YANGAROO Inc. (YOO) Earnings Call Transcript & Summary

Folks who are participating in this Annual General Meeting call. Welcome to the Annual Special Meeting of the shareholders of common shares of YANGAROO Inc. My name is Anthony Miller, and I am Chair of the Board of Directors of YANGAROO. It's my pleasure to act as Chair of the meeting this afternoon. I will ask Antonina Szaszkiewicz, of the ECS Law Professional Corporation, legal counsel for the company, to act as secretary of the meeting; and Louise Waltenbury of Computershare Trust Company of Canada to act as scrutineer, to report on the shareholders present in person, that is, in this case, meaning by telephone, and the number of shares represented in person, again by telephone, and by proxy and to compute the votes on any poll that is taken. I have a formal proxy for this meeting, and I ask that the notice of the annual and special meeting and management information circular dated May 14, 2021, together with all the appendices thereto and the former proxy be kept with the records of this meeting. I'll now call upon the scrutineers to present his report to confirm where the quorum has been made in order to proceed with the meeting as regularly constituted.

Mr. Chairman, I confirm the quorum has been met. As we have 21 shareholders in person or represented by proxy, totaling 38,790,516 shares, which represents 64.2% of the issue outstanding.

Thank you, Louise. The scrutineer's report shows a quorum to be present. So I, therefore, declare this meeting to be regularly constituted, and I direct that the scrutineers report be annexed to the meeting -- sorry, to the minutes of this meeting. Before commencing the business of the meeting, I'd like to comment on voting procedure because obviously, we have not an in-live meeting this afternoon, so telephone is the way we'll proceed. We called this annual special meeting for the purpose of electing for directors of YANGAROO for the ensuring year, appointing the auditors of YANGAROO for the ensuring year, and approving a new 2021 Omnibus Equity Incentive Plan, each as more particularly described in the management information circular, which was dated May 14, 2021. To the best of my belief, the total number of votes attached to the shares represented at the meeting by proxy that were voted against each of these items to be bought for the meeting is less than 5% of all votes entitled to be voting at the meeting. As such, unless ballot is determined by a registered shareholder who is called into this meeting, each resolution on every matter brought before the shareholders during this meeting will be voted on by equivalent of show of hands. Since the meeting is held by telephone, a show of hands will be effected as follows: With respect to each resolution to be considered today, when I ask shareholders to state their agreement or opposition by stating yay or nay, you'll be asked to press star 1 for yay or star 2 for nay. There will then be a short pause to allow for your yay or nay votes to be voted -- calculated. From the formal portion of the meeting, we'll hold a short question-and-answer period. Shareholders with questions may press star 1 when prompted to get queued for this purpose. Since shareholders will be able to vote, but will not be able to speak during the formal portion of the meeting, we will quickly pause for a short period before voting begins to allow our shareholders to speak with respect to today's matters to be voted upon. Please press star 1 if you have a question or comment related to the formal portion of the meeting that cannot wait until the question-and-answer period following the conclusion of voting and formal portion of the meeting. There not being any special request. I'll now ask for a motion that the reading of the minutes of the Annual General Meeting of the shareholders, which was held on June 11, 2020, be dispensed with the minutes be taken as written and approved.

I move that the reading of the minutes of the previous meeting of the shareholders held on June 11, 2020, be dispensed with and that such minutes be taken as written and approved.

Thank you.

I second the motion.

Thank you, gentlemen. Will all in favor, please signify their agreement by pressing star 1 for yay, will signify their opposition by pressing star 2 for nay. [Voting]

I can confirm now that the motion has been carried. The next item of business is the presentation of the company's financial statements and the order to report thereon for the year ended December 31, 2020. I would suggest that net is arising related to such financial statements be held in advance for the question-and-answer period, which will occur later. The terms of office of the current directors is deemed to have expired today. So the notice of meeting and management information circular dated May 14, 2021 contains the names of the persons proposed to be directors of YANGAROO, which are: Grant Schuetrumpf, Anthony Miller, Phil Benson and H. Shepard Boone. I now declare the meeting open for nominations.

Mr. Chairman, I nominate Grant Schuetrumpf, as Director of YANGAROO for the ensuing year or until his successor is elected or appointed.

Thank you.

Mr. Chairman, I second the motion.

Thank you, gentlemen. Will all in favor please signify their agreement by pressing star 1 for yay or signify their opposition by pressing star 2 for nay. [Voting]

I declare that Grant Schuetrumpf, as director at YANGAROO for the year that has been approved. Could we have another nomination, please?

I'm Ms. Chairman, I nominate Anthony Miller, as Director of YANGAROO for the ensuing year or until a successor is elected or appointed.

Mr. Chairman, I second the nomination.

Thank you, gentlemen. Will all in favor, please signify their agreement by pressing star 1 for yay or signify their opposition by pressing star 2 for nay.

Tony, can you hold, please?

Hold? Yes.

Just one second. Tony, do you have the chat open?

Yes, I do. Yes.

Can you please take a look at that now?

It says voting's now open. I'm not sure what I'm looking at. It says, please ensure auditors make a [indiscernible]. Okay. Yes, I got that.

For the auditor part. Okay, you can proceed.

We can continue now?

Yes. Just please take note that for the auditor [indiscernible]. Thank you.

Okay. Thank you. I declare Anthony Miller has received the requisite number of votes cast are meeting by proxy or in person for election for the ensuing year. Could I have another nomination, please?

Mr. Chairman, I nominate Philip Benson as a Director of YANGAROO for the ensuing year or until a successor is elected or appointed.

I am pleased to second that nomination. Will all in favor signify their agreement by pressing star 1 for yay, or signify their opposition by pressing star 2 for nay. [Voting]

Okay. I declare Phil Benson has received the requisite number of votes cast at the meeting by proxy or in person for election for the following year. And another nomination, please.

Mr. Chairman, I nominate H. Shepard Boone as Director of YANGAROO for the ensuing year or until his successor is elected or appointed.

Thank you. I'm pleased to second that nomination. Will all in favor, please signify their agreement again by pressing star 1 for yay or signify their opposition by pressing star 2 for nay. [Voting]

Thank you. I declare H. Shepard Boone has received the requisite number of votes cast at the meeting by proxy or in person for election for the ensuing year. So the 4 individuals elected to the Board of Directors will hold office until the next Annual Meeting of the Shareholders of YANGAROO unless the office is early vacated in accordance with the bylaws of the company or the Business Corporations Act of Ontario. The next item of business is the appointment of YANGAROO's auditor for the ensuring year along with the remuneration to be paid to the auditor. I will entertain a motion to appoint the auditors of the company.

Mr. Chairman, I move -- I believe the script here has a mistake. It is not Baker -- yes, Baker Tilly LLP be appointed auditors of the corporation to hold office until the close of the next Annual Meeting of Shareholders at such remuneration as may be fixed by the directors and the directors be hereby authorized to fix such remuneration.

Mr. Chairman, I second the motion.

Thank you, gentlemen. Will all in favor please signify their agreement again by pressing star 1 for yay or signify their opposition by pressing star 2 for nay. [Voting]

Thank you. I declare the motion has been carried. The next item of business is the consideration of a resolution of disinterested shareholders to approve the proposed 2021 Omnibus Incentive Plan.

Mr. Chairman, I move that a resolution be made as follows: be it resolved that the Omnibus Incentive Plan, as described in the information circular of the corporation dated May 14, 2021, be and is hereby ratified and approved. And any director or officer of the corporation is authorized and directed to do all things and to execute and deliver or to cause to be executed and deliver any documents considered to be necessary or desirable in such directors' or officers' sole discretion to give effect to these resolutions.

Thank you.

Mr. Chairman, I second the motion.

Thank you, gentlemen. Will all in favor, again, please signify their agreement by pressing star 1 for yay or signify their opposition by pressing star 2 for nay. [Voting]

Thank you. I'm pleased to declare that, that motion has been carried. Unless there's any other business to be brought before this meeting, this concludes the business of the Annual General and Special Meeting, but I would pause and ask if there's any other business to be brought to the meeting. There appears to be no further business, so I would request a motion to terminate the meeting.

Mr. Chairman, I move that the meeting be terminated.

Mr. Chairman, I second the motion.

Thank you, gentlemen. All in favor, please signify their agreement again by pressing star 1 for yay or signify their opposition by pressing star 2 for nay. [Voting]

Thank you. Again, I declare that the motion has been carried. Ladies and gentlemen, this completes the business of the Annual General and Special Meeting, and I wish to thank you all for attending. And if there are no objections, I shall declare the formal portion of this meeting concluded. The management of the company can now proceed to provide an update of the company's progress and answer any questions that you may have. It's my pleasure to pass the meeting to our Chief Executive, for summary along with his 2 senior management members. Thank you, Grant.

Thanks, Tony. And good afternoon, everyone. We'll now commence YANGAROO's informal discussion following the formal portion of the '21 Annual General Meeting of Shareholders. As always, I want to caution everyone that during this presentation, we will make forward-looking statements that are based on assumptions and therefore, subject to risks and uncertainties that could cause actual results to differ materially from those projected. We undertake no obligations to update these statements, except as required by law. You can read about these risks and uncertainties in our filings with Canadian securities regulators. YANGAROO's vision is simple. We aim to be the most -- the modern content media marketing solution, driving collaboration, delivery and performance across the advertising and entertainment markets. Our mission to fulfill our vision is to provide a self-serve platform of choice, driving seamless communication, improving marketing decisions. This includes bringing business-to-business secure workflow management, real-time collaboration, content delivery and analytics within the cloud and made accessible across the organization and the supply chain. Our business is currently focused on 3 unique verticals: advertising, music and award shows. All using our cloud-based core technology platform called DMDS, representing an iteration of our core technology within its solution across these verticals, deploying industry expertise and production capabilities to directly manage and serve a wide breadth of customer types, which include local, national and international brands, the media and advertising agencies, the music promoters, music distributors and independent music artists. And most of the North American award shows in the film, TV, theater and music markets. It's lightning fast, highly secure and cost-effective for every customer. YANGAROO's advertising vision provides advertisers and their supply chains placing orders and uploading master material across our platform. Our platform then manages and delivers TV and radio spots, other promotional video, such as film trailers, broadcasters' promotional spots and advertising promotional video versions to be served online by servers and publishers direct. Each piece of content managed in burden for each destination is quality controlled to meet exact technical specification, and then delivered to broadcasters and publishers through our directly connected network of over 28,000 destinations across North America. YANGAROO gets ready-to-air spots in the right format to the right people at the right stations in the quickest amount of time. We also wrap our core solution with complementary services involving video and audio production, accessibility, including closed captioning, broadcast clearance submissions and substantiation management, and audience insights and performance measurements for our customers using clever analytics. YANGAROO's Music division presents a self-serve subscription-based model using the DMDS platform for customers to upload their music tracks and promotional material for the North American radio stations and programmers, TV broadcasters, journalists and other industry influencers anywhere in the world. We currently -- also, we are currently also expanding into Latin America market. YANGAROO primarily serves independent music artists along with the big music distributors. Our platform also provides the recipients of music content access to a cloud-based library for ongoing access and asset management. Thirdly, YANGAROO's awards division uses the DMDS platform to provide a media management, submission, nomination, streaming and judging workflow for all award shows. The submission and judging versions of the platform are managed through a customized development cycle that uniquely matches the solution to each of the award shows needs. Our customers are typically multiyear agreements and include the Grammys, the Golden Globes and the Academy of Country Music Awards to name a few. Recently, we've also expanded into other award shows, including the NAACP, which is the National Association for the Advancement of Colored People Image Awards. NAACP utilizes the YANGAROO DMDS platform to receive and review submissions and manage the viewing and adjudication of permission by their membership. Our expansion award shows customers also now includes a large OTT streaming subscription company requiring content submission management. Finally, since my appointment as CEO, I'm very proud of how our team performed -- is performing and how well our company -- and how well as a company, we are able to persevere against the current challenges. With the assistance of government subsidies that support us through the pandemic, the hard working of our advertising team, we saw no churn or loss of advertising customers; the continued strength in our music and awards division and all our employees and directors, we entered 2021 with strong momentum across our business lines and a very strong balance sheet. I'll now hand over to Dom Kizek, our CFO, for a quick recap of our financial performance and highlights from 2020 and early 2021.

Thanks, Grant, and good afternoon, and thank you to everyone attending today's AGM. 2020 was a difficult year for many industries, and in particular, YANGAROO's advertising vertical. COVID-19 had a significant negative impact on the advertising industry which resulted in lower volumes and revenue beginning in April of 2020. The second half of 2020 saw a recovery of the volumes in dollars, and we continue to see momentum in the first half of 2021. And we're hopeful for a full recovery by the end of the current year. In line with the broader economic and advertising industry recoveries post-COVID-19. One of the great highlights of 2020 was the continued strength in our music division and the continued organic growth we see in independent music artists. The volumes, which means usage of our platform, continues to increase. Recurring usage of our platform trended out towards in 2020 and conversion rates were positive amongst independent artists. Our big music label platform relationships remain strong, and we continue to dominate the Canadian music delivery market. For the full year 2020, we recognized $2 million in normalized EBITDA and had record cash and record working capital positions of $1.9 million and $3.1 million, respectively. These are extremely positive results given the tough economic and the industry operating environment, as previously mentioned. In Q1 2021, surprisingly, we saw continued weakness in the advertising vertical, which we attributed to a slower economic recovery from the COVID-19 pandemic. However, we did not experience any customer churn and we attracted new customers on lower volume -- as lower volumes persisted. Music and awards continued to perform very well in early 2021 on the back of organic growth amongst independent artists and our ability to attract new customers, including networks. Finally, we were very excited to announce the closing of our very first acquisition, Digital Media Services for a total consideration of USD 5.5 million, inclusive of an earn-out to be paid over 3 years of USD 3.3 million. This was primarily financed through cash and treasury and a new acquisition facility of CAD 5.5 million with our new partner, National Bank of Canada. Before I hand it off to Grant to talk a little bit more on the acquisition, I will again reiterate some of the key financial highlights of the DMS acquisition. Total consideration of USD 5.5 million includes USD 2.5 million base price, which is paid on closing, in addition to customer closing fees and another USD 3 million to be paid over 3 years in 3 tranches. Each of the 3 tranches has a theoretical maximum of $1 million per year to be paid based on us hitting revenue metrics based on pre-COVID 2019 targets. We can see some of these revenues on this slide that we will be providing on our website shortly after the AGM. We expect to pay the earn-out through cash generated in the new business through EBITDA. We forecast revenue contribution from the DMS acquisition to be in the neighborhood of USD 3 million to USD 4 million in 2022. Additionally, we forecast EBITDA contribution to be in the neighborhood of USD 0.5 million to USD 1 million in 2022. we are currently in the midst of the integration of DMS into YANGAROO and we will be reporting consolidated results for Q2 in late August 2021. Finally, I'll hand it back to Grant now. Thanks, everybody.

Thanks, Dom. So we talked in detail about the acquisition in a past conference call. However, I wanted to reiterate some of the key merger highlights. The structure of the transaction made this acquisition very attractive for us because of its low risk profile, meaning a prudent responsible approach to the amount of debt we are taking on, the ability to defer payments for the purchase price over 3 years, and having those earn-out payments to be linked to a revenue target metric. The final comment is the most important as we feel the current revenue run rates during the pandemic period are not reflective of the business' potential. Meaning once and if those revenue run rates hit pre-pandemic levels, only then will we be required to pay the additional purchase price announced. Next, we'll speak to the vision and strategy and why we believe this is a great combination for YANGAROO and DMS. Firstly, we believe our service and technology offering are highly complementary. Although YANGAROO is renowned to have a great North American presence, DMS offices and production facilities in New York and Los Angeles, along with its sales team, provide a great -- even a greater presence in the local ad markets. This combination of the 2 businesses now presents us with a compelling opportunity to significantly scale our advertising delivery business and service offering with local and national broadcasters across the U.S. We have strong conviction around the prospects and opportunities that will be created by combining YANGAROO and DMS within a single solution offer. Additionally, the combination of the 2 companies will create additional bench strength and resources to support customers and support further growth for the stand-alone companies. For the stand-alone companies that will not be capable to do it on their own, it's really a complementary joining of forces. DMS has a great local presence in the U.S., YANGAROO has a strong admin and software development. Our growth strategy, as mentioned before, is simple. Focus on organic growth through investment into our sales pipeline and our core software platform. When opportunities arise, we supplement organic growth through acquisitions for customers, acquisitions for new technology, or a combination of these two. I want to first focus on organic growth in our core software technology. We have invested heavily into strengthening our development team over the last 6 to 12 months and developing some great new features to supplement the core delivery feature. These new features, including clearance solutions for the advertising industry, which allow customers to use the platform to clear administrative workflow with their delivery, and analytics tools that will provide great data feedback to marketers and music customers on the performance of their ads and music. On the acquisition front, although DMS was YANGAROO's first acquisition, we are planning for future acquisitions in the marketplace that follow a prudent and disciplined approach similar to the one undertaken with DMS. We believe there is significant opportunity in the marketplace to acquire other companies in the advertising space and complement our customer base, which we will refer to as tuck-ins, as well as opportunities to acquire technology that will complement and accelerate our existing technology offering. In the context of YANGAROO's 3 business divisions, the DMS acquisition is advertising-focused. However, we continue to look at opportunities in the awards music industries as we believe those industries, and music in particular, have some really exciting opportunities given the resurgence in the music industry and the success recognized by the independent music artists. Finally, I'd like to summarize that we're also doing some very exciting work internal in here at YANGAROO on product development and customer acquisitions that we hope will drive organic revenue growth, which remains a top priority for us. Our technology group is developing some exciting projects. These include projects focusing on data analytics, the advertising music customers, workflow clearance features to advertising customers, and the introduction of artificial intelligence tools that will help our customers become more productive. I'll now hand over to Rich Klosa, our CTO, for an update on technology.

Thanks, Grant, and good afternoon to everybody on the call. I'm going to give you a quick overview of the technology focus for our 3 main product verticals. First, let me say that as an organization, we decided to invest heavily in the growth of the team, both in terms of headcount but also in terms of training and restructuring and the way we take care of and manage project management overall. This applies both to our systems, but then also our processes. So it's always been a challenge to continually evolve DMDS while we also maintain 13 different word show cycles. But we think our investment is going to drive further innovation and it's also going to maintain stability within the platform as we increase our customer volumes and give ourselves a strong launching point for recurring organic revenue growth. For YANGAROO advertising, we've been probably the busiest of all. We've been working on a lot of different projects with a lot more in the pipeline. Our biggest focus has been the evolution of the clearance platform. We started development a little more than a year ago with the rollout being put on it is mostly due to organizational lockdowns on COVID. Those lockdowns prevented the implementation of any new systems at the broadcaster. So we weren't able to move the project forward as quickly as we had hoped. But we're now in a full swing rollout, during which, we're making a bunch of additional updates, and we're integrating our first foray into machine learning, as Grant had mentioned a few minutes ago. The clearance platform is going to provide proactive feedback utilizing that machine learning. So broadcasters will be able to take advantage of that. When people make submissions, they'll be able to proactively get an analysis of the content, which will dramatically increase productivity overall. We envision implementing the same functionality for music delivery platform as well. And we expect to see our partners at Viacom utilizing this service as well. We're also expanding the services and functionality available within the platform. So for example, we're building out analytics. It's a big focus for us moving forward. We're building occurrence data and a variety of brand performance metrics. The scope of data we're integrating is pretty substantial, and it will provide unique insights about the value of both new -- or it will provide valuable insights to new and existing customers. There's also a number of different asset management and secondary post-production integrations that we're going to be working on. This includes integration with third-party talent management solutions as well as enhancements in the viewing, commentary and feedback mechanisms within the platform. The goal is ultimately the same though. We're looking to enhance the core service and to provide our customers with the most robust ad workflow and a comprehensive management solution. And we're also expanding our distribution network to provide delivery solutions to CTV, OTV -- sorry, OTT and a variety of other digital properties. So this is going to include expansions to support VAST tagging as well as integrations with a number of third-party ad delivery and logistics expenses. On the YANGAROO music side, they're definitely not being left out of the process either. The team recently revamped a new version of the media library. It's been a great fanfare and to a lot of positive feedback from our customers. And we're also going to be doing the same updates we made for the advertising orders process to the music release process in the very near future. This is going to make it faster and easier for artists to create releases within the system. And a lot of those analytics tools that we discussed for advertising are also going to be ported over to the YANGAROO music platform. At first expressly it's going to be for the music video side of things, but eventually, we'll be servicing that back in for music tracks as well. There's also a number of metadata and pre- and post-production integrations that we're going to be working on, including a focus on DDAX and other tools for monetizing assets within DSPs to become more entrenched inside of the distribution and workflow chains for the major record labels. Of course, last but not least, we've got YANGAROO awards. We recently completed a build of a viewing room functionality for one of our customers that it allows committees and memberships, the ability to prescreen materials within the platform, all according to very complex approval business workflows. And as you would always expect, with the highest degree of security like everything that we implement. As part of the viewing room, we also expanded our capacity for streaming services and created media processing services that make that accessible to the customer. In past, that was always something that we had managed on their behalf. But we've now given them the ability to manage it on their own, which is a boon for us because it means less resource time on our parts, and it's a positive for the customer because they have greater control over their own workflow. Finally, we also released a revised version of the submission platform, and it has no direct correlation to the adjudication tools. It's kind of like a smaller simplified version. This is important because it can be offered as a stand-alone offering at possibly a lower price point, which is a positive for the sales team. As I'm sure you've guessed, we've got pretty aggressive objectives overall in terms of product development, and we're really looking to facilitate the growth and lay the foundation for future acquisitions. So with all that being said, I'm going to hand it back to Grant for the closing. Thanks very much.

Thanks, Rich. So this now concludes our formal part of the AGM presentation. We now have some time for a few questions. So I'll now hand this back to the operator to manage the process. [Operator Instructions]

Our first question comes from Michael R.

Can you hear me okay? I have a question about new development. So in this Q1 quarter has kind of have a higher R&D expenses, like 200-something, right? So I was wondering what's your target plan for the whole year. Do you have any numbers?

Michael -- Grant, I can take this question from Michael. Sorry, Michael. We don't have -- we're not offering a full year forecast at this point in time, but we'll be releasing a forecast for revenue and EBITDA, I'm going to say, in July or August, in 12 months.

Yes. My question is about the CapEx actually, the R&D expense, not about the revenue guidance.

I would say Q1 is representative of full year CapEx expenses. Does that help, Michael? I'm sorry, it's breaking up. I can't -- I think that -- is that correct, Michael? Yes.

Yes. Okay. Okay. Okay. Great. So my second question is about the new acquisition, right? So could you give me a little bit more color on -- so what is like the -- I mean, the certainty this country created for you guys, cause I'm a little bit confused. So you have, from the customer side or you have for like production side, or like product side, like you have a complementary maybe to your products or you have like different customer set. So I mean could you...

Yes, Michael. Just some context, yes, some detail on there. So obviously, the 2 businesses are -- 2 of the business -- or excuse me, the 2 businesses on the advertising side are complementary to each other. So we both have networks and we both manage and deliver advertising by those networks. By acquiring DMS, we'll be consolidating down into 1 network, which will be managed by the DMDS technology or platform. The complementary -- the customers are exactly the same. We don't have a lot of overlapping customers, so the businesses fit together very, very well. However, the transition will work to manage those customers from 1 platform over to the other, which we're currently in process of doing.

So that means previously, you guys are kind of like competing -- are competitive to each other for the same customer? Is that true?

We -- when the 2 companies were separate, we did compete for the same customer.

Okay. So basically, you -- both companies offer the similar product, right?

Similar services in the advertising side of the business, yes.

Okay. So about the new direction, so I might miss a little bit, but do you try to offer like more kind of full service set? Based on my understanding, so your delivery part is only just a small part of the whole advertising chain, right? So do you kind of offering more like media creation and [indiscernible] sort of thing?

Correct. Yes. So we -- the core of the business is the delivery network, and we build out from that. So the complementary or peripheral services include from getting create technically correct through to the broadcaster or to the publisher means that there are other assets, production-related assets required in the process, and that includes versioning, of course, of the create. It also includes managing and meeting technical specifications for the broadcasters. It also adds value and we add value by offering TV clearance services. That means that we do legal submissions for approval so that ads can be added correctly by the broadcaster. We also offer accessibility services such as closed caption to enhance the offering that the advertiser provides to the viewer. So those components all added up together, which we offer internally, and enhance the TV commercial or the radio ad as we deliver it through to the broadcaster.

Excellent. So my final question's about the music part. So I know there's some other company -- I guess, you guys all know Destiny Media, right? So could you comment on like how your competition to each other? What is this -- I think they kind of get quite good growth recently. So could you comment on that, like how you further compare to them?

We have quite a few competitors in the marketplace, depending on the service that we're offering. I have no comment specific or regarding Destiny Media. And we'd just like to leave it at that. Are you still there?

That's all my questions. Appreciate it.

Okay. Great. Thanks, Michael. Okay. My understanding is there are no other questions. So thank you, operator. This now completes the question time and now concludes the meeting. Thank you, everyone, for your attendance, and have a great evening. Goodbye.