Adyen N.V.

good afternoon everyone and thanks for joining audience q3 2025 business update call my name is maggie o'donnell and i'm part of the investor relations team and i'm happy to be joined today by ethan our cfo in today's call we'll discuss audience financial and business updates from the quarter followed by a q a segment As this session will be slightly shorter than our half-yearly earnings presentation, we ask you to keep your questions to one per person so that we can respond to as many of you as possible. When submitting your questions, please use the raised hand functionality on the bottom of your screen. With that, let's get started. Ethan, what were your key takeaways from this quarter?

Sure. Thanks, Maggie. In the third quarter, we delivered strong revenue growth of 23% year over year on a constant currency basis. We're continuing to see diversified growth across pillars as we expand share of wallet with our existing base. This quarter was especially characterized by consistent growth across regions and was also supported by the timing of settlements during the quarter as compared to last year. This quarter, our team grew by 86 FTEs, primarily in commercial roles in North America and in tech roles across our tech hubs. Overall, it was a strong quarter in line with our expectations.

Great. Thanks, Ethan. Can you also just give us an update on the performance across pillars?

Yes, happy to. I'll start with digital. Digital net revenue was up 10% year over year, driven by continued momentum in the content and subscriptions and delivery and mobility verticals. We continue to see a headwind from APAC headquartered merchants focused on online retail, but noted a slight improvement throughout the quarter. As we turn to unified commerce, we see that net revenue for the pillar was up 32% year over year. This is driven by strength across retail and successful execution of our strategy to expand share of wallet across channels. And finally, platforms. Net revenue was up 50% year over year, reflecting continued momentum in the SaaS segment. As we've mentioned before, our relationship with platforms typically starts with embedding payments, and we now have 31 of our platforms processing over 1 billion euros annually with us. Amongst our platforms, the number of underlying business customers reached 212,000, up from 126,000 this time last year. This growing number of business customers we see as an important indicator of our momentum towards the next phase of our growth. In short, Q3 was a quarter of solid broad-based growth across each of the three pillars.

Great. Thanks for the summary. Now let's talk about the outlook for the rest of this year. Is there anything in particular you'd want to highlight?

Yeah. So similarly to what we shared in August, we continue to expect full year net revenue growth to be similar to H1 on a constant currency basis. Furthermore, we also continue to expect EBITDA margin expansion for the year. As we get closer to the end of the period covered by our financial objectives, we're also refining our net revenue expectations. We expect annual net revenue growth to be between the low 20s and mid 20s in 2026.

Great, thanks. Before we go to Q&A, I'm sure most investors are wondering what we're planning to share at the Investor Day on November 11th. Can you give a sense of the agenda for the day and what they can expect?

Yeah, of course. First off, I'd say we're very much looking forward to hosting you all at our upcoming Investor Day, which will take place here in Amsterdam on November 11th. Typically, we host these days every couple of years to talk about our long-term strategy and how we plan to execute it to capture the market opportunity in front of us. You can expect us to talk about our core strengths and how we leverage them to set us apart in our space. ultimately how we see our long-term opportunity. This includes how we think about our tech infrastructure, innovation, and topics such as agentic commerce. Of course, we'll also connect that back to our business model by giving a sense of how we view the opportunity ahead. We're looking forward to a great event, and I'm personally really excited to see you all.

Great. Thank you, Ethan. For those interested in attending the Investor Day in person, formal registration has closed, but we do have a few spots left. So please reach out to Isaac and me at ir.audion.com if you're interested in attending. We also will be live streaming the full event on our website at investors.audion.com. We'll now transition to the Q&A segment of today's call. We'll get to as many questions as we can with the time remaining. Following the call, the IR team will, of course, be available to respond to any outstanding questions. All right, let's take a look at the questions we've received so far. Our first question comes from Fred Boulan at Bank of America. Fred, please go ahead and unmute yourself and ask your question.

Hey, Ethan. Hey, Maggie. Hope you can hear me well.

Yep, we can hear you great.

Thanks. If you can discuss maybe any specific factors that have driven the underlying revenue acceleration we've seen in Q3 versus Q2. Anything in particular you want to call out for the rest of the year beyond the kind of unwind of the settlement days? know maybe as a follow-up on that looking at 2026 and the new guide that you've provided um you know should we assume a base case is now uh for a bit of an acceleration if i look at the midpoint of the guide or it's a bit early to talk about that

Yeah, sure. So first, if I talk through our growth in Q3, I think what is strong here is that our growth was really driven across quite a diversified set of customers, right? You see strength in each of the three pillars this quarter. What we've also seen is quite consistent growth across the regions. And so I think we're seeing strength in being able to expand our relationship with our existing customers across a really well-diversified set of our customer base. The other thing, of course, that you touched on is that we had some benefit from settlement days in this quarter. That was about 1% support to our growth in the third quarter. And we expect to have a similar sized headwind in Q4, given the timing of settlement days next quarter. in terms of our guidance for next year we set that guidance back in november 2023 and we've been quite open in sharing how we look and get insights into our revenues and that's around a six to 12 month type of view that we get around our revenue growth that's because we're in constant conversations with our customers and that's typically how they think about their own planning their own roadmaps their own priorities and as we start to get more and more visibility into what next year looks like, we wanted to refine our view and share that information with you all. We don't still have complete and total visibility on Desert Expectations, so we're still working through that over the coming months. And as we get more and more visibility, we'll give that view, but we're confident that we can deliver within the range that we've shared today.

Great. Thanks for your question, Fred. The next question comes from Hannes Leitner from Jefferies. Hannes, please go ahead and unmute yourself and ask your question.

Yes, thanks. I have also a question on you mentioned that digital saw some attrition towards unified commerce pillar. Maybe you can elaborate on that. And then within unified commerce, you talked about luxury segment outgrowing the group performance in H1. Maybe you can talk about that trend, how that continued and how long you think that will continue to grow.

Yeah, sure. So I would much more call it expansion than attrition. I think our strategy is is about how do we grow land, our customers and then expand with them. That can be across regions that can be across sales channels, like in this case, that can even be a brown area. around expanding to more brands really depends on the business in this case this is about adding a in-person payment sales channel to existing e-commerce businesses and that's a move that is that we see basically quarter after quarter as it is part of our strategy and part of how we can help our customers to solve for complexity we called it out this quarter because we saw um a more visible move in our digital volumes to unified commerce. But this is just playing out our strategy as we always have. On your second question around unified commerce and how luxury is growing, I gave that example back in August because I wanted to share that the growth of our existing customer base is split between growth in share of wallet and their own growth. And at that time, luxury was quite publicly not seeing strong market volume growth, but it was still for us in industry or vertical that was growing faster on our platform than the overall platform was growing. And that was due to share of wallet gains. So we continue to see strength in that vertical. But it wasn't to explain all of our growth in unified commerce. I think what we've seen over past years is that we've actually really diversified across many more verticals. We call out entertainment, we call out hospitality. So while we are seeing strength in retail, we're also seeing our customer base get much more diversified. And I think that's the story of how we're growing so far this year.

Great. Thanks for your question, Hannes. The next question comes from Justin Forsyth at UBS. Justin, please go ahead and ask your question.

Thank you very much, Ethan and Maggie. Just one question here. So I wanted to come back on the largest cohort comments for 2025, new merchant cohort, that is, that you made at the 1H. Maybe you can just confirm whether that's still in play based on the last three months' progression. And also talk a little bit about where you're having success. I know you just mentioned and why. I assume, again, within that comment as well, you wouldn't be counting then any existing partners like LVMH or Shopify or Toast within that, so therefore aren't part of the 2025 cohort. And could we potentially be, given how strong this cohort is performing, at a high single-digit contribution versus the building block suggested contribution of mid-single digits. And is there anything that's providing incremental opportunity, say, like the WorldPay global payments pending merger or any other broader macro shifts in the payments universe?

Thanks, Justin. So indeed, the comment that we shared is if you looked at the 2025 cohort and compared it to the 2024 cohort, that this cohort was growing faster than the overall platform was growing. We continue to see that through the third quarter. These are indeed all new customers. So these are customers who we are working with for the first time that are included there. Otherwise, it would indeed be expansion with our existing base. In terms of how it's shifted, I think maybe the only thing that I would call out is that if you look over the past couple of years, we've seen our pipeline move more to platforms than it was previously, so a bigger proportion of the pipeline is now coming from platforms than in previous years. Other than that, it's the same things that are differentiating ourselves that have been differentiating ourselves over the past years it's how do we drive the best uh payments performance right uplift is a big part of that that story a combination of auth rates and fraud and authentication and payments costs it's again the platforms play it's connecting sales channels across online and in store so it's very much iterations on top of the differentiation that we've been driving over past years and that's the that's the story of what we're seeing today i think your question around what to expect for the building blocks going forward i think um it very much has a should have a similar impact uh in in the next year i think still mid single digits is a is the right way to think about it um but of course we see pretty consistent ramping from year one to year two so If this is a faster growing cohort, it should have some larger impact in 2026. But the biggest part of our growth next year will come from our existing base still.

Thanks for your question, Justin. The next question comes from Mohamed Moawala from Goldman Sachs. Mo, please go ahead and unmute yourself and ask your question. Sorry, that's my mistake. The next question comes from Adam Wood and Morgan Stanley. Adam, please go ahead and unmute yourself and ask your question.

Hi, Phil and Maggie. Thanks very much for taking the question. Maybe first of all, just to come back on the 2026 outlook, I guess if we look at the run rate today, you've got some exceptional headwinds in the business, the large merchant, the Chinese merchants and eBay. And I think you'd probably be a good few points ahead of what you've reported if we were to X those out. Is that a big part of why you'd still see mid-20s as a realistic outcome for next year? And are there any other things you'd highlight to give us comfort that that's still a realistic scenario? and then maybe just secondly as we look at the the guide or the implied guidance for the fourth quarter it does imply some decel obviously the settlement headwind is part of that is there a desire to flag that there'll be deceleration in the fourth quarter or is it just the feeling that your guidance is specific enough already and there's no kind of clear signaling implied in that thank you

Um, so yeah, thinking about 2026 first and foremost, um, I think you, it is easy to isolate and pick out one customer or another. When we've shared this guidance, it's been a reflection of the broad customer base that we have, right? So when we take our current information about how we expect to grow with all of our customers across the platform, across all of our pillars, across all of our regions, again, a much more diversified base, uh, as we go year by year, um, This guidance range is a reflection of how we expect to grow with the width of them. And so, of course, you can pick out and isolate specific topics. But for us, it's really about the overall growth of our customer base on the platform. And when we're in discussions with them and when we're trying to understand the opportunity size that we have going into next year, the visibility that we start to get puts us in the range that we shared today. In terms of what we're sharing for Q4, I think the main thing that we are sharing which is different between Q3 and Q4 is the impact of settlement days. Again, that was a 1% support to our growth this quarter and we think that's a 1% or so headwind to our growth next quarter. We wanted to be sure that that was understood. On an annual basis, this has very little impact. But given where we are quarter by quarter, we wanted to share that. And that's ultimately what we're sharing for our guidance through the rest of the year.

Great. Thanks for your question, Adam. The next question comes from Adam Frisch at Evercore. Adam, please go ahead and unmute yourself and ask your question.

Thanks, guys, and congrats on the continued execution. I wanted to ask specifically about, there are aspects to your growth algorithm that are specific to Audion, obviously, the growth with your existing base and so forth. But I also wanted to ask you to specifically call out anything you're seeing in markets in Europe being particularly weaker, stronger, any view on the consumer. There's been a lot of mixed data points around there, and the fact that you guys are growing so well, maybe you have a different view. So if you could just separate the audience specific stuff from what you're seeing in the overall market would be very helpful. Thank you.

Yeah, thanks, Adam. I think the challenge is that They are mixed in our view of growth, right? So our growth with our existing customers is that combination of how fast they are growing with how fast we are gaining proportion of their share, what we call share of wallet. We haven't flagged anything specific that we've been seeing related to changes in behavior here. So I don't really have additional insights to share.

Thanks for your question, Adam. The next question comes from Jason Kupferberg from Wells Fargo. Jason, can you please go ahead and unmute yourself and ask your question?

Yes, hi, thanks for taking the question. I just wanted to circle back on one of the prior questions about Q4, make sure we have the numbers right here. So we did 23% in Q3, would have been 22 without the settlement tailwind. And then I think the implied growth for Q4, if the second half is gonna be the same as the first half is, 19%, which would be 20 if you add back the benefit of settlement. So it does seem if our numbers are right, like there's a little bit of a modest slowdown embedded in there. So I don't know if this is more just, you know, rounding, but I just want to make sure we're synced up properly for Q4. Are you putting some cushion in there for macro or tariffs or any other items? Thank you.

Yeah, so I think what we've tried to share is a view on the year, right? And of course, we're getting now closer to the end of the year. So that timeframe gets shorter and shorter, but we've never been trying to guide to every specific quarter. It is our expectation that Q4... will not be at the same growth rate as Q3 given that settlement day impact. Q4 was also a very strong quarter for us last year, so the comparables are strong that we're comparing ourselves to. We still think that we're in a strong position to grow, but these are the factors ultimately in play, which lead us to continue with the expectation we shared back in August, which is that our growth for the full year should be broadly in line with the H1 constant currency growth.

Great. Thanks for your question, Jason. The next question comes from Darren Peller at Wolf. Darren, please go ahead and unmute yourself and ask your question.

Hey, guys. Thanks. Just two-part question. One is first on agentic. I know we'll get a lot more of the investor today, which we're looking forward to, but maybe any quick preview on some of the initial ideas or plans or partnerships you see already and what your opinion is in terms of momentum on it in the next, let's call it two to three quarters from Adyen's perspective. And then the second part would be around hiring. We keep seeing, we continue to see the healthy pace of hiring. Ethan, is this the run rate that we should expect sort of normalized for the company going forward in terms of, call it the annualized rate we're seeing this quarter? How do you want us to think about that? Thanks again.

Yeah, sure. I think first on agentic commerce, we're really excited about the potential to help customers meet their own customers where they want to engage in commerce. And this is certainly an area that we think over time will develop and be an important piece for our customer base. At the moment, what we're doing is we're working with other industry leaders. Think about a Google or an OpenAI or Visa or MasterCard, working together to make sure that we develop standards which will truly work for merchants, that will support them in their growth and their relationship with their own customer base. So we're absolutely engaged and actively working together with others in this space to make sure that we deliver a really unique and differentiated solution for our customer base. Again, here, a lot of the challenges that we're really already strong at, things like authentication, things like managing fraud, things like multiple payment methods, those are things that are core strengths of ours and that we think we can apply in this realm as well. Of course, you mentioned it. We will share more at our investor day, but I think that's how I'd summarize our position today. In terms of hiring, yeah, we did 86 net new FTEs this quarter. I think the last two quarters we did about 110 each. That type of level is something that we would expect to continue. I have no reason to think that we need to scale that significantly up or significantly down over the next coming while. So as of now, that's our plan. And if that would change, I would of course let you know. But that's our expectation going forward.

Great. Thanks for your question, Darren. The next question comes from Harshita Rawat at Bernstein. Harshita, please go ahead and ask your question.

Hi, good afternoon. I want to ask about uplift, and I appreciate you're going to discuss it in more detail at the investor day. So you've enabled it for all of your customers. What's the uptake been? I know you talked a little bit about it last quarter, the conversion boost you're seeing. And also, how should we think about wallet share gains as it relates to uplift, especially as we look into next year? Thank you.

Yeah, so uplift is a really important way that we package our differentiation to our customers. It continues to be that. So the same updates we gave in H1, hold true through Q3. For instance, when we look at our new customers that we onboard, we still see around two-thirds of them or so using protect from day one, so our fraud tooling. But ultimately, this combination of solving for fraud Authorization of solving for lowering payments costs, solving for better authentication flows and reduction of fraud. Those can be applied no matter the priorities of customers, right? If they want to focus fully on how do they drive revenue uplift or if they want to manage payments costs more carefully. Those are optimizations that they can control and tweaks that they can make. And Uplift really helps them quantify the impacts and make it easier for them to ultimately take up these products. And so it's a really important part of our commercial conversations and how we help bring more share of wallet to the platform. It continues to progress well in Q3, similar to what we shared in H1.

Thanks for your question, Harshita. The next question comes from Alex Foray at Exane BNP Paribas. Alex, please go ahead and unmute yourself and ask your question. Alex, can you hear us?

Can you hear me now?

Yes, we can.

Thanks for letting me on. A couple of questions, maybe. As we go into the CMD, I just wanted to to look back to what you guided to in November 2023 and thought of this acceleration in the high 20s you're expecting for 2026 and you're now guiding more to, I don't know, low to mid 20s. So I know you called out some tariff impact, obviously, but you also helped us size that impact. So it doesn't quite take us to high 20s. So what do you think didn't go according to plan to get to a high 20s in 2026 eventually. So that'd be my first question. Second question is going back to the Agile BigCommerce discussion, I heard what you say in part of engaging with other industry leaders in OpenAI and Google and so on. When you look at all the different protocols and frameworks that have been issued so far this year, and you think of the work it requires on the Agile side to integrate with some of those, Does it sound like significant work? Is it a matter of weeks, a matter of months, a matter of quarters? How should we think about that? Thank you so much.

Yeah, sure. So I think if you think back to November 2023, as you mentioned, right, we were giving a three year view. Now, we wanted to share a wider range at that time, given that we were giving a longer time frame. Right. So we were talking about that three year view and a lot of things happened there. over multiple years to understand what your growth looks like in any given year, right? Even the priorities of your own customers. What is in play in one year may look different than what's in play in the next year. And that's just based on their roadmaps, their own prioritization. We're always looking to help our customers where they have the pain points, where they are focused. And that can look different in any given year. So I wouldn't necessarily frame it in the sense of like, hey, what's, what went wrong or what went differently, mostly frame it in, we get closer towards this 2026 year, towards the end of this kind of guidance timeframe, and that gives us more visibility, and that more visibility is what we are trying to share here by refining the financial objective. To your second question on agentic commerce, It is not real significant work for us to implement. And I think that's the benefit of building everything on our single platform and taking that end-to-end ownership. We have so many of the building blocks which are going to be required in this new agentic world. that positions us really well to be able to move quickly. So I think in large part, we have a lot of the building blocks which will be at play here. It's much more about figuring out the solution which truly will help merchants and allow them to have the right experience and the consumers to have the right experience. Of course, there's going to be some work that goes into it, but that's not the biggest piece. I think we largely have the building blocks in play, which is a great position to be in.

Great. Thanks for your questions, Alex. The next question comes from Pavan Daswani from Citi. Pavan, please go ahead and ask your question.

Hello. Can you hear me?

Yep, we can hear you.

Perfect. Thanks, Ethan. Thanks, Maggie. So my question would be on the de minimis tariff impact. And the previously guided two percentage point drag in H2. Could you maybe give us an update of how did that trend in Q3 for the online APAC headquartered merchants? And was there any incremental disruption in late August with the de minimis expansion?

Yeah, for the subset of customers that we talked about in the first half, we saw slight improvement during the quarter. Also keep in mind that in the first half, this was largely an impact that we saw at the end of that first half. So we did see some slight improvement throughout the quarter, but nothing that really meaningfully changed our results. That's worth commenting on. In terms of other impacted merchants, also beyond it, we haven't seen material or meaningful movements related to this throughout the course of the third quarter.

Great. Thanks for your question, Pavan. The next question comes from Sven Merck at Barclays. Sven, please go ahead and unmute yourself and ask your question.

Perfect. Good afternoon. Thank you for taking my question. Can you give us maybe a bit more detail on the point of sales volumes growth? It's slowed sequentially in both unified commerce and platforms. Can you just comment what is the driver here, especially as you called out that there's been an increased migration from digital to unified commerce? Thank you.

Um, yeah, there's nothing specific that I would, uh, that I would call out related to this. I think in any given period, right, it is a short-term period. You do see different, uh, volumes moving between, uh, pillars, but also between, um, the sales channel also between regions, right? So I wouldn't focus too much on a, on a single quarter, uh, results. Uh, I think in general, what we've seen is strong growth across, uh, each of our pillars across each of our regions. It is quite a diversified mix, which is driving the growth that we see in the third quarter. And for me, that's the strength of the position that we're in.

Thanks for your question, Sven. The next question comes from Sandeep Deshpande from JP Morgan. Sandeep, please go ahead and unmute yourself and ask your question.

Yeah, hi, thanks. I have two quick questions on your revenue line. I mean, you've got some new initiatives like issuing as well as lending, etc. Where are we at this point? Has anything changed in the third quarter? in terms of progress on these pillars, these next generation pillars that you are working on. And then secondly, looking into 26, I mean, in the past, Adyen would announce some big new customers and they would have a significant impact on your sales growth in future years. With your TPV now so much bigger than it was in the past, are there any customers that are targeted and can make a big difference to Adyen in 26 or beyond? Or are we now at the point that most of your growth more and more of your growth is going to come from existing footprint gains of the existing customers. Clearly, this is something that you will probably talk at the Capital Markets Day, but is that where we are going towards as such?

Yeah, so let's start with embedded financial products. Of course, it's a topic we will cover in more detail at Investor Day. But in relation to Q3, I think we still see strong traction in issuing. That's one that we talked about also in H1. And I think in general, the way to think about EFP is that it's a really important piece of the products we deliver, especially to our platform customers. And it's a big reason why we're able to grow the platform's pillar in the way that we have been at that 50% or so level that we saw in Q3 as well. In terms of if there are still big customers to win, which ultimately will drive our growth, I think... There's a couple of points I'd make. One is I've said it a few times on the call, but we are getting more and more diversified. So there are more and more customers on the platform which are helping to drive our growth. I don't look at it necessarily on an individual customer by individual customer basis. If you, again, compare it or take a look at the 2025 cohort we're seeing on the new sales side. So, again, completely new businesses to the Audion platform. we're seeing that scale up quite nicely so there still is a lot of potential for us to add new business to the to new customers to our platform and we're very much focused on still driving that because while it has little impact in any given year you add them it does drive your growth over future years and it's a very much also a signal to our positioning in the market the strength of the differentiation we have and so it's a core of course something we spend a lot of time on and that we see strengthened today

Great. Thanks for your question. The next question comes from Sanjay Sakrahani from KBW. Sanjay, please go ahead and ask your question.

Thank you. I kind of wanted to ask the 2026 question a little bit differently. I guess when we think about that range that you guys have provided, how have you built that range up? And then when we think about some of the variables that could land you within that range, bottom or lower, like what are they? Because, you know, As discussed earlier, you know, you've had some puts and takes over the guidance period that you provided before. Thanks, Ethan.

Yeah. So the biggest driver of our growth for 2026 is going to be the existing customer base. And the two biggest factors are how fast they grow and how much share of wallet we gain in that year. Now, we're starting to get some better insight into the specific opportunities available. that we see with our customer base for 2026 as they go through their own planning process, their own prioritization exercise, and they talk through what types of opportunities they'll be focused on. We also start to get better insights into how they think about their own growth for next year as well. But ultimately, those are going to be the two biggest factors that will drive our growth. And while We're not at the point that we have full visibility with them because we're still going through that exercise. We did feel like it was helpful to refine again the range at which we see 2026 playing out. And I think if you look at that range, you see that we'll be in a position to gain significant market share also through the course of next year. We're well positioned to be able to gain much more share of wallet with our customer base. And I think that ultimately is the strength of the differentiation that we have and that we're bringing to market.

Great. Thanks for your question. The next question comes from Brian Bergen at TD Cowen. Brian, please go ahead and ask your question.

Hey, guys. Yeah, thank you. A bit of a follow up there on wallet share. So just can you share a bit of views on your wallet share penetration across certain client cohorts that you've talked about in the past, the runway for further penetration in that wallet share? And does macro volatility enable situations where you can actually pursue and win greater wallet share in certain types of clients?

Yeah. So, of course, this is part of what we addressed at the investor day a couple of years ago, thinking about where we are per pillar by wallet share. I think the reality is that we're still very much in the same position, that we still have most of the wallet share still to win with our existing base. Now, that's not true for every customer. There are customers we do. 100% or the vast majority of payments for them. But if you look at our platform overall, especially because we've been continuously adding new customers to the platform over past years, we're still in the position where the majority of volumes within our customer base is to win. And that's what we're very much focused on.

Thanks for your question. The next question comes from Fahid Kunmor at Redburn. Fahid, please go ahead and unmute yourself and ask your question.

Cheers, Maggie. Hi, Ethan. Just a quick question on digital specifically. I thought the acceleration or the inflection in digital is quite interesting. You've had a couple of quarters where you've disclosed net revenues where it's been decelerating. I appreciate there's been some noise, but it does feel like, you know, We had kind of that 7% number last quarter, probably 9, 10, X day minimus and leap year and FXRA. We've probably jumped up to kind of 12, 13 now. Could I understand, and that 12, 13 is with volume of movement digital to unified commerce, so really, really strong performance. Could I just understand what's been happening in digital? Like why has it... inflected as much as it has um and going forward can we expect further acceleration in digital revenues because i can my understanding because unified commerce and platforms is probably where all the juice is coming from but any color on that would be great thank you

Yeah, I would just say that we remain really, really focused on winning in digital. It's the biggest part of our volumes. It's the biggest part of our customer base. A lot of the products that we've been rolling out have a huge impact on digital customers, right? Think about the uplift suite, this combination of authorization and payments costs and fraud. That's really, really prevalent in the digital pillar. And I think our global capabilities, our abilities to work with the largest enterprise and really optimize for their payments needs is the thing that's been really important to differentiating ourselves. Now, that's always been the case, but rolling out products like Uplift help us ensure that we continue to stay differentiated, that we can continue to help our customer base. And that's ultimately where you see us continuing to gain share.

Thanks for your question. The last question. Oh, I guess that is the last question. Thank you guys so much for joining us today. We appreciate you taking the time. For any further questions, please don't hesitate to reach out to the IR team. Have a great day.

Thanks, everyone.