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PIPEs are private investments made in publiccompanies, with no shares offered on the open market. Private equity firms use this method opportunistically to invest in publiccompanies, typically taking non-controlling stakes.
And now looking at our capital structure, please refer to Slide 8. Our net leverage remained low relative to our peers at 3.6 So, on an unlevered basis, we can get a really nice return and you add on the feestructure that we can enjoy as a business. times our annualized adjusted EBITDA.
And instead we focus on those things we can control, namely process improvement, cost leadership, and operating leverage. In fact, we've been able to add nearly 140,000 customers year to date without increasing headcount, which I hope you all agree is a very impressive example of positive operating leverage.
” Visit BMI Merger’s and Acquisition’s Profile “Private Equity and PublicCompany buyers are professionals with years of experience and have many transactions under their belt. We employ a lean business model that makes our feestructure significantly more competitive than traditional M&A advisory firms.
However, to be clear, we did not make any material changes to our feestructure in Q4. And the blended average fee rate that you see reported is simply due to mix shift on our platform. And we maintain corporate policies governing these plans that are commonplace among publiccompanies. Q4 was $375 million, up 12%.
We have saved customers hundreds of millions of dollars by disrupting the traditional remittance industry with a digital-first approach, transparent feestructure, and customer-centric innovations. We introduced you to our flywheel in our first earnings call as a publiccompany. Hey, Vikas. Thanks for taking my questions.
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