back to the history of these gateway platforms, one of which, you know, that we acquired from a joint venture between JPMorgan Chase, was intentionally run at a loss, in order to monetize upstream from the JP. These agreements are rolling off their years, without, you know, any proper price adjustments. In reality, you know, you're not even being remotely rewarded. You're capturing the smallest portion of the payment economics for what is the bulk of the value, which is the software integration, the tokenization, the encryption, the business intelligence. I'd say, like, the idea is we are gradually, I mean, can't emphasize enough, you're, like, in the first inning associated with this, repricing those accounts at contract renewals, to more appropriately, you know, reward, you know, or compensate the company for the, you know, the value we're delivering through our service. That said, you know, we have all our same standard carrot offerings out there of we waive gateway fees if you move to our end-to-end platform. We upgrade your hardware to support, you know, mobile payments, Apple Pay, contactless payments. You know, we provide our handheld devices to improve operational efficiencies at a venue. All of the carrots remain. It's just we've reached a time period now where we gotta take out some of the parts that have existed on these platforms for decades. We have to free up some of our internal resources to invest and build the future payment platform that should take us all over the world and just be properly rewarded for our service. I'd say that's all underway, but I would hardly use the word aggressive. I think it's pretty early days there. No, no, I can appreciate that. Just wanna touch upon the software side of the business. I mean, you know, another straight quarter of really positive trends in that business. Thinking about it in the medium-term perspective, is there a likelihood that you kinda get to a growth rate within that side of the business that matches what you see on the end-to-end side? Just wanna think about the longer term modeling of that, particularly as you add more functionality with SkyTab and others. I mean, there's no question that SaaS related revenues are only gonna increase. I mean, you know, one of our acquisitions, you know, The Giving Block, is predominantly driving SaaS revenue growth as nonprofits really all over the world, you know, join the platform for accepting, you know, crypto-based donations. SkyTab POS, I mean, as we consolidate for, you know, legacy software brands around SkyTab, you know, the only way you get the solution is with a SaaS subscription plus payments, which is pretty meaningful lift considering about 85% of our restaurant customers today don't pay really any SaaS fees, you know, whatsoever. All of the progress we're making in our sports and entertainment for sure comes with, you know, payments-related revenue, but every one of our sports and entertainment venues and theme parks is paying SaaS revenue. Yeah, I mean, I think, like, you know, end-to-end volume is pretty straightforward and easy to understand. I think across our gateway business and our SaaS business, you definitely will have a real kind of ARPU expansion dynamic taking place, you know, over the years ahead. Got it. Congrats on a nice set of results, guys. Thank you. The next question comes from Ashwin Shirvaikar from Citigroup. Ashwin, your line is open. Please go ahead. Thank you. Good quarter. Congratulations. Nancy, welcome. I know you officially came before 2Q, but welcome. I guess one differentiation for you guys has always been the software integrations in the core. Can you speak to how this process is happening in new verticals? Is there a timeline, and also, an investment cycle that we should think about? Ashwin, hey, it's Jared. Thanks for the question. Well, first let me kind of break it apart between high growth core and our new verticals. High growth core, I mean, we're really lucky. It is rather easy, you know, to continue to add and refresh new software integrations within high growth because, I mean, we have a lot of share of the verticals we serve within high growth core. Every new software company that develops, you know, the next cloud-based hotel property management system software or salon and spa software, you know, is going to refresh that on our platform. It's how we added about 85 integrations over the last quarter. In that respect, that kind of is rather easy. I'll tell you what's really hard is moving into new verticals. I mean, you know, software companies and enterprise merchants would rather do anything other than do another payments integration. So you know, declaring a year ago at our Analyst Day, "Hey, we wanna move into nonprofits because there's a $450 billion payment opportunity there, and it's, you know, they use tons of different software that doesn't talk to each other." This is like kinda what we do really well within the hospitality vertical. It's been hard. I'll tell you that's, you know, we had expectations to be delivering volume from our new verticals a quarter ago, and it was delayed, and now you start seeing it today. even, you know, as I think impressive as our volume growth was this quarter, we still don't have Allegiant or Time processing yet. I'd say like in general, integrated payments is hard. we are, you know, fortunate to be advantaged within our high growth core, and we're making awesome progress, thanks to some signature wins, you know, anchor customers and new verticals that's helping us grow. Now, the nice thing is once you have those integrations, they essentially become a hunting license within every one of those verticals. You know, once you have one sexy tech customer, it attracts the interest of others, and you can reuse some of the integration work. The same with airlines. it's certainly the same with gaming and nonprofits. really happy with the results in there. Actually especially the European PSP we acquired this past quarter. I mean, their whole emphasis is on a very, you know, Stripe-like integration, recurring billing, BI-type layer. That in itself is going to help, you know, take a lot of the friction out of attracting new integrations across our various verticals. I think we're set up pretty well for it. We certainly don't have any, you know, big CapEx budget for a refresh cycle on the horizon because we think we've actually positioned things quite well for our new verticals. Got it. On the medium-term outlook, keeping that, you know, at this point, and completely appreciate you increasing the estimates for this year, you have, I would presume, pretty good visibility to what next year should look like in spite of macro. Could you maybe lay out the two-year path of, you know, how you get from where we might end this year to that outlook? 'Cause it does imply, in spite of macro, relatively significant growth for all your metrics. Yeah, sure. I would say we'll start with we've got a big event later today to talk through kind of our progress in all of the initiatives we had laid out a year ago when we set that guidance. I don't wanna detract too much from that session except to say that I think we've demonstrated through a bunch of ways, you know, that the medium-term guidance is quite achievable. We're a third of the way there with, you know, our full year guidance for 2022 suggesting that we feel like we're gonna be nicely set up, for how we position the next couple years ahead. One thing I would say is it's always a little bit varied in how you think it's gonna play out versus how it actually does. I think that was evidenced by a little bit slower pace in new verticals, and yet initiatives like distribution insourcing and releasing our SkyTab product and the catch-up of those new vertical contributions accelerating through the back half of the year. A lot to dig into as we meet later today, but we still feel really good about that medium-term guidance. Yeah, I mean, you know, Ashwin, just to layer on, I mean, you know, we put out the midterm outlook at our Analyst Day last year. Pretty much everyone said it's not achievable at all. Maybe you'll get close, but, you know, we're one year into it and, you know, I think we're ahead of plan in that regard. That said, for sure, like, it is uncertain climate ahead. I think what this quarter should demonstrate is, again, we know how to navigate a tough climate, and we have a lot of confidence in our ability to do so. We've accumulated some fantastic assets over the years that I don't think really our investors fully appreciate. Having essentially owning two of the four complex hospitality and restaurant-related gateways with well in excess of $100 billion of volume as an opportunity set is pretty incredible. I mean, we have a natural foot in the door across a large share of restaurants, hotels in the country. We got great products, and we've done all this over 20-some odd years entirely in the U.S., and now, as of this quarter, have a real ability to take these products and services into other markets. For sure, there are gonna be things that we won't be able to control on the journey ahead. I think, you know, reaffirming our midterm outlook and the performance in year one, you know, should signal a lot of confidence in our ability to achieve it. Got it. Thank you. The next question comes from Will Nance from Goldman Sachs. Will, your line is open. Please go ahead. Hey, guys. Good morning. Nice set of results this morning. I wanted to ask a little bit about a follow question on the SkyTab distribution strategy. You know, obviously a fairly large shift to go from, you know, nearly all third-party distribution to 50% in a single quarter. You mentioned the 15% headcount. Just how are you thinking about, you know, retraining or re-educating of the sales force to have them kinda going to market with a modern platform? And, I guess maybe higher level, you know, 50% direct today. You know, how many more of these insourcing deals do you guys think could be in the future? Yeah. Good questions there. I'd say the, you know, training everybody on, you know. Well, for starters, like, yeah, what a quarter, right? I mean, we increased the headcount of the organization by plus 15%+. We brought on about 300, you know, restaurant point-of-sale professional service technicians across the country. I think the good news is they already know exactly what they're doing. I mean, these are organizations that have been successful with us for as long as we've been in the restaurant POS space, and many of them, you know, have been successful pursuing restaurant opportunities for literally, you know, two generations. They know what they're doing. They certainly know who the, you know, the competitor is out there. I mean, it's Shift4 and Toast. You know, they've been up against that competitor for some time, and now they have a product that really, you know, hangs with the best. I mean, their ability to, you know, adapt to SkyTab POS and get out and hit the ground running, it's been, you know, actually rather easy. They've been waiting for this opportunity. I think in terms of, you know, how much more is there to go, I wouldn't say probably a lot. You know, we tried to really get this done to coincide with the formal launch of SkyTab, of which, I mean, the results over two months are pretty strong. Right now I think it's much more about closing coverage gaps. You know, as you can see in one of the slides that we'll review later, I mean, we're still pretty weak on the West Coast. We're gonna wanna sort that out, whether that's, you know, organically building up direct sales force. If there's a distribution partner there that we think we can build it around, that's certainly a possibility too. But I think it's much more about coverage gaps versus this being, you know, kind of an ongoing initiative. Got it. Makes a ton of sense. Super helpful. Then maybe just one on the gateway price increases. You know, it seems like you're kind of rolling that out in stages. Can you just give us an update on kind of what you know, what portion of the, you know, roughly $180 billion number that you've pointed to in the past on the gateway, you know, has actually gone through that process? You know, what's the timeline like on kind of rolling out, you know, kind of across the board increases to that customer set? Yeah, sure. This is also one that warrants a bit more time than we have for quick Q&A. Just to sort of give you the thumbnail, there's kind of three distinct ways we're approaching this. There's connections that just don't make economic sense to maintain kind of regardless of the economics or have fixed economics that, you know, adjusting wouldn't be appropriate and doesn't make sense. Those, we're being a little bit more aggressive about saying merchants kinda have to move. There's another population that is, you know, a price adjustment on a steady basis makes sense. I think the commentary we've made around that, Jared, mentioned it briefly on this call as well, is that, you know, we've implemented some price change and really didn't get much acknowledgment at all from merchants, suggesting there's room to go on there. There's a portion of enterprise relationships that are much more bespoke in how you need to approach them. They're large, they've got very distinct needs. We've had success with those as well, but you approach them in a sort of sequential way based on what their agreement terms are. We've addressed every single portion of that population. We haven't moved price on all of them, and we haven't broken that down on a volume basis just because it's pretty idiosyncratic with regard to the contribution of enterprise relationships into volume versus SMB. All of it is on our list, and we've had conversations with a portion. I think it'll feed kind of the growth, whether it's end-to-end volume, revenue, and/or both, for years ahead, as Jared mentioned. Yeah. Maybe just to pile on a little bit to that. I mean, one, to give you a sense of how much there is to go. I mean, we've been stating for some time now that, you know, you get a 4x-5x uplift minimum in gross profit when a gateway customer moves to our end-to-end platform. They usually save money and solve a lot of other pain points along the way. It kinda tells you how little, and again, some of this was intentionally by design to the prior owners of the gateway platforms we acquired, how little of the payment economics that are captured by the one organization that actually integrates the technology into the commerce-enabling software, encrypts it, tokenizes it, provides all the business intelligence, and gets, like I said, what I consider like virtually nothing of the, you know, of the actual payment economics. It gives you a little bit of an idea across, you know, a very large $150 billion+ opportunity there is to go in order to be more properly compensated for that service. You know, the real commodity pricing on it that should be getting the smallest portion is the acquirer behind the scenes that's doing literally just settlement, which any of them can do. In terms of, like, the progress we've made so far, as Taylor said, like it's pretty surgical. You're going in phases, and some of it varies based on the gateway connection or who the customer is. You're talking about, like, the equivalency of you know, like an independent hotel generating you know, $10+ million a year in payment-related revenue of paying the equivalent of, like, a Netflix subscription. Again, just reinforcing how early stage it is and how far we can still go with that initiative specifically, which is also just driving a lot of end-to-end conversions as well, which is actually the optimal outcome. Got it. Makes a ton of sense. I appreciate you taking my questions and looking forward to hearing more about all of this today. Yeah, later today. The next question comes from Ramsey El-Assal from Evercore ISI. Ramsey, please go ahead. Your line is open. Thank you. Good morning. Appreciate slide 29 with the SkyTab unit economics. Looking at slide 27, can you quantify the increase in client retention, both with the beta and new customers on SkyTab POS? You know, we haven't done that explicitly. It's fair to say the retention goes up significantly, and there's a few different variables to that. Number one, Android-based software, you can update remotely, you can push out feature set significantly. We do think that the insourcing of distribution and controlling, you know, our customers' destiny that much further also increases retention. We haven't done a statistical analysis only because, you know, the product just launched in September. Got it. Thanks. Just as a quick follow-up, we've heard from a number of global airlines that the seasonal summer strength in travel has continued into the fall. What are you seeing when you look at the beginning of the fourth quarter in terms of, you know, hotels and restaurants? Is that theme carrying through to your customer base? Yeah. In hotels specifically, absolutely. So if you recall, restaurants took a lot of price lift last year. We've seen their ability to take price lift this year diminished. I think we've been saying that since sort of Q1. Hotels, it's that phenomena, like, 2022 is their year, right? You still had a really, really robust increase in travel as international restrictions lifted, as companies called people back to work. We're seeing those trends continue, probably more so in room rate than actual transaction rate. Hotels can charge a lot for those that want to attend them. It's continued nicely into Q4. Again, anyone's guess, if you recall, we've had two years in a row of a sudden slowdown in December, so we're always skittish. Our commentary around that is to be cautious there. Hotels are robust. Good. Thanks so much. The next question comes from James Friedman from SIG. James, please go ahead. Your line is open. Hi, thank you. It's Jamie. Jared, I wanted to get your perspective or Taylor about. In terms of slide 20, the sports and entertainment and gaming, you know, you outlined a lot of the progress you made in sports and entertainment and hear a lot about your progress in gaming. How do you see the overlap of those two verticals, if at all? Jamie. Jared, happy to answer it. You know, I kind of alluded to it a little bit in our, in my prepared remarks, but we always thought. Well, let me maybe just kinda rewind the clock, right? Up until a couple of years ago, you know, like mobile gaming, sports wagering wasn't even legal in the U.S. Basically everybody started from zero. I think you have a handful of payment companies that are all sprinting towards this new and emerging opportunity, right? You'd have Paysafe as one that would say, "You know, we have a lot of APMs in Europe, and that's what gives us relevancy and a right to win in the U.S. market." You'd have Nuvei, for example, that would say, you know, "Well, we do all the processing via SafeCharge for all the European payments companies, so that gives us a right to win in the space." You know, Shift4 would say, "Well, look, I mean, probably 40% of the in-venue casinos in this country are Shift4 customers. And we also, you know, are the category leader in sports and entertainment. We think people probably will do a lot of wagers in stadiums during, you know, football games and baseball games and basketball games. You know, if you can kinda marry the experience or at minimum just provide good analytics, you know, as kinda customers move from that casino, real in-venue casino environment to sports and entertainment, to mobile wagering, you know, that probably adds value. I think kinda the answer is all three of us are, you know, finding, you know, varying degrees of success in that. Plus you have a lot of customers in the gaming world who will never, you know, keep their volume with a single provider. They'll certainly split it between the three. I think it's working out very well. I totally believe that having our strong presence in stadiums, in sports and entertainment venues, is a differentiator and helps us win within the gaming vertical. Thanks for that. If I could just ask, when you use that term Stripe-like, you may be getting into this at two o'clock. Taylor, thanks for showing the dev.shift4.com dashboard because this is helpful. What exactly you mean by that, Stripe-like? Yeah. It's really self-service for whether it's a software developer or an enterprise merchant that runs their own e-commerce stack. It's the ability to go without asking anyone a question, without pulling out a bunch of documents, learning how to integrate in a, you know, in an hour, as opposed to what's traditionally been the case with payment gateways, where it's a discussion, it's an NDA, it's a complex API that doesn't come naturally. This platform offers really ease of integration and then layers on the complexity that a big, you know, e-commerce enterprise merchants can need over time, right? Like, whether it's supporting multiple processors across different geographies and fraud scrubbing and common reporting against them. It's an easy foot in the door to understand how transactions work and to build things like recurring billing and some of the things that might be relevant to you as the merchant or software provider. It releases kind of the more extensive features that a growing merchant's gonna need all over the world in a very digestible way. Yeah, Jared, here, let me just layer onto it. To answer your question, there will absolutely be a demo of the capabilities, you know, that you're asking about during the update later today. Maybe just to expand a little bit on what Taylor said, I mean, you know, for more than two decades of our history, everything was about in-venue commerce for Shift4. I mean, that's kinda what really separates us from you know, the Adyen and Stripe and the other kind of really pure play integrated payment providers is almost all our customers, you know, are have in-venue commerce, restaurants, hotels, ski resorts, casinos, stadiums, right? What is a, you know, component of in-venue commerce? It's devices, it's hardware, you know, that has to be encrypted and tokenized and integrated with other software. It's kind of a lengthy integration process. When a new hotel property management system software company wants to integrate into Shift4, that process can take a couple months. You've got to make sure the devices are compatible with the software, how we tokenize, how we decrypt, how it interacts with other software in the venue. That's totally normal for that climate. It is totally abnormal for e-commerce customers, for app developers. They don't want to go through like a month-long process like that because so much isn't applicable to them. This is what's made Stripe so impressive and successful is they just make it incredibly easy on developers who only need like eight things to work really, really well. You know, the European PSP that we acquired that already has integrations into Finaro, so that'll unlock a lot of synergies when we close on the Finaro acquisition. It's already integrated into Shift4. It takes a customer like, again, hypothetically, The Boring Company, which was a long integration process for us. It was, you know, probably a month or more. They could complete that same integration literally in a matter of hours leveraging our new e-commerce capabilities. That's what we refer to when we say kind of like Stripe-like integration capability. Got it. Thanks for that. The final question we have time for today is from Andrew Jeffrey from Truist. Andrew, please go ahead. Your line is open. Thanks. I appreciate you sneaking me in here at the end. Hey, Jared, I think you've touched on this a little bit, but I'd love to hear just sort of an elaboration. Venues in particular are pretty important growth driver for Shift4, and we hear other processors in the market talking about their venue wins. Can you just elaborate a little bit on what you think Shift4's right to win is in venue and why you think you can be the dominant provider in that space? Yeah, it's a great question, Andrew. I think 100% we are the dominant provider in that space. We completed an acquisition in the summer of 2021 for a company called VenueNext. VenueNext, you know, what attracted us to them is, as they describe it's a fan-first mobile experience, meaning like the entire kind of commerce experience that's taking place within the venue is happening on the consumer cell phone. So that's where they're ordering their food and having it delivered to their seats. That's where they're getting their loyalty points. That's where they're ordering the jersey from the merchandise store, so they can pick it up. That's where they're booking tickets for the next event. That's how they access their the VIP suite. It just was very apparent to us during a pandemic that, you know, this is how it's gonna be. It probably should have always been that way before the pandemic. Nobody likes waiting on endless lines during halftime. That technology, you know, is kind of the key driver of all of our growth in sports and entertainment vertical. Every stadium is gonna move towards letting their consumers order a burger and a beer in their seats, and they're probably gonna be able to pay for it with the kind of proceeds from a first-half wager on the football game. I mean, they're gonna be able to do their ticketing through it. Like, this is all like a logical evolution of the industry. That's why we're winning. Everybody else, all they did was make a refreshed, nicer version of a concession stand POS system, which nobody wants to use. We obviously can do that too with SkyTab POS. That's like the easy part. The hard part is cracking the code on that mobile fan-first experience. Any competitor of ours needs to use three or four other companies to deliver a comparable experience, which means it costs more, it's more prone to failure, and customers would rather go in our direction, which is kind of the same story about how we win in hospitality and restaurants too. That's a helpful distinction. Appreciate it. I'll leave it at that. This concludes today's Q&A, so I'll hand back to the management team for any concluding remarks. Yeah, no, we appreciate everyone dialing in. Hopefully, we'll see many of you in person later today for our SkyTab showcase and business update. We have quite a bit to talk about. Thank you very much. Thanks. This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.