ALS Limited (ALQ) Earnings Call Transcript & Summary

Thank you for standing by, and welcome to the ALS Limited FY '22 Results Briefing Conference Call. [Operator Instructions] I would now like to hand the conference over to Mr. Raj Naran, Managing Director and CEO. Please go ahead.

Thank you. Good morning, and thank you for your attendance on this call today to discuss ALS' full year results of fiscal '22, which follows our upgraded guidance we gave earlier this year in March. Hope this call finds you, your family and colleagues all safe and healthy. My name is Raj Naran, Managing Director and CEO. And with me today is our Chief Financial Officer, Luis Damasceno; and our new Head of Investor Relations, Cameron Sinclair. I will present the highlights of our full year '22 performance as well as provide an overview of the group's strategic priorities moving forward. Luis will then provide commentary on our financials. The call will then be open to questions. Turning to Slide 3 of the presentation. Given the challenges arising from the pandemic over the last 2 years, I'm incredibly pleased with our record fiscal year 2022 results and that we exceeded our 5-year strategic plan. First and foremost, there's a significant improvement in our safety performance. Our injury frequency rate puts us at the top quartile of all ASX 100 companies. Our revenues were $2.2 billion versus the strategic plan of $2 billion, a 73% growth versus fiscal year 2017, a 5-year organic CAGR of 9.7%. Underlying EBIT was $409 million versus the strategic plan of $400 million, a 113% growth versus fiscal year 2017 and a margin improvement of 350 basis points to [ 18.8% ] [Audio Gap] business had a greater than 90% cash conversion over the 5-year strategic plan and a 20.1% return on invested capital in fiscal year 2022, improvement of 782 basis points since fiscal year 2017. Since fiscal year 2017, earnings per share improved 135%, 18.6% CAGR, and the business delivered 132% total cumulative shareholder return. Turning to Slide 4. I'm particularly proud of our continued progression on our sustainability agenda. This upcoming fiscal year, the company will be carbon neutral with the goal to deliver a clear road map to net zero emissions. We have achieved strong earnings growth across our 2 largest divisions, Life Sciences and Commodities, with an organic revenue growth up [ 18.1% ]. We have continued to expand our margins with EBIT up 164 basis points to 18.8% and delivered a material uplift of 42% in underlying NPAT. Business has continued to progress its successful acquisition strategy with the 49% acquisition stake in Nuvisan, increasing our scope of services across the pharmaceutical chain; and MinAnalytical, supporting Geochemistry's capacity and technological services to customers. Our Life Sciences business continues to grow earnings with high-volume activities and overall price increases. Commodity business continues to be a market leader, posting significant revenue growth and margin improvement. Our strong financial performance has enabled us to deliver a full year partially franked dividend of $158 million or $0.328 per share to our shareholders. Fiscal year '22 was another very strong result for the company given the current economic headwinds and one that was achieved through prompt and decisive actions from management and the Board. I will now turn the call over to our CFO, Luis Damasceno, to present and comment on our financials.

Thanks, Raj, and good morning, everyone. I'm going to turn to Slide 9 and cover the group financial key highlights. Group recorded revenues of $2.2 billion, a 23.9% increase versus the prior corresponding period, with a strong organic growth of 18.1%, driven by Life Sciences and Commodities. Scope growth was also meaningful with contributions from Investiga and Nuvisan in our Life Sciences business, MinAnalytical in our Commodities business. EBIT improved by -- improved 35.8% versus FY '21 to $409.4 million with a margin expansion of 164 basis points to 18.8%, significant margin expansion in Life Sciences and Commodities. Group delivered NPAT, $264.2 million, at the top end of the upgraded guidance of $260 million to $265 million provided earlier this year, represent an increase of 42.1% versus FY '21. Group also finished the year with a strong balance sheet and solid liquidity and is well positioned to continue to invest in organic and inorganic growth opportunities. I want to relate these elements in more detail when I cover the capital management perspective. Moving on to Slide 11, where we cover the divisional highlights. Life Sciences delivered total revenue of $1.1 billion, with strong organic growth of 13.4% and accounted for 53% of total group revenue. All business and key regions had double-digit organic revenue growth. Underlying EBIT was $195 million with a margin of 16.9%, [ increase of 68 ] basis points, driven by increased volume, process optimization and efficiency gains on invested capital. Nuvisan made a full contribution to the second half of FY '22 and performed in line with its business plan. Commodities had total revenue of $819 million, with organic revenue growth of 30.8%. Business recorded underlying EBIT of $245 million with a margin expansion of 230 basis points to 29.9%. Geochemistry sample volumes increased by 32% with 15% expansion in capacity completed in FY '22 and a further 5% increase in capacity from the acquisition of MinAnalytical, which also served to expand Geochem's technological service offering. Geochemistry delivered a 42% organic revenue growth with underlying EBITDA margin expansion of 241 basis points to 33.2% driven by increased volume, improved mix and pricing expansion. Metallurgy benefited from increased mining activities, notably by the growing demand for critical metals for energy and battery technology. Coal was affected by the reduction in superintending revenue, and the inspection business was impacted by the global supply chain issues. And then for the Industrial division. The Asset Care business was impacted by the Australian state border closures and by the shutdown of the U.S.A. business. In addition, the Tribology business suffered from temporary entry-level labor shortage and increasing operating costs. I'll move now to Slide 15 and cover key aspects of our capital management. Even after the significant investments in the acquisition of MinAnalytical and the 49% stake taken in Nuvisan, we closed the year with a solid balance sheet with $432 million of available liquidity, leverage ratio of 1.9x and an improved interest cover of 15.3x. We also had another year of strong cash generation. The group generated $441 million cash before CapEx, represent an increase of $61 million over the last year and an EBITDA cash conversion of 93%. FY '22 marked the fifth consecutive year the group recorded a cash conversion above 90%, significant achievement especially considering the substantial working capital requirements to support the organic revenue growth delivered in the year. [Audio Gap] closed FY '22 with a record low DSO of 49 days and a ratio of working capital as a percentage of revenue of 8.4%, significant improvements compared to the 12.8% in FY '17. [ Group also ] invested $119 million operational CapEx, an increase of 47% over last year, represent 5.4% of the FY '22 revenue. 2/3 of the deployed CapEx was directed to growth initiatives. Total of $292 million was invested in business acquisitions, including Nuvisan and MinAnalytical. It's also important to highlight the significant improvement in return on the capital employed delivered in FY '22 driven by revenue growth, margin expansion and efficient working capital management. The return on capital employed of 20.1% represents an increase of 243 basis points over the last year and 782 basis points over the 12.3% recorded in FY '17. All divisions improved the return on capital employed compared to FY '17. I'll now move to Slide 18, where we cover the debt metrics and financing activities. First, I want to highlight the refinance of the U.S. private placement debt in March and to be funded in July 2022. By proactively completing this placement a few months before the maturity date of the USPP during July, the group was able to secure favorable rates and eliminating a refinance risk that could be potentially associated with a volatile market. Placements, once funded, will significantly extend the group's weighted average debt maturity profile to 6.9 years on a drawn and undrawn basis and reduce the total weighted average funding cost by 30 basis points to 2.6%. At the closing of FY '22, the group's debt profile is well aligned with its net assets and the net profit from different currency streams, create a natural hedging and significant to mitigate FX risk. [ To ] conclude, based on the strong performance delivered in FY '22, a solid financial position and the current trading conditions, the group declared a final dividend of $0.17 per share, 30% franked. Together with the interim dividend of $0.158 per share, the total partially franked dividend for the year will be $0.328 per share, up 42% compared to the previous corresponding period, representing a payout ratio of 60% of FY '22 underlying net profit after tax from continuing operations. The dividend reinvestment plan remains active for eligible shareholders who choose to participate at no discount. The DRP will be funded by the issuance of new shares. That said, I will hand back to Raj who will go over additional aspects of the group's strategic priorities and the outlook for FY '23.

Thank you, Luis. Looking to the year ahead, there are several strategic priorities and key initiatives we aim to achieve in fiscal year 2023 as set out on Slide 29. These include our continued improvement in our sustainability profile and the company's ESG profile and strategy, price management and a focus on the company's pricing power for highly demanded services. This is a real opportunity for the company across all businesses. Emphasis on our client contract performance, clear focus on our people with compensation in line with current market expectations, full year retention strategy for our key employees, supporting learning and development throughout the organization and a continued emphasis on diversity and inclusion. We will continue investing in technology, innovation and capacity growth, also investing in productivity, efficiency improvement, driven by real-time management of production flows and resource allocation. We are standardizing our proprietary management systems and principles and our procedures across all businesses as well as solidifying the company's procurement and supply chain globally. On Slide 30, there are several megatrends which are driving the long-term growth of the testing, inspection and certification industry. These megatrends will underpin ALS' future growth plan, and the group remains well positioned to capture on these long-term sustainable structural growth opportunities in the market in which it operates. Group continues to prioritize its employees' health and safety, business resilience, margin expansion and capitalizing on global growth opportunities, including strategic acquisition opportunities in key geographies and additional capabilities within our Life Sciences division. Further updates on the business and the company's 5-year strategic plan will be provided at the group's Annual General Meeting in late August following the completion of the first quarter of fiscal year '23. As a general comment, our refreshed new 5-year strategic plan is an evolution, not a revolution, focusing on the strengths of the company, industry megatrends and continued organic and inorganic growth. There has been a positive start to fiscal year '23 with strong volumes across the Life Sciences and the Commodities division. Life Sciences volumes continue to improve versus the prior corresponding period across environmental, food and pharmaceutical in all geographies. Price increases and procurement practices have allowed the division to manage inflationary pressures to date, but the environment still remains challenging. Commodity division, particularly Geochemistry and Metallurgy, are continuing to benefit from the continued strong demand for commodities, including energy metals globally. Price increases and increased capacity in Geochemistry are driving further volume growth and margin accretion in the first months of fiscal year '23. Metallurgy activities continues to be strong, with the coal and inspection businesses trading in line with fiscal year '22 level. The trading environment for the Industrial division is gradually improving following the opening of state borders in Australia, the gradual implementation of price increases and the initial benefit from procurement [ initiatives ] [Audio Gap] Group and the management team have demonstrated its ability to successfully manage the performance of the business through challenging market conditions. In closing, thank you for your time and attention. As I mentioned at the beginning of this call, I'm very pleased with the way the business has continued to perform throughout the pandemic and in the results we have delivered this year. I'm excited about the positive industry trends and how our company is well positioned to capture and benefit on these opportunities. Thank you for your continued support. The call is now open to questions.

[Operator Instructions] Your first question comes from John Purtell with Macquarie Group.

Just had a couple of questions. Raj, thanks for your comments there. Just in relation to the Geochem field season, which is now underway, can you just talk to what you're currently seeing there and your expectation for obviously the next sort of 6 months, which is sort of a key period for that Commodities business?

Yes. So thank you for your question, John. I mean we've provided, and I believe it's on Slide 21 of the presentation deck -- Slide 23, sorry, just an updated sample flow graph as of May 22. I mean volumes continue to be solid, and the expectation is we'll continue volume growth as we go into the field season. Capital raisings have picked up over the last month, and there's also capital raisings that have been completed earlier in the year and last year that we believe is now being deployed.

And just the second question. If we go back 6 months ago, Raj, obviously, you'd highlighted various cost pressures, et cetera, and you had new capacity and supply coming on and price increases there. And it looks like you've had pretty good traction on price. But how would you characterize sort of price versus cost as we move forward over '23?

Yes. So I think the company has demonstrated, and we've done it through COVID, and I think the company has responded and demonstrated its ability to successfully manage its way through challenging economic times. So pricing and procurement are very unique opportunities for the company [Audio Gap] pulling both levers. So we are pulling the pricing lever, which is benefiting the business, in particular, Geochemistry, but that's across all businesses. And we have solidified our supply chain and procurement practices, and we're seeing that benefit flow through into the business. So our view is that our approach to this is not really margin retention. It's really margin expansion. I do think we've been proactive.

Got you. And just in terms of the Nuvisan acquisition, just how that's performing and just how you're accounting for that, so looks like it's proportionately consolidated there in your underlying numbers, but -- is equity accounted, but just in terms of how that's performing firstly.

Yes. So we closed on that Nuvisan acquisition in October. So we're now seeing about 8 months of performance in that business. The business is performing as expected, and I think the synergies and the integration with ALS is going well. We've got some very good initiatives in terms of driving synergies across the business globally. And equally important, we've had some good progress in replacing some of those large outsourcing contracts [Audio Gap] we've been pleased with the progress.

Your next question comes from Jakob Cakarnis with Jarden.

Can I just ask on the capacity expansion in the Geochems business? What are you looking for from that capacity expansion? Are you still seeing demand in excess of the supply that you currently have online? And then I guess to John's question, just moving into '23, how do we think about the pricing dynamic? Is there still option for that to firm from here?

Yes. So from a capacity standpoint, Jakob, I mean we continue to build capacity. One of our key strategies around the MinAnalytical acquisition was both the technology play for the Chrysos technology and our ability to start entering the mine site business but also to add additional capacity to our business. We continue to build capacity for this full year '23. So we continue to [ deploy ] capital both in equipment and facilities to expand our capacity. I mean currently [Audio Gap] 10% or 15% capacity through the year [Audio Gap] pretty good plan [Audio Gap] in terms of pricing, we continue to pull the pricing lever. I mean from -- I guess if you -- just from a relative perspective, if we look at where we were with pricing at the peak of last cycle, [ 12 ], I still think there's about a 15 [Audio Gap] pricing. So we will continue that journey through [ 2023 ].

Okay. And then just in the pricing dynamic in the Geochems business, I think at the update at the end of March, you provided some commentary just around volumes returning to pre-COVID levels. Have you seen that continue? And what's the scope to continue to drive pricing increases across the Life Sciences business? Have you reached a critical competitive mass, do you think, in that business to warrant kind of market power or pricing power?

Yes. So I mean -- and I think the commentary on Geochemistry is appropriate. We're exercising pricing -- pulling the pricing lever across all of our businesses. I mean [ everybody ] recognizes [Audio Gap] pricing for both labor and consumables [Audio Gap] [ process ]. And so we are pulling the pricing lever, and we're seeing acceptance from our clients as we push our pricing up at or above what we're seeing with inflation. So we do see that is a real benefit for the company.

Your next question comes from Andrew Hodge with Crédit Suisse.

So just again, I want to follow in the same vein, just around Geochem, I guess, pricing on 2 fronts and volume. Raj, you mentioned that you're looking to add maybe another 10% to 15% capacity throughout the course of the year. And I would think that, that volume is there from the capital raisings that we've seen sort of for the last 6 months. But what we've seen in the last 3 or 4 months is the beginning of a decline, if you like, in capital raisings. Whether that's permanent or whether it's just temporary while there's some sort of macro uncertainty, I'm not sure. So how far do you look ahead in that -- adding that capacity on? Because I would think that you're absolutely covered, no problems for the first half. But as we start to get to the back part of the second half into '24, if this decline in raisings continue, then some of that volume might not be there. Do you simply then just take the volume back out where you can? So I'm just wondering how far you look ahead in terms of deciding to put volume on.

So we typically will -- Andrew, we'll typically have a 12- to 18-month visibility in terms of potential activity and sample programs. I think capital raisings do drive exploration. But I think from my perspective, I just think the demand globally for commodities and especially for the energy metals is going to be in very, very high demand. I think the dynamics have changed. And I think it will change the way the cycle looks. And I think ALS is very well positioned, and it's a real strategic advantage for ALS in that demand. So from our perspective, we are optimistic that the demand will remain and we'll continue to see volumes. And we have very good feedback from our clients, confirming our view in terms of demand over the 12 to 18 months.

Great. And then same area or same division but just focusing again back on pricing and sort of switching maybe more to the majors, and just any comments that you care to make around the pricing that you achieved when you were doing contract renegotiations around sort of late March with those major miners and where that pricing sits now relative to where it's been at previous peak levels.

Yes. So I mean I think we continue to improve on pricing. I mean our expectation is we should see about a 6% to 7% pricing uplift through this fiscal year from where we were last year. And that would be a very good outcome for the organization.

Your next question comes from Rohan Sundram with MST Financial.

Raj and Luis, just a couple for me. Firstly, Raj, you mentioned the global megatrends, and you've been talking about that in the past. Amongst those, are there any specific opportunities or which ones do you feel more bullish about or most upbeat about versus others?

Yes. I think from our perspective, when you look across those megatrends, and maybe I spend a little bit of time on that, I mean we know that the drivers in Life Sciences are there, and so the business has continued that journey there. From a technology standpoint, we continue to look for opportunities in machine learning, artificial intelligence and automation. And I think that will drive some real long-term value across the organization. On the sustainability front, we are seeing some drivers there that we believe eventually will end up to drive some additional testing for the business, and I think we're well positioned there. And from a digitalization standpoint, the company has already started that. And I think that's just going to drive additional efficiency within our businesses and also help our journey on continued margin expansion. The big opportunity is really around energy and renewables and how well ALS is positioned there. When you look at the current situation and the geopolitical situation and just the exponential growth in renewables, the demand is very, very strong. And we believe that just with our geographic footprint and how we sit as a market leader in that Geochemistry business, the company is well positioned. So all 5 of those megatrends are unique. And I think those collectively will drive what we believe is going to be a well-received and refreshed 5-year strategic plan. And I think each one of those will have a solid input.

Just one more, just a housekeeping item. Can I just confirm the target -- the capacity increase you mentioned earlier, it just cut out. Was it 10% to 15%? And was there any time frame for that?

Yes. So it's over the course of this fiscal year. And I would -- and it's fair to say that we've already started, so that's already in place. So the goal is to get that full capacity in place probably by the field season in -- later this fiscal year.

And last one was just, did you mention a price increase versus previous cycle? That also cut out. Was that 15%?

No, no. We talked about a 6% to 7% price increase in Geochemistry.

[Operator Instructions] Your next question comes from Michael Aspinall with Jefferies.

Raj and Luis, I've got a couple. I'll start on Life Sciences and Nuvisan. It looks like Nuvisan delivered about a mid-14% EBIT margin. I'm just wondering if that's right. And is that lower than what you'd expect going forward?

So that is correct, Michael. And I think from a moving-forward perspective, our expectation is that we'll likely see some margin improvement in the business. I think there are some synergies and some operational efficiencies that we can drive through that business.

There's an element, as well, Michael, [ in the amount of -- where we want -- ] just the period from October to March that normally have lower mining than the remainder of the year. So that is an element of that as well.

Yes. Great. And then so does that imply -- I mean the math kind of implies that Nuvisan was a 30 basis points drag on Life Sciences in 2H. So Life Sciences margins are up 45 bps in 2H versus 130 in 1H. Did cost inflation impact margins at all in the second half? And I'm just thinking from the perspective of if there's a lag in recovering those inflation costs with price, and that's to come.

Yes. I think that there is an element as well of, when you look to the last year, when you were increasing revenue, [ did you do it ] with a lower capital base, and then it reduced the costs coming out from the pandemic. So there's that element as well. So the margin improvement in H2, I think that is a combination of improvement in terms of productivity. There was some element of price increase but also the initial results that we have of procurement efforts that we're implementing in the organization right now.

Okay. Great. And you kind of have already answered this one, but just thinking about the Nuvisan contribution in first half of next year, it sounds like the September half would usually be stronger than the March half due to kind of seasonality in revenue or margins. Is that right?

That is correct.

Okay. And then last on Life Sciences. I was just wondering, you spent 3.7% revenue in growth CapEx in Life Sciences. I'm guessing that's ex Nuvisan. How much volume capacity did you add in Life Sciences?

Probably from a volume capacity, we probably added about 13% to 14%.

Yes, that's right.

That's probably right. That's probably in line with our organic growth.

Ex Nuvisan.

Yes, ex Nuvisan, yes.

Yes. Okay. And a couple on Commodities. Coal looked like it continued to decline in the second half after declining in second half of '21 and the first half of '22. Is there a further decline to come there in the next 6 months? Or are we at a new base there?

Yes. So we believe we're at a new base. So I think my commentary was we expect to see coal to perform in line with the fiscal year '22 for the year that we just completed.

And is there the potential to -- I mean the business sounds like it's a little bit smaller now, its revenue down quite a bit. Is there a potential to increase margins there, again, back to where they were previously by rationalizing capacity or taking costs out? Or just given the operational leverage, it will produce a lower margin result from here?

Yes. I mean I think there is a potential. I mean the business is looking at its cost structure in line with client demand and sample flows. So I think there is a potential there to improve the margin, I'm not sure to previous levels, but I do think there is a potential to improve the margin, Michael.

Okay. Great. And just a couple of last ones. In Geochem, last time we spoke about supply chain issues being impacted or impacting yourselves and kind of all of the competitors as well. I'm just wondering if any of that's dissipated and what you're seeing now on the ground in terms of turnaround times from your competitors broadly across the regions.

Yes. So we don't see it as an issue anymore for us. I believe we've -- the team has done a good job with securing its supply chain, and we have seen an improvement in terms of service delivery to our clients.

Would you care to say that you're still ahead of the competitors, though?

We believe so.

Okay. And 2 more. You show the Page 23 with the global mineral sample volumes. And you're back at $350,000 a week despite -- which was kind of the peak in 2012 despite global exploration spend being roughly half of the peak. Can you just characterize what we're seeing there?

Yes. So we believe that our volumes continue to grow. I mean -- and we believe it's a combination of our investments in capacity. So I do think the businesses that have built capacity are going to benefit from the current demand for capacity. And we believe that we are continuing to gain market share within the geochemistry space.

Great. Last one maybe for Luis, just on the M&A pipeline. Are you seeing a lot of opportunities there? I mean there's some concerns around multiples being paid by private equity. But are you still seeing potential to kind of put your cash to work that you're generating?

Well, we have a strong pipeline of opportunities. The market hasn't changed substantially. We still have to compete in the market with the private [ equity and our expertise ]. But we believe that we can continue to execute our strategy as we did in the last 5 years.

Your next question comes from Nathan Reilly with UBS.

Raj, just that point around the 6% to 7% pricing benefit that you're expecting for Geochems this year, can you just clarify, is that net of inflation? Or I'm just trying to get a sense of how you're thinking about cost inflation pass-through when you're talking about price escalation.

Yes. So what I said, Nathan, and maybe it'll clarify Rohan's question, too, I mean we believe there's still about a 15% to 20% headroom in pricing from where we were at the peak of the last cycle. Currently, our goal is to see a 6% to 7% overall price increase. And I think from our perspective, we believe inflation will run for us 2% to 3% based on what we've done with procurement, supply chain and overall costing. So it's not net of inflation. It's just an overall 6% to 7% price increase.

Understood. So with that in mind, in terms of the pricing outlook, can you give us an idea about how you're sort of planning in terms of the volume outlook for Geochems and also Life Sciences? Clearly, a very strong volume performance and Geochems up 32% this year, it's going to be getting harder and harder to repeat that. But can you give us a bit of a guide in terms of what sort of volume growth you're budgeting for or planning for? This would be very helpful.

Yes. So yes, I mean again, with increasing capacity 10% to 15%, we are expecting that level of sample volume growth. I think the first few months of this new fiscal year is supporting our view. So we've got very, very good proprietary systems over the last -- been developed over the last 15, 20 years that give us good insight. So I think our approach is reasonable, and I think it will meet the demand of the market. And we're doing the same with Life Sciences. All of our businesses are hub-and-spoke, so they are built on scale and leverage. So I think we can scale up very quickly. Again, and I think the demand in Commodities is going to continue for a while.

Perfect. And finally, Luis, just on CapEx, can you give us a guide on where you're expecting CapEx to be this year? And I guess within that, can you just give us an idea also about what that CapEx is likely to target? I'm just trying to get a bit of understanding. And clearly, you flagged the Geochemistry capacity uplift, but I'm also just curious in terms of the other CapEx that you're looking to spend just in terms of what benefits might be an outcome of that spend, whether it's in terms of efficiency, you flagged some automation investment, but also the potential to sort of push into new markets.

Our estimate for CapEx as a percentage of revenue is still around 5%, and that can vary depending on the growth opportunities that we see during the year. And the allocation is still consistent to what we have been doing over the last 2 or 3 years, is that favorable organic growth of the business. And this will be new equipment but also greenfield operations that we launch in markets where the multiples are too high for acquisitions or where we want to really invest in new opportunities. And the investments as well in technology, automation, taking a list, that's kind of investments that we're deploying right now to enhance, to improve the backbone that we have for this business in the organization.

Okay. And finally, just with the new 5-year strategic update to be delivered at the AGM, should we expect an update just in terms of investment required to support some of those strategic initiatives as well at that point?

Absolutely. I think that we are going to be announcing the outline of [ additional agenda -- depending ] during the AGM. We will provide a little bit more details on the expectations for growth in the markets that we're playing but as well a high-level view of the investments required for materializing the plan.

There are no further questions at this time. I'll now hand back to Mr. Naran for closing remarks.

All right. Thank you very much for your time today. Apologies, we have no control of the release today. So I know it -- I just got told it went out a little bit late. But as always, we are available to everybody, reach out to Cameron, our new Head of Investor Relations, and happy to catch up on some calls. But again, thank you very much for your time today, folks.

That does conclude our conference for today. Thank you for participating. You may now disconnect.