As a reminder, this conference is being recorded. I would now like to turn the conference over to Peter McGough, investor relations. Please go ahead, sir. Hello, everyone, and welcome to Grandstand's second quarter 2026 results call. I am Peter McGough, Senior VP of Investor Relations and Capital Markets, and I am joined by Kevin McCrystle, Co-founder and Chief Executive Officer, and Elias Mark, Chief Financial Officer. This call is being webcast live through the investor relations section of our website at grandstand.com/investors. A downloadable version of this press release is available there as well. A webcast replay will be available on the website after the conclusion of this call. You may also contact investor relations support by emailing investors@grandstand.com. I would like to remind you that the information contained in this conference call, including any financial and related guidance to be provided, consists of forward-looking statements as defined by securities laws. These statements are based on information currently available to us and involve risks and uncertainties that could cause actual future results, performance, and business prospects and opportunities to differ materially from those expressed in or implied by these statements. Some important factors that could cause such differences are discussed in the Risk Factors section of Grandstand's filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements are made, and the company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. During the call, there will also be a discussion of non-IFRS financial measures. A description of these non-IFRS financial measures is included in the press release issued this afternoon, and reconciliations of these non-IFRS financial measures to their most directly comparable IFRS measures are also in the press release, which is available in the Investors tab of our website. I will now turn the call over to Kevin. Good afternoon, everyone, and thank you for joining our 2026 second quarter conference call. We have quite a bit to share with you today, including our second quarter results and outlook for the full year, as well as our recent corporate rebranding and the introduction earlier this week of our new Rollcard product. Elias Mark will follow with a review of the second quarter financial results in detail before we open it up for questions. Looking at our operating performance in the second quarter, revenue of $37.8 million and adjusted EBITDA of $7.7 million were in line with our expectations. We also generated nearly $10 million in adjusted free cash flow, which is a positive indication on the health of our business and our ability to generate attractive levels of cash flow. The restructuring we announced in May is now substantially complete, with the bulk of the associated costs incurred in the second quarter. Cost savings from the restructure will benefit margins in the second half of the year, underpinning our full-year guidance, which we reiterated today. Looking a little further out, we will exit 2026 with a significantly higher adjusted EBITDA and free cash flow run rate and an expanded margin profile for the business. The second half margin profile will carry forward into 2027. Our business has grown and diversified significantly since our IPO, and our recent rebrand reflects these changes. Grandstand captures where the business is today, and importantly, where we will continue to invest and grow. We have established our position as the intelligence layer at the heart of the sports and gaming ecosystem. Our portfolio of data, technology, content, and audience solutions help power informed decisions across sports, gaming, and entertainment, serving both consumers and partners. Our consumer brands have built trust with each of their unique audiences developed over more than 20 years and will continue to reach millions of users under the Grandstand umbrella. We started as a U.K. gaming comparison hub and over time added products targeting new global audiences around sports betting, fantasy sports, and Las Vegas. Now, in addition to recommending the best places for users to play online, we're developing more of our own products to directly service the problems users face in the market, thus deepening the relationship with each user. The data, technology, and advertising tools we developed initially for consumer audiences have significant application for partners in the wider sports, gaming, and entertainment ecosystem. Today, we have multiple partner solutions across five core areas. Sports data, which includes real-time odds data, line movement, injuries, and sports content, namely via OpticOdds. Advertising with our ad tech and commercial solutions, connecting operators to consumers. Partner audience monetization through Grandstand Partners, a technology and commercial support platform that provides media companies, apps, communities, and influencers with the infrastructure to monetize their audiences at scale. Entertainment and ticketing solutions through Spotlight.Vegas. And now FinTech, with the recent launch of Rollcard, which I will come back to soon. Clearly laying out our partner solutions helps us discover more B2B opportunities. We will continue to report based on sports data services and marketing. Sports data services revenue grew 12% year-over-year in Q2, with B2B continuing to be the accelerating growth driver. Sports data revenue is on track for growth in the teens this year, with significantly higher growth coming from our B2B OpticOdds solution. B2B now makes up the majority of revenue for the sports data services business and is pacing to grow well in excess of 50% this year compared to last year. OpticOdds is the intelligence layer, powering informed decisions in sports, processing more than 1 million requests per second. New B2B data deals in Q2 were led by quant and market-making partners who value the speed of our data. 40% of our new deals were to international partners, and we continue to see success upselling existing clients. OpticOdds is also rapidly becoming the sports data layer for consumer AI. Perplexity went fully live into production in early July. OpticOdds is the 11th most invoked connector in Perplexity, ahead of massive enterprises like Gmail, Google Drive, Slack, Notion, and Snowflake. API daily volume requests are still climbing by the day, all before the natural catalyst of the NFL season. Q2 total marketing revenue is down 10% year-over-year to $26.5 million, driven from declines in SEO revenue. We saw strong growth in North America and from our partner audience monetization platform, Grandstand Partners. Our marketing business has dramatically diversified from a year ago, with non-SEO marketing revenue now accounting for 67% of our marketing business. While gross margins for our non-SEO channels are lower, the OpEx requirements tied to these revenues are also much lower than for organic SEO. The restructure heavily targeted fixed costs in the marketing business, which will result in improved margins going forward. As we move into the second half of the year, we see a clear path to returning the marketing business to growth for the 2027 full year. I also want to highlight that even at the lower marketing revenue run rates, our marketing operations continue to generate attractive levels of cash flow. Now we can finally talk about Rollcard, our new fintech solution. It's a purpose-built, FDIC-insured, high-limit debit card for sports betting, casino, and prediction markets. Payments and money movement remain a high friction point in gaming for both consumers and operators. Rollcard has been designed as a high-limit, low-friction debit card built with a betting consumer in mind. The revenue model is based on interchange generated from dollars deposited into sportsbooks, casinos, and prediction markets. Rollcard customers earn cash back on qualifying deposits. The underlying deposits that drive handle and trading volume are in the tens of billions of dollars. A low single-digit market share for gaming, betting, and trading deposits forecast a $50 million-$100 million revenue opportunity in the next five years. The majority of handle and trading is concentrated into a smaller cohort of players that actively bet across multiple platforms. Rollcard was designed to serve that cohort of players. The value proposition for the cardholder is simple, safe, private, high-limit, low-friction debit card to manage the funding of their betting and trading strategies. The cardholders will be incentivized with cashback program and other premium benefits that we'll introduce to enhance cardholder experience and loyalty. Rollcard is backed by Grandstand sports, gaming, and entertainment audience. That existing audience relationship provides Rollcard direct reach to high-intent customers from the start. In addition, our existing relationships with prediction markets, online operators, and land-based operators will expedite the go-to-market motion. The Rollcard payments platform is a clear example of Grandstand developing value-added solutions as a fintech intelligence layer for payments in sports, gaming, and entertainment, creating a deeper connection between both consumers and partners. Looking forward, the balance of 2026 is setting up for a typical seasonal pickup as we move into the North American sports season, which will drive revenue growth. We will also benefit in the second half of this year from the restructure related fixed cost savings, which will drive margin improvement. Restructure wasn't just about resetting our cost structure. It was an intentional shift to layer AI at the core of how we operate, then build teams around it. The AI-enabled restructure has allowed us to reduce management layers and empower more nimble teams. Repetitive processes have been, and continue to be automated, while work velocity is increasing. We are continuing to innovate in how we utilize the AI tools available. We are now rolling out Memento, our context layer that sits underneath our tools and gives them the company's memory. The benefit compounds the more we use it by remembering relevant knowledge across the business. We are also moving to multi-agent harness to provide access to the best models while keeping token costs in check. Grandstand is now positioned to sell more of our own product suite directly to our audience, including Rollcard, OddsJam, RotoWire, and Spotlight, in addition to our performance-based advertising. Keeping our audience within our own ecosystem allows us to deepen engagement while increasing revenue opportunities. Enterprise data growth and a diversified marketing business are positioning Grandstand for a return to revenue and adjusted EBITDA growth as we move through 2026 and into 2027. With that, I will turn the call over to Elias for a review of our second quarter financial results and further detail on our guidance for the year. Thank you, Kevin. Second quarter revenue of $37.8 million and adjusted EBITDA of $7.7 million were in line with expectations. Adjusted free cash flow was $9.6 million. The operating dynamics for the first quarter were carried forward into the second quarter, and total revenue was down 5% year-over-year, with lower marketing revenue offsetting continued strong growth in data subs. Data revenue of $11.2 million grew 12% year-over-year, entirely driven by strong growth in enterprise subs. Data revenue was 30% of total revenue in the quarter, and a majority of data revenue was enterprise revenue. Marketing revenue of $26.5 million declined by 10%. Strong growth in partner audience monetization and in North America, including from prediction markets, was offset by declining revenue from organic search and from markets outside of North America. Adjusted EBITDA in the second quarter was $7.7 million. Adjusted EBITDA margin was 20%, and gross margin was 64% in the quarter, compared to 35% and 93% in the year ago period. The lower margin reflects the higher cost of sales and marketing expenses associated with a diversified marketing business, partly offset by lower Eagle costs. We have executed on the previously announced restructure plan. As a result, we enter the third quarter with a reduced headcount of approximately 25% and will see $13 million of lower fixed costs on an annualized basis, driving margin expansion moving forward. We incurred $3.2 million of restructuring costs, of which $1.1 million was settled during the first quarter or the second quarter, and $2.1 million will be settled during the third quarter. Adjusted net income was $2.5 million, and adjusted net income per share was $0.05, compared to $13.4 million and $0.37 in the year ago period. The decline reflects the lower adjusted EBITDA and higher interest expense in the quarter and unrealized foreign exchange gains positively affecting the year ago period. Adjusted free cash flow was $9.6 million, compared to $8.2 million in the year ago period. Cash conversion in the quarter was unusually high because of working capital timing differences following the first quarter, where it was unusually low. Over the first six months of the year, 81% of adjusted EBITDA was converted to adjusted free cash flow. Whereas timing differences can affect a single quarter, we expect that our low CapEx business model will continue supporting such cash conversion in the 70%-80% range, allowing us to both delever and continue investing in product innovation. At the end of the second quarter, we had total cash of $8.8 million and total liquidity of $33.3 million, inclusive of undrawn credit facilities of $24.5 million. During the second quarter, we continued to delever by prepaying $10.4 million of offsetting deferred consideration, achieving a 10% annualized discount, and by repaying $2.8 million on our term loan. This was financed by free cash flow generation and an $8 million draw down on the credit facility revolver. At the end of the quarter, we had $122.3 million of interest-bearing liabilities and $26.5 million of remaining deferred consideration. Finally, on our guidance, we are reiterating our outlook for the full year to be in the range of $165 million-$170 million and adjusted EBITDA to be in the range of $45 million-$50 million. The implied margin reflects the mix shift in marketing revenue, Rollcard launch expenses and modest revenue, and fixed cost savings from the restructure benefiting the second half of the year. We expect positive seasonality in the second half of the year to drive strong sequential revenue growth. Paired with $6.5 million of fixed cost savings from the restructure, this will drive margin expansion and significantly higher adjusted EBITDA and adjusted free cash flow in the second half of the year. We expect that trajectory to carry forward into 2027 and drive strong year-over-year adjusted EBITDA growth with expanded margins in the low 30s. With that, we will turn it over for questions. Thank you, sir. Ladies and gentlemen, just a reminder, if you would like to ask a question, please press star and then one now. If you would like to withdraw your question, please press star and then two. Again, to ask a question, please press star and then one now. The first question we have comes from Jeff Stantial of Stifel. Please go ahead. Great. Good afternoon. Thanks, everyone. Why don't we start with the new product launches? That's where we've been getting the most questions since you announced it and including tonight. David, can you just maybe talk to the decision internally to expand sort of a bit further outside what I would call your kind of historical swim lane with payments and maybe how you think about your right to win in the competitive environment in that space? Yeah, sure, Jeff. First off, payments are the biggest friction in U.S. gaming, and it's the space we've been eyeing since PASPA. We've been doing this in this space for 20 years and have a deep understanding of the issues users and operators face. As we continue to build out our audience, we want to find more ways to provide value to them directly rather than just referring to operators. It's a large space. As I mentioned there, $50 million-$100 million upside margins in the mid-30s. We have the audience that we can sell into, which is really helpful to give us a launch pad for the business. We have partnerships in the ecosystem with operators and everybody else we need to work with. We have all the pieces we need to run this business already as we've been developing our owned and operated audience, our partner audience, our ad tech, and various pieces. We can use that to sell into Rollcard. We think that's going to give us a great advantage. That's great. Thanks, Kevin. For our follow-up, maybe switching gears over to the guidance. It looks like the midpoint implies about 5% revenue growth in the back half versus flat in Q1 and down 5% in the second quarter. Elias, you called out a few tailwinds in the prepared remarks, but maybe could you just rank order for us some of the growth drivers as you see it that bridge you back into the mid-single digit range. I think I caught this, but is it fair to assume growth can improve sequentially through Q3 into Q4 and continue into 2027? Thanks. Yes. As we enter the third and in particular the fourth quarter, we have some positive seasonality coming into play that will help us reverse the trend in our marketing business that we've seen over time. We think the marketing business over the second half of the year will be roughly flat. We see the data business continue growing in the teens. So that's kind of the components on the revenue side. Just to be clear, did anything change with your assumptions on Rollcard in the back half and for the revenue guidance? No, the Rollcard was included in our original guidance. We do assume a modest start to the ramp of this year. It's a bit of trial and error in the beginning. So it does include a small contribution for Rollcard, but that was baked into our guidance and nothing has changed since launch a couple of days ago. That's great. Thank you both. Thank you. The next question we have comes from Barry Jonas of Truist Securities. Please go ahead. Hey, guys. Thank you for taking my questions. I wanted to dig it further into Rollcard. Kevin, is there a way to help thinking about the long-term market opportunity for the card and the payment platform in general as a whole? Thank you. Yeah. The primary way we make money is on interchange on deposits into operators, and that is a very large market of deposits into operators. So, taking a reasonably small, say, 1% to 2% interchange fee on that and taking a reasonably small market share is alone a pretty big opportunity there. We are not going to scale this immediately into that $50 million or $100 million. That's going to take years to do. But we think on a five-year timeline, it could get quite large. Expect something like 80% to 85% gross margins prior to marketing on that business. There are additional ways we can monetize besides interchange, but that's kind of more medium term. Right now, we're focused on that piece of the business. Great. Just wanted to dig in a little into OddsJam. I think we've seen a proliferation of competitive tools, potentially AI-driven. Maybe just talk about how you plan to keep OddsJam's current positioning and where you sit in terms of the product development and how you'll compete with up-and-coming competitors. Thank you. Yeah. There are certainly plenty of startups whipping up kind of worse versions of OddsJam with AI and pricing it lower. We are still competitive with that. We're building new core features to increase more of a moat for startups. The most important thing we've been focused on this year is rebuilding our social distribution engine since the end of the earn out, and I think we're in a much better place now for NFL and expect that to stabilize. An important piece of OddsJam, and I think the same for RotoWire, is to understand how we report. We report by revenue type, not by brand. There's a lot of additional value coming from RotoWire and OddsJam. We're seeing very strong growth in North American marketing, and a decent piece of that is supported by RotoWire and OddsJam, which goes under the marketing revenue. Additionally, OddsJam is a key support driver for Rollcard. So there's multiple ways for us to win with OddsJam, not only with the data, which also flows into OpticOdds, but there's a marketing opportunity on top of that. There's Rollcard support, and we are, don't want to get into the features themselves, but developing a much deeper feature set, which would be very challenging for new products to compete with. That's very helpful. Thank you. Thank you. The next question we have comes from David Bain of B. Riley Securities. Please go ahead. Great. Thank you. We're with Texas Capital, but that's fine. Thank you for all the colour today. It's been helpful. Maybe first, could you take a step back and share longer-term margin expectations for the marketing business and the levers within that number, including maybe some bifurcation of SEO versus non-SEO? Any kind of detail would be helpful. Yeah. I think it's helpful to start in H2. We expect from Q2 through to the rest of H2 to roughly double the contribution from the marketing business. A significant portion of our restructure was tied to fixed costs related to the marketing and SEO business, which will help the margins of that business into the end of the year and then a run rate going into next year. The margins will expand this year. Okay. We don't have to wait a year or two for that to happen. If we look at the mix shift within the marketing business, about two-thirds of the business at run rates is from Sourcefield. Most of the business is very diversified as it is. The expectation is to have contribution margins moving forward in the 40s from the frontline business, which compares to contribution margins on the data side in the mid-60s. Okay. Great. Yes, sorry. Just on the EBITDA side, if we looked at the blended EBITDA margins in totality, we are guiding towards low 30s for the second half of the year, and that is where we see the business performing coming into 2027 as well. The data side of the business will continue to scale in 2027 with very high incremental margins. The marketing business we expect to have a very modest growth, but positive growth in 2027, and that should have a neutral margin effect. The balance there is Rollcard, which will have much lower margins in the scaling phase. Awesome. Very helpful. Could you provide a Google SEO action update if there is one, just specifically related to the offshore spam in the international markets and just other overall negatives that has been taking place for the SEO, maybe action from their end or yours as well, any outcomes or visible upcoming relief from that standpoint? Yeah. Spam is getting better. Google has seemingly done a better job of dealing with that. That said, the overall SEO positioning is roughly unchanged. There is a slight decline from Q1 to Q2. That is just normal seasonal trends. Obviously, a larger decline year-over-year. The regulatory environment in a handful of the countries where we have predominantly SEO-focused businesses have not been helpful. U.K. is an example of that, where we are seeing CPA down about 15%. But we are seeing some positives there. In the North American business, the marketing is up pretty substantially, and that also includes SEO. It is not down everywhere, that is for sure. But in terms of the future, SEO is certainly not going away. We are really focused on diversifying away from SEO, so we are less impacted by whatever the future of Google is. This includes many channels, but ultimately building direct user relationships that allow us to sell subscriptions, fintech, tickets, et cetera, to those audiences, and also cross-sell into affiliate platforms. Yeah, I mentioned with the- Thanks, guys. Yeah. Oh, sorry. Go ahead. I mentioned the subscription business that we have revenue associated with those as well. RotoWire, in particular, has been doing very well with SEO, and that goes under the marketing business, but it is from RotoWire. Perfect. Thank you. Thank you. The next question we have comes from David Katz of Jefferies. Please go ahead. Afternoon, everyone. Thanks for taking my question. I wanted to keep going down that same vein, Kevin, where you just left off and talk about the non-SEO sort of portion of the business and the marketing piece of the business. You said doing very well. Can you maybe take us just a little bit farther and give us a long-term aspirational, any qualitative sizing or sense of where you think that can go since it seems to still be growing pretty well? Yeah. As we referenced, the non-SEO is now about two-thirds of the marketing business. It is the same channels we have talked about before. Some mix of CRM, paid, and social. Grandstand Partners is also a big piece of this. That is our partner audience monetization platform, which provides technology, commercial tools, and whatnot to external media companies and help them monetize their audience at scale. That is up over 100% year-over-year and is roughly the same proportion of SEO to non-SEOs or overall marketing business. We are also doing more advertising deals, so think brand exposure rather than just performance deals. We are diversifying globally, but a lot of that impact we are seeing now is in North America. With that, the North American marketing business is going strong. North American marketing is up 63% year-over-year, and marketing is about 57% of our total North American business. This is partly Grandstand Partners, which I mentioned. Prediction markets are starting to ramp acquisitions, so we have a new partner in the market to work with. In the U.S., a lot of it is sports. World Cup was helpful in Q2, but that was roughly as expected. We will see some larger NDCs at a slightly lower value per NDC with that, but rev share will also pick up long term with that. SEO is still holding up there in North America. There is very significant run rate for the marketing business. Everybody asks us, when is sports data going to be larger than marketing? The answer is probably not for a little while. On the contribution basis in a few years, that seems possible or likely. Until revenue, the marketing business is going to keep growing. We have talked for a long time about diversifying, but we have a diversified marketing business now with two-thirds of it being non-SEO. It can grow very substantially from where it is at today. Understood. Appreciate all of that. With respect to prediction markets, it is obviously almost impossible to have a call and not spend some reasonable amount of time on that. Can you just help us think about the size level and the proportion that that can bring, given how quickly that is growing and what your avenues of engagement are there? Yeah. We have historically, primarily talked about prediction market in terms of our data business, and that is still going strong. As I mentioned earlier, a lot of these market makers and quant funds are now entering the space and utilizing our data. We are, though, doing more on the marketing side than we were previously. It is really useful to have another player in the market that needs traffic and users, and we are happy to supply that. Grandstand is not cannibalized by these prediction markets. It is really the opposite. They are providing an additional participant in the market looking for users. It seems like it is going to push the rest of the market to be a little more aggressive in the NFL season in terms of acquisition. I think it will be helpful all around. Hard to say right now in terms of the size of the prediction market. As you know, I think when we talk Q3, we will have a better frame on that. This is the first NFL season with a full push there. Thank you. Thank you. Ladies and gentlemen, just a reminder, if you would like to ask a question today, please press star and then one now. The next question we have comes from Chad Beynon of Macquarie. Please go ahead. Good afternoon. Thanks for taking my question. Just with respect to the guide and holding that in relation to the inline second quarter, I think you have said marketing should be roughly flat for the year, sports up in the teens. But can you kind of help us think about what would get you to the low or high end, particularly of that revenue guide, given that we have about five months left in the year? Thank you. Yeah. To clarify, we expect the marketing business to be roughly flat in H2. As it was down in H1, it will be marginally down for the full year. If we looked at the range of guidance, what would really push us towards the top of the range would be a recovery in SEO that would go through very quickly. The data side of our business is a little bit easier to forecast and would have less of a volatility in expectations. The primary growth drivers right now are the sports data, B2B, the enterprise sales, and the North American marketing. Those are the two pieces. They're both growing at a pretty good pace right now. If they grow a little bit faster, that's what would get us to the top of the range. Great. Thank you. On North American, maybe a two-parter here. There has been another player that's kind of climbing the ranks in terms of market share, some slight shifts there on the podium. So wondering how your diversification looks amongst customers. Secondly, with respect to Alberta, any comments in terms of if it's been a successful customer acquisition period up there? Thanks. I'll take your Alberta question first. That launched in Q3, so not in these Q2 figures. It has been a reasonably successful launch. I think our market share is about what it normally is in these things. It is not the biggest province, and it's not a really spiky launch. It's going to be a flatter, more prolonged launch. But we are doing reasonably well in Alberta, so I feel good about that. In terms of your first question, I guess you're a little vague in terms of the new market participant. What are you referring to exactly? Just with respect to Fanatics' recent move in iGaming share. In iGaming? Yeah. iGaming for us is pretty stable. Or sports betting. Actually, for both, actually. It is probably better to phrase it that way. Yeah. As I mentioned earlier, I think having additional players beyond the traditional OSB partners in the market is pushing everybody to be more aggressive in terms of their acquisition, and we benefit from that. We are working closely with them, with Fanatics, and I expect that to go well. In terms of the iGaming side, that is pretty consistent. Not too much moving or sharply there. In terms of sports betting, I think we are lined up nicely for the fall, with our North American marketing business being the key driver within our marketing business that is primarily sports-based or very heavily sports-based. We do see more seasonal trends on the U.S. calendar rather than the historical. When we were more international casino, it was a slightly different trend line there. So we expect a strong September moving into NFL. Thank you. Appreciate it. Thank you. Ladies and gentlemen, just a final reminder, if you would like to ask a question today, please press star and then one now. The next question we have comes from Mike Hickey of StoneX. Please go ahead. Hey, Kevin, Elias, Peter. Thanks for taking our questions. Maybe just the first one, Kevin, on your data business continues to be a real window of strength for you guys. Can you talk about your product pipeline for the sports data business and what new products or capabilities you are most excited about? Yeah. Excited about all of the sports data B2B, to be frank. As noted, with the prediction markets, the market makers, there is a new buyer of data. International still going strong. A year ago, that was zero of the business, and now it is 40% of new sales. We are increasingly upselling a lot of existing clients as we slowly build out new feature set within OpticOdds. We did talk in Q1 about non-sports data entering. That went live pretty recently, so we will need to take a couple of months to kind of see what comes there. We plan to continue building more products on top of OpticOdds to power more of what operators need from us. We started as this kind of trading risk management and can move on to power more of what they need to power their entire sportsbook. You guys, it is nice to see you hit consensus [inaudible] numbers this quarter. Obviously, you have gone through a challenging environment to give guidance and you have restructured your business. Looks like SEO is stable somewhat here. Data is growing nicely. Do you feel like, Elias, that you have sort of reached a point now where your business is stable enough that you have greater confidence in your forward guidance or your ability to forecast growth? Yeah. Our internal feeling is that we have stable place. I do not know that is going to be a primary growth driver for us going forward. I think it will be a nice business. The U.K. is still a market that has a lot of operators. So if you look at the total market size, the offshore is eating into it. There is a handful of operators that are exiting the market, but there is still a lot of operators that all have an appetite for traffic that we can help offer them. So I think it is going to be a nice cash cow business for a long time, but probably not a primary growth driver. Thanks, Kevin. Good luck, guys. You could say the same for international in general, whereas a lot of these other international markets are more SEO dependent than we are in North America. Again, that is something that we are evolving as well. But we are ahead of pace in North America with the diversification. Thank you. At this stage, there are no further questions on the conference. I will now hand back to Kevin McCrystle for closing comments. Please go ahead, sir. Thanks, everybody. Obviously, it's not too long ago I took over as CEO, setting in nicely, moving one step at a time. The initial priority was the restructure and related team changes. Next, we wanted to reset the corporate identity, which we've done. Finally are able to launch Rollcard. We're extremely focused on granular execution across all projects and tightly managing our cash flow. We feel really good about where the business is now. Things have stabilized. There's a lot of growth prospects on the horizon. Thank you very much, and look forward to chatting next time. Thank you. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.