Samuel Jonas: Thank you.
Marcelo Fischer: Thank you.
Operator: Next question comes from Daniel Koch. Please announce your affiliation then pose your question.
Daniel Koch: This is Daniel from Alta Fox. Thanks for taking the question. I agree with David that you probably just set a record on the quickest prepared remarks. Had a quick one about net2phone. Pleased to see the net2phone ARPU up year-over-year despite what I thought was some mix headwinds from international markets. Can you shed some light on where the growth specifically is coming from? And are places like Latin America still showing pretty elevated pace of growth? Or is that kind of slowed at this point?
Samuel Jonas: I mean I think €“ I mean you could see even from my short remarks today that we grew stronger in Latin America than we did in the U.S. So I mean that is definitely a big part of our growth strategy going forward is focusing on those markets. But Marcelo has some stuff to add.
Marcelo Fischer: Yes. Hi, Dan. So I mean South America is growing very fast, in some markets like Mexico, Colombia, Brazil continue to grow very fast. Chile faster than the U.S. So the growth is good and strong, and we don’t see it decelerating at all. And we also have, as Samuel mentioned earlier, the higher ARPU growth now happening also from the CCAS side, right? When we acquired Integra, our CCAS player in Uruguay, March of last year, I think they had 5,500 seats at a time. So now we ended January with 9,000 seats. So in 11 months, we grew those seats by about 35% and putting more investment behind them, so they could go faster. So, all of those areas are bringing the growth to net2phone.
Daniel Koch: Got it. Thanks for that Marcelo. One more quick one for me. I think you all might have one of the fastest growing money transfer businesses in the market now. The growth there is incredibly impressive. Can you all just shed a little bit more light on what’s the underlying driver there and how sustainable these growth rates are going forward?
Samuel Jonas: I mean, listen, I think that we are giving our customers were value. I mean that’s the number one thing that I think is driving our growth. And I think that’s both on the retail side as well as on the direct-to-consumer side. Again, we spend a lot less money than some of the big companies in the space. And we try to be, I mean, very, very responsible when it comes to acquiring customers at a reasonable price. And that’s both on the retail side as well as on the direct-to-consumer side. Like we are not going to go into a store and lose money, and we’re not going to go after quadrants of customers that we’re going to lose money. So we’re very disciplined about that. But by the same token, like we don’t look to make the last dollar off of every transaction, we look to make sure that we have a very, very strong base of customers that comes back to us multiple times a month and recommend their friends.
And that’s been a big part of our success, and we’re always tweaking things on the edge. This past quarter, we started marketing our neo bank service to our customers, which we think is a big plus we give them a $2 discount if they pay using our neo bank. And we’re focused on making sure that we provide good value, good customer service. And I think you can see from even just the ratings online that we are doing a good job on that.
Daniel Koch: Got it. Thanks. Well, appreciate it. That’s all for me.
Samuel Jonas: Thank you.
Operator: The next question comes from Adam Wilk. Please announce your affiliation then pose your question.
Adam Wilk: Hi, guys. Can you hear me?
Samuel Jonas: Very well.
Adam Wilk: Great. Yes, this is Adam with Greystone Capital. Thanks for taking my questions. And great job on the quarter, really impressive once again. The bulk of my questions were asked and answered, which is great. So maybe just two quick ones, as you think about the advertising opportunity for NRS, it sounds like there is €“ you’re talking about a little bit of economic softness or cyclicality there, which I guess is to be expected. Is there anything you can €“ or any color you can add on what to expect for the rest of the year? I know you don’t give guidance, but just curious if maybe the out-of-home trends are different than maybe some different areas of the advertising market or kind of what your €“ anything you’re seeing there would be helpful?
Samuel Jonas: I’m sure that the trends are different in out-of-home versus other forms of advertising. No. I mean, again, as Marcelo indicated, we definitely are feeling headwinds. We’ve done a good job, as we said, on direct sales, on data sales, etcetera and really making sure that our advertisers see the value from our €“ from advertising with us. But again, I think that personally, I think inflation will be brought under control in the next 6 months or so. And I think that when that happens, you’ll start to see more budget free up to increase business. But that’s my personal opinion. Don’t take it to the bank, everyone has their own ideas of what’s going to happen.
Marcelo Fischer: Yes. I don’t have much more to add. I mean, usually, as you know, the month of January is the weakest month for advertising for us. It was the same this past January. It was not a strong month. It appears to me that advertising budgets either being held obtained right now. Our companies haven’t decided yet how much capital to allocate towards the advertising budget. But we are seeing clearly a soft start to the calendar year in terms of the advertising. And I think it’s across the board.
Adam Wilk: Okay. Yes, that’s helpful. It makes sense. I appreciate it. And then last one for me. The two €“ the quarters prior to this one, I thought reflected a really nice pace of share repurchase activity. And I’m just wondering what your current stance is on buybacks moving forward and how you’re thinking about that as a use of cash?
