Okay, good morning. I see we've got some folks grabbing breakfast. If you can just grab breakfast and come to your seats, please. Thank you. Oh, these lights are bright. Good morning. I'm just waiting for folks to grab. There are some really great croissants and pastries there, so grab some energy food. Oh, you can sit. Okay, good morning again. Happy Friday. Welcome to Nayax's inaugural Capital Markets Day. I would say on behalf of the Nayax management team, they're really excited about having you guys here. It's obviously been a very busy week for everyone, and I would say that they really appreciate you coming and hearing a little bit more about Nayax and learning more about the story. For those of you who don't know me, I've met many of you before, I'm Virginea Stuart Gibson, and I manage Investor Relations for Nayax. Why don't I move to the agenda. What we're doing today is really trying to provide, I think, a great set of presentations from five of the management members of Nayax. Obviously to kick it off is going to be Yair Nechmad, who's the Co-Founder and CEO, and Yair is gonna talk very high level about the TAM growth strategy and introduce the company to those of you who don't really know Nayax. Then we've got the pleasure of having David, who is the Co-Founder and CTO. Following David will be a duo presentation with Keren Sharir, who's the Chief Marketing Officer; and Carly Furman, who is CEO of North America. Some of you have met her before, and she's gonna do a deep dive on the U.S. markets and show some really incredible case studies. We've got three of them to really get you an understanding of what customers say about Nayax. We'll then take a 15-minute break, and of course, we've saved the best for last. We've got Sagit Manor, CFO, who's gonna do a financial overview and really help you understand the financial model. We'll then wrap up formal presentations and move to Q&A. We've set aside an hour for Q&A, 'cause I know you guys got a lot of questions. Again, Nayax is a very new company and a new name, so we wanna make sure you guys ask as many questions as possible. I will moderate that with the speakers. As we promised, we will have a lunch with management. This is another chance for really you guys to get to hear the vision of Yair and talk a little bit more about maybe customers, maybe a little bit more about the go-to-market strategy. The lunch will be on this floor. You don't have to leave this floor. It's basically to the right, and it's in the board room, which is again, you take a right and then a left, you can't miss it. We'll be there until 12:30. The other thing I wanted to say is that bathrooms are to the right, to the back of this room. Again, you can't miss it and on the left. Before we get started, there are a couple of housekeeping items that I wanted to point out. We're gonna have the presentation and the slides, as well as a webcast replay on the ir.nayax.com Investor Relations website. This will occur probably an hour after the live event, so please, I encourage you to go there. If you've missed anything, it's a good way to kind of like replay the webcast. Before I turn it over to Yair, we can't have a Capital Markets Day without Safe Harbor. Obviously, during this presentation, there's gonna be some forward-looking statements. There's also gonna be some mention of GAAP to non-GAAP, and we encourage you to go to the ir.nayax.com website to see all of the reconciliations for Q1 2022 or 2022, full year 2022. I think that's really it. I just wanted to point out we do, the Nayax management team was able to bring many of the unattended and retail devices, which is sitting to the right of the room. I encourage you to go over there and, you know, feel, touch, get someone to help you to understand it, because I think many of you have not seen the technology before. This is a way to really, you know, something that's very conceptual to many of you now becomes real and tangible. I encourage you to go to the back of the room and Enon is there. Keren can also help show you some of the devices. With that, let's get started, and I'm gonna hand it over to Yair. Yair. Thank you. Can you hear me? Yeah. Yeah. We start with a movie. My name is Jason. I'm the Director of Gecko Vending. When we first put the Nayax units on back in 2012, the initial take-up rate was about 25%, which is incredible because we never had any card transactions before. As of yesterday, with our latest data, our sales are now increased to 88% cashless. It's incredible, and obviously, we believe, I think it's gonna keep moving forward in this direction. Nayax has given us the peace of mind that we can check in on all of our vending machines on a daily basis and know they're actually all working and all functioning. Our journey with Nayax began in May of 2017. Today, 73% of our takings are cashless, and one of the most frequently asked questions when people contact us, "Do we need coins to come there, or do you have card readers?" Of course, we're able to say, "You don't need coins here. In Poland, out of 10 transactions, five are currently paid with a digital payment solution like a credit card, a debit card. The Nayax system with the Onyx device, which we implemented in our machines, is dedicated to provide digital payment solutions. In the first place with debit cards and credit cards, in the second place with an own development, our CafePlus called SmartPay app, to also provide SmartPay solution on the mobile phone. I have been in the car wash industry for the last seven years, and in the past three years, we have seen an enormous change in the car wash industry. Many cashless payment systems have been introduced to the car wash industry. The one that stood out for me was the Nayax. 39.5% of our customers choosing between the warm wash and a cold wash. An owner of a laundromat is potentially generating 49% more revenue than he could have done before. Nayax obviously changed the game for us car wash operators. I've noticed everyone who has adopted Nayax's cashless system, their revenue has increased by 20%-30%. Consumers just love it. With the support that we provide to our operators with the help of Nayax's support team and experienced reseller like myself, we ensure all the machines are working seamlessly at all times. Customers can see what they're spending and what they're getting. I always say, it's always good to be transparent in business, which is what Nayax reflects. Thank you for coming. This is just an example of what we're doing in order to video the action that we're doing for the last 17 years. Actually, when I'm saying we, it's three founders, David and Amir, which is my brother. He's the Director in the company. David and myself working for the 17 years with the understanding of payments. Maybe one character that represent us, we're always optimistic about the future. We're still optimistic on the future regarding what's going on in the market even these days. I give I'm gonna show you some of it, why we think that we have a very strong growth trajectory into the future with what we already stated, 35% growth year-over-year to become a billion-dollar company, hopefully in the next seven years to come. Sagit will also elaborate around this. Every company has, of course, some kind of mission and vision. Actually, we started the business in the way that we started it in Israel in 2005, and we looked at the vending industry, and I'm formerly a Coca-Cola advertising and marketing manager. I knew the business to some extent. I thought that this is a simple problem to put what we call a cashless device in order to accept cashless payment. That's it. You know, you just put the device and that's it. It happened to be that today this is there is a new norm called embedded payment. Actually, what we did from 2005 is actually embedded payment. It means that we took the ability of the payment, the accepting of the payment from the consumer side, engaging with the machine, the IoT part, and then all of this routing to a service. This is where this just simple action created a lot of effort or heavy lifting that need to be done because the machines are not really standard. The protocol are not standard. We have to re-engineer a lot of the protocols to know how to serve the machines. Basically, we've become through the years the company that's really agnostic to the machine. It's part of the mission statement that we are part of my history is when I was visiting customers, you can see all the moms and pops, which is vending operator, also grocery retailers. They are really the economy of the world. If you look what they're doing, they're really entrepreneurs working day in, day out, starting early in the morning. If you look about operators in the vending industry, they're starting around 4 A.M. in the morning, you know, to really take all the products from their warehouse and start the business. Our mission is really to ease up all of this burden that they have and make what we believe is enterprise solution to the nano and small merchant. That's part of what we're doing in terms of reducing all the friction of the operational and making sure that the service to the consumers is frictionless from his perspective, from customer perspective. For this, we're building what's called the full platform solution. The vision behind this, since we are B2B business- to- business, in terms of what we are serving, we have to very much look into the consumer side and see that consumer is also changing their behavior. The way that the consumer is expecting their service, we call it the Amazon way. They would like to have everything in a click. They want to have everything immediately. They want to have everything happening to them, where they are the center of the gravity of all the services. With this two platform of mission and two statement of mission and vision, we believe we are addressing ourselves into the future in the right direction. You can see the history that we started 2017 from $32 million and ending up last year with $119 million and already publishing the quarter-over-quarter growth this year with more than 50% growth. We believe that what we're doing is on track, and we have the team to do it. I'll show you, and part of the team over here will show you as well, how we're doing this. The important thing about how we reach out to this level is that we always looked about the global/local, starting with the idea of, okay, Visa and Mastercard are the dominating part of the world in terms of accepting payment. You have to really address also the local part, all the alternative payment. While doing this, slowly but surely, we became to be the, I think the largest one that accept card present globally in the way that we are doing this. More than 62 countries around the globe with 80 payment method and 40 currencies. We're doing this in a way that we are connecting to more than 45 acquirers and more than 45 alternative payment acquirers. That means that a consumer in Finland or consumers in Sweden or consumer in Switzerland is not only accepting Visa and Mastercard or Discover, he's also have a Swish or TWINT. If you look at the map of alternative payment in Europe, you can see dozens of alternative payment. All of them are being required to serve the consumers. Maybe to add to this, you have to remember that an operator in the operating of vending contain or hold maybe 20 machines, 50 machines. He's a really nano merchant. Each machine is doing around $600, and this is his business. With Nayax, he's not really a mom-and-pop or what you call small merchant. He can go to a tender with the airport or to a tender with a hospital and serve because we are bringing him the whole technology platform, and we are giving him the enterprise solution to his hand in order to really to cope with a tender that contain also consumer engagement and loyalty and all of the above. The growth is not stopping, not because that we built just the platform, because we're building everything on a scale vision. You can see that we keep on growing. Last quarter or Q1 was 553,000 devices online connecting to our server. More than 35,000 customers, meaning another 4,000 customers in a quarter. Almost 270 million transactions in one quarter. All of this is basically has to be very carefully managed and the focus of the management behind this is the churn and the net retention. Previously, I was working in Eden Springs. It's a 5 gal and small tech mineral company in Israel. The 5 gal business is also subscription model, and the subscription model is carrying, we did around 140,000 customers, consumers. Basically, you're reaching the level, one level that's starting to really hit you. You're bringing more consumers, but there is a churn in the consumer. Actually you are working in what you call neutral because you're bringing new consumers and then you have a churn of consumers, and you cannot grow the business. Our focus is very much in terms of how we are building this, the platform in a stickiness way that brings everything together, and the churn can stay very, very minimal in order that we'll be effective and keep on growing our business. You can see that we're having less than 3% churn in our retailers, in our business. I think from SMB point of view, if you look about any other SaaS platform, you cannot find this kind of level of churn, which is very, very low. The net retention is very high. When we're dealing with net retention, our strategy is that we are not really trying to sell vast value-added services within the customer base. Because a customer is carrying a machine, is around $500, and the total cost of ownership behind this $500 in terms of maintaining the services, the processing and the hardware is around $20. You cannot really push more than this in order to really reach out to the level of added value services. We decided to bring everything in one big platform. Everything the customer can use all the versions of all the features that in the system according to his request, and we're not charging more. More than this, we are technology partners. If there is a business or some ideas that he needs more, we are developing this on our behalf, and he's not paying for this. That's how the platform is coming to be, what you call a very much on the edge of technology, because we have like 34,000 customers asking for any kind of a feature, a extra feature or extra express solution to consumer journeys. We're doing this, and everybody can enjoy from this solution. How we are doing what you call the retention, he's starting with five, 10 machines. Usually what's happening after four years, and I'll show this in a few slides on the cohort, he's more than 4x after three or four years increasing his services with MaaS. We start with four machine paying $10, for example, and then the year after he has another four machine. He's paying now another $10 per machine, and then he has another four machine, and he's paying another $10. Why this is his mindset? Because he's starting with a $500 machine or $600 machine. He has also a machine on $200 or $300 per month machine, so he's not really putting cashless over there. The year after, he's starting the next tier of machines. As you saw in the example of the video over here, they are growing slowly but surely. They are seeing that, okay, the share of cashless is growing more and more, so they can secure the risk of putting another what you call cost of ownership behind this. David just came back last week from Italy after a trade show, the largest trade show actually in the world. It's in Italy. It's Venditalia. One of the operator came to him and said, "Look, I'm not putting on my what you call, my juice machine, I'm not putting any more cash. I'm doing only cashless. All my business now is only cashless." This is like the flip side, after 17 years that we're working, that now cashless is becoming to be the leader and not the laggard in terms of a customer point of view. Cash is not the king anymore. Until last year, we were private with no VC. The three partners, owners reached the level of IPO in Israel in the TASE IPO, with 100% holding of the shares. This is kind of a hint regarding how we are building the business and how the business model is working, and we're not doing only by going through what you call organic growth. We're also seeing and listening to the market and seeing what we can do in order to grow, whether it is inorganic or I'm calling this semi-inorganic. Over here, you can see that we're buying some of the distributors that we have. Like in Australia, we bought the distributor in 2017, and now he's doing more than seven times better than what it was like five years ago. We bought the U.S. office that we started in 2014, and Carly is the North America LLC CEO of the group in the U.S. We bought VendSys, which is a complementary solution. I'm calling this the ERP solution specifically for the U.S. because some cases of big operators, they want to have also the ERP part of the solution, not just the telemetry side, but also the warehouse and more than this. We are also developing our product, and you can see some of it. David will talk about this, and you can see over there some of the products that we're doing. We've bought Tigapo, which is an extended segment in the arcade gaming. We bought some initiatives that we're doing regarding retail, and I'll talk about this in a few slides regarding what we see in retail and how we're moving to the retail. We bought companies that complement our solution in the retail, whether it is Weezmo and UPPay. Recently we're finalizing now the OTI acquisition, which is a public company traded on the Nasdaq. Caught in the corner of what you call a squeeze of cash because of the shortage in the market. They have excellent employees. They have a division in the fuel. We believe strongly that the combination of this with the EV chargers that we have initiative can be very strong, and they have a very nice footprint in Japan. When I'm talking about embedded payment and what does it mean from our perspective, so if you look at the left-hand side and you can see the consumers, how they are expecting everything to happen around them, whether it is unattended, in-store. We all know that we are going online. We can buy an order or collect offline. All of this touchpoint need to be really consolidating the way that their inventories management and all about the consumers are being known in order to really to serve the consumer quite good. All the payment we talked about regarding the acceptance of global and local payment currencies. We are doing what you call like- to- like. We're not e-commerce, so what the challenge in our case is really to integrate to a card scheme or to acquire, not really to accept a card according to the processing and the acquiring the same level. The settlement and the processing the same currency. This is quite a hard task that we're doing. We're focusing also on the loyalty. We believe strongly the loyalty, we call it the idea of the consumer. If you know the idea of the consumers, then we can travel with the, with this data around the platform and collect a lot of what you call, interaction. Actually, when you're thinking about, payment, the difference between cash, which is a transaction, and digital payment is huge because digital becoming to be data, and data is traveling between the platform. With this traveling of data, you can really serve the consumers according to each and every, touch point that he has. That's a big difference. That's what they call digitization of the market. Because the data has been moving around a lot of platform, not our own platform, by itself, but also in the ecosystem of the platform. On the back end side, all this trigger action that a customer need to do where it is the accounting, the reporting, the ability of taking a decision and moving ahead, to mitigate issues is part of our DNA because we're doing this 17 years. Regarding the IoT part, if an operator is coming to the machine and he knows what to bring to the machine, and he knows what product to set in the machine, and he knows how to collect the cash, and we can reconcile this, it's part of our business, what we're doing, and we believe that we have also the backend in our hands to serve the customer. There is a quote of a quote that I saw Steve Jobs saying, "If you're serious about software, you have to make your own hardware." This is like what Apple was doing for many years. That mean you have to blend it together. You have to put it together and really to control the whole journeys of customer and consumers together. If you're just a SaaS, probably you're in a risk in some way. What we build under the hood, what I just said, is a full platform connecting between the payment, the telemetry, the integrated POS, and the loyalty. All of this is in one place. We are more than 700 employees, or almost 700 employees, dealing with end-to-end service, serving the customers from all angles, where it is the billing, we are payment facilitator, we are merchant of record on behalf of the customer. It's critical to be merchant of record. Again, I'm quoting David, that he's came just yesterday from Portugal from a convention of one of our competitors that we're working together. They understand that they cannot really. They're bigger than Nayax. They're much bigger than Nayax. They understand that they cannot get into this market because they actually, they're not merchant of record, and they will not be a merchant of record. They cannot go this direction. The merchant of record is needed when you're dealing with what you call small merchant, with moms-and-pops merchant. Because if you have 20 machines, and you have to deal with accepting Visa and Mastercard, and you have to deal with accepting mobile app, and you have to deal with accepting alternative payment, you cannot really send this customer saying, "You have to sign over here, you have to sign over here, you have to sign over here." There is no way with KYC/AML that he can do this in this way. He will never get it. Then when he has a problem, and he has to call to someone, he will not wander around and calling to each and every one of them. With Nayax, he's getting everything in one end. One phone call, and we're dealing with all of this, all of these angles behind this. This is part of what we believe give us a very strong trajectory into the future, and why, from our perspective, we believe a very strong outcome for the customer. The outcome of the customers is always looking about how can we increase the sales, and you saw the quote of the video over here, what they're stating. It's really obvious for them. Now it's much easier because cashless is so strong, so it's like you just put it and off you go. You can measure this immediately. You get 10%, 15%, 20% uplift and decrease the cost. All of this with a lot of after service. After service is not something that is a burden for Nayax because we're building everything digital, and we are doing everything in the way that I believe or we believe that the self-service is the best service. We're trying to push everything as much as we can into our platform as a self-service. Everything that you're touching and you have any question, there is something, there is a video, there is a university, there is. Just don't call us. Just let us give you everything as much as we can fully digitized. This is part of the way that we can scale operational, getting this moms-and-pops customers and dealing with them in a scale business. We're looking at about 40,000 or 34,000 customers today, and we're looking at about 1 million customers. We're building this in this mindset. The outcome is quite nice because we started with what you call the small merchants. We looked at the small merchant. We design a system as into the small merchant, fully technology system. Now the big accounts are coming in and you see quotes that Carly will show you over here, what's happened to the big account. They're all coming to Nayax in the U.S. You can see why they're coming to us, because it's easy to work with us. There was a quote from CoffeeCo. It's a 44,000 machine. There is a Canteen, a franchisee of Canteen. It's 500 million machines in the market. Primo Water, I bet you know them. They have more than 22,000 machines. They're all big accounts with a very similar needs for the small account. The scalability of Nayax can serve them. The churn and the net retention is the key pivot of what we're looking carefully about what we're doing. I'm calling this the company. We are the one. I have a picture in my office. It's Michael Jordan in 1988, dunk slam that he has a MVP there. I like this guy and I like this picture, and I think he did a great job in all the building the NBA. The related of this is he was playing all the time offensive and defensive. He was always being like the guy that he started maybe more offensive, and then he became to be very strong defensive. I don't know if you saw the series of Michael Jordan. He was a thin guy like this. Then one game, he gets such a, what you call, hit by Detroit. Then he built himself like Shaquille O'Neal, he came to be, you look at him like this, he is a fridge. Basically, Nayax is the same thing in the way that we are offensive in one way. We have big assets of customer with a very stickiness business model, and we are very much offensive in the way that we are growing our business. We're playing all over. From our perspective, when we see the market today, the condition of the market today, we don't see something that really will hit us too much. Don't forget that we are from 2005, we had the 2008 crisis, the 2011 crisis. I don't know which crisis is coming afterwards. We have a pandemic, and the pandemic we were private. We're not really backed with a big balance sheet. Today, we have a balance sheet, we have a strong balance sheet. So we believe that we have what you call ability and muscles to keep running the business very smoothly and very strongly against. I think that it's announced today that there is a bear market today. So okay, there is a bear market, but for customer point of view, the customer that we are serving, they're open. They're open, the business is open, and they're serving with cash. They need to switch to cashless. It's not a question. So from our perspective that we are a very strong brand in the market, we are the one, the golden choice from this perspective on a global level. This, I like this slide. This is a very good slide. This is the cohort. If you look at the red line, 2018, and you go with your eyes to 2021, it's 4x bigger. This is 70%-80% of our growth is coming within the customer. That's why we have such a strong trajectory of the 35% that we are saying that is what we are committing to. This growth is built in. When you see that we grew the business with 4,000 customers, from our perspective, we calculate this and we say, okay, in the next three, four years, these customers will be 3x or 4x bigger. If David, myself, and the rest of the team will not be, and you replace us, you can be sure that the growth is built in the business. That's part of the thing that that's nice about our model. I think the tailwind is quite clear. We always said and stated that the competition is with cash. Cash is really. It's like Visa and Mastercard. They're always looking about cash, how they can really bring the cash to cashless. We see the same thing. But now you can see the numbers that consumers moving from cash to cashless. You can see the uplift of transaction. I think the last quote that we have is 99% growth year-over-year in terms of cashless transaction in our system. This is a really big tailwind that already happened. Consumers are way ahead of the merchants, and they're pulling everybody in into the cashless society. We conduct also a research before we went to IPO in Israel. You can see what we found out, and it was quite extensive and very hard research to reach out to this, to the level of collecting the data. We estimate that the market will go to EUR 123 billion in the next five years, and it will be all over the territories. Nayax is really dominating the vending, the amusement, the laundromat, parking. We're all over. All of these verticals we are playing globally, and we are playing all over the globe in terms of territory. Whether it is in Australia, opening now New Zealand, opening the United Arab Emirates, Europe, North America, South America. We're all over 62 countries around the globe. Competition is a very hard slide for me because I said there is no competition. Seriously, there is in the U.S., and you're all familiar with this, with them, is Cantaloupe. They started 15 years before we even been present in the U.S. They started around 2000. They didn't develop their own hardware in terms of the payment, so they're not really controlling the journeys. They started mainly for the big players. It's quite natural to go into the U.S. and have the big players, but there is a big problem around the big players because they will squeeze you and the gross margin will be very low, and you cannot really take out yourself from this low gross margin. That's what's happening now to our belief in Cantaloupe, which is a merger between Cantaloupe and USAT. CPI is a division of, including their technology division of Coca-Cola and PepsiCo. That's how they build their business, because they have a lot of merchant machines that they are producing, but they're not really seriously out of the U.S. market. Same thing as Cantaloupe. Ingenico is actually, they split now from Worldline. They are under Apollo venture capital, and they are restarting themselves again. In the unattended, they are very good company in terms of when you come into project with, let's say, ticketing that has to go to, I don't know, 5,000 unattended, 5,000 ticketing from the factory coming out or fuel coming out new. In terms of retrofitting 40 million machine, they are not there. They don't have any merchant payment facilitator mode. All of this is not within their premises. We think, and we see this, that we're taking market share, and we're moving very, very fast in terms of the unattended market globally. All of this is building a lot of moat, because the more that we are cementing this small merchant and putting them together and keeping the churn very low and having the net retention very high, this is creating a lot of moat. I think David will speak a little bit about the technologies that cover surrounding the customers and how it is really enjoyable to work with Onyx easily and to be served by any kind of issue that sometimes customer is calling us and ask us to do something that they're pointing out to Onyx, but the diagnostic is that we're doing remotely is related to the machine or related to the coin mech. This is what we're doing, and that's part of the services that we have been accelerating ourselves. We want to grow fast. We are very hungry. We are Israelis in the root of our origin. We think that every day that we are progressing, we're seeing the opportunity more and more vivid, and we are adjusting ourself. We're not really sticking to everything as it is, but we're adjusting ourselves to culture, to needs of the market, and it's part of, we believe, the DNA of founders that we have in the company. Today we are at $190 million, but we're really aiming to keep this growth 35% year-over-year for the next decade. This is like another gem of our ambitions. When we saw what we're doing and we understand what we're doing and we talked with the customers, and they start to say to us, "Yes, we are in Fort Worth, you are serving us outside. You have the coffee machine. Can you give us also other product or complementary product?" We started to talk regarding entering the retail market, and we found out that the retail market is also broken by payment, POS, and backend, and online. Everything is broken by four, five, what do you call, silos. We said, "Okay, maybe we are the one coming last to the market. We'll not take the number one position, but we do have a say on this market." We opened a division of retail division, aiming not just for nano merchant SMBs, but also for the mid-tier business. We already implement this in Israel. We gain some traction from big retailers in Israel and post office in Israel, and we're moving very fast. Part of it will be with partnership that we're doing with others in order not to, in this case, not to produce everything in terms of the hardware, but relying on what we call Android platform. Basically, Android platform contain the payment and the ability of POS all together with online capabilities. We're building all of this together. Also, we're doing the same thing in terms of our own device, which is also coming soon with Android. This part of what you call building everything together under what you call division of Android internally in the company that will deal with the Android mobile app, Android in terms of the POS itself, and connecting everything together. Strategy. I think the land and expand is a very prominent part of our business. We start with four or five machine, and the customers growing with our business. We are gaining a lot of traction from bigger enterprise, and Carly will talk about this. Continue innovate. The innovation is not just the hardware. There's a lot of innovation. There is mostly innovation in the software side and in the backend. Expanding international, we just opened UAE, and soon we'll open the New Zealand market. Entering new emerging markets, there is a very focus from our perspective on another division that we opened five years ago, four years ago. It's the EV, the electric vehicle chargers. Now, everybody understand more because it's coming very, very soon or very strong into the U.S. market because of the bill that passed already. All the infrastructure is gonna build, whether it is recession or not recession, the bill passed, and it will be built, all this, all the infrastructure of EV. We have two strategies on the EV. One strategy, Carly will show you regarding partnership with OEM. Electrify America, EVgo, all the networks of the DC chargers are covered with Nayax open-loop solution. We have the AC chargers, which are the one that will be at home, at offices, at parking. Not the fastest one, but semi-fast charger. We have all the solution all together. We built also not just the hardware in terms of the payment, but also the charger itself in order to sell this to CPOs, to charge point operator, that they will be the one that's selling the electricity. It's all with one shot. He's getting everything together, including all the billing and all the connecting to the grid. This is a very strong, I think, segment that will be bigger and faster in terms of seven to 10 years from now. We'll have millions of stations of EV chargers, and we want to be a big player in this market. We are pursuing M&A as well. We are very strong in terms of looking and scanning the market to find more and more opportunities to buy and increase our presence in the market. Everything has to go with values, and I believe that values is not something that you pick from a tree and you bring into your business and you say, "Okay, this is my values." Values actually, it's the values that I think David, Amir, and myself represent, and we want to multiply this. The idea behind this is that if we're saying founders and we think everything, we say, "Okay, I will do it. I will take it. I will be responsible of this." That's what we're trying to build in terms of internally the DNA of the company, that all the employees will act in a way that they are founders. That's part of what we are passing into the business. The same thing in terms of listening. When I'm speaking to you, when I'm speaking to customer, when I'm speaking to consumers, I'm always trying to see what is the implication that I can do with this? How can I treat this? What is the things that I have to change myself or change my behavior? It's part of my DNA, trying to be the best in this, in order really to see that we're doing the best thing regarding the parameter. So I have to hold the data, I have to hold what I want to do. I have to hold the idea of a financial data, and listen. Based on this, I can have a benchmark of what I have to do. Third thing is act. Time is the worst enemy from our perspective. You have to fight the time. If you have 80% of the data, it's enough to move ahead. If you do a mistake, it's a learning mistake. Of course, don't do a mistake that you cannot backwards. Make a mistake that you can undo, and you can learn from this, and you become better, and the organization become better. You have to ask yourself, "What is the risk? Can I go backwards?" Act as fast as you can. This is part of, I think, what is the new norm of the platform of technology. Honestly, honesty is. I'm looking at this as, you know, we want to walk straight all the time. Whatever I say, this is what I say. Maybe I make a mistake, you can tell me. I feel free to speak about what I want to do. I'm looking with some envy Ray Dalio that has in his business a full transparency business. I don't know if you know how internally he's working. You're working, every employee is working with this kind of a handheld, and he's marking everything that you talk, whether it relevant or not relevant. Doesn't care if you are CEO or VP. Everything is marked, and you have points, red and green points. It's excellent, but it's really something that will kill you, because you cannot really hide anything. We're trying to be in this direction, not at that extent, but really, my door is always open, the office is always open. You can call me. Everyone can send me an email. I should be very much attentive to answer to all of these emails, because I don't have any PA or anything like this. It's all me, all on David. We're working. We're doing everything. We're doing our flights ourselves. So everything is very much in terms of the granular level, understanding everything, but looking in terms of listening, seeing the data, and taking action. You can see we're more than 600 employees, and to grow the business to this level, you have to really put the culture very vivid in the business. One of the thing really to make sense, you have to look for technology. You have to look for technology platform. We choose to work in OKR, objective and key result. This is a platform that invented by Intel, adopted by Google. Many companies are working with this platform, and we are now practicing this level because we reach out to this level, so we are practicing on this objective and key result platform in order to align all the company and reduce all the silos in the company. Backward looking, you can see that the growth is accelerating. Whether it is the Management Connect device, whether it is the transaction in millions, you can see the jump, the high jump of demand of the tailwind of consumers and the revenue growth is growing very fast. We're very much in terms of looking at the recurring revenue. This is the business. In terms of recurring revenue, this is the SaaS business. 60% of our business, the churn that we took, less than 30%, and the net retention 137%. We are growing our customer base without losing too much customer base. This is very important part of what we call the engine of the flywheel of Nayax. As we look at the market, we're looking at retail and we're looking at unattended on one hand, and mastering this business, extending ourselves to retail, combining this with omni-channel, with the online. We believe that we have ability to secure this growth on a global level, and we have a very promising market to conquer. Thank you. Hi, everyone, and thank you for coming. I'm excited to be here. I'm David. I'm the CTO and Co-Founder of Nayax. I have over 20 years of experience in the technology field, hardware, software, design product. Prior to Nayax, I built startups and even sold one of them. Let's start. Okay. I will try to explain. I will discuss about our sophisticated and successful technology in the next slides. As you know, we are global. This is our technology. We develop our core business in-house. We have more than 30% R&D in the company. There is some buzzword here like security, reliability, redundancy. I will try to take one buzzword and explain. I give an example. This device communicates from 62 countries. It's installed inside a machine, and there is a back office site that this device should communicate. This device, we save three access points, three addresses of our server. One is called primary, secondary, and backup. Once there is a problem with one of the sites or a third-party problem, or communication problem, or any problem, this device skips from the primary to the secondary, and from the secondary to the backup. Each device have the mechanism, the skipping mechanism to be all the time available. This is what we say high availability. Okay. We are an agile organization. What it means? Yair mentioned that. Our DNA is very flexible. We have more than 35,000 customers worldwide, and there is a lot of customers. Most of them, the big ones, they want a piece of development, and then I would be your customer. We develop a lot of features in the system, and the feature constantly expanding. You develop something for a customer in Japan, someone in the other side of the world benefit from it. So the system is growing and growing all the time. Since we are dealing with hardware, software, mobile, certification, clearing, BI, mass production of server, so we gain a lot of expertise in Nayax. This is also growing, and we will talk about on the next slide. This slide actually is showing the ecosystem. A consumer present his mobile or his credit card or a Bluetooth or scan the QR. There is many forms of cashless payment. We present it on our device, okay? That is actually installed in all the machines, but it can be a machine of. Today, we have about 42 machine types in our system. When you install the machine, you choose one of the 42 machines, 42 verticals, and the vertical can be a regular snack soda machine. It can be an EV charger machine. I want to talk about this point because I think this is a very strong entry barrier of Nayax. In the last 17 years, we learned about hundreds of machine models, machine protocols. I always said there is no one standard. If there was one standard, Ingenico, Verifone could develop the hardware and sell it to a reseller. Since there is no standard in the market, it's very difficult to come and install a device on a machine. You need to learn the machine, you need to learn the protocol, and sometimes it take two weeks to learn the protocol of the machine. Sometimes it took us, like, two years, the Japanese machine, and it's including certification. At the end, it's all the time the same device with different cable and different parameter. When you install our device in our system, you actually install it and connect it to a machine, but you choose the machine model from the hundreds of manufacturer and machine model. You choose the machine model, load default, all the parameter download to here, and then it start working. I think this is very strong advantage of Nayax and everyone who want to enter to this business. I don't see. Even Google will decide to go in this business one day, they can do it, but it will take a lot of time. I will give another small example. Italian pizza machine called me and said, "Listen, I have 400 machine of pizza. I need to install your device, but I don't know how it works. It doesn't work." He built a simulator of his machine, and he shipped it to Nayax. Two, three developers built the protocol, and then we have another machine in our system. This is one of the big barrier here. All of our devices are communicating 99% cellular, but we have the option of Internet and Wi-Fi. Most of our resources concentrate in this area, our cloud platform back office. Okay? When someone presents his card, it goes through the device. We encrypt the data. I will show an example later. It comes to here. There is about 80 parameters that we are checking. If it is allowed to sell, which service, the clearing provider, if there is extra charge, how many transactions this card has, the date. There is about 80 rules that exist. From there, we are going to the payment gateway. This is the second barrier that I want to concentrate. We, as in Nayax, already integrate to about 80+ payment/clearing providers worldwide. Liraz mentioned 80+ with 40 currencies. The barrier here, it's to integrate to a bank, sometimes takes between, let's say, half year to four years. Elavon took us four years to complete the integration, and it's not build because of developments. It's the part of the certification, it's the requirement of the EMV. You have to do the EMV level three to each of the products, and if you make any change, you have to do it again. You have to save the logs for Visa on both sides and send it to Visa, and they approve it, and you have to do it brand by brand. This is only the integration to banks. Nayax today, I think, has more than 47 acquirers worldwide. If we want to grow, we cannot do development for each customer, it's difficult. During the years, we've built APIs, we have the Lynx API, we have a Retail API, we have Cortina API, we have Marshal API. Let's just mention a little bit. If the pizza guy want to integrate to Nayax, he doesn't need me. There is a protocol. He can download it. We should do onboarding, of course, onboarding KYC, and he can develop by himself by getting a sample of API, sample of codes for Android, for Lynx, for embedded PC or. They can do the integration by themselves. Okay. The same as Amazon is working. Amazon provide you like 150 API. They give a platform with a service, you should do the development. For the hardware, we have the Marshal. For the Lynx provides you the ability to collect all the data on the back office. There is a big player that doesn't use Nayax server for telemetry. They are actually using their server, and they want to log in only to their server. We provide them the ability to collect any data they want. Of course, there is security. We build something, sometimes VPN tunnels. Cortina, we start to see a lot of mobile payment worldwide expanding. Like in each country, there are two, three mobile payments that dominate the country. They're willing to use the legacy of the more than 500,000 units that exist worldwide. They want that they will come with their own app and pay on our machine. Instead of we should do the integration, they can get the Cortina API, and they can do it by themselves. I think it's enough for this page. Let's show a typical credit card transaction. Consumer present the card on Nayax device. Okay. We encrypt the data and then forward it to our server. Till here, till this point, it's less than 300 milliseconds. Okay. From here, of course, we encrypt the data. There is like IPsec tunnel on SSL. It depends into the requirement of the banks. The transaction goes to the acquirer/bank. From the acquirer, it go to the card scheme. Card scheme, Visa, Mastercard, Discover, Diners, Amex or any alternative payment. The card scheme generate the authorization to the issuer, and then we get processing transaction, then we get approved. It goes back to the acquirer, and from the acquirer, we get this authorization approved to our server, and I immediately forward to the device. Till this point, it take between one to three seconds. Okay? This is if you present the card like that, you tap the card, you will wait between one to three seconds for all this process here. Once we get approved, there is a, we vend the product, consumer receive the product, and then we are sending the settlement to our server. From our server, it depend the acquirer. We can do it offline or a batch, and then we close the transaction. Of course, in this piece, by the way, in this piece here, when we vend the product, there is issue like SureV end, if the product didn't fail or there was a problem, we didn't dispatch the product. We taking care of all that issues. Okay. We mentioned the skipping mechanism, a solution. Here, what we are showing here, it's a Nayax topology, part of it, but the main part of it. We actually have four sites around the world. Three big ones and one satellite site on AWS. All the rest is on premises. All the sites are fully replicated. It means all the data that exists in each site. All the data that exists exists in all of the sites. We have a site in Israel, we have a site in Germany, we have a site in U.S., and we have a site in Japan and Australia. We're using today the service of Route 53 of Amazon. This device, let's say there is a device in U.S., it's communicate to the server on the primary address. The Route 53 provide us the ability for Geo DNS. If it's a device in U.S., it will send the information to the U.S. site in New Jersey. The Route 53 provide us the ability to do the Geo DNS. It also provide the ability to do sharding. If we have 500,000, 500+ units that communicate, it split the units between the sites, and it decrease the overload of one site. Each site here can handle more than 1 million device. When we are doing maintenance, very easily we close that site, and still we have two big sites and one small one. This is a nice slide. Too much information, sorry. What we are trying to show here, it's that we since we are a global company, since we are a mass production of IoT, since we are providing a card-present solution, since we are dealing with fintech and iTech, we need for that a lot of tools to manage the company, and it's growing all the time. We have a privacy department that taking care of GDPR and CCPA for California. We have a security regulation and standard in the company. We maintain every year the PCI DSS, and we dealing with EMV certification. EMV certification, it's huge. We have a big department that doing the certification and developing it. Each product that Nayax developing, you need that certification. This is a very strong part and one of the advantage that Yair mentioned before. It's not only software, it's software together with hardware. We can bring the best consumer engagement to our customers. Each tool here, it's a third-party tool probably for the security. You have to pay, like, $5,000 a month, $10,000 a month. You need to have expertise inside to support it. This is part of the tools, and there are much more that are not mentioned here, to support a big enterprise like Nayax. Thank you very much. Save all the questions for the Q&A. Thank you. Okay. I'm Keren, I'm the Chief Marketing Officer. I've been with Nayax for eight years and counting. I'm Carly. I'm CEO of Nayax North America, also with Nayax for eight years and counting. Before I kinda dive into the platform that both Yair and David have spoken about, we're gonna show a quick video that really kinda captures the ethos of who Nayax is and the people behind the scenes who make it happen. Welcome to Nayax. We invite you to join us to see who and what's behind the curtain, allowing us to deliver a complete, seamless platform for our customers. A purchase using a Nayax device is quick and simple for our consumer, but what's actually happening behind the scenes? Let's find out. Consumers have a number of ways they can pay. Swipe, contact, contactless, tapping a phone, or scanning QR codes. We develop software that lets Nayax's devices have a single version in the market at any one time globally. We deploy updates to our entire install base at the same time without interfering with machine operations. We have a complete API suite to connect our devices to any machine in multiple ways. Depending upon the industry, different protocols are used to enable machines to communicate. We've all made credit card purchases, but card-present transactions in unattended environments are unique. What makes a Nayax transaction different? After the transaction starts, the consumer's information is encrypted on our device and servers, providing a secure transfer of data. Nayax then sends an authorization request through one of our many acquirers to the card scheme and the issuer. In order to approve the transaction. Only after receiving the approval does the machine vend the product or service for the consumer. In turn, our servers will send a settlement to the acquirer only after a successful vend from the machine. If there is a vend failure or unsuccessful card approval, we handle that seamlessly for the consumer. Nayax servers will immediately send a cancel authorization request to the issuer, voiding the transaction. Our platform provides more than payments. Information is communicated via our devices to Nayax's cloud-based servers, either by Ethernet or cellular connection. Operators can access end-to-end management suite to provide them tools to run their business and make strategic decisions. With Nayax telemetry, operators can be automatically notified of any problem via text or email. For additional convenience, we've developed the MoMa app to let operators manage and monitor their machines on the go. We also support all dominant payment methods around the world and continuously integrate with payment gateways and providers. All of this is tracked 24/7. Our ongoing monitoring includes checking speed of payments, availability of our services, and server health, all to provide 99.999% uptime. The underlying focus of our job is our customer. We provide the best customer support. First level of support is provided by distributors and offices in their local time zones and language. Nayax Israel provides second-tier support. We've created a number of tools for customers for better understanding our features at their convenience. Our platform enables us to manage our own billing. Nayax closes the loop by reconciling the monies from customers' purchases, paying customers directly, and deducting the service and processing fees. This is all done operationally from a single platform deployed globally in our offices, which helps us and our distributors manage our customers and partners. Our goal is to increase our customers' revenue. We have been developing tools to encourage return consumers and spending. With our Monyx Wallet consumer engagement and loyalty platform, we provide our customers the ability to offer instant refunds, loyalty campaigns, promotions, and cashback. Thank you for visiting the Nayax office. Think of us the next time you make a purchase, and don't forget to shake it and get cashback. Enjoyed that video. I'm gonna dive a little deeper today into the Nayax platform. As Yair had mentioned earlier in the discussion today, our payments technology platform really is based on four pillars. These pillars, each pillar effectively helps our operators lift revenue and/or decrease operational costs through scaling and efficiencies. Really also what makes the platform unique is the ability for it to be used and applicable for really all machine types, all protocols and all verticals. Like we've touched on, and I'll touch on further later in the discussion with case studies, you know, EV charging, kiosk, food and vend, massage chairs, laundry. You know, the four pillars, you know, that make up our platform are the payment suite and our loyalty and marketing suite. Those really are big drivers of revenue increases for our operators. When we're looking kind of at the efficiency, scaling and the decrease in operational cost that we're able to provide is through the telemetry management suite and also the integrated POS. The first of these pillars that we're mentioning, really, you know, again, David and Yair have talked about it, but this is really what kinda gives us the edge in the market and also makes a barrier to entry for our competition. Nayax devices are in over 60 countries around the world, currently accepting over 40 currencies, and we're integrated with over 80 payment methods. Again, you know, as we've mentioned, you know, it takes six months to four years. I don't know, has there really actually been a six-month payment integration? I think that's, you know, kind of debatable. You know, we're directly integrated with the card schemes, the card brands, the acquirers, the issuers, accepting all alternative payment methods from wallets, both open and closed, as well as, you know, QR code payments like dynamic QR code to accept Venmo, PayPal, Alipay on the devices. You know, this card-present EMV L3 certification is what really makes us be able to scale as well as also makes it difficult for other payment solution providers to enter the marketplace and create the kind of scale that we've been able to achieve. Additionally, our payment facilitator and merchant on record capabilities globally allow us to quite seamlessly and efficiently onboard our end customers to allow them to actually accept payments quickly. We also are taking away all the burdens of the EMV certifications and handling PCI, as well as also allowing them, especially our SMB customers, to be very competitive in the marketplace since we're able to bundle all of our transactions to give them a blended and competitive rate. The next pillar is our integrated POS, right? This is particularly applicable now from both a supply chain standpoint, as obviously manufacturing constraints have really been impacting a lot of our competitors, which we have been lucky to not have that same kind of you know the impact of, as well as also is a real differentiator of Nayax. Our hardware and software is designed and developed in-house. It also really allows us to move very quickly into the market. We are an incredibly agile company. Like Yair mentioned, you know, time is really the biggest killer here. We're able to quickly be able to adapt using our R&D resources and create features and functionality that our consumers and their end customers really need to stay competitive in the marketplace. Additionally, our flagship devices, which are the VPOS Touch family of devices, so the Onyx, which is the hockey puck one, and the VPOS Touch, which is the square one that also David was showing, which does allow EMV insert, contactless EMV payments, legacy swipe, as well as QR code acceptance on the screen. The touch screen on the devices allows for engagement, marketing potential, and really creates the foundation of our solution to allow over-the-air updates and create scalability and innovations. The third pillar is our telemetry and management suite. I think, you know, when you really actually delve into what our operators' day-to-day looks like, right? You know, of course, payment acceptance is crucial for being able to accept any and all methods of payment that their end consumers want to pay with. When you also think from the operational side, right? You know, when you're an unattended operator, you don't have, you know, feet on the street, you know, to let you know if you're out of product or if your POS isn't working. The Nayax Management Suite allows full transparency into our operators' operations through a host of customizable alerts that have customized thresholds. For instance, you know, you could have your machine set so that if you have, you know, no power for X amount of time without a power up, you get a notification by alert or email or via, you know, any of our data dissemination tools. Additionally, it's used for product optimization. So, you know, especially as, you know, we're hearing that, you know, one day you can get one product and the next you can't get another, you could really know what is selling well, what you should be selling at different locations, be able to swiftly and remotely change also what you're selling using remote price changing capabilities. Additionally, we allow for inventory management, and I think we're talking about product optimization. This is really crucial, right? So you could really see what are top sellers and have that full transparency in your operations. Finally, the fourth pillar of our platform is our loyalty and marketing suite. This is really what's also helping us drive revenue for our end operators and their consumers. We call our e-wallet Monyx, and this allows for multiple payments to be stored in-app and allow for topping up and declining balance sales. Additionally, and this is really where I think we have some of the most power when we're talking about our offering to our end consumers or end consumers and our operators, is the promotion and loyalty functionality that we provide with Monyx. You know, for instance, you know, we can do a loyalty program, a buy five, get one free. One of the case studies I'm gonna talk about later on with Five Star, this was actually one of the main drivers for them to actually leave our competitor and fully commit to Nayax. That was because they're able to now leverage supplier side discounts to then offer these amazing loyalty campaigns, which they can manage themselves on the fly in the Nayax management back office suite. Additionally, there are discount campaigns. You know, you could do a, you know, 20% off X product from 2:00 P.M. to 4:00 P.M. on Friday if you know that, you know, you're gonna have product that's going to be expiring. That kind of flexibility is allowing for a lot of repeat customer sales. We're seeing an increase in average ticket price for our for the end consumers, and it's creating that engagement and the, you know, the store next door feeling in an unattended environment that is creating the stickiness. At the end of the day, you know, what our platform achieves is a very strong push-pull from both an increase in revenue and decrease in operational costs that is really impacting the bottom line of our operators, right? We're seeing decreased costs, we're seeing better economies of scale, as well as recurring customers with higher average ticket prices. Now I'll hand it over to Keren to dive into our emerging markets. What you see, the four pillars are applicable to the way that we do our go-to- market. This is retail. We saw that the same pains that unattended retail experienced is the same pains that regular retailers have. They also need to accept payments. They also need to manage their operation, manage inventory, everything that Carly mentioned, and of course, create loyalty. With that, we purchased a few companies, built on top, and created a complete retail platform with the same pillars in mind. We are constantly developing more value-added services, you know, for even, like, smaller customers, like service providers that need to pay for an appointment, then we have that. We keep building on top of our solution, again, with the idea of the four pillars to decrease operational costs and increase revenue. We launched actually in 2021 in Israel with such a great success, and we covered a lot of the market really quickly. The next growth engine is Weezmo. We call it the Google Analytics of the store. Why? It's basically the retailer's most innovative marketing platform. What it does is we have the ability now for retailers to connect their online marketing efforts with their offline store purchases. As a marketing executive, we all know the most important thing right now is data. What Weezmo provides marketing executives is the ability to see their data streamlined to our back-office system. When a customer makes a purchase in a store, online, someone actually, you know, created a campaign, found the customer, and then they don't see kind of the closed loop of it, because the closed loop happened in store. With Weezmo, they can close that loop, and they can actually offer the next best offer. Everything is relied on the data. They're using an e-receipt sent to your phone. The e-receipt is basically managed by the retailer. They can have everything from next best offer, surveys, connection to social, anything that the retailer need to kinda interact with that customer. We took out that barrier of joining the loyalty program, right? We are asked constantly, "Do you wanna join our loyalty program"? Do you wanna join our loyalty program?" We had enough of it as consumers. Now everything is seamless. We integrate to the printer, which is easy and fast. We don't rely on any hard integration. Then as a consumer, you just need to basically accept the SMS, and you have e-receipts. You can manage your purchases and have the ability to actually do an exchange, everything from your phone. That is Weezmo. The next thing that Yair mentioned as well is the EV Meter, electric vehicle charger. That is our own solution for electric vehicles. Again, with the four pillars in mind. We have a way to accept payment for charge for operators or facility managers or, you know, apartment complex. They wanna be able to accept any form of cashless payments, manage their operation, and again, create that loyalty if needed. It's our own solution, and we manage it from end- to- end. Lastly, Tigapo. Family entertainment centers, even bars now offer kind of arcade gaming. Tigapo actually has, again, a complete solution from accepting cashless payments to an AI to manage their operations, see alerts, and also to increase revenue. The idea with Tigapo is you have everything covered, so you can reduce the amount of employees you have on site. If it's accepting the payment and actually offering the kinda prize after, they're actually interacting with the players to make sure that you spend more time in their establishment. If it's, you know, kind of a leaderboard or your own group to interact with your own group to make sure that you're at the top of the leaderboard. Everything is done so that the platform answers all of the FECs needs. Okay. Go-to-market strategy. We keep saying we have all these different retailers, but if you think about it, we have a complete ecosystem to answer omni-channel retailers. Imagine this, you're going into a football game, and you have your EV Meters in the parking lot, charging your cars when you go and enjoy the game. You're entering that football stadium, and you have your vendors selling hot dogs, or in my case, as a vegan, nachos. You have the ability to go to a vending machine, purchase your Coke. David told me to stop, so water. You go, and you sit in the game, and you're watching the game, and you all of a sudden got the urge to get something sweet. You order ahead, and you go, and you pick it up at the vendor. Everything I just mentioned, including maybe a kiddie ride outside, so you can actually use Tigapo. Everything that I mentioned is part of the Nayax ecosystem. We're able to answer everything, including whether it's Giants, Jets, I don't wanna get into it, in New York. If you have their app, and you wanna integrate to a loyalty, and you wanna answer, you know, basically pay with the app, we have, like David mentioned before, an SDK with our Monyx, so you can actually pay in their app for your purchases. That is our go-to- market. That's covering every single touch point with the customer. I think Carly touched on it before. This is part of the deck, by the way, that that's how we sell to a customer, okay? We're saying, "We got you covered." This is part of their daily task as an operator, unattended operator. They have to go to their back office, see what they have to pick. We call it a pick list. They have to pick it up. That costs money and that takes time. The whole idea, as you saw before, we keep repeating it, decrease operational costs, increase revenue. Every touch point that they have to do throughout the day is something that we take care of. That's why we were saying, "We've got you covered." Okay. Go- to- market. The unattended market is built of a lot of micro-operators. Those are the mom-and-pops in the middle of nowhere with two to four machines. We got them covered with the same end-to-end solution that we provide for the big enterprise customer. How do we do that? With the smaller customers, we actually have a lot of marketing campaigns, obviously, to find them and to bring them to Nayax. Nayax right now, for the unattended, is a really known brand, so they actually come to us. We have our bigger customers that are covered by the sales team. We also have inside sales to kinda talk to the customers, warm them up, close the smaller ones, and then bring those leads to the inside sales. Now we talked about distributors. The idea in Nayax is that we wanna make sure that we're highly efficient. In the bigger markets, we have our own offices, and then elsewhere we have distributors. The distributors are selling the product in their own region and providing first-level support. We also have an e-commerce that we launched in the U.S., and now we're taking globally. One last thing, as you can see on the slide, is that we have an OEM reseller. The OEM is Original Equipment Manufacturer. A great example for that is the Chinese office. Obviously, a lot of the machines are manufactured in China. We have an office there. Their main goal is to make sure that the Nayax device is on every single machine, and when they ship the machine to a customer that bought them, we have them covered because we have the foot on the ground to basically get them on board with Nayax. When I say get them on board, we wanna make sure that we manage the CAC properly, the customer acquisition cost. How do we do that? We spoke about campaigns, gathering leads, obviously. We onboard them seamlessly. We have a university online. We have FAQs. We have a video showing how easy and fast it is to get the device on the machine. Obviously, we're taking care of the growth. Yair mentioned it, the land and expand. What do we do? You know, with the bigger customers, we have a CSM talking to them regularly, and then for the smaller ones, we're taking care of them by contacting them at all times, email marketing, social. We do a lot of webinars. Everything we can in order to make sure that we continue that stickiness because they're on board, they're utilizing the system, and then, of course, they grow with us. Carly. There you go. All right. I'm gonna give some actual testimonials today from our U.S. market. I think, you know, this is, to me at least, the most powerful messaging that we can provide, right? Because it's not what we're saying we can do, it's what our customers are actually saying we are doing for them. A little bit, and I'm gonna have to put my glasses on there. There's no way I can do that. A little bit about how the U.S. market or our U.S. office has done in the past 12 months. It's been fantastic. I really believe this is just the tip of the iceberg. You know, this is showing the trajectory that we are on, and, you know, we really have the infrastructure right now to, you know, keep this path going. Just in the past 12 months, we have seen a 68% increase in our customers. We've seen a 42% increase in our managed and connected devices, and a 98% increase in our transaction volume. We also have seen a lift in our average transaction value as well. You know, we're really seeing, you know, just that incremental growth. How we're doing it. How we've been doing this is through our sales approach. And this, you know, really leverages what Keren was saying. But we have a lot of direct strategic partnerships with the card brands, whether it's Visa, also all of our acquirers and processors, as well as our communication providers. This allows us not only to, of course, leverage efficiencies for our own bottom line, but also allows us to really react in an agile manner to our end customers' needs and develop solutions with these partnerships that actually solve their pain points. We're also the experts in the unattended market. I personally believe in a slightly different sales approach than some of our competitors, right? It's more education-based, because I think we have the confidence of the product and the solution. We don't have to rely on, you know, pricing strategies alone, right? We are actually able to be seen as the leaders in the market with our education-based approach. We are providing the knowledge, we're providing the expertise, and we're giving that confidence that we actually have our operators back as a payment solution provider. It's been really interesting in the past 12 months, probably actually, you know, 18- 12 months, or 12- 18 months, which is the, you know, there's been a seismic shift in our actual operator portfolio in the U.S. You know, one of the things that gives us a lot of security at Nayax is the fact that, you know, we're not dependent on only a few big customers, right? We have this foundation of SMB and micro operators. You know, to get that kind of growth that we've seen, right? You know, 68% of new customers in a 12-month period, as well as the type of growth we saw, you know, 48% of actual managed and connected devices, that's also from our enterprise and VIP customers. I'm gonna touch on that in a few case studies that really show that now we have the name recognition, our education-based approach, and that we're actually getting this repeat business from these VIP and enterprise customers that allows us to scale in a very efficient and fast manner. The first case study is with Innovative Vending Solutions or IVS, and they are a leader in the massage chair industry. They came to us, actually it was, I think it was about 2018 or so, and they were using a competitor in the U.S. for their 9,000 or 10,000 machines, but they needed a solution for Israel. They came to us, and they said, you know, "We need international presence, you know, for 60 massage chairs." That's kind of how the relationship started. Once we kind of went down this path, they realized that what they were getting with our competitor was actually just a payment solution. What they were getting with Nayax was a true technology partner. They ended up moving all of their 10,000 U.S. locations that I will say were fully paid off and amortized as well as were already 4G to Nayax. You know, we have worked with them to design the proprietary app so that they actually have stickiness with their consumer base, as well as giving them a lot more transparency into their operations with our third-party data transfer systems. You know, in this quote from Matt Marino, who is their CEO, I think really sums it up, right? That Nayax increased our sales by over 30%. Nayax is not just the cashless supplier, but our true technology partner. They feel that they have made the most secure investment in their cashless technology by going all in with Nayax. By the way, that's my daughter. You know. I must say, pretty cute model, so. Our next case study is Five Star Food Service, and they are the largest Canteen franchise. Those that are not familiar, Canteen is a subsidiary of Compass Group. They have about 500,000 machines in the U.S. alone. We are a preferred supplier of Canteen, which also means that we are eligible to sell to the Canteen franchises. Five Star Food Service is the largest of these Canteen franchises, and they have a very aggressive acquisition strategy right now. At the moment, they run 75,000 locations, and they started with us. We kind of forced ourselves on them, but with a pilot, and I don't really think they had the intention initially of converting over from our competitor. One of the main things, and I touched on this when I was talking about our Monyx loyalty and engagement suite, is that they have a lot of relationships, especially because of their scale with Pepsi and Coke. One of the things they were not able to get, besides the fact that they weren't actually taking EMV contactless payments, which is going away at the end of the year here in the U.S., you know, which has been a real catalyst for growth. Besides the need for EMV, they were not able to offer supplier side discount campaigns, right? They could actually kind of play between Pepsi and Coke, get the best discounts, and then push those discount and loyalty campaigns to the end consumers. We were actually able to show them in a pilot that we could do SKU-based loyalty campaigns. This was really the catalyst for them to decide to go all in for Nayax. By all accounts, it was supposed to only be for their 3G upgrades as the 3G network is going away. I actually had the privilege of meeting with their executive team on Tuesday. They're based in Chattanooga, Tennessee, and they announced that they are actually going to be going all in for their entire fleet, including their acquisitions, going forward with Nayax. Additionally, they use Ventas, so our ERP management suite for very large operators. They just did an additional RFP to ensure that Ventas was the correct solution for them going forward, and they re-awarded that RFP to Nayax. Then I'll, you know... Their CRO, Greg McCall, you know, his quote that he told me just this Tuesday when I met with him was that we actually also helped them increase their average transaction price and revenue. Again, this is not going from no cash or no cashless to cashless. This is competitor of Nayax to installing Nayax. With Nayax, we saw an increase in the cashless% of sales as well as an overall lift in revenue, showing that cashless increase didn't actually cannibalize cash sales. Our final case study, I'm just gonna take a sip of water, is EV charging. When we're talking about EV charging in this application, it's about the DC fast charging network. We have partnered with all of the major OEMs, ABB, BTC Power, SK Signet, that are based globally. We have really become the go-to cashless payment solution provider of the fast charging network. What makes this so fascinating is that, you know, not only do we have over 10,000 Nayax devices deployed on chargers across the U.S. currently, which we know is growing rapidly based on the different infrastructure builds and of course the fact that, you know, 2025, we're saying that 30% of all car sales are gonna be EV. We really have cemented our place as this go-to cashless services provider for this EV market. The reason is 'cause when you're looking at, you know, the total machine here, this is fully certified, right? Including the Nayax devices. In this case, you know, our flagship device is yellow, but we do have a black, you know, if we have to. These are all different, you know, Nayax devices, of course, on the, you know, EV and the EVgo chargers. But this is fully certified, right? You know, this is not, like, easy to just, you know, rip us out and put someone else in. You know, that kind of stickiness is there. As well as, you know, to integrate with a smart machine like an EV charger, including, you know, we are having, you know, different fluctuations in, you know, the grid, the power grids and all of the different, vehicle charging requirements and also just, you know, the data transfer that has to happen between the chargers and the devices. You know, that kind of integrating power and the R&D behind that, really, you know, is making us the go-to. You know, a lot of people have asked. I actually had the privilege of speaking at the Payments Network Forum, with Visa, on EV charging, about a month ago. One of the things that was discussed is, well, you know, we hear about plug and charge, right? We hear about all these payment subscription services for EV charging. Is there really a need for open payments on EV charging? 100%. Especially as we're looking at right now, you know, the early adopters of EV charging were comfortable with paying with wallet apps and having different wallets and plug and charge. But as we're gonna be going beyond the early adopters, people want a payment experience that's synonymous what they're used to paying with, which is being able to take your credit card and fuel your car. Being able to offer open payments on EV charging is really not only helping for the current driver base, but it's actually a catalyst to allow the next phase of EV drivers to feel comfortable with choosing an EV car for a long drive. This is, you know, I'm very excited about the EV space and Nayax's position to kind of help propel us into this phase, you know, for a greener world. I think with that, right, we take a break. Yep. Yep. Okay. 15-minute break. Awesome. Why don't we return around 10:25. Thank you, Carly. Thank you. Let's get started, please. We're gonna get started with Sagit. Everyone can take their seat, please. As we said, we saved the best for last. She's gonna give us a financial overview and this wonderful business model, right, Sagit? Exactly. Here's her team. Oh, hello. You guys can take your seats. Do you hear me? Oh, yeah. I hear myself. Great. Okay. Great to see you all. It's nice to see everyone, as Yair and David said. If you don't know me, I'm Sagit Manor, the CFO. I joined almost a year ago, been in the payment industry most of my professional life. I was in Lipman, and after that, in Verifone. The last four years, I did something completely different. I actually managed a cybersecurity startup. Did that for a while, successfully sold that last March, and joined Nayax last June. I want to start with our business model. We've talked about it, we've talked to most of you extensively over the last few months. I think it's always nice to see again how the business model works. We start with the hardware, which is the integrated POS device that is being sold. It's a one-time sale, but we like to call it the enabler. This is really the lock-in into the recurring revenue model that we have. Then we have two elements in the recurring revenue. One is the SaaS. It's a monthly dollar fixed price that customers are paying for connecting or the connectivity into our telemetry and software management suite. Then we have the payment processing that we charge as a percent of the transaction value. If you think about that, the rapid recurring revenue model creates a very strong economics of 2.5-2.6% take rate, which I'll talk about that later. As well as the recurring revenue pace is around 60% of our total revenue, and I'm expecting that, we're expecting that to stay for the next few years as we increase our customer base, as we increase the number of managed and connected devices that we have. If you think about our revenue side, you will see that we're just starting the journey around the world. I'll talk about that in a second. You can see that quarter-over-quarter, we increased the revenue by 50%. If you think about that year-over-year, 2020 versus 2021, it was 51% growth. If I go to the recurring revenue side, as Yair mentioned, very strong growth there. We grew 67% quarter-over-quarter. If I look at year-over-year, it was 61%. If we look at the distribution, right, and the global reach that we've talked about that as well, you can see the beautiful increase in every region that we play. 26% in Europe, 54% in North America, 60% in Australia, and other, I think, I have to start breaking that down as well, 300% there. What do we see, right? We see that this is the transaction value presented that went through our devices as well as the take rate. What it shows, it really shows the tailwind, the tailwinds. It really show how global cashless payment trends are driving transaction. When you think about that, think about the the customer behavior change, right? If you think six, seven years ago, 25% were cashless transactions. Today, we see in our devices, as Yair mentioned, or in Carly, around 65% of the transactions are cashless transactions. We grew significantly our number of managed and connected devices. Now more transactions go through our 553,000 devices. On the right side, you can see the strong gross margin that we are able to deliver. If looking at that, right, you can see that there's a 60%-ish gross margin on the recurring revenue side. On the hardware, we used to have historically around 25%. Obviously, with the global shortage in components, we see that gross margin pressure on the gross margin. However, as I've mentioned many times in the past, we've put many mitigating steps in order to control the cost by adding a contract manufacturer in Asia, by literally redeveloping our electronic boards to accept available and different components, by being the network agent out there collecting and many more. I also wanted to mention, on the left side, the strong take rate that we see. This is a result of us directly connecting with the acquirer and basically being able to provide better economics to everyone, including ourselves. On the operating expenses, the most important thing is to remember is that we started at the investment in in the second half of 2021, and we will continue to invest in 2022. We've done the IPO not to keep the money in our bank account and keep it strong. We did the IPO in order to be able to have the capacity to invest. Invest in talent acquisition, product innovation, automation, infrastructure, go-to- market strategy, as Keren mentioned, in order to take the company from the $119 million revenue to the billion dollar revenue company that we aspire to be. That's where I wanna talk about more about the growth that we see and the growth that we are committed to, as well as the path to profitability. You know, being profitable is not something that we are unfamiliar with. The company existed 17 years as a private company with always the balance between top line revenue and profit. As we've mentioned, we are doing these investments right now in order to be able to grow even faster, and we are growing faster than the industry. 35% is a commitment to grow annually, year-over-year. We are going to accomplish that both from a core business as well as from all the engines that Keren and the rest of the team showed you. Most of them are software-oriented with a very high gross margin. Something that will enable us to commit also for the long run to 50% gross margin and 30% Adjusted EBITDA. We also mentioned in our annual earnings call that we are committing to reach break even by 2023 and to show profitability by 2024. That can be achieved for three reasons. One, the beautiful growth that we're gonna continue to show in the revenue line, going back to profitability on the hardware with everything that I just mentioned. Keep the gross margin to 50%. As we talked about a more moderate expenditure after 2023 when we are done with the investment. I'd like to summarize what we've seen today, and I really wanna keep some time for questions. Dominick promised me a lot of questions. A few key takeaways. I think that we've shown you how fast we grow, right? Faster than the industry. Bringing ourselves or showing ourselves as the industry expert in the unattended and beyond. We're showing—we've shown growth, great margins and as well as the path for profitability. We've shown the innovation and how innovative our technology is and top-notch. Then as well as how we scale our business, right? How do we grow our customer base, the number of managing connected devices, et cetera. I'd like to end with two stories. One story is about scale and one story is about growth. The first story is about scale. I joined Nayax last June, and then I've traveled with my spouse to our family at the July 4th to Ohio. We land in Cleveland. Thank you. In the Cleveland Airport, as soon as we go out, I see this pharmacy vending machine, and of course it's the Nayax VPOS device. Then I walk literally 30 ft, and then this huge LEGO vending machine with a Nayax device, that was the VPOS Touch. I called Carly and I say, "Hey, you know, I just landed in Cleveland Airport and I've seen all of that." She's like, "Seriously? Go further, you'll see the massage chair that we have in the corner." That's scaling. The second story is about growth. It's like a month later, we, the family, went camping, and it was a hot day in the summer in California, we were thirsty, and we went to the restroom, and next to the restroom, there was a vending machine. I look in the vending machine, I'm like, "Yes, I'm gonna buy myself, like, this great bottle of water." I go to the machine and it only accept cash. Of course, I don't have any coins on me. I looked at the vending machine, the vending machine looked at me, and I walked away. Of course, I called Carly, "Hey, Carly," you know. I was forced to take a picture of the vending machine so she can call the operator and make sure that's gonna be a cashless transaction. But when we talked about, you know, the 30% increase in sales for those operator and the 20% reduction of operating costs, that's what I'm talking about. That operator has no idea how many people like me went to the vending machine, looked at it and walked away until a cashless solution was installed. Thank you. Thanks, Sagit. Okay, now we're gonna move to our Q&A session. Out of the Nayax management team, would you guys. Oh, yeah. Want to stand in the- Yeah. Presentation here. And then we- Firing squad. Right here. We standing? Sir, you wanna- We sit? We should stand. I'm gonna sit down. I'm gonna sit with you. Well, I think the best way and the most efficient way is just to stand by the mic and ask your question. I'm going to- Okay. Yes. David? Oh. You guys want to sit? Okay. Okay. Okay. Do you want us to sit next to you? All right. Sure. Welcome. You wanna go ahead, Joe? You wanna go with your first question? I'm close to the mic, so I'll start. Thanks everyone for the presentation today. It was nice and in-depth, and I think we all got a nice view of the business. Maybe I'll just start with a couple that kinda came out of the slide deck while I was looking at it. First, maybe you could kinda talk about that trend in take rate and generally your pricing power in the market. It sounds like there's some leverage in the business as you get more scale and you know being able to get more leverage with some of the acquirers and the like. Just can you also talk about pricing power with your customers that own the vending machines. It does seem like you've got a good ROI in your ability to pass on price to them. Secondly, just a smaller question on the cohorts. I saw the 2017 cohort is stable but not growing. I assume that's probably 'cause that's a lot of maybe customers in Israel, and they're just not in as much growth mode as perhaps some of the newer customers you're adding. If we could drill down on that a little bit more, you know, looking at some of those newer cohorts and the geos they're in and their potential to keep growing from here. Thanks. Yair, do you wanna start with the- I will start maybe with the pricing power. I think it's built in by design of our customer base, because the customer base is very small merchants. The service that we are providing them is a full solution and a merchant of record, enable us to blend this and simplify this. Don't forget that we're doing also what you call the virtual reconcile for him. We're saving, what you call, all the issues to the one that really don't know how merchant receive the money usually from the bank. It could be a weekly, and then sometimes the week is passing between the months. Sometimes they have to put labor or accounting, you know, to really to cut it according to the first of the month or the end of the month and to reconcile the money. It's a cost. By Nayax, he's just plugging to to log into the system of Nayax, and you can see exactly from the first of the month to the end of the month that's what he's he deserve to get, and that's it. He's not dealing with the banking behind this. We all know banking through the 50, 60 years we are struggling with this. They are very sophisticated in the way that of. They charge in terms of the interchange plus plus and the amount and the way that they're processing the money into the bank, what it's receiving. Not in terms of deliberately, but there is a lot of issues regarding the collection from the banks. You have to really pay attention to this kind of things. We are expert on this. We have a team behind this. The customer is enjoying for whatever you saw in the system, you got it. The two parameters of the size of the customers and the service behind this is very powerful that we would not have to really, to our belief, really to give any kind of extra to be squeezed into the margin. It's different when you're going to the big one. They are much more sophisticated in some cases. Even this, we know how to really find a way on the volume to have what we call a few basis points behind this as a margin. It's not the same margin from the big one, but still the big one choose to be merchant of record under Nayax, not to go directly to JP Morgan or to the big acquirers. Because it's very comfortable from their perspective. If you have, like, 20 depots, and you have to really see what's going on in each depot, and you have a P&L in each and every one of them, then we can serve them by the design of the tree inside a Nayax system. It's quite easy for operational management of all of this. The next question was around cohorts in 2017. Cohorts? Yeah. You want to- Do you wanna add some? It definitely is. It's the small businesses, you know, towards 2018 and the global expansion that we see where, you know, you have it starts in 20, let's say, but grow to 100 versus the five that goes to a 10. Okay, great. Go ahead. I'm sorry if I don't know your first name. It's stupid Mike. Just don't drop it. Exactly. You know, I'll echo Joe's comment. It was a terrific presentation. A couple questions. One, just at a high level, 'cause I'm trying to understand sort of ultimately the value-added services and what you're able to offer in terms of loyalty, marketing and so forth. Can you describe what exactly the data you're capturing is and who owns it? Because, you know, a typical point-of-sale transaction, you know, there's an authorization code and a dollar amount. There's not much else flowing through the Visa network ultimately to the acquirer and the issuer. Are you actually capturing SKU level data? Are you integrating into ERP inventory management systems? Just trying to get a better understanding of kind of how the ecosystem actually aggregates data and whether, you know, you own that or if you're dependent on an ERP vendor and so forth. We have all the data. We collect all the data. We bring the data from the machine, and we save it in our server. We back up the data. We built, of course, SKUs on the data. We built many rules. But some of the data belongs to our customers. Some of our big customer, we forward the data straight to them. Regarding the data, there is a lot of rules and regulation, what you can use, what you cannot use. I think there is a lot to do in this case, and it's growing and growing. We have a department of BI in the company more than four or five years, and that's growing also. We start to do AI in the last two years. That's all on the data. You want to add on that? No. I think the data in terms of vending machines, sorry to say, but not all of the operators are disciplined in terms of managing the planogram of the machine. It's not really all the time relevant from perspective of using this data. What we're trying to take from the data is to move it to more to the mobile app, and from the mobile app, we have the idea of the consumers. From my perspective, embedded payment is first and foremost ID. Know the consumers, associate the transaction and the location. Based on this, we are creating what you call loyalty program behind this. This is what we're aiming in terms of the easy way, because at the end of the day, it's a machine that is standing along the street. It's more of a pass-through consumers and less of what you call loyal consumers. But if it's around a hospital or around location, which is repeat consumers, you can create loyalty, you can move this loyalty. The backend data will not help the customer to grow this business if he's not having any kind of mobile app or some platform to really engage with the consumer. We are building the platform in a way that is you can use our platform, you can use his own prepaid card, you can use our prepaid card or direct payment with a credit card, and that creates ability to communicate with consumers a repeat buying in terms of using this. The data by itself, every user globally that present his card is creating a user in our system. I don't know you, but I know exactly this is a user that being buying a few times over here, a few times over there. This is what we're doing in terms of BI to try to see the trends in an anonymous way and to see how can we work with this data. Every consumer that bought in the system is created immediately a automatic user. If you buy more, we have accumulate the transaction. When we're moving to retail, it's a different story. That's why we bought Weezmo. There we're going to all in in terms of data. That's a really different game. Weezmo is a platform of AI and a platform that we enable them to do marketing in order to really create the ROI, the best ROI for the customer. When he's doing a promotion online, he can see the offline transaction as well. By the way, in terms of Weezmo, there is a big trick regarding the Weezmo implementation. We don't need the help of any kind of POS. Usually, the POS provider, it was surprising to me as well, although I know retail for many years, but the POS provider are really holding a very hard grip on the customer. It's amazing. The customer want to do something, the POS provider pay him, say, "Pay me," or something like this. It's really crazy to my opinion. We can go directly with the DLL into the listening to the printer, and we create what you call the ability of us to extract the data as a full SKU, not OCR, a full SKU regarding each SKU regarding the printer. So if you have a receipt, you receive the receipt as if it was from the printer. It's not been OCR. It was not been camera algorithm. That's very advantage of what we're doing. We're building the platform in order that this will be a center of gravity for customers in retail really to put their activity. We saw the receipt that we put H&M. It's H&M in Israel. They are relying mainly on Weezmo regarding all the activity, marketing activity. If they want to have foot on the store, they open a new store, they have all the ability to take the lookalike of what's happening between the online and offline, create a campaign on Facebook and Google, whatever they like, and they have foot in the store. It's quite amazing how fast it's operating and you have a very effective way to increase new stores or loyalty consumers coming back. Because I can know by SKU, I can know you bought a white T-shirt, and I'm similar to you, and I'm not buying a white T-shirt, and I can really trigger this, first in anonymous way by the media, Facebook, Google, and et cetera, or if you give us the allowances of GDPR, so we can directly address this. No, it's very helpful. I mean, it's, you know, 99.9% of transactions don't have SKU data. Mm-hmm. Just as a quick follow-up to that, you know, maybe it's for Sagit, related to the, you know, the software revenue component, kind of the monthly fee, Is there a menu, a pricing menu? Meaning if you're offering certain loyalty services, if you're able to design, you know, a certain reward program, you're charging more, or is it pretty much just sort of a fixed rate at this point? I'm wondering if there's an opportunity to actually charge more. Mm-hmm. To leverage the data you're able to collect. Usually, we try to keep it simple at the beginning. Starting at the beginning, we're starting in a way that the vending operators are usually doing $500-$600 per month. We're not really changing anything in the model of pricing. There are two-tier pricing usually. One is if you just want telemetry. It used to be more in the past, but now these days is less. The cashless and telemetry coming together. This is like a fixed fee, very easy to understand and very easy to charge for this. We are encouraging the customers more and more using more of it, more of this. We have a plan regarding all the pricing, what's going on, because we have, I think 25% of our transactions are prepaid transaction. There is a lot of prepaid transactions that actually come most of the time free, but it touching the network, so it cost us some money regarding this. For now, we're just letting everything go pass through the system. When we get to the scale and relevance timing, we have a lot of what you call room to change our pricing and to increase our margin or to keep our margins. The last thing about data, also, we're using data for internal and external. For internal, for example, we have a big department of monitoring. We recognize trends all the time. If we see there is a failover or a decrease on a transaction, so we alert immediately. We have a NOC 24/7 sitting in our office to recognize this trend to monitor. Also for the operator, for the small vending machine operator, there is a lot of rules that we built during the last 17 years regarding data, such as no sales, 24 hours, 48 hours, no sales on cashless. Data that is corrupted when we collect from the machine or to build a pick list according to the data. This is some example of how we are using the data, and it's increasing all the time. Okay, great. Next question in the back. I think you guys will have to pass. Dominick wants to ask. Oh, you want to go? Go ahead. Great. Thanks so much, Dominick here from Oppenheimer. I was just wondering about the TAM. You had some slides on TAM, and obviously, cashless machines are really growing in popularity. Is there any way to provide us the amount of penetration that the industry saw of cashless machines into the total number of machines, both cashless and non-cashless, over the pandemic and to today? It's very hard to collect this data. We know this from industry, so we're tracking, let's say, Cantaloupe, we're tracking CPI, the big players that already started before us, and we know approximately. It's Cantaloupe, we all know. CPI, we approximately know. In Europe, you don't have any kind of really public data showing what this means in terms of open loop. There are not big players on this area. The estimation by the research that we did is, I think we reach up to around 6 million-7 million total, including prepaid. When you exclude the prepaid, you reach up to around 3 million-4 million machines, which are really carrying cashless open loop solution. It's based on Coca-Cola usage, Pepsi usage, Canteen usually, and the big players over here in the U.S. I remember that we started in Europe in 2008. It was only prepaid. You can never find anyone that has this kind of a cashless open loop solution. It still is that we are really dominating this market. I don't know if you want to. What Yair is mentioning is 3 million-4 million devices today accept cashless transaction out of probably 40 million growing into 54 million. That's really the ratio. It is, as we say, it's really cash is the real competitor here, and adding cashless into the cash or replacing. Excellent. Maybe just, you know, on the retail product side, you know, I would imagine that the low-hanging fruit for Nayax is vendors that have Nayax machines within their retail establishment. You can cross-sell them the retail service because they already know the brand, they know who you are and what you represent. Maybe you could just talk about the eventual rollout across geographies, where you are now in retail, and where the types of, merchants you plan to target first. Maybe just one more here, if I may. On the loyalty business, or the loyalty piece of the business, rather, can you provide any additional information on the sales uplift among, merchants that really see a lot of loyalty spend versus the ones that don't have any loyalty spend or very little? Thank you so much. The last question is a bit hard one. I don't know if you have data around this. Using the loyalty spend and compare this to non-loyalty users, customers that use the loyalty is very hard. I think it's coming more. If we want to compare, it's coming more when the brand is coming in, like Coca-Cola Israel came into this and said, "Okay, we want to have this kind of from a brand perspective." They utilize this in all the Coca-Cola machines. You can see the uplift immediately in the machine. As an operator, usually they're using this in two forms, maybe. One is for really consumers on the go that they're trying to seduce them. Many times, they're using the consumers that are within the premises, like in the hospital or the university, and they're using this as part of what you call the ease of use, through this platform. It's not always what you call, consumers like you and me that are passing through and be seduced because it is not a destination vending. It is a FMCG product usually that you're not coming too much back. Still we can have them, what you call ready for any kind of opportunity they have. I think we have from the Far East, a big jump that We have also from the U.K. There are a few case studies you can see on our website on YouTube. You saw about 20% fluctuates. As Yair said, it's mostly for the closed environment because it's a captured audience. What they do is they actually increase the returning consumers, increase their kind of basket with that five plus one with the loyalty option. They do see an increase. It fluctuates. The first question? Was about the retail. The retail go-to-market is, of course, what we're doing is first and trying to build something that is has a platform, is ready to work and testing the water in Israel. We did test this, and we are succeeding with this. Actually, to our surprise, we almost took 25% or 20% of the market in Israel to very, very fast way. I think we have more than 20,000 outlets that accept with Nayax. You can come to Nayax, you can see all versions. You'll not see maybe the yellow readers, but you can see powered by Nayax, powered by Nayax. A lot of this, the software behind this is Nayax. We won the Postal Authority in Israel with more than 2,000 devices with the small one that you can see over here called Nova 55 with the payment embedded with this. We won the Golf which is an apparel company with almost 300 outlets, which is a heavy one. We have what you call a solution, which is carry also under the PC computing in terms of the CPU that runs, you know, 10 to thousands of SKU in the same place, offline or online. It's very important to work with this. With a lot of abilities of engaging with the loyalty clubs and a lot of it. Out of this learning that we're having, we're still having and building what you call the cloud-based computing behind this, we're intending to go to U.K., we intend to go to Australia. We're testing this very slightly now in U.K., and we're gonna go also to the U.S. Over there, we need to have partners, and that's part of the meeting that we're having with some kind of a competitor. You can imagine who, which is seeing us as a saver for them in one way, because we are coming with a lot of platform solution, and they're coming with a hardware solution certified, and it's all based on Android. This combination of these two companies, us and them, can be a very nice go-to-market, but it's not the only one. We're looking. Today, I think if you sit over here in the next five years or 10 years, you'll see that most of the retailers will switch their POS to Android POS. That's our belief in terms of what you call the SMB market. The big market will stay with PC, but the SMB will move to a Android POS because they have to put the online, the payment, the POS, the loyalty all together in one place. This will be either a station or could be mobile in the store, or can be what you call pay ahead. All this is a very blended territory. What we intend to do is segment by segment, because in each segment you have to have a specialty. If we start with apparel, we'll be specialized in apparel first, and we see everything is okay, and then we'll develop what you call the segment of consumer journey, let's say, in grocery or consumer journeys in QSR or consumer or in fine dining. All of this is not as quick in terms of one software because you have to be special on this. To go- to- market with partners, it could be with ISO, it could be with a hardware provider, it could be with many of them. Since we have a nice brand and nice recognition, we don't see any reason in this huge market of trillions of dollars and a TAM of $50 billion just in POS terms that we don't have what you call opportunity to really serve them in a better way than they are used to be. Maybe to add a little bit to it. Give an example in the U.S. market, right? If you are a small, tiny, nano merchant business, you're gonna probably use the Square and the Clover of the world, right? On the payment processing. If you're a large customer like Walmart or Target, probably you're gonna buy from Verifone or Ingenico because you're gonna write the software and the management suite. Before the pandemic, we all know that 70% of the businesses in the United States were small businesses. Small can be 50 to 500 to 2,000, where in order to have a full visibility to your business, you really need to buy now four different software. You need to buy the hardware, the POS, and then you need. That comes usually just with the payment processing. You need the management suite, and then you need the telemetry. That's something that as we build that through the unattended business, we can now take that to the retail business, and we are agnostic to the hardware, and that's what Yair mentioned, that we can actually have some partnerships in order for them to provide the hardware on the retail business, and we provide everything else. That's the beauty of it. That's good. Go ahead. Good morning, Trevor Williams from Jefferies. It's good to finally see you guys in person. Sagit, maybe this one's for you. Just within the 35% revenue growth CAGR. Can you just give us some sense of kind of the assumptions underpinning whether that's growth from existing customers, new customers, how much you have embedded. Mm-hmm. From the new verticals, retail, EVs, and then any inorganic contribution that's assumed? Thanks. Yeah. Thank you, Trevor. Of course, it takes into account the 35% takes into account everything that we've showed today. From the 140%, retention rate that we see, and that's kind of looking at the recurring revenue base and how the customers are growing, and we grow with them. The low churn rate that we see, less than 3% for the last several years. We grow, as I've mentioned, with the net retention rate, really see that our existing customers is the driver, but we also see new customer coming in. If you take that into account only on the unattended, and then add to that, all of the new engines that we are developing that from the retail business to the electric vehicle to Weezmo, to Tigapo, and many more that we haven't even revealed yet, the 35%, we feel very comfortable with that. It is taking into account a combination of both. Yair likes to say that if we don't grow at least 25%, we're actually losing market share, the way the business is growing today. You know, the numbers are showing it's not something that happened the last year. If you saw, we on purpose showed the last five years to show the consistent growth. Now we are growing even faster because of our ability to invest in the places. Our commitment is for at least 35% year-over-year. Okay. Just as a follow-up to that, the geographic mix, it looks like just year-over-year, you're growing faster in North America. As we look to 2027 and 2028, is there any expectation just around what the geographic mix looks like and if that has any impact on take rates or if by geography, there's any major difference in the go- to- market? Just thinking of how that evolves as the mix changes over time. Yeah. Carly's on fire. As you can see, yes. Well, as we know, the largest market that exists out there is the U.S. market, and we feel like we're just at the beginning of the journey. It takes time to create the brand and the brand recognition for a team that has half a million of devices to trust and start with you. We see that coming all along. Carly has some beautiful other deals that she's working on as we speak. Yes, I believe that North America will grow faster than the rest. Having said that, with everything that we talked about on some initiation that we can initiate on the cost structure on one hand, and the selling price at the other end, we believe that it's not gonna change what I've shared. That, you know, again, growing 35%, and in the long term, 50% gross margin and Adjusted EBITDA of 30%. Yes. Hi, Chris. Go ahead. Oh. I have the mic. Yes. You got this. Ramsey from Barclays, by the way. I wanted to ask a question about if you could elaborate a little more on your distribution mix. I'm trying to figure out how much is indirect versus direct and also the OEM partnerships. How many of your customers have that pre-installed situation? Because I'm also trying to understand if they don't, who actually installs the hardware at that point of purchase. Keren? Keren, do you wanna start? Yeah, you'll talk about the revenue stream. All right. Installation is really easy. It doesn't matter. I mean, the OEM basically takes that on them to have your store ready for you, right? If it's the fridge that we make it to be a smart fridge, with our device and they ship it, and it's ready to go. In the cases when it's not through an OEM, it's literally a minute and a half. You can see it here. It's basically so simple. It's two plugs. You connect them, and you're done. It's easy. There's no installation. In some cases, David will probably also. You know, when I joined, I remember David explaining to me, "Do you know a little bit of, like, what is a pulse?" In some cases only laundry we see a bit more kinda tricky, but we also made it simpler for them to install it. You know, David touched on it in his presentation. It gets simpler and simpler because we know the majority of the machines out there. It's not hard even when you're not through an OEM. For the mix, I think Carly showed that in her slide. I think it was like 50% enterprise and then 30% through OEMs and 20% kind of SMBs, like, really tiny micro. In the larger, I think in global, you can touch on the spread. I think, you know, we see it's another go-to-market for us through the OEMs, but it's so simple to install that they all do it themselves. Do you wanna touch on- Well, go on. I think about installation. No. What I like to say about indirect and direct is actually we're not revealing this information to the public. However, if you remember my story about the Cleveland Airport- Mm-hmm. You know, it means that whether Carly actually contacted the airport, and through the airport, we got that all of the vending machines are Nayax, or it was the pharmacy, the LEGO by a company that through that, or even through our Chinese office, right? They made sure that all of those devices will come already with the specific Nayax box. I'd like to say we're all over the place in a good way. Everywhere you go in trying to decide what will be your payment solution or what will be your system of choice, with regard to the unattended piece, it's gonna be Nayax. Maybe just to add to this. The idea of a direct or indirect is, I think, excellent question, and we have to dig into this more and more. What we are concerned is more of controlling the data of customers. If it's direct, not direct, he's signing with Nayax in any case. Distributors, all the payment are signed with Nayax. He can sign the services, he can sign the agreement with one hand under the local partners of Nayax. The customer itself is always directly with Nayax. All the customer around the globe, whether it's going direct or indirect, are signing with Nayax. Everything is being legal by the payment and by us as a financial institution has to sign that. We're not too much concerned regarding this. It's a matter of really spreading a lot of seeds and putting this as quick as possible. You cannot really project everything directly, but you can really say, "Okay, go." There is what you call a built-in margin that we split between our partners, and we feel good with this. This is a good business model. If they take the support and they take the sales, and they're doing the shows and the exhibition on their behalf, we know how much it costs. They deserve to work, what you call, to earn this. If we do it directly with ourselves, maybe it will cost us more. We're always looking in this because we know how to work direct and we know how to work indirect. From our perspective, the more the customers or the more distributors or resellers we have the business built in, and it saves us to not go to be a 5,000 employees. To stay as much as we can in terms of the technology and partners, while we are keeping all the relationship directly with the customers through the, what you call, payment facilitator mode. We're not losing sight from customer. That's the beauty of about the model, so we can be agnostic to channel that will come alive, which we maybe we don't know them. I see. Yeah. One more quick one from me. You mentioned early on that you had lived through some economic cycles and that the model's sort of battle tested. Can you talk to us about the cyclical sensitivities of the model? Is it particularly resilient or are these, you know, what you're buying in these machines, is it viewed as discretionary or non-discretionary? How should we think about the resilience of your model? Excellent question. You wanna take it Yair? I will start maybe saying that we feel so good regarding this model that is keep running against any pressure or what you call headwinds that coming from the economy. Of course, when we're very much smaller and the trends of consumers in terms of digitized, in terms of cashless was much less than what it is right now, it was really slowing down in terms of it was very hard really to sell. Very hard to really succeed in terms of going further. The more now the cashless is prominent and it's taking 65%, 70% and sometimes 100%, there is no. You know, if all of us were operator of a vending machine, and each of every one of us has 20 machine or 50 machine, and maybe five of them or 10 of them are just operating in terms of cashless and the rest are cash, we all know that the time we are losing money without putting cashless. It's just a matter of our CapEx, how fast we can do it. Actually, I spoke, I think, in the break. I told that we also have an initiative with Nayax Capital, which is a company together with Bank Hapoalim, which is a the largest bank in Israel, to do a merchant cash in advance to help customers to really move the CapEx to OpEx, basically on a way that they can do it on a global level. We feel that we are in a way that consumers, which are dictating the tailwind, is with us and all the rest will happen. Maybe to add to that, one of the few tectonic changes that are happening, right? With EMV, that if you are an operator in the United States, if you're not gonna have an EMV by the summer, right? Then you can't operate your business. This is, right, you have to implement something otherwise you're just not gonna be able to. You can close your business, basically. That's a tectonic change, right? We've seen that also when there was a 3G to 4G, that's a hardware change that you must change. When they do that, they rethink about who do they wanna change, what each of their competitor are providing from a telemetry management suite, loyalty, payment, and of course the actual device and the proprietary that comes with it. That's one reason that we see that it's actually the battle is increasing rather than not. The second thing that's obviously driven by the customer behavior change, not just EMV compliance. The second thing is the transaction value, right? If you are now in a recession and going to a restaurant, instead of costing $40, now it costs $70, you're gonna think twice if you're going to the restaurant. If you need your Coke and the Coke costs $1.95, you're gonna probably buy that $1.95. You're not gonna think twice, "Oh, I can't afford it." You know? That the value of the transaction does drive the decision of whether you're gonna do it or not. Having said that, you know, if 15% of the workforce will be let go, then as if you have 15% less people going downstairs and buying Coke. The nice part about our business is that we're less there. We're actually in the semi-public, as Yair likes to call it, or it's more in the malls than in airports and- Schools. schools and other locations. It's very spread from that perspective, not just one vertical in one business section that actually drives us. I will also say that even at the pandemic, right? The heart of the pandemic, what we've seen is that our retention rate didn't go down. It actually was 102%. It never went down below 100%. They kept doing their business with us. They didn't grow their business, so we didn't grow with them. But it never went down to this, and that's a great and the churn rate was less than 4%. Mm-hmm. It's showing you that even with the pandemic everyone was in the house, this is like never been that high, right? It's a something that we've never seen before. Still the strong business model that we've showed paid off. I also think when you're looking at the labor market, right? When right now it's been a particularly tough hiring market, you know, we've seen actually a big increase for the demand of Nayax because the more that you can have unattended, the less you're gonna have to rely on, you know, employees in the field. I think we can also say that we're gonna see that same kind of increase, even as the economy could potentially start to tighten and you're looking for ways to increase efficiencies and decrease costs. It is actually to then use more unattended machines as a way to absolutely then have to limit, you know, your extra hiring costs and your labor costs. One last comment is that. Okay. It's a great question. It's a funny story. I was thinking. Another trend that we saw in the pandemic is they basically, you know, the human mind kind of works all the time, so they reinvented themselves. People didn't go and bought Coke outside. They did need to buy masks. What we saw many times is our operators were smart enough to kinda adapt quickly, and they started to, you know, sell masks or sell whatever they needed. Hand sanitizer and more. Exactly. Yeah. Okay. No, I just- You got us. If you started. Just reminding me. It's an excellent story. Listen carefully because the change of operators, basically, they built because of scarcity of employees, it's really issue, big issues and some of them find tricks regarding how to build satellite with inventory and serve this with the local student coming every day and filling the machine. You already explained that. No. Yeah, we have a nice vending operator in Netherlands, and he operates about 1,200 vending machines. Most of them are in the gym. He built like a battery of like four machines. Three machines operate with one cashless device. It was surprising. It can do this thing only if you buy new machines that can support doing something like that. The last machine was a cabinet. It was a cabinet storage that he put inventory inside. Instead of coming once a week and bringing all the inventory with his car, he actually did a deal with a student or with a gym that they come collecting from the storage and putting it inside the machine. They actually save a lot of money, regarding hiring more people. By the way, we heard about that also in Japan. Yeah. In Japan, they try to bring more to help the old people. Old ladies that living around Japan, so they do a deal with them to come and fix and clean the machine, and they save time and money to come twice a week if it's a coffee machine or it was even a kiddie rides machine. Yeah, photo. We're becoming creative more and more in this situation. Chris? Perfect. Thank you. This has been a great day. It's a follow-up to Trevor's question. As you think about the business, you've mentioned $1 billion is kind of your target. Can you talk about the business mix when you get to that $1 billion between retail and your traditional vending machines business? It's for you. Look, I think what we're saying is that if you take out the two engines, okay? I strongly believe that 40 million machines with us serving less than 600,000 machines and the tailwind that we're having and the brand that we have, we should succeed because it's a huge market, okay? We're seeing the market, we're leading the market 17 years. In order to secure whatever we say, there is the two engines, okay? Actually there are more than this in terms of what we're saying. I cannot say the blending, what will happen. I don't know if we'll be succeeding in such a fast way that we'll overcome the unattended. We still believe that the unattended is the core business. It's more than 90% or 90% of our business. It will be a little bit maybe less in the future. Still, this is holding us in terms of secure regarding what we aspire to do. We don't see a reason why not to take this challenge and say, "Okay, we love what we're doing. We want to challenge ourself, and we are sharing this with you." It's okay from my perspective because I think that we can meet this kind of a challenge and be what you call a very big company in terms of the retail environment. Okay. Any other questions? Dominick? I just wanted to ask, there's actually an investment slide. I think it's R&D. It might be R&D spend $54 billion. $54 million. Million. Sorry. Yeah. Not there yet. No. I was just curious about what those incremental investments are really focused on? Oh, thank you. Really focused on in your business, and how you plan to allocate, you know, that capital. Perhaps talk about the payback periods that you think about when you make an investment in your business, how long it takes for it to pay off. That'd be great. Thanks so much. Maybe I will start and then Sagit will. There is a high-level decision. We try to put it over here that you can see. There is a lot of friction regarding putting customer in the center and serving him from the onboarding through the KYC and AML, through the ability of any kind of ticketing behind this, and putting this in a right place that he will not feel anything regarding the whole journey with Nayax, starting from day one and ending up with after a year or two that he has an issue. There is a layers of tier one, and then there is a layer of tier two. Imagine that you open a ticket in the business. It's running through one of the ticket system that we're having, okay? It has to have some policy regarding this ticket because we have, like, 34,000 customers. Either it is something automatically that you have to deal with, or either it is something that someone has to really to push something regarding this, or it has to be escalate. Every piece of data that you bring into the system has to be really designed where it's going and the ownership behind this, who is taking care of this, and the time until he will answer. If he's not answering internally in this case, and he's not answering, it will jump, and it will alert. All of this movement of data is a huge part of what you call scaling up the business. We will not cope if we will not do this kind of a really tight ability of us meeting the expectation between the customers and the internal employee that's serving them, okay. This is the major, what you call, big picture. Behind this, there is a lot of investment that we're doing regarding AI and extra employees, expertise, and platform. This is really the main thing. If you look at the return on this, if we keep on growing 4,000 customers quarter after quarter, it's built in. It's really built in. If we've not really put ourselves into a position that we'll have to have an army of support team, this is what we're trying to say. Because every minute of a support team is $0.95, and we know what it costs to deal with this. If one call will come to us, and it will take three minutes, we lost our margin in this one machine. We have to be very careful about the margin that we're managing and how we manage this to make it, like, very seamless. Amazon way, if you can look it, but not in the way that you're distanced from the customer. Because on the other hand, you have to keep the customer that they are really feeling that we are close to them. We're solving the problem as quick as possible. I think this is a major part of the picture that we see as growing the business, and then it will ease up. 2023, we are in the middle of this intense investment, putting this together. You want to add anything? Sagit, did you want to? No. Okay. Oh, go ahead, Joe. Please go ahead with your question. Just a couple quick follow-ups. I was just curious. There was some commentary about that Australian acquisition that you did, the distributor, and then it grew several-fold after that. Maybe we could go into a little detail on why it grew so much after you acquired it, and if distributors are a good M&A vehicle, why perhaps you're not out there buying a lot more right now. Maybe just a quick follow-up after that. It's an excellent question because actually we are entrepreneurs, and the way that we start sometimes is opportunistic. To reach out to Australia was very hard for us. We know that this is a, what do you call? We look about Australia, U.K., U.S. Language is the same. Maybe culture is different, but from our perspective, Australia is affected more from the U.S. We have to run to Australia. We feel that this is the right way to find a person to deal with this business at the stage that we are growing all the time and adjusting ourselves is a big burden. It was very hard to deal. We took some friends that built the business, start, what do you call, seeding the seeds in Australia. He was a one-man, two-man show. He was 60-something age. He cannot really cope with all of this. He came to us after, I think, three, four years, and he said to us, "Yeah, David, please take me off the hook. It's too much. I want to go to pension. I don't want to stay." Because after we bought him, with a very friendly way, it's not really something. He asked, and we paid some multiple. It was very fair deal. We grew. I think now we are how many people in Australia? 20? 25. 25 people. This is because we are serving more than 35,000 devices. When we bought it was, like, 3,000 and 2,000 devices. This is a business that can grow, but you, of course, you have to invest. You have to if you want to be serious in this. We have the same thing, the opposite thing in Poland. He's a great guy in Poland. I don't want to buy him. He's having everything, he invests everything, fine with me. Because every transaction and every service that he's doing, we're sharing, it's okay. He's investing, and we know. We always say that the mechanism really to buy or not to buy the distributor is whether he's growing or not growing. Mm-hmm. Because growing will really say whether he's investing. They find a way. They say, "Okay." They all know, by the way, I think the essence of this, they all know that we'll buy them. They are really building the business, and the exit will be directly with us. We'll not abuse this. We'll be very fair on these kind of things. Maybe to mention, Carly, that the U.S. business was built the same, right? We bought the- Yeah. Yeah. The U.S. business, we bought them in 2014. We thought that we had a home run with some combination of a second partner, second leader in the coin mechanism, again, part competing with CPI. We found out very fast that this is not gonna work. We did a very bad distribution agreement, and we had to really pay a lot according to our measurement, and we paid almost $5 million, and we were private. We raised a mezzanine loan for this kind of, for the deal. We bought them, and then Carly stepped in. The rest is history. Maybe just one follow-up. You know, there's a growing number of stocks that trade in the U.S. now that are a combination of payment volume and recurring software revenue. It would be helpful if we could see a little bit more granularly or in a little more detail into each of those two buckets, because that's really where your valuation's gonna come from, right? Not necessarily from hardware sales. You know, if we looked at software and if we looked at payment volume, you know, is there any other metrics you can provide us on which one's growing faster, you know, potential margins in each of those, and perhaps how each of those contributes to net revenue. Mm-hmm. Retention. Thanks. Good point, Joe. We do provide this information more on the MD&A and the financials. We'll, you know, continue to provide more as time progresses. From a recurring revenue mix, today it's around 50/50. It's around 50/50 from processing and from the SaaS subscription base. It used to be higher on the connectivity on the SaaS, but now as you can see, the growth that we see in the number of transactions going through our devices and the value of the transaction growing, also the processing side of it is growing. Processing fee today is growing faster than the connectivity because the connectivity is per device, right? If we have 553, that's the number of connectivity per device that we charge. When it comes to processing, it's the higher the processing we do, right, the processing fee that we take is higher as well. If you ask me how it's gonna be in the future, I believe that processing will continue to grow as faster than connectivity. Having said that, there are a few significant deals that we are cooking right now that might, you know, keep the percentage the same for the next couple of years. From a gross margin perspective, well, we always talked about that. It's definitely there. On the connectivity, we have around 80% gross margin, and on the processing fee, it's in the mid-30%. Working all the time to increase both. Thank you. Thank you. Still. Yeah. We still have time for more questions. Don't be shy. Please, in the front here. Go ahead. You talked about where On Track Innovations stands, and I was wondering where the $5.5 million loan was on your balance sheet. I didn't notice it in the first quarter. Yeah, it's on track. On Track Innovations is on track. The acquisition is on track. We've announced it in January. We've provided a $5.5 million loan. It's in our balance sheet as an asset. I think it's called in IFRS something for associate or something weird like that. I'll show you in a second. In April, we gave another $1 million. That money was used both for paying their debts as well as continue their operation. Once the acquisition is complete with all the regulation and statutory requirement, which is supposed to be on June 10th, we will pay their shareholders $4.5 million. Thank you. That will be completed. That's from that perspective. We believe that this acquisition is important for us, especially in geographies that we are less familiar with or successful like Japan. It also have a very strong strong R&D and actually support resources, but also the petroleum business that is very strong in South Africa. Yes, Chris. Yeah. This is where Yair usually speaks, but I'll be happy to speak on his behalf. That on the unattended side, we believe that we have the technology that we need, so most of the acquisition that we've done recently or thinking about is to increase our customer base and number of connected devices. We are looking but unfortunately there's not a lot of players, you know, those in the field. However, we are looking at that all the time. There's a few conversations that not necessarily will mature from small players in countries in Europe or even in Asia, et cetera. When it comes to the other engines, as you saw, we will buy the feature or the functionality that we need. We actually, you know, in every situation, we decide whether it makes sense to make or buy, you know. If there's available and a great solution, like when we bought Weezmo or Tigapo or, you know, other places that we've invested, we will make the investment and buy rather than develop it ourselves. This is a little bit on that front. Any other questions? Thank you so much. Yep, thank you. Go ahead. Okay, that wraps up the formal presentation. Oh, Yair's back. Yeah. That wraps up the formal presentation. We'll now move to lunch, and as I said earlier, lunch is to the right. Whichever door you go out to, it's the boardroom, and we'll be there until 12:30 P.M., and we've got management at different tables, so please feel free to rotate and enjoy lunch and ask lots of questions. Again, the presentation as well as the replay of this, the formal presentation and Q&A will be on the IR site, ir.nayax.com, probably about an hour after we conclude here. Thank you again for your time, and really appreciate you guys coming out, given the busy week. Thank you.