AGM 2023

Mar 23, 2023

Good afternoon, ladies and gentlemen, and welcome to the 2023 Annual General and Special Meeting of Shareholders of Currency Exchange International, Corp. At this time, all phone lines are in a listen-only mode. I would like to turn the meeting over to Margaret Kingryski. Please go ahead. Thank you. Good afternoon, ladies and gentlemen. My name is Margaret Kingryski. I'm the Corporate Secretary for Currency Exchange International. Before proceeding with the formal business of today's meeting, thank you for attending today. This year's meeting of shareholders is being conducted in person, online and via teleconference. Shareholders and/or their appointees who are joining us online or via telephone will have the option to vote on the items of business for the meeting. Please follow the instructions on screen or as provided by the telephone operator. If you are a shareholder or an appointee who is here in person, you will have received a ballot from Computershare when you arrived. If you have not received a ballot, please put up your hand now, and they will provide you with one. We have no takers. Thank you. Please note that if you are joining today's meeting as a guest, you will not be able to vote. Once the formal business of the meeting has been completed, management will provide an update on the business of the corporation, after which there will be an opportunity to ask questions. Please reserve your questions until that time. We have the following items of business to address at today's meeting. Presentation of the financial statements of the corporation for the year ended October 31st, 2022, and the auditor's report. Appointment of Grant Thornton LLP as the auditors of the corporation for the ensuing year. Election of the directors of the corporation for the ensuing year. To consider, and if deemed advisable, to pass, with or without variation, a special resolution to approve the amendment to the corporation's bylaws to allow for the alternative of book entry ownership of the corporation's shares. To consider, and if deemed advisable, to pass, with or without variation, an ordinary resolution to ratify, confirm and approve an amendment to the corporation's long-term incentive plan in respect of increasing the number of shares reserved for issuance and the insider participation limit to 15% of the issued and outstanding common shares of the corporation. Any other business that may come properly before the meeting. Thank you, ladies and gentlemen. I would now like to turn the meeting over to Randolph Pinna, President and CEO of the corporation. Thank you, Margaret. I'm gonna stand here. Good afternoon, everybody. I'm Randolph Pinna. Welcome to the Annual General and Special Meeting of Shareholders of Currency Exchange International. I'm gonna act as the chair of this meeting. Before proceeding with the business of the meeting, I would like to first introduce, just briefly, our directors and ask each one to stand just for one second here. Starting with Joe August. Chirag Bhavsar, back here. Okay. Mark Mickleborough. Jim Sardo. Hi. Chitwant Kohli. Hi there. Stacey Mowbray. Daryl Yeo. Okay. I would also like to introduce Carol Poulsen, who is standing for election at this year's meeting. Finally, I would like to recognize Johanne Brossard. She is stepping down from the board at this meeting, and on behalf of the board and myself, I would personally like to thank her for her service to the board and the corporation. Thank you, Joanne. Thank you. Joining me here today are Gerhard S. Barnard. Hello. Alan. He's our Group CFO, sorry. Alan Stratton, which is Exchange Bank's CFO. Khatuna, who is our head of human resources. Thank you. No. I didn't want to try. I still can't do it after 15 years. I still can't pronounce her name. Okay, so now, to be serious, and this is not my favorite part of today, but gonna go ahead and call the meeting to order. In accordance with the bylaws of the corporation, I shall preside as the Chair of this meeting. With the consent of this meeting, I shall ask Margaret, the Secretary of the corporation, to act as Secretary of the meeting. With the consent of the meeting, I shall ask Kate Stevens and Anos Dass of Computershare Trust Company of Canada, the corporation's registrar and transfer agent, to act as scrutineers to report on the shareholders present in person and the number of shares represented in person or by proxy at this meeting and any adjournment to compute the votes on any polls taken on ballots cast at this meeting or any adjournment, and in each case to report to me as the chair. First, the scrutineer has provided me with the preliminary report regarding shareholder attendance and representation at this meeting. The scrutineer reports that there are present at this meeting, in person or by proxy, 9 shareholders in person, 43 shareholders by proxy, a total of 52 shareholders representing 3,886,410 shares. This represents 60.41% of the total common shares outstanding. Accordingly, I declare that this requisite quorum of shareholders is present, and I declare that the meeting is duly and properly constituted for the transaction of business. I direct that the scrutineer's complete report on attendance be annexed to the minutes of this meeting. Oh, I will need it again? You will need it. Oh. I'll give it to you. Okay. The notice calling this meeting and accompanying management information circular form of proxy and the consolidated financial statements of the corporation, together with the auditor's report on the financial statements, have been mailed to all shareholders of the corporation. The corporation has utilized the notice and access mechanism under National Instrument 54-101, Communication with Beneficial Owners of Securities of a Reporting Issuer and National Instrument 51-102, Continuous Disclosure Obligations. Additional copies of such materials are available at this meeting. In the back, we have our annual report and these documents, as well as on sedar.com and envisionreports.com and on the corporation's website. An affidavit of mailing of the documentation required to be mailed under the notice and access provisions has been provided by Computershare Trust Company of Canada to the company, and I direct that this affidavit be annexed to the minutes of the meeting. Accordingly, unless there is an objection, I will dispense with the reading of the notice of the meeting. No objection. Okay. I propose to conduct a vote by ballot on the resolutions put to the meeting for the election of directors, the appointment of the auditor, the amendment to the bylaws, and the amendment to the corporation's long-term incentive plan. Before proceeding, I would like to advise attendees that management holds. Is that the numbers I need? Yes. Middle number. Which? Sorry. It's okay. Management holds 3,679,496 shares. This represents approximately... About 55%. Around 55% of the corporation's outstanding common shares have been voted. These proxies appoint management to vote as directed by the shareholders. However, if such a direction is not made in respect of any matter, these proxies appoint management to vote in the manner determined by management as the proxy holder, and to vote on such other business as may properly come before the meeting. As proxy holder, management intends to vote these proxies as recommended by the management. In order to expedite the business of this meeting, I've requested that certain persons make and second the formal motions, and I will call on these people at the appropriate time. Shareholders may make comments specific to these motions prior to the vote, but should hold any comments on general matters until question period to be held following the company's presentation. First, the financial statements of the corporation as at October 31st, 2022, together with the report of the auditors thereon, have been mailed to all shareholders of the corporation. It is not proposed to ask the shareholders to approve the financial statements which have been presented before the meeting. However, after my remarks and those of the Chief Financial Officer on the operations of the corporation, and after any formal business of the meeting, we would be pleased to answer any relevant questions concerning the financial statements. Appointment of auditors. We will now proceed with the appointment of the auditors of the company. I've been advised by the scrutineer that the proxies deposited for the meeting have been overwhelmingly voted for the appointment of Grant Thornton LLP as auditors of the company. I would like to ask Khatuna to move the following resolution. Be it hereby resolved that Grant Thornton LLP, Chartered Accountants, be and they are hereby appointed as auditors of the company to hold office until the close of the next annual meeting of shareholders or until their successors are appointed, at such remuneration as may be fixed by the directors, and the directors be, and they are hereby authorized to fix such remuneration. Khatuna. My name is Khatuna Bezhitashvili. I'm a shareholder, and I so move. Thank you. Can I have this seconded? Mr. Chairman, my name is Margaret Kingryski. I am a shareholder, and I second the motion. Thank you. I will now call for a vote on the motion. If you are here in person, please complete your ballot and return to a representative of Computershare. Online and telephone participants should follow the instructions on screen or as described by the operator. For those on the phone, please press star one now to vote for the resolution, or star two to withhold your vote. Okay. Next, we're going to move to the election of directors. We will now proceed with the election of directors of the corporation for the ensuing year. The number of directors to be elected at the meeting is nine. I now declare the meeting open for nominations for the election of a director and for the ensuing year or until their successors are elected or appointed. I now ask Alan Stratton to move the motion nominating the persons as specified in the management information circular delivered with the notice of the meeting. My name is Alan Stratton, and I am a shareholder. I nominate Joseph August, Chirag Bhavsar, Chitwan Kohli, Mark Mickleborough, Stacey Mowbray, Randolph Pinna, Carol Poulsen, V. James Sardo, and Daryl Yeo as directors of the corporation for the ensuing year or until their successors are elected or appointed. Thank you. I now ask Annie McConnory to second the motion. My name is Annie McConnory. I am a shareholder, and I second the motion. Are there any further nominations? Okay. Done. Okay. Next. No, there's no further nominations. Since there are no further nominations, I hereby declare the nominations closed. I ask Khatuna to move the resolution electing those nominated as directors of the corporation. My name is Khatuna Bezhitashvili. I'm a shareholder. I move the following resolution. It hereby be resolved that the nine persons nominated by management be elected as directors of the company to hold office until the close of the next annual meeting of shareholders. Until their successors are duly elected or appointed in accordance with the articles and bylaws of the corporation. Thank you. I now ask that Greg Page second the motion. My name is Greg Page. I'm a shareholder, and I second the motion. Thank you. I will now call for a vote on the motion. If you are here in person, please complete your ballot and return to the representative of Computershare. Online and telephone participants should follow the instructions on screen or as described by the operator. Ladies and gentlemen, please press star one now to vote for the resolution or star two to withhold your vote. Okay. Now we would like to proceed with the approval of the amended bylaw. On September 21st, 2022, the directors adopted an amendment to its bylaw, the amended bylaw, which allows that some or all of any or all classes or series of the corporation's capital stock may be book entry or uncertificated shares. A copy of the amended bylaw is attached to the circular as Schedule A. In accordance with the articles of the corporation and the requirements of the Florida Department of State, the amended bylaw must be submitted for confirmation by the shareholders at this meeting. The adoption of the amended bylaw is intended to facilitate share transactions on the part of the corporation shareholders and to reduce overall costs of maintaining share records of the corporation. The amended bylaw provides that the board may provide by resolution or resolutions that some or all of any or all classes or series of the capital stock of the corporation may be book entry or uncertificated shares. In accordance with the articles of the corporation and the requirements of the Florida Department of State, the amended bylaw must be submitted for confirmation by the shareholders of the corporation. To be adopted, a special resolution approving the amended bylaw must be passed by a majority of at least two-thirds of the votes cast by the shareholders attending the meeting or represented by proxy. I would ask Alan Stratton to move the following resolution. Be it resolved that the corporation amended bylaw, as set forth in the Management Proxy Circular dated February 10th, 2023, be added and is hereby ratified, confirmed, and approved. Two, the board of directors be authorized in its absolute discretion to administer the amended bylaw in accordance with its terms and conditions to the extent needed to reflect changes required by securities regulatory agencies or stock exchanges so as to meet industry standards or as otherwise determined to be in the best interest of the corporation and its shareholders. Three, any director or officer of the corporation, acting alone, be and is hereby authorized and directed to do all such acts to execute and deliver under the corporate seal of the corporation or otherwise, all such deeds, documents, instruments, assurances, and in his or her opinion may be necessary or desirable to give effect to the foregoing resolution. My name is Alan Stratton. I am a shareholder, and I so move. Thank you. I now ask that Andrew Freeland second the motion. My name is Andrew Freeland, and I'm an appointee, and I second the motion. Thank you. I will now call for a vote on the motion. If you are here in person, please complete your ballot and return it to the representative of Computershare. Online and telephone participants should follow the instructions on screen or as described by the operator. Ladies and gentlemen, please press star one now to vote for the resolution or star two to vote against the resolution. Okay. Okay, next, the amendment to the corporation's long-term incentive plan. We will now proceed with the approval of the amendment to the corporation's long-term incentive plan. On October 31st, 2022, the Board of Directors approved an amendment to the plan to increase the number of common shares reserved for issuance under the plan from 10% of the issued and outstanding common shares to 15% of the issued and outstanding common shares. The number of common shares available for issuance pursuant to the insider participation limit, as that expressed in the TSX Company Manual, from 10% of the issued and outstanding shares to 15% of the issued and outstanding common shares. Subject to shareholder approval as set forth herein and in accordance with the rules of the TSX, the plan will be amended to give effect to such proposed amendments. A summary of the material terms of the plan is provided in the Corporation's information circular, along with a copy of the amended and restated plan. To be adopted, the resolution approving the amendment to the restated plan must be passed by a majority of the votes cast by shareholders attending the meeting or represented by proxy. I would ask Imama Omer to move the following resolution. Be it resolved that, 1, the Corporation amended and restated stock option plan, as set forth in the management proxy circular dated February 10th, 2023, be and is hereby ratified, confirmed, and approved. 2, the Corporation has the ability to continue granting options, rights, and other entitlements under the amended and restated plan until March 23, 2026, the date that is 3 years from the date of this resolution. Number 3, any director or officer of the corporation is hereby authorized and directed to do all acts and things and to execute and deliver all documents required, as in the opinion of such director or officers may be necessary or appropriate in order to give effect to this resolution. My name is Imama Omer. I'm an appointee, and I so move. Thank you. I now ask that Ahmed second the motion. My name is Ahmed Agamal, I'm an appointee, and I second the motion. Thank you. I will now call for a vote on the motion. If you are here in person, please complete your ballot and return to a representative of Computershare. Online and telephone participants should follow the instructions on screen or as described by the operator. Ladies and gentlemen, please press star one now to vote for the resolution or star two to vote against the resolution. I will now ask Computershare to tabulate the ballot. The meeting will adjourn for about five minutes to allow for this process. Okay. We got the numbers. I call the meeting back to order. Computershare has reported that the resolutions respecting the appointment of the auditors, the election of the directors, the amendment to the corporation's long-term incentive plan have been carried by a majority of the votes cast at the meeting. The resolution respecting the amendment to the bylaws has been carried by a majority of two-thirds of the votes cast at this meeting. If any shareholder is interested in the exact number of votes cast in favor of or against the resolutions which have been voted on by poll, particulars may be obtained on inquiry from the corporate secretary. Now, is there any other formal business that may be properly brought before this meeting? Either please raise your hand now, or for those on the telephone, you can speak up now. Not hearing anything, I will go ahead and then terminate this meeting. This will conclude the formal business brought before the meeting. I wish to thank you for attending. I now ask for the motion that this meeting be terminated. I move that this meeting be terminated. I second that motion. Thank you, Margaret. To the contrary, please raise your hand or click the raise your hand button on the phone or on your teleconference. Nobody's wanting to continue, so we're going to declare this motion carried and the meeting is now terminated. Thank you. Thank you. Now I will do a presentation. This is the better part. Again, thank you for coming. I'm going to go ahead and get started on the first slide here. We are having people online, so we got to do it all in tandem. Just give us one second to keep everybody together, and hopefully online, they can hear me okay. Everybody can hear me okay, right? I'm loud enough. Everybody's told me already. Okay. First, most importantly, we have a great team of management and a strong, very diversified, great board of directors. Here's everybody listed. I'm not going to read them all. A lot of the people are here. I think all of our directors are here, so thank you for that as well. After this, we are going to have a little social hour here, where we're going to have some snacks, and we can interact and answer questions you may have. I want to talk about the business. Now, I look at some of you shareholders that I know have been around almost as long as I've been around the business, so I thank you for that. There are some newer folks, so I do want to just go over what we are doing and make sure we understand it, because sometimes you might say, "Well, this is a complicated business," when it really is not that complicated, because all we are doing is exchanging one country's money for another country's money. Now we do that besides the cash, or what we like to call currency. We also do foreign exchange payments, which is converting a digital currency from one country into a different currency somewhere else in the world. We do that both in the spot market, which means the now, let's do it today, versus a forward, which is we agree on a rate to do it in the forward, like 30 days, 60 days out. Checks are going away somewhat, but the idea of clearing foreign checks is also one of our services. Cash, payments, and check clearing. How do we do it? We utilize our own proprietary software, CXIFX, as we've nicknamed it, or here in Canada, CXIFX. We do this with all of our relationships and products, and our core banking is our core way to do it. When we move money, we have to use another bank. We use major banks in New York, here in Toronto, as well as elsewhere. Where do we do it? We do it through our wholesale channel, which is our banks and financial institutions, and we're going to talk in just a second on that, because I know I've had a lot of questions about what the hell is going on with the banks in the U.S., and we do deal with corporations directly. Also, only at CXI, Exchange Bank of Canada currently does not deal with consumers. It only deals here in Canada, B2B, bank to bank or bank to business, not consumers. In the States, we have a very successful brand. CXI is across the country, and we have our own company-owned stores. I think we're up to 38 stores now. We have an online store that we can reach 75% of the U.S. population. We have licenses in enough states to hit 75% of the population. We intend to grow that to 95%, leaving North Dakota out and Alaska out, but most other states will have a license so we can reach most of the population. This is our structure here. We like to show you that our software is the key element of distribution, both in our retail consumer area. Our customers use our software in their bank branches. That comes to us straight through. We have an API. A lot of people don't know what an API is, but basically it's an integration of our system to another bank system. That integration allows for what's called a straight-through process, where you can accept their transactions straight through to us, and we push it straight through to the clearing banks. Our online store is the same software, but it allows consumers to do their transactions directly as if they're at the bank. Most important in both U.S. and Canada is our compliance. We have great relationships with our U.S. regulators that are both in Florida and all the states around, as well as federally out of Washington, D.C., and here in Canada. These are all the names of lists that we check to make sure that we're in compliance so our regulators keep us. We're in good standing with our regulators because we are proactive and ensure that our systems, in real time, check the most common lists that are required. OFAC, the Office of Foreign Assets Control, is a very big, important list in the U.S. Interpol lists reports around crime around the world. The fact that our system is all transactions come through our online system, get cleared through our compliance, where we have a robust compliance engine at the heart of our software, and it's checking all the lists. Once it clears, the compliance verification system gives an approval, and it can be processed. Again, where the structure, our parent company is CXI. It's doing wholesale currency exchange with banks. It's doing the consumer division and has a wholly owned subsidiary, Exchange Bank of Canada, which does the same, cash, checks, and wires, but it's doing it only with businesses, as I said. One unique attribute that I'm very proud of accomplishing, we as a team were successful in becoming one of only a handful, 3, I think maybe 4 banks total, have the right to sell dollars, to distribute dollars on behalf of the U.S. government. Any bank, even Royal Bank, if they want to get US dollars directly from the Fed, they have to get licensed to do it. Royal Bank of Canada and Scotia and all of these banks up here, and banks all around the world use someone else, because there's only a few banks. Bank of America is the incumbent. They've been doing it forever. Now us and I think one or two other banks are now also competing in that space. This has huge potential, and it supports. Someone today asked the question, "Well, you made a bold statement saying Exchange Bank of Canada could be bigger than CXI." Well, it's a bank, so it has the respect of the world because we're a Canadian bank. Then why? This is one engine that CXI does have. That most foreign exchange shops around the world do not have is the ability to source dollars at cost. We don't pay basis points. We just ask the Fed, pay them the digital dollars, and we take physical U.S. cash and sell it around the world. We are complementing that business by saying we can sell you Mexican pesos, we can sell you euros. We are a full service foreign exchange bank. In the U.S., I already told you about our consumer division. We're currently licensed in 39 states. We do intend to add about six more states, so we will have access to 95% of the U.S. population. I told you about our APIs and all of that. We have integrated into Fiserv, which is the largest bank software, core software provider. What is a core software? That's the actual your checking account, your savings account and all of that, your online banking. By tying into their core system, allows the banks to straight through process their wires, utilizing us as the facilitator, the actual processor to send it overseas. I've already told you about our consumer division. We're happy to be back in growth mode. We did have to shut down. We were over 48 stores back before the pandemic. We had to shed, I think, 12 or 13 stores. Now we've added back because our larger competitor did fail during the pandemic, and we were able to get back some of their best locations. We are back into a growth mode there. Here's the stats. I'm very proud to say that we made $66 million last year. That's the highest the company's ever made. Of that revenue, $12 million was from payments. Our goal was to diversify our revenue stream from cash because some people say cash is going away. Cash usage, just so you're aware, the Federal Reserve has reported the last 2 years in a row, cash usage is going up. It's going up at a faster pace because there's no distrust in people. Cash is queen. Some say it's king. I say it's queen. It's like it's taking over. Okay. Here's our volume. I have never seen our company be over $10 billion. $14 and almost $15 billion in foreign exchange volume, and we see that continuing to grow. Our transacting locations, that's our net, where we have all of our customer, our own stores, bank branches, online stores, so forth. We have over 18,000 locations, and our asset size has continued to grow. A lot of the same information, but it shows you the revenue by business segment. Again, banknotes is still our number one revenue engine. We're not abandoning banknotes by any means. We are investing to diversify it, to continue to focus on payments, because the digital foreign exchange will continue to grow in the world. Our revenues by country. Still America, CXI still dominating. Canada is starting to grow. Thank you. Here's your stats. I'm not going to read through that. All this is in the annual report. By the way, there's annual reports in the corner. You can please take one home. Let's see if there's anything we want to specifically talk about here. I'll let you read it. Okay. Here's a graph showing how our performance has been going over time. You can see that we are continuing to grow our revenues and our profits. This is our strategic plan. If you've listened to me on the call, I keep repeating it. We have four areas of focus, and I want to just take one second to talk about our strategy planning process. The board has been very good in oversight in helping management guide the strategic plan and direction of the organization. We are very focused, and now we have four areas that we feel is going to grow the company for the next few years quite well. We will continue our core business, which got CXI started, was servicing banks and credit unions in the States. We succeeded here in Canada to get some very good customers as well, and that will not go away. Both Exchange Bank of Canada and CXI want to dominate and service as many banks as we can. The global expansion of wholesale banknotes, the FiPEx program, that Fed relationship, is the big driver of it. Some people think, well, that means CXI doesn't have customers internationally. We do. Being in Miami, we have some clients in the Caribbean, Jamaica, certain islands that we have approved and are trading. Both CXI and Exchange Bank of Canada will continue to be very selective, because these are new geographies. They're very selectively expanding country by country. In each country, they select banks that we will approve. Sometimes we have not approved. We thought we were going to do business and we recognized the risk was too high, so it's not the right time for a customer. Very big. Those are the two areas that you could see continued significant growth. The payment business, though, is also huge. Here in Canada especially, we have developed foreign exchange relationships with corporations. Over 1,000 corporations now use Exchange Bank of Canada regularly. Some of them every week are doing transactions with us. That business will continue to grow. We are investing this year as well as next year into hiring more people, more relationship bankers, to grow that payment business. In the States, we're doing it through the APIs with that core systems where the banks can process their transaction. They don't have to leave their system. We've nicknamed it One Platform, One Provider. "Hey, bank, just use your one platform. We've already integrated into it, and we can be your one provider." That's called OPOP, and that in the States is very successful as well. Both Canada and CXI in the US are continuing to see great pipelines ahead for increased wire payments. Last is our consumer offering. With the failure of our larger competitor. We are very proud to say CXI is the largest non-bank foreign exchange currency exchange provider in the United States, and probably even here in Canada. This consumer offering is a very important element. It's a diversification because if all the banks consolidated down to four or five like they have in Canada, we could see ourselves losing some business. For us, we feel it's very important to have a direct-to-consumer channel that allows people to not have to go to their bank. Our stores are open in malls. Our online store is open 24/7. This is an alternative to dealing with your bank. Where's everybody's deposits? They're in the banks. This is a natural choice of, "Well, I'm just going to tell my bank get the currency." They get it through us. Some people say, "No, I want to go get it myself. I don't want to wait for the bank or pay anything at the bank." To expand, to see, to think that, well, this company's going to double and triple, we need to ensure that we have the infrastructure. These are the four revenue engines that's going to take our stock up and our business up because our earnings will continue to grow. We need this infrastructure. This is a year in 2023. I know I'm supposed to be talking about 2022, but where this is our looking forward, 2023 is our year. We are implementing a very good software system called Oracle's NetSuite. We're implementing an improved treasury management system called Kyriba. We are doing a thing called Alessa, which is to our compliance. We're automating our compliance functions even further. Our Miami facility was bursting at the seams. We will be moving our Miami office to a very well-built, what the landlord calls the safest building in Miami. A very good facility. I just was there last Friday on my return back from the Keys, where I got sunburned and caught lobster. I saw the facility. It's really exciting. Our Orlando office will be either moving or expanding. There's a lot of infrastructure work going on right now in L.A., Miami, Orlando, and even here in Toronto, where we are preparing ourselves for the next wave of growth. There will be some cost in that, but we are confident our profitability will still be very impressive. I already told you about OPOP, One Provider, One Platform. This will explain it. Again, this is our target market. This is very important to understand. We are looking at the medium-sized bank. The very large banks, like a Citibank or something, will not use us for a wire transaction. Now, that same type of bank would use us for cash, and that's our natural cross-sell. We have lots and lots of bank customers using us for currency exchange or check clearing. Now that we're integrated into their core system, it allows us to get additional FX from our existing customers. To onboard a big bank, a medium bank, or a small bank, it's all about the same work. That's why our focus. The medium ones have the demand, higher volume demand, but it's not as competitive. We would never be able to price a major top ten bank in foreign exchange. This is our sweet spot. We do have lots of these smaller banks. That's what got us started. It's not that we were not going to accept them, but our sales efforts are in this marketplace. Okay, this is about the global institutions. This is where we see huge growth because of this engine that we've got with the Federal Reserve. You're aware, things move slowly here in Canada, as you know. We are in continued talks with Bank of Canada. We have requested from Canada's central bank to have the same sort of relationship with the U.S. central bank, the Federal Reserve. We are intending to continue to expand country by country by country selectively. Each country needs board approval. Now, the board has given an overall approval to what's called a FATF country. FATF are the major world countries like Switzerland, Austria, Germany, Brazil, Mexico, the major long-standing. Non-FATF countries are smaller ones, but still pretty big, like Poland, the Czech Republic. Those are countries that would be in our radar. Down south, there's huge demand for dollars. Seeing up in Costa Rica, I know someone's going to Costa Rica, and we intend to hopefully do business in Costa Rica. Hope we have customer banks in the Dominican Republic, et cetera. Okay, this is our consumer focus. I'm going to talk about our reorganization if you haven't heard about it. Right now we have the Chief Operating Officer. Since we started this company and the old company before this company that worked with me was our Chief Operating Officer, ran everything. We focus now him on only this consumer direct channel, and we have three areas that we do. We have our own company stores in great key markets around the United States. We have an agent program, which has really taken off in this last year because of the closure of our competitor. We are now, this is a fact, we are the only provider of foreign exchange in all airports in North America, with the exception of Toronto Pearson Airport, where CIBC also has a desk. We don't do business with CIBC yet. Every other airport that has a currency exchange, we are facilitating the currency processing, either through our own branded locations. Like if you go into JFK Terminal 3, which is the Delta terminal, JFK Terminal 7, which is the British Airways terminal, you will see our brand. In areas like Miami, you would think would be our own, but it's not. It's been our long-standing customer, which has the exact same words as our name. Instead of Currency Exchange International, they're called International Currency Exchange, ICE. The CEO and I have known each other for probably 20 years. We have a great relationship. Our colors, we didn't choose to choose the same colors, but we even have the same colors. They were friendly. Between the ICE airport locations where we are a wholesaler, and our agent locations where we are the front line, we have a very unique position there. It's not just airports. We've always stayed away from airports. In fact, that's how we got this deal is JFK came to us and said, "Hey, our long-standing vendor is now out of business. We want a proposal." I told them, "We don't do airports." "We're JFK. We're one of the busiest airports in the country." "Well, thank you, and we know that. I recommend you call Coco over at ICE. They're great. We know those guys, and they are ready to take over your airport." "Well, we want another bid." I said, "Wait, no. If you want a bid from us, it has to be on these terms. We don't pay rent." What do you think they said? Mm. Hung up the phone. A month later, they called back and said, "Talk to us. What's your plan?" The idea was to do a three-way process relationship where the airport has the rent, the location, a local operator operates it using our software, our money, our brand, our oversight, our compliance, but we are three-way, and it's revenue share. No minimums. Guarantees. No, no. We are in this together. If you want a great year, and we have a great year, we're all going to be happy. If we have a pandemic, the operator's not going to go out of business because the rent killed them, like it did when your last vendor. They accepted that. It worked. True story, I got a call in October of last year, and the head guy said this was the most profitable year ever for JFK in foreign exchange last year. Now, for us, we were saying, "This is our busiest year, too." The difference wasn't the fact the volume was so high. The difference was they got a cut. They got a nice cut. Because volume was high, they got a ton of money. I told them, "Remember this in February when volume's lower, that you won't have as big of a check. But we're now all in this together, and we can ride the ride the nice times, and we can all feel the pain in the slower times." This is an example of our locations. We're in Minneapolis, JFK, Terminal 8. I said Terminal 7. This is a company store, and these are our agent stores. They're all pretty much the same. As you know, landlords have to approve the look and feel of each one. The beauty is, in this location and this location, CXI did not even pay for that booth. Okay? We started the agent program with the Duty Free Americas. Between the U.S. and Canada, you know there's 20-some-odd duty-free stores. All of those Duty Free Americas stores are using our software, our process, and so it's a great agent location. When this opportunity came, and I was successful in negotiating a good deal with these guys, that broke the ice, airport after airport started coming. Guess what? San Francisco International Airport still does not have a currency exchange. Now, they are the busiest international airport, more than JFK. There's still more to become, hopefully. Okay. Business Foreign Exchange, we are focused here in Canada on the small to medium-sized market. We're now just like at CXI. We're seeing that the mid-size corporations is that sweet spot. The really big ones, the Visa and all these types of companies, are taken care of well by the big banks. The small ones are definitely not taken care of. They say, "Go online, don't call me." The mid-size are maybe getting some service. We are high-focused, service-focused bank here, and we continue to focus on that marketplace of the small to medium sizes. Sorry. Thank you. That was going a little too fast. Our payment revenue, if you look at it, is 20%, and we're really excited to see that our payments are catching up to the cash. These are our focus here. Yes, we will look at acquisition as another way to boost our market penetration. Okay. Technology, I keep harping on it, but that is our secret sauce. My old boss, when I worked for Bank of Ireland, used to call it the Coca-Cola recipe, but it is basically the fact of why big banks, as large as a big bank in New York City, uses us exclusively is because of our system. The compliance, the ability to integrate, and all of that. Our online store is great. We have good cybersecurity, have a strong team. We have more IT people than we do in CXI sales team. People are the key. Let me tell you about the restructuring. I depend on my call. I thank Joanne again. I was a little resistant to a major change in the organization. However, now that it's done, it has proven to be very accurate and correct. The best way to grow this business to the next level was for us to assign good, strong leaders, what we are calling managing directors, of the three main areas of revenue. Right now, CXI has its wholesale bank relationships, and I'm proud to say that Wade Bracey, who's worked with me. The entire time of CXI, and he worked with me previously at the old business, is now managing director of CXI's wholesale division. I told you Matt Schillo, he was our COO of everything. He had, I think, too much on his plate, especially during this last year. He is now focused strictly on those three channels in consumer, our own stores, the agent stores, and the online store. Matt Schillo is our managing director of our consumer division. Back in the back, James Devenish is our Managing Director of Exchange Bank of Canada. With those people running their business, I have more time to focus on overall group strategy, new products, potential mergers and acquisitions, and really focus on growing this business to the next level. We have a lot of experienced people. Our management team, Tuna and I have worked together for almost 20 years. We have a long-standing relationship with all of our management and our board. We have people been on the board 11, 12 years. It's very happy to know that we have an experienced team together. There's our stock price. It goes up and down, as you know. This is an interesting statistic, 28% management owned. About half of all stock is owned by funds or investment brokers. Most of you are here, or some of you are here. Then we do have a smaller pool of retail investors. We want to be the preferred financial services provider of foreign exchange solutions tailored to our customers' needs. This is our strength. We are strong. Our balance sheet, thank God, we didn't dividend a bunch of money prior to the pandemic. We were able to bleed for two years before we had a boom year. Our technology is our biggest strength. The opportunities are huge, and we're going to continue to build scale and efficiency and improve our process so we can have more of that revenue fall to the bottom line. That's it. Now I'm going to happily answer any questions, clarify anything. I did want to start because the first question I'm going to ask for you, because I said it earlier, what the hell's going on with the U.S. banks? How does that affect you? Well, our risk office, our payment folks, our operations people have gone thoroughly through our banks. The report I saw today actually felt like we were about to loan money to some of our bank customers. We really went through their balance sheet to see if there's any losses that might cause them to panic, and we've identified that our risk in this situation is very low. There is a couple banks that were questionable, so we went ahead and lowered any intra-day trades because we trade during the day, and they're supposed to pay us by the end of the night, so we would be holding back. There's a couple banks we did tweak, but overall, so far, and it's a sad thing to say, but so far, the banking situation has been good for CXI because Signature Bank, who failed, was bought by Flagstar Bank, which is our customer. We didn't have the other bank, and now we got one. It could go the other way. I don't want to say, "Oh, there's no worry." Most importantly, I want to make sure you know that risk is top of mind. The preservation of our capital, this balance sheet, all of that, we want to see it keep growing. We don't want an unexpected loss due to this situation that's occurring right now. Our Chief Risk Officer, Dennis Winkle, is leading this oversight and has done a very good job utilizing all the people that are needing to be involved, like the frontline salespeople, like the wire processing people, the treasury. We will continue to monitor this. We promised the board of directors today we will be giving our Chair of the Risk Committee on the board a weekly report confirming that we're monitoring and still everything's in the same situation as now. I, as part of my monthly CEO report to the board, will continue to include that focus there. That's the answer to your first question. Now, I would like to have any other questions I may answer. Yes, sir. Yes. I'm surprised at the profit from 2021 to 2022. What made the profit drop so much higher? I know you're not an oil company, so... You meant from 2021 to 2022. Yes. During 2020 and 2021, we were losing money and everybody was locked down, especially in this country. When I had to travel here during the pandemic, I felt like I was going to jail. Not that I've had that experience, but it seemed like that. What happened in 2022 is, again, our competitor died, so there was less competition, and then the world was eagerly traveling. Interestingly enough to know is in 2022, including to this day, there's still COVID restrictions. If you are not a vaccinated Canadian, you're not allowed to come to America. Now, I'm not going to talk about politics. There's still opportunity for more international travel because of the restrictions. What happened in 2022 is most worlds stopped the restrictions, and everybody that's been wanting to travel started traveling. For us, it was overwhelming. I actually think we could have done better because we actually had backlogs, just like you all heard about how Pearson was all backed up and delays. Unfortunately, we actually were a bit delayed. I was in our Miami facility. We had no more room to put tellers to process the transactions, and we quickly huddled and said, "We're going to convert the conference room," because we had a nice conference room. Put in the cameras, put in the security. There we have another vault to handle. This year, we're prepared for hopefully, touch wood, nothing bad happens overseas, that we hope to have even a busier year. We don't know. Basically, it was just a rebound of the world reopening. Thank you. You're welcome. Good question. Yes, David. Can you talk about the competitive outlook for FX? Obviously, you mentioned TravelBank's failure and how the industry really snapped back as people are now kind of quantifying into a better environment. Are you seeing competition start to creep back in, or where are you worried about that potentially happening within your- I'm going to answer that in two because we have cash and payments. Payments is very competitive, it always has, and the new Fintechs of the world may still have that. I'll save that one for a second. On the cash, currently, we have not seen any competitor activity. In fact, we're seeing some of the other financial institutions retracting from it, where the largest processor in the world, Bank of America, has actually closed some smaller banks because they require a minimum revenue threshold per relationship. If you're a smaller bank and you only do a little bit of FX and you don't have a loan with Bank of America or whatever, they've actually closed the account and recommended us. We picked up two banks in the last six months from Bank of America closing them. We haven't seen it. Global Exchange out of Madrid, Spain is bidding on that San Francisco airport. I don't think our little monopoly of airports will stay forever. Although, guess what? Global has already reached out to us and said, "If we're in San Francisco, we want CXI to be our wholesaler." On the banknote side, luckily because I think a lot of people feel that banknotes is not an area where I want to invest and continue to grow, so the potential competitors have not come here. The largest U.K. currency exchange was just put up for sale, and so they're not expanding over here to do cash services. That's cash. On the payment side, we compete with everybody. We compete with banks, we compete with other money service businesses or other foreign exchange shops. Now the new competitor is this. That's the new competitor in the payments space. What insulates us is that we are a full-service specialty foreign exchange bank. I would think if you're wiring a quarter million dollars, if you want to buy your condo down in Florida, you're probably not going to do it on this. You're going to want to talk to your banker, get the best foreign exchange rate, and send it down. It is a very competitive market, so nothing's changed there. We don't know if the instant payments and the FedNow and all of this movement to instant payments situation is really going to eat at our business. Currently, we are continuing to see that the big banks are not giving the attention. They're forcing everybody online, which is what a lot of people don't want. We're there to take care of that for them. In the States, again, the market is just all about automation. As long as you're integrated, you have a straight-through process, a decent rate, good service, you can continue to grow. I don't think there's any major change in this competitive landscape from where we were to where we're going. I don't foresee any serious new entrant that said, "Oh, this company's coming to town. We better worry." That's a great question. Does that answer your question? Yeah. Can I just have one small follow-up? Sure. On the airport side, you mentioned the new model you've got, for example, JFK. You mentioned how JFK was happy about, I guess, the results in 2022. Does it feel like at some point the competitive dynamic changes and you have other Global Exchange that might be willing to bid under a more traditional model? Does it feel like the airports want to go back to that kind of fixed rent type of arrangement, or they're happy? I don't know the answer to that. Because again, the beauty of the revenue share is you expand and contract together, and at least for the JFK person, because he was the only one that called me, by the way. The other airports would say, "Hey, great." But he was the first one where we had the dialogue at the beginning, and so he called and said, "Hey, so far we're really happy." I gave him his warning about February and said, "There." I don't know the answer to that. It's a small industry globally of foreign exchange providers, and I've suggested to even our competitors that they, too, should not accept what airports used to always require, which is minimum guarantees. We could be closed, and you still got to pay me X per month. I believe all of those operators have understood that makes a lot of sense. I would like to think that this is the new model. With this work at home and all of this, all the landlords are reevaluating how they have and keep their tenants in place, and the revenue share is the fairest way for all parties involved. Yes, sir. You talked about your infrastructure growth, right? You need it, of course. Yes. Do you think you're ahead of, behind, or right on track from where your revenues are now versus where your infrastructure is right now? Ahead of what? You've got to put the infrastructure in place to grow the company. Right. We have an infrastructure, and what we're trying to do is improve the automation and business intelligence. Exactly. Are you ahead in terms of have you everything you need for the next? No, that's what we're doing right now. Do you think you're on track? We're on track. We are putting in the foundation to allow for our company to triple. Gerard’s here, he’s our CFO. He’s relatively new, but I'm so happy to have him on board. I don't know if you want to explain what your- You could see how much hair I've lost in the last five months. As Randolph stated, that whole article next week, optimization of the accounting system so we can actually start pulling out information like this. Then we've got integration between Kyriba, which is a treasury management system, and actually our accounting system, so we can API and interface with those two. The beauty of that is in our world, we also deal with 100+ banks. What Kyriba offers us is integration directly, SFTP, into those backbones of those banks. We can literally start putting daily transactions, flows on, I would say an overnight, but on a daily basis, pull that into the treasury management system, do our hedging, unhedging, balances, and then flow that straight into our accounting system. That doesn't help if you don't have the proper compliance in. That's where Alessa with AML can come to anywhere. Or Dana who's here somewhere, and Catherine. We can really put the safety and soundness of the bank, and then better intelligence and better information at our fingertips so Indy can actually make better, quicker decisions on the spot. That all takes time, as you can imagine. If you run a few million lines of GL transactions through and update that, and really focus a proper V8 engine, as I like to call it. We start putting turbos on it as we develop intelligence, and then He likes cars. To answer your question, this is the year that we are taking what has been working for us to the next level in terms of automation. We're actually looking at artificial intelligence, that there's another system we're looking at where in compliance, if there's a hit where a flag goes up and then human has to go in and say, "Oh, let me look at this. I looked at this and this and this, and okay, I think that flag went up wrong. The name was the same, but look at the birthday, it's wrong. That's the wrong date or something." And then you clear it. This system keeps track of that. After six months of activity, that it'll start spitting out saying, "These were hits that we've cleared for you," but it'll still, because then you may want to say, "Well, maybe I better look again." But it will pre-clear stuff and alert you to it, and then these are the new ones that we need a human to look into. But by putting in artificial intelligence into some of our processes will allow us to continue to scale and not keep having to add people. Because if you're seeing what you saw in this first quarter results, you're seeing the cost come up. But we had a big catch up. One, we had inflation, and to retain staff, if you haven't realized how tight the labor market is, it's extreme. We had to do a mid-year raise last year, and then at year-end we still had to do another raise. This is our building year. Now, again, we're not wanting to go red or anything like that, but the efficiency, how much falls to the bottom line this year, there'll be some extra non-recurring. We have consultants helping us with NetSuite, consultants helping us with Kyriba. We have consultants helping us with all this automation, with compliance, and there's a lot of investment. Then when we move our office to Miami, while the landlord's most likely going to pay a lot of the build out, we will still have to pay some cost into ensuring that our facilities themselves. Well, you heard about the system. We'll have the right facility that can handle the traffic, the physical traffic, because money actually comes in boxes. In some certain cases, they actually come in the crates with US dollars. We need the facility, we need the systems, but most importantly, and that's why I'm so excited, is we got the people now. Most of them. We need a few more helpers, but the managing directors are all in the right spot. I'm so happy to have Gerhard as our Group CFO, so happy that we all agreed that Alan is the Bank CFO because he was sitting in an interim status for a little bit. At the bank, we have the right team. As the group, we have the right team. We're putting in the right system. We're going to ensure we have the facilities so the next years ahead can really use those turbo boosters. Next year, we put another turbo on. Okay. Did that answer your question? Absolutely. Good question. Thank you. Yes, Chris. Hi, Randolph. My question is just on FX. Congratulations on building that relationship. Thank you. It sounds like that business is potentially a large opportunity, and you're taking a more sort of conservative and reasonable approach to risk and Moneycorp seems quite correct. Correct. I'm just trying to understand with that in mind, what the potential addressable market is and market share could be down the road? I think Moneycorp put down nearly a $50 million revenue business, and it's still growing. What's kind of the realistic- Well, a little bird at the big bank that's the world's largest one, told me just recently over a beer that the revenues from their wholesale banknote operations was about $400 million. That is the net revenue on that. That's the prize. If we can carve out 20% of that would be awesome. We are being very conservative. We're a young bank. We're only six years old. Both the board and our regulator are all, "What country are you going to?" We're not going into Africa anytime soon, where there's a lot of actual volume there, because Africa has all those tons of countries in Africa. They do a lot of cash. We know that that's a market where Moneycorp has been very successful making a good bit of money. We're not going there. Not now. Right now we're focused on Central and South America and the Eurozone. Where we're finding already interest and better margin is in the non-FATF Eurozone, places like Poland, like the Czech Republic, and Hungary. We have, because it's a FATF country, and I believe we've onboarded the Singapore bank, so they approached us. Again, right now, if you're a big bank, like I'm a monster bank in this country, Fed, I'm done dealing with Bank of America, I want to go direct. Sorry. There's a big process. It takes about 2 years to get your license in there. If you qualify, because they don't just give it out to anybody. You got to qualify, and then you can get your license. Here's a list of 3 banks that we recommend to consider. We won't tell you which one. You talk it out. We are right now on a referral sheet on the Fed. A Singapore bank approached us and our sales team. The sales manager's right back there, and compliance officer right behind him, that approved that after their due diligence. We will still be going. I've never been, but I want to join them. We're going to do our due diligence visit because all of our high volume customers, it's required that we do an on-site review to ensure every paper we got was really what it was. The non-FATF, the board, and management have agreed that we will go before we start doing business. In one of our visits, we thought we were taking a new country and a new customer in that country, and the due diligence visit said, "Not now." They were not ready for us, or we weren't ready for them, and so we passed. We are being extremely conservative. I know that didn't answer your question how big and how fast and all of that. We are going to take it country by country, customer by customer, because the preservation of capital, I said it before, is number one. Just as important as preservation of capital is preservation of our reputation and our relationship with our primary regulators. Fed is not a regulator to us. They're a bank. We do business with them. Because OSFI here in Canada, and then FinCEN, and our state regulators of each of the states are our regulators. We have a strong relationship, and we don't want to jeopardize that. We will preserve our capital, carefully grow. As we get more experience, as we have our systems in place, our improved systems in place, we can then turn on the next booster. Right now we will be taking it conservatively. You will see us. Maybe it's an easier way to answer it. You'll see us add about three countries this year. The board put in my goals that I should have two new countries, and I think I've already satisfied that. I got two or three more in the works. We're not going to do it. We're not going to underprice it. This isn't a race to the bottom with price. We want a fair price. I don't want to rip them off, but I want to give a fair price that we know is very profitable for us, fair for them, and country by country, customer by customer. I don't know if that helps answer your question, but that is the mindset of the board and I. Mm-hmm. Thank you. Oh, okay. I'm getting a time warning here. I didn't know we had one, but yes, sir. Can you talk about that due diligence process a little bit in terms of entering those countries? Sure. I've got the Chief Compliance Officer right behind me, so if I misspeak, she will stand up. Obviously, you want functioning banks with their functioning rule of law, et cetera. Moneycorp is citing, I think, 100% retention rate among their international payments customers. We haven't got started yet. Yeah. They might fudge that a little bit, but I'm curious. It seems like a sticky relationship once you have it. Do you have metrics like that to maybe touch on, or how are you guys thinking about, again, due diligencing and entering a new territory? Customer retention and due diligence are two different topics. Let me first answer what you said about the onboarding. FATF countries, which are mainly like Italy. I have an Italian passport, so personally, I want to see us get a bank like UniCredit or something like that in Italy because it's FATF. If our chief compliance officer gets the comfort, all those questionnaires, and all the review of all their documents. What is that? We look at the bank itself and their compliance program, the compliance officer. We do a full review of the bank and its compliance network. Because the biggest risk in our business is AML, money laundering. You know how many times, especially in Miami, we turn down customers? Because we don't want any dirty money. Okay? We will go through a thorough process to get them approved. I do know Moneycorp, they're not a bank. They are looser on that, and that's why they've been able to grow really fast. Their risk appetite is they're, again, a couple guys own the place, so they say, "Let's do it," and they do it. It's not like that in here at all. We will first agree, and management has to agree, and we don't always agree. We try to make sure we agree. Once we've agreed, then we present it to the board. The board doesn't say, "Okay, you can go grab it off, do whatever you want." The board is very thorough and will send it back and say, "Hey, you forgot about that. Check that. Maybe you didn't forget about that. I wanted you to look at this a little deeper." We have that process. If it's FATF, so if I get an Italian bank, we could start, but our rule is within six months, someone's got to go to Italy. Damn it, I'll have to go. One and sold. That's it. Non-FATF, which was a good thing we put in place because our first non-FATF country, we went and visited. We found out. We're happy we didn't do that first time trade. We chose at this time to pass, and we'll maybe circle back as they feel they can be better presentation to make us more comfortable, and the central bank may be able to provide some oversight or insight to getting us more comfortable, but we will do that. That's the compliance program. That's why it is a slower process, and Moneycorp is looser and hence they do it faster. Now, once you're starting to do business, when a better bank, in my opinion, a Canadian-based bank, comes and says, "Here's an offer," and money, price per price, they will likely want to have an additional relationship. Will they dump Moneycorp or Bank of America? No. There's a thing in banking called vendor concentration risk. Even here in Canada, most of the big banks only use one vendor, which is Bank of America. We are already having some of the banks talking to us about how we can be their backup vendor and get 20%-30% of it. Over time, we hope to flip it the other way, where we're getting the majority and their other vendor gets less. I don't think that 100% retention for Moneycorp, one, I don't know if it's true, but it ain't going to last because we're coming. Great. One quick follow-up. Sure. Yeah. You mentioned on the call too, software integration, potentially. Are those maybe more needle-moving, like Jack Henry, Fiserv, or how are you guys kind of, I guess, what shape might those take on, I guess, as we move forward? That's part of the OPOP strategy. When you say needle moving, it depends how far you're talking about the needle. Yes, we do anticipate that our payment growth, you've been seeing 50%-60% payment growth in revenues, and we feel that that's one catalyst to continue that type of growth rate. Obviously, when it's a small number, like CAD 8 million or CAD 10 million, it's easier to grow 50% versus our cash business is already CAD 50 million. To grow that another 50% is harder to do. Yes, the integrations we have done. In fact, we've already just completed another one. We have the integrations prioritized, and the one that we're currently working on, which is Finastra, will be a nice opportunity for us. I can't tell you, "Oh, we're going to get 5 banks." Because when you integrate with the core processors, doesn't mean you start. The bank still has to sign our contract. The integration is just the straight through process, the rail, if you will, the rails. You still have to go through that onboarding process, agree on the price and all of that. Once they're on their core and it's been approved, we're in their system, they could just click send through CXI. Did that answer your question? Yes, it did. Thank you. Okay. Yes. We're running low on time, I was told, but yeah. Hey, Yale. I have a couple. Okay. I'll try to be quick. I know I talk too much sometimes. First, I want to say thank you as a shareholder for many years. I appreciate your stewardship. Thank you. The board stewardship and the management team stewardship during a very tough time, especially with COVID. Some of the restrictions that you all had to deal with were obviously challenging, and even with the current environment. Thank you for that. That being said, on the retail company-owned stores, closed, I think, a few 12, probably 12. I can't remember the exact number. Yeah. My question is, what did we learn from those closings in terms of criteria for picking new ones? I know you've opened a couple in the last year, both in Boca and I think New Jersey, right? Correct. What is the financial characteristics that we're looking at so that those leases obviously can get expensive. What did we learn and how are we thinking about that? Then I've got another one. Okay. Real quick with the retail, very easy. The board and management have agreed that we are taking a more capital return focus, return on investment. It's not just the cash, because it's time to do any project and open a new store and so forth. Again, we don't like to give guidance, but we anticipate each of our stores should make about $100,000 profit after all the expenses are paid per store. What we learned was when we were going through this situation of which stores do we keep and which ones not, it started first with the rent. We told the landlords. Our largest landlord, Simon Property Group, accepted our offer, but we've cut rent in half. We said, "We're bleeding. We either got to close and we're going to write you a check to just get the hell out of here and save the payroll and all of that, or here's our plan to get back to where you want your rent to be, is we have this four-year plan. We're cutting rent in half, and we're going to go up by $500 every six months," and we had this escalating scale to go up. In new stores, I've been doing this now for 32, 33 years at least, and so I know where the good spots are. With the ex Travelex locations, we were able to cherry pick. The best one has been the South Coast Plaza in Orange County, California. We opened, and within a week, we were already profitable. We are selective in that. Now that Matt is no longer doing everything operationally, he's very focused. He's done a very good job doing that. Our learning is to only choose places that you know you can have a good return that meets our capital threshold. We are really pushing for more variable rent than fixed rents. We'll only go in with low rents. Right now we're looking at a store in Philadelphia, a big mega mall up in Philadelphia. Travelex was there for 20-odd years. I believe it's Simon Property Group, I think. They know our thing, but Simon's the mothership. The local management will tell you this. We're still in that stage where local management says, "Oh, we want our $7,000 a month." We said, "No, we only start at $3,000," or whatever. That's probably more detail you need, but that's our pipeline process around it. Minimum, we've got to make that, and then we want a low rate and escalate up to earn our business. Yep. The next one has to do with the agent relationships. Yeah. You discussed them strategically varying the situations with AAA and Duty Free. I think you got about 125 AAA. The question is, it seems to me that there's other low penetration rates relative to those, the size of the opportunity. What kind of onboarding can we expect to look at each year of those agents, and potentially others? That's why we're expanding our licensing. AAA is a nationwide club. Certain states, we don't have the license yet. You will see a lot. AAA is a very decentralized model. We have only got maybe 30% of the total potential revenue out of AAA. You've picked up on a very accurate thing. That's another area that you're going to see growth continuing. We're licensed in some states, but just getting through the process of getting them up and running has been slower because of them. The new states as well. That is a continued growth area. We do see that AAA is a great agent relationship. Duty Free has another potential. We're trying to finally get them to wake up on the southern border. All the duty frees between Mexico and the U.S. don't do currency exchange right now. It's the same company, but during the pandemic, they were hurt worse than us, because they had those big stores. They're finally coming back to life, so to speak, if you will. I mean, they're still alive, but they're finally getting back management that could say, "Okay, I can do a new project. It's imminent, but you have to obviously work with Duty Free, and you want to open those stores, but the restriction's on their end, not yours. Yeah, it's not a restriction, it's just they're handicapped with trying to just get back their normal business going like it normally does. Adding the currency service is less important than the cores promotion that they're going to be doing or something like that. How do you see the southern border? If you indulge me for a second, how do you see that playing out over the next year? How long will it take for me to get those? Or you don't know anything. It's up to them. We're not paying rent or payroll. These are their people, their locations, and so we are at their mercy. The sales manager is a lady down in Florida that manages that relationship. Duty Free Americas, I don't know if you knew, is based in Hollywood, Florida. She's been down there just recently, just a couple of weeks ago. She's pushing them. It's just they have a million priorities. We're also, just so you're aware, we realize that there's a lot of FX with Duty Free Americas because they're an American company, but all their northern stores, all the northern ones, they sell so much Labatt's beer. True story. They've been having to do foreign exchange with their bank and not us, and we're in the process of trying to get them onboarded for their wire system, for doing wires. We have hungry salespeople. If you notice in the annual information circular, you could see some of them are making more than me, and I love it because the more they make, the more we make. Thank you. Thank you, Yale. Let's take one more, otherwise we're never going to get to eat that cheese or whatever we got back there. Any more questions or On the phone? On the phone, you said? Nothing on the phone or online. Okay, no one's submitted. Last chance, and then we're going to socialize so we can talk more one-on-one. I thank you again for coming. I thank you for your support and being a shareholder, and we're always available to answer your questions if we're allowed. Thank you.