Conference Transcript - FLYW 2026-09-10

Will, Interviewer

All right. We are going to kick off the next session. Up next, we have CFO of Flywire, Cosman. Cosman, you've been here for the last couple of years. We're very happy to have you back. Awesome. Yeah, thanks, Will. Glad to be here. So I thought we would open this up high level, kind of a headline from the Q2 call. You laid out the ambition for a billion dollars of revenue and 30% adjusted EBITDA margins over the next few years, starting with a revenue number. when you build up to that number of bottoms up, what are the two or three largest building blocks? And maybe just talk about the decision to put those targets out at this time, given all the volatility we've seen in some of your largest verticals. Awesome. Two-part question, my favorite kind.

Cosmin Pitigoi, CFO

So let me start with the first one. So first, in terms of the building blocks and how we thought about it, listen, the billion dollars and 30%, it's an organic target, and and it's our usual approach of being prudent and data-dependent overall. So as you think about the building blocks, I would start with the enterprise client and the fact that a large majority of our both education and travel clients are those clients that we call enterprise, which is above $100,000 in revenue per year. And those clients stay with us. They see the high ROI of our software and the combination of capabilities that we provide. And as you've heard us say, they're lower than 1% churn, so very high retention of those clients. So that creates a sustainable base on which to build. And so that's sort of part one. And then you go to our sort of biggest, still our biggest vertical, education, strong growth there, but increasingly diversified components of that growth and the growth algorithm, as we'll talk about it later. And so seeing that cross-sell on the domestic side, that's driving a lot of the growth there too. So that's the second piece. Now, look, travel is now in its own right sort of bigger than the U.S., nearing the size of the U.K. kind of education business. And it is, you know, big TAM, the client C, the ROI there, and we have sort of the breadth of clients now with smaller and larger and also just the depth of product, which, you know, we didn't have before the certifier acquisition. So that's great. And then lastly, B2B Healthcare. Healthcare both big, you know, sort of growth drivers this year and continuing to deliver. So kind of, you know, firing on all engines. So I figured, you know, so those are the building blocks. And the second point, you know, why now? Look, it's sort of aligned with my sort of, you know, our guidance principles, which is, you know, you start with, you know, transparency. And so as we're doing a normal sort of medium-term kind of planning, this is starting, you know, those numbers are trying to come into focus, and they don't require, you know, macro to get better. We actually assumed in that a very prudent kind of macro, you know, environment, you know, from our perspective. So as we think about that billion dollars and the 30% felt that it's coming into focus, so helping folks kind of plan around that. Second, it's data-dependent. We'll see how things play out, and we'll let you all know. But third, I think notice the balance between – we've always talked about revenue. Revenue is still obviously a huge focus for us in growth, but now we have free cash flow, we have margins, and certainly gap profitability as we're pivoting this year. So those are also important, you know, balancing aspects. I wanted to bring that in. But, you know, listen, I'll just finish with this, you know, financial framework was built to, you know, withstand a tough macro. It was not, you know, built to assume it gets better.

Will, Interviewer

And so we've tried to kind of balance that expectation externally. Great. And the other half of that equation is the expense base. You said transformation investment will peak in 2027, and beyond that you expect operating costs to stay relatively flat while still funding a lot of your strategic priorities. How do you get the confidence to manage OPEX for a company that's still growing in that way?

Cosmin Pitigoi, CFO

So I would think of it as sort of structural. It's not a cost-cutting exercise. It's already happening. So actually if you look back, so if I start sort of just go back a few years, as you know, we've grown and scaled. you know we've invested we've kind of gone through a large you know investment scale kind of cycle and so since IPO that's both organically and inorganically now if you look then zoom in through the last couple of years even in 2025 and 26 if you were to obviously certify was a big acquisition last year but if you know if you adjust for that to some extent and look organic optics it's actually not growing that much it's probably single digit growth so So we were already, even before kind of doing the transformation, we were already growing at scale on a much smaller kind of OPEX level of growth because of that early investment. So now we're sort of today, we're in the middle of the transformation that we announced, which has become kind of a mindset internally at the company. Then that allows us to drive growth at lower cost to some extent. And so the way to think about the drivers there are, you know, across a few different areas. One, it's, you know, the GNA or functions that we talked about is about a third of the cost. Those are opportunities for us to, you know, to simplify a lot of the, you know, systems, and we'll talk about kind of the transformation project itself. So able to simplify that, reduce a lot of those manual costs. Second, you have kind of the R&D and engineering areas, which, you know, again, And we can do a lot more in those areas with a lot less. And third, one that we sort of talked about it but not as much, is the enterprise versus non-enterprise client approach. So how you tier support and how you look at kind of enterprise client, given that we're so focused on that and that's one of the big drivers of growth even in the future, you can obviously change your client support models internally. So that makes your sales and marketing, kind of the other component, also pretty manageable. So as we look ahead, we feel pretty comfortable that OPEX, as I said, will be kind of growing a little bit into next year as you kind of peek through this transformation investment phase. But then managing the growth, again, in line with the organic kind of assumptions on the revenue side, which have been, again, pretty prudent.

Will, Interviewer

So talk a little bit more about the Digital Transformation Initiative, Project ADAPT. You talked about kind of bottoms-up redesign of processes, systems, data, structure. Where are you in that journey today, and what have you found to be some of the biggest unlocks so far?

Cosmin Pitigoi, CFO

So I would think of us as being sort of right in the middle of it. We still have about 18 months ahead of us, so we're not sort of done per se. But if I look back, we sort of started a little bit last year. And I think the important part is to think about when you do one of these large transformations, you know, you can say you're replacing systems and things like that, but that's not the hardest part. The hardest part is org and process changes. And that's kind of where we started, brought in the right talent. And a lot of folks with that transformational mindset, having seen it at scale, again, one of the reasons even I joined is to bring that scale mindset and how do you scale. And so brought in a lot of the talent and you've seen us do, some of the work changes that we've done, but then also just redesign processes, which is usually the hardest part of any transformation if you talk through. And so that's been kind of the journey so far. Now we've started to – we're in the middle of sort of the systems consolidation, so the same as many of our clients. We're looking at how do you consolidate 20, 30, 40 different systems into a lot fewer. That reduces cost, reduces complexity, reduces kind of handoffs between different departments. And so that is kind of where we are. The data side of it is the other aspect where, again, the opportunity to do so much more with data. We all talk about AI, but at the end of the day, I'm a data person. I'm a machine learning guy, as we talk about. And so for me, it's easy to put a wrapper of AI on top. It's the substance underneath that then gives you more value out of any kind of AI capability. So that's where we're spending a lot of time now. So you'll see us obviously continue to get benefits from this, but I would say over the next 18 months, you'll see more of it, and so it'll be kind of showing up in all these different areas. And the way to think about productivity from this and just in general is in sort of three tiers. AI is a big component of it, and so if you were to do nothing and you just handed everyone some of the most recent AI models, the most advanced models. I know I'm certainly a lot more productive than I was to, I think, the disappointment of my team who is now realizing that every time they send me something, it comes back in about five seconds later with an answer. And so you start to skip levels in terms of how you make decisions and how fast you can move through things that you never thought were possible. So that was just a sort of individual level productivity. But then you have functional-level and enterprise-level productivity. For those, you actually do need to invest in transformation. So if you're going to make the IR function more productive, it does need a bit more work and so forth. So that's what we're working on. But anyone sort of wondering, should you aim to be 20%, 30% more productive as an organization? I think it is with the tools and capabilities that if you're working on the substance and underneath the foundational area like we are, I think that should be definitely achievable.

Will, Interviewer

Yeah, that makes sense. Let's talk about business diversification. You mentioned it in the upfront question. Five years ago, Flywire was largely a cross-border education story. Today you've got a large domestic education business. Travel, as you mentioned, is now a very large business in its own right, and B2B healthcare, still smaller but still growing. how would you frame the growth rates across the different verticals and where do you think that mix settles out as you approach the billion-dollar milestone?

Cosmin Pitigoi, CFO

If you look back at IPO, yes, I think most still thought of us as a cross-border, probably mostly kind of in the large big four markets kind of player, and now I think hopefully everyone's seen that this is quite a very different business certainly this year and going forward, and a lot of it has just been diversification into the other verticals, so travel, B2B health care, now kind of adding, but even within education, you now have the domestic SFS cross-sell, which is driving growth that is above the company average. So as I think about where we are today and how to think about the billion dollars even in the future, it's growth from these other verticals, So it's growth from travel, it's growth from, again, B2B, but also domestic EDU growing faster. So those will become a larger share of the business and key growth drivers. And so that, to us, is kind of, you know, it's obviously good. It's still cross-border will still be an important component. We still see that as a key underlying, you know, sort of feature of the platform that enables you to cross-sell into some of these other areas. But the others are, in their own right, strong contributors. So I would say those have become – so those assume they grow faster than the company average, which by definition, if you look at the mix last year, it will shift towards – if you just look at cross-border, which is mostly basically a portion of the U.S., mostly outside the U.S., then that becomes a smaller portion while the rest becomes a much larger portion over time.

Will, Interviewer

Yeah, makes sense. maybe sticking with the cross-border business. We're sitting here in August right in the heart of U.S. enrollment peak. What are you seeing in your own data? Maybe help clear up, you know, always headlines on the status of getting visas in any given market. What are you seeing on the ground?

Cosmin Pitigoi, CFO

Yeah, so we are now pretty much past the U.S. peak, sort of getting into September. We've seen most of it, and so far it's played out, you know, sort of, you know, okay for us. And I would, you know, summarize it, but, you know, know to give you some components look we look at external and internal data as you know externally the data you know we've gotten out data through February and you know sort of trending more more negative but we've assumed 30% already negative in our numbers and we're not seeing that level of decline in our own first pair data and some of that is just you know if you look at the couple of things one is the selective institution so those schools that are sort of high ranked or, you know, able to be more selective or able to do quite well. So the headline usually is, you know, student can make it into, you know, whatever the school may be. I think if you double click into that, usually it's a graduate student. And sometimes it's a, you know, it's a less selective institution. So we've seen that mix of quality for us and more selective institutions along with kind of where we tend to lean more undergraduate, those are still doing pretty well. So if you look at 30% decline, we still feel pretty good that we've captured that. Now, the channel that remains negative, we talked about it, you see it in the visa data is coming from India in particular. But even with that, again, we've taken a pretty prudent approach. So if I was to then step back and summarize what we've seen so far for the U.S. is, you know, we guided the full year U.S. growing in the low single digits with the assumption of sort of a 30 percent decline in visas. And so far, you know, for the peak at least, you know, we've done sort of in line or better than that, you know, modestly better than that. So we're, you know, we're comfortable as far as kind of the U.S. performance, you know, within that. So for peak, and again, you know, more to go in the year, but feel pretty good so far about the U.S.

Will, Interviewer

No, great. Okay, and then the other one was the U.K. I think this quarter you flagged higher rejection rates on visas, and I think you took a more conservative stance on that market. What do you think is causing that, and how do you think about the range of outcomes in the U.K.?

Cosmin Pitigoi, CFO

Yeah, I think there's similarities there, too. So the headlines tend to be a bit more negative than the reality on the ground, and certainly for us. And so if I was to separate the headlines versus what we see, so in the headlines, again, the more, you know, there's very specific corridors where compliance is forcing some high rejection rates. So we're, you know, we're seeing that. And, again, when you look at it, it's mostly kind of the graduate, the one-year sort of these specific programs. It is not our sort of higher quality undergraduate, you know, kind of programs that we tend to be in the U.K. So, again, a little bit different. Then even if you look at the external data, what we're seeing there is very choppy, right? I think it was in the first quarter, it was something like 30% plus down. But then in July, I think it was down maybe 11%. Now, we're not going to take, again, that's my approach, is I'm not going to take one data point and say, oh, now it's gotten better or something. So we're sort of remaining prudent. As you saw, and as you pointed out, we've taken a usual prudent approach, assumed second half decelerates in the UK that's baked in and so we're going to continue watching we're early in the UK cycle the UK kind of goes from through the end of you know this quarter and into October it's one of the things we talked about on the earnings call just around that timing where you can have just even before of a you know a holiday season or a holiday timing in China I and sort of move, you know, one or two points around because of that. But that aside, which, again, we've tried to capture quite clearly well, we'll continue watching it. And it's less, you know, listen, we've been very prudent around this on purpose, and it is for this, you know, with the view to this year. And these things tend to play out over academic years. You know, everyone tends to look at what did this month do, what did this other month do? These things tend to play out over academic years. What we're seeing in the U.K. is, you know, political change, but the general kind of focus remains on high-quality students, you know, kind of, you know, being something that they, you know, every sort of large market will want to try to remain, continue attracting.

Will, Interviewer

Yeah, that makes sense. So, sticking with the U.K., how do you think about the growth algorithm there, and specifically in SFS?

Cosmin Pitigoi, CFO

How much of the U.K. growth outlook is now SFS-driven versus being more cross-border? yeah i mean the uk has gone itself through an evolution i would say uh as we and i think the sfs definition is important because if we define sfs as just um the the latest integration that we started piloting last year that's not a huge driver but what we've seen the uk is transform itself from i think if you look several years back it was again mostly cross-border it's kind the transaction-based, and then, you know, what it's shifted to is, you know, a combination of new logos, but then integration-based cross-sell on the domestic side. So whether that was the, you know, you saw the WPM acquisition enabled Unit 4 type integrations, now we've got, you know, sorry, Tribal, and then we've got Unit 4 Aggresso as part of SFS. So as we expand the number of integrations that are available, you know, and that captures, you know, more of the market, we're able to increase utilization. So then the growth algo of the UK becomes less of just new logos, which now we're, you know, quite penetrated, and it's more about utilization. And there we've kind of given you this metric of our aim is to process, you know, at least 90% of student payment volumes. And we, I think we gave a number last year, it was around 12, this year is about 20 that we do that for, but there's a number of schools where we can continue to grow that level of penetration and utilization. And so then the way we do that is through those, you know, having more of those integrations, which then embed us deeper into the school's ecosystem, and that's where you have that stability and long-term client retention from that. So again, much more diversified in terms of the growth algor for the UK. It's more growing that utilization, so the cross-sell internally, you still have some new logo growth, but I would say that's a lower component of the growth. It's more just utilization that's driving it. Got it. Okay.

Will, Interviewer

So sticking with domestic education and SFS. In Q2, you signed three new U.S. SFS deals. You said it was double the ARR of the same quarter in 25, and I think the attach rate is still only 10 percent. So has there been a change on the competitive side that's allowing you to accelerate the momentum there? Is it just getting the word out? What's leading to the acceleration in domestic wins in the U.S., and then how are you thinking about the trajectory from here?

Cosmin Pitigoi, CFO

Yeah, I mean, in general, we're seeing wind rates go up, and I think there's a few things happening. One, I think, yes, the perception of us as just cross-border is shifted to, okay, well, we are actually domestic and cross-border, so we can help you with all your sort of back office and operational complexity issues, especially as schools now are struggling with, you know, financially in many cases, you know, one of the ways, you know, as I talk to you even about ourselves is, you know, how do you consolidate vendors and simplify your back office? And so we bring those capabilities through the software that we sell. So that is one part of it. And then you have reference clients. So, you know, to some extent, you know, Penn State and others and, you know, many other names that you've heard us talk about become those reference clients for us that, you know, others look to. So, again, mostly now we talk to, you know, the CFO usually, not just the back office bursar folks, but now we're talking, you know, at a different level, and that's because you have enterprise sales folks. That's the other component that we've talked about with the U.S. SFS is just having the right enterprise sales talent enables you to have those relationships and those conversations at a different level and then the last thing and actually maybe it's the most important one is that we increasingly do full suite sales so it's not just you go in and you sell just the collections capability or just the payment plans or something it is now full suite so you have collections you have payment plans you have payment the actual domestic you know tuition payment processing and so you know 529 again all the innovation that we build into our product suite Now, and so that becomes a much larger kind of dollar value that then is built behind that sort of, you know, increase in ARR. So, again, really excited, you know, obviously durable growth and that consistency of some of these larger deals and the sustainability of it over the long term is quite exciting. So we see that that, you know, domestic part of the sort of about a third or so of the U.S. business should continue to grow above sort of company average for a while.

Will, Interviewer

That's great. Maybe we could talk about just the student life cycle that uses Flywire. It's a question we've gotten asked a lot. I think when a student pays year one, they're often, it's often before they have local connectivity, local bank accounts, utilization tends to be higher. how does retention trend thereafter, and, you know, how has that trend of seeing lower retention in subsequent years changed or improved over time? Yeah. That's a dimensional question.

Cosmin Pitigoi, CFO

Yes, yes, we're going to start. So I think maybe just framing it for those who don't know is our U.S. education business, I think of it in, you know, sort of three different components, all about a third each, which is a third is sort of the domestic business that we talk about now that it's growing faster than we just talked about. And then the other two-thirds is about half and half. So about a third of it is first years and about a third of it is, you know, existing kind of, you know, the rest of the cohorts of students. And so if you look at that first year kind of first year payers dynamic, what we see there is, you know, think of it as, you know, International student comes to the U.S., usually the parents are paying. We provide convenience, trust, you know, and just the knowledge that you can pay with your own, you know, your own known sort of instrument and funding instrument connected into your bank and many times also just the documents that are required to move, you know, over $10,000 out of certain markets. There's actually a number of things which, by the way, we've automated with AI is to make it easier to make those payments. Because people think, oh, you just, you know, it's easy to send $10,000 out of, you know, one of these countries, and it's usually actually not. And it's one of the reasons it's complex. And so we provide that safety and comfort. Now, so that makes it easy, and then we have a high percent of those first-year payers that use us. And then I think the opportunity and sort of the other third and the existing, you know, once they go into second, third year, yes, some of them open a local bank account, So then, you know, they shift to those payment methods. But I don't see that as leakage. And especially coming from my background, I look at payers as a huge opportunity for us in that side of the equation. We talk always about clients. We don't talk quite as much about the payer side of this equation. So here I think it's a few, three things which you've heard us talk about is how do you improve that retention in the second, third, fourth year and so on. And first, it's SFS, so the more SFS you have, the more we then capture, you know, even the domestic, you know, if they would become a domestic payer. So you have that second and third year kind of effect. So we see cross-border go up also as SFS comes in. Second is the checkout experience. You know, once you can improve that to make sure that, you know, parents see the value of, oh, I can keep using that bank account or I can keep using, you know, the instruments that I've used before. And then third is from a, it's that local partnership, you know, in the countries, the source markets where we are unique in those partnerships. You hear us talk about all the time, but being connected into the top banks in India, you know, the banks in China and other areas, that is a unique aspect of our business and the payment platform we provide. which enables us to then give comfort to a parent or anybody paying that there's an opportunity for them. And then stepping back, not even in our algorithm, is the opportunity to engage all of our payers in a much more direct way. And some of that is data. So, again, as the data guy, I'm very much looking at that as an opportunity to better understand payer behavior and how we can – and that's not just the students, actually. Travel, same thing. There's a lot of, you know, value in understanding the traveler behavior and helping and connecting the dot between your payers and the clients that they're paying, I think, is a unique opportunity, right?

Will, Interviewer

Another one, another theme recently in the education business has been an increasing amount of new logos coming from outside of your big four markets. How do you frame where you are in that diversification process and how large do you think that opportunity is relative to, you know, the top markets?

Cosmin Pitigoi, CFO

Yeah, I mean, we talk a lot about the big four where, again, we still, you know, there's visa challenges and those kind of, you know, choppy markets there, you know, and yet we still are growing even in the big four and we're gaining share. I think one of the things that if you look at all of the visa trends, we do better than those, you know, whether you look on a revenue basis or volume basis because, you know, we, again, different mix and the levers that we have. So even in the Big Four, we have growth. Outside the Big Four, you could say some of the negatives there are actually helping us expand our global footprint even faster. So in a way, not that it's great to look at it necessarily that way, maybe it's a glass half-full kind of approach, but it is accelerating. Our agents are telling us that students are applying to more destinations. So what you're seeing outside the big four is a lot of these countries are now digitizing their institutions, education institutions, they're having to digitize for the first time because maybe they had two or three international students, suddenly now they have 20 or 30. So if you had one person in the back office who was trying to reconcile all these wires or whatever methods of payment, suddenly I think it makes sense to digitize your accounts receivable and we are, you know, and the second thing outside the, you know, the big four in EDU is the, you know, competition is kind of fragmented. So we are the scale player there, so it's, you know, we're unique in that perspective. And so, you know, that's the other component that's helping drive that. So, again, in terms of numbers, we've said, you know, the non-big four EDU is sort of, you know, share of total revenues, you know, around low teams last year. expect to continue to grow its share because I expect that to continue growing kind of faster than the company average. I think in the first half we said it was growing over 30%. And again, it works well in our favor as students diversify their destinations.

Will, Interviewer

Yeah, diversification is certainly a theme here. And speaking of, maybe we could talk about the travel vertical. It's been basically your second largest vertical now. It's balance between kind of luxury and experiential travel and hospitality, which was augmented by the certified acquisition. Where do you see yourself as being most penetrated today across those different sub-verticals? And where do you think, you know, you have more room to push ahead on penetration and drive durable growth?

Cosmin Pitigoi, CFO

Yeah. So on the experiential or kind of our legacy travel business, think of it as multi-day bespoke travel, which nowadays I think It's, you know, it's fortunately an area of growth that we've seen and interest. So we started with, you know, destination management companies and tour operators. So things like safaris started there. But now, as you said, we've sort of expanded both geographically but also in subverticals. So geographically, we see a lot of growth in Asia and Europe increasingly. So, you know, parts of Asia, so, you know, Indonesia, Thailand, or Japan. And so seeing a lot of growth there. And then in sub-verticals, I think think of it as kind of high-touch and high-cost type of, without saying luxury, but it's sort of high-cost and kind of more extended opportunities for when you take kind of a curated experience. And so a lot of those can be hiking experience, cycling, biking, all sorts of fun activities that I think increasingly require somebody to help you manage that trip, and so we, of course, have the ROI that is well proven with these clients, and now, again, we have the name that's, you know, kind of getting out there, so it's easier for us to make those cross, and those guys all talk to each other. If you get one heli-skiing company there, you know, the others are going to follow, so, you know, same thing, you know, we're seeing elsewhere.

Will, Interviewer

Yeah, so maybe you can touch on Certify a bit, largest deal ever in the company's history. I think you've consistently said that that deal is running ahead of plan. Where is that outperformance coming from, and then where does the focus sit over the next 12 to 18 months?

Cosmin Pitigoi, CFO

Yeah, so initially, I think, so we talked about Certify as the opportunity being to, again, expand into larger clients as we started into smaller clients, allowing us to go into larger clients, and then depth of product. The payment monetization is the biggest outperformance we've seen, and that's one of the reasons we've talked about it. It kind of ties into the gross margin story a little bit for this year and to next year. And we see that as continuing to be a big opportunity. So we said $3 billion of payment modernization at acquisition. And at the time, I think we said the mix, it was about 70% software, 30% payments. We still have, we've made some dent into that and still have about $2.5 billion to go. So we see that as continuing to be a big driver of growth in the future, but increasingly going global is, you know, is a big component of that. I think we've seen about sort of 42 or so, I think, international locations for us, and, you know, it's certified that have started, you know, so we're starting to kind of pick up, you know, more on the international side. And then, and again, I think it's an opportunity for us to cross-sell this, you know, this kind of capability. And then lastly, I think, is once you integrate the two platforms, you can imagine the strength of kind of what we provided before, which was that cross-border capability in these international markets with the kind of the document signing and workflow digitization that Certify brings in. So we see a lot of opportunity in that cross-sell. But that's sort of the third piece. So over the next 12 to 18 months and as part of the billion dollars, we see that opportunity kind of – we see, again, sort of travel growing faster overall between those.

Will, Interviewer

Yeah. Okay. We've got a minute or two left here. I want to maybe squeeze in one on health care. So Cleveland Clinic, with just a marquee win, reinvigorated the health care business this past year. You know, I think you made the comment, like, there's only so many Cleveland clinics out there, and you'll be lapping that next year. How do you think about the organic growth rate of that business, kind of ex-Cleveland, and then what is the pipeline and, you know, what kind of opportunities does a large win open up for that business?

Cosmin Pitigoi, CFO

Yeah, I mean, Cleveland Clinic was certainly and is a marquee name that has opened up a lot of conversations with, you know, larger enterprise-sized kind of clients. I would say, though, keep in mind that, you know, as we talked about, Cleveland Clinic was kind of ramps this year. As we get into second half, you kind of sunset that ramp size. As you get into next year, I would think of, you know, Now, just again, to take a prudent approach, I would think of health care as growing below the company average over time, but it can be very choppy because if you do get another large enterprise, that could change the trajectory. But these are long enterprise sales, as you can imagine, if you think education is slow, health care is even slower in terms of making these big decisions. But once you're in again, you're in for the long haul. So we feel good that at least health care is now back to, you know, return to growth, scalable with, you know, a great marquee client behind us. Got it. Well, in the last couple of seconds here, any final thoughts you'd leave the group with? Look, I think, you know, we're going to continue growing the top line as you've seen us, you know, lean into that. But also, you know, don't forget the free cash flow profitability and the, you know, durability of the model in terms of the consistent cash flow per share and the focus on dilution and the other parts of the P&L that matter to kind of the balanced valuation and the things that we control. And that's what we're going to focus on is the stuff we control and execute. And, you know, I think that's what we've done and we're going to continue doing it. Well, Cosmin, thanks for joining us. Glad to have you again.