Hello, and welcome to the PaySafe, Third Quarter 2021 Teleconference and webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. . As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Kirsten Nielsen, Head of Investor Relations, please go ahead.

Thank you, and good morning. Welcome to PaySafe's Third Quarter 2021 Earnings Conference Call. With me today are Philip McHugh, Chief Executive Officer, and Izzy Dawood, Chief Financial Officer. Before we begin, a friendly reminder that this call will contain forward-looking statements and should be considered in conjunction with cautionary statements contained in our earnings release. And the Company's most recent periodic SEC reports. These statements reflect management's current beliefs, assumptions, expectations, and are subject to factors that could cause actual results to differ materially from those forward-looking statements. You should not place undue reliance on these statements. Forward-looking statements during this call, speak only as of the date of this call, and we undertake no obligation to update them. Today's presentation also contains information that will constitute non-GAAP financial measures under SEC rules. You can find additional information about these non-GAAP measures and reconciliations to the most directly comparable GAAP financial measures in today's press release, and in the appendix of this presentation, which are available in the Investor Relations section of our website. With that, I'll turn the call over to Philip.

Thanks, Kirsten, and thanks everyone for joining us. On today's call I'll provide an update on the business, and then turn the call over to Izzy, to review the financial results and guidance in more detail. Starting with a few key messages, our third quarter adjusted EBITDA of $106 million was in line with our expectations, despite revenues of $354 million coming in below our expectations for the quarter, primarily reflecting softer than expected results from digital wallets. We continue to see strong momentum across our strategic priorities that we set out at a time of going public as we grow with some of the true leading-edge companies in faster-growing segments of the market. In North America gaining, we announced several customer wins in the third quarter across multiple states, and really like our position's new states and online players come online. Additionally, the Skrill wallet, while still small in the U.S. continues to show good progress. Outside of iGaming, we continue to position ourselves as a disruptive, specialized games platform with our combination of cards processing, eCash, wallet pay-in and pay-out, and real-time banking solutions. In particular, our pipeline across crypto, digital wallets, and financial services continues to build. The U.S. acquiring business continues to perform well with solid growth, and our direct marketing vertical now shows strong signs of recovery. Lastly, we're on track to meet or beat all of our cost takeout tech platform milestones. At the same time, we are facing challenges within the digital wallet business, which is performed below our expectations. We've identified the cause of the headwinds, both Internal and external. And we're taking action to improve the core wallet and to pursue the real growth opportunities in front of us. However, with the headwinds we're seeing in our markets coupled with the…

Thank you, Philip. Let's turn to Slide 12 for a quick summary of our performance versus our guidance. Revenue and gross profit came in lower than our expectations due to market softness and challenges in digital wallets segment as Philip described earlier. And Integrated Processing, which was also lower than our expectations, reflecting lower activity in our ISO channel. On a positive note, expenses were better than expected, including strong performance on cost savings and adjusted EBITDA was in line with our guidance range. Turning to slide 13, volume for the third quarter was $31.1 billion up 19 % year-over-year, with growth in integrated processing and eCash, partially offset by decline in digital wallet. Total revenue for the third quarter was $354 million, down 1 % year-over-year with take rate compression reflecting businesses fix. Excluding the impact of the pay later business, which was divested in October of 2020, revenue would have increased approximately 2 %. Adjusted EBITDA for the quarter was $106.4 million down 1 % versus the prior year, resulting in adjusted EBITDA margin of approximately 30 % consistent with the prior year. Excluding the impact of pay later, adjusted EBITDA would've been flat last year. Lastly, free cash flow was $70 million or 66 % conversion on an adjusted EBITDA basis. Year-to-date, our free cash flow conversion is approximately 70 %, and we currently expect free cash flow conversion for the full year to end up around 70 % as well. On Slide 14, we've provided the same supplemental view as we did last quarter, demonstrate growth excluding the divestiture of pay later and the direct marketing verticals. With these adjustments, year-to-date revenue for the rest of PaySafe 's business grew 13 % and adjusted EBITDA grew 16 %. We provided the same view on the Integrated…

Thanks, Izzy. Although we are revising our financial outlook, we have a strong plan to turn around digital wallet. It'll remain very optimistic about our futures a leading specialized platform. To put this in perspective last week I met with my wider global leadership team, we went through our performance in the road ahead. Despite the revised financial outlook, the level of energy and engagement was just at an all-time high. Next because we see the deals we're winning, we see the pipeline that we're building, we see the combination of our API connectivity, the multiple payment types, and risk management, the real difference maker in the market. While it will take us longer to accomplish the financial goals that we had planned, the team and I firmly believe that PaySafe 's absolutely positioned to be a winner in the marketplace, partnering with leading edge companies and some incredibly exciting markets. This concludes today's presentation. Now, let's open up the call for questions. Thank you.

Thank you. We'll now be conducting a question-and-answer session. . Our first question is coming from Jamie Friedman from Susquehanna. Your line is now live.

Hi. Good morning, everyone. Good afternoon. Philip, I was hoping to get your perspective on the why are you still confident in the long-term potential of the digital wallet, despite the reset. Is it your conversations when you go into the accounts, the strategic position wise? Why do you think digital wallet can turn around?

It's the right question to ask Jamie. The way I look at it is we made some changes last year. We attack the -- those network accounts and felt really good that we'd baseline the business. And then, we're focusing on getting to that next level of growth. So this recent step-down was clearly unwelcomed and clearly a sign that there's more to do to fix on digital wallet that we can't escape. In terms of what we've done, we've done really 3 things: 1. we've really -- we've run multiple scenarios country-by-country,

client-by-client to really assure the baseline and clear out our forward view on risk to the business. That's the first thing we've done. The second thing we did, we started making management changes and mid-summer. GRight joined in September, so we made quite a few changes there and we did that because we certainly felt there was always more to do with the wallet in terms of streamlining it, getting rid of subscale up products and initiatives that were being invested, and frankly re-engaging more proactively with our larger clients. So where we are right now, is a few things. In terms of quick actions that some of the pricing and tearing campaigns that haven't worked as effectively we have changed those. We're already tracking those and seeing positive outcomes. 2. Some small changes in client customer user experience. 3. Stopping some non-core pieces, just stripping some complexity out And we will be doing a right sizing of the organization as well. So there's a lot of just get to the basics -- baseline it focus on the core wallet. But the reason for the belief of this business continues to be high-growth, continues to be extremely viable as it go to the next level. There's really a few things. One, over the past few months, we've really upped our engagement at the C level with all of our top clients, and especially with Shera (ph ) coming on board to introduce into all of our largest clients. And the conversations have been great. It has been recognition that we need to do more. They liked some of the quick changes we're making, but they like the focus, they like the breadth of payment options within the wallet, they like the multiple markets we can support, they like what we're…

Okay, that was thorough response. Thank you. I will just drop back in the queue.

Next question today is coming from Dan Perlin from RBC Capital Markets. Your line is now live.

Thanks. Good morning, guys. Tough date up quarter for you. A couple of questions, obviously on digital wallet. So you called out you're seeing issues around the customer experience. So I wanted to dig into that a little bit. To me that sounds like share loss, just to hear. What you're changing there? Where are these consumers going if there still remains demand in the market. 2. you score the pricing. In particular in more mature markets, which means that someone got that wrong. So what's the reset there? How big is it? And then can you just define what you're talking about when you say your core wallet. Because I think I've always thought of Europe as being an incredibly strong market for you guys and yet this is where we're seeing all the weakness. So if you can address those, that'd be great. Thank you.

Yeah. Let me unpack, There is a couple of things to unpack on that one. In terms of the share, the UX, and the pricing, I think are all related pieces. Are we losing some share in the mature markets in Europe? The answer is, we've lost some mild share, certainly have. And we see that as both some external pressures, but also internal. On the external side, we're not losing to other wallets. It's -- the biggest driver is going to be real-time banking or the open banking network, it's creating an attractive option where the digital wallet used to feel that more disproportionate for some of our operators. So that's probably the biggest external pressure point we have in terms of volumes, in Europe in particular. The second piece is much more internal, and it goes back to that part about being much more engaged with our clients, working more closely with them on campaigns, working more closely with them on making sure we market and bring the types of customers where it's a win-win for both of us. And that re-engagement we've been having, we absolutely are seeing dividends from that re-engagement and that was some of the drivers, some of the changes we made starting in mid-summer from the -- at the management level as well. In terms of the pricing in the U.S. in the opening comments, we touched on that. In certain areas, the team has a good and long history of pricing and tearing. That means you get certain rights to board, the more you use the wallet, the more you deposit in. They had a really good track record over the last few years. The campaigns that were done in the first half of the year overshot the mark on some deposit…

Yes. That's very helpful. And just on one other quick one. You called out regulatory issues, in particular in a couple of countries. But they sounded like they're pretty onerous, and I have to admit I'm not -- I'm no expert on the regulatory environment there. So can you just help us understand how stringent some of these are that would cause these Operators to actually leave, which it sounds like market --

Yeah, you've seen some some Q3. You'll see some Q3 highlights from some Operators that have been recently published in Europe. So you will see some common themes there. So we certainly saw there has been a wave of European regulation coming through. So we had anticipated some of it, but some of the impacts have certainly have been sharper and bigger than we expected. So the 2 that we're calling out, in Germany, there are 2 changes. There is a cap on how much a single person can bet. So regardless of what they -- it's not on a single operator, it's across all platforms. So when you -- when we cater to higher-end betters, that cap has a pretty high impact. The other issue has been the tax on many casino and poker games and that have made the games frankly unprofitable for Operators. You've seen a few, I think bet fair recently publicly announced today they're actually outright exiting. You've seen some other Operators talk about 70 % drops. So there is a big adjustment happening in Germany and that's an extremely large market for us. We do believe this is a point in time. The Operators are all getting locally licensed. They're getting adjusted to these new regulations. They're understanding which payments forms work. So we do think over the next 6 to 8 months, there'll be an adjustment and a settlement and then get back to growth but it has been an impact. Then in Holland, which is also a meaningful market for us, they really created a surprisingly small and this is a surprise to the industry not just us, a small amount of operators to be licensed in Holland, and they absolutely outright and limited lots of payment types initially, we're confident that we'll be reversed over the next 4-5 months. It feels like an unexpected overreach from regulators and there's a lot of activity to reverse that. So just two examples.

Hope that's very helpful. Thank you and good luck.

Thanks, Dan.

Thanks. Next question is coming from David Togut from Evercore. Your line is now live.

Thank you. Good morning. Just on the topic of re-pricing in digital wallets, your take rate was 2.1% in the third quarter. Your long-term guide is 1.8%. Once you go through all of the re-pricing initiatives that you've discussed, what's the timeline to go from 2.1% take rate to 1.8%. In other words, is 1.8% embedded in your fourth quarter in 2022 guidance for digital wallets.

Hey David, it's Izzy. I'll hop on that one and nice to hear from you. It's not embedded in Q4. We actually our take rates have been stable yet higher. The pricing elements is more driving volume, but the overall take rates is really being driven by our mix, especially around our crypto business but still is growing very well year-on-year although small, that's part of it. The moderation back to the long-term 1.8 I'll probably spend more time on it -- on our Q4 call. But we don't see that reversing in like a very near future, it'll probably take a couple of quarters to get there.

Understood. And then, if you could talk about your strategy to reduce that. Your net debt to EBITDA is just over 4 times. When you look at the revised guidance on EBITDA for this year and 2022, are you more inclined to accelerate the pace of debt pay-down and slow the acquisition pace, just to show up the Balance Sheet?

Yes. David, clearly obviously with the revisions of our debt to EBITDA ratio does go up and does put pressure on the leverage ratio. Obviously, no impact of any covenants or operations. Our free cash flow conversion is still pretty high. I feel pretty good about that. As we mentioned before, we will pay down debt as fast as we can with the excess cash flow to bring that down. So obviously our long-term commitment to 3.5 times is still there. It's just going to take us longer to get there.

Understood. Thank you.

Thank you. Your next question is coming from Jason Kupferberg from Bank of America. Your line is now live.

Good morning guys. Just given where we are with digital wallet, it sounds like you're going to have to make a lot more investments there to get back to growth. And you talked about some of the pricing adjustments. I guess I'm just trying to think through with the EBITDA, margin assumptions for that segment should be in 2022. Like what's baked into that overall EBITDA guide for next year.

Hey, good question there, Jason. Like I mentioned, up probably get to more details on our Q4 call. But when the guide and gigabyte mid-to high-teens decline, I think from an EBITDA margin perspective we're still going to be almost still assume safely in the mid-30s EBITDA for the business.

Okay. Got it. And I guess, just coming back to the regulatory question, because it sounds like that caught you off guard. But what percent of the European digital wallet business is Germany plus Netherlands, just so we have an idea how to draw a box around this.

Good question there. I don't have it at my fingertips, but given Germany's size -- relative size in Europe, it's a pretty large size, pretty large marketplace. Obviously, UK is a big market as well, and other places we operate in. But Jason, we can follow-up offline. I cannot provide any more information on there.

Okay. I appreciate that. Thank you.

The next question today is coming from Timothy Chiodo from Credit Suisse. Your line is now live.

Great. Thanks a lot. 1. on the WorldPay partnership in the U.S. But first I wanted to see if we can just hit on a couple of numbers real quick. The 2021 in Q4, I believe 2 of the 3 acquisitions you do have. You mentioned a minimal revenue impact, but I was hoping you give the dollar amount in Q4. And then also more importantly, perhaps for the 2022 revenue guide. Are you able to provide the inorganic contribution from the three acquisitions? I know that previously you had mentioned the $60 million figure, which I don't believe included via fintech, which is I understand smaller. But maybe you could just give the total number for inorganic revenue in 2022.

Yes. So Tim, I think there's 2 questions. On Q4, I think roughly $5 million would be the contribution, right? And going into 2022, the 60 and 20 that I quoted prior basically includes all 3, the Viafintech is a smaller tuck-in. So little bit of impact but not as meaningful.

Great. Okay. And 60 and 20, meaning

Yes. Correct, yeah.

Great. I really appreciate that. Thank Izzy. The next one is on the WorldPay partnership in North America. Just thought it would be a good topic to revisit. If you could just talk a little bit about. 1. History of that partnership and then the forward-looking in terms of how long is this partnership? Do you always go to market together for North America Integrated Processing? In other words, is it the entirety of your business? Do you have separate? Do they have separate, those types of mechanics would be really helpful. Those are common questions we get from investors.

Yes. We do have a long and fruitful partnership with WorldPay and we continue to do great business together. The partnership is not exclusive. And we are currently already a multi acquirer provider. So our gateway locks in about 75 % of the Operators. We do the card processing wallets, cash. We're adding other APMs to be as complete as possible. We currently acquired with WorldPay. We have some active deals with Fiserv, and we have 1 or 2 other acquiring relationships that we will be expanding over the next 6 months. This is absolutely a demand from the market. Operators want that. They want that resilience, they want that breadth, and it's a priority for us. So we're building that out. It's still the vast majority of WorldPay and still a great relationship. But we're definitely following the customer here, so we've got the integrations, adding more products, but we're also adding more acquires. And in Canada it's the same thing, we have multi acquire solution already and that drives kind of best-in-class 90 % conversion rates there.

Excellent. Thank you for taking both of the questions.

Next question today is coming from George Mihalo from Cowen. Your line is now live.

Great. Thanks for taking my questions, guys. I guess first one for me, as it relates to some of the delta is third quarter expectations. I think you guys highlighted some contracts, some was timing, some was scope. I was hoping you can delve a little bit into the scope commentary. Should we be thinking that maybe the total contract value is a little bit different than what was originally signed?

Yes, so we obviously can't go into too much detail. We had a few contracts, 2 in particular that we're very sizable -- are sizable. We had signed agreements where them but as we went through with both clients, the timing to ramp up definitely changed. Then 2 in some cases, the product mix in terms of how much is card processing, how much is bank payments, has changed. What we're seeing, is actually we are building pretty deep integrations with some of these players. We will be looking forward to making some announcement in the coming weeks to give people a sense. But we do see them as larger clients, we're being more conservative in our outlook in forecasting those until we see them really come to fruition and grow.

Okay, that's helpful. And if I could ask one also on the digital wallet side, you highlighted some of the regulatory changes, I guess in Germany. Curious how you guys are thinking about or how concerned you are about that maybe spreading to some other markets in the future, if you're hearing any rumblings around that. And then again, related to the wallet, your confidence in the pricing algorithm. You were sort of at a point where you're testing different things and maybe that long-term pricing outlook of 1.8%, maybe that changes as things progress, just trying to get some clarity around that. Thank you, guys.

Yes. So two things. On the regulatory front, Europe definitely have a wave of regulatory change. Some of that's smaller pieces, Italy and the U.K. have also had some items that have restricted, but the Germany and Netherlands certainly are the 2 biggest ones. So as we cascade across the globe, I'd break it down as a file and we've certainly exited what we consider the very high risk markets which could create a lot of volatility. We've exited US and Canada very clear. They are regulated opening up state and probably you have state-by-state, province by province. In Europe, as we look forward, we're not seeing any new regulation in any major states and major countries right now. Even early stage regulation that's coming through. So we do see that this wave is pretty much a good base Slide for where we are over the next 6, 7 months, the Operators will adjust. And we'll get back to kind of a good predictable growth pattern there. When we look around the rest of the world across Latin America, Asia, and Africa, that's a long tail of countries, and of course, those treads just can have ups and downs against gaming regulation. We think it's a tailwind across Latin America. We think it's mixed across Eastern Europe and in Asia. So as we stand here today, there's probably about $20 million to $30 million of total net exposure if you were to take all of the negatives and add them up on the same time, we certainly would never expect that to happen. But in our go forward forecast, we are now being more prudent expecting some of that to happen just to be cautious. You had a second question George, I forgot the second question. Apologies.

Your confidence in that long-term 1.8% take rate for the digital wallet?

Yes. No, I definitely think -- I think deposit options, particularly in Europe, have gotten much more competitive. I think that's an absolute fact and we are reacting to that. So that will be -- that is a downward pressure in the forecast reducing some take rate coming down. At the same time. We are seeing some charges in withdrawals. We continue to really like the crypto business. These items drive up revenues as well so there's a netting effect. But overall, I think the general trends will be more competitive, much more competitive on the deposit in fees versus where we are today, and we've got that baked into our outlook now. It also does, underlying by the way, when we bought SafetyPay, the real-time banking capability, it's in 19 markets, including 7 in Europe, and we're absolutely seeing demand for that as well. So it's also -- that's been a welcome addition to our toolkit.

Thank you.

Next question today is coming from Josh Levin from Autonomous. Your line is now live.

Hi, good morning. I have 2 questions. The first is, what role is Bill (ph ) fully playing these days with regards to the Company and the ongoing issues. And then the second, you said that 2022 is a reset year and that you expect growth to come back in 2023 as you right the ship. But instead of having shareholders wait until 2023 to see if the ship can be righted and you are raising some serious issues that the Company is facing, have you considered that at this juncture the best way to create shareholder value is to potentially explore selling the Company. Thank you.

Yes. Thanks, Josh. So I'll answer on the Bill, and on the same question. So Bill and I -- we speak on a weekly basis. He is engaged. He is aware of all the issues, good and bad. The board is also very active across the board in terms of all the points. Look, in terms of the conversations, he is clearly disappointed in the performance and the fact of the clean up that we have, that we got more to do. And I have both working very closely on the actions we're taking, the right sizing, the organization, the stripping out of some area. So he's involved in those pieces quite a bit. He's equally evolved in the upside we get from both the inorganic and the organic deals that we're pushing, and seize the opportunity, the momentum there. You'll have to speak to him personally, but I think it's definitely not happy with the outlook and performance, but also sees the value of where we are growing, in iGaming, growing in crypto, and growing some of the disruptive areas that, were always the attraction of PaySafe. So that's the conversation with Bill. We don't have a conversation on selling. We know it, starting for myself to the board, don't see us at this value. We know there are low point, we know there's credibility to rebuild. But as I said in my comments, we see the deals that we are signing, we see the areas that we can fix, and we see that way forward, simple as that.

Thank you.

The next question is coming from Darrin Peller of Wolfe Research. Your line is now live.

Hey guys. I just want to understand what you are -- what you can really do to turn the course in the digital wallet side, especially around the user base customer or consumers side, specifically. Obviously, it sounds like some of this is regulatory, some of this is open banking, trusting, and the like, which maybe a little bit out of your control. So just wondering from a customer acquisition, consumer-facing standpoint, since this is really a two-sided network, help us understand better what you're specifically tangibly doing. Just give us examples. What you can and what you can't do to actually change that course. Maybe a little more on the timing. It sounds like you'd expect, I guess '23 to be that change in inflection.

Yeah. Thanks Darrin, that's all the right questions. First of all, the total PaySafe level, the eCash business is growing, at 17%-18 % year-to-date. The Integrated Processing is also going to be at kind of 17%-18 %. We do a lot of good growth engines in the business. But clearly, digital wallets has some areas to clean up. It does -- look, you touched on a few pieces here. 1. The client engagement there, it's absolutely critical. We've made a lot of money in some of the higher risk areas of the market, and I haven't a pay as much attention as we should have to some of the more mature markets -- more regulated markets, especially in Europe. So that re-engagement alone is a big part of the form of spending time, plugging in the right APMs, working on co-marketing agreements, and all of those conversations are happening. I personally had it with all of the top 10 -- 20 C-suite clients. And the reactions have been really positive and open. They like Skrill. They like the customer base. They like the focus. And somehow called out very directly that it's great to see this route regular engagement. And that absolutely drove some of the management change decisions in mid-summer. So that's absolutely 1, and that has been number 1 source of customer sign-ups is from our merchants there. And so that has to be the focus. 2 are some of the pricing in tier that we talked about. The market has gotten more competitive, so we do see that -- we don't see those as complex fixes. A lot of those fixes are already in place and happening and we're already seeing, like I said, some turnaround in terms of sign-ups and conversions. And we will continue to track that very closely. But that's really the second piece. The third one is really that point about exposing the wallet capabilities to clients versus pushing just a pure Skrill brand, but almost allowing the wallet capabilities to be embedded with some of our clients. And that's where we're seeing some opportunity as well that could drive lots of volume and customer growth. We think that's very unique. We have a platform that already has two brands on it, Skrill and Neteller. And we're seeing lots of interest in that capability as well.

That's a little more helpful to give just intangible examples. When we think about the percentage of the business that you're offerings account for accurate customers, I guess it's important to remind us, maybe what percentage or how important Skrill is for your customers on the merchant side, now on the operator side. I think it's a pretty -- the VIP customer base you bring is the value proposition. How much is that still resonating with customers just to put some a floor under this and some degree for investors. And then on the same topic on the digital, just the U.S. we were hoping to see some bigger brand names announced overtime. Do you still anticipate that for us, the US reach.

Yes. So we in Europe, we it depends on the Operator, but in general, we cover about 7 % to 10 % of the cash year share with the Skrill wallet. So it is an incredibly important part of the proposition. It does tend to skew towards the high roller as well. So that's again, you have having those client-by-client conversations, it absolutely resonates. It absolutely resonates but I do think our client engagement focus did weaken in Europe. We were making, like I said, lots of money in much less regulated places, and our earning are key in more competitive markets, we lost a little bit of touch there. But the importance in the volumes matter tremendously to these operators. So there is engagement, there is openness, they see the reach that we have, that works. And you look at the U.S. It has taken time, Darrin, we -- so we're not going to be some big blowout campaign, the LTVs and above-the-line marketing in the U.S. are very high. We're working on those proofpoint's where we are now getting, what I'd consider a top – decile conversion rates, so beating the market there. The average tickets are higher and we're doing some jumbo tickets now. And with 2 smaller operators, where we're 10 % to 15 % of cash year share. We really love that data point, because those operators can access any payment products. It's not just us, but we've really focused where them and the way we are approaching the larger operators is we are proving to them the product works, attract the type of customers we need, and we're having active conversations. But it's going to take time before we get some of the really big ones to push this. But we like the direction is going right now.

And just last one is on the eCash side of the business. The wallet capabilities of that and the digitization of that, how's that thing going still? I mean, I know you guys are -- seem more optimistic on that part of the story. If we stand on an organic standpoint, you can give us a little more color on your expectations and why that's going better. Thanks.

80 % of the revenues now go through our PaySafe card apps. So we basically moved 12 million customers are active on a stored value adverse effectively a wallet. Obviously a very different profile, more underbanked and younger. We will be adding some banking capabilities of virtual debit accounts, and be able to move money back and forth. The back-end capabilities of that product are the same as Skrill and Neteller. So when we talked about being a multi-wallet Company that has absolutely great proof point of where it is. So we remain very very positive on that point.

All right. Thank you.

Go ahead.

Go ahead, please.

Go ahead.

Looks like we've reached the end of both question-and-answer session? I want to turn the floor back over to management for any further or closing comments.

Thanks everybody for the questions. Clearly, it's not the result we're looking for. There's stuff to clean up, there's things to fix. But as I said in my closing comments, we had a team meeting with all of my top 80 leaders. We went through this, we went through the adjusted financial outlook. We went through the road ahead and the -- it's hard to describe the energy and enthusiasm was extremely high, because the team does see the capabilities. They do see the actions we're taking, the changes we've made in the digital wallets team. And frankly, the clients -- and that we're winning and the pipeline that we're building. So it's going to take us longer. It's not where we wanted to be, but we remain totally focused on delivering the strategy we talked about from the beginning, from winning in iGaming, winning other verticals, driving out those costs, and making the recent transactions really come to life. So we're going to be -- obviously make ourselves available for everybody for more Q&A and to go deeper than in this first session. Thanks, everybody.

Thank you. That does conclude today's teleconference webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.