Greetings, and welcome everyone to the Corpay Update Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone wants to require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Jim Eglseder, of Investor Relations. Thank you, sir. Please go ahead. Good afternoon, and thank you for joining us today for our June 20th, 2024, Acquisition and Capital Allocation Update Call. With me today are Ron Clarke, our Chairman and CEO; Tom Panther, our CFO; and Steve Greene, our Head of Corporate Development and Strategy. Following the prepared comments, the operator will announce that the queue will open for the Q&A session. Today's documents, including our Acquisition and Capital Allocation Update Deck, can be found under the Investor Relations section on our website at corpay.com. It's important to understand that part of our discussion today will include forward-looking statements. These statements reflect the best information we have today. All statements about our outlook in general, recent acquisition expectations, and expectations regarding future acquisitions and capital allocation are based on that information. They are not guarantees of future performance, and you should not put undue reliance upon them. We undertake no obligation to update any of these statements. These forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from what we expect. Some of those risks are mentioned in today's press release on Form 8-K and in our annual report on Form 10-K. These documents are all available on our website and at sec.gov. With that out of the way, I will turn the call over to Ron Clarke, our Chairman and CEO. Ron? Okay, Jim, thanks. Good afternoon, everyone, and thanks for joining our Acquisition and Capital Allocation Update Call. Up front here, I'll plan to cover three subjects. First, I'll describe the GPS Capital Markets business. That's the B2B cross-border business that we just signed up. Second, I'll frame the expected impact from our two recent acquisitions, GPS and Paymerang, and the impact on our overall corporate payment segment. Then lastly, I'll summarize our 2024 capital allocation activities and the implications there to our liquidity and leverage. Okay, let me begin with the GPS cross-border acquisition. So GPS is about a 20-year-old company headquartered in Salt Lake with about 75% of its clients originating here in the U.S. It's been a high teens grower for a long time with consistent new sales and really best-in-class retention. It's got attractive assets, including a roster of blue-chip clients, a super experienced group of FX specialists, and some really interesting netting technology. We have identified a clear set of revenue and expense synergies that we expect will make the deal quite accretive next year. We're hoping to close GPS on or around January 1st next year. Okay, let me turn to the impact that we're expecting from the two acquisitions, GPS and Paymerang, an update. We have cleared the regulatory approval process on the Paymerang deal, so we're now looking to close on July 1st. If we assume the GPS deal closes on 1/1/2025, then together the two acquisitions will add a little over $200 million in incremental revenue next year and increase our corporate payments business by about 15%. With the addition of these two new deals, along with the current rate of growth, organic growth of our corporate payments business, we'll be outlooking nearly $2 billion of corporate payments revenue in 2026, bringing that segment to almost 40% of the overall company. So quite significant. Okay, moving on, let me cover our capital allocation expectations for the year, which are squarely focused on acquiring corporate payments assets and buying back CPAY stock. So year to date, we've repurchased $900 million in CPA Y or just over three million shares. We expect to close Paymerang again on July 1 for $475 million and hopefully close GPS on 1/1/2025 for $725 million. These expenditures will be funded by over $1 billion in operating cash flow this year, about $1 billion in undrawn revolver, and we're expecting $200 million in proceeds from a signed vehicle business divestiture. This capital allocation activity this year still leaves us in a pretty okay place next year. We're estimating our pro forma leverage post these deals about 2.7 times. We expect to build liquidity, obviously, throughout 2025 and can always upsize our credit facilities for the right deal. So look, in conclusion, we've been quite busy. We're adding two corporate payment assets that will increase our scale, accelerate our growth, and be accretive in 2025, all contributing to a bigger, more meaningful corporate payments business down the road. So with that, operator, we will open the line for questions. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad, and 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. And our first question comes from the line of Ramsey El-Assal with Barclays. Please proceed. Hi, thanks so much for taking my question. Ron, can you expand on some of the synergies on both the revenue and cost side that you're expecting from the deal? What types of synergies are you looking at here? Yeah, hey, Ramsey. Big is the answer. We were just convincing here before we got on the call that we're looking at the BAU numbers for both deals for 2025, and our synergy plan has EBITDA growing more than 50% above that BAU number. So just decide if you guys it's big. So it's a bunch of things. We've got additional products to sell in. We've got some credit products to sell in. We've got obviously massive expense opportunities around the technology system side, the back office, the compliance side. So it's kind of a clone business, right? It's exactly what we do, just again with a different set of customers basically concentrated here. And so the relatedness of it, the closeness of the adjacency of it just offers up lots of ways to create more profits. My confidence, our confidence is super high because we've done a bunch of these. I can't remember if this is the third or fourth, but this is a playbook that we're pretty clear on. Great. Great. And a follow-up from me. How should we think about the mix of the corporate payment business segment, rather, as we move forward? Over time, it started to tilt quite a bit towards cross-border and FX, sort of away from virtual card and AP. Do you think that over time you might see an even greater concentration coming from the FX side of the business and less from virtual card, or how are you thinking about that? No, probably about the same, Ramsey. So ballparking this year, call it 60/40 cross-border payables. We're buying obviously something in each one of those. They're both compounding, call it around 20%. So our kind of forward three-year models have that mix about the same, call it 60/40 out in time. Again, that could move depending on if we bought something in one versus the other. But if you just absorb the acquisitions we're announcing and look at the growth rates, it's pretty constant. That's great. Congratulations. Appreciate it. Thanks, Ram. Appreciate it. The next question comes from the line of Andrew Bauch with Wells Fargo. Please proceed. Hey, thanks for taking the question. Just wondering if we could put a finer point on the revenue synergies. If we take the 100 for GPS of revenue and the 50 for Paymerang growing 20%, that gets us to 180. Is the gap between the 180 and the 200, is that revenue synergies, or is that something else? Yes. Andrew, it's Ron. Yes. That would be, call it $20 million-$25 million in revenue synergies. I guess maybe if you could just talk about a little bit operationally what those synergies imply? What are you actually doing to kind of create those cross-sell opportunities or other synergies that you're calling out on the revenue side? Yes. It's a good question. The uniqueness of the GPS thing is really the type of clients that they have. They're probably, I don't know, call it three times bigger on average in terms of spend dollars move versus the rest of our USA originated cross-border business. And some of them are quite large. I did reference calls with four or five myself that were pretty big. A couple of them were $10 billion public companies. So there's just way more room to operate. There's just way more things that we can market in and kinds of credit opportunities. Again, this company is kind of individually owned, right? A handful of three or four founders built the company kind of on their own account over time. And so their balance sheet obviously isn't the same as ours. So it's really products and balance sheet and the size and the wallet share really in the research that we did. I think I mentioned in one of the prior calls this concept we have that we've launched of introducing really a multi-currency account that grabs both deposits and disbursements. So historically, this business has been a disbursement business. We go to a client's primary bank, take funds, and then do disbursements. And so this new product basically would be multi-currency. So we could stand up an account, call it in a day, put a client's deposit in that account, and then make the disbursements in those same currencies out of those accounts. So as part of the work here, the research suggested a high interest, for example, among a number of their clients. So that's kind of a product that we have that that company doesn't have that we would add to the mix. But it's the size, mostly the attractiveness of these accounts and their openness to looking at a company kind of of our size to do more business with us. Really interesting. Thanks, Ron. Congrats on the deal. Thanks, Andrew. Our next question comes from the line of Sanjay Sakhrani with KBW. Please proceed. Thank you. Ron, you mentioned that the deal would be accretive to 2025. Is that an earnings accretion, or maybe you could just define that for us and maybe how much, if anything? Thanks. Yes. So kind of together the comment that I mentioned, Sanjay, for the two deals, obviously we're super early days, so I don't want to get out over my skis, but if you look at the board commitment that we made, that I made, we're saying, "Hey, it'd be a minimum of $0.30 next year." And then literally somewhere in the range of 2-3 times that the following year, which is obviously way more interesting. Remember, with the gun-jumping rules and stuff, we're really, call it owning GPS January 1, so it's going to take time to put some of the stuff in place. And so call it a floor of $0.30 for the two of them going to $0.60-$0.90 in 2026. Okay. Great. And I guess as we think about the cross-border business in the middle market, maybe you could just give us a sense of sort of a lay of the land and where you guys fit in and where the growth opportunity, I mean, I know this business has been growing quite rapidly over the last several years. So can it continue that kind of growth trajectory? And then maybe you could just also talk about the core business and what you think the growth there could sustain for the next several years. Thanks. Yeah. So it's the biggest TAM, Sanjay, by a million, right, for a company. So the first point is the geography. So our current business originates kind of in five major markets like here, Canada, the U.K., which is the world's biggest market, Europe, Australia, Asia. So five places. And I think the U.S. is 20%-25%. So the first point is, unlike a lot of our other businesses that are USA-centric or U.K.-centric or Brazil-centric, this particular business is, call it five major geographies or continents. The second one is there's a gazillion prospects, to your point, in the middle market. When you talk about companies, call it $100 million-$500 million in revenue versus enterprise companies, there's a ton of them, and we have none. We have a couple of% in those five different geographies. And so the opportunity, to your point, to get into that spend that's already there, this isn't waiting for the market to grow. This is spend that exists here in 2024. It's just us capturing it. And I've used this analogy. It's kind of like Little League Baseball. I mean, we're playing against tier two banks who are trying to service these middle market accounts, really, in our opinion, not super capable of doing it, right? They don't have any networks anywhere. They don't have many FX specialists in the company. They don't have super specialized tech like we do. So if we can get to the mid-market client, the CFO or the treasurer and stuff, we can sell it because we're so advantaged. So this is just us. The only thing that would slow this thing down from growing will be us, our inability to scale and make a productive sales force. It is just no way related to the opportunity side. Okay. Great. Thank you. The next question comes from the line of Peter Christiansen with Citigroup. Please proceed. Good evening. Thanks for the questions. Congratulations, Ron. Sounds like a super interesting acquisition here. I was just wondering, first, the margin profile sounds pretty exciting here. And I know you've talked about the incremental margin on the corporate payments, I'm sorry, on the cross-border business being super high. I think it was like 70% or 80%. It sounds like with this acquisition and the additional scale, that those incremental margins actually could improve a little bit more than what they were previously. I was just wondering if you could elaborate a little bit on that, and then just had a quick follow-up. Yeah, Pete, it's a super good question. So the good news is literally next year in 2025, the two corporate payments deals will approach our line average corporate payments margin. So call it low to mid-50s% literally next year. And then just what you said, in 2026 is where we pick up most of the cost synergies as we run through some of the tech consolidation and back office and compliance and those kinds of things. So to your point, the operating margins on the acquired business will go up probably another 20 points, certainly 15 points, 15-20 points. So on that kind of incremental couple hundred million dollars, the flow through will be better than the line average. So again, we may decide to invest more. We'll make that call when we get there. If I thought we could spend a bit more in sales and marketing of those two businesses productively, I might spend some of it and just eat the margins up a little bit or not, or maybe just take it to profit. We'll look at that as we get into next year. But because, again, these are businesses we're in, I mean, if there's one point I want to make on the call today is this is what we do. Both of these deals are exactly the businesses that we're in. So we know them well. We know how they need to be run. We know where money is. We know how to get at this stuff. And so unlike some other things that have been more add-on-y in the company, this is kind of more the old-fashioned acquiring stuff that we know. Super interesting. I just wanted to ask, in terms of the business mix of GPS trading versus client servicing, and should we think, do we need to think about the risk profile any differently than we typically have for the cross-border business, the existing business? Yeah. It's a really good question, Pete. It's actually lower for a couple of reasons. One is they're a mix of kind of spot payments, if you will. It's a bit higher than kind of the hedging or the contract side. The second one is they kind of run lower tenor on some of the contracts, so their credit exposure per contract is kind of less. And third, as I said, they generally have kind of, I'll call it, higher credit quality accounts, again, because they're a bit bigger, kind of better clients. And the reason for all that, again, is the ownership, right? The business was built by three or four guys kind of capital light. And so that's kind of how they went about. They understood that when they went about trying to build the business and stuff. The fact that we have a bit better balance sheet, I think, is going to be attractive to the clients. Again, it gives us an opportunity to take some wallet share. So when I did some of the reference calls, I'd ask, "Hey, do we have all the things?" A couple of guys go, "Well, hey, this is kind of all they wanted to take of our business." We're actually making credit quality better when we absorb this thing. Sounds very interesting. Thank you. Good call. Thanks, Pete. The next question comes from the line of Nate Svensson with Deutsche Bank. Please proceed. Hey, guys. Congrats on the acquisition. Really exciting to see this coupled with Paymerang and the trajectory of the corporate payments business going forward. You did talk about the opportunity to potentially upsize the credit facility if you identified any attractive M&A targets next year. So maybe you could just build on that by doing a little bit of lay of the land of what you're seeing across the rest of the market, maybe outside of GPS. Are there any areas you think look particularly attractive? Or I guess on the other side of the coin, any areas where there may be still a disconnect between public and private market valuations? Yeah, Nate. It's a good question. I know I pitched it to Tom on the facility upsizing. But in terms of deals, I'd say we're still kind of fishing primarily in the two ponds, which are the ones today, corporate payments. We're obviously looking at some additional things there. And then the second one, again, which I mentioned in the last call, is some of these consumer portfolios where we could acquire a little bit like the parking business, a large number really of consumers that are on an app to try to grow kind of our vehicle business. So we have a couple more things in our gun sights there. So I'd say those are the priorities kind of rest of the year. Additional corporate payments businesses and potentially a consumer app business that's got a big multi-million kind of active consumer base. Nate, to pick up on your comment about the upsizing of credit facilities, we obviously have lots of access to the debt capital markets. We had the very successful TLA expansion in the first quarter. We have the term loan B that we can expand quite readily. There's good liquidity in the leveraged finance market. And then there's other avenues that we can explore if we wanted to as well. We don't feel balance sheet constrained as we get those opportunities that come our way that make sense. Nate, to me, it's leverage, right? It's not liquidity between Tom and us. We can get right more money in a variety of different forms. It's really leverage. We don't want to run, like I said, we're trying to run the company at three or under. We might go higher, right, for an attractive deal, call it the 3.5. So really, to me, it's the real constraint of how much we do is leverage. Got it. That's all really helpful color. And I guess for my follow-up, so obviously you talked a little bit about the client profile at GPS being attractive, but you also kind of briefly mentioned this FX netting technology they have. So maybe you can talk about that or maybe any other products within their portfolio that you don't have and that differentiate them in the market that maybe you can cross-sell into the rest of your base. I know you talked about some of the corporate products you can sell into the GPS base, but I guess just maybe the inverse of that coin. Yeah. That's another really good question. So the first thing I'd say is they have this, I'll call it a tool, a technology tool that's quite interesting. And I don't know if we have the management on what they would call it, the netting technology. That's what Ron here calls it. So the segment they have, again, is kind of big. So they'll have a lot of U.S. headquartered companies that are decent size that would have, let's say, three or four subsidiaries in other geographies, think Europe or Asia. And so this tool that they have effectively looks at balance sheet netting for the company. So just like we close out our positions every day across thousands and thousands of clients, effectively this tool studies the company itself, looks at all of its flows, all of its exposure, and basically figures out how to net itself. So rather than hiring GPS or us to go make a bunch of trades, effectively the first thing to do is to settle with the currencies that you're moving around. And so, I mean, it's counterintuitive today. There's less FX to do, but it's a super powerful value prop, if you will, for clients. So they've got a number of pretty large clients running on that. So that opens up for us, our core business in the U.S., pitching kind of bigger guys, Nate. Right? Larger accounts where that model could work for them. The other place that we can apply that is in kind of our FI business, what I call our wholesale business, where we have banks, I'll call them tier two banks, tier three banks, where we're helping them do FX for their clients because they don't have those capabilities. It seems like a great application there where we could go to the bank. They could basically front the tool to some of their clients, effectively help their own clients that are decent size, figure out their FX flows and exposure, and then, hey, maybe they would call on us, right, to execute the stuff. Again, their focus on a little bit upmarket kind of client kind of opens up some different angles for us. Super interesting. Congrats again on the acquisition. Appreciate it. The next question comes from the line of Trevor Williams with Jefferies. Please proceed. Great. Thanks. I've got two, and I'll just ask them upfront. First, just on the buyback. So you've done the $900 million year to date. Is there any more capacity or willingness to keep buying back any more stock this year? And then the second, Ron, I think you alluded to having some proceeds from a divestiture in the vehicle business. If you could just give us some more color on what that asset is. Thanks. Yeah, Trevor, two good questions. So let me start with the second one and then come back to the first one. So yeah, we've got a small, I'll call it kind of a merchant business that's pretty small, called $200 million in value that we signed an agreement with a counterparty that we expect to close later this year. So there's a couple of closing conditions we're working through, but it's definitive and it's signed. And then we have another divestiture that's teed up that's also in the vehicle space that if we do, it'll be in the next couple of months. And so if we do that, because there's some earnings in that second one, I told Tom we'd probably buy back stock with that. So call that another $200 million-$250 million. As those one or two divestitures basically clear, not only will that give us $400-$500 million of incremental capital, but in some ways a bit of a need to try to buy, effectively buy back shares, right, to cover the earnings. So I'd say that would probably be the catalyst. Obviously, if our stock stays at this price, we'll continue to be buyers, but we do have some other acquisitions. So I think our answer is always we're trying to be balanced. We're trying to keep the leverage ratio under 3. Our first use of capital is accretive acquisitions. But if those aren't there and our stock price is low and we get $400-$500 million, we'll buy back more stock. Got it. Okay. Thank you. The next question comes from the line of David Koning with Baird. Please proceed. Yeah. Hey, guys. Thank you. Congrats. And I guess, first of all, the yield in corporate payments, so the last couple of quarters, I think low to mid-70 basis points on volume. When Paymerang comes on in Q3 and then GPS in Q1, I guess, how do yields move kind of back after this year with the first one and then into next year with the second one? Tom, you want to take that one? Hey, I'll be glad to take that. So Dave, it wouldn't materially change. I would say the overall spreads within this business are generally consistent with what we see in our business, maybe because they're enterprise clients a little bit lower, but not materially. And keep in mind, the corporate payments business that we have today is a little bit over $1 billion. So it would take quite a bit to really move the needle in terms of the overall take rate that we see across the business. So if it moves, it's not going to move very much to influence the overall rate. Yeah. Okay. Well, thank you. And then I guess just follow-up. You reiterated or you said midpoint of Q2 guide for Q2. But then any comment just on the rest of the year, I guess the back half of 2024, if that should be in line too? Yeah. No. I mean, we have a. Go ahead, go ahead, Ron. Yeah, Dave, I was going to say we're kind of not on that assignment. Dave, yeah, we're kind of working this assignment. We did take a peek, obviously, in June because we've kind of closed April and May. So don't take the fact we're not saying anything as anything other than that's not when we get to it. We have a cycle. We run through kind of 3 + 9, 6 + 6. We like to see June and all the trends and stuff and relook at the macro. And so it's just not an exercise that we take on. So obviously, we're in the middle of June here? We'll be back with that answer in 45 days. But again, we're not trying to lead the witness here anyway. We're just not working on that yet. Sounds great. Thanks, guys. Ladies and gentlemen, as a reminder, if you would like to ask your question, please press star one on your telephone keypad. The next question will come from the line of Daniel Krebs with Wolfe Research. Please proceed. Hi. Thanks. This is Daniel on for Darrin Keller. I was wondering if we could just take a step back and if you could lay out how you see the growth algorithm for these FX businesses longer term, maybe how much is driven by typical payment volume growth versus new sales and then the typical churn rates here? Thank you. Yeah, Daniel. Hey, it's Ron. It's a good question. And so I think you're on it. We've kind of put, again, Humpty Dumpty together. We have kind of all the products in there. So it is a pretty simple model, right? If you had a billion-dollar cross-border business, our core retention rates are kind of mid-90, so above our line average because the accounts are a bit bigger. So call it a 95% kind of rate. So new sales in that example, let's say we're $250 million, 25%. That's kind of the model. Effectively, you get a little bit out from inflation, right? Expenses go up. So the existing clients you have, you might get a few points, right, where the spend of, quote, the base accretes a little bit, right, as the spending of your existing clients grows. But the main driver of that business in the five geographies is to sell in excess of 20% of the base. So if you have $1 billion, you got to sell $200 million plus. So it's pretty simple. It's ratable. We've been studying it for whatever the seven years that we've owned the thing, and it's kind of plus or minus on the retention side. The one upside, I'd say, again, which I'll put in the big idea category, is cross-sell of this deposit product. I don't know if you heard my explanation earlier, but the idea is to basically tell clients, which we've got, I don't know, 25,000 or something, "Hey, want to let you know we can be more than your disbursement partner. We can actually deposit quickly and let you get out of holding little crummy bank accounts in lots of offshore places and keep it in those currencies and make the disbursements out of that. And so the early returns on that are quite interesting. And so to the extent that that product got a lot of traction, got a lot of penetration among the client base, that would be a big accelerator to that business. Because effectively, you'd be just serving the same client. You don't have to sell anyone new. They're just using you for deposits in addition to disbursements. And obviously, in the current interest rate environment, that's a lot of flow revenue. So that would be the one add that I'd say keep your eye on for upside there. Awesome. Super helpful. Thank you. The next question will come from the line of Andrew Polkowitz with J.P. Morgan. Please proceed. Hey, good afternoon, guys. I just wanted to ask a question on go-to-market. Obviously, Paymerang is more of a verticalized asset that you mentioned in the last earnings call. And the FX business is more horizontal. So I wanted to know if you could just talk through go-to-market on each of the two acquired companies. Yeah, Andrew. Hey, a good question. Let me start with Paymerang because you brought it up. Yes, again, they're selling kind of mid-market clients. So it's a combo of demand gen, lead gen from digital and other kinds of marketing things, and then closed by field people. And so you're right. One of the attractions of that business was the four verticals that they have and salespeople that are trained in those. And then again, the relationships in those verticals, right? The ERP integration relationships, the client referral relationships, the merchants that we've already got in the merchant network and stuff. And so that would be the idea, to kind of continue but step up, kind of spend more than they are to try to drive those. We do that in two or three verticals already in our payables business. The two biggest ones for us is construction, and the second big one for us is automotive. So we're familiar with kind of that vertical model in addition to kind of the geographic model. And remember, in addition to what Paymerang does, we also are in the card business, right, and have card processing, right? So we're able to sell effectively like a platform to a company. So not only do we pay their central kind of AP, however it needs to get paid, we can also help them with kind of walk around or card expenditures at the same time, right, and give them discounts across all the spend. And so that's another interesting idea for us, is making their client base aware of our card capability and that it can run on the same platform and they can see it. Turning to the cross-border thing, it's the same thing. The marketing is generated in lots of different ways to create leads, client referrals, and so on. Again, it's field people in those various geographies, kind of national or regional reps calling. That one's a bit more geographic in the areas. There's two or three verticals which you guys would be aware of, like obviously manufacturing, which would be one of the main ones that's massively FX cross-border intensive, right, with the ordering of supplies and parts and stuff like that. It tends to be geographic, but they have a narrower right set of verticals that they focus on anyway that are deep, right, in terms of the spend that's cross-border. So really, it's a field growth, grow the number of people, make them productive, have the right kind of marketing support, the right kind of brand. That's why we rebranded that line of business a couple of years ago to push it harder. We're in soccer games in Europe and stuff, LIV Golf. There's all kinds of sponsorships we have in that business to push the brand out and stuff. So that's the model. And Andrew, I'd say also cost or financial. I wouldn't anticipate there to be much of a difference in terms of how we think about the sales and marketing costs to support these two new businesses versus our legacy businesses. We would look at that incremental sales cost to be pretty consistent with how we run the business today. Yeah. We'll do better would be my headline. Even though the model of the two businesses is quite similar, the production is not. We're probably on average, I don't know, 20%-25% more productive, measuring production versus cost of production. And so we've got some set of techniques, which are obviously part of our synergies over time, where we think we can help both groups sell more effectively, kind of sell up to the levels that we're selling at. So we think there's some upside in that. That's great. Sorry. Part of the benefit is we'll have more products. Sorry. Go ahead. Part of the benefit is we'll have more products to sell to those accounts. So we should get a bump in the productivity just by bringing the full bag to those accounts. Got it. That's great. Thank you. I just had one quick follow-up. I just wanted to hear if there's any color you could share in how the GPS deal came to be. Was this a competitive deal or something that you guys went out and sourced directly? Yeah. Hey, so this is Ron. So it's a company we've known. Obviously, it's a super good company built by some quality guys over a period of time. So we've been aware of the company for a while. But this was the classic, Ron lifted the phone to the guys that own the company and said, "We like the company. And it's a good time. We got a lot of capacity." So it was kind of an old-fashioned proprietary deal where they know us and we know them and we made a deal. All right. Great. Sounds good. Thank you, guys. Thank you. Ladies and gentlemen, there are no further questions at this time. This will conclude today's conference. You may now disconnect your lines and have a great rest of the day.