1Spatial Plc (SPA) Earnings Call Transcript & Summary

Welcome to the 1Spatial's full-year results webinar. I now hand over to Claire Milverton, CEO; and Andy Fabian, CFO. Claire, over to you.

Thank you, [ Tamsen ], and welcome, everyone. It's great to be meeting with so many new people today. With a growing awareness around the world of the need for accurate location data, this is really an exciting time for 1Spatial. I'm delighted to have this opportunity to talk you through our offering and growth strategy. As Tamsen said, I'm Claire Milverton, CEO, and I'm joined today by Andy Fabian, our CFO. So what is today's agenda? We have a presentation, which takes around 25 minutes. Firstly, I'll be providing an introduction to 1Spatial, our market, what we do and how we do it. And we'll then get on with the main topic of the day, which are our year-end results to 31st of January 2021. I'll kick up with the highlights before handing over to Andy on the finances. And then, it will be back to me to cover the strategic review, where I'll be taking you through the delivery against Our 3 pillar growth strategy. What our priorities are for the next financial year and then I'll cover the outlook and trading so far this year. And finally, there will be some time for Q&A at the end. At 1Spatial, our software solutions help our customers unlock the value from location data to tackle real life issues. So for example, in the USA, we are ensuring the accuracy of addressing data for 911 Emergency Services. Our technology is literally saving lives. In Ireland, our technology underpins the national map, which is being used is social distancing planning. We work globally with utility companies to ensure that location data in relation to their underground asset infrastructure is accurate. And we work with agencies such as the environment agency, where they need to design, plan and manage their infrastructure assets to mitigate and manage against floods. At 1Spatial, it's all about the data. We're now in a data-driven economy. And I'm sure you heard many people say that data is the new oil, which is drawing a parallel to how valuable data is. But at 1Spatial, we would only agree with this statement if that data was a good quality, which could be used to make the right decisions, because we all know if you have bad data, you will be making bad decisions. We are part of the geospatial software market, which is growing significantly at 12% per year, but geospatial data is moving into the mainstream, with over 80% of all data now having a location element to it, which is a big opportunity for 1Spatial. It should be noted that location data can also be referred to as geospatial or spatial data, hence our name, 1Spatial. The market opportunity for 1Spatial's solutions is growing significantly. From a macro perspective, a key focus now for our customers is around ESG; environmental, social and governance. The 17 UN sustainability goals are a call for action to end poverty, hunger, and protect the planet by 2030. There are 169 targets to achieve and governments will be using data to measure these goals, with mapping and location data playing a significant role in this. The UN has also highlighted the need for a data revolution and improvements to data quality to achieve this. Data quality is at the heart of everything we do at 1Spatial with what we've all been hearing how governments globally are looking at investment initiatives, particularly building back post-COVID. For example, with President Biden's $2 trillion plan to rebuild infrastructure, in the U.K. budget, Rishi Sunak sets out the GBP 12 billion infrastructure bank to unlock GBP 40 billion of infrastructure investment for the U.K. And the European Commission has a EUR 750 billion stimulus fund. The pandemic has certainly brought the digital economies to fore. For our clients, this means having all of their assets digitally, so they can create digital twins to carry out real-life simulations. There was also a big emphasis in having this data and systems in the cloud, so it can be shared. The sharing of data is another key area that 1Spatial plays a big part in. Our key target markets are government, utilities and transportation, where location data is key. Traditionally, the key drivers for our work was around efficiencies and cost savings. But the market drivers are now factors such as sustainability, infrastructure and health and safety. Linking back to those macro drivers, I'll share some examples of how we're helping our customers with this in the latter case studies. At 1Spatial, we enable all of this through our platform, which ensures good data governance and data quality. And key to our approach is data standards and rules to ensure compliance and sharing of data. So what do we do? Well, at 1Spatial, we provide Location Master Data Management solutions through our 1Spatial platform. And I'd now like to take you through this in a little more detail. Looking at the left-hand side of the slide first. Traditionally, data has been collected and stored by organizations that we work with. In isolated data silos, data is represented by the pink cylinders. But more and more, we are seeing different organizations want to and need to share more data, both internally and externally. Externally organizations and governments want to bring that data together to do national mapping and infrastructure planning. Now how do they do that when it's all being collected by these individual companies on their own systems with their particular data standards and formats and with differing levels of data quality? Well, that's where we can help with our platform. On the right-hand side of the slide, you can see whether 1Spatial platform can join up these systems. The 1Spatial platform is represented by the line of funnel one this slide. And I'd now like to zoom into that line of funnel. You can see at the bottom level, the data sources in the pink cylinders that would be coming in from all different places. You may remember from our half year results, we talked about the State of Michigan, where they were having data coming in from over 300 different cities and organizations across the state. So you would have around 300 of these data feeds, moving the data up into the 1Spatial purple funnel. The data will come into our cloud-enabled 1Data Gateway for validation. And behind the scenes, our 1Integrate product would be checking this data against the data standards and rules set by the State of Michigan. Firstly, auditing and cleaning the data and synchronizing the data. And as we know, data never stands still, so we can check the data for updates on any previous data captured. And we can then analyze the data. In an example of Michigan, if the data was then correct, it would then be pushed back into Michigan's central systems where they're creating a map for the state. With our clients who has their data is of good quality, they may then push this into one of our repeatable business applications. For example, on the Esri side in France, it could go into one of our arcOpole Pro solutions, which helps the local authorities manage their day-to-day operations around roads and green spaces. Or it could go into one of our standalone 1Spatial business applications, such as our 911 Emergency Services applications. So what are the benefits of our platform and approach? Well we are data and system agnostic. We can take in any type of data. And we can write real-world rules once for the enterprise. And this really helps our clients. So for example, with Michigan, we don't need to write them 300 times. We can handle large quantities of complex data. And it's certainly getting more and more complex in our environment with data such as 3D coming to the fore. And with 1Data Gateway that we released this year, this pushes the check-in of the data to the supply chain, which saves our customers' time and money. The release of 1Data Gateway this year has been a game changer for 1Spatial. In overview, our vision at 1Spatial is to unlock the value of location data for our customers for a safer, smarter and more sustainable world. We support key sectors of government and utilities and transport, where location data is a key and we're placed globally. And in France and Belgium, we are transitioning from a legacy software offering to our SaaS-based global Location Master Data Management offering. We have a good spread of customers with no one customer dominance. And given our size, we are working more and more with partners, which is key to our growth strategy. A new partner in the year was Ordnance Survey, who was already a customer of ours. Now, moving into the results for the year ended 31st of January 2021. So we've had a robust performance this year. Compared to the prior year, all of our key metrics were up, group revenue, annual recurring revenue and adjusted EBITDA and probably our best metric is our operating cash, cash generation, an increase of nearly 600% to GBP 4 million. The 3 set of points to me would be firstly that this is a robust trading performance given COVID, because we did have some impacts, particularly in the first half of the year with some slowing down of tenders and particularly in Europe with local government election delays. The second key point for me is U.S. revenue growth of 29%. The U.S. market is key to our growth strategy. And every day, we are seeing more and more opportunities arise. The USA. is like having 50 U.K.s as each state has all of its own mapping demand and its own agencies. For example, there are 50 departments of transport in the U.S. versus 1 in the U.K. We enter next year with an increased order book and growing pipeline, driven by key growth drivers such as net zero and building back post-COVID. We're really started to see order momentum build in the second half of our financial year. We continue to have fantastic client wins during the year. With the likes of the State of Michigan in the U.S., and the environment agency in the U.K. and the Seine Grand Lacs in France, who manage the flood prevention infrastructure for the River Seine. Our largest expansion strategy is driving growth from existing customers across all regions, including with clients such as Northern Gas Networks and Google. Our investment in our 1Data Gateway solution that was launched last March has been a significant driver of our success this year. And we've also made some real progress on our partner strategy. Prior to this year, 1Spatial has been on a 3-year turnaround. And these results and resilience demonstrate that we did all the right things during the turnaround to put the company in this good position. And I can confidently say that we are really at the beginning of a new growth trajectory. I'll take you through this in a bit more detail in the later on slides. But I'd now like to hand over to Andy Fabian, who would take us through the numbers in a bit more detail.

Many thanks, Claire, and good afternoon to everyone. I'm really pleased to be presenting these financial results, because, as Claire said, it was a very robust performance with all our key metrics moving in the right direction. And last year, we reinstated market guidance and we were trading ahead of all those numbers, which is great. The key metric for me, though, is the fact that we reached the milestone of positive free cash flow in the year. So looking at the numbers in a bit more detail. We feel we're on a new trajectory. And the key focus for the next 3 years is growing revenue, whilst increasing margins and generating more cash. So we're pleased that we had a 5% growth in revenue. Although we hoped it might be better, but with COVID, I think it was a very good result. And we did get a bit of a boost from the acquisition we made in the prior year. We've introduced a new metric of annualized recurring revenue and I'll talk a little bit more about that. Another key thing was that we achieved an increase in net cash in the year even whilst paying out some deferred consideration on the acquisition from last year. So 1Spatial is in a transition from a traditional software model of selling perpetual licenses and support maintenance to a SaaS model and eventually this year, we're introducing cloud technology. So we're in a transition. And the key for me is that we want to increase not only our total revenues, but our recurring revenues. And we're doing that by selling more of our own technology and with our own technology that will lead to higher gross margins but also just repeatable solutions that we can really scale up the business. So the focus for me is improving the quality of revenue and that includes getting longer contracts with clients. Whilst we're selling more term licenses, there will still always be some service elements in terms of implementation and training. But the key is that we expect the recurring revenue, which increased from 41% to 43% to increase. And ultimately, we want to get above 50% and much higher beyond that. If we strip out the perpetual licenses, which did drop off as we expected, then the growth was 11%. So looking at annualized recurring revenues. For those of you who are familiar with software businesses that are on a SaaS model and cloud, this is perhaps something you're familiar with. But it's an important metric in the sense that it's a leading indicator. So the annualized recurring revenue is the annualized value of the year-end committed revenue contracts, which is for licenses but also support maintenance. And the good news was that we increased that by 10% overall and increased the ARR in all regions. In the U.S., it was up 24%, which is great, but also in the U.K. it was up 17%. So the key for me is getting better quality revenue, longer-term contracts, high renewal rates, and that means more predictable revenue, which allows us to invest in a more planned way. So we had a high renewal rate of 90%. I would like to improve on that, but that's pretty good anyway. And we also had an increase in our committed services revenue backlog, which was up 26% to GBP 5.7 million. So with this, we -- effectively, we started the current year with roughly 65% of this year's revenue already pretty much in the bag. So looking at the regional revenue profile. We at the moment are focused in 4 regions that you can see there. And having that split gives us some diversification, some regions in the world. The economy is not doing so well, then, perhaps other areas are doing better. In the U.K., the revenue was down 4%. But the underlying sales orders were actually higher. So part of that was really a timing issue in terms of signing contracts late in the year. And that revenue will hopefully flow through into the coming year. Europe was a little bit of a mixed bag. Again, of 2 halves, as you might say, in the first half, we did get impacted a little bit by COVID with sales to municipalities and the local elections got delayed and that did lead to some delay in signing some deals, but that picked up in the second half. And overall, it was a 9% growth, including the benefit from the acquisition. As Claire mentioned, the U.S. is very exciting with a growth rate of 29%. And we look forward to more growth going forward from the U.S. this year. I won't go through all the detail in the P&L. But just to say that we're pleased that gross margins were up. We did get a little bit of COVID support overseas where we wanted to protect jobs. We didn't take any U.K. furlough money. And we did improve the adjusted EBITDA margin by 1 percentage point. We still do report an operating loss, but it was lower than the prior year. And it does include some one-off nonrecurring items mainly related to a restructuring we did in Europe for about GBP 0.5 million. And also, there are some noncash charges that are going through the profit and loss such as the amortization of acquired intangibles. So we are focused on improving the margin. But as I say, the main focus is revenue growth, but also making progress on profits and cash. In terms of the balance sheet, we ended the year in a strengthened financial position. And we increased the cash to GBP 7.3 million. We did take on some debt. So the net funds GBP 4.3 million, but there was an improvement in the year. Trade credence was up. And there are a number of factors in that. But one thing to point out is we have an increased deferred income balance from GBP 4.9 million to GBP 5.9 million. And for those of you familiar with a subscription model business, then actually, that's good news because what that means is there's more revenue that's flowing through into the following year. And finally, from me, cash is key. And we had an improvement as you can see, more than doubling in operating cash flow. Cash has always been a key focus for me because if you generate your own cash, then you can make choices. If you want to do investments, then you don't have to go to shareholders and ask for money. You generate your own cash and you can decide if you're going to spend more on developing products or investing in sales infrastructure for example. So we're in a good position there. We did take on some additional funding early on in the year, GBP 1.8 million or net GBP 1.65 million after repaying some and that just gave us a little bit of a cushion. But we also paid out GBP 0.6 million on the acquisition from 2019. The key focus was improving the working capital. And although we did take advantage of some tax deferrals such as delaying some VAT. Overall, we made GBP 1 million working capital inflow compared to an outflow in the previous year. So it's a very good position and pleased to hand back to Claire.

Thanks very much, Andy. I'd like to start by recapping on our growth strategy that we set out last year. It's made of 3 core pillars, namely innovation, customer relationships and smart partnerships. Firstly, on innovation, we wanted to improve our data management solutions and business applications and develop our multi-tenancy cloud platform so that we can be the best at what we do. Secondly, we wanted to focus on the fantastic relationships we have with our customers, being their trusted partners and looking to guidance from them on the innovations they need. But also looking to the wider market before making these investments, as its key that we build replicable solutions. We also wanted to extend our customer relationships by cross-selling our solutions across our different territories. And thirdly, given our size, we know that we need to work with partners to extend our reach. Companies now want best-of-breed solutions. And by working with large technology and consulting partners, we can provide that. So for example, we will provide the location data expertise on significant multimillion pound mainstream bids. From a technology platform partnership, we have Esri who are the dominant force in the geospatial market. And during the year, we won an award for them for the integration work we've done on their platform with our one business server. We also have the main knowledge partners such as Michael Baker, where we embed our technology into their solution. Our people are fundamental to our success. I have an amazing team that I work with on executing the strategy. And I'm always so impressed with the breadth and depth of their knowledge. We continue to work in the same industries and geographies. However, we could be looking at extent in our industries to include facilities management following the great success we've been having with Google with their campus facilities data and IBM systems. So how well have we executed on our strategy this year? From an innovation perspective, our aim is to build differentiation and increase our addressable market. We've continued to invest in 1Integrate. And excitingly, we are progressing well with our 3D work and are starting to get interest from a number of mapping agencies. The launch of mandated Gateway in the year has really propelled sales this year with the likes of Google, State of Michigan and California Emergency Services, all buying it. On the application side, we have developed one business server, which allows us to plug neatly into the Esri system, taking advantage of their latest platform features into our applications such as ArcOpole Pro and 1Water. Our 911 Emergency Services repeatable application is also gaining traction in the U.S. We're continuing the imported development work on our multi-tenancy cloud platform and this should be ready later in the year. This will allow us to increase our addressable market and existing customer demand for web-based access to our solution. I now get to take us through some case studies, which evidences our winning strategy around customers and partners. Firstly, our work with the California Office of Emergency Services, where we are improving the accuracy of addressing data to improve response times and save lives. The State of California are using our 1Integrate and 1Data Gateway to validate the quality and accuracy of data coming in from over 400 data providers across the state. It's a multiyear contract to $600,000 with a recurring element for our platform of around $100,000 per annum, because they want to keep their data clean on an ongoing basis. Importantly, this is a solution, which could be sold to the other 49 states. The State of California is seen as one of the leading states. In the U.K., we are working on a proof of concept with the Energy Networks Association and with our new partner Ordnance Survey. The Energy Networks Association wants to pull together a digital map of the U.K.'s energy system to underpin use cases around net zero, including the planning for the location of electric vehicle charging points. Our solution will be a combination of 1Integrate and 1Data Gateway, pulling in the data from the 14 different energy companies in the U.K. These companies such as Northern Gas Networks or U.K. Power Networks will have this data in different formats, systems and to different levels of data quality as described earlier. The visualization of this data will be an Ordnance Survey system. And we can repeat this business model of working together in partnership with Ordnance Survey. This next case study is some expansion work we're doing with our customer Northern Gas Networks. But also incorporates the work we are doing with our partner, Esri, more widely. Northern Gas Networks are the first U.K. Enterprise to migrate to Esri's new utility model, enabling NGN to have a digital twin of their network. So they can plan towards a net zero economy. Interestingly, they're doing lots of work around the future distribution of hydrogen gas within their existing network of underground pipes. We have a multiyear contract in excess of 1 million with them to migrate their data from their existing systems to the new Esri systems. And we'll be using our 1Integrate technology to do the data quality audit and cleaning prior to the migration. During the year, we were granted the Esri Utility Network specialty badge. And our solution at 1Water is being recognized as an industry-leading application. Given our skills and solutions, it means that we can unlock the power of SV's new utility network system across the globe with customer engagements underway internationally. Finally, our case study with the City of Marseille, which is the second largest city in France. This is a client that was on our legacy systems in France, which is now migrated to the SP platform and using 1Spatial's new ArcOpole Pro business solution. This demonstrates the successful migration from legacy technology to our global LMDM solutions. And this is one of the never migrations that is underway or finished. This is a fantastic business application, which addresses a huge amount of cities public services, such as addressing, trees and surveillance cameras. Excitingly, this ArcOpole Pro business application is repeatable across clients in France. Environmental, Social and Governance, ESG is really important to us at 1Spatial. We've mentioned already how we are helping our clients in a number of ways with their ESG goals. But just as important is what we are doing internally at 1Spatial. As a member of the geospatial community, the natural world is an inspiration for the whole of the 1Spatial team. We know that together, we can make our world better. Given the nature of our business, we have a low impact on the environment. But we are very proactive and dedicated as one team to innovate and look at ways we can reduce our impact on the environment. For example, we have made donations to the Woodland Trust to offset travel. We've made a payment to have a climate-neutral website. And we are having recycling initiatives across all offices. Our French and U.S. offices are green building offices. And we are also certified with the Environmental Management System Standard in the U.K. From a social perspective, we have an active people team, which we get together to run various committees such as 1Social and for ESG. The team spent a lot of time on fundraising and doing things for charity. This is a win-win as it brings the team together as well as doing good for the community. We take mental health seriously at 1Spatial and have training mental health first data. And we'll always do lots of healthy online events. We have a very diverse workforce at 1Spatial. So we do lots of different cultural celebrations. Given the nature of what we do, governance is key at 1Spatial. I've mentioned the digital and data economy being a driver of growth. And at 1Spatial, we need to ensure we safeguard our customers' data, which we have been doing for years. We have a number of accreditations around this such as ISO 9001 and Cyber Essentials. We also did the standards within the quoted company's alliance code. So what are our key priorities for the coming year? But we're not changing the strategy because it's working. So we'll be sticking to the focus on innovation, customers and partners. Key things for this year is to continue to innovate our data solutions and get our multi-tenancy cloud platform launched. We are investing in the sales teams globally given the huge new growth drivers in the market, but particularly in the U.S. And we'll be continuing to look for opportunities to cross-sell our solutions between territories. And we really are investing in partners. We're working closely with Esri globally. And particularly in France, where we are migrating our customers to the SP platform and working on a number of joint customer propositions. We're looking to build on the new partnership established with Ordnance Survey in the year. And we look at working on some large government contracts with partners, providing customers with the best-of-breed solutions to meet environmental initiatives and building back post-COVID. From a financial perspective, it's 3 key things to me: growing revenues, including annual recurring revenues, increase EBITDA and higher cash generation. So finally, how has the start of the new current year be? Well, it's been positive. We've started trending in line with the Board's expectations. And we've had new contract wins from the Energy Networks Association and Ordnance Survey. And we've also had a fantastic win with DEFRA and the rural payments agency. We will be an integral part to helping them transition to their new environmental land management scheme as part of the U.K. government's 25-year plan and commitment to net zero. We also have a $500,000 extension for the work we are doing with Google on their facilities management, custom other data projects. We've also got increases in committed revenue and pipeline. I believe 1Spatial really is at the heart of changes across multiple sectors, whether it'd be the green agenda, infrastructure investment or digital transformation. I believe 1Spatial has a very exciting future. Thank you very much.

And we've got a question here, which asks you to speak a little about the competition you face in your field of data validation, integration and business applications.

Thank you very much, Hansen. That's an interesting one. So data validation, we've been doing this for a number of years. And we can really do this at scale where really high volumes of data, very complicated data. That's why we've got contracts and the likes of the U.S. sensors, federal home highways, and the contracts that we're winning now. So there are pockets of companies that do small level validations. But I'd say on the sort of scale that we're doing and a very enterprise level. So we're not just checking one type of data. We're taking in for example, in the State of Michigan, its 300 data from 300 different states. I'm not sure on the data validation side, there's that much competition in fact. But I don't believe there is. But you've got -- if you want to check data and validate it, you could send whole chunks of it. You know, whether it's a sort of offshoring for eyeballs to check it. And I know previously before we did the work with Google, that's what they've done with their data. But when we run it through our rules engine, we found lots of areas with the data, which is why they've come with us. So for us, it's around the whole automation and the scale and the having that ability to do it at that level. On the Business Application side, we -- our innovation process tries to focus on building applications where we don't compete. We have -- we look at the market. We don't want to build an application where we're head-to-head. Previously, I would say, in France, we were head-to-head on other business applications against Esri, which is what we did the acquisition last year when we're migrating our clients to the Esri platform, because as they've got a fantastic platform and business applications, they're spending 0.5 billion on that platform every day. So we don't want to go up against them. So let's partner with them. And that's what we're really doing about building our business applications on their platform. So in the lights of Northern Gas Network, they're getting all the great functionality of the new Esri platform. And then, in places like in France, where we are developing these apps on top of Esri, where we're filling the gaps where there is Esri platform isn't doing the things that some of our customers want. So the way we're working at 1Spatial, we're not try to go. We try to find the pockets where the competitions are. And I think everything we are doing is very successful -- is successful. We'll be continuing to be successful because of that.

And what do you feel the potential achievable EBITDA margins are?

That's one for Andy, I think.

Well, I suppose in the short term, we're not looking for a huge improvements over the current year because what we want to do is invest in revenue growth. So it will involve, for example, expanding our sales team in the U.S. and other things like that. But going forward, I would like to feel that we can continue to make progress. We increased it by 1% this year. Ultimately, I think we can get to 20% and possibly even higher, but I won't give you a time frame on that.

The U.S. is traditionally a hard market. How confident are you of your growth opportunities there?

I'm absolutely 100% confident. What we are doing in the U.S., the proof points that we are getting are just tremendous. We've got the number. We've got the federal highways. We've got a number of departments in transport. We've now one of the first sorts of state emergency kind of state with emergency services, we've also Michigan. In the U.S., the way that the sort of market growth out there, particularly in this government sector is word of mass. They have big events where the states will get together all the counties to get together and the different departments of the transportation will have an event or the emergency services. There's all this word of map. And we've been presenting at some of those events recently. And we've had really good feedback where the State of California talk about what we're doing to other states. So it's the world of math. And really, you just need to get a couple of proof points. And as I said in my earlier question, we don't see huge competition if that's all any competition on what we do. So it's just building from those proof points really. So we've got -- we're working with Michigan on that project at the moment. We're working at California Emergency Services. So it's just getting those free points and then the pipeline is growing nicely for us in those areas, so yes, pretty exciting.

And can you elaborate on your Esri relationship and the opportunities you see in the year ahead?

Yes. I mean our Esri relationship is going from strength to strength. I mean you wouldn't believe that 3 years ago, we were competitors. And I've got a great relationship with Jack Dangermond, the CEO of Esri in the U.S. and before COVID going out and having regular meetings with them. But we are really -- we regularly meet with our partner manager in the U.S. The way they have their model that they have separate distributions, distributors in the different territories apart from the U.S. And our relationship with Esri as I said, we were competitors there. It's just going through strength to strength. We were 1 of 20 -- there were 26 awards given in the year to partners. And we won one of them and there are over 2,000 partners. So we've done really well. They love what we're doing with the integration with their technology. 1Water that is being released in 2 months' time is an international app on their platforms. So whilst we're developing in France, we can sell that everywhere on their platform. So it's a really great opportunity for us. And we're going out to joint prospects together because we want to give the customer the best that they can have. A combination of the Esri platform plus our platforms [indiscernible] is really what they want. And we've really seen -- we've started now really working well with Esri ArcGIS. So our first real engagement with them with the Northern Gas Networks engagement, with this migration to the new fantastic Esri utility network model. We've got a joint webinar coming up with them in a couple of weeks' time. So it's -- if you've got to pick up partner for your technology stack pies, they're dominant in the GIS. And I'm just really pleased with how that's all going.

And that's the end of questions. Claire, do you have any closing remarks?

No, I just want to say thank you for everyone coming along today. We are really excited at 1Spatial about the opportunity. I've got a fabulous team. We think the market is really growing for us. So yes, watch this space, exciting times ahead. Thanks, everyone.

Thank you.