Call is being recorded. I'll now turn the conference over to Anthony Gerstein, Vice President and Head of Investor Relations for Nuvei. Please go ahead, Mr. Gerstein. Thank you, operator, and good morning, everyone, and thank you for joining us. With me today are Phil Fayer, Chair and CEO, and David Schwartz, Chief Financial Officer. As a reminder, this conference call is being recorded and webcast and is copyrighted property of Nuvei and rebroadcast of this information in whole or in part without written consent of Nuvei is prohibited. This morning, Nuvei issued a press release announcing financial results for the three months ended March 31, 2021. The release, as well as an accompanying presentation, are available in the investor relations section of the company's website, nuvei.com, under Events and Presentations. During this call, we may make certain forward-looking statements within the meaning of the applicable securities laws. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the business or developments in Nuvei's industry to differ materially from the anticipated results, performance, achievements, or developments expressed or implied by such forward-looking statements. Information about the factors that could cause actual results to differ materially from anticipated results- and are raising our financial outlook for 2021. This exponential growth we're experiencing is driven by a number of factors, including geographic expansion, product innovation, growing wallet share with our existing customers, as well as new client wins, all of which is supported by the natural tailwinds of the industries we serve. Our focus verticals include online gaming, social games, online retail, global marketplaces, suite of alternative payment methods today, which are required table stakes when merchants want to connect with customers in geographies with low card utilization. In terms of expanding our acquiring coverage in the quarter, we launched local processing solutions in Argentina, Chile, Peru, and Ecuador, while expanding our acquiring capabilities in Brazil, Colombia, and Mexico. We now provide local acquiring in 44 markets, up from 35 at the end of 2020, which provides us with great- The first, Mazooma, is a top account-to-account payment provider in the U.S. online gaming and sports betting market. The acquisition will bolster our alternative payment portfolio with a leading ACH platform, encompassing both pay-in and payout functionality developed for online gaming in the United States. Mazooma's real-time account validation allows for single-click experience and seamless checkout, effectively transforming the online betting experience, and is more favorable and convenient to both customers and operators due to low credit card acceptance rates. Mazooma recently launched real-time withdrawals to that support compliance and operational infrastructure to address merchant requirements in any regulated U.S. state. Our second most recent acquisition announcement was last week's agreement to acquire Simplex, a payment solution provider to the cryptocurrency industry. Simplex will expand Nuvei's capabilities to offer bespoke AML/KYC solutions, transaction guarantee solutions, and value-added services to 190 liquidity providers and partners. This results in higher conversion rates when end users buy or sell digital assets like cryptocurrencies or NFTs. In addition, the acquisition will provide Nuvei with an EMI license and offer IBAN capabilities to end users and merchants, which opens up potential opportunities like banking-as-a-service. Importantly, both of these acquired capabilities through Mazooma and Simplex are relevant to all of our focus verticals, and we believe another great opportunity for us to help our customers connect with theirs. We are really excited about these pending acquisitions, which will expand our capabilities, expand our reach, and capture more of our customers' wallet share. Please note that neither acquisition is included in the financial outlook we are providing today. Before I turn over the call to Dave, I want to reiterate how incredibly pleased we are with our results, which are being driven by the execution of our strategy. We're excited about how we're positioned as a company for the opportunity ahead of us, and as always, we believe we are still very much on the ground floor. It is a team effort, and I want to recognize and thank all of my colleagues who contribute to our success each and every day. You guys are rock stars. With that, I'll now turn it over to Dave to discuss the financials and our updated outlook for 2021. Thanks, and good morning, everyone. We are very pleased with our first quarter results. These results are a testament to our business model. We are at scale from a volume perspective, we are experiencing strong growth, our business model has operating leverage, and our vertical diversification and focus results in stability, resiliency, and predictability of our results. For the first quarter, total volume increased 132% to $20.6 billion from $8.9 billion in the first quarter of 2020. E-commerce volume was approximately 87%, representing a sequential increase from 80% in the fourth quarter. Revenue in the quarter increased 80% to $149.9 million, from $83.2 million in the first quarter of 2020. Gross margin in the first quarter was 80.7%, compared to 81.8% in the first quarter of 2020. Adjusted EBITDA increased by 97% to $65.5 million in the first quarter from $33.3 million in the first quarter of last year. Adjusted EBITDA margin was 43.7% in the quarter, compared to 40% in the prior period. Net finance costs decreased by $27.5 million in the first quarter compared to Q1 of 2020. This is mostly as a result of paying down long-term debt in September 2020, with the proceeds from the IPO. Net income for the quarter was $27.8 million, or $0.19 per share, compared to a net loss of $62.3 million or $0.74 per share in the first quarter of 2020. Adjusted net income was $51.2 million, or $0.35 per diluted share, compared to $9.8 million or $0.11 per diluted share in 2020. Operating cash flow in the quarter was $53.4 million, which represents a 17% sequential increase from the fourth quarter of 2020. Looking at our balance sheet at March 31st, 2021, our cash balance was $144.5 million, while loans and borrowings, including lease liabilities, was $212.6 million. Turning now to our financial outlook, and which I'll refer you to our forward-looking information disclosure. For the second quarter, we expect total volume of between $21 billion and $22 billion. Revenue of between $153 million and $159 million, and Adjusted EBITDA of between $66 million and $70 million. Based on our first quarter performance, as well as the continued momentum in the business, we are increasing our full year 2021 outlook as follows: total volume of between $83 billion and $89 billion, revenue of between $610 million and $640 million, and Adjusted EBITDA of between $264 million and $277 million. I'll reiterate that our financial outlook for the year does not include any contribution from US online gaming, nor the pending acquisitions of either Mazooma or Simplex. We will now take your questions. Operator, please open the lines for Q&A. Thank you. At this time, we will be conducting a question and answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question is from Sanjay Sakhrani with KBW. Please proceed with your question. Thanks. Good morning, and great results. Phil, you mentioned a number of reasons for your improved outlook. Maybe you guys could just drill down a little bit more and rank order what's driving the positive sources of upside, and, and maybe also include the impact of the acquisitions of Smart2Pay and Base. Thanks. Sure. I'll take the first part, and I'll turn it over to Dave for the acquisition of Smart2Pay and Base. You know, I think you unpack it, the first thing is to understand the verticals that we operate. They have inherent growth, and they have a lot of tailwinds, and naturally, as being part of those verticals, we end up growing with our customers. The second part is our expanding geographies. As we add more geographies, our ability to enable our customers in those geographies are naturally driving growth for us. Our continuous rolling out of new technology and new features and new enhancements, and I mentioned a few of them just a few minutes ago, and then naturally, the acceleration of new sales. This has been an area of investment for us and something that we plan on accelerating and bringing forward 2022 investments into 2021. But we are seeing significant momentum, both from, you know, discussions, active conversations, and merchants actually integrating and going live. In fact, when we look at Q1 this year versus last year, we're about three times higher in our e-commerce implementation queue. So really, really exciting for what we're seeing, and naturally, it's driving the output that you guys have witnessed today for Q1. Hey, Sanjay, it's David. On the, from a, from an acquisition perspective on the acquisitions, you know, those are smaller acquisitions, of course, meaningful from a capability perspective. I think the way that you may want to think about it, just on a pro forma basis, our volume grew year-over-year by 53% pro forma, including those acquisitions, and from a revenue perspective, the pro forma growth was about 44% year-over-year. So really strong growth, even considering the acquisitions. Got it. Great. And just one follow-up on Simplex. Obviously, a very interesting acquisition. Seems like you're getting a couple of capabilities. One is the crypto, the other is some of these issuing capabilities. Maybe you could just talk about sort of how you see building that out, and then the really strong growth rates, the 400% anticipated in 2021, how sustainable are those? Thanks. Yeah, great question. So, you know, if you think about Simplex, they're fully focused on the fiat side, right? They're not necessarily touching crypto. You know, they focus on three key areas, the DeFi, you know, enabling NFTs and enabling, you know, liquidity providers out there to connect with their customers using their advanced AI and fraud tools from a guarantee perspective. And really, that's how they've integrated to about 190 different customers. And they're providing a very single set solution stack, which we think naturally we can expand, both from purely just fraud services to our full stack of payment capabilities. So there's quite a bit of opportunity from our capability back to Simplex. On the reverse side, you know, Simplex has been innovative in providing IBAN services, both to their liquidity providers as well as the customers, really driving down settlement time and opening up, you know, significant opportunities, on both from the customer perspective and the merchant's perspective, and we think that is a very compelling roadmap for our overall customers. And then naturally, you touched upon it, issuing, they are, a member of Visa and they have issuing capabilities. This is something that has been on our innovation charter for a while, and we think it's very relevant to our overall businesses and the merchants that we're servicing today. So we, we think that that is a, a something that's very compelling. We haven't actually defined it just yet, but we know that there's a, there's a significant demand to enhance our payout business with issuing. Okay, great. Thank you. Thank you. Our next question is from George Mihalos with Cowen and Company. Please proceed with your question. Great. Good morning, guys. Let me add my congrats as well on another great quarter. Wanted to follow up a little bit on Sanjay's question, just to apologies in advance for sort of a multi-part question, but can you size for us the Mazooma and Simplex acquisitions, realizing that that's not in the guide today? And then, you know, digging into them a little bit more, Mazooma here in the U.S., you know, so by how much does that sort of accelerate your push into U.S. gaming? I assume now you've acquired a number of iGaming customers through it. And then with Simplex, or more broadly on crypto, the ability to transact with crypto for your merchants, I'm curious, where are you seeing demand from that? Is that broad-based? Is it more geographic? Just any sort of sense you can give us around that. Thank you. Sure. I hope I remember all your questions, George. I'll start with the first one for Mazooma. You know, we really like the folks in Mazooma. I think their account-to-account capabilities are unique, and it's a truly an enhancing experience for people that wanna pay via ACH, and it's enhancing the experience for the operators that typically had check guarantee and high cost of check guarantee. So we actually think Mazooma's Plaid- powered capabilities for real-time account validation, and then couple that with, you know, their innovation around real-time payments, is highly complementary. So today we're able to approach, you know, the operators with credit, debit, our cashier, our authorization enhancement tools, you know, a variety of ACH capabilities, from standard ACH to guarantee to account to account. So we really cover ultimately what the operators need from a full capability stack, both pay-in and payout, fully reconciled and, you know, deposited. We look at Mazooma, and it accelerates our position because naturally they're integrated to all key operators in the United States. And more importantly to that, I think that they're just at their initial inflection point. So combined with our distribution and our focus and expanding our product mix, we think we have a very, very strong value proposition to merchants operating in U.S. gaming. But it also takes a little bit further, right? When you think about social games or marketplaces or other. You know, today, with Mazooma and our overall capabilities, one-click payment can go all the way from, you know, paying with your credit card down to paying with your bank account. And we found what's interesting is folks, folks remember their, their, their bank account, username and password much faster than credit cards. So each and every opportunity that customers prefer to pay with is now supported. So we're really excited about enabling Mazooma within our own ecosystem. We're really excited about using Mazooma as a platform for expanding our reach from an acquiring standpoint and value-added service standpoint. And we think the logic for us, coupled with Base, provides, you know, an exceptional value proposition to, to the operators in the U.S. I think your question around crypto is really interesting. You know, and we talked about this last time. We find that, that the digital revolution has begun. We're firm believers of it. We really look closely at what sphere and where we want it to participate, and we are remaining solely on the fiat side, but we wanna help with the on-ramp and off-ramp. Ultimately, when you think about where we wanna sit, we wanna, on one end, help our customers be able to sell to their customers at any form of payment that the customer so chooses to pay with. So it was a natural mix to add cryptocurrencies into our overall capabilities. We enable the fiat collection, and we will use third-party partners to convert that into crypto. We remain solely on the fiat side to help with both pay-ins, meaning to be able to collect, to help with payouts, meaning being able to pay in real-time commissions anywhere around the world. And then naturally, something that we're keenly exploring is how can we help from a settlement perspective? On the Simplex side, it gives us access to every major liquidity provider there, and that is, when you look at our capabilities, bringing it back to Simplex, there's a significant amount of opportunity for us to capture, you know, continued growth within the sphere. Where it's happening around the world, we're seeing about 50%, you know, in some of the key countries like Europe and the United States. Simplex is not yet into the U.S. We do believe that the combination of Mazooma's capabilities into Simplex will also be very, very compelling. But when you end up looking at overall, naturally, Simplex operates around the world, and that capability that we offer to them is actually quite a nice fit from our overall breadth of geographies that we support to where they operate today. I think I got all of your questions, George. You tell me if I missed one. The only one is if you guys can size those two acquisitions, and then I'll hop out. I know I had four or five in there, so thank you. So Mazooma is early stage, non-material, but lots of opportunity. Simplex, we did disclose the volume growth. Simplex did about $500 million last year in enablement. This year, they're tracking towards $2 billion. I think we're living at that, Dave. If there's anything else that we disclose, I'll turn it over to Dave. No, that's right. I think that's $2 billion of volume for 2021 for Simplex. Okay. Thanks, guys. Congrats again on the results. Pleasure. Thank you. Our next question is from Jason Kupferberg with Bank of America. Please proceed with your question. Hi, good morning, guys. This is Mike filling in for Jason. Thank you for taking my question and echo those comments on the nice quarter there. So it looks like the implied EBITDA margins at the midpoint of your revised outlook for the year are about a full point lower than your prior outlook. Just wondering what dynamics are driving this? Yeah. Hey, Mike, it's David. So it's really about, you know, the growth that we've seen, the success we've seen, and the investments we're making. And, we're basically gonna bring forward some of the investments that we planned for 2022, specifically as it relates to direct sales. We're gonna bring those forward into the second half of 2021. So it's really about, you know, because of the success, we're gonna continue to reinvest. Nothing structural here that should cause any concern. It's really just, let's reinvest back into the business to drive growth and continue the success we're having from a market share perspective and an expansion perspective. Of course, technology, too, is part of that investment, but I'd say that's kind of the way to think about the margin differential from the previous outlook to the current outlook. Got it. That, that's very helpful. Just a quick follow-up from me. So, again, going back to, you know, the take rate here, it looks like it's going to stabilize around these levels, for the balance of the year after the initial step down from, you know, I presume, the lower yielding Base Commerce volumes coming on board. How should we think about the spreads from Mazooma and Simplex? I know they're gonna be relatively small initially, but just wondering, you know, what those spreads look like relative to, you know, your existing take rate. Yeah. I wouldn't, you know... We think about take rate as an output, you know, and we're really more focused on the inputs. Both Simplex and Mazooma bring tremendous capabilities. Phil just outlined them. And they're really gonna be additions to our capability stack. We're gonna be able to kind of offer across our key verticals. So really, it's a capability play that we're bringing to the table, and we think they're gonna drive incremental gross margin and gross profit dollars, which will, you know, over time, drive EBITDA margin as well. Got it. Thank you for taking my questions. Thanks, Mike. Thank you. Our next question is from Matt O'Neill with Goldman Sachs. Please proceed with your questions. Hey, hi, good morning, gentlemen. Thanks for taking my question. A bunch of my questions have been asked and answered about the two acquisitions. I guess, just to be clear, I think you guys just pretty much answered it, but both are essentially spread-based businesses, though. Is that correct? I guess maybe to clarify from like a revenue model standpoint, it's gonna be a yield on a volume process basis over time? Yeah. It's—they're both very similar to our core, to our core business. They fit very well from a, you know, payments perspective. So it's volume generated, as well as, you know, the, the yield that we'll generate on those and of course, the gross margin dollars that we'll, that we'll bring. So yeah, it's, it's very similar to the core business, Matt. Got it. If I could just add, Matt- Maybe just a follow-up. Oh, sure. Thanks, Phil. Just add on that. Remember, right, it's they're single thread, right? So as Nuvei brings more capabilities, there's a significant opportunity to expand wallet shares, and Mazooma today is just account to account, where we can expand that, and Simplex is just fraud services, where we can expand that as well. So it's not linear to what they have. It's gonna be what we can bring as our own capabilities and vice versa. Got it. That's helpful, Phil. Thank you for that. And just from a follow-up perspective, you guys have shown really impressive and consistent improvement in the percentage of the volume since we started talking at the time of the IPO to now th at's sort of e-com generated up to 87%. So just curious, as we start to think about 2Q and comping some of the tougher or probably toughest COVID quarters for brick-and-mortar, would you expect that to level off or even retreat a little bit as some of the legacy brick-and-mortar business sees you know year-on-year you know comp improvements? I think because we're, like you said, we're almost 90%, you know, 87% e-commerce, I think the brick-and-mortar has a smaller and smaller impact, and that'll continue to be the case as we roll forward and grow the e-commerce side of the business. I would say that, you know, looking at the outlook we gave and looking at the pro forma growth that we achieved in Q1 and even going back to Q4, it's been relatively consistent. In fact, it's accelerated in the current quarter from a pro forma perspective, significantly. So I think that, you know, that those pro forma growth rates are the ones you should think about on a kinda near-term basis, Matt. Okay. Yeah, no, that's helpful. Thanks a lot, guys. Thanks, Matt. Thank you. Thank you. Our next question- Customer growth and part new merchants. Within the existing piece, there's a same-store sales component, and then there's a wallet share component. I mean, right now it seems like all of those components are doing quite well. When we think about your growth algorithm in the future, can you just talk about the contributions you might expect from some of those? What might be some of the bigger portions, how we should think about that same-store sales growth? Y eah, it's a great question. You know what's different about us, Tim, is the same-store sales is not, it's not linear like you have for U.S.-based acquirers. Because in our case, as we add new markets, it allows us now to grow with our customers in those markets. And so we're certainly coupling that with marketing, local language support, local solutions engineers, and local sales folks to continue executing on enabling Nuvei in those markets. All right. Excellent. Thank you for taking both of those. Thanks, Tim. Thank you. Our next question is from Ashwin Shirvaikar with Citi. Please proceed with your question. Thank you. Hi, Phil. Hi, Dave. Good quarter. I wanna go back to sort of the e-commerce discussion, because obviously, and we've talked about this before, not all e-commerce is equal. So I was hoping perhaps you guys could provide some structure or help around what part of your e-commerce revenues are, let's say, more economically sensitive and can benefit from a rebound versus secular. You know, does that make sense? Yeah, it does. You know, I think the highlight here is that when you think about our gross profit, we're well diversified. So, you know, approximately no vertical is more than 20% of our gross profit. Many of these verticals are seeing tailwinds because of the environment, and we talked about that. I think verticals that have been more status quo are B2B-enabled verticals. But from our standpoint, when you look at e-commerce, certainly you have the extremely high growth verticals. You have verticals that were under-penetrated today, that we're making investments and certainly driving to a lot of growth opportunities for us. And then you have the more small business traditional. But Nuvei focused on, you know, typically large and enterprise merchants today from our global e-commerce capabilities, and many of the net new wins are, you know, clearly in high growth verticals. I would say the ones that have experienced more... I would say smaller levels of growth would be the B2B vertical for us. Got it. And the follow-up question on M&A is, what sort of leverage are you comfortable with, you know, between Mazooma and Simplex going to spend? I believe, 300, a little bit of $300 million. And so where does that take you in terms of leverage? What are you comfortable with, and what does your current M&A pipeline still look like? Sure, great question. You know, we said many times before that leverage will never exceed three times for us, and continuously every two weeks on a proprietary platform, driving more solution stack and making our life easier for our customers to connect with theirs. I think that's the first part. I think the second, ultimately, is our ability to connect with more customers. So, you know, our entire e- you know, distribution account management team really has resulted from significant investment and expansion. So from solutions engineers to appropriately integrating merchants, to helping them and being close to their operation, has been very beneficial for us. And then when you're talking about where those investments have started, you know, at the around second quarter of last year, we started significantly focusing on investments into Europe. We're now making those investments into North America, where we still feel under-penetrated, and thereafter we'll follow through with LatAm and APAC. Okay, great. And then, Dave, quick clarification. Organic growth was 44% in the quarter. Was that FX adjusted or not? And then I think the guide implies somewhere in the high 30s for the full year. Any reason why growth would decelerate? Is it just tough comps, some conservatism, anything to call out there that'd be helpful. Thanks, guys. Yeah, it's not currency adjusted, but from a currency perspective, there isn't a material impact. So it's pretty similar. Nothing in terms of, on, you know, outlook and growth for the rest of the year, nothing structurally. You know, for sure, we like to be somewhat conservative, but nothing structurally has changed. I think the, you know, the pro forma numbers I mentioned are good kind of data points to think about for the rest of the year. Okay, great. Thanks. LatAm is an area of large focus for us, and APAC is an area that, you know, we hopefully will have some more announcements as the year progresses. From a vertical perspective, really across the board, Bob, I think we're seeing wins in our gaming business in Europe. In North America, we have a very interesting pipeline. When you look at social games, we did announce Wargaming in APAC, so we are seeing some very nice traction in social games. And certainly, marketplaces is something that is an area for us to continue developing throughout the year. Thank you. Then a follow-up on Latin America. I mean, you've highlighted that several times, and you announced, I mean, opening Argentina, Chile, Peru, Ecuador. I mean, that, that market is a relatively, you know, more difficult to compete in, closed market. I think it's opening up to outside payments companies. But how, how are you able to open, when you say open four countries, maybe a little color on that and, and your thoughts longer term on your LatAm focus? Yeah, great question. So when you look at how we're coming to market, right, you have taking your customers in, you have taking customers out, and then you have local acquiring and customers in market that that you mentioned, Bob. Does that make sense? Yes. In our case, we're helping our merchants enter those markets, and so we're taking our existing customers and helping them activate and launch in those markets. So we are now providing full local acquiring capabilities, coupled with our APMs, which are table stakes. There's quite a bit of requirements for merchants, and this is something that really depends on their business model. So you have merchant of record models, and you have local acquiring. And as you know, local acquiring requires, you know, local establishments for merchants to operate in. But we have flexibility in terms of the model that makes the best sense for them as they start expanding across LatAm. Great. Thank you. Appreciate it. Pleasure. Thank you. As a reminder, if you'd like to ask a question, please press star one on your telephone keypad. Our next question is from Paul Treiber with RBC Capital Markets. Please proceed with your question. Oh, thanks very much, and good morning. Congrats on the quarter as well. Just looking at the, you know, the percentage of e-commerce numbers that you provided for Q1 and Q4, just doing the math, back-of-the-envelope math, it looks like e-commerce revenues were up 40% sequentially, whereas the non-e-commerce is maybe down in the mid-teens or so. Just in terms of e-commerce, can you, you know, rank among the key drivers of growth, you know, which ones were most impactful to driving that sequential growth, growth that you're seeing? And then in regards to card present, is there anything in terms of seasonality, you know, or is it just, you know, market related, in terms of the drop in the non-e-commerce business? Sure. Dave, you wanna take this one? Sure. So yeah, from a seasonality perspective, I mean, I don't think there's anything. It's not a very seasonal business. So I wouldn't say there's anything specific on the seasonality side of things. And sorry, your other question, Paul, the first part of the question? Just in terms of ranking the drivers of sequential growth in the e-commerce business. Yeah. I mean, we saw it across the board. There wasn't any specific vertical- And then depending on that integration, you know, how quickly we can roll out new features to them is based on their needs. Yeah. Thank you. I'll pass the line. Thanks, Paul. Thank you. Our next question is from Richard Tse with National Bank Financial. Please proceed with your question. Yes, thank you. With respect to the acquisitions, I was wondering if you maybe comment on the level of competition for those transactions. Is it sort of you're kind of on your own, or you've got a number of other bidders here working against you on those deals? Yeah, great, great question, Richard. As you know, M&A is on the way in and the way out, right? Really, that is, and then we certainly provide all our value-added services from fraud management and authorization approvals and cascading. But we have to come to the table with solution stack, and we're always focused on making sure that we're as innovative as possible. Because missing one sale for us is unacceptable, and certainly we want our customers to convert as many opportunities as they have, and to be able to enable that in the medium that their customers choose to pay in. You know, crypto is interesting because still 60%-65% is speculative. But over time, as folks look to use these currencies and maybe not, you know, one or the other, but maybe even some stable coins, we want to enable it on the same as their PayPal or other, as they so choose to. With that, we have seek and secured licensing of every major state and continuously follow through that as a registered gaming provider, and they have different terms of it per state. And then naturally providing, you know, from credit to debit, with the acquisition of Base allowed us to provide basic ACH and introduction of check guarantee, and now with Mazooma account to account. So we really feel the journey has been, you know, initially crawling. Today, I would say we're walking. Combined with Mazooma, I think we have a very compelling product mix. More importantly to that is with Mazooma, we're also integrated to all the gaming platforms. So not just the customers, but also the gaming platforms, which we think helps accelerate our ability to execute on our U.S. gaming strategy. Great. One quick clarification. Just in terms of your increased investment in sales and distribution, can you just talk to us a little bit about timing-wise as to when you think that extra distribution would be in place? Are you pulling it actually six months fully forward, or should we think that, okay, you're aiming to have everybody ramped and online for the end of Q3? Thanks, guys. Great question. And, you know, we're. It's very much an art to expand the distribution channel, so onboarding, training, the buddy system, giving them the tools, surrounding them with solutions engineers. So it's not just, you know, if you wanna frame it as hunters and farmers, but it's all the back office capabilities that come along with that. From our standpoint, we're bringing it forward. So we're bringing it forward of investments that we're planning for in 2022 to start those today. It's not a day one, right? I mean, typically, this is an initiative that takes time to hire, to recruit, to train. We do it, we do it on a class basis and time base. So from us, we're bringing it forward. You wouldn't have that entire sales force ready within a few months, but you're bringing it forward six months. Does that make sense? Absolutely. Thanks, guys. Thank you. Thanks. Ladies and gentlemen, we have reached the end of the question and answer session. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation and have a great day.