Swift Networks Group Limited (STV) Q4 FY2025 Earnings Call Transcript & Summary

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Brian, I think that perhaps we could start the presentation. I might just give it another moment for some additional people to join, but it looks like we have a number of participants that have joined us already.

Great. Thank you. Good morning, everyone. Welcome to Swift's FY '25, I would say, results presentation because we're actually disclosing our full year unaudited results, whilst unaudited, we'd like to assume that they'll be the same once our auditors have finished their diligent work.

Brian, sorry to interrupt. Let me record the session, if you don't mind. So, I might just get you to start in a second just a moment. Start now, that would be wonderful.

Thanks, Lara. Good morning, everyone, and welcome to Swift's FY '25 results investor presentation. In this presentation deck, we're basically showing our unaudited results. So, they're still, say, subject to audit, which will be completed by the end of August and released to the market at that time. But we like to think that the results are pretty accurate and will be reflected in the actual audited numbers. For those of you who don't know what Swift does, we basically have developed and provide a hardware-enabled SaaS product, a Software as a Service. This is enabled through a small box with its coupled remote control that is developed as an enterprise solution for business. So, unlike other retail type products, this is an enterprise-grade product that has extensive functionality beyond something that you find in a domestic environment. We're now at a point of our development where we've actually finished probably one of the most ambitious development programs in Swift's history. We've not only developed a new user interface, user experience, we've also made it customizable to any industry. So, at the moment, we've developed 2 different user interfaces, one for mining and Aged Care, but we have the scope to develop beyond that into multiple different industries as we enter those markets. Coupled with that development of the UI and user experience, we also have developed the integration ability of this product, so it can be integrated into clients' own back-office systems, whether that's a guest management system for a mine site or a resident management system for an Aged Care facility. The new hardware we've also developed, and that's due to be released shortly. That's something we've developed as a Google-certified product. It also has Netflix approval for the Netflix app on that product. So, we've got, this has probably been a culmination of, I would say, 2.5 years of development. So, it's the first time in 7 years that Swift has released a new product onto the market. So just as a sort of a bit of background, the results that we'll be presenting today with our Compound Annual Growth Rate of something like 45% relate to our previous product that was developed some 7 years ago. So that gives some context of where we sit on the sort of cusp of change for the business right now. So, this slide deck shows a bit of what the new, an insight into what the new product does. So, I'll go and show you this is the new user interface and a bit of it. [Presentation] It gives you just some insight and that really is the user interface developed just for the Aged Care market. So, we have comparable one for mining. And as I mentioned, we can develop user interfaces for other markets where they might be hospitality or other markets that we haven't yet entered into. Also, on our development program soon to be released is a new Swift app which allows people, especially in the Aged Care environment to upload videos or pictures straight to the residents TV, and that's something that's being registered currently with the Android and the Apple stores for download. We find that we're actually now at the right place at the right time in the markets that we're actually in. So basically, mining and Aged Care; in mining, we're seeing a real move from legacy PayTV products to a move to increased features and functionality and actually value for money. And that's where we're seeing a drive towards our products. So, we're seeing an interest in our product that we've never seen before. And this is taking, I suppose, some time to get to this position to really educating a lot of the major mining companies that they can do more for their staff on site, so they can use the TV as a communications tool and not just as an entertainment medium. We're also seeing with more functionality and features that we bring to the product, such as the ability to order items through the TV, that provides, unlocks opportunities for revenue to be generated from the TV and from our products. So, it doesn't sit as just a cost burden on the provider. It actually can generate revenue. And that can even happen within the mining market as well. We're also seeing the introduction of a lot more compliance, both in Aged Care and in mining. And the system operates as a tool that goes beyond just communication, but to offer well-being content or compliance content such as in Aged Care where resident surveys are an actual compliance requirement that has to be performed every quarter. So, the ability to perform that on the TV easily for residents makes the provider's job of providing that information back up to the government a lot simpler and a lot easier. So, I'll hand you over to Ryan Sofoulis, who is our CFO, who will run through our numbers for the year and back to myself after that. Thanks, Ryan.

Yes. Thanks, Brian. Yes, thanks. Yes, as we can see, yesterday, we announced our unaudited results. It was quite a strong year for Swift, as Brian just alluded to, based off of our old platform and how we're going, we've managed to get revenue up to around the $17.7 million mark. So, 80% of that. So, as you see there, $14.2 million of that being strong recurring revenues. Probably the one thing to note during the year, which we sort of alluded to in the commentary around this is one of our biggest customers, Mineral Resources, went through a bit of a transition during the period and shut down a few of their sites, especially some of their lithium assets. So, when you look at the table on the right, you can see in the March period, our room numbers dropped. It was about 700-800 rooms that came off. Now we have had a very strong relationship with Mineral Resources for a number of years, and we do have, still have over 2,800 rooms with them and actually back in approaching the 3,000-room number again post some of these changes. So, you can see even within the 3 to 6 months afterwards, we've come and recovered some of those room numbers with some of the strong announcements with new customers like Newmont. So, we were, without those changes, we were on track for over $15 million of subscription revenue within the year. So that was a number that has not been seen from Swift numbers. So, our subscription revenues have been peaking. They've been doing very well. We now have 13,000 screens on the Swift Access product from 7 years ago that we've been developing and doing. So, all of that has led to a group EBITDA of $1 million for the year. So, with the new products, we have, the management of Swift did take it into account with the new product and the cost efficiencies and everything that's going to come from it. We have written off some legacy stock during the period, which, for about $300,000, which has sort of dropped that down to the $1 million mark for the year, but it is prudent moving forward. So, Brian, if we can just move to the cash.

And just to add to that, Ryan, just if anyone's got any questions, we'll have a Q&A session afterwards, obviously, and please just put any type of questions in the chat box as we go through.

Yes. So, cash receipts for the period, quite strong at $18 million. As announced yesterday, we have net operating cash for the period of about $1.8 million. That's excluding interest costs. So, we're finishing the period with cash and deposits of $2.4 million. We started the year under $2 million in that regard. So, during the period, we've obviously done the entitlement offer as well. So, we've had strong support from Board, management, investors and PURE, our lenders as well. So, from a cash and balance sheet perspective to finish the period on, with cash sitting at that cash deposits at $2.4 million. The debt has been reduced as well from $7.6 million to $6.2 million. Now that's obviously something that's front of mind for Board and management of Swift, and we continue to work with PURE and investors alike and through the business to try and manage that position. We currently have a net debt position of $3.8 million between cash and the debt. So, we keep chipping away. On a couple of years ago, that figure was over $8 million. So, during that period as well, we've also spent over $1.3 million on the product development and within the year, have spent over $800,000 on interest. So, it really shows the underlying position of the business with the net operating cash and how it's functioning whilst developing the next [generation] product paying off the interest from the legacy debt and still being ready to push now towards where we're going with growth with the new product. It's a pretty strong position for where we are.

Great. Thanks, Ryan. So, what's next? This gives you really a bit of an insight into where we are heading and what's, I suppose, again, this is a culmination of all this development activity is really towards this enterprise-grade system. So, Google certification of the box means it's at a level beyond where we've ever been before as a business. It's not something we; it's something that has to be registered. There has to be something that's always kept fresh with the latest security upgrades. All of those things are very important to be able to have direct access to all the apps on the screen. Now this is something which if you're familiar with going to a hotel where at the present, you've got to cast things onto the screen. Now this has the ability to basically go directly into the apps. And the important thing here is it allows us because we can manage this as an enterprise-grade system to manage the log-in. So rather than having a smart TV in a hotel where you can get access to the apps, but the issue is people leave their log-ins on the TV. It's not an enterprise-grade solution that's integrated into a network. So, with our system, we can manage that. So, when the guest checks out, the login will just automatically be deleted from the screen or can be timed out. And this is very important, both in hospitality, in mining, in any areas where there's sort of a throughput of people into the room. It also speeds up the process. It just, it's a smoothness and accessibility rather than having to use your own device to log into a hotel WiFi system or a WiFi system that might be a security compromise just to get access to Netflix on the screen or to cast your own device. In time, we see the ability to work with clients, whether that's mining clients or with hospitality clients, where they have a card type feature. Rio, for instance, has a card feature where all employees are issued with a smart card that allows them access to whatever room they're assigned to. That could also integrate into all their own log-ins. And once they get into the room, the log-ins are already established for the individual as they get into that room. So that's the sort of technology that is fundamental that's been developed into the background tech that sits into this user interface. So, it's not just how it's finished, which looks quite familiar as a high-end sort of smart TV user interface. It's all that other functionality that Swift brings to the table. And most importantly, for us, it's a plug-and-play system. So, with the new remote control of the new box, this can be basically installed by anyone. So, it's basically [easy] cable. The box sits on the back of the TV, the remote controls are really automatically paired with it. It comes in a nice retail type box. We put a small server at the head end of whether it be a hotel or a mine site or an Aged Care facility. So, we can commission this largely remotely. So especially for mine sites where you have 3,000 people, it can be actually installed by the maintenance crew rather than us having to send a team up site, which costs considerably more and also is more disruptive to the mine site if we have to go into various rooms and people are on shift or not. This allows the maintenance people to do it themselves, and it really cuts down that barrier of entry. So effectively, from a cost point of view, this is something like 1/4 of the cost. the new device of what our previous device used to cost by the time it went into someone's room. So, it takes that barrier of entry, real plug and play a lot simpler. We've rolled out the new user interface itself now to over 3,000 rooms at Roy Hill and 3 sites for Bethanie Aged Care, and we've had no issues whatsoever. So, it's been from the smoothest rollout we've had as a company for a new software tech. So, the new hardware comes, will be in our stores in October, and we'll be able to upgrade people to the new hardware at that time as well. Just looking at what will happen over the future with our numbers. This slide is quite important. It's quite illustrative of what's going to happen within the business and what's already happening within the business. The reseller relates to, we still resell Foxtel product largely because of their sport content to quite a few clients in mining. As Foxtel diminishes as a product in mining, we're seeing more of an uplift in the sale of our products. So, we don't derive a huge margin from reselling Foxtel. But from our own product, we get a substantial more margin, and our product is actually a cheaper product, too. So, it allows people to get access to new release movies that aren't available necessarily on Foxtel. And we're seeing that sort of transition. So over time, we might see the gross margin being rather stable. But what lies underneath is that our own sales of Swift Access will improve, especially with the release of the new product, and that will drive that margin improvement, which will drive the overall result. And this can all be done without increasing our overheads during that transition period. So, where we sit, and I mentioned Foxtel. Foxtel is probably our main competitor and also in resale, they're largely in hospitality more than Aged Care or mining. They've recently been purchased by DAZN. So, there is a transition happening within there. We see ourselves as really a more customizable solution that we are more integrated into the 2 areas that we're currently in, and we can integrate further if we look at new opportunities, whether they're in hospitality, defense, cruise ships or any other areas, prisons or any other business-based community environment where you need to reticulate entertainment or information or training across a broad group of people. So that on the spectrum of market where we sit commercially and where we sit in the integration ability, we sort of, that's the sweet spot that we aim for that takes us away from just a Netflix type streaming service, and it really differentiates ourselves in the market. And really, at the moment, there isn't a product in the market that we have seen anywhere in the world that delivers what we can deliver to a commercial environment. So, looking at our market opportunities, this is a slide we have released before. It really sort of illustrates where we are with our development of our tech and what markets that opens up for the company. So, at the moment, the new user interface is being rolled out to mining and Aged Care. And within those 2 markets, there's 370,000 screens. Then you move into retirement living with the new TV device that will be here in October. It also opens up areas such as lifestyle communities, other areas such as that, that are more residential in nature, but it's still grouped communities. And ultimately, then you can open up into cloud-based environments when we move to have a fully cloud-based server, and that can open up opportunities for in-home care. But even before that, we'll be looking for opportunities internationally, not just in Aged Care, which is a very large market internationally, but also look at the potential to partner with others in the hospitality market internationally. And that's something which is very important. That's a market that really, we haven't up until now had the ability to enter. Now we have this technology. We have the ability to really aggressively enter that market. But we intend to do that with a partnership type arrangement rather than trying to do it ourselves and start from scratch and have to spend the money to really get involved in that market. It's easier for us to find the right partners who have that path to market for us. So, looking at what we've achieved during the year. In mining and Aged Care, we've got 13 new customers in the course of the year. So, we're a B2B business. Getting a new customer is not a 5-minute job. It takes anywhere between a year and 6 months generally to get a new client to change their systems to move across to a product like Swift. And that's something which we've achieved over 13 customers in the course of the year. We've also done 19 new major renewals and site expansions. And as Ryan mentioned, we had 8 mine site closures, 6 of them were related to Mineral Resources. And like with any mine, they do have finite lives to them. So, they do tend to close when the resources ebb away. And so, we are subject to that sort of change, which is effectively showing that we don't really have churn. We just basically have clients drop away or clients ebb and flow and grow. So, as I mentioned earlier, with Swift Access 26, this will open up large, large areas that have not been available to us before. And that plug-and-play aspect is so important. We can now send a pallet of devices to a defense base, and they can plug them in and we can activate it remotely. So, there are the opportunities that makes it easier to sell. It also brings down that sales cycle, brings down the installation time as well, so then we can derive revenues from our subscription for selling the product sooner as a business. Just this gives you a bit of an outlook. You've already seen some of the functionality from the video, but this really provides just a look at, say, the Aged Care functionality. And this is where we integrate into other products such as the Tell Touch residential survey. So rather than us developing that particular aspect ourselves, all we did was basically render that and integrate that what was basically a mobile device tech onto our, onto the TV screen to make a lot more accessible and easy to use. So just by using the up and down on the remote, residents can now complete that survey rather than someone have to hand them a mobile phone or an iPad and get them to pick and choose bits on an iPad, which can influence people's decisions as opposed to the resident just doing their leisure on the TV. So, it just gives you an insight of some of the functionality and content that we bring in mining. We're also working with some of the bigger mining companies to help put a lot of their employee assistance program content, so the well-being, wellness content, which, again, they spend millions of dollars developing, sits on an app somewhere, most employees don't look at that. The last thing they do at the end of the shift just want to go open an app, find or get on to the SharePoint and try and find that EAP video. They're not interested in that. But with our system, we can promote that video. We don't have to shut it down their throats or put company propaganda into them all the time, but we can promote that as an option. You can just sit on the home screen, have a look at this if you're interested, click and you can see it if you like, as opposed to somehow forcing people to look at these things. If people want to, if we need to get messages to all the rooms, for an emergency, that can be put on the screen and can be actually designed to reduce the volume on the TV, you can turn on the TV in the case of an oil and gas rig to put a warning on the TV if there's an emergency event as well. So, all of these things are tailorable and customizable. And Swift has also developed as part of all this package of upgrading work that we've done is a more streamlined user interface. It's a web-based interface that the managers on site or even in corporate office can use to actually put the various things on the TV, whether it's the village facility manager wants to let everyone know the barbecue starts in 5 minutes. They can just type a short notice. They can go on the bottom of the TV screen as a and people can go oh yes, barbecue starts, geez, I forgot about that. I'll run up in there and get myself a steak. That's the thing that our product does that no one else does in the market. So, it's a lot simpler, cleaner and a lot slicker now with all the money and the technology we have put into this. So really for us, the real, the next step for us is getting this product into our store room and basically out into the market. So, as I mentioned, we've already put the new user interface, user experience across 2 of our major clients in Aged Care and mining. We've had no issues with that. The next step is to get the new hardware device that has the access to all the apps and our new SwiftCare app into the various app stores and then start rolling that out. So initially, we can roll that out to existing clients and then move that out into new clients as they come on board. So really, why invest out?

Brian, this is a good, thanks for that. Do you don't mind just so that everyone understands can you explain with the mining example, what you, what was the traditional installation method, the server costs and the time frame and OpEx versus CapEx considerations and why the mining plans were taking so long versus what the cost and the ease of use is going to be with this new set-top box just so that people [Indiscernible]

Yes. traditionally what happened both with Swift and a number of other products that offer basically the casting type solution. Our current product has basically required a set-top box and a Google Chromecast. Now that Google Chromecast either sits in the back of the box or it sits at the head end in the IP room of the mine site. So, the current solutions out there, including own product, requires that to be installed with a head end for both casting and for the actual casing of the movie content. It requires a separate remote control that has to be then programmed into the TV into that particular set-top box. So, we used to buy the remote controls from a separate provider that end up from a separate box to the actual set-top box. What we have now is pure plug and play. So, it all comes together. They're already paired, just stick in the back of the TV like you would a Google TV device. So, it's at that level even beyond the current Google TV device because we've got a chip that is a couple of generations ahead of that. So, it makes it streamlined. So again, that element of having to be on site, having to spend time upgrading WiFi systems and all the other issues that can come on site, really put a big inhibitor on the client actually purchasing the system. So, or they'd have to then spend a lot more time considering it, having to go to their project people and assessing whether that fits in their project budget, then they've got their OpEx budget. So suddenly, it becomes very complicated for a big player to have a look at this type of thing. Whereas now we can offer where we'd like to offer, and this is a case of where the capital constraints of the business sort of come into it is we'd like to offer really a fully amortized model to virtually all of our clients. So if a client takes on a 3-year deal, we can basically sell our system to them, do the install for free, issue the boxes because they are substantially cheaper than what we currently pay for the box and the Google Chromecast because all the Google technology is now integrated within the box and the box is, I say, minimal size, that just simplifies, makes it cheaper and then we can get them to sign up to a 3-year contract as an OpEx type deal, which is already substantially cheaper than anything else that they're currently doing. So, it just removes that barrier of entry that the actual CapEx side of it used to bring to make the deal take that much longer. So, we'd like to see a real speeding up there. Also, what's happened within mining and to some extent, Aged Care is that all of these sites have improved their WiFi. They've actually improved their reticulation of content throughout their site. And that's very important that the actual standard has improved. So, we can basically then plug our system in the room at the end of it without having to worry about that site requiring a full upgrade of their WiFi system. There are still miners out there, especially the smaller sites who do have to still upgrade their WiFi and aren't able to roll out this sort of system. These are the guys who basically don't offer their clients much at all. So, in time, they will improve their WiFi, which will open them up to systems like us. And that's an opportunity for us too in terms of project work. But really, where we're moving as a business is we'd rather not be so involved in upgrading WiFi and basically spending a lot of time on that area of the business. We want to be selling as many boxes out there as possible and getting that subscription revenue through the door. We will still offer that as a service if clients require it. But the main thing is to sell them. And the way I sort of the analogy I use for the guys is we're trying to sell them the car rather than the garage. If they need the garage, yes, we can build the garage. But the main thing is to get them excited about the car, buy the car and that sits in the garage that you already hopefully have. I hope that gives you, I don't know if that explains it well enough. But for us, it's a real financial change and will hopefully speed things up substantially for us of the business.

Yes. Sorry, just one follow-on just to, you summarized it well. And just what are you seeing with the sale of Foxtel and the mining clients talking to you right now in terms of switching over to the new set-top box and in terms of pricing as well?

Yes. Foxtel in the market there at about $54 per room per month. We're basically sitting in the market in the 20s, sort of mid-20s, depending on whether its people are paying upfront for their boxes or as an amortized model. So, we're substantially cheaper than Foxtel. And with the sale of Foxtel, Foxtel has lost some of its more premium content over the last few years. It's lost the history channel, BBC, MTV. So, we do have clients who still like to have Foxtel because of its sport element. And they're basically, that's why we still resell Foxtel, and it does still provide an ability to look at sport on site. So, it comes down to what we find and we analyze the data and what you see on a mine site is that 60% of people will watch sport quite avidly, but 100% of people will watch movies. So, movies are a lot more inclusive. We're seeing a shift in mining from that traditional very blocky environment to the demographics changing to reflect the wider community. So, we're seeing that mine sites would like to have that movies and the new release movies seems to be more important than sport. So, sport is still important, and I'd love to still be able to sell that alongside our product. And we still do. It comes down to cost. Some clients would prefer just to go a $25 or something subscription as opposed to a $54 sport subscription through Foxtel. So, it's still horses for courses. We're not going to get every single company in the market, but we hope to get a lot more as companies move away from Foxtel. We're seeing some major customers a particular client who we service one site, who's got something like 8,000 rooms. They've just recently stopped using Foxtel, so they're looking for other alternatives. So, if there's any other questions, please feel free, if you can see if there's any more in the chat box.

Yes. There is one question. Can you brief us on the pathway to selling the new Swift product into the home care or the Aged Care sector?

Aged Care is one where we're basically spending quite a fair bit of time in marketing to. We've basically been attending for the last 3 years a large aging Australia conference, and we launched our new user interface last year at the conference in Adelaide. So, we do have relationships with some of the biggest Aged Care providers in Australia. Probably the largest is Opal Aged Care. We currently do 2 Opal sites, and we're talking to them putting a proposal to another 2 of their new sites. So Opal has something like 138 sites across Australia and 12,000, maybe 13,000 rooms by now. So, we're talking to them. We'd like to spend more time with them with their IT team is talking to our IT team about how to integrate some of their tech that they use across their sites, so that it can be presented on to the TV screen. So, it's with these B2B type clients, it takes some time for us to convert all their sites onto something like onto a Swift type of product. And that just gives you one example of one provider in the market. What we've also seen within the Aged Care market is the introduction of the Higher Everyday Living Fee, and that was initially meant to be introduced for 1 July, but the government has now deferred that to 1 November this year, largely because of the issues of the market trying to adapt to the change. And that's an area which basically, until there's a bit more certainty in that, that has had an effect on our Aged Care sales at the moment. But once that uncertainty has been resolved, people, we expect people to move towards our product because it offers the flexibility. And what the new legislation revolves around is providing flexibility to guests so they can opt in and opt out on entertainment type content. So, we can offer, for instance, the functionality of the menus and the access to the various apps and have our own entertainment package as an opt-in, opt out. So that way it gives that flexibility. It provides an inclusive product that everyone on the site can have with the ability to opt in and opt out on entertainment or if there's particular things that are additional services that the provider would like to provide, that can also be managed through the TV, say, a hair dresser’s appointment or wine with dinner that can all be ordered through a hospitality type concierge system through the TV interface. And that's something which the Aged Care providers still have to get their back of house and their systems developed to be able to meet the functionality that we can provide on the TV. So, for them, it's that practical ability to deliver a bottle of wine or have the staff to do that or the licensing ability and all those other issues or practical issues that can then integrate within what we're doing on the TV. So, it's quite an exciting time for us in Aged Care. It's just we're not seeing people signing up to deals. We're spending a lot of time with them, educating us what the product can do. And then once we see the legislation finally, the practical rollout of that legislation because the legislation itself has been finalized. It's how legislation is interpreted by the industry. Once we see that I suppose, gets a bit more solid, then we'll start to see the more deals happen in that particular area. In terms of the home care market.

Brian, can I just interrupt for a moment?

Yes, sure, Joe.

Yes, it's Joe here. Just while you're on that, from what you've been saying to us, is it true to say that these Aged Care providers will be losing, potentially losing a bit of revenue with this opt-in sort of legislation changing, but you'll be able to recover or create a new revenue stream for them with this functionality that you've got on the system.

That's exactly right, Joe, because when you look at some Aged Care providers, the current system requires Aged Care providers to charge their guests residents, an additional services fee, and that's a daily fee, and that ranges from something like a minimum of sort of $7, $8 a day up to some providers of $45 a day. That is being replaced by this Higher Everyday Living Fee, which is an opt-in, opt out. Our product, we would charge an Aged Care provider with a full entertainment package, something like $1 a day. So, if the provider can sell that full entertainment package on for a couple of dollars a day, they're already making money. If they could then use it to save money on giving company notices or menus out to rooms, that saves them money as well. Then if they can actually upsell other services such as a glass of wine with dinner or a cooked breakfast as opposed to an uncooked breakfast or various other items, that then generates additional revenue. So, it's a real opt-in user pay type system that the government is moving towards. And that's why, we've designed a lot of the aspects to become more like a hotel concierge system to capture that market. And that's where the government is pushing these providers. They're basically saying, you can't just charge everyone on site $45 a day and expect them to pay it because they're not allowed to live on that site unless they pay it. It's now opt in, opt out. So, what will happen and what we're seeing is that a typical provider has all range of demographics within their communities. The high-end type communities will become more like hotels. The bottom end of the market won't have much additional services offered. It will be a very basic service. So, it will be very, very user pay. We also offer the ability with our system for the family to manage these things. So for instance, if the family wants to provide or buy something for the resident, if the resident has dementia or doesn't have the ability to engage with the system, we can then buy, the family can through our app, potentially buy things for the resident like a glass of wine with dinner or send them flowers remotely through the system, basically on their birthday or for whatever reason. So, they are the things that will generate money for the Aged Care providers. What has to happen, we've got the tech to do that. It's all, it's there and available. The issue is more about the provider having the practical systems behind that to actually develop that. So, in most providers' case, our system would generate an e-mail to them say, send us some flowers to this room, or send a bottle of wine, that would go to the, whoever manages the background. But they need to actually be able to do that and have the staff to do that. So that's what the industry is grappling with at the moment. The tech there, we're there. The practicalities aren't.

But having said that, with the health legislation coming in, some guys like Regis, they're at risk of losing $10 million to $15 million, $20 million a year. So, it becomes a no-brainer.

Even more than that. We're aware that they're in the $45 a day bracket, and we know they have something like probably 3,000, probably half of their rooms are on that sort of level of package of that demographic. So, if you look at $45 a day times 3000-odd you're getting to about $49 million a year of revenue that is not, will not be available to them once this new legislation comes in. There is a grandfathering period though, from, for current residents for until 1 July 2026, and that's when this system, so new residents coming in from 1 November have the HELF system. Then after 1 July 2026, the current residents are also subject to have the flexibility of entering into that as well. Any other questions? Okay. Well, just really to summarize, as Ryan mentioned earlier, we have over $14 million of subscription revenue. So really just as a business, whilst a lot of you have sort of seen our presentations going back the last 2, 3 years, as a business, we've been really consistent. We're growing subscription revenue. We do have our ups and downs as mine sites ebb and flow. We're moving in the right direction as a business. We've done all this development work more than the company has done in its entire history to have what is a world-leading product now. And I don't, and I stress that and I really want to stress that there's not something else out there that does what our product does and what it can do. So, we have developed that whilst paying down our debt, whilst paying interest and maintaining our current business with our older products. So, what I'm saying is right now is the time to really take another look at Swift, because we do have this new product. It's going to be in our hot little hands downstairs in our warehouse in October. And we are very excited about it. It's changing the whole business, and we can't wait to present to you the results that, that will bring to the table. So, I'd like to thank you all for your time, and most of you probably read my number. So please feel free to contact me. For those of you who don't, it's (0418) 952-130. So please give me a call. Happy to chat about the business and answer any other questions that you may have. And once again, thanks for your time. Appreciate it.

Thanks, Brian. Thanks, everyone.

Thank you.

See you later.

Goodbye.