Good evening, welcome to the IDT Corporation Second Quarter Fiscal Year 2023 Earnings Call. In today's presentation, IDT's management will discuss IDT's financial and operational results for the three-month period ended January 31, 2023. During 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 their 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 the Form 8-K with the SEC. I will now turn the conference over to Mr. Jonas. Hi. Thank you, John. Welcome to IDT's earnings conference call. After my remarks, Marcelo Fischer, IDT's Chief Financial Officer, will join me and will be available to answer your questions. My speeches lately have been a little long, and personally, I prefer short and sweet. Today, that's what we're gonna do. On the second quarter, the three months ended January 31st, you can read a more detailed discussion of our financial and operational results or from our earnings release filed earlier today or our Form 10-Q that we expect to file with the Securities and Exchange Commission early next week. NRS, BOSS Money and net2phone, our three primary high-growth businesses, again performed very well this quarter. Their formula is simple: deliver exceptional value and superior customer experiences. I'm pleased that they continued on their growth trajectories while remaining very focused on improving their bottom lines. Each of these businesses grew robustly in the second quarter. NRS added approximately 1,600 net new terminals this quarter, a record increase, and more than doubled its recurring revenue. The revenue increase was led by a year-over-year jump in advertising and data sales, which grew by 130%. net2phone achieved 30% year-over-year subscription revenue growth, including a 35% increase in our Latin American markets and a 23% increase in our U.S. market. At BOSS Money, transaction volumes through both our retail and direct-to-consumer sales channels increased by 39% year-over-year as we continue to leverage the synergies between these two channels. Led by the contributions of these three businesses, IDT delivered significant year-over-year increases in quarterly adjusted EBITDA up 25% to $23 million, in income from operations up 32% to $18 million, and in earnings, which more than doubled to $0.56 per share. Our strong operating results this past quarter enabled us to further strengthen our balance sheet. At quarter's end, we had over $156.8 million in cash equivalents, debt securities, and current equity investments, an increase of nearly $20 million over the first three months. Once again, we had no debt. I want to wrap up by thanking our stockholders, both our long-term investors and those that are new to our story, for putting their faith and their capital with us. Finally, a huge thank you to our employees, some of whom continue to work under difficult conditions overseas for their many contributions above and beyond the ordinary. The best thing about IDT is our amazing team, whose hard work and innovative spirit powers all our progress. 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 star then two. We will now pause momentarily to assemble our roster. The first question comes from David Polansky with Immersion Investments. Hey, guys. Shmuel, I think, I think you win the award for shortest prepared remarks of any public company that I've ever listened to. If they give out medals for that, congrats. I think you should be getting one soon. Onto my questions. I wanna talk about advertising and data a little bit within NRS. It's now on a trailing 12-month basis. It's over 50% of NRS revenue, excluding terminal sales. I think the data and advertising piece of that business is not super well understood. I think people know point of sale generally, and they know about payments, but the marriage of data sales and advertising from a point of sale is not. I don't think it's super well understood amongst investors. Could we get an update on advertising? Like where are you in terms of penetration, developing relationships there and selling more advertising? On data, could you speak high level about why your data is attractive and sort of what is so interesting about the NRS offering to maybe a third-party data aggregator or a CPG company? That'd be great. Thanks. Okay. Well, first of all, thank you for recommending me for the award, for short of speech. I appreciate that. I wear that badge with honor. I mean, listen, I wish that we had, you know, more direct, you know, salespeople, you know, working for us at NRS, you know, on the advertising front. You know, the ones that we have have been very, very productive, and have really, you know, done a great job, you know, showing our customers, you know, the value that they're getting from advertising on the NRS terminals, both to consumers as well as to the merchants. As far as, you know, the data, I mean, there's two things I would say just generally. One is that, you know, until now, I would say, you know, the data available to CPGs and, you know, a variety of other, you know, organizations that buy our data has been very, very limited. The biggest piece is that, you know, when people have nothing and you give them, you know, something really amazing like, you know, they're, you know, they're even more wowed by it than, you know, if they had something before. You know, we have scan data from, you know, pretty much all of our stores. You know, just to use an example, a manufacturer, you know, can see exactly, you know, how much, you know, in sales they're doing in a particular, you know, store in a particular zip code. They can see how their competitors are doing. They can see how their pricing, you know, it affects, you know, their sales. They can see how discounts that they're giving to consumers, you know, are affecting their sales. They can really see, you know, basically what I would say is everything that they could get from, you know, a big box retailer, but maybe even more because, you know, like, in a certain way, I think that, you know, we're more open with them than what some of the big box retailers might give them. They might not give them what their competitors sell, just as an example. They might not give them, you know, if they were doing testing on pricing, how, you know, pricing is affecting, you know, sales volume. You know, the, the manufacturers, you know, that we deal with see, you know, great value in that. You know, and they also want to see how their, you know, advertising dollars, you know, in our stores are, you know, are doing for them. That's another reason that they buy the data because they, you know, they can see, you know, the impact from one to the other. Maybe Marcelo wants to add something to. No, I was just thinking, David, I mean, obviously we are very, very pleased about the advertising data performance. Just to be totally honest, we actually are underperforming versus what we had budgeted in the beginning of the year. Of all of our segments, NRS is the one underperforming versus budget, even though it's our fastest growing segment. When we did the budget back in June, July, we were really hoping that the broader advertising market would be stronger than they are. We are feeling the headwinds, to, you know, to advertising revenue like everybody else is feeling. On the other hand, now we provide our digital screens, inventory out there, mostly for programmatic buyers, you know, to match it with sellers. We believe that our digital screens are better than most of the inventory out there, you know, because of the amount of time that people are looking at the screens as they approaching, you know, to pay for the goods at NRS stores. Yeah, we are very happy. We think it's a great element of our business model to have the advertising. Even said that, you know, it's a little softer than what we had hoped it would be because of the macro situation. Great. Thank you. On terminal sales and signing on new relationships, can you give us an update on how many of those sales are coming from direct NRS versus maybe a IDT salesperson from a traditional channel, just to help us kinda think about, you know, is NRS ready to sort of stand on its own, so to speak? Or are you still relying heavily on the traditional IDT distribution channels. I don't have the numbers in front of me for this quarter, you know, in terms of, you know, where, you know, units were sold from, but I would say that, you know, we're still getting, you know, about 1/3 from IDT, you know, about 1/3 from direct and about 1/3 through, you know, distribution channels. Okay, great. on net2phone, could you talk a little bit about the profitability and the performance there? I mean, you know, I think I mentioned last quarter you beat our estimate on EBITDA. You did it again this quarter. I'm just trying to think about where this business could be from profitability perspective in maybe 12-24 months. Yeah, I guess I'll start with that. We had a very good net2phone quarter period. You know, now very pleased about how net2phone did. Yeah, they did about $800,000 in EBITDA. Based on the performance, I would even venture to say that we might be exiting this fiscal year, now June, July, with net2phone not only being EBITDA positive, but even being by then cash flow positive, meaning it covers its CapEx expenditures in buying the IP phone, et cetera. We might be exiting already as net2phone being a free cash flow generating company. As you saw, we grew 30% subscription this past quarter. I would caution that as we go into Q3, that will be the first quarter where our CCaaS acquisition will be now in the numbers, you know, year-over-year. Q3 will be purely organic growth versus as opposed to having some of the acquisition effect. We're still hoping to grow Q3 at a 20%, 25% rate going forward. We see a net2phone that continues to grow 20% on a go-forward basis and starting to generate positive cash. If anything, Q3 might be even stronger than Q2, because Q2 has the summer months. You know, things are a little more, more quiet during the holidays, you know, in terms of, you know, business sales, and it's the summer in South America, which is a big portion of our business. We may even do better in Q3 than Q2. I think one of the big good you knnow, KPIs we saw in Q2 is that our churn was really low. I mean, for the first time, we were able to get consolidated churn below 1%. I hope that remains to be the case, but I guess it's an indication that we are doing things right. I think that our customers like our service. All in all, you know, quite pleased with net2phone and what the management team is doing over there. Yeah, I don't have much to add to, you know, what Marcelo already said. I mean, the one thing I would say is that, you know, while the, you know, the acquisition of Integra was probably, you know, a little bit of a weight on, you know, next quarter, you know, we're very, very excited about, you know, what that acquisition, you know, brings to the table. We are gonna be, you know, investing heavily, you know, in bringing on more customers, you know, for our, you know, CCaaS solution because we think, you know, A, when you, when you provide a, you know, a business with both their, you know, sales, customer service and, you know, regular business lines, you make them a much stickier customer. Frankly, we think it's really a great solution at a great price, and it also raises, you know, our ARPU overall. I mean, you know, I think one of the things you'll see, you know, from net2phone over the course of the next couple quarters is continued, you know, expansion of average revenue per user, you know, and margins from Integra, you know, taking, you know, a deeper relationship into a lot of the customers that we already have. I mean, you know, some of what we're doing now is not just, you know, going after, you know, new accounts, but, you know, landing and expanding, you know, the accounts that we have into, you know, taking more services from us. That's great. Thank you. I wanna give you an opportunity to talk a little bit about maybe anything new that's going on in the pipeline. I mean, I think IDT has been very entrepreneurial in the past and, you know, there's this question hanging out there of, you know, what happens when NRS gets spun out? What's gonna happen to IDT, the holding company? Should I even be interested in IDT, the holding company, as a potential investment? I guess if you could talk a little bit about, if you're ready, what maybe what's going on behind the scenes and anything that we could maybe look forward to in the future. Yeah, I mean, I'll just give you like, you know, two or three things like that are, you know, that come to my mind quickly today. I mean, you know, one is, you know, you saw our launch of Zendit. I think that hit the press release a couple weeks ago. You know, I was at our booth in Barcelona, where we were showing it off. You know, that's a very exciting product, you know, for the top of in gift card space. It allows, you know, developers, you know, to come in. You know, and basically set themselves up, and, you know, and start selling. We think that, you know, when you consider like the depth of our portfolio already, you know, the advantages that we have, you know, in pricing from the volume that we do, you know, already in retail and in D2C, we think that, you know, that leverage is really gonna, you know, bring a lot of customers, you know, to us from both other players that are out there already, as well as, you know, new customers who see this as a way to, you know, add services into, you know, things that they're already selling to customers. That's one example. You know, we, you know, started marketing our BOSS Money, you know, product overseas this past quarter. You know, we're very excited about how that, you know, is going to eventually develop to make money transfer, not just like a one-sided product, but a two-sided product, both, you know, in local markets as well as here. We think that that's, you know. I mean, there's a lot of different pieces to that, you know, we probably won't get into on the call today. You know, that's another one that's very exciting. You know, again, we just keep, you know, adding on, you know, different pieces to all of our businesses and, you know, trying to, you know, sell them to consumers and businesses. That's, you know, our goal every day. That's great. Just as a clarifying point on Zendit, what product group? Is that gonna be in IDT Digital Payments? Yes, that's part of IDT Digital Payments. That's correct. Okay. What does that do when we think about the decay or the decline within traditional? I mean, can you just help understand what that could mean or is it kinda too early to tell? I mean, listen, I don't have an answer of what it could be. I mean, I could say that, you know, that, you know, that part of our business is a very large part of the traditional business. You know, we expect to make it an even larger part of the traditional business going forward. Zendit is a big piece of that strategy. Okay. Great. All right. That's it for me. Thanks, guys. I'll pass it over. Thank you. Thank you. Next question comes from Daniel Koch. Please announce your affiliation then pose your question. Hey, guys. This is Daniel from Alta Fox. Thanks for taking the question. agree with David that you probably just set a record on quickest prepared remarks. had a quick one about net2phone. Pleased to see the net2phone ARPU up year-over-year, despite what I thought was some mixed headwinds from international markets. Can you shed some light on where the growth specifically is coming from? Are places like Latin America still showing, you know, pretty elevated pace of growth, or has that kinda slowed at this point? I mean, I think, you know, I mean, you could see even from my short remarks today, you know, that we, you know, we grew stronger, you know, in Latin America than we did, you know, in the U.S. I mean, that is definitely a, you know, a big part of our growth strategy going forward, is focusing on those markets. Marcelo has some stuff to add. Hi, Dave. I mean, South America is growing now very fast, you know. Some markets like Mexico, Colombia, Brazil, continue to grow very fast. Chile, faster than the U.S. You know, the growth is good and strong, and we don't see it decelerating at all. We also have, as Shmuel mentioned earlier, the higher ARPU growth now happening also from the CCaaS side, right? When we acquired Integra, our CCaaS player in Uruguay, March of last year, I think they had 6,500 seats at the time. Now we ended January with 9,000 seats. In 11 months, you know, we grew those seats by about 35%, and putting more investment behind them, so they could grow faster. All of those areas are bringing the growth to net2phone. Got it. Thanks for that, Marcelo. One more quick one for me. I think you all might have one of the fastest growing money transfer businesses in the market now. The growth there is incredibly impressive. Can you all just shed a little bit more light on what's the underlying driver there and how sustainable these growth rates are going forward? I mean, listen, I think that we are giving our customers great value. I mean, that's the number one thing that I think is driving our growth, and I think that's both on the retail side as well as on the direct-to-consumer side. You know, again, we spend a lot less money than some of the, you know, the big companies in the space. You know, we try to be, you know, I mean, you know, very, very responsible when it comes to, you know, acquiring customers at a reasonable price. That's both, you know, on the retail side as well as on the direct-to-consumer side. Like, you know, we're not going to, you know, go into a store and lose money, and we're not gonna go, you know, after, you know, quadrants of customers that we're gonna lose money. You know, we're, we're very disciplined about that. By the same token, you know, like, you know, we don't look to, you know, make the last, you know, dollar off of every transaction. You know, we look to make sure that we have, you know, a very, very strong, you know, base of customers that comes back to us, you know, multiple times a month, and, you know, and recommends their friends and, you know, and that's been, you know, a big part of our success. You know, we're, you know, always, you know, tweaking things on the edge. You know, this, you know, this past quarter, we started marketing our neobank service to, you know, to our customers, which we think is, you know, a big plus. We give them, you know, a $2 discount if they pay using our neobank. You know, we're focused on making sure that, you know, we provide good value, good customer service. You know, and I think you can see from, you know, even just the ratings online that we're doing a good job on that. Got it. Thanks, Shmuel. Appreciate it. That's all for me. Thank you. The next question comes from Adam Wilk. Please announce your affiliation, then pose your question. Hey, guys. Can you hear me? Very well. Great. Yeah, this is Adam with Greystone Capital. Thanks for taking my questions, great job on the quarter. Really impressive once again. The bulk of my questions were asked and answered, which is great. Maybe just two quick ones. As you think about the advertising opportunity for NRS, it sounds like there's, you know, you're talking about a little bit of economic softness or cyclicality there, which I guess is to be expected. Is there anything you can or any color you can add on what to expect for the rest of the year? I know you don't give guidance, just curious if maybe the out-of-home trends are different than, you know, maybe some different areas of the advertising market or kinda what anything you're seeing there would be helpful. I'm sure that the trends are different, you know, in out-of-home versus, you know, other forms of advertising. No, I mean, again, as Marcelo indicated, you know, we definitely are feeling headwinds. You know, we've done a good job, you know, as I said, you know, on direct sales, on data sales, et cetera. Really, you know, making sure that our advertisers see the value, you know, from advertising with us. You know, again, I think that, personally speaking, I think inflation will be, you know, brought under control in the next, you know, six months or so. I think that, you know, when that happens, you know, you'll start to see, you know, more budget, you know, free up to increase business. You know, that's my personal opinion. You know, don't take it to the bank. Everyone has their own ideas of what's gonna happen. Yeah. Adam, I don't have much more to add. I mean, usually, as you know, the month of January is the weakest month for advertising for us. You know, it was the same this past January. It was not a strong month, you know. It appears to me that advertising budgets are either being held or trimmed right now, or companies haven't decided yet how much capital to allocate toward the advertising budget. We are seeing clearly a soft start to the calendar year in terms of advertising, and I think that it's across the board. Okay. Yeah, that's helpful and makes sense. Yeah. I appreciate it. Then last one for me. The quarters prior to this one, I thought reflected a really nice pace of share repurchase activity, and I'm just wondering what your current stance is on buybacks moving forward and how you're thinking about that as a use of cash. I don't know. I mean, you know, again, we're opportunistic, and, you know, we don't have, you know, any plans one way or the other, you know, as of yet. So no change in stance, just no buybacks this past quarter. Okay. I might just push back on that. Not push back, but, just add to that question a bit just by asking, was there something you saw the last two quarters that kind of spurred you to action? No. I mean, again, like, I think, you know, the business did well. As you saw, we threw off, you know, $20 million ± this past quarter. You know, we just, you know, did not decide to invest it in buying back stock this quarter. Sure. I understand. Well, the buybacks, you know, at this price remain incredibly accretive. That's my two cents anyway. I appreciate you taking my questions. Congrats on a great quarter. Thanks. Thank you. The next question comes from Alexander Rohr. Please announce your affiliation, then pose your question. Hi, guys. Congrats on the numbers. This is the third consecutive quarter with NRS advertising at kind of a dramatically higher level. It's been for three straight quarters, roughly a 2x increase in ad revenue per terminal, you know, roughly. I think there's some skepticism out there that, you know, these are kind of one-time gains or you guys might revert back to the per terminal levels you were seeing a year ago when the total business was doing, you know, $4 million-ish per quarter in ad revenue. Maybe just speak to, like, the sustainability of the new run rate in ad revenue. Yeah, I mean, again, we are definitely facing some headwinds in advertising. There's no question, you know, about it. You know, I do think that, you know, again, we're doing better, you know, and we don't give guidance. We're doing better, you know, in March than we were in January, you know, by a large amount. You know. Again, there definitely is, you know, headwinds in advertising. You know, there's no question about it. That being said, you know, we think that we're gonna do well in it. Yeah, I mean, obviously we don't control the macro environment. From a micro perspective, I think we are very well-positioned, right? I mean, we are competing in the DOOH segment of advertising, which continues to grow and will be one of the fastest-growing segments in advertising growth. We participate in that segment. As I mentioned earlier, I think that our digital screens in that segment are a very, very attractive way for advertisers who wanna place ads digitally, though, to choose us as a solution. We are trying to continue to grow the number of programmatic relationships, you know, that we do business with. I think that we, to a large extent, will always from now on be a function more of the macro situation. As long as advertising dollars are out there, I think we'll be capturing more and more of a share of it as time goes by and as our network continues to increase. Got it. Last quarter, the NRS store base on a same-store sales basis really outperformed the peer set. I'm just eyeballing the statistics in the NRS Insights release from February, and it looks like, for the whole quarter, you know, on a cumulative basis, the NRS stores were doing about 4 percentage points better year-over-year than convenience stores in general, nationally. What do you attribute that to, or, do you expect that to be, you know, a sustainable trend? I don't really know the answer. That's the truth. I mean, you know, I think that, you know, the main thing that I would attribute to is, you know, independent business people are really, you know, the drivers of the economy. You know, they're innovative. You know, when inflation is high, you know, they put, you know, things on sale in the front of their stores that, you know, that make things, you know, not seem like they're, you know, out of reach for consumers. You know, they talk to their consumers, and they, you know, tell them, you know, what's a good deal. I think that it's really that, you know, that independent, you know, businessman, you know, mentality, you know, that's keeping them strong. I really don't have any other explanation. It's not because they have better access to products or financing or rental rates or et cetera. They have a lot of challenges, in my opinion, still, that we're trying to help them overcome. Yeah, they definitely are resilient. Got it. Last question from me. Any update on the, Shmuel, you talked about this last quarter, the group purchasing effort to try and help some of your NRS customers get scale with distributors. Has, how's the early progress there? Unfortunately, this is not a great quarter for that. You know, we don't lose many good people, but we lost, you know, the head of that division this past quarter to a different startup. That was a little bit of a setback. You know, we have, you know, high hopes for it going forward. Great. Thanks very much. The next question comes from Sean Berger. Please announce your affiliation, then pose your question. Hi, this is Sean Berger from Adirondack Retirement Specialists. First, congratulations on a very good quarter. First, also, if anybody ever wants to contact me on why BOSS Money is the best, as a consumer, I can give you a lot about it because I use it all the time. One of the things that when I've used BOSS Money is they gave me a little discount for downloading mobile wallet, and I was really impressed with the mobile wallet. I was just wondering anything with that in the future as far as potential. I don't know if that's a potential revenue source or just more glue. Yes. I mean, I believe you're referring to our neobanking solution. small, on my phone, the app. Maybe that is. It's called Wallet by BOSS. Yeah, Wallet by BOSS. I call it mobile wallet. All right. that's the neobank. Yeah. That is our neobanking. Okay. All right. That's what I was referring to earlier, that you get, you know, $2 when you use it, you know, to pay for a money transfer. Yeah, I mean, it's more than glue. I mean, glue is definitely part of it. You know, we, you know, we make money on, you know, on it the same way that, you know, lots of, you know, neobanks do, which is, you know, the more, you know, money in balances you have, the more money we're making, you know, in interest. The more money you spend on your card, the more money we're making on interchange. We, you know, like all of our products, you know, we're giving, you know, customers great value. There's no fees. You know, in having a card with us, you know, you get, you know, paid early if you have direct deposit. You know, you get the discounts when you use it for BOSS Money. You get some really cool, you know, information on how you're spending money and, you know, you know, you know, things that will help you know, budget, you know, more appropriately. Right. You know, we think that we're, you know, we think that we're giving consumers a really great product and again, at a great value. You know, we hope that it becomes, you know, a much bigger part of our business. As I said, you know, first- I was also very impressed with the technology. Like, it linked up my photo with my wallet, or with my driver's license, and boom, like, merged the two. Like, it identified me well, and I think it's very good for the unbanked, like people that are unbanked, like Latin American people that, you know, are here and would, you know, would need to be banked. I think that they're a very underserved community, so I think that's great. The only other question I had was also with regard to, I know that you can't comment much on the lawsuit, but I did know about the judge sustaining an injury. I'm just wondering if there's any expected delays or if you've been informed in any delays as a result of that, with the Straight Path litigation or if that just seems to be progressing along. You know, that was it. I mean, first off, I hope he has a full recovery. You know, from afar he looks like a very, very nice man, and we wish him the best. Yes, I mean, there is probably going to be, you know, a slight delay. We don't know exactly by how much, you know. We were informed by the court, you know, of, you know, of a delay. Okay. Okay, thank you. I mean, just to clarify, okay, at this point, I think that the post-trial oral arguments are scheduled to sometime in May, tentatively. Now, the judge's condition may affect that. But that's all we know at this point. Okay. Okay. All right. Thank you. The next question comes from Iñigo Alonso. Please announce your affiliation then pose your question. Hello, can you guys hear me? Yes. The first question is about NRS. You had the announcement of the Canadian market recently, and if I'm not mistaken, this was announced already about a year ago that you were selling in Canada. I'm wondering, is it that Canada is a bigger part of your strategy right now, or what's behind it? Have you already tapped into all the U.S. markets? The BOSS retail network that you have, I had it estimated at 35,000. Is that market close to being tapped into, or what's the reason behind the announcement? Thank you. No. I mean, first of all, I mean definitely not. I mean, we're selling, you know, more stores, you know, today than we've ever sold before. The market is not tapped at all in the U.S. You know, listen, we think we have a great product. You know, as I said, we, you know, give great values, you know, to our retailers, you know. Again, I don't wanna take any credit for, you know, for the fact that their numbers are better than convenience stores are doing overall, but it's sure not hurting them. You know, we wanna bring that same, you know, technology and, you know, to Canada and, you know, it's the easiest market for us to go into. you know, all of our merchant processing solutions, et cetera, work there. We already have, you know, a distribution channel there. It was a natural, you know, next step for NRS. No, it has nothing to do with us believing that, you know, that we are in any way saturated in the U.S. market. Okay. Regarding net2phone, you postponed the spin-off a couple of quarters ago. I'd like to hear where you are at with the potential spin-off in the future. We have seen your unprofitable peers suffer a lot. I was wondering if you are looking to acquire any technology, expand any geography or new clients through the acquisition of any competition of net2phone. I mean, listen, you know, we're always, you know, looking for, you know, good acquisitions, you know, that we can, you know, help be more successful than they were on their own. That being said, you know, we're not looking at anything actively right now, you know, for net2phone. That doesn't mean that, you know, we will not in the future. You know, as far as our plans on the spin-off for net2phone, you know, again, we definitely do not believe that, you know, current market conditions are appropriate for, you know, a spin-off. That being said, you know, we have, you know, our heads down as, you know, as you can see, and, you know, we're making sure that we're not only, you know, the, you know, a very good growth company, but a, but a profitable company and one that, you know, doesn't need to rely on, you know, markets to support it. You know, we'll rely on its actual, you know, cash flow to continue to support and grow its business. Got it. Lastly, on BOSS Money Transfer. I would like to hear about the vision of the company. You compete in a very, There's a lot of competitors in your industry, and I'd like to know why you're going to succeed in this competitive environment and what's the endpoint? When are we going to see consistent, positive EBITDA for BOSS Money Transfer? Well, I mean, listen, we definitely have some very strong competitors in the money transfer business. You know, it's been... It's a business that's been around for many, many years. Again, as I said, you know, I don't think that we do anything, you know, unique. What we do is we give, you know, well, I think the, I think that what we do is we focus on, you know, giving customers good value and that's in every way. You know, from the experience that they have using us to, you know, the systems that we have in place to make sure that, you know, none of their, you know, information is compromised. That, you know, the transactions are safe, you know, et cetera, et cetera. You know, we give really good value to our, to our customers, and that's why they come back to us, as I said, you know, usually multiple times a month. At, you know, at the store level, you know, we're, you know, really focused on making sure that we're not only, you know, an online competitor. You know, the money transfer business is still, you know, probably, you know, 80% a retail business. Definitely, you know, moving more and more online every day. We, you know, we have a strong base of retailers, as you pointed out in a different question. We want, you know, our retailers to take advantage of using BOSS Money rather than, you know, other competitors of ours who, again, you know, some of them are very good. I'm not trying to say that we don't have good competitors. We have good competitors. We think, you know, we give great value to consumers and to our retailers. Okay. Thank you, and congrats again on the results. Thank you. Again, if you have a question, please press star then one. As there are no more questions, this concludes our question and answer session and conference call. Thank you for attending today's presentation. You may now disconnect.