Ai-Media Technologies Limited (AIM) Earnings Call Transcript & Summary

Good afternoon, and welcome to Ai-Media's full year results webinar. Today from the company, we have co-Founder and CEO, Tony Abrahams; and CFO, John Bird. [Operator Instructions] Tony, I'll now hand it over to you.

Thanks very much. And thanks, everyone, for joining for what's a pretty exciting set of numbers for us. Before we kick off, I'd like to pay my respects to the traditional custodians of the land, the Cammeraygal people of the Eora Nation, where I am, in North Sydney. And JB is actually joining us from our New York headquarters. So Ai-Media has successfully deployed the latest AI technologies to solidify ourselves as leaders in the live captioning industry. We are the only vertically integrated player and are, therefore, uniquely positioned to lead and scale the global captioning market through this AI moment. FY '23 has seen significant key milestones for the business. And we're particularly delighted to announce substantial growth in our technology revenues, margin expansion and a 200% increase in EBITDA and seeing all of that flow through to operating cash flow. At a glance, and I'll go through all of these points in more detail through the presentation, but we have continued to grow our footprint, now delivering over 9 million minutes a month across our iCap platform and network. We continue to deliver the best-in-class technology with the only end-to-end captioning solution in market, from encrypting the source data to encoding, captioning, transcription and translation off the back of that encoding solution. A continued focus on our business model transition has seen us significantly grow our high-margin technology revenue, achieving a 200% increase in EBITDA and really significantly over 50% of our gross profit is now being delivered through those high-margin technology sales, so well over the hump. And we continue to execute on those growth priorities, including growing the iCap network, growing further our LEXI penetration and also looking at new industries and new territories. In terms of the key financial highlights, our total revenue was relatively flat, up $2 million from last year. But the big story was that 33% growth in technology revenue, which at a greater than 80% gross margin in total has meant that the total technology gross profit is now 54% of the total gross profit and the gross profit margin is up from 55% to 60%. That is off the back of really a surge in LEXI revenue and volumes, both up 45% year-on-year to deliver a total number of monthly LEXI units of $3.4 million. By comparison, total number of minutes that we deliver each month with our legacy services is less than $1 million. So the vast majority that [indiscernible] delivery [indiscernible] fully automated LEXI service. This with a cash balance [indiscernible], we will be making the final cash payments to ACS and EEG of USD 5.25 million this quarter. This month, we actually also celebrated 20 years as a business. And we took that opportunity as well as this unique AI moment to completely rebrand and integrate all of the different products. We now deliver more captioning in a month than we did in the entire first 5 years of trading. We've successfully integrated the four strategic acquisitions. And we've successfully transitioned to a new technology platform that's delivering results well outside of the traditional market of U.S. broadcast. In terms of the Ai-Media ecosystem. This remains the key intellectual property of the business and the key defensive moat against competitors. We take that video input from the customers. And then all of the intellectual property starts in the encoding. The cleaner that you can get the encoding, the cleaner you can get the audio, the better the quality of any speech recognition engine. So delivering the best possible input into these AI engines is what that Phase 2 of the ecosystem does in terms of encrypting that audio. And that's done either with a physical device, which you can see on the right there, or Alta, which is designed for Internet protocol delivery, in particular, the IP 2110 standard, which is a brand-new, emerging global standard for IP broadcast, and then Falcon, which is our web-based streaming product. The key to all of those encoding products is that it doesn't matter what situation a customer finds themselves in, we have a solution for them and that, that solution is going to deliver an improved outcome on what they would otherwise be able to achieve in terms of accuracy of the speech recognition. Now accuracy of that speech recognition and access to the best AI tools comes via the iCap cloud network, which is where those AI engines can be hosted. All of the encoders are automatically connected to the iCap network and therefore future-proofed so that if there is a new AI engine that outperforms the dozens that we already have on the iCap network, we can put that new engine on the cloud and deploy it to our customers within days. And this is certainly something that we have been doing very regularly, particularly in terms of different language pairs. And then the final piece of the puzzle is LEXI. And this breakout product that's growing at 45% a year pulls together the encoding. It pulls together the iCap cloud platform. And it also reaches behind our customers' firewalls to find the data, the metadata to power the AI engine to improve the contextual accuracy of the AI algorithms. Taken together, this solution delivers 90% fewer errors than what you would simply get out of the box. And again, it's an entirely technology-based solution and future-proofed for the migration from SDI to IP delivery that most of our customers are undertaking at the moment. Some of those blue-chip customers and new wins are on that slide. In terms of the total $7.8 million in LEXI sales now, what you can see is a preponderance of large sporting brands. And that is because the AI algorithms just this year got good enough to tackle what was previously a very difficult subject to caption, and that was sport. And what we're seeing is the continued advances in AI that we're seeing through programs like ChatGPT are continuing to allow us to deliver more and more content in more and more places with our automated LEXI solution. And then this is a slide that I really like to look at in terms of how well we're doing. So we've grown the iCap network by 21% year-on-year. And our LEXI usage within that network has grown at more than double that. So we're growing the network and we're growing our share of that network. In terms of the focus of the technology updates, we continue to focus on that competitive moat and continuing to deepen and widen that competitive moat by focusing on the three things that distinguish us from the competition: continued encoding enhancements; further iCap enhancements to make the network more stable, more resilient and more secure; and further LEXI enhancements, which aim to draw together the capabilities and the applications of captioning, not just in terms of the live captioning but then being able to utilize those captions best after the fact by allowing our customers to search intuitively any of their media asset libraries to find any of their content. This product that was previously called SubSilo has now been rebranded as LEXI Library. And I'll talk a little more about how all of the different LEXI elements feed together in this ecosystem a little later in the presentation. In terms of financials, I'll now hand over to JB from New York.

Yes. Thanks, Tony, and welcome, everybody, and thank you for your time today. As Tony noted, I'm currently in New York. And this is where a big part of our U.S. development team is based, also have a manufacturing facility in [ Long Island ]. For me, this is the third annual report I've had the pleasure of delivering [indiscernible]. And I've got to say, in my [indiscernible], this is by far the most exciting. [indiscernible] I'll try and deliver a perspective behind the numbers. I'm certainly [indiscernible] at the end of the presentation. In the past years, we've seen the successful transition from a service-based business with a high [indiscernible] to very much a typical solutions-based business. And it uses both technologies and has the human services as a complementary part of the business. And the pleasing part of our revenue is growth in that technology business. And of course, we've said that we'd be focused on the service business and have been. And there is some stabilization now in that revenue. And what we've done is we've been able to shift the revenue mix but retained and improved the revenue in both parts of the business so that we are going -- we have moved from 55% to 60% in the gross margin. With the current growth, I'm going to always get asked what's happening to expenses. We have kept a lid on many of the expenses. And when you come to think that in Australia particularly, we've had quite a high inflation rate and wages -- skills and wages demand has increased the price of people. Being technology-based has helped us to soften that impact. Where we have spent money is on that direct area of sales and marketing. We've quadrupled in the last 2 years the number of direct salespeople. We've now got 15 direct salespeople and support people involved in that area. And that's been a phenomenal change to how we attack our sales, our client base. And all of this, of course, has led to the tripling of EBITDA. And something that I'm very proud of is our continuing growth in the cash, which has come from tightening up working capital but also managing the growth of the business. The second slide, Tony. Look, the graph on the left, it's a very simple visualization of where we have come from over the last 3 years. And I think when you start to see the total revenue, it may not have significantly grown in the last 12 months or year-on-year from FY '23 to FY '22. But the margin has continued to improve dramatically. And when you start to put numbers behind it, and if we continue to get some growth in this area, the results will continue to improve at the bottom line. The graph on the right highlights where most of the margin growth has come from. There's been a further slight decline in services dollars of gross profit. And that's because there's been a decline in the revenue. But there's been an improvement that is really being driven by the technology revenue. And of course, those products and services, the software and the hardware, have margins exceeding 80%. And often, they're closer to 90%. The final slide, which I think has disappeared on my end...

It looks like Tony just dropped off there. [Technical Difficulty]

And just go to the next slide, Tony.

Yes.

On the left, the slide here shows a significant swing that technologies has produced. Whether you like EBITDA, the growth from a minus 19% and a full year loss of minus 9.3% to a growth of -- or an EBITDA of 3.3% is a significant achievement. And this is why we've gone through a transition of bedding down those four acquisitions. On the right-hand side, we actually highlight where the growth has come from in both. There has been a significant growth in revenue. And that's been -- well, it's been entirely driven by the technology revenue, which in itself drives further the margin. And as I said, we have seen an increase in the cost. But one of the things that putting more salespeople on, of course, has led to is probably, well, without a doubt, the most significant order book that Ai-Media has ever had. And we also have about $4 million in deferred revenue as at 30th of June, which all gets recognized over the course of the coming year. So overall, Ai-Media is in a very strong position, growing EBITDA, improvements in cash, and we're well placed to grow the business further.

Thanks, JB. In terms of strategy and outlook, the FY '24 growth priorities really are about continuing the focus that we've demonstrated over the last 2 years in further driving towards that sustainable and scalable technology-driven business model. And so a lot of the trends that you've seen in this year of a sort of modest growth in terms of top line but improved performance in terms of gross profit, EBITDA and cash flow, we are certainly expecting to see those trends continue into FY '24. And off the back of that, we will be delivering that with big product improvements, in particular, the LEXI 3.0 and the LEXI toolkit, which I'll talk to a little more in a minute. And this is really helping to accelerate that conversion of the third-party iCap users to LEXI. And remember, we're seeing LEXI grow at 40%-plus and iCap grow at 20%-plus. We are continuing to prioritize investments in iCap and the encoding technology to continue to broaden and deepen that competitive moat. We will continue to scale our global presence through strategic partnerships. And importantly, we will execute on growth opportunities in scalable new markets and new territories. And we've certainly been doing a bit of work on that in the last couple of years. And we're expecting that to accelerate into FY '24 and FY '25 as the world more broadly beyond broadcast is looking at how they can employ some of these solutions for their benefit. Talking a little bit about the LEXI Toolkit. We've certainly spoken before about how getting live, accurate captioned data at the beginning can then anchor further applications. This is -- the launch of the LEXI Toolkit is really to identify what all of those opportunities for customers really are and to tightly integrate them into one package so that at the center is our core LEXI Live product, which is the service that's now delivering 3.5 million minutes a month. But then off the back of that, we've got a LEXI DR, which is disaster recovery service, which is effectively a local device that can be switched over in the event of the Internet going down or some other loss of connectivity. And this helps to drive overall iCap uptime from 99.9% to 99.99%. LEXI Local is a particular device setting that a lot of our government customers really like. And that is an installation of the iCap network and the encoding devices entirely behind our customers' firewall. So neither we nor anybody else can access any of the data that's going on in that very secure customer environment. Really excitingly next is LEXI Recorded. And when you consider that Ai-Media delivers the vast majority of our revenue at the moment through live, but the vast majority of the overall market opportunity is recorded, we are actually seeing the LEXI Recorded opportunity as a really important one to leverage off the fact that we can deliver fast, accurate, live captions that also helps to deliver very fast turnaround recorded media captions. And we're talking about, for example, automation that might flip and share a 30-second clip of an AFL match and serve that uniquely to people on their devices, perhaps with personalized ad insertion. All of that is capable through LEXI and the encoding products that we've got. And the transition to IP 2110 makes that even easier for our customers to implement. LEXI Library, as I mentioned, that is the feature that allows our customers to use the captions to go and search and interrogate their media library. And that's the new branding for SubSilo, which many of you will be familiar with. And finally, LEXI Translate. This is an area that we're seeing in FY '24 and FY '25 as being very similar to how sports were in FY '23. We see this as being the next iteration of the evolution of AI. And we're expecting that the AI translation algorithms will continue to improve to a point where we will be able to use LEXI Translate as often as we're using LEXI Live. And we're staying very, very close to industry developments and incorporating all of those updates in the iCap cloud network as they become available. Happy to take any questions obviously on that or anything else. In terms of upgrading and investing in iCap, as I mentioned, it's to improve the customer uptime scores from 99.9% to 99.99%. It's delivering stronger privacy and security with multifactor authentication, improved accuracy and further automation for customers. What we're also doing in the context of this is that we are simplifying the economic model in terms of charging for iCap. When we acquired EEG, there were six different charges that were levied to customers on -- in connection with iCap. We are simplifying that so that it is a simple hourly charge to all of our customers of somewhere between $2 and $4, depending on the degree of functionality that they choose. In terms of the industry landscape, we are the only vertically integrated player. A lot of our competitors rely on that iCap network to deliver their services in live captioning, by which I mean Verbit and 3Play in particular, while a lot of the media and broadcast services competitors on the right are a lot less focused on the ability to deliver a one-stop shop for captioning than they are on their own individual businesses. So we do feel that we're in the right place and that the industry landscape is as favorable as it's ever been. So I'll pause there and just take -- see if we can take some questions. I know there are some in the chat. Max, I don't know, do you want to moderate the questions?

Yes, why not? We'll get straight into it. First question, what geographical markets does Ai-Media see as a key focus in FY '24 to [indiscernible]?

Yes. Look, we are a global business, and we continue to see opportunities right around the world. I think it's fair to say that in FY '23 and FY '24, we are seeing a particular focus in the mature markets in the United States. And continuing to sell more to existing customers there is a key focus. While at the same time, we are absolutely doubling down on our efforts to open new markets, particularly in Europe, Middle East and Africa and in Asia outside of Australia as well.

Thanks, Tony. Next question, in what part do you invoice around the world? And do you have a hedging policy in place?

I'll leave that for JB.

Yes. Look, we invoice where the customer is generally. That said, some of the customers that we have in parts of the Middle East, we still invoice in U.S. dollars, it's the international currency. Our hedging policy is basically that we self-hedge [Audio Gap] abundance of expenses because having a corporate office in Australia. So we just make sure that we're covering the Australian retaining enough cash. Right now, our method of hedging is very vanilla and it's cash-based.

Thanks, JB. Next question, just noticing gross margin is flat half-on-half even with a higher tech gross margin in the mix. Was there higher hardware sales in that second half mix? And how much was the hardware revenue in the second half?

Look, can I answer that first, Tony, and then you might want to...

Yes.

We certainly saw some growth in the second half from the hardware. The first half was very, very good return. There were a lot of smaller sales in the first half. You'd almost say a lot more legwork in that. And we don't discount, whereas, indeed, we had a very large sale in the second half where we do give [Audio Gap] agents or distributors. And they also get a discount on some of the hardware that we sell. And that's been an activity that we've invested in. And we're starting to use it more and more.

Yes. And look, the only thing to add to that and to the question is not to forget that the majority of our revenue is still services. And we continue to sell services. And indeed, we continue to sell services to customers that we're also selling technology solutions to. So for example, the halftime at the Super Bowl with three different languages and lyrics, you're not going to put LEXI on to that because it's a really important piece of programming. And again, that ability to be able to service those customers, either with the high-priced, high-quality human, in many cases, bilingual service, or the fully automated LEXI service. Depending on the mix of the type of work, that can impact the gross margin percentage up or down. We are internally less focused on what that gross margin percentage number looks like and more focused on growing the gross profit dollars. And whether that comes through services, hardware or SaaS, it really is a question of going for growth now. We've proven out the financial model. We've proven out the operating leverage that we get from increased sales. And as JB said, focusing on those big customers who are delivering a high 6-figure and low 7-figure orders does require some elements of discount, which obviously also then is going to impact that gross margin percentage but is going to continue to see the gross profit dollars actually rise.

Thanks, Tony. Next question, can we expect organic top line revenue growth this year?

Look, I mean, we haven't sort of formally set out any kind of guidance. But certainly, people could expect the current trends to continue, which is low single-digit growth in terms of revenue, certainly what we're seeing at the moment, and continued improvement in that gross profit number and the EBITDA and the cash number. And as JB said, it's the fullest order book that we've ever seen. And we are seeing that convert quickly as well. So we're pretty confident on FY '24 despite the fact that we haven't put formal guidance in market.

Thanks, Tony. Next question, I don't know if you've seen the news, [indiscernible] ENCO have been very acquisitive in the last 12 months. Is there any change in your competitive landscape?

I mean, they have been acquisitive, but they haven't really acquired anything that's been interesting to us. They've acquired like a company that is in the very low-end encoding space in Europe, who, frankly, they've been working together with for 5 or 6 years. And we're not actually seeing a lot of competition in our customer mix from someone like ENCO because they don't have network capability. It's only a device that's capable of being installed and plugged into a customer system. So there's no resilience. There's no updating for the latest AI. There's no reaching behind the customer firewalls to get the data. And the kind of customers that we're talking to are very, very different mix from the customers that ENCO is servicing. ENCO is servicing very much the shallow end of the pool, whereas we are focused on those big multinational brands.

Thanks, Tony. The way management looks at a long view on the targeted EBITDA margin, what should we look at there? And what should we be thinking?

In terms of the long-run EBITDA margin, look, I would certainly expect that something north of 20% is definitely sustainable. We're at 5% already and we're kind of just getting started. And I would expect some opportunities above and beyond that. Again though, that EBITDA number is a factor of scale. So the more sales we get, the more of that sales -- those sales dollars are going to flow through to the bottom line. So completing this transition and then accelerating the top line growth is really the focus for the next 2 or 3 years.

Thank you, Tony. Our next question, when do you expect to achieve positive EPS?

Well, I think that depends on tax. And so for that, I'll hand over to JB. Because I kind of understand up to EBITDA and then things get very complicated. So JB?

Look, one of the things that we have, of course, is basically our sales are predominantly in the U.S. And one of the joys of the U.S. tax regime is things like goodwill are tax-deductible. So we've got tax losses in Australia. We actually have taken, well, in accordance with the standards, quite a conservative view on tax. You have to have certainty to actually put those tax losses on the balance sheet. And we don't have that in Malaysia, Singapore, the U.K. at this point. So we've actually taken those tax losses off the balance sheet, which, of course, goes through the tax line. We don't expect to pay tax for a number of years, a significant number of years based on the goodwill number. And so allowing for that, we will be moving closer and closer to being EPS positive as we grow the top line. We do have a significant amount of amortization. But much of that was on historic activities, too, investments in some of the products that we did. And while the investment continues, we've even scaled that to suit the business because we're in a good place now, having adopted product that has come from some of these acquisitions. It's meant that the investment in product that has to occur in-house has been reduced. So we've now got stronger products. And we don't have the same level of capitalized product costs. We expense most of them now. So look, I think we've taken a conservative approach. That flows through to your EBITDA and, of course, your earnings. And I think it will take several years for that to occur.

Thanks, John. Just a few questions regarding OpEx and CapEx and how you're looking at that in FY '24 and just sort of still investing in growth but keeping it sustainable. So just a few comments on that, please.

Sorry, from a CapEx perspective, we don't spend a lot of CapEx. Most of our capitalized items on the balance sheet are actually the intangibles from acquisitions. So we don't need to spend a lot on CapEx. And indeed, one of the biggest CapEx expenditures was when we had a human-based business that you had to install systems for each human who was involved in doing captioning. They had technology behind them. They weren't simply there with a pen and paper. They had a lot of technology behind them. As we move further and further into a technology-based business that is centralized, so software and hardware, it's less of a technical investment that we have to undertake. Also, a part of that investment was that we did put some equipment in clients in years gone by. We don't see the need to do that anymore. So we will moderate our tech expenditure, our capitalized expenditure. And so I think, overall, we're expecting our depreciation and amortization to drop significantly over the next few years. I think on the expenditure front, we've made it pretty clear that we are going to invest in the sales and marketing activities. We've upped the number of trade shares that we go into. We've rebranded the business. We've gone out there and explained that LEXI 3.0 is a phenomenal tool, and that actually has been the driver for many of these sports programs. Now all of that's taken a little bit of money. But none of this is material. The most material expenditure is to enhance the sales activities. And that's probably reached a point where it's a moderate expenditure level. It doesn't need significant increases. We'll probably get two or three more people in the coming year. But they pay for themselves within about 6 months. We have to train them. And then the revenue starts to come quite rapidly if we get good people. We are very fortunate we have some great people. And they have started kicking runs or hitting runs, kicking goals very quickly. It takes several months to train and to get a customer order book going, but they're very successful.

Thanks, JB. Tony, you talk about your global business using partnership models to scale up. Can you give an outline of the type of business that you would like -- ideally like to partner with? And how many partners do you think you'll need?

It's less a question of -- I mean, yes, it's correct that, that's part of our strategy. And it's less a question of number of partners as it is to the quality of those partners and the range of different partnerships that we've got, from kind of a traditional human-moderated live captioning business in the U.S., who have now moved to being exclusively LEXI resellers, that's obviously a really key type of partnership. Because it's in the partner's interest to maintain their business, to maintain the contractual relationships with the customer and continue to be able to fill in those gaps, be it 5% or 10% of the programming total that can't yet be delivered with LEXI, while at the same time, effectively cementing their position as an automatic captioning provider for their customers. And so that's a really key area of the value proposition. Other elements of the value proposition that we're really looking into are on the product side, and in particular, products outside of the United States and outside of traditional broadcast, where we could effectively integrate our encoding technology with, say, recording equipment or setups in government and enterprise facilities. And so talking to vendors that already have approvals for these customers and where they themselves need our solution to further add value to the customer proposition, this is why we are significantly increasing the amount of work that we're doing on the partnership front. Because we've got a solution that's completely agnostic in terms of other technology that we can plug into. And we know that our solution will deliver the best possible captioning for any of those environments. And so for our partners who are looking to expand their offering and are looking to deliver the latest AI to their customers, we're a pretty attractive proposition. And we're looking forward to continuing the wins on the indirect sales channels.

Thanks, Tony. Are you expecting cash improvement year-on-year even with the final acquisition payout in the first quarter?

No, that's a good question because the reality is no, we have -- the acquisition payments in Australian dollars that are sitting on the balance sheet are about $8 million. And they are U.S. -- we have currency set aside for those and they're U.S. payments. In total, they're about USD 5.2 million. And they're going to put a dent in the cash flow, there's no question. We do hope to recover some of that through operations. But it's hard to expect that we will be generating $8 million of cash -- clean cash next year.

I think it's fair to say we're expecting somewhere between the $3.5 million, where we got to this year. And obviously, we're not expecting to hit the $8 million. So there's a reasonable window.

Just one last question. At what percent of revenue do you think tech will normalize? And when is this likely to happen?

I don't think that -- I mean, I think it's an interesting question. I just don't think it's a question that's answerable by us. Because if someone comes to us like Google and says, "We want 100% services," we'll go, "Yes, of course." And that will negatively impact our gross margin percentage. But you know what, as I said earlier, it's going to increase our gross profit dollars. So in a sense, I kind of reject the underlying premise of the question. Having said that, it is an interesting question. And I think 50-50 is probably where it will end up in terms of revenue and technology mix. And I think it will probably end up at 50-50 revenue mix in the next couple of years. And I think it's likely to stabilize there for a while because there still remains a bunch of programming for which the importance of having the human intervention will remain. And as a rule of thumb, if you think that human services are going to be priced ultimately at 10x the price of the fully automated service, well, even if you're getting 5% of the volume delivered by humans, that's going to equate to 50% of the revenue because it's 10x. And I think that, that last 5% of content, as with anything, is going to be the hardest to transition across LEXI. But you know what, we're in a great place to manage this transition because we've got the best possible automatic quality captioning with the encoding, with iCap and with LEXI. And we've got the best possible quality human captioners through the legacy of 20 years of exceptional service delivery. So that's probably where we see that going in the next couple of years. And I see we've got another question from Nick Harris. JB, can you please explain the big tax expense in your P&L, which I should say is an accounting expense and not a cash expense?

Well, in actual fact, we're getting $400,000 cash back, Tony, because we paid. Look, the big part of this is that we've spent a lot of time working out where all the costs and where all the revenue and everything else lies and transfer pricing and obviously to have the best tax position that we possibly can. What that has meant is under the tax rules, you can carry forward losses on your balance sheet as deferred tax assets. We made the decision that, as I mentioned, in Singapore, Malaysia, the U.K. and Canada, we wouldn't carry those tax losses predominantly because they're all very small and we don't see the revenue generating enough taxable income in 3 to 5 -- or I think it was 3 to 4 years, in fact. So without that, we made the decision that there was not adequate certainty and it almost is an absolute certainty. We have tax losses in Australia that we have kept because we're making money there. And we also believe that we'll have tax losses in -- well, in the U.S., we'll make money there. And acquisition accounting brings up all sorts of funny tax issues, too. But at the end of the day, as Tony mentioned, these items aren't cash, they're just adjustments on the P&L.

Thanks, JB and Tony. That concludes the Q&A section. I'll just hand it back to you, Tony, for some closing remarks.

Thanks very much, Max, and thanks, everyone, for attending. Well, JB and I are very happy through the roadshow to have one-on-ones with anyone that hasn't already booked one in. So please reach out to us or to NWR directly, and we'll book those in. Thanks very much for your continued support. We're very excited about what we've achieved and where we're heading. And thanks, everyone, for your patience through what's been a pretty torrid trading conditions for many companies over the last year. But hopefully, it's onwards and upwards from here. Thanks very much.