Paysafe (PSFE) 2026年第二季度业绩电话会：营收增长4%，聚焦去杠杆

核心要点

• 按报告和有机基准计算，2026财年第二季度营收同比均增长4%，达到4.474亿美元。上半年营收按报告基准增长7%，按有机基准增长6%。
• 调整后EBITDA下降2%至1.028亿美元，利润率收窄150个基点至23.0%，其中包括700万美元的额外营销和IT投资。
• 在北美网络博彩（iGaming）、数据许可和约600万美元应计冲销的推动下，商家解决方案（Merchant Solutions）营收增长6%至2.461亿美元，调整后EBITDA增长28%。
• 受营销支出增加、约400万美元增值税应计调整以及产品组合的影响，数字钱包（Digital Wallets）营收增长3%至2.066亿美元，但调整后EBITDA下降9%。
• Paysafe在第二季度末拥有25亿美元债务，净杠杆率为5.3倍。管理层预计年末净杠杆率为5.1倍–5.2%，并维持3.5倍的中期目标。
• 该公司重申了2026财年营收和调整后EBITDA指引。在客户业务提速、产品发布、季节性体育活动和此前消费者营销投资的支撑下，管理层预计第四季度将是业绩最强劲的季度。

核心财务数据

业务与运营表现

数字钱包

数字钱包交易量基本持平，为66亿美元。在对汇率变动和利息收入进行调整后，营收增长3%至2.066亿美元，有机增长为1%。

三个月活跃用户数增长8%至780万，连续第五个季度实现增长。拉美地区和欧洲的PaysafeWallet引领了这一增长，其中拉美地区的用户增长保持在两位数，该区域业务增长超过30%。

每名活跃用户的交易笔数保持稳定，而由于区域和产品组合的原因，每用户平均收入下降5%。该板块调整后EBITDA下降9%至7490万美元，利润率降至36.2%。管理层表示，扣除增值税调整和300万美元的额外营销投资，利润率本应在40%左右。

PaysafeWallet现已在包括波兰在内的19个欧洲国家上线。在重点欧洲市场加大营销力度的初步成果显示，消费者获取量实现了两位数增长。

商家解决方案

商家解决方案交易量增长5%至373亿美元。在北美网络博彩（iGaming）交易量和额外数据许可协议的推动下，营收增长6%至2.461亿美元，而中小企业（SMB）业务持平。

调整后EBITDA增长28%至5060万美元，利润率扩大350个基点至20.6%。若剔除约600万美元的应计冲销，管理层估计该板块利润率约为18%。

数据许可贡献了第二季度1250万美元的营收。管理层将数据变现视为一种经常性产品机遇，并表示其年化运行率最终可能超过5000万美元。

Clover营收实现两位数增长。管理层报告称未面临定价压力，并强调了增值服务（尤其是贷款业务）带来的额外牵引力。

管理层业绩指引

Paysafe重申了其2026财年营收和调整后EBITDA指引，同时更新了调整后每股收益（EPS）预期，以反映再融资后利息支出的增加。

管理层预计下半年的营收增长将来自三个主要方面：计划中的产品发布和客户业务提速、新项目管线执行，以及当前的运营趋势（如拉美地区的强劲表现和消费者活跃用户数的增长）。

该公司预计下半年运营费用将比上半年减少约2500万至3000万美元。这反映了第一季度较高的信用损失不复存在、营销和IT投资的前置效应，以及运营效率的进一步提升。预计第四季度受益最大。

管理层预计第四季度将是2026财年营收最强劲的季度。7月初的先行指标包括商家解决方案网络博彩业务的更强劲增长、拉美地区的持续增长势头以及三个月活跃用户数的两位数增长。

风险与关注点

• 截至季度末，净杠杆率仍处于5.3倍的高位。管理层将去杠杆化视为近期推动股权价值的核心因素，并设立了3.5倍的中期目标。
• Paysafe预计下半年将支付3900万美元与法律初步和解相关的现金付款。
• 预计再融资将使年度利息费用增加约3000万至3500万美元，其中包括前期费用的摊销。管理层指出，增量现金利息成本约为2500万美元。
• 数字钱包的盈利能力仍受到营销投资、区域组合以及增值税应计调整的影响。
• 钱包业务的增长被Paysafe不太活跃的市场的下滑，以及抽奖活动和加密货币交易的高基数对比所部分抵消。
• 下半年的表现部分取决于计划中的产品发布、客户业务提速、项目管线转化以及预期的成本缩减。

分析师问答环节要点

管理层表示，预期的下半年调整后EBITDA改善得到了营收执行和成本降低的支撑。营收贡献大致划分为计划中的产品发布和客户业务提速、项目管线转化以及当前的增长趋势。在成本方面，公司预计第一季度欺诈损失的冲回和前置投资将推动下半年销售及管理费用（SG&A）按计划实现2500万至3000万美元的改善。

拉美地区正在成为数字钱包增长的重要贡献者，但与整个板块相比规模仍然相对较小。管理层将其毛利率特征描述为介于电子现金（eCash）和核心钱包业务之间，随着PaysafeWallet规模的扩大，有可能进一步接近核心钱包的经济模型。

管理层维持了3.5倍的中期净杠杆率目标。该公司计划将绝大部分自由现金流用于偿还债务，同时继续资助高回报的增长和产品创新项目。

在商家解决方案方面，管理层提到中小企业客户流失率略有改善、同店销售额有所放缓，以及新销售和新产品举措持续保持强劲。世界杯活动超出了预期，但对季度总营收没有产生重大影响。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Greetings. Welcome to the Paysafe Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to Kirsten Nielsen, Head of Investor Relations. Thank you, Kirsten. You may begin.

Kirsten Nielsen

Thank you, and welcome to Paysafe's Earnings Conference Call for the second quarter of 2026. Joining me today are Bruce Lowthers, Chief Executive Officer; and John Crawford, Chief Financial Officer. Before we begin, a 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 SEC reports. These statements reflect management's current assumptions and expectations and are subject to factors that may 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 non-GAAP financial measures. You can find additional information about these 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 on the Investor Relations section of our website.

With that, I'll turn the call over to Bruce.

Bruce Lowthers

Thank you, and good morning, everyone. If you're following the webcast, let's start on Slide 3. The second quarter and first half of 2026 marked an important inflection point for Paysafe. We delivered strong first half revenue growth of 7%, while adjusted EBITDA was essentially flat year-over-year, even as we deliberately increased marketing and IT investment to support the next phase of growth. Just as important, we have now resolved the major inherited matters that have weighed on the company for some time. This summer, we resolved the final legacy overhang from the SPAC through a settlement in principle with the Farzad litigation which involved legal claims brought by pre-SPAC shareholders.

John will take you through the financial implications, but this resolution addresses a significant restructuring expense tied to our indemnification obligations related to this case. We also successfully refinanced a significant portion of our debt. We believe the trajectory of our net leverage ratio is the most important near-term driver of equity value, and we remain focused on reducing leverage as a meaningful value creation opportunity over the next 24 months. Together, these actions put us in a much stronger position to focus on what matters most from here, consistent execution, sustainable growth and disciplined deleveraging.

In our view, the SPAC area is now behind us. We have returned the company to consistent growth, completed the portfolio rationalization and made major rebuilds across talent, technology, sales and product delivery. This is evident through our product vitality index, which is tracking towards 20% for 2026 compared to less than 2% just 3 years ago.

Finally, I want to welcome Naj Atkinson, our new Chief People Officer. Naj brings nearly 30 years of global HR experience, including leadership roles at Hasbro and Dell. She joins Paysafe at an important time as we continue to strengthen our culture, develop future leaders and build on our recognition as one of the 2026 Top 100 Inspiring Workplaces in North America.

Turning to Slide 4. I'll share a few additional highlights on our recent progress. We had another strong quarter with 3-month actives at 7.8 million, reflecting 5 quarters of growth, and we continue to see double-digit user growth in Latin America. While it's still early, the initial results of our incremental marketing spend across priority countries in Europe have shown double-digit growth in consumer acquisitions, which has translated into active user growth in those markets. Across these markets, our World Cup marketing initiatives helped drive customer engagement, acquisition growth and brand awareness. Through brand campaigns, strategic partnerships, influencer activations and targeted consumer offers, we expanded our reach to new audiences and strengthened our acquisition engine. These investments are delivering results today while creating a stronger foundation to drive long-term customer value.

Our PaysafeWallet solution also continued to gain traction in Europe, where we are now live in 19 countries. The recent launch in Poland demonstrates how we can build on the strong consumer trust and adoption of PaysafeCard while extending that relationship into broader wallet experience. By bringing everyday money movement into a single familiar platform, PaysafeWallet increases consumer engagement and expands our opportunity to deepen customer relationships over time.

Finally, as a forward-looking highlight, we're pleased to preview our new partnership with Envision Racing, one of Formula E's most successful and innovative teams. This investment reflects our strategy of building brand awareness, reaching new audiences and fueling long-term customer growth across our priority markets. Formula E is one of the fastest-growing global motorsport platforms with an audience of over 550 million. They attract highly engaged digital native fan base at the intersection of sport, gaming and digital commerce, closely aligning with Paysafe's target audience and existing customer base. Through fan engagement, gaming, rewards and digital commerce experiences, we see an opportunity to introduce millions of consumers to our brands, strengthen customer acquisition and deepen engagement across our portfolio.

More broadly, the partnership demonstrates how we are bringing our marketing and product strategies closer together to create differentiated customer experiences and support sustainable growth. With that, I will turn it over to John to discuss the financial results and outlook.

John Crawford

Thank you, Bruce. Let's move to Slide 6 for a summary of our second quarter results. Revenue for Q2 was $447.4 million, an increase of 4% on both a reported and organic basis. As the FX tailwind in the second quarter was relatively small and last year's business disposal is no longer relevant to the comparisons since we lapped that in Q1. Our Q2 results also benefited from additional licensing data deals, which contributed $12.5 million as we continue to advance our strategy to commercialize data assets. This brings our first half growth rate to 7% on a reported basis and 6% on an organic basis with continued traction across our priority markets and products. This is consistent with the 6-K we issued 2 weeks ago in connection with our refinancing and in line with the expectations we communicated on our last earnings call.

Adjusted EBITDA decreased 2% to $102.8 million in the second quarter and adjusted EBITDA margin declined to 23% compared to 24.5% in the prior period. As we previewed with you on our last call, this included an increase in marketing and IT investment of $7 million in Q2 and an incremental $16 million for the first half of 2026. Turning to cash flow. We generated $45 million of unlevered free cash flow with a 44% conversion of adjusted EBITDA. Q2 is typically a lighter cash flow quarter seasonally, coupled with some timing effects on receivables and capital expenditures. On an LTM basis, unlevered free cash flow was $298 million, an increase of 10% compared to the prior year and reflecting 69% conversion.

I do want to point out that we expect to have a cash payment in the second half of $39 million related to the preliminary legal settlement. As a reminder, on an LTM basis, we had cash outflow of nearly $19 million and significant restructuring expenses of $57 million on the P&L related to our indemnification agreement and the associated legal costs for this case. So, this removes a significant drain on cash flow and the GAAP P&L. Adjusted net income for the second quarter was $23.1 million and adjusted EPS was $0.43, a decrease of 7% as the benefit of our reduced share count was offset by the decline in adjusted EBITDA and other income as well as a modest increase in interest expense.

Turning to the segment results on Slide 7. Starting with Digital Wallets. Volume in Q2 was $6.6 billion, roughly flat year-on-year. Revenue from Digital Wallets increased 3% to $206.6 million with organic growth of 1% when normalizing for currency movement and interest revenue. Growth for the segment was driven by continued momentum and active user growth from both Latin America and PaysafeWallet in Europe. As we expected for Q2, the strong double-digit growth in these areas was partly offset by a decline from rest of world markets in which we're largely not active, coupled with short-term grow-over effects in certain subverticals such as sweepstakes and cryptocurrency trading, which were relatively strong in Q2 of last year. 3-month actives increased 8% year-over-year, again, led by strong growth in Latin America and PaysafeWallet in Europe.

Transactions per active user was stable year-on-year and average revenue per user decreased 5%, with both metrics influenced by the regional and product mix, including the strong growth from LatAm. Adjusted EBITDA for Digital Wallets was $74.9 million, down 9% year-over-year, and adjusted EBITDA margin for the segment was 36.2%, reflecting higher investments in consumer marketing, a VAT accrual adjustment related to distributor commissions and product mix. Without the VAT adjustment, which was approximately $4 million and the increased marketing investment of $3 million, adjusted EBITDA margin for the segment would have been about 40%.

Turning to the Merchant segment results. Volume increased 5% to $37.3 billion, resulting in revenue of $246.1 million, an increase of 6%, driven by iGaming volumes in North America and the benefit of additional data licensing deals, while the SMB business line was flat for the quarter. Adjusted EBITDA for the segment was $50.6 million, an increase of 28% and adjusted EBITDA margin for the segment increased 350 basis points to 20.6%, reflecting favorable mix as a result of the licensing deal and the release of a previously recorded accrual that was resolved during the quarter. Normalizing for the accrual release of approximately $6 million, the segment margin would have been around 18% for the quarter.

Turning to Slide 8 for a summary of debt and leverage. At the end of the quarter, total debt was $2.5 billion, down $106 million versus Q4, mainly reflecting net repayments of $79 million as well as FX fluctuations which reduced total debt by $34 million. Our net leverage ratio was 5.3x at quarter end compared to 5.5x at Q4. And now factoring in the preliminary legal settlement and the debt refinancing fees, we expect to end the year with net leverage in the range of 5.1x to 5.2x.

Lastly, on the right-hand side of this slide, we've included a supplemental cash walk in response to investor interest in better understanding our own cash balance. This separates Paysafe's own cash from customer accounts and other restricted cash, which is not available for general corporate use, making own cash the relevant measure for tracking net debt and leverage. Additional details for this walk are included in the appendix.

Let's turn to Slide 9 to cover the refinancing. We are very pleased to have completed this transaction, which underscores our prudent approach to managing the balance sheet and liquidity. The refinancing extends our debt maturity profile, refinances a significant portion of our capital structure and upsizes our revolver while supporting our priorities to invest in the business and reduce leverage over time. We were also pleased with the reception in the market. Beyond the strong support from our existing lenders, we attracted a number of new bank and lender relationships as part of this transaction, pointing to confidence in the business from the debt community.

Turning now to our full year outlook on Slide 10. We are reaffirming 2026 guidance for revenue and adjusted EBITDA while updating adjusted EPS to account for the refinancing. including the incremental interest expense in the second half. I will also note that next year, on a cash basis, the incremental interest expense is largely offset by the removal of the lawsuit indemnification costs I spoke about earlier. As for cadence in the second half, we expect revenue growth to be supported by continued traction across our priority markets, growth from recent client wins and continued delivery on our product priorities. We expect Q4 to be our strongest quarter of the year, consistent with the seasonality of the business and key sporting events, coupled with the benefit of the targeted marketing investments we have made on the consumer side.

The business trends over the course of June and our early read on July's data support this outlook, including higher growth in iGaming from Merchant Solutions, continued strength in Latin America on the consumer side and double-digit growth in 3-month active users in July. Turning to SG&A. We expect roughly $25 million to $30 million of reduction in operating expenses in the second half compared to the first half. This reflects the elevated credit losses in Q1, the front-loaded marketing and IT investments as well as some additional operational efficiencies. Putting that together, our full year outlook is intact, and we're focused on strong execution in the second half to build momentum for 2027.

Now I'll turn the call back to Bruce for closing remarks.

Bruce Lowthers

Thank you, John. To wrap up on Slide 11, the message is straightforward. With the refinancing complete and the significant litigation matters resolved, we are entering the next phase of Paysafe's evolution from a stronger position. Sustainable growth and continued operating excellence remain essential. They generate the free cash flow that funds deleveraging, which should ultimately support a higher valuation multiple. A simple illustration, we believe every $200 million reduction in net debt, holding all else equal, equals to roughly $3 to $4 per share without multiple expansion. But for shareholders today, we believe the pace of deleverage is the primary value driver. Our capital allocation priority is therefore clear, generate strong free cash flow and direct the substantial majority of it to debt reduction while continuing to invest in the high-return initiatives that support growth and product vitality. With that, John and I are happy to take your questions.

Operator

[Operator Instructions] Our first question is from Matthew Inglis with RBC Capital Markets.

分析师问答

Matthew Nakajima-Inglis

This is Matthew Inglis on for Dan Perlin at RBC. Can you just walk us through some of the factors that give you confidence in the second half adjusted EBITDA ramp? In the past, you've talked about a portion of that second half ramp coming from new products being rolled out in the back half of the year. So I'm just curious if that's still on track.

Bruce Lowthers

Yes, Matthew. I'll let John walk you through -- the walk for the back half of the year. But yes, we remain confident in our NPI, our vitality index is tracking as we expected, but I'll let John walk you through the mechanics.

John Crawford

Yes. I think of it as 2 components. The second component is cost. I'll do that second. On the revenue side, think of it as roughly 1/3, 1/3, 1/3 between scheduled launches and ramps. So products that are on launch schedules, customers that are signed and active and ramping. And then 1/3 of pipeline, which is new sales, new execution forward ramp and then 1/3 of current trends, which is the things we're seeing that we highlighted from July, continued strength in LatAm, continued robust consumer active growth and so forth that are ahead of what we expected. And then the other piece is on the cost side.

So, we had some substantial fraud losses in Q1 and front-loaded marketing and IT investments. Those combined to about $26 million, and that's roughly how we get to our $25 million to $30 million of SG&A-related improvement in the back half of the year. Q4 should be the largest beneficiary if you're thinking about the shape of that SG&A, where we'll be coming out of the year in Q4 at a run rate that's substantially below the full year SG&A number and probably below 2025's SG&A number on a run rate basis.

Matthew Nakajima-Inglis

And just as a follow-up, on the Digital Wallet side, how much of Digital Wallet growth is now actually coming from LatAm at this point? And as that LatAm portion of the Digital Wallet business increases, what does that mix do to the margin profile?

John Crawford

It's a meaningful piece, but LatAm is still -- remember, it's still relatively small. So even with LatAm growing north of 30%, you're talking about a P&L that's north of $100 million against a multi-hundred million dollar overall P&L. So it's impacting, but it's not the only source. The second comment is the gross profit profile in LatAm is very much in line with the -- I'd say, the overall segment margin. It's lower than the core wallet solutions and much more in line with kind of in between the 2. Some of it looks a little more like eCash, some of it looks, obviously, the PaysafeWallet solution as it ramps and gets to scale, ought to look and feel more like the core wallet businesses. But I'd say today, it's in between the eCash and core wallet business from a gross margin standpoint.

Operator

Our next question is from Jamie Friedman with Susquehanna International Group.

James Friedman

I appreciate the incremental disclosures and these slides are really helpful. Like this cash walk on Slide 8. But John, if you could just walk us through what the interest expense obligations look like going forward versus what they were previously. Am I reading this right that there's a $30 million to $35 million step-up in interest expense going forward? Or am I oversimplifying it?

John Crawford

You are reading it correctly. Thank you. And that number, probably obvious, but that number includes some amortization of upfront costs and that sort of thing. And so that's why we also, on Slide 9, tried to clarify the -- roughly the cash increase in interest costs. So in simplest math, if we did all of the term loans without a stub with a plus or minus a 200-basis point increase in spread, we would have been looking at about $30 million all in. We've got a stub that's going to continue to run here at the lower rates. And so that's how we get to the roughly $25 million of incremental.

James Friedman

And then your math, Bruce, is interesting on the equity -- the value that accrues to equity from the debt reduction. So do you have long-term objectives in terms of that 5.1 ratio -- net leverage ratio that you're targeting for year-end?

Bruce Lowthers

Thank you for asking that. So it was a question that came up often during the lender process. Our midterm goal is 3.5x net leverage.

James Friedman

And is there anything that's changed in that relative to -- I know the Analyst Day is a long time ago, but relative to -- I mean, is that up or down from any other previous message that you might have articulated? Or is this the same?

John Crawford

I think I would think of it as about the same. I think the difference, Jamie, is we're really focused on a few other things now than that. And I think that's the messaging we're trying to make clear. I think with Bruce's algorithm at the end of the call, we think -- and certainly at today's stock price, there's a lot of value we can drive without multiple expansion, just paying down debt and growing EBITDA by about the same amount that we're trying to grow EBITDA this year and without doing anything fancy. So that's -- I think that's why we're trying to get that messaging really clear externally as well as internally.

Operator

[Operator Instructions] Our next question is from Timothy Chiodo with UBS.

Timothy Chiodo

I was hoping we could take a little bit of a deeper dive into the 5% Merchant Solutions volume growth and break down some of the components broadly speaking. So the contribution coming from newer customer additions of the new cohort, particularly with some of the sales efforts, there would be a same-store sales component and then, of course, a churn component. And then for this quarter in particular, particularly at the latter part of the quarter, there was the iGaming bump from the World Cup. And I was hoping you could just quantify what that might have contributed to the 5% alongside those components.

Bruce Lowthers

Thank you, Tim. So we have a -- I don't know if we put a walk in the slides, but we have that general walk Tim that we've used before. So you saw on the SMB side, a slight improvement in attrition. You see a little bit of a slowdown in the existing customer same-store sales category. And then you're still seeing strong growth in the new sales and NPI initiatives. So really kind of in line generally with what we had forecasted previously and consistent with what our expectations have been in that space. So no real changes there.

I think in regard to the World Cup, World Cup was successful, exceeded what we had from an expectation perspective in Q2 and candidly into Q3. I think for us, that is just a small piece of our total revenue stream. When you look at sports betting as a whole, it's just a small component of what we do. So while it exceeded our expectations, I don't -- it doesn't drive a material impact in the quarter.

Timothy Chiodo

No problem. And just we didn't talk about Clover too much, but is there any just broader update you could give on your Clover trends or if there's anything changing there from either a pricing or competitive aspect or potentially any comments around Clover capital traction? Any kind of a broader update around the Clover portion of your business would be appreciated.

Bruce Lowthers

Yes. For us, Clover is still doing exceptionally well. It's a great product, does very well in the marketplace. We're not seeing any pricing pressure candidly. Our Clover revenue is really up double digits. So we feel very strongly about the continued success of Clover leaning into that. I think one of the questions that did come up in the lending process was just pressure around pricing of the point of sale. We don't see that. As Tim, you know, we buy in bulk. So that kind of offsets probably any current pricing narratives. But right now, we feel very good about Clover and what it's doing. We also see some nice lift from the value-added services. So especially the lending product has done exceptionally well. So I feel very good about Clover and our relationship with Fiserv.

Operator

[Operator Instructions] Our next question is from Leah Rosenstein with Susquehanna.

Unknown Analyst

So my question is, could you guys maybe quantify the licensing revenue I discussed and by that I mean, like what was that from? And do you expect these to recur?

Bruce Lowthers

Yes. So I think we've covered that. So in the past, we have started a variety of new product initiatives, which we categorize under a vitality index. Data is one of them. We have access to a tremendous amount of data, both on the merchant and consumer side. And we began about 18 months to almost 2 years now ago, building out a data foundation layer that allows us to monetize the data in a variety of ways. One, internally, we use it for algorithms on attrition and fraud, customer engagement. And so, we drive a lot of value out of the data infrastructure that we've built. And then about a year ago, we get to the point where we could start monetizing it as a product.

As I've said before, we anticipate this is going to be a revenue stream for us going forward. And over time, as we build this new product, we think it will be north of a $50 million kind of annual run rate product for us, is probably our initial thoughts on it, maybe a little bit more as we get into it and really start uncovering what the true values are around the consumer side of the data. Hopefully, that helps you.

Operator

[Operator Instructions] We have reached the end of the question-and-answer session. I would like to turn the floor back over to Bruce Lowthers for closing comments.

Bruce Lowthers

Thank you. Look, to summarize, we delivered second quarter results in line with expectations and first half growth of 7% continues to reflect solid progress across our priority markets and products. We've also taken important steps to strengthen the balance sheet. The refinancing of our term loans and revolving credit facility extends our maturity profile to 2030 and increases the financial flexibility while preliminary resolution of our major legacy litigation removes significant overhang. These actions leave us with a more resilient capital structure and clear strategic foundation. We remain focused on disciplined execution, continued deleveraging and durable growth opportunities as we look ahead.

I want to thank the team for their work with the refinancing and also with the litigation resolution. It's been a really busy second quarter to say the least, and truly appreciate everyone here at Paysafe and the work that they put in to get us to this point, closing out our SPAC era. So, thank you very much for joining the call today.

Operator

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.