Catcha Digital Berhad ($CATCHA)

Hi. Good morning, everyone. Welcome to our first quarter 2026 investor briefing for Catcha Digital Berhad. I'm Eric. As usual, I will be walking you through some of the highlights and low lights of our Q1, the first quarter of 2026. Today, I'm going to talk through some of the key highlights, and then I'll give the new joiners a quick overview of what we do as a company, and I'll go into the financial updates and then some operating updates, some M&A and some -- and then we'll go to Q&A section. [Operator Instructions] So here we go. In the first quarter, we had a pretty decent result by our digital media portfolio. On a statutory basis, our revenue went up by close to 177% year-on-year compared to Q1 last year. EBITDA of MYR 2.9 million and a LATAMI of MYR 1.16 million. And we have started reporting our alternative performance measure in adjusted form, which we think it's -- much more reach better representation of our underlying operating business, and you'll get a reality of the business when we strip off a bunch of one-off or noncash or M&A-related adjustments. So you know the underlying business, how they are performing on a year-to-year or quarter-to-quarter basis. So on an adjusted level of adjusted EBITDA went up by close to 3x to about MYR 5.7 million. Adjusted PATAMI went up slightly more than 2x to MYR 2.85 million compared to last year, same quarter. Similarly, when you adjusted it for the earnings per share. So went 35% to about MYR 0.06. Generally, the contribution comes digital media segment that did about MYR 7 million in adjusted EBITDA, almost went up by 2.5x last year, and the PATAMI went up by 3.93% when you adjusted for all the one-off noncash, nonoperating expenses. Quick highlight on operating updates. I think this we have talked a bit about in the last few calls that we have officially launched our [indiscernible] business in partnerships with the [indiscernible] board the governance or runs all the site in Malaysia and in Ministry of Sports. We should build quite a few digital LED screens in EM Stadium Nasional Bukit Jalil and Unifi Arena. Basically, now when you drive past to get to the stadium, most of the screens that you see are ours. We spent about MYR 1.5 million in CapEx in this went live literally last month. So far, we've seen pretty positive result. In terms of M&A, this is possibly a kind of a quick update. So last quarter, we completed one acquisition MIFB. We bought 100% via our 60% subsidiary, One International, which is the platform for our B2B trade export business. So now we add an F&B trade show to our stable of B2B Expo pillar Agri Malaysia, MBAM, which are all coming to [indiscernible]. So that some of you guys who are interested to check out, could we see some of our upcoming events. Finally, funding. Overall, the business is very well capitalized. As at 31st first March 2026, we have about MYR 24 million of cash in our bank. You may have follow our interim report and there's some anomalies in our cash flow statement, which I'll touch on later on as well. [indiscernible] as the last few quarters, we'll continue to grow the business, both organic and M&A to create long-term compounding return for our shareholders, and we continue to execute on earnings accretive acquisitions. And our platform operating business continued to drive earnings for the whole group. A quick overview of Catcha Digital Berhad, which I think for some new joiners. So CDB today is very different from CDB in 2011 when we leased study scaled digital media. Over the years, it's transformed into a traditional magazine business in the Digital Media business that has subsequently -- got acquired by rest to acquired by Media Prima Berhad. And then through -- from 2020 to 2022, we went through a regularization plan and that is basically the foundation of what we are today as a home for market-leading companies in digital media and technology businesses in the region. And there's a new chapter for us to build out the first and hopefully the leading publicly listed [ acquirer ] in Malaysia. In short, what we're trying to do is basically acting as a total partner for exceptional entrepreneurs. There's a few reasons why entrepreneurs like to partner with some of the companies we are involved over the last to 3 years. One is we think very long term. So we are unlike private equity of the investors, we think in the horizon 10 or 20 years means that we don't have to make short-term shortcuts to get the business to dress it up. We really treat every decision. It's like a long-term 10-, 20-year decision and hangs a lot [indiscernible] like that. Two is that the company is then to continue to maintain its culture, its team. And we believe that local management knows what's best for the business and we don't force integration unless it's really synergistic. So the entrepreneur appreciate that hey, I can retain my culture and continue to run my business the way I have been and only pursue integration where it makes sense. And there's a huge appeal to that. Obviously, we, as a new owner looking for a right fit very, very religiously, make sure that the culture is good, and we can continue to add value on top of that. As you can probably tell, we bought, I think one out of 98 companies that we need. So that's quite an important criteria for us. So it's a really good culture that we want to continue to scale that culture. Third is a lot of entries see us as a strategic sounding board or respect center that can help them connect expert network across the group and also through the years of relationship in the business world. And there's added benefit of being publicly providing ability and also balance sheet support if they want to expand a bit more aggressively. And finally, a lot of entrepreneurs and [indiscernible] opportunity take some money off the table, and we're quite flexible around how we help them realize their lives will be crystallized into the financial outcome. A snapshot of what we've done over the last 5 years. I think if you combine all the business that we have today and we look at [indiscernible], it's going to be MYR 120 million revenue business, about MYR 25 million in EBITDA, MYR 3 million PATAMI. This is a little bit outdated now. But in short, most 16 companies we've met close to 1,200 companies already by now. For every deal, we pursue about 20% IRR. What that means is that we pay between 4 to 9x PE over 2 to 4 years depending on the profit or performance guarantees by the vendor. Just a breakdown of what we -- what I mentioned just now, really we're targeting to buy MYR 1.8 million to MYR 5 million EBITDA a year between 3 to 10 companies. In 2025, we have extended into B2B trade expo software, and we'll continue to grow alongside our digital media business as well. This is a new slide that we have spent some time to create to -- and it's since been included in our general investor deck, and I wanted to raise this because we have quite a lot of questions around, hey, Eric, how do you make sure that the financing strategy that it's actually earnings accretive. So we have built out a financial model, the industry, if we stick [indiscernible] 10% growth rate by companies at the valuation that we've been talking about with a brand market interest rate, you can tell the trajectory for the EPS is actually generally very positive. I think you're going to see going somewhere. So the implied EPS goes up over time. So this obviously is illustrative and we think -- and our philosophy is always we try to balance between using debt and cash flow to finance some of our M&A. Generally, this gives you a flavor of how we think about financing our future acquisitions' need. I won't go too much in detail, but the long story short is over time, the earnings will be accretive based on the acquisitions that we have done to -- and these are all available on our website and then will come and you want to take through all these assumptions and go through it, first of all. And in short, what we are trying to do is to acquire and invest in market-leading companies at a favorable valuation. Still, they're not providing them with our Chapter 2 playbook best practices and [indiscernible] network. And we continue to reinvest free cash flow into more organic growth, acquire more companies at a good valuation. And then hopefully, we compound shareholder value. I think we're doing that for the next 20 years? And broadly, we split the role of the company into 2 groups of people. So each of you are the people that -- most of you probably have that me, Cedric, Oscar, [indiscernible] basically focused on capital allocation, ensure that the right money goes to the right opportunity along our Board, and then the governance to ensure the right people, right process and technology is in place when there's cash flow coming in, how do we deploy them well. And we'll be operating companies to ensure that they have the right long-term growth plan and identify the wins and the learnings and then we have cross fertilize across the portfolio companies. On co level, these are the people that some of you might have met as well, that includes the Jackie, CK from the iMedia side, some of the other CEOs that you might have met longer. They run the business on a day-to-day basis. they don't border themselves with looking capital beyond their own business. They're unbothered about executing M&A. This is supported by the HQ team and they are always ready to ensure they deliver the profits and earnings for the group to be able to keep reinvesting. So it's a very synergetic and but a systematic way to generate cash flow and deploy between HQ and operating companies. And this is a playbook that has been popularized in the West. Its concept required where you pursue systematic or acquisition is one of the way to grow the business along with organic growth in the business. This one, I won't cover too much, but the idea is that they try and test the model, supported by a lot of tailwind in the industry and there's a deep pool of opportunities in Malaysia and Southeast Asia for us to really keep acquiring and keep growing a lot of business that we can a lot more value in valuation benchmarking won't touch. But the idea is that globally, a lot of peers are valued around this range. And we think having a comparison or put things into perspective, for our interested investors to know about us. And you can also see a lot of growth in the stock price or the value of these investments really comes at the second half or the latter stage, except for chapters which is a lot younger, but Europe, the investment community is fairly sophisticated when it comes to this model. So you see the appreciation happening quite quickly after they pivoted their business model in 2019. But the long and short of it is all these companies that you have seen on global household names among the investor committee bought a lot of businesses. In the case of consolidation software, more than 1,000. In the case of [indiscernible], it cost more than [ 140 ] and [indiscernible] group is [ 40 ] in the last 7 years. And the team is a combination of owner operators with significant ownership. And we've all worked with each other for a long time in the last 10 to 25 years, depending on when everyone joined. So the Board of Directors, the governor direction and the plan out the strict direction of the business, making sure governance is in place. Executive level, myself here would be working with Oscar, Cedric and [indiscernible] driving the M&A strategy and overall growth plan. And then we have the opcos, of course, running the business to ensure that this is all about taking care of and continue to grow. Yes, some of the cash flow. So some of the pillars that we have did over the years, [indiscernible] over time we expanded to [indiscernible] export and software. And then broadly, if you look at the sectors that were in these particular sectors that, number one, we know quite well; number two, has got very healthy business model and generally also have pretty decent underlying macroeconomic tailwind to help grow the business and have got good unit economics in general? As an industry, I think we have a big pool of addressable market tap in on Malaysia. What we're looking at is about close to MYR 90 billion in addressable revenue in some of the verticals that we look at. And we don't just look at Malaysia get across the region. And the idea is that there's kind of opportunities out there for us to tap into when it comes to acquiring good quality SME that's profitable and has good prospects in the future. So that's all on Catcha Digital overview, and if I could touch on the financial update. So in the first quarter of 2026, our revenue went up about 177% year-on-year. Adjusted EBITDA went up by 215% year-on-year Adjusted PATAMI, 128% year-on-year. A lot of this is contributed by digital media, which is the largest segment and continue to be our largest segment in this year. What else is worth touching on? Let me see. So I think maybe I'll touch on quickly just general kind of, I guess, the vibe of the industry. I think digital media, this, in the last few months, has faced a little bit of, I guess, slowdown, but I guess this is a general economy kind of discussion around the Iran war. We see across the board most businesses are taking a bit of a wait-and-see approach and just a bit more cautious approach when it comes to investing in growth and investing in scaling and invest general remark across digital media, B2B expo. And I feel like these two are the most affected. So I would also love some feedback from investors here. If you can just drop a comment if you see any other companies that are kind of sharing their thoughts around the Iranian war. So far, other than things slowing down a little bit and we think this year might be the case, operationally, it doesn't affect us. We just have to be a bit more conscious around how we invest in growth and adjust our plan accordingly if all gets more serious which obviously, nobody knows. But what we think is going to also be the case the delays. We've seen that happening a few times when the Iranian sort the Hamas war broke out a few years back. We saw that benefit a little bit. But over time, the advertising comes back. It's just not good that we have to kind of deal with all these things, but those are beyond our control. So we just -- what we can control on. So in Q1, there's also no events on our B2B trade exposure. There's not much that I can share. IT Solutions is still a fairly small segment for us. So nothing too meaningful to share. But this year, a sense of the trajectory of the company if you compare Q1 last year where we only could get 1 acquisition in Q1 this year where we have acquired 5 companies under digital media and then a few others in other segments. I just want to touch on our operating cash flow. So I think last quarter, when we reported our full year result, we pointed our operating cash flow is something that we track religiously. And when we announced quarterly report, I think some of the investors are what's going on with the OCF in Q1, and I want to touch on that quickly. So basically in Q1, you would have seen a negative cash outflow in operations against a positive operating profit before working capital changes. So these are all timing, not earnings related. So key drivers here were quite Framemotion end of last year. It is profitable. But after we clean up the balance sheet, we have no receivables in completion. The receivable payment cycle typically create a cash lag because of the industry. So the first 2 quarters is going to look like a seasonality, but then the cash flow will come in the upcoming quarters, but that's mostly the nature of the industry. Hence, we think it's a lot more hygienic to look at the cash flow movement as a whole for the full year. Well, yes, the moral of story is that the business is fine. Cash flow conversion like with the nature of business in Framemotion, and it's quite sizable. So you can see it does affect the cash flow movement. We had some adjustments in Q1. So we have listed it down here, but, the key is really the LTIP expenses that's one-off and not recurring as a loyalty award to some of the key employees has been with us for a while. So these are I think 12 or 11th, 12th employees from high media side that went through the regularization plan first. There is some noncash unwinding interest here, about MYR 0.8 million. These are all noncash is due to we have like purchase consideration that is due in years for some of the deals that we have done. There are some [indiscernible] expense in here MYR 457,000. That is related to the deals that we did not eventually do. So these are some of the nonoperating items that is related to, I guess, LTIP is more like a program to retain and motivate staff and then the rest is already M&A. So we continue to disclose all these things. These are inevitable with the things that we do. Some are cash on a noncash disclose it as transparently as we can so that all investors will know, hey, like what's going on with the numbers between statutory and actual operating performance. That's that. There are some more comprehensive explanation around what these adjustments are, why do we think it should be adjusted. I won't go too deep in the detail, but if you're interested to really read on the technical point of view, we have some explanation here. So you know in detail why we excluded that, why we think that's fine and why do we think the APM is the right way to think about the business and operating performance of our business. I will take a more layman approach to explain some of the things that I just shared. So the previous slide for the more technical folks. But in general, most people will probably find the next 1, 2 slides a bit easier to digest. So LTIP is basically a stock grant for some of our key employees. This does not include me, actually. It's for some of the iMedia folks is a unique one-off reward that won't happen again. And we really do it this quarter because the program was set up last year. So we needed a program to be ready before we can issue that. And as we all share base compensation, it's considered as an expense, though the cash component is quite small. It's not part of our day-to-day. So we excluded that, give investor a clearer view on the underlying operations. M&A transaction and financing costs, these are costs that's tied to financing the deal that wouldn't -- don't have any M&A activity. The third is unwinding of interest on deferred consideration. So these are noncash. These are purely accounting interest that's tied to the future payment that we owe the vendors. So I have an analogy here. So if you buy it so far for MYR 10,000, buy now and pay in 2 years with 0% interest. In reality, there's no interest, but in accounting, it says nothing is truly free. So we have to pretend this interest and hangs, and we have to record interest on this money that we all the vendor, even though we are going to pay exactly MYR 10,000 at the end. So this is actually just an accounting or gross interest that doesn't really hit our cash. But because of the technicality of an IFRS, we have to keep accounting for that. And then of the amortization of intangibles assets. So these are from some of the companies that we acquired and they have software product that's proprietary to them. And as part of the work we have to conduct an exercise call, which is purchase price allocation. And purchase price location is basically an exercise the ones that things that we bought, how much should be valued on your balance sheet? And because my non-software companies with a lot of intangibles, hence, you will see amortization intangible assets coming from [indiscernible] sales that we do. So amortization is depreciation for intangible assets. It's noncash. It's very much affected by the timing and size of acquisitions. For example, Mexico, we acquired and we had a huge amortization last year. Again, it's an accounting need, and companies still look fine and just have to depreciate some of the intangible assets due to accounting requirement. So it's an accounting cost of owning the asset, and it's noncash. And worse, it doesn't really matter. Hence, we exclude that from how we think about the business. And then five, is the gain on the that. These are typically restructuring costs. So when we completed the deal, unless we do some restructuring, sometimes it's in our favor, some it's not in our favor from a comp standpoint. Sometimes they have adjustments to the purchase consideration when we come in closer to the payment date, we roughly know how much we have to pay in the end. So we make some adjustments. So those are things that are more technical. 99% of the time is noncash in nature. So we want to provide more a conservative and consistent view of our recurring operating income. And then you see the positive, unless it's a negative, we transparently disclose everything, so that you know, okay, like if we take all these things, how does the business perform? And I think that's more important for shareholders. And this is like our simple table to show you, hey, this is a statutory PATAMI is a loss. And then we add back these few things and it brings us to MYR 2.85 million in adjusted PATAMI, and this is the operating profit that we really care about internally. So LTV is a one-off. M&A transaction, the majority of it is one-off. And then there's some paper interest is tied to the unwinding of future payments and then the amortization, which is a bit smaller in this quarter. And this -- that will be available on our website. So we can feel free to digest. If you have any questions, please reach out to and let us know. And this is the same slide as last quarter. So long story short, Warren Buffett has seen multiple occasions shared their frustration around operating numbers and what GAAP requires them to report. GAAP in the U.S. is basically MFRS here, standard that all the companies have to follow. A lot of companies have still started reporting non-GAAP numbers is like what we do here. We call it EPM because of a lot of the MFRS accounting distorts how we think the business should be viewed thanks we have the bridge and reconciliate the real notes to show you how we think about the business and how accountants think about the business. And because what we do is, I suppose, less conventional. So if you view it from conventional accounting lens, then it puts us into a very awkward position. Hence, we do our best to educate investors. How we think of our business as well. Here are some updates from an operating standpoint. I think it's mostly our Italia business. So KSports City, official our home, stadium partner or you call it the sports city network. So this is, I think, probably the only place you can see sports, concerts and [indiscernible] into one with multiple infrastructure kind of connected to each other from malls, LRT to the stadium. And there's event -- sporting event content every week, and there's a huge footfall going through the area. Some of the events that happens and naturally because of the setup of the place, we don't need to worry about no one walking past some of these screens. It attracts about 2.5 million visitors annually. So that's like the selling point. So these are some illustrations, but I think I have spoken to quite a few people. And most people will see that you drive past [indiscernible], you see this big screen, some of the screens along the road and then smaller event thing at the parking area. So you'll be able to see some of the screens that we have and it's all up and running now. Yes. So although these are the, I guess, traffic count that advertisers care about, and I won't go too much in detail, but broadly, this between 18 to 44 years old from a demographic standpoint, experience driver individuals has high willingness to pay, mass and income earners and they are all kind of mobile-first business. And as an example, some of the things that we are working for our customers to be, you start with a screen and then you have on-ground activations and the leverage on our 360 network on the Internet to really maximize their engagement and drive action with any consumer with some of our customers. I thought it's interesting kind of update we've been talking about these. Super excited about it. It is finally up and running. They took a bit longer than we had anticipated, but you will learn a time from the process, and we're pretty excited for the prospect of this business. Quick update on M&A. We just added 1 deal MRD last quarter. We took it over from the [indiscernible] in March. So it's now operating under the umbrella of 1 international, overseen by Roger. MID is the leading B2B F&B exhibition in Malaysia. These are B2B-driven events, supply chain event. Customers are -- if you're in the food business, you'd probably be able to recognize quite a lot of them. Starbucks is a customer. Coffee Tree, Dutch Lady, quite a lot of big names. The business has been doing fairly well right here, the steady number. But actually, on the adjusted basis, it's a lot more healthier than what you see here. So we are very excited that we bought the company at a very attractive valuations on the actual adjusted valuation is way lower than 5.3x PE, but we don't officially disclose it. Again, this is what we think from an APM number that will be report is we use statutory number as a standard. So we bought the business for about MYR 3.9 million, and we paid everything up-front and now is run by us now. The event is coming up actually in 2 months' time on the 15th to 17th of July at KLCC so you're welcome to join and participate in the event. And if you have any feedback, please do let us know. And before I end the call, I think just a couple of notes in those are coming events with us. It might be interesting for you to participate in some of the expo. And Tastefully has as an event coming up in 2 weeks' time at Mid Valley. So if you are keen to see how Tastefully is run, the largest consumer show in Malaysia, feel so to check out a Mid Valley. It's a very good introduction to the Tastefully business. It's the largest venue, largest event. From a B2B expo standpoint, we have quite a busy Q3 coming up. So as some of you might recall last year we had a huge Q3 pump and it's pretty much contributed by all the B2B expo. So MIB is coming up in 2 months' time. I mentioned in the previous slide, at KLCC and then 1 deal is also going to be between 5 to 7 August at KLCC and then agri Malaysia coming up in MITEC between 10 to 12 September. So all these events are available on our website or the event calendar. So if you want a bit more detail or you forgot please feel free to check our website. There's a link to a set of or all the events that's coming up is under the group that we highly encourage our investors and interested investor to see not so much to, as a way to show but more of a meaning for us to get more feedback and then engage to make you feel a bit better. On the 24th of June, we have our annual Investor Day along, is literally after AGM between 10:30 to 11:30. We have Investor Day to talk about the business. Think of it as a slightly more extended version of our briefing. A lot more details. You'll meet a lot more people behind the group. And you have more questions, you can just trade at us in the events we engage deeper in more interactive session. You'll meet some of the key people in the companies. I will share a few more things that we haven't shared in the past as a way to update you. So the e-mail invite will come next week, and we will also announce on Bursa on the details. But basically, it's going to be right after AGM, and this is open to anyone who is not our shareholders. So shareholders are welcome to join. Nonshareholders are even more welcome to join as well. And on the same day, between 2 to 6:30, we will have our first leadership summit in Catcha. And this is basically a summit to gather all the key CEOs and the owners of the business that have joined the group in the last 15 months together in one place is 251st include Petro, and Luke will be joining the session, talk about each other's business, find ways to collaborate and work together, and it's going to be hosted by our HQ team as well. I think that's generally all the updates I've got right now. I think just a closing note overall, I think we remain cautiously optimistic. But really the wild card is the war and then we have seen the war affecting many different states in many different ways. And we're just -- while it we hit us very directly, but we just have to be quite conscious around how we manage our cost. And in the past few years, kind of inconsistent flux, right? The team is built to be very, very agile and very nimble just as we need as well. And we're fortunate we're operating in an environment where we can make sales quite easily and adjust our strategy as we go. So generally, I think that's where we are. From an M&A standpoint, we continue to target the same kind of return of 20% per deal. The pipeline is very active. We're not worried about funding. Just generally, we are getting more and more choosy around the business that we want to acquire, but you will see more acquisitions coming from us as we go along. But we do now want to make sure that all the companies that we buy, get adjusted and integrated properly to the whole group as well. So that's generally, I guess, the update for this session. So I am going to check the question and then start addressing some of these questions.

All right. Okay. Let me go one by one. So on revenue rose 17% but you attribute it to acquisitions, what was the organic like-for-like growth, excluding acquired businesses? The number is around 13% for the organic growth of our existing business. We don't want to split the report for now because it's just 1 quarter. We'll see the full year. So we can actually properly attribute the full year performance cost element of up and down, seasonality and whatnot. But I have to answer your question, about 13% is from organic growth and then the rest comes from acquisitions the company will acquire. Elaborate a bit on what led to the net loss and then it is acquisition we the cost by the continued acquisitions? Is it one of cost? So broadly, you're right, I think a lot of this is acquisition related. Because we continue to acquire companies, you will see this from time to time. But the reason why we wanted to isolate out is so that you can see actually the underlying performance of the business is as such and is not dragged down by some of these one-off corporate costs when it comes to acquiring businesses. So you continue to see that. We'll continue to disclose how much you spend on some of these things so that you can continue to see the underlying operating performance for all of our businesses. So the net loss, I think the breakdown that share just now, I hope it was fairly clear, but let me just go back one step. So from the statutory loss, you add back LTIP of MYR 2.3 million add back some of the M&A transaction financing costs, MYR 0.7 million of paper interest, MYR 0.8 million. The amortization of intangibles of about MYR 130,000, you get us back to MYR 2.85 million PATAMI. So that's the bridge from the loss to actual adjusted number there is a lot more representative of our business. What factors do you think are influencing current share price movement as yesterday showed 4% decline? This is answered. I generally find it a little bit difficult to answer that. It's very hard for me to tell people why our share price move. What I can tell you is that none of this movement comes from people internally. So as you know, like the business is close to 65% owned by people on the Board, people and management. And we run deeply believes in the mission that we're trying to achieve and trying to build great companies, build long-term businesses and build a home for great businesses in Malaysia and in ASEAN. So we're deeply committed to the mission. And it's very -- we generally don't get too bothered by the short-term movement of the share price simply because it's not something we can control. So hard for me to tell. Hard for me to tell while last -- yesterday, the stock moved by 4%. Also partly our -- maybe the liquidity is not that great. So some selling and then it's a drastic drop. Election is near. Do Catcha success earn [indiscernible] fee on a fee from government or party? Generally, we do see some spending coming, but we don't bank on it. I think to us, politics is politics. And if they want to spend money with us to promote their campaign. They're more than welcome, but it's not a big focus for us. I think our general focus is focusing on commercial client that has repeated use cases rather than relying on one-off. But if government or some of these particular parties wants to spend with us to promote a campaign, they're more than welcome. Y. Selim ask any more surprise LTIP and equity et cetera, in a few coming quarters? I would say I would say M&A acquisition interest deferred, et cetera, you will continue to see the amortization of intangibles. Some of the restructuring costs will pop up from quarter-to-quarter. LTIP is a bit of a chunky one this quarter. So if anything, I would call that a surprise, more to general investors that have been following us. So the LTIP is this is a one-off for, I think, 11 or 12 key staff in iMedia that's been first for a long, long time. We wanted to do this a long time ago because as a public company, we have to go through a proper process before I can issue shares to our staff. And the whole program was only approved by shareholders, I think mid or late last year. Hence, it took us a while to really get the program going. Hence, the "surprise" in Q1. In the future, there will be some form of LTIP to stuff, but it wouldn't be so drastic, so chunky in 1 short. And then if it gets to a point where it is interesting, we're going to be in guide and then share with the market. But we don't expect this to repeat again. It's a one-off thing. But in the future, we will continue to have LTIP for some of the key members of the staff in line with global best practices, but it will be done as we thought and make deliberation. Group earnings look big by MYR 1.03 million goes to minority partners, over 100x more than a year ago. As you do more part on you on share of profit to the as to your shareholders. This is by design. So you're right to point out that about MYR 1 million of our profit goes to our minority shareholders, but this is by design of the model that we have, we won minority partners in some of our businesses, not all some of the businesses where we think it's important to have them have skin in the game in their respective portfolio that they're responsible for. So for example, Roger -- I think a big part of this is Framemotion and Roger. And we think they are very important people to run their respective business, and we want them to be an incentive alignment mechanism to own [ 40 ] in both cases business and drive the business. So we are -- while it looks ahead that we share a lot of economics to them, but we also want them to continue to be incentivized as a minority partner. So to me -- or to us, we think this is win-win. Although from an accounting standpoint, it doesn't looked at favorable, but actually to us, from an operating standpoint, on the performance and the longevity of the business, sustainability of the business, we think that's a pretty healthy dynamics to have, even though it doesn't look great from an accounting standpoint. You see the industry is on a wait and see approach are slow down. Will maybe slow down on M&A or and invest in more organic growth because of the uncertainty or you will be more aggressive because valuation will go down. So this is a fantastic question we get asked a lot. I think the answer is a bit of both. I think we will raise the bar, but we also start to see quite a lot of good opportunities coming up from a valuation standpoint. Again, we will be guided by the same framework of investments, buy great company at a fair valuation and continue to drive the business moving forward. So we won't change our criteria because of that. But we do start to see a lot more favorable valuations just due to uncertainty in the market. We'll continue to invest where we think it fits our investment kind of criteria, but we also will be a lot more cautious in our assumptions on how certain things will go because we don't want to be in a position we overextend ourselves. So we have to be cautiously aggressive, if you will, but we'll continue to do what we do. Faster or slower depends on the opportunities in the market. But for now, we don't expect us stopping anything or being more aggressive and just continue to do what we know, up or down. [indiscernible] Lim asks, why internationally organized events in July, August, September? Other months [indiscernible]? Any plans organize more events? Q headcount expenses is very high. So this is, again, a very fantastic question. I ask myself that when we first kind of learn about the industry as well. But actually, the organized trade show in 1 quarter it's a -- 1 trade show is quite a lot of work. So they've got about, I think, 15 staff driving some of these events. They don't show that in other months. And the reason why I say that is that if you're organizing on one-off event, let's just take a wedding as an example, right? Now once in a lifetime. Yes, you have like 3 months and users pushing to get happen. One international organizers are recurring. Trade shows that happen every single year that requires still to build long-term trust with the clients so that the exhibitors they come back every single year. So what they're building is an institution for businesses to come back every single year, and it takes effort to maintain the relationship, to understand the customer, requirement tweak the show every single year. And if every shows that we host a lot of detail that goes into it. There's a lot of different stakeholders, the government, the exhibitors, the visitors, the associations, third-party kind of agencies type the government involve. So it is quite a lot of work to get the event going. And this business is around 25% to 40% EBITDA margin, which is like top tier, right? So I would say the way we think about it is, agree. I think we want to make sure that no one sees that do nothing for the rest of the month. But I also -- I think it's also fair to say that the 1 season do not think for the month when there's no event because it takes time to plan things out. The best events are the ones that are -- the best expos are the ones that have high recurring rate of customers, right? And a lot of the folks in those teams are focus on is really to drive repeat customers. So I think for now, we're okay, we're okay, but we are very conscious about our cost as well. and we are constantly figuring out ways to manage that also. But you can be assured that you're not doing nothing in other months. Jeffrey asks, KJ is back to know. [indiscernible] will launch a market price on the basis that both forces were outside the party that now? How does the Board justified the to or these trials advertising risk to the JV and what specifically changes about the K content positioning and governance of the co-founder? Okay. Great. Fantastic question. So this is precisely the reason why we are a JV partner in KS Lagi rather than KS, Keluar Sekejap Podcast. And the reason is because KS Lagi is designed to be nonpolitical, purely lifestyle for two reasons. One, we don't want to be subjected to political risk. And two, we are a lot more familiar in driving lifestyle content business than politics. So actually, whether or not they go back to Amnon, it doesn't really affect us because the original intention and the genesis of the whole business and the editorial strategy has always been nonpolitical, and they will continue to be the case. And we have been diversifying away from relying on the two of them as well. So from a KS Lagi point of view, the content positioning and the governance is more or less the same, it has never been built as a political mouthpiece. It's always been built because, KJ has something unique to offer, and we'll continue to work with him as a personality rather than as politicians. What I think we will want to continue to observe is what I said is today, right? So we will continue to observe, and this is a very fair point can observe this in the coming months and to ensure that this does not become a, I guess, a roadblock to us in any shape or form. But right now, it doesn't change how we run KS Lagi. Doesn't affect us because it's never been made out to be anyway political, but we'll continue to observe and adjust accordingly. Liang asks, yourself doing more M&A outside Malaysia during this period of uncertainty. It seems there will be more target attractive valuation. What markets present attractive valuations right now? So we actually do not see a huge difference between markets when it comes to valuation expectation. I think that remains changes as a whole market has become a lot more reasonable over time. So I wouldn't say we would spend more or less time in outside Malaysia. Right now, I would say if we speed in terms of timing is that 80% of our time in Malaysian deal and then 20% outside to build out the pipeline for years to come because it takes time to really build trust and understand the landscape, understand the business and observe and see how some of our business play out in "paper manner". So I don't think there's a particular market that's particularly attractive right now if there is, I will be also a bit more cautious to look at it, typically, there are reasons for that to happen. But generally, everyone's a little bit more reasonable. So that's that. I think we've gotten through most of the questions. I see all of the questions. This deck will be uploaded on our website. And if you have any more questions that you haven't asked -- okay, one more question. So why did the [indiscernible] deal fall through? The summary version is, we did a final duty leading up to completion, and we realized there are some accounting treatment that we couldn't agree on. And if we follow our way, the vendor payout will be cut by half. If we follow vendors way, which we think is wrong, we will be overpaying from our point of view for a business that shouldn't be valued at a certain price. Hence, hangs after 2 months of back and forth, we decided to terminate the deal simply because it doesn't really fit our thesis anymore. And in light of that, we have to cut it off and take the heat on the payment and move on. So because if we direct push it through, that's going to be the outcome. [indiscernible] Symphony mostly is a valuation point. So when we put the deal together in 2023, it was close to, I think, 10x PE. And then 2 years down the road, as we get a deal together, there's introduction of ChatGPT and just generative AI and agentic workflow in general, distorted, I guess, the industry quite massively. And then our view is that we weren't sure whether it's going to be positive or negative. But in a lot of uncertainty, we think the business no longer work the same as we initially agreed upon. And alongside with some findings in due diligence, we decided to renegotiate the vendors, but we couldn't agree on the deal. So I think we try to negotiate now to 5 or 6 times and then the vendor, they, no, no, no, we're not going to sell with that. Eventually, we decided that from an M&A standpoint, it's best we don't get married. But the -- but in those cases, we still continue data on the working level actually. As you saw, if you talk about symphony, reserve the ongoing collaboration probably operating level data, we still regularly refer them like people that want to meet them that comes across our network and to collaborate with them. So there's no love lost. Although at the time, the conversation was very difficult, but everyone is very professional and mature about it. with these 2 deals, so one was because the duty filing was not satisfactory for us. So it's actually the deal. Digital Symphony was mostly a change in mind when it comes to valuation. And so some due diligence finding that we're not very happy with. As for whether there's a penalty and financial losses to Catcha, the deal falls like this -- fall through like this, the short answer is generally no. In some cases, we do pay for the vendor's legal fee in the case of Digital Symphony because of the dynamics of the situation. So DS, I think we had to put about MYR 70,000 in legal deals. But that's pretty much it. But we don't have a breakup fee. It's not like the -- what was the deal that Netflix was going to buy I think Warner Bros. and then there's a breakup fee of $5 million. There's no such thing like that in our case because typically, our deals are quite small, and we don't call off deal lightly. So -- and then typically, when we call deals, there are good reasons, and we will explain that and make sure that there's very minimal financial impact to us. But the short answer to that is that the way we have structured the deal tend to protect us quite well. So short answer is no. But the loss is really the cost that we've incurred to conduct due diligence. So in the case of D, actually, we spent close to MYR 450,000 just on getting the deal together, hiring lawyer, preparing EGMs. EGM actually is a big cost point for us. It's like 4x the transaction cost when EGM requires shareholders' approval. So that would be, I guess, in some sense, a financial loss on our end. But I think to us, it's a necessary kind of learnings as we go through this journey. So I'll treat that as -- hence, we carve it out to really fully disclose how much we spend on each deal. And it's our intention to avoid EGM as much as we can because it adds time, it has uncertainty, it adds a lot of complexity and ultimately cost and a deal like One International will cost us MYR 80,000 to do. will cost us MYR 450,000 to do. So we want to avoid EGM as much as we can. But it's a regulatory requirement. It's not like we can just not do it. But yes, that's a detailed response to your questions. Welcome, Jeffrey. My e-mail is available here. Feel free to e-mail me if you have any further questions that you require clarification. And we have Investor Day coming up in 3 -- actually 3 weeks' time. Please join us. Our AGM will be on the same day as well. You'll be able to meet a wider team of people in Investor Day invite will go out to you guys next week, so you'll get more details. But right now, just updating everyone that is between 11:30 to 1:30 on the 24th of June. All right. That's it. Thank you very much. Have a great day and have a good weekend.