In 2005, we did an IPO on the Nasdaq, current market cap of $550 million. What do we do? We provide location-based services in the vehicle environment, such as stolen vehicle recovery, fleet management solution, connected car solutions. We are an A to Z solution company. We are providing, designing, and developing our hardware and our software. In order to provide those services, we have been using advanced algorithms and AI. One example for that is that in many cases, we manage to recover the car even before the car owner knows that the car was stolen. Who are our customers? We manage to save money to insurance companies by recovering their stolen vehicles and by doing that, reducing their claim cost. We are providing management and asset protection to the finance companies. In the case of a customer that stopped paying, the finance companies, with our solution, can actually locate the car, recover the car, and by doing it, save money to its organization. Not only that, by using Ituran's solution, the finance companies are able to reduce the risk of the customer. And that means that this is allowing them to sell more and more to more customers, comparing to the situation without having Ituran's solution inside the car. We have been selling our connected car solution to the car manufacturers. Car manufacturers have been working with a model of a free trial period to the customer. They have been installing our devices in either assembly line or in the PDI, and the customer is getting a free trial period that varies between three to 12 months, depends on the car manufacturer and depends on the territory. After this period of time, Ituran offers the customer a renewal in order to continue with its services and using our application and our services. This allows also an ROI to the car manufacturer. Every renewal that we are doing, there is a commission to the car manufacturer. Aftermarket, I think in addition to the fleet management solution that includes car diagnostic, driver behavior, accident notification, geofencing for the fleet customers, we are also providing customers B2C to the retail market. I think the best example to give over here is the Brazilian market. In Brazil, it turns out that more than 70% of the population do not do insurance due to the fact that the premium can get as high as 25% of the value of the car. When we identify this kind of situation, with our strong relationship with the insurance companies, we manage to offer a product which we call ICS, Ituran com Seguro. This product is providing insurance only for theft for those customers that are not able to pay for the full coverage insurance. This is one of the engine drivers for us in Brazil. This allows us, by using insurance brokers and by using e-commerce, to have more than 100,000 entries a month, just inquiries about our services and about this product. Revenue model. As you can see, more than 70% of our revenues are coming from subscription fees. That means high visibility of the business model. We have been operating through entities in eight countries. We have operations in Israel, Brazil, Argentina, Colombia, Ecuador, Mexico, US, Canada, and India. In addition to our entities and our operation over there, we are also providing our fleet management solution through our distributors in other territories. We are proud to have this kind of. I want to stop for a second. I think the watch doesn't work. You didn't start it, so I don't have any clue where I am. I can continue. That's fine. I mean, I'm okay with even one hour, but. You have 20. 20 minutes. So let's do the opposite, if it's okay. When it's five minutes left, if you can raise a hand or something. We have five minutes. Okay. Great. Thank you very much. We are proud to have big customers in different industries, such as car manufacturers, General Motors, Nissan, banks such as Santander, many insurance companies that we have been working with, and of course, big fleet management customers. This is really nice to see. Since the inception of the company, we managed to increase our subscriber base every year. By the way, this year, we gave a guidance of a net growth of subscribers between 140,000- 160,000 subscribers. We are in line with this guidance. I think one of the beautiful things to see in our business model is that even in economic crisis situations, such as the economic crisis in 2008 or in the COVID period that we had, in both cases, you can see that Ituran continued increasing our subscriber base. And the main reason for that is that in a bad economy, it's like a natural hedging that we have in the business. In a bad economy, it means more crime. More crime means more thefts. More thefts mean a higher demand to our services. Even in the COVID, especially with the component crisis situation, we didn't have almost any sales because there were no sales. But still, subscribers didn't go down. And the reason is that those customers that didn't buy the new car continue staying with the old car. So they continue with our services with the current car. That means less churn. So it's a natural hedging that we have in our business. Can't have a presentation without talking about financials a little bit. So Ituran has been growing its revenues on a yearly basis. What is beautiful to see over here is that due to the subscriber model that gives us an operating leverage in our business model, the profits are even growing faster than the revenues. In 2024, we gave a guidance of $90-$95 million as EBITDA. For 2025, surpassing $100 million. This operating leverage is giving us the ability that every new subscriber on the incremental contributes more than 70% to the gross margin. That means that this will allow us to increase our profitability margins moving forward. As you can see, even if you compare the second quarter compared to last year, we've been in the same situation. Revenue went up, margins went up. As long as we continue to increase our subscriber base, there is no reason that those margins will not continue to go up. Of course, our target, let's say in the long term, is also to reach even the 30% margin on the EBITDA. One of the things that are also important to mention is due to the subscriber-based model, meaning customers that are paying 2.3 million subscribers that are paying on a monthly basis, we have a very strong cash flow. Last year, we did $76 million as operating cash flow, and that goes hand in hand with accounting. Since the beginning, or since the inception of the company, Ituran shares its success with its shareholders. As of today, almost distributed close to $400 million. Our dividend policy that we just increased at the end of 2023 from $5 million to a minimum of $8 million on a quarterly basis, this represents, as of today, approximately 6% dividend yield. I would say going forward, in addition to the ongoing operation that we have, which is insurance companies, which is fleet management solution in all the territories where we operate and continue growing, there are several things that we see as a growth engine also for the mid-long-term period. One of them is the financing and leasing. Last year, we closed a big agreement with Banco Santander, providing them a financing solution, Ituran solution for the financing world. We started it in Brazil. The contract is in Brazil. But we need to understand, and I want to emphasize it, this is also to show the ability of Ituran technology and operational side to get those kinds of contracts. One of the requirements of Santander to provide those services was to have an average installation time of six hours. No one, no other company could have made this happen. We managed to get and to do six-hour installation on average all over Brazil. This is why we won the contract. Now we want to take it to the next steps. That means offering the finance servicing for additional banks that will start probably in the beginning of 2025. As of today, we still have exclusivity with Santander. But not only that, taking this kind of solution and copy-pasting it into other regions where we operate. Ituran Mob, that's a really nice story. Two years ago, we started offering car-sharing solutions to the car rental companies. We started it in Brazil. It's still quite small, but we see a big potential of that. Just to give you an example of what it means, it means when I arrived to Los Angeles, I arrived on Saturday, I rented a car. It took me almost more than one hour just to rent the car and do all the procedure with the front desk and getting all the help and everything. This solution allows the car rental companies or the end customer to arrive to the place with an application, to open the car, to get the car key in a safe in the car, to video and picture all the car around with the application, and then just drive away. That takes less than five minutes. That's a big advantage to the car rental companies, offering a much better service and saving time to the customers. Depends on the hour, depends on the thing, but in the end of the day, this is something that can be very big. So we started it in Brazil. The operation is going quite well. And the next thing that we would like to do is expand it into other territories. We just started doing it also here in the US. It's something that we believe can have a big impact in the long term. Big data. For a company that collects data on milliseconds, more than 2.3 million subscribers, there is a huge value added that can be done with this information. We have been working to create this kind of platform to sell this kind of benefit information data to the customer. We already started doing it in Israel, and I believe that in the future, we will expand it also to other countries. This is a nice example of our technical ability. It's more prestige than creating revenues or big volume for us. But still, this is something that we did with the collaboration that we did with Porsche and Microsoft. Porsche approached us that they, in their races, Porsche Carrera Cup races in Brazil, they didn't have the ability to know what is going on in the car during the race. They didn't have any telematics unit that can provide on milliseconds the information so they can see what is going on in the car during the race. This kind of thing, this is what you are seeing in the Formula 1 races, but over there, it's a solution of millions of dollars. We did something which is much more simple but effective that provides Porsche to understand exactly what is going on. Thank you for that. That provides Porsche exactly to know what is going on in the car if there is damage to the engine, damage to the brakes. So that is quite nice. The reason and what we are going or how can we leverage this is basically when we go to the car manufacturers, when we go to the insurance companies, when we go to the finance companies, to any kind of big customer, and showing these kinds of abilities, that means that whatever need this customer will have from a technological point of view, Ituran will be able to provide it. India. That's a new geography. We have been working for the last three years over there. It's mass market, big opportunities for us. And what we are trying to do over here, of course, it's very challenging because there is a glass ceiling from a pricing point of view. But if there is a company together with our partner, Lumax, that can achieve to crack this glass ceiling, I think it's Ituran. Because of the connections that we have with insurance companies, car manufacturers, and the end user, this can create an ecosystem that we can overcome the pricing issue. We have built together with Hertz and Honda a mobility incubator, Mobility Smart Incubator Center in Tel Aviv, that helped us to identify new startups, new technologies, and see how can we provide those kinds of information. One of those investments that we managed to find over there in the incubator is Bringg. Bringg is a mobility delivery logistics starting from supply chain until the end customer delivery. Some of the shareholders, as you can see, is Coca-Cola, Salesforce. Bringg has raised $100 million in the year of 2021 with a valuation of $1 billion. Ituran has a 16% stake in that. This is an off-book adjustment. This is a hidden asset that you do not see in our financial statement. That means this represents another $100-$170 million that is not appearing in our financial statement. We do hope and see and believe in that company that in the future we'll see the benefit of that. Just to summarize, profitable company, operating leverage within the business model, meaning really high margins, solid track record, leading telematics technology, as I just shown, and high ROI with Ituran. I would like to thank you very much for your time and listening. Now opening for Q&A. Yes. Churn. I'm sorry? Churn. Yeah. From churn's point of view, we have about 3% on a monthly basis, but it's really artificial. I will explain why. If you are a customer and you take an insurance, for example, with Mapfre in Brazil, and after one year, you do a survey and you move from Mapfre to HDI. So in that case, we consider it as a cancellation and an activation. On the other end, for example, if you are selling your car, also we consider it as a cancellation and activation. So it's not really the right term. And it varies between the regions. Israel, for example, our service is usually for more than five years. In Brazil, our service is usually, let's say, more than two years. But this is more or less. What do you mean by CAC? Acquisition cost. Acquisition cost, it's also. Usually, it's less than four months. And the reason for that is that in most cases, the customer is paying for the hardware. So that means that after three, four months of service being paid, we already recovered all of our investment. Yes? To what extent or is there a risk that the OEMs of cars embed some of this hardware? How concerning is that? Or is that a long way off? It exists. Even with the car manufacturer that we have been working, they have their own solution, but it's mainly to the high end because it's very expensive. We come up with a much lower-cost solution that they want to install it, implement it in the rest of the vehicles. So this is why they are approaching us. But even if, as you are mentioning, and you are right, let's assume five years from now, ten years from now, more and more vehicles will arrive with a connected solution, I see it as a big benefit for Ituran because in the end of the day, we are not a hardware solution for a company. We are the service-oriented company. So if it will arrive with the hardware, we, Ituran, probably will be the ones that will provide the service. And the service includes many, many things. It's not only technological. It's also the know-how. To recover a car from a favela in Brazil, no one has that. Just to emphasize it. When we closed an agreement with General Motors in Brazil, there were basically General Motors are working with OnStar. So why General Motors chose Ituran to provide their services in Brazil? The reason for that is one of the main things in that service is stolen vehicle recovery and recovery rates. This is why they chose Ituran. So this is why we are continuing. So even if the hardware will be included, and I hope that it will be included in the future, Ituran will be able to provide more and more services to those customers. Yes? What do you think is the biggest part of that that you've faced so far? The bigger? The biggest pile of that that you've faced from here internally, what's kind of what might be holding you guys back? This This is it. Where do you want to improve the most to really get to the next level, so to speak? Yeah. I would say, first of all, I think every year we're making the next level with 150,000 or 180,000 net subscribers, and we hope that we will manage to continue it. Three minutes. Thank you. And I really hope that we will manage to continue in that way. In addition, it's exactly what I mentioned. I mean, not only talking about finance companies, that could be a deal breaker. That can be a game changer. One more thing is, for example, using the model that I just mentioned in Brazil, ICS, Ituran com Seguro, this is something that we managed to identify that Mexico, for example, has the same criteria to have this kind of market. So we already started to implement this in Mexico. If we manage, it's not going to be easy because it's educating the market. It's not going to be easy. But if we manage to do it, it's a game changer. One more thing which is important, for example, is motorcycles. Up until today, we didn't put any focus on motorcycles. Motorcycle, it's a huge market. I'm not talking about the small motorcycles of 50, 100 cc. I'm talking about motorcycles of more than 200 cc. But again, Latin America has been using the sales of motorcycles is huge. If we manage to provide this kind of a solution to the dealers, to the finance companies, and again, the dealer, it's an upsell for him. I don't know even one customer that owns a motorcycle that would not like to know exactly where his car is every moment and if the motorcycle has been moving or changing its path. So I think that's a good opportunity also. Yes? I'm just curious, what's the experience like when someone steals a car? Because nowadays, especially in North America, people who steal cars are so good at it. They drive around the corner, they smash the GPS, and then no one knows where the car is. So from a reliability perspective, what's that experience like when someone does steal a car that has your? I think this is one of the biggest advantages that we have as an Israeli company, and I will explain why. Israel is so small, the same as me. So basically, from the south to the east, sorry, from the east to the west, we are talking about less than 60 kilometers. We have in Israel less than 25 minutes to recover a car since the event happened. So the main thing here is to be able, with our know-how and technology, to identify that there is a stolen event as soon as possible. Because if we know about it six hours later, the chances to recover the car are quite small. If we know it in the second it happened, the chances to recover the car is quite high. And we are doing it exactly as I mentioned before, with our advanced technology. We learn you as a customer. We learn your routines. So that means that, for example, if you are not driving usually at night, and now the car has been driving at night towards a dangerous area, it's a red flag. It's a red flag for us. So in those kinds of situations, we have to be ahead. Now, it's always a game. It's a game between thieves and us. They make improvements, we make improvements. All the time, it works like that. So this is why we are trying to be always in the front. Thank you. Thank you very much. Thank you very much.