Okay, great. We're, we're really excited to have Paysafe with us today, and in particular, the CFO, Alex Gersh. Alex, thanks so much for joining us today at the Oppenheimer Tech Conference
Thank you. It's a pleasure to be here. Thanks, Dominick.
I'm Dominick Gabriele. For those that you don't know me, I'm the Fintech and Specialty Finance Analyst. We wanna get started with Paysafe this morning, bright and early. Let's just start, Alex, you know, high level on the business. You know, what are you seeing in underlying consumer spending trends, you know, in particular, on a like-for-like basis?
To be honest with you, we, we are not seeing any so we, we, you know, for those of you who don't know, we operate in a number of verticals, and we're really focused on a few key verticals, right? iGaming and gambling, digital assets, gaming, retail and hospitality, and travel and entertainment. To be honest with you, at this point, we have not seen any degradation. I mean, we, you know, it looks at people now talking about soft landing, before they were talking about possible recession. we operate all, all around the world. about 50% of our business is in the U.S., 30% in Europe, and the rest is in Latin America and, and other parts.
You know, we have not really seen any, any degradation in spending or any degradation in any of the verticals that we play in.
Sure, great. I was just wondering if you could talk to us about monthly trends that you could provide, perhaps not through Q2, just because you haven't released earnings just yet, but maybe the exit rate that you had seen leaving the first quarter, and how the trends have held up versus your expectations?
Well, we've said... When we did our guidance at the end of last year, and we reiterated first quarter, we said, "Look, you know, while this business has been around for 25 years, we're in the process of a major turnaround, and we've returned the business to growth, and it continues to grow." What we've said is, you know, you know, we will grow between 6%-7% roughly for the full year, a little bit lower in the first half and a little bit higher in the second half. What we're seeing is pretty much what we've said, and we continue to reiterate that 6%-7% growth.
We will have, you know, 100 points, margin improvement in, in, in terms of the adjusted EBITDA, and all of those trends continue to be there. We continue to see that acceleration into the second part of the year.
Excellent, excellent. We're gonna definitely touch on some of those guidance pieces today. Let's, let's just talk about the sustainability of your average number of transactions per user. I was just wondering what's driving that in the digital wallet in particular?
It's, it's, it's really about the user experience, right? We've got, you know, we've got about 900,000 or so customers that are that, that is a three-months average of users, which is the way we measure it and track, in our core digital wallet. What we've been able to do successfully is is, is add new products, new services to engage them more, and we continue to work on that, and obviously, to hopefully try to increase that number as well. I think, really it's about user experience. It's about driving. You know, it's, it's about driving, it's, it's about driving people to the wallet to, to do their transaction.
Very large percentage of that is in gambling, We are very uniquely positioned in gambling because we are able to allow customers to make bigger transactions, right? If you try to place a bet for $10,000 or GBP 10,000 with another payment method, you may not be able to do that. We have a very significant risk management capability that will allow you to do this.
we have this significant group of people that that are using us, that continue to use us, and our goal is to enhance that experience for them, which we've been doing, and you've seen it in the first quarter, and we will continue to do that going forward.
Excellent, excellent. You know, and how much of a benefit has average transaction size been? You kind of just touched about how you can reach higher transaction sizes, but if we think about the average transaction size trends overall, you know, how should investors think about that, in particular, as we start lapping inflation benefits in some of the other non, non-gambling verticals that, you know, that may, may make more of a difference there?
I think, I think today, today, in terms of the digital wallet, in terms of classic digital wallet, it's really a vast majority of it is gambling. It's, you know, we, we are looking to expand the digital wallet 'cause we, we see digital wallet as a platform, the ability to offer a platform to merchants as well as customers, to let them do lots of different things. We're, we're gonna try to expand that platform. If we are successful, and we are able to expand into other verticals, like in just regular gaming, not gambling, but regular gaming and, and other verticals, we should be able to continue to improve. You know, that's the, the...
You know, we have customers that are very happy, that have been staying with us, that have been using the wallet. We so we're, we're trying to get them more opportunities to use it, and, and as you said, try to expand it out of necessarily just gambling into other verticals. into other verticals using that, using that, that, that, that platform. so I hope, you know, hopefully that will continue to be an important, an important part of growth for us. We certainly see digital wallet. There's, there's probably, there's probably... Well, there are three ways digital wallet should grow, right? One is, as we said, letting our current users, keeping them for longer and letting them use, use the wallet for more.
Second, is attracting new users, and third is taking this digital wallet to merchants, and having a merchant digital wallet where you're, as a merchant, you can do, you can do all kinds of things. You can settle into the wallet, your you know, and we can make payments out of the wallet, whether it's payroll, whether it's paying your suppliers. You have. There's lots of different utilities for this platform. All of those would drive the utilization and growth , in the wallet.
There definitely seems to be a big opportunity ahead for that. You know, and maybe touching on that a little bit in a different way, and across the total platform, talk about the sales initiatives that you have. You know, talk about the international opportunity and your geographic mix over the long term. You know, are there learnings that you're finding from your US-based sales force that can be translated overseas or Europe translated back here? Anything that helps accelerate the land and expand model.
Right. I think that's a very, very interesting question. I think Bruce, our CEO, it's probably the first thing he recognized when he joined the company and the first thing he wanted to change, right? Paysafe used to operate in really small silos, and every silo sold its own product, and they didn't talk to each other. We've now created, what Bruce has created, and he's hired, the, some, the guy named Rob Gatto, who is our Chief Revenue Officer, basically to try to bring it all together so that we can service... So we found out, for instance, that we would have, we, we would have a customer of wallet in Europe, and yet that, that same customer was not using us for acquiring in the U.S., right?
The reason why they weren't using us isn't because they didn't want to use us, is because it was sold to them by two separate divisions in a separate ways, right?
Mm.
One of the things that Rob did is he brought it all together, and what we're now doing is we go into a customer holistically, and we're talking about acquiring, and we're talking about e-commerce, and we're talking about digital wallet. We can offer all of these services. The first step of that is to take our existing customers in Europe and see what they're doing in the U.S. and get the business in the U.S., and at the same time, take the existing customers in the U.S. who are merchant acquiring customers, and if they have operations in Europe, go back, go to Europe and say, "Hey, listen, you know, you know, why you're only using us in one place?" How can we work together? It is better for you to work with one processor. We will be able to do it.
By the way, in addition to that, we can offer you this wallet, which has unique capabilities. I think driving a common product map and really treating these customers with a single voice, right? Single salesperson, so they know when they need to... Something happens, they call X, right? The X does everything for them. That's their account manager. That's the person who's who will help them drive their business. I think customers have find that a very, very important, very, very important part of our business now. They're very pleasantly surprised that we changed the model, the way we do this, and I think that would allow us to upsell and cross-sell. Now, you know, probably, you know, last year we were, you know, from, you know...
I like to look at kind of net revenue retention, right? how, you know, how are you driving revenue in the top, in the top, few hundred customers of yours, right? I think what we're seeing now is we, we're still at about one product per customer on the average, but we've we're moving up from where we were last year to where we're going to this year, right? I think we're going to keep focusing on this and making sure that those, those customers, those, those customers of ours, those enterprise customers of ours, that can use us in these other places or can use different services at different geographies, are continuing to use it, we push that. That's a very, very important pillar of growth.
Absolutely. I would imagine that... Just a comment here, I would imagine that that cross-sell comes on at lower marketing costs and, and the like as well. There's probably some pretty significant synergies that come through during that, that transition. You know, let's talk about some of the customer acquisition efforts in digital wallet in particular and, and across the board. You know, what has changed in the last six months to achieve some of the goals that you're looking forward to over the long term? You did give some examples and, you know, enhanced loyalty in particular. I'd love to hear about that loyalty piece that you're adding that can help consumers get more engaged and when, and push that volume higher.
Well, we, we, the, the way we measure loyalty is obviously number of transactions or the value of transactions per customer, and we see that increasing, right? We continue to see that increasing. I don't think, in terms of what's changed, I don't think anything has actually changed. I think what's happening is, you know, Rob. Again, Bruce joined, what, like, a year and a half ago or so. Rob joined a few months after that. I think there's been a significant reorganization of the sales functions I just described. There's been some significant upgrade in terms of the people that we have in that function. What you're seeing now is some of the acceleration of the bearing fruit of those changes that were made, you know, six months ago.
I think. What our expectation would be, what my expectation would be, this is why we expect the rate of growth in the second half of the year to improve. This is why we would expect the growth in the following years to improve, right? Because the changes that we have made we've made are now starting to bear fruit.
Excellent. you know, can maybe you could talk a little bit about the competition in both merchant and digital wallet, and what about the user experience, was lacking in the past, perhaps? It sounds like you've made some pretty significant changes in trying to make some big strides in the user experience across your platform. Maybe you could just talk about specific examples of how that user experience is improving and expects to drive further growth as well?
cult for me to talk about very specific examples, but we have introduced more APMs, for instance, into our network. We have, we are constantly trying to develop products that would make it easier for our, for the, for the merchants to do business and make and do business in more places, right? So I think that, I think, and there's lots of small things. There's, you know, it's not like we've done anything massive or different, right? It's literally just the iteration of many, many, many small things. Some of them work, some of them may not work, right
What you're really trying to do is keep tinkering with user experience to make it a better, to, to make it a better user experience, and adding products that would be, that would be interesting for a merchant. You know, nothing, nothing comes to mind that would be one big bang that we would have, we would have done that's created this. There's, you know, the teams, our product teams are, are constantly working and iterating. You know, we're very-- for instance, we're, we're very focused on authorisation rates and improving authorisation rates, right? That's a, that's, that's one of the key things as well.
As we do these things, as we, as we improve, marginally improve it, you know, there, there are, all those improvements add up.
Now that I had you use your CEO hat for a little while, let's, let's move to the CFO hat, perhaps a little bit. You know, you mentioned broadening the digital wallet appeal, which could impact some near-term metrics. You know, maybe you can unpack some of that a little bit about why the metrics would be impacted. Is it just the sheer, you know, average transaction size that could be different in some of these other verticals? Any, any information you could provide on that trajectory would be, would be great.
One of the things we, I think, we, we always do is we talk about the average transaction per active user, right , in the digital wallet, right? Just to again, look, I'll just give you a very simple example. In Q4 of 2022, the average transaction for digital wallet for the three months active user was 25.9, right? The average trans- size of transaction, $25.9. In Q1 of 2023, it was 27.3, right? You can see that improvement, right? I mean, again, there was lots and lots of stuff. My expectation, our expectation is that that improvement will continue in Q2 and, and beyond, right? That's really the key.
I, you know, there is really nothing else that I can say. If you go back, if you go further back, right? Just, just Q2 2022, the average transaction per active user was $21.6. Q3 2022, it was $22.3. Q4 2022, it was $25.9. As I said, Q1 2023 was $27.3. You could see the increase, the... You could see now that it's increased, starting to accelerate.
Yeah, I mean, one of the things that caught me by surprise when listening to some of the calls, is that you mentioned that the integration speed improved 50%, and that's a stunning number of improvement. What is it about the integrations that was changed that created such, you know, a quick turnaround in the total process?
To be honest with you, I think it was much more about focus, right? We, you know. Again, you know, when you think about the guys that are doing it, Rob is the guy that's driving the sales, bringing the pipeline in. Together with Roy, who is our Chief Operating Officer, they are now really, really focused on customer experience, quick integration, and driving the focus. I think that while. Certainly, and we keep making improvements, we keep making marginal improvements in terms of automation and how to integrate customers faster. At the end of the day, it's really this focus on execution. I think one of the things that Bruce had brought in.
You know, if you talk to Bruce, you know, all he's going to talk about is execution, execution, execution, right? We know the strategy, we understand the strategy. You know, we know the verticals we're going to. We now just need to get going, and I think what Bruce was able to do is, is take the entire leadership team in a very strong way down that execution path. No excuses. At some point, the conversation needs to stop, and we need to get it done, right? I think it's really, it's really cultural change more than anything else, I think.
Excellent, excellent. That's really important. You reiterated your guidance in the first quarter call. Talk about some of the factors that get you from the high end, and versus the low end of both your revenue and adjusted EBITDA.
Well, I think the low end, to be perfectly honest, I think the low end was really more about recessions, right? We kind of thought about it and said: "Well, you know, if there's if there's a recession, what does that do?" Quite perfectly quite honest with you, I don't focus on the low end anymore, right? I think you know, what, what you're really looking for, and what I'm very pleased about, is the acceleration of some of these initiatives, right? The faster they are accelerating, the higher we go to the top end of our guidance, obviously.
Great. Great, yeah. I mean, consensus is modeling something like, you know, 6.5%-7% growth in 2023 and 2024, in line with the midpoint, roughly, of your 2023 guidance. You know, what are some of the underlying factors in the business you see today that management is taking action on, that could accelerate this growth in general to that 12% level, you know, at the high end of your 2025 target? You know, and, and, does that 2025 target include some consumer slowdown in that, between now and then?
The second question is probably not. We're probably not looking at any kind of consumer slowdown. It's very hard to, for us to predict. We're really focused on execution.
Sure.
I think if you, if you look at, if you look at the, at the business, right, what do we see, right? If you look at the verticals that we operate in. The one thing we see is a fantastic opportunity in e-commerce, right? Card-not-present, e-commerce, this is a big deal for us. We are very focused on this, and that is. It is a relatively. It's, we've seen very good growth, but I think particularly not in gaming, particularly in the U.S., but I think there's a lot more opportunities in e-commerce in general. Certainly, U.S. gaming market will continue to increase, and we will continue to benefit from it because we are one of the premier players in the iGaming space.
I think there's gonna be opportunities in e-commerce, both in Europe and in the U.S., that are outside. That's a very important point. I think, again, looking at the digital wallet, if you think about, as I talked about, expanding it into a platform, maybe having a merchant wallet capability, right? You could see a whole new world opening up there in terms of growth. I think those are the kind of the key drivers of that we believe if... Our, you know, and continue to drive our sales transformation. If those things all hitting on all cylinders, then I think we should be comfortably achieving that guidance longer term.
Excellent. Excellent. Is there a difference between the growth rates there in the U.S. versus Europe, the two biggest geographies? Is there, is there kind of a mix shift that could occur?
Well, there, there is, there is a difference in different products, right? You know, iGaming obviously is growing dramatically in the U.S., right? Because that's ... Europe is a mature market, right? You know, I think, but I think in general, when we look at, for instance, when we look at e-commerce globally, it has a very significant growth rate. We can participate in it in Europe, we can participate it in the U.S. I think, again, the wallet is you know, You know, it's some of the stuff that we do in our wallet is quite unique, and so the opportunity to, again, expand it.
I mean, we are, we have a big wallet in Europe, so the growth, if we have a merchant, say, merchant wallet capabilities, the growth will come probably more out of the U.S. and maybe out. Probably the other thing I should say is that we're excited about Latin America. Latin America is a great place. We've invested money in there. We continue to focus on that, and I think there, there's a growth across all of it, right? From iGaming to e-commerce, everything else, everything to merchant apply. Everything is growing in Latin America. They, they could be different, different products, but all exciting nevertheless.
Absolutely. Yeah, your vertical mix, you know, does favor gaming in general. Is there, is there a focus on bringing the other pieces of the verticals up as a percentage of total revenue? How do we think about that mix shift over time? You know, you did mention that the gaming is growing really fast, which is, which is great, but maybe just talk about the mix shift of verticals over time as you try to achieve, achieve that 12% goal.
Yeah, so definitely. I mean, the, the iGaming vertical, the retail and hospitality is the other one that is a, a very good grower for us and has been a very good grower...
Mm-hmm.
could do better. When we talk about digital assets, right, there's a lot of regulatory issues. Right now, we are, we are extremely well-positioned with our wallet capabilities in other ways, but we need the regulatory environment to cooperate more in the U.S., certainly, but also in Europe, to be able to truly drive that. I think we... You know, the gaming that is not gambling, the regular gaming, I guess, the games that kids play or the adults play, I think we certainly are developing products to address that market more fully. I think the same thing on travel and entertainment.
I think, again, we've got some big, good customers in that area, but certainly, nobody's satisfied with where we are now. I think there is a real opportunity to continue to grow that substantially. Yes, there's no question about it. iGaming and retail and hospitality are the ones that are growing significantly. The other three, we have a lot of ambition for and a lot of work is being done with digital assets and specifically needing obviously some regulatory clarity.
Just while we just mentioned that, you know, on the travel piece, any insight into recent travel trend, trends in general? Just remind us, your travel revenue, is that cross-border travel? You know, where do we- how do we think about...I s it, digital commerce, you know, related? How do we, how do we think about your travel, and what are you seeing in, in trends there?
Well, we have, we, a lot of it is cross-border because we have some, we have some airlines that are international airlines. We've got some cruise ships, right, that we work with. So you know, I, I, look, I think what, what at least from my perspective, what we see is what everybody sees, right? After COVID, people want to travel, right? The cruise ships are packed, and the airlines are packed and everything is packed. So, so, our job is really to get a bigger chunk of that market than we are now. We do operate with a number of, of, of customers, but certainly it's not, you know, certainly we're not satisfied with where we are.
We need to we need to do a lot more, a lot more.
No, thank you so much for that insight. You know, when we think about... Let's move to the adjusted EBITDA margin and the long-term target and near-term 2023 target. You know, I think consensus has about 60 basis points, you know, improvement year-over-year in 2024. You're obviously working towards your 31% adjusted EBITDA margin target for 2025. Let's just walk through the building block, blocks of how you get there. Is it the revenue growth levels? Is it, you know, expense efficiencies? Is it both? Anything you could provide on the stairstep to get there to 2025 would be excellent.
Yeah, absolutely. The first thing I would say is that we are a business that has inherent operating leverage in it, right? Once you have a system and you're selling customers, you don't, you don't need to- so for every $1 of revenue, you don't need incremental $1. Of course, and I think you've seen it already in 2023 when we reported, and certainly again, we're expecting to see that, in a... That's baked into our guidance for this year, and it- we certainly have that expectation continue. I think we also have an expectation of at, you know, higher margins, particularly in e-commerce. It's a higher margin business, so I think that will drive the gross margins, con- as we, as we execute in there.
I think otherwise, it's really, it really is I mean, look, revenue, you know, the simple answer to me is, you can't cut your way to prosperity, right? You can't just keep cutting costs. You have to grow revenue.
Mm-hmm.
You have to invest, and you have to grow revenue. We continue to do that, but at the same time, right, we are very carefully looking at the cost basis, making sure that we continue to think about efficiency every single time, right? It's a combination of revenue growth. It's a combination of higher margin revenue, higher gross margin revenue growth, and it's a combination of being stingy with the cost, making sure that you can, you can drive that operating leverage, which, again, we've already demonstrated, and I think we'll continue to demonstrate. The other thing, of course, is that it's very important because one of the key priorities for me is deleveraging this business, right? We need to generate EBITDA, a positive EBITDA.
We need to generate, grow it so that we could use the cash and continue to deleverage while investing in the business as well. We gotta invest and deleverage. So far, we've been able to do both of those things, but that's clearly continues to be a focus.
I definitely wanna hit on the leverage in a second. But first, maybe we could just talk about personnel costs and, you know, from rising inflation and pushing up wages. I'm not as familiar with your business as you know. I was just curious if you could tell us about what you're seeing in the job market today as far as seeing, you know, like for like on your employees, new employees coming on, what you're spending on them. Anything you can provide in that regard would be excellent.
Sure. The first thing I would say to you is that, you know, we have roughly 3,500 employees. I could be wrong a little bit, but about half of them we now have in Sofia, Bulgaria, right? What we've done is we've created a real center of excellence in Bulgaria, in Sofia, and this drives a lot of efficiency as we move more and more jobs in Sofia. While there is still an inflation, in terms of, in terms of the average cost per employee, obviously it's significantly lower than it is in the U.S. or in the U.K., right? The other thing is, as I, as I said, we are, we are pushing in Latin America again, a very, very efficient, cost base. Yes, we see inflation.
Of course, we try to tackle it through moving more and more of our headcount into some of these perhaps lower-cost locations. They're incredibly efficient. I visited Sofia recently, and I was really blown away by the kind of professionalism and the kind of people that we have that we have there. That's one way of doing this. You know, the way I look at kind of our cost is more holistically. If there's an issue with the cost, I don't see a huge issue right now with hiring people at a significantly higher salaries than the people before. I think perhaps those times have moderated, right?
Certainly what we see now is we see the market has come down, so there isn't.
Mm-hmm
... that, that, that, anymore. Also, what we're doing is we're looking, you know, if there is an investment that needs to be made, we'll make it, but what we will ask ourselves is: Where can we save? What are the other areas... Forget personnel costs. What are the other areas of the business that perhaps we are not as efficient? It's trying to manage the cost, cost holistically. In terms of personnel specifically, it's you know, it's driving Latin America, driving Bulgaria, and, like I said, in terms of replacing headcount, I don't see a very significant cost inflation there.
Great. Great. No, that's great, great detail. You know, and thinking about the margin, but perhaps on the other side, from expense cuts, talk about your pricing power. I, I really appreciated the slide on take rates that you have. Just talk about the ability to move pricing higher, and is that part of your 12%, you know, through 2025 expectation, a little bit of pricing power?
Well, look, to me, it's really simple, right? If you wanna keep customers, what you need to do is you need to provide them for that value. If you're providing a value, you have pricing power, right? Because they are... If you're just jacking up the price and providing nothing... Right? That's a different story, right?
Mm-hmm.
That, that, you know, we're not alone in this market. I think there's absolutely pricing capability, there's absolutely pricing power, right? What we need to do is we need to, we need to provide value for that, right? As we provide more value, right, it, you know, again, you know, we are able to, we're able to drive pricing, and I think that's really the key. We can, we need to continue to invest, and if we invest and we offer customers more value, they're prepared to pay more, without a doubt.
Great. Great. That makes a lot of sense. Let's talk about the leverage. I think it's a bit over 5x right now, if I, if I read that correctly, and in the current client, I would expect, you know, investors to be focused on this number. I think your guidance is for the metric to come down, and that you're very focused on paying down debt versus buybacks in particular. What do you think the longer term goal for leverage to be in an ideal market? Have you provided that? Any detail that you could provide on this step down?
Sure. We said that by the end of 2026, we would expect... Right now, as of Q1, we were at 5.8x adjusted EBITDA leverage, right? I said that by the end of this year, I expect us to be between 5.3x-5.1x adjusted EBITDA.
Uh.
By the end of 2026, we said that our target is 3.5x adjusted EBITDA, which would, I, you know, I would call... Well, I'm a CFO, so to me, that's still too much. I think at that point, you know, it's a very reasonable leverage, and it will allow us to, you know, to do a lot more things. That's kind of our targets.
Yeah, that's, that's perfect. I would agree. You know, somewhere in that 3x , 3.5, you know, something in the 3 x range makes a lot of sense. I didn't see that target. That's great to hear. How do we get to that goal? Is it through? You know, talk about the, you know, the ratio of adjusted EBITDA growth versus actual debt pay down and where you're focused on within those two to meet that target.
My expectation would be, my expectation would be that, say, if you look at this year, right? My expectation will be I'll pay down between $110 million-$130 million of debt, right? That's kind of my broad expectation, right? Obviously, we, you know, we've given you a target for our EBITDA as well, so you could, you could, you could do your own calculation. Yeah, I think-
Mm-hmm
... when we look at it, I think because of our operating leverage that the business shows, I think you'll see both of those things happening all the time. I will continue to pay down the debt, you know, on the annual basis. We continue to increase our operating leverage, and therefore our EBITDA margin. So both of those things will play a role.
Great. Great. Lastly, you know, I was looking at the valuation of the stock. You know, obviously, your job is to run the company, we all understand that, but at the same time, you know, investors always look for creating value. That's what you're focused on. Why do you think it's not translating lately into the valuation? What are you focused on that you think will give investors the confidence that you're on the right track to really help this valuation up? There's, you know, the gap between peers is pretty significant, and that actually leads to significant opportunity should you execute properly and, and, as far as investors are focused. Let's just talk about that briefly to wrap up the call.
Sure. I think what happened... This was a SPAC a few years ago, right? I think, right off the bat, and I wasn't here, but right off me- but Kirsten can, can comment, but right off the bat, for whatever number of reasons, the company started missing its numbers, right? I think to me, you know, I've been a CFO for 30 years in various companies, and to me, nothing is more valuable than investors' credibility, right? They need to trust you, right? In order for them to trust you, you have to say what you're gonna do, and then you have to deliver, right? You can't, you know, you can't hide from that, right? I think what, what we are- what, what I believe that what we need to do is we need to build that credibility back up.
I think some of it has been lost, and I think what Bruce is trying to do, what our management team is trying to do, what I'm trying to do, is to build that credibility back up. When I say that we're going to grow revenue, when I say we're going to improve margin, when I say we're going to deliver, people believe that story, right? I think, and I think the more we can say that, the more, the more people will, will believe the story and trust it and decide that this may be, may be investment in Paysafe shares is for them. That's really I think that's, that's the key for me. And I understand that it takes a while to build that trust, so I'm not...
You know, I'm patient, and we're gonna keep telling the story, and most, most importantly, we, we're gonna keep delivering what we said we were going to do, and hopefully, the other things will, will take care of itself.
Excellent. Excellent. Alex, is there, is there any final remarks you'd like to say to, to investors that are on the call? We covered a lot, I believe, on this call, and I really appreciate your time. Any final remarks before we close it out?
No, no, I, I really appreciate everybody's time. Thank you very much, Dominic, for having us. It's been very enjoyable, I said, my job is to make sure that people understand that we have a set of targets, a set of goals, we are achieving, we will report on those as we achieve, if we don't achieve, we will be honest and say, "Listen, this quarter, we didn't achieve that one." You know, that's what happens sometimes, right? At the end of the day, I think the path for us is very, very clear. Thank you all.
Thank you so much, and thank you, investors, for joining the call today. If you have any questions, of course, I'm sure Alex or myself can help you steer you in the right direction, and thank you for joining the conference today. Enjoy the day. Thanks, Alex.