Tinybeans Group Limited (TNY) Earnings Call Transcript & Summary

All right. Well, hi, everyone. My name is Eddie Geller, CEO of Tinybeans Group. And with me today is also Chris Motsay, our CFO. We're both based in New York and really thrilled that we're able to share with everyone today an update and the company performance. So firstly, hoping wherever you are, that you're all doing well and staying safe. I know it's a tough time out there for many. So I appreciate everyone making the time to join us today. And a special thank you to our current shareholders and investors. I appreciate all of your support and belief in our future. And really, today, I'm very proud to be presenting our results of the most recent quarter and really a wonderful last 12 months. And we're just thrilled with our performance that I can't wait to get into with more detail. And what's exciting is that there's just so much more in store over the next 12 months. Feel free to route -- to submit questions in the Q&A box. And then at the end of the session, we'll get to the Q&A to, obviously, answer any questions that you would throw at us. And just for everyone's benefit, I must state here -- everything I'm about to share is in U.S. dollars, just to the point of clarity for everyone. There are some references to AUD, but all the main charts and all the main aspects are all in USD. So let's jump in. So it's really been an incredible year to basically finish the year with such a strong results, $8.2 million in revenue. It's the highest in our history of the company. And really, what's exciting is that it's really off the back of wonderful growth in the last couple of quarters as the U.S. advertising industry really rebounds, the economy rebounds and really a whole range of other, I guess, tailwinds are behind us in terms of parenting, in terms of families, in terms of trust. There's a whole range of elements there that are really exciting. All revenue lines grew over the last 12 months and all organic, which means we spent no money in paid acquisition and no money in marketing through that 12 months. And also our partnership with Apple really continued to grow also, again, albeit very early days but I will confirm that Tinybeans Red Tricycle was the #1 partner in parenting. So -- and that just continues to grow and expect a lot there for the next 12 months. So really, for us, it was a wonderful year. It really shows the business at a very high level. And for us, it's all about taking the memories piece, which a lot of people know the brand about, this wonderful parenting site through Red Tricycle and really take them both together and combine them for the next 12 months and beyond. So really, it's an exciting period to be able to show these numbers to you over the last 12 months given where we've come from. So overall, it's been a wonderful quarter. So I know some of these numbers were shared a few weeks ago. Here's some more formality to it. We're clearly still unaudited, but still finalized from our perspective prior to the audit at the end of August. We beat our last record quarter. So for those of you the -- remember, sort of, the holiday period is typically the biggest quarter. So that's the Q4 calendar or Q2 financial. So the fact that the quarter we just finished beat that with typically sort of the second strongest quarter gives you a sense as to how strong the business is becoming and really we're growing into a market that's very, very exciting. So it was mostly driven by advertising, delivering 79% growth for the prior period. And again, what's really important about that is that 12 months earlier was our first quarter of the combined businesses, Red Tricycle and Tinybeans. So to compare 12 months on and have such growth like that is really quite stellar. Nina Lawrence, who came on board about May of last year, our Chief Revenue Officer, really has done a stellar job in taking the business from what it was, combining them, taking the value prop to market and really delivering a remarkable result. Beyond the advertising business, we also had supporting growth in e-commerce, subscription revenue and other supporting items. And again, the e-commerce revenue just to quantify is a very small revenue stream. We don't expect to see a hell of a lot there until 2022 calendar year. It's really a supporting revenue stream today. And subscription revenue, again, is all being largely organic, of a product we developed nearly 3 years ago. So -- and the growth has been driven by purely the current users seeing value in the upgrade we've created 3 years ago. So expect to see that very much accelerate over the next 12 months. But we have not yet launched the subscription product, and I've got more to share about that a little bit later on. So overall, the business has gone very well. And just a comment on MAU, monthly active users also grew based on the 12 months prior. So given so much of the membership is still engaged via content, that's still a seasonal-based business. And we saw a quarter growth on that. So the June quarter, 4.3 million monthly active users compared to the same period 12 months earlier. And again, very happy with that given, again, all organic, no money spent on marketing that's all SEO-based, word of mouth and referral-based, so really excited by that result. As we sort of dig in a bit more into the quarter, we not only have great results, but also wonderful brands. We began to work with -- and repeat brands. Not only do brands like Google come back to sign more with us, given the value we provided them, but we won other new brands. Hills Pet Nutrition, you probably saw that a few months ago. We launched that partnership with the pet features of the product. We also won a whole bunch of new brands: Enfamil, Church & Dwight. Visit Florida was a wonderful brand that we had won. And again, travel very much went away in 2020 for many reasons. We all know that's really come back in 2021 with a vengeance, and we've seen great growth in travel and local frankly, through the 2021 year. And that will continue to grow as we see definitely this regrowth of a market. Positivity, consumers going out there wanting to make up for, I guess, the lack of some or, I guess, enjoyment they had in 2020. So we definitely see some of that here moving forward. From a cash burn perspective, we also had a wonderful quarter. Cash burn for the quarter is about $330,000. It's very, very low. We finished the year at about USD 2.16 million, just under AUD 2.9 million. And again, Chris will come in a little bit later to talk more about that. And then forward booked contracts also continued to grow. And I've got a whole slide on this, which I'll talk about in a second, but wonderful leading indicators for how much the advertising business has in store in terms of the potential growth there. So I know in the past, people have asked me in terms of like how seasonal is it in terms of like how repeatable is it and how much you can bank on it. We -- really, for us, it's been a wonderful strategy in terms of what's been executed in the last 12 months. And I'll show you some wonderful metrics in a second that'll give you a sense as to how much further potential we have in that business. We've really just begun. So overall, for the year, again, all is in U.S. dollars, just to remind everyone. So USD 8.2 million, growth of -- we doubled the business. Just to qualify, clearly, through the Red Tricycle acquisition was only from February of 2020. So there's definitely some period of time where they weren't involved with this overarching comparison. You can see all the numbers really grew from advertising, e-commerce, obviously, I've talked about MAU. And all these numbers really grew really wonderfully through the last 12 months. So again, really thrilled with the result. And for us, given these results, we think we're just in a wonderful position to really make the most of what the next 12 months has in store. So overall, achieving these growth rates really for us is an exciting position because, again, this growth was achieved on a platform we've developed quite a few years ago. So a lot of the features we're developing now are really going to be launched in, I guess, a few months' time, it will be for later this year. So the fact that we achieved such great growth on a platform that we developed years ago, and really enhanced a tiny bit, really just shows the potential of a business like ours. So the fact that we had, again, wonderful advertising revenue growth, subscription revenue growth, and really compared to the same time prior, gives you a sense of what the potential is moving forward. Here are some of the more exciting metrics around the ad business to really give you -- everyone really, some more leading indicators of the potential. So this is a stat we shared last year of how many partners we work with that generate over $100,000 in revenue. We've grown from 5 to 13. So again, all organic and all wonderfully driven by our attempt to be a world-class sales team. Proposals over $100,000 is the measure that we started to share last quarter. So again, and that's continued to grow quarter-on-quarter. You can see the year finished just under 100 for the year compared to 15 12 months earlier, just remarkable, really remarkable, which gives you a sense of, again, an indicator of the size of deals we're being invited to and the opportunities moving forward to grow this business. The new one we've never really had before is proposals over $1 million. We've never really been at the table at those levels, but we have been recently. And it's exciting that we're being invited to these opportunities and presenting a wonderful compelling opportunity for brands because they're seeing the value of what we can deliver them. So it's really exciting to be able to start to talk to brands around really sizable campaigns that really, again, we're just starting off with, scratching the surface, frankly, I think. Number of brands continue to grow nicely. Average deal size grew nicely. And then advertising pipeline, I put a 60-day number in there. Purely it's a rolling number, but just to give you a snapshot of it. Because the pipeline, obviously changes, it grows, we sign. Obviously, there's things that happen through, but that's a weighted number. And I just thought it would be interesting for everyone to see a relative comparison to the same time 12 months earlier. So again, all these metrics are really, I think, just important for everyone to appreciate just how good the advertising business is becoming and how valuable we are to brands and the fact that big brands are coming back for more. They clearly have lots of choice out there. But they're coming back for more because they really see the value of what we can deliver. So our team is first class, not only will be able to pitch it, of course, but deliver it and deliver on their metrics, on their results no matter what they are. So with that, I'm going to hand over to Chris, our CFO, just to talk to some of the aspects of the EBITDA line. Chris?

Great, Eddie. Thanks so much. So with regards to EBITDA, our operational bottom line, you can see from the slide that the company in the last 4 quarters, including this quarter, is core EBITDA positive. As Eddie has also mentioned, we increased revenue organically 67% in the fourth quarter versus the prior year, which is a great result from our team. And again, that is organic with Red Tricycle being in the fourth quarter in both years. So with that growth, this has enabled us to really to invest significantly, including over $800,000 this quarter toward increasing both our product offerings and also enhancing our sales capabilities to grow revenue next year. So that level of investment, while elevated to drive further revenue growth, still disciplined and measured to drive future returns for the business. We also want to carefully consider the cash implications of those investments, I'll talk about that in a couple of minutes, to ensure that there's enough investment of a discretionary nature for us to effectively measure our cash flow. So the takeaway here, as far as I can tell on this slide really, being that the company is managing the bottom line, we're making substantial investments in the product to drive future growth but in a very responsible way. And so on this slide, I think what you're seeing, this is the first time we're presenting this. This is a full year net cash flow waterfall. So you can see at the beginning of this fiscal year, the company started the year at USD 3.6 million cash in bank and ended the year at USD 2.16 million. So that effectively means that we average the burn rate of approximately $400,000 per quarter over the last 12 months. So as you think about cash flow for us, our cash flow generally tracks with our income statement. We have a relatively stable forecast of working capital. We have a very predictable base of cash disbursements through operating expenses. And we have ad sales collections also relatively stable, almost never really going significantly past due, and we have no bad debt on our income statement either. So in addition, going forward, as we ramp up our subscription-based product, we actually expect working capital to stabilize even further because you're going to see recurring monthly payments or annual prepayments. And so this kind of stabilization gives us increased confidence to be able to continue to further invest in our products. So overall, I think we're pretty comfortable from where we are, both from a burn rate perspective, an investment perspective and a cash flow standpoint. And Eddie, with that, I'll turn it back over to you.

Great. Thanks, Chris. So we shared last August, and we share on a quality basis sort of our key execution priorities over the year FY '21. And really, I'm thrilled to report we've delivered on nearly all of them. Clearly, some are work in progress, but really we delivered all of them. I'm not going to go through every line item here. I've really brought up some of the highlights. But a couple that we've not yet shared before is in marketing. For example, our -- I guess, our connection and basically our value in the social community. So basically, across over 0.5 million relatively -- it's a relatively small audience in terms of followers across the social channel to be able to get to 235 million is quite remarkable in views. So it gives you a sense as to what the potential is if we're able to achieve that, again, in a largely organic sense. And marketing has really had a great year, albeit the fact that we haven't really begun the potential around marketing over the next 12 months. Our product has also only had a handful of enhancements over the last 12 months. But we're definitely seeing growth in a whole range of areas in just the engagement and then the use of the products. But really, the best is yet to come with the launch of a platform later this calendar year and a whole range of new experiences across the memories, across the content and across community we just shared earlier. And then amongst other things, sales, technology, people, we'll continue to invest, continue to support and grow the potential of what this business can become. So definitely stay tuned for what FY '22 has in store when we share the final, I guess, August audited numbers. And then in early September, we'll obviously present an update on what FY '22 has formally. But this is, I guess, the scoreboard, so to speak, or the wrap-up of FY '21, but really thrilled with the result of how every team has performed. And I think the results really speak for themselves. Before we sort of, I guess, wrap up because that's really summarizing a lot of the aspects of FY '21, I just wanted to sort of restate where we're heading. And I've shared this slide before, but this is so important just to understand that everyone appreciates we're building a company of scalable revenue streams. So clearly, the ad business is what dominates today. So FY '21 delivered 85% of the revenue was advertising, 15% of the business was consumer. As our ambition, and I've shared this before, is to really get that to 50-50 in the next couple of years, should definitely expect a major change this year towards that. So we'll see the ad business continue to grow at really exciting growth rates, but you'll see the consumer business accelerate. Because in order to get to 50-50 clearly, consumer needs to accelerate substantially. So that's what you should expect this year in order to get to that ambition. And for us, it's about laying the foundation of what that is going to be in years to come. So -- and really, the basis of that is really about our subscription offering. So I've talked about the subscription offering in the past. I'm not going to spend a hell of a lot of time on it here, but really sort of as a reminder to everyone that there's a whole range of effort going on internally to get this product ready to launch out there. We've done a huge amount of testing and talking to users, nonusers never heard of us, existing paying customers, existing free customers. And we're just really excited about what the potential is based on the feedback we're hearing when we launch this later this year. It will be the starting point. It won't be the ending point, but what you'll expect is that we'll start to figure out lots of aspects of what this business will become and start to share with the market metrics that you can expect: CAC, LTV, conversion, churn. I know there's other metrics that you would expect in a subscription-based business. So we'll start to obviously share that with the market once we've launched the product. It will be in calendar '22, so definitely this year, toward the -- it will be last quarter calendar year. But really for us, and the reason why this is an important aspect is that we're going to layer other things on top of the subscription offerings. E-commerce will also have an arm in subscription. And other offerings we have plans to roll out in subsequent years to, again, drive that strategy overall. So as we sort of wrap up today, I'm just really excited and really proud, frankly. It's just an incredible year. We have this wonderful trusted brand that continues to deliver, continues to see value in consumers, parents' mindset. And clearly, we have wonderful brands that we work with every day and partners, frankly. We have a growing audience that again, all being achieved organically. You can imagine what's going to happen when we start to put some paid acquisition and marketing dollars behind it, which we will do in FY '22. We've got a pretty incredible platform, albeit the fact that it was developed a few years ago and only enhanced in a small way, it's pretty incredible to deliver these results on a platform we developed some time ago. So again, I mentioned this, but I'm really excited about once we launch this new platform, what the potential is. And then overall, bring all those pieces together. So I'm really excited by not only what we've done, but more so for what's to come. And it's all going to be up for a whole new launch later this year. It won't just be a whole new app. It would be a whole new web experience, a whole new brand. You'll see a lot of change going on and that's all culminated to effort we began probably late last year. And really, as the months have gone through calendar '21, we'd accelerated through this year. So look forward to sharing many more updates with everyone in the future and happy to open up the floor to questions.

All right. So I'll jump in. So one of the questions I've gotten is around we announced a few days ago, this NASDAQ listing, what is that about? What's the timing of that? What's the background behind it, et cetera? So I guess everything around the NASDAQ listing, I guess we've shared openly. The company drive nearly all revenue in the U.S. I mean, most of our audiences here. We've had lots of inbound inquiries from U.S. investors. We have U.S. investors, of course, already today. But really to scale that, we feel that there's just a wonderful opportunity to enable that on a NASDAQ listing. That -- we'll still support an Australian listing, of course, with all the wonderful shareholders we have there, but really feel that opening the market to a U.S. investor base really presents even more opportunities as the company scales. So timing-wise, it will depend. There's clearly a lot to figure out now. We're in the middle of the audit that we announced that Grant Thornton is now driving and that will be finished by the end of August. And then we're going to continue to execute against a whole range of elements, both compliance-wise and business-wise in order to strive for an uplift in the next 12 months as we've said. So stay tuned for more updates. There's not much more I can share but really feel that it's wonderful news for everyone, frankly, where everyone can win and really get exposure to a company like this in the U.S. based on our primary exchange. All right. Another question. "What's some of the feedback we've gotten from the Beanstalk, I guess, content solution and the community product as well as other features around subscriptions?" So as a reminder for everyone, so the current subscription product today is really largely the memories piece. So Tinybeans Premium is really based on the app, it's really largely the premium product. We launched, I guess, about March, April this year, a tailored content piece, specifically focused on premium content. And then we also launched a community, a video first community experience, again, invite only, purely as a means to test these offerings and get them out to market to really learn and see how parents are responding to it. So on the content side of things, the feedback has been very good. We launched the product in April. We were very focused on a small cohort of customers, parents, 2- to 3-year-olds, and we're driving unique content to them on a weekly basis and getting feedback from them too. So that's an element we've done a lot of testing on, refining on, and that will be part of the subscription product later this year. And then community, the video first community is also a product that we launched in a trial, I guess, piece of setting, you have to be invited and participate in that. Also wonderful feedback there. And we're testing a lot of things there. So that continues to be an area of evaluation and testing. And again, intentionally focused on a smaller cohort of customers to continue to learn and refine, but it's all going to be part of -- culminating into a launch later this year, as I've talked about before. Another question. We recently launched all about pet parenting. Core competence is around family, how do we plan to cross-sell to the pet category and, I guess, offer that in a way to differentiate to the market. I guess it's a great question. I mean, for us, we think about pet parenting and the whole pet ecosystem as sort of 2 dimensions. One is around the current family environment, the family graph, if you will, supporting all families. All families are represented by not only parents and children, but also pets. And we definitely had -- also there'd been inquiries from parents that's saying that pets are part of their families and feel that we could support them. And typically in the past, they've just had to add a child and put a furry face on it. So we found, based on that feedback, it would be very valuable for existing families to have a pet as part of it. The second dimension is around being able to offer the service to pet parents prior to having kids. I mean, I for one, we had pets before kids. We became pet parents as a means to sort of, I guess, practice and learn. And it was a wonderful opportunity for us, and we feel that we have a great value prop to parents who want to start in the journey of pet parenting, so to speak, and capturing memories, finding content, connecting with other pet parents. And then through that lens, being able to in the future, if they want to have children, be able to use the platform for their children and, obviously, families as well. So we see it as an extension of, I guess, the -- I guess, continuum of a lifetime value of a customer, be able to acquire them even earlier prior to them, obviously, being in prenatal stage, in the pet parenting stage, offers wonderful differentiation. And we see all the brands that service pets as a partner of ours. I don't see us competing with them, whether it's e-commerce brands or anything like that. They're partners because I think we can offer them value by getting to the right parents. Another question around, "Can you talk about ad revenue and ad pipeline? How much of the recognizing revenue mix is new and existing? What about the pipeline?" It's a great question. So typically about 50%, 55% of our business is repeat and about 40%, 45% is new. And that sort of varies depending on cohort, right? So if you look at local or national, so I'm giving you sort of a broad, I guess, number. And for us, we think that's quite healthy. It's not dominated by 3 big brands, or dominated by 100 tiny brands. It's quite healthy. We're always driving value for existing brands. We're always trying to see how we can grow them. At the same time, we're looking at acquiring new brands, right? As brands learn about us, see us as valuable at different stages of their strategy, we think it's a really healthy mix to continue to engage existing brands and grow obviously, new ones. And again, it's represented across the entire pipeline of the business. So really healthy at this stage and definitely expect more of that to come. All right. Another question. "In terms of paid marketing, what sort of channels are you looking to target as a priority, social influencers, the potential? And when do we think that will be beginning?" Great question. So we really see paid marketing beginning this quarter. So we definitely started to test some of that this quarter off the back of launching some of the services. It will just be in early stages initially, of course, just to continue to test and learn from that. And that will be across a range of different platforms. It would be paid media. It will be SEM. It will be a whole range of social influencers too. So we'll definitely be looking at a range of different channels. If you do follow our, I guess, our recruiting website, our jobs board, you'll see we're looking for a performance marketing manager, again, to give you a sense as to what that person is going to be focused on. But we definitely see paid marketing beginning this quarter. Again, it will be towards the tail end, and then it's going to grow quarter-on-quarter, clearly, based on results, performance and driving, obviously, the overarching subscription business. But definitely expect to see some of those stats towards the end of this quarter, if not the start of the following quarter. Next question. "Give us an update how many people are now beta testing the new app?" so just to sort of qualify, we don't have a new app per se. We have new features that we basically made available in the app that people are invited to. On the community side, we've had over 1,000, similar in terms of the content side. And again, really focused on different cohorts of different, I guess, breakdowns of those customers. So we've also done research not only with the current app, but also of just messaging and features with like noncustomers. So there's a whole range of things we've been looking at to really think about the way in which we, not only launch these products in terms of features, but also communicate them and make sure they're understood and priced appropriately and all those things combined. But we definitely feel we've had a really strong basis in which a range of data and researches come back to us. That will help us obviously form strategy and decision into the future. Next question. "Do you have a subscription target for the end of calendar '22 versus the current [ 24,500 ] subscriptions?" So we definitely -- it's a great question. I mean clearly, we have an ambitious, I guess, target, right, in terms of what the potential could be. I mean, I don't think it would be appropriate to sort of share a number externally because so much of it is going to be dependent on the launch on a whole range of areas. But definitely, we expect it to grow significantly and grow substantially. So -- but the other thing I just want to point out is that we're not expecting off the back of the launch that in 30 days it's going to be like 300,000, right? There's a launch, and there's going to be a whole range of work we need to do to iterate, evaluate, get feedback and test it and really grow it. And the way we think about it is that next calendar year is really where we'll start to see some acceleration off the back of a lot of learning through this calendar year. So we'll definitely see great growth. Definitely it's going to be significantly more than what you've seen in subscriptions to date, which hasn't been a lot. So definitely expect it to be greater substantially. To what extent it's going to be double, triple, quadruple, hard to say when. And I wouldn't want to sort of basically talk out of school given there's still a range of things we have to work through. But definitely expect that to be substantial into next year. I guess another way to think about it is if we think about the total audience of 4 million to 4.5 million, and we think about the potential to convert them I'd be hopeful in the next year, 2 years, it should be 200,000, 300,000, 400,000. It should be huge, right? But who knows. At what pace and what timing, it's hard to really tell at this stage. But definitely, our plan is to share with the market updates and obviously share the results quarter-on-quarter, and we'll see. It might take longer, it might be faster. Next question. "As part of the NASDAQ listing, is there plan to raise capital as part of the IPO?" So as part of the NASDAQ uplist, it's very likely that we will. Again, unsure of the timing. But one of the benefits of being NASDAQ-listed is to create a liquid market for U.S. investors. If we just listed from a compliance perspective in the U.S. and not offer any shares, we don't have a market here for them to trade. So in order to really solve that problem of being able to invite U.S. investors to participate and create a liquid market in the U.S., we definitely think a raising would be part of that story. So again, unsure as to when. Again, I shared some comments earlier, but it will be an important stage of the company maturity and growth to enable basically a capital raise as part of the IPO here in the U.S. sometime in the next 12 months. I've got another question around the marketing. And this is, I guess, one of the final ones unless there's any other questions people would like to put out there. So marketing is really only getting going now. Allison Musmand, our CMO, joined in January. Her background is really brand building and really subscription businesses. A lot of the work the last 6 months has been around launching, figuring out, testing, researching, et cetera. So really, we see this year is the starting point of a lot of range -- a lot of major things in marketing. I mentioned a little bit about paid acquisitions, but it's also around PR, we're looking to do. We're launching an updated brand between, obviously, the 2 companies. So the whole range of marketing tactics, partnerships we're launching as well. So definitely stay tuned for our other channels towards growth. We don't see paid acquisition as the only channel. And frankly, we want to leverage our strength in organic and our strength in referrals. We don't expect to put millions of millions of dollars in paid marketing. And we expect it to be a valuable source of growth, but not the only source of growth. We see organic still being a very vibrant area in which we scale. And the tools in which we're going to launch with -- on our website and apps later this year are going to encourage more people to do sharing and obviously getting other parents involved with the platform. So a lot of work around product marketing, working together hand-in-hand. So really exciting to sort of stay tuned for a lot of things in marketing there. So last question I have here, it was just thrown at me, around how we see the ad business and I guess the subscription business working hand-in-hand given some people may say they sort of cannibalize it. We don't see that at all, and the research and the data tells us, frankly, otherwise. But when we talk to parents around value, they don't say no ads. They just want to see relevant tasteful ads in line with the tasteful experience. When we talk to brands, it's not about basically putting things behind the [ payroll ], it's about understanding what we can offer them as a brand to still get to the right customer at the right time. So we really see these 2, I guess, revenue streams going hand-in-hand. And another thing I might point out is that the experience that you see today were largely designed without ads being part of it. Ads were an afterthought added to it. The experience we're launching later this year, the ad experience is absolutely woven in. So it's not like where you're seeing something and there's a distasteful ad there. Our whole strategy is around bringing those 2 worlds together. So when parents are consuming this, they're not being annoyed by an ad. They're sort of understanding the ad is part of experience and actually hopefully interacting with it, whether it's video, which is a whole new strategy for us, which we haven't done in the past, whether it's sponsored content or anything in between. So we definitely see those 2 revenue streams scaling together, not cannibalizing at all. And frankly, we think that experience we're going to launch later this year delivers on that. All right. Well, I think that's a wrap. There's no more questions here. But frankly, I just wanted to sort of summarize. Thank you so much for joining today. There's obviously a lot going on for the company. I'm really proud of these results, but really there's so much more in store around the corner, and I'm excited to give the market updates as we launch and deliver these results and have even better, I guess, future quarters ahead. So with that, thanks so much please feel free to reach out any time and thank you for supporting us in the future and look forward to more updates as we deliver for all of you into the future. So with that, all the best and stay well. Cheers.