Shift4 Payments, Inc. (FOUR) Earnings Call Transcript & Summary

Welcome back to Evercore ISI's 6th Annual Payments and FinTech Innovators Forum. I'm David Togut. I lead the Payments, Processors and IT services research team at Evercore ISI. Delighted to kick off our fireside chat with Jared Isaacman, Founder and CEO of Shift4 Payments; Taylor Lauber, President and Head of Strategy, will join shortly. Jared, thanks so much for being with us here today. Greatly appreciate it.

Yes, thanks for having me.

So since the pandemic began, many investors have group merchant acquirers, either into the legacy or high-growth disruptors bucket. But Shift4 is really a pure-play integrated payments company with the superior revenue growth of a disruptor with the very high profit margins that are more common among the legacy payment companies. For those who are new to Shift4, how do you differentiate within the Visa and Mastercard payment ecosystem?

Yes. So good questions there. And I think because we somehow fit in between, we're growing really fast. I mean, incredibly fast. I mean nearly 100% year-over-year volume growth this last quarter. But we also are profitable and have been EBITDA positive now for, geez, I think, 18 years or so. So I think it sometimes can be a little bit confusing. But you nailed it when you said we're a pure-play integrated payments provider. So what does that mean? It means we connect our payment platform through software. And then in turn, our customers use that various software to deliver commerce experience for their customers. What I'd say makes us very different from everybody else is our customers, our merchants tend to use a lot of different software. So about 40% of the hotels and resorts in this country use Shift4 for some form of their payment technology and hotels have software for the hotel, for the reservation system, for the restaurants, for the retail store in the lobby, some have golf courses, salon and spas. And all that software is made by different vendors on different versions, but yet it still has to work together to deliver a seamless commerce experience. You'll find that same thing applies to high-end restaurants, where about 1 in 3 restaurants in this country use some form of Shift4 payment technology almost every ski resort, if you've been skiing this winter is a Shift4 customer, you'll find a lot of the stadiums in this country use this as well. But again, the big theme of integrated payments is you're driving transactions that originate through software. And of the over $200 billion in payment volume that goes across our rails, virtually 100% of it originates through software. And that's getting right to the heart of what being an integrated payments company is about.

Great. And could you talk a bit about customer captivity when you look at, let's say, annual client revenue retention for Shift4, what does that look like kind of on average?

Yes. I mean our customer relationships are incredibly sticky. And I think that's a large part because there are only 2 other payment platforms in North America that have assembled an integration library comparable to Shift4 to even compete for our customers. So what does that mean? As you recall like before the pandemic and before our IPO, we had our Analyst Day at Pebble Beach. And we had like a treasure map that helped all the analysts go around for the 3 different golf courses, the 15 different retail stores, the 5 or 6 restaurants, the 3 hotels. And this is obviously a Shift4 customer and see all the different software that's running it from all these different vendors and all these different versions. But yet it's all integrated into Shift4 for encryption for -- which is your -- drives your security, your tokenization, which drives your business intelligence products, your authorization and settlement services. Now for anyone to ever displace us there. So let's just say Pebble Beach were to put out an RFP, which would be really disappointing because we host a lot of events there. We've got a big gaming conference that we're hosting there in a couple of weeks, there would only be 2 other payment companies that could respond to RFP. So for as much as everyone thinks like the payments universe is so vast and large and who's winning and who's losing in the complex end of the commerce spectrum we play in, there's only 3 and Shift4 owns more links in the value chain than anyone else. So what that means is, we can deliver a single vendor commerce experience that would otherwise take multiple other vendors to achieve. And that means more cost and more pain for the customer. So when we talk about revenue retention or just the overall stickiness of our customer relationships, you have to bear in mind that we are in a competitive landscape of very, very few. And we're able to kind of innovate at a faster pace, delivering things like QR codes and mobile payments and online ordering. Basically, all these things do solve pain points for our customers that the 2 others would be unable to provide. And as a result, we have really great retention of our customers, but even more so, we just have wicked fast growth. I mean, we grew as payment volumes double digits in 2020 during the heart of the pandemic when the majority of our customers were restaurants and hotels. That gives you a sense of just how many customers are actually migrating to our platform versus going the other way.

Great. We have a few questions coming in. But before we go there, I'd like to touch on a number of the major developments in your recent quarterly earnings report. The 2 big ones, of course were your acquisition, Tuesday of Finaro for $579 million and The Giving Block for $54 million and up to a $246 million earn-out. So starting with Finaro, which really launches Shift4's international expansion, providing e-com and cross-border-centric model, how do you see Finaro serving as a springboard to expand VenueNext, SkyTab POS and Shift4Shop to Europe?

Well, tell you what, I am incredibly charged up about both these acquisitions. But I see that Taylor Lauber, our President and Chief Strategy Officer, joined. So I don't want to take up all the time here on this fireside chat. So I'd kick it over to him to do it. Because it was his team, as you know, Taylor leads our strategy group that really identified these amazing acquisitions and brought them together for the earnings report just a few days ago.

Thanks, Jared. Yes, Finaro is one we are exceptionally excited about. I would say we're excited about both transactions, very, very different kind of growth objectives out of each, as most of our investors know, from as far back as kind of our testing the waters before the IPO, we've been focused on international expansion. And we don't get too many points for creativity. This was our merchant base saying, we're big global merchants. We want this similar offering all over the world. And so we started looking at payment platforms all throughout Europe. And I would say, it's scarce technology. It is scarce technology that can accept payments in as many different countries and payment modalities that exist throughout Europe and settle them in all the other countries that exist. And so we looked at Finaro pretty intensely about a year ago. And it's a phenomenal cross-border e-commerce platform. So 80% of their payments start in one country, end up in another. They do all of the things that a sophisticated e-commerce merchant operating globally would need, which is the fraud scrubbing, the settlement in multiple currencies, the settlement in multiple geographies and the incredible uptime and modern technology stack, 170 APMs, all that great stuff. What we were skittish about , I think the broader kind of investment community was skittish about these types of platforms at the time as well as benefited a lot from COVID and the shift towards e-commerce and how sustainable is this. They also operated a banking platform. They're an EU bank. That was something that we had to get our heads around. And so we did decline to purchase the business at the time, mainly because I was too scared. I think Jared still hates me for that decision. Fast forward a year later, and -- what we found is that they were able to sustain their growth, their merchant base is incredibly diverse, and they actually exceeded their forecast pretty meaningfully. Separate from that, we were able to educate ourselves on what it means to be a bank, all the tools that it helps you deliver merchants and why that's really exciting. And lastly, and this is kind of the point that you made, we had acquired VenueNext, we had won the Starlink business, and we have these great card-not-present assets to be able to apply to this business, and it cleared the entire picture for us. We were able to say, we can day 1, deliver really, really great products and really great merchants against this platform. And what they were most excited about is all of the global merchants they support, [ Roblox ] being a good example, that new volume in the U.S. that they couldn't support at the time. So really a well-placed match. The one thing I'd say in terms of how we align objectives, there's obviously a heavy equity component in the transaction. But the earnout is very unique as well. It's not a revenue-based earnout. It's not a growth-based earnout because we think we've got the growth drivers for the business. It's a technical integration earnout. So it's paid for the first active European transaction on Starlink, the first European stadium to go live with a payment transaction. The first SkyTab POS to do a live transaction inside of a restaurant in Europe. And in an interesting way, we can actually affect a lot of that as a partner to them while we wait for the regulatory approval process.

Yes. David, just to pile on a little bit, when we announce something, there usually shouldn't be too many mysteries on how we're going to develop it and realize our synergies. We have a 5-year contract with Starlink to power their subscription payments all over the world. We were a U.S.A.-focused payments company for 22 years, right up until we announced the Finaro acquisition. So Finaro is going to help immediately process the payments across all of Europe for what is like our most signature win that, in its own right could be a $50 billion payment contributor to us. We have 40% of the hotels using some form of Shift4 technology in the U.S. A lot of those hotels have locations all around the world. So it won't be a mystery there that we'll use card-not-present technology for mobile reservations, check-in, [ keyless ] entries to people's doors. We have a great SkyTab restaurant POS product that's been in development for some time. There's 3,000 merchants using it. We know restaurants well because we power about 1/3 of them in the United States. Europe has not had the Shift4 or Toast revolution yet with integrated payment technology and POS software for restaurants. Stadiums, we know for sure that coming out of this pandemic, every stadium in the world is going to want to be able to do -- want to enable their patrons to order a burger and a beer from an app and get it delivered in their seat without waiting on the line. We become the category leader in the U.S. with that with our VenueNext technology. We're going to bring that same capability to stadiums all across Europe. So I mean we're basically extending the reach of our 425 integrations and products that have made us really successful here in the U.S. and bringing it across the world. Finaro was the first step in that big international expansion ambitions.

Great. Thanks much for Jared and Taylor. We have a number of questions coming in. So I'll go to Q&A for a few minutes. Just starting with Finaro, do you plan to use Finaro to offer more merchant financing solutions to your customer base to drive take rate higher?

Well, I think for sure, we're going to use their card issuing capabilities, which is fantastic. I mean to give you an example, one of the existing customers on the Finaro platform is Volt, which is like in Uber Eats across Europe. They're also big in Israel. If you know how kind of Uber Eats operates here in the U.S. issuing onetime cards for drivers to make purchases, that's actually a great way to expand a spread from some of these transactions. So we know for sure we're going to roll that out for like travel-based merchants, for delivery-based merchants where card issuing is applicable. No question we're going to learn from having a platform that is capable of doing things, like Buy Now Pay Later or financing transactions or prefunding transactions. So yes, I mean -- and the nice thing is you've got 180 payment professionals like developers, engineers that have built this platform that are going to be able to inform us on how we can leverage some of those capabilities here for our U.S.A operations.

A related question on Finaro. Can you give more color on Finaro's historical financial performance and business breakdown?

Yes, sure. I'll take that one. So they've been a 30% net revenue grower for quite a while. Their EBITDA has grown in excess of 50%. So phenomenal growth to the business. That's come 2 ways. They basically have won a really nice handful of merchants in what European cross-border eCommerce is a fast-growing market to begin with. So they've had that tailwind. They won a handful of good merchants. And they've also been able to expand share inside of those merchants. We like to say that there is Adyen and then there is everyone else in sort of global eCommerce. And yet, they've been able to solve some very specific merchant pain points by winning a particular geography for a global merchant and then adding on a handful of geographies on the merchant likes what they do. So that's kind of how they've had the growth of the business and the growth of the profitability of the business. The one thing I would say is a knock on the business is that there wasn't necessarily clearly defined growth strategy. It was we want to support eCommerce cross-border, period, full stop. And so [indiscernible] was a very mixed bag of merchants. Jared mentioned the food delivery provider, there's a travel business, there's online gaming, there's retail, online stores selling goods, there's digital content. It's a really mixed bag of merchants. And one of the things that we've kind of collaborated around and the earnout again is really designed to deal with this is we want to focus the business on a handful of end markets that we think we can really drive. And a lot of them have real omnichannel needs. Most of them are just from our sort of instinctual starting point our card-present merchants like hotels trying to figure out eCommerce, trying to figure out contactless check-in, check-in from your phone where eCommerce [ tools ] suddenly become a lot more relevant. So I think what you're going to find from us is we like what they've been doing. We're going to really, really focus them and their platform, which is phenomenal on a handful of verticals and create some dominance that way.

Question on gateway conversions. When considering the pace of gateway conversions, what is the average contract length of gateway customers? Are you actively trying to convert these customers to end-to-end payments before the end of their contract?

I'd say, first, like merchants, in general, have very little care about their merchant agreements. Believe me, I often say like merchants like in payment providers and acquirers to how consumers like long-distance providers in the '90s, believe me, that's not a factor when soliciting gateway customers. Unless you're talking about the biggest of the bigs, your 1,000-location-plus customers that might have some pretty substantial liquidated damages that they were to leave early. The whole trick to gateway migrations to end-to-end is all about solving pain points. whether it's enabling QR code payments or QR ordering or online ordering or business intelligence products or providing tablets for mobile payments or like SkyTab for handheld payments, it's solving some pain point that, that business has. Usually, it's paying a lot of different vendors to deliver an experience that's been inadequate or they just don't have it at all. And we use that opportunity to migrate customers over. And it's been very consistent. I mean keep in mind, we've been doing this for 5 years now, continuously moving customers over to our end-to-end platform. Production has been very consistent throughout that time as it does represent about half our production right now. And the story of what caused the big migration 3 years ago is different than the one from 5 years ago versus the strategy we're using today. I think the big difference though is that at some point, we're just not going to support 30 different connections to old Bank of Hawaii connections or Mercury payments connections or old map connections or [indiscernible]. I'm big on refocusing our -- repurposing our resources to win the next Starlink and the next St. Jude and not have our resources maintaining what is essentially a legacy model. I mean none of the fast-growing FinTechs embrace the gateway strategy anymore. Square doesn't do it. Clover doesn't do it. Toast doesn't do it. And yet we're doing it for about $150 billion in volume. So I alluded to this in our earnings letter, but I think you're going to see a more active effort towards the latter part of this year to say, we've had this carat first approach for some time. We're solving pain points. We're putting incentives out there, but some of these connections just have to go and kind of put the merchants to a choice. And then for those connections like FirstData or Chase where you've just maybe massive volume, we're just going to start putting tolls on it. I've learned a lot from my exposure to SpaceX and their philosophy of kind of taking out the parts because the best part is no part. Well, our gateway connections are a lot of parts, and a lot of them are very old. And it's analogous in my mind to Microsoft maintaining Windows XP indefinitely. But if you put too many resources towards maintaining Windows XP indefinitely, you're not putting resources towards your next great product. So it's a little bit of like the Cortez like model burning the ships that got you here so you can kind of look towards the future that you want to build. And I think we're going to have a little bit more of an active effort to kind of pull some of that $180 billion or so volume over to our end-to-end platform again towards the latter part of this year.

Thanks for that, Jared. Very clear. At your recent Las Vegas Investor Day, you gave 3-year targets to grow end-to-end payment volume, at least 50% compounded annually, gross revenue less network fees by at least 30% CAGR and with half of the payment volume growth from cross-selling and upselling, end-to-end payments to your customers who are generating $175 billion in payment gateway volume, which verticals do you expect will generate most of your new business? Will they be your largest verticals, such as restaurants and hotels or more of the 7 new verticals since IPO including sports, entertainment, theme parks, gaming, travel, leisure and then your newest being Starlink?

Well, I think if we were to put them in categories and I'd love to get Taylor's answer on this, too, I mean, first and foremost, we are in a very fortunate position to have these 425 unique integrations that are really impossible to replicate. This has been driving our growth here in the U.S. It's going to continue to drive growth at a very accelerated rate for some time now, especially as you pull forward more of that gateway volume to end-to-end. You really don't have to believe a whole lot more from that point in order to get to that midterm outlook. But if you were to say, "okay, so, all right, we get the core, the high-growth core of your business, what comes next?" Well, high-growth core extending its reach into international markets is likely going to be the second biggest driver and that comes online at the beginning of next year when you start driving transactions through Finaro. But as Taylor mentioned, you're doing integration for that all throughout this year. It's how the earnout was incentivized. So as soon as that deal closes, we should be good to go right out of the gate, leveraging all those integrations. So that's 1 and 2. So then what's the next category that's going to be the big contributor there? I think if you're talking a single merchant, I mean Starlink in its own right could be $50 billion, but I actually think it's going to be the nonprofit vertical. And we haven't talked about that yet. The nonprofit charitable giving market is a $500 billion addressable market for us in terms of volume. $45 billion of that volume, 10% is already a customer of ours by virtue of The Giving Block acquisition. So you have a natural conversation with every one of them. And believe me, they have the exact same pain points that hospitality has in that they're using multiple different software applications for donor engagement. I mean I said it like nonprofits will take a broken down car, if you want to give it to them. So if they think they can take donations from YouTube streaming and people playing Fortnite and then like traditional fundraising efforts, they want to put tons of different software, and none of it's linked. So I mean, the vertical is very appealing to us right from the start. It's anchored by a signature win with St. Jude Children's Research Hospital. And now you've got The Giving Block, which affords you a natural conversation with every one of these nonprofits, the $45 billion of volume you already have essentially or connection to the current customers and then a real right to win across the other $500 billion in the space. If I had to bet, I think the big surprise in Shift4 over the next couple of years is going to be the amount of volume -- end-to-end volume running across our rails that's coming from the nonprofit vertical.

It's one of these things where if you pull management, you get a different vertical in every case. And I think one of the things that we get criticized for is talking about all these exciting new verticals all the time. And that is always like new one. One thing that's worth kind of reiterating is that the way we find these new verticals is by looking at the problems we're solving for our existing merchants and seeking those problems out. And it's never with an eye towards a vertical, it's with an eye towards a merchant problem. So obviously, translating the experience in a hotel with lots of different software and a common guest experience to a stadium, it was just one example of that, that we kind of exploited last year, and now we're in 100-plus stadiums because that problem manifests itself. Nonprofit is the exact same way. And we only learned that through work with St. Jude as a result of Jared's contribution and Inspiration4 campaign, but we found 50 different pieces of software that these merchants are using and none of them reconcile to one another. They get 50 different deposits. They can't track the donor across the platforms in an easy way. And so we said, what are the most exciting software platforms you're using and cryptocurrency is just on the edge of that. The Giving Block is actually a mutual customer of St. Jude, which is just one of the ways we got to know them.

Great. We actually have 2 questions coming in on The Giving Block acquisition. The first is what's the gateway conversion opportunity in Giving Block? How valuable is that customer list? And what share can you get in revenue EBITDA contribution longer term?

Yes. So I mean, as I mentioned, you basically have a nearly $50 billion. I think it's $45 billion of essentially gateway conversion opportunity, just again by virtue of the existing 1,300 customers that are already on The Giving Block platform. So we have -- we put in our earnings release, next week, we're going to announce the largest crypto fundraising effort in history. A big component of that will be to support some of the humanitarian issues we're seeing overseas now. That is a -- that's a big way to draw attention to the platform. And it's going to afford us a natural conversation because we're going to wind up in -- my kind of personal foundation will wind up doing some matching campaigns with some of these nonprofits, especially if they're interested in embracing, call it, that gateway conversion or that card-based payment donations on top of crypto donations. Now when we're talking about the $500 billion addressable market of nonprofits, every one of them is going to want to take crypto donations. Like none of us -- like Taylor and I and the team, we're not the big brains on the crypto evolution. We're not smart enough to see the future 10 years from now and how the world is going to transform in a decentralized way. What we do know is that people have crypto, and more people are investing in crypto. And crypto is appreciating and people are going to want to do good things with it and donating the nonprofits is certainly one of them, and they can also be pretty tax-efficient along the way right now. So if that's the case, then virtually every nonprofit is going to want to have this conversation at some point. And when you're having that conversation and you have various creative marketing incentives like, look, we'll do a fundraising match for you to get you out of the gate, to get you started on this. But we want to bundle it with your traditional card payment business. And believe me, you want us to do that because you have 10 different software applications that are not talking to each other, and you're probably putting a lot of expense towards maintaining these independent systems when you probably could be repurposing that expense to raising awareness for your important cause. So we're -- we believe that between our expertise, St. Jude is an anchor win within the nonprofit vertical and The Giving Block, we have exactly what we need to make a real dent across the nonprofit space.

Jared talked about what -- the stats [indiscernible] in the business, what gets us really excited about the growth. There's one thing that makes it like -- no, there's a bunch of things, but one thing that makes it really special. And that is that they've built this awesome charitable base, but 80% of the donations on their platform are from crypto holders going to their marketplace and finding a charity from there. They've built a presence within the crypto community that says, "If you want to do good with your crypto, come here and we'll help you find them." And so when you think about charities, seeking out these technologies, as Jared mentioned, The Giving Block value proposition is very straightforward. It is by being in our marketplace, you're going to attract donation dollars, if you will, that you otherwise wouldn't have gotten simply by dropping a widget on the website.

Great. On your recent earnings call, you highlighted the impact of the Omicron variant on kind of travel and entertainment and kind of negative impact on December and January volumes with February coming back. How are you thinking about the impact of travel and entertainment recovery for the balance of 2022 impacting payment volume and revenue growth?

I mean I think right now, we -- when we put our guidance out, which I think is reasonably conservative, in fact, I think we only put a -- I would probably say a conservative amount of recovery associated with it. That said -- and we've been talking to an awful lot of hospitality operators. I just spoke at the Agilisys conference a few days ago, we did our earnings report in Vegas, everybody is gearing up for what they think will be the -- a record summer in terms of travel. We know business conferences are absolutely being booked again. We don't benefit from advanced bookings at all, but we can see the authorizations that come through. Our financial impact is much more during settlement when actually people show up and check in. But all indications are that this is going to be a blowout summer. And I don't blame anyone. It's been a rough couple of years. I don't know, Taylor, if you want to layer on to that.

Yes. So that's been a criticism of us and how we laid out our guide is that we have [ $3 billion of the $69-odd billion in ] our guide is recovery and/or growth of our merchant base, arguably exceptionally conservative because that's what you'd have in a normal year in the travel and leisure space. I think given the timing of when we went public, we just don't ever like to bet on recovery or at least ask our investors to bet on recovery in driving the growth of the business. So do we expect a lot of it? Absolutely. Are we baking it into the guide? No, we're not because I think there's plenty of growth despite any increase in travel.

Understood. Recently, Apple announced its strategy to turn the iPhone, excluding the dongle, into a payments acceptance device using tap-to-pay technology, and they outlined that this would be really for small merchants up to national merchants where they're working with Shopify and Stripe initially. Do you see Apple partnering with Shopify and Stripe potentially entering the integrated payment space? Or do you see Shift4 being a potential partner for Apple in its effort to really maximize distribution?

We're absolutely going to certify applications. I mean that's -- just so we're clear for everybody, right, Apple didn't declare that they were competing in the payment space. They're just making their devices available as a means for payment acceptance. Now there are a couple of issues with it. One, it's exclusively NFC-based, which is fine, like we're all big fans of it, but there's a substantial -- like the majority of transactions that are taking place, like overwhelming majority, are still kind of chip or chip and PIN type transaction. So it is not a -- this isn't replacing the device you would see at a supermarket checkout or at the lobby of a hotel. That said, it's got a lot of interesting applications for servers and line busting, and we'll build applications that will get certified on it. Back in 2014, Shift4 was a preannouncement Apple Pay partner for our pay-at-the-table solution. I think though that just because Stripe already has an application or Shopify, that doesn't change their end markets they're serving. That doesn't mean like all of a sudden, they're going after stadiums, theme parks, mobile wagering, nonprofits, hotels and restaurants, like you still need those 425 other integrations. What I think is, it's just a very cool development. Also, I'd say it's attractive us so much so that we did make an investment out of our Shift4 [ VC ] fund into basically an equivalency capability for the Android devices. So the idea is when we do release applications that we think is suitable for this technology, we'll, of course, certify it on Apple, we'll also do it on Android. We have some favorable commercial terms there. And if there is a big uptick in that, we'd probably will benefit from an investment perspective.

Understood. Just shifting gears to the launch of your next-gen restaurant platform, SkyTab POS, what are the really unique attributes of SkyTab POS? How do you see the positioning of this product against competitive offerings both in the U.S. where it's in beta and then longer term, as you move it internationally, leveraging the Finaro acquisition?

Well, I think internationally, you have very, very little competition. Integrated payments, by and large, across the world is nowhere near as maturity as in the U.S. Don't be fooled by pay-at-table that you would have seen in Europe and in Canada long before us. That wasn't an integrated solution. It was just a mobile device they brought to the table. So generally speaking, the software capabilities that are being built out here in the U.S. for integrated payments are really ripe for global expansion. The hard part is expanding globally, which is why the Finaro acquisition is so strategic. So I'd say SkyTab POS across Europe is going to be really successful. Here in the U.S. market, the big advantage we have is all the restaurant software we support today essentially is Windows-based. And whether -- Windows or an older Linux-based software, so whether you're talking Harbortouch, Future POS, POSitouch, Restaurant Manager, Focus POS, Micros, Agilisys, I mean, we touch probably 80% of the restaurant integrations that you would find in this country. Android-based software like SkyTab POS, especially new generation of it, it's super reliable. It's very robust, it's not as [indiscernible] as Windows. So from a service and support perspective, it's a dream for our teams right now. It allows us to push out updates easily over the cloud. So -- and then from a feature perspective, I mean, it's much tighter integrations to products that we already have that are successful like SkyTab handhelds, QR codes, online ordering, our marketplace in the DoorDash and Grubhub. So I think all of our customers will find it's a sexy interface. It's a great lift for us from operational efficiencies perspective. We're going to get SaaS on our restaurant customers. So we touch 1/3 of restaurants in this country today. Only 15% have any SaaS revenue component to it. And now we have all our distribution partners that are better equipped to go out and win in the market. So yes, we're pretty excited about it. I'm really excited that you have a beta with 3,000 merchants already on it. So we've been learning an awful lot about the product.

That's great. We'll certainly keep a close eye on SkyTab POS and look forward to updates on the rollout of the product. Jared, Taylor, thanks so much for being with us here today. We greatly appreciate your time, the insights and look forward to watching all of the developments, especially with Finaro and the international expansion. Thanks so much again.

Thanks, David.

Thanks, David. Thanks, everyone.