Then we will talk about the core Remitly business and finish with some of the growth accelerators. For those of you on the call, you can email me or submit questions through the portal. We have about 45 minutes and a lot to get through, so why don't we get started? Thanks again for joining us. Sebastian, this question was asked on the earnings call, and I think it is worth asking again, but what are you most excited about as you head into the second half of 2026 and enter 2027? Well, Cris, first, thank you for hosting this. Yes, we had an excellent quarter and I find the company is hitting on many cylinders, and it is hard to pick one big idea. I think at this point, if you think about our customer, our customer cares about sharp pricing, it cares about moving money fast across the vast network, and it cares about a great service. The company, over the last few months, has been iterating on all of these three, and the three sum up to gaining market share, better trust, more activity. So we think we are focused on the right things. We have a lot of initiatives to keep sharpening our prices across the world, across the 5,000 corridors. We continue to expand our network. We are getting new licenses. The money is moving faster. Our service in many ways, whether it be through the help of AI or all kind of things that we are doing in our customer centers and the features that we are giving customers, continues to improve. In strategy, you want to focus on what is changing, but you also want to spend a lot of time on what is not changing. There will not be a customer in the next 100 years who wants to pay more money for transferring money across the world. There will not be a customer who will tell you, "Please move my money slower." There will not be a customer that says, "Give me a worse service." So those things, we are very clear what is not going to change in our business. As we get better and better in that, we continue to gain market share, and we continue to gain momentum. I think I could answer this question a year from now probably in exactly the same way, as long as we continue to get better. Thank you for that. Now, diversifying the business has been a key initiative since the IPO, and clearly, it's an area that you're focused on. Just talk about Remitly's tech stack and its global network that supports and enables your ability to diversify. Well, diversifying the revenue stream is very important. This is a top priority for the company, and it's a top priority for me as the CEO. We've built a fantastic infrastructure to move money across the world, and our initial focus were what we call these core senders, which are these $200 to $300 sends that happen at large scale, and we've got 10 million customers that do that. But the network that we've built is so good that we suddenly found high amount senders starting to use it. High amount senders are a different profile. They're sending money to themselves. They're sending money to investments around the world. So that is diversification number one, which is now we're building a business around that high value sender. Diversification number two happened when we started to see that lots of businesses started to use this infrastructure. Businesses can go from small businesses to medium businesses to the very large businesses who move trillions a day. So we found that small businesses, people that use freelancers, and there's thousands of use cases that are really incredible to watch, that are using the Remitly infrastructure. So diversification stream number two is the small business revenue stream. The third diversification has been a receiver world. So, we send money, 10 million people send $100 billion a year to 30 million or 40 million people around the world, and we've never really done anything with the 40 million people that are receiving the money. But a combination of the crypto rails and stablecoins and us being able to issue cards has introduced us to the possibility that we could make a business out of the receivers. Early days, we've had some great ideas. We've launched the app in 170 countries. We're generating some revenue already, so stay tuned on the receiver side. Across all these revenue streams, we've launched our Remitly Global Card, and that's a fantastic card for people that live across borders, we call it. So people that do live in one country, but have all their family relationships or that travel across borders, and this card is very focused on serving that community, either when you travel with a card, when you need to borrow money short term for liquidity issues, where you have loyalty points, where you want to use it, card-to-card sends. There's just a lot of features in this card which we think applies to all our customers. So, to answer your question, very important focus of the company. We do have one big revenue stream, which is the core senders. We've got three or four in the works, all showing very good traction, all growing fast. We have some other ideas, but our mission is to make sure that we keep diversifying the revenue of the business to make us a much more durable and high growth business. Cris, we have a very quantifiable way to measure that, and we have put a goal of, as you know, 5% approximately for this year, and then over 10% of the revenue mix by 2028. So definitely great traction as Sebastian shared, and very clear goals for us to diversify. I'll just add one last point on that, which is this is not only a diversification through different customer types or through different product features. It's also a revenue stream diversification. So, this is now where we can get into membership revenue, get into interchange, get into float-related interest income. So there's a diversification of income source as well. We'll dive into each of these growth drivers going forward a little bit later in the discussion. Your results have clearly outpaced most or all of your peers. Have you seen anything change in the behavior of your competitors? Talk about your opportunities to gain additional market share. No. I honestly haven't spent much time looking at the competitors. As I said, I think we keep focusing on the core drivers of what makes us gain market share. If you look around the world, we have tailwinds and headwinds and the company adjusts very, very fast to those. We had the 1% tax on the cash remittances, so that was a bit of a tailwind in the U.S. We have new licenses. Then you got the puts and takes of immigration trends all over the world, generally favorable to the business. So, I'd say that not so much. If you look at what I spent the last hour doing this morning is I look at every corridor, I look at the metrics, I look how sharp our pricing is, I look how good the defects, how many calls. If you just keep iterating on what we do well, I think naturally market shares begin to move. We live in a world where you and I are one click away from an alternative in pretty much everything in our life, so it's not different from moving money. You've just got to be the best. Right. Sebastian, you joined earlier this year. You have a history and a passion of using technology to become more efficient. Just talk about some of the tangible opportunities that you see to leverage AI and technology at Remitly. The AI, I've said that it has three buckets that we could affect. Obviously, the first one is the cost bucket. I think there's not a CEO in the world who's not getting some benefits from AI as cost. I see it every day. I don't think a week goes by without some kind of wow moment as you're watching a team build something, you start to push and ask questions, and somebody in the back of the room lifts their hand and says, "I can do this at half the price with half the people and triple the speed using AI." As you march down pretty much all the functions of the company, I anticipate that over the next two or three years, this really is a tailwind, I think for every business in the world, but we're very AI forward. The second bucket is the customer feature and service bucket. AI allows you to do things faster and better. Got to be careful, not all these chatbots are great. But behind the scenes, you can help people on the phone, you can help people in chat. So there's a general impact of AI just making the customer experience better and better and faster. Then the third bucket, the most unknown bucket, is how does it affect your top line? So there's no doubt that AI is affecting the bottom line. There's no doubt that generally we are being able to provide a much better service. Then the unknown yet is how much is it going to affect the top line? My basic answer to that is if you can build products faster, products generate revenue. If you can build products faster, as you generate products faster, then you generate more revenue. We are seeing that. We launched the Remitly Global Card, we launched in barely 60 days, with a very small team. Throughout all my past and all the great companies I have been at, that would have taken 3x, 4x, 5x the time that it took us. That is purely an impact of AI. So, we are living proof that you can launch a product faster, you can start to generate revenue faster. These are early days. I am sure you are seeing it in your company. Everybody who is on the call is living some version of this. I am somewhat obsessed with what AI can do to make us better. I think the company probably feels it, and I think we are going to get a lot of benefits, and I still think it is early days. It was December that you had the first Anthropic, the first jump in the Opus release for building products, for engineers. Every three or four months since then, Fable Fintech was the latest. Now you are getting another view with Codex, and you have got the open source models coming in. I predict that by December this year, we will probably have two or three more aha moments. So this is a journey we are all on, and I think that we are very plugged into how to use this and learning to be efficient as a result of it. Thank you for that. In addition to technology, I think you have made some structural changes to Remitly. Can you just talk a little bit about those and what the potential outcomes are? The new wave, personally, I think that the new, and driven by AI. AI is going to drive smaller teams with collapsing skill sets. So where you had a designer, you had a software engineer, you had a product manager, those over time are going to collapse into one skill. So A, the teams get smaller, the skills collapse. So naturally, the hierarchical structures of the past are going to have to evolve. I have made a huge jump forward. I have flattened the organization. I am pushing teams to be smaller. There are some trade-offs, of course. You have to have better coordination. It is a little bit of a messier process, but you move a lot faster. Decisions are made faster. The information can flow through all these different tools much faster. I am evolving the organization to many small teams moving very fast in a much flatter structure, which I think is going to have an impact on our results and the products that we can deliver over the next few years. Great. Thank you for that. Let's move to the pivot, to the numbers. Vikas, can you just remind us of some of the dynamics that we should remember as we look into the back half of this year, the low fraud costs or the difficult comparison in the December quarter? Yeah. I'd say first of all, we've had an excellent start to the year. The first half has been excellent. Really strong traction in multiple areas, as well as maintaining cost discipline. One of the things that we did as Sebastian joined was to take a stock of different initiatives and see where we wanted to invest. We have now firmed up on those initiatives, so we'll be unlocking those investments over the second half. As we look at some of the categories like transaction loss, as you said, we have seen a lot of fantastic benefits from AI as well as the team has done a great job. Fraud prevention is a top priority. At the same time, we know that it's when we are innovating and we open up surface area, whether it is new geographies or new payment types, threat vectors do open up. We want to be cautiously optimistic over there. So we continue to maintain the stance we did, which is 9 to 13 bps off an average, where the next two quarters will be around 11 basis points. But outside of that, we feel really optimistic. Finally, I'd say that second half of the year is always a set up for the next year and how well we do. So we'll be investing in marketing for growth. We feel that right now it's the time to gain more market share. Our Skip the Line campaign has been very successful in the first half and will be continuing to double down on that effort as well. Overall, very optimistic about the second half. The set up is really good. We had 10 million + quarterly active users, which creates a nice durable revenue growth, as well as cost discipline helps us have strong EBITDA margins. Finally, investing for future growth. About investments, managing investments and margin expansion, you have that Rule of 40 framework, which is defined by revenue growth plus EBITDA margin. Historically, you have talked about EBITDA margin, contribution margins of about 30%. It has been much higher than that level over the last couple of quarters. Just talk about those different dynamics and maybe the flexibility of giving you more opportunity to invest. Are we at a new level in terms of margins, contribution margin? I would say Rule of 40 framework has been very helpful for us in our capital allocation. Our capital allocation is simple, drive durable growth, drive profitable growth, and finally invest to build the future. If you look at all the three, we are hyper-focused on each of them. First one, our growth rates have been excellent, and we continue to diversify that growth as well. Secondly, the EBITDA margins with the cost discipline with AI and just a very disciplined framework where we only invest when we see a long-term profitability has been a differentiator. Finally, our investment framework is something that we keep sharpening every quarter. Now with Sebastian at the helm, there is a very focused process around goal setting and initiatives review. Overall, feel great about the Rule of 40 framework. The goals that we set at Investor Day, we have been marching along quite well. Overall, we feel really, really positive in terms of our key initiatives. Thank you for that. Sebastian, just along that same line, you mentioned more products as a focus for you. Can you just remind us of how long does it generally take before you get comfortable to make that decision, either to reinvest in the business or to potentially pivot into something new? Yeah, it's a good question. There's a bit of an art and a science to this. Obviously, you want to. Especially, let me take the Remitly Global Card as an example. So, we've been testing pieces of that card, the membership, the lending, the short-term liquidity, but we've added a pseudo bank account for everybody. We've added the ability to know we can be very efficient on prices if you're sending card to card. No foreign transaction fees. You can deposit your salary there. So we've expanded the value of the card, and now it's in the market getting traction. For a business like us, we've said in the next two years, these businesses have to be 10% or are going to be 10% of the total. Let's say in two years or three years, we're $3 billion, 10% is $300 million, and we've got some of these in the works. I would unscientifically say we expect if any of these businesses get to $100 million in revenue, I think they're billion-dollar opportunities for Remitly, which means we've crossed that chasm. We've gone from the 1 million to 5 million growth rates, the high growth rates we're seeing now. When we get to something like $100 billion, then you say you've got to double down. This is a billion-dollar business. Or some of these products may have a fast start and then plateau. It depends how the market feels about it, at which point you've got to have the discipline to kill them also and allocate to the next product. It's a good question. We should keep asking it, but I'd say unscientifically, I'm looking for these products. They're all in markets that I know could be billion-dollar opportunities for somebody. We have tremendous products in the market. We are a great candidate to make the end all, whether it be the business sender, the high-value sender, the receivers, and the card. We think they're all billion-dollar revenue opportunities. The question is, will they be, and how do we decide to double down on them? So far, so good. All the products are going really well. We're very excited. But we've got a big revenue base, and so competing against the core business is a tall order. Thank you. Speaking of, let's pivot to the core remittance business. This is probably 95% of your revenue this year. There's multiple growth levers in this business. We think about market share gains, expanding into new geographies, inter-regional transfers. Just talk about the different levels of investment and the time to ramp for each of these levers. Yeah. There's a couple of core pieces that drive the growth. First of all, we have 5,000 corridors around the world, and we call it corridors when you can move, say, a pound to some currency in Africa. That's a corridor. Even with 5,000 corridors, which is a tremendous coverage among the best in the world, we're only 50% of the way in covering the whole world. Number one is we have a team that's very focused on continuing to expand the places and the ability to move money anywhere in the world at a speed and cost that you can expect from Remitly. The second piece, obviously, we do drive customer acquisitions. We've got a very good engine to drive new customers. We've got a marketing machinery that's been proven around the world. We continue to perfect that. AI gives us some tailwinds to keep personalizing by communities. The Chinese community is different than the Indian community, is different than the Nicaraguan community, and we approach all those communities around the world very specifically. We've got lots of programs to keep driving that growth. I'd say that expanding the network and expanding the precision of our marketing to continue to get new customers and repetition from existing customers are probably the two most significant drivers that we have to growth in the core business. Then, of course, you can never forget that you've got to be priced right. Scale matters in this business. We are a scaled business at this point. We're getting all the benefits of the unit economics and the cost benefits, and that allows us to be very price competitive, which is also a key part of winning in this market. Immigration patterns is a big topic. Can you just talk about how these trends either have or have not impacted your business? It's different all over the world. If you look at the actual legal immigration patterns in the U.S. are fairly stable over time. I think there's about 1 million green cards that get given every year. That hasn't changed that much. You have other countries where it's different. I was in Japan a couple of weeks ago. Japan is importing a lot of labor. As you know, they have a population decrease, and so the Japan to Philippines corridor, Japan to China corridor is very active these days. You've got that immigration. I think at all times around the world, there's these puts and takes. For our business, it has not affected us yet, as you see in the numbers. I think that you and I can agree that over the next 10, 15 years, immigration trends are just going to continue to go up. The world is still moving around, and a lot of the West is importing labor, and I think that's going to continue in some form or fashion. Despite the noise and the ups and downs, depending on the administration, especially in the U.S., we have not seen any impact on. Remember, we only work with a banked customer. You cannot open a Remitly account unless you have a bank. Obviously, that piece of the immigration has proven to be quite stable over time. Thank you. At your Investor Day, you've talked about how Remitly has maybe 10%-15% market share within your most established markets. Just talk about the key drivers of growth within your most established regions. Well, I'll let Vikas answer, but I'll react to your number. It's actually a good or a bad number. When you say 10%, it means that we have 90% to go. When you mean 10%, you say that's a pretty successful piece of market share. I'd put both hats on. I think that we've proven to really understand this customer and some of these markets, the bigger markets, as you can. U.S. to Mexico, U.S. to Philippines, U.S. to India, Great Britain to India. By the same token, we're 10%, so we've got a long way to go, a lot of opportunity, a lot of customers who have not used Remitly yet. We view it as a very big opportunity, yeah. But I'll let Vikas answer on some more specifics. Yeah. No, I think it goes back to where Sebastian started, that customers care about sharper pricing, the speed, as well as experience. We know that it's a fragmented market, so it's not like a lot of big players over here. In a fragmented market, continuing to win share is a very important priority for us. We feel offline to online has been a nice secular tailwind through and through of our business. Now, especially with the cash remittance tax, it provides a further catalyst. We believe that that is not over yet. The first half we saw benefits, but we extended our Skip the Line campaign, so we'll continue to push for that. Beyond that, I would say that as we add more products and create a nice virtuous cycle, even the send-receive loop that we have makes it much stronger. Secondly, as we move more towards giving customers the power to have wallet to send space, send, spend, save and borrow, it creates further stickiness as well as creates a higher value proposition. So overall, we feel there's a lot more room, even in the core center, to continue to grow. Just go back to the second quarter trends. We did notice a slowdown in Canada and rest of the world. Can you provide a little bit more color as to what drove those trends? Yeah, Cris, and before even I jump into that, I'd say that if you look at overall results, our revenue growth was really strong, and we beat the guidance considerably. This is where the power of revenue diversification comes into play. Let me start with Canada, for example. We have seen more macro headwinds over there, and that's something that the industry has talked about, with more constrained immigration policies there. Clearly while we see that, we are not sitting on our laurels. We want to continue to win market share. So even in that market, which has been growing slowly, we continue to win market share. On the rest of the world, I'd say it was more specific to African corridors where the year-over-year comps were tougher. We saw that rest of world continues to be a growth driver for us, and we'll see that over time as well. This is where we can continue to expand markets, as Sebastian shared, as well as increase the send to send, as we call it, between the more higher end, call it developed economies, where Australia, U.K., Europe, I think the transactions within those economies can continue to grow for us. So overall, we feel very optimistic about the future. At the same time, revenue diversification is the name of the game, whether it is through corridor diversification or through the different revenue streams or customer categories. Thank you for that. Speaking of rest of the world, UAE, I think has been a big focus of ours. I think you guys entered that market in 2023. Earlier this year, you opened an office, you got a new license. Can you just talk about the journey and the opportunity within that market? Well, we've been focused on the UAE for years, but it's a very important country for us. $50 billion in annual remittances. 90% of that population are migrants. 50% of outbound is digital. So it's a very highly fragmented market. This new license allows us to bring a whole group of new products to market, including our Remitly Global Card. So we're very excited. I think we have to earn our spot there. We've been there for years. We've got an office there. We're growing the team. So far so good. I think it's actually a perfect market for Remitly and one that I think we're going to win in. Let's pivot to stablecoins. It's been a big focus of investors. Just talk about how you're using stablecoins today. What are the benefits? Talk about maybe the rationale for joining the OpenUSD initiative. Yes, I'll start with the OpenUSD initiative. I think the world is still trying to figure out where and how the consumer is going to use stablecoins at scale. I think that the OUSD consortium was a really good move in the direction to make sure you globalize the stablecoin that you use, that many companies come to share it. For a stablecoin, you're going to need trust, you're going to need adoption, and you're going to need shared economics. In our view, OUSD does all three. Which is the companies involved are part of the world's current movement of money. Adoption seems to be a key part of this, and all of us that have signed up are going to be obviously adopting this new stablecoin in our products. Number three is that we share in the economics of the value that's created from the use of this stablecoin. So it's early days. We haven't launched anything specific with OUSD yet, but we're working on a few products, and so we'll see how that plays out. On the broader stablecoin use, there's a few use cases for us. Obviously, we can use it in our treasury settlements as we can move money 24/7 into some of our destinations. We pre-position money across the world to make sure we can deliver it very fast. There are corridors where if there's enough liquidity, moving to a stablecoin model allows us to do that faster without having to pre-position money, because we can do it in one second through the stablecoin rails. There is a consumer use case. It's very small still, and the consumer use case is there's a large part of the world who wants to hold their money in dollars, and that is difficult to do in today's fiat model. Stablecoins and stablecoin wallets and stablecoin cards, where allowed, allow a mass of the world to be able to hold dollar currencies. That's a use case that we've launched a card in Argentina, we've launched a card in Pakistan. If you're sending money to somebody in Argentina, you can send it to the stablecoin wallet. That person will receive it in a wallet. They can spend, they can keep it in a card, they can spend it. It's small, but I think that could help, depending how all the regulatory framework evolves, that could be a use case that's interesting. As far as the actual rails, we're very cost efficient and any place around the world where we find that stablecoins can improve our costs, it's one more tool in our arsenal and we will happily be using it. So it's not a one size fits all. It's early days, but we are adopting it where it makes sense and where it makes sense for our customers too. We have 10 more minutes. Let's move to the growth accelerators, which as you said earlier, should represent about 5% of revenue this year with a goal of at least 10% in 2028. Maybe we'll start with high value senders. I asked the question earlier, but talk about your tech stack enables high value senders, because our work suggests that not every provider can do that. Just talk about your comfort level and some of the risks to power that business. Yeah, I can start there, Sebastian, you can add. High value sender is such an important growth driver for us. As you said, Cris, the first reason is that the network already exists. We already have customers who want to send and call it 12 months back because of partner constraints or otherwise we were not able to enable. We have worked a lot on the product to enable that. We had our first $300,000 transactions, not one, many. This last quarter, we had one customer send more than $1 million in the most recent quarter. So overall, there's a huge unlock that's happening and this is where we haven't really even invested in marketing and creating awareness. So we feel the upside here is right in front of us. So overall, feel very excited about high value senders and that'll continue to be a growth focus for us. In addition to marketing, I assume you're going to be adding additional services to help capture that market. On the call you mentioned adding wires capabilities. Can you just talk about some of the additional services that this market requires? Yeah. The default for anybody to send high amount of money around the world is usually your bank. The reason you use your bank is because you trust it and you've had a long relationship with it, and it's easy to move. That's where you have your money. So we have to compete against a very well-functioning system that's worked for 50, 60, 70 years, whatever the number, maybe hundreds of years, really, if you think of how the world has moved money. But there is a segment of the population who really. We're very well price competitive. We move money very fast. That customer needs a white glove service. They need to be able to really address problems when they happen very fast. So we're moving into that space. We've launched a white glove service. You should try us by the way, if you have to pay somebody around the world a lot of money, use Remitly and you will see that the app is a little bit different because you have got to focus. You are optimizing for different things. Things like foreign exchange count more than fees. If you are sending $100,000, a $2 fee is not that important than the FX is. We are evolving the product very fast. The signals are very good. People are using us to send money in large amounts, and in some of those corridors where we have a lot of reach, it is working very well for us. It is a new segment for us. It is a new revenue stream for us, and we think it is large, and we are just getting started. Moving to SMB. There is a lot of companies that are going after that business. Sebastian, you talked about it earlier. Just talk about your right to win, and who are you really focused on going after within the SMB business? I think it is the small S in SMB is what I primarily focus on. The use cases, I was in the Philippines a month ago, and I sat down with freelance. I sat down with salespeople who get paid by U.S. companies to do sales calls. I sat down with people that do There was one person who analyzes roof pictures for an insurance company in the U.S. who bids on changing roofs. You take a picture of the roof, and this person runs it through that software. You have all these use cases which kind of match sometimes big companies, so sometimes S, small S, and even the Ms, but mostly to a freelancer type of population around the world. It really is amazing, if you go through all the use cases. It is a very big market. There is just so many use cases. It is a very, very fragmented market. We are going to get very, very good at the small, and the small businesses and that freelancer. Those virtual cycles get built between the connection between the freelancer and the company they are working for, and they usually freelance for a number of companies, so they introduce Remitly to other companies. It is a very global market. We see countries like Pakistan, Mexico, providing lots of different types of business services. We are early days. It is a very large market. It is a very large market, very fragmented, so you have to be good, and you have to figure out your go-to market if we are going to get large in this market. But so far, so good. And then similar to high-value senders, are there additional services that are required to go after what you want to go after? Yes. It's a different KYC process. Know your customer. It's got to know your business. There's a bit more friction involved as you sign up as a business. You need features like being able to pay 10 people at the same time versus one at a time. You need to be able to plug into the different accounting systems and the ERP systems that the small businesses use. We've got a team dedicated to building the product. It's improved dramatically. We've launched it in the EU also. We're going to expand globally. Yes, it requires additional features, it requires additional process, and it requires a different type of service also. Last but not least, I think you've kind of unified the strategy around Remitly Flex, send now, pay later into the card offering. Can you just talk about the strategy there and what differentiates Remitly relative to some of the other competitors? Yeah. I think we were probably guilty of too many ideas, so we launched too many products and ended up probably even confusing ourselves. So, we've simplified it all under the construct of a card. The card now provides, it has the send now, pay later product, which is a short-term liquidity lending product. We've got a membership product where we're launching data plans for people that are traveling, so we include a data plan for your phone, and the ability to get liquidity. We've launched different price points when you're sending card to card, because for us, we can manage those rails directly. The Remitly Global Card, I think, is a milestone product for the company because we have a very long list of new things we can put into our customers. With this card construct, it is very easy just to insert them into the card. The team was telling me yesterday they want to launch cards for kids, for example. A parent has a card, the kid can have a card, and you can have pocket money. I am not saying we are launching that immediately, but I am just saying that an idea like that, it just completely starts to fit into the card. So we are very excited. We have years of work to make this the most incredible card on the planet for people that move around different countries. Thank you for that. I guess I just saw some questions also, and just wanted to add some flavor to that. I think this does create a nice use case where there is send, spend, save, borrow, which does create one of the important goals for us is to have bigger wallet balances that ultimately start creating that revenue diversification. Unit economics on this is powerful. The other point around the borrow, Remitly Flex, we have a phenomenal team behind the scenes. We have seen very thoughtful management of risk over here. So we will continue to do that, and that is why the focus is on all the send, spend, save, and borrow. We are moving away from just send now, pay later. We are moving much more into a card product, and that is the reason for that. Okay, great. Thank you for that. One last question real quickly on capital allocation. Clearly, share buybacks and internal investment is a key priority, but what is your latest thoughts on M&A? Yeah. We believe our capital allocation plans as they stand right now are the right ones. We have a share buyback program. We are looking to allocate money to growth, since we have the opportunities, because we're in a very big market. We have a lot of growth opportunities. We want to be very balanced in this capital allocation. As of right now, no plans. We're very busy, and we have a long list of our own ideas to keep the growth growing. So, no M&A plans as of right now, and we're going to stick with our capital allocation plans as they stand right now. And Cris, one additional thing that happened over the last six months is with AI, the bar has risen very high, right? As Sebastian said, the speed and velocity of innovation internally has gone really, really fast. So our organic roadmap is very strong. Well, unfortunately, we're going to leave it there. I want to thank everyone for joining us today. And special thanks to Vikas and Sebastian. We look forward to continuing the conversation. Have a good afternoon. Thank you, Cris. That's great. Thank you. Thank you.