Nuvei Corporation

weren't able to do in the past because we were reliant on a third party. Improved settlement time as an example, speed of reporting allows us to do things quicker and to implement things quicker for our customers. So there's a lot of, I'd say, intangible or non-quantifiable benefits more than just the cost savings that it drives from an insourcing perspective. And then if you think about on the OpEx side, we have a great platform, we have the people There's certainly always enhancements that we make, but we feel really good about where our optics is today, where the margins are today, and we think we can expand from here. The other area on SG&A we've pointed out in the past is on share-based compensation. That continues to decrease as a percentage of revenue, and that is a large item. The other area I'd point out is commissions. If you think about our channel distribution, and you think about the global commerce channel in specific, and that's being the highest growth channel, you know, most of the commissions are driven by our B2B gov ISV channel. And so as the global commerce channel grows, again, commission as a total percentage of revenue also has some opportunities there. And there's many, many specific cost initiatives that we have internally that both affect the gross margin as well as OpEx. And similarly to how we're driving new implementations that Phil talked about earlier, we have a similar cadence with respect to costs. And we have a regular cadence internally with a Tiger team as well, where we're driving through a lot of the initiatives that we identify. And the fact is, we keep identifying more as we kind of go down and hit the larger items and the lower hanging fruit. There's still more that we see. So we're driving margins as we go forward.

Thanks, guys.

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