Paysafe Limited

Greetings. Welcome to the Paysafe Q1 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Kirsten Nielsen, Head of Investor Relations. You may begin.

Thank you and good morning. Welcome to Paysafe's first quarter 2022 earnings conference call. Before we begin, a friendly reminder that this call will contain forward-looking statements and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent periodic SEC report. These statements reflect management's current beliefs, assumptions, and expectations and are subject to factors that could cause actual results to differ materially from those forward-looking statements. You should not place undue reliance on these statements. Forward-looking statements during this call speak only as of the date of this call and we undertake no obligation to update them. Today's presentation also contains information that will constitute non-GAAP financial measures under SEC rules. You can find additional information about these non-GAAP measures and reconciliations to the most directly comparable GAAP financial measures in today's press release and in the appendix of this presentation which are available in the investor relations section of our website. With me today are Bruce Lothers, who joined Paysafe as CEO on May 1st, and Izzy Dotwood, our CFO. While many of you are already familiar with Bruce from his 15-year tenure at FIS, I'm delighted to have him with us on the call today to introduce himself to you directly. Following a few remarks from Bruce, Izzy will discuss our strategic highlights and financial results in more detail. With that, I'll turn the call over to Bruce.

Thanks, Kirsten. Good morning, everyone, and thank you for joining us today. Before I jump into the quarter, I want to acknowledge the ongoing tragic events in Europe following Russia's invasion of Ukraine in February. We are committed to helping our European teammates through this tragedy. Izzy will discuss the impact of the wars having on our results a little later. Having started last week and visiting our major European offices, I appreciate the warm welcome from the Paysafe team and for the trust the Board has placed in me to lead Paysafe at such a pivotal time. I also want to thank Philip for his leadership over the past few years during this time. He not only took Paysafe public, he also navigated the company through the pandemic and laid important foundations for us to build upon. Having been in this role for 10 days now, I'm mostly in listen mode today, but I'm happy to share a few observations and background on why I've joined the company. Coming to Paysafe was a compelling next step in my career and a great fit personally. As most of you already know, I've spent the last 15 years at FIS, most recently as president. I'm grateful for not only my time there, but the wonderful teammates I had the opportunity to work with. While there, I was focused on accelerating growth and modernizing the company to drive the efficiency needed for FIS to compete in today's marketplace. I've always had a strong focus on client experience, innovative products, technology, and sales. ESG is also very important to me and something that will remain at the forefront for us. Earlier in my career, I was involved in a number of startups and consider myself an entrepreneur at heart. I see Paysafe as a pioneer and innovator at the forefront of enabling improved payment experiences for both businesses and consumers around the world with a lot of growth potential to unleash. I was very attracted to the fast-paced entrepreneurial spirit and I believe my experience leading both a Fortune 250 company in the payment space, as well as co-founding startups, positions me to re-accelerate growth in Paysafe. I'm already enjoying the early days of working with the talented and passionate Paysafe team, discussing the opportunities ahead. Before I turn the call over to Izzy, I'll touch on a few highlights for the quarter. First quarter revenue was $368 million, and adjusted EBITDA was $104 million, both exceeding the high end of Paysafe's guidance range for the quarter, including strong performance from the U.S. acquiring segment, which grew revenue and adjusted EBITDA by 10% and 20% respectively. The turnaround of the digital wallet business continues to show early progress while absorbing impacts from FX as well as market pressures in Europe. More broadly across digital commerce, Paysafe continues to demonstrate leadership in North America iGaming, including a successful launch in Ontario's new private market with multiple leading operators. I've been impressed with the overall pipeline as merchants come to Paysafe to access full and end payment solutions. Additionally, Paysafe's expansion into embedded finance is progressing well. and we recently went live with FTX, another leading crypto exchange. I look forward to meeting with team members, partners, clients, and shareholders over the coming months and providing a more detailed perspective of the business on our next earnings call. But for now, I'd like to turn the call over to Izzy to share an update on the business and review of our results for the quarter.