Good evening, and welcome to the IDT Corporation's Q1 Fiscal Year 2022 Earnings Call. In today's prep, IDT's management will discuss IDT's financial and operational results for the three-month period ended October 31st, 2021, during prepared remarks by IDT's Chief Executive Officer, Shmuel Jonas. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After Mr. Jonas' remarks, Marcelo Fischer, IDT's Chief Financial Officer, will join Mr. Jonas for Q&A. Any forward-looking statements made during this conference call, either in the prepared remarks or in the Q&A session, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risks and uncertainties include, but are not limited to, specific risks and uncertainties discussed in the reports that IDT files periodically with the SEC. IDT assumes no obligation either to update any forward-looking statements that they have made or may make, or to update the factors that may cause actual results to differ materially from those that they forecast. In the presentation or in the Q&A session, IDT's management may make reference to non-GAAP measures, including Adjusted EBITDA, non-GAAP net income, and non-GAAP earnings or loss per share. A schedule provided in the IDT earnings release reconciles Adjusted EBITDA, non-GAAP net income, and non-GAAP earnings or loss per share to the nearest corresponding GAAP measures. Please note that the IDT earnings release is available on the investor relations page of the IDT Corporation website. The earnings release has also been filed on Form 8-K with the SEC. I will now turn the conference over to Mr. Jonas. Thank you, operator. Welcome to IDT's Q1 Fiscal Y ear 2022 Earnings Call. I'm joined on the call by Marcelo Fischer, IDT's Chief Financial Officer, and we'll both be available to answer questions after my remarks. My discussion today focuses on our Q1 fiscal 2022, the three months ended October 31st, 2021. For a more detailed report and discussion on our financial and operational results, please read our earnings release filed earlier today and our Form 10-Q that we expect to file with the Securities and Exchange Commission on Friday. Our Q1 operational results were thank God strong once again, highlighted by robust performance from our high-margin net2phone, NRS, and BOSS Money businesses, as well as from Mobile Top-Up. As a result, we delivered year-over-year increases in revenue, gross profit, income from operations, and Adjusted EBITDA. At our net2phone UCaaS segment, subscription revenue increased 37.5% year-over-year, and revenue and margin increased 20 basis points to 82.3%. Both our subscription revenue growth and revenue margin rates remain well above industry averages. In the United States, our expanding network of channel partnerships drove a 42% year-over-year increase in UCaaS subscription revenue, while in Latin America, our strategic focus on mid-sized businesses, multi-channel go-to-market strategies, deeply localized in-country offerings all helped to increase UCaaS subscription revenue by 58%. Net2phone has been getting especially strong traction in several markets, including Mexico, where service revenue increased nearly 150%. This quarter, we landed a leading restaurant franchise and, of course, are also closing deals with small enterprise clients throughout Mexico. Across net2phone's market, our commitment to provide every customer with top-notch service, regardless of size, continues to help us win new business, many as a result of referrals from existing satisfied customers. Net2phone won the Global Partner of the Year award from UC Today, a popular news service covering the business communications and collaboration industry. Net2phone was recognized for providing exceptional performance and solutions to our global channel partners. We, never content with status quo, continue to work on driving channel partner penetration. In 2022, we will provide our managed service partners with real-time account access, enabling them to directly support, configure, and modify their clients' accounts. This will better enable our partners to focus more on customer experience while enabling us to focus our efforts on high-value services. At NRS, strong demand for NRS Pay payment processing and our recently launched funding service provide retailers with ready working capital, digital advertising, and transaction data services, coupled with continued expansion of our POS network, boosted NRS revenue by 104% year-over-year to $10.1 million in the Q1. Recurring revenue, which excludes revenue from the sale of new terminals, increased 126% to $8.6 million. As of October 31st, NRS has over 15,100 active terminals. One of the strategic strengths of NRS is its ability to leverage our platform to provide new offerings. This opens new markets, creates additional revenue streams to boost ARPU, and accelerates growth in our terminal network. This quarter, we deployed software that enables retailers to process electronic benefits provided by the Special Supplemental Nutrition Program for Women, Infants, and Children nationwide, which provides nearly $5 billion in benefits annually to over six million beneficiaries. Most states have transitioned or are transitioning to pay these benefits electronically, known as eWIC. Our eWIC payment processing solution is a game changer for our merchants, providing an affordable, fully integrated solution to serve this channel. Until now, only larger retail chain stores or those able to pay hefty fees for eWIC payment processing could accept eWIC transactions. We have already begun to roll out our affordable eWIC offering, working with our retailers, benefit managers and state regulators to certify our solution state by state. Money transfer had an exceptional quarter, revenue increasing nearly 15% sequentially to $12.5 million. Although the Q1 2022 revenue decreased 18% compared to the year-ago quarter, the decline is entirely due to the impact of our transitory foreign exchange market conditions that materially improved revenue and gross profit during calendar 2021. Absent that impact, Q1 fiscal 2022 revenue increased by 45% from the year-ago quarter. Traditional communications revenue increased 7% year-over-year to $334.6 million. Within traditional communications, Mobile Top-Up revenue increased 34.1% to $128.5 million, and IDT Global carrier services revenue climbed slightly. These increases more than offset a decline in BOSS Revolution calling revenue in line with expectations. Our Mobile Top-Up business generated double-digit year-over-year growth in its three largest sales channels, strengthening its unique position as the only significant omni-channel player in the Top-Up space. All our Mobile Top-Up regional corridors continue to expand, led by the U.S. to Africa corridor. Sales of Top-Up bundles, which include both airtime and data, are key in growth. These data bundles now account for roughly 30% of our total sales, and that helped increase average revenue per transaction by 11% compared to the year-ago quarter. We forecast that demand for data packages will continue to drive revenue and revenue per transaction increases. On a consolidated basis, income from operations and Adjusted EBITDA both increased modestly compared to the year-ago quarter, rising to $13.8 million and $18.3 million, respectively. This quarter, we had a loss per share of $0.10 compared to EPS of $0.32 a year ago, also an unrealized $0.49 per share loss on the mark-to-market value of our investment in Rafael Holdings stock. Looking ahead, we are making good progress and expect to be in a position in early 2022 for the potential spin-off of net2phone, should our board authorize it. To wrap up, this is a strong quarter for each of our high-margin businesses and sales of Mobile Top-Up continue to drive growth in our traditional communications segment. Now Marcelo and I will be happy to take your questions. Thank you. We will now begin the question and answer session. To ask a question, you may press star, then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press s tar then two. At this time, we will pause momentarily to assemble our roster. Okay, the first question is coming from Daniel Koch from Alta Fox Capital. Your line is live. Hey, guys. Congrats on a strong quarter across the board. Thank you. The NRS numbers look pretty great, specifically the strong ARPU in the quarter. Can you shed some light on the drivers of the ARPU growth? Maybe how we should think about ARPU growth going forward from here? Thanks. Hi, Dan. Thanks for joining the call today. We at IDT as well are very, very pleased with the progress that we have seen at NRS. While we try to shy away from giving specific guidance, let me just share with you some specifics on what NRS has been doing recently. On the SaaS-based fees vertical, where we charge our retailers monthly, we continue to look at ways to increase the SaaS fees per terminal, right? We think we can accomplish this by partnering with our retailers to understand their specific needs, to develop solutions to these needs, and then finding ways to upcharge for these features. When we think about NRS Pay and the merchant services vertical, we will continue to focus on growing the payment processing side of the business and, now offering a very compelling solution, to our retailers. Now, our offer, today is very valuable, right? We offer our retailers a no contract, free equipment, a multiple plan approach, with live customer service. And also, now more recently, we have been able to start onboarding higher risk retailers, such as like tobacco shops, and there the processing fees are higher. While our focus so far has been on the small independents that also purchase our POS system, in reality, NRS Pay is now in position to expand payment processing services beyond this channel as well. Like another merchant service product that NRS has launched recently, which you may have heard about, is called NRS Funding, which provides our retailers access to capital in a very easy and seamless process. It's still very early, but to date, we have provided over 100 loans. When we think about, like, the, our digital out-of-home vertical, we have seen that this market continues to grow rapidly. As we sell more POS terminals, so those are available. Inventory increases. For example, if an advertiser wants to, you know, offer advertising in California, and they're willing to pay, you know, $X per terminal in California, obviously the more terminals we have in California, the more is the amount of dollar advertising that we're going to generate. Our advertising and data partners are trying to know this more and more, how our model can directly impact their business. This is translating into the strong growth that you saw this quarter, where you saw advertising up sequentially about 150%. That and we have a multi-pronged approach when it comes to expanding our POS and our NRS terminal network. We have today three different complementary sales channels. We have one, a growing inside sales team. We also have our own boots on the ground sales force, making in-person visits to retailers nationwide. On that, you know, we leverage that sales force together with our other IDT offerings at retail, such as BOSS Revolution products, Pinless, Money Transfer, BOSS Money, and Top Up. We also have a well-established third-party distribution channel. Our continued investment in developing all three of these sales channels is really critical to our continued success. If the team continues to focus on all these type of items, it should really translate into very healthy growth rate for NRS going forward. Great. Thanks for all the color, Marcelo. I really appreciate it, and congrats again on the really strong quarter. Sure. Thank you. Okay. The next question is coming from Brian Warner, Private investor. Brian, your line is live. Hi, guys. Thanks for taking my questions, and congratulations. Two questions. The first is on NRS. I thought in your commentary you mentioned maybe some small loans to merchants that you had started. Did I hear that right? Can you just give us a sort of a 50,000 sq ft view of how you think about sort of that business and maybe a banking charter? Well, again, you know, we don't do loans. We do, you know, merchant cash advances. You know, unlike, I'll say Square, who has become, you know, a bank, we haven't taken, you know, that step. Uh-huh. Again, you know, as Marcelo said, you know, it's small right now. You know. Sure. You know, we've only done about. Okay. Just so I understand properly, you were actually just talking about cash advances, which is nothing new? Correct. I gotcha. Okay. That actually answers that one. My second question regarding the money transfer business. There seems to be a general concern that pricing in that business is on a downward skew, and is gonna be sort of a big headwind, or at least some people sort of think that. I know you've sort of commented in the past, you know, there are maybe some other little more creative ways to make money sort of, you know, in country or differently, sort of than you have in the past. Can you give us a sort of a two, three, four-year view of, you know, what you think that business is capable of doing? Do you think that franchise can continue to grow at a healthy rate? Yes. I mean, I see two things. Like I don't, you know. Again, I don't know the timeline, you know, for you know, when change exactly happens. You know, sometimes you expect something to happen, you know, in six months, and it ends up happening, you know, in 10 years. You know, when it comes to pricing on money transfer, you know, I can tell you know, already that you have, you know, Facebook and, you know, announce their first, I'll say, country. I think it's their product is called Novi. You know, they announced that to Guatemala. Again, as I had spoken about, I believe last quarter, you know, nobody does anything for free. Like, you know, I don't remember the saying, but there was this, you know, this saying about any product that's free, like if it's free, then you're, you know, then you know what they're selling. You know, when it comes to social media, you know, as we've all seen, you know, with Facebook, they charge you to use Facebook, but you know, they seem to make $30 billion a quarter on advertising. You know, you are the product. You know, again, money transfer is not gonna be different in that sense. Like, you know, it's not gonna be free. Like there is a cost, you know, of compliance. There's a cost of, you know, banking fees when, you know, e t cetera, et cetera. I mean, there's just a lot of costs in the business. You can't just afford to give that, you know, away for free. You know, maybe, you know, to a degree it can be supported, you know, on a short-term basis, you know, promotionally, but long term, you know, they have to make a profit. So again, my own opinion, and again, this isn't, you know, in terms of a timeline, I don't have one, but my own opinion is like over time, money transfers are definitely gonna get you know, significantly, you know, less expensive. Now, whether or not, you know, the, you know, the cash money transfers, you know, that people are doing in stores versus the online money transfers that people are, you know, you know, doing today, you know, which one of those has a more, you know, rapid change in the pricing? Mm-hmm. You know, I can't tell you for sure. You know, I've heard you know different people argue both ways on which one will change faster. I can see you know arguments you know why you know cash will be harder to you know I'll say you know change. I can see you know by the same token you know there's a lot more you know margin you know there and you know sometimes like that's the easier one to change than online competitors. I do definitely think you know at the end of the day that you are gonna need to make money in country. You know, you're seeing numerous, you know, services, you know, of, you know, where, you know, we're now able to open up 22. In 22 countries, we'll be able to open up basically, you know, a Visa, you know, card where people can use to spend money in country. you know, we'll be making money, you know, on every transaction that people are doing in that country. Mm-hmm. We'll be able to, you know, lower our pricing because we'll be able to, you know, make money that way. That is what I see as the future of it. You know, in terms of, you know, our growth rate, I mean, again, I think that we are doing, you know, very well on money transfer. You know, I'm, you know, pleased that, you know, we now have retail, you know, growing again. You know, and online is doing quite well as well, thank God. You know, we're just trying to, you know, focus on, you know, improving the product, you know, more customers to use it, you know, getting them to be, you know, stickier, you know, et cetera. You know, again, we can't control, you know, what's happening everywhere in the world, but we can, you know, do our best to control, you know, what we can control. Terrific. Thanks very much. Appreciate it. Thank you. Again, if you have a question, please press star then one. Okay, we have a question coming from David Polansky from Immersion. Your line is live. Hey, guys. Thanks for- How are you? Thank you for taking my question. Great job on NRS as per usual. High level, like, what is the opportunity on terminal deployments? I mean, this kind of started in the independent bodegas. You're up to 15,100 installs now. Where does that go over time? 'Cause I've seen that you're in beauty salons. You're in some coffee shops. You're in grocers. You're in tobacco and liquor. Like, how should we think about, like maybe five years out, how many terminals you could have deployed and kind of just thinking about the market broadly? You know, I don't know the answer to that question. That's the first thing I would say. You know, what I would say is that the amount of deployments that we've done recently has increased. You know, we see it continuing to increase. I definitely think that there's no slowdown on the horizon. What I would say is that you're right, that each one of those verticals that you discussed have seen some of our terminals in are verticals that we really don't completely serve today, with the exception of independent convenience stores. Each one of those is an opportunity for us, you know, to grow, you know, probably tens of thousands of terminals in. Each one of those is also a separate business line. You know, I mean, right now we're starting work on a new business line, which I'm not yet ready to talk about. We believe that will be something that's capable of adding 10,000 terminals, you know, to our, I'll say, network. I mean, you know, we've talked about petrol in the past. Again, those are smaller number of deployments. They, you know, they tend to be larger volume, you know, stores than stores and credit card processing than our, you know, independent convenience stores. You know, that's another market, you know, that has, you know, tens of thousands of, you know, locations, you know, available for us to go after. I really think we have, you know, really only scratched, you know, the surface of, you know, what we, you know, what we can do. You know, that's only in the U.S. I mean, I think there's, you know, definitely, you know, opportunity in International markets for our services and, you know, we're starting to deploy our first units in Canada. You know, again, we're very excited about where the business is going. Sorry, you said you're starting to deploy in Canada. Is that what you said? That's correct. Yes. On this opportunity that you're not ready to talk about, are you talking about a new vertical or is that like an enterprise contract? Can you go up- A new vertical. I mean, we're really not focused on enterprise like that. That's the one thing I would say for sure is, you know, we think that that's a saturatged market and frankly speaking, you know, it requires a different kind of sales force and a different, you know, it's a very different business, frankly, than who we focus on supporting today. We don't see ourselves as, you know, going after that space, you know, anytime in the next couple of years, at least. Great. Excellent. On payment processing accounts, you're at 6,800, so that's 45% of your base, and a year ago, you were at 28%. Like, where do you see that going? Like, can that get to 80%, 90% over time? How should we think about that? I don't know if it can get, you know, to 80% or 90% over time. I mean, I think that it will personally. I mean, you know, but I don't know if I'm right. You know, I would say that, you know, we're already, you know, signing up, you know, probably two-thirds of our new customers onto merchant processing. You know, and we are definitely, you know, making an effort now to start to, you know, convert customers that, you know, signed up with us earlier without merchant services to get them on as well. You know, but, again, like, keeping up with the growth has been tough. Frankly speaking, like, we haven't really been, you know, focused on, you know, going after, I'll call it our base of customers so much like we really focus on making sure all the new customers that we get in, you know, get turned up. You know, over the next, you know, quarter, we're hoping to, you know, add a bunch of, you know, sales people and installation people that will, you know, help us go after, you know, our existing base of accounts. Right. Your merchant services revenue, are you reporting that net of fees? Is that really like a gross process number? Yeah, I mean, it is net of fees. It's net of fees, David. You know, it's net of fees, so therefore, the revenue is really 100% gross profit. Okay. Again, I've read others of our, I won't say competitors, but I'll say I've read other people in the spaces, you know, numbers, and most of them do not report it that way. Right. You would be reporting, I mean, I think over $100 million in revenue for NRS if you were to report it gross. Am I off by saying that? I don't wanna say that you're off. I never did the, you know, the translation, you know, our numbers to their numbers. I can say that, you know, that ours are net. Well, I mean, I think it's over $100 million if you're doing it gross. It very well could be. We'll check it out. Yeah. I mean, I guess just broadly speaking, going back to what you said earlier, my questioning was, you know, you really don't see a slowdown in growth. I mean, you got a pretty good runway. You got a good upsell engine. You have ARPU expansion. You already have 80% gross margins. I mean, this is, I mean, this could really be like a $100 million ARR business, you know, net of the merchant services in a couple of years. If you look at the valuation- Yeah. We hope so. We hope sooner, you know. Yes, but I mean, you know, that's like $1 billion in enterprise value, and the entire stock today is at $1.3-$1.4 billion. I guess, like, how do you think about that, and how do you think about the timing of a potential spin for NRS? You know, again, we don't wanna, you know, commit to a timeline, you know, at this point in terms of a potential spin, you know. Right now we're really, you know, focused on a, you know, getting our spin that's already announced, done. You know, and once, you know, we've completed that, you know, we'll start to think about others. You know, again, we're right now focused on, you know, building this into a huge business and that's our number one priority. Well, I think it will be a huge business. You know, you look a few years out, I think this, you know, the stock is tremendously undervalued if you just think about where NRS could be in a few years. Anyway, I'll get off my soapbox. I really appreciate you guys taking the time to take my questions. A pleasure. Thank you. Thank you. Okay. The next question is coming from Adam Wilk from Greystone Capital Management. Hey, guys. Thanks for taking my questions. I appreciate it. Pleasure. Really impressive quarter in a number of areas. I've been incredibly impressed with the recent efforts of NRS and Mobile Top-Up specifically. Starting with NRS, can we talk a little bit about the data and advertising opportunity? Clearly pretty significant growth in that segment, and I'm wondering how you guys are kind of thinking about that opportunity moving forward in terms of maybe signing new deals with third parties or CPG companies or growing ARR or what you kind of think the ceiling is there, although I know it's early stages, but I'd be interested in your thoughts. I mean, it's definitely early stages. I don't have, you know, I don't know where the ceiling, you know, is. I think all I can say is I think we're very far from it. You know, in terms of, you know, new relationships, you know, we continue to sign you know up new, you know, large advertising partners. You know, we signed, you know, some very large deals, you know, this week. You know, we don't see any slowdown in terms of, you know, the data partners. You know, all the data partners that we sell to, you know, are adding, you know, more things that they're buying from us. You know, again, we see no slowdown in that side of the business, you know, either. You know, we are adding a number of people, you know, because, you know, like everything else, you have to get your story out there in front of the, you know, the right people. You know, someone talked about our enterprise sales. You know, we don't do enterprise sales, you know, for POS, but, you know, when it comes to, you know, advertising and data, that is an enterprise sale. You know, we are bringing on, you know, a bunch of new people. Some have already started. We have a really, you know, great team. You know, we think it's gonna be a sizable part of the business going forward. I don't know if I can give you more clarity than that. Did you have a second question that I missed? I did. Just I haven't asked, but I appreciate that color. That's helpful. For Mobile Top-Up, again, another segment that's been incredibly impressive in terms of your recent efforts in kind of propping up traditional communications overall. I'm kinda just wondering how you guys are thinking about growing this business moving forward, whether you're looking at geographic expansion or, in, I guess, highlighting some of the unit economics or breaking some of the stuff out or maybe making a push into more of that direct channel versus retail, and I'd be interested in your thoughts there as well. I mean, I'm gonna let Marcelo answer a little bit of the question, you know, 'cause he's been doing more of the work on that in the background in terms of breaking it out and what have you. You know, what I would say is from a sales perspective, you know, and again, I think I also talked about this a little bit last quarter. You know, again, to a degree the growth in this business, you know, was surprising to us. You know, we are really putting in place a team sort of as we speak to capitalize on the growth. You know, we've made you know some small acquisitions in the space that have really helped us you know grow geographically. You know, we're looking at you know some more small acquisitions as well to help you know enhance the product and the technology. Again, this is a business again where we really think that, A, we have a very small you know piece of the market, and B, you know, we're really right now only you know a U.S. and Africa player. You know, we think that you know there's a ton of market share to be gotten. You know, we intend to you know have it be a very sizable you know and predictable you know business. Yeah. I mean, our Mobile Top-Up business today is a U.S. story. In our plans is really the objective of trying to bring this business to be a large business outside of the U.S. as well in terms of origination. Our entry into Africa has more recently, you know, accelerated some of that. At the same time, we are also right now just a one-pony shop, right? We're only selling Mobile Top-Up. Really the goal is for that business to be really a leader in all types of digital prepaid offerings. We are just starting to increase the product portfolio and starting to add vouchers and subscriptions into that business. That's a very large opportunity for us. Recently we've seen that some private equity investment into that space. I think we know a company which, you know, we know well called Recharge.com, just got a nice funding of about $35 million. Probably that could be funding into the business. There's a lot of opportunity and interest in those type of fintech opportunities. Because we realize that this is becoming an area of large interest internally at IDT, we are starting to carve out the economics of that business away from the rest of the traditional communications products. Not only carve out from an accounting perspective, but even managerially. You know, we want. We are trying to make MTU become more independent, you know, in its operations in terms of its management team and resources. Today, obviously the top-up business shares a tremendous amount of resources all across the spectrum with our other U.S. offerings, especially Pinless and Money Transfer, same sales force, a lot of the same operations people, a lot of the same technology in some areas. We are going through that process. Our ultimate is to be able to educate ourselves as well as to our investors how does that business truly looks from an economic perspective if it was a carved-out operation. Once we get better at doing that, we'll be glad to share that with our investors. Great. Yeah. That's. I really appreciate that. That's helpful, and I'm glad you guys are kind of thinking about it that way. I would echo David's comments as well, and I'm looking forward to watching you guys continue to execute. Thanks again for taking my questions, and great job. Thank you. Once again, if you have a question, please press star then one. Okay. We have a question coming from Calvin Cheung, a Private Investor. Your line is live. Hi. Thanks so much for taking the time for my question. Want to echo the thoughts mentioned by Adam and David. I think, IDT as a business in general is doing great, and you guys are executing well. I just had a few questions about Mobile Top-Up in general. You mentioned that you guys have recently expanded with your acquisition of the African Mobile Top-Up business. I was just curious how that's been going. Like, any color on that acquisition progress, like has revenue been inflecting, any sort of color there would be great. Yeah, I mean, you know, I'll let Marcelo speak about the specifics, you know, related to the financials of it. You know, from an operational standpoint, I can tell you that, you know, they're being very well integrated, you know, into the company. You know, Thursday, we have a company-wide kickoff, and they will be presenting, you know, about their business to everyone. You know, and they're joining, you know, all of our meetings, you know, that we have with carriers, you know, around the world, you know, and telling them about, you know, their abilities of selling, you know, into Africa, you know, as well as, you know, I'll call it Pan Africa, as well. You know, it's really been a very good partnership and you know, they're great guys. So, I mean, we're very happy to have them on board. I'll let Marcelo answer a little bit on the P&L related to them. Sure. Yeah. Hi, Kevin. The company that we acquired is not new. It's not a new relationship to IDT. You know, we have been doing business with them for more than a decade. They have been one of the largest aggregators supplying us the Mobile Top-Up airtime for African MNOs for a long time. Effectively what we have done is we acquired them a large majority stake on them. By doing that, we have been able to kind of verticalize, right, the relationship. Now we have direct access to the MNOs, which previously we did not. Okay. That improves the cost that we get for airtime for African carriers. Having a lower cost allows our team in the U.S. to price our Mobile Top-Up offerings better in the marketplace, and by doing so, they'll be able to gain market share and expand the market in the U.S. They also have, in some ways, platforms, especially on the B2B side, platforms which are probably better than what we had in IDT, and we are in the process of incorporating their platforms into ours and taking the best of both. It's a real good relationship, a relationship we have known for a long time. The integration, the synergy with pricing and cost in approach to go- to- market have been very strong. Because of the fact that they have boots on the ground in several African countries, it also opens our ability to market our products in that continent faster as part of our International growth strategy. I see. I would say. That makes a lot of sense. To add one more thing to what Marcelo said is that, you know, they on their own have been doing quite well in sales, you know, to African carriers, you know, and their own margins have improved. I see. No, that's amazing to hear. I'm glad that it's the integration's going well and that in terms of P&L, it's also pretty good in terms of reducing costs and verticalizing the relationship. This is for Marcelo specifically. I think you mentioned like that there was private equity interest in the business. My internet was a bit shaky, so I'm not sure if I heard it right. Like a $35 million, like on- Yeah. I was curious. I think that, yeah, I think that recently, if I read correctly, I think there is a company we know them well, and they're a competitor of ours, Recharge.com. I think they believe, I believe they got private equity funding recently, probably a round B, for about $35 million. No, it's just an anecdotal, right? No, for sure, for sure. Example of the fact that, you know, people are interested in this type of Mobile Top-Up and so that and other prepaid digital offerings right now. Yeah. Got it. That makes sense. I guess one last question about Mobile Top-Up. I think you guys have talked a lot about how you guys are mostly in the United States right now and domestic, but you're thinking about doing some sort of expansion outwards. Just looking at like year-over-year growth, Mobile Top-Up's somewhere around like 30%-40%. I'm curious, like, do you think that it's going to trend down from here over the next few years, or that is like an inflection point? Like, what maybe like a general range for where you see this business in like a few years? I know you guys think it'll be big for sure, but just curious on the specific numbers. Yeah. I mean, I don't see it trending down. You know, that's for sure. I mean, what I would say is that, you know, we need to build out some of the capabilities to take advantage of, you know, the amount of growth that there is, you know, out there. And that comes, you know, both on the, you know, on the direct-to-consumer side. You know, again, we're, you know, right now we've been focused, you know, on acquiring customers in the U.S., and, you know, we haven't focused on acquiring customers, you know, outside of the U.S. And that means that we have to hire, you know, D2C marketing, you know, personnel essentially in each of the markets that we go after. 'Cause, you know, each one of them. You know, it's different. You know, they all need their own, you know, SEO and SEM, and, you know, they all have their own advertising partners and their own. From a technology point of view, you know, you need to be able to accept different payment, you know, types in different countries. You know, you need to make sure that, you know, your foreign exchange, you know, is competitive, you know, with whatever is, you know, in those markets. I think that it might be, I'll say, you know, linear growth internationally. Definitely over time, I think that the amount of growth that we could get from you know internationally is you know way in excess of you know of 30% a year even. You know, I think that would be you know an understatement of it. Great. Sorry. I just thought of a new question while you're answering. One last one for real. I was thinking in terms of just the take rate for Mobile Top-Up. I guess two parts to this question. One, obviously the next expansion, the next step is International, right? I was just curious on the dynamics in terms of the take rate and whether or not, like, the take rate would kind of trend down internationally and just on average be lower. I guess the second thing I would ask is just like in general, I feel like Mobile Top-Up, obviously, you guys have a great cost structure, so you guys are probably getting a better take rate than most other Mobile Top-Up businesses. I'm just curious if you guys feel like there's gonna be competitive pressure that would push down the take rate. If you think you guys would be able to fend that off or if you think that'll probably shed some over time. I mean, domestically, I think that, you know, we have done, you know, a good job of, you know, improving. I'll call it our rate, you know, by moving more of the business to direct-to-consumer, you know, and, you know, negotiating, you know, really, you know, good deals. As far as internationally, again, you know, we don't have as much experience, you know, with it. We definitely don't think that, you know, in every country we're gonna be able to get the same, you know, take rates that we have here in the U.S. We think that there are certain countries that have, you know, better economics and, you know, certain that have worse. I mean, we're hoping that, you know, when it equalizes out, you know, that it will, you know, be similar to where the U.S. is, but it might end up being slightly lower. Got it. All right. Thank you so much. Or did you have something else you wanted to add? Sorry. No, that was it. Okay. All right. Great. Thank you so much for taking the time. I think you guys are doing a great job. Keep up the good work. Thank you. Thanks so much. Take care. Have a good night, everyone. As there are no more questions, this concludes our question and answer session and conference call. Thank you for- Thank you. -attending today's presentation. You may now disconnect.