Good afternoon, everyone, and thanks for joining us for the presentation and Q&A with Freightos. Freightos is modernizing shipping using online platforms. I'm very excited to have the company's CEO, Zvi Schreiber, here with us. Zvi is going to go through probably about 15 minutes or so of slides for there are plenty of folks, I'm sure, who are not familiar with the story. We're going to dig into Q&A. If you do have questions, there's a link down below. You can put the question in and I can ask it, or you can email me at jason.helstein@opco.com. With that, Zvi, thank you.
Jason, thanks for having me. Great to be at your event. It was Oppenheimer. It took us public two and a half years ago, and we've had a great relationship ever since. Great to be here. Let me give you a little bit of background on Freightos and then a brief presentation. I got into this. I'm a software guy, PhD in computer science, software entrepreneur. I knew nothing about shipping till 2010. For two years, I was CEO of an electronics company called Lightech. We were manufacturing power supplies for lighting in China mostly and in Asia. We were shipping every day by air and by ocean from China to the U.S., from China to Europe. For two years, I sold that company to GE in 2011.
During those two years, I learned as a customer of this industry, I was kind of shocked to discover what an old-fashioned industry it is. I kind of assumed that if I want to ship a container from Shanghai to Paris, it would be like booking a flight from Shanghai to Paris. I was looking for the website where I could compare prices and book, and it didn't exist then. Believe it or not, still today, a decade and a half later, it's still the norm that freight is booked in a very manual way. We've started to change it. I'm going to tell you about that. I just got so excited. I said, wow, this is such a big opportunity to digitalize one of the last big industries that hasn't gone through a digital revolution. Retail has been online for 25 years.
Passenger travel has been online for 20, 25 years. Banking has been online for a couple of decades. Here's a big industry that certainly when I started Freightos, but till today is largely offline, creating a very big opportunity. That was the background. Let's dive in. Disclaimer, disclaimer! If you have to think about it in one sentence, we want to be like Booking.com or Expedia for global freight. A very large industry. As you know, when you buy a product in a store in America or in Europe, 90% of the products are imported. 90%. This is a very big part of how the world economy works, is that goods get shipped from country to country. Obviously, it's been in the news with tariffs, et cetera, just in case you need a reminder. This is a huge part and will remain a huge part of the world economy.
The cost of the amount of money spent shipping goods across borders each year, I mean, it varies. It's volatile, but a good estimate is $600 billion. It's a very large industry. We took on the task of digitalizing it, becoming the digital platform for that industry. We've made some good progress. We're certainly the leaders in doing that. It's still a long way to go, but we've been growing the transactions every quarter. You can see we announced we haven't announced our financials for Q2, but we announced our KPIs for Q2. The first KPI we publish every quarter is the number of transactions. If you're a marketplace or a platform, there's nothing more important than the liquidity. Of course, revenue is important. Profit is important. Those will follow. The most important thing is to be a liquid marketplace.
The first thing we look at each quarter is the transactions. As you can see, those have been growing strongly every single quarter. Just to give you a little bit of a taste for this network that we've built around our platform, we've got 13,000 importers and exporters, or shippers as we call them, 4,000 freight forwarders. Freight forwarders are the companies who arrange the shipping. 75 carriers, mostly airlines, but starting to make progress with ocean liners as well, who ship containers. You've got some logos here of some of the key customers that we have across airlines, logistics companies, importers, and exporters, really some of the biggest companies in the world. FedEx and Qatar Airways Cargo are also strategic investors of ours, Qatar being the largest cargo airline in the world. A very important partner for us. In terms of financials, the story is simple.
We're not yet profitable, but we've got a very clear path to get there. We've got plenty of cash to get there. The idea is simple. We grow the revenue every single quarter. We make a high profit margin on a non-IFRS, non-GAAP basis. It's about 74%, and it keeps going up. The revenue is growing fast. The gross profit is growing even faster because the margin creeps up. The operating expenses stay more or less flat. That's our commitment to keep our operating expenses more or less flat. If we keep growing, then at some point around the fourth quarter of 2026, those lines will cross, and we will be turning a net profit. We have plenty of cash in the bank to get there. Let me tell you a little bit about the market.
This is the minimum that you need to know about our industry without trying to get into any details. You've got the actual carriers, the ocean liners who ship the containers, the airlines who ship air cargo, trucking as well. We're not in the trucking market in general because that's sort of a separate adjacent industry, which has its own marketplaces. We're very interested in trucking when it's part of an international shipment. If that truck is going to and from an airport, to and from a seaport, then that's part of our wheelhouse. You've got the freight forwarders, and that's a big industry. There are 100,000 freight forwarders in the world. The biggest freight forwarders do $20 billion, $30 billion a year. You've got a long tail of 100,000 smaller ones. Most transactions, you can think of them like travel agents, but it's more complicated than travel agents.
If you buy an airline ticket from a travel agent, you walk yourself on the plane, you walk yourself off the plane, you might as well go direct to the airline in some cases. Cargo, you need to take care of it. It doesn't do that. It doesn't walk itself on the plane. Somebody needs to get it to the airport and from the airport and through the customs brokerage. It's more complicated. Freight forwarders have an important role to play. Believe it or not, most international shipments will have two freight forwarders involved, one at the origin, one at the destination. Sometimes you'll have even three or four intermediaries, various master loaders. You've got the actual importers and exporters, and there are millions of those.
These arrows represent the fact that certainly when I started Freightos, but till today in most cases, every single transaction involves emails and phone calls between the carriers and the freight forwarders, between the freight forwarders and the freight forwarders, between the freight forwarders and the shippers. That's how this industry works. As a result, still today, often you're waiting two to three days for a price quote. There are huge spreads between the different price quotes. The price quotes are non-binding anyway. They're always subject to change. There's underutilization. There's time wasted. There's global emissions wasted. Everything you'd expect from a big traditional industry which hasn't gone through, or to a very limited extent has gone through, digitalization. Maybe just one more slide at a very high level, then I'll get into a little more detail.
I like to think of us as being leaders in the third wave of e-commerce. The first decade of this century, even starting a little bit in the last century, was B2C e-commerce. You had airlines going online. You had stores going online. You had Amazon. The biggest winners, Amazon themselves pivoted from being a retailer to being primarily a marketplace. Most of their transactions now, they're not actually the retailer. Booking.com became worth, you know, I believe they're worth more than Marriott or Southwest Airlines. As a platform, they became worth more than any one of the digital players who were selling online. Same with Shopify. Uber became worth more than all the taxi companies. Being a platform, a neutral platform, was really the biggest strategy, the biggest wins in B2C. The second decade, we had B2B. There were many specific companies who did a good job selling online.
Dell is one of the famous ones. Some of the biggest winners were actually the platforms. Now in this decade, finally, the more complicated area of international global business-to-business is going online. You have specific freight forwarders who are selling online. You have specific companies who are selling online. We think the opportunity is wide open, and we think we're already positioning ourselves in pole position to be the platform for international global business-to-business e-commerce. That's a very exciting position to be. If you do take an interest in Freightos, I hope you do, you'll see that there's a little a couple of layers to our business. I like to say, by analogy to the travel industry, probably most of you are familiar with Booking.com and Expedia. Some of you will also be familiar with Amadeus and Sabre. Those companies go right back, Amadeus, to the 1980s, Sabre even further.
If you're not familiar with them, search your inbox. You'll find that many times when you buy an airline ticket, it's actually till today issued by these two companies. You'll see that in the small print. What happened in passenger travel is Sabre and Amadeus created the piping, the digital piping, already decades ago. When Booking.com and Expedia and the like got started, they just connected to Sabre and Amadeus, and they had all the supply. In our industry, there never was a Sabre or an Amadeus. We actually had to do both. For historic reasons, we call our sort of back-end platform WebCargo by Freightos because part of that we acquired, a company called WebCargo. That's what connects the freight forwarders to the carriers. It's pretty parallel to Amadeus and Sabre. Freightos is our public marketplace, which you can try out.
It's a public site, which is more in some ways parallel to Booking.com or Expedia. We actually own both tiers. We've got the sort of the Amadeus and the Booking.com all in one company. That's part of why it took us some years and some capital to build all of this, because we had to build all of the back ends of the platform as well as the front end. It does mean that as a result, we have an even bigger opportunity and even bigger barriers to competition. If you want to compete with Booking.com, I don't recommend that. If you do, you can go and connect to Amadeus and Sabre, and you've got most of the supply. You may have other challenges, but the supply is there. If you want to compete with Freightos, it's a hell of a lot harder because we own the back end.
You can't just go and connect to WebCargo by Freightos because we own that as well. We've really created a very strategic footprint where we have the back-end marketplace. We've got the front-end marketplace. We still remain a completely neutral platform. We're not a freight forwarder. We're not a carrier. We're not an importer or exporter. We work with all of the parties in the industry. A little bit like Sabre and Amadeus, we don't just provide a platform, but we provide software tools and data to the parties. In fact, as of today, what we call solutions. Our revenue is in two segments: platform, which is transactional revenue, and solutions, which is subscriptions mainly. Software subscriptions and also an increasing part of data subscriptions. That complements very nicely what we do on the platform. The platform and solutions go to the same customer. Freight forwarders use our solutions.
They use our software, and they use our data to help them buy on WebCargo and help them sell on Freightos. It all works very nicely together. Amadeus and Sabre did something similar. They provide software to travel agencies in some cases because they want the travel agents to be sophisticated so that they can then connect to the platform. We have the same, I think, winning strategy where we have the platform and the solutions all working together. What is the product? Here's the growth again, but I'll just go quickly. Our star performer is the air. We've made a lot more progress in air than ocean, but we're working hard to catch up on ocean as well. In air, this is kind of our most popular screen. It's called the air matrix, where you can see all of the airlines and all of the days.
You can see, you know, in passenger, we've had this for 20 years, but in air cargo, this is a real revolution. It's really changed the industry. We started this around 2020, 2021. We were doing, I don't know, maybe dozens of transactions a day. Now we do many thousands of transactions a day, well over a million transactions a year on this screen right here. This is really one of our star performers, digitizing air cargo. We take that. That's sort of like the Amadeus, where you get just the raw sort of air cargo rates. We take that and we wrap it in a marketplace, which is sort of our flagship, freightos.com, where we give a full service to the importer and exporter.
You've got the air cargo, you've got the ocean, you've got the first mile, you've got the last mile, you've got the insurance, you've got the customs brokerage. We pull it all together to give a full price quote, instant price quote, door to door. On the second screenshot down here, you can see that we're able to manage the shipments, manage the paperwork, payments, and all of that. Coming out of that, one of the fun things we sort of discovered three or four years ago is that because we're the biggest, certainly the biggest platform for air cargo and also leaders, and it's still quite small, but leaders in ocean and do some trucking. We've just got a lot of fantastic data coming out of that. We started creating indexes and other benchmarks. We have Freightos Terminal.
It's like a Bloomberg terminal for freight, where you can get air spot rates, air contract rates, ocean spot rates, ocean contract rates, news events. This is a smaller but growing revenue stream for us, selling our data to importers and exporters, to freight forwarders, to carriers in a couple of cases. One of the fun things coming out of this is that our ocean index is called FBX, Freightos Baltic Index. It's the most quoted index in the press for what is the price of shipping a container. You can actually trade it now. You can trade it both on CME in Chicago and SGX in Singapore, the two worlds. It's still small volumes, but it's potential growth for us because we get a commission every time someone buys and sells a futures contract on our FBX index.
Data is a small but very high margin, fast-growing part of our business as well. We're pulling together what we offer to enterprise shippers and all those big retailers, big manufacturing companies. We work with some of the sort of big brands that you know. We're pulling together really three parts of it. One, we actually acquired a year ago a company called Shipsta, which is now called Freightos Procure. They provide software for all of the tendering, so the long-term contracts. We've got our Rate Book and Manage, which is the spot. We've got Terminal, which is the data. All of that has come together in our enterprise shipper suite. I think one of the exciting things is we've got a comprehensive portfolio. We deal with all the parties in the industry, with the carriers, with the freight forwarders, with the shippers.
We're putting it all together to really, I believe, digitalize this huge industry. I'm going to pause there. You can download this presentation from freightos.com/investors. It's got some more detail on our customer base. There's some more detail on our retention. Of course, there's financial results and some analysis of that. I'm not going to go through that now. All of that's available on our website. I prefer to keep some time to have a chat with Jason. Great.
I'll turn off the slides now in a few seconds. Jason, we can have a chat about this.
Sure. If anyone has a question, feel free to put it in the chat. Just to sort of highlight, I think, because you haven't reported the quarter yet, but for those tracking, you came in about four points ahead on the number of transactions. It grew 26%. Booking per transaction grew 24%. I think that was something like 8% above what we were looking for. Gross booking value in the quarter was up 56%, which I think was like 13% better than we were looking for. It sounded like a very healthy quarter. Maybe that's a good segue. How much of the strength you're seeing is just being driven by some of the kind of geopolitical events that are affecting shipping now, whether it's war, tariffs, relative to if none of that was happening, what would the business be doing?
It's hard to separate it exactly. What I can say, it's a fair question, Jason. What I can say is that most of the growth is fundamental secular growth. We've grown every single quarter for years in terms of the number of transactions, in terms of revenue also. Most of that is fundamental growth because there's a big trend here that the industry is digitalizing. I wish it was digitalizing even quicker, but there's a clear trend of digitalization, and we're leaders in that. Most of the growth is fundamental and long term. You've seen that because in the last few years, we had COVID. We had the backlash after COVID, and rates dropped, and volumes dropped. We've grown through all of that. I can say with confidence that if you saw KPI growth in Q2, most of that was the long-term secular growth.
There was some impact of short-term things because of tariffs. Tariffs can be a slight tailwind, actually, for our platform business because people are looking for alternatives, or they quickly want to send stuff by air before a tariff comes in. That's probably going to settle down now because a lot of the tariffs are now being sort of fixed in agreements, a lot higher than most people would want, but at least they're fixed. A lot of the uncertainty is going away. That's sort of good for the industry, even better for everyone if the tariffs were lower, but at least they're fixed. That's settling down now. I think our platform business got a bit of a tailwind from the tariffs. I think our solutions business, subscriptions, got a bit of a headwind because customers are nervous to sign big subscription agreements when there's so much uncertainty.
Probably a bit of a headwind on the solutions and the subscription side. Neither of those are big, neither of those are significant, big impacts. The biggest impact is that this industry is digitalizing, and we hope and expect that that will carry on for years to come.
I mean, you've been growing basically, you know, if we look at platform revenue, you know, it's been growing, you know, call it 20+ , you know, numerous quarters. You haven't reported this quarter, but I think it'll probably be better than that. At the same time, you know, I think you've talked about how transformational, like you think AI is in generally in the tech sector. For a company that is not yet kind of profitable, I'm sure you're minding expenses versus, you know, the ability to grow revenue. As you bring more AI into the business, do you think that unlocks, you know, efficiency to allow you to potentially grow faster?
Yeah. AI is very significant for two reasons. Internally, I'm pushing AI usage very hard and showing the way I use AI a lot, obviously. We're starting to see efficiency. I don't think it has a big impact on our sort of OpEx yet, but we're starting to see some efficiency in development and other areas. As we get towards next, it does take time. You think that everyone's going to adopt these tools quickly. Even in a relatively young company like ours, it does take time. We're seeing progress. We see every day here more cases where people are putting it to good use. I do think that will be a significant driver of efficiency going into 2026.
Even more importantly, as we're starting to bake AI into our products, we have a very exciting product, still quite new, but a very exciting product helping airlines to set their prices more dynamically. The key there is that it's really marrying AI with our own unique data asset. We've got millions of history of millions of transactions. We use ChatGPT, so our competitors can use ChatGPT just the same as us. It's important for our efficiency, but we're not unique. Everyone's tried to use ChatGPT or Claude for internal efficiencies. What we can do with AI on the product side, marrying it with the unique data we have, which in many ways is data that no one else has, then we can actually create and train a specific AI, not just using a generic large language model, but training a specific AI.
That can create some very interesting value for our customers, which I think is very hard for others to replicate because they don't have the same data set that we have.
To that point, your solutions business right now is roughly 2x the platform business. We've talked in the past, I think you've always said that platforms should be bigger long term. I think in our model, though, we don't, it's a pretty far out ways to get there just because solutions are still growing quite fast. I guess when you're thinking about your ability to push on a string, which is really what you're trying to do, right? How do you think about what are the levers you can use to grow the platform and business faster?
Yeah, I think there's one very clear lever which we don't completely control, but almost all our platform transactions are air. By far, the majority of those transactions are air cargo. The industry, you know, most goods, when you buy goods in a store in the United States, and still, you know, tariffs or no tariffs, 90% of those are imported, right? When you buy those products, most of them came in a container on a ship, not on an airplane. Ocean is the bigger market, but it's been very slow to digitalize. We're seeing signs that the ocean liners are finally ready to, we've already got two or three ocean liners, two or three big ones who've given us an API digital connection.
As ocean finally digitalizes, that's going to be a huge opportunity for us to hopefully replicate, but even more than we ever did in air, we should be able to do in ocean. That's one big one, which I hope will kick in by, you know, during next, maybe as a pilot phase this year, but I hope it will really kick in next year. Even in air, there's still a lot of potential. We've seen decent growth rates, you know, good growth rates. When you look at other marketplaces, they get to a point, you know, where there's a hockey stick and there's a real inflection point. I'm still hopeful that, you know, I think hopefully solutions will continue growing at whatever it is, 15%, 20% a year or so.
A platform could and should at some point, both because of ocean, but also just because of industry adoption, should actually kick into a higher gear. At that point, it will eclipse.
To that point, I mean, how do you, I think a lot of consumers are obviously familiar with the marketplaces they use, right? Whether it's like Uber or Airbnb, and they generally know the first time they used it, it was like a free ride or like no commission on the stay. What are the tools that you use to get customers to use your platform? Is it kind of no fees? Is there an adoption of a prior? What are the techniques that you ultimately use to drive adoption by customers?
Yeah, I mean, that's right. It's all of the above. We made an aggressive decision when we started the air bookings that it would be free for freight forwarders, and we only charge the airlines. Several other marketplaces take that strategy of only charging the seller. It's easier to charge the seller because the seller's getting revenue. Every time you bring them a booking, they're getting a booking on the airplane. They're willing to pay you something for that. They don't like paying a lot, but they're certainly willing to put it generally when you pay something for that because they're getting revenue. It's completely free for the freight forwarders. Now, about half the freight forwarders buy software from us, some of them buy data from us. We're still making money from the freight forwarders.
The basic functionality of booking a transaction on our platform is free for the freight forwarders. That was an important aggressive decision that we made, which helped us to go fast. Of course, we keep adding features. We've got payments. We've got interlines where you can actually combine like code share. You can combine airlines. We keep adding enhancements. The most important growth is just the marketplace dynamic, that the more buyers you have, more freight forwarders we have, the more the airlines need to be there to fill their planes. The more airlines you have, the more it's the best place for freight forwarders to find capacity. The most important growth engine is just the marketplace dynamic, you know, that buyers attract sellers and sellers attract buyers. That's the most important thing.
We keep trying to add fuel to the fire and add new features and add new types of capacity. Still, that's just gravy. The key thing is just marketplace. Marketplaces have a growth dynamic of their own.
I mean, is this an industry where partnerships can stimulate more adoption?
A little bit. Partnerships are a small part of our success so far. One area where we've had some success in partnerships is partnering with other software companies, particularly transportation management systems. People who sell freight forwarders, like, you know, sort of their logistics software, like an ERP for freight forwarders. It's typically called the TMS, Transportation Management System. We've had some success partnering with those guys and saying, OK, you provide the operational, so the back office of the freight forwarders, we provide the pricing and booking, and those can work together. We've had some success with that. We've had some channels for selling data subscriptions, but still well over 90% of our sales are direct.
Got it. You talked about with the current capital structure and the current outlook that you're on a path to positive EBITDA by the fourth quarter of next year. EBITDA converts pretty high to free cash, so free cash kind of follows not too far after that. Given that that's not too far away from now, what other kind of strategic things are you thinking about? Have you thought about potentially M&A, whether that's companies comparable to your size and could be an equity transaction as opposed to conserving your cash? What are you thinking strategically beyond the day-to-day of the running of the business?
Yeah, I mean, M&A is always there as an option. We've done several small acquisitions, mostly opportunistically, when there was an opportunity to buy a startup or a small company at a good price, which was strategic for us. We've done that 4x or 5x now successfully. It is more opportunistic. We're not dependent on any M&A. You know, we want to preserve our cash. As you said, it would have to be a stock deal, probably, unless it's very small. It would have to be opportunistic in the sense that we're not, you know, we're value buyers, if anything. We don't need it. The M&A we've done in the past has been a good accelerant, but it's not been critical to our strategy, and it's not critical to our strategy going forward.
The two areas which are very interesting, I sort of referenced one of them before, which is ocean liners. The ocean liners are finally realizing that it's time to sell digitally. That could be a huge opportunity for us and for our customers, because our customers, you know, they ship air and ocean, but mostly ocean. It's not even us. It's our customers pushing for that. The other area which is very interesting is, you know, I mentioned before that we've got our sort of WebCargo and our Freightos. Freightos has not been something we've been growing very much because that's our marketplace for the small importers and exporters. Really growing that, it's kind of the biggest opportunity. If you can really aggregate millions of small importers and exporters, the take rate there is good. That's actually our biggest opportunity.
It takes quite a bit of capital to grow that because that's a bigger universe. There aren't that many airlines in the world. There's not that many freight forwarders. There's thousands. When it comes to importers and exporters, there's millions. It takes more capital to go and find them all. We haven't really focused on growing that because the market's been very focused on get to break even and make sure you're fully funded, which we are. As we go to break even and maybe we get to the point where we can start investing more cash, that's still a huge opportunity that we're in. We're all set because we have the freightos.com marketplace working.
Is that a Salesforce type effort, or is it really, you get lists, you email them, and then offer them promotions to try the product?
Yeah, it is. I mean, because we do it today, it's almost exclusively digital. In some cases, if you've got a slightly bigger shipper or someone who's shipping every day, maybe you give them a phone call. Definitely not direct sales, but it's mostly digital, you know, Google Ads, content. We get a lot of just earned traffic by putting out good content. If you search many different terms, Freightos often comes up high, or even in AI. Nowadays, you have to look at AI optimization as much as Google search. If you go to ChatGPT or Claude and ask it, who's the best international freight marketplace, then often we come up top there. It's primarily digital with maybe a follow-up with a phone call for the bigger shippers.
Got it. I mean, let's talk about like the stock now trades about 90,000 shares a day on average, or about $250,000 in value. I think that's a pretty nice increase from what was happening a year ago. We kind of talked about that for a while. I mean, is there anything you see that you could do to further increase the float? Yeah, any thoughts?
Yeah, I mean, I do presentations like this. Hopefully, some of the people in the audience will go and buy a few shares, and that will help the float, of course. Like you say, it's trending well. We were averaging like 20,000 shares a day a year ago. Now it's four times that or so. Still not the most liquid share in the world, to be sure, but it's trending nicely. I hope, you know, I'm a big believer that just keep telling the story, keep performing quarter after quarter, and the liquidity will follow, hopefully.
Last question, unless someone else wants to put one in the chat, De Minimis. We kind of was kicking the can down the road a little bit now, you know, now, you know, with basically De Minimis exemption going away for pretty much almost everything, how do you see that impacting the business? You could tie that back to your comment about these smaller sellers.
Yeah, no, that's actually net positive for us. For those who don't know, the De Minimis exemption meant that until very recently, until a few days ago, basically, if you imported a package worth less than $800, like it could be an envelope from Temu or Shein or AliExpress or any other thing, anything you brought into the U.S. which was worth less than $800, you didn't have to pay any duties. That exemption is, as Jason said, largely gone away. Now whatever you bring into the U.S. is subject to duties. It's not just the duties, and the duties have gone up in many cases, as you see in the news. You may be paying 20%, 30% of the value, in some cases more, but also the paperwork. We actually benefit, A, because we own a digital customs broker called Clearit. We actually get some more business from that.
More importantly, these small e-commerce parcels weren't coming. Temu or Shein, who are the most famous players in that space, they charter an airplane and fill it with little envelopes. We weren't seeing that business. In fact, they were taking up a lot of capacity, which wasn't available on our platform. We were never doing much business from De Minimis because it didn't need a customs broker, and it didn't come by traditional air cargo or ocean. It came on these charter planes in most cases. We believe that now with De M inimis being canceled, first of all, it's more business for customs brokers. More importantly, it will free up some air cargo in Asia to be sold on our platform.
One of the issues we had is we couldn't get any, sometimes there was like no spot capacity in Asia because it was all full of little envelopes for Shein. That's going to stop now or reduce greatly. I think it's actually, as it happens, a net positive for us.
Great. I think we're going to stop there unless anyone has any questions, which I am not seeing right now. Zvi, thank you very much for your time. Anyone, if you kind of have any follow-up questions, feel free to reach out, and we're happy to connect you to the company. Have a great day, everybody.
Thanks, Jason. Thanks, everyone.