All right, so kicking off today, I'm Will Nance. I cover payments and fintech at Goldman. Very excited to have John Caplan, CEO of Payoneer. Prior to Payoneer, John was President of North America and Europe at Alibaba, and the cross-border business there. So John, thanks for joining today. Really excited. Really excited to have you here, particularly at a really interesting time at Payoneer. I think you just reported one of the strongest quarters in the last couple of years. It seems like momentum has really kind of kicked off. The story has evolved since the company went public about three years ago. The company was historically more focused on e-commerce, cross-border payouts, particularly from marketplaces to emerging market sellers. How do you think about the building blocks of growth in the business today, and how that's changed over time? First of all, thank you for having me. It's great to be here. It is a really exciting time at Payoneer. You know, the foundation of Payoneer, as you say, SMBs that sell on marketplaces really built the franchise, and it was. We benefited from the secular growth of marketplaces globally significantly over the last decade, and we continue to, where we have 20% share of the marketplace payouts business. And our strength there is our brand, our last-mile network, and our relationships with local banks, and the global regulatory framework. But as you say, we just delivered our best quarter in years, and that's because we've entered the second curve of Payoneer's growth. And the second curve of our growth is the insight we have around businesses around the globe. Cross-border businesses need smart, simple-to-use, fair, and trusted tools to manage their cross-border financial activity, and we're delivering that. The old analog banks are not in a position to provide the support to emerging market, growing cross-border businesses, and we know that the sort of central nervous system of the global economy is global trade. And whether you're a good seller or an exporter, or a services seller or exporter, Payoneer is actually providing a really unique set of solutions. You know, when I think about the significant opportunity we're pursuing, we have two million active customers today, over 500,000 of our ICP or ideal customers. As you know, what they want from us is one-stop shop. They want globalization in a box. They want to be able to use Payoneer to handle all their multi-currencies, all their AR activity, whether they're getting paid directly from a consumer, whether they're getting paid from by another business, whether they're selling their capability on a marketplace, and they also want to use Payoneer to manage all of their international AP. Using our card products, our emerging workforce management products, our intra-network payments that are flowing through the network, and with $70 billion of AR entering the Payoneer ecosystem and 2 million active customers, we feel really good about where the business is today, you know, B and I were talking earlier, the value creation is in front of Payoneer, and that's a really exciting time for us. Yeah. So you just reported a strong quarter, one of the strongest in recent years. Where did that strength come from? Are there any call-outs about how the business is performing so far this quarter? Yeah. I love all of our children equally. Like, all of our business is performing well. You know, the source of our strength really is the people in the organization, the brand, the mission to solve a problem for cross-border businesses that no one else on the planet has solved, and the platform we have built and in place, and all the cylinders in the business are firing. Our marketplace payouts firing, our B2B business firing, our cards business firing. We've as you said, we reported in Q2, accelerating customer growth and ICP growth at 10%, ARPU ex interest at 18% growth, B2B volume growth up 40%, volume for SMBs that sell on marketplaces up 15%. In fact, growing faster than the marketplace volumes themselves. Card usage up 40%, and the fourth consecutive quarter of great growth. So when I think about it, I was writing notes this morning, I was thinking, everything is a bit better versus where we thought it would be. Yeah. And nothing specific or individual. It's a series of good execution, focus, and a great value prop for our customers, that is delivering the growth that we're seeing in the business. Yeah. No, that's really exciting. You have been a bit more cautious, I think, on the macro environment year to date, and I think so far we haven't seen that. This has been a theme in payments, where we're always worried about the future, but, you know, where we stand today is actually kind of okay. Could you kind of update us on how you're thinking about broader macro trends in e-commerce and otherwise, and how you see things holding up for the remainder of the year? Yeah, we said at Q2 earnings that July looked a lot like the second quarter, and August looked like July. Right. And so the business is stable. It's nice to see consumer inflation coming down here in the U.S. You know, I think that's a positive signal for all of us, across lots of businesses. You know, we've. In the first half of the year, our marketplace business, Amazon, Walmart, Etsy, eBay, Fiverr, Upwork, Airbnb, those businesses, you know, we had a 14% growth, and we had guided to high single digits. And it. You know, I wouldn't say cautious, I would say prudent. Right. With so much uncertainty, we've tried to guide in a very prudent way. Our foot's on the gas to drive the growth. You know, the areas where there's, I think for us to continue to be prudent, would be around the marketplace activity, because we- Yeah. Our growth, although it outpaces the marketplaces themselves, we rely on Amazon's success or Walmart's success, or eBay's, or MercadoLibre, Coupang, et cetera. And we've guided to high single digits in the back half of the year. We hope to outperform there. And the enterprise payout side of the business, you know, which is, you know, particularly reliant on the travel vertical. Right. And it'll be interesting to see, as we've seen Americans and people around the globe travel intensely, as that continues, we're a net beneficiary of that. Sure. So maybe we can zero in on the core payouts business. You're a market leader here. You mentioned 20% share of marketplace payouts. What are you seeing from a competitive perspective, and how do you think about pricing and growth dynamics in that part of the business? Yeah, next year will be Payoneer's twenty-year anniversary. Wow! Which is, you know, Payoneer is an incredible innovator, right? The talent that came before the current management team really established, made possible the growth of marketplaces by enabling global supply to sell on those marketplaces. You know, we are the market leader. It's a position we've built over time. We've won, and we're continuing to win in the marketplace arena. Our 15% growth has outpaced that of those marketplaces, I think because SMBs or businesses that sell and distribute their products or services on marketplaces want to consolidate all of that AR into a single account. It makes no sense to have dozens of accounts or five accounts where you're receiving payments. That's just brain damage and a challenge for the entrepreneur to deal with. We're seeing, from our leadership position, SMBs and our businesses continue to pull AR into the platform, and I think that's our trusted brand, public on Nasdaq, you know, the breadth of our AP tools. In terms of pricing specifically, we have initiatives really across the board: corridor-specific pricing, product-specific pricing, fees if you don't hit the minimum threshold of volume pricing, and we're testing and integrating new pricing strategies to capture more ARPU from our existing customers and cross-selling. You know, one note that I wrote this morning was, we've seen 100% growth in card usage for our cohort of customers in China. Because if you're buying advertising on Amazon, or you're buying ads on Facebook or other platforms, there's no better way to do it than use a Payoneer virtual card, where you're receiving all of your international AR. In terms of growing AR volumes, specifically adding marketplaces, you know, the world's best marketplaces want to work with Payoneer, and the best sellers want to work with Payoneer, so there's a lot of positive dynamics in the ecosystem for us. Adding more AP products makes it easier for people to drive more AR into the platform, and you and I have talked in the past, where we were seeing hundreds of millions of dollars leave traditional banks and get added into the Payoneer account just for using our AP products. I think that's a very positive signal about the strength of the AP infrastructure we're putting in place. So that's around the self-funding, and then the network dynamics. The more the network grows, the easier it becomes for two businesses on opposite sides of the globe to both want to have Payoneer accounts to leverage the strength of our network and the trusted brand we have. Yeah. So both from Payoneer and also your own background, you have a lot, a lot of insight into the e-commerce landscape, and I think one of the trends that we've heard about recently has been the rise of some of these newer players in the, in the e-commerce marketplace, particularly out of APAC. So how do you, how do you frame what that means for Payoneer? Yeah, I love the innovation in e-commerce, right? E-commerce innovation is great, I think, for consumers, ultimately. More choice, more selection, more creative ways to buy, and it's especially powerful for the entrepreneurs that sell their goods globally on marketplaces. You know, here in the United States, which is the dominant procurer of services and goods from around the globe, Amazon is the strongest player and will continue to be. But we are seeing innovation at Shein and Temu and other platforms around the globe. And what we're seeing from our sellers' perspective is they want to sell on those marketplaces and consolidate the AR into their Payoneer account, so they have their Amazon US sales there, they have their Shein sales there, they have their Mercado Libre from Latin America volume there. Right. No, that makes a lot of sense. So beyond just the core payouts engine, you, you've been talking a lot about the opportunity for more value-added services. You did an acquisition in the payroll space recently. Maybe you could talk about the opportunity more broadly, how you think about the opportunity to expand ARPUs? Yeah, you know, our formula for growth, ICP times ARPU minus cost to serve, really is the framework for how we're building the business. So we are... When you think about driving ARPU, it's directly related to our ability to cross-sell our existing capability to more of our existing customers and then add new capability that those same customers want, so that they can manage all their global financial operations. So we- as you said, we bought a workforce management company. I'm thrilled about it. A great team, incredible entrepreneur, great penetration across APAC, company's called Squad, based in Singapore, that provides employer of record and contractor management services. When we talked to our B2B customers, 25% of them said, "I wanna use Payoneer to manage how I pay my contractors in multiple geographies, manage how I engage with my employees in multiple geographies." And consolidating that into the Payoneer financial stack makes it easier for them to do business, and frankly, incentivizes them to bring more AR into the platform or self-load more funds into the platform. When you look forward, I think really when we're looking at the ARPU equation, it's a combination of seamless payments, right? Consolidate all the PSPs into one place, you know, where you receive, hold, and send funds right from the Payoneer account. We're working hard on that. Automating the workflows. Entrepreneurs don't wanna waste time scheduling payments they're making or scheduling invoices they're sending out. This may seem remarkably basic, but if you're a affiliate agency in Europe, or if you're a BPO in the Philippines, or you're a software developer or team of software developers in Argentina, having great workforce management tools that are integrated into where you're working, how you're working, makes your workflow easier. We also are opening up the platform to more partnerships. You know, Payoneer has tremendous amount of data about our customers, with customers all over the world, and one of the hardest things about scaling software for entrepreneurs around the globe or SMBs is customer acquisition. We're a machine at customer acquisition. The best brands in the world that have great software, we don't have to build everything. We can integrate that into our platform to enable our customers to have more tools. And I think as we think long term, you know, I know NVIDIA was downstairs earlier this morning. When we think about the analytics and AI we can provide our customers, which we're not doing much of yet today, in terms of in their Payoneer dashboard, we do see insights as a way to help the businesses that use Payoneer be more efficient, be more successful, and grow and sell more. Right. So let's double-click on that payroll acquisition. I thought it was really interesting. Could you give the audience a sense for the struggles of doing payroll in a cross-border situation? Yeah. I mean, it's Excel spreadsheets and prayers, basically. Right. You know, like, if you have. You know, and we did some research about this, which I found fascinating. Our 10K+ ICP, of which we have about 55,000 of them, frequently have multiple entities around the globe, which are expensive and hard to set up, and they have contractors around the globe. You could be a BPO in the Philippines and have contractors in other parts of Southeast Asia, or you're a business in Argentina outsourcing work to the Philippines. Managing paying those contractors requires thinking through when the payments get sent, what are they delivered at the right time? Do they get delivered directly to a card or are they directly to someone's account? Following up on expense management. Then for employees, there's an entire regulatory infrastructure that you don't wanna get on the wrong side of, right? You don't wanna learn and understand the employment laws in Croatia and how they differ from those in Serbia. Right. That just isn't your value prop if you're making eyeglasses for people. What your value prop is, selling more of your products and unlocking more margin. So what our customers have said to us, that adding workflow and workforce management into the Payoneer stack just takes a headache off the table. And so Excel isn't the answer, Squad and Payoneer's payroll product will be the answer. Yeah. No, I heard a company just this week talking about the difficulties of doing it state by state, just in the U.S. No, it's a nightmare. I can imagine- Yeah ... doing it country by country. The issue is, as you're successful, you run into tax issues and other problems that, you know, as a company scales, the last thing they wanna deal with is those worries about where they have nexus. Right. You know, the number one expense in most P&Ls for most emerging market businesses are their employees, right? And managing that employee expense through the Payoneer product, we think is a way to really get a step function in growth in our business. Yeah, so let's talk to the B2B part of the business. It's seen a major inflection over the last three quarters. Could you level set for people in the room, what does B2B mean in the context of Payoneer, and then, what's been driving the 30% plus growth in the business? Yeah. The B2B business is our powerful growth engine. It's us controlling our destiny. It's our ability to go to the eighty million or more entrepreneurial businesses around the globe that are selling their products or services across borders and say, "We're able to help you with your invoicing, with your payments, with your payroll." So today, some examples of that, I mentioned, a marketing agency in the UAE, IT outsourcing in Argentina, or a BPO in the Philippines. These are smart, sophisticated businesses that are having to deal with analog, old banks, and long delays with ACH payments to get paid and make payments. It just isn't the modern age. They're not dealing with HSBC or Standard Chartered. They're stuck in the old way, and what we're providing them is the new way, and the new way, we feel like, is the account and tools integrated into their ERP systems, integrated into their workflow so that they can manage their payments and their AR. And when we think about those multi-entity businesses, they are really looking for a one-stop shop global solution, reduce complexity, save time and money, and improve the certainty of payments. The hardest thing for an entrepreneur is uncertainty. Like, that's the thing that makes building a business really challenging. That's what you wake up in the middle of the night about, is do I have did I receive the funds before I have to make my payments? All of that complexity, we're trying to eliminate that. As you said, we've had, you know, awesome growth through the first half of the year. You know, we had guided at the beginning of the year to 25% growth, that was coming off a 13% growth in Q4 of last year. We've delivered well at an excess of that, as you know, and raised our guidance to 30% growth for the year. I feel very comfortable with that guidance. You know, we are doubling down on the acquisition of the right customers, the retention of those customers, and cross-selling. I think this is the beginning of a really exciting part of that second curve of growth in our business, which is acquiring the right ICPs, selling them the B2B suite of products. We've talked in the past about our Lite account and our pro account. You know, the Pro account as we get there in the beginning of next year, is really about bundling all of our B2B products in a simple-to-use way for those cross-border SMBs to purchase from us. Yeah, that makes a lot of sense. I kind of want to dwell on it a bit just because I think B2B is a very nebulous term. They get thrown around. Is it AP? Is it AR? What exactly is it? I mean, Payoneer at its heart has been an AR company traditionally for marketplaces, but for a company that's selling B2B, it's an invoicing product, right? Correct. It's how to send an invoice to your customer and get paid, and you are making that easier for the buyer to actually make that payment at the end. What's their alternative? If there's no Payoneer there, how are they paying the customer? They're sending a paper invoice and giving them ACH details for them to send the funds to their local bank, and they're hoping that they're getting paid in an efficient way, and it's expensive and time-consuming. You know, as you know, we've exceeded $10 billion of annual run rate volume in our B2B product. You know, that seems small compared to our $11.5 billion a quarter in marketplace payout volume. I think, you know, you'll see over time that $10 billion annualized number continue to climb really nicely. And then obviously, the financial benefits. I mean, you've mentioned in the past, the monetization on the B2B business because of the value add is just- Yeah, it's multiple is greater. So, you know, we're seeing in high-service economies where we're our take rates are more than double the take rate of the goods exporter take rates, particularly in China. So what we're seeing, many more customers to sell to, more products to sell them in places where we can charge them more, where there are more of them. Right. You know, you've had in one of your notes the concept of in cross-border payment, the best part of payments is cross-border, SMB businesses, emerging markets, high take rates. You know, that profile is Payoneer. Right. Yeah, it's the intersection of everything. Okay, I wanted to maybe switch gears, talk about some of the go-to-market and customer acquisition at the business. Historically, Payoneer benefited a lot from word of mouth. You know, you guys used to talk about the number of kind of inbound customers every month, the brand recognition that came from the dominant position in e-commerce payouts. What is the approach to customer acquisition today, and how has the go-to-market evolved over the last several years? Yeah, it's a great, a really important question, and for folks to really understand. Because we're local around the globe and have a really great brand, we get 11 million applications from people who want to be Payoneer customers annually. I mean, that's a staggering number. Yeah. We're spending a lot of time trying to cherry-pick the high-value customers out of that. But when we look at the high-value ICP acquisition, what we've done is the following: We've tiered markets. So we've identified the specific countries where we believe our right to win is significant enough, where we're starting to see ourselves with, you know, low single-digit market share in the B2B space. So if you think about Argentina, Ukraine, other parts of the globe, Turkey, we're capturing share from analog banks, and that share actually begets more share because in SMB land, it's all word of mouth. Once you get the influencer in a vertical, the others follow quickly behind. So the first is tiering markets. The second is we've tiered our customers. We know that our approver for a customer that does over $10,000 a month of volume on an on a $120,000 a year of annual volume, is so many multiples higher than the long tail of our business. We focused all of our go-to-market effort at the high-value customers. A year ago, it was 10K plus. Now, it's at 50K plus. We're seeing exceptional growth in customers, 250K or greater. Just the last week, I was meeting with salespeople from the Ukraine, UAE, here in the United States, hearing them describe that our suite of products is unique to meet the the sort of basic needs of cross-border businesses of that size, right? That, that's sort of big enough to be meaningful, but not so big that a bank cares about them, right? When you have a really interesting business that's underserved by a global player, and we can provide that solution, there's a lot of runway for us in front of us. So the first is tiering countries, the second is tiering markets. We are focused on the outbound motion. I described the eleven million applications. We're now very directly identifying segments of the global economy where our product meets the needs of those customers, and we can target them, call them on the phone, go see them in person, explain the benefits of our product so that they join the platform. We have over a hundred CSMs around the globe whose sole function is supporting those customers and cross-selling the stack. So you... You know, we talk about the success of, in China, of the card product as an example, directly correlated to our go-to-market motion, the CSMs and the product team all working together to have a bespoke set of solutions for a unique set of customers that no one else on the planet is giving the attention to, like Payoneer is. And then I'd say the final one is that we've shut off the things that don't make sense, right? One of the great things about a business like Payoneer, with so much reach globally, with so many customers, is that we can identify, with a lot of discipline, the ROI of our activity. And you're seeing in our P&L, a lot of focus. Focus on the high-value customers, focus on the cross-sell, focus on the pricing to deliver consistent, profitable growth. And as you and I talked about in the past, consistent, profitable growth is the name of the game at Payoneer, and we're delivering that, and we'll continue to. I think what's so interesting about the go-to-market, you know, particularly when you look across the fintech space, having differentiated go-to-market, differentiated customer acquisition is so difficult, and you know, there's a perception that a lot of fintech is just beholden to the success of their Google AdWords buys. But that is definitely not us, right? You know, we've had 20% or better in 10K plus ICP volume and revenue growth, and we've had 5% fewer headcount in our go-to-market team. Right. Right? So we've reduced the size of the team, and we're growing the business. You know, we invest a lot of money at Payoneer, and I want us to be even more efficient with every dollar we spend, and we work on that, you know, as a constant effort. But reducing the size of the organization while we grow the revenue at that 20% clip is, I think, an indication of the strength of the team and our focus. Yeah. No, I mean, eleven million applications a year annually, it's really just- Yeah, we have to find the good ones in that, right? Right. 'Cause the garbage we don't wanna waste time on, because it gums up the expense and ops and KYC side of the business. Totally. Makes a lot of sense. You mentioned the card program several times, particularly with some of the e-commerce sellers in the China corridor. You know, you've shared some stats over time about the volume growth, and it's been very impressive. I'd like to hear just your thoughts on further improvements or enhancements to that product. There's obviously been a lot of innovation in the U.S., companies like Brex and Ramp and Bill and Divvy. What does the traction look like for those sort of software-enabled card programs internationally, and where does that kind of fit on the Payoneer roadmap? Yeah, I actually think that comparison is appropriate. You know, like, thinking about the spend management innovation in cards from some of those companies, I think is pretty impressive. For us today, we have... You know, I think we've had four straight quarters of 30% growth in the card. We're continuing to help that marketing agency in the UAE that's helping customers around the globe buy ads, is a real vein for us to tap into using our virtual cards, not just for the Chinese goods exporter, but now marketing firms using Payoneer so that all of their customers, ad buys or digital ad buys are going through the Payoneer card. So that's one. The next is, I think the opportunities around more capabilities and role management, limits to cards. You know, as we add the workforce management payroll, what you'll see happening is businesses paying their employees and issuing them Payoneer cards with spend limits they can use if you're going on a business trip to a conference, et cetera. That sort of using the Payoneer workforce management to be distribution for our spend management products, I think makes sort of just good common sense. And we're, you know, it'll take us some time to get that plane up off the ground, but we're very focused on that opportunity. Yeah. No, it's very exciting. You've had several pricing initiatives over the last couple of years. You know, I think across a range of different parts of the business, whether it's intra-Payoneer volumes, smaller customers, segmenting the customer base. Could you just maybe give us the state of the union on where things stand today and what might be a lever in the future? Yeah, we're in the early innings on pricing. You know, what we've decided as a group, as a management team, is that pricing's never done. We're gonna keep iterating and learning and optimizing, because as we're cross-selling and adding cohorts, we can learn different ways to both support those customers and, frankly, monetize them in a fair way. So you know, I think we picked some low-hanging fruit in 2023, which was $20 million of incremental uplift then. In 2024, we've seen another $20 million dollar benefit from those pricing initiatives. I think it was $25 million in 2023 and $20 million this year. Forgive me for getting the number wrong. You know, we've launched our Lite Account, which limits the number of products that a customer can have, and has some spend minimum dynamics in it, which I think will have a really positive dynamic in the P&L. Less OpEx for those customers, more monetization from them, unlocks more margin in our business. I talked about the Pro or Premium Account, bundling that. I saw a presentation on the early stages of that just last week, and then it's the kind of experimentation and innovation that you can rely will come from Payoneer. We have a unique asset, a unique way to acquire customers. They need what we're selling, and we're innovating in terms of how we charge them and cross them, so we can monetize them fairly. So I think there's, you know, ICP times ARPU minus cost to serve. There's good opportunities for us to continue to drive ARPU through the pricing. We have talked in the past about intra-network volumes that we can drive monetization of, and just so everybody gets it, right, you have a couple of million customers with billions of dollars of AR. They're paying one another within the platform, and we're testing different ways to monetize that. Cross-border payments between two Payoneer account holders, it seems common sense that that not be free. Right. Right? Because that's not free anyplace else on the planet. And so we're experimenting with different corridors of how to monetize the cross-border side of it. And it's early, but I think an exciting vein, and it speaks to why people are choosing to be part of Payoneer, to have a Payoneer account, and then to bring their vendors or their suppliers into the network as well. Yeah. No, I mean, it's the classic internalization of flows that's really hard to do- Yeah ... unless you have the scale. Okay, that kind of takes us to the next topic. I think you've talked a lot about the amount of value that you've been adding to the customers. I think one result of that is customers leave more and more of their funds on the platform over time, and that has exposed the business to the level of interest rates, and there's been a very nice income stream coming off the customer fund portfolio. How do you think about the underlying level of growth in that portfolio? And then what strategies do you have to mitigate some of the top-line headwinds as rates come down? Yeah. I think the first is that customers hold balances with Payoneer for months, right? They don't think of the account as the toll booth on the money highway, right? They leave the money in the account because they have international expenses, and as I mentioned before, they're actually taking funds from their banks that may in fact keep paying them yield, and putting it into their Payoneer account, which pays them no yield, and seeing that dynamic, I think, speaks to the value of the account, and obviously, as you say, we've had this really lovely income stream as rates have gone up. What our team has put in place, and is continuing to put in place, is actually looking at how we use short-term treasuries and CDs to reduce the volatility as interest rates come down. I think everybody expects, you know, interest rates to come down a bit, but our funds will grow in line with volume, and we're reducing our exposure to the volatility with locking in interest rates and CDs. I think as an investor in Payoneer, you can feel comfortable that we have our hands on the steering wheel about this, right? We've committed to delivering 25% Adjusted EBITDA at Payoneer. We're gonna do that, and that's it. That's our mindset, is secure those balances, continue to drive ARPU with our customers, add new customers. I think we feel comfortable about where interest rates are, and where they will go, and how we'll manage it. Yeah. No, that's great. I mean, one thing I think is just interesting is people... You know, we see a lot of float-driven income, and it's usually thought about as money in motion, money on the way- Correct ... out the door. And I think one of the things that's maybe less understood is just the value of a U.S. dollar bank account in the emerging market. Yeah. If you're in Pakistan or Argentina or the Philippines, being able to hold your international AR in an account and use our spend management products to pay your contractors around the globe when there's volatility in your domestic currency, really seems like a sensible solution for people. Yeah. Makes sense. We've got just a couple minutes left here. Wanted to touch on capital allocation. You've been pretty disciplined at buying back stock over the past year. You've also done some tuck-in M&A. So just how are you thinking about, in the context of the 25% EBITDA margins that you mentioned, how do you think about capital allocation, and how do you think about balancing capital return versus tuck-in M&A and investments in the business? Yeah, I mean, there is so much opportunity in front of us that we're very disciplined about how we spend our money. We've done the share buyback, as you know. We're thinking about tuck-in M&A to continue to expand our, the stack of products we offer to our customers. We're trying to provide, you know, how do we penetrate the key geographies with even more capability, where we see an opportunity to take share? We will use M&A to build the stack, deepen our local footprint, and do two X the share repurchase we did in 2023, in 2024. So we are, I think, responsible stewards. You know, as you know, there were... As part of the SPAC, there were outstanding warrants. We've retired those warrants. You know, I think that should be a healthy indication that, to shareholders, that we are optimistic and confident about the strategy we've laid out and are, you know, focused on driving it. Yeah, particularly given the strike on where those warrants were. Indeed. We've got about a minute left, John. We've covered a lot of ground today. Anything you'd like to leave the audience with about, you know, the state of the business and where your head is at? Yeah. We're foot on the gas in the business. We have a great management team, a powerful brand, a licensed structure framework unlike any other business, and a big runway in front of us, and so we're focused and executing to return a lot of value to our shareholders. Awesome. Well, John, thank you for today. Really appreciate the discussion. Thanks for joining us. Thanks for having me.