Mastercard Incorporated (MA) Earnings Call Transcript & Summary

Okay. I think we can get started with the next session. Welcome back, everyone. My name is Ken Suchoski. I'm the payments and fintech analyst at Autonomous Research. We're excited to have Craig Vosburg joining us today. Craig is the Chief Product Officer at Mastercard. He was promoted to this position just under a year ago. And prior to that, he was the President of North America for 5 years. Craig, welcome. Thanks for joining us.

Thanks, Ken. Happy to be here. Good to see you, and happy to be with everyone this morning.

Yes. Look forward to having a great discussion. Just a couple of housekeeping items before we get started. I have to read a quick disclaimer ahead of this session. Please note that Autonomous Research does not currently cover Mastercard, and our prior reports on Mastercard should not be relied upon. And then secondly, we'd like to make this session interactive. So if you have a question for Craig, feel free to drop those into Q&A box in the Zoom app or you can e-mail me at [email protected], and we'll do our best to get those answered.

So with that, let's get started. Craig, maybe we could start by discussing the scope of your role as Chief Product Officer, what your priorities are and how they fit into Mastercard's overall strategy.

Sure. Happy to do that. I -- so as Chief Product Officer, I lead an integrated product and engineering organization. So it's really overseeing our product strategy, development strategy and execution of that strategy for what's effectively all of our payments products, things that sit for us in our consumer solutions, in the B2B space, in what we think of as new payments platforms, things we're targeting to -- or developing to target new payment flows. And so it's a fairly broad remit. Things that have, for a long time, existed as part of Mastercard's core business, our core debit, credit, commercial prepaid products, our investments in digital capabilities, our investments in new payment platforms, including some of the acquisitions we've made to broaden our reach, the Vocalink, the assets we acquired from Nets, Transfast as well as a number of emerging areas like open banking and the acquisitions we've made in that space, things we're looking at in the crypto realm, et cetera. And so within that, there are a couple of things that we're very focused on as part of our strategy. One is continuing to drive the growth of our core business, which we remain very enthusiastic about its prospects as we continue to benefit from the secular migration and payments from paper-based to digital form. Secondly, positioning Mastercard to participate more broadly in new payments flows and things that have historically been beyond the reach of our core business and to play a more active role in flows related to things like remittances and disbursements and B2B payments and bill payments and things like that, much of which is aligned with our multi-rail strategy and things we're investing in there. And then thirdly, really leaning into some areas of interest with respect to innovation technology that's impacting the payment space, things that we see in the realm of crypto, "buy now, pay later" functionality, things like that to ensure that the Mastercard network continues to be well positioned to benefit and thrive, both for the benefit of ourselves and our many stakeholders who are part of the network.

Yes. That's really helpful and look forward to digging into some of those topics in this conversation. Maybe we could touch on just the pandemic and how that's driven the shift towards electronic payments, Craig. I think my parents are using contactless payments now. They're ordering things online. How did you adjust your product strategy in order to help your customers navigate through the pandemic as well as to put you in a position to capitalize on the changes in consumer behavior that may sustain beyond COVID?

Yes. Well, I think the pandemic I would characterize as being an accelerator to our strategy as opposed to something that necessitated a change in strategy for us. And I think the example you gave of your parents is a perfect indicator of that. A lot of secular movement in trends that had been underway literally for decades and have been sort of building in a fairly consistent and predictable way as commerce, as our lives, as the world around us became increasingly digitized. And we increased the extent to which we interact with the world electronically and digitally. That has had a fairly predictable pace of migration. The pandemic has just accelerated that, in some cases, by virtue of having no choice and there being no other way to interact and therefore, transact with the world around us. In some cases, just because of changing preferences and values and attitudes among consumers and wanting to be able to do things remotely to minimize contact with other people and things. And so a number of areas we've been investing in for years, we've seen accelerated progress. And they've taken on an even greater prominence and importance for us as part of our strategy. Some of the things that stand out, contactless you mentioned. Contactless has been on a very steady rate of growth around the globe for a number of years. With a few markets that have been sort of notable holdouts, the U.S. being one of them. We've seen a rapid acceleration in adoption of contactless driven not just by consumer preference, but interestingly enough, in many cases, by merchant preference, encouraging consumers to use contactless and avoiding exchanging physical cards and things like that at the point of sale. And contactless now represents about 45% of our physical point-of-sale transactions globally. That's up pretty substantially from last year. That's, I think, a 6 or 7 ppt increase over the prior year, and we see that continue to increase as a preferred way to transact. We've seen as well just an acceleration in the -- not just the desire for, but the need for merchants to be digitally enabled and to be able to conduct business online, to be able to accept payments online, to be able to expand the channels through which they source customers and to be able to do that in a way that's safe and secure and aligned with their broader business interest. So for us, that's led to a significant expansion and acceptance, increased interest in convenient and secure checkout options like Click to Pay, the adoption of new acceptance technologies like Tap on Phone and being able to use a mobile phone as an acceptance device, all of which are just very positive for our network. The more we can continue to expand acceptance, which is something we look at as one of our most important strategic assets and something that is absolutely core to the value of our network, the stronger the network. It's -- and so that's a very positive trend. With that, there are other things that have taken on increased importance, things like as a number of new merchants have come into the digital realm, small businesses, in particular, who are going online for the first time, that introduces new risks that we can help them manage with things like cybersecurity protection, helping them protect against fraud through things like tokenization technology. Our tokenization volumes have just continued to scale at really accelerated, I think fair to say, exponential rates. And we're at a point now where we're processing 1 billion tokenized transactions a month. That's off a base of 0 less than 10 years ago. I guess that was in sort of 2013-ish time frame when token technology was introduced into the marketplace. And so a lot of things that are happening there that I think the pandemic has just helped accelerate and do it in ways that we feel are going to be pretty sticky. These are real changes in consumer behavior. Certainly, there will be a reversion to some in-person shopping, a reversion to travel. But at the same time, there's a lot of interest and a lot of convenience that comes with these new digital ways to transact. So we actually think there's -- this isn't a squeeze the balloon, and it disappears from one place and shows up another. It's, I think, sort of going to lift us across the board in terms of the -- progressing that secular migration even more.

Yes. Absolutely. Mastercard has been very active in the digital currency space, Craig. And last week, you announced the planned acquisition of CipherTrace. So maybe you could talk about your cryptocurrency strategy and how CipherTrace fits into that.

Yes. We're really excited about CipherTrace. Obviously, the crypto world, digital currencies, is an area of technological and payments innovation that is exploding and really taking hold in some interesting ways. There's a ton of attention. There's a ton of interest. There's a ton of capital, and there's a lot of investment taking place in that sector. It is, at the same time, an area that is still, I'd say, in its earlier stages in terms of being fully understood from a risk and compliance and regulatory perspective. Obviously, the regulatory landscape is still taking shape around us. And so for us, CipherTrace presents a really interesting and we thought unique opportunity to bring value into that ecosystem, an ecosystem that is clearly growing and proliferating in different ways, to bring value into an ecosystem that will benefit from enhanced abilities to enforce compliance, enhanced abilities to understand the risks associated with transactions, frankly, enhanced abilities just to understand whether or not these kinds of crypto assets are present within a particular institution's ecosystem. And that's exactly what CipherTrace does for us. It enables us to be able to look across 900-plus cryptocurrencies and be able to apply leveraging analytics and advanced algorithms that they have developed, apply analytics to understand are there crypto assets and crypto transactions taking place within a particular environment? And what kinds of risks are associated with those from a fraud perspective and to help various partners manage their compliance obligations with respect to that. So it has -- it will enable us to engage in this ecosystem in a new way, working with crypto exchanges, working with banks, working with crypto ATM operators in exactly the kind of role where we think Mastercard is well positioned and has a great track record of adding value. And that's helping to manage the overall integrity of a portion of the financial ecosystem. And so we're very excited to have them on board. As it relates to our broader digital currency and crypto strategy, the -- this is a -- there's a future ahead that it appears likely that at least 3, if not more, distinct forms of crypto and digital currency assets will exist. Certainly, in the free floating, and we're -- we'll work to support all 3 of them, but we'll support them in different ways. Free-floating cryptos, as you've heard us talk about from time to time, the Bitcoins of the world, are obviously an interesting asset category for an increasing number of investors. Not something we see as being suitable to facilitate payments because of the inherent volatility in the value of those assets. But to the extent consumers are moving money in and out of those assets, we want to play a role in helping to facilitate that through our ability to move money on our various payment rails. And that's something we've been active in doing. We are involved in facilitating a fairly significant amount, a significant volume of crypto asset purchases. And we'll want to continue to play a role in being part of the on ramping and off ramping of the exchange of value from fiat into crypto and crypto back to fiat to enable those transactions to occur. And that actually is exactly what we're doing with the pilot we recently announced with Paxos and Circle and Evolve Bank & Trust to help make it easier to facilitate those kinds of transfers back into fiat to enable spending where -- in places where Mastercard can be used and then vice versa to go back into crypto assets. On the categories that we see as being relevant for payments, CBDCs and stablecoins, obviously, very different kinds of categories there, but things that we see as likely to coexist. CBDCs, to the extent that they are the functional equivalent of fiat currency, we'll work with governments around the world to support them on our network to make them available for payment. We're already actively engaged with a number of governments on a variety of conversations related to CBDC from policy-oriented discussions in terms of what's the role of that in a particular economy, how will it -- how does it interact with other tools or capabilities within a particular market to achieve the objectives of that government, whether that's financial inclusion, whether that's more efficiency in the payment system, broader reach, et cetera. And in a number of cases, working with governments to test how those CBDCs would actually function through our CBDC sandbox capability, so that we can test that in a private environment before it's actually exposed in the wild. Stablecoins, as we've talked about, stablecoins as long as they meet certain criteria are something that we'll look to support to facilitate payments on the network. The criteria that we're most focused on, obviously, are stability as an important criteria to make any particular stablecoin suitable for -- suitable as payment mechanism, consumer protections to make sure consumer privacy, data management, things like that are done in the right way. And then obviously, compliance, and the compliance piece of that is, as you know, still evolving as jurisdictions around the world are still developing their regulatory postures on different kinds of cryptocurrencies and stablecoins. So that's how we're looking at how we'll participate in that space. And as you know, it's one that's evolving pretty quickly. So stay tuned, I guess.

Yes. Yes, I look forward to following that closely. Craig, we received a question from the audience in the Q&A box that I figured I just try to weave it in here since we're on this topic. And it reads, is there anything about blockchain technology, and anything is in all caps, that you consider superior to your current centralized rails? And is this something that could scale in the real world?

Well, there are some inherently interesting things in blockchain. I mean the ability to effect transactions in effectively in real time, the ability for there to be immutability and the records around that, the ability to have sort of distributed as opposed to centralized sort of architecture is -- can -- is potentially interesting in some applications. The question about can it scale, I think, remains to be seen. And some of the questions around that from our perspective are for the kinds -- for many of the kinds of use cases and applications that we're interested in focused on payments, there's an underlying and fundamental component, I think, for -- of any payments capability to scale and be successful. And that's the degree of trust that exists within that system. We have historically an important part of our franchise proposition and the Mastercard brand positioning revolves around trust. And this is a network that's run on principles that all the participants understand and subscribe to. And that enables the delivery of a certain kind of experience consistently to any of the users of that network, consumers or businesses alike. The -- I think there's open questions that still have to be answered around how is that level of trust achieved? Or can it be achieved in a distributed sort of system? Or is there a role for a centralized sort of a more permission sort of environment that a Mastercard can operate and provide that kind of trust? I think it remains to be seen what it's going to take to drive scale, but there are -- that's one area that we're very focused on, obviously, and understanding how we can play a role to bring trust and confidence and the right kind of protections for consumers and businesses into an environment and into a technology that does have some interesting attributes. But absent that trust factor, I think it's unlikely to scale in a meaningful way.

Yes, absolutely. Craig, you talked about CipherTrace a little bit. Maybe sticking with M&A. You also announced the planned acquisition of Aiia in the open banking space. So can you tell us a little bit more about Aiia and your broader open banking strategy?

Yes. I'd be happy to. I'll start with the second part of that, the broader open banking strategy. And open banking is an area we've been active in for a number of years now initially through organic efforts in Europe and through some partnerships in a more material way as of just about a year ago with the acquisition of Finicity here in the U.S. And it's an area that we are especially interested in and see significant opportunity for a couple of reasons. Open banking is, in our view, a catalyst for and an enabler for innovation in financial services by really enabling consumers to unlock the power of their personal data and use that to vote for the products and services they want, making it available to any service provider who's giving them value in terms of a product or a service or an experience. And so as a catalyst for innovation while at the same time being, we think, an important enabler of broader inclusion in financial services by expanding the scope of information that's available for different service providers to make decisions about how to best serve a consumer, it will extend the reach of mainstream financial services to be able to meet the needs of more consumers. Both of those are powerful trends and things that are important to us to be involved in. We also think there's real value in -- going back to my answer to the previous question, so having in this emerging and really interesting and important force in financial services to have a trusted intermediary involved in the exchange of this very sensitive and important data between data providers, data users at the consent and with the permission of the consumer and to ensure that the data is being accessed in the right way to ensure the data is being used in the right way, managed in the right way, secured in the right way, et cetera. And so for all of those reasons, we see this as an important part of our future and an important way to participate in really what the future financial services will be. Our approach around this is really ensuring that we're in a position to establish the right kind of connectivity to enable that data exchange to take place and by the right kind of connectivity. We're talking about API integrations so that there's direct integration between the aggregator and the provider of that data, not using screen scraping or some other sort of over-the-top access technique, establish broad connectivity, build some capabilities on top of that to enable very specific use cases such as facilitating application for an access to credit, accessing personal financial management services, potentially initiating payments as part of a relationship with some service provider and then overlay additional value-added services in areas like fraud and identity management, et cetera. And so we're building out our footprint and our capabilities to be able to do that in important markets around the world, see this as a global phenomenon. We have a strong presence in the U.S. with Finicity. Aiia gives us a strong foundation to build on Europe. And coming back to the first part of your question, the reason we like them, the reason we were excited to have them become part of Mastercard is they have a solid foundation in Europe. They have strong connectivity. They're establishing that connectivity in the right way, working across the industry and stakeholders and the industry banks, financial institutions, the fintechs, users of that data to ensure that their platform is being built out in the right way. We've got a great tech platform, a great team, licenses that we can extend across Europe as we look to expand connectivity across mainland Europe and the ability now to cross-fertilize some or cross-pollinate some of the capabilities between Finicity into Europe with Aiia and vice versa with Aiia into the U.S. So I look at that as an important next step in building out what we see as a globally important capability for Mastercard.

Yes. That makes a lot of sense. Craig, maybe we could touch on buy now, pay later. It's a topic that's generating a lot of buzz. I mean how do you think about buy now, pay later? And do you see the "buy now, pay later" model as an opportunity or a threat to Mastercard?

Yes. It's interesting. I guess buy now, pay later has sort of taken on this life of its own over the course of the last year or so. The concept, of course, isn't new. It's another form or another manifestation of credit, many of which we've been involved with for some time. And this is one we've been in -- the "buy now, pay later" capability or functionality is one that we've been involved with for some time now as well, working with a number of our partners, our financial institution partners to make the APIs available to them to be able to incorporate installment payments functionality into their product offerings. And we've done this with a number of partners, banks and processors, our partnership with TSYS, for example, that makes this available through their platform and have used that to enable banks in various markets, including a recent launch in Australia with an installment-only product that we've launched with CBA and with Citi in Australia to enable what we think of as traditional sort of incumbent lenders to be able to participate and offer a buy now, pay later kind of service to their consumers. At the same time, we've been partnering with players who are more singularly focused on the category, people like Afterpay and Pine Labs and Jifiti and Splitit to work with them as partners to leverage Mastercard capabilities and building out their products and services. And so that's something we've been doing for some time. I think it's important though to think about buy now, pay later, I think we look at it in the context of some of the "buy now, pay later" specialists who have been working to build up their -- they've built some nice businesses, but build effectively as closed-loop models. We have always and continue to subscribe to the value of an open-loop model vastly outweighing a closed-loop model just because of the size and the scope and the reach on both sides of our ecosystem, both with consumers through the various lending partners we work with and on the merchant side through our acceptance network, which, as I mentioned, continues to grow at a fairly healthy clip. Ultimately, the value and I think the headroom for growth for offerings in the payments space is in part defined by the extent to which it can achieve ubiquity. An open-loop model provides a much greater opportunity to leverage the ubiquity that's already in place to reach more consumers and more merchants. And so that -- our focus is there and continuing to build on the capabilities, the assets we have by virtue of the open-loop model and incorporate other capabilities that we also have invested in security in the form of tokenization. The push we're making in Click to Pay as a convenient means to check out and not just check out, but for the consumer to make different kinds of choices about how they want to pay for things at the point of sale, our digital-first capabilities, the ability to inject some of the kinds of data flows that I just described as part of our open banking strategy into a buy now, pay later kind of product offering, our gateway capabilities, et cetera. So there's this broad array of assets that we're working with our partners to configure in different ways to enable them to offer their own products in the installments lending space as well as continuing to partner with these specialist players in that category.

Look forward to following the progress there. Really exciting space. Craig, maybe you could talk about your multi-rail strategy. And maybe you could touch on your progress with the applications you've launched in there as like consumer bill payments and B2B?

I'd be happy to. Our multi-rail strategy, as you know, is, as I mentioned earlier, is an important component of how we are positioning Mastercard to participate in a broader range of payment flows. We love our card rails. We have great faith and confidence in the future for our card rails. Debit and credit have a long runway ahead of them. But we also recognize they're not suitable for every kind of payments transaction. And there is a large addressable market opportunity out there that we can go after if we have broader capabilities, and more diversified means through which we can intermediate payments. And that's exactly what the multi-rail strategy is about. So it focuses on extending the reach of the Mastercard network through investments in infrastructure to complement the debit and credit rails that we have in 200-plus markets around the world with things like real-time payment capability, with things like account-to-account payment capability, push payments capability, blockchain and DLT technology, et cetera. Open banking is an element of that, not specifically with respect to a payment, although oftentimes used in conjunction with the payment. So the reach that we've built out through these investments in infrastructure is substantial at this point and I think unsurpassed in the payments industry in terms of the reach that we have across the globe and across different kinds of rails. We then -- on top of that reach, then we can develop and deploy applications to target specific payments flows and to do that in a way that offers both consumers and merchants greater choice in how they pay and get paid. And that ultimately is the objective. There's a couple of particular -- of areas in particular that we're focusing on as far as those new flows go. You've mentioned a couple of them, bill payments being one, B2B payments is another, remittances and disbursements is another. Since you asked specifically about bill pay and B2B, I'll spend a minute on those. Bill payment is one where we've got -- we've been focusing on a couple of particular geographies, the U.S. being one, with building and launching the Bill Pay Exchange. We're continuing to make good progress in enrolling partners on both sides of that ecosystem. And the bill payment space is an ecosystem build. We need billers to sign up to have their bills presented through our Bill Pay Exchange. And we need banks to sign up to make the Bill Pay Exchange capabilities available to their consumer. The premise behind Bill Pay Exchange is to enable digital presentment of bills by billers directly through the bank -- the bank's digital interface to be presented to the consumer in their mobile banking or e-banking application, where they can see on a consolidated basis digital representations of those bills. And they can go through and just simply determine when and how they want to pay each of those bills. And the bills may be paid on a card if the merchant accepts card for payment. It may be paid via a real-time payment. It might be paid via batch ACH. That's at the discretion of the consumer. But with that, there's also real-time messaging that goes back and forth to confirm payment and receipt of that. So as I said, we're focusing on signing up partners on either side of the ecosystem. We've got partnerships in place right now with billers that represent about 1/4 of the bills that are generated in the U.S. market. We have partnerships with banks, who represent about 1/3 of consumers in the U.S. market. And we're continuing to build on that to drive that business towards scale. We also, in the bill pay space, of course, have acquired as part of the Nets assets a very attractive bill payments business in the Nordics, which is a fascinating market for the representative of the future of payments and the almost complete digitization of payments in those economies. And so we're excited about building on those capabilities and extending those into additional markets as well. On the B2B front, similar thing. Again, it's an ecosystem build. The -- effectively, what we're doing with Track BPS is building a two-sided network of buyers and suppliers to be able to facilitate accounts payable and accounts receivable transactions and to do that in a way where supplier payment preferences are understood and a way in which the payment is matched and the timing and when the payment is made, et cetera, all conform with the suppliers' preferences. And therefore, that directory of preferences is sort of driving into multi-rail payment capabilities to be able to facilitate payments in a variety of ways and with that, have the necessary data, accompany the transaction to enable reconciliation of that invoice and payment data. And again, we're working to sign up partners on both sides of the ecosystem, working with B2B partners who represent buyers on one side and B2B partners who represent sellers on the other. And you've seen us make some announcements of late with partners like with Barclaycard in the U.K. and FreshBooks here in the U.S. and others who are signing on to Track BPS. And so we're excited to see that continue to grow and scale as well. The B2B payments market, we've said many times, it's a big market. It's an attractive market. It's not a market that's going to convert its behaviors overnight. So this is going to be a build, but it's a build into a large enough opportunity that we see that effort as being well worth it.

Yes. Absolutely. It's been a hard one to crack for sure. Craig, maybe you could provide an update on Mastercard Cross-Border Services, including your progress with Transfast and Mastercard Send.

Sure. Yes, cross-border services really is at the heart of one of those other new payment flows that I alluded to with the last question around remittances and disbursements. Cross-border services and Mastercard Send together basically serve the full range of needs for domestic and cross-border remittances and disbursements. And so this is also a really interesting area and one that we're -- we have -- we're very focused on penetrating and capturing opportunities there. You mentioned Transfast. Our integration of Transfast is complete. We have -- we worked our way through that pretty quickly. And with that, Transfast is powering access for us to more than 100 markets to facilitate cross-border payments and helping us deepen partnerships with people like Western Union and Bancorp and a number of partners in the Middle East. They have a very strong footprint in the Middle East region. And so we're excited to continue to build on the capabilities that came in through Transfast as part of a broader sort of cross-border services offering. Transfast is one leg in that stool and also sits alongside Mastercard Send, which you asked about, which between the two of them combined, I talked in the earlier question about the importance of establishing reach and then targeting specific payments flows and specific use cases. Between the two of them combined, we believe we have unsurpassed reach in terms of the number of the number of card networks, the number of real-time payments networks, the number of ACH networks, number of cash-out partners to sort of achieve the last mile if somebody wants to receive a remittance in the form of cash, the number of gateway partners, et cetera. So between them, we have very extensive reach to be able to serve domestic and cross-border corridors and are building out then in a large number of use cases. With Mastercard Send now, we're literally serving more than 20 different use cases in the -- for disbursements and remittances, both domestic and cross-border. We have a variety of partners all around the world, ranging from banks, fintechs, neobanks, merchants, marketplaces, insurance companies, gaming operators. It's a long list of partners who are now leveraging these capabilities to be able to facilitate payments. And we're very pleased with the progress there and pleased with the growth and see that as an important driver of our business going forward.

Craig, we have just a few minutes left. So maybe we could touch on one more question. Maybe you can provide an update on the traction you're seeing with Click to Pay. I know that was a big focus pre-COVID. And I think a lot of merchants and the whole ecosystem, they were focused on other things during the pandemic. But how much effort are you putting behind distributing that to merchants? And would just love to have an update there.

Yes. Well, we're putting a lot of effort behind it. We -- Click to Pay is an important initiative for us for a variety of reasons. I mean Click to Pay is -- it's thought of, I think, by many as an easy sort of one click means of checking out in the guest checkout environment when people are shopping online. But we see it as being more than that. We see it as being a conduit to deliver other kinds of value-added services and offerings to consumers at the point of sale. And so we're pushing hard on both sides of the ecosystem to enable Click to Pay at the scale that we wanted to. We're live in 11 countries around the world today. We have a number of additional markets coming online throughout the course of the next year. And as is the case with all of our initiatives where we're looking to scale something on each side of the ecosystem, we're working with our B2B partners on the merchant side through -- partly through our own gateway, which has some nice reach and can make that available to a number of merchants, but through merchant service providers who are also making that available to their customers. People like Adyen and Braintree and Square who are helping to enable their end-user merchants with Click to Pay. And we're pushing hard on creating the ultimate degree of ubiquity that we're going to need in the acceptance environment. At the same time, we're working with banks where we can to encourage them to have consumers enrolled, in some cases, working with them to enroll consumers in bulk, so that it's -- consumers' credentials are readily available for use in Click to Pay. And it makes it a very seamless experience. Consumers can also enroll directly. But it certainly helps to have their financial institution undertake some of that work on their behalf. And so that you'll continue to see us push hard on that in the years ahead as we roll out to new markets and then build out the right reach on both sides of the ecosystem and drive volume and scale.

That's really helpful, Craig. All right. I think we're out of time. So I think we're going to have to leave it there. Craig, thanks so much for speaking with us today. We really appreciate your support and the support from Mastercard, and I look forward to doing this again next year.

Thanks, Ken. Thanks for having me.

Absolutely. Stay safe, and we'll chat soon. And...

All right. Take care.

Take care. And our next speaker is from Brex, which will start right now.