Alcidion Group Limited (ALC) Earnings Call Transcript & Summary

Good morning, everyone, and welcome to Alcidion's Half Year Financial Results Presentation for the 6 months ending 31st of December 2024. Before we get going, I'd like to acknowledge the traditional owners of the land from which I'm presenting to you today, which is Wurundjeri people of Kulin Nation and the lands on which all of you are joining me, and I'd like to pay my respects to their elders past and present and to extend that respect to all aboriginal and Torres Strait Islanders who are joining us on the call. Joining me today on the call is our Chief Financial Officer, Matt Gepp, who will take you through in a little more detail some of the financial results; and our Chair, Rebecca Wilson. Today, as usual, we'll take you through a presentation covering the key financial and commercial highlights of the half and followed by that -- some of our thoughts on the remainder of the year. We'll then open up the call -- at the end of the call for Q&A. All attendees have got the opportunity questions at the conclusion of the presentation. [Operator Instructions] While, I am, of course, to answer as many questions as we can in the time available, although I know a lot of people have probably got a number of calls they are attending today. And any questions that are similar in nature or the same, which we will try and group those together. If we do run out of time and we're not able to answer one of your questions, please follow up with an investor e-mail to [email protected], and we'll try to seek to answer those as soon as possible. And also as a reminder, the webcast is being recorded today and it will be available later today on Alcidion's website. Getting into the core of the presentation. Alcidion has produced a solid result for the first half, with subsequent events to the half giving us further positive momentum. I'd like to say thank you to those who have joined us on the call today who are long-standing shareholders. We know recent times have been challenging, but we're really pleased to see the sales momentum that we've been working towards come to fruition, and that's now driving stronger financial performance and greater interest in the company. Before I get into the results today in detail, there are some people on the call who are potentially new to the story. I'd like to just give a brief introduction to Alcidion and some of the core problems we're trying to solve in health care. You will note that we have lodged the presentation today. There's a little bit of information in that presentation that extends beyond the core financial results for the presentation. In terms of what we do, Alcidion is a health care data and informatics company. We have a platform known as Miya Precision that consolidates large amounts of data and information across health care. into a single platform that allows hospitals and health care services and adjacent health care providers to streamline their workflows and use that information to help improve the delivery of patient care. Our real aim is to support health care professionals and to give them the tools they need to make their jobs easier so that hopefully delivers a more efficient and safer health care system for everyone. We currently operate across 3 geographies, Australia, New Zealand and the United Kingdom. And the revenue is split roughly evenly between ANZ and the U.K., although that can fluctuate half-on-half depending on when contracts are signed and where they land. As I said, Miya Precision is our flagship software platform. It's a cloud-based modular solution that allows you to scale up and down for functionality depending on not only what budget a customer has, but what the problems they're trying to solve at a particular time. And it is that modular-based platform architecture that we've taken that we think is a real key differentiator for our product offering. At present, we've got around 16 unique modules. However, as we've recently demonstrated, we've got the capability internally to develop and commercialize new modules quickly. as our customers' needs change, all using the same consolidated data platform. Supporting the product offering is a team of integration and implementation specialists who have extensive experience across the health care market. And it's working -- it's the way they work with our partners that we are able to stand out in respect of the depth of the solutions that we're able to bring into health care. Moving on to the actual results from the first half and subsequent events. From both a business and financial perspective, it's been a positive first half for the business, strengthened, of course, by the announcements on North Cumbria and how which occurred subsequent to the period end. I won't go into a huge amount of detail here because I know Matt is going to take you through this in a little bit more, but I do want to highlight a few key points. I think they're important. We delivered first half revenue of $17.6 million, which whilst down 7% is exactly in line with our expectations for the half. That decrease in revenue compared to the prior period was primarily due to lower product implementation revenue. And we highlighted that when we talked about our outlook for FY '24, and it's really the implementation revenue from that Leidos Australia contract, which as we near the end of delivery of that program of work, quite naturally is tailing off. And as we move into North Cumbria, we'll probably start to pick up again. Just to be clarified that, that only relates to the project-specific work for that ADF program. Obviously, the ongoing annual license fees and subscriptions will continue for years to come. During the first half, we signed new sales TCV of $18.3 million, primarily driven by 3 new customers. And then subsequent to the period end, we signed 2 other key contracts, taking the collective year-to-date new sales revenue for the year to $61.3 million, which is a record for the business, and that is the year-to-date figure before we finish the year out. These new sales have also contributed, obviously, to the FY '25 contracted revenue, which currently stands at $39.5 million for the year. Underlying EBITDA for the first half was positive $500,000 $5 million, reflecting a material improvement of $3.3 million on the prior calendar period. Just at a summary level, from an operational perspective, we have now signed 5 new customers since the start of the year, along with renewing several other contracts across both the U.K. and Australia and New Zealand markets. And I'll touch on the detail of the contracts later. But notably, to many on the call, I'm sure you're aware of the announcement that we signed the first EPR deal with Northumbria NHS Trust that also includes our patient administration system, PCS, great validation of the business and highlights that continued value proposition that Miya Precision brings to the customers. On the outlook and balance for the year, we're confident, as I said, of delivering positive EBITDA and cash flow for the full year. I'm going to hand over to Matt, who's going to take you through the results in a little bit more detail.

Thank you, Kate. Good morning, everyone. Thank you for joining us for this results presentation. As Kate said, we've signed 5 new material contracts in the first 8 months of this financial year, and we are pleased to update you today with the current TCV sales for the year, which stands at $61.3 million. Back in 2022, we signed the first ADF contract. That project had a 3-year implementation period with revenue recognition spanning for financial years. As forecasted, we're now in the final year of that implementation. And as a result of that project nearing completion in H1, we see a $1.2 million decrease in the implementation revenue in this half, and that sees us delivering revenue in the half of $17.6 million. That's precisely where we forecast the revenue to be for this half, when we started the year. With NALHN and Peninsula signing late in the half, we'll see a full 6-month contribution from these contracts in H2, combined with the contribution from Hywel Dda and North Cumbria for at least a full quarter. We've announced today that the sold and renewal revenue for FY '25 currently stands at $39.5 million. This time last year, we announced a program to reduce the annualized cost base in the business by $6.4 million. primarily that was to be achieved by a reduction in staff costs. As we end the first half, staff costs were down $3.4 million on the prior year, which gives us an annualized reduction in costs of $6.8 million. With this reduction in costs, the business has delivered a positive underlying EBITDA of around $0.5 million. That's an improvement of $3.3 million on the previous year half. We've also confirmed today that we are confident of delivering positive full year EBITDA. Onto the revenue dashboard. On the top left, we see the historical half-on-half revenue. We typically have a record of delivering a stronger second half revenue number, and we expect that trend to continue in the current year, with second half sold and renewal revenue, currently at $21.9 million following the $17.6 million recorded in H1. On the top right, we have the relative contribution from ANZ and the U.K. This is unchanged from last year at 57% and 43%, respectively. We expect this will flip in favor of the U.K. for the first time actually by the time we reach the end of the year. On the bottom left, this is a graphic that we introduced for the first time at the end FY '24. It demonstrates really well the 4 streams of revenue in the business, underpinned, of course, by the recurring revenue in dark blue, and we're very happy that we delivered a solid recurring revenue in H1 of $13.7 million. On the bottom right, we can see the proportion of revenue that is recurring annually. That's at 78% in H1. But this graphic also demonstrates the substantial shift the business has made away from services revenue towards ARR over the last 5 years. Thank you, Kate. On to the balance sheet. Look, I don't have a lot to comment on here. I'll touch on cash on the next slide. We ended the half with 8.2 million of trade debtors. That's 4.7 million higher than in June, which had a balance of 3.5 million. It's a recurring feature of our business. The December debtors are materially higher than in June. That's one of the factors that sets Alcidion out for a stronger second half cash receipts and operating cash flow performance. Unearned revenue is largely consistent with June at $13 million. And as we've talked about before, this balance fully washes through the box each year. On to the cash flow. So coming to the end of the financial section of this presentation. I'll point out, to start with, that we do not capitalize staff costs in our business. So 100% of the staff cash costs are presented in the operating cash flow that we see here. This is the same cash flow we saw at the end of January with the Appendix 4C. For the half, receipts are marginally up on the prior year at $15.3 million. The important number here, however, is the $7 million reduction in payments to suppliers and employees that we report in this half. After reporting negative operating cash flow of $3.9 million in Q1, which is very much a result of large VAT payments that arise out of the prior year Q4 invoicing in the U.K., we followed that up with a modest negative operating cash flow of $259,000 in Q2, leaving us with negative operating cash flow of $4.1 million for the half, which is consistent with our forecast. With the reduction in spend, that's an improvement of $7.3 million versus the prior year. We're very comfortable with the cash at $7.7 million at the end of December. The business has consistently delivered positive H2 operating cash flow since 2021. And as announced today, we are confident at this point of achieving full year positive operating cash flow. Thanks for joining us. Kate, back to you.

Thank you, Matt. It's worth probably just recapping, I think, for those on the call, the notable contract wins and renewals we've had through the first half. In the first half, we signed 3 new deals across the Australian market, which is a market where we're seeing increasing opportunity for flow, command center and mobile access solutions, as a market along with the rest of the world really grapples with those challenges of demand versus capacity in the health care system. In Victoria, we partnered with Hume Health Alliance and with Peninsula Health to further expanding our presence across acute care market in this state. And that's where we're using their platform, as we are also in Western and Alfred Health, to help manage that flow and capacity challenges, so increasing presence across Victoria. In South Australia, we entered into a contract with North Adelaide Local Health Network or what we refer to as NALHN, which was particularly exciting for us. That's our first customer in South Australia, the place where Alcidion was founded and where we have a significant staff presence. It's worth noting that all of these opportunities were won in a competitive tender. Often, in these calls, I do talk about the importance of referenceability and procurement, particularly in health care, where they really look to evidence base. In Australia, we've now got a really diverse range both geographically and by types of modules and mix, old markets of deployments in this market that really demonstrate the benefit of our solutions. Increasingly, we're able, therefore, to reference benefits as a key differentiator for our products against competitors. And you will have heard us talk before about some of the benefits that have been articulated in quantitative and quality measures done by independent studies. We continue to receive inbound interest for our patient flow solutions given the importance of this for hospital administrators and clinicians at this point in time and how they can continue to support their blockage. And in fact, I think we'll continue to see increasing interest in this in the coming months and years. And lastly, during the half, we will -- this is subsequent to the period we signed our first contract in Wales, which was a $5.5 million deal over 5 years, again, following a competitive tender process, looking for solutions to not only address flowing capacity management but also our observation assessment and mobile data availability for clinicians. Wales is actually a really interesting market. And whilst it's not that large in population, it does have several health boards. And many of those health boards recently selected the better medication management partner for their medication management to roll out. Not through us, but it demonstrates that Wales is taking that, at this point in time, that sort of best of grade or a modular approach to building out their EPR capabilities. We think our approach is really well suited to their health care needs with that sort of modern modular platform resonating quite well with several customers in that market. I have touched on this slide that depicts the North Cumbria deal before, but I thought I'd just reiterate it and sort of talk to it in the construct of what these contract means for Alcidion and for us in that market. As many of you are aware, we've now signed the contract and it marks the first full EPR deployment with the payer solutions, PCS. At the core of that APR solution is our Miya Precision platform, providing a full suite of applications to make the requirements of the trust and to enhance the deployment of PCS, which they've had for some 8 years or so. The contract has a total $37.5 million, sorry, over a 10-year period and the initial $8 million to $9 million, which we expect to recognize in this financial year is primarily related to an upfront licensing. Receiving a portion of the license fee upfront is not an uncommon feature of the U.K. market where they're funding these big programs of work in a capital way for some portion of the contract. And we've provided a range of revenue in terms of recognition. And that $39.5 million is taking the lower end of that range for the North Cumbria recognition. And we've done that because there are some payments beyond the license fee that will -- license fee, I should say, that will be related to implementation milestones and the achievement of those. And we're just taking a risk-based view of how much of that will be recognized in this financial year. But yes, there may be more than the $8 million. Also note that North Cumbria already used the Better Medications Management Solutions, for which they've got a direct contract relationship. So the fees for the Better Meds component are not part of this total TCV, unlike in Dartford and South Tees where we are, in fact, the prime contractor for Better Meds. Deployment has already kicked off. It started this week. So we're really excited and looking forward to seeing how that rolls out in the coming months. It's been actually a very busy first half for us in terms of deployments. In Q1, we went live with the Hampshire Hospitals Trust, which was our first site using our new emergency department module. And it was a key milestone for the business, demonstrating our ability to bring whole new modules to market very quickly, getting them out and live with our customers and bringing new functionality that we're really seeing some increasing interest from across not just the U.K. but across our whole customer base. At Bolton, which has been a long-term patient track customer, they went live with flow access and command, where they chose to replace the ExtraMed Solution, which was the legacy flow solution we acquired a few years back, thus creating another Miya Precision site in the U.K. And around the same time, we also went live with Medications Management at Dartford, where they're using Miya Noting, and the rest of the Miya platform for observations, assessments and communication as well. We also went live at Hume, which was rolled out very quickly. It's our fastest ever rollout of Miya Precision over 12 weeks, enabling our customers to demonstrate how quickly that can achieve that value. And the Hume rollout is a particularly exciting one as we're across the rural region that has got some very large central hospitals in the large towns such as Albury and Wangaratta, but then a number of hospitals spread out across quite a wide geographic area. Our ability to effectively implement these and our third-party solutions has always been a strength, and it's a unique part of our skill set in that we have such strong understanding of project implementation and integration. And we're continuing to be able to sort of demonstrate how we can deliver on those promises to our customers. I have got a few slides now. Just to reiterate some of the advantages -- I'll jump ahead here -- of our solution. I'm not going to go into a little lot of detail. We have presented this information before, but updated in light of some of the deployments we've now had in respect of how we position ourselves against competitors. We really are very confident that our Miya Precision platform is at the forefront of modern health care IT architecture for an enterprise. And that we are continuing to really focus on those critical challenges that clinicians and health care administrators are facing. As many of you will know, Miya was originally developed by clinicians specifically for clinicians. And our purpose has really always been to remove unnecessary process and administrative burden so that we can provide people that are in that front line with a way of digesting information in a way that reduces the cognitive burden. And I think the benefits that we are seeing are continuing to be amplified in achieving those. This slide, I appreciate, is fairly detailed and not one we're going to necessarily go through in great depth here on the presentation. But just wanted to give you an idea of not only the depth of what Miya Precision is addressing now, but also the ways in which we structure the architecture and take the capability to market. At the bottom, underpinning everything, you have the core Miya Precision architecture, which is cloud-based, driven by a fire event platform, incorporating 2-way integration from our modules, not only into our modules, but into those systems that we are importantly getting information from in respect to third parties. And then on right up the top, you have that Miya Command capability, which is essentially a type of operations center that allows you to see what's happening not only across a hospital, but a region or an entire integrated care system. is that's how it is deployed. The beauty of that is the opportunities it gives you. And just as a really good example, I was recently went up to Hume to see a showcase of the work that has been achieved there, and they told the story about one of the hospitals being well and truly full and that they were going to need to divert ambulances from that hospital. And another large hospital in that region was able to actually look at what the data that was available in Miya and see that a lot of their patients were actually out of catchment area, and they were able to have those patients move back into catchment area and then create opportunities, which meant there was no requirement to divert ambulances and divert those ambulances in a country area is not diverting them down the road 10 minutes. It's potentially diverting them to a 2-hour journey. So those are the sort of stories that really demonstrate the value that Miya Precision can bring. And it's in that context that we see the continuing opportunity in Australia, whilst we're getting a really good footprint in Victoria, whilst we've got our first site in South Australia, opportunities absolutely exist to expand that throughout this country. South Australian market, Marlin is the first, hopefully, of the local health networks that will be interested in what we're doing. They're keeping a very close eye on the progress of that project. Queensland, the direct -- new director general has been given a direct mandate to help alleviate patient flow issues across that market. So whilst Australia is a region that we've actually had several long-standing customers in, there remains significant opportunity for expansion of our solutions focused on those verticals, not to mention hospital in the home and virtual care, which continues to be an area where we're seeing people seek solutions such as Miya. In the NHS and in the U.K. or in England, specifically, you already know about the opportunity for the NHS frontline digitization program, which is focused on new electronic patient records for England, and we will continue to see procurements come out in that market over the next 12 months. And we will expect to be -- continue to be active participants in those procurements. But equally, we're seeing opportunities to further develop more of our modules or deploy, I should say, more of our modules, but also to look at the optimization of the digital environment in England. In Scotland and Wales, we now will shortly have live sites in both of those markets. We have a number of our observations and assessments across Scotland and currently deploying into Wales. So we're looking forward to the opportunity to continue that momentum that has been building. Looking to the outlook. As we said, we've got a minimum FY '25 contracted revenue standing at $39.5 million, which does include the contributions from Hywel Dda and North Cumbria, with North Cumbria being at the lower end of that expectation. As a result of those wins and where we stand now, we are confident of delivering positive EBITDA and cash flow for the full year. We continue to engage with a variety of new and existing customers across our key markets and potentially newer markets with increasing momentum that's being created off the back of those wins, and that underpins our confidence in creating a sustainable, growing and profitable business into the future. At that point, I'm very happy to take any questions that we may have received online or prior to the webinar.

Thanks, Kaye. We have had a few questions coming before and a few questions come in. while we've been presenting. There are a couple around South Tees, which I'll combine. There's published information that North Tees and Hartlepool are planning to combine their EPRs with South Tees in November '27. Alcidion has a 10-year contract with Tees. Are we well placed, are we well positioned to win these 2 EPRs?

Yes. It's interesting. There are a number of these sorts of opportunities coming out in England, where trusts are merging within an integrated care system. I think we're in a strong market position in this opportunity. We've got demonstrable and positive position in feedback at South Tees. I understand why they need to go to market. There is a different supplier in North Tees and therefore, at some point, they will need to understand and everyone an opportunity. Just reiterating the position we have in the integrated care system. So not only at Tees, in South Tees in the North Cumbria Integrated Care System, so as NCIC as Northumbria that uses our PCS solution. So we continue to see that whole integrated care system as an opportunity.

Thanks, Kate. Another customer question. Could you please provide an update on Alcidion's relationship with University Hospital or South Hampton Trust, including whether contract extension options are likely to be exercised?

Look, we continue to work with university hospitals. South Hampton, they're rolling out the emergency module. They have assisted trust to Hampshire hospitals and they were sort of waiting -- they've been sort of following on from what they're doing. They're a little bit different in Hampshire that they're replacing an existing system. So are taking their time to get all the elements right before they go live. They're also part of an ICS that's going to market for an EPR later in the year. So I expect we won't see them roll out too many more additional modules ahead of that procurement because they're part of Hampshire of what ICB and there's 4 significant trust in that ICB we intend as a set to go to market from EPR later this year.

Thanks, Kate. And we've now had a flurry of questions online, which I'm going to try to decipher as quickly as possible. The first one is, what benefits have you seen as a result of a Novaria and/or a Olinqua partnership?

Look, I can't point to any particular opportunities where we have won a deal because of that partnership. But what it does open up to our customers and to the opportunities that we go after widening of that. So Olinqua was really focused on areas and Novaria that we don't do. And so it allows us to present opportunities for our customers to partner with a wider ecosystem. And that's really what Alcidion is about, how do we create an that supports customers' needs using the Miya Platform as the consolidator.

Okay. What percentage of hospitals in Australia and England don't have a digital patient software all?

All customers would have some form of digital patient record. Many of them don't have the whole end-to-end process, fully digitized yet. There are conflicting views on how many actually us to market. There was some press in the last 24 to 48 hours saying there were 7 that weren't going to meet the requirement to be live by March 2026. But there are several in procurement and several who haven't started procurement. But all of them would have some form of digital solution that would be doing elements, even if it's just the patient management.

How is the NHS procurement -- I think this can follow on, how is the NHS procurement landscape evolving? There have previously been a number of delays but new contracts are coming in now. Is this a sustainable cadence of new contract adds?

Look, the procurement landscape is continuing. We did have a period where there was really nothing much happening and a lot of them have been slowed down. We know that people are still completing business cases. We know that people are still coming to market. I think I said before, there's 2 parts to the process. It's a free market engagement and then the tender process, though that is occurring actively. And then there are other opportunities emerging around optimization of digital health pathways in England. But as I said, I think on the quarterly, the 10-year plan that we're expecting to be published very soon is going to give us greater clarity on where England, NHS England intends spending is budget for digital health in the next 10 years, I guess.

Thanks, Kate. I think I can answer this one, if you want the recurring component for North Cumbria, would this be $37.5 million less the $8 million to $9 million upfront divided by 10?

It would, in fact, be the $37.5 million, plus some implementation I would have thought on that.

Yes, Yes, correct, correct. And then of course, they will be CPI applied in later years as well.

What is there -- I think we've got a rough idea, it's around $3 million, isn't it?

Yes, around $3 million. Exactly, yes. How many other still -- so this is off the back of the NCIC agreement being signed. How many other still willing clients are there in the U.K. who you think could be upgraded?

Look, I mean, without -- I don't want to predict that because they've got to go to market and go through a competitive tender process. And there are some that might not be necessarily going by the frontline digitization program. Northumbria is a very good example of that. We have other customers who might have actually gone through the EPR program but still have can't be -- planning to maintain PCS or they're still willing for the foreseeable future. So there are 3 or 4 customers, PCS customers that will, over time, I think, move from our -- pass to another EPR provider, but still several that are in play.

Thank you, Kate. And this one is regarding the current pipeline? And how do you see that compared to where it was a year ago?

Look, the pipeline is healthy and remains healthy. My view on the pipeline is that opportunities come in and opportunities go out. When you sign something the size of North Cumbria, you remove that from the pipeline. Obviously, we are adding on new EPRs, new opportunities in Australia as they come in. So over time, the pipeline does stay fairly similar, although to be honest, I think if I was to look at it now, right today, it's probably about 20% larger in value. But it's really important to understand that one opportunity in and out of the pipeline are not the same. If you think about a deal that could be $5 million versus a deal that could be $37 million, it's the measurement not only of the value of the pipeline, but the numbers of opportunities that are in the pipeline. And as I've said, we are increasingly seeing interest in what we're doing as we take more customers live and sign more opportunities.

Thanks, Kate. Can you give an estimate for what portion of future revenues will be implementation revenue?

No. No, not really. I mean I would expect, though, that we are -- where we are now is probably around about where it will continue, unless we got to a point that we weren't signing new customers that we're implementing, and we were just in a steady state situation, which is a long way from where we are at the moment. I expect we will continue to sign new customers, and that will continue to require us to implement their solutions.

We've got to build up of questions around one topic, which I'll leave to the next question. I'll ask this question first. It's a bit off topic, but do you encourage staff to become shareholders in our business?

Yes. I mean, of course, I mean, what encouragement, what you mean by encourage, but of course, we're very supportive of customers of staff who choose to become shareholders. And in fact, we have a number of staff who are shareholders.

And I think, Kate, also, we have a very good long-term incentive program in place that obviously, is incentivized through shares through.

Okay. More questions coming in. I'll get this one out. How does a modular platform architecture work in parallel with another module provider such as another better module for medications from another provider? What's the likelihood of another competing entity winning over Alcidion for flow as well?

Well, obviously, the platform is built to connect other modules, which we can demonstrate across all of our customer base and then obviously, very tirely with the work we do with better medication management. At this point in time, I believe I can confidently say that we are one of the preeminent flow solutions in the market based on a number of the fact that we have won all competitive tenders in this market for flow of recent times. But we remain ever vigilant about what is going on with competitors in our market, and we see that intelligence into what we're doing in respect of future product and sales opportunities.

So we're coming, I think, to the end of the questions. So I'll ask this one, which we've got 3 different people asking a very similar question. How aggressively are you looking at expansion beyond the U.K.? Are there opportunities in sales for Scotland and Ireland? What about expanding further, i.e., Canada and for another question, the U.S.?

Well, we have always been in the U.K. market as a whole. So Scotland, Wales, Northern Ireland have always been active for us. Obviously, the big opportunity at the time was in England. We're seeing increased activity out of Wales, as I said, we've always had sort of a steady stream of sales in Scotland, particularly with observations and so forth. So that market remains obviously very important to us. We have quite rightly, I think, over the last 12 months, been very focused on delivering on our proposition in our existing markets. We have always said that we keep open to new geographical expansion. In the next few months, we will really be turning our mind towards where those markets may be and Canada remains a definite opportunity. We were recently -- as many of our shareholders will know because it was on our LinkedIn, we recently went to a patient flow -- dedicated patient flow conference in the U.S. to really start to understand what was going on in that market. And I can confidently say the problems we're seeing in health care in our existing markets exist pretty well universally across health care systems. And so our job now is to understand which of those markets present the best opportunity for us and how we might go about looking at those markets.

Thanks, Kate. There's a couple of other questions around implementation revenue, which I think we've touched on in the slide. So there's no other questions that have come in now.

Thank you. Thanks, everyone. Really, thank you. I just want to thank you once again for your interest and ongoing support of Alcidion. We're very pleased with how the company is progressing in respect of executing on our strategy. We look forward to keeping you updated. I thank you, our shareholders. I thank the Board and the senior leadership team of Alcidion who have worked very hard to deliver this result and continue to remain focused on increasing value for both our shareholders and our customers.