Paymentus at Wolfe Fintech Forum: Strategic Growth in Focus

On Wednesday, 12 March 2025, Paymentus Holdings Inc (NYSE: PAY) presented its strategic vision at the Wolfe Fintech Forum. The company highlighted its robust growth trajectory and optimistic outlook, aiming for over $1 billion in revenue. While the company is benefiting from innovation and a strong competitive position, challenges remain in maintaining momentum without new client acquisitions.

Key Takeaways

• Paymentus is guiding over $1 billion in revenue, driven by innovation and a competitive moat.
• The company focuses on the non-discretionary bill payment market, ensuring stability.
• Aiming for a long-term CAGR of 20% in revenue and 20-30% in adjusted EBITDA growth.
• Strong momentum from direct sales and channel partners is a key growth driver.
• Paymentus is prioritizing organic growth, with strategic investments in AI, sales, and marketing.

Financial Results

• Revenue and EBITDA are experiencing growth in the high 30s.
• New implementations across various customer sizes are boosting revenue.
• The company is seeing higher average payment amounts with larger customers, increasing revenue per transaction.
• Operating leverage remains high, with a focus on profitability from each client.

Operational Updates

• Post-COVID onboarding processes have been streamlined, enhancing product and hiring strategies.
• The backlog is diverse, spanning utilities, government services, insurance, and more.
• Increased brand recognition is driving organic customer acquisition.
• Investments in sales, marketing, and R&D are prioritized to maintain an innovative edge.

Future Outlook

• Paymentus is committed to a 20% revenue growth target and a 20-30% growth in adjusted EBITDA.
• The company believes it can achieve its guidance without new client signings, relying on its backlog.
• Market growth is driven by same-store sales and the expansion of the IPN ecosystem.
• The company is focusing on transforming interchange from a cost to a revenue opportunity.

Q&A Highlights

• The non-discretionary nature of bill payments offers resilience in challenging markets.
• Paymentus is reinvesting in the business to support organic growth.
• The company is recognized as an industry leader across multiple financial sectors.

Readers are encouraged to refer to the full transcript for a comprehensive understanding of Paymentus’ strategic initiatives.

Full transcript - Wolfe Fintech Forum:

Andrew, Analyst: Okay. We’re here with Dushyant Sharma, CEO of Paymentis and Sanjay Klara, CFO. Thanks for being back. Kicking things off with just a quick look at 2024, Dushyant, we’ll start with you. Fantastic growth, great execution, I feel like accelerating growth throughout the year as well.

Can we just dig into what’s driving that, how the business is scaling and what’s ahead?

Dushyant Sharma, CEO, Paymentis: First of all, Andrew, thank you for having us here. I really appreciate it. I would say it’s a combination of three things. First is innovation, the second is moat and third is momentum. I think what we want to design a platform and the ecosystem that allows us to scale to any vertical or any size of the biller.

And combining that with our IP and ecosystem, the combination of modern next gen platform combining with a next gen network IPN provides a competitive mode for us. And when you combine that with our go to market strategy of phenomenal direct sales team, as well as the channel partner ecosystem, it’s leading to tremendous momentum for the business. So those are the three key factors. And what is that transpiring into is, if you look at our scale today, at midpoint, we are already guiding over $1,000,000,000 in revenue, which means we’ll be processing hundreds of millions of transactions, hundreds of billions of dollars on our platform. So at this scale and combining with our growth, which you thank you for pointing that out last year, All of the from the front end of the business from the pipeline converting to bookings from bookings converting to backlog and backlog converting to onboarded revenue, all of those aspects are driving the success we have had.

Andrew, Analyst: Great. Okay. Sanjay, over to you. I mean, as Dushyant mentioned, wrapped up with high 30s growth, similar growth on the EBITDA side as well, strong acceleration. Looking back, can you just talk about some of the key drivers?

Sanjay Klara, CFO, Paymentis: Well, following the reasons for the growth in the business, as Dushyant pointed out, what we are seeing is the revenues are up. Primarily, that’s our primary metric. And there are a couple of reasons for that. Number one, the new implementations are happening at a good pace and the new implementations are happening for customers which are not only mid size or small size, but even large size as well. So it’s a mix of consortium of different size of customers, different verticals.

So we’re seeing growth in same store sales as well of our existing customers. So all these factors combined together are giving us a very good revenue growth and all that’s converting to profitability because our operating leverage is very high and contribution profits are coming very well as well. Great.

Andrew, Analyst: Okay. So maybe just on the concept of building the business. Dushyant, you build this business from the ground up. Looking at the broader just biller ecosystem today, how has your perspective evolved over twenty one years?

Dushyant Sharma, CEO, Paymentis: A long time actually. I would say, we used to think that there are certain billing companies, especially on the large end of the market, they would be out of reach for most of the third party providers. And we designed a as I mentioned at the top of the call, we designed innovative approach to create a competitive mode, which was focused on creating a technology platform and the ecosystem, which would be very hard for anyone to replicate, including in house service in house teams for regardless of the size of the company. So as a result of that, what we are seeing now is that no company is too large to be onboarded on our platform. And likewise, since we have designed the platform in a very scalable manner, no company or no vertical is too far or too small as well.

So that is what is actually has evolved my views now. We used to think that mid size and the upper mid size would be a pretty good sweet spot, which has been the case for us for a long time. But now seeing the momentum in the large end of the market where folks who are used to doing in house is also leading to a tremendous excitement on our side.

Andrew, Analyst: I know early on you gained traction in utilities in particular. What was unique about that entry point and how has the platform evolved to serve different verticals and industries?

Dushyant Sharma, CEO, Paymentis: I think that was a very calculated approach from our side. We felt that utilities are one of the best fine tuned systems out there, meaning they had to take because of the lack of margins, they had to figure out how to service their customers at the best possible cost, how to send the bills at the lowest cost. And we felt that if we can actually build and drive that customer base onto our platform and make money at it, demonstrate profitability and then retention, growth, all of those aspects which you will want in a great business. If we could do that successfully for utility vertical, we could easily do it in other verticals. And what you’re seeing now is a pretty interesting change.

People used to think that you need verticalized software, where a company dedicated to healthcare, a company dedicated to insurance, company dedicated to utilities and so on, that’s the name of the game. We never believed that. We believe that actually the goal is for a platform, not integrated software company. A platform company is to be available to all size of customers, all verticals. And that is one of the key change we are noticing as well that customers can of all sizes, they want to be at a platform that they know consumers who might be using other providers of other industries on the same platform because they want the experience to be consistent.

Andrew, Analyst: Interesting. And then on the value add for the biller, can you talk about from the biller’s perspective now from this horizontal approach, what’s the value add to them and the biggest advantages that they achieve from adopting Paymentis?

Dushyant Sharma, CEO, Paymentis: I think it comes down to two fundamental principles, I think, from our perspective. One is each billing company is looking perpetually, how can they lower their cost to serve. It’s not about lowering the cost of payment processing alone. That’s not the key driver. It is all the unwieldy processes which are around the payment process, which is what is a key factor for them.

They want to make sure their processes are streamlined, they’re efficient and they’re able to reduce their cost to serve as a result of that. And the second is, in so doing, you want to be able to as a billing company, you want to be able to improve the customer experience as well that it is uniform across all channels. And that’s the point I was making earlier. If I’m making my own household payment, I’m the treasurer or the CFO of an insurance company, for example, or a government agency, but I paid my own utility bill using Paymentless platform, I’m able to now see how that will work in my own ecosystem. So that actually plays a big role for us from that perspective.

Andrew, Analyst: Great. Okay. And then on the topic of implementations and kind of customer mix, any particular verticals you’re seeing more momentum and sort of what’s driving that success into the larger kind of enterprise pillar ecosystem?

Dushyant Sharma, CEO, Paymentis: I think we are vertical agnostic. And from that perspective, I think we feel great about being able to grow each of our verticals. Our all existing verticals, including our oldest vertical utilities and then government services and insurance and others, they all continue to do well. Some of the nascent verticals as well, you saw we announced that we signed deals in education and telecommunication, healthcare, some of those type of things. They’re all growing for us.

Andrew, Analyst: Great. Okay. And then just on the revenue model and pricing, how should we think about just the shifts in revenue per transaction, contribution profit, overall transaction margins as the dynamic has sort of evolved over time, Sanjay?

Sanjay Klara, CFO, Paymentis: Yes, this evolution has happened since the last, I would say, one point five years or so since we started onboarding large sized customers. So the mix shifts, the large sized customers generally have a higher average payment amount. So the average revenue for us increases per transaction. Although that is not the focus of the business, the focus of the business is whatever the revenue per transaction is, how profitable that is, how much is it going to add to the company’s bottom line. Given the operating leverage is very high, we don’t evaluate each customer agreement or each pricing in a very similar way.

They are different depending upon the OpEx we will have. So the evolution which you’ve seen in average pricing in the last one year, it could continue, it could change, it could evolve in a different direction as well as far as it’s profitable and it makes sense for the shareholders as providing the right return to the shareholders. I would say per transaction metric is more of an output of the business rather than an input which drives our business. Great.

Dushyant Sharma, CEO, Paymentis: I think that’s very well said. And I think what I would say is that is one of the key messages we have been trying to communicate to the investor community that look at the business from the way that how we are what the operating leverage of the business is because we are decently scaled business at this point and our ability to size a customer is more around how profitable that customer is going to be for us on the bottom line because we are past at a stage where we are still making investments on the platform huge where we are just we are entering a new vertical, so we are now building massive systems and infrastructure. We have passed at a stage where we are now able to focus on how do we drive profitability from a given client.

Andrew, Analyst: So do you feel on that topic that there’s a lot of incremental investment on the R and D side or more so on the sales and marketing and kind of go to market engine to continue to scale?

Dushyant Sharma, CEO, Paymentis: I think the way we look at it, so from our clients’ standpoint, our clients wants us to continue to maintain the innovative edge we have in the market. And so, we want to continue to make investments and continue to improve. AI is a great example. We are making investments there as well. At the same time, from our investment internal investment priorities perspective, our main focus remains the go to market, the sales and marketing and how do we convert that booking into the revenue, so onboarding there as well.

Andrew, Analyst: That’s a great kind of segue, I guess, into streamlining the onboarding. Can you just talk about what is the kind of newer level of speed implementing customers that you’re experiencing and if that’s sustainable? Obviously, there’s been some bottlenecks in the past post COVID. So I’d love to talk about that evolution.

Dushyant Sharma, CEO, Paymentis: Yes, I would say the COVID presented a challenge, which so let me take a step back on this particular point that if you think about our business is serving non discretionary side of the household economy. So you still have to pay the bills and we saw growth even during COVID for our business, existing clients as well as new clients we were onboarding. What we observed in addition to that was that the onboarding requires collaboration with our clients, especially on the larger end of the market. And since the boardrooms were closed, it affected our ability to have the face to face interactions to whiteboard solutions. We are a pretty simple platform to implement, but pretty sophisticated in terms of the workflows it automates.

So when you look at it from that perspective, you needed more interactions. So that since that is behind us, that’s a tailwind for us now. On top of that, during the process, we started to realize all the different breakage points and how do we make sure that we can make it even our onboarding process more streamlined in terms of product enhancements, onboarding enhancements, as well as all the processes which go along with it and hiring. So we have done all of that. And I think this is a continuously improving process because onboarding will remain a very important part of our business, the only way we recognize revenue.

So we’ll continue to make improvements there.

Sanjay Klara, CFO, Paymentis: Do you

Dushyant Sharma, CEO, Paymentis: want to go ahead?

Andrew, Analyst: I guess, then on the topic of backlog broadly, can you just talk about the mix and how relatively attractive it appears today versus a year ago? I think we talked a bit earlier in the week about just the mix of it that gives you confidence in the growth throughout 2025 trickling in,

Sanjay Klara, CFO, Paymentis: so. Yes, the mix of backlog, I would say, if you see the trends, the composition of backlog is becoming very good. It’s much more diversified. It’s in across multiple verticals. Earlier, it was more dominated, I would say, by utilities as there’s a backbone of the business and it still is.

And now we are seeing spread out across a lot of verticals, even the nascent verticals, which Dushyant mentioned earlier. And at the same time, it’s a mix of various sizes of the clients as well, not just the verticals, but we’ll have small size, mid size, large size, and we are seeing a lot of diversity from every perspective. So we feel very good about the size of the backlog and how it’s getting better and diversified over time. And together with the backlog, I would say the second leg which we have is the pipeline. That also is getting better and better, and that’s also very much diversified.

So we feel very good about the momentum, which we are getting in the marketplace. I think our platform is resonating very well in where we stand.

Andrew, Analyst: Great. Okay. That makes me, I guess, want to ask about the topic of organic customer acquisition versus inbounds and outbounds. How How do you think about just the reach of the customer and where that is coming from today versus perhaps a year ago?

Dushyant Sharma, CEO, Paymentis: I think the name is definitely becoming more recognizable. And we I’ll share an anecdote that we recently were in a conversation with a client who basically said that, hey, I used to pay my utility bills with a third party service provider who we also use internally here and now that has moved to Paymentus and the payer process is more streamlined and we can see it. So it is becoming a lot more prominent. You can imagine how that conversation turns into a lot more sales discussion as opposed to trying to market the capability because they’ve already seen our platform. So we are becoming more pervasive as a company.

As a result of that any and that was our goal. Our goal was anyone who’s making a decision about thinking of modernizing their customer experience, their billing or payment, they think of Paymentus. Once they think of Paymentus or we are on the table, we like our chances. So that was one of our goals. And I think the combination of our financial footprint, our strong balance sheet, our technology platform, our IP and ecosystem, and then if you look at all of that combined with our size and scale, different verticals we are present in, it becomes very attractive to the customers and they want to consider payment, so they are reaching out to us.

We get leads through our website. We are getting calls into our call center as well. And you’d be surprised that it’s not just one would think that when I say some of this, that there is a small company is reaching out or a mid market company is reaching out. That’s changing. And as Sanjay talked about in our prepared remarks, that we’re getting inbound leads at even the large enterprise clients as well.

So we’re very actually proud of that. And frankly, our public company profile helps there as well.

Andrew, Analyst: Great. Okay. I guess that’s also a good segue into this kind of guidance framework of 20% to 30% EBITDA growth, 20% to 30% revenue growth. What kind of led up to the confidence in providing that target and what gives you confidence in it sustaining?

Sanjay Klara, CFO, Paymentis: Well, the biggest confidence comes from the momentum we are seeing every day in our sales and the pipeline and the backlog. That has been our ammunition for what we have performed last year and what we will be delivering in ’twenty five as well. That has been the charge for everything. And that confidence is there. Hence, we are very openly talking about the long term CAGR model, the 20% top line and 20% to 30% adjusted EBITDA dollars growth.

I think they are our primary metrics and we remain committed to them. And this also comes from not only just the backlog pipeline, I would say overall, how our platform is viewed in the marketplace and what kind of leads we are getting, what kind of customers we are getting now, because the customers we are getting now are also evolving. They are themselves growing. So if they grow, inherently, we get the growth as well because our business is mainly dependent on number of transactions and that’s coming better. Our sales same store sales is coming better.

So everything else everything added together gives us the confidence that these numbers we can get.

Dushyant Sharma, CEO, Paymentis: And if I may add to that actually, in this highly chaotic macroeconomic environment we are seeing, I think we want it to be a stabilizing entity. First, our business model is focused on non discretionary side of the economy. People still have to pay their bills. Second, we wanted to be very transparent with our investors that our guidance, the top end of our guidance could be achieved without signing a new client, provided we continue to onboard our clients, the backlog we have. So that when you’re resting your head on the flow after making investment payment as you know that the company actually has a chance a decent chance of success relative to the guidance it has provided.

Andrew, Analyst: Okay, great. I mean, so what’s kind of driving the end market growth? Is it customers paying more bills at said biller? Or is it the biller scaling its customer base? What’s driving the end market growth that is clearly not mature?

Dushyant Sharma, CEO, Paymentis: Both of those, so and some more. So number one, as Sanjay pointed out, that our same store sales themselves are doing very well. And at our scale, that means a lot. So that’s one. And the second point is the adoption of the billing companies, especially at the large end of the market, is becoming is actually helping with our momentum.

The third is our IP and ecosystem where you also have the technology companies or banks and credit unions participating at an increasingly increasing pace. So there’s a little bit of a flywheel effect because more endpoints we have on the originating side, more attractive we are becoming on the biller side. But this is a modern ecosystem, not the old school. So that’s the that’s part of the reason why all of this is actually up for grab in our mind for us.

Andrew, Analyst: I see. Okay. On the topic of IPN, I mean, I remember talking about this three or four years ago. I feel like it’s lost its focus point by or its focal point by people. I’d love to revisit just the topic of the IPN ecosystem and how you would view it, describe it and talk about the opportunity.

Dushyant Sharma, CEO, Paymentis: Yes, I think IPN is really a phenomenal companion to our technology platform and combination of the two leads to a tremendous, very hard to replicate mode for our business. So from our standpoint, when you look at or actually let me speak from a billing company standpoint. I as a billing company want all of my customers across all of my channels, whether you’re walking into a store, whether you are making a payment on the web or you’re using your cell phone, you’re calling call center, or you’re using a mobile app of your bank, you want the experience to be identical. And that is what we have been trying to achieve and that is sort of the nirvana state because as a billing company, then you’re more likely to get less calls to your call center about, hey, where is my payment? What happened to my payment?

And if you can believe it, each of those calls to the call center to a billing company erodes the entire margin for that year from that particular relationship with that particular customer. So it’s very important that the best call is the one which never took place and that is one of the key drivers. So we are seeing all of those aspects play out in combination of IPN. So that is a catalyzing force for us to turn leads into pipeline, pipeline to bookings.

Andrew, Analyst: So that’s growing the partnership ecosystem as well?

Dushyant Sharma, CEO, Paymentis: Exactly. So partnership ecosystem as well where partners look at us as a one of the hardest things to do in payments and has always been is simplifying workflows as part of the payments. And everyone can actually take a Visa or Mastercard payment, generally speaking, but getting all the workflows lined up so that by the time you get to that screen to take the payment and all the processes which downline processes have to take place, they have to be simplified. So from our perspective, all of that turns our partner ecosystem on the IPN side, whether it’s the fintechs or banks and so on, they look at us as a potential partner who can convert their own opportunities into real sales dollars.

Andrew, Analyst: I see. Okay. And on the recent earnings call, you talked about the concept of interchange being a cost today, a revenue opportunity in the future. Can you just elaborate on that as a topic?

Dushyant Sharma, CEO, Paymentis: Yes, I think this is we thought about whether we want to this is a long term strategy for the company, not today, not tomorrow, not next year. But we felt that I think taking the same transparent approach you have taken on guidance, we felt that if we could actually explain our strategy to our investors that this is the long term plan we are pursuing. So, our execution strategy could be well understood and our P and L could be well understood that this could be a pretty significant business, maybe even a unique business than any other company out there, fintech or technology all involved. Meaning, could Paymentus be this company which transforms the SaaS model where you’re hearing Doge talking about companies making buying a whole bunch of licenses and not even using, converting that to a company like Paymentus, which only gets paid per transaction. You only get Paymentus get paid when you use our platform, not before, not after.

So from that perspective, could we be that company which changes all of that? So when I look at from that perspective, we felt that I think our investors should get to appreciate what we are actually building towards. So Interchange is one of the biggest cost center for us, in fact, the biggest cost center. And we think of it that way. And from what we are looking at is how do we convert that vendor cost, if you will, into a revenue center for us.

And the best way to do that is to participate in that economy. And that’s what we were saying that what we will do is long term, it’s not immediate play. Long term, we will look at products and solutions that actually help us get there, participate in the interchange dynamic. Secondly, if we have the interchange flowing through our system, gives us tremendous opportunity to see what payment is being made and how and which cards and what the opportunities of monetization or reduction of cost there are. So we can have better tie in with our partners in that.

Then we can also look at how can we bring more partners into the ecosystem. With the size and the scale of Paymentus, there are a lot of companies who may benefit by participating in our ecosystem and getting their payment methods presented certain way. So we feel like that there is a partnership opportunity there as well. And fourth is, some of it is already taking place in our business is on the outbound side of the payment world where interchange could be monetized. So we feel that all of these combination would lead to part of the interchange converting into revenue as opposed to just remaining as a cost center for us.

So we want investors to look at this is a long term opportunity, not immediate, but you’re banking on a company that over last ten years had grown 30 fold. What the next ten years look like and what the different accelerant could be in the business or at least areas where our profitability will continue to increase with the scale. That is one of the areas.

Andrew, Analyst: I feel like historically there’s some seasonality in that metric just based on how much you’re paying out in certain periods of the year. I feel like that’s been more subdued in the last eighteen months, two years. Can you just talk about that dynamic and how it’s evolved?

Dushyant Sharma, CEO, Paymentis: Yes, I think that still remains. And Sanjay talked about it as well in our earnings call that what happens is when you bring in a large client in different industries, one of the easiest ones to explain is like property taxes. They come in two times. Premium payments might be three or four times a year in bulk, but then they also have monthly payment just like property taxes could be paid monthly as well. So there is some seasonality, inherent seasonality involved in our business.

So the best way to look at us is the overall throughout the year, not specific month to month or quarter to quarter. But you’re absolutely right. In certain quarters, we might have a specific cohort of billers, which may actually drive lot more volume. To your point, it hasn’t been as noticeable for last little while, but it can happen. And that’s part of the reason why we are actually always very thoughtful when we are providing the future guidance.

We are thinking through, well, what if the seasonality doesn’t play out. We rather delight as opposed to apologize.

Andrew, Analyst: Understood. Okay. And then I guess maybe taking a step back on the competitive landscape, just how would you describe it today? Are you seeing direct billers be more aggressive? Sort of where are you taking the most market share?

Dushyant Sharma, CEO, Paymentis: I think we think of the competitive landscape for us actually a pretty sweet spot because of remote. Even I started this company, even I can’t replicate what we have built here at Paymentris. It’s pretty remarkable. It is the technology platform and the ecosystem. So, combination of that actually makes it a little bit easier for billing companies to make a decision many times in our favor.

In terms of the competitive landscape, nothing really major has changed. The other the biggest positive momentum or positive change is that even the in house legacy installed base is also the one which we think of as a competitor. So the and that is one of the key reasons why I think when you’re looking at our business, you should think of it as a very differentiated different business, even though bill payment has this aspect to it that it is not the sexiest thing, if I may use the word. But at the same time, if done right and we are trying to do it right, and it’s a huge market opportunity, it could be a very disruptive growth engine for the business for the industry.

Andrew, Analyst: Correct. Okay, great. And I know that reminds me you made some acquisitions in the last few years, kind of getting into the financial institution space in particular. Can you talk about those transactions that have been made?

Dushyant Sharma, CEO, Paymentis: Yes. And Sanjay, feel free to jump in. I was going to say that on the M and A side, we feel like we have we don’t have any gaps. We got everything what we needed, we have it. We are very fortunate that way.

We have very strong balance sheet and we’re generating cash and growing. And as a result of that, I think we are in a very fortunate situation that we can take a look at we can be very selective and that’s why we haven’t done any acquisition so far or at least in the recent times. But there are more books are available now than they used to be. So we are seeing some change, especially for last little while. So we’ll see how that goes.

But in terms of the transactions, like the acquisition we did do, the banking once and so on, they’re doing phenomenally well.

Andrew, Analyst: Great. Okay. Well, the balance sheet in general is very clean. You have a lot of cash. How do you think about just deploying that and balancing internal investments versus returning capital versus M and A?

Sanjay Klara, CFO, Paymentis: I think you laid all the three out in the order of priority, I would say. So the most important aspect for us is to grow business organically, and that’s where we’ll spend more and that’s where we have been spending more. If you look at over last two years of our cash flow statement, you will see majority of the cash is spent actually invested within the business itself. We are growing and hence we need cash for working capital and that’s the right place to put the cash in. It’s sitting in accounts receivable, it’s sitting in prepaids, it’s sitting in receivables and different kinds of receivables and accounts payable as well.

So working capital is over investment. In fact, last year in 2024, we put in approximately $26,000,000 in working capital itself. That’s the best place for it to be because that’s what’s giving us growth. We as we get larger customers, we would expect the AR to go up and we are not very much inflexible with our customers. We are okay to get payments in thirty days or forty days because all of our customers are really good high quality.

We really don’t have any bad debt risks. So we feel very good about investment in working capital. And the second order of priority to spend the cash would be if we have a good opportunity in front of us, any M and A, as far as it makes sense, is the return on investment is good and we think we can add value to the shareholders. That’s where we will go in. But we’ll be very, very selective and opportunistic in that, not something which we are hard pressed to do.

Andrew, Analyst: Understood. Great. We’ll take some questions from the audience. But kind of we’re all while they’re thinking about that, I mean, the stock’s done phenomenally well in a very challenging market. What’s gone well?

Is there any particular message you would like to get out to investors that we haven’t conveyed today?

Sanjay Klara, CFO, Paymentis: Yes. I think Dushyant covered it. If I had to just highlight one key thing which distinguishes us from, I would say, maybe others or overall why we have such an important place in the in this industry is we deal with non discretionary payments. And that just sets us apart and keeps us well, not convert, every decision is kind of a different decision. But I think we are very well equipped to deal more challenges than what other companies may be.

So I think being in this environment, especially what we are seeing in the current marketplace, what’s happening, I think we stand apart because everybody has to pay their bills. People may or may not spend more on dinners or travel as much, but they definitely will have to pay their bills. So I think that is one of the reasons, Andrew, to your first question which you asked, what gives us so much of confidence in our long term CAGR? That’s one of the reasons as well that this aspect of our business distinguishes us. And that’s the I would say the backbone of our confidence here.

Andrew, Analyst: Great. Okay. Well, this is a great chat. Sanjay, Deshant.

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