...Rising interest rates and a tighter monetary policy will likely provide a near-term boost for banks deposit demand. As a result, we forecast the company will expand its blended fee-rate and transaction volumes in 2022, with particular strength in its One-Way product where fees are closely tied to bank deposit supply and demand. This will support strong operating performance in the second half of 2022, resulting in healthy 2022 net revenue and adjusted EBITDA growth, and leverage falling to 7.3x from the high-8x area in 2021. We forecast the company will generate at least about $85 million in free operating cash flow before tax distributions, supported by its strong EBITDA margins of about 69% of net revenue and limited working capital and capital expenditure needs. The company's floating-rate debt exposes it to rising interest rates; however, it has hedged about 75% of the nominal value of its debt, which should somewhat offset the impact of interest rate increases on cash flow conversion....
