Wisr Limited (WZR) Earnings Call Transcript & Summary

Good morning, everyone. Welcome to the Wisr FY '20 Results Presentation. I'm Anthony Nantes, the CEO. Great to be joining you all this morning. Alongside me on the call this morning is Andrew Goodwin, our CFO. Hope you're all well and your families are staying safe during this -- I hate to use the overused phrase, but these are unprecedented times. So I hope everyone's families are well and everyone is doing well. It's a very pleasing time to be presenting results, certainly after the hard work from the last few years getting us to where we are at the moment, and particularly on the back of the year that we've just had, which really -- when we think back through the few years that we've had building this company, it's really been all about getting us into the position that we're in now and giving us a chance to really go and build something of real size and scale impact in Australia. And I think we have achieved that. And this last year, in particular, I think what the team has done in terms of executing against our strategy and setting ourselves up for some very exciting news in front of us has been fantastic to be part of. In terms of sort of some of the key results this year, there's a couple worth calling out very, very early. Our revenue was up 136%, and really, it's the start of that revenue journey. We pivoted our business model this year -- not so much of a pivot, it was always part of our strategic plan. The first few years in the company, we really ran it quite capital-light and really focusing on getting the tech and some of the other processes and controls in place and allowing a lot of that revenue really to pass through to other players, to put ourselves in a position to start the Wisr Warehouse and using that as really part of our game-changing process to give us the ability to really go and scale the company. We did that this year. In November, we turned the Wisr Warehouse on. And I think as you see through the second half of this year, we really started to see just the very beginnings of that economic benefit coming through the company, and that will certainly flow through into FY '21 and beyond. And so that's an exciting part and a really important milestone that we delivered in FY '20. We grew loan originations by 95%. We'll -- I'll touch on kind of what we've talked about is kind of core profitability. So if we think just about our personal loan business, we've been able to deliver a profitable personal loan engine in and itself as it stands aside. But beyond that, we are building something quite different, and we're seeing the Wisr Ecosystem grow by 389% this year. And again, I think that's really just the beginning of what we can deliver with that platform. For those of you who might not have been with us for the whole journey, I think it is worth just touching on what we're actually doing as a business. First and foremost, what we're doing is building a purpose-led company in this space and having a genuine vision around the financial wellness of consumers in Australia who are accessing credit. The provision of credit is so very important to our society, so very important to everyday Australians. And there's a real role for credit to be provided, we think, in a way that's slightly different to how it has been traditionally. And that's to say, we don't just want to be there for that transaction of providing credit, but we want to be part of that whole journey. We want to be providing credit and doing that in a very clever, digital -- fully immersed digital experience that's market-leading in a lot of regards and give that great customer experience around that transaction. But beyond that, we also want to make sure that we go on a journey with that customer, that we don't charge them ongoing fees, that we don't charge them an early repayment fee. And actually beyond that, we actually try to help them pay that credit down faster. And so we've built tools, services and platforms to help Australians not just access credit in a really simple and easy way, but actually go on that journey with them, use the data available to them to guide them and actually help them repay that loan as fast as possible. And our belief is by doing that, we're going to be able to take a lot more market share. And whilst actually helping our customers pay off our loans a little bit faster, it might mean we make slightly less margin from time to time as we help those customers pay off their credits faster. We think we can take a lot more market share by building something that is a really different experience for Australians when they access credit. And so that purpose-led part of our business is fundamental to what we're trying to build, and we're seeing that response from customers as well. The other big benefit of that is that we can also engage customers much earlier in the decision-making process. So rather than just being in channels where a customer is looking to access credit, actually, we can build a relationship with them much, much sooner. And that might be by helping them understand their credit scores and compare those and understand the open liabilities and all the things that we provide through our Wisr credit platform. It might be because they're using our app and currently paying down a credit card debt with a big 4 bank or paying off their home loan a little bit faster. But we're building that relationship with them early. We're using that data to start to understand them and build that trust with them. And via that platform, we're actually seeing customers are 2.5x more likely to settle a loan with us than through any other channel that we're using. So whilst it's very, very early days, we think that very holistic approach to credit, which is quite unique in this space, is really starting to bear some fruit this year. And we're very, very excited about FY '21 and seeing that really scale. We are a fast-growing company. Our revenue growth up 136%, like I said. Loan originations up 95%. And that ecosystem up 389% year-on-year in terms of growing. And it really has really been the first 12 months of us trying to grow that system. We believe we've got one of -- or if not the market-leading platform for lending in this space. It's a full proprietary platform we've built end-to-end. From the moment a customer touches us all the way through to settlement, it's all in our proprietary platform. It gives us a fantastic advantage in terms of speed to decisioning. We saw some of the benefit of having our own proprietary platform in March this year, and as COVID hit, our ability to make very, very quick changes to algorithms and implement those in hours, not weeks, put us in a really good place to respond to a change in that environment. But also beyond that, just our continued focus on delivering a really best-in-market customer experience around accessing credit. Our proprietary platform allows us to do that, allows us to constantly innovate and change and improve that experience just as a matter of course. That all being said, we really think there's just a huge opportunity still in front of us, and we've only just scratched the surface. There is a massive opportunity just in consumer credit generally. I think the way we engage with our customers, the way we talk about our brand, the way we focus on that holistic customer experience and their financial wellness right across the life of that customer, not just at the point when they're accessing credit, gives us some exciting opportunities. We'll soon be launching our second credit product, which is a secured personal loan product that will be launched in this quarter. And that allows us to enter that $33 billion secured vehicle finance market. And on top of that, with the financial wellness platforms that we've built, it's very, very early days. Like I said, it's 12 months or it still a bit more than we've been building out those tools. There's a lot of innovation, a lot of features, a lot of things that we can be doing around helping Australians understanding credit, pay it back faster and utilizing their data to provide more than just access to credit when they need it. So I think there's some really exciting growth opportunities for us in that space as well as we start to leverage things like open banking, which is obviously starting to bear some fruit for us now as well. In terms of this year, I think the revenue growth story particularly quarter-on-quarter is a really pleasing one. I've already touched on the 136% revenue growth year-on-year, but we also delivered 125% revenue growth half-on-half. So the second half of this year, I think we have really started to see the Wisr engine at its potential really start to deliver some of that real growth for us. And that's flowed through to our operating cash flow. So the chart here at the bottom, I think, shows just the journey that we've been on across the last 7 or 8 quarters as we've invested and continued to invest and get ourselves to this point. And I think in quarter 4, this year, that real turning point of revenue growth versus our operating cash flow is one of the most pleasing stats we're able to present today. I think that exit velocity is a really key metric and data point for us we're sharing with all shareholders today and to show that journey that we're on. And the faith that all shareholders have had in allowing us to invest over the last number of quarters continue to build out our platforms and technologies so that we can start to deliver this change. And so very, very pleased to present this data. I touched on this a little bit earlier. When we think about our business, we do think we are building 2 sort of different types of business at the same time. We are definitely building a lending business and a lending engine and that's where we started by building an engine that can acquire personal loan customers and deliver really best-in-class, unsecured personal loans to the market. And if we take that part of our business as one entity, then you can see in the second half of FY '20, we've actually delivered core profitability around that lending business. And so that's great to see that we now have that core really solidly set up. If that's all we wanted to do and there's lots of great businesses that just deliver great lending outcomes, we could do that. We can do that profitably. And I think it's a great metric for us to be able to present. On top of that, though, we do want to be doing something different. We do generally believe that there is an opportunity for us to build a business which is quite different from a consumer experience here in Australia. And that growth spend that we're putting into building out that financial wellness ecosystem that we are -- that we continue to invest in and that includes potentially more credit products, but more innovation, more features around that financial wellness ecosystem is some gross spend that we believe will deliver an asset of really tremendous value for us. And as I already touched on now, our cost of acquisition through that channel is exceptionally low. The metrics for conversion is far superior than what we're seeing across our other channels in market. So we think it's an investment that will bear significant value and a return for all shareholders and to the company, so we'll continue to do that. Just to look at some of the key numbers across FY '20. I've touched already on the revenue growth. The loan originations, so $135 million of loans written across FY '20. And obviously, that ecosystem growth is -- really was the first kind of real 12 months where we had a chance to really start to scale that platform across our core customer feedback, so that's our Net Promoter Scores where we look at both customers, brokers and employees. I think, last year, we had some really tremendous results in that regard. I think this year, we have topped that again. So we've seen that we've actually improved again the experience for our customers, for our brokers and for our employees. We've delivered consistent quarter-on-quarter growth, and we've done that with actually reducing our 90-day arrears number, down 0.15% to 1.44% as at the 30th of June, and we'll talk a little bit more about that. And we are very well capitalized. We had a really strongly supported capital raise in January. And I think with the warehouse coming live in November and the capital raise in January, they are the 2 really big milestones for this year that set us up for running into FY '21 with the momentum that we now have. About $38 million of cash available as at 30th June, so a really great balance sheet for us to now go for this huge opportunity in front of us. In terms of COVID, I mean, it is one of the most important things to reflect on from the last little period and is still obviously very material to us. With COVID hit, a couple of things that were really important to us. One, we were able to adapt and change our credit algorithms and model very, very quickly, and I mean, hours. And we're able to make very, very strong and prudent credit decisions around that in response to what we were seeing across the industry. But at the same time, we actually -- there was some amazingly strong growth across quarter 4. And I think what we saw is as more Australians were at home, as we've seen a general shift right across the industries to digital-first -- fully digital products where individuals at home, they're online, they're shopping online. We're seeing a lot of e-commerce and a lot of fully digital platforms really accelerate through that period. And I think we saw that benefit as well. I think we saw some of those customers, which typically the highest ones for us to get to our business, and so that's your typical CBA customer for life who loves their relationship with that bank and would really only go bank -- to that bank or maybe one of the others for a credit product. Maybe for the first time, actually seeing at home being more -- being more and more e-commerce savvy, actually shopping around being more digitally focused. And I think we saw some of that fly to us. And so we picked up some really strong credit customers, some really great customers, the kind of customers we love to have come to us through that period and deliver a really great result through Q4 for us. I might turn to Andy just to talk about some of the impact on the portfolio here.

Yes. Thank you, Anthony, and good morning, everyone. Apologies, my video isn't up and running, but perhaps not a bad thing. So just to touch a little bit on the COVID impact on the loan portfolio Anthony just mentioned. So obviously, initially when COVID hit, we kind of hit around, the sort of 6% of the loan book was sort of customers under assistance -- arrangement of payment assistance arrangement. Pleasingly, that's now reduced or effectively halved to around 3% as of the end of July. So we're seeing some very positive outcomes there. And that's very manageable from a metric perspective in terms of the loan book. What we did see was, obviously, we do have a very prime loan book in terms of our customer base. Those customers sort of underpayment arrangement tended to be at the lower end, notwithstanding still prime of our credit score range. The other thing we did when COVID hit, obviously, very fast response was we did a full analysis of the loan book in terms of exposed industries and so on, and we're able to very quickly identify pockets of potential risk. And again, we saw this come through in terms of those customers that were under arrangement, and they were overrepresented in terms of those under arrangements as you can see by those numbers. Go to the -- thanks, Anna. This graph kind of obviously just tracks the hardship requests that we did receive. And so obviously, you can see the graph in the bottom left-hand corner there. There was certainly a spike when COVID hit. And pleasingly, we've seen that flatten over time to be virtually negligible today. On the right, what you'll see, so we provided customers with a 3-month payment deferral where we essentially paused their repayment requirements. 85% of those customers had come to the end of their initial 3-month period. As at the end of July, 81% of that cohort have now resumed payments, which is extremely pleasing. Of the remaining 19%, that only represents 0.89% of the total portfolio which is obviously a negligible number. Obviously, we're very proactive. We are a customer-facing business. We're very proactive to how we dealt with our customers and providing them assistance during, obviously, what has been a challenging time across the country and certainly globally. The other thing that Anthony sort of mentioned is we turned on basically tighter credit metrics virtually instantly once COVID hit. And pleasingly, with all those loans that we've written since, obviously, we had great growth through that period. None of those customers have required any payment assistance, which basically shows that the credit is performing very well.

Thanks, Andy. And I think this data point is a great one for us. I mean everyone knows if you can continue to buy credit through these periods, it is -- it does set business up really well. The data that we're seeing today tells us that we are doing a lot of the right things with the way we're approaching credit at the moment. I think the fact that 80-plus percent of our customers after the 3-month period that those in payments is a great stat. A lot of other players are the big 4 banks what took a 6-month view initially. We decided to be a little bit more aggressive and now extends 3 months originally with the ability to potentially have conversations with those customers around extending. We do feel like we're typically probably closer to our customers than maybe a customer might be with another player, and so that gave us some added comfort around just how much we know our customers and the doubt we have on them. And I think this is a really great stat, and we provide this nice line of sight through the next period. In terms of corporate overall business update, we've surely touched on this, our total loan originations approaching kind of $250 million at the end of June with $42 million in that last quarter and about $85 million now in our -- in the Wisr Warehouse. So we're really seeing the bulk of that economic benefit flowing through. And so the growth that we're seeing in that revenue line, particularly through H2, very, very pleasing, but they're very, very early days too. And we'll keep growing that book and then we get the nice run over several years of that economic benefit going to flow through us. So I think we're seeing a little hint of what's possible, particularly in quarter 4. I think as we head through the next 4 to 8 quarters, we start to see the real benefit and revenue from that really start to flow through the company and accelerate, which will be really pleasing. Of course, we still have $80 million in our kind of off-balance sheet model, which we did utilize again a little bit at the beginning of the COVID period. We still have that option available to us. We do make this small management fee off that. We'll continue to do that as well. Part of our entire business model is really going after Australia's most creditworthy customers. That's our kind of way that we want to take the very best customers away from the big 4 banks to us. Maybe there's a point of difference to most nonbank lenders, so we're trying to work out how to lend to someone when a bank says no and find a way to finance those individuals. And our model we're really about saying we want to be the first protocol for the very best customers in the big 4. We want to give them a great alternative. And I think the way we're attracting customers with the average credit score, the type of customers that we're attracting kind of really shows that, that model is working. But at the same time, we are at the very, very beginning. And Equifax tells us there's over 3 million applications of personal loans every year. We're only seeing about 0.45% of those at the moment, which is a great start. And I think with the year that we've just had and the way we've set ourselves up now, I think we're in a really great position to go and really grow that market share over the next couple of years. So quick data on loan trends. It's really quite a diversified portfolio. I won't spend too much time on this, but people can have a look at this graph in their own time. One of the good things about attracting some of the most creditworthy customers in Australia is just that the performance through your loan book flows through, as does your ability to attract really low cost of funds too. Because we have such a strongly performing loan book, which is, if not on par with the big 4 banks, potentially better in some regards. You can see our 90-day-plus arrears number typically is following a big 4 bank and maybe just dipped under at the moment. So again, that just talks to the fact that we really are going after these most creditworthy customers. It's 85% of the customers that really sit in those big 4 banks when they think about credit, and it's a huge opportunity for us to go and take a little bit of market share from making them. Andy, I might just throw back to you to quickly touch on our funding costs.

Yes. Thanks, An. Yes. So obviously, having low funding costs and significant runway. So just on the chart on the bottom left there, as many of you will be familiar with, we ran an off-balance sheet sort of low revenue model for the first couple of years in growing this business. We've since switched to the Wisr Warehouse, virtually which only came online in the second half of FY '20. And you'll see that, that's already larger than our off-balance sheet book. The other important distinction there is with the new model, we're recognizing 500% more revenue over the life of an average loan, which is such a significant pivot to the business. And over time, you will see that basically new model of Wisr Warehouse grow certainly in absolute terms and relative to the old off-balance sheet model. In response to COVID, we did switch back on a little bit of the old -- the off-balance sheet model just basically as a risk management tool and to diversify funding sources, which was a smart thing to do. Going forward, we'll be very much focused on the Wisr Warehouse as our funding source. Extremely strong cost of funds at 3.5% per annum, creating significant net margin for the business. We obviously announced recently the AOFM came in as an additional investor into that warehouse in the mezzanine note. Obviously, we're about $86 million in terms of the book. We have $150 million committed expandable to $200 million. So we have significant runway as we scale into this warehouse, and that's expandable will be on that point as well. Secured vehicle loans, obviously, which has been touched on, will be fleshed out, are and will be funded by the Wisr Warehouse. As that basically loan book scales, we'll look at a dedicated facility for that loan book. So I've just got a reconciliation here basically of cash EBITDA to profit. We did have some material noncash items on the P&L for FY '20. So from a cash EBITDA point of view, it was $13.2 million, which basically reconciles to an accounting loss of sort of $23.5 million. The 2 key points I'll point out. There's basically a share-based payment expense of $6.1 million, which is essentially a resetting of basically Board, KMP and staff performance rights and incentives for the next 3 financial years. It's a one-off expense, and it's noncash. So those are really important points to note. The second is basically the provision for expected credit loss. So this is the AASB 9 accounting standard that, obviously, all financial services firm are exposed to. And essentially what this requires is upfront provisioning for all loans as at a point in time. So to give you an example, if we wrote a loan at 29th of June 2020, well, you have to make any revenue on that loan. However, we need to provision for the expected life loss over, for example, the 5 years of that loan upfront. So relatively onerous standard, but it can create an initially inflated figure as the book grows out. And so that was $4.1 million, and we'll talk a little bit more to that in the financial section. So just running through the profit and loss, obviously, as Anthony said, 136% growth in operating revenue as that new way -- the Wisr Warehouse model really takes hold in H2. We saw some increase in costs as we build out that Wisr Ecosystem. So a huge amount, obviously, of growth investment, as it has already been pointed out in those waterfall charts, and employee costs and marketing in particular flow through there, obviously, with the core business -- the core lending business being basically cash flow profitable, as pointed out. You'll see the finance costs have obviously increased. That is as a result of turning on the Wisr Warehouse in H2. Obviously, at 3.5% cost of funds will be minimal relative to the revenue we'll be earning. The expected credit loss again and the other noncash share-based payment item I've touch on, and I'll talk more about the expected credit loss on the next slide. So the expected credit loss provision. So overall, if you look at the sort of bottom left-hand chart, so 4.2% of the book has been provisioned. And essentially, what this means is that for the book, which is about $85 million as at 30 June 2020, we need to look forward the next 3 to 5 years over the life of all those loans in that book and basically make a provision and take that upfront. This is the accounting standards what's required, and it's a noncash amount. The reason for that provision is, obviously, we'll switch to the on-balance sheet funding model with the Wisr Warehouse and we're growing significantly. So that will see an increase in the provision. And again, particularly in this period, we've only just brought on this new model. And so the provisioning early on can look quite distorted, again, relative to the revenue. We do take basically a 3-stage approach. So you bucket the loan book according to the perceived credit risk of those loans. You will note as well that we did provide an overlay for COVID loans. So that's about $800,000 of that provision. And that's basically to assess those assistance loans that are still under an arrangement, basically providing a provision for those on a look-forward basis. Thanks, An. On the balance sheet. So the key changes you'll see here are, obviously, we now have the loan receivables on book. So you'll see the loan receivables are now around $86 million versus $6.5 million in FY '19. So that's a huge change and, obviously, reflects the Wisr Warehouse model. You'll see the corresponding borrowings there. And obviously, as already been pointed out, we're extremely well capitalized with $38 million of cash on the balance sheet. From a cash flow perspective, again, and this is similar to the cash EBITDA number. So obviously, net cash used in operating activities of $12.8 million, obviously, significantly less than the accounting loss that we showed. The $82.6 million for investing activities, obviously, represents the receivables balance. And then the financing activities, just a couple of things to raise there. Obviously, the borrowings to fund the warehouse book and also the $36.5 million capital raise we did in January of this year.

Thanks, Andy. In terms of sort of looking forward, for those of you who have been on the journey with us for a while, you're sort of seeing this kind of strategy slide before about how we've gone about doing the business, building out lending business first in FY '18, then starting to build out something really different and unique with our financial wellness ecosystem and being very, very customer-centric and holistic around way we approach our customers. This last year was really about turning off some of those pivotal milestones, so particularly the warehouse and raising the $36-odd million to give us a chance to really set up. And we believe FY '21 is really the breakthrough year for us. It's -- we're really strongly set up for growth now. We're well enough to continue to aggressively take more share in the unsecured personal loan product. It's a product that we've been running for the last 3 or 4 years. We've built multi-channels to deliver that product. We got tremendous feedback around the way we deliver that and the customer experience and the feedback that we get around how we've had that product in market has been tremendous. We'll continue to aggressively grow that product, whilst at the same time, we are launching our second credit growth. So we're very excited in this quarter. So that by the end of Q1, we'll launch our secured vehicle product. It's a $33 billion market opportunity for us. And I think there's a great lever for growth there for us. There are lots of other ways we can grow in the next little while. There really is still an opportunity for us to adjust our credit model. We are still relatively conservative with credit. We think that's been the right way to be, particularly through the current period. I think that served us very, very well. That being said, there is definitely an opportunity for us to think about how we could potentially run the business. And don't want to be going too far down the credit curve, but we probably don't need to be as conservative as we have been. And so I think as the global market changes and as we get a degree of comfort around the credit market in Australia, I think the opportunity for us to open up credit a little bit, you could see us drive a whole lever of growth as well. There's still significant amount of growth for us in Wisr Ecosystem as well. And I think we've started with a couple of really great products, which customers are telling us they love, which we're getting great traction with. But I think it's a huge opportunity for us to really innovate in this space. And I think we're one of the only ones in Australia and potentially in the world that are really focusing on not just being a provider, but actually assisting every Australians and assisting our customers with the way they manage credit, their understanding of credit and how they can repay credit. And I think as we continue to deliver this very unique strategy, there's a whole world of innovation open to us, which I think is quite exciting. And I think over the course of the next year or 2, the market will see us deliver some really unique and really exciting products and features into this space. For this coming year, in particular, there's really 3 kind of core things we're looking at. One is just driving that lending growth and revenue growth and really deliver that significant revenue uplift; continuing to expand the ecosystem; and also utilizing our omnichannel approach. Like I touched on, we're about to launch our second credit product, a secured vehicle loan. We have been piloting it for a while. The pilot has been tremendously successful. We've got fantastic feedback around that product. It will give us that second strength to our bow, so to speak. It's a $33 billion market. One of the really nice things about that product is we've spent the last 4 to 5 years building up multiple channels for our unsecured personal loan, and not only just building those channels but becoming very, very effective in those channels, how we convert customers, acquire customers and run them through our funds. And so the secured vehicle product automatically can go into all those channels as well. So we have channel and distribution setup. It's a great product to sit alongside our unsecured product, and we're really excited to launch it. And I think as FY '21 develops, the market will start to see some very material contribution from that product to our business. I've already touched on this. The ecosystem is still young, almost 250,000 Australians kind of in that platform. But as we really start to scale and if we look forward to a bit and we start getting 1 million and 1 million-plus Australians into this ecosystem, it really is a clearly differentiated offering for us and a strategy as a company. It's a fantastic channel because it's deeply data-driven. We know a lot about these customers. Often say, gives us a bank-like relationship, a bank-like distribution channel than actually being a bank. We're seeing transaction done. We're seeing open liabilities and credit history on these customers. They're more than 2.5x more likely to settle a loan that is coming from that channel and from any other channel that we use. Our cost of acquisition via this channel is significantly cheaper than any of the channels we use in market. It is still young and early, like I said, only about 250,000 Australians there. But as we scale, and if we can get it beyond 1 million and plus, it will become a significant asset for us and a real competitive advantage. We will continue to invest and grow the number of customers in that. And I think from a shareholder point of view, it is a really important metric to keep an eye on for as we really start to scale this because of the advantage it gives us as a business. We do have multiple other channels that we also use as well, strategic partnerships, which continue to bear fruit for us and develop. And we're doing some exciting things in that space. We're still very, very active in the broker channel. About 7,500 Australian brokers have registered with us to write personal loans for their customers. We got tremendous feedback from Net Promoter Scores and from those brokers that we use. We're very, very effective in that channel. And again, excitingly, as we launch the secured vehicle product, that product, in particular, is a product that does very, very well in that channel. Lots of brokers in Australia don't write potentially a lot of unsecured customer loans, but lots on them write vehicle finance. So the fact we're spent 4 or 5 years building that channel, we have deep, strong relationships with that channel, puts us in good stead for launching that second product in the coming weeks. Finally, I've talked a lot about our customers. I've talked a lot about our metrics. I've talked a lot about some of our strategy. If you remiss of me not to talk about just what an amazing place Wisr has become to work, and I'm humbled and privileged every day seeing the role that I sit in, leading to such a tremendous group of individuals. We have had for some time potentially some really market-leading or world-class employee Net Promoter Scores. And a really interesting data point, as COVID hit in Q4 of this year, with the move to home and the disconnection from our tremendous in-house environment, we actually saw a skyrocket in satisfaction from our employees in the way we handled it, the way we connected the team, the way we've worked virtually and it's a really tremendous place to work. It's a huge culture focusing on high performance. It's not an easy place to go to build that. But once we're in, people really thrive. We focus on their potential. We focus on them being really, truly high performance. And I think that high-performance culture really flows to the results that we deliver as well. Just mindful of time. Look, just as a quick summary of, I guess, where we are. And I've talked to a lot of this already, but we were a high-growth company. I think the metrics that you see are really just the beginning for us. It's a great year, FY '20 has kind of really set us up for FY '21, which we believe will be really our breakout year and will set us up for the next 3 to 5 years of building something of real size and scale. In this market, it's something that's quite unique and different, too, in terms of what a consumer lender looks like. It is a big market opportunity. We think that strategy that we have around that complete engagement around customers' financial wellness, engaging them right across their life cycle, not just at that moment of credit standard really bear fruit for us. Our technology, our proprietary platform, which is end-to-end, delivers tremendous advantage for us. We're fast and agile with it. We can make very quick changes. We can constantly iterate on it to make sure we are delivering the best-in-market customer experience. We're well capitalized now. We have a great balance sheet that can set us up and really allow us to go and do some very interesting things and accelerating our growth. And ultimately, there's a whole range of levers for us to grow from here. I think we have a really great foundation. We'll continue to grow organically the way we have with our products, but there's definitely an opportunity for us to build a consumer lending business in Australia that is considered to be potentially the #1 alternative to the big 4 banks that makes a real impact on Australians and their experience of what accessing credit is like and the relationship with a company that provides credit for them. Thanks very much for everyone's support. I'm mindful of time. There's a couple of quick questions that have flown through. I'll kind of get to a couple just now in the last minute or 2.

There's a question -- the constant question around kind of cash flow and when do we expect to turn cash flow positive? I think we've demonstrated some great data in this pack. I think Q4, in particular, shows that real turning point in terms of the way cash flow has been managed and how that's inflected. I think the flow-through from revenue over the next 8 to 12 quarters will be exceptionally strong. And so I think that will give us a great place to work from. There's a question here around diversification for the Board and room for women. Yes, absolutely. It's something that we as a leadership team talk a lot about. The Board is very mindful of it. I think as we grow, that will just naturally -- that will naturally evolve. And we have a really great diversity approach throughout the staff in the business. And no doubt, over the next year or 2, that will flow through to all parts of our business as well. I'm mindful of time. I want to thank you for the opportunity today. Feel free to reach out to us directly if I have no time to answer any of your questions via e-mail at [email protected] if there's anything else outstanding. Thanks again for your support. We couldn't be more excited about the year or 2 ahead of us. We're very proud about what we've achieved in the last year or 2 and in FY '20, in particular. But it really is just the beginning, and I'm very much looking forward to sitting in front of you all again this time next year and talking about what we've delivered in FY '21. Thank you very much, and have a good morning.