Q2 2023 IDT Corp Earnings Call
Speaker 1: Good evening and welcome to the IDT Corporation's second quarter fiscal year 2023 earnings call. In today's presentation, IDT's management will discuss IDT's financial and operational results for the three month period ended January 31, 2023.
Speaker 1: During remarks by IDT's Chief Executive Officer, Swiljones, all participants will be in listen-only mode.
Speaker 1: Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.
Speaker 1: After Mr. Jonas's remarks, Marcello Fisher, IDT's Chief Financial Officer, will join Mr. Jonas for Q&A.
Speaker 1: Any forward-looking statements made during this conference call either in the prepared remarks or in the Q&A session, whether general or specific in nature, are subject to risk and uncertainties that may cause actual results to differ materially from those which the company anticipates.
Speaker 1: These risks and uncertainties include, but are not limited to, specific risks and uncertainties discussed in the reports that IDT files periodically with the SEC.
Speaker 1: IDT assumes no obligation either to update any forward-looking statements that they have made or may make, or to update the factors that may cause actual results to differ materially from those that they forecast.
Speaker 1: In their presentation or in the Q&A session, IDT's management may make reference to non-GAAP measures including adjusted EBITDA, non-GAAP net income, and non-GAAP earnings, or loss per share.
Speaker 1: Schedule provided in the IDT earnings release reconciles adjusted EBITDA, non-GAAP net income, and non-GAAP earnings or loss per share to the nearest corresponding GAAP measures.
Speaker 1: Please note that the IDT earnings release is available on the investor relations page of the IDT Corporation website.
Speaker 1: The earnings release has also been filed on the Form 8K with the SEC. I will now turn the conference over to Mr. Jonas.
Speaker 2: Hi. Thank you, John . Welcome to IDT's Earnings Conference call. After my remarks, Marcella Fisher, IDT's Chief Financial Officer, will join me and we will be available to answer your questions. My speeches lately have been a little long and personally I prefer short and sweet. So today that's what we're going to do.
Speaker 2: On the second quarter...
Speaker 2: The three months ended January 31st. You can read a more detailed discussion of our financial and operational results.
Speaker 2: from our earnings release files earlier today or our Form 10Q that we expect to file with the Securities and Exchange Commission early next week.
Speaker 2: NRS, bus, money and its phone are three primary high growth businesses, again performed very well this quarter. Their formula is simple, deliver exceptional value and superior customer experiences. I'm pleased that they continued on their growth trajectories while remaining very focused on improving their bottom line.
Speaker 2: Each of these businesses grew robustly in the second quarter. NRS added approximately 1,600 net new terminals this quarter, a record increase, and more than doubled its recurring revenue. The revenue increase was led by a year-over-year jump in advertising and data sales, which grew by 130 percent.
Speaker 2: NetPhone achieved 30% year-over-year subscription revenue growth, including a 35% increase in our Latin American markets and a 23% increase in our US market.
Speaker 2: At Boston Money, transaction volumes through both our retail and direct-to-consumer sales channels increased by 39% year-over-year as we continued to leverage the synergies between these two channels. Led by the contributions of these three businesses, IDT delivered significant year-over-year increases in quarterly adjusted EBITDA up 25% to $23 million in income for all.
Speaker 2: current equity investments, increase of nearly $20 million over the first three months.
Speaker 2: Once again, we had no debt. I want to wrap up by thanking our stockholders, both our long-term investors and those that are new to our story, for putting their faith and their capital with us. And finally, a huge thank you to our employees, some of whom continue to work under difficult conditions overseas for their many contributions above and beyond the ordinary. The best thing about IT... is our
Speaker 2: is our amazing team whose hard work and innovative spirit powers all our progress. Now, Marcelo and I will be happy to take your questions.
Speaker 1: Thank you. We will now begin the question and answer session. To ask a question, you may press star then 1 on your touch tone phone.
Speaker 1: If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then 2. We will now pause momentarily to assemble our roster.
Speaker 1: The first question comes from David Polanski.
Speaker 1: The first question comes from David Polanski with Immersion Investments.
Speaker 3: Hey guys.
Speaker 3: I think you win the award for shortest prepared remarks of any public company that I've ever listened to. So if they give out medals for that, congrats. I think you should be getting one soon.
Speaker 3: On to my questions. I want to talk about advertising and data a little bit within NRS. It's now on a trailing 12 month basis. It's over 50%
Speaker 3: of NRS revenue excluding terminal sales. So I think the data and advertising piece of that business is not super well understood. I think people know point of sale generally and they know about payments, but the marriage of...
Speaker 3: data sales and advertising from a point of sale is not
Speaker 3: I don't think it's super well understood amongst investors. So could we get an, one, could we get an update on advertising? So like where are you in terms of penetration, developing relationships there and selling more advertising? And then on data, could you speak?
Speaker 3: high level
Speaker 3: about why your data is attractive and sort of what is so interesting about the NRS offering to maybe a third party data aggregator or a CPG company. That'd be great, thanks.
Speaker 2: Okay, well first of all thank you for recommending me for the award for shortest speech. I appreciate that. I wear that badge with honor.
Speaker 2: and
Speaker 2: I mean, listen, I wish that we had more direct salespeople working for us at NRS on the advertising front. The ones that we have have been very, very productive and have really done a great job showing our Women in Choice is definitely a ber-
Speaker 2: One is that...
Speaker 2: You know, until now I would say, you know, the data available to CPGs and You know a variety of other, you know organizations that buy our data has been very very limited So the biggest piece is that you know when you when when?
Speaker 2: from pretty much all of our stores. And just to use an example, a manufacturer can see exactly how much in sales they're doing in a particular store, in a particular zip code they can see
Speaker 2: how their competitors are doing. They can see how their pricing affects their sales. They can see how discounts that they are giving to consumers are affecting their sales. They can really see basically what I would say is everything that they could get from
Speaker 2: They might not give them what their competitors sell, just as an example. They might not give them, if they were doing testing on pricing, how pricing is affecting sales volume. And the manufacturers that we deal with see great value in that.
Speaker 2: Maybe Marcel wants to add something to it. No, I was just thinking, David, I mean, like, yeah, I mean, obviously, we are very, very pleased.
Speaker 4: about advertising data performance. But just to be totally honest, we actually are underperforming most of what we had budgeted.
Speaker 4: in the beginning of the year. And of all of our segments, NRS is the one that performs the budget, even though it's our fastest growing segment. Because when we did the budget back in June , July , we were really hoping that they're the brother.
Speaker 4: advertising market to be stronger than they are. We are feeling the headwinds to advertising revenue like everybody else is feeling. But on the other hand, we provide our digital screens.
Speaker 4: inventory out there, most of our programmatic bias to match it with fellows. And we believe that our digital screens are better than most of the inventory out there, because of the amount of time that the...
Speaker 4: People are looking at the screens as they're approaching to pay for the goods at the NRS stores. So yeah, we are very happy. We think it's a great element of our business model to have the advertising. But even said that, it's a little softer than what we had hoped it would be because of the MACA situation.
Speaker 3: Great, thank you. On terminal sales and signing on new relationships, can you give us an update on how many...
Speaker 3: of those sales are coming from direct NRS versus maybe a IDT salesperson from a traditional channel just to help us kind of think about, you know, is NRS ready to sort of stand on its own, so to speak, or are they still relying heavily on the...
Speaker 2: from IDT, about a third from direct, and about a third through distribution channels.
Speaker 3: Okay, great. On Net2Phone, could you talk a little bit about the profitability and the performance there? I mean, you know, I think I mentioned last quarter you beat our estimate on EBITDA and you did it again this quarter. So I'm just trying to think about…
Speaker 3: where this business could be from profitability perspective in maybe 12 to 24 months.
Speaker 4: Yeah, I guess I'll start with that.
Speaker 4: We had a very good...
Speaker 4: Net-to-phone quarters, period. Now, we're very pleased about how Net-to-phone did. Yeah, they did about $800,000 in EBITDA. And based on the performance, I would even venture to say that we might be exiting this fiscal year, June , July .
Speaker 4: with NettoPhone not only being EBITDA positive, but even being by then cash flow positive, meaning it covers its CapEx expenditures in buying that P phone, et cetera. So we might be editing already at NettoPhone being a free cash flow generating company.
Speaker 4: I would want, and as you saw, we grew 30% subscription this past quarter. I would caution that as we're going to Q3, that will be the first quarter where our CCAT acquisition will be now in the numbers, you know, year over year. So we will be purely, Q3 will be purely organic.
Speaker 4: basis and it's time to generate positive cash. If anything Q3 might be even stronger than Q2 because Q2 has the summer months so things are a little more quiet during the holidays, you know in terms of business sales and it's...
Speaker 4: It's the summer in South America, which is a big portion of our business. So we may even do better in Q3 than Q2. And I think one of the big good KPIs we saw in Q2 is that our churn was really low. I mean, for the first time we were able to get consolidated churn below 1%.
Speaker 4: I hope that remains to be the case. But I guess it's an indication that we are doing things right. I think that our customers like our service. So all in all, I know quite pleased with the natural and what the management team is doing over there. Yeah, I don't have much to add to, you know, what Marcelo already said. I mean, the one thing I would say is that, you know,
Speaker 2: that acquisition brings to the table. And we are going to be investing heavily in bringing on more customers for our CCAS solution because we think, A, when you provide a business with both their...
Speaker 2: sales, customer service, and regular business lines, you make them a much stickier customer. And frankly, we think it's really a great solution at a great price, and it also raises our ARPU overall. So I mean, I think one of the things you'll see from NettoPhone over the course of the next couple of quarters... Typely.
Speaker 2: is continued expansion of average revenue per user and margins from Integra taking a deeper relationship into a lot of the customers that we already have. I mean, some of what we're doing now is not just.
Speaker 2: going after new accounts, but landing and expanding the accounts that we have into taking more services from us. That's great. Thank you. Alright.
Speaker 3: I want to give you an opportunity to talk a little bit about maybe anything new that's going on in the pipeline. I think IDT has been very entrepreneurial in the past. There's this question hanging out there of what happens when NRS gets spun out? What's going to happen to IDT, the holding company?
Speaker 3: Should I even be interested in IDT, the holding company, as a potential investment? So I guess if you could talk a little bit about, if you're ready, what maybe what's going on behind the scenes and anything that we could maybe look forward to in the future. Yeah, I mean, I'll just give you like two or three things that are...
Speaker 2: that come to my mind quickly today. I mean, you know, one is, you know, you saw our launch of Zendit. I think that hit the press release a couple weeks ago. And, you know, I was at our booth in Barcelona where we were showing it off. And, you know, that's a very...
Speaker 2: that we have in pricing from the volume that we do already in retail and in DTC, we think that that leverage is really going to bring a lot of customers to us from both other players that are out there already as well as new customers who see this as a way to...
Speaker 2: you know, add services into things that they're already selling to customers. So that's one example. You know, we started marketing our bus money product overseas this past quarter, and we're very excited about how that works.
Speaker 2: is going to eventually develop to make money transfer, not just like a one-sided product, but a two-sided product, both in local markets as well as here. And we think that that's...
Speaker 2: I mean, there's a lot of different pieces to that that we probably won't get into on the call today, but that's another one that's very exciting. And again, we just keep adding on different pieces to all of our businesses and trying to sell them to consumers and businesses.
Speaker 3: you know, our goal every day. That's great. And just as a clarifying point on ZenDET, what product group, is that going to be in IDT Digital Payments? Yes, that's part of IDT Digital Payments. That's correct. Okay, and what does that do?
Speaker 3: when we think about the decay or the decline and within traditional, I mean, can you, I just hope understand what that could mean or is it kind of too early to tell?
Speaker 2: I mean, listen, I don't have an answer of what it could be. I mean, I could say that, you know, that you know, that part of our business is a very large part of the traditional business and you know, we expect to make it an even larger part of the traditional business going forward and Zendid is a big piece of that strategy.
Speaker 3: Okay. Great. All right. Well, that's it for me. Thanks, guys. I'll pass it over. Thank you. Thank you.
Speaker 1: Next question comes from Daniel Koch. Please announce your affiliation then pose your question.
Speaker 5: Hey guys, this is Daniel from AltaFox. Thanks for taking the question.
Speaker 5: agree with David that you probably just set a record on the quickest prepared remarks. I had a quick one about Net2Phone.
Speaker 5: I'm pleased to see the Net2Phone ARPU up year over year despite what I thought was some mixed headwinds from international markets. Can you shed some light on where the growth specifically is coming from? Are places like Latin America still showing pretty elevated pace of growth or is that what you think?
Speaker 5: kind of slowed at this point.
Speaker 2: I mean, I think, you know, I mean, you could see even from my short remarks today, you know, that we, you know, we grew stronger, you know, in Latin America than we did, you know, in the US. So, I mean, that is definitely, you know, a big part of our growth strategy going forward is focusing on those markets. But Marcelo has some stuff to add. Yeah, hi.
Speaker 4: Hi, so yeah, I mean, South America is growing very fast. Some markets like Mexico, Colombia, Brazil continue to grow very fast, faster than the US. So the growth is good and strong and we don't see it.
Speaker 4: decelerating at all. And we also have, as Timbo mentioned earlier, the higher up growth now happening also from the seed cast side, right? When we acquired Integra, our seed cast player in Uruguay, March of last year, I think they had 6,500 seeds at the time. So now we end January with 9,000 seeds.
Speaker 4: In 11 months, we grew those seeds by about 35 percent and putting more investment behind them so they could grow faster. So all of those areas are bringing the growth to net form.
Speaker 5: Thanks for that, Marcelo. One more quick one from me. I think you all might have one of the fastest growing money transfer businesses in the market now. The growth there is incredibly impressive. Can you all just shed a little bit more...
Speaker 2: light on what's the underlying driver there and how sustainable these growth rates are going forward? I mean listen, I think that we are giving our customers great value. I mean that's the number one thing that I think is driving our growth and I think that's both on the retail side as well as on the...
Speaker 2: direct-to-consumer side. You know again, we spend a lot less money than some of the big companies in the space. And you know we try to be you know, I mean, you know very very responsible when it comes to you know you know acquiring customers at a reasonable price and that's both
Speaker 2: on the retail side as well as on the direct-to-consumer side. Like, we're not going to go into a store and lose money, and we're not going to go after quadrants of customers that we're going to lose money. So we're very disciplined about that. But by the same token, you know, we don't look to...
Speaker 2: make the last dollar off of every transaction. We look to make sure that we have a very, very strong base of customers that comes back to us multiple times a month and recommends their friends. And that's been a big part of our work.
Speaker 2: of our success and we're always tweaking things on the edge. This past quarter we started marketing our neobank service to our customers which we think is a big plus. We give them a $2 discount if they pay using our neobank.
Speaker 2: And we're focused on making sure that we provide good value, good customer service. And I think you can see from even just the ratings online that we're doing a good job on that.
Speaker 1: Got it. Thanks, Shmuel. Appreciate it. That's all for me. Thank you. The next question comes from Adam Wilk. Please announce your affiliation, then pose your question.
Speaker 6: Hey guys, can you hear me? Very well. Great. Yeah, this is Adam with Greystone Capital. Thanks for taking my questions and great job on the quarter. Really impressive once again.
Speaker 6: The bulk of my questions were asked and answered, which is great. Maybe just two quick ones. As you think about the advertising opportunity for NRS,
Speaker 6: It sounds like there's, you know, you're talking about a little bit of economic softness or cyclicality there, which I guess is to be expected. Is there anything you can or any color you can add on what to expect for the rest of the year? I know you don't give guidance, but just curious if maybe the out of home trends are different than, you know, maybe some. Some different areas of the advertising market are kind of what you're.
Speaker 2: on data sales, etc. And really making sure that our advertisers see the value from advertising with us. But again, I think that personally seeing, I think inflation will be brought
Speaker 4: I don't have much more to add. I mean, usually as you know, the month of January is the weakest month for advertising for us. You know, it was the same this past January . It was not a strong month, you know. It appears to me that...
Speaker 4: advertising budgets either being held or trimmed right now, or companies have decided yet how much capital to allocate towards the advertising budgets, but we are seeing clearly a soft start to the new calendar year.
Speaker 6: in terms of advertising and I think it's across the board. Okay, yeah, that's helpful and makes sense. I appreciate it. And then last one for me, the two quarters prior to this one, I thought reflected a really nice pace of share repurchase activity.
Speaker 2: I'm just wondering what your current stance is on buybacks moving forward and how you're thinking about that as a use of cash. I don't know. I mean, you know, again, we're, we're, we're opportunistic and, you know, we don't have, um. You know, any, any.
Speaker 2: Plans 1 way or the other, you know, as of yet, but so no change in stance, just no buybacks this past quarter. Okay, I might just push back on that or not push back, but just add to that question a bit just by asking was there something you.
Speaker 2: We just did not decide to invest it in buying back stock this quarter.
Speaker 2: we just did not decide to invest it in buying back stock this quarter.
Speaker 6: Sure, I understand. Well, the buybacks at this price remain incredibly accretive. So, that's my two cents anyway. But I appreciate you taking my questions and congrats on a great quarter. Thanks.
Speaker 6: I understand. Well the buybacks you know at this price remain incredibly accretive so that's my two cents anyway but I appreciate you taking my questions and congrats on our great quarter. Thanks. Thank you.
Speaker 6: The next question comes from Alexander Ror. Please announce your affiliation, then pose your question. Hi, guys. Congrats on the numbers. So this is the third consecutive quarter with NRS advertising at kind of a dramatically higher level. So it's been, for three straight quarters, roughly a 2X.
Speaker 6: increase in ad revenue per terminal, roughly. I think there's some skepticism out there that, you know, these are kind of one-time gains or you guys might revert back to the per terminal levels you were seeing a year ago and when the total business was doing, you know, $4 million per quarter in ad revenue. So maybe just speak to like the sustainability of the new run rate in ad revenue.
Speaker 2: Yeah, I mean again, we are definitely facing some headwinds in advertising. There's no question about it. I do think that again, we're doing better.
Speaker 2: We don't give guidance, we're doing better in March than we were in January by a large amount. So, but again, there definitely is headwinds in advertising. There's no question about it. That being said, we think that...
Speaker 4: we're going to do well in it. I mean, obviously we don't go through the macro environment. From a micro perspective, I think we're very well positioned, right? I mean, we are competing in the DOOH segment of advertising which continues to grow and will be one of the fastest growing segments.
in advertising growth and we participate in that segment. And as I mentioned earlier, I think that our digital screens in that segment is very, very attractive way for advertisers who wanna place ads digitally though to choose us as a solution. So we are trying to.
continues to grow the number of programmatic relationships that we do business with. And I think that we, to a large extent, will always from now on be a function more of the macro situation. But as long as at the timing...
dollars out there, I think we'll be capturing more and more of a share of it as time goes by and that our network continues to increase.
Got it. And then last quarter, the NRS store base on a same-source sales basis really outperformed the tier set. I'm just eyeballing the statistics and the NRS insights released from February . And it looks like for the whole quarter, on a cumulative basis, the NRS stores were doing about 4 percentage points better year on year than the NRS stores.
convenience stores in general nationally. So what do you attribute that to? Or do you expect, and do you expect that to be a sustainable trend?
I don't really know the answer. That's the truth. I mean, I think that the main thing that I attribute to is independent business people are really the drivers of the economy and they're innovative. And when inflation is high, they put...
things on sale in the front of their stores that make things not seem like they're out of reach for consumers. And they talk to their consumers and they tell them what's a good deal. And I think that it's really that, you know, that...
front of their store that make things not seem like they're out of reach for consumers. They talk to their consumers and they tell them what's a good deal. I think that it's really that...
that independent, you know, businessmen mentality, you know, that's keeping them strong. I really don't have any other explanation. It's not because, you know, they have, you know, better access to, you know, products or financing or, you know, rental rates or, you know, et cetera, et cetera. You know, they have a lot of...
of challenges in my opinion still that we're trying to help them overcome. But yeah, they definitely are resilient.
Got it. And last question for me. Any update on the group purchasing effort to try and help some of your NRS customers get scale with distributors? And how the early progress there?
Unfortunately, this is not a great quarter for that. We don't lose many good people, but we lost the head of that division this past quarter to a different startup. So that was a little bit of a setback.
But, you know, we have high hopes for it going forward.
we have high hopes for it going forward. Great, thanks very much.
The next question comes from Sean Berger. Please announce your affiliation then pose your question.
Hi, this is Sean Berger from Adirondack Retirement Specialists and I want to first congratulations on a very good quarter. With regard to, and first also if anybody ever wants to contact me on why Boss Money is the best as a consumer I can give you a lot about it because I use it all the time.
One of the things that when I used Boss Money is they gave me a little discount for downloading mobile wallet and I was really impressed with the mobile wallet. I was just wondering anything with that in the future as far as potential, I don't know if that's a potential revenue source or just more glue.
I believe you're referring to our neo-banking solution. On my phone, the app, so maybe that is. It's called Wallet by Bus. Yeah, Wallet by Bus, so I call it Mobile Wallet. Alright, so that's the neo-banking. That is our neo-banking.
So that's what I was referring to earlier, that you get $2 when you use it to pay for a money transfer. So yeah, it's more than glue. Glue is definitely part of it. But we make money on it the same way that lots of people do.
Like all of our products, we're giving customers great value. There's no fees in having a card with us. You get paid early if you have direct deposit. You get the discounts when you use it for bus money. You get some really cool information on how you're spending money and things that will help you budget more appropriately.
merged the two, so it identified me well and I think it's very good for the unbanked, like people that are unbanked, like Latin American people that are here and would need to be banked. I think that they're a very underserved community, so I think that's great. The only other question I had was...
That was it.
Well, first off, I hope he has a full recovery. You know, from afar, he looks like a very, very nice man, and we wish him the best. And yes, I mean, there is probably going to be, you know, a slight delay. We don't know exactly by how much, but we were informed by the court.
of a delay. Okay. Okay, thank you. I mean, just to clarify, okay, at this point, I think that the post-
of a delay. Okay. Okay, thank you. I mean, just to clarify, at this point, I think that the post-trial oral arguments...
are scheduled to sometime in May tentatively, you know, the judge's condition may affect that. But that's all we know at this point. Okay. Okay. All right. Thank you. The next question comes from Inigo Alonso. Please announce your affiliation, then pose your question.
Hello, can you guys hear me? Yes. Yes, the first question is about NRS. You had the announcement of the Canadian market recently and if I'm not mistaken this was announced already about a year ago that you were selling in Canada. So I'm wondering is it that Canada is...
bigger part of your strategy right now or what's behind it and have you already tapped into all the US markets? So the boss retail network that you have, I had it estimated at 35,000. So is that market close to being tapped into or what's the reason behind the announcement? Thank you.
No, I mean, first of all, I mean, definitely not. I mean, we're selling more stores today than we've ever sold before. So the market is not tapped at all in the U.S. You know, listen, we think we have a great product. You know, as I said, we give great values.
to our retailers. And again, I don't want to take any credit for the fact that their numbers are better than convenience stores are doing overall, but it's sure not hurting them. And we want to bring that same technology and...
to Canada. And it's the easiest market for us to go into. All of our merchant processing solutions, et cetera, work there. We already have a distribution channel there. And it was a natural next step for NRS. But no, it has nothing to do with us believing that...
that we are in any way saturated in the US market. Okay. And then regarding 2Phone, you postponed the spinoff a couple of quarters ago, so I'd like to hear where you are at with the potential spinoff in the future.
And also, we have seen your unprofitable peers suffer a lot. So I was wondering if you are looking to acquire any technology expanding in a geography or new clients through the acquisition of any competition of Net2Phone. I mean, nothing. We're always, you know...
looking for good acquisitions that we can help you more successful than they were on their own. That being said, we're not looking at anything actively right now for Net-to-Phone, but that doesn't mean that we will nod in the future.
As far as our plans on the spinoff for Net-to-Phone, again, we definitely do not believe that current market conditions are appropriate for a spinoff. That being said, we have our heads down, as you can see, and we're making sure that we're not only, you know, the...
a very good growth company but a profitable company and one that doesn't need to rely on markets to support it but will rely on its actual cash flow to continue to support and grow its business.
And lastly, on boss money transfers, I would like to hear about the vision of the company. You compete in a very…
there's a lot of competitors in your industry and I'd like to know why you're going to succeed in this competitive environment and what's the end point? When are we going to see consistent and positive EBITDA for boss money transfer? well I mean listen
We definitely have some very strong competitors in the money transfer business. It's a business that's been around for many, many years. And again, as I said, I don't think that we do anything unique. What we do is we focus on giving customers good value.
And that's in every way, you know, from the experience that they have using us to, you know, the systems that we have in place to make sure that, you know, none of their, you know, information is compromised, that, you know, the transactions are safe, you know, etc., etc. You know, we give really good value to our...
to our customers and that's why they come back to us, as I said, usually multiple times a month. And at the store level, we're really focused on making sure that we're not only an online competitor, the money transfer business is still probably...
And then, you know, other competitors of ours who, again, you know, some of them are very good. I'm not trying to say that we don't have good competitors. We have good competitors, but we think, you know, we give great value to consumers and to our retailers. Okay. Thank you. And congrats again on the results. Thank you. Again, if you have a question, please press star, then 1.
As there are no more questions, this concludes our question and answer session and conference call. Thank you for attending today's presentation. You may now disconnect.