Good morning. I'm Rayna Kumar, and I lead Fintech Equity Research at Oppenheimer. Today, I am joined by Shift4 CEO and Founder, Jared Isaacman. Jared, thanks for joining us today. No, thanks for having me, Rayna. It's good to see you. Great. So just to start out with, what are your top priorities for the remainder of the year? Well, I think overall, organizationally, like, our number one priority is SkyTab. I mean, that is like we have our SkyTab or Die T-shirts going around the company, and I think that's just meant to focus everyone and all our resources on our single flagship offering for restaurants. But I think a very important component of it is getting our restaurant offering available in, you know, and scaled up in Canada, Europe, U.K., Ireland, and maybe even a couple other markets as well. So, everything is really kind of weaves together, you know, as our payment rails extend into new markets, and they're certified for card present and support local payment methods, well, then you can go for restaurants, hotels, stadiums. You know, and often the first move is actually following, you know, our strategic e-commerce customer into those markets. So the good news is we're pretty well on our, our way. We have SkyTab in U.K. and Ireland, and we really, you know, all of our, all of our payment methods for card-present processing in Europe work great. We have a solid workflow. What we really needed to do was just scale up, distribution, and that's, that's what we did with, alongside our Vectron transaction. So I think the table's really set well, but, you know, SkyTab plus, you know, our entry into Canada, Europe, U.K., Ireland, are all like, are all very high priorities. Got it. This morning, I saw that you have $1.1 billion debt offering. Mm-hmm. Is that largely for refi, or are you gonna use it for any other, are you gonna use the proceeds for anything else, and are there any other opportunities for refinancing here? I think just it being opportunistic. I mean, we've said in our earnings script for the last two quarters that you know, for everyone asking about our December 2025 maturities, which I don't know, December 2025 seems a far way away to me still anyway, expect us to solve it, you know, in a way that's not punitive to the equity. Our leverage ratio at the end of this quarter was 2.7x, so I don't think anyone should be too surprised that we were able to kind of jump in the market. The $1.1 billion we'll you know, we'll put in a you know, interest-yielding account. So the delta between, you know, the cost of the money and what we're yielding should be pretty minimal, which, you know, is a nice way to kind of sit and wait for the most opportune time to satisfy those 2025 maturities. Then we have extra firepower, which is always good, whether that's buying back cheap stock or any of the other, you know, inorganic or organic opportunities in front of us. Makes sense. That's very helpful. We're starting to see some signs of a softening U.S. economy. Can you discuss the parts of your business that are more prone to an economic downturn, and which parts of your business do you think are more defensive? Well, I'd say, like, you know, most of it. You know, if we have a recession, I mean, we serve restaurants, hotels, stadiums. You know, we, I don't know if you recall, Rayna, when we, you know, when we IPO'd, I mean, we were about to kick off our roadshow in March of 2020, serving almost all restaurants at that time period. And then obviously, the world, you know, fell apart and we said if we were ever gonna pull off an IPO, we would, you know, ensure that we were a more diversified and stronger business. So we were the first to ring the bell at the New York Stock Exchange in June 5, and what did we do? We diversified in a bunch of pandemic-susceptible verticals like hotels and stadiums. But you know, I think the good news is we've been growing at very high rates for a very, very long time. You know, 50% volume growth this past quarter. I mean, our four-year CAGR is, you know, I think, damn close to 50%. So clearly, we're able to differentiate and win, you know, even in challenging economic times. We grew payment volume double digits in 2020. You know, what's another way to say that? I think even like, you know, the biggest Toast bears would agree that the path to the next 65,000 payment customers in Europe is a lot more clear for us than it is for, you know, for Toast or the next, you know, 20,000 customers that will cross-sell from Revel and eventually move over to SkyTab. So, you know, it's not to say that, you know, we don't care about same store sales growth. We do. It's just that, you know, you know, 200 or 300 basis points against 50, you know, against 50%, you know, we shouldn't be overly that sensitive to, and if we are, it means we're doing something, we're doing something wrong. So, you know, if you have a full-blown recession, I think all bets are off for everybody. But, you know, we, you know, our strategy to grow, our capital allocation strategy should insulate us this from... you know, insulate us in a, in a large way to, to, you know, economic softening. Now, all that said, in terms of what we've been seeing, I think we reported, you know, we didn't notice anything that was unexpected in Q2. In July, for sure, restaurants had softened a little bit in line with others' commentary, but hotels, stadiums, the other verticals actually seem to be doing the same as they were in Q2. So, you know, we're not, we're not overly concerned. Great. International expansion remains a key part of your growth strategy. Can you talk about what is driving your success in Europe? Are you planning to expand in Africa? What attracts you to that market, and how quickly do you think you can ramp up, in Africa? Yeah. So, I mean, just some background. I mean, we obviously—we had ambitions to expand internationally for a very long time. I mean, you know, we support a lot of hotel operators that have locations all over the world, and we actually do a lot of their reservations all over the world. We just don't do their kind of in-venue payments, which is what we're all about, so why not? I think it's just, you know, the fear of the unknown, that you know, just because you've had a successful model in the U.S. doesn't necessarily mean you can replicate it in other parts of the world. So we were very hesitant. It wasn't until our, you know, our large strategic e-commerce customer, which I think that's actually one of the—probably, to answer your question, the most resilient of our, of our, customers in even worsening economic times, 'cause I think people always pay their satellite internet bill. But in any case, once we signed that customer, that to me was kind of the, the final bit of rationale needed to kind of take that leap across the pond and start expanding. And, you know, we did that by signing the Finaro transaction, and through that 18-month process, we integrated all our card-present integrations and, you know, integrated SkyTab. And, you know, we've been out, even in late 2023, getting restaurants processing, in Europe, U.K., Ireland, on SkyTab. Hotels using the same integrations that make us special here in the U.S., we've been doing in Canada and Europe now. There's a lot of demand. Why is there a lot of demand? Like, why is Europe so much farther behind the U.S. in terms of integrated payments? It's because they were so much farther ahead with EMV and Chip and PIN. Like, the obsession over greater cardholder security with Chip and PIN is actually what delayed the European entry into integrated payments. Because actually, Chip and PIN with encryption made it hard early on to connect payments and software. But, you know, after now, I guess, close to, you know, eight, nine years in the U.S. with integrated payments and EMV, that capability exists, and it's no surprise that, you know, Toast is looking to go after the European market for an integrated offering for restaurants. Shift4 is looking to do it. I think the difference is we'll be able to go after and pursue, you know, restaurants, hotels, stadiums, like FC Exeter and FC Barcelona are Shift4 customers. But we'll be able to do it in, like, a much more, in my opinion, efficient way, which is transactions like Vectron that get you 65,000 restaurants with a full payment monetization opportunity in front of it, and hundreds of distribution partners to really scale up production very quickly. So yeah, that's kind of our, that's the importance of Europe. And then in terms of, like, Africa and such, so, you know, processing payments all over the world is incredibly hard, and especially so card-present. E-commerce is a lot easier, but even then, still very hard. So companies like Adyen and Dlocal actually benefited in both cases by like Facebook. I mean, they both follow Facebook all over the world. It's so important. These big customers are who opens the door for you. You know, oftentimes, when there's only one or two banks that are serving that market, to agree to do the integration, to provide some sort of a revenue share to make it worth it. So we are following our big strategic e-commerce customer all over the world, and they want it to be in Mongolia and the Maldives and Fiji and Sierra Leone, and there's, you know, we have a list of, I think, 12 more countries we need to turn on live before the end of the year. And we do so profitably, and along the way, we make our product better. 'Cause certainly, we had years of catch-up work to do with Adyen. And that now creates options for us with global e-com, where, you know, customers like Wolt, you know, owned by DoorDash, are using those rails with us now in Europe, which is cool. But that doesn't mean every country that we go live with for that customer, we're gonna go after restaurants and hotels. I think, like Australia and New Zealand, which happens to be, like, the third largest market for that customer, we will absolutely go after restaurants and hotels. Like, fully expect us to scale up to go after SkyTab in those markets. But, you know, maybe Sierra Leone is not a, you know, one of the best markets for that. But there is a lot of demand in Africa for that big customer, and we will go wherever they tell us to go, so. Are there any capabilities you think that Shift4 is missing, so that you can be at par with Adyen, or are you already there? No, there's definitely areas. I mean, this is a product like Adyen has or Stripe, you know, has evolved over a lot of big blue-chip enterprise customers over many years. For example, we don't do anything with card issuing. We do do push payments, so pay-ins and payouts through OCT and other account-to-account rails. But like Stripe and Adyen built out, like, massive, like, treasury management-type capabilities for customers like, you know, Uber, that, you know, have a lot of payouts in a lot of different parts of the world. So, we are not trying to be the next Adyen. I mean, our strength is in-venue, which is not their strength, by the way. If you read their earnings reports, they talk a lot about delays getting into venues. So, like, we will be the master of card-present payments all over the world, but we will have e-commerce capabilities that will be heavily shaped by one customer that's awesome, and we'll go into a lot of parts of the world following them profitably. And I do expect that other customers that have chosen Adyen will use us in a lot of markets over the world. But, that doesn't mean we'll sign up Amazon tomorrow. But, I don't know, we're closer to having that possibility. It's a non-zero chance vs where we were two years ago. Very helpful. Is your processing an area that you're interested in? You know, is that part of Shift4's future- Issuing? Yeah, yeah, your future strategy there. I don't know. It would have to take, like, a really big customer. It just seems like a lot of people do it, and I mean, certainly attracted to be on the other side of interchange. But yeah, I mean, it would take, like, a pretty big customer that would insist on it, and we would have to determine whether or not it was worthwhile for the investment. I'm sure we would just partner with a Marqeta or something if it really came down to it. But issuing is not a focus for us right now, or banking as a service or treasuries-type functions. Makes sense. Okay. Moving on to sports and entertainment, you've announced some very big wins recently, including Miami Heat and Indianapolis Colts, and we're starting to see more ticketing wins. Can you talk about what's driving more of the ticketing wins, and what are the key factors that determine whether Shift4 gets just the concessions and retail versus getting the ticketing as well? Yeah. Don't forget the Bears. That was my- Oh, yeah. Yeah, I mean, there's a ton of demand within sports, entertainment, and theme parks. The additional ticketing wins are just because we defaulted it in the contract. Like, it's not a contentious discussion. It's not a heavily negotiated point. So I think we shared that probably like 18 months ago, that we had defaulted ticketing in all the agreements, which is great, 'cause it's like 5x the volume of the in-venue payments, whether that's concessions, mobile ordering, merchandise. I mean, well, we all know what tickets cost to these events. So, and it's a lot more than you typically spend in the arena. So that's why you're seeing so many, you know, deals in our earnings material that just have ticketing right from the get-go. I would say it's more of an anomaly not to get ticketing, and if we don't get it, it's probably because they're riding out some PayPal sponsorship or JPM was pretty big in ticketing as well. So, yeah, it's going really well. And I think it's also a good point to just foot stomp that, you know, in this new, you know, world of payments we're all in right now, where you are bringing software and payments together to deliver, you know, a broader commerce experience, that if you have the right software solution, the right commerce solution for a customer, the actual cost associated with the payments is less of a conversation. I know, like, at times, everybody wants to jump on the it's all commoditized bandwagon, and, you know, Adyen had a very specific, you know, situation in the U.S. I mean, outside of the U.S., like, they are an amazing... And they're an amazing payments company in the U.S., too. But, like, there is no way we're gonna lose a stadium that needs mobile ordering and ticketing and concessions and cashless checkout and VIP suites to somebody else that doesn't have any of that over three basis points. It doesn't exist. Just like, I, I mean, we would never wake up tomorrow and say, like, "We can't wait to win a bunch of Shopify customers." But even if we did wake up and wanna do that, there is literally no price. Like, we couldn't, we could offer to do something for free, and you probably wouldn't win the customer. You know, just like, you know, like a Square can't go into, you know, a Las Vegas hotel and say, "Look, I'll throw away your whole hotel property management system integration. We're gonna put Square terminals everywhere, but I'm gonna do it for free." It would still be no. And that is very much our story in sports and entertainment. Our product there is definitely category leading. Understood. Very helpful. I just wanna go back to SkyTab. You've made strong progress, and you're on track to exceed your 30,000 install target this year. What are you seeing in terms of the competitive environment for restaurants, and what do you think is driving SkyTab to have these market share wins? Yeah. Well, let's just start with, like, kind of the restaurant vertical, 'cause I know everyone paints it as, like, this really big TAM, but it... There's actually three very distinct lanes in it. There's table service, and that is just us and Toast. That's it. There is your kind of cash and carry, you know, your bakeries, coffee shops, and that is Square and Clover. And then there's, like, your really fast food, quick service, and that's Par and Xenial. And the products are built differently for these verticals, and they have different sizzle features associated with it. Like, you know, the kind of cash and carry, your coffee shops and bakeries, so many of them go out of business so quickly, and their average volume per customer is so low that, you know, it's hardly worth the customer acquisition cost, unless you have, you know, payroll offerings and insta-funding at a 100 basis point take rate. It's like, you need to build those products out, and you have to keep it simple because you can't afford to put somebody on site for two days to train them how to use it. That is what Square and Clover have totally optimized for. Table service, every, like, restaurant, especially, like, you get up into the enterprise ones, wants to do things differently. You have to have so many different features and functionality in it, that it requires someone to be on site for two days. It's a totally different customer acquisition cost. You know, it's the opposite of simple, and you build out different sizzle features to meet that vertical. So that's just to set to give you a little bit of the sense of the landscape right now. And then in terms of why are we having a lot of growth, because it's just us and Toast. I mean, look, the third-place player was SpotOn, and they sold us, you know, Appetize in a fire sale for $0.19 on the dollar. So that, you know, it's just us and Toast, and we're both solving the same pain points with a cloud-based product. We think we have, we have a lower cost of ownership than they do, so that helps us. But in the end, it's really just, is it a product that's solving pain points, and who's got, you know, the good distribution? They certainly have more distribution than we do. So they sell more of them than us. But, but that's where the story ends. Like, I'm not trying to sell short the tech or whatnot, but I've said it many times, like, Toast doesn't make the food taste better. And, you know, if you're walking down the street, you're not gonna go into one restaurant over the other because, oh, they have Toast, so that's, that's a sign of quality. It doesn't. It, we both ring up cheeseburgers the same. We both do steak and mashed potatoes the same. We solve the pain points of on-prem solutions really well. If you're fleeing, you know, some of the legacy acquirers that have the rate machine on overdrive, which is because they can't do anything else but feed these customers to death, then you're probably gonna go in the arms of either Toast or, or SkyTab. That's working well for us in the U.S., but obviously, we both see the opportunities in Europe and Canada, and that's a big focus area for both organizations. When a customer does choose Toast over SkyTab, what do you think is the reason? They got to them before we did and signed them up. Like, there aren't bake-offs. They don't invite us both to the same, you know, and do side-by-side demos. It's just not that sophisticated of a process. There's no RFPs, really. You know, we respond to and win a handful of RFPs a year, and they're not usually. They're usually big hospitality operators. They're not restaurants. So, it's really just who is in the door at the right time, right place. It's rarely we're both in there at the same time. Makes sense. Okay. If we look outside of restaurants, what are other verticals you think there's a long-term opportunity in, where you don't have a big presence today? Well, I mean, we do have a big presence in it, but it's our fastest-growing vertical, is hospitality. Like, we do have lots of share. We have less, you know, wallet share, but lots of market share as we move customers over from our gateway to end-to-end. But, like, it's kind of like I put in my letter, if we just only talked about hotels, instead, we were the Toast of hotels and stadiums, maybe we'd be valued more. But we are killing it in hotels and resorts. Like, I am super pumped about, you know, what's coming in the back half of the year. But we're winning all the new resorts, and we're converting a lot of gateway customers over, and now we're able to take the integrated payment offerings in hotels into Canada and Europe. Like, we are just scratching the surface in Europe right now. Like, this is the top of the first inning. So, I mean, if you... And this may be just another way to say, like, where are we gonna make the most money over the next four or five years? It's going to be hotels, one, you know, restaurants, two, stadiums and ticketing, probably, you know, three, and then e-commerce is, like, probably, you know, e-commerce, nonprofits, gaming. It's all, like, a distant fourth. So, yeah, I mean, I got to be pretty excited about our hotel and resort business. You seem very excited about the potential for your hospitality business in the back half of the year. What makes you so excited and confident? I mean, we gave you a backlog on what's contracted, not what's going through contracting. So, I mean, I do have pretty good visibility about who's in the process of signing. So that's exciting. Great, okay. Moving on to gateway conversion, obviously, that's been a big driver of your end-to-end volume growth. Can you talk about how much of gateway conversion remains and how much you anticipate will convert over the next few years? And if you have a timeline on that, that would be great. Yeah. I mean, I always feel like I say every year that, like, the gateways conversion story is, like, should be over in the next three years, but it's just a lot of volume, so it just takes time. We didn't really give an update on the latter. I've said, like, it's called approximately, like, a $100 billion remaining. What is largely remaining today is big customers generally that have contracts from Merchant Link, from the, when it was jointly owned between Fiserv and JP Morgan, and they hated each other and had a big divorce. That's how we were able to buy the asset. And they intentionally monetized upstream, you know, from the gateway, or I guess, downstream from it. So they locked these customers in very long agreements at uneconomic rates. Like, some of them are sub-basis point, like, literally, like, $0.0025, things like that. Some just have a flat-rate fee. And they locked them in with price protection for five years and such. So, you know, these contracts are coming up for renewal, and we've never really been able to apply the kind of stick to them. We can dangle the carrots all the time. So, there's still a lot of gift to be given from the gateway. I mean, every quarter, we're converting a bunch, and we highlight them in our earnings deck, and I don't think that'll end for three more years, at least. But the opportunity is pretty big. If you think about how much revenue we derive from that, like, last $100 billion, it gives you a sense of the magnitude. Even if we only convert 20% of what's left, it's gonna be, it is gonna be an order of magnitude greater revenue than we're, than we're getting today from it. So, it's still a big part of the story, although I, I'd say, like, way more than 50% of our production these days comes from just net new customers that were never on our gateway at all, and that will only increase. I mean, especially as you go into Europe, where you had no gateway connections. I wouldn't be surprised next year if, you know, 70%+ of our new production is coming from just net new and had nothing to do with our gateway. Makes sense. Of the gateway customers that remain, are those contracts coming up for renewal, or are they expiring soon so that those customers will have to make a decision in the near term? Right. I mean, certainly over the next couple of years, totally. I mean, there'll be some... There's some this year, like in fall, and there's some in 2025 and 2026. I mean, it'll take a while, but it's there. Makes sense. Okay. You recently disclosed a $25 billion contracted volume backlog. How quickly do you expect to realize that volume? Is this a metric that you will continue to share on a quarterly basis? ... So the first part of the question, the vast majority is getting installed in Q3 and Q4, and the largest chunk of it relates to sports and entertainment stadiums and ticketing. So we have very specific windows before a league season starts, is when you have to get it done. And hospitality would be the other large chunk of it. And yeah, and again, a lot of that is in Q3 and Q4. The reason we provide this, this was my good idea last quarter when everybody was kind of, you know, questioning, you know, the back half of the year acceleration. And I think it's-- I mean, it, it's worth pointing out, like, the vast majority of our volume goes live, you know, essentially the same month, so it never makes its way on this list. All the SkyTab production that we post on, on Twitter or X or, you know, hotels that generally just go live very shortly after we sign the agreement. And what I wanted to do is give you some insight into, hey, look, there's all this volume, you know, that's, you know, either ramping or set to go live with specific install dates, and it's contracted. It's not, you know, this isn't like a weighted probability of our pipeline. These are contracted deals, and it's like... I just wanted to give you some insight into it. That said, in my mind, it's not like a, you know, a Boeing backlog of aircraft. Like, I want the number to be zero. I mean, we aim for the fastest, you know, approval to revenue time possible. So, you know, I don't expect to give it out every quarter. I suspect if I did give a, like, you know, alongside our year-end earnings in, you know, whatever, February or something of 2025, I expect it to be a much lower number. I wouldn't be shocked if it's like $6-$7 billion, because we did exactly what we were supposed to, which is move to both gone in Q3 and Q4. Makes sense. Moving on to your adjusted EBITDA margin, it's now north of 50%. Have you reached the peak, or are there other opportunities here to create efficiency in your model? Not even close to the peak. I mean, you know, first, I mean, we do do deals from time to time because I think that's the most efficient use of our capital, you know, to get customers and capabilities and distribution. You're not buying businesses generally that have 50% EBITDA margins. In fact, they have none. Appetize and Revel have been historic cash burners that never had a positive, like, EBITDA year ever. So it takes time to unlock efficiencies and such, and that will continue to play out for years. Also, just all of the, all of, like, you know, the bear accusations over the years of, you know, buying lots of software companies and throwing people at problems and two gateways, it's all true. Like, I think that we should have like, literally, we should be able to do what we do every day with, with one third the amount of employees we have. We have 3,700. I think 1,000, you know, can absolutely do the job. That, that's not a statement of, like, a cost reduction. What I want is just to triple revenue and not have to hire people, and that's why for, you know, the last two years, we've been pounding the table on flat headcounts despite the growth, which Nancy mentioned in her remarks, like sans M&A, we did keep headcount flat over the last year. So, you know, to me, it's like you're deleting parts is a big philosophy. I wrote all about this in my letter, about just kind of our M&A philosophies, which is exactly what we're doing. We don't sign up any of the old legacy software brands anymore. Future POS, Restaurant Manager, they don't exist. It's all SkyTab. And as you do that, you get to move people that have been working on the past into supporting the future. And, like, that is just starting. Like, we had to. The only reason I can even give you a $25 billion contracted backlog is 'cause we, we took the first steps of replacing our 20+-year-old CRM that was homegrown in the basement to, to Salesforce. And we're only on release one. We are literally gutting, like, I can't even tell you how many internal systems we have, and we're replacing it with, with Salesforce and, and Palantir for our, our mission control. And 10 people in that environment can do the job of, you know, 40 or 50. So, like, this story will keep going. Gateway customers moving to end-to-end, legacy customers moving to SkyTab, deleting parts, and realizing synergies, cost and revenue synergies from our transactions, and margins will keep expanding. I feel really good on that one. Got it. Okay. If anyone in the audience now has questions, we're opening it up. Feel free to type in your question in the Q&A dashboard, and I will read it out. Okay, we have a few, Jared. Let's start with this one. This looks like a clarification on what you said earlier. Clover is in number three. They don't. Do they show up at all? I guess when you mentioned, Toast and before, yeah, how about Clover? They don't compete in table service. They're not there. It, this is like a lesson I learned, you know, kind of long ago. When you talk about moving upmarket, bigger customers have more requirements, which means more features and functionality, which means more complexity in software. And as the software gets more complex, you need sophisticated distribution to support it. These are all tied together: more volume, more features, more complexity, more sophisticated distribution. So, the problem with Clover and Square, Square goes to market entirely through their, essentially their website, and Clover goes to market through, like, branch bank man- bank branch managers. So, you know, we were obviously very deliberate about insourcing distribution from dealers that know how to program, install, service, and support POS systems for 20+ years. That's what you need to, to move into, like, complex fine dining table service. So that's not a slight on Clover at all. Clover's great. I mean, they're, they're—to me, they're shockingly, they're doing way better than, than Square, who people would have thought were, was the best product company in payments for a long time. And that's a combination of good product and lots of distribution, but they also have to keep it simple. So, yeah, I mean, I, like, tell you, like, with 100% certainty, if you have an NCR customer or a MICROS customer that's leaving that product, it's gonna wind up on Toast or SkyTab, not Clover and not Square. Got it. Very helpful. Here's another question from an investor: Can you dive into detail on SkyTab share versus Toast? Toast did 8,000 units in 2020. How does ARPU and take rate and net additions compare to that of SkyTab's? Well, I'll never go into the location count. I think they married themselves to a KPI that they deeply regret, because if you go for site count, it incentivizes all sorts of bad behavior, like quantity over quality. And that, I think, is gonna drive a lot of things like, you know, moving down market and signing up more startups and whatnot and all that. So anyway, I think, like I would say, is like we are—I am sure we're the number two, you know, fastest growing in table service restaurants, and I'm totally fine being number two when there's only really two competitors there. Like, I think we're blessed in that regard. We do focus on quality over quantity. We go to market entirely different. I'm very happy to, you know, buy an old ISV or sunset its product and convert 18,000 customers over and be at effectively, like, 1/10 their customer acquisition cost. Happy to do that. Then I think in terms of monetization strategy, they're a software company first, and they charge way more than we do on SaaS. And we charge way less on SaaS, but we get a higher take rate on payment volume, and obviously, that works well in a reasonably inflationary environment. So we do. I would say probably pretty clear we have a lower overall customer acquisition cost, or lower cost of ownership for the customer. Yeah, I mean, there's slightly different sizzle features. We don't have a capital offering by design. They do, and things like that, but fundamentally, they all ring it up cheeseburger, steak, and work in the cloud just fine. So I don't know. Hopefully that helps. Got it. No, thanks for the details. And just to correct myself, the 8K units for Toast were in the second quarter, not 2020, as I said earlier. Since we only have a few minutes left, I have one final question for you, Jared. Yeah. What are you most excited about in the next several months, and what are you most concerned about? I'm most excited about our expansion into Europe. I mean, we really... Everything's been going really well there. So, you know, we got great, you know, diversification with card-present customers. We got FC Barcelona going live. You know, we've got our e-commerce customer that's, we're following all over the world, which is exciting, and that creates optionality for other big blue-chip e-commerce customers who follow. But you know what I'm pumped about, and I threw the, like, stake down yesterday for the challenge for the team? Like, I want one page in our Q3 earnings in November to be nothing but beer gardens surrounding Munich during Oktoberfest, and that's cool. Those are the kind of things that get everybody excited internally. You know, when you can sign up, you know, restaurants and hotels all across Europe, you put some cool incentives out there, you know, to target one particularly measurable thing, but the benefits of which allow you to, you know, scale up all over the continent, which is pretty cool. So, yeah, I think, like, our international expansion has gotta be, has gotta be top of the list right now. Excellent. Well, Jared, thank you, as always, for your time. Very insightful conversation. Yeah. Thank you. Thanks to everyone. Thanks to all investors for joining. Feel free to email me with any questions. Thanks. Have a great- Have a great day. See you.