Felix Group Holdings Ltd (FLX.AX) Earnings Call Transcript & Summary

Welcome, everyone, to Felix's FY '25 Annual Results update and presentation. Appreciate everyone's time in joining us today. Just to let everyone know, we are recording today, and that will be published online. And there's a chat function throughout, if you'd like to use the chat box, James will collate those questions at the end, and we'll go through. Just in terms of the format for today, we're going to quickly work through some of the financial highlights and performance highlights for Felix throughout the year. Obviously, it's been a pretty busy period subsequent to year-end with the acquisition of Nexvia and capital raise completed last week. And I know shareholders are really keen to hear some insights and updates on that. So following James stepping us through some of the annual report highlights, I'll then take over and we'll take a bit of a deeper dive time permitting into the Nexvia acquisition and then open it up to some questions. So our CFO, James, is obviously the star of the show today. So I'm going to hand it over to James, and I'm going to share screen while James steps us through some of the annual report highlights. Over to you, James.

Thanks for that, Mike. Hopefully, everyone can hear me at the moment. If my Internet that's been a bit laggy today drops out, Mike, let me know, and I'll try and change over to hotspot. Firstly, I just want to say a really pleasing result being able to deliver the FY '25 audited financials today. They went up this morning. I think the first call out that I want to make is the operating cash flow performance. Those of you who are familiar with the stock will know that for the last probably in excess of 8 quarters, we've been identifying our strategic initiative of becoming a cash flow positive organization for FY '26. So it was really pleasing to be able to deliver that with, as you can see on the fifth dot point there, the operating cash flows being in surplus for FY '25 at $418,000. It's a considerable turnaround from the prior year where we had $3.3 million of net outflows. And for FY '23, that was at $5.4 million net outflows. The key elements we've been able to focus on to achieve that result is maintaining or improving our high gross margins and also having a laser focus on the operating costs on the business. We've seen continued sales momentum, which has fed the top line cash receipts, and we'll dig into that a bit later. And then we've also been able to utilize our customer base and our strong customer relationships, especially with our largest customer, CIMIC Group, who renewed for 3 years and paid 2 years upfront, which is a really strong signal for the relationship that we have there. Achieving the strategic initiative of cash flow breakeven has placed the business in a strong position to invest for growth for FY '26. The next element I want to touch on is the EBITDA performance or the operating leverage. Firstly, EBITDA is a trailing metric for us. We invoice in advance and then the revenue will flow over time. The adjusted EBITDA improved to a $2.9 million loss. That was an improvement on the prior year of $1.4 million. And what investors will be able to see from the numbers is that we actually had an additional $1.4 million of extra revenue. So what is effectively a result of our operating leverage there is each additional dollar of revenue for the year was flowing down to that EBITDA line, which is a really good result. The next element, Mike, if you just scroll down on that announcement there is the customer sign-ups and the expansion story that we achieved for FY '26, that's it there. So we had an additional 13 customers for FY '25 -- sorry, I keep saying FY '26, getting ahead of myself. And what we see in this graph here is 3 years ago, we've -- well, for the last 3 years, we've been able to maintain our operating expenditure. And you can see there that we've effectively doubled the number of customers on the platform. And also on top of that, 4 years ago, around the time that we did IPO, we had an average customer value -- average customer contract value of about $60,000 per annum. And we've been able to grow that. It's gone above $100,000 per annum at times, but now it's currently sitting at $94,000 per annum. So a really good story showing that we've been able to grow the number of customers that are on the platform and keep the costs under control throughout that time. I wanted to call out a couple of line items on the statutory P&L for those who have gone through those this morning. The share-based payments increased in FY '25 in comparison to the prior year. There was some director options that were voted on and passed at the AGM and the accounting treatment associated with that meant that the value associated with that was entirely brought into the FY '25 period, and that's the first set of director options that have been granted since the IPO. We had a pretty significant reduction in the consultant fees, which is our offshoring back office in Manila. And that was on the back of we had some cost efficiencies and redundancies in the FY '24 year, and we saw the benefit of that through FY '25. The subscriptions line item increased. That's a lot of our hosting and customer subscriptions that are associated with the number of customers and throughput on the platform. That did increase, but it increased in line with our gross margins. So our gross margin stayed at 76%. So it wasn't overweight in terms of the revenue growth that we're putting through. Finally, the balance sheet, I wanted to call out, we've been operating with a very capital-light approach. Our cash balance has been hovering around $2 million for the year. As you would have seen post year-end, we've had the recapitalization event, which has provided us with a much healthier -- which will provide us with a much healthier balance sheet moving forward. Our financial ratios will improve. Our negative net asset position will turn around and become positive. And as Michael touches on further, it will provide us with some investment for growth initiatives. Thanks, Mike.

Thank you, James. We've deliberately expedited the sort of stepping through some of those financial highlights in order to give us as much time on the acquisition and cap raise as we can because we know that's of significant interest to investors. Can you see the slides, James?

Yes, I can see those.

Okay. Great. I'm going to start with the transaction just details and some insights there, and then we'll sort of start stepping back into some of the background context and walk through like that. So it was really pleasing, a lot of work, obviously, going into putting together the transaction. Felix has raised $16 million via placement plus an SPP to come, which will raise up to $1 million to fund the acquisition of Nexvia in full, all of the shares of Nexvia. And that acquisition price of $12 million will be split into cash of $6 million and the remaining $6 million in shares with a performance -- $2.4 million of those being attached to performance rights with growth hurdles for the 12 months following acquisition. We're really pleased to be able to bring a significant cornerstone investor in Briarwood onto the register into the business. Briarwood have been completing exhaustive due diligence on Felix over the past 6 months. So to come through that with the sort of the position that they have was obviously very exciting. They're a New York-based deep B2B software investor with particular experience in procurement. So we're thrilled to bring Briarwood on. The way that the transaction and raise was structured with the attaching options was really a vehicle to be able to give Briarwood a line of sight and then obviously, others in the placement commensurate to that to being able to invest further in Felix where a small investment -- initial investment based on the balance of the rest of their portfolio. So by providing that option at a 40% premium, we will need to be paid to convert those options, really was able to provide an avenue for Briarwood being able to follow on their investment, which really sets us up as we continue to grow with our sort of next raise and funding for growth baked in, which is exciting. Additional to that, well supported by existing institutional investors and able to bring some other high-quality institutional funds on to the register as well. Obviously, being able to complete the placement at a premium to -- a slight premium to recent trading VWAP was a very strong signal in terms of investor demand and support for the transaction and the acquisition. Okay. So that will just cover transaction. We've obviously, over the past few years, and as James mentioned, a really disciplined and sustained period of improving the performance and the positioning of Felix to be ready for a catalyst and springboard for growth like the acquisition of Nexvia. And during that period, we've been really focusing on the contractor-led strategy with our enterprise platform into our, I guess, our sort of core DNA sector of large civil infrastructure contractors and big infrastructure projects. But obviously, dovetailing into that strategy has been targeting some of the adjacent sectors that we're going after, such as property and REITs, mining and resources, power and energy. And we can see that strategy and that thesis obviously really well validated by the leading names across those sectors who adopted Felix and embedded it into their organizations to become, I guess, mission-critical process. So as that strategy has -- just bear with me while I spin us around a little bit. While we've been focusing on that strategy, and we can see here the two sides of our ecosystem with enterprise or the contractors and then the vendors, you can see the steady-state growth year-on-year of that really sticky enterprise ARR that we really love the unit economics of. We got deeply embedded, as I said, churn profile is really strong, lots of demonstrable evidence of strong expansion from our core customers. So that has provided us the foundation and the core to be able to build upon with this transformative acquisition. So you can see the deliberate focus on really keeping the vendor ARR kind of steady state, although it did dip a little bit down. It has peaks and troughs on the vendor side. And if we think about dotting out the next few years, we've long held the view that our ability to capitalize on the vendor opportunity and think about transforming that vendor ARR into high-growth, high-margin ARR to complement the underlying enterprise and contractor strategy is where we really think we unlock the potential inherent in Felix. It's that focus on the contractor strategy. And part of the secret sauce of our business model is that the contractors obviously onboard and mandate the use of Felix to their thousands of subs and suppliers and consultants who actually build and deliver and maintain the projects and capital assets that their business develops. So it's that -- I guess, the mandated use by those contractors and from our first 75 or so enterprise customers, they've driven that rapid scale growth and engagement of over 100,000 vendors in our marketplace. So obviously, now as we come to this sort of inflection point, our ability to then deliver value and unlock the commercial opportunity within that vendor marketplace provides the transformational potential for the business. So those of you who have followed the stock, you'll know that we've long been looking at what are -- what's our pathway to delivering and providing value to the vendors, and we've talked about the [indiscernible] Passport and building our own modules from scratch. But I think serendipitously for us as we've been moving through the past 12 months is the opportunity that to acquire Nexvia now provides a really highly synergistic tuck-in and bolt-on on that vendor side that allows us to immediately add scale and put the foot down on growth and vendor monetization without a 12- to 18-month development project to build something from scratch and then take it to market. So again, serendipitously, Nexvia, 5 minutes down the road from our HQ in Brisbane. They've been building a platform over the past number of years that really delivers what we think is best-in-class project management tooling for their target sectors. The owner and founder, Rob Rowe, he operates a successful national commercial construction business focused on interior fit outs. So Nexvia was really born initially to solve the software problems and gaps he had in his own business. So you can see there those fit-out specialists are a target sector, SME builders with smaller commercial builders and residential builders, where we really got excited was their focus -- increasing focus on the subcontractor and civil trades where we see a significant overlap that will step through -- a significant overlap with our vendor marketplace that will step through. Before we really kind of dived into the synergies and the 1 plus 1 equals 3 potential of integrating the platforms and bringing -- developing the go-to-market strategy around that holistic solution, it was the sort of, I guess, the screening process was just making sure that these numbers on the page really stacked up and made it attractive for us. Being cash flow positive was critical. It's meaningful scale at $3.3 million ARR for Felix, but not too big to be sort of indigestible. And that median ticket price of $13,000 ARR per customer is a really nice complement to our existing $94,000 or $95,000 that James mentioned on the enterprise side. What we -- in our due diligence process, what we were really excited and impressed by was just the sheer depth and breadth of the solution that the Nexvia team have built over the past number of years and what that, I guess, gives us to work with. And if anything, probably the commercial sales and customer-focused teams have probably been underdeveloped and a little resource and capital starved. Rob, the owner and founder has bootstrapped the business from inception himself. But with a sort of significant weighting to product and engineering teams, they've really built an incredible solution in terms of the breadth of capability and how it's optimized for those SME businesses in construction. So it gives us a lot to work with on that front. I've touched on some of these points already, but just in terms of like headline of just why are we doing this? Obviously, it significantly expands our product capability and footprint and really gives us a nice stand-alone SaaS solution for that vendor side and SME businesses in construction. The synergies, when we think -- and there's a slide coming up on this, when we think about integrating these solutions and what that will do for additive value in the platform ecosystem, we're really excited about. The big kahuna for us is obviously our ability to effectively and meaningfully cross-sell this into our vendor marketplace. And then as I said, it sort of meaningfully stacks on top of our existing ARR. There's just the sort of visual concept of our dual-sided marketplace. Obviously, we haven't really had much functionality to speak of on the vendor side, but now this gives us something comprehensive to round out that holistic platform ecosystem. High level and early stage, but we can just start to see some of the ways and levers that we think that we can pull with integrating these solutions. Probably the one that jumped off the page for us straight away was vendors in Felix, once they're prequalified and compliant to a contractor or owner who's operating the enterprise stack, effectively, once they receive leads and tenders, and that's the sort of the purpose there. Nexvia's platform begins with a tender box where customers will go in and create sort of leads and opportunities from scratch. So by synchronizing Felix's vendor lead portal into the Nexvia tender box, we sort of automatically begin adding value for that tender box to begin auto filling with opportunities that are matched to their category or service, trade service and location of the business. Then obviously, if they tender on a job and end up winning that, they can then go on and use the downstream project management tooling as they deliver the project. I guess this is the big money shot. If we can execute on our thesis of being able to integrate the solutions and optimize the Nexvia solution to target the -- starting with the subcontractor segment of our vendor marketplace. And if we multiply that by their median ARR per customer of $13,000, we can see the significant obtainable market opportunity within Felix that's already effectively captive within our platform ecosystem. So obviously, that's really exciting, and that's how we'll be thinking strategically about bringing these solutions and the go-to-market strategy together. I've mentioned a couple of times that it's a meaningful contribution to our existing $8.6 million of ARR, bringing us just shy of $12 million if we think about consider FY '25 on a pro forma basis and obviously, a really strong platform as we grow both businesses heading into FY '26 and beyond. Just in terms of our execution and how we're thinking about the phases, bringing the businesses together, like I said, 5 minutes down the road in Brisbane, we'll be getting just, I guess, Phase 1 is just about familiarization and bringing the businesses together before we consider actual integrations of the solutions and then bringing those to market. So obviously, the acquisition provides us a significant upside potential and step change growth opportunity on the vendor side. What we're going to remain laser-focused on is our core growth strategy on the enterprise side, and we'll continue to capture the domestic enterprise market. You can see their sort of a dot point we've made around partnerships and third-party integrations. If you look at our recent announcements, we're really excited about the Pronto partnership, and that's just commencing the go-to-market strategy now. A number of other third-party integrations, we think can really drive sales growth as well. So that will be a big part of our growth -- overall growth strategy moving forward to complement the already successful outbound strategy that we've had. Part of the funding that we've raised will be used to invest in our core solution. We think some of the areas in terms of module development are really going to unlock levers for growth and scale, both within our incumbent customer base and prospective customer base moving forward. We'll have a big focus on expanding what's really a contract storage repository for our contracts module currently into a fully-fledged contract life cycle management module, which is in big demand across the customer base and prospect pipeline as well as optimizing our sourcing module for use around the ways that asset owners like miners and property and REIT customers go about purchasing and procuring in addition to the contractors who are really focused on strategic RFQs and sourcing. International, we're really excited, I think, by the global thematic around supply chain visibility and governance and the need criticality for, I guess, kind of adequate supply chain software and procurement software for businesses and sectors that we're targeting. We believe we've built global best-in-class in Felix. So it's about really our strategy to sort of penetrate some of those markets now. We've got a team member over in Canada who's been doing a great job generating pipeline. We've obviously got Canada's largest contractor, PCL as a customer. So we expect that to bear fruit that effort into this year. I've just recently completed a sales trip in South Africa in Johannesburg, where we've got a cornerstone customer in DRA Global. We set up a number of new prospect meetings and the demand was really strong for the platform. So we're excited about that region as well. So we expect the green shoots to continue to coming through with new international cornerstone customers for Felix in FY '26. And obviously, the vendor monetization, we expect the rubber to start hitting the road now that we've made the Nexvia acquisition, which is obviously incredibly exciting. James, I think at 11:58, that sort of covers the acquisition overview and some key highlights there. So are there any questions for us to -- that have come through for us to take a look at?

Yes. There are some questions, Mike. I'll start with one. I might answer that one myself. It says, is just about all the revenue recurring. I'm assuming the question there is regarding Nexvia. For Felix, firstly, our revenue is all recurring. That's disclosed in the annual report. It's all over time, and that's how we structure our contracts. For Nexvia, in the most recent financial year, there was an element of services revenue around $1 million that they brought in, and that's the process of spinning up the environment and embedding the customer and onboarding and ensuring that there's stickiness that occurs there, that is project style revenue.

And that -- for clarity, that's not included in the $3.3 million of ARR that we detailed in the presentation, which is all recurring.

That's the first one. And then there's one that mentioned from the same viewer. Could you please explain how your solution is different from Aconex and what they do?

Yes. I'll focus on the Felix core enterprise solution, which effectively we are a vendor management platform and procurement platform. So we enable large enterprises to be able to manage the relationships they have with thousands of subs, suppliers. And then when project teams come time to, I guess, building big projects, they then send RFQs and tenders through Felix to that approved database of suppliers that they have within Felix. Aconex's core, I guess, focus is a document management and document collaboration platform, which we have a native integration with in Felix. So consider when a project comes up, the commercial teams are using Felix to put together all of the RFQs for packages of works. They'll load all of those documents in scope of works, documents, design documents, all sorts of things. And that will come from their Aconex, if they use Aconex, it will come from the Aconex portal and automatically synchronize into Felix. So we're often used in conjunction, whether that is Aconex or a similar document management solution.

And on a similar note, there is a question that says, why would a Felix vendor be better off using Nexvia than an equivalent solution not on the Felix platform? Or is it simply that you have an existing relationship with these onboarded vendors and can market to them as a result?

Yes, it's a great question. And when we looked around at the different sectors that Nexvia target and the one that we're obviously most excited about is sort of the civil trades and subcontractors, we saw the most white space in terms of that market largely using spreadsheets and manual processes as opposed to real dominant competitive solutions. And how we anticipate that we'll really leverage why use Felix is the integrations that we will build out with the core enterprise solution such that it really adds value if you're a Felix vendor using Nexvia and interoperating with any of the larger contractors who are on the enterprise solution, just that data flow both ways and efficiencies that we'll create through those integrations, we hope will make it a no-brainer for Nexvia to be the go-to solution for managing projects and businesses.

There's a question here on the estimated time line for the integration for Nexvia with Felix.

Yes, sure. We sort of broadly -- I mean, we've got to get them inside the tent first to really, I think, firms up this planning. But I'm looking broadly at FY '26 being a sort of kind of both businesses focus on their growth targets and plans. And in the background, we'll be building out these integrations and ready sort of roughly kind of FY '27 to pull the levers on those.

And then there's a couple of follow-up questions just on the back of that one, asking about the cost synergies with merging the two platforms together or the two teams.

Yes, fairly minor in terms of cost synergies. I guess you can kind of look at it at both ways. But one of the things that they sort of -- the business, given the owner founder hasn't worked in the business full time, given his own commercial construction business, they've sort of lacked an executive function. And also, they've been utilizing the parent construction companies, some of their corporate functions like finance and HR. So there's not a lot to cost out in terms of duplicative corporate functions or executive functions. So we think that, by and large, the resources that they do have will be lift and shift into the Felix tent. And there'll be some minor things in terms of systems and platforms that we'll get into. But in terms of -- we're much more dialed into the revenue synergies and upside there than cost-out opportunities.

Yes. So there's a few more questions sort of falling under this theme. And one of those is, will Nexvia be its own revenue segment for the time being? Or will it fall under the vendor platform immediately? And I think for FY '26, it will be its own revenue segment, and we'll report on that element. And then in time, as the integration and the product strategy firm up, there will be the opportunity to look at the more -- the vendor offering more holistically and see how that fits in. And then on a similar sort of Nexvia, the go-to-market type strategy, what is the way that you might plan to drive adoption of Felix given Nexvia is involved in a lead management or earlier on in the funnel?

Can you say that again, James?

Sorry, sorry. What is the way you might plan to drive adoption of Felix given Nexvia is involved in the lead management/earlier on in the funnel. Maybe that should be is not involved in the lead management, reading it as it comes through.

Yes. I think how will we drive adoption of Felix. We see really the enterprise solution as kind of the beachhead, which will drive obviously continued scale and adoption on the vendor side. And as vendors prequalify to businesses, become compliant, respond to RFQs and tenders and bids and ultimately manage projects, we see next year as the sort of the natural segue then to plug in and bolt on. And as projects are delivered and completed, that performance data and delivery information can ladder back up to the contractors. So discretely don't see it necessarily driving adoption of Felix. But obviously, the more vendors that are engaged in the Felix ecosystem, the more attractive that is for contractors and enterprise customers to come and join that natural flywheel effect.

Very good. Is there a module is there a key module that Nexvia typically leads with its platform that's crucial to its customers?

It's a great question because as our team members were sort of immersing ourselves in the solution, what really jumped out was there's a lot here to digest, and we saw that in the module list. So we're really keen once we roll our sleeves up to look at do we simplify the packaging in the go-to-market and work out what those key landing modules are, focus on those and then expand from there once we're sort of embedded. And it really is that project financial sort of management, which we understand is the core landing module and lead hook, the ability to manage your budgets to actuals as projects are delivered, and effectively give granularity and accuracy and visibility to those processes, which can help bottom line savings for customers, what gets the needle moving.

Yes. Okay. And there's a question on, I guess, the independence around Felix and Nexvia. And it mentions that, I guess, why would vendors adopt a project management software tool owned by the same company that their enterprise clients use? Would they prefer something that's independent from their largest clients?

Well, I mean, there's certainly a separation. Yes, I think that the sort of the -- if we think about IP and ownership, Felix obviously is owned by those larger contractor clients. It's -- they use it on a license basis, a multi-tenanted license basis. So I think that our view is that the upside will far outweigh, I guess, any caution or concern about everyone being in the one platform ecosystem. And effectively, those vendors, I think that's kind of evidenced by the fact that they are already there and engaging and interoperating with those customers in the current sort of Felix vendor marketplace tooling that's there. Really, this just adds on more downstream capability from that.

Okay. There's a couple here that I might group together around the go-to-market approach. How will you ensure your go-to-market approach is appropriate for the customer type? And then on the same theme, what are the vendors telling you that they want? And how is that guiding your go-to-market approach?

Yes. Just, I guess, to be clear and transparent with everyone, we're not fully formed on the go-to-market approach yet. I think we really need to get in and observe and understand from closer proximity while we're building out the integrations in the background. And as I mentioned, as far as FY '26 goes, we sort of don't want to get in the way too much of Nexvia executing on their own independent growth plans. But we will obviously -- I mean, the importance of getting that go-to-market strategy right and having the right plan and then executing it well is obviously critical. Our vendors are, I guess, in conversation with us, the ability to have more integrated downstream tooling within Felix and things that just save them time in their day. Everyone's drowning in administrative burden as the compliance environment dials up. We're an industry that's been stagnant or backwards productivity for the last few decades. So if we can get people sort of out of administrative burden and back on the productivity-enhancing tasks, that's what they're jumping up and down for.

Very good. Probably coming into the last few questions here. Nexvia reports median ARR of $13,000, but the average ARR is around $19,000. Can you elaborate on customer concentration and explain that difference between median and mean?

Yes, good observation. We -- there are a few sorts of outlier higher customers that are sort of in that -- I think there's a handful that are probably [indiscernible] probably circa 40,000 and higher. And we thought that where we -- obviously, we're going to be focused on volume as this strategy gets cranking. So we thought that the median ARR was probably more representative of where we think things are heading and a more appropriate metric to use for the purposes of kind of outlining that strategy.

And probably one of the last ones on Nexvia before there's a couple on the transaction. What is the geographic distribution of Nexvia? And are they Australia-wide? Are the Felix clients weighted to Queensland and WA?

They're nationwide in terms of their customer base. In terms of the Felix customers, if I understand that portion of the question, yes, I think we're really strong in WA. Obviously, the resources sector has been really fast growing for us and Queensland and WA are naturally really prevalent in those. So I'd say that we're -- we are a mix of capital -- a lot of businesses are headquartered -- big businesses are headquartered in Sydney. So we're quite strong there. But...

I think -- I was just going to say, I think also the vendor footprint of those organizations on the logo board that you put up there before our enterprise customers, it's geographically across all of Australia, all the regions. There wouldn't be -- it wouldn't be isolated just to Queensland or WA, they actually...

They're quite in a large national and multinational businesses.

On the acquisition, there's a question there that the acquisition is costing $12 million, but you're raising $16 million. Does that mean that the CapEx is $4 million for the new business? I mean we could put up the use of funds slide there because -- the first point is the acquisition is costing $12 million, but it's being done through a mix of cash and scrip. There's a $6 million initial cash outlay associated with the transaction, and there's $3.6 million of ordinary shares issued. And then there is a deferred consideration component of $2.4 million of performance rights that are subject to revenue growth targets being hit, the $6 million and the $3.6 million and the $2.4 million is how to get to $12 million. There's obviously left over working capital and growth initiative funds as well as transaction costs and integration costs, as you can see on the table there. So...

Also, I think worth noting that those performance rights for the growth targets, the $2.4 million, the vendor agreed to take those at a premium to the share price, which is, I think, indicative of their intent and belief in the strategy as well. So those are issued at a price of $0.25.

And the last question that we have here is, can you explain why the SPP for existing investors doesn't include the option element that the institutional placement?

Yes. I think ideally, -- it's always ideal, I think, if parties -- all parties in the transaction can be on the same terms. And as I mentioned earlier, the options were really designed as a mechanism to ensuring that Briarwood at a premium, remember at a premium, 40% premium to the transaction price had an avenue to ensure that they had a line of sight to getting additional funding and capital into the Felix business, and that's how it was designed really for the placement. So one small trade-off, obviously, is that the SPP is at a slight discount to the placement price.

That's all the questions that we have there, Mike, thank you.

Thanks, James. Really appreciate everyone's time and interest in the business. Obviously, it's a very exciting catalyst for Felix with the acquisition of Nexvia, the capital raise and really a significant platform for growth for us and opportunity to really transform the scale and profile of the business, and we're super excited to get stuck in and bring it to life and look forward to keeping investors in the market up to date with that. So I appreciate all of your support in FY '25 and over the years and look forward to keeping in touch. Thank you, and thanks, James.