Okay. As a reminder, we have Payoneer presenting, and in this room now we have a bank tech discussion going on with Finastra and Thread next door. Next after that, we're gonna have Wise CFO in this room and Paymentus next door as well. With that, really happy to have Payoneer with us, guys. Thank you for joining us. John, it's a name that we've actually probably covered even before you were public in some ways for a long time, just watching the growth of the business. I still think it's pretty underappreciated what the company offers in terms of connectivity and how material in size you are versus in terms of number of businesses that really utilize what you offer. Really happy to have you guys here. Thank you for being here. Welcome. Daniel on my team's gonna moderate. Beatrice, good to see you. Thanks for being here. CFO of the company, and Michelle and team in IR. Thanks, guys. I'll turn it to you. Yeah. Thank you. Good afternoon. As Darren mentioned, I'm Daniel Krebs. On the fintech team here, happy to be sitting here speaking with John Caplan, CEO of Payoneer. John, take us back through 2025, a difficult year from a macro perspective. We had the whole tariff volatility, and through the whole thing, we're not gonna give guidance, reinstated guidance. You delivered really well. First year, $1 billion in revenue, 14% core revenue growth, maintained 26% EBITDA margin. What are you most proud of when you reflect on last year? Well, that I still have some black hair because I, you know, I have gray hair, but, you know, it was a hell of a year. 2025 was a monster year for Payoneer, and it was a monster year for a number of reasons, right? 2024, we had 20% revenue growth. We turned the core business of Payoneer profitable. We came into 2025 sort of at full speed, and we delivered in 2025 14% revenue growth, $40 million of core EBITDA, 3x the core EBITDA we had done in the past in a sort of a once in a generation macro environment, right? I could not be more proud of the Payoneer organization because the team stepped up in a super big way. Really it speaks to the resilience of the kinds of customers we serve, right? We are a company that serves customers in 190 countries and territories. We have two million active customers, and we're seeing super solid volume growth, revenue growth per customer, product adoption of our business. Like, we've really executed in a really powerful way. As you said, $1 billion in revenue for the first time in the company's history, 14% revenue growth. Since Beatrice and I joined, we've delivered 17% compound annual revenue growth for each of our, I don't know, 14 quarters we've been running the company. 25% Adjusted EBITDA margins. Mm-hmm. One of the things that's super important about our EBITDA margins, our customers hold $8 billion on our platform in what feel like deposits, and we don't pay any yield, and we grew our Adjusted EBITDA despite interest rates coming down as we powered the growth of the volumes and the balances our customers hold. Generated $150 million of free cash flow. I don't know any other fintech firm at our size, at our market cap, at our diversity that's delivering the kind of free cash flow that we're delivering. We built the foundation. We sort of finished the Phase one of this incredible transformation we've been going through. We finished it in 2025 'cause we've really set up the company to be a profitable growth business despite the macro noise, right? Mm-hmm. We guided for 2026 to $90 million of core EBITDA, more than double the $40 million we're doing this year, and at the midpoint, 12% revenue growth. What that should indicate to shareholders, to customers, to our employees around the globe is our company's never been healthier, stronger, more valuable to our customers than it's ever been. We've made some very deliberate decisions, long-term decisions, to focus on the shape of our portfolio to attract high-value customers that do lots of dollars of volume, right? $600,000 a year, $1 million a month in volume into their Payoneer account, and they're using our accounts payable tools. We're as much an accounts payable company today as we're an accounts receivable company. Mm-hmm. Three years ago, that wasn't the case. I think, you know, we are in a really solid position as a business and, you know, the core profitability of our company is inflecting, and that's what shareholders want. You know, Darren, when you and I first got together, you guided me. You said, "Hey, you know, you've got an incredible asset. You're unique. Your bank network's second to none. Your license moat is really powerful, but you gotta deliver the profitability dynamics for your firm." We've done that, I think, really exceptionally well, and we're proud of that and believe that we can keep unlocking more leverage in this business. Yeah. That's great. Walk us through maybe now looking ahead to 2026. You mentioned some of the deliberate portfolio optimization. How does that impact, maybe just from a guidance perspective, the difference in cadence between 1H versus 2H this year? Yeah. I think take a step back. You know, Payoneer, 190 countries and territories, two million active customers. When we started this transformation of the business, 75% of our customers were unprofitable. We had 25% of our customers that were larger, profitable, good unit economics, 75% unprofitable. We implemented a series of pricing actions to that 75%. That cohort is now solidly profitable. We've removed access to products that are expensive to deliver for them. The unit economics at our long tail, which is 9% of our revenue, super solid. At the sort of more valuable side of our customer portfolio, the larger customers, we are really driving the portfolio to focus all of our effort on acquiring, retaining, cross-selling to high-value, multi-entity SMBs and SMEs that are underserved by multinational banks, but have the complex needs that a Payoneer is uniquely positioned to solve. You know, I think in a funny way, when you look at Payoneer, the market thinks, "Oh, there's competitive pressure. Is Payoneer losing share?" I think people are missing the forest for the trees. We've made deliberate, intentional decisions to shape our portfolio of customers to reflect the shape of the P&L we wanna create. Mm-hmm. By moving upmarket, serving those higher ARPU, higher long-term value customers with reasonable CAC, like the CAC is actually not so different at the upmarket than it is at the long tail, we are actually building a stronger, more profitable, more valuable franchise. You know, when I think of just some numbers for you. Customers who do $600,000 a year of activity volume in the Payoneer platform, they are over 40% of our revenue. From 2022, first quarter of 2022, when I got the job at Payoneer, it was the best job I'd ever had, and I love being here. That 40%+ of our revenue is up from 30%. The portfolio is bigger, more valuable, better customers. $35,000 ARPU for the cohort of customers compared to $500 ARPU across the whole portfolio of the business, 2.5 times the product attachment rate, really solid logo retention, great volume dynamics. Most importantly, the thing that actually, like, sends our kids to college, creates great shareholder value, is the net revenue retention of those customers, you know. It's like we have handcuffs on the customers. Mm-hmm. Like, they love what we're providing them. They bring more volume into our platform, and so we feel really good about 2026 and the way we're approaching, you know, building a multi-decade franchise that serves cross-border businesses that need a sophisticated, simple to use, fair, and trusted financial operating system. Right. Where would you like people to focus more instead? Because we talked about some of the misperception on just the total ICP count and people questioning, you know, why that maybe has to dip down while you're going through this, despite, you know, five, six quarters in a row of 20% ARPU growth year-over-year, very consistent there. You know, is there maybe a point in time where that number naturally can inflect and start to grow again? Of course. Yeah. I mean, I think the key, like, from the entrepreneur's chair, from my chair, what I wanna do, what we wanna do as an organization is control our outcome. What we've done is control our outcome with our risk tolerance and our risk profiles, control our outcome with what geographies we wanna focus on. Mm-hmm which size customers we wanna go after. We're very intentionally focused on the largest SMBs in the high-growth in sort of incorporation hubs. Think of it as Dubai, Singapore, London, the U.S., where multi-entity businesses that are serious companies come to drive their global expansion. Our view is by focusing there, the absolute customer count number isn't the KPI. Mm-hmm. It's the quality of the volumes we do, our product attach rate, and our overall ARPU. We're seeing and we've talked about this in the past. You know, we've seen that our largest customers use more products, their volume per customer is growing. I think, I don't remember the exact stat, but we've had 20% ARPU growth for five straight quarters. Mm-hmm Six straight quarters. I don't know of another financial technology firm like Payoneer that's delivering the kind of transformation at scale that we're doing to our portfolio, funding it out of our own internal operations, and improving our margin profile and growing our profitability, right? This is a business that's growing well and improving our profitability while reshaping our portfolio. Those are things that I think will pay dividends, you know, for the next decade. Right. I think there's a lot that goes into that ARPU improvement, whether it's the portfolio optimization, incremental product attach, also discrete pricing actions that you've made over time. Could you maybe just talk about that, disaggregate that a little bit? I know it's a function of all three, but maybe where is the focus? I know, you know, a year, two years ago, it was on the discrete pricing actions. Maybe now the focus is elsewhere. Yeah. If you could talk about that. I think this is. I'm glad you asked this question 'cause it's an important one for people to really conceptualize. The first thing, let's unpack pricing. What we did over the last couple of years was materially and I talked about this a moment ago, improve our pricing with our long-tail customers such that the unit economics with those customers made sense. The vast majority of our pricing work was focused at the long tail. For the larger customers, the highest value customers that we have, the pricing changes effectively have been negligible to them. There's something that we've begun to talk to our customers about, and we have a really nice group of customers beginning to adopt, is we're selling packages. Let me explain what those packages, how those work. What we're doing is going to large customers, and they're committing to us, think of it as an annual fee. In exchange for that annual fee, they get the service level they want from our really high quality, locally distributed service, CSMs around the world, salespeople around the world. You know, we're on the ground in Lahore, Pakistan. We're on the ground in Ho Chi Minh City. Like, we're there. High-value customers buy a package. They get high level of service. In exchange for that package, they get lower take rate. What we've seen is more like the offset in decline take rate is more than made up for in improved volumes, and our ARPU with these customers are really going through the roof. Mm-hmm. When I look at the composition of our portfolio, what you can see is a stronger portfolio, a better monetization strategy, more cross-sell, and all of our organization focused on acquiring, retaining the highest value customers and getting all the money, like in a Jerry Maguire way. Like, show me the money. Like, we want. If you're a cross-border SMB in a high-growth emerging market around the world, we are the financial operating system you need for your international operations. Like, you don't need anything else. We're not being so humble that we don't ask for the order, right? We're going in front of our customers and saying, "Here's the package." They sign up and commit to the package, and we're seeing really solid volume growth with our SMBs there. You know, Michelle likes to say. Michelle, who leads our IR team, who's amazing. Michelle likes to say that this creates compounding growth, right? Like, every new package we sign, and there's hundreds of them already, every new package we sign turns into really locked-in customer. We're monetizing the volume, but we can predict the future revenue. Mm-hmm. Like a subscription firm. I think another one of the proof points there on, you know, why you are providing value and proof that you are providing value is you're not only capturing the AR, but these customers are now self-funding their Payoneer accounts. Could you maybe talk about how that is? This is blisteringly amazing for us, right? Like, if you think about it, our customers are moving money from their traditional bank, their traditional bank, and loading it into their Payoneer account to use the Payoneer credit card or the virtual card. It used to be the monetization pool that we could touch was only someone's accounts receivable. They had to have sold something for volumes to be in their account. That's no longer the case. We have $8 billion of funds held on balance. We pay no yield, and we're monetizing the heck out of those balances. Our customers are moving funds there. Then when they use the money, we make whatever take rate we do. We sort of make money on that dollar twice. Mm-hmm. That's a good way to scale the revenue in the business. Right. Great. Let's move on to talking about some of the operational efficiencies. We touched on it higher level of, you know, maintaining that reported EBITDA margin despite. Yeah. The interest rate declines and the inflection in the core profitability, being EBITDA less interest income. Maybe let's hone in on the transaction expenses because I think you've unlocked some good efficiencies there and it's multiple drivers. If you could unpack that, I think that would be great. Yeah. I think this is. I'm glad you asked, and this is sort of what feels like the most underappreciated part of the Payoneer narrative, right? 'Cause people think, oh, the Payoneer narrative is all about global cross-border emerging markets. Actually what our treasury team and our banking ops team has been able to put together is actually a more and more efficient way to operate our business in and around our transaction costs. It's been massively impressive. Just looking at my notes, transaction costs as a percentage of revenue have declined nearly 600 basis points since we went public. If you compare that to the fintech landscape and look at people's transaction costs, and the thing that's awesome about it is, right, we've done it while growing higher transaction cost businesses like our card business, our B2B, and our checkout business. It isn't just that we're running a more efficient business 'cause we're just good operators. We're running a more efficient business because we're good operators in higher transaction cost sectors of the offering we offer. That, I think, is super powerful. Why, what's underlying the transaction cost efficiency? One is in our checkout business, we partner with Stripe. We now have, you know, a much, I think, better product to sell after we prove product market fit with our homegrown solution and great unit economics. We've deepened our strategic relationships with our friends and colleagues and partners at Mastercard. Mm-hmm. That is the work that our card team has done on that is, and our relationship with Mastercard is exceptional. You know, we're getting scale. You know, $87 billion is no joke, as Darren mentioned when I came up. We the efficiencies we have with our banking providers is real, and we've reduced some operational losses as every business needs to attend to. You know, this is a structural improvement in how we're running the company, and it's just another example of how talented our management team is, and when they focus on unlocking value, they're able to deliver. In this line, we've done a really nice job there. Yeah. I mean, the prior guidance for the past few years was that. 18%. Was gonna keep going higher. Yeah. It was going up. Now it's whatever, 15%. Right. 16%. Then maybe looking a little further down the income statement to other OpEx for 2026, we're expecting roughly half of the growth that of core revenues, right? 6% growth in cash OpEx versus around 12% core revenue growth. Maybe, you know, you're obviously seeing leverage across a number of lines. Maybe kinda flip the question, where are you looking to double down and continue to invest across the business? Just a flight-friendly correction. It's 4% OpEx growth on a constant currency basis. Okay. It's not 6%, but just not quibbling over two percentage points. I think it's a really important statement for us because we are seeking and unlocking leverage in our business in a few very specific ways. One, you saw in our Q4 results and for 2025, you know, our operating expenses around customer care and operations, we've been able to really be efficient there, and that's a super positive strength around customer support, onboarding, KYC. We are disciplined and effective there. In sales and marketing, we are only spending money we know that works, right? We're not going off on wild ass boondoggles, pardon my language, on sales and marketing expense. We're like, it's a funnel. We've actually collapsed our marketing organization into our sales organization, so there's no debate about, you know, sort of mythical benefits of marketing that don't show up in the P&L. We are super disciplined on a dollar we spend. You know, I'm sure it's a popular thing for us all to be talking about is obviously what does AI mean here? What does automation mean to unlocking real leverage in the business? Our platform, our technology organization has embraced AI with both arms, and we're seeing individual engineer productivity go up multiples, and our output will increase. Mm-hmm. At the same time, they're building agents inside of Payoneer to make the work of our services side of our business, customer care, ops, to make those people's jobs easier, faster, more productive. You know, I'm a believer that you hire the smartest people you can, and you don't treat them like a commodity. You actually respect them, and you bring super talented people. You give them the best tools you can give them. You quantify what good looks like and challenge them to go do it. If the technology means that a super talented customer care rep can handle double the number of cases, then we should double the size of our company, not cut the number of customer care reps. I think there's some cynical behavior by executives who are embracing AI as a narrative around efficiency, when really they should stand up and say, "The thing's not as efficient as I like. I want it to be more efficient." Our view is use technology to make our awesome people faster, stronger, more effective. If we can unlock the P&L, we will. We're gonna show the receipts when we do it. Sure. Right? 'Cause if we're gonna let people go because we've built a more effective machine, we'll be able to prove that and quantify that. I think that's an ethical way to be both an embracer of innovation and a leader of an organization. Absolutely. Let me continue, if I can. Please. You know, we're unlocking all this leverage in the business, but we're investing tens of millions of dollars in our stablecoin initiative. No volume target, no revenue target, but in 90 days, we got live with our first customers for Payoneer stablecoin offering. We have thousands of customers on the wait list to get live, and we filed with the OCC for Payoneer to be a stablecoin bank. From November sixth earnings to last week, we achieved all of those things, and we're funding it out of the growth of the business. I think that's pretty remarkable. You know, we are looking at our licensed and licenses to expand our licensing footprint. Our global licensing office, which manages our relationships with the regulators around the world and our licenses, is now a well-oiled machine for us to add new licenses in 2027 and 2028 and 2029 as we go forward and continue to expand, you know, what is the powerful value prop to banks, to SMBs, to marketplaces, to regulators, a trusted financial operating system for the world's cross-border SMBs. If we can stay on the stablecoin topic then, you know, how do you think about where the demand and adoption comes from? Because for your core customer set already, the Payoneer account- Does it? for decades has served that value prop. How do you see that integrating or who actually drives the demand there? Yeah. I think that's an awesome way to ask the question because there's the promise of stablecoin, but then there's the reality of what Payoneer's been doing for 20- Mm-hmm two years. We've been doing a lot of the promise, which is a multicurrency wallet, local off-ramps, trusted by regulators, relationships with Amazon and eBay and Walmart and Etsy, and you know, Upwork and Airbnb and Fiverr, the world's biggest marketplaces. Why stablecoin? Why now? The GENIUS Act brought, I think, a really important milestone, which is regulatory clarity that said, "Innovative new technology and financial services, you now can know what you're getting into when you do it." That felt good to us. The second thing is we went out and talked to our customers, thousands of customers last summer, and asked, "Do you wanna pay people or do you wanna get paid?" We heard some pretty interesting stuff. You know, in Latin America, businesses saying, "You know what? The currency fluctuations are so extreme here, I actually do wanna participate with stablecoins." Or a Ukrainian grain exporter who actually had the need to get paid saying out loud, "I wanna get paid, with stablecoin." Our view was run like hell, get live, and learn and be entrepreneurial. There's no volume or revenue for stablecoin in our 2026 plan, just expense. Mm-hmm. Next year when we do the same event, ask me about what we learned, 'cause then I'll be able to show you specifically, here are the thousands of customers that Payoneer has live. Here's the $ billions, perhaps $ billions in volume, and here's what we see where the use case is really material for us. Bea does, I think, a better job than I do articulating this. The reality is the local off-ramps, what is Payoneer's core value and asset, the trusted network and the local off-ramps mean that taking what is a traded asset and super expensive when you go to the exchanges to convert into the Payoneer wallet makes it a utility you can use. 'Cause if you buy some Bitcoin at $10 and sell it at $70,000, if Coinbase charges you 8%, maybe you're okay 'cause it's all ups. If you're selling leather shoes and your margins are tight, you don't wanna pay anybody 8% to get those funds into your local currency. You wanna pay, you know, 118 basis points like you do at Payoneer. I think there's a really compelling part of the Payoneer value prop that I think, you know, candidly it's, you know, people are a little late blooming to get wind of and understand. I would encourage people who are following Circle or paying a lot of attention to Ripple, like Jeremy at Circle, who, he's a friend, and we talk all the time. He says to me, "Hey, what you guys have built is unique." They're monetizing the float brilliantly and getting a heck of a multiple on that float. I got $8 billion that I'm not getting that same multiple on. My friends in this room, I'd ask you to sort of take a walk around the block and think about why is one thing valued this way and another thing that has a lot of the same attributes valued a different way. We're gonna just stick to our knitting, execute really well. We'll deliver 12% revenue growth at the midpoint, $90 million of core EBITDA, $8 billion of customer funds held in balance, and we got a good franchise here. Yeah, that's great. Well, in some of the stablecoin topics, it's a bit of a not totally a new product, but certainly a new currency, new rails. Let's talk a bit more about product and M&A focus for Payoneer. You've made two recent workforce management solutions. There seems to be some awesome product market fit there that you've, you know, doubled down, look to expand it in different geographies. Maybe talk about, you know, A, how those two are going, and then what's next in terms of product roadmap that you may build internally or look externally for. Yeah. What you're talking about is 18 months ago, we bought a business called Skuad, which is a workforce management solution. Let me just in simple layman's terms explain this. If you're a small insurance company in the United States, and you wanna hire employees in 10 geographies around the world to help you do your back office, manage your organization, you use a firm like ours in a compliant way to hire those people, handle their payments, deal with the local employment law, all of that stuff. Well, the reason we bought the business is if you're a financial stack, a full financial offering for the world's cross-border businesses, the number one OpEx in everybody's income statement is people. When you talk to the entrepreneurs, you know what they say? It's brain damage to try to figure out how to hire the best people on the planet because of all that regulation and confusion. Payoneer at its core makes the complex simple. Cross-border payments made simple. Global hiring made simple. We bought Skuad. It has been better than we would've hoped. It's small in absolute dollars. We're a billion-dollar revenue company. This is not a billion-dollar revenue line at workforce management for us, but it's working really well. Net new customers, great net revenue retention. We announced the acquisition of Boundless, a small firm in Europe that added really excellent capability, a terrific team, and we are quietly, effectively executing really good expansion of our value prop for our customers with that workforce management acquisition. You look at Deel, private company, you know, $1 billion in revenue and worth $20 billion, and you think, "Wow, there's some opportunity for those emerging market cross-border SMBs," and we're going after it. In terms of acquisitions looking forward, you know, despite all the noise in the market, private valuations are beginning to rationalize. Mm-hmm. That feels better. You know, we have $419 million of cash on our balance sheet. We have no debt. We have public currency, albeit at this low price. As valuations come into line, we see the opportunity to continue to expand. Great. You know, referenced some of that, capital allocation, capital return last few years. You know, as the business has drastically improved the core profitability, you know, your share repurchases have tripled in the last three years. That seems to be a growing trend. Just talk to us about your capital allocation priorities and capital return. You know, we have a very active share buyback program in place. We believe in the Payoneer stock, and we're buying it. I think by the end of this year, we will likely, since 2023, by the end of 2026, I may get my numbers wrong a little bit, but get to nearly $600 million that we've bought back our stock over 2023, 2024, 2025, and 2026. That's meaningful, right? Like really meaningful. We've done all of that while keeping over $400 million of cash on our balance sheet and no current debt. I think investors should pay attention, right? Because we're putting our money where our mouth is on that, and I would encourage people to see our conviction in the business. Totally. I'll open it up if anyone has any questions in the audience. There's one in the back. Yeah. Thank you, John, for speaking with us. You know, my question is regarding, I know you highlighted a lot of focus on acquiring larger customers and, you know, with that might come higher customer acquisition costs. I was wondering how you plan on monitoring this, and if AI will be used to kind of cut these costs in a way? Yeah, it's an awesome question. What we've done is we've focused our acquisition efforts in the hubs around the world where the customers that are the perfect customer for us congregate, right? We are fishing where the fish are. That's sort of number one. Second, since we're local in the markets, when you go to the meetup in Dubai of businesses that are marketing services companies serving multinational companies based in Dubai, and you go to that meetup, there's 100 people in the room, but all of them are potential customers. Actually the one salesperson or BD person for Payoneer is in the room. They're giving a talk about how to participate in cross-border, how to use the Payoneer virtual card to buy advertising around the world. It actually is more efficient. Like, the absolute dollars are not that more expensive. It's just the dollars we're deploying are much more sort of surgically directed, so I feel really good about how our growth organization is doing that. As it relates to machine learning and AI, we get millions of applications to the front door of Payoneer. We're a big brand around the world. You know, it's us and PayPal. You know, if anywhere in the world, if you search on Google for multi cross-border payments or cross-border AR or cross-border AP, it's us, Payoneer and PayPal are one or two that come up, and I think that's underappreciated in the Payoneer story. be that as it may, lots of people come to our front door, and what our platform organization has done is built AI at the front door to basically look at the signals from our each of the customers. They fill out when they were started in business, how many employees they have, sort of the basic data collection you do. It runs lookalike models inside of our platform to identify our highest value customers. When the alarm goes off that there's a winner in the funnel, that quickly gets routed to someone on our team who picks up the phone and says, "Hey, I saw that you're applying for Payoneer. Let me explain the value prop, help you get, you know, live," what have you. Just that little bit, the focus and a little bit of AI technology at the top results in better leads. At the same time, the platform organization has been rolling out around the world, what is our sort of most modern version of our onboarding flow. What we see is, by modernizing the onboarding flow the way we have, the customer lifecycle management of those customers proves that more of them convert in the funnel. The average dollars of them that do convert is higher, and they stay longer. We're rolling that out across the globe, and it'll take pretty much 26 to get that all out. The early data is really powerful. You know, for a. As you think about our growth algorithm, it's all about this great focus, and by focusing up market and building product for up market, we capture the highest value customers without leaving behind anybody. That's how the growth compounds for us going forward. Thank you for the clarification. Very insightful. Yep. I know this was an area of opportunity a year or two ago, but could you just talk about monetization and the potential for further pricing power across the business? This is, I think, a topic that's been misunderstood by people, so thank you for asking it. What we started when Payoneer began this transformation three years ago, basically one size fits all pricing effectively every corridor, every customer segment, every size. What the pricing team did is looked at where we had elasticity in that pricing and raised it in places where we had products we felt like we could bundle with other products to get more effective pricing and really the overall majority of that was done at the long tail of our customers, where we've seen our ARPU grow really materially. For the largest customers, we're using our internal payment capability, where a customer in the Philippines pays another customer in Vietnam inside the Payoneer network, you know, intra-network payments, or moves money between one of their Payoneer accounts in one part of the world to another. That used to not be monetized, and we've rolled out monetization of our intra-network payments. When we look into 2026 and beyond, we continue to get smarter, more focused on which corridors to price, where we can, in some cases, reduce price and pick up volume, and other cases where we think we can add price where we're leaving money on the table. You know, 10 minutes ago or so when I talked about the packages, those bundles and packages is really when software and payments volume comes together to solve the problem of a multinational CFO who's an SMB. That's, I think, the pricing team's focus. You should keep asking that question because we see consistent opportunities to add monetization to the business. Yeah. John, thank you. I think we're out of time, but this was great.