Bruce Lowthers: Sure, good morning Tim. Look, this is a highly competitive space. We have lots of competitors in North America, Braintree being one of them. We do run into them in probably most deals that we compete in, but we have a very strong value proposition. We continue to win in this space. Our space for us is led by Zak Cutler and his team, they do an exceptional job highlighting what the value proposition for us is, and they’ve been very successful, as you can see. It’s early days, but we remain very optimistic about our opportunities within iGaming, not just in North America but globally.
Tim Chiodo: Right, thank you. Part of your approach there is you have the wallets and the processing. Would you say that that is the same for them, in other words, do you see the PayPal wallet or button, if you will, being cross-sold in the same way that you might cross-sell the processing capabilities and your digital wallets? In other words, do you see the button for PayPal as much in the online gambling space?
Bruce Lowthers: We do, so I would say when you look at the competitors in our stack, they are probably the most similar to us in value proposition. I think what distinguishes us versus them is when you really think about our VIP heritage with the wallet – they just simply don’t do that, and so we really do stand out. Again, years of experience, years of regulatory experience and fraud experience, so we like our chances competing.
Tim Chiodo: Perfect. If you don’t mind, if I can just–it’s a very quick numbers one, just on the SMB direct portion of the business that you talked about focusing on more in 2024. Can you just give us the most recent contribution to that segment’s revenue from SMB direct? In other words, how big is that portion that you’re going to focus on?
Bruce Lowthers: Kirsten, do you happen to have that?
Kirsten Nielsen: Sure, well for the total company, it’s a little north of 20%, call it 23%, so you can do the math on what that is for merchant solutions. That’s give or take a little bit, depending on the mix each quarter, but I would assume a little north of 20% of the whole company.
Tim Chiodo: North of 20% for the full company – okay, so meaningfully higher for the merchant segment. Okay, thank you.
Bruce Lowthers: Thank you Tim.
Operator: Thank you. Our next question is from Aditya Buddhavarapu from Bank of America. Your line is now live.
Aditya Buddhavarapu: Hey Bruce, Alex. Thanks for taking my questions. A few from my side. Can you just maybe give us a quick update on what you’ve seen so far in Q4? I think you touched upon that a bit on the digital wallet user growth, but much more broadly across the business, what are you seeing so far? Any initial thoughts on ’24? I know you’ve said you have a few things to prioritize, but any initial thoughts on that? That’s the first question, then I can go over the rest.
Alex Gersh: I think in terms of what we’ve seen so far, we keep our guidance unchanged for the year and we’ve highlighted the FX issue, right, which could take us to the bottom end of the guidance, so that’s what we see. We see the business continuing to perform to our expectations, but we need to be mindful of FX. On 2024, at the end of the year when we give you the results for 2023, we will talk about ’24 and give guidance. At this point, we don’t really have anything else to say on ’24.
Aditya Buddhavarapu: Great, understood. That’s clear. Then just going back to iGaming, your volumes grew 50%, I’m sure some of that is driven by your initiatives, but just trying to understand, is that coming through–you know, how much of that is coming through the market versus maybe you’re gaining share from some of the other players there?
Bruce Lowthers: Well look, absolutely – you know, we’re live in 30 states, up a fair amount from last year, but I would again say we’re winning in this market where we’re driving great deals. Obviously adding Fanatics to the portfolio this quarter has been a great win for us. I think the team continues to execute well, but yes, there’s some great tailwinds in this space as well, certainly in North America. I would again just call out it is a small part of our business but it’s growing, and growing rapidly. Ecomm overall is growing rapidly, we feel very good about our ecomm space.
Aditya Buddhavarapu: Great, understood. Then just going back to the midterm guidance, the bridge to that low double digit growth, is that something you think you can do even if, let’s say, eCash or the direct sales in SME and [indiscernible] SMB doesn’t really pick up, or do you think those need to start accelerating as well for you to get to that ’25, ’26 midterm guidance?
Alex Gersh: We’re talking about midterm guidance now, correct?
Bruce Lowthers: Yes.
Alex Gersh: We haven’t at all moved away from the midterm guidance that we talked about – high single digits, low double digits. We still believe that to be the case. There are lots of irons in the fire, some things will work better, some things will not work better, but overall we think that there is–this is still where we are targeting to be.
Bruce Lowthers: Yes, I would just add, I have complete confidence we will be able to get the SMB direct business and eCash business in the right growth profile.
Aditya Buddhavarapu: Okay, that’s clear. Thank you.
